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mortgage: When is a Mentor not a Mentor? - 02/16/12 08:17 AM
A number of years ago I was asked by a brand new person to the mortgage business to mentor him. I was excited he asked; then I had visions of creating this super originator. That is when ego took over.
Over the next weeks and months we would meet every Saturday morning to review what he did for the week. Then in my arrogant way I would tear down what he did for the week and give him his objective for the next week. Looking back on it today just makes me sick to my stomach.Why am I writing about this? … (4 comments)
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mortgage: The 10 reasons it is an advantage to have your office in your garage - 01/27/12 02:35 PM
The 10 reasons it is an advantage to have your office in your garage.10. When you work in your office garage, no one wants to come out there. 9. Your exercise equipment is close by if you want to work in a quick workout. 8. You don’t need to keep it nice for customers. 7. The lawnmower is close by so you can mow the yard anytime. 6. If it gets too hot, open the garage door. 5. If you have too many mosquitoes, close the garage door. 4. Dress attire is not a problem....you are in the garage for god … (2 comments)
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mortgage: I want to be like my dog - 12/02/11 10:14 AM
Why would I want to be like my dog? On the surface it appears to be a pretty good gig. No bills to pay, no one to argue with, brighten everyones day, everybody happy to see me, and of course I have free run of the house with no responsibilities to maintain the house.Dale Carnegie once said, and I am par phasing) your dog has unconditional love, your dog is very loyal, your dog is happy to see you, and most importantly your dog builds its relationship with you everyday.There are some drawbacks, you can never learn to drive, you only … (1 comments)
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mortgage: We can't approve your loan at this time..... - 12/01/11 12:42 PM
I can’t tell you how many times in my 33 years as a mortgage loan professional I have said those words. Lets face it, that is why you have your customers prequalified. In order to fulfill the American Dream prequalification is necessary. What would you say if that statement was made because of excessive debt ratios? Probably not much because that is one of the reasons for a denial on a home loan application. If this denial was because the potential energy cost of the home was X, how would you and client feel now?Senate Bill S.1737 does just that...requires the … (9 comments)
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mortgage: Is your Mortgage Loan Officer Tim Tebow? - 11/30/11 09:28 AM
Now we all know Tim Tebow is the starting quarterback for the Denver Broncos but lets stop an examine one of the most polarizing figures not only in sports but in the public eye.
First, I have never met Tim Tebow, never seen him except for Television, listened to interviews, in fact I did not even read his book. So why the comparisons, because it is not about Tim Tebow the Quarterback, it is about Tim Tebow the man.
In interviews I have watched it always appears Tim Tebow knows the right words to say, I am blessed to have … (3 comments)
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mortgage: New GFE and HUD-1 are coming - 11/16/09 08:04 AM
The New GFE and HUD-1 are coming, make no mistake about that. Regardless of what you have heard about delays, changes, or my personal fav "this will never happen" get ready...it is happening and it is happening January 1, 2010. As a Realtor what do you need to do in order to be prepared for these changes?
In order to keep this simple and in the spirit of the length of a blog I am going to give you some tips I think are important to navigate the potential dangerous waters ahead.
First, the New GFE puts a tremendous … (4 comments)
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mortgage: What!?!? This is it??? - 08/18/09 09:28 AM
What!?!? This is it??? Are you kidding me??? Those are just some of the reactions industry had with HUD's release of its FAQ regarding The Final RESPA Rule. In typical HUD fashion this FAQ is long in mystery short on substance. Speaking only for myself HUD continues to define Insanity, They keep doing the same thing and I keep expecting different results. Oh well...such is life.
There are so many details that I can't cover in the content of a blog but I am going to provide you with some useful links. First, HUD's FAQ 16 pages of questions is interesting, confusing, … (1 comments)
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mortgage: What is happening to RATES? - 06/11/09 10:36 AM
What is happening to rates? That is a very good question and one I will attempt to answer without boring you to death.
As everyone knows by now we have entered into historic times. The Federal Government created a TARP plan for Banks, involved in the Auto Industry, have taken unprecedented steps into the housing industry, and yes finally taken a lead role in the MBS (Mortgage Back Securities) market. Why? Well, not so long ago MBS was virtually worthless....not because they were no good. It was because the buyers, foreign investors, in fact almost all buyers of MBS … (3 comments)
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mortgage: Tax Credit "Monetization" - 05/14/09 08:11 AM
Monetize, I am not embarrassed to say that two days ago was the first time in my 52 years I ever saw this word. Since it was in a sentence I had a general idea what it meant, but honestly I wasn't sure. So, at 52, when you see a word you don't know what do you do??? Google it???? No....ol' school....I looked it up in the Fourth Edition The American Heritage College Dictionary I keep in my office.
So what is the definition of Monetize? I quote "mon e tize 1) To establish legal tender. 2) To coin (money) … (9 comments)
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mortgage: Tax Credit Loans...what does this mean - 05/13/09 11:47 AM
Yesterday, Secretary Shaun Donovan spoke to the National Association of Realtors Real Estate Summit. In that speech he announced HUD would allow the $8000 Tax Credit for First-Time Home Buyers to be "monetize" as he put it. Here are the details as outlined in Mortgagee Letter 09-15.
Remember the guidelines the govern the Tax Credit are IRS guidelines and not HUD. The guidelines have not changed. They are as follows:
Credit is the smaller of $8000 or 10% of the purchase price of the home. Phase out of the credit begins when modified adjusted gross income exceeds $75,000 … (5 comments)
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mortgage: Change is the only Constant - 05/13/09 09:14 AM
Change is the only Constant....how true is that? I have found over my life that change, and nothing else, is the thing I KNOW will take place everyday.
H. R. 1728, mortgage reform legislation passed by the U.S. House of Representatives last week contained language instructing HUD to suspend its new GFE and HUD-1 and to instead work with the Fed on a joint rulemaking to develop "compatible" RESPA and TILA disclosures within one year that would be implemented on the same date. The legislation still needs to clear the Senate. It was widely believed by industry HUD would follow the … (5 comments)
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mortgage: $4,470,000 = $13,410,000 - 04/28/09 08:20 AM
Now I bet you are wondering where I learned math? Well...same place you did school. However the equation above is real world math, not the math they teach in school.
There is a case that should catch every one's attention. Why, because this case, in my opinion, outlines some of the most innocent cost associated with buying a home yet it will mushroom into a huge claim if the plaintiff wins. So far the Plaintiff has. What am I talking about...Vicki V. Busby (Plaintiff) v. JRHBW Realty, Inc. d/b/a REALTYSOUTH.
Now I am not a lawyer and of course … (7 comments)
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mortgage: MIRA or HR 1728...pick your poison - 04/14/09 10:06 AM
MIRA or H.R. 1728...for most of you out there this is unknown. I could write about this for a week but I won't. What few that do follow this blog would stop. Let me give you a brief rundown.
MBA's Summary is 23 pages long so I will do my best to be brief. In a nut shell here are some key components. MIRA is "Mortgage Improvement and Regulation Act of 2009" and is MBA's attempt to be in front of rather than reacting to Mortgage Reform. Personally, I think the MBA is doing exactly what they should be doing, … (6 comments)
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mortgage: Time saving tips for Realtors - 03/18/09 08:59 AM
I often wonder what some people are thinking and why they take the actions they do. Over the years I have learned if my name isn't on it then it is none of my business, but that doesn't stop me from wondering.
Many of you are aware now that credit standards have tightened. I prefer not to look at the current situation as a tightening of standards but more going back to tried and true lending principals that should have never been abandoned. With these "new" standards there are some very simple questions you can ask early on to save yourself valuable … (5 comments)
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mortgage: Whatca want? - 03/13/09 08:58 AM
This is a question I ask myself every single day. In an Affiliated Business Arrangement, what do Real Estate Agents want from their Affiliated companies?
I consider myself average when it comes to intelligence...not going to win any Jeopardy games but I can hold my on in a conversation. I do not have a fear of public speaking and secretly kind of like it...but when it comes to What do Real Estate Agents want from there Affiliated Companies I am blank. No brain waves, deer in the headlight look, every description you can come up with that would be me with this question. … (10 comments)
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Kevin Breeland
Mount Pleasant,
SC
More about me…
Residential Mortgage, LLC
Address: 100 Calais Dr, Anchorage, Ak, 99503
Office Phone: (907) 222-8800
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