Friday, April 4, 2008

A New Name: Choice Bank and Silver State Bank Merger Complete

On April 1, 2008, the merger between Choice Bank and Silver State Bank was successful. This has been, for me, an exciting week with new possibilities and a positive outlook for the future. It is early in the process and the changes mostly involve processing and internal issues. However, the new name comes with it a hope for newer and more efficient systems and tactics that will ensure the success and dreams of the original Choice Bank founders are reached.

In life we dream of growing and changing, making ourselves better each and every day. In this merger we have done just that. Choice Bank has the increased capacity to market effectively, to expand further, to reach a new and exciting audience, and to stand up as a community bank with strength, power, and the desire to meet each customer's needs. It is a new day for Silver State Bank. I am lucky and proud to be a part of the growth in the valley over the next few years. If you don't know of us will know of us soon.

On to the week in the Mortgage Industry. Rates were up and down this week, which followed the pattern of the Stock Market. They are very consistent at week's end with last weeks rates. Investor options for us, as brokers, have come and gone and the ability to be involved with heavy hitters in the construction industry is increasing. Sometimes overnight, products that were once available are removed and it leaves a bumpy wake in its path. However, it keeps us on our toes as originators and forces us to continue to evolve.

List of Current and Upcoming Trends in the Mortgage Industry
  • FHA and VA Loans - the way to go for low down payment and Down Payment Assistance programs.
  • Longer and more heavily scrutinized underwriting by all investors.
  • Rates are going to be soon be tied to credit score. Great Credit Score = Better Rate and vice versa.
  • More activity from buyers (Pre-qual activity up)
  • Rates may continue to increase overall. See article on for more information.

Stay tuned for more information. Call me with any questions. Make it a great Friday and have a fantastic weekend.

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