mortgage banking: 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 banking: 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 banking: 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 banking: 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 banking: 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 banking: 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 banking: Mortgage and Real Estate Professionals need healthcare too - 08/11/09 01:37 PM
I hope my story will help you understand why I support Healthcare reform with a strong public option. Although anecdotal, my situation is being repeated daily by thousands of Americans.
I work in the mortgage industry, which as you know has been quite volatile. Because of the employer based healthcare … (2 comments)
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mortgage banking: 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 banking: 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 banking: 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 banking: 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 banking: Recession, Depression, or Opportunity? - 10/20/08 02:49 PM
This morning I was listening to CNBC and herd a pundit say that he expects the US economy to go into a recession for the 4th quarter...After I picked myself off the floor from laughing so hard, I started thinking about the ramifications of the denial of Wall Street to the facts … (1 comments)
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mortgage banking: 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 banking: Fascintating times in mortgage lending - 03/16/07 04:19 PM
As of today, 39 national lenders have closed their doors this year. The departure of so many lenders is leaving a vacuum in the industry. The stronger companies like American Home Mortgage are posturing to fill the market void by providing competitive programs that fill a huge need. If you want to track the lending … (0 comments)
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