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ft myers loan officer: all my buyers are cash! Houston, we have a problem...I can't refer any of my clients to you - 03/29/12 02:34 AM
You just don't know how many functions, Realtor Breakfast's, WCR functions, etc, where I hear this all the time
All my buyers pay cash
I admit that there is a great deal of $$$$$ flowing into Southwest Florida, and in spite of the inaccuracies being reported by the national media, there has been for quite awhile.
My first thought when I hear this is that if you want to expand your business, start dealing with those buyers who need to acquire a mortgage.
remember the "DINK's"
double income no kids
they're still out there, they work next to you, and often … (2 comments)

ft myers loan officer: what's happening in Southwest Florida; where are all those dumptrucks coming from? and did that man just say what I think he did? - 03/25/12 03:11 AM
I was talking with my boss, Joanne, the other day, and I told her that I thought one of the good signs for our market was that there were suddenly dumptrucks everywhere, in some cases blocking or slowing down the traffic. For a mortgage lender dumptrucks are a good sign, because that means people are building things and that's a good sign. The biggest reason to me is that building creates
JOBS!
It is a sign of a return to a healthy economy, a sign that we're
heading in the right direction
I must share with you that it was a little … (7 comments)

ft myers loan officer: Portfolio Loans; what they are...and what they're not - 02/28/12 06:02 AM
It seems that when the term "portfolio loan" is brought up that it conjures up different images in the minds of different people. Let me see if I can give a definition of what a portfolio loan is, at least in my mind, and later, what it isn't.
to me a portfolio loan, in its simplist sense, is a loan where a banking institution establishes its own guidelines. In essence they decide, who the loan will be made available to, and the criteria for acquiring the loan. These guidelines/criteria usually vary from common agency/traditional requirements.  
 For example in my marketplace it … (19 comments)

ft myers loan officer: Your Lenders Package...and/or how to make the process go smoothly - 10/29/11 01:35 PM
Okay, you've decided that you want to buy a home, and you're going to need to acquire a mortgage. You know that they are going to want documentation up front, and you're the type of person(s) who like to be prepared.
here you go for starters...you will need
2009 & 2010 tax returns-all schedules
2009 & 2010 W2's
your most recent 30 days of paystubs
your most recent 2 months of bank/asset statements-all pages
note; if your bank statement says there are 4 pages and the last page is a worksheet/scratchsheet, provide all pages. the underwriter doesn't know what's on the last page … (3 comments)

ft myers loan officer: is Truthfulness important to your business? - 10/27/11 01:02 PM
Okay what brought this on you may be thinking?
Yesterday I received a totally unsolicitated inquiry in regards to my interest in employment with a Chicago based mortgage company.
Here's the introductory line
Thank you for you initial interest in------------ -------.
 I had had not made any inquiries, had not had any contact, or did not have any idea who this company was, but being in an unusual mood I responded. Usually I just delete.
the response;
i don't recall ever expressing an interest.
in today's environment ethics is very important, and attempting to establish a relationship with a lie is … (0 comments)

ft myers loan officer: The S.A.V.E. Act; more worthless legislation - 10/25/11 12:24 PM
YES
maybe
NO
If this is what is going to continue to come out of our Congress, maybe we should just extend their vacations, and let them all stay at home.Just a thought.
the essence of the bill is to include energy calculations in the mortgage underwriting process, thus improving lending standards
pleeeeease
Indirectly all costs are considered when underwriting a loan. But more importantly I would like to state
that Senators Isakson and Bennet have absolutely no qualifications to be able to make decisions as to underwriting mortgage loans and the quality thereof.
you know what this is...YUP
just some … (7 comments)

ft myers loan officer: Are you an expert? Do you claim to be? - 10/09/11 11:09 AM
I was just reading a post over on "Short Sale Superstars" posing a question about the claims that we make or the labels we attache to ourselves and the ethics and/or liability involved, if any. I mean I don't know about you, but I see people making claims as to their levels of expertise in particular areas that knowing and/or having done business with them I'd have to challenge.
okay, definition;
expert-  very skillful, one with great skill or knowledge in a field
Since my experience, over 30 years, is in the mortgage industry, I'll use some examples there.
Just awhile back, … (0 comments)

ft myers loan officer: I WANT MY MONEY BACK - 10/08/11 12:48 PM
Well,
you caaaaan't have it!
well, maybe you can, or maybe you can't, and even if you can it may not be easy, and it could cost you
what is this all about, you may ask?
Many of my Realtor friends are extremely happy because most of their sales are cash. Cash continues to pour into Southwest Florida regardless of what the national press may report. Also the market is fairly strong, and we now are experiencing inventory problems. But that's not my point.
so what is my point, you may be wondering?
Here's the potential problem;
when a buyer pays cash … (6 comments)

ft myers loan officer: Mortgage Pie - 08/25/11 10:13 AM
In most cases when you bake a pie you use a certain recipe and you make sure you get all the ingredients correct, that would be those that you need and in the correct amounts.
well
A little while back I saw an article published by "constantly negative news," previously known as CNN. The gist of the headline was that a potential homebuyer with a 800 credit score was denied a loan. I'll touch on the lack of truthfulness in regards to the score in a minute, but my first bone of contention is
that a mortgage application is not approved … (0 comments)

ft myers loan officer: a mortgage is like a nice dress or a suit - 08/23/11 09:15 AM
it should be tailor made for the person wearing it, not the person who made it.
Do you remember what's just so special about a mortgage company, or do you need a refresher course?
Do you remember how/why we came into existence? let me share some thoughts.
We are a mortgage company. We only do mortgages. We are mortgage specialists. We do mortgages well...or we go out of business.
here's an indisputable fact
My (mortgage) product line is more extensive than any individual banking institution.
Rather than trying to force fit a clients needs into one of our products, which may … (2 comments)

ft myers loan officer: the "most" deserving buyers on God's earth - 07/08/11 11:16 AM
I hope you didn't need to click on the title just to check the answer.
their is no more deserving buyer in this country than a VETERAN
I'm not going to get into a long winded explanation, because if you don't understand why I would say such a thing...well
Have you ever helped a Veteran utilize their VA benefit?
if not, why not?
Here's the VA's position
the Veteran's eligibility is an earned benefit
Once again no explanation necessary.
Here's some info I picked up yesterday from Brian & Frank over at TBWS
there are;
152 Air Force facilities
144 Army
… (2 comments)

ft myers loan officer: 620, 620, 620; that's the score it takes to get a mortgage with little or no downpayment - 07/07/11 01:33 PM
that's a fact Jack!
or anyone else.
despite what you may continue to read in some of the national print and online publications I'm going to give you 3, count em 3, options to purchase a home with a 620 credit score, and little to no downpayment.
Always, always, always; VETERANS first
VA Mortgages
minimum credit score 620, no downpayment required, no monthly mortgage insurance, the seller can pay your closing costs.
there are 22 million VETERANS in the U.S. so says Brian & Frank @ TBWS
personally I have been a VA lender for over 30 years and
proud of … (0 comments)

ft myers loan officer: BEWARE! Strategic Default(ers)...We know who you are - 04/29/11 09:04 AM
Inman News reported yesterday that Fair Issac, the company that brought you FICO scores has developed a system to predict which homeowners are the most likely to engage in a strategic default, that being homeowners who have the ability to pay, usually a good credit history, but still choose to walk away from their property and the mortgage obligation.
They now have
"THE BLACK BOX"
My first thought is
So what
Mortgage lenders have always attempted to identify those who will default and hopefully attempt to prevent that default.
nothing new there
This isn't brain surgery here now. Who might … (2 comments)

ft myers loan officer: Blogging about Bloggers (who explain why they blog) - 04/14/11 08:08 AM
why do I blog? let me count the reasons.
It seems, and I imagine appropriately so that most "bloggers" blog because it's part of their marketing plan.
Okay, that makes sense.
"the rain" supports this idea, I believe, as they are constantly posting pictures of members holding checks, with big smiles on them. The big smiles are on the members, not the checks, just to be clear.
Personally I find that a little tacky, but that's just me. "The Rain" has been berry, berry good to me, and yes it is part of my marketing plan, and yes it works very well, and … (9 comments)

ft myers loan officer: YES YOU CAN! - 04/06/11 09:53 AM
Acquire a mortgage that is.
In a recent article, Les Christie of CNNMoney.com writes,
Prices are low! Mortgages cheap! But you can't get one
Well to that I say
horsehockey!
I was thinking about another expression, but ruled it out.
I'm just so tired of the negativism and dishonesty of our national media.
Negativism is a highly infectious disease, which has created more damage than we are able to calculate.
I here by issue a challenge to Les to debate this issue anywhere, anytime.
Let's get the truth out on the table here.
Les says you need 20% down. NOT … (0 comments)

ft myers loan officer: Consumers stabbed again! - 04/06/11 07:48 AM
Okay, the battle over Reg Z changes (Loan Officer Compensation) is over, maybe not totally, but the newest changes are effective NOW, actually yesterday.
Here's some simple facts (as I see them)
Less Competition
Previous to last year, as regulatory changes forced me to acquire a mortgage brokerage license, I had not had one for about 20 years. I didn't need it as I was a licensed mortgage lender. BUT
I did know and respect many brokers, not all, who were providing valuable services, and alternatives to consumers, and doing it in a very professional manner. Some of these mortgage professionals have … (4 comments)

ft myers loan officer: "NO Mortgage Writedowns" - 04/04/11 11:42 AM
So says JPMorgan Chase's CEO Jamie Dimon at a U.S. Chamber of Commerce forum in DC, last Wednesday.
"Principal writedown for people who could pay their mortgages? Yeah, that's off the table."
Quote, Unquote (for emphasis, and clarity)
Here's one man's opinion (mine), and I will attempt to make it as simple as possible.
Chase's Chairman, Mr. Dimon, answers to the shareholders and not the clients.
the shareholders interests ("the bottom line") trump the clients interests, everytime.
Along that line; if it was in Chase's best interest, evaluated solely by profit, "the bottom line," to write down mortgage balances
they would
… (6 comments)

ft myers loan officer: My GOAL is to Enrich the Lives of others, you're invited to share my goal. - 03/18/11 09:22 AM
Maybe it's just me, but often I take some time to reflect upon what I (we) do and the consequences or the end results of what I do.
I was reading Carmine Gallo's book, "the Innovation Secrets of Steve Jobs," and I was struck by Jobs desire for Apple to make positive changes in peoples lives, to enrich their lives so to speak. I suppose I was influenced by the comments because I feel that that's what I (we) do, in most cases.
Let me turn this, to a certain degree into business speak sighting two specific examples or comments, one new, and one from … (2 comments)

ft myers loan officer: RIDE the Wave (of) USDA/Rural Housing - 03/15/11 09:46 AM
I just got my USDA/Rural Housing Florida newsletter.
Hey Charlotte, Lee, Collier Counties
Catch the Wave
The headline from USDA read
Funds are available!
"funding for this program is not affected by the current Congressional budget debate"
Don't believe the rumors!
Allllllllllright!
USDA is issuing a big thank you to Florida lenders, here's why
Fl lenders have assisted 2,154 families with $262,454,483 since Oct. 1, 2010. During the fiscal year ending Sept. 30, 2010, they assisted 6,766 families reach their home ownership dream.
That's a lot of dough.
Okay Realtors, listen up
if you are not knowlegable or are not participating … (2 comments)

ft myers loan officer: Why we ask for what we ask for (income), the basics - 03/12/11 08:49 AM
Okay, I will not be able to address everything, but I'll try to cover the basics, kinda like bullet points, without all the bullet points.
Tax Returns
I want the last 2 years, ALL PAGES. Please don't leave any out, and notice I'm not asking for just the first 2 pages. Beware this is the time of year when a self employed person does not have completed returns for 2010. Once the filing deadline has passed I'll need a copy of the extension. If the business is a corporation, corporate returns, ALL PAGES.
Also, a YTD P&L is a standard request. To … (8 comments)

 


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