Brad's Blog

Your Application is in...Now What?

Brad Patshkowski (Heritage Home Loans a division of Mann Mortgage LLC) — Fri, 20 Apr 2007 15:04:49 -0500

The Loan Process

So, you have applied for your loan and now you are sitting by the phone wondering, "what is going to happen next?" Most people, (even some agents) don't really know what goes on when they apply for a loan. Well let's demystify the process so you can walk away from the phone and enjoy your life!

First thing is you have found a Loan Officer you like, such as myself :) or were refereed to by your Agent, such as myself :) and have gone through a full Loan Application, usually called a 1003 (Ten-O-Three). You have disclosed every piece of vital information you have and feel comfortable enough to proceed with the loan process. Here is what happens next:

1. You will be asked to sign disclosures such as a Borrower Authorization Form which is used as permission to pull your credit. The Officer may or may not go over the details of your credit report with you. I make it a point to make sure the information enclosed is accurate and up to date before my clients leave my office. This prevents hang ups later in the loan process.

2. Your loan is then polished and usually submitted through an automated underwriting engine, either through Fannie Mae Desktop Underwriter for Government Loans, or a lender specific website.

3. The approval comes back and a Good Faith Estimate and truth-In-Lending form are sent out to the Borrower (s) with the terms and estimated closing costs of the loan within 72 hours of the application.

4. Assuming the home has been chosen...the Title Report, and Appraisal are ordered and an Escrow account is opened. The Appraisal usually entails a deposit by the Lender.

5. After an appraisal and title search are completed, the loan file is then submitted to the lender for underwriting for approval. Any conditions that need to be fulfilled are then requested at this time. i.e. check stubs, account information, verification of employment etc...

6. The client is notified of the condition of their loan and asked for any final documentation needed to close the loan. Then Closing Documents are ordered and all pre-close conditions are satisfied.

7. Documents are prepared by closing company and funds are allocated in Escrow. When this is finished, an appointment is made with the borrower to come sign documents.

8. The Escrow company sends the completed package to the Lender for final review. The Borrower has a three day rescission period where the transaction can be voided at the borrower's request.

9. The Lender does one last verification of employment before releasing the funds to the Escrow company.

10. Escrow pays all liens and releases all funds to proper agencies and sends loan fees to the Lender.

The End! Happy Home Ownership!

**This is merely an overview of the loan process...if I have missed something important, let me know and I will include it at a later date. Just don't be too critical, Thanks! Heritage Home Loans

Credit Scores...Where Do You Rate

Brad Patshkowski (Heritage Home Loans a division of Mann Mortgage LLC) — Fri, 20 Apr 2007 14:34:11 -0500

How Does Your Credit Rate?

I have done some research as to who in this country has the best and worst credit scores, and I think the outcome will surprise you. And since I am in a I pose these questions to you. First...what state do you think has the best credit scores of its residence? Before you look, give me your answer. Nope, not that one...not that one either...to find out, go to Credit Report Info and look for yourself.

Secondly...why do you think this is the case? Is it location, industry, or some other environmental factor I have not thought of? Give me your thoughts and happy raining!

http://www.heritagehomeloans.org

Free Credit Report

Brad Patshkowski (Heritage Home Loans a division of Mann Mortgage LLC) — Fri, 20 Apr 2007 13:52:35 -0500

Get Your Own FREE Credit Report

In today's world...the most important thing you can do for your financial well being is always staying on top of your personal credit situation. It has never been easier to stay abreast of changing credit, and fix problems that may occur before they become a factor in your credit "worthiness". With the availability of credit information on the web...and a slew of other credit monitoring services available to the common consumer...there is no reason you should be left in the dark when it comes to information which is so vital to your well being.

So...you are probably wondering how to go about doing this. Lucky for you I have done some research and here is what I have found.

One of the most common ways you can get a hold of your credit report for FREE is by opting in to any number of websites who offer your personal credit report. These sites include freecreditreport.com, annualcreditreport.com, experian.com, transunion.com, and equifax.com. (I would normally link sites I use as resources, but due to the lack of shown ethical standards of these companies, I don't feel right about linking directly to them, sorry.) You fill out some general information and you can receive your report in a version that is consumer friendly. The kicker is this...you can not get your FICO score without paying for it. Now, this is really not a bad deal. The reason we need to utilize these sites is to correct any changes that are made and make sure the personal and account information is true.

The other option is Costco. Yes I said Costco. For a fee of around ten or fifteen dollars, you can get a copy of your credit report with scores. I have seen the reports given by Costco and I must say I was impressed. I compared the report to a Tri-merge report I pulled on one of my customers and the accuracy was surprising. I would endorse going the Costco route over the Internet for several reasons...but if you just want the info, the Internet is a good way to go.

There is one caveat to using these sites though that needs to be addressed. When you register for the service...you are likely put on a mailing list for any number of companies who utilize credit bureau's to locate potential customers. But, there is a silver lining. Once you have registered to get your credit report, preferably only one credit site...register at www.optoutprescreen.com. This will take you off all lists of companies which use credit bureau information for mailing campaigns. And the best part about this is your credit score will improve by as much as 20 points in some cases just by registering. The credit agencies view this as you taking control of your financial portfolio and give you credit by increasing your scores...BONUS!

http://www.heritagehomeloans.org

The Flight Crew

Brad Patshkowski (Heritage Home Loans a division of Mann Mortgage LLC) — Fri, 20 Apr 2007 11:58:20 -0500

The Flight Crew

The airliner pushed back from the gate, the flight attendant gave the passengers the usual information regarding seat belts, etc.

Finally, she said, "Now sit back and enjoy your trip while your captain, Judith Campbell, and crew take you safely to your destination."

Ed, sitting in the eighth row thought to himself, "Did I hear her right? Is the captain a woman?"

When the attendant came by with the drink cart, he said "Did I understand you right? Is the captain a woman?"

"Yes," said the attendant, "In fact, this entire crew is female."

"My God," said Ed, "I'd better have two scotch and sodas. I don't know what to think with only women up there in the cockpit."

"Well, that's another thing sir," said the attendant, "We No Longer Call It the Cock Pit,

it's now called, The Box Office."

What Is PMI and Why Do We Need It?

Brad Patshkowski (Heritage Home Loans a division of Mann Mortgage LLC) — Tue, 17 Apr 2007 11:15:25 -0500

What Is PMI and Why Do We Need It?

What is PMI? PMI is "Private Mortgage Insurance". This is extra insurance that lenders require to be purchased when the borrower's loan, compared to the value of their home is more than 80% of its value.

Why PMI? PMI allows more flexibility for potential homebuyers to get more home faster, and for less of a down payment, say 3% or 5%. PMI insures the lender in case of default from the borrower, which frees up funds which would normally not be available to some homebuyers due to credit, reserves, or other factors that determine a borrower's strength.

Does Every Loan Have PMI? Most all residential mortgage loans in one shape or another have PMI, whether it is paid by the Borrower, or the Lender. Government loans such as FHA and VA do not have the same requirements as Conventional Loans. Since they are secured by the U.S. Government, they can be higher risk, but not need as much insurance protecting the Lender from default.

How Do I Cancel PMI? As of July, 29^th, 1999 under the Homeowner's Protection Act, PMI can be canceled only when the mortgage has been paid down to at least 80% of the purchase price or the homes appraised value, which ever is less. In addition to the value requirements of canceling PMI, the Borrower must not have been 30 late on any mortgage payment for a full year before their request for cancellation, and not 60 days late for the prior two years. PMI automatically cancels when the loan amount is paid down by 78% of the original amount, or an appraisal is done to determine the value of the home compared to the outstanding loan amount is under 80%. In addition to automatic cancellation, PMI is terminated completely when the loan reaches the midpoint in its amortization schedule, which for a thirty year mortgage, would be the 180th month.

Who Cancels My PMI? Under the Homeowner's Protection Act, the lender must annually send a statement concerning the condition of the loan, and the options for canceling PMI. This includes the potential cancellation date, phone number, and address where the customer may contact to proceed with PMI cancellation.

For more information on PMI and ways it helps our industry, go to

http://www.privatemi.com/

http://www.mgic.com/

http://www.hud.gov/

http://www.heritagehomelaons.org

Who's The Big Winner?

Brad Patshkowski (Heritage Home Loans a division of Mann Mortgage LLC) — Wed, 04 Apr 2007 11:50:57 -0500

This information was reported by Ryan Fuller, out of the Reality Times publication in Washington.

Spokane Washington is in Spokane County. The Spokane County area is predicted to be in the top 10 areas for growth [ real estate appreciation ] this year nationwide. Inventory has risen from sustained hisoric lows of around 1600 homes non contingent to 2445 today. As a result purchasers have been enjoying the increased market selection.

Not too shabby for the middle of somewhere Washington huh?

Bradski

http://www.heritagehomeloans.org

9 Funny Things About All People

Brad Patshkowski (Heritage Home Loans a division of Mann Mortgage LLC) — Sat, 13 Jan 2007 15:30:42 -0600

Here is something to chew on.
9 Funny Things About All People

1. People who point at their wrist while asking for the time.... I know where my watch is, where the is yours?
2. People who are willing to get off their butt to search the entire room for the T.V. remote because they refuse to walk to the T.V. and change the channel manually. (Guilty)
3. When people say "Oh you just want to have your cake and eat it too". You are right! What good is cake if you can't eat it?
4. When people say "it's always the last place you look". Of course it is. Why would you keep looking after you've found it? Do people do this? Who and where are they?
5. When people say while watching a film "did you see that?". No , I paid $12 to come to the cinema and stare at the floor.
6. People who ask "Can I ask you a question?".... Didn't really give me a choice there, did ya sunshine?
7. When something is 'new and improved!'. Which is it? If it's new, then there has never been anything before it. If it's an improvement, then there must have been something before it, couldn't be new.

8. When people say "life is short". What?? Life is the longest thing anyone ever does!! What can you do that's longer?
9. When you are waiting for the bus and someone asks "Has the bus come yet?". If the bus came would I be standing here?
http://www.heritagehomeloans.org

Why do I do this for a living?

Brad Patshkowski (Heritage Home Loans a division of Mann Mortgage LLC) — Mon, 04 Dec 2006 17:15:45 -0600

Why do I do this for a living? My entire life, I have been searching for a way to genuinely make people happy, and provide a service to them that extends far beyond their interaction with me. And, I have an artistic side of my personallity that if repressed, gets very grrrrrrrrr.... so I have to express myself daily in order to "calm the beast". Which is why I began cooking for people. I thought, "Hey, here is a way that I can make people happy, and express myself artistically, meanwhile making a decent living." Ehhhh! Wrong! I though that when people eat a good meal, they were happy, and this is generally true. But working in the restaurant industry for so long, I have come to the decision that people go out to eat not to be happy, but rather as a purely social longing we all have to be seen in a public place by other people. Which sorts of puts the kiebosh on my service to them. (I am not sure if that is how you spell "keibosh" so if anyone really knows, let me know.)

Now, I provide a service to people that I can continue to create new solutions for. I help their financial situation......(sorry, the phone had the priority).........OK where was I, oh yea... I help their financial situation, all the while performing as a magician, being creative, and genuinely helping my fellow man, and woman. (I write blogs in real time, sorry for the inconvenience, but I feel it makes it a bit more genuine than a produced piece.) This makes me happier than I ever thought I could be working so hard. Enjoy your clients as they will enjoy you. Good Luck and Good Times!

-Bradski-

http://www.heritagehomeloans.org

Some Day Isle

Brad Patshkowski (Heritage Home Loans a division of Mann Mortgage LLC) — Tue, 28 Nov 2006 18:46:41 -0600

Some Day Isle

This is a place we all are going to have sometime in our lives. I run into a lot of people that are living on this Island, the Island of Some Day. Someday I'll quit smoking. Someday I'll clean out the garage. Someday I'll get a better job and support my family the way they deserve to be supported. They want something and someday, they are going to get it. The problem I run into most times is this; people don't know how to get the things they want. It's not an issue that they are uneducated to the extent that they can not provide for themselves and have a little extra to ge what they want. More times than not, they don't even need money to do the things they want to do. So why are people so afraid to do the things we wnat to do? Either they don't want to fail, or they really don't genuinely want the wants they want. So if they don't really want the wants they want, then why do they say they want what they want? Feel free to join in at any time! Does our culture make us "front" on things we want to make it seem like we are going somewhere we are most certainly not?

I used to live on that Island. I was someday going to be a famous artist. But someday I was also going to be a sucessful business man. I really wanted to be an artist, but everyone said that artists were starving, and I surely did not want to starve, I wanted to make millions So I put that in my someday pile and directed myself to be a business man. Long story short, someday is today. It is always going to be today. And if you do not get a handle on what you want someday, and begin to work towards what you want today, tommorrow is going to come and you will never get the chance to get what you truly wanted in the first place. Man.... that's a bit drawn out, but you get the idea. STOP FOCUSING ON WHAT YOU WANT, FOCUS ON HOW TO GET IT! Go out there and get what you deserve!

Cheers!

Bradski

http://www.heritagehomeloans.org

Stick To It!

Brad Patshkowski (Heritage Home Loans a division of Mann Mortgage LLC) — Mon, 27 Nov 2006 18:40:31 -0600

I am a firm believer in "Stick To It!" If you don't think this or that is what you want to do for a "living", then that is exactly what you are going to miss out on, "living". If at any point, this becomes a job for you, find something else to do. You are taking up space that is better suited for someone who truly wants to make helping people secure a happy life for themselves and their families! Times get good, and times get rough. This business is all about attitude and your ability to ride the wave, all the while you continue to paddle. I am personally having a hard time, for the sheer fact of the timing of my commitment to this industry. But I know this, "I am a winner, and I am going to Stick With It"! We all have our strengths, and we all have our weaknesses. Jump outside your comfort zone for a bit, and see what works. If you find something that works, "Stick With It!" But also, if you find yourself a good agent, who truly wants to help you, "Stick With Them"! We are here for mutual benefit, remember that.

I am not good at "Blogging", but I am going to "Stick To It" and I will get better. Thanks for your support and remember, "Helping people is more spiritually satisfying than helping yourself." Cheers!

Bradski

http://www.heritagehomeloans.org

Are you an IMPACT PLAYER???

Brad Patshkowski (Heritage Home Loans a division of Mann Mortgage LLC) — Mon, 20 Nov 2006 18:35:58 -0600

My buddy Jim sent me an email when he found out I was working as a Loan Officer, and I have never met anyone so insightful. I used to work with Jim at Anthony's restaurant here in Spokane up until he moved and I moved on. I had never even considered what being an impact player meant, or how to be one. But now that I do, I know better how to utilize myself for my own benefit and the benefit of others. I want you to read this letter and ask yourself, "Am I an Imapact Player?"

Hello my friend. Brad, listen you are an impact player & don't let anyone steal your dream. " Rare are the people who begin their career as stars. And those that do sometimes find that their success is like that of some child actors: After a brief flash in the pan, they are never able to recapture the attention they got early on. Most successful people go through an apprenticeship or period of seasoning. Look at quarterback Joe Montana, who was induced into the NFL Hall of Fame in 2000. He spent two years on the bench as a backup before being named the San Francisco 49ers starter. And as he was breaking records & leading his team to Super Bowls, the person who sat on the bench as a backup to him was Steve Young, another great quarterback. Some talented team members are recognized early for their great potential & are groomed to succeed. Others labor in obscurity for years--learning, growing, & gaining experience. Then after a decade of hard work, they become " overnight successes." Given the right encouragement, training, & opportunities, nearly anyone w/ desire has the potential to emerge as an impact player. Brad, you are an IMPACT player. I know you will succeed. Friends always, Jim.

Being an impact player is all about attitude. When someone says to you, "You have an attitude." You tell them "Thanks a lot" because attitude will help you succeed. It will help you define yourself as a professional and bring you closer to being an impact player. Another part of being an Impact Player is your ability to "Stick to your Guns!" You need to realize your strengths and mold your business around those strengths.

I hope you all the best, and good luck!

Bradski

http://www.heritagehomeloans.org

Spokane, The Teen Years

Brad Patshkowski (Heritage Home Loans a division of Mann Mortgage LLC) — Mon, 20 Nov 2006 18:15:08 -0600

Dear Friends,

I have been a Spokane Washington native my entire life. Though I have lived in the outskirts, such as Spangle, nowhere is as comfortable as Spokane. Growing up as a teen, everyone was always cursing Spokane as "a place with nothing to do". We thought that being a town of over 500,000 people, their would be some kind of "Big City" activity. But what young people, and a lot of older people do not understand is that Spokane is going through it's "Teen Years". It is in those years that people and cities gain their identity. They discover who they are, and who they want to be. New Orleans is the "Birth of Jazz". Portland is the "Art and culinary epicenter of the northwest". Cities, once they get to a certain size usually have an attatched identity by their geographic location, history, or major exports. Spokane is just now begining to claim its identity.

Seattleites have always thought of Spokane as the "Little City That Could'nt". We try and try to achieve big city status, but always fall short because the bar keeps getting raised. But I don't think we are trying to be Seattle at all. What Spokane has to offer is not neccessarily what defines it as a city, more so it is a sensibility that we have that big cities lack. Seattle, in my opinion , has lost it's sense of community. The fact that every two miles you go, you are in another area code, or sub-division of Seattle makes it hard for people to identify with a community; not with a Seattle community anyways. What is Seattle anyways? It is another Los Angeles. When you ask someone from the West coast of Washington where they live, they hardly say Seattle right? "Well, I live in Federal Way." or "I live in Bothell" even "I live in Sea-Tac". Yes, They are Seattle, but are they really. Spokanites can always say, "I live in Spokane"! We can all rally around that.

http://www.heritagehomeloans.org