Russ Martin's Blog - Archives August, 2007

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Who is Responsible for this Mess? - 08/20/07 10:39 AM

The Wall Street Journal ran a front page story a few days ago about a family in California who is at risk of foreclosure. I feel really bad for the family. Foreclosure isn't something I would wish on anyone. However, I am sick of the sob stories and I am sick the mortgage … (57 comments)

How Realtors Can Get Theirs Deals to the Closing Table Sooner and Without Problems. - 08/15/07 04:49 PM

Why is it so hard for Realtors to work in tandem with loan officers to ensure that the deals get to the closing table with no problem? You would think that since we are the ones holding the purse strings, Realtors would be more proactive in ensuring a smooth transaction. There … (4 comments)

Attention: New Underwriting Guidelines Announced! - 08/13/07 12:24 PM

Several lenders announced new guidelines today in effort to stem loses from poorly performing Alt-A and subprime mortgage loans. The new guidelines will ensure that borrowers are able to afford their mortgages and prevent future foreclosures.
Mortgage applicants must have 20/20 vision. Corrected vision with contacts will require a .5% … (5 comments)

Stupid Underwriting Tricks - How Efficiency is Killing the Mortgage Business - 08/09/07 01:49 PM

Which one of these clients would you rather lend money to? Which one would you expect would pay a higher mortgage rate? Which loan is harder to get approved? Which loan is more likely to go into foreclosure? Client A: This client is Joe Sixpack and a first time home buyer purchasing a … (6 comments)

Trump Mortgage - You're Fired (Again) - 08/07/07 09:55 PM

Looks like the Donald isn't immune to the mortgage meltdown. Trump Mortgage is closing its doors less than two years after opening, although Trump has sold licensing rights to First Meridian Mortgage. You may also remember that shortly after, I said that Trump getting into mortgages was the last straw and that it signaled … (8 comments)

What is in Your Wallet? Capital One Stops Screwing Their Customers - 08/05/07 12:03 PM

Capital One's advertising campaign did ask a great question. Using a Capital One credit card used to insure that there would be less money in your wallet. After years of stalling and excuses, Capital One has finally agreed to start reporting their customers' credit limits to the three major credit rating … (6 comments)

How Much House Can You Afford? - 08/01/07 10:57 AM

The question that I am asked most by potential homebuyers is "How much can we afford?" This is a loaded question. The first thing I tell my clients is I cannot tell you how much you can "afford", but I can tell you how much you will qualify to borrow. There … (3 comments)

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