Beth's no Bull Mortgage Blog

The dramatic urgency of now

Fri, 06 Mar 2009 17:48:38 -0600

The dramatic urgency of now is one of my favorite expressions. Act now, based of the knowledge you have garnered from your past, to affect your future. Waiting until the future to act means you've left it until too late.

I have always lived my life by this guiding principle. Until, well, now. If one more talking head or bar stool politico says one more time that we need to act now my poor little head is going to explode. I do NOT respond well to being pressured.

If you don't buy this car today, someone else might. Really? I couldn't figure that out myself? I'll take my chances.

If you won't go out with me Friday night someone else will. Oh, okay. Have fun with that. I sure feel sorry for her.

Call now and we'll double the offer but only if you call in the next ten minutes. Are you serious? I really won't get BOTH my Sham Wows for 19.95 if I call, lets say, tomorrow?

Do you see where I'm going with this? Our "leaders" pushed TARP down our collective throats because we had to act now or terrible things would happen. Guess what? We have TARP and terrible things happened anyway. Not the least of which is TARP. I'll bet it would be a lot easier to stabilize the financial sectors if we hadn't rushed into TARP and now have to fight the public outrage over that mishandled abomination. Hurry up, if we don't give the auto makers loans they will go out of business! We have to act now or millions of jobs will be lost. Uh, guess what? All indications are that they ARE going to fold, millions of jobs may be lost and all that bailout money will go up in smoke.

I don't see anything better for this affordable housing bill or the so called "cram down" bill. Are you kidding me? The major problem right now is the credit freeze. We really think that passing a bill that essentially tells anyone lending mortgage money that they may not have recourse to collect the full amount of that debt is going to make mortgages MORE available? MORE affordable? I say it will take lots of lenders out of the game and the ones who are left will increase their costs and fees to cover future losses. Well that should certainly help the housing markets. Certainly make housing more affordable.

The dramatic urgency of now needs to be put on hold for a few days. I could be completely wrong about the above but I don't see how waiting a few days, tapping a few more people for ideas and really taking the time to think things through is going to hurt. I watch 3 news programs in the morning, Morning Joe, Fox and Friends and the Squawk Box. I'd like to think those folks are smarter than me but the only thing they seem to agree on is that we are not acting fast enough. I respectfully and wholeheartedly disagree.

I feel like we, as a country, are on a first date and are being pressured to "go all the way". Do we really want to go all the way on the first date and be labled "fast"? Or do we want to be the "good girl" who values herself and waits. At least until the second date...

The American Dream

Thu, 05 Feb 2009 19:20:57 -0600

Hal stood at the kitchen window looking out over the back yard. In three years this was perhaps the first time he had stood here. The kitchen was Kerry's domain. He ruled the small garage and the yard, Kerry the kitchen and Lisa the living room that was always cluttered with her toys. As he stood there he thought of the day they had moved in. Kerry had been six months pregnant and unable to lift anything heavy. She had glowed as she ordered him around. This was their dream. To move out of the cramped apartment, buy a place with a yard, get a dog, raise their daughter. Kerry said it was one of the best days of her life. He had thought so too.

Hal heard Kerry walked behind him but he didn't turn to her. She cleared her throat as though she were going to speak but she said nothing. Perhaps, he thought, she had nothing left to say. As the kitchen door closed behind Kerry, Lisa came running in. She had none of her mothers reservations. She threw her little arms around Hal's leg. "Daddy, going to Nana's now?" she asked. "Yeah, sugar. I'll see you at Nana's a little later. I got something I got to do first" he replied. Kerry came back into the kitchen. "Well, that's everything I guess" she said. Hal didn't answer, he couldn't. She stared at him, willing him to speak but it was Lisa who broke the silence. "Buddy going to Nana's?" she asked. Hal turned to Kerry, helplessly. "Come on Pumpkin, Buddy's goin' with Daddy. We gotta get moving." Kerry said to Lisa. Sensing something was very wrong, Lisa started to cry. Kerry picked her up and with one last look over her shoulder, walked out of the house.

Hal stood at the kitchen window looking over the back yard. His big black dog was running around chasing leaves. He couldn't understand how it had gotten to this point. He felt paralyzed. Empty. Ashamed. He forced himself away from the window and slowly walked out the door. He turned to lock it but thought what the hell for. He opened the door to his truck and called to Buddy who came running and happily jumped in. Hal was numb as he drove. His mind just circling around, trying to figure out how it had all gone so wrong. Him and Kerry, they hadn't wanted much. Just a little place to call their own. They knew it would be tight for awhile but it always was when you're staring out. They'd figured he get into the union and get better hours and maybe a raise to help out. When the plant laid off a bunch of the guys he knew it was going to be bad so he started to look for more work. It hadn't worked out. Then Lisa got sick and Kerry had to cut her hours to take care of the baby. Then the loan payment went up. Gas prices went up. They just couldn't keep up. The bank had tried to help but in the end it wasn't enough. They had nothing left, maybe not even each other.

He pulled up in front of the grey, cement building. Just sat in the truck with his arm around Buddy. His last failure. Kerry's mom was allergic and they wouldn't have enough room for him in the basement anyway. Buddy licked his face, wondering why they weren't getting out. He had called ahead. Made the arrangements. So he got out and Buddy followed. He took his leash and walked through the door. Handed the leash and papers to the boy behind the counter and tried to shut his ears to the sounds of all the other dogs.

~~~~~~~~~~~~

Shannon was out for her daily run. Even though the day was overcast and damp she couldn't keep the smile from her face. It was a good day. No, a great day! She was three miles into her run but had never felt better. The graduation had been wonderful. Her dad had been so happy that even a week later she could feel the warmth of his hug as he whispered "A nurse. Your Momma would have been so proud". She had worked so hard for the degree that sometimes, late at night she wondered if it was all going to be worth it.

Shethought, as she ran, about the call from Brad last night. His cousin worked at the bank and knew of a property that was perfect for them and hadn't even gone on the market. Brad said that it had belonged to a young couple who just couldn't keep up with the payments. They'd kept it up real nice but the bank had to take it back. Brad's cousin said the family was moving out in the morning and if they were quick they might get a good deal if the bank didn't have to pay realtors and such. Brad said it wasn't nothing special, just a little house with a big back yard. Then he said "you know if we had a back yard you could get that dog you're always after me for". She'd gotten so excited that they had driven past it last night even though the folks hadn't moved out yet.

The minute as Shannon saw the house she knew it would be perfect. She was thinking of paint colors as she cut across the parking lot of the Humane Society. She stopped for a minute to stretch and her eye was drawn to the only car in the lot. A big man sat in the cab of his truck, hunched over the wheel, shoulders heaving. It was such a sad sight she almost forgot about the house, the dog, everything. She wanted to go over and ask if there was anything she could do to help but he seemed locked in his own private world of sorrow and she didn't want to intrude. Her cell phone rang as she was thinking on what to do. It was Brad, calling to tell her that his cousin had gone to his boss and the boss was willing to sell them the house at the price they'd been thinking of. While they were talking the truck pulled out of the lot. She told Brad she'd be home soon so they could get started on the paperwork and take a look at the inside just to make sure.

Asshe started to run her thoughts turned back to the man in the truck. She couldn't help him, she thought but she sure as hell could help a dog. She knew exactly the kind of dog she wanted. A big black dog, one who could keep her company on her runs and one who would really appreciate the big back yard. As she passed the grey, concrete Humane Society building she thought "I'll be back tomorrow and spring one of you". Her landlord wouldn't mind if it was only for a little while...

Top 5 things I don't get about Active Rain

Thu, 11 Dec 2008 18:37:59 -0600

I'm not complaining. Really I'm not. I'm just lost or confused or both.

5) Why can I organize my associates but not the blogs I subscribe too? It makes no sense. My list of blog subscriptions is varied. I subscribe to some because I work with them (Bill), some because the author usually makes me laugh (JL), others because the author is very informative(Scott).It's very vexing that I can't put them into categories.

4) Speaking of associates and blog subscriptions, why can't we anonymously delete or unsubscribe? Come on, you know what I'm talking about. Someone added you as an associate and you don't want to be associated with them for whatever reason but feel no real animosity to them and don't want to hurt their feelings. Or after reading a particularly good post you subscribe, only to find out it was a one off. Most of what they post is drivel. How do you unsubscribe without saying "Hey you! You bore the heck outta me"! (Sardi)

3) The points. The freaking points! I'll bet there is a very good explanation for it but the blogging point system is over my head. Not hard to do since I'm only five feet tall but still... Here's an example: Total points 475. 68 comments of which 9 were from the author. Post was featured. Total points 517. 38 comments of which 12 were from the author. Post was not featured or reblogged. I just don't get it unless the AR gods are giving out consolation points??

2) Feature me???I know this has been blogged to death already but I still don't get it. Now the AR gods will probably take away my meager supply of pretty gold stars for questioning it but it still makes no sense. One person gets featured twice in one day, another never gets featured at all. Similar content but unequal gold stars. Again, systems been good to me so far but it seems like a game the AR gods play to drive the rest of us crazy.

1) Why are Loan Officers, Inspectors, VAs etc the red headed step children of AR? If you are not a Realtor you know what I'm talking about. We don't get any cool tools or toys. Maybe this is just a microcosm of the industry as a whole in which we non Realtor types are considered hangers on?? Why isn't there a place for loan referrals or leads? We Want TOYS!

I am a genius! I have solved the housing crisis!

Wed, 10 Dec 2008 12:43:52 -0600

Yes folks, I Beth Forbes, have a solution to the housing crisis! I'm a genius. The problem in a nut shell is over supply coupled with under demand.

I read an article a few weeks ago, Fear of Financing, written by Janet Guilbault that I felt accurately described part of the cause of the current crisis. The people who can qualify to buy homes are afraid to finance, afraid they don't qualify, afraid they don't have enough money for down payment and closing costs. The people who qualify are also afraid to buy, afraid that they will over pay, afraid that the bottom hasn't been reached, afraid they may lose their job.

So here is my super duper, genius plan. Rather than give a ridiculous amount of money towards rate reductions or throw good money after bad bailing out delinquent homeowners who will never NOT be delinquent home owners (until they become renters) lets lend some money to the only people who are not afraid!

I'm talking about real estate investors. Before you get all crazy and tell me that these are the people who got us into this mess, hear me out. I'm not suggesting lending money to speculators, people who can't verify their income or people with questionable credit ratings. I say, let's get a government program together that lends money to people who already own multiple properties, who have excellent and deep credit who actually WANT to buy up the over supply of inventory. There are a large number of investors who own multiple properties that actually produce income for them who would just LOVE to buy up some of the great deals available right now but are hamstrung by current lending guidelines that say they can't own more than 4 financed properties.

Here are the guidelines. 700 credit score (if you have multiple mortgages on your credit and can maintain that score you're doing great). Must have 5 or more years experience as a multiple property landlord. Must put 20% down on a single family or 25% down on a 2-4 unit. Subject property must debt service at 1.2. Total property portfolio must debt service at 1.0. Must have 6 months liquid cash reserves. Must be able to fully document income and have a total back-end ratio no higher that 45%. Must pay an upfront "loss reserve" payment similar to the upfront MIP on an FHA loan and monthly "loss reserve" payments much like monthly MI.

There are a LOT of people who would qualify for that, would love to take advantage of it and those people would start clearing out the over supply of inventory. Any plan that does not include provisions for these people is underutilizing a private sector solution to what is becoming a government problem. While I understand that this would still be a government subsidized program, I don't see how it's much different from the FHA.

The problem with home values is that banks continue to foreclose and there aren't enough buyers to keep up with the supply. Rather than subsidizing the buyers that already exist ( like the rumored 4.5% rate subsidy), let's make a whole new pool of buyers!

See, told you I'm a genius!

For those reading this who do not know my sense of humor please understand that this whole post was written with tongue firmly in cheek. (although I DO think it's a heck of an idea)

Beth Forbes Your 24/7 Loan Officer (484) 239-2014

Call me for all your mortgage needs. Areas of service PA, NJ, NY, CT, DE, MD, VA, SC, FL, MI and IN

Top 10 things "flippers" should do

Mon, 24 Nov 2008 13:55:59 -0600

Property investment for resale has been glorified in shows like "Flip that House", in the ultimate sellers market a few years ago people with very little experience were making big bucks doing this.

Things have changed a little since the days when you could buy a house, throw some paint on it and sell it for a big profit. The good news is that with all the bank owned properties and short sales on the market, good deals are everywhere. Now the investor is taking advantage of the market form the buying end of the transaction rather than the selling end.

Here are 10 tips for the new property investor or even the seasoned investor to consider:

10) Get bids on the work you will need to do. Even if you have done this sort of thing for a long time, it is always a good idea to talk to your subs before you make an offer rather than after you have purchased the property. Costs are rising in all areas and a job that might have cost one price a year ago may have a completely different price tag today.

9) Figure out your acquisition money. If you will need to obtain financing for the purchase of the property or any part of the repairs it is good to know what types of financing are available before you get to involved in the project. Typically, the mortgage requirements are much stricter for investment properties. Better credit and higher down payments are normally required. Closing costs may also be higher and all of these considerations affect your total capital out lay. The good news is that there are loans for investors that will allow you to finance a portion of your construction costs and this can be a big help with the cash flow of the project.

8) Talk to a Home Staging Consultant. Selling vacant properties is a challenge. A good Home Staging Consultant will have some ideas for how to stage the home so it seems welcoming and appealing. This can definitely give your property a marketing edge and it is a good idea to budget for it.

7) Have a "heart to heart" with your Realtor. The worst mistake many investors make is doing the wrong improvements. Your Realtor can help guide you make choices for improvements that will increase the value of your property without over improving it. The other thing you need to carefully consider with your Realtor is the marketing time after you finish the project. What can you realistically list the property for, what marketing time can you expect at different price points and what will your carrying costs be during that time.

6) Have a contingency reserve. Something will go wrong. It always does. Plan for it by having a percentage of your overall budget set aside for when it does.

5) Find out what type of financing your property qualifies for. Your property may be located in an area that has special financing available for buyers. Many urban areas have community development loans that help buyers purchase homes in those neighborhoods. Rural areas may qualify for USDA 100% financing. If your property is in an area that has special financing available use that information to help market your project.

4) Get an appraisal. This may seem like a needless expense since your Realtor is advising you on market value but it can give you and your potential buyers additional peace of mind. There is also another reason and this has to do with #5 and # 3 so pay attention.

3) Make sure the improvements meet FHA requirements and bring the property up to FHA standards. Not every property qualifies for FHA, multi family homes or homes at the higher end of the price scale may not qualify (please talk to your mortgage professional about this) but a large number of buyers in the current market are using FHA insured funds. Your property will stand a much better chance of finding a qualified borrower if it meets these standards. A certified FHA appraiser will be your best source for this.

2) Keep all your recipts. There are a number of reasons to do this. Of course you want to keep track of exactly how much you have put into the project for your own records but increasingly, mortgage lenders for the buyers want to know as well. If you keep these organized and in one place, if the buyers lender want to see them it will be painless to get them copies. This is even more important if you have more than one project going on.

1) TAKE PICTURES! They say a picture is worth a thousand words and when it comes to modern day underwriting this is proving to be true. Pictures taken before you start can often help tremendously in explaining increases in value. Typical underwriting says that the value of a property is only what the most recent purchase price plus the actual cost of improvements total if the property has been owned by it;s current owner less than 12-24 months. You can have all the augments you want about sales price vs. value but a picture of a trash filled, dirty, damaged property will go a long way to helping you win that argument.

If you have any questions about financing for investment properties please feel free to contact me any time.

The cold finger of dread on my spine

Fri, 21 Nov 2008 13:22:35 -0600

I woke up and felt a nameless fear. I stared around my bedroom in the early morning gloom and all seemed as it should be. Partner already up, I could smell the coffee, dogs still in sleeping, I could hear them snoring, no ill effects from my long run the day before, I flexed and all parts seemed to be operational.

I stumble out to the kitchen. The Business section of the morning paper was next to my steaming cup of coffee. Bail outs, crashing markets, massive layoffs, blah, blah. Same old, same old. My sleep addled brain couldn't put a name on the feeling of dread lingering in the back of my mind but it was there. A cold finger caressing my spine, causing me to look over my shoulder and wonder what is coming?

Shake it off, shake it off. Nothing a second cup of coffee and a hot shower can't banish. Off I go. Shower is steaming, coffee is precariously perched next to curling iron, all is well and then I see it. Hanging innocently from the back of my closet door, the suit. The grey one. But all my suits are grey (or black) This however is the suit, the one that that gets trotted out for interviews, none of those scheduled, the one I wear to closings, unfortunately none of those schedule either, and the one I wear when I cold call.

AAHHHHHHGG! COLD CALLING! Realization poured down on me like being caught in a storm. I nervously checked my schedule. Yup. Today I had scheduled myself for 3 hours of cold calling. 3 hours of driving around, showing up without an appointment, trying to get past the dragon lady at the desk to meet with Realtors.

I hate this. Truly, honestly hate it. I prefer to schedule appointments with people at a time that is convenient to them. I prefer to give an out line of what we will talk about, what value I can provide. I don't like people dropping in on me and I hate to do it to other people.

As I dried my hair and desperately looked for a pair of hose without a run I made every excuse my newly caffeinated brain could think of, old school way of marketing, rude and intrusive, ineffective use of time, no one actually goes to the office anyway, if they thought I could be of service they would have returned my calls. I had myself just about talked out of it. The dread was receding with the thought that I wouldn't have to do this when I remembered the sales trainings I used to give. Telling people to step out of their comfort zone, that nothing replaces face to face meetings, that persistence coupled with a valuable service will equal success.

Time to buckle up your chin strap Girlie, you're going in. I didn't walk out of any office with a handful of leads, I didn't expect to. I did make a few contacts and had several nice conversations, even with the dragon ladies. This is what it's all about.

When you wake up with that feeling of dread, knowing you will be stepping out of your comfort, take heart. I'll bet it won't be as bad as you think!

I need no warrant for being

Thu, 20 Nov 2008 14:54:54 -0600

and no word of sanction upon my being. I am the warrant and the sanction. ~Ayn Rand Anthem

Just when you least expect it, you open your email and you see a contact from Active Rain. This normally means good things. A referral, a question one of the members needs help with, the opportunity to earn business!

Sometimes though, it's the dreaded MEME. This one came at me from an unexpected source. A new associate, Eric McGowan, had tagged me. I quickly responded to him that I would get to it soon but tragically I have NO BOOKS in my new office. I went home that evening with every intention of completing this from my home office but "dinner happens". This has been going on for several days, meaning to do the MEME, not dinner.

Today I got tagged again, from a more expected source, Jennifer Bukaty. For some one who reads as much as I do, this should be easy! Still no books in the office and since my reading lately veers from Chick Lit to hard core Economic books I'm not sure I'd want to bring any in.

What really is a MEME but a request to share information about yourself? So rather than following the page 56, third sentence guidelines I'm going off the reservation and am going to share part of something that is, in paperback, 56 pages long.

"That which you call your soul or spirit is your consciousness, and that which you call 'free will' is your mind's freedom to think or not, the only will you have, your only freedom, the choice that controls all the choices you make and determines your life and your character." This is part of John Galt's speech in Atlas Shrugged by Ayn Rand. I can't think of a book I more admire or one that is more appropriate in this time of bail outs and hand outs, in this age of entitlement.

This may not be in the proper format but it will certainly tell you something about me. MEME

Takin' it to the streets OR how Active Rain changed my life

Mon, 10 Nov 2008 17:02:48 -0600

Many people have told me recently that I'm crazy but I think I have finally come to my senses. It's been a long year with lots of ups and downs.

This time last year I was made an offer I couldn't refuse. I was offered a position as the Eastern and Southern Region Sales and Operations Manager for a wholesale lender. I was honored to be offered this chance when jobs were scarce, especially in the mortgage industry. This job gave me the opportunity to work in a different segment of the industry, behind the scenes if you will. It offered me the chance to work on a national level and enhanced my knowledge of secondary markets. I remain grateful for the faith that was placed in me and for the wonderful education I received. One of the things I loved about this position was being able to talk to mortgage brokers and lenders all over the country. These are my brothers in arms, their stories are mine.As much as I enjoyed the camaraderie, I felt like something was missing.

I posted my first blog entry on Active Rain in April of this year. I became addicted to the community. I am not always as Active as I would like to be but I'm trying. What do I love about this community? I love signing on in the morning, looking at the dashboard and knowing that I am connected to people just like me. I love reading the stories of good closings and the challenging ones, hearing your horror stories and your triumphs. I love seeing the advice given and the advice asked for, seeing the community help each other and heck, I love the occasional squabble.

The more Active I became the more I realized how removed I was from what I really love, how far I really was from being in the thick of things, how long it had been since I had qualified a borrower or attended a settlement. I missed all of that so much but I was apprehensive to make another change. As we all well know, this is a tumultuous time to be in the real estate industry and any change is nerve wracking. If it ain't broke, don't fix it.

Sometimes ya just have to jump. With the support I have received from the Active Rain community (those who knew I was making a change and encouraged me, those who have never heard of me but who's stories inspired me) I jumped. I resigned my prestigious (and salaried) position to become, once again, your 24/7 loan officer.

I'm taking this show on the road, I'm takin' it to the streets. If you are a member in the Lehigh Valley, expect a call from me. Heck, if you live in the Lehigh Valley and I happen to catch your eye in the grocery store expect to be handed my card. If you are one of my many on line social networking associates, don't forget I do mortgage loans for a living, I'm very good at what I do and I'm available to discuss your needs or those of your clients.

I may be crazy but I've never been happier!

How much can you really afford?

Wed, 05 Nov 2008 14:53:09 -0600

Now that's the 85 dollar question, isn't it? There are many wonderful resources that explain the information lenders need to pre-qualify and pre-approve you for a mortgage loan. Call me if you have any questions about this or need to be preapproved. Your mortgage lender reviews and verifies the information you give them and then they determine a payment amount that you qualify for. They will give you an idea of the loan amount and purchase price range you should be looking in.

This payment amount that you qualify for is your total payment amount. This amount includes your repayment of principle, your interest payment and your payments for real estate taxes, homeowners insurance and mortgage insurance as required. This is very important to understand since unless you have a specific property in mind, have already gotten the tax information from your Realtor and a quote from your insurance agent this can impact the amount of loan you qualify for. Huh???? Your lender already told you the payment you qualify for so why would the loan amount and consequently the purchase price change?? I'll let you in a little secret, unless the lender knows the exact tax and insurance payments we (gulp) guess. Please work closely with your Realtor so you are targeting neighborhoods where the combination of price and tax amounts will fit in with what you qualify for.

Now you know what you qualify for it's time to think about what you can afford. These are often two very different amounts. Your lender knows what your debts are but they may not know that you pay hundreds of dollars a year so your daughter can be a cheerleader or that you have an expensive gardening habit. Sit down and write out your monthly and yearly expenditures, build in regular savings as well as an emergency savings and add what your lender tells you that you qualify for in a housing payment amount. You might be shocked to find yourself left with a negative number when you subtract that number from your take home income. When you are figuring out what you can afford be honest with your self. Don't figure out what you can afford based on a raise or promotion you haven't gotten yet, don't discount your "fun" money and most importantly don't short your savings amount.

I will leave you with this, only you know what you can afford. Unless you think you can afford more than you qualify for. Don't be pressured by your lender, realtor, cousin, pastor or anyone to spend more than you can afford. Don't buy with your heart, buy with your head!

I want to talk about an American Hero

Wed, 05 Nov 2008 10:27:39 -0600

There has been so much said recently about Patriotism, Heroes and being a true American. I have kept my mouth shut (mostly).Election Day is really the day we celebrate being Americans. The 4th of July is a great picnic and the fireworks are always appreciated but Election Day is the real celebration.

The talking heads and pundits all have their take on what being a true American means. The armchair politicos and bar stool experts will tell you what they think Patriotism is and who they think is a Hero.

On Election Day my mind turns to someone I consider to be a Hero, a Patriot and a great American. He served in Vietnam, by choice. I'm sure he could have come up with some type of deferment but he didn't. He served his country because he felt it was the right thing to do. He came home from the war and was so ill treated for his service that he hesitated to tell people where he had been. This did not sour or embitter him to his country, he remains proud to be an American.

He owns a small business, has helped many people get started in their careers and has always paid his taxes. According to some, that alone makes him a Patriot although I'm not too sure. He is involved in the political process as an informed voter. He is not afraid to argue a position even if it is not popular. He is not overbearing in his opinions and is always willing to listen to the other side.

This man taught his children to be fair, to be aware and to be unafraid to stand up for what is right. He taught his children that liberal is not a dirty word and neither is conservative. He taught his children that every vote counts and even one person can make a difference. He practices what he preaches and in my mind this makes him a hero.

In a time when there seems to be a spin on everything from the environment to a candidate's wardrobe it's nice to know there are real heroes we can count on. We may not be able to vote for them but we can count on them to vote with us.

Thanks Dad!

To refinance or not to refinance, is that the question?

Mon, 03 Nov 2008 14:33:40 -0600

I have read so much lately about whether or not it is a good time to buy real estate. There are many factors in favor of doing so. Heck, it's a buyers market! I can't think of a better time to buy something than in a market that favors the buyer. I am surprised that my colleges have not given much thought to the other side of the mortgage business, that of refinancing.

Is now a good time to refinance your existing mortgage? I will go on record as saying now is a good a time as ever. There are some challenges to doing so but the principles of the buyers market spill over into the mortgage side of things.

There are a number of reasons you may need or want to refinance your mortgage and most of these have nothing to do with the market. You may be looking for a rate or term reduction to your existing mortgage. Either of these can potentially save you thousands if not hundreds of thousands of dollars over the term of your mortgage. You may need tofix in an adjustable rate or pay off a balloon payment. You may have taken out a mortgage that required you to pay a Mortgage Insurance Premium that you would like removed. You may need to refinance to take the mortgage out of someones name or you may want to refinance to add someone to the mortgage. These are all valid reasons to speak with a mortgage professional to determine what your options are.

Credit markets are tight right now. That means as a consumer you may find it harder to borrow unsecured money. You also may find that rates are going up on your revolving debt that you have already borrowed. You might want to consider taking some of the equity out of your home to pay for something you need such as education or a child's wedding or you may want to consider taking some of the equity out of your home to consolidate your other debt. These are all valid reasons to speak with a mortgage professional to determine what your options are.

When you seak professional advice, please be clear about what your objectives are. Remember, it is a buyers market and deals are available. Just remember my mother's advice, sometimes you get what you pay for. Never sacrifice trust and professionalism for a good deal.

Who does what and when? CLOSING

Mon, 20 Oct 2008 15:23:14 -0500

Yea!!!!!!! You have gotten your mortgage loan approved and "clear to close"! You are ready to go to settlement but, as you may have guesed, there is one more step.

The closing. To close on a mortgage transaction you need to have loan documents prepared, funds ordered and sent to the title/escrow company and a closing scheduled with all parties (you, the sellers, the Realtors and the title company).

The closing department needs to review the loan approval, the rate lock (usually handled by the mortgage processor and/or the loan officer) and the title report to accurately prepare your loan documents. Once this has been done, the documents are sent from the closing department at the lender to the closing department at the title company. The lender will give instructions to the title company on what to put on the settlement statement, also called a HUD-1. Once the title company has complied with the lender's instructions the lender will approve the final settlement statement and you are ready to close!

You will go to the scheduled closing and sign your loan documents. The closer from the title company will guide you through where you need to sign and may be able to answer questions you may have about what you are signing. If you have any questions about a document that they cannot answer please contact your loan officer before you sign it!

This is a complicated process but do not sign anything that you do not understand or doesn't look like what you agreed to. Questions at closing can save you so much time, money and heartache in the long run. Do not take anyones word for something that is not in black and white. Closings can be rescheduled, loan files can be re-underwritten, closing documents can be corrected but once you sign and the deal is closed you have an obligation that will last for the 10, 15, 20 or 30 years.

Congratulations! You're finally done.

Who does what and when? Underwriting

Mon, 20 Oct 2008 14:53:44 -0500

It's time. All your documents are in ordered, your property has been appraised and now you're ready to close right? Well, not quite yet.

Your loan application and all supporting documents must be reviewed and approved by an underwriter. What??? You may be thinking "but my loan officer told me I was pre-approved, the processor told me they had all the documents they needed". That is all true but ultimately your loan must be approved by an underwriter. The underwriter is the one who makes the final decision on your approval. It is their job to make sure that all of their company's guidelines for lending are met. They are not out to get you (although it may seem that way), they do not make stuff up to drive you crazy (although it may seem that way) and they usually don't get any pleasure in adding conditions to your loan approval (although it may seem that way).

The underwriter will review all of the information and make a recommendation based on the information that has been provided. Sometimes the recommendation is a denial. Typically though, the recommendation is an approval based on certain conditions being met. This is called a "conditional loan approval". The terms of this are sent to your loan officer and the mortgage processor. If items are needed from you, they will request those and they should notify you of they are waiting for items from other parties.

Once all the conditions have been met, the underwriter will issue what we in the mortgage business call a "Clear to close". This means that your loan has been final approved and can move forward to the lenders closing department.

Who does what and when? The title report

Mon, 20 Oct 2008 14:28:49 -0500

Okay. You know what your loan officer does for you, what your mortgage processor's role in your loan transaction is, who will order the property appraisal and have a basic idea of what they look for and now on to the pesky title report.

This is very State specific so I will only give a brief overview of this step. If you have a relationship with a title/escrow company or an attorney who does this type of work you can certainly use them. Just let your mortgage processor know so they can check to make sure this company is approved with your lender. If you do not have a relationship established, in purchase transactions I typically advise that you use one of the companies that your Realtor recommends and in refinance transactions I typically advise going with one of the companies that your lender recommends.

The title company will order a courthouse search of the property and compile that information into a preliminary title report. This will include the current and previous owners, the legal description of the property, any easements or other issues as well as any liens against the property. Any liens must be cleared prior to or at closing. If you are purchasing the property, this is the seller's responsibility. If it is a property you own, you will need to take care of the liens.

Every lender requires title insurance and when you buy a home you also need it. This protects you from title defects (undisclosed liens, boundry disputes etc.) and it protects the lender's lien position.

The title/escrow company is also responsible for the actual loan closing, notorizing signatures on legal documents, recording of the mortgage and deed and dispursing any funds.

Who does what and when? The appraisal

Mon, 20 Oct 2008 13:49:16 -0500

You're now on your way to a mortgage loan approval! Just a few things you need before a final decision can be made.

Lets start with the appraisal of the property. This is a crucial part of any mortgage loan. This must be completed by a State Licensed/Certified Real Estate appraiser. The appraisal must be ordered by the lender to be acceptable in most cases. If you have an appraiser you know and trust, certainly give that information to either your loan officer or your mortgage processor but let them be the ones to place the order. If you don't know of anyone specifically that you would like to use, it's probably best to go with whomever your lender recommends. Most lenders have an approved appraiser list and will use someone from that list.

The appraiser will visually inspect the property, measure it and take photographs of the property inside and out. Please don't confuse the appraiser with a home inspector even if the appraiser may make comments about the condition of the property. They are there to determine the market value of the property not the structural soundness. Typically an appraiser will only note obvious defects as they relate to the marketability of the property.

After the inspection is completed the appraiser will research comparable sales. These are often call "comps". Some of the guidelines for this depend on the lender, property type and location but here are a few basics. The appraiser looks for recent (within the last 3-6 months) sales of similar properties that sold near the subject property. In urban areas they could be looking within blocks, suburban areas 1-2 miles and rural areas 5-10 miles. Once the appraiser finds several sales, usually 3-5, they will make adjustments for differences between those "comps" and the subject property and arrive at a fair market value for the home.

**See my next post about the title report**

Who does what and when? Mortgage Processor

Mon, 20 Oct 2008 12:37:35 -0500

Congratulations! You have found a loan officer and have qualified for a mortgage loan. You have found the home you would like to purchase or have decided to refinance the home you already own.

What happens now?

Your loan officer gives your file to a mortgage processor. The mortgage processor takes all of the documentation and information that you have given to your loan officer and puts the file in ordered for underwriting. The mortgage processor will order the appraisal on the property, coordinate with the title/escrow company and compile any other documentation that may be needed for underwriting. They may need to contact your employer for a Verification of Employment or your landlord for a Verification of Rent. Don't be surprised if the mortgage processor contacts you directly if they need more current asset statements, further explanation of anything that you have already provided or anything else that might arise when they review your file. Once they have sufficient information, they will transfer your file to an underwriter.

Every mortgage company defines "sufficient information to underwrite" differently. Your loan officer or mortgage processor can let you know what their company requires. Many mortgage companies require the appraisal and preliminary title report to be included when your loan file goes to an underwriter.

Lets assume that you will need these items before an underwriter reviews your file.

Who will appraise the property and compile the preliminary title report?

**See my next posts for an explanation**

Who does what and when? Loan officer

Mon, 20 Oct 2008 12:11:07 -0500

The mortgage process can be confusing and it seems to be getting more complicated as we go along. There are so many people involved in a mortgage transaction and I think it might be beneficial to you, the consumer, to understand who all these people are and what functions they perform. This will start a series of posts on the different stages of the mortgage transaction, who does what and when.

Loan officer- This is usually the person that you have the most, if not all, contact with during the mortgage process. Your loan officer's first job is to interview you. The interview part of the process is where you and your loan officer determine what you are looking to accomplish with the loan you are applying for. Once you have established your goals, they will ask you a number of questions regarding your income and job history, your personal assets, your residence history and your credit history. Be prepared to supply your loan officer with proof of your income, your assets, your housing payment history and explanation letters if you have had any credit problems, gaps in employment or drops or increases in income. Your loan officer will review the information you have given and assess that against your goals. This is the qualification part of the mortgage process. Be prepared for this to take several hours or as much as several days. Your loan officer will present you with a proposal of what you qualify for and what costs and fees are to be expected.

Congratulations! You and your loan officer have found a mortgage product that will accomplish your goals! If you are purchasing a property your loan officer will provide you with an approval letter that will need to accompany any offer you may make on a property. This letter will tell your Realtor the price range of homes that you are qualified to buy and will assure the seller of the property that you wish to purchase that you can obtain the necessary financing. HAPPY HOUSE HUNTING!

Now you have found the perfect house or you are refinancing the perfect home you already own.

What happens now?

Your loan officer will deliver your file to the MORTGAGE PROCESSOR.

**See my next post about what a mortgage processor does for you**

Let the good times roll!!!

Fri, 17 Oct 2008 16:10:03 -0500

Laissez les bon temps rouler! I am so glad that the good old days are finally back. I'm not minimizing the economic turmoil that many of us find ourselves in, I'm just glad it is finally business as usual.

I'm not a Realtor. I'm a mortgage guy (gal). Thankfully, I do not deal with negotiating short sales or REOs. Thankfully, I do not have to deal with sellers who think their homes are worth thousands more than they are. I might be writing a different post if I was a Realtor. I got into this business when the highest LTV available was 90% unless you qualified for a government loan, when 7.875% with 2 discount points was a great rate, when (gulp) you had to document all your income.

The longer I stayed in the mortgage business the less sense it made. It was like working on the midway at a carnival. Hucksters and rubes running the show. The lights were bright, the noise overwhelming, the lure irresistible. It gave me a headache. I always loved the mortgage business. Every loan is like a puzzle. You're given the pieces and have to put it together. It takes superior knowledge, a clear head, excellent communication skills and creativity to be a good mortgage guy. No fun house mirrors required. It stopped being fun for me several years ago. Honesty didn't matter, common sense didn't matter, knowledge didn't matter. I actually talked with other mortgages guys who told me they made all of their loans through stated income products because they didn't know how to calculate income. Lie down with dogs, wake up with fleas.

I had more respect when I sold used cars than I did the last few years as a mortgage guy. "Step on up young man. Try your hand at the real estate game. You don't know how to play?? Well never you mind, step on up and win that pretty lady you're with a prize!" No wonder no one trusted us. No wonder I felt beaten and down trodden.

What has changed? It was so gradual I almost didn't notice it. I was sitting at my desk, figuring out the income for a self employed borrower. Adding depletion, subtracting business paid expenses, recalculating depreciation. This is laissez les bon temps rouler??? YES! I finally feel like a true professional again. My expertise matters again, my hard work will be appreciated by my clients and my investors.

I am thrilled to be a mortgage professional in a time when true professionals are greatly needed. I am thrilled that the lights have dimmed, the cotton candy is gone and the bearded lady is buying up investment properties in Florida for pennies on the dollar rather than selling mortgage loans. I am thrilled that you all are here with me. Let the good times roll my friends!

The odd thing about friendship

Fri, 03 Oct 2008 15:14:55 -0500

I don't think it's nice to throw things at people but some times it happens. I was basking in the pathetic glory of my first featured blog yesterday when *pow* I got hit with a ball. It was called a friendship ball. I live in dread of these things (go away meme go away). I am not at all literate when it comes to the technical part of blogging. No cute photos or helpful links in my blog. I have not expanded my network on AR the way I plan to in the future so no large group of associates to tap into when *thwack* you get hit with a request like this.

I tried to ignore it but she won't let me. So I got to thinking about this whole friendship thing. Who are my friends? I realized I am very blessed. Here on AR I am surrounded by friends. There may not be great quantity but the quality can't be beat.

I have several old friends here on the Rain.

Jason Sardi (I'd add a link but I don't know how). I don't even know where to begin, or where to end come to think of it. I have known Jason, affectionately known to many as Sardipants, for a ridiculous amount of time like 10 years. He has always been a strange and twisted individual. No wonder he's so close to my heart. I have watched him grow as a person, a business man and now as a writer. Jason opens his heart easily and closes it regretfully and only under severe provocation. If you don't know him, go read his blog and you will. He's about as real as they come.

Scott Geary (still can't figure that link thing out). Aka Scooter, Long Stroke, The whale. My best friend, my lover, my brother in arms. I haven't know Scott quite as long as I've known Sardi but since I live with him I know a lot about him that I don't about Sardi. This is a good thing. Scott is one of the most caring people I know. Although he's been in the mortgage industry forever and a day, a little known fact is that he holds a degree in Social Work. Scott is passionate about everything he does whether it's helping someone buy a house, his golf game or getting to the bottom of that Dewars bottle. My life is better for him and would be very bleak indeed without him.

Then I have some new friends that I have made through the Rain.

Sandra Cummings (how the hell do I add a link???) Since I haven't known her that long I don't have a nickname for her. I will say *ouch* she's the one who threw the damn ball at me. Through some convoluted emailing I think I have to post this or go clean her house. Here I am. At a time in my life when I thought I didn't need new friends, along came Sandra. She is opinionated, funny and brave enough to spend the night at my house. I am so pleased that I know her, even if her husband is nuts.

Dan Cummings (will someone please freaking help me get this link thing?) Another old friend, Bill Engleman, has a saying "crazier than a sh*t house rat" . I think that sums Dano up. 4am lawn mowing for heaven's sake! He does have excellent taste in women (see above) though and his wry, dry sense of humor is not to be missed. Also, when I grow up I want to run as well as Dan. He totally kicks my ass.

I'd write about Jennifer Bukaty but Sandra already hit her with a ball and Jen posted a beautiful blog that I'd link to if I could only figure out how to!!!!!!!!!

No sex, drugs or rock n' roll (or AR for Real Estate not Politics)

Thu, 02 Oct 2008 10:49:26 -0500

Wait. That's not it. No discussion of sex, politics or religion with strangers. At least that's what my mother always told me.

I have been a member of AR for some time now. I have never seen so many posts about politics before. This is not to say that there haven't been many relevant and important political issues since I have been a member. I just haven't seen the volume of posts that have popped up in the last few weeks. Nothing like an election season to get the armchair politicos going.

My distress with this is twofold. First, the issues that are facing us are serious but why jump on the band wagon when it's too late, when all that's left is mud slinging, name calling and assignment of blame. Point the finger at the conservatives, the leftists, the bunny huggers and the power brokers but look in the mirror first. The blame rests with us, the apathetic voters. The blame, my friends, rests with those who say "I don't vote because (fill in the blank)". Blame the guy at the end of the bar (or on their computer keyboard) spouting opinions on issues they haven't bothered to research. When was the last time you voted in a non presidential election? Do you know who your state representative is? Your Congressman? Your Senator? Do you know how to contact them? Shame on anyone who is dissatisfied with the direction this country is going in and hasn't made their voices heard by the people entrusted to speak for them. Shame on anyone who voiced an opinion here on a social networking site but hasn't shared that opinion with their elected officials. The issues are serious but this is not the correct place to get your voice heard.

The second thing that bothers me about all of these political blogs is that AR is a REAL ESTATE networking site. I assume that most of us are here for BUSINESS purposes. There has been a lot of nastiness posted, photos of one candidate shining another's shoes, video clips of interviews with scathing commentary about villages and their idiots. Okay, I admit it. Some of this does make me laugh, heck I'm human and as opinionated as they come but this election season will only last another few weeks. What you post on here can last for a very long time. You may be a wonderful Realtor, loan officer, inspector, stagger etc. but you may be alienating potential clients and referral sources by so voraciously expounding on your political views. Even if someone agrees with your view point they may be turned off by the lack of professionalism.

If you are a truly committed advocate of your political beliefs I commend you. If you walk the walk and talk the talk you have already delt with the consequences, positive and negative and are prepared for the backlash that can come from strongly voicing beliefs that may not be shared with others. If you have posted about a bill or issue that you have researched and effects our business, good for you. However, if you are an armchair politico who only comes out every four years, I suggest you take my mother's advice.

No sex, drugs and rock 'n' roll. No, that's not it. No discussions of sex, politics or religion with strangers, especially ones you want to do business with.

Five Martini Friday

Fri, 05 Sep 2008 21:53:17 -0500

This is it. The tradition for my girlfriends. We're old enough to be MILF's but not quite old enough to be cougars. Friday night has always been girls night. That's not derogatory, quite frankly we'll always be "girls" to each other.

Friday nights are to relax, let down our guard and to tell war stories about our week. When we were much younger, we made battle plans for the weekend and talked about boys. We married those boys and weekends usually consist of housework but we still value our time together.

I am the only one who works in the real estate/ mortgage business. Not too long ago I held the envy of all the five martini girls. I had a career I loved, a man I loved and was making money hand over fist. I usually picked up the tab.

I no longer hold bragging rights to the best career or the most money. My Volvo has been trumped by the Audi 6. It has taken the better part of one year to realize that I still have a career I love, a man I love AND THE MONEY WILL BE BACK so I still have bragging rights.

In the best of times it is so easy to take for granted all the things you love. It takes the hard times and the challenges to really appreciate what is real and worthwhile.

So I'm off to have # 4 and give that man of mine a kiss. The girls understand. I'll catch y'all after # 5.

Are you going to be a wimp?

Fri, 05 Sep 2008 15:57:25 -0500

Or are you going to be strong today? -Peter Maher

I have been asking myself this every evening. A group of friends generously volunteered me to run a relay leg in the Via of the Lehigh Valley marathon. I never say no to a challenge and figured this would be an easy one. Went out for my first training run about a month ago. Damn near crippled myself. I guess I should have started out slowly but that's really not my nature. So much for it being easy.

Every day, after about 10 hours of work, I change out of my skirt and pumps into smelly running shoes and battered shorts. I get in my car and head to the park. Am I going to wimp out? Turn the car for home and the frosty martini that surely waits for me? Or am I going to be strong? Run my 5 miles and keep my end of the bargain?

I run really slowly so I have plenty of time to ask myself this question again and again. I think about a lot of things during my runs but it all circles back to wimp or strength. Strength has been winning. It's partly because I'm too stubborn to quit but mostly because other people are counting on me. The gals on my team need me. I can't let them down. They are my strength.

It occurred to me, much later than it probably should have, that this concept applies to all aspects of my life. Not just running but work, family and other commitments. I need to be strong and successful because the company I work for depends on me, my loved ones depend on me, heck my dogs depend on me. If I wimp out I'm not just letting myself down, I'm letting them down too.

Ask yourself before you walk through the office door or your front door "Are you going to be strong today or are you going to be a wimp?"

Well I must be off.

"The woods are lovely dark and deep, but I have promises to keep, and miles to go before I sleep, and miles to go before I sleep." Robert Frost

Price vs. Service

Wed, 11 Jun 2008 11:28:06 -0500

I had a conversation the other day with a friend who used to work for a rival wholesale lender. Unfortunately he didn't survive the blood bath of the mortgage industry melt down but he still loves to tell war stories.

We discussed the fact that the playing field has pretty much evened out in the past year. No lender has a product that sets them apart from the rest. You have your conventional lenders, your commercial lenders, your hard money lenders. You might happen upon a lender like me who offers several of those options but in each option set, the difference between me and my competitors is not great in terms of the products we offer.

If product from lender to lender is relatively the same, what do we have to offer to set ourselves apart from one another? That's easy. Price or service. I talk to mortgage brokers all day, every day. I even go home to one at night. They would all like the best possible service and the lowest possible price. Let's have cake and eat it too!

Seriously, as a business person, you have to individually decide which is more important to you. The best possible price may come with a 3-4 week turn time in underwriting. The fastest underwriting times may come with a price that is 100 bps higher than your best priced lender. You may find a middle of the road lender with so-so turn times and a decent price but they may consistently approve your loans with conditions you cannot meet.

Why, oh why can't we have it all? To put it in a nut shell, service costs money. To have super fast turn times, you need more operational staff. To have fair underwriting decisions you need to have funding flexibility. To offer the best price you may need to cut back on key operational items. Knowledgeable account executives who can guide you and your loans through the complicated guidelines that are the norm in today's market are paid more than telemarketers.

What is the most important thing? Closings. It's up to you to decide the most effective way for you to achieve them. Just keep in mind that the lender who most suits your needs on one transaction may not be the best one for another, especially if you are dealing with a purchase transaction that has a drop dead date.

Sometimes you meet someone who changes everything

Thu, 29 May 2008 13:42:30 -0500

There have always been turning points and defining moments in my journey through life. Sometimes these are major events like a graduation or divorce. Some of these defining moments have been less easy to define, more ambiguous as to their meaning, like the time my baby brother asked for a loan and I turned him down or the time I stayed up all night to watch a foal come into the world.

I had one of those more ambiguous turning points a few weeks ago. I'm just now understanding the impact. Sometimes you meet someone and it changes everything. You might fall in love or you may meet someone who is so abhorrent that you swear you will do everything to make sure you are nothing like them. Sometimes that person becomes very important to you. A lover, an enemy, a hero, a friend. Sometimes you meet someone with a message that you hear. Really hear. They aren't so important as what they had to tell you.

I was at a, gosh what do you call it? A business networking cocktail hour? A social meeting of business people? Wait, I've got it. I'll call it an AR happy hour. That sounds less awkward, I think. I dreaded going. I'm good at that sort of thing, idle chit chat with complete strangers, banal discussions about the "market", keeping the white wine intake at socially acceptable levels (ooh, maybe not that but I digress). I am good at it, I just don't like it. (this gathering turned out to be great fun. I had an absolute blast and really enjoyed all of the people I met. That is a whole different post. Oh wait, Dan beat me to it)

It started out as expected. Stilted conversation amongst strangers, nervous glancing around for the waitress, jaded real estate industry professionals dancing around the fact that the "market" is terrible without admitting that we personally are feeling the pinch. Ugh. There was someone in attendance who didn't quite fit in with all the rest. Maybe it was because she was the youngest. Maybe it was because she wasn't wearing a suit. Maybe it was because her discomfort was apparent. I'm not sure what it was but I am eternally drawn to the outsider. I struck up a conversation with this young lady. She was bright and enthusiastic. Absolutely thrilled with her career in real estate. Ahh, the naive and inexperienced I thought. She hasn't realized yet how tough this field is. She doesn't know the attrition rate of new people in this business. She told me that she had sold a house last year. One house. She was very proud of this accomplishment. She then told me she had already closed 4 deals this year and was going to sign her fifth contract the next day. Hey, not bad I thought. I know a lot of seasoned Realtors and Loan Officers who have not had 5 closings yet this year. Maybe the kid knows something I don't.

As it turns out she did. She knew how hard her chosen profession was going to be, it was going to be tough. She welcomed the challenge and glowed with her accomplishments. She wasn't discouraged, downtrodden or bitter. She knew she was going to succeed and she was working her rear end off to make sure she kept getting better! Easy for her you may say. She hasn't been around long enough to feel the pain the rest of us have. Easy to be bright eyed and bushy tailed when you're too young and new to know better. I don't think this young lady is overly optimistic. I think she is enthusiastically pragmatic. She seemed like a fighter. I mean that in the nicest possible way.

How did this chance meeting change everything? Not in any dramatic way. It's just that over the last week or two, I remember this girl. Every time I'm frustrated with my job, the minutia of my daily existence I remember her enthusiasm. It reminds me that I too am a fighter. Not just that I don't give up but that I enjoy the challenge. The frustrations are challenges to be met head on and remembering this girl reminds me how lucky I am to have such a career. It puts a slight smile on my face, an extra bounce in my step.

Sometimes it's not who the person is but what they have to tell you.

Super 8, not the motel, the Meme

Wed, 28 May 2008 11:40:10 -0500

I thought Meme was the gal on the Drew Carey Show with the scary blue eye shadow but apparently I was, as usual mistaken. Thanks Sandra.

Who is your favorite musical artist? I do so hate to be unoriginal but Fleetwood Mac with Stevie Nicks is right up there. I saw them a number of years ago, lawn seats, perfect summer night, slight breeze, Stevie belting out Landslide. One of those perfect moments. Prince is right up there at the top as well, he is incredibly talented and has helped so many artists. No conversation about my favorite music would be complete without a mention of Metalica. I could go on about the talent they have as musicians, the longevity of their careers but I won't. They rock. I like that.

Who is your favorite artist? I grew up in some tough neighborhoods so I know several artists who can make amazing art with cans of spray paint but I will protect them by not mentioning names. I also know a few tattoo artists who create art from the human canvas. Very cool, but creepy to hang in a museum. My favorite "regular" artist is Marc Chagall.

If you could meet anyone (alive or dead), who would it be and what is the most interesting thing about them? Ayn Rand. Elizabeth I. My biological mother.

What did you want to be when you grow up? That's easy. The President.

Who is your favorite blogger? Bukaty, Sardi and Lenza. Also some dude named JL. Funny stuff.

What is the most interesting piece of trivia you know? The childhood song/game Ring around the Rosie is about the plague. Okay, morbid, but I do think about that every time I hear kids singing that. Oh, and Pop goes the Weasel is an old English drinking song. Maybe this is why I don't have kids.

If you could live in any point in history when would it be and why? Like the Van Halen song "Right Now, Right here and now"

What was the most interesting job you've ever held? Sales training for car dealerships. I got to travel all around the country teaching used car guys how to sell. You want to talk about interesting???

Now lets see. For the next 8.

Bill Engelman.

Yup, that's it. he's the only one I know who hasn't already been tagged.