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Russ Martin
Branch Manager/Loan Officer,  Perl Mortgage

Chicago,  Illinois  60610
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"I've been saying they need to refinance everyone to a 10 or 15 year at like a 1% so underwater borrowers can actually payoff the mortgages quickly. Charge a 1% MI fee on every loan that is financed. Set the rate at 1%. Allow any good standing originator to do it directly with Fannie/Freddie up to $729k on loans originated prior to 2011. If they did this, we would be out of this mess in three to five years. People wouldn't be underwater and could sell at lower prices to clear the market instead..."    View Comment
"That's the problem, Rob. Our Govt leaders aren't THINKING. They let their own egos and desire to look like they are doing something useful get in the way of actually thinking about the consequences of their actions. Someone should publish a breakdown of all the true costs to consumers associated with every one of the government regulations associated with mortgages. The CFPB is out of control and what is scary is not their lack of knowledge about mortgages, but the fact they won't even..."    View Comment
"Regarding the minimum wage lawsuit, you have to understand that the "Powers that be" don't understand there are different classes/tiers of loan originators. You have producers and non-producers. Some LOs are perfectly happy working odds hours and eating what we kill. We don't punch a clock and just work when there is work to be done whether it is 10 hours a week or 90 hours a week. We make the big bucks and are rewarded for the risks and long hours we put in. Then you have the boiler..."    View Comment
"Jason, I am not saying everyone will benefit, but a significant number of mortgage holders would. I think it is obvious we can't save everyone. Most of my smart clients have been trying to go to shorter terms even if their payment goes up a bit. Borrowers who are still gainfully employed, continue to have good credit, aren't balking at increased payments when it is going to principal. Especially when you show them the amortization tables. If the issue is underwater mortgages and principal..."    View Comment
"We just need a simple 10 or 15 year fixed program at like 1.5-2% interest rates. Run it through FHA. Allow anyone to refinance into the program up to $729k. No value appraisals. No doc deals for borrowers who have been in the homes for five or more years and still have great credit and no mortgage lates. Basic income/asset verification for those less than five years. This would help borrowers rebuild their equity while also ensuring the full balances of existing loans are paid back. The problem is..."    View Comment
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