MOM mortgage

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Post Posted: Wed Jan 20, 2010 1:45 pm    Post subject: MOM mortgage
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mentioned online and did not know reference
Icon Mini Profile gmakerley
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Post Posted: Wed Jan 20, 2010 2:09 pm    Post subject:
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moon over miami? oh wait that is a song.

just for chuckles, i googled this "mom mortgage" and i found the following:

mortgagemom.net
and also, lo and behold on the mers website (mersinc.org) a reference in their forum that speaks of "a lender that is a MERS member has the option of originating mortgages with MERS as the Original Mortgage (MOM)."

what is mers? well, according to their website, "MERS is an innovative process that simplifies the way mortgage ownership and servicing rights are originated, sold and tracked. Created by the real estate finance industry, MERS eliminates the need to prepare and record assignments when trading residential and commercial mortgage loans."

most major lenders work with mers. do i understand the entire concept? no, i don't. furthermore, i don't plan to dig too deeply - it's a portion of most mortgage loans these days, and that's enough for me to know. when i have to explain it to borrowers now, i'll be a tad bit more informative but that's as far as i'm willing to go.

concerning your curiosity to begin with, i understand and hope that you've at least got a small inkling of what it's about.

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Icon Mini Profile raymond
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Post Posted: Wed Jan 20, 2010 4:37 pm    Post subject:
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Fremont used to offer a MOM program. I used to know what the last M stood for, but I can only remember the MO - it means "mortgage only". It was a program they offered that primarily considered the borrowers ability to make on-time mortgage payments. Even with a low FICO, and other missed credit obligations, the Borrower could qualify for a refinance with an "acceptable" interest rate if they didn't have any mortgage lates.
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Post Posted: Thu Jan 21, 2010 7:36 am    Post subject:
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Okay ... now I remember. It wasn't called MOM, it was called MOP - for Mortgage Only Program. My mistake - sorry.
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Icon Mini Profile gmakerley
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Post Posted: Thu Jan 21, 2010 11:00 am    Post subject:
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well, raymond, when we used to watch Leave it to Beaver, his MOM MOPPED. and in a dress, yet!
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