Ar_home_b_search
 



naples: Ya SNOW! Bring it on! - 10/17/09 07:32 AM
Joe says,
We're tough and we can take it. We don't care if it's still October, or maybe we do,  Bring it on!  we're tough. I've got the snow tires on, the snowblowers purrrin, the shovels ready to go, and salt for the walkway, or not.  
Bring it on!
Joe's wife looks at him with a touch of sadness in her eyes and says, "but honey it's only October and I don't like snow that much."
I can't help but wonder how many of those soon to be freezing and snowbound are card carrying members of the;
Coulda, Shoulda Club!
Check out … (12 comments)

naples: YSP-Yield Spread Premium in it's simpliest form - 10/16/09 06:59 AM
I always hear a lot of talk about YSP and how it's now going to be outlawed and possibly kill ALL of the mortgage brokerage business. I wonder if most people have any idea what this stuff is that's so terrible.
Here goes.
Two different rates are available to the customer on a 30 year fixed. Let's use a $100,000 mortgage as an example.
4.875%   and    5.25%
If the client selects 4.875% at the closing he/she will pay .125% in points, or $125. That's as close to a par rate as I could get. Par is a rate where there is … (9 comments)

naples: Are you ready? Here Comes the SNOWBIRDS! - 10/12/09 08:12 AM
I tried to get a good definition of "Snowbirds," you know something colorful or entertaining, but alas I failed, they were all kinda boring. So I thought why are they called snowbirds, it's not like they fly here. From what I can tell most of them arrive by car. Maybe we should call them;
SnowTurtles!
You've seen they way they drive.
"It's over there George," says Alice, as she points accross the 3 lane roadway.
No blinker necessary, George makes a hard right into the parking lot. Many of the other drivers, admiring his skill, join in giving him the … (10 comments)

naples: 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 Payin because my house is worth a lot less $$$$$ than I paid for it, and my mortgage balance far exceeds the value.
I was directed to an article by Kenneth Harney, of the St. Petersburg Times, by Jeff Belonger (thanks Jeff), asking "Who is the most likely to … (7 comments)

naples: Stopping Mortgage Defaults, The Solution lies in the Past. - 10/08/09 08:38 AM
Very often today when I hear someone complaining about the new restrictive underwriting guidelines, I stop and correct them stating "traditional" not restrictive. That is that the guidelines are closer to what they were when people actually paid us back.
First of all I'd like someone to step up and say "I did," and explain what they did. 
The question would be who developed the computer approval models and how much mortgage experience did they have?
Personally I liked it better when the decsion was made by well trained, qualified human beings.
On another issue, which many may not be aware … (22 comments)

naples: What does HMDA (Home Mortgage Disclosure Act) really tell us. - 10/07/09 08:59 AM
Have you ever heard of the FFIEC?
That would be, drum roll please,  The Federal Financial Institutions Examination Council   
Now that sounds like a truly bureaucratic organization doesn't it?
They are an interagency body empowered to prescibe uniform principles, standards, and report forms for the federal examination of financial institutions by the Board of Governors of the Federal Reserve System, The FDIC, and others.I got that from their website. Pretty much anybody who's anybody. I've got to admit that I'll now sleep better knowing that they're on the job.
In their September release they made available HMDA data from over 14.2 … (2 comments)

naples: 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 best serve everyone in the transaction by acquiring the information up front.
There can be information on the returns which can cause the buyer to be turned down!
My personal Favorite: Unreimbursed Expenses!
These are expenses which a normal W2 employee may be writing off. They are legitimate expenses which … (10 comments)

naples: President OBama Please Help, Ban Cash Buyers, Now! - 10/01/09 01:03 PM
Mr. President,
We need your help! Please make this a priority. We need you to get legislation passed which will ban cash buyers, unless of course no one else wants to buy the property.
Think about it;
First, you're telling everyone how bad things are and here's all these investors running around, with all this cash, buying real estate. Personally, I think this is bad for your image, and you know it's never too soon to think about your reelection. That alone should be reason enough to get started on the ban.
Also, your neighborhood revitalization programs, where cities and other … (2 comments)

naples: (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 given the power to the people and well, you all are using it quite nicely.
Stop for just one minute and think about what we've got here.
The WE that I'm talking about is all 160,289 members. That's today's count and you know that, without fail, tomorrow there'll be more … (7 comments)

naples: 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 much better job, than today's underwriters, in interpreting tax returns because they were used to dealing with them on a regular basis.
I believe it was Citicorp who rolled out the first "stated income" product and the guidelines made a lot more sense when we started with the program, than … (6 comments)

naples: It Ain't a Done Deal, Till it's a Done Deal!!! - 09/22/09 09:34 AM
Once upon a time, in a very far off land (Dover, NH) there was a very young and enthusiastic Loan Officer (me) who was introducing the marketplace, made of of mostly Realtors, to what was referred to as secondary market loans. Back then Fannie Mae, and Freddie Mac were not the household words that they are today. The Realtors had been used to dealing almost exclusively with the local banks and had to adjust to the abundance of paperwork that the young loan officer requested. And ooooooooo the paperwork the underwriters wanted, and the questions they asked. They had to be kidding, right? But … (5 comments)

naples: 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 the mirror and see if you find any in there. If you do I suggest a strong window/glass cleaner to see if you can clean it up. You need to do this right away, don't wait, this is important.
Next, spend some time listening to yourself during the day and evaluate what … (2 comments)

naples: Another One of Those, Oh No, OH YES! - 09/10/09 09:18 AM
Every year just like clockwork here it comes. It's time for another birthday. For me it's also a time for reflection and I'd like to share a few thoughts.
On Friday I'll be 75, oops there's that dyslexia thing, I'll really only be 57. As you get older you're allowed to make more oops'.
I use to think, oh no! another birthday, but then about 2 years ago I went shopping at BJ's and decided to have a heart attack. Forty days, and 3 stents later, I was very happy to walk out and see the light of day. If you've lived through … (8 comments)

naples: 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 I'm going with it.
Here it is, entitled;
25 Best Places To Retire
Thinking about your post-work home? You'll get huge bang for your buck-plus lots of other perks-in these towns.
So whose mentioned first in the article? A little hint-look up to the top of the page.
PORT CHARLOTTE, FLORIDA!!!!!
… (1 comments)

naples: 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 FHA or a USDA/RD requirement.
It case it's not obvious these are both govern(mental) organizations.
Now, along comes  MDIA.  The Mortgage Disclosure Improvement Act.
Someone needs to show me what it IMPROVES!
Most of this act centers around the TIL, one of the worst and misunderstood documents in my … (6 comments)

naples: Change that 'TUDE - 09/07/09 09:24 AM
Some blogs are just fun! They generate constructive and intelligent comments, and they make us think. Also, I confess to being
"Mr. Positive"
at least most of the time.
Every now and then someone wants to point out
"the reality of the situation"
Pleeeeeeeeeeeeeeeeeeeease, no not that! You know it's going to be such a bummer.
Okay;
reality;  the quality or state of being actual or true, the state of the world as it really is, rather than as you might want it to be.
One of the definitions actually went on further to state as an example, "business men have … (6 comments)

naples: The Coulda, Shoulda Club of 2009! - 09/05/09 09:52 AM
You don't even need to sign up to be a member!
What a great deal! 
This is an incredible Club!
So how do I join? Just repeat after me.
I COULDA bought that property for $10,000 less back in January!
I SHOULDA made that offer instead of waiting!
Okay, you're in. It's just that easy.
Recently in Cape Coral Florida the local rag published some numbers stating that on the average prices had increased about 11% over the first six months.
Remember all the experts who stated that the bottom had hit over the last 2 years. Well here's … (48 comments)

naples: "What's the Rate?" - 08/26/09 10:53 AM
Why is this the first question that potential customers ask? Actually it's quite simple. In most cases they don't know what else to ask.
This use to be a fairly easy question to answer. I'd really only need some basic information such as primary residence or investment property, FHA or VA, etc. Well that's all changed.
In today's marketplace a wholesale or correspondent lender better be pretty sharp when trying to quote an accurate rate and actually it's nearly impossible with the initial phone call. If you are not a loan officer and/or haven't seen what the pricing sheet looks like … (2 comments)

naples: 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 we're kinda funny as what we consider a "first time homebuyer." And since it's most often offered in conjunction with FHA financing we can say that pretty much any one who qualifies for an FHA loan will qualify for the program with a few exceptions. Also FHA is not the … (2 comments)

naples: The Bailout-Truly ABSURD!!! - 10/04/08 09:08 AM
Webster's
absurd;    ridiculous
That's a good fit to describe the bailout.
I'd just like to share a few Tasty Tibits from CNNMoney's "Special Report,"
Bailout:Will it Work?
Just my opinion, but we should have known THIS before we passed a $700 Billion piece of legislation, don't you think?
Get this;
"Financial institutions have become paralyzed with fear and though they have plenty of cash on hand, they have been hoarding it."
This comment makes me very angry. Haven't the media outlets been reporting that the banks were going to fail and they were all broke. Now it's they have "plenty of … (9 comments)

 


Listings

Links

Archives

RSS 2.0 Feed for this blog