mortgages: Underwriting Guidelines, What are they anyway? - 11/03/09 07:06 AM
Okay we know that just having a pulse doesn't work any more. And we know that the programs are no longer tailor made to meet evey applicants individual needs. BUT;
What are the guidelines now, anyway?
Conventional;
We still have Fannie Mae and Freddie Mac guidelines as a basis, and we … (11 comments)
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mortgages: No, I Can't Quote You a Rate! - 10/29/09 04:59 AM
I just got a new "rate sheet supplement" for adjustments and fees. I wish you could see these things. You'd really be surprised that a Loan Officer can accurately quote rates at all. Take a look at this, it's for FHA/VA Loans;
Loan Size
$90,000-$417,000 no adjustment
$60,000-$89,999 subtract .125 from … (4 comments)
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mortgages: Why are there no uniform standards for PRE-approval letters? - 10/25/09 07:10 AM
Why? Why? Why? are there no uniform standards for pre-approval letters?
Let's start with do we all agree and/or understand what it is, the old preapproval letter that is. If I have this right, a buyer and their agent are trying to represent to a seller and their agent that the … (10 comments)
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mortgages: Don't SHOULD all over yourself! - 10/20/09 09:47 AM
Should is an interesting word. When I looked for its definition I learned that it is the past tense of shall. Should by itself, very often, isn't so bad. For example; I should have a good year this year. That's an okay statement, but let's add another, killer word, to it … (5 comments)
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mortgages: Hey HUD, Help Us Out Here! - 10/09/09 09:54 AM
I just got done reading a post about HUD regs regarding "flipping" and I couldn't help thinking about how this is hurting first time homebuyers in Southwest Florida.
The general purpose of this reg is to prevent unscrupulous investors from buying a property today and selling it for a substantial profit … (5 comments)
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mortgages: STRATEGIC DEFAULT-"I'm Walkin, Not Payin" - 10/09/09 07:41 AM
Way back in February of 2008 I wrote an article entitled "I'm Walkin, Not Payin." Back then that was a fairly new phenomenon. However as time has passed, it has managed to stick around, and now has a real chic label, Strategic Default.
It's basically the same concept as I'm Walkin and Not … (6 comments)
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mortgages: Do ALL Buyers Need Tax Returns? - 10/05/09 10:13 AM
Actually YES!!! they do.
Here's Why.
On almost every file an underwriter is pulling a copy of the borrowers tax returns by using the 4506.
The 4506 is a form signed at the application, by an applicant, which allows an underwriter or investor to pull tax records.
The loan officer would … (10 comments)
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mortgages: (RAIN) Power of the People! - 09/28/09 09:35 AM
Reminds me of John Lennon; "Power to the People," I can hear the music and John singing in my head. For some of you, you are just not old enough to remember John singing this. At that time, it was a protest type song.
Well in today's world Active Rain has … (7 comments)
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mortgages: Are Stated Income Programs DEAD.....Forever??? - 09/26/09 12:28 PM
When I first started in the mortgage lending business there was no such thing as a stated income program. The self employed and commission income clients had to live and die on the merits of what their tax returns stated. Quite frankly, I do believe that the underwriters back then did a … (6 comments)
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mortgages: "RAIN POWER!" It's AWESOME!!!!! - 09/18/09 08:18 AM
Okay, I've read the posts about the power of Active Rain and the google juice, well as they say a picture is worth a thousand words. So, if you've never done this before, Google yourself!
If you've been an active Active Rain blogger than you're going to loooooove the exposure that … (77 comments)
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mortgages: Beware! of TOXIC Behavior, It's Everywhere! - 09/17/09 09:31 AM
WARNING, WARNING!!!
TOXIC BEHAVIOR is hazardous to your Success!
Toxic behavior by definiton would be a behavior that was/is poisonous.
Boy, that doesn't sound good to me!
Where will you find this you may ask? so that you may avoid it.
Well first, you really need to check out … (2 comments)
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mortgages: A New Sales Technique: Try Answering Your Phone! - 09/15/09 08:18 AM
I've read a few blogs recently about returning phone calls. It made me think about the good olde days, you know, before voice mail.
Oh, how did we ever survive?
So what I'd like you to do right now is stop for a few minutes and think about how you feel … (12 comments)
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mortgages: Let's Hear it for Port Charlotte, FLA! - 09/09/09 12:34 PM
YEAAAAAAAAAAAAAAAA!!!!!
I hope God doesn't strike me down for using CNN as a source, but in my own defense, it does state that the article comes from the editors of Money Magazine, if that's any better. But so what about the source, this is extremely positive news about Southwest Florida, so … (1 comments)
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mortgages: Slowing Down the Mortgage Process - 09/09/09 07:39 AM
Okay, I've had enough, actually more than enough.
HVCC was tolerable, although ridiculous and unneeded. Let's make sure that we keep those low life loan officers and processors away from the appraisers so that they can do their job.
If this is such a vital requirement why is it not an … (6 comments)
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mortgages: Introducing "the Worry Free Mortgage" - 12/17/08 10:33 AM
The "Worry Free Mortgage" sounds pretty good, but can there really be such a thing?
Well, I'll let you decide, and remember nothing's perfect, so be nice.
What makes it "worry free" you may ask?
Good Question!
It's basically a first time homebuyers program, but remember in the mortgage business … (2 comments)
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mortgages: Fannie & Freddie's new fearless leader - 09/11/08 09:58 AM
Has anyone ever heard of a gentleman named James Lockhart?
Probably not!
Mr. Lockhart is the head of the Federal Housing Finance Agency, and he is now the overseer, man in charge of Fannie Mae & Freddie Mac. Should we be happy about this? Do you feel comfortable now knowing that … (0 comments)
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mortgages: Have We Forgotten Already! - 08/11/08 08:16 AM
Okay, last week my primary FHA lender sent out the usual email about how great they are and how much they know. In reading through the mail I noticed that it stated that you can only have one FHA loan. Well that's not correct, so I responded in kind. After a couple … (8 comments)
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mortgages: The New FHA & $$$$$ - 08/05/08 08:22 AM
Okay before we all get to crazy here things are not all that bad.
The DAP's are soon to be history. You can try to get one by now, but you could get caught by the deadlines.
In all likelihood there will continue to be assistance programs from state and county … (9 comments)
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mortgages: You're Kidding, Right? - 07/31/08 04:40 PM
I don't know how to react to this. I want to laugh and cry simultaneously.
CNNMoney.com today ran an article about a New York state investigation into mortgage fraud. Try this on for size;
A women with no assets, working as a $10/hr. security guard, with two young children, and living … (22 comments)
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mortgages: Housing Rescue Law, Really? - 07/30/08 09:48 AM
Okay the President signed this bill, no one's surprised. Also there are not many individuals who believe that George truly understands the problem, or that he and Congress have any clue whatsoever as to how to solve the problem.
Will this bill actually rescue anyone?
The mortgage holders must agree to … (14 comments)
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