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Show The National Enterprise, July 20. 1977 Page six f I I WSf at I 364-076- i' 8 Mortgages COMMERCIAL DISPLAY Continued from page one construction firms doing the same, and later this month, he 38 EAST 300 SOUTH SALT LAKE CITY. UTAH 84111 1 several adds, been explaining the concept during the past month. using a special Utahns are skeptical loans. One call will deliver an elegant theme party -complete! We can even furnish the Butler. You - relax and enjoy your guests. Flip has enlisted several pri- vate mortgage lenders to help sell the tool to lenders across the country. In Utah, Ticor Mortgage Insurance representative Wayne Fletcher has WS3 1 FHo your business been paying expensive felt costs because you couldn't afford yourown computerJ monthly Vou time-sharin- g PHaoumallbusiness gone without the" services of a computer because you thought the cost prohibitive, Tor the procedures too hard to leam'LWE.VEJjQIGREAL.NEWS; Utah lenders express skepticism about the promised benefits of the Flip loan for various reasons, however, probably the major one being they are difficult to sell in the secondary market. Although the Flip concept was presented in fall of 1976 to the Federal Home Loan Bank Board, which regulates feder- savings and loan associations, the board has not yet approved the concept for use by its members. The subject has come before the board twice, most recently just last week, but both times it has been referred back to the boards staff for further research. ally chartered 455 South Salt Lake CltyTutah 84115 PHONE(801) 486-43- 1 crossing thought you said a couple of past due accounts! I ts The board is just and dotting Ts. Regarding the reluctance of the secondary market to purchase Flip mortgages, Wells says, It takes time for them to become familiar with the concept. Since the Bank Board has not approved the concept, federally chartered savings and loan associations in Utah, (all but three), are unable to make non-conformi- 1 In addition to federally char- tered savings and loan as- sociations, using the special category, all national banks d s and a few' and loans (in states other than Utah) can issue Flip state-chartere- Lambert says any loan First Security makes wrould have to be sold to an investor. And an investor in a Flip loan would probably want to purchase the savings account along with the mortgage, he says. This would cause administrative Lambert problems, com- plains, and it eliminates the advantage for us, if we dont get that savings account but still have to service the loan. Wells counters Lamberts complaints, claiming the pledged savings account is an EMERGENCY SERVICE RADIO DISPATCHED PROFESSIONAL - - - I HEATMG & ELECTRIC, elephone vice presi- - First Security Bank, We are reviewing the N.A. concept at this time, but so far we do not see much advantage to our borrowers or to us, he adds. Whether your collections are few or many, local or out of state, now is the time to cal Green & Sons. SUES? pre- - scntcd the Flip loan concept to us about a month ago, says Eiti mates Sunwys Installations PARTS SALES SERVICE RESIDENTIAL COMMERCIAL INDUSTRIAL Also, very importantly, Green & Sons collect while protecting your valuable image, one reason they were chosen sole Utah agent for collections in behalf of the Utah Hospital Association. DAY OR NIGHT , i ? sav-ing- representative 24 HOUR - ' ' S A Ticor 1 - ;; loans. HEATING-COOUN- G Sons, the largest collection agents in Utah, got that way by successfully collecting past due receivables. For fourteen years, Green & Sons has been building a reputation, collecting more for their clients than the national average. If they dont collect, you dont pay. i Don't see much advantage & AND1NATIONWIDE ng FURNACES Like rabbits, a couple have a way of multiplying into many. And there goes your cash flow. Green noncon- dent. According to Wells, the reasons for the delay center on "peripheral aspects of the concept proper title fees and loan origination fees. There is no opposition to Wells the concept itself, maintains. , forming category. This category allows about two per- cent of a lender's assets to be in loans of a type, depending on the number of substandard investments the lender already has. Norval Lambert, Takes time to accept new concepts LeflJhe.Computer RoonrTlntroducewyou to' oury newf oeneralionMconcept f of sales! serviceland.educationlATsmaircomputer could beyourcompany s big stepjorvvardj institu-tion- federally-chartere- d California lenders anticipate closing Flip Mr. Executive Host: the loans in a straightforward manner. But, claims Wells, the loan that closed last week in Georgia was made by a NC 487 0876 145 WEST BURTON AVENUE (2360 SOUTH) WORK ON ALL MAKES ; J j ? |