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Leading mortgage lending firm selects Alight Mortgage Lending application to help manage the future with real-time scenario analysis.

SAN FRANCISCO —Alight Inc., a fast-growing provider of real-time, cloudbased financial optimization applications, today announced that the Alight Mortgage LendingTM application has been selected by Connecticut-based Village Mortgage.

As the mortgage industry’s only solution for continuous financial optimization, Alight Mortgage Lending is changing the way CEOs, CFOs, management teams and boards plan, evaluate opportunities and navigate ever-changing market conditions.

“We are delighted to welcome Village Mortgage to the growing list of firms that are leveraging the power of Alight Mortgage Lending’s real-time scenario analysis. Our mortgage lending application is unique in that it helps lenders painlessly assess operations, evaluate productivity, and facilitate real-time “what if” analysis to help them manage the future, today,” said Jared Huff, managing director, Alight Mortgage Lending.

Using Alight, mortgage lenders can capitalize on opportunities and mitigate risk with upto-the-minute forecasting and real-time scenario analysis, allowing them to gauge the ripple effects that business decisions or changes in the market may have across the enterprise.

“Lenders new to Alight get very excited when they realize they can evaluate challenges and opportunities from every angle to develop not only a ‘Plan A,’ but also plans b, c and d as well,” said Huff.

“ With Alight we will have the clearest view of our productivity and cash flow as we grow and scale our business moving forward.” said Laurel Caliendo, CEO of Village Mortgage. “Alight uses its own applications to plan for their future changes and growth opportunities, and I am confident that Alight’s platform will guide continuous financial optimization for Village Mortgage. We will be able to test margin and rate scenarios that will help inform our future strategies to achieve our goals.”

About Alight, Inc.

Alight is a fast-growing provider of industry-specific, cloud-based applications that change the way businesses are run. Alight’s applications let executives Manage the FutureTM by showing the ripple effects of potential decisions across the enterprise. Alight works with firms in dynamic and complex industries, including financial services, mining, telecommunications, high tech and others.

For more information: alightinc.com.

About Village Mortgage

Village Mortgage continues to be a leader in mortgage lending. Village Mortgage is licensed in 6 states with 15 branch locations. We offer innovative technologies, an expansive mortgage product line, competitive rates and exemplary customer service that makes Village Mortgage New England’s premiere choice for local mortgage lending. Celebrating its 20th year in business, Village Mortgage is a direct seller/servicer for Fannie Mae and Freddie Mac, and offers FHA, USDA and VA mortgage products to the communities it serves.

For more information: villagemtg.com.


Michael Shain, Senior Loan Originator with Village Mortgage in Milford, Massachusetts, as earned his Certified Military Housing Specialist designation, which provides him with specialized tools and knowledge to deliver the skilled service military borrowers expect and deserve. As founder of Thanks to Yanks, an organization founded by Mike to recognize the sacrifices military personnel endured in response to 9/11, finding ways to support our military, veterans and their families is near and dear to Mike’s heart.

“With the knowledge from this course, I can better understand the unique needs of military borrowers and assist them with finding a mortgage that fits their needs.” said Mike. “I work closely with borrowers along the entire mortgage process to help them prepare for the mortgage process, then carefully explain what they can expect along the way. I take pride in knowing that I am guiding borrowers through what may be one of the most important transactions they will make in their life.”

VA loans are popular for those who have served our country, they offer 100% financing with no Private Mortgage Insurance. FHA and conventional mortgages may provide attractive options as well. Utilizing his 26 years of experience helping people with their mortgage needs, Mike Shain will work with his clients to review the options available and determine what program is best suited for each client’s situation.

For the past nineteen years, Village Mortgage has been well respected in the real estate, finance and mortgage industry throughout Connecticut and Massachusetts. Today, the company has grown to lend throughout New England, with licenses in Massachusetts, Connecticut, Rhode Island, New Hampshire and Vermont. With 16 locations and over 115 employees, Village Mortgage continues to be a leader in mortgage lending. We offer convenient technologies, an expansive mortgage product line, competitive rates, and exemplary customer service that makes Village Mortgage New England's premiere choice for local mortgage lending.

To contact Mike Shain, NMLS# 776638, for your purchase or refinance needs visit his website, please call him at 508.330.8487 or e-­mail him at mshain@villagemtg.com.

 

Equal Housing Lender. Village Mortgage Company, NMLS #6331 is licensed in the following states. Connecticut Mortgage Lender License #7331, Massachusetts Mortgage Lender License ML6331, Rhode Island Lender License #20132880LL, Maine Supervised Lender License #SLM 6331, Vermont Lender License #6750, Licensed by the New Hampshire Banking Department #19632-­‐MB.


How Safe Are Your Passwords?

Mar 25
6:45
AM
Category | Social Media

Top 5 Tips for a Safer Password

I want to be honest with you now, no matter how long your password is, it doesn’t matter, if a website is storing in a plain text. Even encrypted passwords can be hacked, so what do you need to do?

Image result for 5 tips for secure passwords

Have Different Passwords

No matter how long is your password, what characters it contains, you should always have different passwords for different accounts. Do not make all the social accounts with the same password, or do not use the same password within all of the websites you use. It is always better to lose only one account, losing all of them just because of the same password would be a disaster. So anything that has a password (Facebook, Email, Twitter) make sure it is different from the other password.

Security Glitches & Breaches

Always be aware of the security glitches and change the passwords on the affected websites as quickly as possible. As soon as you hear about a hacking, jump out there and make sure you get a new password.  

Don’t make your password to simple

Now longer and more complicated passwords are always going to be better than just regular old dictionary words, or your mother’s maiden name, or any other kind of easily guessable passwords.

Don't make your passwords too easy

#WorstPasswordsEVER

Here’s a list of the top 25 worst passwords.  If you’re using any of these passwords, we advise you to update your password immediately. Online fraud is a growing problem worldwide and changing your password is a simple step that can protect you and your data.

Were you using one of the passwords listed above? If so, here are a few different ways to make your future passwords more secure. (As long as you don’t use the examples below):

5 Step Method

  1. Choose a phrase
    Example: I love to eat popcorn at the movies
  2. Change words to numbers
    Example: I love 2 eat popcorn at the movies
  3. Pick first letter of each word or number
    Example: Il2ePatm
  4. Add special characters
    Example: Il2eP@tm
  5. Customize by adding prefix for each site you register with
    Example for a Twitter Account: Il2eP@tmTwi

Always Log out from computers you use

Whenever you use a computer, at your home, on your pc, or even on public computers, always be sure to use the browser in security modes, or if you do not use in security modes, always be sure to log off your accounts before leaving.


A good password can go a long way protecting you from identity theft, email hacking, and social media embarrassment. With a safe password your data will be only yours and no one would have access to them. 

Want to see exactly how fast your password could be hacked? Try: How Secure is My Password

How long would it take someone to hack your password?


15 Wee Facts about St. Patrick's Day

Mar 17
10:22
AM
Category | Holidays

You know you need to wear green on Monday, but what don’t you know about Saint Patrick and his big day?

1. We Should Really Wear Blue

Saint Patrick himself would have to deal with pinching on his feast day. His color was “Saint Patrick’s blue,” a light shade. The color green only became associated with the big day after it was linked to the Irish independence movement in the late 18th century.

2. Saint Patrick Was British

Although he made his mark by introducing Christianity to Ireland in the year 432, Patrick wasn’t Irish himself. He was born to Roman parents in Scotland or Wales in the late fourth century.

3. The Irish Take Saint Patrick’s Day Seriously

As you might expect, Saint Patrick’s Day is a huge deal in his old stomping grounds. It’s a national holiday in both Ireland and Northern Ireland.

4. So Do New Yorkers

New York City’s Saint Patrick’s Day Parade is one of the world’s largest parades. Since 1762, 250,000 marchers have traipsed up Fifth Avenue on foot – the parade still doesn’t allow floats, cars, or other modern trappings.

5. Chicago Feels Lucky, Too Image credit:  Photo by Tim Boyle/Getty Images

New York may have more manpower, but Chicago has a spectacle all its own. The city has been celebrating Saint Patrick by dumping green dye into the Chicago River since 1962. It takes 40 tons of dye to get the river to a suitably festive shade!

6. It Used to Be a Dry Holiday

For most of the 20th century, Saint Patrick’s Day was considered a strictly religious holiday in Ireland, which meant that the nation’s pubs were closed for business on March 17. (The one exception went to beer vendors at the big national dog show, which was always held on Saint Patrick’s Day.) In 1970, the day was converted to a national holiday, and the stout resumed flowing.

7. It’s the Thought That Counts

Not every city goes all-out in its celebratory efforts. From 1999 to 2007, the Irish village of Dripsey proudly touted that it hosted the Shortest Saint Patrick’s Day Parade in the World. The route ran for 26 yards between two pubs. Today, Hot Springs, Arkansas claims the title for brevity – its brief parade runs for 98 feet.

8. There’s a Reason for The Shamrocks

How did the shamrock become associated with Saint Patrick? According to Irish legend, the saint used the three-leafed plant as a metaphor for the Holy Trinity when he was first introducing Christianity to Ireland.

9. Cold Weather Helped Saint Patrick’s Legend

In Irish lore, Saint Patrick gets credit for driving all the snakes out of Ireland. Modern scientists suggest that the job might not have been too hard – according to the fossil record, Ireland has never been home to any snakes. Through the Ice Age, Ireland was too cold to host any reptiles, and the surrounding seas have staved off serpentine invaders ever since. Modern scholars think the “snakes” Saint Patrick drove away were likely metaphorical.

10. There’s No Corn in that Beef

Corned beef and cabbage, a traditional Saint Patrick’s Day staple, doesn’t have anything to do with the grain corn. Instead, it’s a nod to the large grains of salt that were historically used to cure meats, which were also known as “corns.”

11. The World Runs Up Quite a Bar Tab

All of the Saint Patrick’s Day revelry around the globe is great news for brewers. A 2012 estimate pegged the total amount spent on beer for Saint Patrick’s Day celebrations at $245 million. And that’s before tips to pubs’ bartenders.

12. It Could have Been Saint Maewyn’s Day

According to Irish legend, Saint Patrick wasn’t originally called Patrick. His birth name was Maewyn Succat, but he changed his name to Patricius after becoming a priest.

13. There Are No Female Leprechauns

Don’t be fooled by any holiday decorations showing lady leprechauns. In traditional Irish folk tales, there are no female leprechauns, only nattily attired little guys.

14. But the Leprechaun Economy Is Thriving

Another little-known fact from Irish lore: Leprechauns earned that gold they’re guarding. According to legend, leprechauns spend their days making and mending shoes. It’s hard work, so you can’t blame them for being territorial about their pots of gold.

15. The Lingo Makes Sense

You can’t attend a Saint Patrick’s Day event without hearing a cry of “Erin go Bragh.” What’s the phrase mean? It’s a corruption of the Irish Éirinn go Brách, which means roughly “Ireland Forever.”


Congratulations, You've been Pre-Approved! Really?  

Pre-qualifications v. Pre-approvals

- Koffee with Kinch

In the world of residential mortgage lending the phrase “You’re Pre Approved” is a term utilized all over the internet and within the real estate industry. The term signifies that a potential home buyer is in a position to secure financing on a property. The idea gained momentum in 1995 when industry giant Freddie Mac created their automated underwriting system (AUS), Loan Prospector (LP). LP gave lenders the ability to interface details of a loan file directly with Freddie Mac and receive an approval or denial response based on the credit and detailed input to the system. This gave lenders the ability to render credit decisions to consumers within minutes. This went as far as loan originators being authorized by their companies to actually issue a point-of-sale letter called a Pre-Approval.

Soon after FreddieMac created LP the other industry giant, Fannie Mae, released their version of AUS called Desktop Underwriter (DU).  An experienced loan officer could meet with a borrower and as long as the customer provided two pay stubs, two years W2s, and two months bank statements they might walk away with a preapproval letter.  Prior to that point in time, the best a customer might receive was a Pre-Qualification letter from a loan officer. A prequalification does not mean that you will be approved for a loan. Because of this substantial difference between being preapproved or prequalified, the realtor community began requiring prospective home buyers to supply a preapproval letter prior to accepting an offer to purchase a property.

History of the Mortgage Pre-Approval

Early to Late 2000’s

Enter early 2000’s through 2008 the mortgage industry was growing substantially and the appetite to take any type of loan became the coffee of the day. During this time if a buyer had a social security number and a license then they could get a loan. The entire population over the age of 18 was preapproved at this point. A loan officer selling mortgages in the State of CT in 2007 could give any letter they wanted to a borrower. Oops, did I say “loan officer?” In the mid 2000’s you might not have any idea if the person doing your mortgage loan had any level of experience in the industry. I’ll never forget attending a “shred day” event for a financial advising firm in Glastonbury.  The caterer that was serving shredded BBQ pork handed me a business card that opened up to read “In addition to catering I also do mortgages.” Are you kidding me? In the last week of June 2008 everything changed dramatically. The lending world went from anyone could get a loan to nobody could, almost overnight.  All you need is to do a Google search on 2008 mortgage crisis to read up on the details of this event.

2008 to 2011

Massive industry changes occurred immediately in July 2008. Of course the economy at large could not exist without some form of mortgage lending. The problem was the market shifted from being able to get a loan with no documentation to having to produce enough supporting documentation for a doctoral dissertation in order to close on a mortgage. This caused a fair amount of anxiety in realtor circles because loan originators were still sending out preapproved letters that were now worth less than the WIFI signal they travelled on. The process of acquiring home mortgage financing was of no guarantee until the actual wired funds hit an attorney or title company bank account at closing. The struggle real estate industry experts faced was whom could they trust that would actually get a loan closed and had done their best to surmise all of the potential hurdles facing a loan file.  At this point there were no collateral damages for a lender that issued preapproval letters that were bogus.        

Pre-Approvals Today

Today, the word Preapproval has become a hot topic with the release of the Consumer Finance Protection Bureau’s (CFPB) Supervision and Examination Manual in October 2012.  The CFPB has a mission to create clarity for consumers when dealing with finance companies by eliminating deceptive practices. That means if Lender A and Lender B tell a customer they are pre-approved then it should mean the same thing to the consumer. Unfortunately, for buyers the mortgage lending industry is not functioning at 100% compliance.  So, the first thing we need to do is look at the CFPB’s current definition of what is a pre-approval.

CFPB's Definition of a Pre-Approval

To be preapproved for a mortgage loan means that a lender has evaluated your creditworthiness and has made a commitment to extend you a loan up to a specified amount. The preapproval will say how long it is valid for and may contain some other conditions for you to get the loan. But in general, a preapproval means that the lender is ready to make you a particular mortgage loan based on the information you provided at the time of your preapproval.

The CFPB’s definition of what it means to be preapproved for a mortgage is pretty clear. As a consumer your creditworthiness is reviewed and the lender makes a commitment to offer you a loan. In the lending world this translates to exchange of information and also providing fully supporting and up to date documentation for a loan approval. As a consumer if a lender provides you with a letter that contains the word preapproval then according to the CFPB they are committed to offering you that loan subject to property evaluation and contract.

So, the industry is dealing with how it utilizes particular words when dealing with the public. As a mortgage banker, if I haven’t truly performed a full preapproval then I need to use the term prequalification. The CFPB has defined this word as well.

CFBP's Definition of a Mortgage Pre-Qualification

Prequalification is a lender’s estimate of how much you could be eligible to borrow. You may be asked to supply information about your income, savings, assets, and debt. The lender will review this information and decide how much you might be able to borrow.

The use of words like estimate, could, and might take on an entirely different communication to what a consumer can expect. A prequalification is in no way a guarantee or commitment by a lender to offer financing. Because of this the real estate community is seeing letters that state pre-qualified instead of pre-approved. The concern for realtors is that it is difficult to sort through the strength of a prequalification for one lender versus another. Typically this is being done based on experience and history a real estate agent has had with local lenders. Most local realtors will only recommend mortgage companies and originators that have the experience and knowledge of lending guidelines and thus have the ability to issue a strong prequalification letter to a potential home buyer.

What can a consumer take away from this information?

First, make sure you know what it means to be preapproved or prequalified. Then, if you are interested in buying a home and just beginning the process then consider working with a lender that has the ability to issue you a preapproval. If you choose not to go the preapproval route then it is probably in your best interest to choose a company, like Village Mortgage who has a  reputation of providing a solid prequalification. Once you find a home and have secured a fully executed contract you will need to have your loan documentation updated, re-verified, and the property you are purchasing will be evaluated prior to closing.  

Follow my blog for more:  "Morning Mug of Mortgage, Koffee with Kinch"

Happy Home Hunting and whenever you're in the need to start the Mortgage Process, don't hesitate to connect with me for the purchase of your new home or to recieve a quote for a refinance.

Eric Kincheloe

Loan Originator NMLS ID #: 48932
Office: 860.482.7378
Mobile: 860.836.7926

30 Tower Lane Avon, CT 06001
 

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Company News Village Mortgage Selects Alight Mortgage Lending Leading mortgage lending firm selects Alight Mortgage Lending application to help manage the future with real-time scenario analysis. SAN... Learn More »
It has been a pleasure working with you and your associates at Village Mortgage. I actually have another client purchaser who is using Village Mortgage, and that transaction will be closing...
~Jack Hamilton, Hamilton & Associates, Attorneys at Law

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