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WE NEED YOUR HELP - THE FREE ENTERPRISE SYSTEM IS AT RISK! - 05/31/12 10:32 AM
“We Need Your Help - The Free Enterprise System is at Risk!” The Consumer Financial Protection Bureau, which was created out of Dodd-Frank will put me and most of the mortgage industry as we know it, OUT OF BUSINESS! If this is allowed to happen, the real estate industry is next. PLEASE PAY ATTENTION, THIS IS SERIOUS! I am all in favor in completion or being on an even playing field, but this is socialism and our civil liberties are being taken from the mortgage industry. The article below described what happened at the late meeting with the CFPB. Actually (4 comments)
I have been beating the repeal of Dodd-Frank drums since the inception of the bill. More and more hard to digest facets of the bill keep coming to light, none of it good for a free enterprise system. The bill continue to dictate how we can or I should say cannot earn a living. The bill continues to make our country look more and more like a socialistic society, not what the creators of constitution had in mind.
The existence of the mortgage industry as we know it, is being threatened (3 comments)
I have commented a number of times regarding some of the problems with the HARP 2 program. It is certainly way better than the HAMP program that was a complete bust. Some of the issues that I have written about are now being proposed that would make more people eligible.
We are closing HARP loans, which is helping many that own homes that have more debt than the properties are worth. These folks are not willing to default on their mortgages, but want to take advantage of lower interest rates.
MORTGAGE BANKERS ASSOCIATION PREDICTS LOWEST LENDING LEVELS IN 5 YEARS - 05/30/12 06:13 AM
”Mortgage Bankers Association Predicts Lowest lending levels in the Last 5 Years” I would like to understand where they get some of these numbers. Are there any Realtors doing less business this year than they did last year or the year before, if so, not many. Are there any mortgage brokers or mortgage bankers doing less business this year, compared to last year, if so, not many. So being a numbers guy, I don’t understand how the MBA can make the prediction that it's making. OK, let the prognosticators keep making predictions that we are all going to be doing (2 comments)
POSITIVE NEWS FOR REAL ESTATE IN MASSACHUSETTS - 05/29/12 09:43 AM
“Positive News for Real Estate in Massachusetts” Real estate values in Massachusetts, making a positive turn upwards. We doing mortgages throughout Massachusetts for many years. The last few years we have been fighting the appraisal battles each and every day. The tide is starting to turn in the right direction.
A few weeks ago, I was doing a mortgage for a client buying a second home. The sale price was $269,500. The appraisal came in at $255,000. Both Realtors in the transaction were pretty upset, as they felt the property was well worth the sales price. The two Realtors (3 comments)
OBAMA VS. ROMNEY - 05/29/12 06:28 AM
“Obama vs. Romney” I love listening people talk about which one of these guys will have more impact on unemployment and housing. Are you kidding me? Sure there are many still drinking the Kool-Aide and think that the current administration is doing a good job with jobs and housing, but even these numbers are shrinking. The current administration helped the creation of Dodd-Frank and Obamacare. These bills have done more harm to employment, housing and mortgages. The sooner these bills are repealed, the sooner that jobs and housing rebound. In November each of us will have to make a judgment (3 comments)
WHY AREN'T THERE MORE FIRST-TIME HOMEBUYERS IN THE MARKET PLACE? - 05/25/12 02:05 PM
“Why Aren’t there More First-Time Homebuyers in the Market Place?” I was doing a mortgage application last week. This individual was buying his first home. During the application process, I will ask the person or persons, who else they know, that could use my help in obtaining a mortgage. We then spoke for an hour about why aren’t there more first time home-buyers in the market place. He shared that in his age group (late 20’s), he knew dozens of people that have talked about buying a home, but they were afraid. Afraid, that they may lose the home to a (6 comments)
OVERDUE BORROWERS RELUCTANT TO ASK FOR HELP - 05/25/12 04:45 AM
“Overdue Borrowers Reluctant to Ask for Help” Six months ago clients came to me, asking for some advice. They told me they had gotten behind on their mortgage and didn’t know what to do. I asked them if they had contacted the servicer, they answered no. They told me, they didn’t know what to say. I asked them if they had attempted to get a modification done, they said yes, but where denied. I asked why they said, they didn’t know. I asked them why they didn’t reapply, they were not aware they could.
My advice to them was simple, (2 comments)
FAMILIES THAT LOST THEIR HOMES WANT TO BE HOMEOWNERS AGAIN - 05/24/12 06:36 AM
“Families that Lost their Homes Want to be Homeowners Again” Not as quickly as they would like, but are coming back into the market place in strong numbers. At least a couple times a week, I speak to someone that has lost a property through a foreclosure, deed-in-lieu of foreclosure or short sale. Some of these folks also had a bankruptcy in their recent history, as a result of these circumstances. Many loan products have restrictive time period before someone can buy again and also have minimum credit score requirements. I coach these folks as to the steps necessary to (4 comments)
THE NATIONAL FLOOD INSURANCE PROGRAM DUE TO EXPIRE SOON - 05/24/12 06:01 AM
“The National Flood Insurance Program Due to Expire Soon” May 31st to be exact. Unless Congress and the Senate acts quickly, there will be a problem getting mortgages to close where flood insurance is a requirement. Wake up, is anybody home? There is no reason for any hold up to get this bill extended so that people’s lives don’t get disrupted. This is not a political issue, it is a common sense issue. Wake up, is anybody home? May 31 Deadline Looming on Flood Extension By: Brian Collins The National Flood Insurance Program is due to expire at the end of (1 comments)
FORECLOSURES GROUND TO A HALT - 05/23/12 09:20 AM
“Foreclosures Ground to a Halt” The result of the foreclosure process will hurt the long term housing rebound. This foreclosure process needs to get completed sooner rather than later. The delay will only put these properties further down the line and hurt values going forward. No one wants to see any homeowner lose a home, but many neighborhoods that have properties that are in foreclosure, continue to hurt values. The overall condition is not usually good and anyone that does not have a vested interest isn’t going to have pride of ownership.
The American Foreclosure Process Has Ground To A (3 comments)
HARP 2 CHALLENGES AND OPPORTUNITIES - 05/23/12 05:51 AM
“HARP 2 Challenges and Opportunities” Many of the challenges that lenders experience are turning into opportunities for us. Many of the lenders have limited the loan to value. Many are only going up to 105% of the value of the property, which kills a lot of transactions. I have a number of lenders that will go up to 150%, which is a huge difference. There continues to be talk of higher than 150% loan to value that will be coming in the near future. In the first couple of weeks that the program came out, two transactions came to me after (3 comments)
There really is a problem with the numbers. Value numbers will always lag sales numbers. What is unfortunate right now, real values are stable and increasing, the problem is the comparables that are being used, don’t reflect today’s property sales. As a result, many appraisals are coming in below the purchase price.
If an appraiser continues to see declining values, based on previously sold properties, there is definitely a disconnect and an unwillingness to adjust accordingly. It will take some time for these numbers to adjust, but it will hurt (5 comments)
MORTGAGE DELINQUENCIES CONTINUE TO DECLINE - 05/22/12 05:43 AM
“Mortgage Delinquencies Continue to Decline” Let’s explain the new math. There have been hundreds of thousands of homes foreclosed upon over the last few years. These homeowners were all delinquent and no longer in the latest numbers. As soon as there is an improvement in the unemployment numbers, you will see continued improvement with the delinquency rates. They are forever linked. Unfortunately, the current administration has not been able to figure out how to improve the unemployment numbers. All the promises that were made, just a lot of hot air. The answer is more stimulus spending, that will lower the (1 comments)
I hear such bad information out there when it comes to how soon someone can get a mortgage after a foreclosure, short sale or bankruptcy. Yes, there are excepts, but I would follow the guidelines below.
I am referred many clients after a they have gone through one or more of these events. I immediately start the process of educating them regarding rebuilding credit. Just because these time periods have gone by, but if they haven’t handled their credit, they still (6 comments)
The reason this 5 minute video has such a powerful message for me, is that my parents were Holocaust survivors. Both of them lost their original families. There are some amazing stories. Thank you for allow me to share the video.
My parents instilled in my two brothers and myself, live every moment, like it will be your last. I never forget what they shared. CLICK HERE TO SEE THE INSPIRING VIDEO
MY MORTGAGE BROKER WORLD IS ALIVE AND WELL - 05/18/12 07:59 AM
“My Mortgage Broker World is Alive and Well” I spoke to a banker this morning that has been sending me business for many years. Carole was referring a client that her bank couldn’t help. These folks were buying a $500,000 home and putting $150,000 down. After giving me all the details, I told her that I could assist them and got all their contact information. Yes, this was a great referral, but not the important part of our conversation. She told me that that she was getting very tired of telling perfectly good mortgage clients that she couldn’t do a (5 comments)
It is amazing to me, that any bank that would leave you a message, that they will communicate back with you in 60 to 90 day, to begin the application process. How the hell are they still in business? I hear this type of story all the time, from clients that are referred to me. It is not like these banks have any product that we as mortgage brokers don’t have, so why does anyone use them at all? It is not like their interest (5 comments)
WHY AREN'T MORE HARP LOANS CLOSING? - 05/17/12 10:32 AM
“Why Aren’t More HARP Loans Closing?” The HARP program isn’t asking the lender to take a principal reduction, just an interest rate reduction. The majority of these homeowners have paid their mortgage on time, but their real estate values dropped. These homeowners didn’t cause the values of their homes to drop and they want to continue owning the properties. Why make this refinance process as difficult as it is? If these folks obtain an interest rate that drops, they have more dollars to spend every month, that will help the overall economy. Right now, I am getting 7 out of 10 (5 comments)
PHIL HICKEY JOINS RIGHT TRAC FINANCIAL AND ACTIVERAIN - 05/17/12 05:37 AM
“Phil Hickey Joins Right Trac Financial and Activerain” I am very pleased to introduce Phil Hickey as a loan officer at Right Trac Financial. I interview many potential loan officers, but I’m not looking for numbers, but rather quality. The first time I meet Phil 7 years ago, I immediately liked him. He was genuine, straight forward and a great listener. I admire those qualities. I could go on and on, but you get the idea. Once Phil made his decision to join Right Trac we spent a lot of time talking about social media. Wow, he hopped on this horse, (3 comments)
PROPOSED CFPB, COULD KILL THE MORTGAGE AND HOUSING RECOVERY - 05/16/12 09:18 AM
“Proposed CFPB, Could Kill the Mortgage and Housing Recovery” If you want to kill the mortgage industry, let the government get more involved. Realtors, let me ask you a question. What if tomorrow morning, the CFPB brought forth a proposal that all Realtors had to charge a flat fee, just so one Realtor would not have an unfair advantage over another. That the consumer no longer has to choose one Realtor over another, because one is not better than another. We all know, that would wipe out most Realtors, which is what the intent is with the mortgage brokerage world. (7 comments)
For months we have continually been told that, FHA will need an infusion of money in order to maintain its reserve requirements. Why, after they continue to collect millions in settlements, is a cash infusion necessary?
The biggest issue I see with FHA is their increased fees that they are charging. As a result of these increases, FHA volume has steadily decreased, which hurts first time home buyers. If less first time home buyers are able to purchase homes, (6 comments)
Last week, two of my clients were involved with bidding on homes, where there were multiple offers. One was successful the other was not. That's not the point, I have been seeing values beginning to firm or getting stronger.
Here is the problem, appraisers are not seeing this transformation taking place. The problem, they are using comparables that haven’t caught up with the increased values. They are often still indicating declining values and making adjustments downward, instead of just the opposite.
Home prices rise for first time in 8 months By: The (5 comments)
PROFITS AFFECTED BY DODD-FRANK, MEANS LESS HIRINGS - 05/15/12 05:34 AM
“Profits Affected by Dodd-Frank, Means Less Hirings” The amount of rules and regulation that affect banks and mortgage companies is beyond belief. This bill got created to protect the best interest of the consumer. The problem is, just the opposite is happening. The Consumer Financial Protection Bureau is now proposing a new and improved way to eliminate the mortgage brokers. They are proposing to reduce our fees, all in the name of the consumer. I have a challenge for the CFPB, contact any of my clients, as them if they feel, that they were over charged for the services (1 comments)
MANY WANT TO REFINANCE AND CAN'T - 05/14/12 10:40 AM
“Many Want to Refinance and Can’t” Yesterday was a very tough day. When I can’t help someone refinance, it is really tough to say to them, I’m sorry, there is nothing I can do to help. Randie called me,saying that she was referred by her dad. They purchased a home in 2004 and refinanced in 2006, at the time the mortgage was $200,000. They are paying 8.05% interest and is not a loan that is owned by Fannie or Freddie, so a HARP 2 loan is not possible. The property value is estimated at $175,000. They do not have money (3 comments)
ARE THEY ASLEEP AT FHA? - 05/14/12 06:16 AM
“ Are They Asleep at FHA?” FHA is now saying new mortgage activity for FHA mortgages are down. Are they for real that they wonder what happened. Let me give them a clue, they raised the monthly mortgage insurance fees a few months ago and just increased it again a month ago. They nearly doubled the mortgage insurance premium, from 1% to 1.75%. Let me know what you think of this math. I doing an FHA mortgage for these clients. Purchase price is $215,000, they are putting $7,525 down. The mortgage insurance premium they are being charged $3,630. Their mortgage payment (4 comments)
HAPPY MOTHER'S DAY TO ONE AND ALL - 05/12/12 06:08 AM
“Happy Mother’s Day to One and All” Ever though my mother isn’t with us any longer, I always remember mom, so often and every Mother’s Day. I miss you Mom. To my beautiful wife Gail, of nearly 42 year years. I am always so proud of her, the positive impact that she has made on our children, grandson and especially me. Happy Mother’s Day and I love you! To my mother-in-law Gloria. Thank you for giving me Gail. I will be forever thankful. One of my favorite people to discuss politics, even though we don’t always agree. Happy Mother’s day and (6 comments)
So typical of any entity connected to the current administration and Dodd-Frank. Our current administration and everyone connected to it, has no regard for our dollars. The arrogance of them to ignore their responsibility to share their budget is reprehensible, but at the same time, not surprising.
We have not had an approved budget in the last three years and will not have one for this year, but who’s counting? Actually there are a lot of people counting and sick and tired of overspending that is out of control. Just think, if there (5 comments)
The current administration and it’s group of merry men, keep talking about how much better things are since President Obama took office. What can we learn from any of the 23 banks that went under? The number one issue, they were over extended. Do you think this country is over extended? There have been periods of time, in this country, that larger numbers of banks have failed, I’m guessing that 99% of the time, it is because they were over extended. We can no longer afford to have unabated (2 comments)
It doesn’t take an economist to understand that home values are at the lowest level that they have been at for years. It doesn’t take a fortuneteller to tell you that interest rates are at levels that haven’t been seen in decades. That means that all of us need to encourage anyone and everyone that has ever considered buying a home, that the time is now. Home values will go up, I guarantee it! Mortgage rates will go up, I guarantee it! A past client (5 comments)
Article after article continue to state the obvious, there are more renters becoming buyers. Amazing interest rates and affordable home prices are a great combination.
It is simple math, in so many cases the monthly payment is similar or less than the rent.
There are so many more folks that want to own a home and can’t. Loosen up some of the guidelines. Stop and think about this for a moment. Does it really make a difference, to force someone to not be able to purchase a home 3 years after a bankruptcy or (3 comments)
The article below addresses 5 tips for loan originators to generate more leads. However, these tips work the same for anyone in the mortgage, real estate and related worlds.
Take it from a late convert to social media, one year ago this month, I started my adventure. I have done almost 500 blogs. If you would have told me that was possible in a year, I would have told you, you’re crazy.
Originally, I thought I was doing it only to generate more mortgage business, yes that has happened, but I have gotten much (4 comments)
NO TRANSITIONAL LOAN OFFICER LICENSING, PLEASE THE PUBLIC DESERVES BETTER - 05/09/12 05:43 AM
“No Transitional LO Licensing, Please the Public Deserves Better” Why is there not a level playing field when it comes to loan officers? Why shouldn’t all loan officers be required to do the same testing? What is this transitional crap? The truth is, many that couldn't pass the exams, don’t have the same knowledge or experience. If that is the case, why should the public not expect the same level or know how? I could probably hire more loan officers, but I’m not willing to dilute the quality of loan officer that we already have. I learned a long (2 comments)
It is easy to wonder how would news affects interest rates in this country. With all that is going on in the United States, it is still where many foreigners want to keep their money. You may hear the terminology “Flight to Safety”. This has been going on for a few years, which means a lot of money is coming into the US to buy our bonds. This is one of the reasons interest rates are as low as they are right now. There is a lot of bad stuff going on in Europe, many (7 comments)
ARTICLE SAYS HOMEOWNERSHIP PLUMMETS TO 15 YEAR LOW - 05/08/12 05:25 AM
“Articles Says Homeownership Plummets to 15 Year Low” Now let’s use a little common sense. Let’s think about all the foreclosures and short sales that have taken place over the last three years. Does anybody think that any of those former homeowners could go right out to buy another house? I don’t think so!
Do we think that some of these former homeowners will become future homeowners, they sure would. Many would tomorrow, if there was mortgage available for them. Right now, the earliest that someone who lost a home, has to wait a minimum of 36 months, they must (5 comments)
FEDERAL RESERVE SAYS IT WILL KEEP RATES SUPERFICIALLY LOW AT LEAST THROUGH 2014 - 05/07/12 04:24 AM
“Federal Reserve Says it Will Keep Rates Superficially Low at least Through 2014” It is a good thing we have an election coming up at the end of this year. For the Fed to keep coming out with these intentions to keep interest rates at these level, will just continue bleeding red ink, for a long time. The Fed is printing money at levels this country has seldom seen. The administration is creating this false hope that printing money will take us out of the economic crisis that we are in. The only thing that is doing is mortgage our (6 comments)
WHEN HAS COMMON SENSE BEEN CONSIDERED, STRICTER MORTGAGE STANDARDS? - 05/04/12 11:38 AM
“When Has Common Sense Been Considered, Stricter Mortgage Standards?” All the efforts of Dodd-Frank, when it comes to mortgages, are totally worthless, yes worthless! The only reason subprime loans ever existed, was because there were buyers for this mortgage paper. Dodd-Frank put together a list of restrictions for Banks, Mortgage Bankers, Lenders, Mortgage Brokers and Loan Officers, that all are precluded from doing loans such as negative amortization, balloon payments and interest only loans. What difference does that make, when there isn’t anyone out there that would buy these mortgages? You talk about stupid legislation! Dodd-Frank has said that it (3 comments)
IN SPITE OF OVER 8% UNEMPLOYMENT AND $4 GAS, MORTGAGE DELINQUENCY RATE FALLS - 05/04/12 06:41 AM
“In Spite of Over 8% Unemployment and $4 Gas, Mortgage Delinquency Rate Falls” Can you imagine, how much lower the delinquency rates would be on mortgages, if the unemployment rates fell one percent? It is clear that this administration knows what to do to get the rate low. If the unemployment rate dropped one percent, what it would do to improve real estate sales and values.
Can you imagine if gas prices didn’t double during the current administration? It is clear that the current administration has done everything humanly possible to get gas prices higher. If the average family (0 comments)
THE GOOD AND BAD WITH HARP - 05/03/12 09:15 AM
“The Good and Bad with HARP” I consider myself a pretty savvy mortgage guy. I know more about different mortgage product than most in this business. Having said that, it is not easy getting these HARP loans done. Every day is a new learning process.
First, not every lender is participating, the ones that are participating all have different rules. There is no such thing as one set of rules. It is tough enough to get one of these loans done, that doesn’t have existing mortgage insurance. When a loan that is owned by Fannie Mae or Freddie Mac (3 comments)
BIDDING WARS CREATE APPRAISAL PROBLEMS - 05/03/12 05:43 AM
“Bidding Wars Create Appraisal Problems” I have seen this part of the real estate cycle many times, but it is worse this time around. With all appraisals now going through appraisal management companies, I am seeing some pretty poor appraisal work. Comparables that are being used are often older and lower in price than the new property for sale. Appraisals aren’t catching up the new values, let alone a property that was involved with a bidding war. Last week, three appraisals came in lower than the sales price. One in Hampton Beach, NH, the agreed upon price was $259,500, the (4 comments)
GROWING FOOD AT HOME-ANOTHER GREAT REASON TO OWN A HOME - 05/02/12 10:47 AM
“Growing Food at Home” My organic garden used to be big enough to feed the neighborhood. It was sure a labor of love! Growing up on a dairy farm, I believed I could grow anything. I used to grow some exotic vegetables, well they didn’t always grow as I expected. So, after a while I had my favorites that always did well. Over the years the size got smaller, but the joy of growing food that is not filled with chemicals and getting these fresh foods is just something real special. Now, that is a great reason for owning your own (8 comments)
WHY DOES EXTENDING FLOOD INSURANCE COVERAGE HAVE TO A BECOME POLITICAL ISSUE? - 05/02/12 05:31 AM
“Why Does Extending Flood Insurance Coverage Have to Become a Political Issue?” Why does Congress always wait until the 99th hour to extend this coverage. Why does this coverage not just become permanent? This has never made any sense to me. A few years ago, this coverage lapsed and some closings were delayed, which created a lot of hardship for a lot of people. Why was this necessary? What is the possible political gain? If anyone can tell me what the possible reasons are, I would like to know. FEMA Urges Congress to Extend Flood Coverage for Two Years (5 comments)
SINGLE FAMILY HOME RENTALS ARE A GROWING OPPORTUNITY - 05/01/12 10:54 AM
“Single Family Home Rentals are a Growing Opportunity” Probably not for the reasons that you are thinking. The last time there was the same type of opportunity, was the late 80’s and early 90’s. In many parts of the country, real estate lost 50% of its value. There were many folks that lost their home, just like now. There are time periods that this happens. Many of these folks will want to become homeowners again. Many will rent homes, until they are able to buy again. Many of these folks get into lease option agreements or just rent single family (5 comments)
SOME HOME BUYERS CAN BE VERY FRUSTRATING, IF THEY ARE NOT EDUCATED - 05/01/12 05:43 AM
“Some Home Buyers Can be Very Frustrating, if They are Not Educated” When I do a preapproval for a first time home buyer, I do my best to explain how the offer process works. Many come to me with this expectation that they plan on offering at least 10% below asking price. I always ask how they came up with this number. They say, that is what they read or that is what they were advised to do by someone. Where do they read this stuff? I coach them, not to just pull a number out of the air, not to (7 comments)
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