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!

LOAN WHO? OH You mean OOBALINK!!!!!!!

So now that OOBA has

fully integrated LOANLINK

into the fold -

OOBALINK

has been born.

Parent and grandparent - oobaLINK and ooba have established their footprint on the african planet with offspring WIZARD and QUANTRO.

Saul Geffen - oobalink's pappa and Piet de Jongh - oobalink's pappa both firmly agree, this is the force of the future and the others will always be followers. First as Mortgage Originators, first as MO franchiser's, first with the ooba Insurance products and first with the best service offering you can get. Good boys!!!!!!!

Not the DODO but the CROCODILE (By the way did you know that the first known contraceptive was crocodile dung, used by Egyptians in 2000 B. C.[Does this explain Crocodile Dung Dee?]!! )- SURVIVING the MORTGAGE JUNGLE and growing, growing and getting better daily.

Strong mortgage originator brands such as WIZARD are now even stronger under the wings of ooba and the other brand QUANTRO also gets the same kick into life - its great to see.

WIZARD - who are the strongest franchise brand, is run by innovative entrepreneurs and focus 100% on client satisfaction. Like the all the animals in OOBAWORLD, welcome to ooba LIFE!

Sub-Prime Mortgage Lending - South Africa's Next Goldmine

Well ladies and gents, don't know about you but I think today is the first time: I've actually managed to breathe since these public holiday's we've had.

For the first time in my life I realised that public holidays aren't actually that cool. Yes I'm getting old, in fact it's my 30th on the 12th June so I'm getting cockier by the minute too. WIZARDMAN is turning 30 years OLD!

I read a Standard Bank report the other day and after trying to cypher through the financial gibberish that's so often put in these reports something hit me like a steam train.

The current trend that South Africa's following is the trend of the US property market between 2002 and 2006. The only difference being that instead of us implementing a credit act and stricter credit lending practices after our sub-prime lending crash we've managed to implement the credit act FIRST!

Was the credit act implementation possible a preemptive measure put in place predicting a sub-prime mortgage boom in South Africa? Is it the end of the banks being the major supplier of home loan finance?

Another thing that I was wondering, was why did OOBA re brand? Did they re brand in an attempt to break away from the Mortgage SA (bond origination) type company and become the new SubPrime Mortgage Lending company?? Has OOBA taken the first step?

Let me know what your thoughts are on this topic? It's something that's really fascinating and possibly the next big BOOM in the S.A. property market.

Ooba - MortgageSA rebrands!!

Ooba Ooba Ooba - No, it's not a South American chant it's the new re branding of the old MortgageSA group...

Has it finally hit South Africa, does the short catchy Google type name branding that's hit America by storm finally caught onto the South African market?

Well, we'll see, but I say, FLY AWAY MORTGAGE SA, welcome OOBA!

What I do like about the new site (apart from the fact that the image has gone from corporate stale and old to Kulula type funkiness) is the wide array of offerings that they have:

Oobasearch: Gives you the power to find the perfect home on South Africa's premium property website.

Oobabond: Gives you the financial power to secure your dream home.

Oobainsure: Gives you the power to protect your precious possessions across a full insurance offering.

Oobacard: Gives you the power to turn your house into your dream home.

What's even better about the whole deal :) WIZARDMIDRAND is officially an Ooba partner.

For more information check out the Ooba Official Website

Oooba AWAY!

Looking for that ultimate home loan rate, apply now!