Real Estate Financing, The Insider's Insight On Mortgage

The Zen of Ten. 2010 & The Path of Financial Righteousness.

Jason Sardi, Mortgage Banker (FHA-VA-USDA-Conventional-Pennsylvania Loans) — Fri, 04 Dec 2009 22:47:57 -0600

As typical, let's start with a song. (Is it me or is that Brad Andersohn?)

Predictions aren't my forte. Then again, neither is driving distances over twenty miles, yet I have to do that a few times a year as well. And each new year brings new ideas, opportunities, hopes, dreams, and more sales for folks producing Calenders.

This past year may go down as one of the most difficult for the Real Industry. 2009 is not alone, though. It was preceded by 2008. 2007 came before that. So the story goes...

And while we can all learn from the past, live in the present, the future beckons. So, therein lies my predictions on what's around the proverbial corner:

Credit Requirements loosen up. Scores aren't deemed as important as the credit history and circumstances behind such matters. The human element is re-introduced, which leaves Stephen Hawking running wind sprints against the hands of Father Time.
Upfront Mortgage Brokers/Bankers aren't a sales pitch, but a reality. Personally, I never understood why the concept was so narrowly defined that it became the sales pitch that it now is. Who are they comparing themselves to, the "Back End Bend You Over" Brokers/Bankers? When a home, anyone's home, is on the line, "Upfront" should be the norm ... not the catchphrase of the day.
Credit education begins to be taught at a young age, let's say well before eighteen. When you start driving a vehicle whose weight measures in tons, your knowledge of how to gain financing for said vehicle weighs even more. Creditors make money off of ignorance. I don't mind anyone making money. I just mind anyone being ignorant.
Your house is your home. It's not an ATM Machine. Enough written. Now go and put up those Christmas lights.
Regulations on the Mortgage Industry continue to do everything but collect dust. They are implemented! And then one day, some smart chap in Eastern Pennsylvania proposes that they remain consistent across the board. Federally Chartered Banks have to follow the same rules as Joe & Chico's Mortgage Outlet on the Eastside. If you want competition, provide an even playing field ... you'll get it in droves.
Jason Sardi never touches a drop of alchohol again. Okay, that one is a joke. But, it could save yours truly some money if implemented. Busch Pounders aren't as cheap as they used to be;)
Pre-Approvals will not replace Charmin for wiping the vertical smile below the small of your back. Along with a full application, all supporting documentation will be collected and reviewed before addressing the streets with one's ability to purchase a home.
The HVCC gets axed, like any form of lumber in front of a pissed off Paul Bunyan. Appraisers, Realtors, Loan Officers, & Borrowers all rejoice. Finally, someone who knows the area is giving their educated opinion on the market value of the home. In what becomes known as true poetic irony, Mario Cuomo gets kicked out of office and becomes an appraiser.
Interest Rates remain stable and relatively low. House prices do the same. What becomes of this is a flurry of late-night Real Estate "Get Rich" schemes that take in as much money as it would take to bail out our collective debt-load. Carlton Sheets appears on Larry King and is interviewed by Donald Trump ... who is chastised openly by some Asian Man with a Rich Dad & a Poor Dad.
Finally, Active Rain stabalizes as the leading source of online Real Estate News & Commentary. Despite vicious rumors of Bob Stewart's eyes being a remote version of the Anti-Christ, the Real Estate Community continues to be enamored by the possibilities exposed in reaching folks through Social Media, Interaction, & a simple Search Engine Search. The Members educate and the forum stimulates ... Blanton even gets a commercial spot for Viagra.

So it is written, so it shall (My God only hopes) be done. As far as me in 2010, I have a prediction ... a song, if you will...

Good Night.

They wrote what?

Jason Sardi, Mortgage Banker (FHA-VA-USDA-Conventional-Pennsylvania Loans) — Sat, 14 Nov 2009 13:00:12 -0600

There's a bad habit I own, that of reading while eating. Yesterday, I went with Jennifer to partake in a small feast that was our breakfast.

After sitting down in front of a local version of a western omelet, my eyes pierced the parameters for any bit of written word I could find. The only one available was The New York Post. Personally, I think the paper pretty much sucks and the so-called writers/journalists who participate (from what I've read) contribute to my general feeling. However, they are selling papers and those writers/journalists are making a coin, so who be I to fault them in what still remains a Capitalistic Society?

From page to page I turned to find something that was remotely interesting to read as I indulged in what happened to be one of the better breakfasts I've had on this planet. I'll plug that small Bethlehem Diner in the near future...

And then there was a story and a passage of which that caught my eye faster than seeing Dustin Diamond running across the beach holding hands with a smitten Corey Haim.

The following is that passage and ended that story:

"The Henrys settled on two lenders that made similar offers. In the end, it came down to perks. One offered frequent flyer miles for every $10,000 borrowed.

"That's what tipped the offer," says Henry. "We're going to take a second honeymoon in Europe." (Source: Thursday's New York Post Article, while I was eating a kick-ass breakfast)

Sounds ripe, doesn't it? You can make up your own mind on what you think (if anything) about such a matter. Sounds to me like somebody is quasi-indirectly paying for business, kind of like when you refer this person to that person and they pay for your cell phone bill, your car loan, your implants, and make a contribution to your potential alimony. Mafioso gone Corporate, or Corporate already being a tad Mafioso? Okay, maybe that's being a bit over the top ... or is it?

So, it has been decided that to improve my particular business, I will enhance the "perks" of doing business with me.

Every Mortgage Application that turns into a closed loan that I receive (in full)* before 2010 will result in yours truly giving the applicant a full back massage, a peek at my esteemed Baseball Card Collection, a unique insight into the Kennedy Assassination, and two samples of Aveda bar soap. And if that's not enough, I'll tattoo your name on my ass if you fit the fit the bill.

Or, I guess I could earn business the boring way ... giving folks the best products I have and the best service that only I can provide. But who wants that? Dance with danger...

* A full application entails you and I filling out a full 1003 Application, collecting all supporting documentation that is necessary, and taking blood and hair samples as we need them. There is little in the way of a guarantee that you will qualify for said services, but it rarely hurts to ask. Please visit appropriate guidelines and fine print to see if you qualify for such services. Oh, come on, you have to love fine print.

Behold, A Day & A Dream...

Jason Sardi, Mortgage Banker (FHA-VA-USDA-Conventional-Pennsylvania Loans) — Wed, 04 Nov 2009 13:31:11 -0600

I don't know how to word this right, so I'll just word it.

Communication cares.

The biggest gripe I've ever had with Real Estate, Sales, Relationships, or anything for that matter seems a simple concept. So, why is it so damn complicated to get a answer, let alone a straight one?

It boggles my mind and I haven't touched LSD since 1992. Now THAT, boggled my freaking mind.

Call me a sailor, call me a sport, but of all our duties in this Industry (running numbers, selling deals, working on commission, kissing babies, and taking blood samples) why is Communication so hard? No, I mean it.

Many will practice the philosophy of only returning certain calls because they (those calls) afford certain accommodations. I respect that business philosophy in as much as I won't punch them in the skull when meeting their greed-ridden ass in the back alley behind a fine dining restauraunt. Or maybe they owe someone money, in which case, I won't go Rocky on them ... cite first Rocky Film.

Call people back folks! Christ, I'm not one for lectures and I certainly am not Joel Osteen, but that seems to be a no-brainer as defined.

I had a dream a few days ago that everyone was competent, caring, and considerate. When I awoke in a cold sweat, with a tear driven to my cheek and a smirk delivered dangerously towards my right temple, I looked out the window and saw a bird take a flying dump on my garage. It reminded me of something... none of us are any different.

You can wave your financial earnings, fame status, sexual promiscuity, and new set of Cutco knives all you want, but the only thing it really gets you ... is something it won't.

For the most part, I like people. I call them back, whether it's good news or bad ... or neither.

Communication cares. Of all my faults, that's not one of them.

If you've read this far, you deserve some blues...

Quick story & staunch Reality...

Jason Sardi, Mortgage Banker (FHA-VA-USDA-Conventional-Pennsylvania Loans) — Wed, 28 Oct 2009 06:58:16 -0500

A young gentlemen was pre-approved. While a small loan, it is significant for him since it is the very first house he has ever bought. The closing date is on the back end of November's Ides...

The supporting documentation was collected and the appraisal was ordered, yet over the weekend, he spoke to the Family Attorney. Mr. Attorney recommended that he shop around. Alas, the chap was "approved" at a local bank at an interest rate that was about a half percent lower than we quoted. So, he went that way.

Days later, meaning today, it so happens that the local bank turned him down. While getting into specifics may be a bad thing, they low-balled a legitamate rate they could offer him and their debt ratio requirements are tighter than an amateur porn star's balloon knot. (No, you didn't just write that. Yup, I did.) They turned him down.

So, we are starting over to an extent. The appraisal must be re-ordered and now we can actually send the file to Underwriting.

I'm a champion of folks shopping around, just not so late in the game.

The next time you shop, try the Family Attorney.

So how long is my Pre-Approval Good for?

Jason Sardi, Mortgage Banker (FHA-VA-USDA-Conventional-Pennsylvania Loans) — Sat, 24 Oct 2009 19:22:04 -0500

Easy answer, 60 days. But I guess that depends on what kind of Pre-Approval you received or want for that matter. Actually, the answer to such a question depends upon three factors:

- You, as the consumer.

- The Buyer's Agent who is helping you find a home.

- And the quality of the Pre-Approval you receive in the first place.

Ten Seconds, GO - You're interested in buying a home. You even find a few that tickle your family bone. But you need financing because you probably don't have the cash to buy it outright. Which leads to...

Nine Seconds - You're smart and seek out a Buyer's Agent to represent you. This will provide protection in your favor. They represent you and only you.

Eight Seconds - That agent may turn you onto a few folks like me who can help you out from the financing end. And that doesn't mean you shouldn't shop on your own. But buying a home isn't just about getting the lowest rate with no fees (an oxymoron if I've ever encountered one), it's about trust. Interview those who express interest in earning your business and keeping it. If they have the lowest rate with no fees, I can only hope they are in business when you need to do business again.

Seven Seconds- The Pre-Approval is more than just an application and credit check. There's some serious competency going on. They ask for your most recent pay-stubs, W-2's, bank statements, and the last time you had a wet dream about Richard Gere.

Six Seconds - You find a house that you want to call home and a Sales Agreement has been signed and accepted by all parties. And there you are.

Five Seconds- You're hopefully just padding the documentation that you've already given to the Mortgage Company you choose. I recommend Sardi Mortgage Inc, who isn't licensed just yet ... but when you hear Sardi, that should mean something. I'm not sure what, but it means something. Maybe it just means that there is an individual who is all over your particular file like white on puss.

Four Seconds - Appraisal is ordered and done. The rest of your file is pretty complete because everyone got along and did what needed to be done.

Three Seconds - The complete transaction goes into Underwriting, those dastardly folks we think of who hate closing loans. I'll give you a bit of info here, and I usually don't stick up for Underwriters. They only get paid when folks close loans. Without us, there is no them. So, that's that. In business, there's more to it than that, but that is a pretty accurate description.

Two Seconds - You are CLEAR TO CLOSE. If there were three words that were magical in this industry, those are they.

One Second Left - It's a proclamation of your destination. You hit home!

And when there's no time left, that's the perfect time to be imperfect. And that's the perfect way NOT to close.

Jason Sardi

Mortgage Consultant

610-653-0317

jsardi@ihmci.com

Changing The Lending Industry Forever! One bystander at a time.

Jason Sardi, Mortgage Banker (FHA-VA-USDA-Conventional-Pennsylvania Loans) — Sat, 17 Oct 2009 22:41:13 -0500

Tired of extending Sales Contracts?

Disgruntled because of bait and switch interest rate and fees?

Trepid because of the surprises that pop up like a flaring zit in your teenage years?

Fed up with never getting a phone call or email back in a timely manner?

We hear you here at Sardi Mortgage, Inc. Now, while Sardi Mortgage, Inc isn't an actual operation... it is an actual human being. I breathe air. I breathe smoke (I know should quit, Mom). And I breathe what's best for anyone who takes a chance on a guy like me.

Let me tell a story and I'll try to make it brief. I read too many posts bloviating about this and that and never really saying anything. I don't desire this to be one of them.

About two months ago I had a return customer come to me with a two-fold question. The first one dealt with wanting to refinance his loan into a shorter term and lower interest rate. The second was an inquiry about his friend who wanted to buy a home but wasn't quite prepared to do it in the there and now. I'd like to concentrate on the latter, since the former is now in the books.

His friend has great credit, solid & stable income, and a rental history (with copies of canceled checks - take note renters) that is pure gold. However, they are paycheck to paycheck kind of people right now. Now, I know nobody out there reading this can identify with such, but this was their stumbling block. Because of the area they wanted to buy in, they didn't qualify for the 100% USDA Loan. Because they never served in the Armed Forces, they didn't qualify for the 100% VA Loan. So they had to come up with a down payment.

Outside of the two products mentioned in the paragraph above, 3.5% is the lowest downpayment on the streets right now. It can even be gifted from a relative. But this guy doesn't have a relative with the capacity to help him with such matters. So, he had to save it up along his way. And along his way, he was surrounded by many people who were also dealing with buying a home, refinancing a home, and inquiring about everything between. He got scared of the process and rightfully so.

I was asked a question that I'd never been asked in eight years of doing this gig. He asked me, "How can I be sure that my loan will really close? There seems to be so many horror stories out there, even if the loan does close. Can you promise me that I won't have to deal with that when I'm dealing with you?"

I had to pause at that point. Let's face it, I'm only as good as the company I work for and with. While I can do everything right on the front end, I DO have to rely on others to do the same on the back end... ensuring a smooth sail to the table where ink dries.

I answered his question. Do you want to take a guess as to how I answered it? Well, I told him I couldn't promise such things. I told him I can only promise ME and My Committment to anybody I deal with. It's a war out there. And I'm a soldier you can either hire or fire in these battles. Like a good car salesman, I should mention that I look dapper in fatigues. Like a bad car salesman, I rarely wear boots or underwear.

And it's reason #142 why I want to obtain the capital to start Sardi Mortgage, Inc. Common Sense Lending is an oxymoron these days. Oh, did I mention that the 'Inc.' doesn't stand for Incorporation, but Inclusion into the strange world of Common Sense Lending? Well, I just did.

I loathe the HVCC - some prick from New York wanted to throw around his power and make this the rule of law. I'd take him to Judge Judy, but I'm way too busy watching Jerry Springer.
45 days to Settlement? Okay, that's fine. But two weeks in Underwriting is not. Especially if you are a small firm in the big picture. You either need more Underwriters or a better one.
Regulate us all you want as to how much money we can make on a loan, just be prepared to do so consistently... and that includes your compensation, at whatever position you hold wielding such legislative powers.
If you really want to look out for the consumer, protect them by teaching credit and home lending in their early years in High School.
Well, there goes short and brief because I could go on for hours. Who knew??

I haven't yet been compensated by this blog. If you would like to provide such honors, email me and I will be sure to let you know where to send the eventual bounced check.

On that day that they question to hire me, watch out! Because if they don't, I will.

for the credits, click here:)

Vicious Rumors of The Tax Credit Being Extended?

Jason Sardi, Mortgage Banker (FHA-VA-USDA-Conventional-Pennsylvania Loans) — Sat, 10 Oct 2009 18:36:49 -0500

I'm going to give you a link. However, you have to promise to come back and visit after you've clicked on it and read it.

Scout's honor? Okay, I'll trust you for now.

Here it is.

If you comprehend the written word the way I do, you're screwed. I'm kidding. It's pretty evident that there is a more than decent chance that the Tax Credit for folks buying a home is going to be extended.

What does this mean?

I'll tuck away any politics, agendas, opinions, or anything (though theoretically I hate not to expound my own beliefs;) dealing with nothing about YOU right now. Here's what it may mean:

The Tax Credit may be extended, which is $8,000 for the good guys (You).
Legitamate Home Prices continue to be in the buyer's favor (You).
Interest Rates are still amazingly low, which make payments on such collateral much lower for (You).

And now ends the facts and enters my opinion. If you can qualify and are ready, buy a freaking home. In an age where all the above exist, there's not too many better times to do so.

Scout's honor.

About The Author: Jason Sardi is human. He's been in the Mortgage Industry since 2001 and he kind of knows what he speaks about. He doesn't endorse anything, especially those Velcro Flip-Flops that Jennifer bought for me on the celebration of the day that I was born. Though they were much appreciated, sweetheart. The guy is a scout.

In losing a house, they found a home.

Jason Sardi, Mortgage Banker (FHA-VA-USDA-Conventional-Pennsylvania Loans) — Sat, 03 Oct 2009 19:01:23 -0500

A faded bush did appear, thick in foliage to any seer. It won't quite disappear, that foliage that I no longer fear.

~Gunther Moses~

If you think buying a home can be scary, try renting a house. We hear stories daily on the obstacles present when buying and then closing on a home. The fact is that once you own it, you freaking own it. You own its troubles, its grace, its everything... for the most part, it's your place. But if you are renting it ...

There's a little story I'd like to share. The participants are Lee & Shannon. They rented their house for five years. During that time, their Landlord seemed difficult, if not totally obnoxious. If something went wrong with the house, phone calls went ignored and any communication from said party seemed obsolete. However, when the rent was due, that Landlord was always available. And 'he would get back to them in a few days' concerning any problems with the house. Of course that 'few days' turned into the next month when rent was due. Yet again, the rent would be paid and the landlord skated around handling any problem with the living conditions.

Patterns persist.

Leaky facets, clogged drains, faulty electrical outlets, and a lack of hot water were only minor areas of inconvenience. Luckily, Lee knew how to deal with most of that type of stuff. But when the basement was flooded by a particularly feeble bout of rain and phone call after email after phone call to the Landlord went unanswered, the floodgates of change called their name. When they got a letter from the Mortgage Company to start making their payments directly to them, that calling started to scream.

Home-ownership had been a dirty word to Lee & Shannon for quite sometime. They had been content with renting. Truth be told, they had owned one over 5 years back and were put into an adjustable rate mortgage at the time. While a nice option for some people, it didn't turn out that way for them. It happened to be a treatment for buying over their heads. Lee & Shannon got out and thankfully suffered no severe credit ramifications from the experience. But they did suffer a very bad taste of what owning a home is all about.

With their rental situation in limbo, they opened all doors to make sure a roof was above their head.

From this front, they found a Mortgage Guy and I forget his name... though I remember the last name rhymed with 'Party'. ;) They compared the cost to rent vs. the cost to own in the price range of their particular area and financial ability to afford such. Not surprisingly, the numbers weren't so different. In fact, with lower home prices and interest rates to write your Aunt Susie about, it turned out that buying a home would be a cheaper expedition... at least in regards to monthly payment. Sure, leaky facets, clogged drains, faulty electrical outlets, and a lack of hot water could become an issue down the road, yet a Home Inspection intertwined with Lee's ability to deal with such things left a better taste of what owning a home could become.

They closed on their home on November 30th, 2009.

Oh the glory, the romance of that day. A fear arrived and was dead upon display. It didn't take a smile, nor new-born tear, yet for the rest of the story... you may want to click here.

~Gunther Moses~

Emergency State of the Union - Live Q & A With NAMB President Jim Pair

Jason Sardi, Mortgage Banker (FHA-VA-USDA-Conventional-Pennsylvania Loans) — Wed, 30 Sep 2009 10:08:26 -0500

Very important, folks. Get involved! Via TheDallasLoanGuy

Via Tom Burris | FHA VA & Conv. Texas Mortgage Loans (DallasLoanGuy.com):

Emergency State of the Union - Live Q & A With NAMB President Jim Pair

This is a FREE Live Webinar. Please re-blog this article to your sphere.

The National Association of Mortgage Brokers is the voice of the mortgage broker industry, representing the interests of mortgage brokers and homebuyers since 1973. But this webinar is open to all of us in the industry.... Bankers and Realtors too!!

You do not need to be a member to join this webinar.

https://www2.gotomeeting.com/register/296700555

Sign up at the link above!!

*   YSP is going away come January 2010 - or isn't it?

*   FHA lending will become more accessible for third party originators - or won't it?

*   Congress is seriously considering an 18-month moratorium on HVCC - or aren't they?

Our industry is facing huge challenges and NAMB President Jim Pair wants to hear from YOU - so YOU can be heard on Capitol Hill.

Tom Burris
DallasLoanGuy.com
Dallas, TX

http://www.dallasloanguy.com/

I write about Texas Home Loans , live in the Dallas, TX area and lend across the entire Great State of Texas!! Subscribe to My Blog and stay informed about current lending changes!!

Hot Dogs, Sunsets, and other memories...

Jason Sardi, Mortgage Banker (FHA-VA-USDA-Conventional-Pennsylvania Loans) — Thu, 24 Sep 2009 12:54:44 -0500

In case you don't recognize the relatively blooming bald (yet still somewhat subtle) patch on that young gent standing in front of the sign, it's me. The place where I spent twenty-two years of my existence here on Planet Earth is a place called Clarion, Pennsylvania. One of my best memories is that of a business that is still thriving and somewhat of a legend in many circles. "Eddie's Dogs" is what we call it. Bar-none, the best hot-dogs on earth, and I've attended a Harlem Globetrotter game in my life.

Eddie is the owner and should be proud. In college, we probably gave him more crap than your local plumber can handle. But damn if he doesn't make the most fantastic hot-dogs around. And he has a pretty good sense of humor for a guy who looks like the Crypt Keeper never heard of moisturizer.

When attending back-to-back family reunions in my first visit to Clarion in years, we stopped by this legendary institution. It really wasn't churning in my head that we'd be stopping at Eddie's. I was there to help celebrate a monumental moment in my Aunt's Life and introduce the family to something other than a blow-up doll.

And then we passed Eddie's. At one point, he had two locations... one in Clarion (right across from a bar that was very popular among the college folks) and one that is shown in these pictures, which is the only operating one right now. My only assumption is that he shut the other one down because it isn't exactly easy for a 195 year old gent to deal with a bunch of dumb smucks like me... let alone the Frat Boys.

All stupid analogies and restless attempts at humor aside, the guy took what he did and does for a living and made it into something pretty special. If you want the best hot dogs in the land, visit him.

As far as the sunsets and other memories, well, some things you just keep to yourself. But they are good ones, none the less.

The most articulate version of the author's reaction to his first Taco Dog...

Is your Credit Report so bright that you gotta wear shades?

Jason Sardi, Mortgage Banker (FHA-VA-USDA-Conventional-Pennsylvania Loans) — Sat, 19 Sep 2009 17:12:32 -0500

I was going to make this a rather technical piece of blogging information. I printed out page upon page of data to support my stance. I read through each page of data to compare it to what I really wanted to say about the subject of credit. Then, as typical, I ripped up the pages because they were quite boring... even though, informative.

My goal is to be less boring (I rarely have lofty expectations;) and just as informative.

To this day, I don't get why people wear shades. Okay, if the Sun hurts their eyes, I get that. But I'm convinced that many wear shades because they are under some grand illusion that they actually look cool. In reality, most just look like tourists. I bring this up because of the Title of this post. When you owe folks money, the easiest way to make it seemingly disappear is to hide. Hide from phone calls, certified letters, emails, and from your neighbor who just got information on your behalf.

Let's be Frank. You can be Susie. If you make enough money and handle it correctly... this stuff isn't an issue. However, if your credit score looks like Ted William's batting average from 1941, there is some serious 'issues' going on. While you can ignore creditors all you want, it will end up costing more than the comfort your so-called pride could ever allow.

Much has been written about this issue, even by yours truly. Instead of bombarding you, the reader, with facts, figures, and a brand new way to make money if you spend $19.95 on my 'Secret System', I will give you three Philosophical Facts (oxymoron, I know) about Credit. By the way, if you are interested in my 'Secret System' and are willing to spend almost twenty dollars for the privilege of implementing such, I'm also thinking about starting a cult in Waco.

Commercial Moment:)

When I read the word 'Dunning', I wondered what it meant. I'm no language genius and rarely study, as my college GPA can prove. Dunning is the process of methodically communicating with customers to ensure the collection of accounts receivable. Interesting. This would happen to be addressed by the first of three philosophies I have on credit. Be pro-active! Call them before they even think of calling you. Nobody knows your financial situation better than you. Calling the specific creditor and opening the lines of communication can go a long way in keeping things copacetic. If you are pro-active enough, it will ensure that you are more methodical than the counterpart you owe, which can help buy time to earn the time to appease your financial crime.

But what happens if I get someone on the line and can't pay them a dime? Here comes Philosophy Numero two. I'll use credit cards as an example. This one is a personal story. I had a credit card with an available balance of a mere $500.00. Because of finance charges and an overly high balance, I had incurred their over the balance fee just one month prior. The first time in seven years. I called to discuss and get rid of the issue. That wasn't much of a problem. Yet, the next month I ran into the same dilemma and their finance charges put me over my balance and I was once again confronted with a pretty staunch fee. I got on the horn and spoke to a young lady whose English wasn't akin to Shakespeare. She was passionate in her script in saying that the particular fee I was charged was only able to be waived once ever twelve months. After about twenty minutes, I asked her four times to let me talk to someone higher-up, a manager per se. According to her, they would say the same thing. On the fifth time, she put me on hold. Magically, she was actually able to waive the fee all by herself. Before your panties get wet as a reader, I had been a customer with them for quite sometime and had never been late on even one payment. But Philosophy Numero Two says that you be persistent in all dealings with those you owe money too. If you can't pay them a dime, they'll often accept a penny or two in the meantime.

Read up on this stuff. Information is extremely available, and as long as it's the accurate material, you should be quite fine. When I got my first collection call, I had more anxiety than O.J. after the whole Bronco Chase. Okay, bad analogy. But, I got through it. I learned to deal with it and keep my head about me. The majority of folks you talk to when dealing with any debts you have are hourly employees who probably are in the same boat. You'd be surprised about the credit profiles of collectors, doctors, lawyers, and what I do for a living. Never be intimidated, yet always be gracious. Don't kill them with kindness, confront them with Professionalism.

Pro-active, persistent, & professional. Tsk, I should have been a Social Worker. Then again, :)

~Capitalistic Grace~

Jason Sardi, Mortgage Banker (FHA-VA-USDA-Conventional-Pennsylvania Loans) — Sat, 05 Sep 2009 12:23:01 -0500

The one thing I find missing from our Capitalistic Climate lies within the very title of this post. I deal with the lack of grace all the time and am damn sure I'm not the only one. Too many instances arise when you help folks, guide folks, try and point them in the right direction, and all of the sudden they disappear. Without notice, without a word.

Click here.

Perhaps they found a better deal. Can't win them all. I'm cool with that. That's competition and I don't fancy myself Rocky Marciano just yet.

It puzzles me and makes me understand the "churn & burn" attitude so many sales folks have. Get them in, get them out. It's more of a one night stand than a relationship. Maybe that's the way it should be done?

But I disagree, especially when it comes to something like, I don't know, your house for example. Do you really want to be sharing the sheets with Bill Maher when you can dance with Jon Stewart? Mysterious analogies aside, I want to be advised by someone who holds some semblance of trust and credibility with me.

I ran into a 'Rate Shopper' a few months ago and we've been in constant contact since. His decision on which Lending Entity to choose came down to three. I was one of them. When he made his decision, it was based upon my fees being higher than the competitor and that competitor happened to be the Mortgage Company he had already dealt with. He sent me a pleasant email articulating his decision. I was quite shocked! Not because of his decision per se, but because he took the time to let me know. My response back was a grateful message thanking him for doing what so few do. His response verbatim is as follows:

"You're very welcome, Jason. I felt that I owed you that in light of your helpfulness. As someone who's essentially a missionary (financially), I raise all my support, and get frustrated when people don't have the thoughtfulness and/or courage to let me know they're not going to support us (or stop doing that).

In any event, thanks for your kind words. That means a lot to me, too.

Grace to you,
Bryan"

I'll take Bryan as a prospective client any day of the week, even though I didn't earn a dime in my communications with him. He earned a reputation with me. I think I did the same with him. Reputation turns into relationships. And while almost every relationship I've heard of has rocky roads to travel, that's the way to do business the right way. At least until I find a goldmine under those covers with Bill Maher.

Smart Sales translate into closed deals. Smart Sales is also ensuring it's a long term gig and not a short-term (and often perceived) fortune.

Buying a Home can be easier than getting a job at a Retail Store.?.

Jason Sardi, Mortgage Banker (FHA-VA-USDA-Conventional-Pennsylvania Loans) — Fri, 04 Sep 2009 14:48:10 -0500

First let me preface (one of my all-time favorite words) this with a cold reality in the Lending Atmosphere right now:

Nothing is easy. I'm pretty lucky in that I have access to the ears and experiences of Lending Folks all over this Country, not just locally. It's across the board. Get on the gloves and realize that the days of two or three round fights are no longer the norm. It will take a war of sorts, to survive & thrive out there. Call it more Muhammad Ali/Joe Frazier than Mike Tyson/Michael Spinks.

I was more than shocked when I heard stories from various Retail Stores that are having trouble hiring. I mean, we aren't exactly in the 'Best of Times' economically. Are people not applying? Are they instead spending $39.95 to learn the secrets to making millions while doing butt slides across their marble floors as money rolls in from that 'Best Kept Secret Nobody Knows About'? Hey, maybe they looked up something online and realized they had a Rich Uncle in Rwanda and that lost fortune was now theirs?

Sadly, I suppose, none of that was the case. It seems many Retail Stores require you to have perfect credit to get hired. Let's call perfect credit 760 just for poops and grins. 850 is actually the number, depending upon the reporting agencies, but if you are over 740, you can probably give most White House Employees a lap dance and get paid for it. Well, now I understand why they're having a bit of trouble hiring.

Before I ever got into FHA Lending, most of the business I did was Conventional... and some was the infamous Sub-Prime. Those Conventional Folks had scores in the 700's most of the time and that was what I was used to dealing with. Color me more surprised than when I learned that in this day and age, you need a 760 score at some of these places to make $10.00 an hour selling moisturizer obtained from a frog's lip:)

It reminded me that while nothing seems easy in obtaining financing these days, we are still a bit more lenient and the outcome can be a whole lot more rewarding. Sorry, but long-term homeownership eclipses looking like Joan Rivers for a hot moment.

Standard FHA Loans with most investors require a Credit Score of 620, no blood sample needed.

Conventional Loans, these days, are mostly a miss when it comes to payment/cost when your LTV is over 80% of the value/sales price of the property your financing.

While the process can be so convoluted and seemingly incompetent (when buying a home),... look at our freaking world! Jimmy Fallon has a Talk Show!

Unless something changes and if you have a job, it's probably easier to qualify credit-wise to buy a home than work for a local Retail Store.

Strange Days, Indeed. Go out and buy a home with your 620 score. Leave the Retail Stuff to the Credit Worthy;)

Price Warfare in a Service Industry.

Jason Sardi, Mortgage Banker (FHA-VA-USDA-Conventional-Pennsylvania Loans) — Sat, 29 Aug 2009 20:59:11 -0500

When it comes to mortgages, if you are like me, you are looking for the best price, lowest rate, and shortest travel between two points. There is also one minor detail that you and I may have in common, it's called customer "freaking" service. Looking for the straight line without much in the way of curves, kind of like Calvin Klein before his untimely demise. Nevermind, he is still alive. And if those curves arrive, which is a decent wager in this atmosphere, you probably want someone to stay and inform you every step of the way. Perhaps I'm projecting, but still...

I've been wearing the title of Loan Officer for the better part of eight (going on nine) years now. I've loved it and I've hated it. Still feel both to this day. But what strikes me as the curious sort, why do you chose that entity you choose?

I quote rates on Zillow and firmly believe some of the stuff I'm competing with is a joke. It seems folks want to be baited initially with the 'deal of the day', as much as they detest being switched to 'the reality of it all' by the time the transaction is over. Hey, I could be wrong but I find it highly unlikely (back to back adverbs, love it:) that the person quoting you the costs and profit (low-balling, mind you) cares much on how it turns out... as long as it closes. It's volume driven. It's getting the phones to ring. It's getting the inbox on the email to have more inquiring messages.

While I hate to perpetuate any pessimistic view of the Mortgage Industry, especially in times where that seems status quo, I dare say that some of my predecessors are more John Gotti than they are Jesus Christ. More profit than prophet. Personally, I'd like to be a whole lot more like Jesus. I especially respect his hairline.

If you are shopping for a mortgage, whether it be to buy or refinance a home, don't do it on price alone. Especially not now. Price Warfare in a Service Industry is probably going to mean you are going to get screwed Jenna Jameson style in the end.

While I don't mind porn, it doesn't belong in Real Estate. Shopping service is shopping smart. And you rarely get screwed.

Much to my surprise...

Jason Sardi, Mortgage Banker (FHA-VA-USDA-Conventional-Pennsylvania Loans) — Wed, 19 Aug 2009 09:21:58 -0500

... much of it began when the housing market crumbled. This first-time home buyer phenomenon became an epidemic once again, yet this time it was/is different.

Sure, there are different motivations in getting the blood flowing, but borrowing guidelines today are much more stringent than recent years. Knee jerk - yes. Opposite extreme - of course. Will it get back to some semblance of a common sense reality? The cycle typically does the math for us. I believe we are not so calmly near year three since all of the ruckus started in the first place. Are we out of the woods just yet? Probably not. But it has created quite the opportunity for budding homeowners.

There is demand. There are more incentives for first-time home buyers right now than maybe ever before. Here's the scoop:

There is an $8,000 Tax Credit available for first-time homebuyers. And to distinguish misinformation with this particular clause, you are considered a virgin within the system if you haven't owned a home within the past three years. So, you don't really have to be first time. There just has to be some time in between ownership of a property.
100% Financing is alive and well and living in certain parts of Rural Wherever. The USDA Loan is back and not as rural as you may think. You don't need chickens, pigs, cows, or the soul of Johnny Cash to qualify. It's out there and funds in the sum of $10 Billion dollars have been allocated to it. If I can get my paws on some of that, I'll walk the line;)
Larger Inventory has helped to create lower housing prices. Do the math. Supply and Demand. Economics 101. Or, if you want to keep it simple, I have a bunch of stuff that needs to sell, but can't be sold at the price I want sell it, at least right now. Give me an offer, and if I can put it in the books... it's done.
While interest rates still closely resemble the guy's score to the hundredth degree who got his name wrong on the SAT Exam, they are still lower than Gary Coleman doing a KFC Commercial on his knees. They (interest rates) are bound to go up, folks. I've been saying that for way too long now. Lucky for me and those who have already taken advantage of them, I've been dead wrong.
FHA Loans have picked up the slack and some of the common sense from Conventional Lending which has been ravaged with ridiculous rate hits and mortgage insurance payments from those lovely folks over at the Mortgage Insurance Companies.

All is not rosy in the land of first-time homebuyers, however.

Job stability seems to be an oxymoron in this atmosphere. Folks may be afraid to take the plunge into such responsibility as owning a home for fear that they are next in line to receive the proverbial pink slip.
In certain areas around the country, home values are still declining. This may or may not be construed as a bad thing if that is the case in your particular area.
In an age where money is tight for a lot of folks, a down payment may not be possible. If you don't qualify for a VA Loan or USDA loan, this could be a pretty big stumbling block.
Underwriting Guidelines are tighter than Joan Rivers face.
The required credit score for the majority of lenders has increased. The magic number is 620, though don't be shocked if that goes up eventually.

The overview of "Good News/Bad News" for first-time homebuyers right now is tilted slightly in the favor of more good than bad, in my opinion. If you are even remotely considering taking the leap, talk to a trusted Mortgage Professional so you have a clear idea of all the options. They can guide you, yet it will be you who takes that ride that is owning a home. Make it a safe one.

About The Author: He is wide awake on hump day and feeling pretty good. Jason Sardi typically doesn't like talking in the third person, but such is life. He can be reached via email at jsardi@ihmci.com or on his cell phone at 610-653-0317.

About that fence you are sitting on...

Jason Sardi, Mortgage Banker (FHA-VA-USDA-Conventional-Pennsylvania Loans) — Wed, 12 Aug 2009 21:15:14 -0500

I was posed with a not so unique question early on last Friday's morning. It came from a rather astute prospective client who asked, "How do I make sure I get the best rate?"

The more I thought about it after initially answering the question, the more I wondered what was really the right answer? Heck, was he looking for the cheapest deal or the best deal, they are not always one in the same? Was he looking for trust or smoke & mirrors? He's a quality borrower by lending standards, yet seems to have fallen into a similar box of shoppers who have made life difficult for themselves and us by shopping on fees and rate alone.

Devil's advocate may say, "Is this trying to substantiate ridiculous fees and a higher than market rate to pad your pocket book?"

Devil's nightmare says, "Not at all. Sales is volume driven, word of mouth, not getting ‘rich' off of one transaction, but making coin because you do many of them. And I believe if you do it right, there's an education/consultation factor that just may be priceless for those who chose to work with you. That kind of stuff saves them money, even though the Good Faith Estimate isn't the cheapest they've seen and the rate quoted is the lowest they've heard"

And he's still on that fence, which might make me a less than stellar sales guy. Which also puts me on par with most folks who tend to be less than stellar shoppers. My job, in part, is to consult folks on what to do and when to do it, in regards to anything involving Mortgage Financing.

Fair enough...

If you are in the position to obtain financing to purchase a home and have the desire/need/want to do just that, get off that little picket fence. It may be electric when you look forward to see it behind you. What does that mean?

Rates will go up. I'm pretty sure of that. More than likely, sooner rather than later. The historical low we've seen has got to inevitably come to an end. The Tax Credit thing, well, it ends soon as well. And the inventory of homes on the market at prices more appealing than Selma Hayek in white stockings, will eventually reach a happy medium and go away. It will no longer be a Buyer's Market, at least like it is right now.

To answer the young man's question of how one can get the lowest interest rate possible, it's not always by shopping around. While that's a starting point, this isn't a flea market. This is probably one of the most important transactions that gentlemen will undertake.

In retrospect, I should of answered his question with a somewhat different retort. He is looking for the best rate and talking to me at 7:56 AM on a Friday Morning. I think he just found it.

But The FHA Guidelines Say So!?!

Jason Sardi, Mortgage Banker (FHA-VA-USDA-Conventional-Pennsylvania Loans) — Sat, 08 Aug 2009 12:44:06 -0500

To spout off that we live in an interesting atmosphere in the mortgage lending business is akin to the genius next door proclaiming professional wrestling isn't real. Yet, I shouldn't even get started on the latter. And the former is quite diplomatic in the use of the word "interesting" rather than downright perplexing.

Let's take for example the title of this post. I get inquiries daily from Realtors, folks reading posts here on AR, fellow tenants in the building we rent, William Shattner, and former clients about the difference in what is said that can be done and what is actually done.

"But there's no minimum credit score for FHA Loans," the informed consumer proclaims. Even so, try finding me a lender or bank who will legitamately close and fund an FHA loan with a score below 620 these days and I will find you an episode of Charles in Charge that is remotely interesting.

You'll find similar discrepancies with Fannie Mae Guidelines. One in particular, is how many mortgages on different properties that can be on credit before they will no longer lend you a dime. If my facts serve me well, Fannie's Guidelines now allow up to ten. However, few investors will even allow more than four.

(Of note, my opinion is if you open up the credit flood gates to quality Real Estate Investors, it will help curb what is wrong with the Housing Industry & the Economy... sooner rather than later. That though, is another post in and of itself)

What we are experiencing is called lender overlays. The guidelines say one thing, yet you come to find that lender's aren't abiding by that book of thinking. The guidelines may say this, but the lender or bank says that. Their pendulum is tending to swing a bit more conservative than the guidelines of Fannie, Freddie, or HUD for that matter. While I can't rationalize the pool of brain cells planting the seeds for this line of business dealings, these are the facts right now.

The rules being laid out by the so-called "Big Dogs" are being tweaked a bit by the smaller puppies who are lending the money.

This is an important reality to understand. Credit Reporting Agencies, Mortgage Insurance Companies, Ballet Classes involving Mario Lopez, & Lender Overlays are wagging the tail of the mortgage industry. It may not be fair. It may not be right. It may not be just. But this is the hand that's being dealt, learn how to play the cards.

And deal with somebody who knows how to hold them.

Sorry, my first Kenny Rodgers reference of all-time... I believe.

~Of note, this post isn't copyrighted and feel free to copy and paste it wherever you want. I'm tired of a litigious society of lazy people and frivilous lawsuits. You want to publish this, go right ahead. Just try to convince them on a second post that this crap was really yours.~

Jason Sardi

Mortgage Consultant & Fellow Human Being

jsardi@ihmci.com

610-653-0317

Despite popular belief, I don't believe we are on the eve of destruction.

Jason Sardi, Mortgage Banker (FHA-VA-USDA-Conventional-Pennsylvania Loans) — Sun, 02 Aug 2009 08:29:27 -0500

Maybe I'm visiting the wrong places. Right wing, left wing, and everything in between. I visit the websites, listen and/or read the rhetoric and choose to make up my own mind. Perhaps I'm out of whack with what is really going on in this world. Yet, I think I have a pulse on what is going on from all corners and what I'm seeing and hearing is kind of, shall I say, a bit ridiculous.

I hear people I genuinely respect saying, "We're doomed."

Are we? I had the honor of reading my Aunt Imogene's recollection of the Great Depression in memoirs she wrote not too long ago. All of my Mother's family was asked to write such, but I tuned into Aunt Imogene's a bit more. She's 81. And this isn't trading cow's milk for corn starch.

Nope, we are now in an age where despite grave intentions, we can still type and hype on the computer. We can still use our cell phone. We can still have our cable television... for now. But I understand any pessimistic view looming around the corner...

I was the black sheep, by choice. I sat in the corner because I thought depressive things were my nature, my being. Maybe they are. Maybe they aren't. While I viewed the world in a different manner than other folks, I thought the end of our being would come in our lifetime. How egotistical of me?

I'm not going to sit here and wade through statistics and so-called facts to prove my case. Some of this comes down to the presidential election, the results didn't please a few. Tell you what, it will be okay. We've had worse presidents than the one who was elected. But we are more than that and always will be. We don't need elected officials to run our life, we never did.

In so many ways, we are brilliant and vibrant. In so many other ways, we are just wrong. I don't blame people for worrying, for looking at things and questioning the decisions that are made. I do blame anyone that has an agenda outside of actually helping their fellow mates. Most of the time, that agenda just suits their own soul(s).

We're in tough times, that's for sure. And that's what will help us remain pure. I really don't think we are doomed. Quite the contrary, I think we are a bit enlightened... if we choose to run with it. It will be us and not any administration that foots those fleeting feet.

This test called life is one that has strengths and weaknesses. I just want to be strong, with my every weakness.

And I want/need my Aunt Imogene to be proud of me... because we are not on the eve... smiling tends to erode any destruction in its path. Her eyes have seen skies much darker than ours, and she sits and appreciates every freaking moment. She's strong. I want to be like that... even if we are on the eve... which I don't believe.

Getting past the false advertising...

Jason Sardi, Mortgage Banker (FHA-VA-USDA-Conventional-Pennsylvania Loans) — Sat, 01 Aug 2009 10:05:23 -0500

nice lead in....

Sometimes I fancy myself a consumer. Aren't we all? In those moments, I try not to think of things from a professional standpoint, nor a purely logical one. Instead, I attempt to understand what I would think of things if I wasn't in this industry and wanted to buy a home... or already owned one and/or wanted to dabble into refinancing it.

I won't mention names because I'm not a fan of lawsuits. Yet, I've seen subtlety directed commercials from Mortgage Companies "tied" to Government Programs. I've seen rate sheets in the Sunday Paper that made me spit up blood. I've seen sales at its worst, marketing at its absolute most desperate. Creative, yes. Misleading, damn right.

Shopping for a home loan isn't pixie sticks. This is damn real. Not that pixie sticks isn't real, but I'm trying to make an analogy over here:) I believe it's about time we buy the product based upon little things called communication & trust.

I tend to reference my man over at All-State. That's who holds my Car & Homeowner's Insurance. When I was shopping around, he was on the list but wasn't the cheapest and didn't bring me donuts upon my arrival. I was referred to him through a friend. I went with him, cause he sat down and explained it all... warts and everything of insurance. To this day, if I have a question or problem... he's on it and gets back to me like an ex-girlfriend who just saw a naked picture of me on youtube.

These days, with the folks that have survived the proverbial mess that is the mortgage business... most I know are pretty damn good people. They will take care of you. That typed, there are always exceptions.

My point in all this is pretty simple. Be cynical, be careful, and make sure the guy or gal you are dealing with is genuine. They should not only know what they are doing, but really care. If they are churning and burning, you may want to move on. While sales is an institution based upon volume, rarely immediate glory, I'd much rather play the part of Sam Walton (though I don't think Walmart really represents his true vision) than a fictitious character based upon reality named Gordon Gekko.

Advertising can be a short-cut to thinking. I understand the concept, especially when it goes National, yet I loathe the directions it can & will take.

I don't need someone to sell me; I just want someone to tell me the truth of the matter. It's that simple. That's sales.

About The Author : Jason Sardi is somewhat illiterate, somewhat intense, and does mortgages for a living. He/We also has two cats and another stray that seems to like this abode, which he's thinking he/we should adopt. Jennifer is a better mother than I am a father, for sure. They will be in very good hands. Jason Sardi also hates fine print. Jason Sardi doesn't like B.S. Obviously, Mr. Sardi doesn't have a degree in Marketing or direct ties to National Mortgage Companies that pad his wallet. That's a shame, Mr. Sardi likes a padded wallet. Hmmm, maybe Mr. Sardi will just run for Political Office. A suit & tie can make angels of us all.

Oh, forgot the contact info.... jsardi@ihmci.com or on my cell at 610-653-0317. And remember, no prank calls... unless they are really innovative, original, & witty.

Here's to you, Kid!

Jason Sardi, Mortgage Banker (FHA-VA-USDA-Conventional-Pennsylvania Loans) — Wed, 29 Jul 2009 20:43:35 -0500

When encountered with the question, "Do you believe in God", I pretty much knew that no answer that I gave would be acceptable. For the believers, the very fact that I question such a thing would be a subtle slap in the face of what is true. For the non-believers, the fact that I didn't dismiss such a thing was akin to a crutch to living and a short-cut to thinking. For those in-between those bounds, well, perhaps I was thinking too much about all that and not living all this.

For the record, my answer is a steadfast, "Yes." Symbolically, "God" is a higher power. I believe in a higher power and am pretty sure it isn't us or I.

Last night, I had dreams of tornados...

This past weekend, I learned to think with emotions... rather than my brain. The appropriate next step would be to think with my soul... but I'm not there quite yet.

I don't give a flying rat's beady ass what anybody says or projects, this weekend was an element I've been missing from my life for way too long. I got to see blood, not the horror kind. I got to see folks who were born unto this earth kind of like I was, and I missed them. They are family.

While you won't find me smiling to show my shining cuspids to the stars, you will find something in any picture that is taken... which is very consistent. You don't need to see the smile to understand that the soul is happy.

About those tornados, their winds grew great... the destruction was to date... and dreams are dreams until it becomes too late.

Poets die when questioning anything becomes taboo. I like to question everything. Just in case...

Color me taboo:)

Take me home...

Brokers, Bankers, Behemoths, and you?

Jason Sardi, Mortgage Banker (FHA-VA-USDA-Conventional-Pennsylvania Loans) — Thu, 23 Jul 2009 22:19:30 -0500

I'm leaving tomorrow for the first family reunion we've had in quite sometime. I haven't seen my Mother's or Father's side of the family in years. I'm seeing them both over the weekend, provided that I make it there in once piece. The only reason I bring up that last sentence is because while I'm not driving, I hate highways and speed on four wheels. Call it my phobia, my version of Jeff Gordon's antagonist. Sorry if Mr. Gordon is an out of date reference, but I follow NASCAR about as much as Clay Aikens follows a female into the sack. Get the drift? Yup, kind of breezy...

Being one of the younger chaps in the fold, one of the common questions I'm expecting to answer is what I'm doing for a living these days. Am I doctor? Am I a lawyer? How about an Accountant:) Am I a world renowned proctologist? Am I teacher? Am I a preacher? Am I... no, I'm not. I'm now a Mortgage Banker. I used to be a Mortgage Broker.

~The collective sigh may just hush the room~

Most people don't know the difference, especially my folks and most of my relatives who haven't reached puberty in the past ten years. Bankers were the way to go. Respected and counted on. Enter the Mortgage Broker, which is now the maligned entity that did one heck of a job causing all this.

Like my intellect, I'll try to make this very short and sweet.

I won't pretend to sit here, type, and expound on what is the truth or what is not the truth. What I will do is share my experience since I entered this often heinous gig back in 2001. Mortgage brokers did some good for a lot of people in their existence and they aren't quite dead yet. Mortgage bankers have also done some good for a lot of people and their existence seems to be a tad bit more chronic.

Bankers & Brokers were never treated the same because at one point, Brokers held the proverbial Lion's Share of the Market. When the toilet starting turning brown, the brokers were the ones who were most easily flushed. The term "Banker" was and still is almost always thought of as more respected than "Broker".

I'm a Mortgage Banker, but I can tell you as a former Mortgage Broker, if/when they put those folks out of biz... options tend to end. While I'd rather not discuss my trade with my Aunt Lois who is turning 70-years old on a surprise birthday, it will be discussed. I just hope not to give her nor I a heart attack in the meantime.

Bottom line, what does this mean to you... the consumer? I don't like it. The question will remain, do you? I was forced out of the broker business which made me want to be a Kennedy with a similar liver. Yet, reality is what it is. Brokers aren't evil, people are. Guns don't kill people, people do. One man's Banker is another man's Pawn Shop. Gary Coleman doesn't sleep with your ex-wife to just churn out a sex-tape, his agents recommend it to prolong the career.

My guess is that people want more options, not less. Sure, there was and probably always be incompetence. But that very incompetence isn't because one is labeled a Banker or a Broker... it is because they may just be INCOMPETENT.

I rest my feelings and thinking on one final note. Every law that is passed should have the people in mind. But nevermind the people, it's now law. Well, I got a nice little link to sing the song that I can't sing...

just click here

My Aunt Lois turns seventy and I love her. I haven't seen her in years. With that, she'd probably like this song a tad bit more:)

While I'm a lousy salesman, I'll tell her what I know. I have a good heart and a bad taste. I'll stick around until they catch up with eachother.

~Sardi~

Philosophy ain't so bad, even when dealing with "Business".

Jason Sardi, Mortgage Banker (FHA-VA-USDA-Conventional-Pennsylvania Loans) — Fri, 03 Jul 2009 14:33:27 -0500

Times are present so we can remember them and maybe even learn from them. When there is no longer time, well, that's another discussion in of itself.

While I don't mean to be the master of the obvious over here, being in the lending industry isn't easy these days. The irony of all that, at least from my vantage point, is that I didn't make a significant mint when times were easy. But I'm still around. I'm either stubborn or stupid, perhaps both. Or maybe, just maybe, I belong here.

One client reminded me of that.

I no longer have their email on record, but when the appraisal of the house they were going to buy for $180,000 came in $50,000 less, I was introduced to an unique point of view:

And I'm paraphrasing, " Hoopla aside, I just want to buy a house to call my home."

I was sitting back and thinking about these things and I read what he wrote to me. That sentence spoke volumes.

Are we making this shit more complicated than it really has to be? Are we telling everybody else that declining markets, negative equity, stricter credit guidelines, and an influx of new business without the ability to service that very business are the wave of the present and the always near future? There are a few success stories along the way, but I'm not going to sit here being idle when a guy with a 780 credit score, plenty of money, can document his income, is a US citizen, and has watched at least one episode of "All in The Family", has the least bit of trouble buying a house.

The talk of the day in the lending industry hasn't been common sense, but a gut reaction to the age of absolute greed. Unfortunately for me, I missed that part. I could of had a deck, new roof, siding that would make the ass that is my neighbor jealous, and a bit of coin socked away just in case I encountered a near third degree burn on my right foot. It's funny how life works. It's even funnier how we work.

Let me try to end this with a bit of knowledge you may not find (or have being admitted) anywhere else. Us Loan Officers only get paid when we close loans. Sure, folks want loans cheap, at the lowest interest rate, with no points or fees... and I shop at Dollar General sometimes as well. Cheap lasagne burns quite well. But, my guess is that people don't give a damn of how we are paid... they just want to buy a house. They want to buy a structure they can call home. My plea is one that probably will fall on deaf ears, though those ears will go cauliflower before I'm done with them. If you want to fix the housing industry, listen to the folks who want to buy that house. Listen to the folks who are actually practicing the trade.

I won't get too political about this, but come here... closer. Let me whisper in your ear.

If you want to solve anything dealing with the Real Estate Industry, it's not a bad thing to actually consult the members in the field.

We can tell you that the guy above, with that credit score and monies, is a player. But he doesn't want to be a player, he just wants to buy a home.

I guess he wants a place to live and call his own, interesting concept.

Because it's not that bad of an idea...

Jason Sardi, Mortgage Banker (FHA-VA-USDA-Conventional-Pennsylvania Loans) — Wed, 24 Jun 2009 15:43:38 -0500

Early last month, one of the loans I closed had two interesting variables:

The client had contacted me via this site over a year ago, starting his plan to buy a home.
I was introduced to a program that I wasn't astutely familiar with, The Philadelphia Home-Buy-Now Program.

After learning a bit more about it, I thought it was a pretty good idea. While I didn't know all the facts, some of the philosophies behind this program made perfect sense to me. The standpoint they come from is one that employees who are homeowners in the city where they work are more productive and are more akin to staying at their jobs for a longer term. They commute less, spend more time with their families, and even pollute less (I guess it must be that driving thing). All those points are laid out in some of the information I was perusing about The Philadelphia Home-Buy-Now Program.

Here's a brief breakdown of how it all works:

Step Numero Uno: A group of folks from the Program work with the employer and eventually the employees to create a customized program to suit everyone's needs. The Programs can be tailored for specific neighborhoods, to attract employees in specific professions, and to help match up the best and brightest employees and employers to help enhance the overall health of the community.

Step Two: When an employee of a company who is a part of the Philadelphia Home-Buy-Now Program sets out to buy a home, that person will be able to count on full support from the staff working with this public/private matching funds program. The employer can contribute as much as they'd like to their employee's purchase, and then the City of Brotherly Love will match the contribution up to $5,000.00! In certain cases, private developers will then provide additional matching funds up to $7500.00!! Those particular cases are dependent on the purchase of homes in select developments.

Step Three: That's pretty much it. With an employer's investment of just $5000.00, that may turn into a piece of change equaling $17,500 as an investment that will pay returns to the company, the employee, and of course, the very community of Philadelphia.

There are no income eligibility limits to obtain City matching funds.

Here's a brief list of Philadelphia employers already on board:

Citizens Bank ~ Temple University

Episcopal Community Services ~ Fannie Mae

Germantown Friends School ~ Keystone Mercy Health Plan

NewCourtland Elder Services ~ Saint Joseph's University

University of the Sciences ~ University of Pennsylvania

Some of the areas where homes have been purchased through this program since its implementation in the Fall of 2004 are Chestnut Hill, Fern Rock, Germantown, North Philadelphia, Oak Lane East, West Mount Airy, and West Coast Lane.

So any potential Homebuyers, Sellers, Realtors, & Employers in the Philadelphia area may want to check this thing out. Being on the lending side of the transaction that closed last month with this program, I can tell you that the process was pretty streamlined.

For More Information, Visit www.empowermentzone.org/hbn or contact Jim Flaherty at jim.flaherty@phila.gov

Jason Sardi

Mortgage Consultant

610-653-0317

jsardi@ihmci.com

Hey Dad, I love you.

Jason Sardi, Mortgage Banker (FHA-VA-USDA-Conventional-Pennsylvania Loans) — Sun, 21 Jun 2009 06:09:10 -0500

Too often in life, me included, we go through the motions to get what we want. We don't appreciate what we already have. Perhaps I'm projecting a bit here, but let me tell a little story.

I grew up good. I had a nice life back then. On the cusp of entering my first year of Little League, my Father decided to coach a team called Don Lewis in Clarion, Pennsylvania. My Father was a great athlete and still is. He once made a last second shot when our local alumni faced off against some of the Pittsburgh Steelers. That shot won the game, or so I thought. I wrote about that once before. Of course, they turned back the clock so the Steelers could cement victory and save face, yet I look back on that as an introduction to Corporate America. I understand its place, but I never did like Corporate America. I love the Steelers, though:)

When my Father decided to coach that Little League Team, I was excited and scared. I, of course, became a part of that Little League team. We had talent that year, no doubt about that. But Don Lewis was never known as being an elite team in our particular area. We ended up going 18-0 that year. I suppose I could attribute that to players such as Mr. Doran, Mr. Foster, Mr. Fleming, and maybe even a young kid who tended to be a classic underachiever until something important needed to be done. My Dad was just as responsible for that, though. While he knew the sport, knew how to practice and teach it, I believe that his greatest quality was he was fun every step of the way. And he was loving...

Winning isn't what my Father taught me about. There's two things I learned in my time back then. The first thing was when I grabbed a live ball out of mid-air (what some would call a great catch) and that sucker (My Dad) ran onto to the field and lifted me up in the air, giving me a great big hug. I wasn't wise in those days, but I didn't think that would look so good or professional. He didn't much care; I was his son. I was embarrassed back then, but lend a tear to my cheek when I think of it now. The guy really loves me.

The other thing I learned from those times is when I got hit by a pitch for the first time. For anyone who hasn't been hit by a baseball flying at you at any speed (in this case, I believe it was about 70 mph), it stings a bit. I was probably only 12 years old at that time and after I got hit, I went my way to first base. My Father ran out to the field and I didn't feel much until I looked into his eyes. There was a bit of concern in there. That's when I began to cry. I didn't cry because I was hurt and decades later we both learned physical pain isn't much of a thing to me, but I cried because he was worried and I didn't ever want to see him in that position again. In hindsight, I think I also cried because he cared enough to worry in the first place.

He has a heart of gold, a heart of gold...

Happy Father's Day, Dad. I love you with every breath I'll ever take. And when those breaths stop, I'll love you on the other side.

your son...

Now dance:)

Why is it taking my loan so freaking long to close?

Jason Sardi, Mortgage Banker (FHA-VA-USDA-Conventional-Pennsylvania Loans) — Sat, 13 Jun 2009 22:44:43 -0500

Before I attempt to answer that question, interested readers should know something. I am a loan officer by trade. That's what they call us. I don't particularly like that title, but what's in a name?

I don't get paid an hourly wage or a salary. If I don't close loans, I don't make a dime. If I don't make a dime, that means I can't eat, drink, or even sleep if I can't afford to make my mortgage payments. That's not a sales pitch, that's a reality. It's in my best interests to close every loan that comes under my wing. While there are ethics involved to ensure you are doing your client right, if I can offer and do a loan for you that puts you in a better financial situation, I want to close your loan as fast as possible. It's not only in your best interest, but mine as well.

So why is it taking so freaking long? Good question. Here's a few observations on my behalf:

More volume with less 'able and willing' people to deal with it. Let's be honest here (I love that line:), the mortgage industry isn't exactly the most attractive line of work to get into now. To boot, a whole lot have left it. I'm still here because I'm stubborn and good at what I do. Plus, I believe you have to go through hell to get to heaven. Call me selfish, but I think my time here will work out very well in the end. Even if it doesn't, Economics 101 has us dishing out the phrase, "Too much demand and little in the way of Supply."
Front-end incompetence. If you are searching for a pre-approval from a lender, get the appropriate documents in order before you ever even fill out an application. If they don't ask you for such documents, they may have more ties than me. Either that, or the final result won't be what they promised. Do yourself a favor, get your W-2's, pay-stubs, bank statements, etc, in order. If your loan officer doesn't ask for it immediately, ask them why they don't need them. That will put a spark up their ass.
Changes. This is a tough one. It's hard to tell someone who is a completely competent borrower, why the area they are in or the house they chose isn't on the "I love to lend in" realm. The only real advice I have on this one is if you are dealing with someone you trust, they will get you through the current bullshit that is going on.
They just don't like you. Well, we live in a society where that is not acceptable. Folks actually look at your loan, but you aren't nearly as personal to them as you would like. I work for a relatively small company and see that. I can only imagine what working for a large one would entail. Work with an individual that you trust, that you can reach out to and at least communicate with. There is a common thing with that, you both share the same self-interests. He/She gets paid only if your loan closes. You only get what you desired after paying for an appraisal, maybe an inspection or two, and actually being able to be comfortable within the confines of a few walls that aren't labeled as "Prison".
The Government. Now, I really don't want to wax political or get involved in any sort of debate about policy, parties, or general ideology. But I already have since mentioning this. We don't need the Government in this Private Sector. We didn't need them back then; we don't need them now. Those of us (I include myself because frankly, this is my business) who know the Real Estate Industry also know how it is to be corrected. Let's demonstrate how we will make sure such an extreme reaction to market won't happen again. It's a cycle, learn to ride.

We'll reach those Golden Years, but it takes work and patience. Why is it taking so long for your loan to close? Because this ain't a pay-day loan, this is a roof over your head. Maybe this is the opposite extreme of giving everyone with a pulse a mortgage, yet you know what they I say about extremes... "They are to be avoided."