Oregon Mortgage Lenders and Brokers

Portland Metro Area Mortgage Brokers

• Alpline Mortgage Planning  Contact: Cherie Stanley, email: This email address is being protected from spambots. You need JavaScript enabled to view it. , telephone(503) 267-5517. Address: 12550 SE 93rd Avenue, Suite 350, Clackamas, OR 97015.
• Associated Mortgage Group  Contact: Thomas R. Hendrickson, email: This email address is being protected from spambots. You need JavaScript enabled to view it. , telephone (503) 221-0064. Address: 5441 SW Macadam Avenue, #208, Portland, OR 97239.
• Mortgage Trust  Contact: Mike Popnoe, email: This email address is being protected from spambots. You need JavaScript enabled to view it. , telephone: (503) 488-1818.  Address:  4386 SW Macadam Avenue, River Forum Two, Suite 401, Portland, OR, 97239.  
• Northwest Mortgage Group  If you want to know the most efficient and professional mortgage brokers ask a title officer - many will tell you it is Northwest Mortgage Group. Contact: Nancy Kinzer, Senior Loan Officer.  Email:   This email address is being protected from spambots. You need JavaScript enabled to view it. . Telephone: (503) 439-9191 or toll free (877) 439-9191. Fax: (503) 439-9292. Address:  10260 SW Greenburg Road, Suite 900, Portland, Oregon 97223.
• Pacific Residential Mortgage  Contact:  Michael Hall, email  This email address is being protected from spambots. You need JavaScript enabled to view it. .  Telephone:  (866) 624-8533.  Mobile:  (503) 341-5915. Address:  2 Centerpointe Drive, Suite 500, Lake Owego, OR 97035.

Portland Area Mortgage Lenders

• Chase Home Finance  Their office is located in the Pearl District at 422 NW 13th Avenue, Portland, OR, 97209.  Telephone: (503) 804-8850.
• Flagstar Bank  A Michigan-based full service bank.  In Oregon they offer home mortgage services.  Telephone:  (866) 733-3700 or (503) 223-2162.
• Wells Fargo Bank  Telephone (877) 937-9357. Address:  Numerous locations in the Portland metro area.

        Windermere Mortgages Services

Windermere Mortgage Services is considered a mortgage hybrid. If you use their services the loan will be handle by HomeStreet Bank but the application process, etc. will be handled by Windermere Mortgage Services.

• Portland Contact:  Ms. Bertha Ferran, email: Bertha Ferran, telephone (503) 464-9215 or (800) 867-1337.  Address: Windermere Mortgage Services, LLC/AT, Irving Branch, 636 NW 21st Avenue, Portland, OR 97209.
• Lake Oswego Contact:  Mr. Clayton Scott, email  This email address is being protected from spambots. You need JavaScript enabled to view it. , telephone (503) 497-5060, address:  Windermere Mortgage Services Series, LLC/AT, Lake Oswego Branch, 220 "A" Avenue, Suite 200, Lake Oswego, OR 97034.

Other Mortgage Sources

• Bankrate  Online mortgage services allow you can click through to lenders whose deals you find appealing.
• Costco  If you are a Costco member, the mega warehouse company offers a full range of financial services to include mortgages.  They partner with LendingTree for home loans.  Telephone:  800-237-3806.
• HSH Associates Online mortgage services so you can click through to lenders whose deals you find appealing.
• Mortgage Loan Place  They specializes in FHA and VA loans.
• Veterans Administration Home Loans  In 2009, the VA Home Loan Program will receive $6 billion in funding. This funding provides one of the only remaining options for a $0 down payment home loan, and is the reason why each month, thousands of families are able to take advantage of their VA Home Loan Benefits.

Mortgage Broker or Lender?

Mortgage brokers, middlemen who shop for home buyers among banks and lenders, can choose from programs from numerous sources.  They may be able to offer a variety of deals that are not available at your own bank.  Examples of deals include: first-time buyer programs, low- or no-down-payment loans for certain occupations (police and firefighters), and low-cost mortgages for energy-efficient homes.

Most of a broker's compensation comes from fees paid by the lender.  The lenders that mortgage brokers deal with quote a "wholesale" price to the broker, leaving it to the broker to derive the "retail" price offered the consumer by adding a markup. For example, the wholesale price on a particular program might be 7% and zero (0) points, to which the broker adds a markup of one (1) point, resulting in an offer to the customer of 7% and one (1) point (Each point is equal to one percent of the loan amount). But if the broker adds a two (2) point markup, the customer would pay 7% and two (2) points.

Due to the mortgage problems, some of the biggest companies in real estate have decided to stop working with brokers. Chase won’t lend to brokers’ clients anymore. The PMI Group, one of the biggest companies in the mortgage insurance business, refuses to underwrite any policies on loans that started with a broker.

All of this is happening just as borrowers need plenty of guidance. Mortgage rates are low, fueling demand for refinancing. But banks’ loan rules seem to change by the day, and many banks don’t have the staff to handle the volume. So if you’re hoping to refinance or looking to snap up a bargain home in the next year or so, you’re faced with a tricky question. Given the number of institutions that want nothing to do with mortgage brokers, shouldn’t you stay far away from them as well?

If you want to be sure you’re getting the best rate and the lowest costs, the only way to come close to succeeding is to hunt extensively on your own.  Here are three of the most important steps on your journey to home financing:

• The Comparison  Shopping will be simpler if you pick a specific kind of loan and look only for that, say a 30-year fixed-rate mortgage with no points. Start with a credit union or two and then a few community banks. Next try a few big national banks nearby. Give your investment firm a notice and the bank that has your checking account, since they may offer you a deal. And if you’re refinancing, don’t forget your current lender. Next, call a few mortgage brokers recommended by people you trust. Talking to more than one isn’t a breach of etiquette.
• The Compensation  If you find mortgage brokers who can match or beat the best rate and deals you found elsewhere, see if you can get a straight answer to the question of precisely how they are getting paid. The problems in recent years, however, came when banks offered more money to brokers who pushed certain loans or terms, say loans with interest rates that rose quickly and imposed penalties if the borrower refinanced within a few years. Though many of the worst loans don’t exist anymore, it’s still worth asking mortgage brokers point blank whether their yield-spread premium — the industry term for the money they earn from lenders — could be lower if you were in a different type of loan. And if you don’t understand the answer, run it by an accountant or a more sophisticated friend whose compensation does not depend on the answer.
• The Guarantees  If you’re comfortable with the answers so far, you’ve probably found a good match. There are plenty of mortgage brokers out there who earn their keep, and the best of them know home loans.  Still, test them with two more questions. First, ask if they’ll guarantee the rate and costs in the good faith estimate they give you when you apply with a lender. If the broker is wrong on their good faith estimate, then they should pay you. We should all have something binding upfront so people can shop. Second, ask if they’ll sign a piece of paper agreeing to work solely in your best interest. The legal word for this is “fiduciary" and it means a legal relationship of confidence or trust between two or more parties.

Find an Upfront Mortgage Broker

Jack M. Guttentag, emeritus professor of finance at the Wharton School of the University of Pennsylvania coined the term, Upfront Mortgage Broker.  Professor Guttentag states that "An Upfront Mortgage Broker"  (UMB) is one who has elected to do business in an upfront and fully transparent way."  To quote from his Web site, the major differences between a UMB and a conventional mortgage broker (MB) are:

• UMBs disclose their fees to customers in advance and in writing, and disclose the wholesale prices (rates and points) passed through from lenders.  Customers of UMBs pay the broker's fee plus wholesale loan prices. 
• In contrast, conventional mortgage brokers (MBs) add a markup to the wholesale prices, and quote the resulting retail prices to customers.  Most MBs reveal their markup only in required disclosures after an application has been submitted.

Professor Guttentag states that if you don't find a UMB in your state, you can convert a conventional broker into a UMB for your deal.  He says just to copy the Commitment of an Upfront Mortgage Broker, and ask the brokers you approach if they are willing to do business with you in this way. Learn more about mortgages by visiting Professor Guttentag's Web site.

You can search the Upfront Mortgage Brokers Association (UMBA) Web site for Oregon mortgage brokers who are members of UMBA.

Oregon Mortgage Lending Regulations

According to the Oregon Division of Finance and Corporate Services Web site (Oregon Revised Statute 59.840 to 59.996), the below rules govern the licensing of mortgage bankers and brokers in Oregon:

Beginning on Jan. 1, 1994, the State of Oregon required licensing for mortgage bankers and mortgage brokers. The licensing law required that each licensee maintain a surety bond or irrevocable letter of credit of at least $25,000 and use an in-state clients' trust account if the licensee accepts clients' funds prior to the close of escrow. Each licensee is also required to employ an experienced person who has at least three years experience in mortgage lending. The law provides for the licensing of the company, not the individual loan originators.

Since Jan. 1, 2002, licensees have been required to notify DFCS of the names of loan originators working for the licensee that originate Oregon residential mortgage loans. All loan originators also must complete 20 hours continuing education every 2 years.

Oregon Regulations on Fraudulent Mortgage Marketing

On March 11, 2008, Governor Ted Kulongoski signed into law Senate Bill 1064, which expands enforcement over loan originators by allowing the Department of Consumer and Business Services (DCBS) to ban or suspend loan originators from engaging in dishonest or fraudulent practices. DCBS will maintain a registry of loan originators and list complaints made against them as well as actions taken. The bill also requires lenders to file an annual report with DCBS detailing their lending activity.

Stricter and clearer rules to enforce the 1993 Oregon Mortgage Lenders Law took effect on May 7, 2008 according to  the state Division of Finance and Corporate Securities. The new rules will, among other benefits, make it easier for the state to penalize “bait-and-switch” tactics, in which companies lure customers with fictitious loan terms and coax them into accepting inferior loans. Other rules:

• The new rules require mortgage lenders to prominently display the complete terms of loan fees and interest rates.
• Mortgage companies no longer may advertise a teaser rate in large print and bury the true loan terms in tiny print at the bottom, or in a rapid-fire voice on a radio ad.
• If it’s a subprime loan that resets after two years to a higher interest rate, that must be explained and advertised in the same style and size of lettering.
• If the loan allows “negative amortization,” in which the borrower may – and often does – add to the loan principal each month, that must be clearly stated.
• Advertisers no longer may pretend to be the customer’s existing lender, or make false statements that a customer has pre-qualified for a loan.

Penalties remain unchanged at $5,000 per violation. As before, regulators also may strip the licenses of the 1,500 mortgage lenders licensed by the state to operate in Oregon.  The new rules, as with other state banking regulations, do not apply to national banks that are federally licensed. Those banks include Washington Mutual, Wells Fargo and other major home lenders.

Mortgage Resources

• Compare Interest Rates  Find the best mortgages at the lowest interest rates.  Search for current mortgage interest rates from lenders and brokers nationwide.
• Freddie Mac  Visit this site for information about home buying.  Freddie Mac is private shareholder-owned corporations operating under a congressional charter.
• Oregon Association of Mortgage Professionals  The Oregon Association of Mortgage Professionals (OAMP) represents the mortgage industry of more than 10,000 individuals in Oregon.  They promote the mortgage industry through programs and services such as education, government affairs representation, networking events, and local chapters.
• Professor Guttentag  Jack M. Guttentag, emeritus professor of finance at the Wharton School of the University of Pennsylvania maintains this site and it's a goldmine of information about mortgages.