Need a "pick me up" watch this kid - 07/31/08 10:32 AM
I was a fun loving all-American kid.  I loved to play ball, ride the bike and get dirty in the corn fields around my house.  But, I have nothing on this kid. 
I played ball with a kid name Eddie.  Eddie was a little different than the rest of us.  He walked with a limp and his right hand was a little deformed, but none of us made fun of him.  He was our friend, and he played his heart out.  He could not run fast, hit far or toss the ball like the rest of us, but he played better … (10 comments)

Water damage to your phone or electronic device - NO MORE - 07/29/08 04:13 PM
I have a bad habit. 
I take baths when I need to relax, but I hate to stop working.  I would rather read information on the internet, shoot out emails or do things on my Blackberry.  Now, before you get yourself in a stink.  I am very very safe and I do not have electricity near me when I do this. It is amazing what you can get done when you are so relaxed.
So, far, only one accident and that happened when I was getting into the tub and I dropped my old nextel into the tub.  I wanted a … (3 comments)

What are they thinking - 07/29/08 03:14 PM
I sit here mad and quite irritated...The House and now the Senate have voted and pass HR 3221.
here is are some of the finer points of this Bill
 - Seller Funded Down Payments Assistance - gone as of 10/01/2008
 - FHA will require original bank (who is agreeing to write down the old mortgage) pay FHA a 3% fee
 - Borrowers, agree to share profit from home-price appreciation with the FHA. including a 3% exit fee of mortgage principal to FHA whether they sell or refi, there is a 10% reduction a year the first 5 years, but will never … (11 comments)

Last Week - 07/28/08 09:05 AM
“Think of yourself as on the threshold of unparalleled success. A whole clear, glorious life lies before you. Achieve! Achieve!” – Andrew Carnegie, Industrialist
 
I want to pour this out in public to make sure to head off the rumors that I am sure will abound.
I am moving my office back into my home.  I am not shutting down.  I am not losing my office.  In fact, when you call my office next week you will still get me. 
Why am I doing what I am doing? 
 - overhead, having an office this size in Michigan City makes little … (7 comments)

The Last Lecturer dies - 07/25/08 10:43 AM
I know this video has made it's way around ActiveRain, but Randy Pausch, the professor who gave the lecture, died today.  He was 47.  The lecture he did was part of a series that if you knew you were going to die what lecture would you give, but ironically, he was dying.  Here is the lecture he gave, reprised for the "Oprah Show"
Please take a few moments and learn.
 
 
Nothing else needs to be said.
Dave
… (6 comments)

A new Series - 07/25/08 09:21 AM
I have been hearing that the Savings rate in America is the lowest it has ever been. 
Let me REPEAT that
The Savings Rate in America is the LOWEST it has ever been.  It is ever so close being negative.  We are spending more than we take in.  SPENDING MORE vs. Bring home.
Now, if that does not scare the hell out of us nothing will.  When DTI (debt-to-income) is more important than ever to getting approvals for home loans.  We need to be teaching our children that we need to save.  We eat out now more than ever.  We will … (3 comments)

Daily Quote - 100,000 in points and other things I have learned on AR - 07/25/08 07:38 AM
"Every morning in Africa a gazelle wakes up. It knows it must run faster than the fastest lion or it will be killed. Every morning a lion wakes up. It knows it must outrun the slowest gazelle or it will starve to death. It doesn't matter whether you are a lion or a gazelle - when the sun comes up, you had better be running."unknown
I love this quote, I have read it several times over the years.  All I know is I run and if you don't  you are toast
WoW, 100,000 points.  I never thought I would get here.  … (13 comments)

Believe - 07/18/08 11:24 PM
"To be a champ you have to believe in yourself when no one else will." Sugar Ray Robinson (1921–1989) Professional boxer
There are times that I doubt myself and there are times when people doubt me.  I know I will succeed when I believe I can do what I put my mind to.  Self-doubt will flood your mind and your surroundings if you will allow it, and it will drag you and your work ethic down. 
Believe, you can do it and you will
Dave Woodson
 
… (2 comments)

Another Short Sale Success - 07/18/08 02:46 PM
I was able to close a short sale in nearly record time after the bank approved the sale and the good news was that the bank broke even after my negotiating skills.  So, the seller did not get a short sale on their credit report.
My clients got into the home with no money out of pocket outside of the insurance will seller assisted down payment assistance and paying the closing costs.
Her father was a non-occupying co-borrower.  She now has a home with-in walking distance to her school job.
She lives down the road from her parents and all is … (3 comments)

Changes in FHA are better than you think part #1 - 07/18/08 11:40 AM
FHA has changed the UFMP funding fees and mortgage insurance structure this week. A FHA-insured home loan will now subject to a much maligned risk based pricing adjustment.  Please see the table below.
Now, with risked based pricing, FHA home loans will be a little more expensive for borrowers with not so perfect credit, but cheaper for  borrowers with more ideal credit.  Now, do not read anymore into that.  There is a cost to doing business here.  As in, do they want the house or not?  It will be a littlemore up front, but they will have a hosue and no more … (2 comments)

Identity Theft - 07/18/08 11:17 AM
 
Identity Theft
This week on the Mad Mortgage Machine show and podcast I cover a growing epidemic in the world of ID Theft and the fact that it is just not about credit cards and money anymore.
My special guest this week is Dave Mons from Dave Mons and Associates.  He is an expert on the subject of Id Theft and the areas that it hits in our world like medical and even tax evasion.
I know I am not doing it justice on here.  So, tune in this week on WIMS-am 1420 or www.wimsradio.com . 
I look forward … (8 comments)

Communication is the Lubrication in every well run Organization - 07/18/08 11:01 AM
 
“Communication is the Lubrication in every well run Organization"
I think that statement is the most important thing I have read this week.  I have been going through rough and tumble times here in the month of July, and my one constant has been the ability for me to communicate with my associates, my Realtor referral partners, my friends and my radio audience what is going on in the mortgage world. 
I heard talk of the failure of Fannie and Freddie and other companies.  How some people are comparing this to this 1930’s with runs on banks to pull … (2 comments)

300th blog - WOW - 07/14/08 04:32 PM
I guess I could not have picked a better day to do my 300th blog. 
The bond market is way up over 62 bps and we have had a couple reprices for the better.  So, I am floating almost all of my loans today.  Here is a short clip from my videocast. 
 
The Fannie and Freddie has me a little freaked out.  I will not voice my opinion on it quite yet until I get a little more reading done on it, but I am sure the FED and the Tresuary will not let them fall it would be instant … (5 comments)

Mad Mortgage Machine Podcast - 07/12/08 11:02 AM

 
I am Dave Woodson with Indigo Financial Group and I am the Mad Mortgage Machine. 
You can listen to me weekly show on WIMS-am 1420 every Saturday morning at 10:30am cst or you can listen online at WIMSRadio.com or you can download my shows here.    This week I talk about short sales, credit reports and short sales.  I ask a trivia question for a prize.
I am looking for some constructive crisicsm.  I know this week I was really really off.  I was dealing with a head wound after a tumble off of my friends back deck and … (3 comments)

Not as young as I used to be...I am Lucky - 07/10/08 11:34 PM
In my life, I have been hit by a car, been hit by an all-American guard, fell 18 feet on my back, played rugby, football without pads, and fell off not one but two cars hood surfing (think teen wolf). 
 
Last night, I was at a friends house to grab my computer that we has fixing for me.  As I was leaving completely sober, by the way, I took one misstep and I went tumbling head over heals over the his handrail.  I clanked my head off of the pavement as I was trying to protect my external hard drive, … (1 comments)

New Rules = Bad Ideas and Higher Rates - 07/09/08 09:53 AM
 
New Rules = Bad Ideas and Higher Rates
 
Amy Le wrote a blog this morning and I just wanted to expand my answers a little on my own blog.  you can read her blog here. 
The new rules Under the proposal unveiled last December, the rules would:
Restrict lenders from penalizing risky borrowers who pay loans off early Bad Idea: The Pre-Payment Penalty, I disagree with a 2 year ARM with a 3 year PPP.  I avoided this scenario at all costs.  That just sounded like an opportunity for gouging to me, but a 2 year ARM and 2 … (2 comments)

Lock, Float, wait lock no float - 07/07/08 12:33 PM
We are getting all kinds of head fakes today.  Oil was down nearly $4 dollars a barrel early which made stocks jump up as gold was down as well with strong dollar signals. 
Just got another update as I do this blog that oil is down $6 dollars a barrell.  It is going to be a wild and crazy ride as you know the bond market it has been a huge drop these past couple of weeks and we have seen an increase in rates.  If you are looking to close one soon, I would let it float through the day … (0 comments)

Welcome Home - 07/05/08 10:11 PM
Isn"t vacation wonderful, bit isn't being home that much better. 
I just had a had a great week in Kentucky along Lake Cumberland with family, enjoying two family reunions, and spending time with my wife and lovely daugther.  We same, laid out by the pool, had some great down home cooking and tall tales from aunts and uncles alike. 
But...
It is great to be home.  We cut everything a day short to drive home and rest at home before hitting the office on Monday.  It is great to have a team at the office that took care of my loans … (1 comments)

Mad Mortgage Machine Show #2 - 07/04/08 01:06 PM
I have lost my notes, I really cannot remember what I talked about this week.  Since, I recorded the show early this week.  I know I answered a question from a "Jane Doe" on a possible foreclosure of her home.  I will figure out when I back from vacation on how to post the podcast here in the meantime you can go to wimsradio and you can listen to this week's show or download last weeks show as well.  
I am still looking for some sponsors of the show.  I will be hitting some local businesses for sponsorship opportunities that … (0 comments)

Have a Happy Fourth - 07/04/08 12:39 PM
I am sitting here in the rain in Kentucky at my families reunion.   We have been meeting here since 1982.  We will have nearly 100 direct descendants of John and Grace Woodson attending the dinner this afternoon.  They had 11 children and from there things got crazy.  I have more cousins than I can count and lets not get into their children or even their children's children.   I am one of the youngest cousins and I will be forty next year. 
We do this every two years and our plans are to keep doing for years to come. 
I wish more … (2 comments)