Foole me once - Fool me twice.....The BS detector~~~ - 02/24/07 08:33 AM
This blog is intended to find answers to an unsolved art........  please chime in with comments and suggestions......
Have you ever made a hiring decision which had something in your gut telling you this is the one? I was never told in school that being a manager was part businessman, part manager, part psychologist and part parent. Turns out all these traits are needed in the hiring process, not to mention the managing arena. They have devised numerous multiple choice tests that claim to analyze an individual and cut down on a lot of the guesswork. You can judge how an applicant … (3 comments)

The power of 800 #'s - 02/21/07 10:35 PM
I am just curious to find out how many real estate professionals feel a toll free number is important. I have done a lot of research on this and it seems that unless you have a vanity number - you may as well go with a local number. I have also found that the real value is in the - 800 - and not the new 888, 877, 866 etc..... a 500 # is on the way......
I am looking for responses from the AR community from people who have 800 #'s and others who are considering one. I am also curious … (6 comments)

@@@ UPDATED 05/17/07 Lender Nightmares continue ---- the mass exodus ~~~~~ - 02/20/07 09:38 AM
      ---- for those of you living in a bubble - i have replaced my old post with updated info ----      Lewis Poretz http://www.mortgageimplode.com
I believe the 1% option arms are the next really BIG hit the mortgage industry is about to take ----
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The secret to getting a featured blog ----- - 02/19/07 02:52 PM
I have written a few blogs on AR and the one's i thought were the best did not get any or few responses. I do have one featured blog that i thought was ok -----
My questions is ---   what gets the best activity on a blog? Is it a question put out there for all AR community to chime in? Is it a statement that people can reply to? Does it have to be controversial?
Come on all you blogging superstars ----If you have the magic answer -   spill the beans    LP
… (12 comments)

Free Credit reports - bait and switch or value service? - 02/18/07 08:45 PM
Question for the AR blogging community - looking for input from mortgage professionals as well as real estate professionals and others.
Do you percieve offering up a free credit report a service to the client or just a bait and switch tactic used to set the hook? Do you refuse to pull a credit report to the person who just wants a free copy or do you qualify it with " are you looking to purchase or refinance? "   ---  
questions, comments, complaints ---  please include your profession .......... LP
… (2 comments)

Work ethic - young or experienced? which way would go? - 02/16/07 10:34 AM
The age old debate on whether to hire young and agreesive - which means training - or experienced professionals has come to the forefront again. With the soon to be glut of seasoned pros out in the job pool again, is now the time to go on a youth movement? I think there are some tough times to come in our industry but if the correct hiring decisions are made - they could be fruitul times.
Comments, suggestions, complaints please -----------  LP
… (2 comments)

Caution - Investor Alert! ----- who's next?? - 02/16/07 12:11 AM
FYI for Realtors -  The mortgage industry is very unstable right now. HSBC had huge losses. National City is combining branches. The big boys are unstable now..... align yourself with a lender that is a broker as well and can react fast to place a loan at a new investor if the investor they choose starts faltering. More and more communication will become key to closing deals and teamwork will become a must.
Any new news on the latest investor catagories please post here. Meanwhile, if you have a loan and start to hear excuses about why it may have a … (0 comments)

When to cut a client loose - can you ethically fire a client? when is enough, enough? - 02/13/07 08:59 PM
Two months ago i took a loan app from a prospective client who was looking to purchase a house. I pull the credit and wallah! - 800 scores!! Full doc wage earner that can prove assets....  800K purchase putting 200K down -   I am loving this loan thinking I can make a small yield spread and close this with my eyes closed. This is where it gets interesting.
The 200K is going to be a gift of equity from Dad. Ok - I am still good with this ---  I order an appraisal. Two days later I am told the house … (2 comments)

Repeat Clients - at what point is too much?? A Question of Ethics?? - 02/11/07 10:35 PM
Two years ago a client comes to you with 40K + in credit card debt. Great credit - great equity...You get them a loan that saves them 600 bucks a month and give them 25K cash out for home improvements.....
One year later client calls up again.... good credit not great  -  good equity not great ...... 40K in credit card debts...... you get them a home equity loan that saves them 1110 a month and leaves room on the equity line for more home improvement.......
Laat week you get a panic call from that same client in tears..... please,please help.....  I am … (23 comments)

Interest Only Loans - yes or no?? - 02/07/07 10:03 AM
Interest only loans can be a valuable tool if it is completely understood by borrowers. They can afford you a lower monthly payment - sometimes hundreds of dollars lower. I like these loans if a client plans on being in their property 5 years or less. They must also understand that interest only loans do not pay down, so they will always owe what they borrowed. If a client wants to build equity in a property I try and guide them to a 15 year loan. If you are going to refinance your new loan within 3-5 years - look at the … (5 comments)

Pre Payment Penalties-Proceed with Caution! - 02/01/07 11:53 AM
Pre payment penalties = Early loan termination fees   
I make certain clients completely understand the terms of any pre payment penalty when financing. Pre payment penalties make sense when fully understood. But if not totally understood, they can be at a very large costs if the need to refinance or payoff the loan arises. Fees can be upwards of tens of thousands of dollars.
Many times if a client is unsure, I advise NOT getting a pre payment penalty on a loan - this typically means that the rate will be higher or points involved or sometimes both. The only way i see … (0 comments)

 
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Lewis Poretz

Nationwide Mortgage Branch Opportunities

Annapolis, MD

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