My expectations for a realtor - 06/29/08 03:11 PM
Hello all: I thought I'd turn the tables a bit and relate what my expectations are for a realtor. Invariably the talk is always about what a loan officer needs to do to satisfy a realtor. So I thought I'd change it up as turnabout is fair play! Please understand part of this is just having some fun. It in no way is intended to make fun of what I think is a great profession. In fact, I'm not sure I'd want to do your job and admire you greatly for doing it.
So here goes. My expectations for a realtor … (14 comments)

I wish every day were like Friday! - 06/27/08 05:08 PM
Hello all: It's an absolutely gorgeous day outside here in Seattle and I'm still working! Maybe that's to my benefit. For some odd reason, I'm often busiest on Friday. Maybe it's mental but I've often taken more applications, etc. on Friday than any other day of the week.
It's funny how everyone in my office clears out early on Friday. Sometimes I try and leave by 4 but usually it's after 5. I have a feeling it's a mental thing. Or maybe I love my job more than most. Whatever it is, I'm going to keep working hard on Friday as the results … (4 comments)

Countrywide fined by Washington governor-may face cease and desist order - 06/26/08 12:56 PM
Hello all: I picked up the paper yesterday and saw that the governor of our state, Christine Gregoire, had fined Countrywide Home Loans $1 million dollars and ordered them to cease doing business in the state of Washington. Countrywide, of course, can appeal this. It will be interesting to see how this all plays out. I'm aware other states such as Illinois are litigating against Countrywide as well.
My feelings are it may be a moot point. I've always felt that once the Countrywide/BofA merger goes through (which is slated any day now unless it falls through), Countrywide will cease to exist. To … (12 comments)

Our first homebuyer's seminar was a success! - 06/24/08 08:52 AM
Hi all: Last night Helen Martin of Keller Williams and myself held a homebuyers seminar at the Green Lake Library in Seattle. We felt it was a success and plan to build on it and hold a seminar quarterly. Although we didn't have alot of people attend (3 showed up), we felt we were able to convey a message and we answered several questions from experienced homebuyers who wanted to know about how our business worked. Personally, I love to teach and share and Helen does as well.
Going forward we plan on repeating so if you're reading this here, and … (7 comments)

Networking-why we should all be doing it - 06/24/08 08:38 AM
Good morning: We all know we should network yet we often don't. Why? I would argue that it's uncomfortable for us to go to an event, etc. and possibly not know anyone or know what to say. I would argue that all of us are inherently shy so we get invited to an event and hope that someone will come talk to us.
Why do I network? It's not necessarily because I look forward to it. I'm a little bit of an introvert personally. The reason I network is because you never know. Case in point. A few weeks ago I … (11 comments)

Mortgage indictments-the chickens are coming home to roost! - 06/20/08 08:47 AM
Good morning: I was reading the Seattle Times yesterday and it reported that 6 people had been indicted for mortgage fraud. One worked at a bank which says to me not all mortgage brokers are to blame for the mess we're in.
Nationwide, there have been over 200 indictments for mortgage fraud and I'll bet it's just the tip of the iceberg. Personally, I say good riddance! That's the one thing that bothers me about this business. The greed. It appears because there is so much money to be made and borrowers to be taken advantage of that our business often … (8 comments)

Success on Zillow Mortgage Marketplace! - 06/19/08 07:46 PM
Hello all: I just wanted to share with you that I received a call from a borrower today who may use me for a loan. He found me on Zillow Mortgage Marketplace. We'll see what happens because he is a first-time homebuyer.
When I initially signed up for Zillow Mortgage Marketplace, I was obviously intrigued about only having to pay $25 for leads. Then, I went through the drill and got nothing. Fortunately, both Spencer and David were very encouraging (thanks guys) and suggested ways I could improve my message, etc.
I'd like to share what my potential borrower related. One, … (25 comments)

Mortgage rates-up or down? - 06/18/08 12:24 PM
Good morning! With the recent volatility in  mortgage rates, it leads one to wonder which way-up or down? Lately, rates have been climbing although they almost always do during the summer. Lately, the predictions have been for rates to either decrease slightly (currently they're at 6.25% on a 30 year fixed O.A.C.) or stay the same. I concur.
It appears the Federal Reserve will leave short-term borrowing rates alone. There was a lot of speculation that rates might increase but it appears the greater concern is inflation at this point. I would bet the Fed. will leave rates alone for most of  the balance of this year. … (9 comments)

Motivation-what do you do to stay revved up? - 06/16/08 09:40 AM
Good morning! I have to admit when I woke up this morning, I wasn't all there. I'm pretty sure I slept well last night. It's just that the business we're in can be such a grind. That being said, I was looking for ways to rev myself up and was curious what gets you going.
For me, it's being able to read inspirational thoughts first thing often followed by a quick set of exercises and writing this blog. It's also the knowledge that this is just one day and tomorrow is a new day. Hopefully my thoughts and preparation will lead … (8 comments)

Happy Father's Day-enjoy your day today! - 06/15/08 10:43 AM
Good morning! Happy Father's Day! We were at my brother-in-law's house last night and he wished everyone a Happy Father's Day. It was a nice touch. I don't know about you but I think a lot of us dads wonder about our place and what kind of legacy we'll leave. I think mother's have a clearer sense of this.
So enjoy your day today. Do something special or noteworthy. And take heart that fathers are important too. We should all be proud. We're doing the best that we can! Take care.
… (7 comments)

The grass isn't greener-it's the same color! - 06/12/08 01:11 PM
Hi all: I received a call from a recruiter yesterday who found me here. Their offer was attractive but I said no for now. I might revisit the issue down the road if my company, for any reason, doesn't  make it.
Here's why I said no. The grass isn't greener-it's the same color! I've noticed that people who hop around often don't really build any customer loyalty. I see it frequently in the car business; it seems like car salespeople are always going after the next better opportunity. I haven't been in the mortgage business that long (2 years) so can't … (10 comments)

Northwest Market Report-update - 06/11/08 07:00 PM
Hello all: I was talking to a managing broker of a real estate company and she said they're working overtime because of a new state law that addresses "distressed properties". Basically it has the realtors running scared right now because they don't want to list a property that may fall under the "distressed property" definition. Up here, most of these properties would be ones deemed to be inadequate meaning they can't be sold as-is, etc. The penalty could be that the sale is reversed if the property is deemed distressed.
I have a feeling that we're near the end of the down cycle. … (0 comments)

Renting vs. buying-a great article - 06/04/08 09:42 PM
Hey all: I was given a great article today written by a staffer for the New York Times. It was about how he finally decided to buy after all these years. It was written on 5/28/08 and he referenced his own formula rather than the classic one of throwing your money toward nothing. Anyway, it's a great read. I highly recommend it and would suggest you make copies and distribute to all your clients, associates, etc. Have a nice night!
 
Paul
… (6 comments)

Buying or waiting? Does timing the market really work? - 06/02/08 08:20 AM
Good morning! I was thinking about how many potential buyers I've talked to this past year who are interested but seem to have a tough time pulling the trigger. I understand economic uncertainties and I think a lot of folk are feeling the pinch of higher gas and food prices. However, I also think many buyers are trying to time the market for that perfect price, interest rate, etc.
The media certainly hasn't helped much. They project home prices will continue to decline. Here's what I'm seeing up here in our beautiful corner of the world. I'm seeing from 6-12 months inventory depending on the … (13 comments)

These days it's more important than ever that you work with a pro - 06/01/08 10:48 PM
Hey all: Friday I got a call from a longtime friend of mine who was looking to buy a second home. The problem was their debt ratio was way high and they're self-employed. In the old days this would have been a stated income loan as he's been very successful for many years. Nowadays it's more of a full. doc. loan where the loan officer needs to know how to get the deal done.
The first thing we had to do was pay down the debt which it appears my client had the wherewithal. Then we have to talk to the … (3 comments)

 
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Paul McFadden Mortgage Loan Officer Bellevue Washington Home Loans

Bellevue, WA

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The Legacy Group, a division of WJ Bradley Mortgage Capital

Address: 11225 SE 6th St. #110, Bellevue, WA, 98004

Office Phone: (425) 818-2251

Cell Phone: (206) 799-9062

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