Ed Brophy is a REALTOR® who lives in Palm Springs, CA. He's been in the real estate and mortgage industry over 10 years and has helped thousands of homeowners buy, sell, and refinance their homes.
Ed helps clients navigate today's complicated real estate process with his knowledge of the current real estate and mortgage markets.
E-Mail: e...@g...l.com
Bank regulators in New York, New Hampshire, New Jersey, and Massachusetts have all served Irvine California based New Century Financial Corporation one of the nations sub-prime lenders with cease and desist orders claiming some of their subsidiaries have violated state laws. In their letters, the state regulators claim New Century subsidiaries have failed to fund [...]
This 2,439 square foot home offers large oversized bedrooms, the master suite is exceptionally large and features a large walk-in closet, private bath and shower with direct access to the large yard. Great curb appeal, wrap around corner lot, new desert front & side landscape, drip irrigation system, landscape lighting and custom brass patina mailbox. Property [...]
Brian Papaccio has a great post (Real Estate Commission VS. Mortgage Points) calling into question why it’s acceptable for Realtors to charge a 3% commission on the sale of home and it’s gouging when a mortgage broker earns 3 points on a loan? It’s a great question. As Brian states if he has the resources and expertise to [...]
Recent action by investors in mortgage-backed securities in response to the recently enacted Ohio Senate Bill 185 suggests that certain mortgage products originated in Ohio by non-bank entities may not be acceptable for inclusion in securitization pools. In response to this liquidity concern, effective February 26, 2007, Wells Fargo no longer accept reduced documentation loans secured by properties [...]
A National Association of Mortgage Brokers recent polling of their membership reveals that 63.4% of 1,148 members poled were unable to assist homeowners wishing to refinance out of their Adjustable Rate Mortgage (ARM) due to bad credit, insufficient equity and overstated appraisals. Of the consumers who have recently contacted you to refinance out of an [...]
I once heard the expression, “Communication is the lubrication in your organization.” That couldn’t be truer, especially in the world of business. You simply can’t over-communicate when dealing with clients. I find that the best way to eliminate the constant state of reactivity in which most of us work is to employ proactive communication strategies, [...]
Interest Rates on 30 Year Fixed Mortgages fell for the first time since December 2006 due to lower than expect job growth. 30-year fixed-rate mortgages averaged 6.28 percent this week, down from 6.34 percent last week. Last week’s level had been the highest for mortgages since October as reported by Freddie Mac. This rate drop [...]
Another sub-prime lender bites the dust. With the instability of rates and the slow down in home sales it makes you wonder if we’re headed for a late 80′s early 90′s market. I guess it all depends on which expert you listen too. Expert: “ex” as has been – “pert”: a drop of water – [...]
It appears that banks offering fixed income investments are preparing for an increase in interest rates. Besides watching the bond market, unemployment figures and other key economic reports a less mind boggling approach is to watch the interest rates of fixed income investments such as the Certificates of Deposits (CD’s). I keep an eye on [...]
Mortgage default notices in California have risen to nearly their highest level in eight years, but the adjusting market may not reveal the degree of seriousness of rising foreclosures until the summer. According to DataQuick Information Systems, the 37,273 default notices sent to homeowners during the fourth quarter represent a 145.3 percent increase from a [...]
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Average Home Prices Slip in Coachella Valley
I’ve been reading a lot of information lately about our current market conditions from other REALTORS® who are claiming an increase is sales price and number of homes sold. I would scratch my head and ask where they were getting their numbers. Turns out their numbers are coming from national statistics. Real estate sales are [...]
Mortgage Debt Tax Relief Program Ending Soon
The Mortgage Debt Relief Act of 2007 the IRS would not come after you for your taxable amount if you had an upside-down unpaid principle as a result of loan modification, short sale or foreclosure depending on your tax bracket, let’s say you were $100,000 short on your mortgage you could be responsible for as [...]
Is your REALTOR® connected? No, I don’t mean in the MobWives fashion, if that’s what you thought, you’re watching too much reality TV. As an active Palm Springs REALTOR® I believe it’s important to take advantage of the technology available to today’s real estate professional. Everything that required an agent to go back to the [...]
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