mortgage: Hawaii Randy’s Rules for Vendor Referrals - 07/26/10 01:55 AM
The kinds of vendors our clients ask us to point them to are loan officers, home inspectors, termite inspectors, contractors, electricians, plumbers, handymen, flooring installers, painters, escrow officers, insurance agents, landscapers, home cleaners, property managers, locksmiths, etc.
I had a few discussions this week with other agents about giving referrals of vendors to clients. I have my own set of rules in regards to vendors.
I only give names I trust completely to take care of my clients and will make me look good. I have a list that is extremely difficult for a vendor to get on. They can be … (15 comments)
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mortgage: Buyers Be Happy - Mortgage Interest Rates Are Still Amazingly Low - 07/16/10 04:40 AM
For the last two years or more we have been warned that interest rates would be back up to 7% or 8% by many experts. To my delight they are now even lower than when the warnings began.
How long will this last? I don't believe anyone knows. The experts have predicted wrong consistently. The one thing we know for sure is that money is cheap. Loans are not as easy to get as in the past, but if you have good credit they are still loaning money.
If you are looking to purchase a home, find a top real estate … (8 comments)
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mortgage: What Are These Lenders Thinking? - 12/06/09 01:05 PM
Short sales and foreclosures in most cases are still taking forever to be resolved. Lenders are losing many millions upon millions of dollars in the property value of these assets. Or are these lenders completely incompetent or do they know something that would appear to defy the normal economic laws?
I have seen properties take many months and in some cases a year or more to sell even after a solid buyer is secured. Buyers get frustrated with the delays and walk away. Those who are willing to wait it out are not willing to pay as much. By the time the … (14 comments)
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mortgage: Mr. Lender, Here is Hawaii Randy’s Tip for the Day - 04/12/09 12:10 PM
In the last month or so, I have seen usually reliable lenders getting stacked up and unable to handle the recent surge of business with the same level of customer service as in the past.
Last year things were slow and the banks were cutting back on staff. Many brokers closed their doors and now things are picking up again. There are fewer players to compete today for that business. A couple of lenders in our area who have been steady as the rock of Gibraltar are now stumbling. They have also tightened up with more than normal conditions on loans … (47 comments)
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mortgage: NO ALOHA for Congress or the Lending Industry - 10/09/08 02:40 PM
During the hot real estate market a few years ago banks, federal government and people committing fraud caused property values to artificially jump. Today the same banks and the same government are causing the those property values to drop all over the country. I spoke about how lenders are causing property values to decrease by their incompetence in a previous post: Lenders Are Causing Property Values to Drop.
Now they want us to be grateful to them for saving us with our own money (massive amounts of it). I for one am not grateful, I am fed up.
Congress made laws … (10 comments)
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mortgage: Lenders Are Causing Property Values to Drop - 10/08/08 11:15 PM
Lenders are a major cause of property values dropping in many communities. I am not going to argue about their lending practices and the volume bad loans they issued. I think that is a given.
The incompetent way lenders have dealt with these bad loans is causing the problem to escalate in communities across the country. They have made it such a painful, lengthy and expensive process for buyers to purchase these properties that the lenders are forced to accept less money than they otherwise would. Once they start that cycle in a neighborhood, property values drop, making it impossible for … (61 comments)
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mortgage: A Loan Approval from Bob? - 05/03/08 11:56 PM
Have you ever gotten a loan approval letter from Bob's Mortgage and Hair Cutting Emporium? You think I am kidding, don't you. I did make that one up, but trust me some of the companies I have run across are just as crazy.
In the last couple of years it seems like every third person thinks they are a mortgage professional. In Hawaii to be a loan officer all you need is about $100. That will get you a license and a set of business cards.
Today I received a copy of the Governor's e-newsletter. She spoke this week to the mortgage … (22 comments)
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mortgage: Aloha Airlines Stops Flights, Mortgage Crisis to Blame? - 04/02/08 04:31 PM
While listening to the news the other morning I heard something that caught my attention.
But first a little background.
After flying between the Hawaiian Islands for more than 60 years Aloha Airlines filed bankruptcy for the second time in last few years. It flew its last passenger flight Monday. They shut down with over 400,000 outstanding tickets. They did not have a count of how many passengers were stranded, but they acknowledged about 700 were at the airport trying to get home.
1900 of there 3500 employees saw their last day on Monday. The word came down on the weekend and it … (24 comments)
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mortgage: Selling Homes – Isn’t That Enough? - 02/22/08 05:36 PM
Yesterday I attended an awards luncheon. On of the things that got my attention was the venders who were at the event. There were a couple of lenders present, who were owned by other real estate companies. First of all I would never use or recommend their services, period.
I am real glad my company does not own a mortgage company, an escrow company or any other service company. The conflict of interest is too tremendous. If I ever leave the company I am with I would not consider an office that also owns and promotes their own lender or escrow … (57 comments)
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mortgage: You May Need a Mortgage Loan Officer if… - 12/07/07 03:05 PM
The final in this series designed to lighten it up a little. Here is a short list of things to watch out for when working with a loan officer.
If your loan officer has any or all of these attributes you may need a loan officer:
The name of their company is ABC Mortgage & Hair Cutting Emporium.Or the name of the company starts with Bob or Lefty.They promise you $100,000 cash back on all transactions.Says your 100% loan requires a large down payment.They ask you to fudge you income or employment information.Tell you if they can also be your real … (17 comments)
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mortgage: More Regulation & Stricter Standards Needed For Loan officers - 11/24/07 04:34 PM
OK, I am bracing for the backlash from that title. Those who know me know that I am not a big government kind of guy. To the contrary in almost every case I believe in less government; unfortunately not in this case.
There have been several great blog posts written the last couple of days on similar topics. Rather than hijacking their posts I felt it better to write my own.
CALIFORNIA SUBPRIME BORROWERS MAY GET RELIEF? - More Questions than Answers by Lenn HarleyThe subprime mantra, "Easy in.....easy out" by Broker Bryant TutasWhat Part Do Individual Markets Need to Play In Our … (35 comments)
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mortgage: King For a Day Series – Mortgage Industry - 10/28/07 02:38 PM
If I were king for a day what changes would I make to the mortgage industry to better protect the public?
I have read thousands of news articles, blog posts and sat through many hundreds of hours of training and meetings through our industry. As a result I have formed some very strong opinions about changes I would love to see in our industry. I have decided to write a small series of articles that will pick on several parts of the real estate industry.
First I would insert more accountability into the process.
For a start I would require that each and … (72 comments)
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mortgage: REALTORS® Giving Vender Referrals - 10/24/07 04:43 PM
This topic comes up regularly. How do you decide on venders like home inspectors or loan officers to give your clients?
The most common school of thought among agents I have spoken to over the last few years is to give a list to your clients. I have such a list and freely share it with clients. In a recent regional meeting of the Honolulu Board of REALTORS®, the attorney for our Board said that giving a list may not minimize your exposure to potential future law suits. He said that whether you refer one or ten names to your client, if … (83 comments)
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mortgage: Two Week Closing With 100% Financing - 10/01/07 03:11 AM
I received an offer on one of my listings a little over two weeks ago. The offer was hand written, the cover sheet was also hand written and a blank paper, no letter head and faxed in to my office. It was accompanied by a loan approval letter that said it was 100% financing and was required to close in 2 weeks or less. Are they kidding me?
The letter was from a loan officer and lender I had not heard of before. It also said it was a final loan approval. I read the letter and thought this a joke. I … (64 comments)
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mortgage: Mortgage Money is Getting Tougher, Get a Good Professional - 08/09/07 05:04 PM
If you are thinking about getting in the market to buyer or sell a home, DON'T WAIT! The mortgage side of the business is going through some major changes and it is already becoming harder to buy or sell real estate. Mortgage money is drying up in several segments of the industry.
If your credit is shaky, getting a mortgage has gotten much harder and possibly impossible in most cases.
For those looking to do 100% financing, you may have already waited too long, unless you have VA (government guaranteed loan) benefits. Another alternative may be to go FHA (government insured loan), where … (21 comments)
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mortgage: Screening Pre-Approval Letters From the Lenders - 07/22/07 02:38 PM
This is becoming a big problem in my market as I am sure it is in all markets.
Here is a common scenario:
You receive an offer on one of your listings and it has an attached loan approval letter. The loan is for 100% financing, the contract is messy, not complete and may have a unusual request or two. You have never heard of the REALTOR® , their company and more importantly the loan officer or their company.
The loan approval letter came from Bob's Mortgage and Hair Cutting Emporium.It is unsignedIt is in Microsoft Word format, meaning there is a good … (30 comments)
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mortgage: Credit Back From Sellers, is it a Panacea? - 05/22/07 03:18 PM
This is becoming a standard practice among many agents and buyers. I have been seeing more and more of this practice. Some think it is a panacea, is it really?
Let me describe what I am talking about.
The buyer offers more than asking price for the home and requests the seller give them a credit of up to $15,000 in credit.
I have heard of much higher amounts from others in our business. I have read here in the blogs that in some parts of the country their have been mortgage scams where they over inflate the sales price by a large … (27 comments)
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mortgage: A New Loan Officer, You Should Be Scared - 05/14/07 01:38 PM
I was handed a business card yesterday from someone I knew. She said this is my new business with a big smile on her face.
She was a loan officer, with an out of state lender. Oh Boy! (I am being a wise guy here)
Me: I asked why didn't you go with a local lender?LO: Because we can do loans in all 50 states.Me: Do you understand the problems with an out of State lender?LO: Not a problem it is an advantage.Me: None of the Realtors I know will work with or recommend an out of state lender because of along list … (45 comments)
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mortgage: Is the Letter From the Lender any Good? - 04/03/07 01:11 PM
A regular topic in our business is the quality of pre-qual and pre-approval letters from lenders. This has been a serious issue in several of transactions. I have gotten to the point that a letter from certain lenders is worthless in my opinion; while others come from true professionals. I give a sigh of relief when an offer comes in with their letter attached.
Why is there such a difference from one loan officer to another?
Let's look at a few of the issues:
To get a mortgage license in our state you pay a few bucks and you are licensed loan officer. No … (67 comments)
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mortgage: Taking on a New Agent - 03/16/07 01:30 PM
This week I am taking the first step to my eventual goal of building a team. One of my clients has gotten her Real Estate license and joined us. I sold a couple of properties through her and her husband and sold a couple of more through their referrals. I am losing a great client and hopefully gaining a great team mate.
Initially she will be teaming up and training with me on a transactional basis. Here name is Lielane Peralta and I believe she will become a wonderful Realtor.
A couple of my previous related blogs:
Do You Help New Agents?To Hire … (19 comments)
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