Kirk's Blog, star date 0711.08

Chickens come home to roost or the fox guarding the hen house or both?

2008-06-17T09:27:13Z

When the creators of exotic loans from wall street made a load of money turning the loan applicant with a 580 credit score profile into the "SIV" or sophisticated investment vehicle rated AAA then only to turn the "spicket" off creating the economic calamity we face today we now know what Chris Dodd (D) Senator from Connecticut and Chairman of the Senate Banking Committee that over sees mortgage lending activity was doing.

Before I let the cat out of the bag I wish to point out another man of the people that is righting the wrongs done by .... (Well he really doesn't know but pretends to understand) Barney Frank (D) of MA another man in charge of oversight.

And let us not forget the ultimate self-promoter himself the honorable Andrew Cuomo the AG of NY but I digress.

So while Barney was taken a nap for the past ten years and Cuomo was building his website what was Chris doing?

http://www.mortgagenewsdaily.com/6162008_Friends_of_Mozilo.asp

My point is simple. You don't rush into a fire to figure out how it started. You put it out first. Carefully look at all the factors then evaluate what OVERSIGHT could have done to manage this appropriately to avoid what we face today. In otherwords LOOK IN THE MIRROR DC.

If you think the likes of Chris Dodd or Barney Frank are the solution then........

............Herferds DO swim with Dolphins!

Thanks for allowing me to vent.

Continued success to all.

Is the Nehemiah Down Payment Assistance Program a solution for your seller?

2008-05-27T11:01:41Z

In the difficult market the seller is facing the down payment assistance program may be an acceptable option vs. the price reduction. Since it is inevitable the seller may be paying some costs after negotiation the Nehemiah Program should be considered.

If it is the Nehemiah Down Payment Assistance Program or a price reduction the net purchase price may end up the same (depending upon price reduction). The seller may end up with less net proceeds however if the seller is looking to purchase a home within the FHA loan limits they too can write up an offer for their purchase with the FHA Nehemiah Program as one of the contingencies. (Nehemiah Program is utilized with the FHA loan)

This is not the silver bullet and it will not fit all circumstances but it is an option and an option often overlooked.

Good luck and have a great year.

GREAT NEWS!!! We have expanded our operations into Arizona!

2008-04-11T20:22:09Z

My wife and I were born here in the Great Pacific Northwest and in our opinion one of the most dynamic places to live play and work in the world. My wife and I like road trips and a few years back we did our thing in Arizona and what we took from that is we want to go back!

I have been originating home loans for 22 years. I now can provide loans to my clients and to my friends that wish to "snow-bird" or live in the great State of Arizona. In addition, it has been my goal to conduct my business in the same fashion. Work in the winter in AZ and work in the Summer in WA.

Thanks to technology, I am a phone, website, fax or email away regardless of my location. I have staff to support me in both places so I am able to provide top notch service my clients have come to expect.

For those in Arizona, I want to introduce myself. Please call or email me and introduce yourself. Real estate is local and it has been a challenging market but it will not be like this forever and more importantly RATES will not be this low forever and in fact 20 years ago they were over 10% so some things could be worse!

If you live in Arizona and plan to RELOCATE to the State of Washington, CALL ME and I will roll out the RED CARPET. I will provide to you an experienced Real Estate Professional to familiarize you with our area and I will of course provide your options financially. This is offered to you no matter where you plan to live.

For my clients in Washington, I will continue to work hard for you. I'm only a "click" away to answer or refer to you like minded professionals you may need such as Realtors, CPA's or any other service you may have a need for.

If you live in Washington and plan to RELOCATE to the State of Arizona, I will roll out my RED CARPET and introduce to you an experienced Real Estate Professional to familiarize you with the wonderful communities no matter where you wish to live.

Despite the doom and gloom, if you work with a long time seasoned professional like myself in lending and work with a seasoned Real Estate Professional, you cannot go wrong. If you need a home, this is the time to buy. Real Estate is local and the future is bright for both Arizona and the State of Washington. You can't see that today but the smart set sees it and are out there finding value and purchasing it as we speak.

For those sifting through looking for some investment properties remember to be wise toward your investment and make sure you can afford to hold on to your investment. If you are seeking instant gratification on your investment real estate is not for you!

Even though it may not "feel" like these are the good ol' days I encourage you to look around. Home prices are lower and rates couldn't be better. When the market turns around rates will be higher and how much home will you be able to buy then? Something to think about.

I look forward to working with all my clients in Washington and Arizona and look forward to meeting my new friends/clients in Arizona!

Rock n Roll.
(it's Friday...I couldn't resist)

Mortgage Fraud featuring Stated Income and other areas of mis-representation

2008-03-16T13:46:27Z

Mortgage Fraud has been around in various forms for years and although it seems fashionable to point fingers at the point of origination and the lender it is important to note the buyer signed on the dotted line and it is the borrower who makes the representation. BUYERS BEWARE!

My first exposure as an originator to "stated income" prompted me to call the underwriter and ask how we do this, what documentation is required and most important who is responsible for this information? The initial response was silence or an interpretation based upon another interpretation interpreted!

After years of getting the crap beat out of me by some of the worst underwriters in the world this seemed too good to be true. Hind site tells us that under certain credit grades it was too good to be true and a disaster.

Stated income loans are available today and it is important to note that the person who states what they earn is the borrower. Not the lender. Borrowers and Realtors must understand the originator cannot establish the income on the borrowers behalf because if the FBI knocks on the borrowers door the first one to get the blame is .....yes you guessed it the originator. That's pretty much going on today.

As you look at the information please note the percentage under the category of "predatory lending" and although this is FNMA data the result represents reality and is opposite as reported or portrayed in the media, or by the idiots in "DC". This is not to say bad behavior in the lending industry (at point of origination) didn't occur but at the same time it is not as much as many would like to believe.

I am providing a great link for you all to look at. It provides interesting information about FRAUD.

King, Pierce & Snohomish Counties FHA and Conventional Loan limits INCREASE

2008-03-06T18:18:18Z

It is official. DC finally picked "the number" that will "save the world" here in the pacific northwest however when you thought it would give the lower tiered jumbo loans a pricing break because of it well think again!

In the past anything over the conforming $417,000 limit kicked in the higher jumbo pricing matrix so the lifting of the limit may just be another superficial little exercise for the politicians on both sides of the isle allowing them cover to proclaim...."look what we did!". We will see. The new SFR loan limit will be $567,500.

In addition to the pricing disappointment of course the secondary market as I understand it may tighten some underwriting standards however time will tell and frankly at least here in the northwest it probably will not be that bad.

FHA is the bright spot. The pricing and underwriting will be less affected so perhaps what was the lower tiered Jumbo market now will be financing FHA....Go figure. The single family loan limit for FHA is now $567,500.

I am disappointed but on the other hand the market place is trudging forward and purchases continue to land on my desk. Even though I am being a bit of a "sour puss" there will be some silver lining to this and with the way information is presented by the media I thought I would provide some factual data before you hear their spin of it.

Cuomo starts presidential compaign setting sights toward 2012 or 2016

2008-03-05T12:03:02Z

As Obama and Clinton duke it out for the nomination Andrew Cuomo the ultimate self-promoter is working toward his turn in 2012 or 2016. Jumping on the political opportunity bandwagon he is searching out to find someone to blame over the "credit crisis" as it is called.

First the public lynchers were heading for the originators now it seems the NY Attorney General is focusing on the appraisal industry while legally chewing on Fannie Mae and Freddie Mac at the same time.

Mr. Cuomo it seems built what he deems a strong case that appraisers were just going out there picking values out of the air and the lender underwriters were just blindly rubber stamping them and therefore this is why people are not making their house payment and the reason for real estate values going upside down on the home owner.

Wow, that is an amazing feat done by the appraisers. I did not know they had that much control on the real estate market!! How did they do it? Did they have a nationwide conference call or attend the "value-puffing" convention? How did they plan this very sophisticated and most heinous act?

The truth is they didn't. The truth is most appraisers did their jobs appropriately. The truth is the buyer agreed to purchase the home at that price. The truth is the appraiser was not there counseling the buyers to sign the dotted line. The truth is the appraiser was not there when the buyer picked the loan program.

Look at the document and the agreement (and money extorted) Fannie and Freddie signed to get Cuomo out of their hair in exchange he promised to leave them alone. Get real. Adding yet another layer of subjectivity to an area that is subjective in nature and this new "safeguard" by design will probably cause more problems, more cost to the consumer, slow down the process creating more inadvertent costs so in the end will cause more angst for the consumer. I give it a year at best to stay in place. By the way it is called the "HOME VALUE PROTECTION PROGRAM". Sounds like a government program doesn't it? Will this prevent bad judgment or bad behavior? I think not.

The need to find victims and to pin blame is food for the political season and you see Barney Frank MA (D) and friends squawk about this and that and they are going to do this or that or they are going to regulate this or that when in the end it was the person buying the home to begin with. So if it is blame you want please look to the folks that purchased or refinanced with a loan they instinctively knew was risky. A loan a fifth grader would know to be risky.

So in the next round of the blame game are the political opportunists going after the Realtor?

If all of the political smart set had been doing their job (oversight) this could have been prevented. They didn't because they didn't understand what was going on and believe me you do not want them trying to add new regulations now! See this exchange on video at a hearing with Fed Chair Bernanke referenced in an article by Matthew Graham. Video After watching that exchange do you really want this guy and others like him voting on reform?

There are some areas that need correcting. Wall Street needs to be put into the spot light. After all the guy with a 560 credit score became a triple A rated sophisticated investment vehicle (SIV) and was bought and sold on Wall Street.

I am tired of stupid falling out of Cuomo, Frank and the others on both sides of the isle. Until they understand the landscape you will see non-sense like this that will continue to push the consumer interest aside while they (the politician) scramble to the spot light building their political resumes and to prove to their base (the lemmings that can't think for themselves) they are their champions!

The consumer looses again.

SOAP BOX TIME!

2008-02-09T12:16:48Z

Music was fun to listen to before it became BIG business. I use to vote for politicians that represented me because they were civic minded and things needed fixing (D) or (R) but they turned their civic duty into a career with full "bennies".

The record labels got what they asked for and that was just the money. They pimped pop artist after pop artist, boy bands, girl bands (make it stop!). Thank God for technology and the Internet because now the power is moving back toward the musicians and the real music is once again starting to emerge.

Then there is the politician. Bob Dole a person I respect once spoke of his upbringing in very poor conditions on his parents' farm in Kansas. He talked about his humble beginnings and talked about his service for our country. A great story great sacrifice but then he became a politician. The rest is history. We all know about his political career and he retired honorably and retired a multi-millionaire (not a bad thing really). Nice retirement package too and I know this because I chipped in (we all did).

My point and hope is that people will get out of the recliner and vote. Yes, this is an electoral system but the popular vote does matter because it expresses to "DC" our disposition plus there are local issues affecting our daily lives and you should have a say about it.

Do your country and me a favor. Do not vote because of the letter (D or R) after the name. If that is the best you can do then you are an idiot. Vote for the person that can demonstrate the ability to articulate their position. Demonstrate their thought process behind their answer vs. the tripe that is usually thrown out there. Demonstrate they have a belief system not a polling system.

Please don't be the one-issue idiot. I don't agree with my wife 100% of the time so I am not going to agree with my representative 100% of the time either.

Do your own homework. It is not that tough. Instead of regurgitating Al Franken or his buddies at Air America, or regurgitating Rush Limbaugh and his buddies, think for yourself. Understand Jon Stewart, Keith Olbermann, Bill O'Reilly, Stephen Colbert and yes-even Chris Matthews are ALL entertainment shows NOT news. If you can get over that hump there is hope for us all! (Install information filter here)

And by the way, I'm not angry. Thanks for listening.

Money Stolen from the Crime Victims Fund- ONLY IN THE STATE OF WASHINGTON

2008-02-05T01:48:01Z

Yes, that's right someone stole money from the Crime Victims Fund....How rich is that?

On behalf of the citizens of Washington I wish to congratulate our Governor for a job well done. As I sit in traffic wondering why they can't add a lane or two, a bus or two a train or two it is good to know they can't even keep track of their gas cards (they lost them too).

And evidently YOU CAN TAKE IT WITH YOU. The State of Washington sent about a quarter of a million dollars to DEAD people. I wonder where my dad is spending it? My birthday is coming!

But on a positive note I want everyone to know that our Christmas trees are inspected by the State of Washington and yes there is a tax for that too. So don't worry the tree in your living-room is not an illegal alien however your neighbor might be.

These tasty little sniglets of stuff can be found in a report provided by the Washington Policy Center. It has data and information for your review about what this pesky little state is doing with all our money.

I can at least speak for Snohomish County-we aren't getting any of it....OH except we are getting new little yellow turtles glued on our little two lane highway we call SR 9!

Visit the Washington Policy Center Site and after reading through the information, pick up the phone or send a little note to your elected official and tell them to STOP IT!

Beautiful, scenic and on the River, new construction in Gold Bar Washington NO CASH to get in! Yes, the shameless plug!

2008-01-31T23:38:24Z

If you want some peace and quiet this is the place. If you want a short walk to the river bank, this is the place.

Click to VIEW this property. Call 425.418.9542 for details about this property and HURRY. Activity has picked up and they will be gone soon.

Rates won't be this low forever and all costs are paid OR you can buy down your rate. YOU CHOOSE! To obtain the zero cost loan call me at 425.212.2561.

Credit surfing and balance transfers.....it can hurt you.

2008-01-29T20:49:41Z

With all the temptations of lower credit card offers many people surf around and pay off and close their account for the better short-term rate. They closed an account with a longtime credit history in good standing and what happens..... The credit score goes down! DON'T DO THAT.

You eliminated a perfectly good credit history only to open a brand new one with no history. You have moved all your balances to the new credit card nearly "maxing it out". The FICO scoring system penalizes you if you carry a balance on your credit card that exceeds 30% of your approved limit. If you exceed that limit for the next couple months your credit scores drop again..... DON'T DO THAT.

In case you missed it....Private Mortgage Insurance is tax deductable.

2008-01-27T11:31:14Z

As of January 2007 private mortgage insurance or PMI became tax deductable. Recent legislation has now extended this out to 2014. In the past we would restructure your loan with the first mortgage at 80% of the sale price then adding a second covering all or most of your down payment.

Much has changed. The "purchase money" second pricing is not as attractive as it use to be. You may opt for the first and second loan or (combo loan) for other reasons such as the expectation of a bonus or inheritance to payoff the second mortgage sooner than later thereby reducing your house payment for the long term. (I would invest it but that is another story another day).

If the bonus is not coming PMI may be the way to go. In addtion to the tax deductibility, you do not incur redundant costs such as a second escrow fee and other costs associated with the second mortgage. You don't have to pay thousands to payoff the second mortgage to reduce your payment.

In most instances you are "stuck" with PMI for a minimum of two years no matter what equity position you are in. The servicer of your loan (where you make payments) will inform you of the options available upon your inquiry or click cancel my PMI.

When planning your future it is important to explore all options.

Stimulate OR Simulate Package....and Oscar is around the corner!

2008-01-26T21:22:33Z

"Welcome my friends to the show that never ends, your welcome to attend, come inside come inside"

Emerson Lake & Palmer

Yes the political season is in full swing and the Oscars are just around the corner and here are a couple nominees:

FOR BEST ACTOR:

Barney Frank, Chairman of the House Financial Services Committee

For his role pretending he understands the issues surrounding the "credit crisis".

FOR BEST ENSEMBLE PERFORMANCE

President Bush, Nancy Pelosi, Harry Reid, all the house & Senate last but not least all the presidential candidates

Pretending the simulate package I mean stimulate (Stimulus) package is a serious attempt (applying solid economic principles I'm sure) toward resolving our economic slow down.

I like to call it the "simulus" package.

Simulate:

1 : to give or assume the appearance or effect of often with the intent

to deceive : imitate

I can't be the only one a little ticked when more of our money is thrown out of a helicopter. I am nearing tax season. I am feeling a little "sensitive" right now!

It was 20 years ago today.... So what are you waiting for?

2008-01-25T11:41:14Z

The interest rate in January 1988 was 10.38% at a cost of 2 points. http://www.freddiemac.com/pmms/pmms30.htm.

Top songs of 1988

Roll with It - Steve Winwood, One More Try - George Michael, Every Rose Has Its Thorn - Poison, Look Away - Chicago, Man In the Mirror - Michael Jackson, The Flame - Cheap Trick, Sweet Child O' Mine - Guns N' Roses, Got Outta My Dreams- Billy Ocean, and Never Gonna Give You Up - Rick Astley.

In 1988 there were approximately 3.7 million births in the US.
In 1988 the US population was approximately 226,545,805 people, 64.0 persons per square mile.
In 1988 in the US there were 2,389,000 marriages (9.7%) and 1,183,000 divorces (4.8%)

Sometimes things change quickly. A recent example was two days ago. Virtually all the interest rate lock desks across the country were closed because the market pricing was so volatile. People waited for rates to go even lower because they had an expert in their back pocket. Pigs get slaughtered and it was a blood bath for those thinking they could do better. Rates took a bounce back up....BUT THEY ARE STILL GOOD, RIGHT?

Just like the folks that "knew better" about what rates were going to do missed their opportunity. There may be another opportunity. I suppose you could WAIT!

These are the good ol' days now and the sky is not falling. The argument if it is or not a recession is a tired conversation. The bottom line is the economy is going to be slow with modest growth (pick a number). Gee, that's never happened before.

Have a great weekend!

Credit Scoring

2008-01-24T11:15:58Z

Just over a decade ago, the mortgage industry began using a credit qualifying tool to help them evaluate a borrower's credit worthiness when applying for a home loan. This tool is called credit scoring.

Credit scores are often referred to as FICO scores, after Fair Issac & Co., the primary developer of credit scoring for the mortgage industry. FICO scores are to act as a snapshot of a consumer's credit profile at any given moment.

Consumers should understand that credit scoring is important! Contrary to previous writings stating it is "only one of several pieces" utilized in your loan decision, it is the first hurdle to gain access or have access denied to certain loan programs that would be the ticket to buying your new home.

With FICO scores, the higher the score, the better your credit. These scores range from 300 up to 850. A score above 700 virtually opens almost every door to every available loan program provided the borrower meets the other remaining program guidelines.

If your credit score is in the 600s don't despair. There are programs available to you including "zero down".

Shop the Professional for better results.

2008-01-23T01:17:58Z

If you call a bank, broker or access the Internet to obtain an interest rate quote and you are not asked a specific set of questions prior to obtaining the rate quote it is probably wrong and it may be the wrong program for you anyway.

In order to obtain an accurate quote, lenders must know what your credit score is, issues surrounding your credit, down payment if any, full document mortgage vs. stated income, fixed rate vs. adjustable rate, whether you are occupying this home, if it is an investment property, if it is a stick-built home, mobile home, sale price or loan amount.

In adddition to that determine what type of goals you have in the short term and long term. This is an important component as you contemplate options.

Find an experience professional. That should be your focus. Once the decision has been made regarding the type of mortgage then your trusted professional will shop the price. If you have issues of trust with your professional, then communicate that and move on. Don't waste your time and be courteous and don't waste the time of the professional.

Word of warning: Everyone is an expert. Everyone that has obtained a mortgage becomes an instant "expert". They proceed to tell you how "you should" do it not realizing or understanding that your situation and goals are different. So take in the information from your friendly well intentioned "advisors" then call the real professional and get your questions answered in context to YOUR situation.

Second word of warning: The folks that went into the wild searching for the lowest rate instead of looking for an experience professional to guide them through the process got exactly what they asked for.....THE LOW RATE. Unfortunately, they probably are now one of the forclosure statistics after getting one of those little 1% negative amortizing loans. I have nothing against those loans. They have their place but in most instances people were sold a bill of goods by phone solicitors, mail solicitors, internet and of course Uncle Phil who decided to do mortgages on the side.

About your Realtor, Lender & You.

2008-01-17T01:17:38Z

Your real estate agent is genuinely concerned for your happiness throughout the entire transaction. They rely on your recommendation to family and friends. History shows us that a customer involved in a dissatisfying experience with a lending institution, is highly unlikely to recommend the professionals they worked with to anyone!

It is human nature to remember the poor part of the experience first before the good. It is imperative that all parties involved do a great job to ensure that you would recommend any one of us in the future. After all, we wish to have you as a client for life!

Having a Pre-Approval letter submitted with your offer is essential. The listing agent will inquire of the selling agent, "Do you know the loan officer?" The answer sometimes can have a bearing on your negotiations when asking for repairs and/or closing costs. If other offers are coming in at the same time, the trust of knowing the loan officer will often tilt to the acceptance of your offer since the source of the pre-approval is known to be reliable.

Realtors can bear testimony to bad experiences their clients have suffered due to an inexperienced or an incompetent loan officer . If your agent has asked you to contact me, they are not trying to insist that you use my service. Moreover, as in any business or profession, referrals to trusted like-minded experienced professionals ensure a smooth transaction and a pleasant experience for you!

Happy Hunting.

THESE ARE THE GOOD OL' DAYS NOW!

2008-01-13T12:58:02Z

Yes, I suppose you could wait for "the bottom" then buy too late. Now that the "talking heads" and the "pundits" (don't forget the blogs of course) glazed the entire public into their way of thinking that real estate "everywhere" is a bad investment the new thing or the new glaze now is "recession".

Meanwhile back in the little corner we call the northwest, things are not as bad as they seem. Yes, we have been impacted also but there are very good deals out there right now. All you have to do is look and for those who have lived here for 15 years or more know exactly what I am talking about.

If you purchased a home a couple years ago and need to sell it is going to be tough obviously. That is a small percentage around here. That does not mean real estate is a bad investment in the northwest. It means you had the bad luck of timing.

On the finance side of things rates couldn't be better. Yes, FNMA, FHLMC and others have put additional risk costs into the rates and have puckered up some on the guidelines but there is 100% financing, FHA loans (if passed & signed) will require 1.5% down payment (3% currently), VA hasn't closed their doors, all the other traditional financing is out there so the sky is not falling.....really.

I get a chuckle out of what I saw during the "boom" and what I see now. During the boom everybody watching HGTV or TLC channel wanted to emulate and make the big dollars like they were doing on TV. Find the good deal, throw paint on it and make a hundred grand. Value had left the building (literally) and explains why 25% of the default rate is investment and second homes.

It is like the stock tip everyone gives you and says buy this one because....well by then the value is gone and buying would in most instances (for short term profit) be a bad idea.

So where are they now? They should be looking for properties that have value, pick them up, rent them for the next 18 months since the rental market is propping up some then after a little time fix, paint and sell. One tip- be able to afford it if things don't go exactly as you plan.

My clients get it. They are buying their home or investment property now because they know the rates are about as good as they can get, homes are available at good prices. They know LONG TERM they will come out on the right side of their investment. This is the time to make a move before the band wagon crowd shows up again and prices start to move up again....and it will happen and it is anyones guess when so if you are patient, thoughtful and can afford it, invest now.

Knee jerking, the rush to regulate the consumer is the looser

2008-01-12T13:15:00Z

While all the finger pointing goes on here comes Barney Frank (D) of MA waking up from a very long nap and decides reform is in order! Well, golllllllleeee! I can make headlines. I can look like I am actually doing something for the people. By the way, what was the last hot issue Barney worked on and how long ago? Yea, I couldn't think of it either. In fact I couldn't think of anything my representatives have done for me in a long time so at least he runs with the pack.

The question never asked is where was Barney before that? One of the largest predatory lenders in the country just a couple of years ago was the main sponsor for the NFL and the superbowl. Maybe Barney missed that season completely. They do not operate in our state anymore and last I heard still operate somewhere in the states.

The point is to wish for more regulation or more disclosure (are you kidding me) is simply not necessary and if you have lived on this planet for at least 30 years you understand the unintended consequences that occur when "DC" decides to fix something.

Now, if you want to revisit existing law and tweak it go ahead. If you wish to modify existing disclosure so it is consumer friendly sure. 22 years ago we were required to complete a worksheet to show the client what happened at the end of the "fixed" period. It disclosed the historic average of rates and gave what was then a ball park expectation. We can do that now. That is easy enough. Barney has been around for 22 years what happened to that?

To ignore the bad behavior in the origination world would be disingenuous. At the same time when I heard about the picketing in front of a Countrywide in California because they were upset they have to make payments on the loan they agreed to was really over the top for me.

Let's be honest here. Most people that obtained a loan knew what they were getting into. Yes a very small percentage were hoodwinked and in our state people were issued loans by their uncle (the basket ball coach) or their sister the Barista who decided to work as a mortgage person for "extra" money. Talk to your uncle about the bad loan and quick pointing fingers at the rest of us.

In the end the consumer will be the looser as will the Realtor, title company, the appraiser and the list goes on. If you eliminate the incentive (YSP) the innovation, the high level of service, the educated professionalism will be deferred back to the banks as it was 22 years ago. The rate sheet will read 2% origination fee up front or 1.5% origination fee up front ("buy down the rate") which one do you want and it will take around 60 days to close if you are lucky. That's how it was 22 years ago.

Your application will be "handled" by Biff or Muffy, your old tellers, basically order takers. Would you like cream on your loan? Then your package will go to the 22000 square foot building in California, Oregon, or if you are really lucky Des Moines!

Be careful what you wish for. Barney talks about steering. Have you ever been in a grocery store? Talk about steering! Try to buy toilet paper. The economy pack isn't always the best deal....you know what I'm sayin'...so should we go after grocery stores too Barney?

How disingenuous is this? You go to safeway buy a loaf of bread. Safeway doesn't have to tell you how much they make on the loaf of bread. BUT, if you go to Top Foods, they are required to show their profit. Adding insult to injury, Safeway then taunts and calls out Top Foods to consumer and says.....SEE how much they "make" off you and isn't that terrible? Tell me the bank lobby isn't diggin' that and they want more. They want to squeeze a little harder.

As my rant ramps down my final comment is this. Our Gov. here in the State of Washington has formed a commission and it is loaded with banks and one mortgage guy. Barney is one thing but in the end "DC" is going to mandate the states do the heavy lifting so watch out the real damage could happen here in your own back yard.

I have read support for regulation and understand the sentiment behind it but it is mis-guided to think that DC or this state will actually get it right. All you have to do is look at the exam questions on our test to prove my point!