Whether you are a homebuyer, Realtor®, or Escrow Officer, chances are you have endured a frustrating transaction by not knowing what is happening with your loan. Now with VITEK’s ‘Real-time Loan Status Updates’ (LSU), you will always know where your loan is in the process! We believe communication is vital to ensuring a smooth and successful transaction for our clients. Along with our new Loan Origination Software (LOS) we recently launched, we have programmed ‘Loan Status Updates’ into the loan process to keep you informed of important milestones in the transaction, as they happen.

When VITEK is your lender, in addition to phone calls from your mortgage loan originator, you can expect to receive email notification of important events in the loan process, triggered by the actions of our different loan departments.

A few important LSU’s that you can expect to receive include:

• Preliminary Title Report Received
• Loan Assigned an Underwriter
• Loan Approved with (or without) Conditions
• Loan Documents Ordered
• Loan Funded!

To help ensure your loan closes quickly, in addition to communicating with you on the status of your loan, we also keep you informed on important information you will need to take note of throughout the transaction.

If you want to stay fully informed throughout your loan transaction, allow VITEK to walk you through the home loan process. You won’t be disappointed!

Philip Duncan Executive Vice President

These outstanding accounts on your credit report can cause roadblocks in purchasing your dream home. If you have any questions on home financing, and how VITEK can help you purchase your dream home, contact one of our mortgage loan originators today.

	I have a client who states that he contacted the bureaus directly (yes, the bureaus) and relentlessly. When we started he had two disputed accounts and now, zero! Jessica Robinson
	Get on the phone with the creditors. Demand a letter stating that the accounts are no longer in dispute. Its not easy. Insist on talking with a manager if they won’t do it for you. One other thing, you must have the borrower on the phone with you initially. They can usually authorize you for 24 hours. John Easterbrook
	Are they disputed accounts? If so, my client called her creditor and asked them to remove the disputed status of the account. The creditor wrote a letter to the bureaus taking the account out of dispute, and they sent a copy of their letter to the borrower, which she received about 3 days later. I sent that in to score plus, they contacted the creditors to verify status and another 3-4 days after that we had a new credit report with no disputed accounts! Vicki Fargo
	Pray to the man above that those creditors will write you a letter stating that the accounts are current and that they are no longer being disputed. A creditor wouldn’t give my client a letter and it prevented them from getting a home loan. Johnathan Hudak
	Unfortunately, get ready to hurry up and wait. The credit bureau requires a letter from the creditor that the account is no longer in dispute and that these words will be removed from all three bureau’s. The letter works well with Equifax and Experian but Trans Union puts the account under investigation. This process took me three tries and six weeks. Equifax and Experian rescore can be accomplished in 7-10 days, maybe sooner by CBC, but the Trans Union process is a waiting game.I believe the reason it took so long is because my borrower kept calling the creditor and disputing the dispute. Just do it once and wait. CBC will keep checking for you. Seriously a pain, but we finally closed yesterday. Good luck! Mary Westphal

TRENDGRAPHIX’s latest report shows a 38% increase in pended sales for the month of June for the four-county region of Sacramento, Placer, El Dorado and Yolo Counties. This increase was surprising; especially given the 12% decline in pended sales the previous month. Seeing such a steep increase in sales in conjunction with increasing inventory and flat prices is not common. “We can only attribute this to 50 year lows in interest rates and well priced inventory,” stated Michael Lyon, CEO - Lyon Real Estate. “Most sellers realize that only aggressively priced properties are selling now; which is giving buyers a lot of options. This latest jump in pended sales is yet another recovery step towards stable housing prices.”

The June Trendgraphix report also shows that closed sales decreased 2% during the month of June for the four-county region of Sacramento, Placer, El Dorado and Yolo Counties; and June 2010 sales were 2% lower than June 2009. June 2010 inventory of 7,529 homes for sale is 4% higher than June 2009 inventory, representing a 51% decrease from the regional inventory record high of 15,302 homes for sale set in August 2007.

COUNTY HIGHS AND LOWS

Sacramento County sales decreased 3 percent from May to June 2010. Inventory increased 8 percent during the month of June. Pending sales increased by 42 percent in the month of June. 52 percent of the homes sold for under $200,000; 41 percent of the homes sold for between $200,000 and $400,000; and 7 percent of the homes sold for over $400,000. The average price per square foot decreased 2 percent during the month of June to $125.

Placer County sales increased by 5 percent and inventory increased by 8 percent during the month of June 2010. Pending sales increased by 25 percent from May to June. 4 percent of the homes sold for under $200,000; 51 percent of the homes sold for between $200,000 and $400,000; and 45 percent of the homes sold for over $400,000. The average price per square foot decreased by 1 percent during the month of June to $146.

El Dorado County sales decreased by 1 percent from May to June, and the inventory increased by 7 percent from May to June. Pending sales have increased 43 percent during the month of June. 21 percent of the homes sold for under $200,000; 39 percent of the homes sold for between $200,000 and $400,000; and 40 percent of the homes sold for over $400,000. The average price per square foot increased 1 percent during the month of June to $153.

Yolo County sales decreased by 15 percent for June 2010 and the inventory increased by 2 percent. Pending sales increased 37 percent during the month of June. 24 percent of the homes sold for under $200,000; 48 percent of the homes sold for between $200,000 and $400,000; and 28 percent of the homes sold for over $400,000. The average price per square foot increased 6 percent during the month of June to $171.

Nevada County sales have increased by 48 percent during the month of June, and inventory increased 9 percent. Pending sales decreased by 17 percent. 5 percent of homes sold for under $200,000; 48 percent of the homes sold for between $200,000 and $400,000; and 47 percent of the homes sold for over $400,000. The average price per square foot increased by 9 percent during the month of June to $190.

San Joaquin County sales have increased by 4 percent during the month of June, and inventory increased by 9 percent in June. Pending sales increased 34 percent. 38 percent of the homes sold for under $200,000; 50 percent of the homes sold for between $200,000 and $400,000; and 12 percent of the homes sold for over $400,000. The average price per square foot decreased 2 percent during the month of June to $101.

Thanking our service men, service women and veterans takes many shapes; a thank you note, signs at parades to support our troops, and in the case of the North State BIA (Building Industry Association), it comes in the form of boxes filled with “wish list” items sent overseas. Through the years, my company, VITEK Mortgage Group, has participated on packing day, with several ‘VITEKians’ helping in the packing lines. This year, I had the opportunity to serve on the ‘Boxes From Builders Committee’ and VITEK committed their involvement by sponsoring wish list items.

In the beginning, it felt like a daunting wish list of thirty-one items including, bug spray, toothbrushes, toothpaste, hand sanitizer, note paper, baby wipes, foot spray, books, drink mixes, nail clippers and more. In total we needed all items in quantities of 250. 125 boxes destined for Iraq and 125 for the foxholes of Afghanistan. The Army Reserve base here in Sacramento coordinated the whole drive. So many people affiliated with BIA member companies helped by either, sponsoring items or by soliciting donations from local businesses. Other local companies including, Cool River Pizza, Chevys and BJ’s Brewery, set dates where a percentage of the sales were donated to the cause to help buy items not yet sponsored or donated.

Personally, I was touched by the support and contributions from my fellow VITEKians when the call went out for assistance. As a company, VITEK bought 250 note tablets and our employees, mortgage loan originators and assistants donated 250 paperback books, insuring variety. Several individuals independently sponsored purchasing quantities of baby wipes from twenty-five to fifty units. In addition, the Auburn Lyon Real Estate Office, led by VITEKian Cheryl Foley, completed the book drive, donating cash to purchase unfunded items and donating quantities of five to ten of the items from the wish list. Many thanks to you Auburn Lyon Realtors®!

On packing day, several VITEKians were in the assembly line, joining the ranks of local businesses, Morton & Pitalo Inc., Pulte Homes, Coldwell Banker, BJ’s Brewery, Homes by Towne, Regis Homes, Fusion Development, Principle Financial Group, and GE, just to mention a few. The turnout was fantastic, lots of hands made short work of stuffing the boxes to the “no rattle” point.

I’m proud to work for VITEK Mortgage Group, where support of our service men and women goes beyond waving the flag on the 4th of July. Thank you VITEK for supporting our troops!

Ingrid Pierson (530) 885-1545 ipierson@teamvitek.com

Now, more than ever, borrowers need to use extra care in choosing the right lender. The news media has been riddled over the past two years, with horror stories of borrowers, who for one reason or another, chose the wrong lender and paid terrible consequences as a result. Last week, I was thinking about this very issue and what people need to know about choosing the right lender. I feel so thankful that I work for one such lender, VITEK Mortgage Group. As a mortgage loan originator, with more twenty years of experience, I thought you might like to know why I, and so many of the area’s top and experienced mortgage loan originators, have chosen VITEK.

I have been with VITEK now for the past eight years. Previous to joining VITEK, I was working for another lender, when I felt it was time for me to make the move to another company. I was tired of working for large corporate lenders that kept buying and selling each other. I also didn’t like that many of these companies were based on the East Coast, where it was impossible for me or my clients to reach anyone after two o’clock in the afternoon, and sometimes it was difficult to reach anyone at all. Because of this, I knew I wanted to seek out a local company. I have always been involved in the community and I wanted a company that also had a local connection. It was important to me that the company was large enough to carry all the loan programs my clients needed, but also hadn’t lost the personal touch.

These two requirements are what made VITEK one of the front-runners for me. I wanted to be very careful in making my decision though, because I wanted a company I could feel at home with and where I could stay. When I started asking other mortgage loan originators why they liked VITEK, over and over I kept hearing the same thing - it’s the people!

Having people that care and are dedicated to customer service, in the long run, was so much more valuable to me, than the possibility of presenting my clients with a slightly lower rate. The lender with the lowest mortgage rate doesn’t always mean the best loan for my clients. Customer service, lender experience, and a company’s track record all contribute to a smooth loan transaction, and ultimately for me, a satisfied client. Thankfully, with VITEK I get to present my borrowers with the best of both worlds, low rates and quality service.

Last week I was reminded of this, when my VITEK team pulled together to make sure a young couple could move into their new home on-time over the weekend. This was important to them, because they had no time-off from work available to move during the week. It was just one more loan where my wonderful team was able to “pull a rabbit out of a hat” and get a loan closed, not just on time, but on time to meet the borrower’s needs.

VITEK stands for Value, Integrity, Teamwork, Excellence and Knowledge, all of which are the cornerstones of how we conduct business. I truly believe “team” should all be in all caps though, because it is exactly what makes VITEK so special - the TEAM of people caring and working together. You see, without people working for you who care, your loan doesn’t receive the care and attention it deserves. My last eight years with VITEK has been wonderful, and with the continuing support of the VITEK team, I am looking forward to continuing to provide my clients the best service possible.

Michele Dillingham
(916) 486-6930
mdillingham@teamvitek.com