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- “Ray was very intrigued by how we provide shelter through our interfaith network of nearly 60 participating congregations,” says Valorie. “It is encouraging to know that business leaders like Ray and Shawn Vinson recognize the important work being done by charitable organizations in the St. Louis area. Through their support, Vinson Mortgage is demonstrating the importance of collaboration and engagement throughout the public and private sectors in response to community needs and issues.”
Vinson Mortgage Supports the American Cancer Society to help cancer patients. They understand that are undergoing treatment for cancer can be both financially and emotionally overwhelming. In an effort to ease the burden of cancer, the American Cancer Society provides free housing to cancer patients traveling to St. Louis for treatment.
Ray Vinson Founder and Chief Executive Officer Vinson Mortgage Group As Founder, Chairman and Chief Executive Officer of Vinson Mortgage Group, longtime mortgage equity guru Ray Vinson is on top and bigger and better than ever. In the course of a 30-year career in the mortgage banking and brokerage business, Vinson has proven to be a skilled executive, visionary entrepreneur and inspiring leader. His unmistakable voice on the radio airwaves, his uncanny knack for developing break-through marketing strategies, and his ability to attract top talent has elevated Vinson s companies to the highest levels of success. Vinson is known within the industry as one who creates more leads through advertising than virtually any other mortgage business in the country. Even during the most challenging times, Vinson s keen ability to focus his team on opportunities versus obstacles has set Vinson apart as a leader among his peers. In July 2006, Vinson founded Vinson Mortgage Group (VMG), a mortgage banking company specializing in home equity loans, debt consolidation and new interests in the FHA market. With contagious optimism that permeates the halls of VMG, Vinson is leading one of the fastest growing mortgage companies in the country, despite higher interest rates and a soft economy. VMG operates in 10 states across the country and employs more than 100 talented professionals. Vinson is closing in excess of 400 loans each month, which translated into more than $600 million in closed loan volume just during his first year of operation. And, Vinson says he s just warming up! Even as a young man, Vinson had a zest for conquering the impossible. He began his career in the mortgage business in 1978 and has been with companies such as Modern Finance, Liberty Loans, Universal Guardian and Diversified Mortgage. On April 1, 1992, Vinson founded American Equity Mortgage with $7,000 that his grandmother gave to him, which was all Vinson had to his name at the time. After a first year loan volume of $30 million, Vinson grew that company to an annual loan volume of $3 billion at its height of success, closing 2,300 loans per month. Vinson has been recognized by St. Louis Commerce Magazine as Entrepreneur of the Year and he has received several marketing awards for his innovative, break-through marketing strategies. He is very active in the community and involved in various civic organizations including Old Newsboys Day, St. Louis Variety Club, the Ronald McDonald House, The Steven Jackson Foundation, and Child Center
Marygrove. Vinson is also an Honorary Board Member of NAMI St. Louis, along with County Executive Charlie Dooley, Mayor Francis Slay, and Gold Medal Olympic athlete Jackie Joyner-Kersee.
I am refinancing my mortgage. I currently have an escrow account and am electing to not have an escrow account with my new mortgage. Can the bank use the money that is already in the escrow account to pay down the refinance ammount or should I be getting this refunded back to me? I was told I would not be getting this money back so I can put it towards paying the taxes and insurance myself, eventhough that is what the escrow account is for.
Many defenders of the home mortgage interest deduction claim, as their central argument, that it makes housing more affordable for middle-class families. However, because of the nature of the tax system, this deduction does not necessarily provide incentives to everyone—nor does every debtor who pays interest on a mortgage pay lower taxes. The reason is that not all tax-filers use the itemized deductions that allow them to deduct their interest payments, and those who deduct are concentrated in the higher tax brackets while those who take the standard deduction are concentrated in the lower brackets. Moreover, it is important to recognize that the mortgage interest deduction is not precisely a deduction on home ownership. Homeowners are not allowed to take it against the part of the home they own (the down payment and prior repayment of principal). Instead, they can only take it against the part of the home they borrow. For these reasons, the mortgage interest deduction is an inefficient tool for increasing homeownership, since its primary effect is to encourage Americans who would have already been able to afford a house to take on even more debt.
Reuters is reporting that the Department of Justice, nearing agreement on a $20-25 billion mortgage abuse settlement with five banks, has reached out to additional banks in a move to broaden the impact of the settlement and increase its total amount.
Having had its main economic control tool, interest rates, hijacked by world events, the federal government has decided to cool the housing market, and limit household debt by simulating a rate increase with another round of rule changes for high-ratio mortgage borrowing. This is the 4th time in 4 years the government has waded into the market to tweak mortgage rules to reduce the debt appetite of Canadians. “Previous rule changes had some effect in countering the stimulus provided by historically low interest rates but failed to stop Canadian household leverage from increasing,” Moody s analysts William Burn and Andriy Stepanyants said in a recent report.
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