What is it that bond originators do and why not go the D.I.Y route?

What is it that bond originators do and why not go the D.I.Y route?

such a great question and you will always get your pros and cons depending on whom you are speaking to.

We do know that bond originators often shop around and are kind of impervious to which bank you are looking at but finding someone that is great is not always easy.  So do you get references?  I would.

Bond originators assist you by negotiating with all the major lenders on your behalf, thus taking the fear out of applying for a bond and even work with SA Homeloans, BMW finance and Investec not just Standard, ABSA, FNB and Nedbank.

The service of a bond originator is free to you, the applicant – this is because bond originators get paid by the banks.

This means less leg-work for you and a lot less admin for you, the client.

Even where the home-buyer has a really good, strong relationship with their own bank, bond originators allow for room to shop around for the best deals and to look around at all the other banks simultaneously, getting you the best deal there is.

Every now and again some banks seem to get into a tiff with the originating groups and then for a while no longer allow bond originators to act on their behalf, therefore it is advisable to first ask the originator who they represent and the good ones will make a plan regardless.

SA Budget 2012 - Yes – You CAN Get That Elusive Home Loan In 2012

Yes – You CAN Get That Elusive Home Loan In 2012

It seems as if the light is shining at the end of the proverbial tunnel for those that need to buy homes and need bonds in order to do so. According to Standard Bank, the largest player in the home loans field, it is still possible to get that loan that you need.

Pravin Gordhan will soon put us in the picture with his much-awaited 2012 budget speech, and this, too will have an all-important impact on the lending and housing market in SA in 2012.

Here are a couple of practical points to take into consideration prior to approaching your bank for that all-important loan:

·         Do a little research on the area.

·         Find out exactly what kind of condition the house is in.

·         Do some research into your credit history; this is easily available online and you can make any necessary adjustments if errors appear on your credit report. Compare these reports from the three largest credit bureaus in SA.

·         Armed with this kind of knowledge you will always have the upper hand.

·         Did you know that there are a high percentage of errors that occur on credit reports? These should always be checked on a regular basis so that your credit report is in a healthy state.

·         Ask a professional estate agent to assist in getting a comparable price list of the homes in the area; they have access to graphs and information that is pertinent to this.

·         Obviously, you will have to be able to afford the property; affordability is the key in this exercise.

·         If you are concerned that the budget will affect your already tight purse strings, it might be best to wait for after Pravin Gordhan has delivered his SA budget speech, and only then approach your bank for a loan.

·         You might feel that the budget does not really affect you in your everyday life; but if it is more taxes we have to pay, higher interest rates on our borrowed money, more to fork out on that glass of wine or packet of cigarettes, then it is wisest to hold on a little longer before signing for that much-desired property you already have your eye on.

·         Put money aside when buying your home; there are always costs that are hidden.

·         100% bonds are not common, so ensure that there is sufficient for transfer duties, deposits and anything else pertaining to buying your property.

·         Remember to add in attorneys’ fees and registration costs, too.

·         Hidden expenses need to be addressed, as you will always find there is a lot to be spent on added extras such as electricity deposits and beefing up security.

·         Don’t forget to build in your home insurance, too.

If you feel you might be a little too tight it is a good idea to wait and see what the 2012 budget speech will do for (or against) our borrowed monies from banking institutions; it is always bet to make these important decisions through careful planning.

Why you need to motivate your home loan application.

Well it is quite simple.  A motivation is usually provided to highlight or explain anything about your homeloan application that falls outside what would be considered a “normal” application, or even when it you feel it necessary for the bank to have a clearer understanding about you the prospective client and your situation.

For example, if you have finished or are finishing your monthly car repayments now, or in a couple of months’ time, it is important to supply this information in the home loan motivation with the necessary proof to establish the your true and realistic affordability.

Another example may be if you are  a rehabilitated insolvent. In this instance it is necessary to supply a full explanation regarding the circumstances that resulted in the insolvency as well as a copy of the certificate of rehabilitation and a copy of the final liquidation and distribution statement reflecting details of all of your creditors. A mortgage origination consultant would, however, use a motivation whenever they feel it is necessary to highlight positive attributes about the you as their client and the property and to remove any negative attributes such as past adverse credit score and sentiment.

Wanna be an Originator Apply here!

As this has often been a fairly open and new industry the regulations are very much self imposed and we have had bodies such as NAMO try regulate the industry but they have not succeeded.


So as business owners we have searched for the best of breed and this is the way i see it:

1. You need to be a 100% peoples person – as people will only do business with you if they trust you and like you.  So APPLY TODAY

2. You need to be extremely confidential – and this must be legally set out and signed before your start as a consultant or originator.

3. The educational aspect most times means

     a. Financial experience – accounting, auditing
     b. Understanding income and expenditure
c. Understanding credit risk management, scoring systems, high and low risk
d. Understanding affordability for now and future as rates rise and change and impact on the client
e. Doing due diligence on a client and understanding 100% their involvement, business, employment and exposure
f. Understanding how to read:
    i. A balance sheet
     ii. Assets and liabilities
     ii. Bank statements

g. Understand how to look for fraudulent activities with employer, employee, business and banking

4. Legally a detailed employment contract together with multiple clauses covering the lenders, the originators and the clients is signed.

5. Skills looked for:

a. Banking experience

b. Any finance experience

c. Credit risk management experience

d. Property type experience

6. Lastly, the banking rules change often, so training is needed all the time and you need to be updated and accurate

One of the key things is to declare the truth to the banks as we abide by the banking code of conduct.

So

The originator warrants that this application and supporting documentation is submitted by the originator on behalf of the applicant/s with the applicant/s knowledge and consent. The originator warrants that the applicant/s have chosen the mortgage originator’s address for delivery of the quotation to the applicant/s. If signed on the applicant/s behalf, the originator warrants that is has been duly authorised by the applicant/s for this purpose. The originator further warrants, to the best of its knowledge, that the documentation / information submitted by the applicant/s in support of this application is not fraudulent, incorrect or misleading.


So this is a serious business..

PRIME + Standard Bank and FNB interest on homeloans status

So the banks have definitely changed their risk profiles and increased the premiums on rates following the article recently released by FNB.


Now we learnt through reliable sources that Standrad bank have increased their risk rating under certain circumstances.

For those applying for a home loan and are self employed expect a rate plus 0.3%.  If a small holding or plot expect anything from an extra 1.5% to 2.5% and if a Business Mortgage expect an additional 1.5% on top of the normal rate.

Defintely time to use your favourite bond originator.

we expect the other banks to follow suite shortly.


  thanks to our news feeders for the thumbs up guys.......

Who is recovering in the Worlds Housing markets?

According to data compiled by the Economist, only one national housing market has recovered to “fair value” after the real estate boom of the late nineties and early 2000's

Disregarding the housing markets in Germany and Japan, which did not witness a property boom in this period, the US is now the only global market (which the publication analyses) where prices are below the long run price to rental income ratio.

South Africa, seems to be OK, but its very up and down even though slaes seem fine in the lower brackets and banks are offering mortgages albeit tentatively.

According to data compiled using the Case Shiller national index, prices are now 11.5% below “fair value” which compares to overvaluations of 48.5% in France, 39.2% in Spain and 27.8% in the UK.

Although there is some debate over the Economists measure of “fair value” (house prices are more a function of affordability and therefore real incomes and interest rates rather than rental incomes) the conclusion is probably a sound one. The US housing market is in better position than most Western markets.

At the turn of the year, we tipped the US market as one of the best markets for investors and agents. The news since then has been far from positive with prices continuing to decline in most regions (although sales volumes have picked up in many states such as Florida)

The best property market in the world?

Well you certainly can pick up awesome deals for properties in possession and these lists are easy to come by, with 100% homeloans and cheapper trasnfer or no transfer fees.

Although the social consequences have been awful, in pure economic terms, the US property market is arguably one of the best functioning real estate markets in the world.

The US fell earlier and more rapidly than almost every other national market. A big reason for this is the US system of non-recourse loans. Home owners in negative equity can walk away from their debts and developers and lenders have no recourse to reclaim the debt. The result has been a flood of supply and sharp price corrections.

Almost every Western economy is going through a process of painful debt reduction. There are only four ways out:

Save more (austerity at both a personal and government level)

Earn more (increase real incomes and/or economic growth)

Inflation

Debt default

Through a process of mortgage debt default, the US has put itself in a strong position to recover strongly from the credit-bubble-inducued recession (although it still has severe sovereign debt issues).

As Robert Shiller points out, US house prices may decline another 10-25% so the crisis is not over but its long term position is much healthier than most European markets.

The UK and Spain for example face a long period of “deleveraging” which means either high inflation, austerity or a sharp rise in repossessions. Without a mix of all three for a sustained time period, there can be no return to a “normal” market and that means no short-term bounce back in the lifestyle market of overseas property.

The banks get tough in their home loans lending

100% home loans - diminishing as we speak - but still possible.

Interest rates of -2% below prime - forget it - you are lucky if you get prime and it will get worse for a while.  But our rates are at their lowest in 30 years so that's great news.

1  * Bounced cheque on your last 3 months bank statements - better you wait until the next three months cycle before you apply for a mortgage.

Adverse on your credit report - get it sorted and get it removed and get letters and even then you are bound to be declined by the banks first.

A Judgement - get someone else to buy the house because you are just not going to get a loan, unless you own your own bank.

Get a credit check if its the last thing you do and understand it.

Self employed - well you need about three tonnes of documents including 3 years financials, 6 months business bank statements, blood tests and 6 financial sponsors - very tough at present.

If you earn as a salaried employee an amount of between R 10 and up in overtime, commission you better get your 6 months payslips, commission statements and letters from your company proving that you earn occasional extra income otherwise your whole profile will be seen as suspicious and you WILL be declined.

if you are non-res, non SA type make sure that you have approval to bring your money in, an excellent money transfer service, attorneys that are jacked up and 50% is the max you will get and probably from 2 banks only.

So folks that's the good news....and its bound to get better.

Want a home loan - well use a mortgage originator because they are the only people who will tell you like it is as they earn their hard earned living from this business.

I Need to finance a new home and get more to pay my Debts?

I am afraid I do not have a positive result as you expected, however I do have a solution for you.  As you will see we look at all forms of finding a solution for you and there are often more than one option and I would like to explore everything for you.


So my first approach was with an external private lending company whose calculator model produced the below results which gives me a very clear indication as a starter of where things are: - Not attached but it means NO GO they do not want to carry the risk.

We call this the ASSISTANT LOAN and it is important to know that when you apply here this is not the cheapest loan at a rate of 17.5% but it is a decent offer in the debt consolidation approach and often the quickest to get all situations on the road and the idea here is to simply get the funds to kill the credit cards etc and this loan is usually taken and after a year they then assist you back into the big banks fold via a standard mortgage.

Unfortunately, this type of loan criteria is not met as the value of the property vs the loan vs the income needs to make up a minimum of R 150,000 in their loan book before they take on the risk. So I attach this for you just for your records. Use it or lose it!

PROPERTY VALUE - This Lightstone valuation I sent you is what some of the banks use especially FNB, the others usually send out a valuer. So we can assume a value of between Lightstone (R 700,000) and your recent one of R 1,500,000.00.


FNB - I agree FNB will decline, they have the loans from you, they know your risk and they have their internal risk ratings as well, you are highly exposed to them and my suggestion is that even though they are an awesome bank, let’s forget about them for now until things are sorted out

SWITCHING to ANOTHER BANK - Not an easy option especially with the lending banks being as cautious as they are now. Also when the banks switch they will normally only offer a maximum of 80% of the value they find. So if we assume a value of R 1,5 m then we can expect an offer of R 1,200,000 and this is what you owe as it is, plus there are some costs and expenses in switching – so close this avenue for now.


Buying a NEW HOUSE - OK, attached is a copy of your credit report and as you are aware there are some issue here that will prevent a new loan. Whether you use us, a bank or another mortgage originator or bond originator it remains the same as we all work through the same credit management at the banks. Whether it is standard bank, FNB, ABSA, Nedbank.
Even with these been settled, they are still on the credit reports and they are bank adverse’(FNB) – so that closes the door almost 100% - this scares the banks more than anything.  This includes getting personal loans (However i could be wrong, but this defeats the purpose as these are expensive.


You have to make arrangements to get these removed and I would speak with Transunion ITC on 0122 2146000 and Experien on 011 7993400 find out how to get these removed. So this closes this door as well until this is cleared up.


THE WAY FORWARD: -
1. I see you were paid a bonus – use this to kill some of your credit cards today, tear them up and move forward. They will and do cripple you financially no matter what you do. The credit card interest rates are prohibitive.


2. If this is not possible then you need to: Kill one of the cards off immediately or over the next month or so and close it forever.


3. Increase your bond payments by R 200 pm and after 2 months ask FNB to extend your bond from 20 to 30 years and ask for a better rate.


In three months time then you can look at this again, but right now you need to address your credit record first and that will take at least a month or so. Then I suggest we re look at this. I wish I could have been more helpful but unfortunately in this credit climate lending is tight and any form of credit risk scares the lenders 100%

I am thinking of you!!!!!

Should I buy, fix, sell and get RICH!!!!!!

Yesterday, I bought a PIP (Yup! a property in possession). 
Thank heavens some other sucker could not afford to pay his homeloan.
I scored, I really, really scored as I could raise some money
from my other homeloan for this house. Oh, what a bargain!

Now, I am going to do quick, fixit, with my gardner and a couple of guys off the street who walk around carrying paintbrushes and ladders with card board adverts.  They are really so cheap and desperate for work that a few more bucks will sort that out.

Then i'll sell it on Private property so that i do not need an agent and I'll save myself a fortune.

Speculation, the mothers of invention. (Sic)

So whats the reality in property!!! Or does reality exist in properties in possession!

Owning property is no doubt great.  Owing the bank money for the property is not so hot, but the truth is not all of us have hard earned cash!!

Second mortgages, even third and fourth ones to cover that little speculative property, can be great when things are good and you have rental income, but not so great when the burning hole in your pocket hurts like crazy.

A quick fixit, can also be a quick drain on cash, especially with no recourse and no guarantees.  so be careful.

Choosing the right place and area.  That is tough to answer.  Position, position, position means cost, cost, cost - You pay big time, for the big view.  So keep these thoughts close and keep your head at all times.

The key thoughts are, are there people with money.  Parents with student kinders.  Older folks needing places without stairs.???

Real estate agents actively active in the area.  Do properties move in the area.  Do the banks finance in the area.  That information is always available for you. get a great real estate agent or mortgage originator to assist you.  they will, they want your business.

Oh, yes, please do not forget, selling means you need buyers.

Selling means you need a nice place for someone who wants it with things that work.

so, let us hope that your painter with the ladder is not the owner of the PIP!!!!  mmmmmmmmmmm

be cool, be cool!!! Its still a good deal, just make sure you prepare yourself well -- ask the debt doctor he can tell you everything

100% bonds for Absa clients

Absa 100% bonds!

Ladies and gentlemen...
Absa home loans are back and they're bad! 100% Bonds!

Absa have officially announced the reintroduction of their 100% home loan offering.

There is a slight catch here. It's only applicable to ABSA cheque and transaction account holders. This means that non ABSA clients will still only have access to 70% LTV loans from ABSA, but it's a move in the right direction.

This move is obviously as a direct result of Standard Banks 100% home loan offering. With Standard Banks home loan offering of 100% for people who went directly to the banks really has given the home loan and bond origination industry a little knock, BUT ABSA have announced that this channel of 100% home loans is open to bond originators as well.

Well, does this mean we'll be seeing ABSA follow Standard Banks suit? OR will Standard Bank bow down to the might of the bond originators in South Africa?

Either which way, well done ABSA and well done to all the bond originators out there who have made this possible...

Looking for a home loan?
Looking for a insurance quote?
Looking for a credit check?

18 reasons why homebuyers should use a mortgage originator

In this market, it is critical that you use the services of an originator who knows how to position your bond for optimal success. Wizard has a wealth of experience and industry knowledge to enable us to find the right home for you.

So with this been said :) here it comes...

1. Secure approvals: better chance of approval by submitting to multiple lenders (ABSA, Nedbank, FNB, Sanlam, Ithala Bank, Blue Financial Services and The National Housing Finance Corporation)
2. Get the system to work for you: take advantage of the fact that each bank has different
credit criteria, deposit requirements, documentation requirements, interest rates and
turn-around times
3. Expert positioning: prepare, motivate and package the application for the best chance of approval
4. Best interest rates: banks compete for every loan application ensuring you get the best deal
5. Simultaneous submission: direct interface to lenders systems allowing simultaneous submission of applications to multiple lenders
6. No cost: it’s a free service to the homebuyer
7. No obligation: no obligation to accept any loan sourced
8. 7 years Expertise: home finance experts have intimate knowledge of the various banks’ products, credit criteria, documentation requirements and interest rates
9. Problem escalation: dedicated senior personnel escalate any problem applications ensuring a better chance of approval
10. Hassle free: one generic application form for all lenders
11. Cost savings: advice on the best way to structure the loan to reduce the total cost
12. Convenient: originator completes the application form and does all the legwork
13. Faster approvals: dedicated personnel guide the application quickly through the bank’s approval process, actively chasing up progress
14. Independent advice: most appropriate home loan options from all lenders
15. Dedicated communication: one point of regular feedback on the application status
for all lenders
16. Best service: professional and personalised service either face-to-face,
telephonic or online
17. Commitment: home finance experts are committed to securing your loan
18. Homebuyers all agree: over 70% of all new home loans are secured using mortgage originators

Bond Originators Are Worth IT & They're Here To Stay!

Let me tell you, when I read this headline in the Sunday Times news paper yesterday evening, my knees went wobbly and I finally realised that there are people in this world that know what they're talking about.

Well done Saul Geffen, you are the man, and I do share your sentiment.

Bond Originators are here to stay, whether the banks wants us or not!

The fact is - the banks needs us, clients need us and if bond originators in South Africa and worldwide for that matter can just learn to bring good quality bonds and leads through to the banks we can and will assist them in making the home loans division of the banks a profitable, steady and reliable source of income that no other department or division will ever be able to make them...

So all you bond originators, keep the bonds tidy, keep them clean and be honest with your clients upfront, and not only will we keep our contracts with the banks, but we'll make it so worth their while that they'll be throwing those parties for us in the Carribean, because we actually pulled them through this recession.

Just to highlight the interview with Saul Geffen from Ooba in the Sunday Times:

How do I negotiate better interest rates from my bank?
Do I need a bond originator/should I go to my bank?

1. The size of your bond and deposit definitely affect your rate concession. Banks require buyers to have a deposit of between 5% and 30% of purchase price.
2. The banks check the credit history of yourself and your spouse/co-applicant/surety and if not conducted correctly, could have an adverse effect on your application.
3. If you are divorced or separated, make sure you are not linked to any debt or open credit facility with your ex.
4. Cancel old credit cards as this will make lenders wary about the potential size of your total debt – if you don’t need the full credit limit offered on a card, have it reduced and the same applies to retail credit.
5. If you are a first time buyer, consider taking out a credit card 6 months prior to making a bond application. You will need to pay your balance in full on time each month to show your diligence in managing your debt.
6. Your salary/income needs to be deposited into a bank account as the banks will ask for proof of income via your bank statements, accuracy is paramount.
7. If you have credit problems, always keep proof of payment and outstanding debts have to be removed from your file.
8. Pre-qualifications should be done so that you can be in a stronger position to negotiate with the seller.


Do I need a bond originator/should I go to my bank?

Origination makes even more sense in the global credit crisis as banks have tightened lending criteria and are not under pressure to offer interest rates below the prime rate for their mortgages.

Bond originators act as negotiators on consumers’ behalf. For every 0.5% concession to prime, the saving on R1-million home loan represents a saving of R86 750 over the life of the standard 20 year bond.

The benefit of having one’s home loan application assessed by several banks is that it gives the consumer the best chance of a better deal.

The originators service is at no cost to buyers and there is no obligation to accept a particular loan.

Originators also guide buyers through the voluminous paperwork required by the National Credit Act.

Are banks cutting out originators?

Some banks are looking to reduce commissions to originators, given the impact of the higher cost of funding and bad debts on bank margins.

But, origination remains the key distribution channel for home loans and banks recognize the strength of origination as a distribution mechanism.

WizardMan Out - Good Night All!

Want to be a Bond Originator? We're Hiring!

So, you're probably thinking, how the hell can a bond origination company like Wizard Midrand Home Loans be hiring.

Well, we figured, with so many people within the banking sector and financial sector loosing their jobs at the moment, who is going to capitalise on that loss?

WIZARD MIDRAND IS!!!!

We're looking for bond consultants. Full time, part-time, anytime you want to work...

We offer super commissions, your overheads will be minimal and if you're GOOD, your profits will be huge.

So if you're an ex banking consultant or bond originator, possibly an estate agent or a property developer, in fact, even if you've just popped out of school and you're wanting to earn some extra cash, give us a call today!!!!

+27 12 341 2223 and ask for Steven or reply to this post.

Bond Consultants Wanted!

Calling All Bond Originators

Here's a little tip or two for all you bond originators out there....

Make sure that when you submit your applications to the banks that you fight for your deals.

Chances are, your applications are going to be declined upfront by most banks.

DO NOT ACCEPT DECLINES if you believe that your application should go through.

We're finding that with many banks right now, that their initial applications they're declining. With a little fight, we're getting grants, and with even more fighting we're getting 95% and on some rare occasions 100% loans (this will change within the next week I guarantee).

So, make sure you have your qualifications done correctly!

Make sure you've done a credit check on the client, if you have payment profiles even better!

Make sure that your clients RTI (Repayment to income) does not sit above 30%!

Make sure there is enough disposable income at the end of the month for the client to pay for their bond!

Last but not least, deposits people!!!!! Believe it or not, there are still agents out there trying to get 100% bonds on all their applications!!!! NOT GOING TO HAPPEN.

Having said that, you can't blame everyone for trying can you.

FYI:

ABSA Bank: 90% loans

Std Bank: 85% loans

Fnb Bank: 100% so they claim

Nedbank: 95% loans

Keep on pushing SA.

Bond Originators - Is Extinction on it's way?

DYING DYING - NEVER, Alive and kicking man!

Questions I've heard frequently in recent weeks:

Are bond origination services feeling the brunt of the NCA?
Is it the end of the road for the bond originator?
Will banks take over the bond business?
When will bond originators cease to exist?

To be totally honest, I think it's the beginning! And please stop bringing all this negative energy into my SPACE people, it's not good for business ;-)

Really though, what I do think is that South Africa is going to sift out the little originators from the big originators. I believe that the bond originators that did no prepare for the changes the National Credit Act was going to bring to this country and home financing will be the ones and are the ones that are taking heat and feeling the strain. It's thrown a spanner in the works and they don't know how to deal with certain issues...

One reason I firmly believe bond originators will stay around and continue to be the number one source of bonds for banks in South Africa is due to the fact that so many real estate companies own a share in the bond market. For example Pam Golding and Mortgage SA. The reason they separate the two is so that Real Estate agents can focus on selling property while the bond originators can fight for weeks with banks to get bonds through :-). Yes, believe it, there's always a fight!

The fact is, if you can't afford a place, you will not get a BOND. If you can afford it, you'll get one! That's how it should've been from day one! That's how, I HOPE, it will stay!

What do you think???

Is the end near, or is it the beginning of a NEW ERA IN ORIGINATION!

A DEBT FREE SOUTH AFRICA FOR ALL!

The GUERILLA HANDBOOK for MORTGAGE ORIGINATORS

BY NOW YOU MUST BE AS CONFUSED AS THE MAN NEXT DOOR. MAYBE YOU HAVE BEEN DRINKING THIS TEA.

"This Morning when we drove down the road, we saw 7 garages open on to the street each with a new Mortgage Originator or better known as a Bond Originator offering a new service,where do they come from?"...a confused Lena Lefty

When I received this mail I knew we needed to do some explaining.

Firstly, there are 100's of new bond originators on the market and everyday a new one seems to pop up and offer some FABULOUS new deal , but there is a reality out there. There are the guys who founded this industry with years of seriously great experience and there are the OTHERS who feed off the rest.

Then there are the estate agents who have also set up their own deals with banks and of course there are the BANKS themselves who also want a slice of the action - CONFUSED??? I'm not surprised.

So who are the real guys and whose next in line etc?

Well the original guys on the block with most experience all starting around about the same time are Wizard, Mortgage SA, Bettabond, BondChoice, Quantro.

These guys have the savvy know how and service ethics that set the stage for an awesome business platform.

Then came the rest. When they started , who knows , some are great, some pathetic and each one is a out there to offer you something.

Its either, 5% payback, commission back, No registration fees, Free this and free that, discounted attorney fees, blah, blah, blah, blah .

The truth is someone is taking a slice out of the banks commission paid. That means attorneys are receiving "commission" against discounted fees, Estate agents are getting fees, the client is getting fees and the bond originator will probably be bankkrupt after 6 months.

If you want fees and discounts versus great service well thats your call. ME, I want it done, done properly, no pain and having the financing a magical moment in my life.

So whose the plethora of BO's (Thats Bond Originator not Body odour) out there..here are a few names for you

Kredibond, Ubuntu, Mymortgage, Bond Experts, Bond Aid(Hi bob geldof), Bondfocus, Savebond, HomeloanXpress, BondOption, Bondplus, Bondrelax, Cashrefund, Mybond, Yourbond, Ourbond, Webond, Bondi beachHomeys, JamesB, Bestbond, Bondshell, Dimension Homeloans, Equity, Homeforum, The Bond Operation, Mortgage Impact, Givemeyourmoneyquickly and more and more and more

And of course you have SAHomeloans and Now RUDCO hmmm Slightly different kettles of fish!!!

Well many of these guys sub contract or aggregate through the bigger boys and what I hope happens is that the new National Credit Act starts clearing out the shysters so that mr and mrs Joe Public end up getting what they deserve......

JUST DARN GOOD SERVICE - something we South Africans are permanently looking for!!!!!

COME TO LUNCH I WANNA BUY YOU!!

I have to laugh, the phone calls from the kiddos on the block to entice us pure mortals (bond originators) who work our butts off to make this industry great as it should be...is getting fast and furious!

Be careful guys! WHOSE PLAYING YOUR TUNE!!

The folks who want a bigger marketshare, without having to work for it are after your slice of the business in the bond origination market...with offers to die for. I already feel like Victor Matfield except my offers are a bit more local but I still feel like a hooker in the scrum(You know what I mean)

Rumour Mongers are trying to JIVE US ALL SO WATCH OUT!!! If the rumours were true I would be standing on the street corner with a new sign:

No Money, No wife, No Bond Origination Work, No NCA assistance. Grass is Greener on the Other Side No Alliance or Mortgage Works available HELP!!

Well Stuff the Bull! July figures are on target, business is great and Mr and Mrs offers of greatness - Go Get A Job - I've got mine!!!!!

FINBOND - Listing on ALT-X - Lets Print DA MONEY

Well I just received this amazing call from one of my sources - who whispered into my ear that FINBOND are listing on the ALTX today or tommorrow - Its not on the board yet so it must be tommorrow. Well see.

Well who the heck are these guys and why a listing - whose going to make BIG BUCKS here!!!!!!!

Well from what we have been told - here they are listing as one of the main players in Mortgage Origination and guess what - No direct bank contracts and working as an aggregator through one the actual real big players Bondchoice.

I also understand that they have bought three other players in the market Dimension Homeloans, Bond Master and IBO. Well how about that...where does that leave the other players in the cog? We dare ask.

So now I think if you feel that you are a share market player...here is your chance?

Go see the prospectus and make up your mind for yourself.

http://www.finbond.co.za/prospectus.pdf

well me........I like to know that there is a bank link and backup before I chuck my bucks into the melting pot.

I really thought the mortgage origination business was free...now I need to buy shares to finance my lifestyle...mmmmmmmmmm! But hey that's my opinion.

Lots of luck boyz and girlz

Sorceress from the heart

National Credit Act - Loopholes!

There's been alot of hoohaa about the latest South African national credit act as you may have noticed if you read all the financial and property related BLOGS.

About an hour ago I came across an article see Loopholes in National Credit Act. It's articles like this that really get my blood boiling because it makes originators look bad when they have to help clients...

According to Fin24 and John Chapman director of Rabie Property Group, there's a GREAT loophole in the new national credit act system, whereby if you register the bond in a CC or a Trust you'll bypass all the NCA laws and regulations.

1. As John mentioned, registering a bond through a CC just makes no sense due to the TAX benefits you would have to sacrifice.

2. What he forgets to mention is the following:
If you register a bond in a trust or cc i.e. ANY LEGAL ENTITY your bond costs are more than double.

For example on a bond amount of R 1 000 000.00 your costs would be R39370.00. IF you register the bond in a CC or TRUST you costs are R94 370.00. That's 3 x the bond registration costs that you'd normally pay.

BE CAREFUL WHAT YOU READ AND ALWAYS DOUBLE CHECK.

When I grow up I want to be a bond originator...

Hello all you fellow bloggers and property GEEKS ;-)... I'm back and I'm pleased to announce that I've managed to get rid of Telkom or is it Hellkom I can't remember!

As promised though, we have our first featured article. WOOHOO! This article comes from a lady who wishes to stay anonymous, purely because she's a little shy and she's a new staff member of The Wizard Midrand Team. None the less, it's a brave start and the beginning of her new adventures as Anonymous "The Fairy" of the Wizard Team.

When I grow up I want to be a bond originator...

When I was just a wee little girl I had big aspirations of first becoming a doctor (until I realized how squeamish I was), then a veterinary doctor (also impossible – see note on doctor). I then went on a school day trip to the local fire station and decided that I wanted to be a firefighter. I was told by my father at the time “over my dead body”!

Enter high school, and I wondered aimlessly between classes of Economics and Accounting, Cooking and Geography (are you getting the idea of my lack of indecision?)

Having matriculated I literally fell into the finance world, having recognizing my talent and interest in it. I have worked in many fields from distribution, manufacture, entertainment and IT.

And suddenly today I find myself in the wonderful, pragmatic, inspiring and challenging industry of Bond Origination.

Knowing absolutely nothing about property (Yes we hire everyone ;-)), it has been a learning curve of note. This is a fast moving, high speed industry, with everyone working at frantic paces! But at the end of the day – there is nothing more satisfying than receiving those two golden words from the bank – BOND GRANTED!

Thanks Anonymous...Looking forward to your next post!