Tax Credit Extension News - Stick to What You Know - 06/29/10 11:58 AM
I facilitate mortgage loans. It's what I know. If someone asked me how to sweat a copper pipe, I wouldn't be quick to give them the step by step break down. And that is simply because I am not 100% sure of what I am talking about. Which brings me to my point...
If you don't know what is going on in the mortgage industry, refrain from speculating.
Some people love to project that they know everything and that they are the smartest in the class. Even the media perpetuated the falsehood that the extension to the tax credit was passed. … (2 comments)

Occupancy Fraud - It Can't be Done - 06/24/10 12:52 PM
While caveat emptor is the property law doctrine that governs real estate sales, buyers of real estate best be warned about how they represent themselves lest they be on the accusation end of occupancy fraud.  
Like a forensic team closing in on a homicide suspect, underwriters can smell a property fraud scam miles away. If your buyer is purchasing a new owner occupied property, they should prepared to expect closing delays if the lender has any concerns about occupancy fraud.
And there are a number of red flags:
Buying two properties in a short period of time Buying down (from … (19 comments)

Real Estate Contracts - It's Just Business, Nothing Personal - 06/17/10 09:57 PM
Just another cautionary tale in a sea of industry constraints: keep the personal property out of the sales agreement.
While pool equipment and flat screens and brand new hot tubs typically sweeten the offer, they can neither:
Be described in the public remarks about the property in: MLS, Realtor.com, or any other Internet-based home buying source Be written into the contract as part of the deal As you know, while there has not traditionally been anything wrong with advertising the extras and while the detail tells the buyer whether or not the slate pool table in the family room conveys; the … (2 comments)

Mortgage Loans, Weddings, and Photocopies - 06/15/10 10:39 AM
When you've been in the mortgage industry long enough, you may think you've seen everything; but alas, you still haven't.
One of our recent mortgage loans was for a newly married couple who decided to use their cash wedding gifts toward the down payment of their first home. It sounded like a great idea in theory, but knowing we make mortgages, we don't make sense; I wanted to check with my underwriter to see if this was even possible.
I received an email from the underwriter who said, and I quote: "In addition to the copies of the checks, I will … (2 comments)

Mortgage Loans and HO-6 - 06/06/10 03:41 PM
Whether you're a mortgage broker in Tampa, or a Realtor anywhere, you're probably complaining about something. The world in which we live is in constant flux and the thing that you didn't need yesterday to get the deal done, you sure as heck need today. Navigating clients from offer to closing has never been trickier.
The condo market is starting to see some action again and carries what appears to be a little known fact about the insurance governing condos and townhomes (even though this HO-6 condo policy has been in effect since December of 2009).
Basically, as you've probably encountered....it … (0 comments)

Credit Myths - 06/03/10 08:53 PM
For anyone buying real estate, it's pretty obvious that you need to prove to mortgage lenders that you have a good credit score and are responsible. But many myths persistent about what is good and what is bad for your credit.
To that end, here are some ugly credit history truths that are commonly misconstrued and will hopefully assist in alerting your buyers to pitfalls:
Truths:
Don't close credit cards that have established a history for you; if you close the cards you are shutting the door on the history you created. The only time you want to close a credit … (0 comments)