Wednesday, May 28, 2008
The Truth Behind the Mortgage Flyer
Here's a different way to make the point we always harp on during the Future of Real Estate radio and television shows. The Mortgage Cicerone. Don't be fooled when you buy a home or refinance your house in Tulsa, OK.
Tuesday, May 27, 2008
Good News From Oklahoma House & Senate
Legislative Victories - May, 2008/News From Tulsa Metro Chamber of Commerce
The biggest achievement of the session is the passage today of the state bond issue to fund $25 million for Arkansas River improvements. The Oklahoma Senate voted 43-5 for the bond this morning and the House is expected to pass with a comfortable margin this afternoon. The money will fund improvements to the Zink dam and help construct two additional dams in Sand Springs and Jenks. This funding gives us money to add to the Vision 2025 funding and match the $50 million in federal funding Senator Jim Inhofe secured through the Water Resources Development Act last year. We will be able to actually see water in our river.
The transportation bond passed in the House today, 95-5 in favor, and the Senate is expected to pass as well, which gives us $300 million for projects in the “Eight Year Plan”. The deal includes raising the cap and removing the trigger, which will provide another $325 million over the next ten years, to full fund the project list in the plan. All of these funding elements were on the ONE VOICE list and were Chamber priorities.
The bond for $100 million to match the private gifts to Oklahoma colleges and universities for endowed chairs also passed in the Senate and is fully expected to pass the House.
The Legislature passed and the Governor has already signed SB 1943, the Oklahoma Local Development and Enterprise Zone Incentive Leverage Act. Authored by Sen. Mike Mazzei (R-Bixby), the bill provides incentives to develop major tourism attractions in Tulsa, Oklahoma City and at several resorts. This bill applies to designated enterprise zones, which for Tulsa would be in downtown and adjacent areas.
HB 3239, by Rep. Skye McNiel (R-Bristow) and Sen. Mike Mazzei (R-Bixby) offers incentives to employers and engineering employees in the aerospace industry. It is a ground-breaking package that will give some much needed tools to our burgeoning aerospace employers as they try to overcome significant nation-wide engineering shortages. The bill provides a $5,000/year tax credit for engineers hired by Oklahoma aerospace companies, a compensation based tax credit to aerospace employers (more for Oklahoma educated engineers than for those hired from out-of-state) and a tuition reimbursement tax credit for the employer of $1,800/year for up to four years if the company reimburses the employee for their tuition. This will be a really useful tool to attract young engineers to Oklahoma companies.
The Quality Jobs Act, SB 2163, was amended, thanks to Senator Mike Mazzei (R-Bixby) and Representative Ron Peters (R-Broken Arrow), to add NAICS codes covering two growing Tulsa companies, the Society of Engineering Geophysicists and Williams and Williams Worldwide Auction House. Both companies plan to grow considerably in Tulsa and more than meet the out-of-state revenue, salary and payroll criteria, but were excluded because their NAICS codes were not included in the statute. Qualifying for Oklahoma’s Quality Jobs help both companies resist efforts to lure them to Texas.
Sometimes it is just plain fun to share good news with everyone! All of the above is awesome for those of us that want our city and state to succeed and grow for the future.
Have a wonderful week!
Jeff Sargent
President-Residential Mortgage Division
ONB Bank & Trust Co
8908 S Yale Ave
Tulsa, OK 74137
Office: 918.481.6833
Cell: 918.636.0630
jeff_sargent@onbbank.com
The biggest achievement of the session is the passage today of the state bond issue to fund $25 million for Arkansas River improvements. The Oklahoma Senate voted 43-5 for the bond this morning and the House is expected to pass with a comfortable margin this afternoon. The money will fund improvements to the Zink dam and help construct two additional dams in Sand Springs and Jenks. This funding gives us money to add to the Vision 2025 funding and match the $50 million in federal funding Senator Jim Inhofe secured through the Water Resources Development Act last year. We will be able to actually see water in our river.
The transportation bond passed in the House today, 95-5 in favor, and the Senate is expected to pass as well, which gives us $300 million for projects in the “Eight Year Plan”. The deal includes raising the cap and removing the trigger, which will provide another $325 million over the next ten years, to full fund the project list in the plan. All of these funding elements were on the ONE VOICE list and were Chamber priorities.
The bond for $100 million to match the private gifts to Oklahoma colleges and universities for endowed chairs also passed in the Senate and is fully expected to pass the House.
The Legislature passed and the Governor has already signed SB 1943, the Oklahoma Local Development and Enterprise Zone Incentive Leverage Act. Authored by Sen. Mike Mazzei (R-Bixby), the bill provides incentives to develop major tourism attractions in Tulsa, Oklahoma City and at several resorts. This bill applies to designated enterprise zones, which for Tulsa would be in downtown and adjacent areas.
HB 3239, by Rep. Skye McNiel (R-Bristow) and Sen. Mike Mazzei (R-Bixby) offers incentives to employers and engineering employees in the aerospace industry. It is a ground-breaking package that will give some much needed tools to our burgeoning aerospace employers as they try to overcome significant nation-wide engineering shortages. The bill provides a $5,000/year tax credit for engineers hired by Oklahoma aerospace companies, a compensation based tax credit to aerospace employers (more for Oklahoma educated engineers than for those hired from out-of-state) and a tuition reimbursement tax credit for the employer of $1,800/year for up to four years if the company reimburses the employee for their tuition. This will be a really useful tool to attract young engineers to Oklahoma companies.
The Quality Jobs Act, SB 2163, was amended, thanks to Senator Mike Mazzei (R-Bixby) and Representative Ron Peters (R-Broken Arrow), to add NAICS codes covering two growing Tulsa companies, the Society of Engineering Geophysicists and Williams and Williams Worldwide Auction House. Both companies plan to grow considerably in Tulsa and more than meet the out-of-state revenue, salary and payroll criteria, but were excluded because their NAICS codes were not included in the statute. Qualifying for Oklahoma’s Quality Jobs help both companies resist efforts to lure them to Texas.
Sometimes it is just plain fun to share good news with everyone! All of the above is awesome for those of us that want our city and state to succeed and grow for the future.
Have a wonderful week!
Jeff Sargent
President-Residential Mortgage Division
ONB Bank & Trust Co
8908 S Yale Ave
Tulsa, OK 74137
Office: 918.481.6833
Cell: 918.636.0630
jeff_sargent@onbbank.com
Monday, May 12, 2008
FHA NEWS
FHA premiums to be based on risk
Pricing plan coincides with FHA expansion
By Inman News, Friday, May 9, 2008.
The Bush administration proposes to implement "risk-based" pricing of premiums paid by borrowers with government-backed loans beginning July 14 -- the same day guidelines for FHA loan guarantee programs are to be expanded to serve more delinquent borrowers.
The more flexible pricing structure, which would also allow FHA to reduce mortgage insurance premiums for some borrowers with good credit, is intended to enable the government to serve more troubled borrowers while protecting taxpayers from losses, HUD officials said. The proposed change in pricing will be published in the Federal Register for public comment on May 13.
Under the current pricing structure, all borrowers regardless of their credit standing pay 1.5 percent of loan balance up front and 0.5 percent a year. Under risk-based pricing, the upfront premium will range from 1.25 percent to 2.25 percent.
On a $150,000 mortgage, the difference between the existing 1.5 percent upfront premium and the 2.25 percent premium is about $7 per month, HUD says.
Risk-based pricing has been a controversial aspect of so-called "FHA modernization" legislation, with some opponents worried that borrowers who can least afford the fees will be overcharged. A sweeping housing bill approved by the House on Thursday would require FHA to refund extra premiums charged to higher-risk borrowers if they do not default on their loans.
The Bush administration says it needs to implement risk-based pricing to ensure that claims filed by lenders when FHA loans go bad are covered by premiums collected from borrowers, and not paid by taxpayers.
"By charging different premiums, FHA will operate like most other insurance companies," HUD said in a statement. "This premium structure will preserve lower premium costs for FHA's traditional borrowers, including low-income and minority families who have a strong credit history and save for a down payment."
Claims against FHA's insurance fund are expected to rise, in part because FHA loan limits have been increased to as much as $729,500 in high-cost markets, and also because of a new program aimed at helping troubled borrowers refinance into more affordable loans.
The new FHASecure program, rolled out by the Bush administration in August, was originally designed to help borrowers who had fallen behind on payments on adjustable-rate mortgage (ARM) loans after an interest-rate reset.
On April 9, the administration said it would expand the FHASecure program by creating two new categories of eligible borrowers:
Borrowers with adjustable-rate mortgage (ARM) loans who were late on two consecutive monthly mortgage payments or at two different times over the previous 12 months. FHA will require a 97 percent loan-to-value (LTV) ratio for these borrowers to refinance into a government-backed loan -- which in many cases would require lenders to write down some principal.
Borrowers with ARM loans who were late on three consecutive monthly mortgage payments or at three different times over the past 12 months. FHA will require a 90 percent LTV ratio for these borrowers to refinance.
HUD said the expanded FHASecure guidelines are set to be implemented on July 14 in conjunction with risk-based premium pricing.
HUD estimates that FHASecure has helped 150,000 borrowers refinance since the program was launched and that the expanded guidelines will help as many as 500,000 homeowners take advantage of the program by the end of the year. FHASecure accounted for $28.5 billion of the $68 billion in loans FHA has helped facilitate since September, HUD says.
Democrats are pushing for an even bigger, $300 billion expansion of FHA loan guarantee programs to enable up to 2 million FHA-backed refinance loans in cases where lenders agree to accept no more than 85 percent of a property's current appraised value. That plan, which is opposed by the Bush administration, is part of the housing bill HR 3121 approved by the House Thursday (see story).
***
Pricing plan coincides with FHA expansion
By Inman News, Friday, May 9, 2008.
The Bush administration proposes to implement "risk-based" pricing of premiums paid by borrowers with government-backed loans beginning July 14 -- the same day guidelines for FHA loan guarantee programs are to be expanded to serve more delinquent borrowers.
The more flexible pricing structure, which would also allow FHA to reduce mortgage insurance premiums for some borrowers with good credit, is intended to enable the government to serve more troubled borrowers while protecting taxpayers from losses, HUD officials said. The proposed change in pricing will be published in the Federal Register for public comment on May 13.
Under the current pricing structure, all borrowers regardless of their credit standing pay 1.5 percent of loan balance up front and 0.5 percent a year. Under risk-based pricing, the upfront premium will range from 1.25 percent to 2.25 percent.
On a $150,000 mortgage, the difference between the existing 1.5 percent upfront premium and the 2.25 percent premium is about $7 per month, HUD says.
Risk-based pricing has been a controversial aspect of so-called "FHA modernization" legislation, with some opponents worried that borrowers who can least afford the fees will be overcharged. A sweeping housing bill approved by the House on Thursday would require FHA to refund extra premiums charged to higher-risk borrowers if they do not default on their loans.
The Bush administration says it needs to implement risk-based pricing to ensure that claims filed by lenders when FHA loans go bad are covered by premiums collected from borrowers, and not paid by taxpayers.
"By charging different premiums, FHA will operate like most other insurance companies," HUD said in a statement. "This premium structure will preserve lower premium costs for FHA's traditional borrowers, including low-income and minority families who have a strong credit history and save for a down payment."
Claims against FHA's insurance fund are expected to rise, in part because FHA loan limits have been increased to as much as $729,500 in high-cost markets, and also because of a new program aimed at helping troubled borrowers refinance into more affordable loans.
The new FHASecure program, rolled out by the Bush administration in August, was originally designed to help borrowers who had fallen behind on payments on adjustable-rate mortgage (ARM) loans after an interest-rate reset.
On April 9, the administration said it would expand the FHASecure program by creating two new categories of eligible borrowers:
Borrowers with adjustable-rate mortgage (ARM) loans who were late on two consecutive monthly mortgage payments or at two different times over the previous 12 months. FHA will require a 97 percent loan-to-value (LTV) ratio for these borrowers to refinance into a government-backed loan -- which in many cases would require lenders to write down some principal.
Borrowers with ARM loans who were late on three consecutive monthly mortgage payments or at three different times over the past 12 months. FHA will require a 90 percent LTV ratio for these borrowers to refinance.
HUD said the expanded FHASecure guidelines are set to be implemented on July 14 in conjunction with risk-based premium pricing.
HUD estimates that FHASecure has helped 150,000 borrowers refinance since the program was launched and that the expanded guidelines will help as many as 500,000 homeowners take advantage of the program by the end of the year. FHASecure accounted for $28.5 billion of the $68 billion in loans FHA has helped facilitate since September, HUD says.
Democrats are pushing for an even bigger, $300 billion expansion of FHA loan guarantee programs to enable up to 2 million FHA-backed refinance loans in cases where lenders agree to accept no more than 85 percent of a property's current appraised value. That plan, which is opposed by the Bush administration, is part of the housing bill HR 3121 approved by the House Thursday (see story).
***
Wednesday, May 7, 2008
To refinance or not to refinance, that is the question.
To refinance or not to refinance, that is the question. This may not be as simple of a question as you may think. Refinancing involves time, energy and money. There are times when refinancing is not worthwhile and then there are times when it is advisable. . Let’s look at a few of the scenarios which may indicate that it is a good time to refinance:
1. The current rate is lower than your loan rate. There is not an easy formula of how much lower the rate needs to be for it to be financially profitable, but generally speaking, a difference of one percentage point can make a difference of hundreds of dollars a year. A savings of even $500 a year can make the process of refinancing worthwhile over the life of a 30 year loan.
2. Your credit score has improved. The Fair Isaac Corporation, or FICO, has a rating system that quite simply rates the amount of risk a lending institution sees in you as a borrower. If you had a poor FICO, and received a loan, you may have had either a bad rate, or loan terms which may be less than favorable. If you have been able to improve your FICO, it may be in your best interest to refinance. Contact a loan professional to see if you may benefit.
3. Your financial situation has changed for the better. Lenders make decisions based off of your overall financial representation. Should you change jobs and receive an increase in salary or maybe pay off a large debt, you may want to look at a refinance as well. Your overall financial picture of debt compared to income can impact your loan rate and loan terms. Another time to look at refinancing is if your home has changed in value. Many people like to pay off high interest credit card debt with the lower interest based on the equity of their home.
Everyone’s financial scenario is different, thus the answer to the question of to refinance or not to refinance depends on getting good financial advice from a trusted and knowledgeable loan professional.
Homeland Capital Mortgage is located in Tulsa, OK and makes home loans to first time home buyer to luxury home buyers.
1. The current rate is lower than your loan rate. There is not an easy formula of how much lower the rate needs to be for it to be financially profitable, but generally speaking, a difference of one percentage point can make a difference of hundreds of dollars a year. A savings of even $500 a year can make the process of refinancing worthwhile over the life of a 30 year loan.
2. Your credit score has improved. The Fair Isaac Corporation, or FICO, has a rating system that quite simply rates the amount of risk a lending institution sees in you as a borrower. If you had a poor FICO, and received a loan, you may have had either a bad rate, or loan terms which may be less than favorable. If you have been able to improve your FICO, it may be in your best interest to refinance. Contact a loan professional to see if you may benefit.
3. Your financial situation has changed for the better. Lenders make decisions based off of your overall financial representation. Should you change jobs and receive an increase in salary or maybe pay off a large debt, you may want to look at a refinance as well. Your overall financial picture of debt compared to income can impact your loan rate and loan terms. Another time to look at refinancing is if your home has changed in value. Many people like to pay off high interest credit card debt with the lower interest based on the equity of their home.
Everyone’s financial scenario is different, thus the answer to the question of to refinance or not to refinance depends on getting good financial advice from a trusted and knowledgeable loan professional.
Homeland Capital Mortgage is located in Tulsa, OK and makes home loans to first time home buyer to luxury home buyers.
Tuesday, May 6, 2008
Spring Has Sprung-Make Your Home a Healthy One
SPRING HAS SPRUNG, and that means it's time to wash away those winter blues! In fact, according to the Soap and Detergent Association - did you even know there was such a thing? Three fourths of Americans engage in spring-cleaning. Their survey indicates that more than 80 percent of people who spring clean agree that it helps them save time throughout the year, and 96 percent of people donate or discard items during their spring-cleaning.
But the advantages can go much further than that. Check out these top ten spring-cleaning activities, compiled by http://www.medicinenet.com/ that can help make your home healthier and safer:
Thoroughly dust your home.
Clean any air conditioning and heating filters, ducts, and vents to minimize pollens and other airborne allergens.
Organize your medicine cabinet.
Throw away expired medications and old prescription medicines that you no longer need.
Inventory your garage and basement.
Get rid of any old paint, thinners, oils, solvents, stains, and other similar items you no longer need.
Note: You may need to take these items to a hazardous waste drop off center or look on Darryl Baskin's website for helpful hints on how and where to lose these items..
Take an inventory under your sinks and around your house.
Get rid of old or potentially toxic cleaning products.
Have your chimney professionally cleaned. This will help you lessen the chances of carbon monoxide exposure when the cold weather returns.
Clean all mold and mildew from bathrooms and other damp areas. Use non-toxic cleaning products.
Check your rugs. Make sure that rugs on bare floors have non-skid mats and that older or dusty mats are either washed or replaced.
Inspect outdoor playground equipment. Make sure that all elements are sturdy and safe, especially guardrails, protruding bolts, and other potential sources of injury.
Change your batteries. Do so for both smoke detectors and carbon monoxide detectors.
Collect old batteries throughout the house for disposal. Dispose of them in a battery recycling or hazardous waste center.
Hey, please make it easy on yourself... take it one room, one cleaning task at a time.
You'll be more likely to accomplish more if you tackle each springcleaning project separately. And that's great advice...any time of year!
Please keep in mind that our Tulsa economy continues to be strong and we should all be happy to live, work and raise our families in such a wonderful city.
Thank you,
Jeff Sargent
President-Residential Mortgage Division
ONB Bank & Trust Co
8908 S Yale Ave, Suite 250
Tulsa, OK 74137
Office: 918.392.6572
Cell: 918.636.0630
Fax: 918.392.6550
jeff_sargent@onbbank.com
But the advantages can go much further than that. Check out these top ten spring-cleaning activities, compiled by http://www.medicinenet.com/ that can help make your home healthier and safer:
Thoroughly dust your home.
Clean any air conditioning and heating filters, ducts, and vents to minimize pollens and other airborne allergens.
Organize your medicine cabinet.
Throw away expired medications and old prescription medicines that you no longer need.
Inventory your garage and basement.
Get rid of any old paint, thinners, oils, solvents, stains, and other similar items you no longer need.
Note: You may need to take these items to a hazardous waste drop off center or look on Darryl Baskin's website for helpful hints on how and where to lose these items..
Take an inventory under your sinks and around your house.
Get rid of old or potentially toxic cleaning products.
Have your chimney professionally cleaned. This will help you lessen the chances of carbon monoxide exposure when the cold weather returns.
Clean all mold and mildew from bathrooms and other damp areas. Use non-toxic cleaning products.
Check your rugs. Make sure that rugs on bare floors have non-skid mats and that older or dusty mats are either washed or replaced.
Inspect outdoor playground equipment. Make sure that all elements are sturdy and safe, especially guardrails, protruding bolts, and other potential sources of injury.
Change your batteries. Do so for both smoke detectors and carbon monoxide detectors.
Collect old batteries throughout the house for disposal. Dispose of them in a battery recycling or hazardous waste center.
Hey, please make it easy on yourself... take it one room, one cleaning task at a time.
You'll be more likely to accomplish more if you tackle each springcleaning project separately. And that's great advice...any time of year!
Please keep in mind that our Tulsa economy continues to be strong and we should all be happy to live, work and raise our families in such a wonderful city.
Thank you,
Jeff Sargent
President-Residential Mortgage Division
ONB Bank & Trust Co
8908 S Yale Ave, Suite 250
Tulsa, OK 74137
Office: 918.392.6572
Cell: 918.636.0630
Fax: 918.392.6550
jeff_sargent@onbbank.com
Tuesday, April 22, 2008
Nehemiah WINS Lawsuit against HUD!
APRIL 2008
Judge Lawrence K. Karlton of the United States District Court for the Eastern District of California upheld Nehemiah’s motion for summary judgment and invalidated the U.S. Department of Housing and Urban Development (HUD) rule to ban private downpayment assistance as proposed in the “Standards for Mortgagor’s Investment in Mortgaged Property” regulation published October 1, 2007. To be clear, this rule cannot be enforced by HUD and is no longer a threat to private downpayment assistance programs. We are thrilled with the Court’s decision to support low-to-moderate income families across the country by ruling against HUD’s attempt to ban private downpayment assistance,” said Scott Syphax, President and CEO of Nehemiah Corporation of America. This is a major and conclusive judgment, leaving no uncertainty that downpayment assistance is a life line to the families that Nehemiah serves. It is heartening to see that the Court’s arguments echo our sentiments and concerns. This decision preserves access and supports the use of sensible and reasonable approaches to homeownership for millions of working class families. It is a privilege to continue providing a helping hand to America’s underserved families by building both safer communities and financial strength through homeownership. As we have said before, we look forward to working with HUD to support deserving families across the country.” To read more about Nehemiah's court victory, visit: http://www.getdownpayment.com/updates/insidetrack.asp The Regulatory Updates section of our website details significant issues relating to DPA regulatory and legislative events. Check back for new postings or sign-up to have accurate and timely information delivered to you.
Get Certified as a Designated Nehemiah Specialist:
Receive $100 Off Coupon!
The busy home buying season is here! Nehemiah offers many unique value-added services and resources that can assist you in procuring buyers. At Nehemiah we are dedicated to training mortgage and real estate professionals on The Nehemiah Program® and downpayment assistance which will enable you to assist more buyers in their quest for homeownership. Contact me today to schedule a training session for your group or office on The Nehemiah Program. All attendees will earn a Designated Nehemiah Specialist Certificate and a $100 off coupon on their first Nehemiah transaction.
Using The Nehemiah Program is Simple!
The Nehemiah Program® is committed to providing the easiest and best service possible. Did you know that your homebuyers only have to sign a one-page gift letter? Did you know that the seller only signs a one-page Participating Home Agreement?
Mortgage Lenders:
Register to use Nehemiah’s Online Processing System
Nehemiah gift funds can be requested using the Nehemiah Online Processing System (OPS®) or with a standard paper form. Online gift funds requests are processed same day. If you’re new to Nehemiah, there is a simple one-time registration process to begin using our online system. To register for OPS, go to:
https://www.getdownpayment.com/ops/lendertype.asp and follow the screen prompts to complete your registration. Should you have any questions or concerns while you are completing your registration, please call Customer Service at (877) 634-3642. Customer Service Specialists are available Monday through Friday from 9:00am to 8:00pm EST. Since 1997, The Nehemiah Program® has provided over $1 billion in downpayment assistance gifts, resulting in $32 billion in real estate transactions and has helped over 250,000 families and individuals achieve their dream of homeownership.
If you do not wish to receive this email in the future please reply and type the word REMOVE in the subject line. The Nehemiah Program®
424 North 7th Street, Suite 250
Sacramento, CA 95811
(877) 634-3642
© 2008
Judge Lawrence K. Karlton of the United States District Court for the Eastern District of California upheld Nehemiah’s motion for summary judgment and invalidated the U.S. Department of Housing and Urban Development (HUD) rule to ban private downpayment assistance as proposed in the “Standards for Mortgagor’s Investment in Mortgaged Property” regulation published October 1, 2007. To be clear, this rule cannot be enforced by HUD and is no longer a threat to private downpayment assistance programs. We are thrilled with the Court’s decision to support low-to-moderate income families across the country by ruling against HUD’s attempt to ban private downpayment assistance,” said Scott Syphax, President and CEO of Nehemiah Corporation of America. This is a major and conclusive judgment, leaving no uncertainty that downpayment assistance is a life line to the families that Nehemiah serves. It is heartening to see that the Court’s arguments echo our sentiments and concerns. This decision preserves access and supports the use of sensible and reasonable approaches to homeownership for millions of working class families. It is a privilege to continue providing a helping hand to America’s underserved families by building both safer communities and financial strength through homeownership. As we have said before, we look forward to working with HUD to support deserving families across the country.” To read more about Nehemiah's court victory, visit:
Get Certified as a Designated Nehemiah Specialist:
Receive $100 Off Coupon!
The busy home buying season is here! Nehemiah offers many unique value-added services and resources that can assist you in procuring buyers. At Nehemiah we are dedicated to training mortgage and real estate professionals on The Nehemiah Program® and downpayment assistance which will enable you to assist more buyers in their quest for homeownership. Contact me today
Using The Nehemiah Program is Simple!
The Nehemiah Program® is committed to providing the easiest and best service possible. Did you know that your homebuyers only have to sign a one-page gift letter? Did you know that the seller only signs a one-page Participating Home Agreement?
Mortgage Lenders:
Register to use Nehemiah’s Online Processing System
Nehemiah gift funds can be requested using the Nehemiah Online Processing System (OPS®) or with a standard paper form. Online gift funds requests are processed same day. If you’re new to Nehemiah, there is a simple one-time registration process to begin using our online system. To register for OPS, go to:
If you do not wish to receive this email in the future please reply and type the word REMOVE in the subject line.
424 North 7th Street, Suite 250
Sacramento, CA 95811
(877) 634-3642
© 2008
Friday, April 11, 2008
Old British Word Fun: What is a Mortgage?
WORD HISTORY: The great jurist Sir Edward Coke, who lived from 1552 to 1634, has explained why the term mortgage comes from the Old French words mort, “dead,” and gage, “pledge.” It seemed to him that it had to do with the doubtfulness of whether or not the mortgagor will pay the debt. If the mortgagor does not, then the land pledged to the mortgagee as security for the debt “is taken from him for ever, and so dead to him upon condition, &c. And if he doth pay the money, then the pledge is dead as to the [mortgagee].” This etymology, as understood by 17th-century attorneys, of the Old French term morgage, which we adopted, may well be correct. The term has been in English much longer than the 17th century, being first recorded in Middle English with the form mortgage and the figurative sense “pledge” in a work written before 1393.
Well, now you know...
Have a great weekend and please don't forget to vist Darryl Baskin's website at darrylbaskin.com to learn about the CASA Homes Tour this weekend!
If you have questions about mortgages, please do not hesitate to call us any time at 918.481.6833.
Sincerely,
Jeff Sargent
President
ONB Bank & Trust Residential Mortgage Division
8908 S Yale Ave, Suite 250
Tulsa, OK 74137
Office: 918.481.6833
jeff_sargent@onbbank.com
member FDIC
Well, now you know...
Have a great weekend and please don't forget to vist Darryl Baskin's website at darrylbaskin.com to learn about the CASA Homes Tour this weekend!
If you have questions about mortgages, please do not hesitate to call us any time at 918.481.6833.
Sincerely,
Jeff Sargent
President
ONB Bank & Trust Residential Mortgage Division
8908 S Yale Ave, Suite 250
Tulsa, OK 74137
Office: 918.481.6833
jeff_sargent@onbbank.com
member FDIC
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