mortgage: 2010 FHA limits for Oregon - 12/15/09 02:55 PM
For those of you in Portlan, Oregon, following are the FHA limits for 2010. Let me know if you need any additional information
… (1 comments)
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mortgage: FHA 203K - 12/08/09 02:23 PM
The Section 203(k) program is the FHA's primary program for the rehabilitation and repair of single family properties. As such, it is an important tool for community and neighborhood revitalization and for expanding home-ownership opportunities. Since these are the primary goals of HUD, the Department believes that Section 203(k) is an … (1 comments)
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mortgage: Turbulence continues in the credit markets - 12/07/09 05:21 PM
It does not look like we have quite turned the corner on the mortgage meltdown. Today another one bites the dust. On the heels of its parent company's bankruptcy, Amtrust Bank became the 130th bank to fail in 2009 when the FDIC took it into receivership on 12/04/09 at an estimated cost … (3 comments)
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mortgage: Doing Business Durring the Holidays - 11/24/09 12:04 PM
With all the events and family and feasts and fun associated with the holidays, is it worth it to work and try to make sales in December? Or is it better to regroup and plan for the 2010 year?
First, let me say that my largest closing month ever was a … (0 comments)
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mortgage: Where Have all the Lending Professionals Gone? - 11/20/09 02:51 PM
It is getting more and more common that my company is asked to save a real estate transaction at the 11th hour. I got three calls in the last two days from listing agents that have had their sales put in jeopardy by pure incompetence from the lender handling the … (5 comments)
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mortgage: It is Playoff Time for Oregon High School Football - 11/18/09 03:55 PM
State of Oregon 6A football playoffs
As those of you who read my blog know, I am a huge football fan. I love it on every level! I will watch peewee football, middle school football, high school football, or NFL football. Heck, I am such a football nut that I will … (4 comments)
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mortgage: My Profit VS A Happy Customer - 11/17/09 07:56 AM
Yesterday I faced a common dilemma for business; was it better to give my services away and have my customer leave the transaction happy or make a profit and risk a potential failed sale?
Let me first explain the circumstances. I had received a loan application from a couple about 6 … (5 comments)
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mortgage: Curve Balls - 11/02/09 06:52 PM
Every once in a while you have to hit a curve ball. Last month my father-in-law, who is 81, had triple bypass surgery. After the operation we moved him into a facility in Lynnwood, Washington call Manor Care. The correct name should be "Manor Could Care Less", but that is a … (8 comments)
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mortgage: Fall means football, hunting, fishing and a change in the weather - 10/26/09 05:31 PM
Fall is my favorite time of year in Oregon and it always has been. I am not a fan of hot temperatures so the fall brings relief. Nothing is better than a cool crisp October day to bring about that euphoric feeling of all things macho. Of course, I speak … (3 comments)
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mortgage: Fall and Flu - 09/29/09 04:56 PM
It seems to happen every year...the kids go back to school and withing two weeks they are sick. Typically I seem to catch the bug the following week. Why should this year be an exception? Of course it is not! Last night I woke up with a terrible cough. I can … (3 comments)
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mortgage: Fall is in the air and its time to get serious - 09/21/09 06:30 PM
Now that the dog days of summer are past, it is time to get serious with this business. I have always had my best months in October, November, and once in December. I have always felt there were just a few factors:
I am not as distracted so I work harder … (3 comments)
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mortgage: Changes in the mortgage industry - 09/17/09 04:35 PM
I came across a great blog that is worth the read. It is short:
http://www.linkedin.com/groupAnswers?viewQuestionAndAnswers=&gid=119616&discussionID=7281287&commentID=6615555#commentID_6615555
The author relates Darwin's theory of evolution to the evolution of the mortgage industry and especially as it relates to small brokers vs. large lenders. It seems to me that he is correct in his assertion … (1 comments)
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mortgage: CreditScore 101 - 07/31/09 02:39 PM
In a world of shrinking mortgage options, I have found a way to grow my market. I call it CS (credit score) 101. Many consumers do not meet minimum thresholds to get a mortgage loan in today's world of FNMA/FHLMC/FHA/VA/USDA only lending. Often I find that credit scores are unnecessarily low … (1 comments)
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mortgage: The Future of the Mortgage Industry - 07/24/09 02:39 PM
Yesterday I posted a blog titled "The Death of an Industry" and it obviously struck a nerve. The Mortgage Lending community has been put under the microscope lately and tensions are running high. My blog discussed how changes in business practices by large commercial banks and mortgage bankers, combined with new … (1 comments)
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mortgage: Death of an Industry - 07/23/09 06:22 PM
I opened my first mortgage brokerage company in 1991. The industry trend was away from banks and toward brokers. Brokers had several intrinsic advantages:
•1. They could shop the market place for price. While most lenders pricing is very close, mortgage brokers could find that one lender that was buying the … (61 comments)
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mortgage: Credit Reporting University - 06/26/09 06:41 PM
CS (Credit Score) 101
This class is held by appointment at our offices in Lincoln Center, near Washington Square in Portland, OR. It consists of the following:
•1. A one on one credit evaluation including a free credit report.
•2. An hour of training on credit scoring and … (0 comments)
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mortgage: Business in tough times - 10/24/08 05:31 PM
I am a firm believer that you can thrive in tough times with the right attitude and the right approach. Abigail Dougherty, a business coach and author of "The Straight Edge News" writes the following:
That conversation reminded me of two lessons many business owners and managers forget."What we do speaks … (0 comments)
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mortgage: Indymac - an insiders view - 07/16/08 11:43 AM
After the most painful year of my 24 year mortgage banking career, I can now report that I am officially an employee of the Federal Government. As everyone knows, last Friday the Office of Thrif Supervision put Indymac Bank into receivership and tranfered most of the assets to a new company, … (4 comments)
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mortgage: Don't throw in the towel...act - 04/29/08 06:29 PM
I just got a call from a Loan Officer in another state asking for help. He was looking for the answer to the age old question; How do I become a top producing Mortgage Loan Originator. I don't think he liked the answer I gave because it wasn't a recipe but … (1 comments)
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mortgage: Will Countrywide be the next imploded mortgage lender - 01/10/08 12:34 PM
This is the question circling the mortgage lending community lately. No question they are in serious trouble. With the secondary market for mortgage loans in total dysfunction, Countrywide finds itself in a dilemma. If they stop making loans, they could slow the rate of loss from defaults but where do they … (4 comments)
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