georgia mortgages: Creative Finance for 2009 - 09/24/08 01:41 PM
When some people say "creative finance" they mean "mortgage fraud". You do it and I catch you and you pay. When I say "creative finance" I mean getting financing by thinking outside of the box but within the law. To help you get focused let's first give some examples of mortgage fraud that some people would class, wrongly, as creative finance:
1. Making a false statement on your mortgage application. This would include saying you occupy or intend to occupy the property as your primary. It would also include overstating your income, assets or employment. A very common piece of mortgage … (5 comments)
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georgia mortgages: Why Did My Loan Officer Stop Answering My Calls and Emails? - 09/20/08 03:46 AM
It happens. All too often if you ask me. A borrower believes they are doing the right thing by shopping around. They call one of the big guys who advertise on TV. They call a local bank. They call a local lender.
There are generally 5 reasons why a loan officer stops answering calls and emails:
1. They are dead. This is an acceptable excuse.2. They quit or were fired. In this case someone else should have contacted you.3. You are impossible to work with. In this case their "me" should have called you. That's my lovely job.4. They lied to … (16 comments)
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georgia mortgages: Last Chance For A Decent Mortgage? Fed Changes Will Impact Your Ability To Borrow - 07/09/08 08:19 PM
Chairman Bernanke is about to change the face of mortgage lending and it could affect you. In fact, they have already tipped their hat to let economists know they will be raising interest rates in coming meetings. For several months before the fallout began I literally begged people to refinance into a fixed rate mortgage before the lending environment changed drastically. A few called me and we were able to help them. Since then literally thousands have called who could not qualify under new lending guidelines and are now stuck with adjustable rates they can no longer afford and they are … (1 comments)
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georgia mortgages: Responsible Journalism - The Greatest Oxymoron of All Times - 03/08/08 10:20 AM
I was ridiculed by a band of buffoons when I dared insinuate the media caused the majority of the problem in the mortgage and housing market. That was last year when I said in a video tape that prior to September or 2006 there was"no mortgage crisis" and that the crisis really only began to appear when the media, along with websites such as the implode o meter, started using negativity to up their numbers. I still maintain if they had not done so there would have been an internal correction and we would not be in the really not good … (11 comments)
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georgia mortgages: Stopping The Confusion About The New FHA/FNMA Loan Limits - 02/19/08 08:46 AM
Unbelievable! That's the number of emails I am getting from all across the nation about the new FHA loan limits. You need to stop thinking right now that you can borrow $729,750 using FHA on a single family home anywhere in the United States. That's not what the change is and it is not what the change is going to be. That is the agreed upon MAXIMUM for ANY FHA loan and that will be for a home in the MSA's with the highest MSP's from the previous year.
For example, the MSP in Fort Wayne, Indiana in 2007 was 97k so … (9 comments)
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georgia mortgages: You're Fired! Now, Would You Hire Yourself Back? - 01/12/08 11:33 AM
The corporate world has a luxury: forced evaluation. Self-employed people including most of us in the real estate and small mortgage industry, really don't have a regular evaluation. We are left to our own devices to make it or fail. Our biggest mistake?
My clients evaluate me all the time. If they don't like what I'm doing they fire me.
Really? Kind of hard to fire somebody in the middle of a contract. But do you depend on your BBA to keep you employed by your clients? If you're one of the good ones this will never be an issue. This is … (6 comments)
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georgia mortgages: What Does "Sub-Prime" Really Mean? - 12/09/07 12:47 PM
Attention earth: Ken Cook has a sub-prime loan on his primary residence. -------------------->
Have you ever noticed how words change meaning over time? Have you ever noticed how the wrong word gets used for the wrong thing and sticks? Take the word "random" for example. In the new vernacular random is used at random for random things that happen at random. Sorry, couldn't resist.
The phrase "sub-prime" instantly sounds like "below" prime or "not worthy of" prime. In part this is a correct statement but not always. There are many people with "sub-prime" loans who personally could have qualified for a "prime" loan … (8 comments)
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georgia mortgages: Dear Media: I Refuse To Go Quietly - 10/26/07 02:12 PM
Quite frankly friends I am not going to hush. I am not going to stop telling you that Clark Howard is a horse's ass when it comes to knowledge about real estate and mortgages. I am not going to cease beating the drum that global negativity on the part of the media fueled the massive fall out we just experienced and, as I did the lawyer who totally destroyed the definition of YSP, I will continue to provide FACTS to contradict the totally erroneous statements which proliferate the internet and the media.
I really do not know how I encountered this post … (4 comments)
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georgia mortgages: Initials After A Name Are Worthless When ... - 10/16/07 04:04 PM
People who author articles and perform skits, I mean give speeches, and use a set of initials after their name to build credibility really should double check their facts, figures and the validity of their statements before they proceed. If you are one of the five people who read my blog last night about the Worst Definition of YSP I Have Ever Seen will really enjoy today's insertion.
I saw a link to an article from ML-Implode (which I read mostly for comedic entertainment) titled THE "SUBPRIME" MENTALITY: A Metaphor For the Whole U.S. Financial Market - I wanted to read it. … (5 comments)
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georgia mortgages: What is "Double Submitting", Why Your Loan Officer Hates It and Why You Should Do it! - 10/11/07 03:43 PM
Okay - I'm going to be railed on by some loan officers and some borrowers. I can take it, I'm a big boy. The reason I will be railed on by loan officers is because I am telling you to make someone work for free. The reason I am going to be railed on by borrowers is because I'm going to tell you that a big number of you are lazy and/or ignorant and choose to remain that way. If you already have established a relationship with a loan officer and you are absolutely positive you can trust them you can … (6 comments)
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georgia mortgages: I Guess I Am Naive -or- Why Many People Hate Mortgage Brokers - 10/08/07 10:11 AM
I don't even think this way I suppose - cramming a borrower into a certain type of loan just to make more commission from the deal. I've heard the stories from current employees who previously worked with major national lenders where the loan officer made more money by putting borrowers in a different loan even when they qualified for one at a lower cost. Seriously, when people say, "brokers make more money by putting borrowers into adjustable rate mortgages or pay option ARMs" I initially say, "That's not true!" Of course then it goes back and forth and then I realize … (3 comments)
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georgia mortgages: The GFE - What Exactly Is It And When Is It Valid? - 09/21/07 08:02 AM
Touchy one for you here! From time to time we get a call and out of the blue a new caller will ask us to send them a GFE - Good Faith Estimate (of Settlement Charges).
A recent caller begin to turn rude and unruly and demanded to speak with me - by job position not name - and soon got their wish. This particular buyer had not completed or even begun an application and were calling about a real estate investment property. The originator sent the caller to my extension where they left a message and I'm not sure if … (3 comments)
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georgia mortgages: "Only When We Are No Longer Afraid Do We Begin To Live" - Thompson - 09/13/07 08:07 PM
It is easy to take control of a person, or a country, when they are weakened by fear. From the sound of my phone and from reading ML Implode I would say at least our industry is somewhat paralyzed by fear. Oddly enough when our phone rings we are still able to accept applications and close loans. Hmmm.
Perhaps I am overly critical of the media and my accusation of their implicit involvement in the destruction of the sub-prime mortgage industry. What do you do when someone attacks someone you love? More than likely I am exhibiting some neanderthal, base human … (2 comments)
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georgia mortgages: Spend, Buy And Purchase For Tomorrow We Die! - 09/13/07 12:51 AM
"Times has been (sic) good" and I will testify to it. Truly, deals fell out of the trees from about 2002 until mid to late 2006. "Hello sir/ma'am, please breathe on this mirror and if we see some fog ... sign here and get the keys."
How do we survive on this forced fast of "sorry, we no longer offer that program"? Simple! We adapt and adjust just like we used to do! Homes are still being purchased, I know - we're closing almost all purchase loans ... about 15 per month. Loans are still available and it's not your fault the … (15 comments)
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georgia mortgages: Paulson Subprime Fund UP 410% THIS YEAR??? It's true ... - 09/11/07 09:22 AM
So I've been bashing the media and their wholesale attack on the "great losses" in the subprime secondary market which supposedly caused the problem we have today. I have said the problem is not the lenders, the problem is the sissy pants, scared little pansy-ass nuevo-riche investors who know NOTHING about the FVM or ROI on any scale who pulled their little investments at totally the worst time. AND the blame falls on the shoulders of each individual borrower IN MOST CASES. I will keep saying that over and over and over because it is the truth.
I have issued a challenge … (19 comments)
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georgia mortgages: Feds May Not Lower Key Rates ... So? Who Remembers the 1970's and early 80's? - 09/10/07 09:46 PM
There is a lot of concern about what the feds may do with key interest rates at their next opportunity to raise or lower them. (Hint: rates are still historically low)
Most borrowers today do not remember the 16% or 18% rates of the late 1970's ... I do. People still bought and refinanced homes.
Who among you remembers the 70's and 80's as a real estate or mortgage professional? These folks truly need to hear your stories!
… (5 comments)
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georgia mortgages: Sometimes The Media Makes You Smile ;) - 08/17/07 09:21 AM
Cobb's Favorite Home Grown Lender Still Clicking Along Friday, August 17, 2007 Staff Report by Rene Bowden Marietta, GA - "These are the time that try men's souls" wrote Thomas Paine. Could it be he visioned into the future the days we are now experiencing in the real estate industry? For so long we were cushioned, it seemed, from the downturn in sales of both new and existing homes. Be that as it may it seems my fellow journalists, and I use that term loosely, have finally convinced the strong that they are weak. Except, that is, Ken Cook and his … (3 comments)
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