Note from Century 21 Mortgage

I don’t know if this makes me feel better or worse … and setting my moral/fundamental/gut apprehension aside about the government being a lender, maybe this is a “good thing.”

Just wanted to calm some frazzled nerves and reassure you that contrary to some crazy rumors flying in the financial world, folks can still buy homes and get a mortgage. We are doing mortgage loans at Century-21 Mortgage all day long and we want MORE! As a matter of fact, due to hiring more processors to speed up our government area, we can now close FHA and VA loans in under 30 days.

Did you know… that Century-21 Mortgage is the only non-bank in the industry with an investor grade bond rating? We are not a bank so we don’t have deposits that could cause a bank failure due to customers making a run for their money. Our money comes from Fannie Mae and Freddie Mac and since they were taken into conservatorship by the federal government, I think you would agree we are actually more stable than a bank since we have the government writing our checks!

So…sell some houses. Use Century-21 Mortgage with confidence and let’s stimulate this economy!

Bolding mine.

*I am a Realtor affiliated with Century 21, but haven’t used them for several years (not that I wouldn’t, I just haven’t had a reason to).

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5 Comments

  1. Joshua Dorkin @ BiggerPockets October 3, 2008 at 08:36

    LOANS, LOANS, LOANS – We got big loans, small loans . . . you want it – we got it!

    Sounds like a carnival showman (or used car salesman) promoting the Big Show.

    Reply
  2. Jim Duncan October 3, 2008 at 09:13

    Josh –

    No kidding. And since the government can just print unlimited money …

    Reply
  3. Real C'ville - The Bubble Blog October 3, 2008 at 09:56

    Jim,

    Can they provide more info?

    1. What are the loan limits on the FHA and VA? (The same, or has there been a change in the past two weeks?) Are they doing mortgages other than these?

    2. Is there a typical the LTV for “other” kinds of loans? (ie, what’s the expected Down Payment?)

    3. Who gave them the “investor grade bond rating”?

    Reply
  4. jason October 3, 2008 at 11:14

    Yeah, everyone in our business wants MORE. The problem isn’t a lack of mortgage money, but the lack of willing and qualified borrowers. Just like it’s not a problem of housing inventory, but able buyers. And the government is funding every lender right now, a la FNMA, FHLMC & GNMA.

    I guess they’re trying to say that you won’t have to be worried about them going under in the middle of a deal. But what’s their bond rating? “Investor Grade” is a wide range (AAA to BBB). Even top-rated companies are having trouble borrowing right now: http://tinyurl.com/3tnund

    Reply

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