California “led the U.S. into the housing boom and bust,” reports Bloomberg. Yet the state “is now leading the way out.” See commentary on California’s housing recovery and mortgage growth by founder and president Robert Cohan in an article appearing in the November 2012 issue of Mortgage Banking magazine. Excerpt below, and you can read the entire article here.
Most of Carlyle’s originations are jumbo loans, which is anything above $625,500 in Los Angeles County. Typically borrowers are seeking a seven- to 10-year hybrid adjustable- rate mortgage (ARM), says Cohan. He believes in the mortgage banking business model, and consistently touts his firm’s capabilities to potential customers. Cohan explains to borrowers that qualifying for a loan at a depository institution just means they’re approved for that bank’s product. “You don’t know if you’re getting the best deal,” he adds. Working as a mortgage banker lets Cohan present more options to consumers.
Read the rest of the article here.