approval: The Haunted Loan Process
- 10/13/19 09:44 PM
The Haunted Loan Process
As we wind our way closer to Halloween, I wanted to cover a few of the graveyard variety hobgoblins of the mortgage process. You know, the things our clients don't tell us at the start and that later come back to haunt their home loan transaction like so many nightmares on Friday the 13th. The goal here is not to scare the prospective borrower, but instead to provide fair warning about the actions you can take or avoid at the start of your application that will help you close your loan on time and without undue stress. Let's … (27 comments)
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approval: One Thing Leads to Another
- 10/23/18 07:24 AM
One Thing Leads to Another
It just may be the most frustrating aspect of the home loan process for both borrowers and their real estate agents. We, the mortgage originator, ask for a specific item, or "condition," required for the loan approval and then upon receipt and review of that item, we come back and ask for something additional. Wash, rinse, repeat. One thing leads to another.
Sure we all get why there's grief and consternation associated with this phenomenon. After all, it feels like a vendetta. It can get personal. I've had, on very rare instances, borrowers tell me that they simply … (23 comments)
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approval: Mortgage 911: A Financial First Responder Takes You on Call
- 08/07/18 07:31 AM
Mortgage 911: A Financial First Responder Takes You on Call
It must have been around 6:30pm when the call crackled in. By the tone of the voice on the other end of the line I could tell "the crash" had happened some time prior, but now panic and shock had officially set in and the victim/borrower was not able to speak any longer. From the scene, the Good Samaritan/Realtor dialed the equivalent of Mortgage 911. The breath on the other end of the line was heavy and rushed.
Realtor John: "Rob, we haven't worked together before but you were referred by my broker...I just had … (14 comments)
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approval: I'm Returning Your Love Letter to Sender
- 11/12/17 06:00 PM
I'm Returning Your Love Letter to Sender
Some buyers will try anything to increase their odds of getting into contract and tugging the heart strings of the seller whose home has set their hearts aflutter. One of the most popular tools for this job is the so-called "love letter." A love letter from potential buyer to seller typically fires its opening salvo along these sights:
"Dear Seller, we knew from the minute we walked in the door..."
As a mortgage lender in California, and even more so here in the highly-competitive San Francisco Bay Area, many of the best real estate agents with whom we … (48 comments)
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approval: Don't Get Tricked by the 4506
- 10/24/17 08:54 PM
Don't Get Tricked by the 4506
What better time of year than Halloween to talk about being tricked? One of the ways unsuspecting borrowers can fall prey to one of the worst tricks in the mortgage business is to run into issues with IRS Form 4506T. This form, which can be found HERE, allows a third party, such as a mortgage lender, to request a transcript of your tax return.
And request it we will! Any time we have a "fully documented" loan, which is the vast majority of cases, we'll make sure that what the borrower shows us on his tax returns is the same … (19 comments)
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approval: The Silent Assassin - Unreimbursed (2106) Business Expenses
- 05/10/17 06:11 AM
The Silent Assassin - Unreimbursed (2106) Business Expenses
Death and taxes, right? Of these two certainties in life, let's leave our mortality out of the discussion for now. That leaves us with taxes and unless you're the president, at some point you must come face to face with the reality of your tax returns. I think we can universally agree that we are always striving to minimize the taxes we pay. This tends to work well, year after year, UNTIL we go to get a home loan. Because, you see, reducing your taxable income and maximizing your expenses and deductions for Uncle Sam … (2 comments)
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approval: The Wisdom of the Mountains
- 12/28/16 07:06 AM
The Wisdom of the Mountains
My wife and I recently went for a beautiful winter hike in Squaw Valley, CA, and I'm not quite sure if it was the quiet fresh snow, the freezing waterfalls in the canyon creek, or the granite cliffs framed by cerulean sky that brought to mind the many experiences I had in some of the world's high ranges years ago when I was an aspiring alpinist. Though we come here at this time of year to relax, reflect and plan for the year ahead, I could not help but notice how the wisdom of the mountains translates … (3 comments)
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approval: Yesterday's News
- 08/28/15 12:48 AM
Yesterday's News
Does your own profession require that you stay on top of current trends? Is your skill set highly dependent on ever-changing data and fast-paced, underlying market dynamics? Do you get the sense that the general public has only the faintest idea of the vastness and complexity of what you do? Ever catch portrayals of your business in the news and guffaw at their inaccuracy or incompleteness?
If you answereed "yes" to any of the above, then you will likely relate to a phenomenon we frequently experience here in the mortgage industry.
Specifically, consumers are inundated with news flashes about interest rates, the Federal … (8 comments)
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approval: To Airbnb Or Not To Airbnb...
- 07/19/15 01:34 AM
To Airbnb Or Not To Airbnb...
...is anybody even asking the question? Shall we then conjure The Bard to determine not whether renting out some or all of your home(s) through Airbnb or VRBO is a good idea itself, but once done is done, to know how thee mortgage lenders may view thine income? Whilst the "collaborative consumption" economy may be in full, progressive and dynamic bloom, a rose by any other name, like the mortgage industry for example, can be quite slow to see the light. True, our dagger may well be perceived dull held alongside the cutting edge of the Uber-net.
So to venture … (82 comments)
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approval: Happy Paper Trails to You
- 06/26/15 07:18 AM
Happy Paper Trails to You
If you want to realize, first hand, just how far the mortgage lending industry has gotten away from the days of the "Wild West," there is no single better way to do it than to hath the fury of an underwriter's scorn of your assets --- you know, the very bank statements, down payment funds, deposits and gift money that are integral to your home loan application. There's a new sheriff in town, pardner, and if you don't want to get hung at high noon when you go to get a conventional, jumbo or FHA loan, here's what you ought to … (25 comments)
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approval: CU Sooner Rather Than Later
- 01/23/15 11:34 PM
CU Sooner Rather Than Later
By now, most of us real estate professionals have become accustomed to the fact that things rarely stay the same for long in the mortgage industry. Not a month passes, it seems, where guidelines do not shrink or expand at the whims of our regulators, and certainly not a day goes by where rates do not fluctuate with the broader economic markets. So it should strike us as no surprise that the appraisal world we know will again be shaken up on January 26, 2015, when Fannie Mae’s Collateral Underwriter (CU) is implemented. Here is … (4 comments)
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approval: Time Is Not Money!
- 01/06/12 01:22 AM
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approval: Can I Get a Mortgage if I'm Self Employed?
- 08/26/11 03:01 PM
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approval: What Goodfellas Can Teach Realtors
- 08/10/11 12:34 PM
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approval: FHA Condo Project Approvals
- 06/16/11 08:33 AM
FHA Condo Project Approvals
The short video below explains the process of getting a condominium project approved with the FHA, so that homebuyers (especially first-time homebuyers) may purchase condo units listed for sale. This video's target audience is HOA board of directors of any common interest development, or property management companies that oversee condominium projects. However, we are all aware that often it is the real estate agents who are trying to list, or help a client buy, a condo unit who are uncovering the need for condominium project approvals.
For more information or to begin the condo approval process, get … (4 comments)
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approval: Weekend Availability + How Soon Before They Can Buy Again?
- 05/29/11 08:30 AM
Rob Spinosa, RPM Mortgage 877.270.5959 rspinosa@rpm-mtg.com
… (0 comments)
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approval: California Weekly Rate Update: 04/04/11
- 04/04/11 06:42 AM
Below are today's interest rates for RPM's loan programs. For specific pricing on your scenario, and to get pre-approved without cost or obligation for any of these loan products below, simply call or reply to this message. Access The Mortgage Dictionary on YouTube to view short videos that define and explain the most important terms and concepts in home financing. All pricing below is at 0 points unless otherwise noted: Conforming Loans (up to $417,000) 30-Year Fixed Rate: 4.750% APR: 4.774% 15-Year Fixed Rate: 4.125% APR: 4.159% 7/1 ARM Rate: 3.750% APR: 3.906% 5/1 ARM Rate: 3.375% APR: 3.561% FHA 30-Year Fixed (96.5% Financing) … (0 comments)
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approval: FHA Condominium Approvals in California
- 03/24/11 02:57 PM
FHA Condominium Approvals in California
Real Estate Agents,
I am able to help with getting condominium complexes approved through the Department of Housing and Urban Development (HUD) so that FHA financing can be used to purchase individual units in a common interest development here in California. At this time, I DO NOT CHARGE ANYTHING FOR THIS SERVICE. As we all know, on many occasions we have a willing and able buyer and seller, but we find that we do not have an eligible property. Unfortunately with condominiums this is not an uncommon outcome.
There is a solution in some cases. Does it … (0 comments)
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The Haunted Loan Process
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