mortgage advice: MetLife Pulling out of the Mortgage Business - 01/12/12 04:17 PM
I was watching Fox Business News yesterday and confirmed it that MetLife is pulling out of the mortgage business. MetLife entered the market back in June 2008 when it bought a bunch of divisions of First Horizon Corp. They are now exiting out of this market 3 and 1/2 years later. This is good for me, because it is less competition, but this brings me back to my first thought after hearing this information. I am curious to understand why consumers continue to trust these big companies for their mortgage needs. Working for a very small mortgage … (4 comments)
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mortgage advice: The Ins and Outs of Understanding “the basics” of a Reverse Mortgage - 12/12/11 07:05 PM
In the last 60 days I’ve had 2 clients call me about looking into a reverse mortgage. I am not sure if I even shared with most that I actually DO offer this product and service.
First of all the Reverse Mortgage is NOT your traditional type of mortgage product. It does not follow the basic guidelines of lending, so most lenders do not offer it. Secondly, it does require that the loan originator has taken some additional courses and classes and stays up to date on the rules and regulations that go along with this product. I decided early last … (2 comments)
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mortgage advice: Scariest Home Mortgage Concerns - 10/10/11 01:48 PM
As we enter the month of October, and Halloween draws near, we wonder if a goblin, ghost or something scary is about to pop out at us. Many clients feel this same way with their home mortgage these days. Some of my clients are not even aware of what type of mortgage product they have until things can get very scary for them.
I had a past client the other day realize that he had an interest only product. The product made sense 6 years ago, but today the product scares the heck … (1 comments)
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mortgage advice: The Unspoken Truth about Short Sales, Loan Modifications and Foreclosures - 09/02/11 01:16 PM
With a struggling economy and an extremely weak real estate market, clients have been looking for real options to make their ugly real estate situation go away. Here are some questions from the unspoken that no one wants to talk about:
Should I Short Sale my Home?
Can I get approved for a Loan Modification?
How does a Foreclosure effect my credit?
When can I buy again after a Short Sale?
Is there a way to buy again right after a Short Sale or Foreclosure?
These … (3 comments)
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mortgage advice: Another Option to Lower Your Mortgage Payment! - 03/08/11 01:27 PM
Looking for another option to lower your mortgage payment? Here is some solid advice given to me by Joey Almeida with Cambridge Financial.
Another way to lower your monthly house payments, that you might not normally consider, is by reviewing your homeowner’s insurance policy. We find that people tend to buy more insurance than they really need by basing their coverage amount off of market value, rather than replacement value. Yet if your home burned down today, the insurance company would not pay you the full market value of your home; they would only pay you the cost to … (4 comments)
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mortgage advice: Is Your Bank Providing Accurate Mortgage Information? - 02/09/11 03:42 PM
I have a funny story to share with you that happened to me the other day and thought I would share. I got a call from my Bank. As most I do my personal banking with one of the bigger banks here in Arizona. Without mentioning names and protecting the innocent, here is the conversation that transpired. “Hello Gary, Hi this is ________ with XYZ Bank and I wanted to get a hold of you and share that one of your mortgages with us is eligible for the HARP program”. HARP stands for Home Affordable Refinance Program. “I noticed you … (3 comments)
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mortgage advice: Mortgage Information from a Credible Source: Meet the Mortgage Myth Busters - 09/16/10 02:10 PM
Is the information that you are receiving about mortgages coming from credible sources? I first wrote about the topic in general back in March of this year about welcoming web 3.0 to the real estate industry. Now fast forward to present, and I still run into numerous people who are getting BAD information from so many sources that have no idea what they are talking about when it come to mortgage advice. There are numerous sites out there now, that you can ask questions about mortgages, but these platforms unfortunately let anyone and everyone give an opinion. If you were … (5 comments)
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mortgage advice: Hiding material information about a borrower for a loan decision is Mortgage FRAUD! - 08/30/10 06:32 PM
I had a real estate agent call me the other day that I did not know. She was calling around looking for a lender to place a loan for her borrower. She specifically asked me if my company can offer her client a Fannie Mae HomePath loan. I told her yes, got out my yellow steno pad and started to ask her certain questions to uncover the best loan option for her borrower. In some states the new lending laws are pretty clear that a loan originator must provide a borrower the best lending option based on their situation. It just … (10 comments)
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mortgage advice: Prayer Vs. Credit Repair? You Decide! - 04/16/10 12:43 PM
Recently I encountered a situation with a very nice client and what he said to me took me off guard. I had a client that had some major credit issues. His best option to buy a home was going to be credit repair. I gave him all the normal advice about working and tackling the issues head on, but at the end of the day he wanted to use the power of prayer. Now I am not trying to make this into some spiritual discussion, so I told my client I felt that would help, but again this was not going … (6 comments)
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mortgage advice: Arizona Requires Reasonable Efforts to Secure Advantageous Loan for Borrower - 03/14/10 05:36 PM
Effective July 1, 2010,
All loan originators need to be licensed in Arizona unless they have certain state exemptions. That exemption is under statue 6-991.01 . With this new license comes new regulations on both the federal and state statue. Most of these laws change not only the definition of a law originator, but who is qualified to give mortgage advice to the consumer.
The reason I sharing this is because I am still seeing many people who do not or will not fit the definition of a loan originator giving mortgage advice. Your professional license may not protect you … (2 comments)
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mortgage advice: What Mortgage Loan Does The Client Want and Need? (The Power of Listening and Then Advising) - 02/06/10 09:24 AM
In this day and age of information or what I would like to call mis-information, the buying public still does not always have the best grasp of what they need or want when it comes to making a decision on a mortgage loan. I think most of us out there would agree that the buying public has been trained by the worst of worst in the mortgage industry to use trigger terminology when approaching a mortgage lender for a loan.
Here some of very common trigger phrases:
What is the interest rate?
How much can I qualify for?
How much is … (2 comments)
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mortgage advice: Mortgage Originator Licensing: Not Advice, Its the Law - 02/01/10 12:11 PM
Over the years, I have seen so many people share their opinions and 2 cents when it comes to the topic of mortgage advice. Heck we still have professional real estate agents and SEO guys giving advice about mortgages who have never originated a loan in their life. Well folks with the new law changes this year to the mortgage industry we may want to be careful on the advice we give, heck you might even be breaking the law for giving an opinion on a mortgage.
Starting January 1, 2010 and following through to July 1, 2010, all loan originators need to … (4 comments)
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mortgage advice: Title Seasoning: a "Big Deal" when it comes to Mortgage Financing - 12/09/09 03:28 PM
Attention all real estate investors and buyers trying to buy homes from real estate flippers:
Most mortgage lenders now have strict guidelines when it comes to title seasoning. Title seasoning is determined based on how long the seller has been in title to the current property. If a seller has been on the title of the property for a very short period of time and now is trying to re-sell the property, banks will require the home to be title seasoned.
A lot of people ask why a bank would care. Well let me try and answer that question. The mortgage … (2 comments)
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mortgage advice: Mortgage Lending Guidelines and Advice 101 - 11/11/09 11:54 AM
The new cliché in the mortgage industry is that "We are getting back to basics." I have heard this phrase thrown around lately, but sometimes I wonder if anyone except other lenders knows what we are talking about? I have a theory that if you get 2 or more mortgage lenders in a room at a party and they start talking shop, others watching probably think we are speaking Klingon, or what I been calling for a long time "mortgagese." You see, we like to throw a lot of words and acronyms around like FICO, DTI, LTV, flipping, deals, etc. But … (4 comments)
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mortgage advice: Confidence and perseverance wins the day in the mortgage business - 10/27/09 06:28 PM
Last month I had a business partner refer me a customer that was denied by a big bank for home financing. This client was not buying the biggest of homes but just wanted to have the dream of homeownership afforded to her. Like every client, her situation was unique. She had her doubts that I would not be able to help and to be honest, so did I; she was turned down by a big bank with lots of options. What I forgot to realize is how much we forget that this business is about the individual and not necessarily about … (8 comments)
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mortgage advice: The future of the mortgage industry - 09/23/09 03:04 PM
Arizona Media insider Catherine Reagor at The Arizona Republic recently wrote an article claiming the mortgage industry has been deceiving the average consumer. Blame has been placed on loan officers for being unlicensed, collecting higher fees and forcing consumers into the worst loan products possible. So I guess until our industry is fully licensed next year, no one will be able to get a "fair mortgage." The problem with this information is the mortgage professionals left in our industry today are the ones that played by the rules to begin with. Now we have to face the music for the flaws … (3 comments)
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mortgage advice: Getting a mortgage loan in today’s market - 08/27/09 01:06 PM
I'll be honest; the entire process of purchasing a home is not fun. Having your teeth pulled by a dentist may be more comfortable than getting a mortgage approval these days. When I am asked about my system, I make it clear the more that is accomplished early on will make for a smoother closing. The system from the beginning to the end is time intensive. I will walk through some of these steps:
1. You hire a "team," meaning the right players that will help make the outcome a positive. First, you hire a lender and see how much you … (5 comments)
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mortgage advice: As Mortgage Guidelines Tighten Professional Advice is Critical: - 08/13/09 03:33 PM
The days of choosing a mortgage professional based on a personality test and box of donuts in your real estate office is changing. Today with the tightening mortgage guidelines, having a mortgage professional who can review credit, employment, debt to income ratios, calculate assets, document the file and make sure that 2+2= 4 is the smart move for a business partner.
We just got word that in 2nd quarter of 2009, the big mortgage investors are still taking pretty significant losses on performance of their mortgage securities. These are not just the old loans that were originated 2 to 3 years … (12 comments)
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mortgage advice: A Proven Track Record of Honest Quotes and Personal Integrity - 08/04/09 02:04 PM
Have you ever seen the movie "A Few Good Men" (Brown & Reiner, 1992) starring Tom Cruise and Jack Nicholson? Well, if you have not seen this movie I highly recommend it, it is truly an American classic. This movie has intense scenes and several of the most memorable movie quotes. Whether or not you agree with character Col. Nathan Jepsep's (Jack Nicholson) antics, his character portrays higher standards and values that others could not live up to. He had all his troops buy into a system called "Unit, Core, God, Country."
What's the point? The point is that top mortgage … (2 comments)
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mortgage advice: In Life a Push is a WIN! - 08/10/08 12:40 PM
Anyone out there a fan of the game BlackJack? I always enjoyed this game from the moment my father taught it to me as a youngster. We used to play against each other and when I first learned it I used to hate having a push. If you are not familiar with the game, a push is when you tie the other player.
Over the years, I have learned that a push is actually a good outcome. In the game of blackjack a push against a dealer in Las Vegas is not a loss of your bet. That is a good outcome because … (13 comments)
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