mortgages: How to change your business and thrive in the upcoming depression - 02/28/09 09:36 PM
I am constantly reading and researching for myself and the clients I serve, and I've come to some rather grim conclusions, sprinkled with some hopeful solutions. Currently we are witnessing the greatest financial meltdown in world history. It's not just a maybe anymore, it's a guaranteed certainy. Those whom have stood like a deer in the headlights need to start moving towards where the money is going to be.
First let's establish some salient facts before we all drive off the edge of the cliff.
The US dollar is going to collapse in the near future. The Dollar has … (11 comments)
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mortgages: One possible solution to this whole mortgage mess - 09/30/08 02:27 AM
Granted I don't have a fancy economics degree at the end of my name, but I've been in the trenches for several years, and I guess I've learned a thing or two. Here is the one thing that I think these law makers should keep in mind. "Don't allow anyone to think they get a free lunch". That applies to the banks and the borrowers for that matter.
My solution is actually a modification of the current program we already have in place for FHA loans. The root of this problem is rapid property devaluation in basically three states. The sudden … (14 comments)
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mortgages: The next great depression....are we on the edge of the abyss? - 07/11/08 02:14 PM
There has been allot of talk recently about recession, the end of the mortgage industry as we know it, and let's be honest, key word searches on economic depressions are at an all time high. The big question is what's really going on with our economy, and are we collectively up the creek without a paddle.
I've recently received an excellent email from someone who works at a major bank, and they privately expressed their worries about the current crisis, and she complimented one of my previous articles in regards to this matter. The big question that everyone collectively is attempting … (15 comments)
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mortgages: Warning...could be a wild ride tomorrow in the markets - 03/10/08 12:54 AM
Interesting article on bloomberg....see article
If this is the case, get ready for the yield to skyrocket tomorrow. This could be a temporarily a good thing for mortgage rates. The one thing that could derail any decreases in mortgage rates would be further deterioration in the credit markets. Any further weakness to mortgage backed securities, which is likely, and we're in for another wild ride.
So if mortgage rates drop significantly tomorrow morning, then LOCK that loan! Because you don't want to get caught floating when the Fed does decide to drop rates. If they don't drop rates to 2%, then look out!
… (6 comments)
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mortgages: Are we just order takers or sales people? - 02/29/08 12:02 AM
Recently I've been forced to face a number of realities, and some of them have been eye opening. Often in any industry complacency can take hold after years of doing the same thing over and over again. I've witnessed this myself in my own practice. For months my partner and I have watched our pipeline dwindle and though I know why it's happening, you still find other factors or reasons not to change. The past seven years have been fantastic, and heck why change? Perhaps it's human nature, or perhaps it's just poor planning, but often I witness this in other … (3 comments)
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mortgages: Countrywide forging ahead with ARM bailout... - 10/23/07 11:04 AM
CWBC, Countrywide Bank is jumping to the front of the pack once again. Smart move by Countrywide in terms of modifying the mortgage terms on their customers loans. countrywide story
Earlier this year I attended a mortgage planning seminar in Las Vegas, one of the speakers was a former federal reserve chairman. One of his statements he made was in regards to major banks and how they dealt with these ARMS. His suggestion was that they modify the terms and extend the ARM's or refinance them into more favorable terms for their customers.
Though the Fed has been helpful with it's injections … (0 comments)
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mortgages: Don't think just your loan officer will get in trouble for fraud! - 09/27/07 11:43 AM
Call it Karma, or "what goes around comes around", but loan fraud isn't not just perpetrated by mortgage or real estate professionals. The recent proliferation of investment guru education has brought "institutional" fraud to a whole new level. The "students" of these schemes think their immune from the consequences of committing fraud, but the truth is that investigators are quietly and now publicly closing that perceived loop hole.
A local and well known TV personality in our community just plead guilty to one such fraud. TV PERSONALITY STORY
The point to this story is to NOT COMMIT FRAUD...No exceptions and under no … (0 comments)
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mortgages: For all you mortgage loan officers...quick tip for quick biz - 09/07/07 03:25 PM
My partner and I just sent out a 5x7 postcard to all our former clients through a pretty cool company called Sendoutcards.com, then we followed up with a phone call to update them on our recent move we made to a new mortgage company. We've found this to be awesome! Think about it, they are hearing bad news all the time in the media, most of our clients are thinking it's a horrible time to do anything with a mortgage. But our assurance and then ability to quote them some pretty amazing deals are like magic. So far we've taken a … (1 comments)
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mortgages: 21st Century Financial Services Company of the future - 09/06/07 04:15 PM
I've been in the mortgage industry for over 10 years now, I've been involved in two up markets, and two down markets. Some years it feels like a roller coaster that has no end in site! There are a number of other problems with selling real estate or mortgages, the biggest is that most of your clients buying and refinancing window is from 3 to 5 years. Anyone else who sells a consumable product knows that waiting 3 to 5 years between sales with a previous customer would be catastrophic to their bottom line. Yes, we make allot more per sale, … (0 comments)
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mortgages: Knee Jerk or is this type of regulation needed in the mortgage industry - 09/06/07 01:12 PM
Just received this letter from our Primary Lending Manager. In the state of Utah we're regulated by the Department of Real Estate, and the DRE has attempted to model the mortgage industry after the real estate industry. In other words, the PLM or Broker is responsible for all agents that work under them. The PLM needs to have at least 3 to 5 years experience as a mortgage loan officer, and is required to take a 40 hour educational series before qualifying with similar CE hours to full fill each year. From what I can tell its all ready one of … (4 comments)
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mortgages: Sellers better adjust their expectations in todays market - 08/22/07 07:22 PM
Recently had a conversation with a good friend who's a real estate agent. He was complaining about how arrogant some of his clients were about the value of their home. It's funny, but I've heard this same complaint many times. I've also read articles about sellers in California and Florida whom were just sitting on over inflated listings.
I sometimes wonder how good a job their agents were doing in terms of educating their clients, or what drug they were smoking!! So now we've had an entire industry meltdown in the mortgage industry. Jumbo loans are on life support right now. The … (2 comments)
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mortgages: Quick, where's my "The Secret" DVD??? - 08/16/07 06:06 PM
I was walking through the office today and I noticed allot of glum faces. Yes, I work in the mortgage industry and most of us can say we've had a collectively BAD month!! I'm normally not a doom and gloom kind of guy, but my partner and a mutual friend just pointed out what "downer" I was in terms of the market. I'll have to admit, I've bought into the media hysteria regarding the markets. Old black and white video reals of the depression go through my head and I wonder if we're all going to be working at the dock! … (1 comments)
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mortgages: The new rules of mortgage lending, RULE#1 INCOME - 08/10/07 06:56 PM
Times are tough in the mortgage business, but this correction or rough patch has been expected by most people in the mortgage industry for some time. Bank's can no longer offer speculative loans based on the assumption that the real estate markets will always continue to rise. Therefore foreclosure and deliquency rates of skyrocked in California, Nevada, Florida, Arizona, Texas and several other larger markets. These foreclosure rates are often double or triple of what is considered to be acceptable. Now investors are losing money on these securities, and panic resulted this week. This correction is going to last longer then … (0 comments)
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mortgages: Mortgage Crisis gripes the nation....is it time to panic? - 08/03/07 12:53 PM
No don't drop jump out of your office window!!!
Another bank closes it's doors today. American Home Lending, one of the larger players in the wholesale market notified their employees yesterday that they'd be closing their doors Friday August 3rd at 3 PM EST. Abconduit is one of their affiliates, and it's sad to see people you have worked with for several years lose their jobs. Many of my colleagues are getting nervous because of the recent avalanche of bad news on the sub-prime and alt-A side of the business. There are allot of doom sayers predicting recession or depression. But like … (5 comments)
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mortgages: I'd like to welcome Dan White to the Active Rain community - 01/11/07 07:53 PM
I hope everyone gives Dan White http://activerain.com/whidan a hardy welcome. Dan was introduced to me through a collegue as a real estate agent, and has recently joined our mortgage company as a loan officer. He now is working with me on several deals and has allot to offer our Active Rain community. Dan is friendly and level headed, the guy is an awesome producer and has allot of experience that we can all learn from.
Welcome to Active Rain Dan!!!
… (0 comments)
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mortgages: Good offense is always a better defense. - 12/12/06 10:25 AM
How many times have you worked on a transaction with one of your borrowers or clients? You'd done everything possible to make the transaction a smooth process. You communicated well, you didn't let the file sit on your desk for a second, but at the end of the process your client walks away unsatisfied or disappointed in your service. You then review the transaction and find nothing on your end that went wrong. The area's that you had problems were others responsibility and why doesn't your client understand.
One good analogy that I can use is when you're out at dinner. I'll … (21 comments)
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mortgages: Holiday Blues in the mortgage business - 12/04/06 06:02 PM
If your a real estate agent or potential buyer, your probably wondering how your loan officer is doing with your file. It's a great question because most mortgage LO's have put on their dancing shoes. What most agents and customers do not see is the behind the scenes play between the brokers and their wholesale companies. It begins around thanksgiving and doesn't end until about the 10th of December.
I'm not sure if anyone else noticed but it's amazing how many files are submitted by LO's and few wholesalers keep themselves fully staffed during this time of year. A good example was … (1 comments)
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mortgages: "Winning isn't everything; its the only thing"....Or is it ? - 11/30/06 08:21 PM
I've always been drawn to the great American sport of Football. Not the one where you kick some ball around, but the game where you run as fast as you can and crash into another player who has an weird shaped ball that can be thrown great distances. One of my all time favorite coaches is named Vince Lombardi. He had a famous quote that many of you probably all ready know, "Winning isn't everyting; its the only thing.", and you see a number of American's who live their lives according to this principal.
The question is can you win when it … (0 comments)
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