Misplaced Pages

#565434

118-520: As of 2015, RE/MAX had more than 100,000 agents in 6,800 offices. RE/MAX operates in over 100 countries and territories. RE/MAX was founded in January 1973 by Dave Liniger and Gail Main (who later married Liniger and became Gail Liniger) in Denver, Colorado . The company was established with a maximum commission concept, meaning that agents would keep nearly all of their commissions and pay their broker

236-583: A "Direct Lender". A mortgage broker is normally registered with the state, and is personally liable (punishable by revocation or prison) for fraud for the life of a loan. A loan officer works under the umbrella license of an institution, typically a bank or direct lender. Both positions have legal, moral, and professional responsibilities and obligations to prevent fraud and to fully disclose loan terms to both consumer and lender. Agents of mortgage brokers may refer to themselves as "loan officers". Mortgage brokers must also hold individual and company licenses through

354-598: A Mortgage Broker, "A mortgage agent is generally someone who finds the best mortgage for each client based on that client’s income, credit, and property profiles." In British Columbia mortgage brokers are licensed by the Financial Institutions Commission (FICOM) Throughout Canada, high ratio loans are insured by either the Canada Mortgage and Housing Corporation , Genworth Financial or Canada Guaranty. As of 2017, Canada has seen

472-401: A borrower. Further, the mortgage broker would have to be more compliant with regulators. Costs are likely lower due to this regulation. Mortgage bankers and banks are not subject to this cost reduction act. Because the selling of loans generates most lender fees, servicing the total in most cases exceeds the high cost act. Whereas mortgage brokers now must reduce their fees, a licensed lender

590-611: A change of ownership in 2006. Qwest Corporation , founded in Denver in 1911 as Mountain States Telephone & Telegraph Company, is now a part of Lumen Technologies (previously CenturyLink ). On October 31, 1937, Continental Airlines , now United Airlines , moved its headquarters to Stapleton Airport in Denver, Colorado (before United Airlines later moved to its current home in Chicago ). Robert F. Six arranged to have

708-428: A commission collected for the sale. The work undertaken by the broker will depend on the depth of the broker's service and liabilities. Typically the following tasks are undertaken: According to a 2004 study by Wholesale Access Mortgage Research & Consulting, Inc., there are approximately 53,000 mortgage brokerage companies that employ an estimated 418,700 employees and that originate 68% of all residential loans in

826-451: A commission. Mortgage specialists in banks and building societies can also be considered to be ‘tied’ brokers, insofar as they may only offer products sold by that lender. The Financial Conduct Authority (FCA) requires that a mortgage broker describes its range accurately to consumers, and stipulates that one of the following disclosures be used to describe the service offered (as appropriate): A mortgage broker can be either compensated by

944-455: A comprehensive review of the UK mortgage market which ran from 2009 to 2012 and came into force on 26 April 2014, resulted in some dramatic changes to the regulated lending environment, most centring on new, stricter affordability requirements and income and expenditure checks. There is also anecdotal evidence to suggest that the amount of time it takes to get a mortgage has significantly increased as

1062-404: A conduit between the buyer (borrower) and the lender (banks and non-bank lenders), whereas a loan officer typically works directly for the lender. Many states require the mortgage broker to be licensed. States regulate lending practice and licensing, and the rules vary from state to state. Most states require a license for those persons who wish to be a "Broker Associate", a "Brokerage Business", and

1180-498: A dominant force in the mortgage industry during the late 1990s on the back of aggressive marketing by Aussie Home Loans and Wizard Home Loans . Approximately 35% of all loans secured by a mortgage in Australia were introduced by mortgage brokers in 2008. In March 2012, the share of loans introduced by Mortgage Brokers had risen to 43%. In 2016–2017, mortgage brokers had contributed to $ 2.9 billion to Australian economy. In 2019,

1298-807: A manufacturer of insulation and roofing products, relocated its headquarters to Denver from New York in 1972. CH2M Hill , an engineering and construction firm, relocated from Oregon to the Denver Technological Center in 1980. The Ball Corporation sold its glass business in Indiana in the 1990s and moved to suburban Broomfield ; Ball has several operations in greater Denver. Mortgage brokerage A mortgage broker acts as an intermediary who brokers mortgage loans on behalf of individuals or businesses. Traditionally, banks and other lending institutions have sold their own products. As markets for mortgages have become more competitive, however,

SECTION 10

#1732783120566

1416-465: A mixture of crime and poverty of a rapidly growing city. Denver citizens were proud when the rich chose Denver and were thrilled when Horace Tabor , the Leadville mining millionaire, built a business block at 16th and Larimer, as well as the elegant Tabor Grand Opera House. Luxurious hotels, including the much-loved Brown Palace Hotel , soon followed, as well as splendid homes for millionaires, such as

1534-410: A mortgage broker is to mediate business between clients and lending institutions, which include banks , building societies and credit unions . Tied mortgage brokers offer products from a single lender, while multi-tied brokers offer products from a small panel of lenders. Many tied brokers are linked to estate agents and will refer the agency’s customers to one of a handful of lenders in exchange for

1652-506: A move towards mobile and online technology in the mortgage industry. CIBC has created a mobile app that is presently in beta testing. Companies are incorporating digital technology with a strong aim towards consumer awareness against bank products. Mortgage brokers in the UK are split between the regulated mortgage market, which lends to private individuals, and the unregulated mortgage market, which lends to businesses and investors. Many UK brokerages mediate both types of business. The role of

1770-598: A place in the top two in terms of affordability and quality of lifestyle. According to the 2020 United States census , the racial composition of Denver was as follows: Approximately 70.3% of the population (over five years old) spoke only English at home. An additional 23.5% of the population spoke Spanish at home. In terms of ancestry, 31.8% were Hispanic or Latino , 14.6% of the population were of German ancestry, 9.7% were of Irish ancestry, 8.9% were of English ancestry, and 4.0% were of Italian ancestry. There were 250,906 households, of which 23.2% had children under

1888-478: A portfolio lender in the US is ING Direct . The laws have improved considerably in favor of consumers. A mortgage broker must comply with standards set by law in order to charge a fee to a borrower. The fees must meet an additional threshold, that the combined rate and costs may not exceed a lower percentage, without being deemed a "High Cost Mortgage". An excess would trigger additional disclosures and warnings of risk to

2006-580: A profit on the sale of the loan. The borrower will often get a letter notifying them their lender has sold or transferred the loan. Bankers who sell most of their loans and do not actually service them are in some jurisdictions required to notify the client in writing. For example, New York State regulations require a non servicing "banker" to disclose the exact percentage of loans actually funded and serviced as opposed to sold/brokered. Brokers must also disclose Yield spread premium while Bankers do not. This has created an ambiguous and difficult identification of

2124-644: A provincial license. Mortgage Brokers in Nova Scotia are licensed by Service Nova Scotia and are regulated under the Mortgage Brokers and Lenders Registration Act. Many brokers in Nova Scotia are members of the Mortgage Brokers Association of Atlantic Canada . More information about the various mortgage programs that are available to consumers can be found at Mortgage Managers . In Ontario, mortgage brokers are licensed by

2242-621: A report in the Journal of the American Medical Association , residents of Denver had a 2014 life expectancy of 80.02 years. The Denver MSA has a gross metropolitan product of $ 157.6 billion in 2010, making it the 18th largest metro economy in the United States. Denver's economy is based partially on its geographic position and its connection to some of the country's major transportation systems. Because Denver

2360-413: A result of the changes. Some mortgage brokers whose in-house underwriting already matches borrowers to appropriate lenders are able to circumvent these delays, making their services more attractive. It is speculated that, because borrowers’ applications are stress-tested on the strength of their ability to make the monthly repayments, increasing numbers of borrowers are opting for mortgage terms exceeding

2478-619: A revival of the Ku Klux Klan attracted white, native-born Americans who were anxious about the many changes in society. Unlike the earlier organization that was active in the rural South, KKK chapters developed in urban areas of the Midwest and West, including Denver, and into Idaho and Oregon. Corruption and crime also developed in Denver. Between 1880 and 1895, the city underwent a huge rise in corruption, as crime bosses, such as Soapy Smith , worked side by side with elected officials and

SECTION 20

#1732783120566

2596-552: A share of the office expenses, rather than paying their broker a share of the commission of each sale, which is common in residential real estate. In 1975, Dennis Curtin purchased the first RE/MAX franchise outside of Colorado, in Kansas City, Missouri . The company grew to 100 franchises in two years. RE/MAX held its first convention in Las Vegas in 1976, which became an annual event. RE/MAX opened its first office outside

2714-616: A wholesaler in place to purchase them. The required cash of a mortgage banker is only $ 500,000 in New York. The remainder may be in the form of property assets (an additional $ 2.00), an additional credit line from another source (an additional $ 10,000,000). That amount is sufficient to make only two median price home loans. Therefore, mortgage lending is dependent on the secondary market, which includes securitization on Wall Street and other large funds. The largest secondary market by mortgage volume are Federal National Mortgage Association , and

2832-556: Is California , where a 1979 ruling of the Supreme Court of California did establish fiduciary duties of mortgage brokers. This means that consumers, in states other than California, may be charged excessive rates and fees and are encouraged to do some shopping around prior to any agreement. Mortgage fraud is when one or more individuals defraud a financial institution by submitting false information willfully. Some mortgage brokers have been involved in mortgage fraud according to

2950-681: Is a consolidated city and county , the capital , and most populous city of the U.S. state of Colorado . It is located in the western United States , in the South Platte River Valley on the western edge of the High Plains due east of the Front Range of the Rocky Mountains . With a population of 715,522 as of the 2020 census , a 19.22% increase since 2010 , Denver is the 19th most populous city in

3068-435: Is at Denver International Airport, roughly 20 miles (32 km) from downtown. A 2019 analysis showed the average temperature at Denver International Airport, 50.2 °F (10 °C), was significantly cooler than downtown, 53.0 °F (12 °C). Many of the suburbs also have warmer temperatures and there is controversy regarding the location of the official temperature readings. See or edit raw graph data . As of

3186-478: Is large throughout the year. Tornadoes are rare west of the I-25 corridor; one notable exception was an F3 tornado that struck 4.4 miles (7.1 km) south of downtown on June 15, 1988. On the other hand, the suburbs east of Denver and the city's east-northeastern extension ( Denver International Airport ) can see a few tornadoes, often weak landspout tornadoes, each spring and summer, especially during June, with

3304-575: Is seeking. Mortgage brokers in Canada are paid by the lender and do not charge fees for good credit applications. In the US, many mortgage brokers are regulated by their state and by the CFPB to assure compliance with banking and finance laws in the jurisdiction of the consumer. The extent of the regulation depends on the jurisdiction. The nature and scope of a mortgage broker's activities vary with jurisdiction. For example, anyone offering mortgage brokerage in

3422-724: Is surrounded by three other counties: Adams County to the north and east, Arapahoe County to the south and east, and Jefferson County to the west. Denver's nickname is the "Mile-High City", as its official elevation is one mile (5,280 ft; 1,609 m) above sea level, defined by the elevation of the spot of a benchmark on the steps of the State Capitol building. The elevation of the entire city ranges from 5,130 to 5,690 feet (1,560 to 1,730 m). The City and County of Denver has 78 official neighborhoods used for planning and administration. The system of neighborhood boundaries and names dates to 1970 when city planners divided

3540-617: Is the largest city within 500 miles (800 km), it has become a natural location for storage and distribution of goods and services to the Mountain States , Southwest states , as well as all western states . Another benefit for distribution is that Denver is nearly equidistant from large cities of the Midwest , such as Chicago and St. Louis and some large cities of the West Coast , such as Los Angeles and San Francisco. Over

3658-470: Is unaffected by the second portion of fee generation. This is due to the delay of selling the servicing until after closing. Therefore, it is considered a secondary market transaction and not subject to the same regulation. As of 2007, in the United States the federal law and most state laws do not assign a fiduciary duty on mortgage brokers to act in best interests of their customers. An exception

RE/MAX - Misplaced Pages Continue

3776-480: The 18th most populous U.S. metropolitan area . Denver is the most populous city within a radius centered in the city and of 550-mile (890 km) magnitude. Denverites is a term used for residents of Denver. According to the 2020 census, the City and County of Denver contained 715,522 people and 301,501 households. The population density was 3,922.6 inhabitants per square mile (1,514.5 inhabitants/km ) including

3894-468: The 1976 Winter Olympics to coincide with Colorado's centennial celebration, but in November 1972, Colorado voters struck down ballot initiatives allocating public funds to pay for the high costs of the games. They were moved to Innsbruck , Austria. The notoriety of being the only city ever to decline to host an Olympiad after being selected has made subsequent bids difficult. The movement against hosting

4012-436: The 2020 census , the population of the City and County of Denver was 715,522, making it the 19th most populous U.S. city . The Denver–Aurora–Lakewood, CO Metropolitan Statistical Area had an estimated 2013 population of 2,697,476 and ranked as the 21st most populous U.S. metropolitan statistical area , and the larger Denver–Aurora–Boulder Combined Statistical Area had an estimated 2013 population of 3,277,309 and ranked as

4130-590: The Central Park neighborhood. MediaNews Group purchased the Denver Post in 1987; the company is based in Denver. The Gates Corporation , the world's largest producer of automotive belts and hoses, was established in S. Denver in 1919. Russell Stover Candies made its first chocolate candy in Denver in 1923, but moved to Kansas City in 1969. The original Frontier Airlines began operations at Denver's old Stapleton International Airport in 1950; Frontier

4248-615: The Colorado Territory was created, Arapahoe County was formed on November 1, 1861, and Denver City was incorporated on November 7, 1861. Denver City served as the Arapahoe County Seat from 1861 until consolidation in 1902. In 1867, Denver City became the acting territorial capital , and in 1881 was chosen as the permanent state capital in a statewide ballot . With its newfound importance, Denver City shortened its name to Denver. On August 1, 1876, Colorado

4366-495: The Denver Performing Arts Complex and Denver Art Museum . Denver also has sports teams in all five major professional leagues. While the 10-county Denver–Aurora–Lakewood, CO Metropolitan Statistical Area had a population of 2,963,821 and the 12-county Denver–Aurora, CO Combined Statistical Area had a population of 3,623,560 at the 2020 United States census , Denver functions as the principal city of

4484-533: The Federal Home Loan Mortgage Corporation , commonly referred to as Fannie Mae and Freddie Mac , respectively. Loans must comply with their jointly derived standard application form guidelines so they may become eligible for sale to larger loan servicers or investors. These larger investors could then sell them to Fannie Mae or Freddie Mac to replenish warehouse funds. The goal is to package loan portfolios in conformance with

4602-635: The Financial Services Regulatory Authority of Ontario (FSRA), an arms length agency of the Ministry of Finance. To become licensed an individual must meet specific licensing requirements, including passing an approved course. In Ontario there is a difference between a Mortgage Broker and a Mortgage Agent, although they perform much of the same tasks. While the terms Mortgage Broker and Mortgage Agent are similar, and Mortgage Brokers and Mortgage Agents fulfill many of

4720-636: The Five Points neighborhood; Alamo Placita , the northern part of the Speer neighborhood ; Park Hill , a successful example of intentional racial integration; and Golden Triangle , in the Civic Center. One of Denver's newer neighborhoods was built on the site of Stapleton International Airport , named after former Denver mayor Benjamin F. Stapleton , a member of the Ku Klux Klan. In 2020,

4838-427: The High Plains , at the foot of the Rocky Mountains , the region can be subject to sudden changes in weather. July is the warmest month, with an average high temperature of 89.9 °F (32.2 °C). Summers range from warm to hot with occasional, sometimes severe, afternoon thunderstorms and high temperatures reaching 90 °F (32 °C) on 38 days annually, and occasionally 100 °F (38 °C). December,

RE/MAX - Misplaced Pages Continue

4956-525: The Nationwide Multi-State Licensing System and Registry (NMLS). The goal of NMLS is to employ the benefits of local, state-based financial services regulation on a nationwide platform that provides for improved coordination and information sharing among regulators, increased efficiencies for industry, and enhanced consumer protection . Loan officers who work for a depository institution are required to be registered with

5074-449: The Rocky Mountains to the west and the High Plains to the east. Its topography consists of plains in the city center with hilly areas to the north, west, and south. It is the only state capital in the United States that is a consolidated city-county. At the 2020 United States census , the City and County of Denver had an area of 99,025 acres (400.739 km ), including 1,057 acres (4.276 km ) of water. The City and County of Denver

5192-415: The continental United States . In fact, Denver has had three of the top 10 costliest hailstorms in U.S. history, on July 11, 1990; July 20, 2009; and May 8, 2017. Based on 30-year averages obtained from NOAA 's National Climatic Data Center for the months of December, January and February, Weather Channel ranked Denver the 18th-coldest major U.S. city as of 2014 . Denver's official weather station

5310-681: The foothills of the Rocky Mountains. Named after James W. Denver , the governor of the Kansas Territory at the time, Denver was founded at the confluence of Cherry Creek and the South Platte River in 1858 during the Gold Rush era. Nicknamed the "Mile High City" because its official elevation is exactly one mile (5280 feet or 1609.344 meters) above sea level, Denver grew beyond its prospecting origins to become

5428-466: The 18-county Front Range Urban Corridor , an oblong urban region stretching across Colorado and Wyoming with a population of 5,055,344 at the 2020 U.S. census. Regarded for its sunny weather and access to nature, Denver was named the best place to live in the United States by U.S. News & World Report in 2016. The greater Denver area was inhabited by several Indigenous peoples such as Apaches , Utes , Cheyennes , Comanches , and Arapahoes . By

5546-425: The 1920s. As of 2010 , 72.28% (386,815) of Denver residents aged five and older spoke only English at home, while 21.42% (114,635) spoke Spanish, 0.85% (4,550) Vietnamese, 0.57% (3,073) African languages, 0.53% (2,845) Russian, 0.50% (2,681) Chinese, 0.47% (2,527) French, and 0.46% (2,465) German. In total, 27.72% (148,335) of Denver's population aged five and older spoke a language other than English. According to

5664-486: The 20th century. Many African Americans first came as workers on the railroad, which had a terminus in Denver, and began to settle there. Between the 1880s and 1930s, Denver's floriculture industry developed and thrived. This period became known locally as the Carnation Gold Rush . A bill proposing a state constitutional amendment to allow home rule for Denver and other municipalities was introduced in

5782-557: The Area Planning process. Denver also has a number of colloquial neighborhood names and boundaries reflecting how people in an area, or others such as community groups and real estate developers, have defined areas. Well-known non-administrative neighborhoods include the historic and trendy LoDo (short for "Lower Downtown"), part of the city's Union Station neighborhood ; Uptown, straddling North Capitol Hill and City Park West ; Curtis Park and RiNo ("River North"), both part of

5900-682: The Broker with the Lenders that they submit loan applications to. Borrower Paid Compensation is a percentage agreed upon between the Broker and the Borrower, however, some Lenders do not allow the Broker to make less than the fixed percentage amount outlined in the Lender Paid Compensation agreement, therefore, negating any benefit to Borrower Paid Compensation. The fees charged vary from broker to broker, but fees can be justified if

6018-693: The Children's Miracle Network hospitals in over 20 years of sponsorship. In 2002, the company became a sponsor of the Susan G. Komen Breast Cancer Foundation Race For The Cure events in the United States . Local offices use hot air balloons for educational programs and non-profit organization fundraisers. RE/MAX University has been featured in Training Magazine ' s Top 125 US Organizations recognizing employee development. Denver Denver ( / ˈ d ɛ n v ər / DEN -vər )

SECTION 50

#1732783120566

6136-497: The Croke, Patterson, Campbell Mansion at 11th and Pennsylvania and the now-demolished Moffat Mansion at 8th and Grant. Intent on transforming Denver into one of the world's great cities, leaders wooed industry and attracted laborers to work in these factories. Soon, in addition to the elite and a large middle class, Denver had a growing population of immigrant German, Italian, and Chinese laborers, soon followed by African Americans from

6254-615: The Deep South and Hispanic workers. The influx of the new residents strained available housing. In addition, the Silver Crash of 1893 unsettled political, social, and economic balances. Competition among the different ethnic groups was often expressed as bigotry, and social tensions gave rise to the Red Scare . Americans were suspicious of immigrants, who were sometimes allied with socialist and labor union causes. After World War I,

6372-721: The Denver metropolitan area with a network operation of 25 kV 60 Hz. Denver has been known historically as the Queen City of the Plains and the Queen City of the West , because of its important role in the agricultural industry of the High Plains region in eastern Colorado and along the foothills of the Colorado Front Range . Denver is in the center of the Front Range Urban Corridor , between

6490-463: The FBI. Predatory mortgage lending is when a dishonest financial institution willfully misleads or deceives the consumer. Some mortgage consultants, processors and executives of mortgage companies have been involved in predatory lending. Some signs of predatory lending include: Another unethical practice involves inserting hidden clauses in contracts in which a borrower will unknowingly promise to pay

6608-597: The FCA. A regulated mortgage contract is defined in the Mortgages and Home Finance: Code of Business (MCOB) as one which: Mortgage brokers in the UK are also bound by pan-European legislation, such as the EU Mortgage Credit Directive . It is the role of UK legislators to incorporate the directive into the existing UK framework. The broader distinction between consumers and businesses adopted within

6726-533: The Leavenworth & Pike's Peak Express in order to secure the region's first overland wagon route. Offering daily service for "passengers, mail, freight, and gold", the Express reached Denver on a trail that trimmed westward travel time from twelve days to six. In 1863, Western Union furthered Denver's dominance of the region by choosing the city for its regional terminus. On February 18, 1861, six chiefs of

6844-454: The Lender (Lender Paid Compensation) or the Borrower (Borrower Paid Compensation), but can never be compensated by both. The maximum amount a mortgage broker can be compensated by either the Lender or the Borrower, is 2.75% of the loan amount. The less that percentage is, the lower the interest rate the broker can get for the borrower. Lender Paid Compensation is a fixed percentage amount set by

6962-496: The MCD is, in some respects, contrary to the current UK framework, and as a result some exemptions previously enjoyed in the UK will be phased out. One example is where borrowers or relatives of borrowers will occupy less than 40% of a property, which is currently not considered regulated business; by 2016, such borrowers will be considered consumers. These transactions will therefore come to be regulated. The Mortgage Market Review (MMR),

7080-548: The Mortgage Broker market share has grown to 59% of the mortgage market, however, the future viability of the sector has been cast into doubt due to recommendations of the Hayne Royal Commission . Commissioner Hayne has recommended that lenders cease paying upfront and trailing commission to Brokers and instead, that the consumer pays a yet-to-be determined upfront fee for service. The industry (led by

7198-577: The NMLS, but not licensed. Typically, a mortgage broker will make more money per loan than a loan officer, but a loan officer can use the referral network available from the lending institution to sell more loans. There are mortgage brokers and loan officers at all levels of experience. A large segment of the mortgage finance industry is commission-based. Potential clients can compare a lender's loan terms to those of others through advertisements or internet quotes. Mortgage brokers can obtain loan approvals from

SECTION 60

#1732783120566

7316-645: The Southern Cheyenne and four of the Arapaho signed the Treaty of Fort Wise with the United States at Bent's New Fort at Big Timbers near what is now Lamar, Colorado . They ceded more than 90 percent of the lands designated for them by the Fort Laramie Treaty, including the area of modern Denver. Some Cheyennes opposed to the treaty, saying that it had been signed by a small minority of

7434-728: The Strategic Transportation Plan. Denver has hosted the Democratic National Convention twice, in 1908 and 2008 . It promoted the city on the national, political, and socioeconomic stage. On August 10–15, 1993, Denver hosted the Catholic Church's 6th World Youth Day , which was attended by an estimated 500,000, making it the largest gathering in Colorado history. In 2015, a new commuter railway system commenced operations in

7552-493: The United Kingdom is offering a regulated financial activity; the broker is responsible for ensuring the advice is appropriate for the borrowers' circumstances and is held financially liable if the advice is later shown to be defective. In other jurisdictions, the transaction undertaken by the broker may be limited to a sales job: pointing the borrower in the direction of an appropriate lender, with no advice given, and with

7670-489: The United States and the fifth most populous state capital. It is the principal city of the Denver–Aurora–Lakewood metropolitan statistical area , with almost 3 million people the most populous metropolitan area in Colorado. Denver is the economic and cultural center of the broader Front Range Urban Corridor , home to more than 5 million people. Denver's downtown district lies about 12 miles (19 kilometers) east of

7788-671: The United States in Calgary , Alberta , Canada in 1977, started by Don Fernie as RE/MAX South . By 1981, the company had 30 franchises in Canada, and in 1987, RE/MAX became the top real estate company in Canada. In 1978, the RE/MAX Hot Air Balloon—a red, white and blue hot air balloon —was introduced, taking its maiden flight at the Albuquerque Balloon Fiesta in New Mexico . A year later in 1979,

7906-640: The United States. Motto was launched by RE/MAX in 2016. Wemlo (stylized as wemlo ) is a fintech company that provides third-party mortgage loan processing services. The company was founded in early 2019 as a startup in Florida by David Rogove and Steven Gelley. RE/MAX Holdings announced its acquisition of wemlo on September 1, 2020. In 1992, RE/MAX became a sponsor of Children's Miracle Network . The company hosts art auctions, organizes golf tournaments, and encourages agent fundraising activities. Collectively, all RE/MAX affiliates have raised $ 147 million for

8024-513: The United States. The remaining 32% of loans is retail done through the lender's retail channel, which means the lender does not go through a broker. The banks have used brokers to outsource the job of finding and qualifying borrowers, and to outsource some of the liabilities for fraud and foreclosure onto the originators through legal agreements. During the process of loan origination, the broker gathers and processes paperwork associated with mortgaging real estate . A mortgage broker works as

8142-529: The age of 18 living with them, 34.7% were married couples living together, 10.8% had a female householder with no husband present, and 50.1% were non-families. 39.3% of all households were made up of individuals, and 9.4% had someone living alone who was 65 years of age or older. The average household size was 2.27, and the average family size was 3.14. Age distribution was 22.0% under the age of 18, 10.7% from 18 to 24, 36.1% from 25 to 44, 20.0% from 45 to 64, and 11.3% who were 65 years of age or older. The median age

8260-471: The airport. There were 338.341 housing units at an average density of 1,751 units per square mile (676 units/km ). However, the average density throughout most Denver neighborhoods tends to be higher. Without the 80249 zip code (47.3 sq mi, 8,407 residents) near the airport, the average density increases to around 5,470 per square mile. Denver, Colorado, is at the top of the list of 2017 Best Places to Live, according to U.S. News & World Report , landing

8378-469: The announcement was made, leaders from the U.S. Treasury Department and Bank of America participated in a live, national broadcast detailing the initiative at RE/MAX Headquarters in Denver. By 2011, the company had more than 6,000 franchises. In 2013, UN Special Rapporteur Richard Falk released a report which alleged that real estate groups, such as RE/MAX, found to promote or sell properties in Israeli settlements may be held liable for complicity in

8496-890: The balloon became the company's official logo. In 1994, the company expanded outside North America with the establishment of RE/MAX Europe . Regional operations expanded in Germany, Italy, Spain, and South Africa. In November 1994, the RE/MAX Satellite Network (RSN; renamed RE/MAX University in the 2000s)—a satellite training system for real estate—was launched in the US, debuting at the National Association of Realtors Convention in Anaheim, California . The RSN offered training, professional designation courses, and company news. RE/MAX expanded to Australia and New Zealand in 1996. In 1998, Liniger attempted

8614-434: The borrowers. A "direct lender" may lend directly to a borrower, but can have the loan pre-sold prior to the closing. Few lenders are comprehensive or "portfolio lenders". That is, few close, keep, and service the mortgage loan. The term is known as portfolio lending, indicating that a loan has been made from funds on deposit or a trust. That type of direct lending is uncommon, and has been declining in usage. An example of

8732-438: The broker can expedite the application process, provide support to vulnerable clients and/or search a wide range of mortgages to find the most suitable deal based on the client's circumstances or the chosen property. The FCA's Consumer Duty regulation requires brokers to consider whether their fees represent 'fair value' to the consumer. Owner-occupier mortgage products, and by extension brokers of these products, are regulated by

8850-790: The broker or lender to find him or her a mortgage whether or not the mortgage is closed. Though regarded as unethical by the National Association of Mortgage Brokers, this practice is legal in most states. Often a dishonest lender will convince the consumer that he or she is signing an application and nothing else. Often the consumer will not hear again from the lender until after the time expires and then they are forced to pay all costs. Potential borrowers may even be sued without having legal defense. The laws governing mortgage brokerage in Canada are determined by provincial governments. Most provinces require mortgage brokerage companies to carry

8968-427: The chiefs without the consent or approval of the rest of the tribe, that the signatories had not understood what they signed, and that they had been bribed to sign by a large distribution of gifts. The territorial government of Colorado, however, claimed the treaty was a "solemn obligation" and considered that those Indians who refused to abide by it were hostile and planning a war. Ten days later, on February 28, 1861,

9086-459: The city into 73 groups of one to four census tracts, called "statistical neighborhoods," most of which are unchanged since then. Unlike some other cities, such as Chicago , Denver does not have official larger area designations. Colloquially, names such as Northside and Westside are still in use, but not well-known. Community planners have recently been using a set of 19 larger areas, all of which are groups of statistical neighborhoods, as part of

9204-516: The coldest month of the year, has an average daily high temperature of 44 °F (6.7 °C). Winters consist of periods of snow and very low temperatures alternating with periods of milder weather due to the warming effect of Chinook winds . In winter, daytime highs occasionally exceed 60 °F (16 °C), but they also often fail to reach 32 °F (0 °C) during periods of cold weather. Occasionally, daytime highs can even fail to rise above 0 °F (−18 °C) due to arctic air masses. On

9322-430: The coldest nights of the year, lows can fall to −10 °F (−23 °C) or below, with the city experiencing a low of −24 °F (−31 °C) on December 22, 2022, with a wind chill of −40 °F (−40 °C). Snowfall is common throughout the late fall, winter and early spring, averaging 53.5 inches (136 cm) for 1981–2010; but in the 2021 winter season, Denver began the month of December without any snowfall for

9440-444: The company Geoff Lewis, and Liniger stepped down from their roles to retire. Responsibilities were handed to CEO Adam Contos. In 2018 it was announced that Liniger had violated company ethics with a multi-million-dollar loan of his own personal money to Contos. In addition to RE/MAX LLC, RE/MAX Holdings, Inc. owns two other brands. Motto Mortgage ( Motto Franchising, LLC ) is the first national mortgage brokerage franchise brand in

9558-416: The contamination to an increase in birth defects and cancer incidence in central Denver and nearer Rocky Flats. Later studies confirmed many of his findings. Plutonium contamination was still present outside the former plant site as of August 2010 . It presents risks to building the envisioned Jefferson Parkway, which would complete Denver's automotive beltway . In 1970, Denver was selected to host

9676-407: The creek from the existing mining settlement of Auraria, and on the site of the existing townsite of St. Charles. Larimer named the townsite Denver City to curry favor with Kansas Territorial Governor James W. Denver . Larimer hoped the town's name would help it be selected as the county seat of Arapahoe County , but unbeknownst to him, Governor Denver had already resigned from office. The location

9794-511: The crime of promoting settlement activity in occupied territory. As of November 2015, RE/MAX Israel was still selling properties in 18 different Israeli settlements in the occupied Palestinian territories. RE/MAX Holdings Inc raised $ 220 million in its initial public offering (IPO) in 2013. A secondary offering was completed of approximately $ 185 million in November 2015. REMAX Holdings owns 58.3% and RIHI owns 41.7% of RE/MAX LLC. Total diluted share count (public and private) as of December 31, 2015,

9912-651: The enhancement of the Denver Convergence Vorticity Zone (DCVZ). The DCVZ, also known as the Denver Cyclone, is a variable vortex of storm-forming air flow usually found north and east of downtown, and which often includes the airport. Heavy weather from the DCVZ can disrupt airport operations. In a study looking at hail events in areas with a population of at least 50,000, Denver was found to be ranked 10th most prone to hail storms in

10030-486: The first manned balloon flight around the world in a stratospheric gas balloon. The flight was canceled due to design and weather problems. In 2006, RE/MAX began to list all U.S. homes for sale on its website, including homes being sold by competitors. By 2009, the company had franchises in 70 countries. In April 2010, the Obama administration announced the " Home Affordable Foreclosure Alternatives " (HAFA) program. The day

10148-439: The first time in history. The average window for measurable (≥0.1 in or 0.25 cm) snow is October 17 through April 27; however, measurable snowfall has occurred as early as September 4 and as late as June 3. Extremes in temperature range from −29 °F (−34 °C) on January 9, 1875, up to 105 °F (41 °C) as recently as June 28, 2018. Due to the city's high elevation and aridity, diurnal temperature variation

10266-510: The games was based largely on environmental issues and was led by State Representative Richard Lamm . He was subsequently elected to three terms (1975–87) as Colorado governor . Denver explored a potential bid for the 2022 Winter Olympics , but no bid was submitted. In 2010, Denver adopted a comprehensive update of its zoning code, which was developed to guide development as envisioned in adopted plans such as Blueprint Denver, Transit Oriented Development Strategic Plan, Greenprint Denver, and

10384-502: The headquarters moved to Denver from El Paso, Texas because Six believed that the airline should have its headquarters in a large city with a potential base of customers. Continental later moved to Houston from Denver, but merged with United Airlines in 2013. Throughout that time, the company held a large employee base in the Denver area, which is home to the United Airlines Flight Training Center in

10502-401: The land of modern Metropolitan Denver. But the discovery in November 1858 of gold in the Rocky Mountains in Colorado (then part of the western Kansas Territory ) brought on a gold rush and a consequent flood of white immigration across Cheyenne and Arapaho lands. Colorado territorial officials pressured federal authorities to redefine and reduce the extent of Indian treaty lands. In

10620-423: The largest secondary wholesale market lenders in the country. For example, Fannie Mae may issue a loan approval to a client through its mortgage broker, which can then be assigned to any of a number of mortgage bankers on the approved list. The broker will often compare rates for that day. The broker will then assign the loan to a designated licensed lender based on their pricing and closing speed. The lender may close

10738-487: The legislature in 1901 and passed. The measure called for a statewide referendum, which voters approved in 1902. On December 1 that year, Governor James Orman proclaimed the amendment part of the state's fundamental law. The City and County of Denver came into being on that date and was separated from Arapahoe and Adams counties. From 1953 to 1989, the Rocky Flats Plant , a DOE nuclear weapon facility that

10856-420: The loan and service the loan. They may either fund it permanently or temporarily with a warehouse line of credit prior to selling it into a larger lending pool. The difference between the "Broker" and "Banker" is the banker's ability to use a short term credit line (known as a warehouse line) to fund the loan until they can sell the loan to the secondary market. Then they repay their warehouse lender, and obtain

10974-529: The loans they originate are sold on the secondary market. The lender earns fees at the closing, and a Service Release Premium , or SRP. The amount of the SRP is directly related to the terms of the loan. Generally, the less favorable the loan terms for the borrower, the more SRP is earned. Lender's loan officers are often financially incentivized to sell higher-priced loans in order to earn higher commissions. Even large companies with lending licenses sell, or broker,

11092-498: The mortgage brokers to disclose this, they decide what fees to charge upfront whereas the direct lender won't know what they make overall until the loan is sold. Also See: Predatory lending & Mortgage fraud Sometimes they will sell the loan, but continue to service the loan. Other times, the lender will maintain ownership and sell the rights to service the loan to an outside mortgage service bureau. Many lenders follow an "originate to sell" business model, where virtually all of

11210-468: The mortgage loan transactions they originate and close. A smaller percentage of bankers service and keep their loans than those in past decades. Banks act as a broker due to the increasing size of the loans because few can use depositor's money on mortgage loans. A depositor may request their money back and the lender would need large reserves to refund that money on request. Mortgage bankers do not take deposits and do not find it practical to make loans without

11328-646: The neighborhood's community association voted to change the name from Stapleton to Central Park (see more in Politics section below). The Central Park neighborhood itself has 12 "neighborhoods" within its boundaries. Denver features a continental semi-arid climate (Köppen climate classification: BSk ) with generally low humidity and around 3,100 hours of sunshine per year, although humid microclimates can be found nearby depending on exact location. It has four distinct seasons and receives most of its precipitation from April through August. Due to its inland location on

11446-549: The police to control elections, gambling, and bunco gangs . The city also suffered a depression in 1893 after the crash of silver prices. In 1887, the precursor to the international charity United Way was formed in Denver by local religious leaders, who raised funds and coordinated various charities to help Denver's poor. By 1890, Denver had grown to be the second-largest city west of Omaha, Nebraska . In 1900, whites represented 96.8% of Denver's population. The African American and Hispanic populations increased with migrations of

11564-573: The population and 14.6% of families were below the poverty line. Out of the total population, 25.3% of those under the age of 18 and 13.7% of those 65 and older were living below the poverty line. Denver has one of the largest populations of Mexican-Americans in the entire United States. Approximately one third of the city is Hispanic , with the overwhelming majority of them being of Mexican descent. Many of them speak Spanish at home. English, German, Irish, Swedish, Italian, Polish, Chinese, Japanese, Greek, and Russian immigrants immigrated to Denver by

11682-564: The principal commercial and transportation hub for a broad region spanning the Great Plains and Rocky Mountain West. The 105th meridian west of Greenwich , the longitudinal reference for the Mountain Time Zone , passes directly through Denver Union Station . As the most populous metropolitan area in a 560-mile (900 km) radius, Denver is a major cultural hub with a variety of museums and cultural institutions, including

11800-428: The prosperity of the young town. The transcontinental railroad passed a daunting 100 miles (160 kilometers) away, but citizens mobilized to build a railroad to connect Denver to it. Spearheaded by visionary leaders, including Territorial Governor John Evans , David Moffat , and Walter Cheesman , fundraising began. Within three days, $ 300,000 had been raised, and citizens were optimistic. Fundraising stalled before enough

11918-463: The role of the mortgage broker has become more popular. In many developed mortgage markets today, (especially in the United States , Canada , the United Kingdom , Australia , New Zealand , and Spain ), mortgage brokers are the largest sellers of mortgage products for lenders. Mortgage brokers exist to find a bank or a direct lender that will be willing to make a specific loan an individual

12036-418: The same functions, it is important note that there is in fact a difference. According to Canadian Mortgage Trends the main difference between a Mortgage Broker is that, "...a mortgage broker is a firm or person licensed to deal in mortgages and employ mortgage agents" while "A mortgage agent is an individual authorized to deal in mortgages on behalf of a mortgage broker. While many attribute these functions to

12154-440: The secondary market to maintain the ability to sell loans for capital. If interest rates drop and the portfolio has a higher average interest rate, the banker can sell the loans at a larger profit based on the difference in the current market rate. Some large lenders will hold their loans until such a gain is possible. The selling of mortgage loans in the wholesale or secondary market is more common. They provide permanent capital to

12272-457: The summer of 1858, during the Pike's Peak Gold Rush , a group of gold prospectors from Lawrence, Kansas , established Montana City as a mining town on the banks of the South Platte River in what was then western Kansas Territory , on traditional lands of Cheyenne and Arapaho . This was the first historical settlement in what later became the city of Denver. But the site faded quickly, and by

12390-534: The summer of 1859 it was abandoned in favor of Auraria (named after the gold-mining town of Auraria, Georgia ) and St. Charles City. On November 22, 1858, General William Larimer and Captain Jonathan Cox, both land speculators from eastern Kansas Territory , placed cottonwood logs to stake a claim on the bluff overlooking the confluence of the South Platte River and Cherry Creek , across

12508-594: The terms of the 1851 Treaty of Fort Laramie between the United States and various tribes including the Cheyenne and Arapaho, the United States unilaterally defined and recognized Cheyenne and Arapaho territory as ranging from the North Platte River in present-day Wyoming and Nebraska southward to the Arkansas River in present-day Colorado and Kansas . This definition specifically encompasses

12626-462: The town to merchants and miners, with the intention of creating a major city that would cater to new immigrants. Denver City was a frontier town, with an economy based on servicing local miners with gambling, saloons, livestock, and goods trading. In the early years, land parcels were often traded for grubstakes or gambled away by miners in Auraria. In May 1859, Denver City residents donated 53 lots to

12744-523: The traditional 25 years. This results in lower repayments but a higher overall interest bill, as well as a longer period servicing debt. According to official figures from the Office for National Statistics (ONS), the percentage of mortgages under 25 years in length fell from 95% to 68% between 2002 and 2012. Mortgage brokers have been active in Australia since the early 1980s, however they only became

12862-447: The true cost to obtain a mortgage. The government created a new Good Faith Estimate (2010 version) to allow consumers to compare apples to apples in all fees related to a mortgage whether you are shopping a mortgage broker or a direct lender. The government's reason for this was some mortgage brokers were utilizing bait and switch tactics to quote one rate and fees only to change before the loan documents were created. Although ambiguous for

12980-702: The years, the city has been home to other large corporations in the central United States, making Denver a key trade point for the country. Several well-known companies originated in or have relocated to Denver. William Ainsworth opened the Denver Instrument Company in 1895 to make analytical balances for gold assayers. Its factory is now in Arvada . Aimco is headquartered in Denver. Samsonite began in Denver in 1910 as Shwayder Trunk Manufacturing Company, but Samsonite closed its NE Denver factory in 2001, and moved its headquarters to Massachusetts after

13098-741: Was admitted to the Union . This disagreement on the validity of Treaty of Fort Wise escalated to bring about the Colorado War of 1864 and 1865, during which the brutal Sand Creek massacre against Cheyenne and Arapaho peoples occurred. The aftermath of the war was the dissolution of the reservation in Eastern Colorado, the signing of Medicine Lodge Treaty which stipulated that the Cheyenne and Arapaho peoples would be relocated outside of their traditional territory. This treaty term

13216-660: Was 30.2 million shares. The company expanded into China in 2014 by opening an office in Beijing. The company had more than 15,000 agents in Europe. As of 2016, RE/MAX operates in about 100 countries and has more than 115 hot air balloons in operation, the largest corporate hot air balloon fleet in the world. In 2016, they named Re/Max Results, a franchisee covering most of Minnesota and parts of Wisconsin as their largest franchisee. with more than 1200 agents, and averaging more than 20 transactions per agent. In 2018, former president of

13334-400: Was 33 years. Overall there were 102.1 males for every 100 females. Due to a skewed sex ratio wherein single men outnumber single women, some protologists had nicknamed the city as Menver . The median household income was $ 45,438, and the median family income was $ 48,195. Males had a median income of $ 36,232 versus $ 33,768 for females. The per capita income for the city was $ 24,101. 19.1% of

13452-523: Was about 15 miles from Denver, produced fissile plutonium " pits " for nuclear warheads . A major fire at the facility in 1957, as well as leakage from nuclear waste stored at the site between 1958 and 1968, resulted in the contamination of some parts of Denver , to varying degrees, with plutonium-239 , a harmful radioactive substance with a half-life of 24,200 years. A 1981 study by the Jefferson County health director, Carl Johnson, linked

13570-497: Was accessible to existing trails and was across the South Platte River from the site of seasonal encampments of the Cheyenne and Arapaho . The site of these first towns is now occupied by Confluence Park near downtown Denver. Edward W. Wynkoop came to Colorado in 1859 and became one of the city's founders. Wynkoop Street in Denver is named after him. Larimer, along with associates in the St. Charles City Land Company, sold parcels in

13688-497: Was achieved, even though the treaty was not legally ratified by the tribal members, as per the treaty's own terms. Thus, by the end of 1860s, this effectively and completely cleared the Denver area of its indigenous inhabitants. Although by the close of the 1860s Denver residents could look with pride at their success establishing a vibrant supply and service center, the decision to route the nation's first transcontinental railroad through Cheyenne City , rather than Denver, threatened

13806-529: Was raised, forcing these visionary leaders to take control of the debt-ridden railroad. Despite challenges, on June 24, 1870, citizens cheered as the Denver Pacific completed the link to the transcontinental railroad, ushering in a new age of prosperity for Denver. Finally linked to the rest of the nation by rail, Denver prospered as a service and supply center. The young city grew during these years, attracting millionaires with their mansions, as well as

13924-418: Was reincarnated at DIA in 1994. Scott's Liquid Gold, Inc., has been making furniture polish in Denver since 1954. Village Inn restaurants began as a single pancake house in Denver in 1958. Big O Tires , LLC, of Centennial opened its first franchise in 1962 in Denver. The Shane Company sold its first diamond jewelry in 1971 in Denver. In 1973 Re/Max made Denver its headquarters. Johns Manville Corp.,

#565434