loan underwriting: Slowdown on the Road to Closing - 04/06/09 05:12 AM
My real estate closing and title insurance business remained challenging during the first quarter of 2009 but in a totally different way that the previous six months. Opened order counts were the best since the first three months of 2004.
The challenging part for us is not getting the preliminary title work finished-we're doing an excellent job with our turn times. Managing all those files waiting to close is getting tougher. While new orders are way up, the percentage of those orders closing is far less than at any time that I can remember. According to my clients, these orders … (7 comments)
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loan underwriting: I Just Asked. You Just Answered. - 01/16/09 06:39 AM
My post yesterday "I'm just asking . . ." elicited many thoughtful comments. So many comments in fact, that I thought another post is the only way to do justice to the issues raised by my readers.
This new and largest yet mortgage refinance boom will help homeowners with a significant equity and great credit. People got that way because they are careful with their money and responsible with their obligations. Helping people of this character will certainly increase the odds that the economy benefits.
There are millions of homeowners, many of them young families and single parent households that … (15 comments)
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loan underwriting: I'm just asking . . . - 01/15/09 05:30 AM
Most everyone knows by now that there's a flood of refinancing going on. Refinancing is front page news in the mainstream media. The low rates are artificially induced by the government's intervention into the mortgage securities market. Many homeowners are going to benefit. A lot of the money saved will be spent. That's good for the economy.
I think the Washington policy wonks got it wrong. Big surprise there. The intervention is not helping many people who need and deserve help the most. This post is not to argue whether or not the government should intervene. That decision is made.
The people … (26 comments)
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loan underwriting: Who wants to be a Loan Underwriter? Not me. - 11/04/08 06:39 AM
Getting deals closed is increasingly frustrating. The current dynamic nature of loan programs and guidelines is making everything more difficult. The lightening rod for all of this is often the loan underwriter. I'll admit that more than once I've wondered why something is a problem on a deal where the buyer is putting 30 or 40 percent down.
I've tried to imagine what it must be like to be a loan underwriter now. Rather than incur my wrath, loan underwriters now engender my sympathy and understanding.
Many go to work in a large office with few people. Cubical ghost towns. Friends … (0 comments)
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loan underwriting: Who wants to be a loan underwriter? Not me. - 10/31/08 06:23 AM
Getting deals closed is increasingly frustrating. The current dynamic nature of loan programs and guidelines is making everything more difficult. The lightening rod for all of this is often the loan underwriter. I'll admit that more than once I've wondered why something is a problem on a deal where the buyer is putting 30 or 40 percent down.
I've tried to imagine what it must be like to be a loan underwriter now. Rather than incur my wrath, loan underwriters now engender my sympathy and understanding.
Many go to work in a large office with few people. Cubical ghost towns. Friends … (5 comments)
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