Libby Cousins-'s Blog

Looking for Great Deals?

Libby Cousins- Contract Mortgage Processor (Extraordinary Processing) — Fri, 20 Mar 2009 14:35:51 -0700

It is officially Spring and is finally starting to feel like it in most places around the country. With spring comes birds, blossoms, and sales!

The Junior League of Spokane is holding its annual "Whale of a Sale" this Saturday, March 21^st from 8am to 4pm. This year's location is the old CompUSA building located at 808 N Ruby near downtown Spokane. The building is bursting with items to peruse and purchase. This year's sale will be a fun and exciting event!

As always, proceeds from the event help fund many of our community projects. Given our tough economic times, this is a win/win opportunity for everyone in the community. The community members can get some great bargains, the proceeds help others in the community and the leftover merchandise gets donated to other area non-profits.

For those of you not familiar with the Junior League, we are an organization of women committed to promoting volunteerism, developing the potential of women, and improving the community through the effective action and leadership of trained volunteers. Our purpose is exclusively educational and charitable. We reach out to women of all races, religions and national origins who demonstrate an interest in and commitment to volunteerism. The focus of the Junior League of Spokane is women and children in the community with an emphasis on foster children.

If you live in or near Spokane, WA or happen to be visiting this weekend, please come check out our "Whale of a Sale"!

Holy Cow! I mean... Moose

Libby Cousins- Contract Mortgage Processor (Extraordinary Processing) — Fri, 13 Mar 2009 22:56:03 -0700

This morning one of our neighbors called to let us know that a young moose was in our neck of the woods (well, really in our cul-de-sac)! We watched the little gal (at least that is what we think it was) walk all around grazing on trees and shrubs in various yards. It even went up to our neighbors front porch as if to ask to come in!

Having been sick this week, I took a few pictures and then went back to bed for a bit. About an hour later, our neighbor called again to say that the moose was taking a nap in our flowerbed outside my office window. Hmmm, this I have to see!

Unfortunately, I couldn't get a very good picture from the office window as she was directly below it. I was able to get one of her getting up (three hours later) and walking away. Meanwhile, we had countless neighbors drive and walk by taking pictures as moose news travels fast! My neighbor said that she got a good picture from outside which is nice since we were stuck inside so we didn't disturb her. I even had to call and reschedule the FedEx pickup since we weren't sure how long she was going to stay.

At about noon, she got up and decided to walk down the street. Shortly after that, the kindergarten school bus dropped off the morning kids so they got to see her too. You may remember a few posts from those of us in Spokane, WA about the amount of snow that we received this year. I'm sure that has something to do with our visitor today but we also seem to get a few moose visits per year. Last summer, there were a mom and baby moose in our development (my husband thought they were lawn ornaments at first) but they were near the park which is a few blocks from us. Since we live in a cul-de-sac, this is a rarity! I'm sure that my kids will be talking about this for weeks to come. My almost three-year-old daughter is worried that it will eat her though I have done my best to assure her that moose are vegetarians!

How Long Must We Suffer?

Libby Cousins- Contract Mortgage Processor (Extraordinary Processing) — Thu, 12 Mar 2009 01:02:42 -0700

I have had this flu since Monday and see no real signs of getting better. My son started coming down with it on Saturday, then my husband got it Sunday and I followed suit Monday. Thank goodness our daughter has not gotten it yet!

My question for everyone is: How long must we suffer with this? I know that it is going around everywhere. I've spoken with people in ID, CA and locally (Spokane, WA) and it seems to be hitting a lot of people.

I am two days behind my son and he has had a fever again today and is still not feeling well. I don't know if it is a good thing that we are all down with it at the same time (it makes it difficult to get food, juice, etc for the kids) or if it would have been better if we had gotten sick one after the other so one of us was healthy to take care of the others.

I took another really hot shower a bit ago which helped a little and allowed me to get on AR (yea!) but I need to crawl back into bed again. I am in awe of how much I have slept in the last few days.

I really hope that I get some positive feedback, but any feedback is appreciated. At least then I will know what to expect. Stay healthy out there!

PS. There should have been a cute little clipart on here but it didn't cooperate and I am too tired to work with it further! :-)

Humourous Computer Screen Tip

Libby Cousins- Contract Mortgage Processor (Extraordinary Processing) — Thu, 19 Feb 2009 13:53:39 -0800

A friend of mine just pased this along to me and I thought that my friends here on Active Rain may be interested in it as well - especially dog lovers. This is just a little humor for your Thursday!

You know that you're supposed to clean the outside of your computer screen, right?

DID YOU KNOW YOU'RE ALSO SUPPOSED TO CLEAN THE INSIDE OF IT TOO!

Not many people know about this or know how to do it.

Click here and I'll show you how!

Will Brokers Weather the Storm?

Libby Cousins- Contract Mortgage Processor (Extraordinary Processing) — Thu, 05 Feb 2009 17:22:42 -0800

I just read an article that a friend sent me about mortgage brokers that was published in the NY Times Real Estate section last week. It is titled "Banks Bypassing Mortgage Brokers" .

In summary, the article is about how banks are blocking brokers from offering their loans and only allowing retail transactions. We all know that lenders are imploding daily and there are fewer places for brokers to take loans, which is not as beneficial for the customer.

I have heard several cohorts wonder aloud if mortgage brokers will be around in a year or two given all of the regulations that are being implemented. I personally think that brokers are being over-regulated and that it is not fair that banks do not have the same regulations as brokers. I also am of the mentality that it is a few rotten brokers and loan officers that have caused most of the problems and passed bad loans to borrowers. As the article states, "mortgage brokers say they have been unfairly blamed for the industry's failures in recent years. They point out that it is the lenders, not brokers, who ultimately approve a borrower's application."

I believe that brokers have the ability to "shop" for the borrower and get them the best product and rate out there and are not limited as banks are. I do see a continued need for brokers and think (hope) that this is just a cycle that we are going through. As a contract mortgage processor, my livelihood is tied to the success of my brokers. I think that there need to be some changes and things need to be shaken up a bit which is currently happening. My hope is that, once things settle down a bit, the program guidelines and some regulations will be relaxed within reason. I am all for keeping people honest, but I think a few of the new regulations go a bit too far and don't really benefit the borrower.

I'd love to get opinions from the ActiveRain community. Do you think mortgage brokers will be around in a few years? Why or why not?

Feeling Conflicted...Feast or Famine?

Libby Cousins- Contract Mortgage Processor (Extraordinary Processing) — Tue, 23 Dec 2008 01:11:31 -0800

To date, I have not posted many blogs here. I prefer to lurk around and leave random comments as it feels somehow "safer" to me. (One of my resolutions for next year is to break out of my shell a bit and blog more).

I was inclined to write this because I wonder how many others in the industry are feeling what I am feeling? What am I feeling? Good question! I am feeling relieved that there is so much work (finally!) with all of the refinancing going on due to the low rates. I am feeling "robbed" of my normally relaxed Christmas season as it is usually DEAD this time of year which affords me the opportunity to enjoy the holiday and shop leisurely. I am frustrated with the timing of these snow storms because I can't just run out quickly to pick up a few presents or run an errand - it is now at least an hour commitment which is too much time away from work.

Why does it always seem that it is either Feast or Famine in this industry?

As a loan processor, I have always maintained that I would be VERY happy with a consistent two or three loans per week. A more typical scenario is either one a month or six a week. Please don't get me wrong, I am not complaining. I love the work! I just wonder if there will ever be the perfect balance. That's what I am dreaming of now that many of us have our White Christmas. I am dreaming of the perfect balance of work and play! For now though, bring on the feast!

Do You Want to Help Make the Rules?

Libby Cousins- Contract Mortgage Processor (Extraordinary Processing) — Thu, 07 Aug 2008 19:57:48 -0700

Yesterday, I attended the Mortgage Broker Commission meeting and the Rulemaking meeting for the Washington State Department of Financial Institutions. As a contract loan processor in WA State, I am required to be licensed as a loan officer or mortgage broker. I chose to become licensed as a mortgage broker as that allows me the ability to process for multiple brokers without having to license my location for each broker that I process for. As a licensed broker/originator, the outcomes of the meetings directly affect me and my business as well as my clients and their business.

The commission meeting was chock full of interesting and useful information and I was disappointed that there were only 13 people in attendance. After the meeting, I spoke with Deb Bortner of the DFI and found out that only 16 people RSVP'd. For those that are not aware, three of the four annual commission meetings are held on the west side of the state and the summer meeting is held in Spokane. I hope that at least one meeting of the year will continue to be in Spokane, but if the numbers in attendance don't improve, that may not happen. For the life of me, I can't understand why more originators in the Spokane area did not attend.

By far, the hottest topic of the meeting was the required Disclosure Summary that clearly states the loan information and fees charged. This is the form that clearly discloses the YSP and attempts to define it. The sampleform that DFI currently has states:

"Your broker will receive a "yield spread premium " of up to $_____*.

* "Yield Spread Premium" or "YSP" means a payment to a broker by a lender for originating a mortgage loan with a higher interest rate. The YSP should reduce the points and fees normally charged the borrower for a market rate loan. A YSP is separate from a mortgage broker fee. Ask your broker for a comparative loan without a YSP. "

Needless to say, this statement was extremely opposed by most of those in attendance at the rulemaking meeting and those that sit on the commission board (as they are brokers as well). It seems to benefit bankers and penalize brokers by emphasizing the YSP charge that banks are not obligated to disclose. I made my comments as did others, but with only 13 people other than commissioners, there were not as many people on record opposing it as I would have liked. I hope that those that did not attend are concerned enough to contact the DFI and submit written comments, though I am not sure if they will be accepted.

I strongly encourage all originators in WA State to attend the Mortgage Broker Commission meetings in the future. This will allow our voices to be heard prior to the new rules going into effect. It will also keep you up-to-date on the changes in the industry. If you are not able to attend, you can always visit the DFI's website http://dfi.wa.gov/cs/mortgage_commission.htmand listen to the Podcasts or review the minutes of the meetings.

Well, I am no Randy L. Prothero...

Libby Cousins- Contract Mortgage Processor (Extraordinary Processing) — Tue, 05 Aug 2008 20:20:42 -0700

...but I did manage to hit the 10,000 point mark today! Wow, that seemed so far off a few months ago and here I am today. I would like to thank everyone who has posted blogs that I commented on, my husband for letting me know when it was 2 o'clock in the morning and suggesting that I can get back on the computer in the morning, and my dogs for entertaining the kids in the evening which allows me some free time to surf AR. In summary, I like Active Rain! I really like Active Rain! (OK, that was a bad Sally Fields impression.) So I will continue to stay up too late and enter that twilight zone that envelopes you and speeds up time while on the Active Rain website.

I look forward to "meeting" more people, referring business as I can and learning a lot more from all of you on the site. This really is one of the best real estate sites that I have found and I'm sure that it will only get better.

I wish you all a great night!

Libby Cousins- Contract Mortgage Processor

Extraordinary Processing

5 Minutes to Evacuate!

Libby Cousins- Contract Mortgage Processor (Extraordinary Processing) — Fri, 11 Jul 2008 01:36:23 -0700

There are several fires currently burning in and around Spokane, WA tonight. A rather large area of Spokane Valley has been ordered to evacuate and the fire is said to have burned 1,000 acres and burned at least 4 homes. The high winds are not helping matters.

My neighbors and I were outside watching our children playing and looking at all of the smoke to the south and west of us. We began discussing what we would need to grab if we were forced to evacuate and how much notice we would have. Interestingly, my neighbor said that she would only be concerned with grabbing what she, her husband and their three young boys would need to survive for a week. I said that I would grab my important papers, my scrapbooks and photos and most importantly, my computer as it houses my business information, personal information and pictures! I don't know that I would really be able to get my two kids in the car and do all of that running around (as my husband is working late), but I would sure try.

One of my neighbors is sleeping with a suitcase in her room so she can throw items in it if need be. As the fires are still pretty far away and the winds are dying down a bit, I feel pretty safe tonight. This situation does make you start thinking though.

If you had only 5 minutes to evacuate your home, what would be important to you?