sub prime: "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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sub prime: 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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sub prime: 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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sub prime: Theres no need to fear FHA is here - 08/13/07 04:20 PM
Sorry Underdog, I stole your line, BUT looking back in history when FHA was created in 1934 the housing industry was hurting. Workers unemployed, credit tight and if you could even come up with a down payment the terms of the loans were difficult to meet. Here are some highlights of FHA. During the 40's FHA help fiance military housing and homes for returning vets and their families. During the 50's thru the 70's FHA in the financing of millions of privately owned apartments for the elderly, handicapped and lower income families. With inflation out of control in the 70's the … (7 comments)
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sub prime: A market update - 07/30/07 05:41 PM
A stronger than expected GDP number in combination with a benign inflation reading has brought a brief pause to the market rally we have seen this week. Mortgages are currently trading a little off from their highs with Treasuries about flat. The thinking is this is probably just a pause as the general themes that have been driving the rally all last week really haven't changed. The collapse of the equity markets over fears of more subprime (and ALT A for that matter) losses to come, has fueled a "flight to quality" rally in Treasuries that will probably continue for the time being.
Unfortunately, the rally in … (0 comments)
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sub prime: I ain't got a loan for a Wagon with wheels ............ - 07/30/07 12:21 PM
said the Gypsy lady to Mr. Homebuyer as he plunked down his twenty bucks.
Pull up a chair this might be a long story she said and it is a sad story that has some interesting correlations to the sub prime mess, she sighed. So Mr. Homebuyer pulled up a chair as Gypsy told her story.
It all started in the early 90's she said, as the economy was recovering and growing. The masses needed affordable housing and the mobile wagon factories saw an opportunity to sell some mobile homes. At first the banks were happy to finance them. And the counties were … (0 comments)
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sub prime: Let us all stand up and cheer for FHA - 07/12/07 09:04 AM
Yesterday I had an interesting call from a prospective client, one that use to work part time as a loan officer. And during our conversation FHA loans came up and the FIRST THING he siad to me is that he will never do an FHA loan because they are so hard on a SELLER, he had no idea how easy they are NOW, but that will be another story.
I have had 2 clients in the last 2 days that we will be doing a FHA loan for and these 2 clients did not qualify for conventional programs. One with a 635 … (5 comments)
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sub prime: 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 from the big banks is SORRY. The Realtor wants to know can we do a "sub prime" loan. So I make the appointment and we pull their credit and it is ugly like they said, but here is the thing, every bad account was included in their bankruptcy....... and they … (4 comments)
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sub prime: 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; but I just closed another refi of a sub-prime loan that was fixing to adjust and the clients did every thing right. They listen and understood what they had to do to fix their credit and took advantage of the SECOND CHANCE. We were able to drop their payments by … (1 comments)
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sub prime: 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 start your credit after your bankruptcy is discharged.
No matter how hard it is to save, scrap together $500 or $1000 and go to the bank/credit union and open a secured credit cardand make sure they report to all 3 credit bureaus. This card will give you credit secured against your … (1 comments)
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sub prime: 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 year ago we got a memo that the liar loan crack down was on and if you had some of these to go NO DOC or NIV (no income verified), because the underwriters would and are using salary.com and other sites to check your "stated income".
BUT this was only … (6 comments)
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