The last day of the month - 06/29/07 09:25 AM
is normally a stressful and busy time in the mortgage business and it shouldn't be, everyone running around trying to get that last piece of paper into the the underwriter and the closers. Now I know things happen,because they happen in this office, but our goal is to have everything in … (1 comments)
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The State of Colorado is at it again - 06/28/07 05:25 PM
The state of Colorado enacted Senate Bill 07-216 and House Bill 07-1322, which, among other provisions, require mortgage brokers "to make a reasonable inquiry concerning the borrower's current and prospective income." House Bill 07-1322 became effective June 1, 2007, and Senate Bill 07-216 takes effect July 1, 2007. No more No Doc, … (4 comments)
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Colorado passes Mortgage Broker LICENSING - 06/28/07 12:39 PM
for all Loan Officers unless you work for a state charter bank. And I think it is about time, but I think ALL Loan officers should be license regardless of whom they work for.Colorado Senate Bills 07-203 (Mortgage Broker Licensing) and 07-216 (Consumer Protection In Mortgage Transactions) were signed into law on … (0 comments)
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How much time will you spend................. - 06/27/07 09:26 AM
to earn a client for life and all the referrals that go with it?
15 minutes? an hour? a day? a week?
Here is my story........ A client and their Realtor come to me frustrated and confused. Their bankruptcy was over 3 years ago and their scores are 540. All the hear … (4 comments)
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Is SUB PRIME really such a nasty word............ - 06/27/07 08:43 AM
or do these investors offer a product that has some value???? A well written article on bankrate.com http://www.bankrate.com/msn/news/debt/debtmanageguide/subprime-pricey1.asp?caret=19 leans towards the thinking that these loans can be helpful.
Now I know that some brokers out there have shoved people into these loans and the client didn't understand them, according to media reports; … (1 comments)
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Investors getting a lot tighter on their programs.......... - 06/26/07 12:05 PM
Received 2 emails today so far that these investors will no longer accept EA2 AND EA3 LEVELSfrom DU/DO. These levels usually hit the lower wage earners or the short time self employed (2 years or so). Added to the higher MI on these loans, I anticipate the sub prime/Alt A lenders … (0 comments)
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What in the heck............. - 06/26/07 11:51 AM
I got a call this morning from a client saying that since he applied for his loan with me, He has received 5 calls from people claiming to have his loan application on their desk. All from the same company (Freedom Financial) Now I know that people are buying leads from the … (5 comments)
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Tomorrow's Loan Officer Meeting - 06/25/07 09:17 AM
I had the opportunity to teach and work with a scuba diving class Friday night and all day Saturday and pick up the current copy of Dive Training magazine. The motto of the magazine is "a good diver is always learning"!!! And that is the topic of tomorrows loan office meeting. … (1 comments)
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New Loan Products.......... - 06/22/07 07:23 PM
or the optional title is One Mortgage Brokers Fantasy World, which I like but doesn't get your attention as much. So here for debate are some ideas for NEW LOAN PRODUCTS.The 700 Score Loan (or 720)..... if your score is at least this benchmark there is no such thing as FULL … (5 comments)
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Are you being strung along????? - 06/22/07 01:02 PM
I wish I had a picture of a big ball of string for this blog/rant but oh well. This morning over coffee on of my favorite Realtors asked me how come loan officers always string Realtors and clients along? (except me she quickly added). I looked at her funny, but I … (5 comments)
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Your Bankruptcy is Discharged....... Now What - 06/20/07 09:00 AM
There are few things in your financial world more emotionally charged that bankruptcy, whether Chapter 7 or 13, they both carry a sharp sting, your financial circumstances have spun off their axis and it is time to start over; but how? There are a few things you can do to kick … (1 comments)
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Todays Loan Officer Meeting............ - 06/19/07 09:24 AM
and with absolutely nothing but the boring general updates on investors, one is 7 days in underwriting, one has a new stream line blah blah blah and not wanting to sound like the teacher in Charlie Brown cartoons, I wander thru the blogs and inspiration has found me. Thanks to Jason … (8 comments)
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Colorado State Mortgage Broker Registration - 06/18/07 02:53 PM
http://www.dora.state.co.us/real-estate/mortgage/legislation.htm for those that want to read the new bills follow the link for those that don't wish to read the whole thing here are the highlights. Brokers may not make a loan without regard to a borrowers ability to pay. They also place a duty of good faith and fair dealing in … (0 comments)
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Mr Client are you sure you want a NO DOC loan????????? - 06/18/07 01:58 PM
We have had 5 or 6 self employed people this last month and all want to go NO DOC, all over 700 scores, all on advice or family and friends. And I always ask them why? What I like to do is show them 3 options.
No Doc where all that is … (4 comments)
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MEME???? What the world is that - 06/16/07 12:17 PM
Ok Mr Jeff I see so now it is 2 beverages on your weekly bar tap. 5 things should be to hard right, I mean come on says the inner voice, what ever voice I say let you try and pick 5 things, the voive shoves me aside and takes over. Here … (3 comments)
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What are acceptable alternative credit sources? - 06/15/07 02:24 PM
I have searched the blogs and have not found a completed list so instead of listing the usual that all of listed, utlilites, cell phones etc etc here are some others that I have used
Licensed Day Care Provider. The letter must show the monthly paymnet, the date started and have a … (5 comments)
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LIAR LIAR your loan is on fire................. - 06/14/07 08:27 PM
ok so maybe it is actually a stated income loan, but I love the term LIAR LOAN or what every one appears to think has cause the "sub prime melt down" ( say that with your best Darth Vader voice). Ok Joe get to the point, Ok inner voice................. about a … (6 comments)
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Can financing singlewides get any harder????????? - 06/12/07 05:29 PM
Well that answer must be YES! I have been doing them with FHA, but my last two (2) investors have pulled the plug. Wonder if some lawyer will figure out there is a discrimination suit here, but what I am looking for is some help......... anyone know if any investor is … (3 comments)
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I have seen the bottom.......... MAYBE - 06/10/07 08:53 PM
http://www.msnbc.msn.com/id/19113717/
ok this little article from MSNBC just yells opportunity to me, granted in some areas people will wait and wait, but again a great statement, how long do you MR and MRS CLIENT plan to be in this home, 5, 7 10 years even with tomorrows rates (it is sunday evening) … (2 comments)
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Housing Article in todays Wall Street Journal - 06/09/07 10:01 AM
http://online.wsj.com/article/SB118136019056730007.html?mod=home_whats_news_us the positive I am taking from this article is that rates are still below what they were in the 1990's, when rates averaged 8.2%. This is an opportunity to counsel our buyers and yes they might have to buy less house than they thought, but the can still stop renting. There are … (0 comments)
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Manufactured (mobile) VS Modular - 06/07/07 09:23 PM
Oh my I bet there is a lot of confusion on this topic!
First, I sold these homes for 12 years so I think I can helpSecond, mobile and manufactured are the same thing. Double Wide, Single Wide even triple wide. These are built to the HUD Code. Otherwise known as 1976 … (22 comments)
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I am sorry sir your social security number belongs to a dead person.......... - 06/07/07 08:06 PM
YES this happened this week!!!!!!!
I know I ranted/blogged about this last week, but this gentleman comes in to see me this week and we do the dance about "legal status", of course he is, so I pull his credit and get only 2 scores while this is odd it isn't … (3 comments)
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Building a "Book of Referrals" - 06/07/07 08:22 AM
This was the topic of my training session yesterday with my new loan officers. Along with the obvious of being professional and knowledgeable there are 2 main points to keep in mind.
Be consistent. When visiting with Realtors or anyone that you are hoping to add to your referral base, consistent. One … (1 comments)
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Building a home? - 06/06/07 09:04 AM
Found this wonderful little one page article in the Home Builder's Association web page http://www.hbacolorado.com/choosing_homebuilder.aspx
I found the part about the warranty very interesting as most, ok all most all builders I know don't have it in writing. An when I built my home 2 years ago, I was lucky that … (2 comments)
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What NOT to do after you apply for your mortgage loan! - 06/04/07 06:40 PM
and yes this all happened to me and we still got the loan closed and funded today. Let me just say that first this builder is at least 2 months behind schedule and some of this wouldn't have happen BUT that isn't really the issue.
First thing you don't do -------buy or … (6 comments)
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What month are you working on? - 06/04/07 09:36 AM
As I was having coffee with a few Realtor friends this morning the discussion was on have to get our of the boom or bust cycle so many new agents and loan officers experience. I think the key is to be able to service your clients, keeping on schedule of the … (0 comments)
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Customer Service - 06/03/07 02:06 PM
Is a topic close to the core belief in my business practice and it is funny how many times it is the center of a discussion in my office. Whether one is one the giving or receiving end of customer service it is the defining thing in if we get a … (0 comments)
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How do you tell................ - 06/01/07 09:12 AM
if you are dealing with an AUTHENTIC Social security card or WORK VISA or Permanent Resident Alien????????? Ok let me back up and just say that I have made loans to many many fine and upright people that are working towards their citizenship and other legal status. But last month a … (1 comments)
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