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PALO ALTO, Calif., Aug. 9, 2011 /PRNewswire/ — Opes Advisors, a premier wealth management and residential mortgage banking firm, is pleased to announce that Mortgage Advisor Steve Papapietro has joined Opes Advisors in our Palo Alto office. A Bay Area native, Steve has more than 17 years in the mortgage industry and has assisted thousands of families to become successful homeowners. Steve has consistently achieved President Club designation year-after-year and in 2005 was ranked number one nationally in purchase and total volume for First Horizon Home Loans.

Steve commented, “As a native of the Bay Area and my many years in mortgage banking, I have a deep understanding of the unique attributes of real estate and the housing market. I’m passionate about helping home buyers with their mortgages and I couldn’t be happier to be with Opes. Their commitment to excellent service and financial integrity is a perfect fit for me.” Susan McHan, Opes Advisors CEO, commented, “Steve has an exceptional track record in the Bay Area. He guides clients with his knowledge and resourcefulness, and has proven time and again that building strong relationships is essential to helping clients make big financial decisions with confidence. We’re thrilled that Steve has joined Opes.”  

Steve Papapietro Contact Info

Steve Papapietro is a licensed Mortgage Advisor (CA DRE 00993899 and NMLS 633683). He can be reached in the Opes Palo Alto office at 650-319-1642 or spapapietro@opesadvisors.com.

Opes Advisors Palo Alto

Opes Advisors Palo Alto office is located at 555 College Ave, Palo Alto, CA 94306. Office hours are 8:00 a.m. to 5:00 p.m. Phone 650-931-1600. Appointments and walk-ins are welcome.

About Opes Advisors

Opes Advisors is a premier financial advisory services firm that enables clients to make effective financial decisions for today and for their retirement. Through direct offers of wealth management, residential mortgages and real estate investment advisory services, Opes Advisors considers each client’s complete personal balance sheet to improve the outcomes of the financial choices of life. Opes Advisors has offices in Palo Alto, Lost Gatos, San Mateo, Larkspur, San Francisco, Sonoma and Santa Cruz, and Eugene, Oregon. Opes Advisors is licensed by the CA Dept. of Real Estate #01458652 and NMLS identifier 235584. Equal Opportunity Lender. Opes Advisors is a registered investment advisor with the Securities and Exchange Commission (SEC).

www.opesadvisors.com.

SOURCE Opes Advisors, Inc.

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It’s no surprise that the private mortgage insurance industry is fighting hard against proposed new risk retention rules for the mortgage industry.

They are already trying to pick themselves up and dust themselves off from the near knockout punch the Federal Housing Administration (FHA) gave them, when the government mortgage insurer took over their market share while saving the housing market from complete and total bust.

The FHA became the only game in town for the less credit-worthy borrowers with lower down payments. Now, just when the private guys are trying to get back in the game, they’re getting battered again.

The proposal for a “Qualified Residential Mortgage,” which would be exempt from 5 percent risk retention by the banks, which of course the banks don’t want to retain, requires, among many things, that the buyer put 20 percent down on the home.

“We do not believe that affordability and sustainability are mutually exclusive goals,” Kevin Schneider, president of the Mortgage Insurance Companies of America testified before Congress yesterday (he’s also CEO of U.S. Mortgage Insurance of Genworth Financial [ GNW 12.26  +0.00 (+0.00%) ]). “We understand the drivers of sustainable, affordable homeownership because the private MI industry has a vested interest in assuring that low down payment homebuyers purchase homes with loans that they can afford to pay over time.”

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Article source: http://www.cnbc.com/id/42613396?__source=RSS*blog*&par=RSS