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 … (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 … (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 … (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 … (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 … (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 … (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 … (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 … (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 … (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 … (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 … (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 … (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 … (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 … (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 … (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 … (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 … (19 comments)
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mortgage: We Need More Control Over Licensing of Loan Officers - 11/12/06 03:51 PM
As a real estate agent, I have spent a lot of time and money to ensure that I have the best training and knowledge. The state required me to take as tough exam and get continuing education. I carry E&O insurance and subscribe to an ethics code.
It is not a perfect … (23 comments)
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