Atlanta
202 Boggie, Atlanta, TX 75551
May 7, 2010 by Mortgage Align · Leave a Comment
Hud case 491-712997 sold as is’. Bid deadline 5-16-2010 at 11:59 pm. Cst, then daily. Must use hud forms. Buyer to verify all information. Pre-qual letter from lender a must or proof of funds. Square footage information is from the fha appraisal and is deemed reliable but not guaranteed. Buyer to verify all room measurements and all listing information and schools.
Atlanta
GENERATION MORTGAGE COMPANY BECOMES BETTER BUSINESS BUREAU ACCREDITED, EARNS A+ RATING
December 24, 2009 by joecina · Leave a Comment
For Immediate Release
GENERATION MORTGAGE COMPANY BECOMES BETTER BUSINESS BUREAU ACCREDITED, EARNS A+ RATING
ATLANTA, Dec. 15, 2009-Generation Mortgage Company™, America’s largest privately owned reverse mortgage retailer and wholesaler, recently became a national Better Business Bureau Accredited Business. In addition, the business has earned an A+ Rating from the BBB.
“While those of us who work for Generation Mortgage know that we offer top quality service to our business partners and our boomer and senior homeowners nationwide, the rigorous Better Business Bureau accreditation process is one more way to prove that treating our clients fairly and honestly is the primary goal of our organization,” said President and CEO Scott Peters, Generation Mortgage Company. “We’re incredibly proud to have achieved the highest rating possible upon accreditation.”
Better Business Bureau ratings are determined by a proprietary formula. The organization grades from A to F with pluses and minuses. A+ is the highest grade and F is the lowest. The grade represents the Better Business Bureau’s degree of confidence that the business is operating in a trustworthy manner and will make a good faith effort to resolve any customer concerns. Details as to any issues identified by the Better Business Bureau are contained in each organization’s Reliability Report.
Businesses that apply for Better Business Bureau accreditation undergo a detailed review and commit to abide by a set of ethical standards for marketplace conduct. After accreditation, each business is monitored for continued adherence to BBB standards.
Licensed in nearly 50 states, Generation Mortgage offers FHA-insured HECM (Home Equity Conversion Mortgage) loans. The company is an Equal Housing Lender and a member of the National Reverse Mortgage Association.
About Generation Mortgage
Generation Mortgage Company is one of the nation’s leaders in reverse mortgage lending, and a member of NRMLA (National Reverse Mortgage Lenders Association). With its sole focus on reverse mortgages, Generation Mortgage Company offers seniors “A New Generation in Reverse Mortgages™” and pledges to deliver outstanding customer service, as exemplified by its loan Servicing – Generation services all its reverse mortgage loans and does not outsource them. For more information, visit www.generationmortgage.com.
Equal Housing Lender. NMLS #1319; Arizona Mortgage Banker License #0909296; Georgia Residential Mortgage Licensee #22292; 3 Piedmont Ctr, 3565 Piedmont Road NE, Ste 300, Atlanta, GA 30305; Licensed by the Department of Corporations under the California Residential Mortgage Lending Act; In CT, licensed and DBA as Generation Reverse Mortgage, Inc.; Illinois Residential Mortgage Licensee # MB.6760368; Kansas Licensed Mortgage Company License #MC.0001660; Massachusetts Mortgage Lender-ML3240; ME License #SLM9169; Licensed by the Mississippi Department of Banking & Consumer Finance; Licensed by the New Hampshire Banking Department as Generation Mortgage Company d/b/a Generation Mortgage Company, Inc; Licensed at 51 JFK Parkway, Suite 114, First Floor West, Short Hills, NJ 07078, Phone # 973-218-2418 by the New Jersey Department of Banking and Insurance; NV – 800 N Rainbow BLVD, Ste 170, Room 164, Las Vegas, NV 89107, Phone #702-948-5031; Licensed by the Pennsylvania Department of Banking; Rhode Island Licensed Lender; TX SML License #68405, 27030 Masters Pkwy, Spicewood, TX 78669; Licensed by the Virginia State Corporation Commission #MC-4832; Also conducts business in AL, AR, CO, DC, DE, FL, HI, IA, LA, MD, MI, MN, MO, MT, NC, ND, NE, NM, OH, OK, OR, SC, SD, TN, UT, VT, WI, WV, WY. Not all products and options are available in all states. Terms subject to change without notice. ©2009 Generation Mortgage Company. All Rights Reserved.
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Atlanta
U.S. regulators close AmTrust and Tattnall banks
December 8, 2009 by Brian Pearl · Leave a Comment
Cleveland, Ohio’s Amtrust Bank was seized by regulators Friday, making it the fourth largest institution to go under in 2009. Five smaller institutions – three in Georgia and one each in Illinois and Virginia – were also shuttered over the weekend.
These latest six closings bring the total number of failed banks for the year to 130, and are expected to cost the FDIC’s already-depleted insurance fund a combined $2.4 billion. As DSNews.com previously reported, the agency’s reserve used to protect consumers’ deposits has slipped into the red – $8.2 billion in the hole at the end of the third quarter.
The failure of Amtrust alone will cost the FDIC an estimated $2 billion. Established in 1889 as The Ohio Savings and Loan Company, Amtrust was a nationwide originator of home mortgages and also offered construction and development loans. But according to a statement from its regulator, the Office of Thrift Supervision (OTS), Amtrust “was in an unsafe and unsound condition because of substantial loan losses, deteriorating asset quality, and insufficient capital.” OTS said a high level of AmTrust’s problem assets was attributable to residential and land acquisition, development, and construction lending concentrated in Florida, California, Arizona, and Nevada.
In an FDIC-assisted transaction, New York Community Bank in Westbury, New York agreed to acquire all of Amtrust’s $8 billion in deposits, wholesale borrowings of approximately $3 billion, and “certain assets,” Community Bank said in a press statement. According to the New York institution, these assets, totaling $11 billion, include performing single-family mortgage and consumer loans of approximately $6 billion which are subject to a loss-share agreement with the FDIC; cash of approximately $4 billion; and securities of approximately $1 billion.
Community Bank, though, was quick to point out that it declined to take on any non-performing loans serviced by AmTrust Bank or any other REOs; construction, land, or development loans; private-label securities, or mortgage servicing rights. The FDIC said it will retain these assets for later disposition.
The FDIC also transferred to New York Community Bank all qualified financial contracts to which AmTrust was a party, and said as part of the overall transaction, Community Bank has issued it a cash participant instrument, which the FDIC has until December 23 to exercise, allowing it to obtain shares of common stock in Community Bank.
Georgia leads the nation with the most bank collapses in 2009. Regulators closed three more institutions in the state on Friday, bringing that total to 24 for the year.
The Buckhead Community Bank in Atlanta, Georgia was acquired by State Bank and Trust Company of Macon, Georgia. The Buckhead Community Bank had six branches in Georgia operating under various names. State Bank also assumed all of the failed institution’s $838 million in deposits and total assets of $874 million. The FDIC estimates the cost to its deposit insurance fund will be $241.4 million.
State Bank and Trust Company also took over the operations of First Security National Bank in Norcross, Georgia. First Security had four branches, deposits of $123 million, and total assets of $128 million. The FDIC said it expects First Security’s failure to cost $30.1 million.
The Tattnall Bank of Reidsville, Georgia was acquired by HeritageBank of the South. in Albany, Georgia. The Tattnall Bank had two branches, $47.3 million in deposits, and total assets of $49.6 million. Its failure is expected to cost the FDIC $13.9 million.
Illinois is second in the nation when it comes to failed banks, with 20 in 2009. Benchmark Bank in Aurora, Illinois is the latest institution to join that list. Chicago’s MB Financial Bank agreed to take over Benchmark’s five branches, its $181 million in deposits, and purchased approximately $139 million of its $170 million in assets. The cost of Benchmark’s collapse is estimated at $64 million.
Greater Atlantic Bank in Reston, Virginia was also closed by the OTS. The FDIC brokered a deal with Sonabank of McLean, Virginia, to acquire the failed institution’s five branches, its $179 million in deposits, and total assets of $203 million. The FDIC expects Greater Atlantic’s closure to cost its insurance fund $35 million.
Info Source: dsnews.com
Atlanta
Change in appraisals causing uproar
October 21, 2009 by Atlanta Fine Homes Sotheby's International Realty · Leave a Comment
Sam Bayne, Realtor, Founding Partner
Submitted by Sam Bayne, Founding Partner, REALTOR®.
By Russell Grantham The Atlanta Journal-Constitution
Homeowners who have watched nervously as the economy has eroded the value of their homes may have another reason to fret: a change in the real estate appraisal system that critics say is driving values down and disrupting the housing market.
Appraiser Dan Fries takes outside measurements of a house for an FHA loan applicant. New rules block lenders from directly ordering appraisals, resulting in fee cuts for appraisers. Bita Honarvar, bhonarvar@ajc.com
Appraisers, mortgage brokers and others blame the new rules, which change how appraisers are assigned, for lost revenues, delayed and faulty appraisals, collapsed deals and other problems, even in some of Atlanta’s toniest neighborhoods.
Atlanta mortgage broker Steven Alexander of National Guaranty Mortgage Corp. said an out-of-town appraiser hired to evaluate a Buckhead mansion he handled recently came up with a value $500,000 below the $2.1 million he thought the house deserved.
He said the appraiser ignored the fact that the home was designed by a well-known architect, was located in a more desirable school district than comparison homes, and included luxurious features such as copper gutters, a patio fireplace and a basement entertainment center.
As a result, the owners, who were refinancing, ended up having to get a loan with a higher interest rate because the lower appraisal made the loan appear riskier, Alexander said.
For the entire story on the AJC, please click here to read about changes in home appraisals.
Atlanta
Refinance Atlanta GA Dream American Mortgage LLC
October 21, 2009 by Credit Man · Leave a Comment
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