southwest florida: It's not snowing in Southwest Florida...are you listening in New England? - 11/08/10 12:13 AM
I turned on "Morning Joe," when I woke up this morning, as I often do. Good show, in my opinion, for what that's worth. They were showing the national weather report and specifically focusing on New England. It made me wonder why I and others have been whining over the past few days about it being cool down here. We wanted our warmth back.
Back to New England.
It was snowing!
I mean come on man, it's Novemeber 8th. It wasn't much, but it made me wonder if it included the olde frozen rain, black ice, praying for slush type of New England … (2 comments)

southwest florida: Cash continues to pour into Cape Coral, Florida; What's a poor olde Loan Officer suppose to Do? - 11/02/09 08:21 AM
What's up with this!
Don't these buyers know the economy is in the toilet.
Don't they have accountants?
Where's the $$$$$ coming from?
Stopped in to see the "bus driver" today. Lots of sales, mostly cash, probably as high as 95%. The team mostly solicites $$$$$ buyers. Well as a Loan Officer I think that, well mom told me not to talk like that or she'd wash my mouth out with soap. 
I can't help mentioning having seen a lot of writings about teams, that the Lagace-Whitt Team may be a good prototype. Small, professional, firing on all cylinders. You … (2 comments)

southwest florida: Meet the NEW and IMPROVED "Good Faith Estimate" - 10/31/09 03:41 AM
There's a new sheriff in town, actually it's the same old sheriff attempting to flex his/her muscles, if he/she has any.
The US Department of Housing and Urban Development has been working on a new GFE (Good Faith Estimate) for over a year, maybe closer to two and beginning Jan. 1, 2010 we're going to be using this new disclosure, or the new version of the old disclosure.
You can tell it's outdated as it addresses neg am programs, which the market has essentially banned.
You know closing the gate after the horse got out!
The new disclosure is 3 … (6 comments)

southwest florida: No, I Can't Quote You a Rate! - 10/28/09 09:59 PM
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 price
$40,000-$59,999    subtract .250 from price
less than $40,000   not accepted
The obvious conclusion; smaller loans cost more money to the consumer.
Credit Scores
Fico   720+   no adjustment
Fico   660-719   subtract .125 from the price
Fico   620-659   subtract .375 from the price
Fico  <620   and no score not accepted
The … (4 comments)

southwest florida: Warning! Warning! the end is near! - 10/25/09 01:58 AM
Barring a change or extension of the statue, the tax credit will soon cease to exist, as of the last day of Novemeber. With the implementation of HVCC (Home Valuation Code of Conduct) and MDIA (Mortgage Disclosure Improvement Act) it has become difficult, but not impossible to close transactions involving financing in 30 days or less.
Therefore;
Buyers hoping to receive the credit need to be under contract now! or certainly no later than the end of this month to have any realistic hope of receiving this benefit.
Do you think that there will be a last minute rush? Well that's certainly possible. … (0 comments)

southwest florida: Why are there no uniform standards for PRE-approval letters? - 10/25/09 12:10 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 buyer should be able to acquire the mortgage that is necessary for them to purchase the property that they are submitting an offer on.
Preapproval;  pre means before, therefore it would follow that preapproval means before the approval. Let's not lose sight of that!
What documentation is needed, or … (10 comments)

southwest florida: Home Valuation Code of Conduct (HVCC), is it working? - 10/24/09 01:50 AM
It's truly amazing how we, in the real estate industry, can adapt to change. I guess a large part of this developed ability is because we have to.
When you mention  HVCC  to a lender or a Realtor, you'll probably see a scowl on their face, or you may receive a nasty comment, particuarly if they have recently had a problem appraisal on a recent transaction.
HVCC, what's it do?
The intention, in its broadest sense, was to isolate appraisers and the appraisal process from any outside influence over their work, that is determining an opinion of value for a specific … (6 comments)

southwest florida: Clearly Defined WRITTEN Goals!!! - 10/19/09 02:23 AM
If you have ever been to a sales seminar or have spoken with, or listened to a sales trainer, or life coach, you have been told, and know that the most successful people in THE business, any business, have;
Clearly Defined WRITTEN Goals!
First question;
Do you have them?
Second question;
Have you ever had them?
Third question;
WHY NOT?
It's that time of the year, and many of you inwardly are saying to yourselves;
I've got goals, I know what I want to accomplish, I know how.
I don't need to write them down!
Do you want to be truly … (10 comments)

southwest florida: Ya SNOW! Bring it on! - 10/17/09 12:32 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)

southwest florida: President OBama Please Help, Ban Cash Buyers, Now! - 10/01/09 06:03 AM
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)

southwest florida: Are Stated Income Programs DEAD.....Forever??? - 09/26/09 05:28 AM
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)

southwest florida: "RAIN POWER!" It's AWESOME!!!!! - 09/18/09 01:18 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 you and your business are receiving. If you haven't been then you are missing out;
BIG TIME!!!
If you haven't been than take this challenge.
START!
Write 3-5 thoughtful, insightful blogs each week for the next 3-4 weeks and then;
Google yourself!
If you're not smiling at the results I'll be … (79 comments)

southwest florida: Beware! of TOXIC Behavior, It's Everywhere! - 09/17/09 02:31 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)

southwest florida: Another One of Those, Oh No, OH YES! - 09/10/09 02:18 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)

southwest florida: Let's Hear it for Port Charlotte, FLA! - 09/09/09 05:34 AM
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)

southwest florida: Slowing Down the Mortgage Process - 09/09/09 12:39 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)

southwest florida: Change that 'TUDE - 09/07/09 02:24 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)

southwest florida: "What's the Rate?" - 08/26/09 03:53 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)

southwest florida: Introducing "the Worry Free Mortgage" - 12/17/08 02:33 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)

southwest florida: The Bailout-Truly ABSURD!!! - 10/04/08 02:08 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 … (8 comments)

 


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