National Association of REALTORS®: The 3 largest credit-reporting firms – Equifax, Experian, and
TransUnion – reached an agreement with New York state to overhaul their reporting and error resolution
practices. Many of these changes will be implemented on a national basis over the next 3 years. Specifically,
the firms will be required to use trained employees to review and resolve consumer disputes. Another major
change will be the removal of medical debts from credit reports once the debts are paid instead of the typical
7 years. Finally, the credit bureaus will be required to implement a 180-day waiting
period before adding any medical debt information to consumers’ credit reports. This
grace period is intended to allow consumers to clear up any discrepancies and catch
up with other unpaid bills.
Since 2010, NAR has called on industry participants to reassess and amend credit
policies that have been unduly restricting consumer access to mortgage credit.

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Great Information!

Conventional Mortgage Insurance Option


For comparison purposes, I am using a purchase price of $125,000 with 10% Down and a credit score of 740.  The borrower’s long term plans will determine which of these programs best fits their needs.  Mortgage 1 offers all three of these programs.


Monthly Mortgage Insurance (MMI)


  • $37.50 per month added to the payment
  • Can get removed after a min. of 24 month and appraisal showing 20% equity
  • Must pay for a new appraisal to show equity ($400 – $450)
  • Mortgage insurance (MI) will drop off after 11 years without appraisal
  • For most, it’s approx. 5 years before there’s enough equity to request removal
  • $37.50 X 60 months plus $400 for appraisal = $2,650 total cost
  • Most Lenders only offer this program

Lender Paid Mortgage Insurance (LPMI)


  • Lender charges a higher rate in place of MMI
  • In our scenario, .25% higher rate which is $16.34 per month higher
  • The higher rate is charged for the life of the loan


Borrower Paid Mortgage Insurance (BPMI)

  • Borrower pays a one-time fee added to their closing costs ($1,429 in this scenario)
  • Once paid, there is not worry to remove it or need to get an appraisal later
  • Avoids wondering when you really have 20% equity
  • 28 month break-even compared to the MMI option (Normally the best option)

Let me know if I can do anything to assist.

Scott DeWolf

Mortgage 1, Inc.

3243 East Paris Ave SE

Kentwood  MI  49512

(616) 575-9850 Direct

(616) 560-3397 Cell

(616) 957-2306 Fax

NMLS License# 153580

Apply Now

Serving Homeowners for over 25 years!

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Great Information Below! Take a read…

Scott DeWolf
Loan Officer
Mortgage 1 Incorporated
Rates Improve on Yellen Comments

While the Greek negotiations caused some market volatility, the big mover this week was Fed Chair Yellen. After several weeks of rising mortgage rates, Yellen’s bond-friendly comments caused rates to move a little lower over the past week.

The primary message from Yellen’s testimony to Congress was that future policy will depend on the performance of the economy. Yellen explained that the Fed can remain “patient” in raising the fed funds rate (and thus tightening monetary policy) because inflation remains below the Fed’s target level of 2.0% and the labor market contains enough slack to allow room for further improvement without causing inflationary pressures. After her comments, investor expectations for the first fed funds rate hike moved farther in the future.

Greek and Eurozone officials reached an agreement to extend Greece’s aid package, which was set to expire at the end of February. The four-month extension will give Greece and its creditors more time to work out a longer-term solution. The deal removes some uncertainty from the financial markets or at least pushes it off for a while.

The housing data released this week contained mixed news. Existing Home Sales declined in January, partly due to a lack of inventory, while New Home Sales remained near multi-year highs. Although both reports cover the month of January, they provide a different view of housing market activity. Existing Home Sales reflects closings, while New Home Sales measures signed contracts, so New Home Sales reflects more current activity.

Looking ahead, two big inflation reports will be released. The Consumer Price Index (CPI), the most-closely watched monthly inflation report, will come out on February 26. CPI looks at the price change for finished goods which are sold to consumers. Another measure, which is a favorite of the Fed, is the Core PCE price index and it will come out on March 2. In addition, Pending Home Sales and revisions to fourth quarter GDP will be released on February 27. The next Employment Report will come out on March 6.

Commentary provided by MBSQuoteline. For live MBS pricing visit

This email was sent by:
Scott DeWolf
NMLS# 153580
Mortgage 1 Incorporated

3243 East Paris Ave SE
Kentwood, MI 49512

Let’s Connect

New Home Sales

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Great Job Five Star!

Five Star Real Estate had a GREAT year during 2014! We are excited to see what 2015 has in store! It’s going to be a great year!

Five Star Ranking - Closed Sides

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Open Houses this weekend! Sunday, February, 22nd from 1:00-2:30

Don’t miss out on a chance to see two FABULOUS houses, each with their own charm.

10585 Stirrup Dr. SE
Caledonia, MI 49316

Winter Front

MLS: 14042958

Superior Caledonia Location – 4+ Bed/4.5 Bath Beautifully Designed Arts&Craft Style 2Story On 3.6+ Acr. LR w Vaulted Cathedral Ceilings, Over-sized Windows. Large Kitchen w Many Built-ins, Custom Built Hickory Cabinets w Large Island & Seating for 4. Large Pantry, Stainless Appliances, Slate Back-splash. Open to Den/TV Room for Great Room Feel. Hardwood Floors. Beautiful Metal Spiral Staircase. HUGE Master Bed w Window Seating, Master Bath w Double Sinks, Large WIC PLENTY of Closet Space. 3 Add’l Spacious Bedrooms w Wood Doors, Jack & Jill Bath. Daylight Walkout Lower Level Features Media Room, Full Bath, Wet Bar w Refrigerator & Microwave Area. Heated Floors, Finished Flex Room. Finished 3 Stall Garage. Spacious Lot w Play Structure, Fire-Pit & Equestrian Easement Along Back of Property.


11244 Ivory Valley Dr. NE
Rockford, MI 49341


MLS: 14066226

Rockford Traditional 2 Story with 4+ Bedrooms and 3.5 Bath with private office on 2.2 Acres. Nice, Spacious floor plan and plenty of room for everyone. Living room is open with Oversize windows for plenty of light. Kitchen has a lot of cabinets and counter space with Center Island with seating. Dining Room is open to the LR and Kitchen with sliders to the deck overlooking the 18 x 40 ft., heated pool. Main Floor Master Suite with vaulted ceilings, plenty of closet space, spacious bath with jetted tub and shower. Main Floor Laundry. In the Walkout lower level there is a Family Room, Dining Room, Kitchenette, Bedroom and Full Bath that and was used as an In-Law Suite/rental. Up: 2 Oversize Bedrooms with Plenty of storage, HUGE Bathroom and Study area. The Home sits in a very private setting with the biggest above ground pool you can buy. Deck has multiple levels for plenty of fun. Don’t miss this one.

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Open House This Sunday from 1:00-2:30!

9656 Rentsman Street NE
Cedar Springs, MI 49319


Superior Cedar Springs Location – 4bed / 2bath – Updated Kitchen w New Appliances to Stay. Plenty of Counter & Cabinet Space. Great Room Concept w Open Floor Plan. Vaulted Ceilings. Sliders to Private 10×20 Deck. Fresh Paint, New Trim & New Fixtures throughout. Main Floor Laundry. Master Suite w Garden Tub and Shower. 2 Additional Nice Sized Main Floor Bedrooms. Walkout Lower Level has Additional Large Bedroom, Rec Room, and Family Room. Family Room Complete with Wood Burning Fireplace. Beautifully Renovated Garden Area. Nice-Sized Backyard. Private Peaceful Country Setting. Attached Oversize 2 Stall Garage. Plenty of Parking for Guests!

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OPEN HOUSE TOMORROW, 1/25/2015 from 1:00-2:30!!!! Great House!

Winter Front Pic

51 Rockview Drive NE
Rockford, MI 49341

Most Desirable Rockford Location on the River– Ranch Style – 4 Bed / 3 Full Bath Walkout on Almost an Acre – Walking Distance to Downtown! Close to Valley View Elementary School! Great Room w High Vaulted Ceilings & Attractive Gas Fireplace. Sliders to Over-Sized Deck. Kitchen Offers Plenty of Cabinet & Counter Space – Unique Granite Counter-tops, Tile Floors & Plenty of Recessed Lighting. All Appliances to Stay. Master Bed w Double Closets & Gorgeous View of River Frontage through Sliders. Attached Bath w Jetted Tub. Two Additional Nice-Sized Bedrooms w LARGE Closets. Main Floor Laundry. Lower-Level Features Nice-Sized Fourth Bed, Spacious Family Rm/Media Center. Additional Full Bath. Over-Sized Slider to Patio & Bon-Fire Pit in Private Backyard. Plenty of Storage Space.

Garage w Epoxy Floors, Hot/Cold Running Water w Heated Storage/3rd Stall Behind Garage. Invisible Fence (w 2 collars) & Underground Sprinkling.

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