lender: Being Consistent - 07/23/08 08:17 PM
Consistency and practicing your core fundamentals is a strong trait to have.
Many times especially in this business professionals tend to become cumbersome in following through a complete transaction process and tend to find shortcuts or alternatives in doing their job.
I have had recently came across golden opportunities through the misfortunes of my competition in their costly mistakes.
One client was 90% done with the purchase process with another lender and during the closing conditions of the loan (homework that needs to be done before closing a loan)
The client was asked to provide bank statements showing … (6 comments)
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lender: "Help Me, Help you!" get your loan approved! - 04/28/08 10:15 PM
The Beautiful Thing about FHA loans
FHA loans are truly unique because every Loan is different There are guidelines that we follow in submitting the loans but the bottom line is that every loan submitted gets a chance to be looked at by the overall big picture.
The Big Picture
Myths are out there that the Underwriters are out to find ways in turning down every loan out there thats not picture perfect. This is far from the truth, the underwriters are just trying to grasp the big picture on every loan and determines the customer ability to repay the loan.
For the loans that … (9 comments)
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lender: Generation Next won't be spoiled like Generation Now - 04/27/08 09:24 PM
Back when times were normal
Rewind about two decades ago and we were accustomed to double digit interest rates on mortgages. Now a days people will cry FOUL if they were ever quoted a double digit rate on a mortgage. Back then though it was completely normal.
There was no such thing for 100% financing (For the average home buyer) People were accustomed to SAVING up 20% to put down on the house.
Again, now a days you tell a future home buyer you ask the home buyer to put 20% down, they will laugh and will find another lender.
It was the … (19 comments)
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lender: Support our Troops with a VA Mortgage. - 04/15/08 01:14 AM
Is there a strong military presence in your area?
I grew up as a Navy brat in Virginia. My father is a retired Command Master Chief in the Navy, the highest rank you can get being enlisted. So I respect the Military, The area I live in has a strong military presence.
I am located in the Hampton Roads area in Virginia, Hampton Roads is the world's largest naval base. The Navy owns 36,000 acres and more than 6,750 buildings in the area. There are some 108,000 Navy and Marine Corps personnel stationed in the area, and the Navy employs more … (14 comments)
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lender: Self Employed Program Still Alive and Kicking! - 04/02/08 09:53 PM
As many lenders out there are eliminating loan programs for the self-employed customers/derive their income from mostly from commissions, theres still hope.
I still feel like if you maintained good credit these borrowers should still have a chance to get a simple, fast, competitively-priced home financing done.
You’ve built a good credit rating. Now you can reap the rewards with convenient, streamlined refinancing from the Wells Fargo Mortgage Express reduced-paperwork option.
Wells Fargo Mortgage Express offers: Convenience. There’s no need to hunt for tax returns, bank statements or pay stubs. Simply state your income and assets on your application. Speed. Your … (8 comments)
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lender: FHA is still a Super Star! - 04/01/08 08:52 PM
Many lenders out there are tightening their grip on strict guidelines and restrictions, its hard to find the right "Niche" for borrowers nowadays.
As many have perceived with FHA as a strict loan and strict appraisal standards, FHA has made a lot of improvements over the last few years.
FHA is still going strong as my "Super Star Loan Program" and should not be forgotten.
I have had much success with the following just as a clarification on my FHA guideline.
Low Down payment (only 3% cash investment) Closing costs can be paid by seller or lender through premium pricing Seller Concessions up … (9 comments)
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lender: FHA Secure Loan Program Clarification - 03/28/08 12:43 PM
Many people are asking about this type of program since alot of lenders they talked to don't offer it or have no clue on the program.
What is the program?
The new FHA Secure loan program is a new refinance option that is being offered through the FHA to home owners that have fallen behind on their mortgage payments due to increasing interest rates and payments on their adjustable rate mortgages. The FHA Secure loan program is the Bush administrations initiative to slow the record foreclosure rate in America.
The FHA Secure loan program is designed to help home owners who took out subprime … (11 comments)
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lender: Spend Less Time Playing Tour Guide - 03/24/08 09:25 PM
My office has been getting a lot of success from using our preferredprogram. Sellers, Buyers and Real Estate agents love it. We all seen seller concession limits and borrowers getting frustrated because of lack of down payment, this is why I love this program because this exceeds the normal 3-6% seller concession and is wired within the hour directly to the settlement office. Did I mention they give us Lenders and Realtors FREE marketing materials like yard signs, brochures, and custom mailers.
What this program is all about:
The Genesis Foundation, Inc. a non-profit organization is providing assistance under … (8 comments)
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lender: Option One Mortgage Finally Bought Out - 03/17/08 11:09 PM
Quick 411 from mortgaenewsdaily.com
In other mortgage news, Option One Mortgage Corporation, a division of H&R Block, has been sold to Wilbur Ross for an estimated $1 billion.
Ross is known as a distressed asset investor who has, in recent months, agreed to acquire $42 billion in mortgage servicing rights from American Home Mortgage Investment Corporation and made a $1 billion investment in Bermuda bond insurer Assured Guaranty.
Option One, the fourth largest mortgage servicer in the nation, services about $53 billion of subprime mortgages. These assets, combined with the American Home Mortgage Investment acquisition will give Ross the second largest subprime … (1 comments)
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lender: My 2 cents on Bear Stearns Deal - 03/17/08 10:23 PM
Heres the Quick Wiki: http://en.wikipedia.org/wiki/Bear_Stearns
The Bear Stearns Companies, Inc. (NYSE: BSC) was the parent company of Bear, Stearns & Co. Inc., which was one of the largest global investment banks and securities trading and brokerage firms in the world. The firm's main businesses included capital markets (equities and fixed income), investment banking, wealth management, and prime brokerage clearing services.Following a March 14, 2008 announcement that the firm required emergency financing from the Federal Reserve Bank of New York and JPMorgan Chase in order to avoid insolvency, Bear Stearns suffered a precipitous decline in value with its market capitalization dropping by 47%. … (11 comments)
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lender: Loan Minimum too low for most lenders/brokers - 03/16/08 04:15 PM
I hear this story time and time again about borrowers being refused a loan because they are trying to finance a loan less than $50,000. There are 2 reasons why this happens
Lenders have guidelines where financing a loan must meet minimum loan requirement due to risk and cost.Mortgage Brokers work strictly on commission and most won't work on a loan that doesn't pay out well.This is indeed very frustrating for consumers especially the borrowers who really need to refinance to stream line debt or get cash out to help out their current situation. I do understand their needs and I believe … (7 comments)
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lender: HUD rolls out new RESPA reform proposal - Its Official! - 03/15/08 10:42 PM
Its official Hud rolled out the proposed revisions to Respa FINALLY -- MArch 14th 2008. To view the Federal Register you can see it here --------> Federal Register
What Hud Says
HUD says simplifying and standardizing the GFE would make it easier for home buyers to shop around by comparing the fees charged by loan originators, whether they are yield spread premiums paid to mortgage brokers or other fees charged by banks.
The proposed rule would also allow settlement service providers to seek volume-based discounts for settlement services, which HUD believes would lead to lower third-party settlement service prices. Settlement service providers would … (4 comments)
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lender: What is a Trigger list and how to stop it!!! - 03/09/08 05:48 PM
Ok So I am probably going to get a lot of flames for writing about this blog especially from the Mortgage Brokers and other Loan Officers who rely heavily on trigger lists :)
This is just awareness information for a lot of the consumers who were unaware that your personal and financial information is not quite that private as you think. I know I am a Loan Officer and are probably wondering why am I sharing this information besides being a good awareness promoter, its because I actually don't call the trigger lists and I don't like myself or my clients being … (4 comments)
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lender: Conforming or Non-Conforming loans?? - 03/08/08 11:00 PM
The Myth:
So theres a myth going around that borrowers who qualify for prime loans only end up with subprime loans if lenders deceptively steer them into such loans.
The Truth:
Many borrowers who might qualify for prime loans knowingly select subprime loans for reasons that include:
A loan to put little or no money down. I always still recommend the government loans which require little money down anyways but for the Jumbo limits and consumers who want to pay zilch, there are the alternative loan options.Documentation Purposes to speed up or not disclose to the lender. Again its the consumer choice they … (1 comments)
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