What Every Borrower MUST Know About A 4506-T - 01/29/09 01:28 PM
Several months ago most lenders started requiring the completion of an IRA form 4506-T in every loan submission package. Not too long afterward I had an applicant in my office signing documents with a Loan Officer when the LO came into my office and said, "They do not want to sign this 4506-T."
A 4506-T is a request for copies of tax filings from the IRS for the most recent 3 years of tax transcripts to prove the applicant filed and that the numbers match what the applicant provided at the time of application.
When I asked the applicant why they … (7 comments)

Dispelling The Myths: FHA Streamline Refinances are Not "Free" - 01/26/09 10:54 PM
Oh, you will certainly encounter brokers and even lenders who tell you they are going to do it for free but I'm confident that you are smart enough to guess there is a catch. What the catch is depends on the person making the statement. If what they mean is they will make enough commission from your FHA streamline refinance to pay the costs for you or if they mean they will roll the costs into your loan so you will not have any out of pocket expense then they are simply being dishonest.
If they expect you to think they … (5 comments)

What is "PAR" rate and how can I meet or beat it? (Using golf as an example.) - 01/22/09 12:20 PM
Golfers already know - par is when you reach balance with the score on the golf course. Many golfers instead of writing down the total number of strokes record the number of strokes over or under the par. In golf par is the standard to aim for. The same applies in mortgage lending and investment borrowing.
Not every golf player "shoots at par". Others actually beat par - they beat the standard. Tiger Woods has a bad day when he shoots a par score on the golf course and I am joyous when I'm within 15 points over par. In fact … (33 comments)

Who invented "transparency"? - 01/13/09 04:24 PM
To quote Lenn Harley:
**** WARNING: TRUTH SPOKEN HERE ****
I'm not a young guy. In fact I'm beyond "middle age" unless I plan on living into my 100's. When I was a young boy - I mean 8 years old - I remember being taught by my parents to always speak the truth and not to hide anything from people I deal with. That means friends, family and business people. I was taught that hiding a truth from someone was the same as lying.
When I grew older and entered my college years and started reading books like "The Art … (21 comments)

Mastering Mortgage Software: Creating Custom Docs in Calyx Point - 01/12/09 11:47 PM
Mortgage technology advancements in recent years have included many needed changes in various aspects including origination, underwriting, servicing, and fraud detection. Attempting to identify the greatest accimplishments can be a daunting task and best left up to people who have plenty of time to interview providers and evaluate their products and services. But what about the point where the rubber meets the road where the originator and processor interact directly with the applicant?
Point, from Calyx, the leading Loan Origination Software (LOS), holds the lion's share of brokers as licensed users and as such has a greater responsibility to the marketplace … (5 comments)

Can an IRA borrow money to buy real estate? - 01/01/09 03:48 PM
Right now Fannie Mae still suffers tremendously in many ways from cranial-rectal inversion. Perhaps the worst result of this condition is the hamstringing of worthy real estate investors from having more than four properties on credit. But there are alternatives. Agents I can help you add sales to your month with this program and will help you market it. Call me directly at 866-946-0120 ext 101 nationwide.
One of the alternatives we at Novation have offered for many years is the IRA loan for real estate investors. This allows an investor with an IRA to tap the strength of their IRA … (8 comments)

 
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Ken "Yes You Can" Cook

Marietta, GA

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Ken Cook, Brand Strategist

Address: Marietta, GA, 30062

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