| |
mortgages: Ladies and Gentlemen, Start Your Engines - 03/27/11 10:22 AM
We are less than a week into "Spring" but the Spring Market has already begun in Westchester. Things are getting busy, as the cyclical nature of our industry turns to the most active period between now and July 4th. If this is the year you are looking to buy that first home, or even if you are looking to sell and perhaps "move up" you should assemble your dream team of professionals to make sure you have all the resources to make the move a happy one.
Buying or selling a home is typically the largest business transaction of a person's … (7 comments)
|
mortgages: Interest Rate is the Wrong Reason to Choose a Lender - 01/20/11 04:19 PM
In the almost 400 transactions I have brokered since first being licensed in the 1990s, anytime there was a problem with the mortgage and the buyer was asked how they chose their lender, I cannot think of one instance where they did not say some variation on the theme that the bank was chosen for quoting the best rate.
In the almost 400 transactions I have brokered since first being licensed in the 1990s, anytime we noted that a mortgage loan officer did a great job and the borrower was asked how they chose their lender, I cannot think of one … (66 comments)
|
mortgages: Banning of Yield Spread Premium is Death Knell for Mortgage Brokers - 08/19/10 11:19 AM
I originated mortgages full time for 5 years in the early 2000s. I worked for both mortgage brokers, who place loans with 3rd party lenders, and, as they are termed in New York, mortgage bankers, who are direct lenders. Up until recently, it was hard for a guy off the street to distinguish between the two- the mortgage application verbiage used and process, to the borrower, was pretty much the same. Even as a loan officer, I saw enormous parallels: the qualifying software was the same, and the rates and pay structure were similar. We either earned money on the front end paid … (29 comments)
|
mortgages: You Can't Make This Stuff Up. - 01/05/10 06:28 AM
An economist is saying that we need more compassion. When those who individually need aid, they ought not be vilified when they seek help, nor should they fear retribution. It isn't fair to the 7 million people who have lost their jobs.
Refreshing sentiments! How true! But you won't believe who John Connaughton of UNC Charlotte is referring to. He's not talking about you or me. He's talking about the banks! While Connaughton offers the "olive leaf" of not justifying the bad things lenders have done, he says that if a lender, individually, finds itself in a tight spot, it ought not fear … (14 comments)
|
mortgages: My Nominee for 2009 Man of the Year - 01/01/10 11:42 AM
In June of 2008, prior to the Fannie Mae/Freddie Mac crisis, I wrote this blog posting asserting that the president who would most impact progress in the housing market was not the winner of the 2008 election, but the winner of the 1932 election. I began as follows:
With the problems facing the real estate and mortgage industries, I look to the Oval Office to be the catalyst in the recovery of the nation going forward. I am not referring to President Bush, nor am I referring to the hypothetical Presidents McCain, Obama, or Clinton.
The president who will … (4 comments)
|
mortgages: New York Times Hates Mortgage Brokers - 04/11/09 12:51 PM
On the tail of my recent post on the nasty Times report on REO brokers who had to gall to enjoy themselves at a conference, today's Times editorial fires some skud missiles into the hides of mortgage brokers. You should read the editorial to get a sense of both the editors' contempt for, and ignorance of the industry. I have originated loans for both brokers and lenders. I would love to explain to the author how 1+1=2.
Obviously, there were and are some bad brokers out there who placed people in bad loans. I see the effects of this myself. Those … (33 comments)
|
mortgages: Why We Need Mortgage Brokers More Than Ever - 04/05/09 10:51 PM
Miriam Bernstein wrote a post on mortgage brokers that cited a recent New York Times article on the problems facing mortgage brokers. I'd summarize the post as pointing out that now isn't the best time to be a mortgage broker as well as pointing out that brokers are not fiduciaries. Miriam's presentation was flawed in that it came across as unkind to brokers in my view, and judging from the comments, I'm not the only person to feel this way. For the record, I don't think Miriam wanted to knock anyone.
Full disclosure: I am technically still a loan officer for a … (4 comments)
|
|
|
|
|
|
J Philip Faranda, Broker-Owner
Briarcliff Manor,
NY
More about me…
J. Philip Faranda (J. Philip R.E. LLC) Westchester County NY
Address: 522 North State Road , Suite 100, Briarcliff Manor, NY, 10510
Office Phone: (914) 762-2500
Email Me
Phil Faranda is broker and owner of J. Philip Real Estate LLC in Briarcliff Manor, NY. Since founding the firm as a sole practitioner in late 2005, the team has grown to over 20 agents and closed 300 transactions valued at $125 million. He is in his 3rd term as Vice President of the HGMLS. This blog commentary is geared toward consumers and industry colleagues alike. You can reach him at (914) 723-8900. Warning: *Sarcasm and irony advisory at all times.*
  
 Listings
Links
Archives
|
;)
;)
;)
