mortgage: New Conventional Flip Rule! - 10/09/09 08:07 AM
ATTENTION! Mortgage insurance companies are adapting a similar rule as FHA in regards to flipping properties. This will impact the mortgage market starting 10/12/2009, not leaving us with much time. If you have Conventional buyers above 80% loan to value, please make sure the mortgage insurance has been ordered prior to this date. This is coming out at rapid speed 3 out of 5 mortgage insurance companies have adopted this rule. The other two are in the process and have strict requirements to do a loan under 90 days and I believe they will be changing their rules as well within … (2 comments)
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mortgage: PART TIME Real Estate Professionals....Either Get In or Get Out! - 08/31/09 08:54 AM
As the month of August ends I regroup and think of what could I have done to improve my business and the communication with my clients? It then dawned on me that this was an unusual month. I was working with three buyers and no matter how much I encouraged them to work with agents that I knew was competent and proficient at their job, the buyers went with a family friend. I knew this was going to be trouble, not only was this dealing with family in the 2 out of 3 cases, all three of them worked full time jobs!
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mortgage: Calling All Parental Tips for...Acitve Rain BABIES!!! - 08/14/09 10:09 AM
So here I go, I was asked to help the Womens Council of Realtors to learn a bit more about social networking. At first I thought "hmmm I can do this, I'm on this thing all the time" and then it dawned on me that I still have a lot to learn.
So I need your help, can you please help me shed some light on what your best starting tips would be for a group that has little exposure to Active Rain and Social Networking.
Think of this as a Social Networking baby shower and you have to write on the little … (1 comments)
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mortgage: Are Credit Repair Companies Really Worth It? - 08/11/09 09:47 PM
I'm struggling, I have two credit repair companies that I have been working with for a while now. I send them business, they accept the business I send by signing up the clients, take their money and then time goes buy...nothing. I have a client that 18 months later (at $69 a month) he is told by the repair company that his credit is 50 points higher and I then pull the borrowers credit and the score is lower than before and nothing has been done.
Unfortunately, I do not have the time to help these folks clean up their credit....this is what these companies … (8 comments)
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mortgage: Condo requirements have changed, are your listings ready? - 05/21/09 11:41 PM
Fannie Mae & Freddie Mac change requirements for condos, are your listings ready?
Read these changes below and make sure your condos are listings are ready for the changes before your closings are held up.
FIDELITY Insurance Coverage Requirement (for projects larger than 20 units)
The owners' association must have blanket fidelity insurance coverage for anyone who either handles funds that it holds or administers, whether or not that individual receives compensation for services. The insurance policy should name the owners' association as the insured and the premiums should be paid as a common expense by the association. The policy for … (4 comments)
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mortgage: It's Time to Get Over It....Things Have Changed. - 05/12/09 10:51 AM
There is more talk among Active Rain and local Realtors about the fall out on their files.
I would say your seasoned and new Loan Officers right now are relearning our jobs. ( I have never had a decline in my 7 year in the industry and then I had two in two weeks!) We have all had it way too easy for the past 7 years and now lenders are back to the old fashion way of doing business BUT with modern technology! Underwriters are overturning automated approvals; they are also running smart systems that search records everywhere for inaccuracies. (Ever see that … (0 comments)
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mortgage: Are you going to be cold this winter? - 10/16/08 08:44 AM
I hope that you won't freeze this winter but there are children and adults who will go without coats this year in Northern Colorado. National City Mortgage has kicked off their annual coat drive and I just had to let my friends at Active Rain know. (I blog about everything else) Although I know most cannot participate, if you have friends or family here maybe you can mention this to them.
We are giving a raffel ticket for every used or new coat brought in for a chance to win a SPORTS Wii!!! Last year we raised over 450 coats and we … (4 comments)
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mortgage: What is your HOOK, LINE & SINKER?? - 10/14/08 09:18 AM
I realized something was missing in my business.....
A really good Hook Line to my marketing pieces, email signature and blog posts. I'm a bit embarrassed that it took me this long to think of it and now I wish I had one. So I have been thinking and thinking of different hook lines, with nothing really good coming up and I then I remembered my brilliant friends at ActiveRain.
So may I ask, do you have a Hook Line in your business? What is your Hook Line? No I'm not going to steal it but I just need some ideas and direction. Almost a … (6 comments)
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mortgage: Turning current homes into rentals....think again! The rules have changed....again! - 09/22/08 03:31 PM
We just got information from HUD on changes with FHA in regards to a buyer turning their current home into a rental and using current rents to qualify for a new home. I'm still working out the details but this is going to change our market period, I can think of several who have the intention of renting out their property to buy again. Check all of your buyers that were renting out their properties to make sure they still qualify. To sum it up, there will only be certain circumstances in which using rental income will be allowed. These are the … (4 comments)
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mortgage: How much time do you put in? - 09/18/08 01:53 PM
As I come home after another crazy day, I have dinner with my family and my kids ask how was your day. After a deep breath I begin to go over it.....20 minutes later and the eyes of my family glazed over,I realize... that they just don't get it! So to a community of craziness...I want to know on average how many hours do you put into your business. Also, do you think that your effective 100% of the time or could you be better. I know personally I put way to many hours in, I have a hard time staying … (12 comments)
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mortgage: Whoops....a lesson learned. - 09/12/08 08:23 AM
I have a new buyer that I'm working on their loan, they are buying a new house (right down the block from their current home) that is already under contract. They are not happy with their current lender so the builder has recommended them to me. So back to working on the file, they have a current house that they are going to rent out. I apply the rent because they already have a rental agreement. I run the loan through the system....great credit and good ratios. I get an approve eligible with a new alert that I have never seen before.
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mortgage: Lehman & WAMU going down? I'm surprise it took this long. - 09/11/08 08:58 AM
The portfolio of products that these companies offered were CRAZY in the industry! Lehman or their mortgage company Aurora Loan Services were the first ones to come out with the 100% interest only, ARM, stated, investment loan! 100% investment loans are crazy but pushing it through as a stated is even crazier! WAMU has the a different problem that is coming to surface, investors are finally starting to take notice of what I have been saying for a while. WAMU & Countrywide were the front runners of the Option Arm, the negative amortization loans. These should have been brought up long ago as a … (10 comments)
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mortgage: Don't Trust Me....I'm Your Lender! - 09/02/08 07:17 AM
Can you believe that is what I tell every single one of my clients, be it a first time home buyer or someone down sizing? Guess what? They are listening!!! Instead of shopping me they are educating themselves by doing extra homework (that I give them) and making sure they are prepared at closing.
I explain to them that I'm a commission only employee, their closing of their home is what feed my children. How do they know that I will look in the best interest of them and not myself....really? After all, I'm not stuck with their debt for 30 … (4 comments)
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mortgage: Real Estate & Lending...can you really do both? - 09/01/08 04:02 PM
I'm more than a FULL TIME Loan Officer, I say more than full time because with all the changes, file issues, bank owned issues and the continued excellent service that I provide...it keeps me very busy.
I came across an Agent who is also a Loan Officer, he called me on a pre-qual letter that I wrote. He asked questions he shouldn't (credit score and other info about the buyers loan). He also demanded me tell him how I was doing 100% Mortgage for the buyers, which I didn't. He pressed me more and said well since i can't tell him how … (9 comments)
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mortgage: Pricing on FHA is beating a 20% down Conventional loan? Are you kidding me? - 08/25/08 10:03 PM
Okay, I'm shocked....I just priced out a 20% down Conventional with a 647 credit score, I just knew Conventional would beat FHA. NOPE, even with mortgage insurance FHA beat out Conventional. I'm not sure how I feel about this.
I can remember when 647 was a good score, there are pricing hits even with a 739 and 20% down. So the new walk on water credit score is 740+, who has that anymore? Scary considering that the average credit score for Americans sit around 670 ish.
So when the time comes, how do I explain to the buyer with 20% down that FHA … (9 comments)
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