The Mortgage Maven

Thermal Imaging for Home Inspection is here to stay...Agents like it or not...

Melissa Breeland (Residential Mortgage of SC) — Fri, 20 Nov 2009 08:21:21 -0600

Very Interesting..wonder if anyone is utilizing this technology in SC?

Via Ben Schern (Target Building Inspections LLC):

Thermal Imaging for Home Inspection is here to stay, like it or not...

It is vast becoming a hugely talked about Industry. Thermal Imaging, Infrared, Thermography, Air Tightness and so much more within the Home Inspection Buisiness. I have seen many talk about it and few actually following thru due to increased costs of equipment, expanded time on the property and potential clients un-educated to appreciate the costs.

So where does the real estate agent stand? I'm hoping for some serious feedback, considering the recent purchase of some $28,000.00 in cameras and their components recently. Thermal Image tests are important quality control measures when building or renovating a house. Heat losses in buildings can account for up to 50% of the total energy consumption and comes from air leakage through chimneys, attics, wall vents and badly sealed windows/doors, stucco etc.

Moisture control problems are just a tip of the iceburg. The recent mass production of ram shakkle stucco homes thru-out the state show considerable defects in insulation, poor workmanship, amateure materials and more. Track homes were built in mass with over worked inspectors, shady trades working by "the piece" furiously trying to finish and get paid. Where does it leave us? Everything looks grand from the exterior, however when peeling back the sheets of this fiasco of building, many deficiencies are uncovered. Should we keep our mouth shut, after-all it is supposed to be "non-evasive" & "non destructive" inspecting.

Cost? Affordable! Extremely affordable. For a few hundred bucks we can show you where the house can save that and tenfold more by simply chasing the losses. Then go figure how much you save with a solar panel. I recently attended a 3 day seminar at ASU with a new start up trying just that. It is expected that savings wouldn't kick in for 20 years by going solar! What a joke. I say, invite us in and show you your losses directly. I didn't like that, I mean show you the potential gains.

All new buildings must meet air tightness requirements of the Building Regulations. By reducing air leakage, you will obtain a better comfort in the building. The building can also be heated more efficiently to conserve energy and save money.

Detection and Visualisation of Air Infiltration and Exfiltration

Adequate air exchange is essential for the occupants' health and safety, but most buildings have a far higher rate of air exchange than is necessary. The root cause is often poor design and/or construction which allows air leakage from the inside of outside of the building, or the opposite. The leakage pathway is often complex and, without thermal imaging, extremely difficult to visualize. This also allows the contractors to quickly identify and repair the problem areas to stop the energy loss immediately.

Improved Energy Efficiency

To identify areas of energy waste infrared imaging has quickly become a valued tool in identifying problems related to energy loss, missing insulation, inefficient HVAC systems, radiant heating, water damage on roofs, and much more. A thermal imaging camera identifies patterns of heat loss that are invisible to the naked eye. Thermal imaging will quickly indicate the air leaks within a property and measurement data are easily compiled into a report.

Professional home inspectors and energy auditors here at Target Building Inspections are using leading-edge infrared technology from FLIR to perform energy auditing of homes and buildings to improve energy efficiency, thus leading to savings on energy costs.
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10 Simple Ways to Lose Friends and Irritate Followers

Melissa Breeland (Residential Mortgage of SC) — Wed, 18 Nov 2009 11:35:48 -0600

Play Mafia Wars ALL DAY LONG and choose not to skip the announcements every time you wack someone.
Post fervent scary rants about Jesus, Buddha, Allāh, and your undying adoration and love for them, it, her, him....
Post fervent scary rants about your favorite political figure, ideology, or agenda
Never comment on any ones posts, blogs, videos, music choices...remain selfish and self-centered as much as possible
Comment on EVERYTHING someone posts like a creepy stalker
Advertise your product or service with the hurricane like drive and determination of an Olympic Athlete
Only post links...and post the ones that look suspiciously like possible viruses
NEVER change your password or practice safe surfing after you have been hacked.
Don't post a picture of yourself
Go rogue and curse like a sailor...enjoy the delusion that common courtesy really doesn't apply to you.

Yes, we have all heard these before yet the message doesn't seem to be getting through...the quest for social media education continues.

THE PASSAGE OF TIME

Melissa Breeland (Residential Mortgage of SC) — Wed, 18 Nov 2009 08:23:50 -0600

Good info...

Via Kevin Breeland (Residential Mortgage of South Carolina, LLC):

This might date me somewhat but I want to draw your attention to an event that happened with very little fanfare of discussion. It is a further example of the change that surrounds us daily and how it goes unnoticed.

November 17, 2009 marked the end of the FHA Streamline refi. Although technically we still have a FHA Streamline product here are a few of the changes:

Old FHA Streamline allowed for No appraisal, no max LTV, no income verification, no asset verification, credit scores unimportant, fast closings. If you had an FHA mortgage and wanted to lower your payment without going through the entire verification process you could. It was a very consumer friendly product.

New FHA Streamline allows for a new appraisal (not required but "advised"), 97.75% max LTV, income verification, asset verification, credit scores do matter, must be able to qualify, no fast closings.

In 1988 FHA eliminated its non-owner occupied loans. Then in December 1989 FHA eliminated its non-qualifying assumable mortgage. I can remember the discussions that took place among loan officers, how this would change the landscape of FHA loans, the advantages of FHA mortgages. Well, 20 years later it turned out FHA probably did the right thing and the program has continued to assist buyers with limited cash on hand and good credit. Somehow I can't help but think the impact of the "New FHA Streamline" will have a different affect. How different, only time will tell.

HAVE A GREAT DAY!!!

Kevin M. Breeland

General Manager

Residential Mortgage of South Carolina, LLC

427 Johnnie Dodds Rd.

Mount Pleasant, SC 29464

breelandk@residentialmtg.com

www.residentialscdailyrates.com

Competitive by nature...the Best by choice!

Interest Rate Update From Residential Mortgage of South Carolina 11/16/2009

Melissa Breeland (Residential Mortgage of SC) — Mon, 16 Nov 2009 09:25:59 -0600

LOAN PROGRAM	INTEREST RATE	APR
30 YR CONV FIXED	4.750%	4.843%
15 YR CONV FIXED	4.250%	4.347%
FHA/VA 30 YR FIXED	4.875%	4.972%
JUMBO 30 YR FIXED	6.625%	6.721%
RURAL HOUSING- USDA	5.250% (zero down no MI)	5.347%
SC STATE HOUSING (CATEGORY III AND DISABILITY PROGRAM)	5.750% $4,000 -DPA Available	5.848%

At Your Service,

Melissa "The Mortgage Maven" Breeland

Residential Mortgage of SC

902 Savannah Hwy

Charleston, SC 29407

Best Phone: (843) 991-6532

Fax: (843) 725-2363

New GFE and HUD-1 are coming

Melissa Breeland (Residential Mortgage of SC) — Mon, 16 Nov 2009 08:14:25 -0600

Very important info....

Via Kevin Breeland (Residential Mortgage of South Carolina, LLC):

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 amount of responsibly on the loan officer to give the customer an accurate quote. Ask you loan officer these questions:

1. If he or she is prepared for the New GFE?

2. What training they have been receiving?

3. Are they prepared to sit down and explain it to you?

4. Have the received the software changes or do they know when they will?

5. If they are a mortgage broker have they heard from their network of lenders on how they want the New GFE completed?

6. If your loan officer seems to not know what you are talking about, please look for another loan officer.

With the New GFE and HUD-1 there will be confusion, make no mistake about that. If confusion exist, and it will, that does not mean you should shop your loan officer. What you are looking for is making sure your loan officer is aware of these changes, have heard of these changes, and is being trained about these changes. If these things are occurring then your loan officer is doing as well as any of can right now.

HAVE A GREAT DAY!!

Kevin M. Breeland

General Manager

Residential Mortgage of South Carolina, LLC

427 Johnnie Dodds Rd.

Mount Pleasant, SC 29464

breelandk@residentialmtg.com

www.residentialscdailyrates.com

Competitive by nature...the Best by choice!

HUD Homes 50% Off in Designated Revitalization Areas - South Carolina

Melissa Breeland (Residential Mortgage of SC) — Thu, 05 Nov 2009 10:32:22 -0600

Check This Out. At last check these zip codes 29150 (Sumter), 29201,(Columbia), 29203(Columbia), 29405 (Charleston), 29601 (Greenville), 29603(Greenville), 29624 (Anderson) are all in HUDs revitalization areas which means that Teachers, Police Officers and Firefighters/Emergency Medical Technicians can utilize the Good Neighbor Next Door Program to buy HUD homes for 50% off. They may use FHA, VA or Conventional (keep in mind that all property requirements per loan type stand firm and HUD will not do any repairs)

http://www.disasterhousing.gov/offices/hsg/sfh/reo/goodn/gnndabot.cfm

How can I buy a HUD Home?

To view listings of HUD Homes or to find HUD-approved real estate agents, please visit the following web site: http://www.hud.gov/homes/homesforsale.cfm .

You may also wish to contact a HUD approved housing counseling agency in your area for unbiased and free counseling on your particular situation. You can find a list of these agencies at http://www.hud.gov/offices/hsg/sfh/hcc/hccprof14.cfm

http://www.hud.gov/homes/homesforsale.cfm

Wordless Wednesday -"Wrought Iron Window"

Melissa Breeland (Residential Mortgage of SC) — Wed, 04 Nov 2009 11:32:04 -0600

Photo taken by me down town Charleston, South Carolina. I then manipulated the photo slightly on www.picnik.com .

Happy Halloween -"A Picture is Worth a Thousand Calories"

Melissa Breeland (Residential Mortgage of SC) — Fri, 30 Oct 2009 10:53:41 -0500

Boeing to Place Second 787 Assembly Line in North Charleston, SC

Melissa Breeland (Residential Mortgage of SC) — Thu, 29 Oct 2009 09:31:02 -0500

Just a quick blog to personally thank and welcome Boeing to North Charleston! The 3,000 new jobs will go a long way to helping our local economy...to say the least.

http://boeing.mediaroom.com/index.php?s=43&item=906 Read article here.

We are ready!

"Bad Credit! No Credit! Zero Down!"

Melissa Breeland (Residential Mortgage of SC) — Wed, 28 Oct 2009 13:41:59 -0500

If this is something you are interested in...please don't call me.

You could, however, visit AnnualCreditReport.com, pull a free report and start the process of rebuilding your good credit.

Across the country there are many state agencies that can walk you through the process of rebuilding your credit, help you to develop and live by a budget and prepare you to eventually buy your own home.

Always make sure that you are working with a HUD Approved Housing Councelor before you hand over ANY money or sign ANY contract for services. Here in South Carolina a great place to start is Family Services, Inc.

Kiplinger has a simple free budget tool to help get you started if you are new to budgeting. I also recommend checking out their "How Much Can You Spend For Housing" program.

Do you suspect your bad credit scores are the result of identity theft? If so, the FTC has wonderful resources about how to proceed if you suspect identity theft.

If you feel you have been the victim of discrimination or unfair business practices you can contact...

SOUTH CAROLINA DEPARTMENT OF
CONSUMER AFFAIRS (they are even on YouTube!)

How Not to Sell a Haunted House

Melissa Breeland (Residential Mortgage of SC) — Wed, 28 Oct 2009 09:01:32 -0500

Legal precedent regarding selling haunted houses by fellow ActiveRainer. Very good stuff!

Via Claudette Millette - Metrowest Mass Exclusive Buyer Broker (The Buyers' Counsel):

Whether chains are rattling, the floor is shaking or there is simply the knowledge that an evil deed was committed on the premises, you could possibly be dealing with a haunted house, or a "stigmatized property" sale.

Since liability issues on these types of transactions vary from state to state - what is the guiding principal for selling a haunted house?

In 1991, a case in New York provided some legal precedent on the matter.

Stambovsky v. Ackley

The owner of a house, Helen Ackley had reported the existence of numerous poltergeists in her home and had, in fact, publicized these occurrences in Reader's Digest and a local newspaper on three occasions. As a result, the home was placed in a five-home walking tour in the city and received an enormous amount of publicity. She even referred to the home in a article as a "Riverfront Victorian with ghosts."

Some of the interactions Ms. Ackley described to reporters included ghosts waking her each morning by shaking her bed. When spring break arrived she loudly proclaimed to the spirits that she did not have to wake up early anymore. On this, she insisted that they listened to her requests and the bed immediately ceased all shaking.

Despite the local notoriety, an unknowing buyer, Jeffrey Stambovsky signed a contract to purchase the home. On an agreed upon price of $650,000 he made a $32,500 down payment. Since Mr. Stambovsky was not from the area he claimed to have ignorance of the widely known haunting tales.

When the buyer subsequently learned of the haunting stories, he filed for a request of the rescission of his contract for the sale and also sued for damages citing fraudulent misrepresentation on the part of Ackley as well as the Realtor®.

In ruling on this case, the court stated that since the existence of ghosts in the home had been widely reported, as a matter of law, the house was haunted.

However, the court dismissed the fraudulent misrepresentation action and stated that the Realtor® had been under no obligation to disclose the haunting to any potential buyers. The court affirmed that the law of caveat emptor (let the buyer beware) applied in this case so the buyer did not prevail.

Mr. Stambovsky subsequently appealed the case and won a reversal.

On appeal, the court stated that a "haunting" was not a condition that a buyer could fairly be able to ascertain  through even the most thorough of home inspections. In this case, "the most meticulous inspection would not reveal the presence of poltergeists at the premises or unearth the property's ghoulish reputation in the community."

It further stated that the seller had taken unfair advantage of the buyer's ignorance. Since she had taken it upon herself to inform the community at large of numerous spirits roaming rampantly throughout the home, she owed no less to her perspective buyer.

The judge then rendered a somewhat entertaining opinion using the following phrases:

"In his pursuit of a legal remedy for fraudulent misrepresentation against the seller, plaintiff hasn't a ghost of a chance," I am moved by the spirit of equity," "In this instance - who you gonna call?" and "The notion that a haunting is a condition which can and should be ascertained upon inspection of the premises is a hobgoblin which should be exorcised from the body of legal precedent and quietly laid to rest."

I have no knowledge of whether or not the parties in question had any appreciation of the judge's sense of humor.

However, Mr. Stambovsky was finally let out of the deal and had his deposit fully refunded.

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Wordless Wednesday - "Fort Sumter" South Carolina

Melissa Breeland (Residential Mortgage of SC) — Wed, 28 Oct 2009 08:45:58 -0500

I finally took a tour of Fort Sumter a few weekends ago. I highly recommend it not only for its historical and aesthetic value but for the possibility of encountering ghostly soldiers. It could happen! Happy almost Halloween!

To learn more about Fort Sumter click here. http://www.nps.gov/fosu/index.htm

Sex, Lies and the $8,000 Tax Credit

Melissa Breeland (Residential Mortgage of SC) — Mon, 26 Oct 2009 09:10:47 -0500

The good thing about having your own blog is you can voice your own opinion. The bad thing about having your own blog..you can voice your own opinion.

This is my view of the $8,000 tax credit...just one Loan Officer's opinion and I speak for no one but myself.

I think it is an insulting, stupid, ineffective answer to a complex issue. For want of a more profane example...it's as if the Federal Government is a nervous meddling wife sitting at home wringing her hands and planning new ways to "enable" us to continue our bad behaviors. She is making excuses for us, calling in sick for us and covering up for our lazy-selfish-greedy ways.

Perhaps the federal government should let us grow through the pains and natural consequences of our own actions, our over-spending, refusal to learn how to budget and then live by it, lack of drive, lack of follow-through and refusing to ween ourselves from the government teet.

Today, some statistics came out stating that over 100,000 people committed tax fraud to steal the $8,000 tax credit. 500 applicants were children or teens who had never filed and never purchased a home with no ability or intention of purchasing a home. I suspect it wasn't the 4 year old who filled out the tax forms...I suspect it was mom or dad. Of course, I could be wrong.

Ya, we should extend this ridiculouse free-money-greed-inducing-banaza!

First-Time Homebuyer Credit

The First-Time Homebuyer Credit, originally passed in 2008 and modified in 2009, provides up to $8,000 for first-time homebuyers. The purchaser, however, must qualify as a first-time homebuyer, which for purposes of this credit means someone who has not owned a primary residence in the past three years. If the taxpayer is married, this requirement also applies to the taxpayer's spouse. The home purchase must close before Dec. 1, 2009, to qualify, and the credit may not be claimed on the purchaser's tax return until after the taxpayer closes and has purchased the home.

SC State Housing Training (10/15/2009) A Brief Recap By One Loan Officer

Melissa Breeland (Residential Mortgage of SC) — Thu, 15 Oct 2009 15:01:35 -0500

I attended the SC State Housing training today and was amazed at all the changes taking place. So, I thought I would share a few of the high points here with you. I do not represent SC State Housing...I am, however, an approved participating lending partner.

All the big mortgage insurance companies were represented and gave their pitch but only one wowed the crowd...Genworth Financial (1) No declining markets! If the appraiser says it is in a declining market they will still take it! (2) Involuntary Job Loss Protection FREE from Genworth (3) 97% LTV and 103% CLTV for State Housing Loans with a 680 credit score and up to 45% DTI! (4) FREE online home buyer classes for Category 2 and 3 (5) 2 months reserves required! WE ARE ONLY TALKING ABOUT CONVENTIONAL LOANS HERE FOLKS. FHA has it's own mortgage insurance. State Housing does not do VA loans.

HOT TID BITS:

$4,000 in DPA for Category 1 and $5,000 for Category 2 and 3
The main big news is that US Bank is now the master servicer for SC State Housing loans. Lender manual available on AllRegs if you have access.
Maximum deductable for hazard and flood not to exceed the greater of $1,000 or 1% of the face amount of the policy
No work visas...must have green card if not a US citizen
Zero tolerance for non disclosure of APR changes over 1/8 either up or down!
Must provide initial and Final TILA for 2nd DPA loan on Category 1 or any that is repayable.
Owner of record must be in title for 90 days at least...contract may not be written until the 91st day in title. No funding for Flippers!
Lenders - PLEASE use the most recent forms on extranet...old forms no longer acceptable.
Palmetto Hero Program may be back in March!
New better lower rates coming in 2-3 weeks...
What does SC State Housing consider to be a compensating factor? For ratios higher than 45%...700 credit score or better, at least 2 months reserves int he bank, 95% LTV.
Street, Drive or Avenue on property address all need to match from 1003, to appraisal, to final HUD...everything must have exact correct address.
NO mobile homes
State Housing Certified Realtor Program coming January 2010 www.schousing.com
Complete loans must be submitted to State Housing no later than Nov 13th if buyer is hoping to meet the Nov 30th deadline for the tax credit.

Have questions? Need help? I'm just a phone call or e-mail away.

Melissa "The Mortgage Maven"Breeland

Wordless Wednesday - Charleston, South Carolina

Melissa Breeland (Residential Mortgage of SC) — Wed, 14 Oct 2009 06:25:04 -0500

This past weekend our family had great fun playing tourist in Charleston. My husband's brother came for a visit from North Dakota so we spent some time exploring The Market, The Battery and even took a tour out to Fort Sumter. I, of course, pounced on the opportunity to take pictures (199 to be exact).

Below is a conglomarte view of our adventures around Charleston. Enjoy.

Wordless Wednesday - South Carolina Sea Shells

Melissa Breeland (Residential Mortgage of SC) — Thu, 08 Oct 2009 06:00:39 -0500

Fabulous Promotion from The Mortgage Maven

Melissa Breeland (Residential Mortgage of SC) — Mon, 05 Oct 2009 10:29:47 -0500

Rates - APR - Points - Fees - GFE's: How the Playing Field is Still "Crooked"

Melissa Breeland (Residential Mortgage of SC) — Sat, 03 Oct 2009 07:48:34 -0500

Very good mortgage info...

Via Steve Kappre, Gloucester County, NJ Loan Officer/Mortgage Planner - 856.419.3561 (Treasury Mortgage):

Rates - APR - Points - Fees: How the Playing Field is Still "Crooked"

I talked to a client today who was shopping me against some other lenders. I don't blame people, and frankly if I think someone else has a better offer and they are legit, I advise "my client" so and have no hard feelings.

In the scenario today, said client was offered 4.5% with no points. I told him it wasn't possible, but lest I be ignorant, I dropped by this other lender's website. Indeed, the lenders website quoted 4.5% with no points and an APR of 4.878%. The website gave the assumed loan amount and purchase price. So I went and did the math. What did I find out? To make the rate and APR accurate, I had to add 2.25% in points ON TOP OF all of the regular fees (title, appraisal, etc.).

In other words, even though the quote was 4.5% with zero points, the TRUE cost was 4.5%, plus typical closing costs, PLUS 2.25% in additional fees/costs.

Please send me your Goofy Good Fake Faith Estimate!

There are several issues with this scenario

APR is supposed to HELP consumers, not confuse them. Clearly this bank (a large bank at that) is charging hefty fees instead of points. This brings us to our next point ...

Points are tax deductible costs - most other fees are not. Charging high fees in lieu of points is an injustice to the consumer. We see rates quoted with NO POINTS to make them look better to consumers. However the total cost is ultimately higher than a lender that is straight forward, charging the same dollar amount but in the form of points. A loan with the same cost in points (versus fees) is a far better deal, saving a consumer hundreds or thousands in tax deductible costs.

APR is "pliable" - Certain fees are calculated into the APR calculation, others are not. Do not assume lenders don't play with the "names" of fees to artificially lower their APR's. That doesn't seem to be the case in the above example, nonetheless keep this in mind.

Lastly, said bank WOULD NOT give the buyer a good faith estimate without having him apply for a mortgage. OK, not so crazy, but the good faith estimate would not be given for 3 days. And if the bank charged an application fee? That would just be another deceptive way to lure a consumer in and tie them to the bank.

Any lender should be able to offer you a good faith estimate (GFE) in a fairly short amount of time, 24 hours or less, allowing some time for when a lender is very busy. Assuming the lender is honest and accurate with their fees, you should be able to see the true cost of their offered rate. You should be able to see, as in the above scenario, that their rate of 4.5% with no points really has a lender fee of $4,119 (Actual additional cost based on their APR). This same week I had another rate shopper send me a goof good faith estimate with 1% in points and $2,100 in application fees. THIS IS NOT NORMAL or fair to you as a consumer, especially on a purchase loan.

I am not angry for losing business, because I didn't lose business. I am however angry because of the lenders and loan officers that mislead and decieve consumers who are just looking out for themselves by rate shopping. What we often see, is that many consumers that search the world over for the lowest rate, actually end up paying much higher costs via deceptive lenders. Consumers can be blinded by a low rate, not allowing them to see the true cost.

Steve Kappre is a Mortgage Planner with Treasury Mortgage. Steve specializes in;

• All areas concerning NJ First-Time Home Buyer Mortgages, grants, down payment assistance, tax credits, and more.

• Reverse Mortgages

• Equity Management strategies for high-end homes and high net worth individuals.

Contact Steve Kappre directly at 856-419-3561 or at www.stevekappre.com

Reason Number 4,982 to Move to South Carolina

Melissa Breeland (Residential Mortgage of SC) — Mon, 28 Sep 2009 08:35:54 -0500

"A Walk on the Beach"

No pre-qualification necessary to walk on the beach. No credit score requirement and no assets needed. No one to not return your phone calls and no one trying to sell you homes or loan products you're not interested in.

I took this photo while exploring Myrtle Beach. Enjoy!

Buying a 2nd Home In Charleston, SC? Some Good News For You!

Melissa Breeland (Residential Mortgage of SC) — Mon, 21 Sep 2009 10:25:52 -0500

Well, well..well...perhaps our collective housing and economic fears are beginning to ease a bit. We just learned today that PMI (and possibly other MI companies) will once again offer MI for 2nd homes at 10% down as long as the buyer has a minimum credit score of 720. Still sounds a bit harsh but for the last 6 months it was 20% down or nothing.

They also withdrew several states from their "Declining Markets" list. (Only 5 states remain, AZ, CA, FL, MI, NV).

This may be just a small move in the right direction but I feel good about it. I for one don't ever want to see the crazy free-for-all lending practices that got us into this mess return, but I would like to see a little more common sense. 10% down with a 720 credit score is almost a sure thing.

Melissa "The Mortgage Maven" Breeland

Speachless Sunday ~ "Housing Bubble"

Melissa Breeland (Residential Mortgage of SC) — Sun, 20 Sep 2009 18:26:31 -0500

I took several photos of old abandoned homes near Edisto, SC today and have been playing around all night with them. This is my favorite. Hope you enjoy it!

Melissa's (56 Second) Mortgage MINUTE Update for 09/17/2009

Melissa Breeland (Residential Mortgage of SC) — Thu, 17 Sep 2009 10:46:17 -0500

South Carolina Real Estate Expo 2009 in Columbia

Melissa Breeland (Residential Mortgage of SC) — Thu, 17 Sep 2009 09:38:27 -0500

Would you like to see the coolest web site ever (that is not a FaceBook virus)? Here it is... http://www.screaltors.com/focus/

I'm excited to hear all the blogging and tweeting from the Expo events in Columbia. Come on Realtors..let's hear from you.

"Memories at Activerain" ~ It Pays to Pre-Qualify As Soon As Possible 03/08

Melissa Breeland (Residential Mortgage of SC) — Wed, 16 Sep 2009 11:39:51 -0500

Memories at ActiveRain Contest....oh, so many! This blog is still very pertinent. Amazingly I am still getting ratified contracts for folks who have not talked to a lender. WHAT!!!!???

It Pays to Pre-Qualify As Soon As Possible (originaly posted 03/2008)

Ok...enough with my sad attempts at humor. I have a real question for the Realtors out there. Is it common to let your client (buyer) wait until the very last days of the purchase contract to get them in front of a Loan Officer for Pre-Qualification? I am seeing this quite often...it's as if everyone assumes that because the buyer tells you they are well qualified that it does in fact mean that the buyer is well qualified. Hmmmm....since when do we take their word for it? Especially now that we have desperate sellers who are hanging on by a threat hoping against hope that their home will FINALLY sell with out a hitch.

I have had 3 such scenarios come to pass in the last month and guess what....programs have changed and credit criteria for those loan programs have tightened up like never before. Will that relax soon....maybe..maybe not.

The long and the short of it is that these folks are 5 -6 days away from sitting down at the closing table and they don't qualify for any type of loan. I'm a lender but I also have the ability to broker unusual or tricky loans. (not any more!) My products are becoming more and more limited and I am finding this to be a troubling phenomenon.

I am also seeing Realtors who are afraid to take the bull by the horns and give their clients direction that will ultimately benefit everyone in the transaction. If the buyer calls the shots we all loose...including the buyer most of all! That would be like me walking into the dentist and telling him when and how we are going to be extracting my compacted wisdom teeth. I really need a knowledgeable dentist who is willing to tell me the truth, the whole truth, and nothing but the truth. And I need a dentist who isn't afraid to hurt my feelings if it will save my overall long term health. A mortgage can last a very long time. Please get your buyers in front of a qualified respectable Loan Officer ASAP to head off issues, explore ever changing loan options and to build that beautiful Realtor/Loan Officer relationship.

I for-see many more changes to the industry before the dust settles. Hang on and stay tuned for more from the Mortgage Maven.

Your Competitor: Friend or Foe?

Melissa Breeland (Residential Mortgage of SC) — Wed, 16 Sep 2009 10:56:30 -0500

When is your competitor your friend? This is an age old topic that many have pondered, and discovered the value of, from "Michael Corleone" in The Godfather Part II (1974), "My father taught me many things here - he taught me in this room. He taught me - keep your friends close but your enemies closer.", to the BMW and Mercedes-Benz Alliance of 2009.

As a Loan Officer I understood early on that my job is to close profitable loans and to take business from my competitors. Those who were naturally aggressive and greedy took this to extremes...perhaps it added to the "sub-prime mortgage melt down".Close loans at any cost any way possible! That was the cry in the wind. We've all seen the YouTube videos and heard the horror stories. Many of the ring leaders are serving time...many more should be.

To day we live in a new world...most of us (Loan officers) that are still standing are doing what professional lenders have always done. We show up to work in the morning and then we work all day. We return calls and muddle through the problems that come up (problems always come up) until we get it fixed. We care about our clients and try to do the best we can to offer fair terms, fees and rates based on risk and qualifications. Not very glamorous and we probably won't become filthy rich.

That being said...we rarely collaborate with our competition - especially our local competitors. We don't socialize or chat-up each other on social networking sites....much. We mark our territories and growl when approached by those that might take money out of our pockets. Survival of the fittest!

This thought process may be coming to an end for more and more of us. I think our chosen profession is feeling the call to bond together more now than ever before. We need each other. There are some great groups that work to foster alliances, provide continuing education and work to improve our public persona. Here are just a few.

•· The National Association of Professional Mortgage Women(NAPMW) is a community of professionals who engage in the mortgage/banking industry.

•· The Mortgage Bankers Association (MBA) is the national association representing the real estate finance industry, an industry that employs more than 280,000 people in virtually every community in the country.

•· The Real Estate Services Providers Council, Inc. (RESPRO^®) is a national non-profit trade association that unites providers from across the home buying and financing industry towards one common goal: A business and regulatory environment that better enables all of our members to efficiently offer affiliated services through subsidiaries, joint ventures, and strategic partnerships.

So, to sum this up...yes, I think our competitors can be our friends and most of all I think clients (the home buyer) will benefit. I'm actually having lunch with another Loan Officer on Friday who works at a near by bank (Which shall remain nameless..lest I accidental give them some extra publicity). We are going to chat about how we might be able to help each other by sharing program information, passing on referrals for folks who might need a loan program unique to our respective companies, and will be giving each other a "heads up" about local schemes (those participating in short sale fraud) and other unsavory characters in our market. Perhaps being a part of the lending community will help us all. I'll let you know how it goes.

At your service,

Melissa "The Mortgage Maven" Breeland