mortgage: Mortgage "Plan" all smoke and mirrors - 02/19/09 08:07 AM
I Listen yesterday to Mr. Obama's little speech laying our his "plan" for the housing mess and kept
wondering were the little old lady from the Wendy's ads in the 80's "wheres the beef"
After all, HOW are "WE" going to do this? A little while back when the "sub prime"market was imploding we received this wonderful program called "FHA Secure". This program was to help save homeowners just when the mess was starting with the ARMS adjusting all over the place and house payments going up hundreds of dollars in some places. So what happened? The banks didn't … (5 comments)
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mortgage: What does our profession and golf have in common - 05/15/08 07:42 PM
Well, for starters how about honesty?
I was visiting with a Realtor last week that was crying the blues that Sellers don't want to hear the truth and Buyers wont listen...... and I thought
DUH!!!!! The Media is telling them the exact opposite that you are!!!! So, maybe a slightly different approach might get them to listen.
Then, I had the privilege of doing Open Water Scuba Diving certification class last weekend and on the drive to the training facility. it felt like all my bride and I talked about was Politics, the "mortgage crisis" and being a RESPONSIBILE AND HONESTY HUMAN BEING.
… (5 comments)
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mortgage: Yes, it is 2005 - 05/05/08 11:02 AM
or at least the prices of homes are at 2005 levels.....
Just this weekend I was driving past a few of the Real Estate offices and saw a home posted on one of the signs out from for a rather nice place in a nice subdivison for exactly what a home just like it on, in the same subdivison sold for in 2005. How can I be so confident about the price levels, I sold one inthe same subdivison and yes for that price.
I felt like Mr. Peabody and the wayback machine (yes, I know I am showing my age)
The thing … (6 comments)
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mortgage: How will taking the State test make me a better mortgage pro???? - 05/01/08 02:09 PM
Well, that is the question in the State of Colorado and as an INDEPENDENT Broker/Banker I and almost 9000 others will be taking our 40 hours of education and our 2 part 100 question exam to keep our licenses. ( I am taking the exam tomorrow).
But will this written exam, make ME a better Mortgage
Professional? Maybe, I have to admit that going through the 40 hour class ( I did it all online) I did learn a few things, mostly about the new State Law and relearned a few things that in my advancing age, I had forgotten about. So, … (11 comments)
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mortgage: What will I do for you Mr./Ms. Realtor to earn your business? - 01/29/08 09:41 AM
As I was sipping on my adult beverage last night I was introduced to a new, just licensed Realtor. And the first thing this young man said to me was "what am I going to do to earn his business" (he had a bit of attitude,but I let it go after all he just got his license and all). His cohort was backing up some and had this evil little grin, must have know what was coming.
What I will do for your clients is very simple. I will provide the best and most honest service to them as I can. Now … (1 comments)
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mortgage: SOI----- Preaching to the Choir - 01/24/08 09:45 AM
I am please and privileged to be a part of the Jennifer Allan SOI Reality Show. http://activerain.com/groups/SOIrealityshow .......... But I wanted to take an opportunity to share with you what a wonderful marketing program SOI is even for all of us seasoned veterans of the Real Estate/Mortgage Profession.
Way back when a lot of us got in this biz the managing broker told you to sit down and send letters to all your family and friends and then let it go from there. A lot of us said " I can't do this to my friends.... begging for business". As Jennifer preaches … (10 comments)
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mortgage: Does the seller have a right to know the buyers credit? - 01/18/08 11:26 AM
This question arrived in my in box from one of my Realtor partners. (as always my response will be in bold)
Joe, just read your blog-had a situation just yesterday that was similar to the situation you describe-you know, credit score under 620, trying to get 100% financing, working under FHA and chaffa guidelines what a mess! Anyway as the listing agent and trying to protect my sellers(under contract since Dec. 03) I suggested to the buyers agent that we get her buyer to a mortgage co. that could do the loan instead of working with Banks such as XXXXXX and XXXXXXXXXX that tend … (2 comments)
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mortgage: Advertising? Marketing? Where should our efforts be? - 01/17/08 10:00 AM
Is a raging debate in our office for the last 2 weeks. The loan officers are not happy that the advertising budget has been sliced and the focus shifted to the loan officer getting out and promoting themselves. The company has offered to match up to $XXX in the loan officers efforts, but we do have to approve the message that is being sent out. This is a classic tug of war between company and "independent contractor", but it can work if the dollars are being spent to support both parties. Lets take a look at the traditional advertising venues.
Television. Wow … (4 comments)
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mortgage: Now More than Ever You and Your Clients Need Me - 01/14/08 09:16 AM
Well at least you should be working with a solid mortgage professional. Why? Because now more than ever your clients credit score will determine rate and maybe, just maybe they can actually BUY that home they are begging you to show them. ESPECIALLY if they have very little or maybe no cash to work with to but down. If that is the case then you better hope that their credit score is over the magic 620 or they are working with a lender that overs FHA. Fortunately FHA is not score driven. But there are 2 changes out there that you … (3 comments)
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mortgage: "The State of the Mortgage Business" - 12/12/07 10:23 AM
The last few years this little speech has been so easy to do, especially in Colorado; where anybody could call themselves a mortgage broker as long as say Resmae or someone would sign them up. But today it is different. Yesterday we saw the Fed cut rates for the 3rd time in the last 4 months. They did exactly what wall street thought what they would do and boom the stock market gives up 300 points. Go Figure.
But, let us review the year 2007. (yes there were some rumblings but did you expect)
130 Investors out of businessNo Doc,NIV, NINA GONEStated … (2 comments)
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mortgage: Financing HUD VS UBC - 10/18/07 01:05 PM
I received this email today and with permission am sharing our email conversation. This is a topic as you know near and dear to my heart. Manufactured homes, like FHA financing, scare people. I think it is because there are to many people out there that don't know the programs and won't take the time to learn.
Is it HUD or UBC? Answer below
From: PJ Email: PJHOLMES@********* Subject: HUD VS UBC
WHO DOES THE BANK LOOK TO, TO DETERMINE WHAT CLASS THE HOME IS IN?? IS THE TAG THE ONLY DETERMINING FACTOR? MINE HAS A TAG (HUD) BUT HAS A SET OF ENGINEERED … (5 comments)
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mortgage: Treat every client as it is their first time - 10/17/07 05:10 PM
Debbie Mitchell wrote this post http://activerain.com/blogsview/240776/First-time-Homebuyers-Handleand I would love to expand on her thought some. If we as professionals take the time to treat every client as this is their first transaction, I wonder how many more referrals we can get. Think about the First Time Home Buyers that you have worked with and the emotion and joy of that closing for them. When we practice patience with them and respect their questions and nerves, we gained a client for life (as long as we stay in touch) and a never ending referral base.
So what if we treat every client and … (4 comments)
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mortgage: Yesterdays Loan Officer Meeting - 09/26/07 02:18 PM
Was conducted via email as I am trying to clear my desk for my upcoming scuba vacation.
But I wanted to share my notes and thoughts about a little twist in prospecting and marketing and solicit some thoughts from you out there on some ideas for "classes" for Realtors that we mortgage guys and gals can do for you.
"Today I conducted an office meeting in one of my Realtors office and I set up the CTP class from **** *** for this office. The understanding that the Realtors gained by sharing this knowledge of how we can make these loans work, … (3 comments)
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mortgage: What is stated income and when to use it???? - 09/25/07 09:34 AM
Is the question of the day. And Yes it still exsist and is even being brought back by some investors. Lets take a look at this often abused program.
First what is stated income. Easy right? Stated is when the clients income is hard to prove, the examples are wait-staff, bartenders, cab drivers, casino dealers. Really anyone that gets paid cash and tips and can actually prove they have a job. Being paid under the table does not count. Now this is were it gets different and where the changes in the stated programs are and this is where the abuse in these programs … (4 comments)
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mortgage: Another rant - 09/24/07 07:57 PM
this time Mr. Cotton from the wonderful community of Las Vegas has got me going http://activerain.com/blogsview/215250/Prepayment. In his short post about PPP he doesn't either understand the credit and mortgage world or just thought well this is easy to slam PPP, after all just about every article you read blast them so let me join in. NOW STOP BEFORE YOU FLAME, there are some insane PPP's out there; I mean 5% is just freaking stupid, but you signed the loan docs....... you were a good consumer and shopped for a professional mortgage company and not someone working out of their home … (2 comments)
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mortgage: On Frame Modular VS Off Frame Modular from a lenders point of view - 09/17/07 07:45 PM
I had a very wonderful phone conversation today with a young lady seeking some clarification on this topic. And I will tell you that there is so much confusion as to what is and is not a MODULAR that we can spend hours discussing this topic and probably not bring much clearing to the fog that surrounds this viable much much put down form of housing. But I will try to clear the muddy waters. AS A LENDER I ONLY CARE ABOUT "WHAT CODE IS THE HOME BUILT TO". I am sorry if the salesperson told your client that the home … (1 comments)
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mortgage: Mondays Loan Officer Meeting - 09/14/07 02:37 PM
I know I usually hold my loan officer meetings on Tuesday but this week we are changing it up.I just finished my GRI and yes I am a lender, but the last class I took was Career Development and I have taken a few ideas from that class for the meeting Monday.
The first topic is has anyone read Jennifer Allen's booklet on the Seduction of your SOI, http://activerain.com/sellwithsoul, if you haven't you should. Yes, I have handed this out to my LO's a month ago, we shall see if they have read it. I plan to review and encourage my LO's … (1 comments)
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mortgage: How long do your closings take????? - 08/28/07 09:22 AM
Mr Jeff Belonger has written another wonderful post http://activerain.com/blogsview/185727/Mortgage-settlement-closing-documentsand I would like to expand on something that couldn't be done with just a comment. Yesterday I had a closing that was conducted in the client's place of business (she works 30 miles from the title company and this was the only way it could get done) I drove the almost 200 mile round trip and picked up the documents and a notary and did the closing. It took a whole 25 minutes and we were interrupted twice by people coming into her store.
Question did she really understand everything she signed yesterday? … (6 comments)
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mortgage: First Time Home Buyers - 08/24/07 11:56 AM
sometimes experience budget shock and get themselves in some trouble. After all they just bought a new home and you know that old college dorm furniture just doesn't work in the new home. Or maybe that old rusty water heater just exploded or many other things can happen and blow their budget sky high. It is a great time to review ones budget when buying that new home so lets take a look at the budget process.
Set a goal. If you are saving for a down payment or trying to get out of debt. Set a goal. If you are paying … (3 comments)
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mortgage: What are the new credit standards??? - 08/23/07 06:17 PM
Asked the Realtor as she sat across from me this afternoon. I ordered us another coffee and tried to draw a little picture.
Full Doc 100% is readily available through FHA (with DPA), My Community and Flex 100. These programs are flexible and allow for "sub prime" borrowers depending on why they are "sub prime". No bankruptcy or foreclosure in the recent 2 to 3 years past. So we are looking at scores in the higher 500's still being able to get decent financing. 620 scores are still considered A paper on the conventional side.Stated Income for the self employed still up … (9 comments)
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