loan officer: Will Brent Bring Down Zillow Mortgage? - 04/09/08 12:46 PM
I like Zillow Mortgage Marketplace. I really do. I can't say I like the Mortgage people who are there right now.
Look out!
Here Comes a RANT.... Case in Point:
Here's a wonderful piece of trash. This was a quote request where the Walnut Creek homeowner was looking for a … (27 comments)
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loan officer: Shift Happens - 10/03/07 10:03 AM
I wrote about the loss of another Lender the other day. This happened to be a good lender. Yes, there are good lenders and bad lenders out there. I talk to many mortgage professionals on a regular basis. It's interesting as I talk to them I have noticed a paradigm shift … (18 comments)
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loan officer: I'm applying for the Branch Manager Position - 08/22/07 05:57 PM
Monday I reported about a grass roots P.R. campaign had been zipping around cyberspace in the form of emails sent from Countrywide Loan Officers. "Operation Real Story". They were all cut and pasted, all had the exact same verbiage, just a different loan officer's contact information tacked on to the bottom. It … (25 comments)
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loan officer: I Apologize - 08/21/07 09:35 AM
Yesterday, in the course of accepting a loan application for a new client and their possible refinance I ran into something I had never personally seen before.
In a phone conversation setting up an initial consultation appointment I had started to discus with this new client the various loan options he … (34 comments)
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loan officer: The Stockdale Paradox - 08/16/07 08:11 PM
It just occurred to me as I was doing a very normal thing, that it might not actually be "normal".
I have a client that was referred to me by an Agent.
We met last week. I took the loan application and promptly went to an Automated Underwriting Engine. This is a … (21 comments)
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loan officer: You Only THINK You Were Approved - 08/02/07 09:39 PM
You better start paying attention. This is not a post about Sub Prime. Sub Prime has it's woes, and it doesn't matter if it's rightfully deserved or not, Sub Prime is in a world all it's own. Or so we thought.
On Monday, trading for a American Home Mortgage, a large … (13 comments)
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loan officer: Zillow LOVES Me! - 07/25/07 08:10 PM
Ok, so the truth may be closer to...
Zillow liked something I wrote and decided to feature it.
LINK
Diane Tuman wrote that,
"I spend a lot of time in the Real Estate Guide, editing content, organizing content, and “redirecting” spam when I see it. Lots of similarly-themed titles flow one after … (5 comments)
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loan officer: Will This Solve Anything? - 06/22/07 11:41 AM
Or is it just another CYA form from one of my Lenders?
NEW STATED INCOME BORROWER DISCLOSURE REQUIREMENT
Beginning July 2, 2007, a new disclosure requirement will be added on all stated income documentation loans for applications received and loan documents drawn. The disclosure, titled Loan Applicant's Certification for Stated Income Loans, … (3 comments)
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loan officer: Should We Bail? (continued) - 04/17/07 01:30 PM
Here is a follow up to my post yesterday titled Should We Bail?
I was reading that Fannie Mae and Freddie Mac are both working on programs designed to keep people from going into foreclosure. At this point, no specific details are available. Most of the loan amounts in my area, Walnut … (2 comments)
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loan officer: Should We Bail? - 04/16/07 11:18 AM
There's a fierce debate going on right now.It's a national debate but reaches right into my area.It's going to have an influence on the home loans that happen right here in Contra Costa County.It involves the collapse of the sub prime lenders.It involves the coming rise in foreclosures.It involves politicians.It … (4 comments)
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loan officer: March Median Prices Up 3.1% in the Bay Area - 04/13/07 11:57 AM
The median home prices local buyers paid for a home in the Bay Area last month (March) was $639,000.That's a gain of 3.1% from the previous month (February).For the the same time last year the median rise is 2.1% (March 2006 - March 2007).March figures tend to be higher than February … (0 comments)
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loan officer: I took part in a Train Wreck - 04/12/07 09:35 AM
I had a phone call the other day from a former client.It was another call for help, I had placed a Hard Money Loan for her a year ago.She had first contacted me when her lender filed a Notice of Default on her home.She was working but fell behind in … (2 comments)
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loan officer: As Seen On Craigslist... - 04/03/07 02:12 PM
I admit it. I scan the local Craigslist listings looking for qualified loan officers.I'll also admit I have hired only one LO from Craigslist in over a year of doing this.That's a pretty low ROI wouldn't you say?
We all know the business was flooded by inexperienced "pseudo professionals" in the past … (6 comments)
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loan officer: Close the Window! - 03/30/07 06:58 PM
You may have heard reference to the "Credit Window".You haven't? You will soon because it's closing!Don't worry, it won't close all the way, just part way.Maybe a little explanation is in order.The term refers to the availability and ease of granting credit.You've read the headlines and heard of the Sub … (2 comments)
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loan officer: Jargon-R-Us! - 03/26/07 12:14 PM
I had to laugh as I sent out an email to wholesale reps this morning describing a difficult loan I was working on.I laugh because of the H.D.C. (High Density Conversations) we use in the business.Here's my scenario:
Purchase, SFR, $1.9 Million, 63% LTV,SIVA, 1099, or possibly No Ratio,Assets sourced not … (0 comments)
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loan officer: Commercial is Different - 03/19/07 10:14 AM
My main project today is to get to started on a 6 Unit Complex refinance. (Obviously this isn't the property)This is a new client. We met and discussed ideas last week and very late on Friday she bought in the paperwork I requested.Since she is a new client, I'm starting from … (7 comments)
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loan officer: Volatility Kills - 03/05/07 10:42 AM
Volatility.In Chem class we learned volatility was about how fast something went from liquid to vapor."The higher the volatility the faster our beaker of blue stuff evaporated."I know that because that's exactly what Susie D. (my lab partner) wrote down for Problem 17 on the big test.
And that's exactly what I … (2 comments)
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loan officer: Fuzzy Numbers - 02/28/07 01:21 PM
Each month we get two reports back to back.The Existing Home Sales Report and the New Home Sales Report.While they sound like they are pretty much the same they are indeed drastically different.The Existing Home Sales Report derives it's figures and data from The National Association of Realtors. It's based on … (0 comments)
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loan officer: The "Right" Answer - 02/26/07 05:28 PM
As I was talking to a Realtor the other day on Broker Tour,They had happened to see me on the News where the host had asked me the question,
"If you make $90,000 a year and have $25,000 in the bank can you afford to buy in the Bay Area?"The Realtor … (0 comments)
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loan officer: Don't Accelerate Your Mortgage! - 02/22/07 02:22 PM
A recent post here started me leaving a comment.
Quickly the size of my comment became the size of a post. So now it's a post! Not wanting to point fingers, I'll leave the link to the original post commented out and just offer this up as just good information. I'll also … (21 comments)
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