Randy Mitchelson, of Estero, Florida, is a licensed mortgage professional with 15 years experience in financial services.

Mortgage by Randy

monthly update to our clients, colleagues, family & friends

By: Randy Mitchelson, December 2009

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In Issue 21 We Touch On:

2009 Year In Review

Homebuyer Tax Credit Extended/Expanded

Short Sale Pros & Cons

Wow!  Another year is coming to an end and many people are saying, “good riddens” to 2009.  No matter what your lot in life, if you and your family have your health there is a lot to be grateful for.  Without your health, you have nothing.  In this issue we reflect on 2009 and provide information to help you in 2010 and beyond. 

The current newsletter and all prior newsletters are archived at the Mortgage by Randy blog. Bookmark it and share with your friends and family.  You can make your own comments and feedback as well.  Time for the news…

Mortgage Market: Details About Extension & Expansion of Obama Homebuyer Tax Credit

Last month it was announced that the Obama first time homebuyer tax credit was being extended.  The $8,000 perk was originally set to expire on November 30, 2009.  Not only did prospective homebuyers gain an additional five months to shop and get a home under contract, but the pool of eligible buyers has been increased.  If you are not a first time homebuyer and have lived in your current residence for five consecutive years out of the last eight, you can upgrade or downsize to a new primary home and qualify for a $6,500 tax credit.  The law does not require that you sell your current home – it may be retained as a rental property or second home.  The legislation prohibits taxpayers from claiming the tax credit if the sale is between “related parties” (example: between parents and children).  There is an $800,000 purchase price cap to qualify for the tax credit for both facets of this program.

How Can You Qualify?

Single tax filers who earn up to $125,000 are eligible for the total credit amount. Joint filers who earn up to $225,000 are eligible for the total credit amount.

Personal Credit: Use It Or Lose It – Credit Is Not A Spectator Sport

Do not let someone try to tell you that you have to carry a balance on a credit card to build your credit score.  That is bad advice.  However, not using your credit cards at all is not going to help you build a high credit score either.  Credit scores are based on activity.  No activity – no score.  If you are working on building your credit score, use all of your active credit cards at least once per month and then pay your bill on-time and in full.  Repeat this behavior every month.  Use your gas cards, department store cards, etc.  The dollar amount doesn’t matter.  Buy ten bucks of Mobil gas or a soda at Target.  If you are already carrying balances, continue using those accounts at least once per month and work on paying down the balance as fast as possible.  Email your credit questions anytime.

Economy & Financial Insights: 2009 Year In Review

The housing and mortgage landscape has changed dramatically in 2009.  A hands-on government approach to stimulate spending in struggling industries like housing and auto has resulted in program after program of hand-outs and tax breaks.  New legislation designed to protect consumers from misleading loan programs and disclosures has been enacted including:

Nationwide Mortgage Licensing

The federal SAFE Act established a nationwide loan originator licensing and registration system that will set minimum standards for loan originator licensing. This will help provide effective consumer safeguards by requiring background investigations, testing, and continuing education for all originators and rid all mortgage origination channels - banks, lenders, credit unions and mortgage brokers - of bad apples.

Real Estate Settlement Procedures Act (RESPA) Reform

In an attempt to simplify the mortgage process for consumers, the government revised the look of the closing statement that buyers and sellers sign at closing.  However, one possible point of confusion is that the rules for banks are different than the rules for mortgage brokers in how certain mortgage costs are disclosed.  Whereas brokers must disclose their fees earned the lender underwriting the loan, a bank is not required to disclose the same type of fee to their customers.  Also changed was the Good Faith Estimate form.  Expanding this important consumer disclosure from a one-page, totally itemized document, to a three-page, all inclusive, one number disclosure may actually create more consumer confusion.

Home Valuation Code of Conduct (HVCC)

The government enacted new rules to address the problem of lenders and brokers exerting influence over appraisers, but may have done more damage than good.  Many of the complaints received over the HVCC consistently describe out-of-area appraisers unfamiliar with the neighborhood being contracted to appraise homes.  Also, transferability of loans between lenders has been severely hampered by the HVCC and is causing the consumer to pay additional fees for new appraisals.  Also, because of slow turnaround times, consumers are forced to pay additional fees for rate lock extensions so they can keep the more affordable rate

Other Government Action

The government continues to print money at break neck speed to prop up the sluggish economy.  Federal stimulus action in 2009 included:

-Extended unemployment benefits

-Cash for Clunkers program and an extension

-First Time Homebuyer Credit and extension

-Stimulus money for infrastructure projects

-Payroll tax reductions

-Bailout funds for banks

Here is the irony.  As a nation and as individual consumers, we are in too much debt.  In order to resolve this we must spend less and use that “savings” to pay down our debt.  Government action to stimulate spending is contradictory to what we need to do to improve the overall financial condition of our households and our country.

Question of the Month: What Are Some Pros and Cons Of A Short Sale?

Homeowners that are struggling to make their monthly payments often try to sell their home for less than what they owe on the mortgage.  This is called a short sale.  There are buyers out there that seek out short sale opportunities, many of whom pay cash or have solid credit and asset documentation to quickly qualify for financing.  Although this strategy is superior than falling into foreclosure, pulling it off is challenging for several reasons:

Tax Implications: Former President G. W. Bush signed into law in 2007 Mortgage Forgiveness Debt Relief Act.  This law eliminated federal tax liability for taxpayers that execute a short sale on their primary residence.  This law is in effect until at least 2012.  Normally, the debt forgiven by the lender would be reported as taxable income to the seller.  This law does not apply to investment properties.  Also, not all states have waived state income tax reporting so a homeowner should explore potential tax consequences for their specific situation.

Lender Cooperation:  Lenders must approve a short sale before it can happen.  Not all lenders are motivated to do this.  Some lenders are overwhelmed with troubled loans and do not have enough trained staff to handle the case volume.  Some situations make more sense for the lender to allow the property to fall into foreclosure.

To encourage lenders to be more proactive, the federal Making Home Affordable act provides financial incentives to offset the banks’ losses. Under the plan, the government will also share the cost of extinguishing second liens on the property, such as those for second mortgages.

If the short sale fails, the borrower can turn over their house keys in a process known as "deed in lieu of foreclosure," transferring ownership to the lender without a foreclosure. At the end of the process, the homeowner could be eligible for $1,500 for relocation expenses.

Time:  In this slow housing market that has a lot of inventory to be absorbed, most short sale situations take a long time to get resolved.  Time is not a luxury that most struggling homeowners have.

Giving Back: Supporting Our Communities – ‘Tis The Season For Charity SCAMS

This is the time of year when the spirit of giving inspires us to open our hearts and wallets to help those in need.  We help the bell ringers from the Salvation Army, we purchase Secret Santa gifts for  adopted families, and we write tax deductible checks before December 31.  Fraudsters also get in the holiday spirit and start dialing for dollars for “charities” that sound perfectly normal, but in many cases are just clever marketing companies that make a lot of money for their own wallet.  If you receive an unsolicited phone call for a donation this time of year, chances are it’s a scam or best case, is a legal non-profit entity that allocates less than 20 cents of your dollar toward the cause. The rest is spent on “administrative” costs which are a fancy way of saying “salaries”.  There are no laws that require charities to use a specific percentage of your donations on charitable purposes. Here are some tips to follow to protect your wallet and ensure your financial gifts go to the right places:

1)     If you receive an unsolicited phone call for a donation, it’s probably a marketing scheme. Even if the name of the organization is impressive and has to do with cancer relief or helping families of police officers, do not let the telemarketer guilt you or intimidate you.

2)     Check out these watchdog web sites: www.give.org and www.charitynavigator.org

3)     Give to organizations that you know (local food pantry, nationally known non-profits like Red Cross, American Cancer Society, St. Judes, etc)

Need volunteers? Do you have a fundraising event upcoming?   Do you have a personal web site where you are raising donations for your cause?  Submit the information to randy@mortgagebyrandy.com by the 5^th day of each month and we will do our best to include your information in the next issue.

Have a wonderful holiday season and a safe New Year.  After a quiet Christmas at home we will join friends in Houston for New Year’s.

Randy

Mortgage by Randy newsletter, Copyright 2009 Randy Mitchelson.  All Rights Reserved.

Randy Mitchelson is a licensed mortgage professional. All material presented herein is believed to be reliable but we cannot attest to its accuracy. All material represents the opinions of Randy Mitchelson.  Recommendations may change and readers are urged to check with their financial advisors before making any decisions. Opinions expressed in these reports may change without prior notice. Mitchelson can be reached at 239-851-6738.

_________________________________________________________________________________________________________________________________________

You have permission to publish this article electronically or in print as long as the following is included:

Randy Mitchelson, of Estero, Florida, is a business professional, entrepreneur and author with over 15 years experience in financial services.  Mitchelson has served in leadership roles for Global & Fortune 500 firms like Bank of America, KeyBank and CIBC.

As a member of National Association of Mortgage Brokers, Randy has earned the Lending Integrity Seal of Approval.  He educates both individuals and groups about credit scoring by conducting personalized credit report reviews, action plans and one on one consultations. He is author of the free monthly newsletter, Mortgage by Randy as well as the Daily Dollar newsletter. A licensed mortgage professional, Mitchelson also founded Trinity Home Financing, LLC.

He is owner of Estero, Florida based National Web Leads, LLC, an internet lead generation service matching consumers with lenders for auto, cash advance and other financial products.   Through its network of partners, National Web Leads delivers innovative Web 2.0 performance marketing solutions to advertisers and affiliate marketers.

Mitchelson earned his BS and MBA at Rensselaer Polytechnic Institute in Troy, NY.  He is a founding member and Finance Chairman of the Southwest Florida Regional Technology Partnership Inc. and Vice President for the Michelle’s Angels Foundation Inc.  He is married to Susan, a Pharmacy Supervisor in the Lee Memorial Health System in Fort Myers, Florida.

Licensed mortgage professional Randy Mitchelson shares tips on how to prepare for a mortgage finance in Jeff Wuorio's article at CBS MoneyWatch:

5 Refinacing Killers...and How to Avoid Them

http://moneywatch.bnet.com/saving-money/article/how-to-refinance-now-and-avoid-rejection/370914/?tag=fd-must-read;main-promo

Underwriters have a lot of time on their hands these days to scrutinize loan files. Consumers should work with a licensed mortgage professional ahead of applying for a loan to review the entire scenario. This will allow red flags to surface ahead of time.

How do you know if the mortgage person you are dealing with is licensed and reputable? Consumer can enter their zip code at http://www.namb.org/assnfe/SearchBroker.asp?TYPE=LENDING_INTEGRITY&SnID=1647248346 and find a local broker that has earned the Lending Seal of Integrity from the National Association of Mortgage Brokers.

Mortgage by Randy

monthly update to our clients, colleagues, family & friends

By: Randy Mitchelson, November 2009

=========================================================================================================================

In Issue 20 We Touch On:

Appraisal Rule Hurts Homeowners

Secret Behind “Positive” Economic News

Foreclosure Prevention Tool Kit

As we enter the holiday season our government is doing its best to deliver gifts in the form of packages of stimulus cash.  Since the American consumer has wised up and undertaken a strategy of paying down credit card and home equity debt and stashing any extra into savings, the government is trying to pick up the spending slack.  The fact that there are so few prudent protectors of taxpayer money in Washington is a sad state of affairs.  BREAKING NEWS:  at the time of this writing, Congress has extended the First Time Homebuyer Tax Credit which was set to expire on November 30, 2009.  The tax credit is now extended to home purchases put under contract prior to next April 30.  Homeowners who have owned their current residence for at least five years are now eligible  for a tax credit if they choose to sell their current home. We will focus more on this money saving opportunity in future newsletters.

The current newsletter and all prior newsletters are archived at the Mortgage by Randy blog. Bookmark it and share with your friends and family.  You can make your own comments and feedback as well.  Time for the news…

Mortgage Market: New Regulatory Rule Is Hurting Consumers and Home Values

The Home Valuation Code of Conduct (HVCC) was implemented on May 1, 2009. The rule was created by the New York Attorney General Andrew Cuomo as an agreement between Fannie Mae and Freddie Mac (GSEs), their new regulator the Federal Housing Finance Agency, and the NY Attorney General’s office. The intent of the rule is to reduce coercion of appraisers.  However, the rule is overreaching, and has negatively impacted consumers across the country. The HVCC was never reviewed or voted upon by Congress, has failed to follow necessary regulatory procedure, and has the following effects on our income, home values and local property taxes:

1. The HVCC increases costs for those refinancing or purchasing a home. If a consumer changes lenders while shopping for a mortgage, multiple appraisals will be needed.

2. Because lenders are picking out-of-area appraisers to conduct appraisals, the appraisals are inaccurate and are lowering home values.  This causes two negative results:  it lowers home equity value even if you are not refinancing a home and, more importantly, these appraisal inaccuracies are lowering the tax base of your community.  This requires taxpayers and voters in your area to either pay more taxes or experience reduced funds for schools, roads, and other service expenditures.

3. This single agreement, not voted on by Congress or issued by any Regulatory Agency, is costing consumers billions of dollars and making it harder than ever to refinance or purchase a home.

Personal Credit: Time For Year End Credit Report Inspection

One of the credit report strategies we coach people on is to spread out your access to free credit reports over an entire year.  All consumers are legally entitled to receive one copy of their credit report from each of the three major credit bureaus (Experian, TransUnion and Equifax) one time per year.  Reminder: this entitlement does not include free access to your credit score.  Instead of inspecting all three versions of your credit history at one time, you can check one every four months.  For those of you that already follow this strategy or even if you want to implement it now, this is a great time to do it.  The distractions of the holiday season may cause you to delay doing this so why not cross it off your “To Do List” now?  The only truly free web site that you can use to do this is www.annualcreditreport.com. Get a detailed credit analysis, including all three credit scores, and personalized action plan and consultation for only $99 by contacting me.

Economy & Financial Insights: Beware Of Happy Headlines About Economic Growth

A series of cause and effects is leading our national economic statistics to return to positive territory.  However, there is another story behind the numbers so consumers and investors should remain cautious.  Follow along with this sequence of economic facts:

Consumers have been scarred by “The Great Recession” and continue to retrench, lowering their spending and increasing their savings (including paydown of debt)…

Less spending by consumers leads to higher inventory levels for manufacturers (i.e., more washer/dryers sitting in the warehouse)….

Higher inventories force manufacturers to slow production of new goods and accelerate consolidation via mergers and closures of plants and warehouses….

Closures and mergers leads to higher unemployment….

(Here’s where it gets ironic)

Inventory levels have already been cut to the bone so manufacturers have to produce a little something.  They can do this without hiring new staff.  This small increase in production will lead to a higher Gross Domestic Product (GDP) which is the headline grabbing statistic we often hear about.  The lesson here is to not get excited about rising GDP.  Until we see a reversal in the unemployment trend our economy will continue to teeter.

Question of the Month: Where Can I Get Reliable Mortgage Help To Avoid Foreclosure?

The FDIC recently launched a new Foreclosure Prevention Initiative for consumers. For a free tool kit of valuable information on how to avoid unnecessary foreclosure, options to stay in a home and guidance on avoiding foreclosure scams, contact the FDIC at 1-877-ASK-FDIC (1-877-275-3342) or through the web at Foreclosure Prevention Tool Kit.  Available at this link is an informational tool kit that includes:

1) "Is Foreclosure Knocking at Your Door?" brochure

2) "Beware of Foreclosure Rescue Scams" brochure

3) FDIC Consumer News, Spring 2009, with articles on getting a loan modification and avoiding foreclosure "rescue" scams

4) "Your Own Home" module in the FDIC's Money Smart adult financial education curriculum

Giving Back: Supporting Our Communities – Cash Back Program For Holiday Shopping

We all know about the constantly rising costs of college.  Recent reports reveal that despite the economy, institutions of higher education continue to raise tuition rates.  You may have your own kids to plan for or you might have nieces, nephews, cousins or friends with kids.  Have you visited Upromise.com?  This service provides a way for you to turn your everyday shopping into college savings which you can assign to any child in your life.  Even people without their own kids can use Upromise.com to donate college savings to their friend’s kids.  This service is free, easy and secure.  If you have ever purchased something on the Internet you should definitely check this out.

Most of us already go online to shop at Barnes and Noble or order from 1-800 Flowers and by linking to these sites through Upromise.com you will earn these rebates.  That's it! No special codes or downloads.  There are offline earnings too like at Mobil, Staples and McDonalds.  Rebates are there for the taking at restaurants in your area and you also earn money back for buying everyday groceries at supermarkets and stores like CVS.  The list of participating stores is huge and continues to grow.

Need volunteers? Do you have a fundraising event upcoming?   Do you have a personal web site where you are raising donations for your cause?  Submit the information to randy@mortgagebyrandy.com by the 5^th day of each month and we will do our best to include your information in the next issue.

Have a wonderful Thanksgiving.  After celebrating a World Series win in New York City, including a ticker tape parade, it’s nice to be settled at home again.  We will get a rare chance to see our beloved Syracuse Orange play the Florida Gators in Tampa Dec 10 and then off to Disney for a few days of holiday magic.

Randy

Mortgage by Randy newsletter, Copyright 2009 Randy Mitchelson.  All Rights Reserved.

Randy Mitchelson is a licensed mortgage professional. All material presented herein is believed to be reliable but we cannot attest to its accuracy. All material represents the opinions of Randy Mitchelson.  Recommendations may change and readers are urged to check with their financial advisors before making any decisions. Opinions expressed in these reports may change without prior notice. Mitchelson can be reached at 239-851-6738.

________________________________________________________________________________________________________________________________________

You have permission to publish this article electronically or in print as long as the following is included:

Randy Mitchelson, of Estero, Florida, is a business professional, entrepreneur and author with over 15 years experience in financial services.  Mitchelson has served in leadership roles for Global & Fortune 500 firms like Bank of America, KeyBank and CIBC.

As a member of National Association of Mortgage Brokers, Randy has earned the Lending Integrity Seal of Approval.  He educates both individuals and groups about credit scoring by conducting personalized credit report reviews, action plans and one on one consultations. He is author of the free monthly newsletter, Mortgage by Randy as well as the Daily Dollar newsletter. A licensed mortgage professional, Mitchelson also founded Trinity Home Financing, LLC.

He is owner of Estero, Florida based National Web Leads, LLC, an internet lead generation service matching consumers with lenders for auto, cash advance and other financial products.   Through its network of partners, National Web Leads delivers innovative Web 2.0 performance marketing solutions to advertisers and affiliate marketers.

Mitchelson earned his BS and MBA at Rensselaer Polytechnic Institute in Troy, NY.  He is a founding member and Finance Chairman of the Southwest Florida Regional Technology Partnership Inc. and Vice President for the Michelle’s Angels Foundation Inc.  He is married to Susan, a Pharmacy Supervisor in the Lee Memorial Health System in Fort Myers, Florida.

Mortgage by Randy

monthly update to our clients, colleagues, family & friends

By: Randy Mitchelson, October 2009

======================================================================================================================= 

In Issue 19 We Touch On:

Obama Eases Underwater Refi Rules

Free Identity Score

Free Music Online

It must be Fall.  This week in Southwest Florida we saw our first temperature reading in five months that begins with a “6”.  That is not to brag, just a bit of reality of how hot we have had it since May.  Speaking of “hot”, the stock market has a lot of people excited.  The Dow has ballooned 50% from its 2009 lows.  Does that mean our recession is over?  HECK NO!  One has nothing to do with the other.  The economy is driven by jobs and interest rates and credit.  The stock market is driven by pure human emotion.  Another 500,000+ of our fellow Americans lost their jobs last month.  That was applauded by some politicians as a good sign since it was down from over 600,000 from previous months.  A more accurate assessment is that we are “less bad”.  When you see the kinds of statistical games our government plays with employment data, you’ll see just how silly it is to hang a hat on the figures as a sign that the worst is over.

The current newsletter and all prior newsletters are archived at the Mortgage by Randy blog. Bookmark it and share with your friends and family.  You can make your own comments and feedback as well.  Time for the news…

Mortgage Market: Rates Drop and New Obama Rules Help More Homeowners Refinance

Interest rates remain low.  30 year fixed rates are hovering around 5.00%.  While the availability of certain kinds of credit might still make getting a loan difficult, the price of that money has rarely been better. Borrowers have noticed this, too, and with the weeks-long gentle decline in rates has come increasing purchase and refinance activity. The Mortgage Bankers Association reported more than a 13% gain in purchase applications and an 18% gain for refis.

Existing homeowners that are upside down on their mortgage have new relief thanks to the Obama administration.  Homeowners that owe 25% more than their home is worth may be eligible for refinancing assistance through the expanded Housing Rescue Program. For example, if your property is worth $200,000 but you owe $250,000 or less on your first mortgage, you may be eligible.  Visit the Making Home Affordable website for more information about eligibility.

Personal Credit: Free Identity Score Service – Try It !

Identity Theft is the number one crime in the United States for the ninth year in a row.  Even your author was victim to a perpetrator earlier this year.  It can happen to anyone, anytime. My ID Score is a free service which provides you with a quick assessment of your risk profile.  It only takes a minute to complete and there is some valuable information and insights available on their web site.  Make note that in the fine print the owners of this service admit that they “may” market some credit related offers to you in the future.  However, they promise not to sell your information and they also provide an email address to which you can send an opt-out request so that you do not receive marketing offers.  Give it a try!

Several credit monitoring services are available. Check with your bank.  Free Credit Reports 360 is another source and if you would like a free seven day trial, please contact me and I’ll help you get set-up.

Get a detailed credit analysis, including all three credit scores, and personalized action plan and consultation for only $99 by contacting me.

Economy & Financial Insights: Significant Declines Continue In Consumer Debt

In the past couple of months, consumer debt has declined $15.5 billion and $21.6 billion respectively.  Our collective frugality might be bad news for retail stores and restaurants, but American consumers are spending less and banks have cut down credit card lines too.  Despite this, our country’s debt bubble continues to balloon.  In a futile attempt to stimulate our economy, the government is borrowing money faster than the printing machines can churn out the greenbacks.  At some point down the road taxpayers will feel the punishment of these government actions (higher taxes).  The Lesson here is that the more we can get our personal finances in order now, the better we will be able to absorb the tax increases and benefit cuts that will come later.

Question of the Month: The Lending Environment Seems To Be Getting Worse.  Do You Agree?

Despite government efforts to make banks flush with cash to lend, the underwriting standards remain very tight.  Loan applications that look good on paper are still slow to navigate their way to the closing table.  Lenders are increasing down payment requirements on certain types of property (example: condos).  Intense scrutiny of income, employment and appraisals makes it challenging for a lot of people to get a loan – and the low consumer confidence in our country keeps some people from considering the pursuit of a mortgage.  Even private lenders, (yes, the Tony Soprano types) are very tight with their money despite being able to charge very expensive rates and fees to compensate for their risk.  It is not all bad news however.  Certain families have been able to take advantage of deeply discounted homes to become first-time homebuyers.  These folks did the right thing over the last ten or more years.  They saved their money.  They established great credit.  Their rewards for that discipline are available now.

Giving Back: Supporting Our Communities – Nashville Artists Donating Their Music

Do you like Nashville music?  The rich history and tradition of the music industry in Nashville continues today.  Music is a powerful medium which inspires, heals, educates and sparks all kinds of emotion and reaction from listeners.  Check out over 40 inspirational tunes donated by a growing list of singer-songwriters in the free online jukebox at Michelle’s Angels.  These artists have written, recorded and/or performed with world class acts including Brooks and Dunn, Randy Travis and Faith Hill.  Enjoy.

Need volunteers? Do you have a fundraising event upcoming?   Do you have a personal web site where you are raising donations for your cause?  Submit the information to randy@mortgagebyrandy.com by the 5^th day of each month and we will do our best to include your information in the next issue.

Have a safe Halloween.  Not my favorite holiday but at least there will be extra chocolate in the house.  Off to New York City the week of November 2 for a tradeshow so all you tri-staters can drop me a line if you want to meet up.

Randy

Mortgage by Randy newsletter, Copyright 2009 Randy Mitchelson.  All Rights Reserved.

Randy Mitchelson is a licensed mortgage professional. All material presented herein is believed to be reliable but we cannot attest to its accuracy. All material represents the opinions of Randy Mitchelson.  Recommendations may change and readers are urged to check with their financial advisors before making any decisions. Opinions expressed in these reports may change without prior notice. Mitchelson can be reached at 239-851-6738.

_________________________________________________________________________________________________________________________________________

You have permission to publish this article electronically or in print as long as the following is included:

Randy Mitchelson, of Estero, Florida, is a business professional, entrepreneur and author with over 15 years experience in financial services.  Mitchelson has served in leadership roles for Global & Fortune 500 firms like Bank of America, KeyBank and CIBC.

As a member of National Association of Mortgage Brokers, Randy has earned the Lending Integrity Seal of Approval.  He educates both individuals and groups about credit scoring by conducting personalized credit report reviews, action plans and one on one consultations. He is author of the free monthly newsletter, Mortgage by Randy as well as the Daily Dollar newsletter. A licensed mortgage professional, Mitchelson also founded Trinity Home Financing, LLC.

He is owner of Estero, Florida based National Web Leads, LLC, an internet lead generation service matching consumers with lenders for auto, cash advance and other loan products.   Through its network of partners, National Web Leads delivers innovative Web 2.0 software solutions such as lead generation platforms and real time desktop widget and mobile reporting tools for lenders and internet marketers.

Mitchelson earned his BS and MBA at Rensselaer Polytechnic Institute in Troy, NY.  He is a founding member and Finance Chairman of the Southwest Florida Regional Technology Partnership Inc. and Vice President for the Michelle’s Angels Foundation Inc.  He is married to Susan, a Pharmacy Supervisor in the Lee Memorial Health System in Fort Myers, Florida.