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fort myers loan officer: are you "the real deal" - 04/07/12 06:04 AM
I don't know why I've been thinking about this so much. I guess maybe I'd just like to live in a simpler world sometimes, where things actually are as they appear to be.
So, what's really real?
Here's Websters take
real   actual, true; genuine
 
Let's say I'm attracted to you, want to do business with you, and/or refer clients to you because of your blogs. They are well thought out, interesting topics, and the content is first rate.
Then I find out that what has attracted me to you isn't 
"real"
actually you use a ghost writer. These are not … (4 comments)

fort myers loan officer: who are these people? - 04/06/12 04:59 AM
okay, I open the website and I see a picture of this gentleman and he looks 40 ish with brown hair and a full brown beard. Attached is a video about material which is company is marketing. I have an interest so I click on the arrow and open the video.
His father is doing the presentation!
You can see the obvious similarities, but dad's probably 20 lbs, at least heavier, with gray hair and a similar gray beard.
I see this ALL the time. People feel that pictures help and/or are necessary in their marketing, but after looking at the … (8 comments)

fort myers loan officer: Are you forgetting about Homepath? big mistake! - 03/31/12 05:17 AM
Well are you? or maybe you're not familar with Homepath. You know, like
what's a Homepath?
Homepath is actually an excellent financing option, provided by fannie mae, to sell their foreclosures. That's right
fannie mae, FNMA, properties only
want to check it out for yourself, that's
www.homepath.com
it's a great site loaded with info. why should I check it out? well here's some basic Homepath stuff.
*no appraisal is required
*low credit score requirements
*no MI
*up to 97% LTV, that's 3% downpayment for primary residences
there's more, but I encourage you to visit the site, but no I'm not done … (10 comments)

fort myers loan officer: Mortgage Companies/Bankers from the past to.... - 03/25/12 02:40 AM
Way back, many, many years ago I entered into the mortgage business and I started out by working for a mortgage company. Over the 30 plus years that I have been involved in mortgage lending I have worked for several banking institutions, but actually still as a mortgage banker.
I always find it interesting to look back and see how the mortgage companies got started, how they evolved, and where we are now. Here's what I believe to be one of the basic premises as to the birth of the mortgage companies, and let me know if you see some striking similarity … (0 comments)

fort myers loan officer: If you can't satisfy the requirements to become a licensed Mortgage Loan Originator...well you can always just go to work at a bank - 03/10/12 04:42 AM
I am a licensed "Loan Originator" working for a mortgage company...what does that mean.
as a "loan originator" I need to meet certain specific financial and educational requirements in order to qualify for licensing through the NMLS, the national licensing sytem established to regulate a "Loan Originator."
It would be easy just to say that the loan originator has replaced the mortgage broker, but actually it's more than that.
Here's why;
the "Loan Originator" must meet some fairly stringent standards established through the NMLS system, including but not limited to:
Financial:
in most cases no bankcruptcies, foreclosures, and or judgements. Other … (5 comments)

fort myers loan officer: Today's Recipe for Helping Veterans Become Homeowners - 03/07/12 06:15 AM
I live in Southwest Florida where the concentration of Veterans is very high, one of the strongest in the country. We should be proud of that here, and yet as a lender I don't see many Veterans using their VA benefit to purchase a home, and for the life of me I just don't know why. I have some suspicions, but they're not conclusive. I certainly hope that it is not that people in our industry do not want to help a Veteran utilize his/her benefits because
I do
So how do we accomplish this goal of "helping Veterans become homeowners?"
… (0 comments)

fort myers loan officer: No Downpayment required...or very little. - 03/01/12 06:27 AM
I can't believe that I still hear people stating that you need a 20% downpayment to buy a home today. I sometimes hear this from my Realtor friends.
Let me take a quick moment and address my Realtor friends. In Southwest Florida we have been swamped by $$$$$ buyers. I mean they're everywhere. Because of this many of the most active Realtors have lost touch with what is available for mortgage financing.
sad, but true
now, back to the little or no downpayment. We have these things called, sometimes appropriately, and some times questionably
Government Loans
to address the questionably part. … (0 comments)

fort myers loan officer: what is perfect credit anyway and is that all it takes? - 07/06/11 09:52 AM
Two articles caught my eye yesterday while checking CNNMoney.com for any bond yield changes. It is a real quick way to monitor any movement.
You have to remember that C(onstantly) N(egative)N(ews) just loves putting the olde negative spin on their stories, whenever possible, but when I saw
"Secrets to getting a mortgage with so-so credit"  by Les Christie
and
"Mortgage denied despite perfect credit"  by Alison Kosik
I couldn't help myself and I read the articles.
The first point I'd like to make is that in my wildest dreams I cannot, and do not believe that either Les and/or Alison has … (2 comments)

fort myers loan officer: Current "fannie mae" Homepath Specials; get em while they're HOT! - 07/04/11 01:33 PM
First of all let me make a point here.
If you're not familar with fannie mae's Homepath you really should take some time and check it out.
There's some additional sales there!
that's  www.HomePath.com
Specials!   Specials!   Specials!
First for the buyers;
for buyers purchasing primary residences fannie mae will pay 3.5% of the purchase price toward YOUR closing costs!
Also, just a reminder here, it's only a 3% downpayment, AND because of the fannie mae "FIRST LOOK" policy, you get first crack at the properties, as investors can not make an offer over the first 15 days.
See that web address … (5 comments)

fort myers loan officer: "Know Before You Owe," brought to you by the Bureau of Consumer Financial Protection - 05/20/11 10:29 AM
Catchty, aint it.
Okay to be perfectly clear who is the Bureau of Consumer Financial Protection is, or the CFPB as it is also known.
Here's from the Treasury website;
the Bureau of Consumer Financial protection will be an independent bureau within the Federal Reserve System that will help empower consumers with the information they need to make financial decisions that are best for them and their families.
Sounds pretty good, right? Only in America can you be both "independent," and "within."
Know Before You Owe
What are they referencing, and who are they protecting you from?
First, I must ask, … (5 comments)

fort myers loan officer: Food for thought (from an old master) - 05/16/11 11:43 AM
You know, some books age real well. You can pick them back up, whenever, and the value's still there.
Here's one;
Something to SMILE About
by, well later.
I really had to think about this one.
Consider the turtle. The only time it makes progress is when it sticks its neck out.
Think now, how many times over the last few years do you think this was necessary to be successful in your business. You just had to do a little more, see it a little differently, stick your neck out to "git er done."
You know there's been a lot of … (0 comments)

fort myers loan officer: Where have all the houses gone in Southwest Florida? - 04/28/11 10:48 AM
It seems like just a couple of years ago one of the big stories in Southwest Florida real estate was the great inventory glut. Why we had so many homes listed for sale it would take forever for all the homes to sell, and that was if there were no more listings.
What a difference a few years can make.
I was reading the Presidents message from Gary Verwilt in the SW Realtor Newsletter and here's what he had to say;
"currently our inventories for single family houses are low (1.4 months)"
(that's in Lee County)
I asked the Bus Driver … (0 comments)

fort myers loan officer: FHA Lenders accepting lower scores; How it Works, and How it Doesn't - 03/24/11 08:48 AM
Disclaimer; this is just one man's opinion.
In this case that man, being me. Also always remember
FHA insures loans, FHA does not fund loans, are you gettin it?
In case you didn't, it's still the lenders $$$$$.
I'm going to use a 580 score as the new acceptable low point for FHA approvals. Frankly I heard a RE instructor stating that FHA would accept 500, and a had a bad feeling in my tummy.
1st Point
If you have a slow paying record and it is resulting in a low score, and it appears to be just negligence, you're still just … (2 comments)

fort myers loan officer: 78 BIG ONES (degrees that is) - 01/19/11 01:36 PM
Okay I know how much all of you Northerners just love all that snow.
And, oh ya the change of seasons aren't they wonderful (actually I lived in NH for over 30 years and the fall foliage was fantastic).
Now, freezing rain is upon you all, I he-a.
Don't go tellin me you all love that. Let me share something with all of you that we love.
It's January 19th, and we've got
78 BIG ONES (degrees that is)
Now, you could come for a visit or you might want to consider what could be a once in a life time … (0 comments)

fort myers loan officer: A Few FACTS about getting a Mortgage APPROVED in Today's World - 01/11/11 09:40 AM
Let's start with the following basic premise;
Whatever you did, to get your mortgage approved 1 year, 2 years, 3 years ago, or maybe even 3 months ago, does not matter. All that matters are the processes and guidelines
TODAY
Okay, REQUIRED Documentation
require;  to demand, to need...so says Websters
Upfront
the last 2 years of tax returns (all schedules; all meaning ALL)
the last 2 years w2's
the most recent 30 days of paystubs
the most recent 2 months of bank/asset statements (all pages; all here still means ALL)
retirement statements
copy of drivers license(s); social security card(s)
copy of executed, legible contract … (0 comments)

fort myers loan officer: "Massachusett's High Court Invalidates Foreclosure Sales" - 01/10/11 09:15 AM
So says (writes) Sheri Qualters for the National Law Review.
"Court gives banks "beat down" over foreclosures"
So says (writes) Les Christie for CNNMoney.com
To quote Vince Lombardi,
"what the h---'s goin on out there?"
Here it is from Christie's article;
" the banks failed to make the required showing that they were the holders of the mortgages at the time of foreclosue,"
That's what Justice Ralph Gants wrote for the Massachusett's Supreme Court.
Supreme Court...that's the biggie in Mass, right?
Woooooooooo
what does this mean? well it's probably too early to access the big picture, but for sure … (7 comments)

fort myers loan officer: Forget about it - 12/30/10 07:59 AM
2010 
wow, I've been in the mortgage industry for over 30 years, but I'm not sure I've had this much fun. 
GFE
They gave us a new GFE, actually they forced it upon us. It's 3 pages and replaces the 1 page form. HUH? I need another form to actually explain what the buyers real costs should be. That makes sense, right?
NMLS
Anybody out there know what the letters stand for? Guessing is permitted. Anybody out there have any idea whether this will be helpful or not? Does this change anything?
Nope
(nationwide mortgage licensing system?)
MERS
Has anyone seen … (10 comments)

fort myers loan officer: I wanna buy a house; How do I improve my FICO scores? - 12/29/10 09:24 AM
If your buyer really wants to improve their scores the information is everywhere, and it's not hard to interpret or to establish a plan, BUT let me go back to
if your buyer "really" wants to improve their scores
If they don't, and their scores are low, let's say below 640 for the sake of argument, then stop reading now and seek other "qualified" buyers. Just a suggestion here.
Just in case you're interested the info I'm about to share came from "Frequently Asked Questions: FICO Scores." It was published on July 11, 2010 by the National Association of Realtors Government Affairs … (5 comments)

fort myers loan officer: The Worlds Simplist Business Plan - 12/24/10 10:48 AM
I found this in a book I'm rereading by John Maxwell entitled "Talent is Never Enough." It came from Ian Harvey, who was/is the CEO of a comapny called BTG. Olde Ian would ask his "inner circle" to tell him the following;
Two things he should stop doing
Two things he should keep doing
Two things he should start doing
So, you don't have an "inner circle." Do you have a mentor? If so, ask them. If not a team member, or maybe your broker. If all else fails, how about
Self examination
BUT, you need to be honest with yourself.
… (9 comments)

fort myers loan officer: The Foreclosure Freeze...shhhhh! we just want it to go away. - 10/20/10 08:08 AM
Okay, I checked out Bloomberg and I just couldn't find any new "foreclosure freeze" stuff. So I zipped over to CNNMoney.com, and...nothing...nada.
So, what's up?
Bank of America has told us they're going to resume with the foreclosure's and why not. Here's a question I would like someone to answer for me that I can't find any data on.
Of all the foreclosures filed, how many go unopposed?
Even in a judicial state, such as Florida, if you don't go to the hearing(s) and oppose the action than the summary judgement will be granted. So
It won't matter what the documents do … (0 comments)

 


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