va: CNET's Tips & Tricks Ends Online Course Program - 04/21/08 11:24 PM
I posted some links a while back to CNET and their free courses.
It seems that they are ending this service and you will have very little time to download your courses before they are gone forever. I hope some of you learned something from this free resource.
IMPORTANT: All class content (class … (10 comments)
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va: North Texas Realtor / Lender Happy Hour!! - 04/16/08 10:57 AM
Ok, I cut and pasted the email I got from Scott Harris...... and pasted it here since he doesn't post these here in 'The Rain'
I cannot attend this month, but if interest is there I will be happy to coordinate a meet & greet at this great event.
I have attended many … (3 comments)
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va: Foreclosure: New Fannie Mae Guidelines - 04/14/08 04:10 PM
https://www.efanniemae.com/sf/guides/ssg/annltrs/pdf/2008/0808.pdf
Fannie Mae has increased time in the penalty box for people with foreclosures on their credit report. Currently a 4yr time frame must pass and that has been increased to 5yrs.
No doubt this is in answer to the many borrowers who can pay their mortgage and elect to let their homes … (5 comments)
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va: Fannie Mae says no to credit scores below 580 - 04/02/08 03:00 PM
Fannie Mae is setting new rules about what mortgages it will buy, including a credit score threshold for the first time.
The District-based mortgage giant has told lenders it will no longer buy most loans made to borrowers with credit scores below 580, nor will it buy loans that have been … (10 comments)
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va: FHA Non Occupying Co-Borrower - 04/01/08 03:11 PM
FHA Non Occupying Co-Borrower rules in a nutshell.
Typically called a 'Kiddie-Condo' loan. FHA allows family members to help their kids buy their first home. Whether they are in school with no income or out in the real world and just need a little extra income to qualify.
FHA allows for a family … (6 comments)
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va: The Death of 100% Financing.... The End is Near!! - 02/12/08 12:31 PM
I got notice late yesterday that beginning March 1st, loans above 97.01% will no longer be eligible for PMI.
3% down payment may be the name of the game going forward.... and FHA Loans have never looked so sexy!!
Monthly PMI on Gov't loans is 1/2 of what you are charged on conventional loans. Yet, … (58 comments)
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va: The DallasLoanGuy Joins PrimeLending - 02/02/08 12:38 PM
A while back I informed my friends here that Maverick Residential Mortgage had shut his doors. I appreciate all of the kind words of support from those who called or wrote me with words of encouragement.
In recent days I have taken many phone calls from hiring managers and recruiters and … (29 comments)
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va: Maverick Residential Mortgage Shuts Doors!! Another One Bites The Dust!! - 01/16/08 10:09 AM
I wanted to wait and post this until after we made Lender Implode. Well, we have now and even made the Channel 11 News.
Rumors abound that the CFO went missing with $4MM and the FBI is on the case. But all that I can confirm to you is that payroll was … (29 comments)
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va: Bank of America buys Countrywide Financial for 4$BB - 01/11/08 09:13 AM
Noone Can Do What Countrywide Can..... NOT!! Bank of America just topped them.
Of course we knew this was coming.... Countrywide's Execs were practically asking to be purchased in the media. And the $2B loan a few months ago should have been the first clue.
Clue #2? Well, that would be the fact that … (19 comments)
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va: Get the Skinny on YOUR Neighborhood.... Great Resource for House Hunting!! - 12/26/07 02:55 PM
ZipSkinny.com was recently introduced to me by a friend. It looks like a wonderfull little resource for those in the Housing Market. A quick snapshot of what makes up your Zipcode is a click away.I simply put my 5 digit Zipcode into the box and click enter.
This tool uses 2000 … (15 comments)
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va: Two ActiveRain women spent the evening in my arms.... - 12/19/07 09:28 PM
Well, at least for the duration of this picture.... ( That's me in the middle )
I had the pleasure this evening to spend some time with Lorrie Semler and Karen Otto. As always, it is a pleasure to spend time with quality individuals who are committed to their segment of this wild and … (22 comments)
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va: I turned down a Fraud Loan today!!! - 12/04/07 11:53 PM
Loan Officers Beware!!!
The current market has the the 'Real Estate Investor' desperate. And they know most of the inside angles!!!!
I get a call today from a purported 'Real Estate Investor' that I will call Suzy. We will look at that term 'investor' later. But, Suzy recently bought a property for cash 2 months … (22 comments)
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va: Maverick Residential Mortgage Selected Among Top Dallas 100 Entrepreneur Award Winners - 11/27/07 02:31 PM
Maverick Residential Mortgage, Inc. was selected as 48th highest winner of the 2007 Dallas 100 Entrepreneur Awards at an impressive awards banquet Nov. 7. Executives and representatives of Maverick learned of their impressive finish at the gala held in the Morton Meyerson Symphony Center in the Arts District near downtown Dallas.Sponsored … (8 comments)
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va: MORTGAGE PRO Week in Review, Nov. 19 - 25 - 11/27/07 12:26 AM
I was honored when Jeff Belonger asked me to write this review. I don't consider myself the best writer on ActiveRain but I do have opinions and a wealth of knowledge to share.... So even with my lack of writing skills I have still found my voice here on ActiveRain and am … (32 comments)
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va: The other lender had a better Good Faith Estimate....... - 11/15/07 12:34 PM
That was the excuse I got today when informed that the borrower went with another loan officer to close their deal for them.
Thing is..... My quote was better!!! And then we learned that the borrower made a mistake. It seems that the 12 GFEs all looked the same and mine got … (14 comments)
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va: President Bush Pushes to Relax FHA Guidelines to Help Subprime Borrowers!! - 08/31/07 06:33 AM
We have all heard that President Bush wants to remove the 3% Down Payment requirement for FHA. His next move may be to offer FHA as Subprime Mortgage Relief.
The Wall Street Journal reports that the President will push to relax certain loan guidelines to allow FHA to back loans for … (16 comments)
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va: Help!! My ARM is adjusting, and I don't have the equity to roll in closing costs!!! - 08/03/07 10:42 AM
I have heard this one before. A borrower buys a new home with 100% financing with all of the closing costs rolled into the loan or Down Payment Assistance Programs were utilized. Now, that ARM is adjusting and they do not have the money for closing costs.
Desperate times call for … (27 comments)
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va: Low credit score? Just add some trade lines from a credit repair company..... - 05/14/07 03:02 PM
........ And 'go to jail'
I know all the tricks. I hear about the techniques. I know that people can read the "Fair Credit Reporting Act" or "Fair Debt Collections Practices Act" and use that info to remove some bad stuff from their credit reports. I have even seen folks get added … (4 comments)
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va: Zero Down Home Loans.... Alive and Well!!! - 05/14/07 01:12 PM
I'm still doing 100% financing in the Great State of Texas!!!
I got a call from a realtor on a deal we were working on together. She asked all of the usual questions about what I have done and what she could get for me to smooth this deal. Then came 'THE … (8 comments)
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va: Why An AVerage Of Only 11% Of Past Clients Return - 04/04/07 02:57 PM
In this competitive business of mortgage lending, relationship marketing is the most effective method to grow and maintain your business. Shockingly statistics show that 93% of purchasers are satisfied with the professional they used. However, only 11% return and buy from them again. Why? It's because they don't remember their name.Staying … (2 comments)
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va: A lot has been said about the Subprime market implosion... What about the other programs? - 03/15/07 02:36 PM
http://lenderimplode.com/is tracking the 'who's still standing' amongst sub-prime lenders
The Alt-A market is feeling some of the same pressures.... Loan guidelines are changing daily..... so much so that it is hard to keep up with what can and cannot be done.
The good news is.... the 'Full-Doc' loans are ok... the people who … (7 comments)
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va: How should Real Estate Agents respond to the recent tightening of Subprime loan programs? - 03/05/07 11:18 AM
We have seen the writing on the wall. Now, the hammer has dropped. Many subprime lenders tightening up their loan guidelines and 100% financing for subprime borrowers is getting harder to find.
How should Real Estate agents respond?
1. Align yourself with loan officers who have access to FHA/My Community loans.
2. Ask … (5 comments)
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va: Want that house? DO NOT pay off that old collection!!!!! - 02/23/07 11:37 AM
I burst their bubble today. That couple who took some bad advice from another loan officer last year and started paying off all of those little bills from 5 yrs ago..... well, they did it..... they got it all paid off!!!! And their credit looks like a train wreck. Their scores dropped … (0 comments)
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va: Who's driving the bus? - 11/24/06 12:42 PM
So... there is a real estate transaction happening.... who is running the show(who's driving the bus)?
A good realtor knows when to let go.......
I recently had a transaction go awry.... borrower left out some pertinent information so my approval went south. I had to change loan programs at the last minute(which means … (17 comments)
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