Real Estate Financing, The Insider's Insight On Mortgage

A sense of urgency...

Jason Sardi, Pennsylvania Mortgage Broker (First Choice Equity Group Inc.) — Thu, 04 Sep 2008 12:39:22 -0500

It's no secret that today's lending atmosphere is much different than from years back. I've been seeing a few things things as of late that are a tad bit concerning. I'll get to that in a moment.

I wrote a post recently that outlined some basic things that the consumer can do to streamline the loan process and get to the closing table faster. Lenders are going through files with a fine tooth comb these days. In fact, they're scrutinizing loan files more than they ever have... at least in the seven years I've been at this gig. Here's a few things I'm seeing that are concerning and need to addressed:

Shopping up until the very last minute: I'd venture to assure you almost everybody wants the lowest interest rate and no fees. I will be writing a post in the near future of how us mortgage folks make our money. But, for purposes of simplicity, I'll save that subject for a different time. What I am seeing is folks who are shopping (and often times nickle and diming) lenders up until the last minute, and then when they make a decision... rates may have changed, product guidelines may have changed, and all the nickle and diming that was done actually costs you more. It may cost more in rate and/or may cost more in the product you're looking for even still being available. While everyone wants the best deal, that usually is attained by establishing quality relationships and a mutual sense of urgency to reach the common goal. My advice is don't be talking with ten different lenders, you're liable to get so much conflicting feedback and quotes that it will do nothing but confuse you and the whole process. Pick about three lenders who give you a good internal feeling. Make your one choice from there. The best choice won't necessarily be the lowest rate or fees, or the person that tells you what you want to hear. A quick example of this is my Homeowner's Insurance Agent. I guarantee he's not the cheapest in town but when I emailed him yesterday to call me, my phone rang two minutes later. That's service and that's why he's my guy. Shop with service and urgency in mind, as well as those dastardly rates and fees.

The 'hurry up and close' mentality: The line is ringing and I pick up and hear a frantic voice on the other end. "I need to close my loan in the next seven days, can you help me?" Hmmmm, that's just not the way it is these days folks. Believe me, we DO want to close your loan as fast as we can. Heck, we don't get paid unless we close loans. But give yourself and us some time, especially in this atmosphere. Underwriting turn-around times aren't as quick as we'd like right now, so get that mentality out of your head. Instead, know that it may take more time than it has in the past and work together as urgent as possible, to get to the magical world of the closing table.

You don't really need that documentation from me, do you? I don't ask for supporting documentation for health reasons. What is needed or asked for, is what I get. That gets the job done. One of the best ways to ensure that your loan closes in as timely of a manner as possible is to work with the same sense of urgency as we do. While I don't usually ask for skin graphs at the time of application, if that's what the lender wants to close the loan... I'll get it. Okay, I'm kidding on that one but I hope you get my drift. Delays in getting documentation will create delays in closing and in turn could adversely affect the very terms of the loan that you were initially quoted.

In a changing atmosphere, adaptation is key. Right now, all of us have to adapt. Knowing this and doing this will save a lot of frustration from all ends.

UPDATE! One of my favorite writers from the Mortgage Side of things must have been thinking along the same lines as me. Check out Janet's Post!

Mortgage Pro Week in Review ~ 08/25/08 through 08/31/08

Jason Sardi, Pennsylvania Mortgage Broker (First Choice Equity Group Inc.) — Mon, 01 Sep 2008 10:34:40 -0500

Here's a song to get you through the post;-)

Whenever I'm asked to do this, I cringe at first. While I want anybody who reads this or me to be informed and educated about everything involving mortgages, I also want to make it an easy read. Mortgages aren't the most exciting thing on God's Green Earth. Yet, they are a part of the very Real World your parents may have told warned you about. To some, I'll be preaching to the choir with the following sentence. If you truly want to learn about finances, mortgages, money, buying a home, what to do with the one you currently own, and don't want to pay $19.95 for the course to do it... read these folks:

Leading off is a post I found interesting, if not simply enlightening. Sue Botelho explains the value of our profession and I think it is important for folks inside and outside of our industry to understand. Consideration For Realtors

Ken Cook is one of the most revered individuals here for those of us in the business. Personally, I wasn't and am not big on Down Payment Assistance... but Ken presents a pretty astute article shooting my belief down. I still hold true to my belief, but this one is an excellent article by a guy who I don't think gets enough recognition. Opposition of Down Payment Assistance

When impassioned, the following individual is the best writer I've read from the mortgage side of things. Blogging has caught on in parts of the Real Estate Industry, especially with REALTORS. Janet Guilbault makes a clear distinction though. The Mortgage Folks are missing the boat, making fun of the waves. Janet reiterates what may be the wave of the future in... When Your Company Your Blogging is "Disturbing", Your SEO is Working.

Folks want hardcore but when they receive, little do they interact. You want to talk money, talk to this guy. Emotions and Finances (Including Mortgages) Should Not Be Mixed.

I love competition and smart people. I think this individual represents both. Frankly, there can never be too many good folks in our profession. Michelle Chamberlain makes the grade, I give her an A.

Check out... "You Think Mortgage Brokers Are Bad???"

FHA is the soup du jour in regards to Mortgage Products. May I introduce Fred Chamberlin who dispels and educates with this simple & provacative post... "Dispelling Common Myths About Participating with FHA"

"An Open Letter to the Consumer" by Jeff Belonger. If you are applying for a mortgage, whether you are buying a home or refinancing the one you live in, you may want to check this one out. Seriously, this kind of stuff saves a lot of headaches along the way...

Transition & Change is a natural retort to any market like ours. I believe Lewis presents an open-ended curiousity on how to make sure the true producers are the ones you are going after. Mr. Poretz, your article makes perfect sense to me... "Mortgage Broker Fees."

Again, not my cup of tea but you should read Gary. Good guy, solid knowledge of the biz.

As far as that $19.95, you are probably better off here for free. Actually, it will cost ya. It's called time... well spent.

In Remembrance - One of our own passed away recently and her contributions to this forum were

amazing and will remain so. Here's a post that just hints at her brilliance. Take care Karen, we'll see you soon enough...

Robert Ashby is next....

There will be no recreations of any type regarding the titles or content of this group or Review without the permission and expressed written consent of the Group's founder

Superstars and realized dreams...

Jason Sardi, Pennsylvania Mortgage Broker (First Choice Equity Group Inc.) — Sat, 30 Aug 2008 11:30:48 -0500

This song ran through my skull.

Have you noticed the barren landscape around you? Tumbleweeds roll across the office floor like another mortgage application that will never see the light of closure. In April of 2006, our small firm here in Allentown had 19 folks working for the cause: that of making our lives better by helping make other lives easier. Turn the clock to the common day, we are down to seven. But damn, the seven of us are some of the most passionate survivors in this new frontier. The Renaissance is here, amongst us. I see it, hear it, believe it and continue to live it.

The cycle is in motion, probably always will be. There's a ton of negativity, frustration, misguided perceptions, & the like... from the Real Estate Profession and those outside of it. Yet I see something else, something that may be considered intangible if I couldn't reach out and touch it.

On another post, I made mention of how this industry can take a toll on somebody. It really can. I said that it makes me lose my smile now and again. Yet, something kind of grew inside me the other day, from the inside out. I guess that's the way things typically grow. Call it the inspiration that comes with perspiration.

I looked around while nobody was watching as I was at the office. All seven of us were there at the same time and I peeked at everyone individually, with a sly smile in my eyes. Hai was studying mortgage products, Bill was trying to get someone into their new home, and Jane was counseling somebody on their credit. Meanwhile, Scott was charming an underwriter, Brenda was following up on files as only she does, and Bruce was making friends with a guy who just a week before hated his guts because we couldn't close his loan in 4 days without an appraisal even being done. Funny now, the guy loves Bruce. And Bruce will close his loan. I then looked down at my palms and saw the soft skin of innocent nostalgia.

As a kid, I recall dancing in the backyard of my parents home in Clarion, Pennsylvania. It was just a home to me, with my bed and my dreams. My biggest worries at the time were that my brother Justin was a bit more spoiled than I, and I just wanted to be something great... to me. I didn't fully realize my parents had bills to pay, real world concerns, or the loss of any innocence I was engulfed in at the time. My mind never truly captured the essence of it all.

Today, I find myself working with families similar to my own. I see young kids with sparkles in their eyes, and parents who are working their tail off to make it a good life for them and their own. My dream is right in front of me; to help others understand what I never understood. Sometimes I look back at being a kid and think those simple moments of being tucked in at night and dancing in the back yard as if the world was mine... is what it's all about. I look at anyone I'm working with the same. My mind and soul looks at the past and sees that sort of stuff now and again.

Now is again. I logged onto Active-Rain shortly after playing a wallflower and drifting down memory lane. I read and watched. I didn't comment on anything, I didn't post any of my typical crap. I just read, just watched. What I was reading blew my mind. Do you folks really and truly realize the landscape of talent that is right here, right now? Tumbleweeds may be strolling across our playing field but what I see is inspiring as can be. Some of the smartest, most experienced, most ethical and thought provolking folks are among us.

Right then I knew, I'm truly blessed to even play a small part in it.

I've spoken to many of you, worked with a few of you, exchanged punchlines and insights with a large bulk of you. This is a Win/Win, it really is. For the sake of our industry, the consumers who find us here are more informed by the moment. They are getting to know us at their own leisure. No pressure, just some damn solid information and insight into our own personalities. Sure, there's the occasional bullshit, yet that's a part of life.

Our exposure is pretty huge. Imagine someone from some remote part of earth, whom you've never met, typing in a word on a search engine and your words are the first they come across. As Marsha Brady would say, "That's dreamy." There are superstars here, right here among us. I'm proud of my profession because of many of you... and me.

Awhile back something happened that soured me on this whole experience. I sniffled and thought, "Are we superstars and will dreams be realized?" Since, I've looked around and tangibly experienced that many of us are and they certainly can. As far as the rest of it, work above it and around it. Get in its face if you have too. That too, is a part of life.

I leave you with this.

But never lose the love...

Looking for a candidate for your Pennsylvania mortgage needs, look no further.

Jason Sardi, Pennsylvania Mortgage Broker (First Choice Equity Group Inc.) — Thu, 28 Aug 2008 15:01:47 -0500

In the spirit of times when policy reaches out to the public, where politics try to give hope and transformation to its people, there lies a very important aspect that not many at any convention you are watching or studying... truly understands. It deals with our homes, our land, and part of the backbone of our very economy. I'm lucky enough to be involved. I'm honored enough to be able to impact and to help. I dare say that I'm the right person in my area to do my part, to do this job. My name is Jason Sardi and I am Mortgage Broker. (reciting that in the mirror each morning has a delightful way of waking up my sleepy behind)

I'll try to make the context brief, realizing attention spans are a tad short and you folks have better things to do... like concentrate on you. Home-ownership is a vital part of the American Dream so often mentioned, sometimes very loosely. I'll simply outline my qualifications and you can decide. If that sounds fair... here we go:

Some folks are hungry to get their mortgage loan closed. Yet, they are lost in the dark ides of what is needed to make that happen. Folks think that it is entirely up to the lender or broker or bank they are working with. That holds some semblance of truth, but people have more power than they have been given credit for and have more influence than what they've been taught. Here's a few pointers to make that hassle, one less of one.

The tail wags the dog these days. A perfect example of this is your credit score and report. It affects your life far more than it probably should. So, know the system and get informed. Not all of us have the type of credit to get us what we want, breakfast in bed served by the new cast of 90210. In many cases, people need somebody to lead them in the right direction. If I can't do a loan for you now, if you simply aren't prepared, no worries... if you aren't a client now, you will be down the road. I work with folks even if I can't close their loan anytime soon. Part of my job is educating, most of my job is making sure you're better prepared ongoing. Credit Scores and history are important, read this to ensure you are working with someone who understands how you can put yourself in a better financial position at a later date.

It's not just about getting pre-approved or buying a home, assuming you are in the position to do so. It's also about working with someone who will look out for your best interests. There's no reason to overextend yourself, leaving you mortgage poor. Here's an example you may want to check out.

People love to shop, especially for mortgages. Well, they may not love it... but they certainly salivate at finding the best deal. You know, the lowest rate with little if any fees? Sometimes I wonder if people are looking for a mortgage loan or mortgage grant? Tell ya what, check out this post to get some pretty bipartisan advice on shopping for a mortgage.

How about a niche product for Real Estate Investors? With the large inventory in many markets, there's an abundance of opportunity just waiting out there. This product can help you in many of your Real Estate Investment strategies. Don't let the title fool ya, I'm no quitter;-)

Whether you are working in this industry or a consumer on the outside of it, these are challenging and changing times we live in. You can learn a lot from this little guy.

Perhaps you are looking to relocate or buy a home in my local area of Allentown, Pennsylvania. Here's a sample of what you can expect as I try to dissect your needs and situation.

A lot of discussion has been going on about fixed rate vs. adjustable rate mortgages. Which is the best for you? Reading this blast from the past may give you some insight... and something to think about.

Speeches are like belly buttons, everyone has one and some are prettier than others. This isn't about how pretty you I sound, it's about how well you I perform. Perhaps there has been no time in history like the present, where the mortgage industry was so important to you or this Country. It's more than pretty words, it's more than convincing tag-lines or dazzling promotional pieces and sales pitches, it's doing the job ethically and competently. It is getting the job done. See that guy in the Barney-like shirt and tie below, that's me. I tend to get the job done...

It's all conversation until it closes...

Jason Sardi, Pennsylvania Mortgage Broker (First Choice Equity Group Inc.) — Fri, 22 Aug 2008 22:46:17 -0500

If you are in the Real Estate Business, I don't care how long you've been at the trade... you probably haven't seen everything. Real Estate is like life in that facet.

The title of this post seems to be my new catchphrase. A gal (customer) today asked me if I was frustrated with what was going on. She was pre-approved two days ago and now they changed their guidelines. I told her, "Yes, it's always frustrating when you have little control on what goes on, yet I learned long ago that was going to be the case with everything in this life. I'm surprised I truly didn't realize that earlier."

Ladies & Gents, let's be honest here. We live in interesting times. But we aren't any more special than those before us that ran into speed bumps along the way. How one reacts is key. The title of this post is something I've been saying the past few months and it's nothing more than garbage.

Attitude is truly everything and frankly, mine hasn't been the best it can be. Why, you ask? Well, I will tell. I try and do... go above and beyond what is ever expected... but there is one thing I fail to do. Their expectations of me are overboard. I treat folks and interact with folks like they are my only client. They are not. If they were, I'd be calling Jared at Subway to get a part-time gig while I worked this stuff out. As it stands, I haven't eaten at Subway for three months. I haven't looked like Jared for 32 years.

After two closings today, one would think I'd be a happy little camper... counting the dollar signs before they hit my lap. I'm not happy though, I'm disappointed in me. My mindset has been nothing but crap lately. With every stupid hurdle being put in front of me, I've whispered sweet explicatives into my ear before putting on my happy face and doing what needs to be done. My passion for fulfilling dreams over-exceeds my ability to shake off blatant lies along the way. My last transaction has made me more passionate than ever about what I do and how I do it. As far as the rest, read the next sentence. Shame on me... shame on that conversation.

The business bloggers of the world may ask,"Hey Sardi, why would you put this post in public writing?" To them, I retort, "I'm the best man for the job but that doesn't mean I don't get frustrated as all hell with some of what goes on." Honestly, and I hate sentences starting with that word, I'd rather a consumer read ME rather than another installment of today's interest rates, market overviews, or how my products are so much better than theirs. I'm not really spouting that those folks who blog that aren't worth their weight, I'm just saying that isn't me. If you want interest rates, email me. If you want a market overview, do the same or call. If you want to know about products, I've got this wonderful no money down~seller pays everything type deal where you don't have to make a payment for 12 months!

I'm kidding, I will provide all that via the written word in a blog in which you can access in an anonymous way. I know folks don't want to be bothered with email blasts and phone calls from numbers that begin and end with 000-000-0000. My point remains that the influence of negative attention came my way and I bought into it... hook, line, & sinker.

I fell prey. I never will again. The market doesn't move me, WE & ME move the market. Screw speculation, change is at our fingertips. Will it be easy, no way! I tire though of simple conversation, we can bitch and gripe about what financial institutions are asking for and doing... or we can get the job done. I'm about the latter. Time and perseverance may change the former.

Conversation is ours, we choose it in most every way. Close loans that make sense. That's a conversation worth having.

The conversation until it closes... is over.

And here's a song to think about...

Want your Mortgage Loan to close fast, here's a few tips.

Jason Sardi, Pennsylvania Mortgage Broker (First Choice Equity Group Inc.) — Tue, 19 Aug 2008 16:07:16 -0500

How fast your loan closes is often up to you.

I tell folks two things these days and both can result in great opportunity. There is an abundance of inventory (houses) in most markets and the money (interest rates) is still cheap. That said, Lenders & Banks are combing through files with a fine toothed comb these days; everything has to be pretty much perfect. No more of the days of throwing things against the wall, lax & scattered documentation, or loan files that are missing this or that or that other thing they are asking for, other than that blood sample;-)

So, if you aren't informed... it's time to become such. You, the consumer, have more power than you think in your mortgage loan closing sooner rather that later. Create a file, whether you are a renter or current homeowner, of the things I will mention below. When the time comes to buy a home or refinance the one you are already live in, it will make your life that much easier. If you are looking to refinance, only a few things from the first few lines apply to you...

* Last 2 years W-2's and 2 most recent pay-stubs

* If you are a renter, have your Landlord's name, address, and phone number handy. Make sure you have that info for the last 2 years of your rental history.

* Make sure, if you are renting, to pay your rent by check. Keep copies of your last 12-24 months of cancelled rent checks. This gives you a documented housing history, that's HUGE in the Lender's Financial Eyes.

* When you find that home of your dreams, or at least the one that will be your starter home, a signed sales agreement from all parties (buyer and seller) will be needed.

* Typically, the only money out of a pocket prior to closing is for the appraisal. It is a third party fee, paid directly to the professional who will do a market evaluation of the worth of your home.

* Last 2 Months Bank Statements (All Pages) & the most recent statements on all asset accounts (401K, IRA, Mutual Funds, Retirement, Etc.)

* If you are Self-employed, you'll need the last two years tax returns with all schedules and attachements... along with a year-to-date Profit & Loss for your business.

* For purposes of identification, you'll need copies of your social security card and photo I.D. (typically your Driver's License)

* If you are refinancing, you'll need many of the things above... but will also need your most recent mortgage statement & homeowner's insurance deck page (which is the top page of your homeowner's insurance). It's also a good idea to get copies of your most recent statements on all other accounts you want to pay off... assuming you want to consolidate high interest debt.

* If you own more than one property, you'll need the most recent Mortgage Statement, Homeowner's Insurance Deck Page, & copy of any leases you have on rentals.

* Any credit issues (late payments, bankruptcies, judgements, etc) must be addressed in a very detailed credit explanation letter and appropriate supporting documentation, if applicable.

* If you aren't currently escrowing your taxes, you will need copies of paid/unpaid tax bills.

* Retirement/Social Security award letters if you are receiving that type of income.

This isn't an extensive list, but it will give you one heck of good start. You have more control than you think, if you don't believe me... I cite a legendary cartoon... G.I. Joe. "Knowing is half the battle."

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Jason Sardi

610-439-2166 ext.

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A couple of years ago...

Jason Sardi, Pennsylvania Mortgage Broker (First Choice Equity Group Inc.) — Sat, 16 Aug 2008 19:42:49 -0500

... I made a mortgage loan to the brother of a guy I knew in passing. The brother was in a bind of sorts, though he had a ton of equity, never payed his mortgage late once in his existent, yet worked at a Pizza Shop. He couldn't quite prove all of his income. Ya know, the under the table stuff Uncle Sam likes to peek at? He had a choice in programs, I actually agreed with his decision. (Of note, his decision didn't make me any more or any less money on that transaction.) He'd take a lower rate (that would change two years to the date) now and save some bucks, put his credit (the score, he wasn't that bad of a credit file) in better shape and refinance into a more permanent financing down the road.

Well, we're down the road. He's still got a ton of equity, never missed a beat with his mortgage payment, yet has that 'can't totally prove my income' issue. His credit score, while going up impressively, didn't reach a magic 720. And even at that, the rate was rather robust compared to current market interest rates. But the rate is just conversation; I can't do a thing for him right now.

Actually, that's not entirely true... as they are coming into my office Tuesday and we are going to have a conference call with the current mortgage holder to try and modify the terms of their loan.

Stated Income Loans have always been a last resort, for specialized and unique situations. Self-Employed Borrowers, Restaurant workers, Painters, Construction workers, & various other trades; sometimes have that stigma of funds coming in that Uncle Sam never sees. Now, I've heard the argument that those folks deserve to pay for the fact that they don't pay taxes like the rest of us... and I agree to a large degree. However, playing Devil's Advocate, the whole tax structure is borderline criminal in the first place. That's my opinion, at least... and probably another conversation at another time.

When you have the Government getting involved in the Mortgage Situation going on, we've got a problem. Let me explain why:

- Real Estate is a cyclical industry, always has been and probably always will be. I'd venture to take an educated guess that just as many folks have thrived on 'down markets' as 'hot markets'. Let the industry work itself out. Politicians typically know as much about mortgages as I do about Hydraulic assisted brakes on an automobile.

- I heard the oft-mentioned rumor that Stated Income Loans were to be banned in the state of Pennsylvania. I've also heard they already have been in several states. Stay out of it, Mr. & Mrs. Government. You have about as much room in the Mortgage Industry giving birth and reality to your litigation as you do on telling owners of restaurants and bars that nobody can smoke a cigarette in their establishment. Think about it folks, I have a question for you... other than more money in your pockets, make a rational point of what your reasoning is? If I had a cool billion dollars to play with, I'd lump you a sum and tell you to go away. Sadly, you would. Because that's what it is all about... when ethics and humanity come back into the equation, wake me up... I'll be sleeping on the other side of "Geez, have I always been this cynical?"

- Of course the Government doesn't like Stated Income Loans, those loans are going out to people who may or may not be reporting all of their money to the system in place. Come to think of it, I may divulge myself in Tax Laws very soon... I can't stand what I'm seeing. I've got a guy who has always paid his mortgage on time, has an immense pride of homeownership (you should see his garden), and because of 'market conditions' and his inability to verify income that is actually coming in the door... nobody wants to lend to him. Throw common sense out the window my friends, this guy owes about half of what is house is worth. He's lived there since 1988. Does that make sense that nobody wants to make that loan?

Sub-Prime Lending will be back. I did and do most of my stuff Conventional (for those who are credit worthy, can document income, equity involved, etc) but there's a market out there for folks who don't fit those parameters. Rather than them having to deal with expensive finance companies, slowly you will see common sense lending entering the fold. If the going rate on a 30 year fixed rate mortgage is 6.5%...if you can't prove your income and have equity in your home (hopefully reserves in the bank)... I'll charge you 8.5% for the privilege. That makes sense, to me.

And Gus, you'll probably never read this since you are about as internet savvy as that Republican Candidate (I kid John, I respect him very much)... I'm going to help you out. I just wish that I could help you out in a different way... my way.

It's Free, It's Fun, It's Your Credit Report?

Jason Sardi, Pennsylvania Mortgage Broker (First Choice Equity Group Inc.) — Tue, 12 Aug 2008 21:47:20 -0500

To say your credit history & score is HUGE these days may be a borderline understatement. For purposes of my experience, I'll concentrate on how credit relates to getting a mortgage to buy a home or trying to refinance the one you currently own.

Talking about credit is about as much fun as chewing broken glass while watching Yanni's latest video on VH1, at least to most. Even for the most severe masochists or staunchest Yanni advocators, it's probably not a subject full of brim excitement.

So, I'll try to make this concise and simple. Educating yourself and working with professionals who can guide you along the way, to make sure your credit is worthy of a three course meal at the White House, is crucial. I'm not just talking about those whose credit is in the crapper. I'm also writing to folks whose credit may be moderate or maybe you've never made a late payment in your life but your score is low. The Credit Reporting Industry is wagging the dog, forget about whining... work and know the system.

Here are a few tips & quips:

* Get a copy of your Credit Report. It may not provide your actual credit score, but at least you can verify the accuracy of the information on your report. I've included information below that you can utilize to do this. Quick thing here, credit modules differ within industries. For example, the credit report a mortgage company pulls may differ from that of the institution giving you a car loan or credit card. Mortgage folks weigh heavy on student loans and car loans and even heavier on your Mortgage History, provided you have one.

* Communication is key with your credit. If you are experiencing rough financial times, call them before they WILL call you. Let your creditors know what is going on. It probably won't stop them from reporting you late to the credit agencies, but it probably will provide you one less of a headache. That's what life's all about... avoiding headaches:-)

* The only thing that may be just as bad or even worse than credit overload, is no credit at all. Establish yourself in the creditor's eyes. If you have no credit, get secured credit that reports to all three credit reporting agencies. This may mean making a deposit at your bank and taking out a loan against it or pre-paying on a credit card. If you are doing the latter, use that credit card and pay it off it off regularly.

...if you have a bankruptcy or foreclosure in your past, establishing 12-24 months worth of a good credit is absolutely crucial!

* Oh, those credit cards. I'll put it bluntly, the bigger the differential between what your current balance is and what your available balance is, the better for your Credit Score. Don't be afraid to call your credit card company and ask them to raise your available balance. Don't use it, just have it there to improve your credit standing and score.

...sidenote on credit cards. Don't be afraid to call your current credit holders and ask them to lower your interest rate. If the first person you talk to can't or won't, ask to speak with a manager. If unsuccessful in that endeavor, call back at a later date. Be persistent & professional in your efforts. Lowering your rate even the slightest bit can save you some serious money now and down the road.

* Pay your bills on time. Yeah, I know, this is a no-brainer to most. Yet, it doesn't report late to the credit bureaus until you fall 30 days late. Try to make sure you don't get 30 days late on anything. Sure, you may incur late fees if you are even a day behind on some credit, though Mortgage Companies typically give you a 15-day grace period before you incur any late fees. From my experience, make sure your mortgage/rent is paid on time first, then student & car loans, then credit cards. If you are a renter...

...pay your rent by check and keep copies of your canceled checks. Twelve months worth will do (pay month by month, pre-paid bulk payments won't do you any favors...create a consistent history). This establishes a housing history. While it doesn't do anything positive for your credit, it does wonders when you apply to buy a home.

* Settle delinquent accounts for pennies on the dollar. If you owe the International Bank of Jason Sardi a cool $5,000.00 and your account is charged off, you should call to arrange a settlement once it goes to collections. Often times, you can come to an agreement for a lump sum of $2,500.00 or less and you may even be able to work out a payment plan. Either case, make sure you pay that account satisfactory and get the paperwork of the agreement and the final pay-off to prove it. Paying off delinquent accounts will probably drop your score at first, but will do wonders for your score down the road (provided you keep paying everything else on time).

* Avoid 'Hard' Inquiries. Your current creditors may check your credit, but that is considered a 'Soft' inquiry and shouldn't affect your credit score. Yet, if you are applying for credit out the behind, those inquiries can adversely affect your score. It raises the red flag that you may be on your way to becoming credit dependent. Psychologically speaking, never give them that drift, make them know that their livelihood depends on you... not the other way around.

* Credit Restoration Companies may be able to help but avoid anything that says, "Consumer Credit Counseling." CCS is considered a form of bankruptcy in many lenders eyes and their ability to pay your debts at a 'consolidated interest rate & lower payment' is suspect and often times worsens the situation. On the other hand, I've only witnessed one Credit Restoration Company worth its weight in the seven years I've been traveling this gig. There may be and probably are more, but I've only witnessed one. If you want more info, contact me. Always remember though, you can do everything to make sure your credit is at it's best, yourself... it's a matter of being educated and persistence in your efforts. That takes time. Though time is a commodity not all of us have.

Below is info on the reporting agencies that you should contact to get started. Even if you have an above average credit score, you'll pay more than you should if your credit score is even 20 points lower than the next guy or gal. Save yourself money, put in the time and seek out the Mortgage Professionals to ensure that time is well spent. Your credit is crucial... our knowledge of the industry and mechanics involved... can save you money and fulfill your dreams of home-ownership. If you already are a homeowner, we can help you get on the path to make finances one less worry in this life.

Equifax

P.O. Box 740241

Atlanta, GA 30374

1-800-685-1111

www.equifax.com

TransUnion

P.O. Box 2000

Chester, PA 19022-2000

1-800-916-8800

www.transunion.com

Experian

P.O. Box 2104

Allen, TX 75013

1-888-397-3742

www.experian.com

Bear in mind, at this point, you're entitled to one free credit report a year. Or, and I'd personally recommend this, you can get the whole batch which is simply called the 'Annual Credit Report Request Form.' That's free as well! The following sites will lead you in the right direction:

http://ftc.gov/credit

www.annualcreditreport.com

The bottom line in all this, the status of your credit can either cost or save you money. Which option sounds better to you?

Happy Jack

Jason Sardi, Pennsylvania Mortgage Broker (First Choice Equity Group Inc.) — Sat, 09 Aug 2008 09:50:01 -0500

I'm depressed. That's how life starts out or ends up with some folks. The medium (that of relative happiness) is often less traveled, you'll find that the case with most things in life. I need this, don't have that, been screwed there, and generally want to end my existence for a happier form of appeasement from an unknown third party. Hmmmmm, life's a rib. Live it and die.

When I was the tender age of 24, I started writing a book that encompassed an ideal. That particular ideal was a story about the evolution of life, perspective, experience, & enlightenment. I suppose I was striving for the 'Catcher in the Rye' feeling without all the cynical crap that Holden's character portrayed. As much as I wanted a zit-ridden teenager to show me life's worth, I figured it would be better coming from a cynical prick who had nothing better to do with his time than judge all that goes on. When I was 100 pages into my story, my roommate's mother called the house. Shame on me, the phone was right beside the keyboard I was connecting too. I answered and listened blankly as the crack addict mother of a once good friend rambled on ... and I lost my story. No hard feelings though, life makes a better story than I could ever conjure up in my tiny little mind. A shout out to you Eileen, I hope things are well ... and you are okay.

In the past two days, I've witnessed two separate rainbows. Yup, that multi-colored semi-circle that is considered a phenomenon of sorts to most of us. When I was younger, I joked (kind of) that a rainbow was the devil in disguise, that it really was the devil smiling. I witnessed a rainbow on my 32nd birthday weeks ago, there seems to be a pattern developing. The devil keeps on smiling.

One can not be hurt ... one gets hurt. Perspective, speculation, perception, is everything. Rainbows aren't the light and rainbows aren't the devil. Rainbows are an ecological response to a rhetorical question. "How can one be truly happy?"

Happy is not the Jack. Happy is not the Joker. Happy is the man or woman who can look in the mirror right now and say, "I'm at peace. I see the calm." And they'll mean that from the very core of their hearts & souls. It's what they do, how they live, why they live, and try to bestow upon others.

What the heck does this have to do with Real Estate?

Statistically speaking, nothing. In fact, I won't even quote interest rates, product guidelines, up to the minute Mortgage info, or what all the jargon you hear really means. That, I will go into, at a later date. Sooner, rather than later. I promise.

What this has to do with Real Estate is actually quite simple. From my end, I affect lives. I affect the financial lives of everybody I speak with. For every ten folks I can't help (no matter how hard I try), there's one I can.

On your search to make your financial life better, you need competence. You need somebody who actually gives a damn. I dare say that you need somebody who will fill in your bottom line, that little pursuit of happiness.

If you're Jack, take that bag off of your head and face the world. If you're the Joker, make-up and humor will never truly hide your bottom line. Our bottom line is quite simple. Without hesitation, they end with two words that are meant and felt and in tunewith everything going on in our superficial and spiritual lives. It's a journey, it's a means, but there is an end that is inevitable. I only want one thing when that day comes... repeat after me ...

I'm happy.

Waiting for the Calm....

Jason Sardi, Pennsylvania Mortgage Broker (First Choice Equity Group Inc.) — Sat, 02 Aug 2008 15:23:27 -0500

Under much scrutiny and acute observation, the Mortgage Industry faces times that our economy is currently ill-prepared for. It has for some time. I recall stating six months ago in a post, that around this time we'd be feeling the brunt of the burden being lifted off our shoulders. I was wrong. See, guys really can admit when they are wrong:-)

Ride out the storm, just don't stop.

There is good news and bad, I'll start with the latter:

- You are going to need money to buy a home. Sorry, that's the fact of the matter. Now, folks will say that current economic and financial conditions prohibit them for being able to do that (have extra money of any kind), yet that's where we are at. Perhaps I'll write a post soon that illustrates simple ways to save. And you won't even have to pay for the privilege of my sharing;-) Speaking of non-profit entities, make all checks payable to the International Bank of Jason Sardi.

- Credit Scores are more important than you may think. Beyond the credit history of your payments to the precious folks you owe money too, Credit Scores are crucial! And I'm not talking about just getting approved for a loan, I'm talking about the interest rates & costs provided to you because of your score. It can mean big bucks monthly, even bigger bucks annually and over the life of the loan, if you chose to keep it. Of note, if you want to steal somebody's identity, make sure it's a good one. There is little that is worse than dealing with someone who stole the identity of somebody else who shows the chronic disappointment of never being able to pay their bills.

- Down payment assistance looks to be dying a slow death. I'm not entirely opposed to DPA's (Down Payment Assistance) but I must say that it is long overdue that we rely on ourselves rather than help from somebody else. I'll get to that in a moment...

- If you can't document your income, you're in a bind. The 'under the table' lifestyle is one that lending institutions seem less and less inclined to lend too. If we were playing a game of spades, Uncle Sam is holding the joker.

Onto the Good News:

- There's a large inventory of homes on the market. Patience & Persistence will prove wise. You can be picky but don't let time pass by too fast, those who hesitate ... it may cost. When you find, buy! There's plenty of money to be made in any market, especially this one.

- Cheap money is still available. I'm amazed at how spoiled we've become. A 6.5% fixed rate on a 30-year Mortgage is high? Wowsers, get a grip. That's cheap money, if you qualify. And generally speaking, I don't care what interest rates are, you can buy a home or pay on the one that your landlord already bought. That's your choice. Sometimes, renting is the better choice. In the long run, that's rarely the case.

- Your sample of Mortgage Professionals has shrunk. Now, this may be constued as a negative thing, but I dare say it is just the opposite. While you'll probably never get rid of every seed that comes from a bad apple, you can be somewhat sure that those still doing business are there for a reason. Utilize their knowledge and services, the 'Talking Heads' are going out of season.

I made mention earlier about relying on ourselves, rather than assistance programs that may get us into a home in the first place. I'm not the biggest advocate of those programs and am certainly not their biggest detractor, but let's think about this. I have a problem with the sales pitch involved. Buying a home with no money down is certainly a convincing tale. Yet, if anything goes wrong with your home ... guess who has to pay for it? Yup, you. Having money in the bank after closing is something I'll harp on until the cows come home to be milked. It's in your best interests, that's all.

One other sidenote, when the media has an appetite, we're for dinner. Watch your local and national news, but please remember they don't know shit. These are the same organizations the are ridiculing each other. 'News' has become what the other 'News' organization is doing. Right....

All else economical, that's a different story. Just hold on folks, the calm will come.

I couldn't think of an appropriate title.

Jason Sardi, Pennsylvania Mortgage Broker (First Choice Equity Group Inc.) — Sun, 27 Jul 2008 18:22:02 -0500

A strange phone call came across my airwaves recently, a guy from the city of Brotherly Love was on the other line.

"Hello, is this Jason Sardi?"

"To my knowledge, yes."

"Hi Jason, this is Darren _______ and I came across you over the internet."

~Thinking to myself, "Great, I hope he didn't come across that roast of Belonger that I churned out."~

"Hey Darren, how can I help you?"

"I'm losing my house."

Silence. It wasn't the four words that he said, it's how he said them. Even more, I knew I could do little to help him, at least not now. We spoke for probably ten minutes or so and I hope to the heavens that my advice will help young Darren out ... in the long run. When I hung up that phone, that empty space inside grew bigger.

I used to walk quite often, to and from work because I didn't have a car at the time. When I got home that evening, after speaking with Darren, I took a walk. Thoughts raced through my head about many things, Darren's situation included. After rounding the neighborhood for about the tenth time, I reached my doorstep. I stuck the key in the knob and turned it left, unlocking the luxury of me being home.

I don't smile too often. I don't laugh at many things. While I'm really not a soul stirring in sorrow, I'm probably not at the height of bliss either. At first, Darren's phone call made me want to press my palm against my forehead and sigh indefinitely. Then, I took that walk. It's quite amazing what a brisk use of your legs can do for your soul.

For the past seven years I have wondered whether this industry (The Mortgage One) was my true calling. Beyond anything and everything, do I belong here? Well, after that ten minute conversation with Mr. Darren, I can honestly say, "You are damn right, I belong here!"

The majority of my mother's life, she has dealt with people with special needs. She has taught, she has cared, she has educated. Epiphany folks, that's kind of our job too. That conversation with Darren probably won't save his house, but I'm pretty damn sure it educated and enlightened him on this industry and the fundamentals of buying and owning a home.

I took what my mother does for granted. There's rarely any immediate rewards and you better have resolve ... or you'll be undone. My mother has taught special education for almost as many years as I've been alive, I never understood why. I do now.

For better or worse, I know what I am doing. And frankly, if I'm not educating, I ain't doing squat. That's my job and it may reap little in the way of immediate rewards, but so be it. This industry, this culture, this economy, could use some education from the inside/out. It always will.

And Darren, try to relax. This isn't the end, it resembles more of the beginning.

Stay strong.

It's not a bad time to buy a home ... seriously.

Jason Sardi, Pennsylvania Mortgage Broker (First Choice Equity Group Inc.) — Sat, 26 Jul 2008 20:27:38 -0500

First Time Homebuyers!

We have answers to your home loan questions. Before you start hitting the streets looking for your first home, allow us to help you get pre-approved and make sure you understand the home loan process.

How much home can I afford? Many experts suggest that your monthly payment not exceed 30% of your total income. Ask me to pre-qualify you for a loan amount that works best for you. I work off the Sleep Principle, regardless of what you can afford in a Lender's eyes, I want to make sure you can go to bed at night and sleep tight ... not worrying on how you'll be able to make that next mortgage payment.

What are closing costs? There are a variety of costs needed to fund a loan and purchase a home. We can let you know about all of these expenses up-front.

What does Loan-to-Value mean? This is the amount you are able to borrow on a home 100% financing means you can get a loan for 100% of the value of the home or the sales price, lesser of the two. Please note, unless you are a Veteran, that product no longer exists. If you want to buy a home, you need money. Right now, you'll need at least 3% down if you meet those qualifying guidelines. Needing money to buy a home? Strange concept, I know:-) It's a pretty darn good time to buy though, you have cheap money available (low interest rates) and a large inventory of homes on the market. Don't necessarily look for a steal, yet if you get one... GREAT! Look for something that you can call Home.

What are points? A point is equal to 1% of your total mortgage loan. Some borrowers choose to buy down interest rates by paying more points up-front. I'll write a post very soon on how we, on the mortgage end, make our money. Of note, if you see anything resembling a 'free loan' that's called a grant. This isn't a non-profit gig, we have mouths to feed and bills to pay. If it's a loan, folks are making money off of it. That's not a bad thing, I'm just saying...

These are just a few of the questions you may have about the home loan process. Call me today to get the most out of your home loan experience.

Jason Sardi
Mortgage Consultant
First Choice Equity Group Inc
OFFICE: (610) 439-2166 ext. 229
TOLL FREE: (866) 262-8720 ext. 229
jsardi@fcegi.com

Licensed with the Pennsylvania Department of Banking (19808-19807)

Mortgages funded and administered by an Equal Housing Lender. This is general information only and does not represent all underwriting requirements and restrictions. All program guidelines subject to change. This is not a commitment to lend. May not be brokered in all states, call for details

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610-439-2166x229

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Service Area: Pennsylvania

Years of Service: 7

Service Type: Real Estate

VFLYER ID: 1762259

Lacking Passion for just one moment...

Jason Sardi, Pennsylvania Mortgage Broker (First Choice Equity Group Inc.) — Fri, 25 Jul 2008 00:20:32 -0500

I'm guilty of it. I force myself to do things I don't want to do. To me, from what I've been taught, that's life. I never wanted to do my chores, but I did. I never wanted to go to Prom, but I did. I never wanted to attend College, but I did. For those things I did, I firmly believe I came out a bit of a better person. The 'Prom Thing' was a total bust though; I'll rib Mom & Dad about that until the day that my life ends inevitably:-)

There's so much I should share and express and relate to everyone about the Mortgage Business. Ironically, I don't want too. I have thoughts and posts on stand-by because I don't want to do it. I just want to advertise my butt off and garner lead after closed loan after lead, until I'm sitting in the quiet comfort of financial euphoria. I want to help people, yet I don't want to waste anymore time educating anybody for free. Right or wrong, I feel as if I'm one of the soldiers fighting an unholy war. And even if the war is holy, I don't think Jesus would be walking the land quoting rates and generating blind Good Faith Estimates. What would Jesus do? I'm not totally sure, but even if that light is a train...

I will not die.

Famous last words, I suppose. Hindsight is making geniuses of many and the critics are coming out in waves. The entire Mortgage Industry has been under more scrutiny than a troubled couple under the comforting dialect of Dr. Phil. Professionally & Personally, I welcome it. You are never too young or old to behold the truth and learn from it. Folks, we are living in interesting times.

I will not die.

Blame for what's gone down has been thrown around more than Paris Hilton in a German Snuff Film. Fingers are pointing, people keep ducking, you'd think kneecaps would be spraining by the second at this juncture. Who's to blame? Who cares? Ah; yes I know you can learn much from mistakes and perpetrators from the past or present, yet we've given the blame portion too much thought and time. I've seen many accusations, assumptions, and relevant arguments to place the problem. What I don't see much of, forgive me if I missed it, is those who offer potentially viable solutions.

I will not die.

That solution will come; it's the natural cycle of things. Yeah, I know, the old "Keep on fighting the good fight", "Stay the course", "Keep your head up and chin down", Rocky Balboa sort of inspiration are all clichés that a guy like me tends to mock with the same ferocity as the guy who refuses to take off his undergarments before getting into the shower in gym class. Wait, that was me... never mind;-) Just because they are clichés, doesn't make them any less true. As consumers, professionals, citizens, & human 'freaking' beings... we need to step up.

I want a solution to all this and it won't come overnight. It will come with a genuine glare into the mirror. That's true of us all.

What would Jesus do? Well, besides the assumption that he is currently giving George Carlin a wedgie, he may just struggle and strive. That's surviving... and eventual thriving. Keep that head up; just don't ignore the sky when you are faced with the stars.

I will do this and do it right. I'll face that sky through the clouds and fogs before me. When that smoke clears, there will be a guy with a hose awaiting a fire... knowing he just took part in helping one being put out.

Bail Out My A$$... or Do It Yourself.

Jason Sardi, Pennsylvania Mortgage Broker (First Choice Equity Group Inc.) — Fri, 18 Jul 2008 21:55:34 -0500

Two tears rolled from my eyes, they touched my chin and moved on. I hate tears. While they can make one more impassioned, more alert, more astute, they can also lead one into thinking way too much about the subject at hand.

I got an email just recently, one through Active-Rain, a person I respect so freaking much. I'd post it here, but can't. It was private.

There is a lot going on in the Real Estate Community. It isn't easy these days, if you did and do it right, it probably was never easy. That's Real Estate.

People are scared, afraid, economic turmoil has that effect. I don't want to ease your emotions or substantiate those fears, I'll simply tell it how it is. You decide... how it is for YOU.

We can play with numbers, shuffle products around and market the hell out of something we are doing that very few are not... but the fact remains, how can Real Estate benefit YOU? At the end of the day, I'm pretty sure you care more about that than the couple in Philadelphia who were sold a teaser rate and are losing their home because the REAL payment came to fruition. That's the thing folks don't talk about enough in this biz, there's a REAL in ESTATE.

You should know that rates are still very low. From a historical standpoint, you're talking about 2% lower than what you could expect. There's also a large inventory of homes on the market. What that means for potential buyers is that you can get cheap money to buy a large array of inventory (homes). The questions are, can you afford it and do you qualify?

Credit scores are crucial these days. They just are. Keep track of where your credit and scores are at. Remember a few things, when you apply for a car loan, they pull their credit. When you apply for a credit card, they pull their credit. When you apply for a mortgage... you guessed it, they pull their credit. Those reports and modules may differ.

Money doesn't hurt either. Imagine that, needing money to buy a home? While 100% financing is dead, unless you are a Veteran, you are going to need some money. With the current state of things, that's not the easiest task to bring to light. If I was a financial advisor, which I'm not, I'd recommend the following things:

A Loan to bail out this mess... (well, I don't recommend that... but read on;-)

It's painful at times, but there is a smirk involved with every nerve-ending bit of un-comfort being felt. Everybody, well that's a general term, a lot of people have an inkling that we are living in tough economic times. Guess what, they are correct! I'm going to take a stab at the "Financier Advisor Role" Please note that I have no legitimate educational background to make such recommendations; these are scattered thoughts that may or not turn out quasi-smart. What I'm saying, in a nutshell, if you take any of this advice and lose your wallet... I ain't responsible. Conversely, if you read and breathe in these opinions and make a buck or two... I can't participate in that money either. Let's see if ‘Free Advice' is worth its price:

* If you have a pad, extra money, reserves, a ‘worthwhile' bank account... (It's) probably not a bad idea to start buying/chipping away at big companies and potential mergers at low prices. First, you'll have to have some extra money floating around. Second, you'll have to have a semblance of faith in the U.S. Stock Market. Third, buy low. If you aren't looking to die tomorrow, they just may sell high.

* If you are currently poor, barely able to keep up with bills, watch an infomercial and your problems are solved. Seriously though, practice resolve. Practice patience. And knock on those doors and answer those bells and survive. Thriving seems to be the next, logical, step... work hard and be persitent. I would love to give you a magic pill but that adage is the damn truth, work hard and be persistent. Along with that, ethics will keep you doing business for a long time.

* The Government bailing out anybody... goes against the natural rule of Man-Made Rules. Plus, it probably screws up that ‘Capitalism' thing going on. If economic life becomes a barren desert, I'm quite confident that the folks, who milked from cactus's now, should be around at the end.

*Pre-payment Penalties... I'm convinced their main purpose was to ensure the return they quoted their investors. Fair enough, I don't think they should be outlawed. Let me say this, I believe in Loan Re-Modification. If a Loan is modificated in any facet, it must present terms better than the original one... unless the loan was defaulted on before the modification process even began.

* Sub-Prime Mess - In simple terms, give me a break! This isn't Sub-Prime's fault, they're just the easy scapegoat since they are pretty much out of business or aren't the loan du jour. As you swallow the ‘cooked books', follow the money. (For you Mortgage Professionals out there, you give me a good (70% or less) LTV & a clean Mortgage History, I'm making that Loan. I'll make sure they are currently working, but won't ask for their most recent pay-stub. In my mind, that's portfolio. I don't care what their credit score is!)

Folks, that's real. It may or may not turn out to be correct, but it is damn REAL. Even when you know what you are talking about, it doesn't mean people will listen. Nostalgia creates geniuses of many.

I'm calling for a Sitcom... based upon Mortgage Lending!

Jason Sardi, Pennsylvania Mortgage Broker (First Choice Equity Group Inc.) — Sat, 12 Jul 2008 20:33:50 -0500

*Warning* - This is a long one...

It's later than I expected, but my desire for this has been long coming. I title my particular blog, "The Insider's Insights on Mortgages" but I have yet to express to folks the workings behind that often foggy door of Lending. Shame on me, for that. I may actually spend some time on this post for once, if I do it right... I think it will be important.

The title of this post is, I admit, a tad misleading. While I think it could become a hot ratings sell, I don't necessarily foresee a sitcom based on the Lending institution... just yet. The point I want to drive home is a greater understanding of the money (financing) side of Home Loans and what we do and how we do it. Actually, I want to identitfy some of the psychology behind the whole deal. It's my belief that a better understanding by Agents, Consumers, Appraisers, Inspectors, Title Companies, etc will make all of our lives just a tad easier. While I want to say it poetically, plainly, & eloquently, I'll just say it. I only hope that the following properly expresses my point.

Before I knew what a mortgage was, I thought you made mad money on every deal you did. I never majored in business or finance, did the accounting thing for about a year, and eventually graduated with degrees in Psychology & Philosophy. Frankly, they were the only subjects that held interest for me at the time. I looked at College for what it was (or what I thought it was) a highway to knowledge ... not an occupation. In my case, I was right. Yet, I wasn't right about the Mortgage Process... not at all.

*Skip the next few paragraphs if you want to look into the Inside, rather than hear any inkling of my own story*

So, I entered this business because I wanted to make some coin and have a career. I wanted to help people and make some money doing it. I thought, "Who better than me to be a part of an Industry so important to our Country?" It took awhile to get my foot in the proverbial door, but eventually I went to work with a small firm in Allentown, Pa by the name of First Choice Equity Group Inc. I've looked back since, I won't lie.

My first year was wonderful, I marketed my posterior off and did rather well. While I didn't know much about Mortgages, I had a wonderful support TEAM behind me who made sure my mistakes were minimal and cost effective. Everything was by the book, which I knew ... even then ... may hurt us in the short run. It pays to be a criminal... just not in the long run.

Then came the second & third year, my head was so far up that same posterior that my forehead was touching my tongue. I was dealing with demons and doing my clients, my company, & myself a disservice. I floundered like a fish out of water and was ready to drown before I realized something somewhat profound... "Take your head out of your posterior and look square in the mirror. Wipe that colored stuff off your face and move on. Don't let YOU hold back YOU! And don't let YOU ever hold up or back the very people you were meant to help"

Year four was a bore. I was just trying to make up for lost time and trying to survive. I was on a mission, but as missions go ... it tends to be a slow and steady process. I worked that tail that sometimes wags me off to get there. And I did. I moved from resident ‘head case' to the top producer... not only in our office, mind you. There were waves of recruiting efforts aimed at me across the board when my head was on the neck and body that seems to guide it. The fact that you care about transactions and people isn't mentioned often enough, and despite my faults, I did and I do. Sure, year four was a bore. Yet, I was damn sure it wouldn't be any semblance of my legacy. There's an ego in all of us... wanting to be greater than we actually are. I don't want to be great, I want to be me... that, in the end, may just fit the bill. If I don't, at least I won't look in the mirror and cry.

Years five & six, I'll skip... for now. They are less tragic in nature, I was doing my job rather well ...

*Ok, back on something you may want read... the insight from the insider*

And soon after came a point where more than dust hit the fan. Things were starting to turn outrageous. While at one point it seemed almost anyone could get a mortgage, now it's like taking a limp piss into a full-blown wind. It's as if everyone is watching their asses at this point ... barely making enough loans to call themselves a lender. The following will tell more of the story... based upon (and not loosely) an email I got... which showed me where the problem always lies.

‘Hey Jason, hope you are doing well and business is flourishing! I just wanted to tell you about a wonderful opportunity that many Mortgage Brokers are taking advantage of since things aren't as pretty as they once were.'

My response, while snide, " Pretty, eh? Some folks call me a ‘Loan Officer' or a ‘Mortgage Consultant' or a ‘Loan Originator' and the beat goes on. In this state of being, in this industry, I call what I do ‘Chaos Control'."

His retort was simple and spoke volumes, not necessarily about him, but about this Industry.

"When we were making three digits a year the chaos is easy to deal with."

Hmmmm, I'm sorry but when did you staple a number to people's lives? You're making handfuls of money and then all of a sudden, when you are not... you bail? I'm not wearing a Rolex, I'm not sporting a thousand dollar suit and I'm certainly not encaved in a half a million dollar home because of the 'boom'. A bulk of that is my fault but I never lost sight of why I wanted to do this... to help. While I understand in the Capitalistic Society we live in, you have to earn money, I will also understand but never agree with those who get in and get out. Financially speaking, they are probably wise. Ethically, I wouldn't trust them to feed my cat. And Baxter is an eater by the way:-)

Some folks have left the Mortgage Industry because it wasn't their thing and they had to do something else to live. I get that, understand that, & respect that. I've met a ton of good people who I wish were still in this Industry, but are no longer.

The main problem with everything can be summed up with one word, five letters, one syllable, Greed. I've said it before and I'll say it again, that's the downfall of any business, society, economy, & human relationship for that matter. Greed can be good but not in the way we have and continue to practice it. Self-Promotion & Self-Gain and that's it. While I know this world is a great big place, it's really very small. I firmly believe in the 'survival of the fittest' mentality, but that mentality means helping each other out, that's how we survive. If we don't, problems will linger like the soft scent of a candle in a once barren corridor.

"When we were making three digits a year the chaos is easy to deal with." That mentality scares me, not because he or she is opportunistic... but because he or she was into it without others in mind. Or, so it seems. This process, Mortgage Lending, is just as much about caring as it is about closing a deal. Or is it...

Money & Power intrigue us. The concept or reality, whichever you are living, presents a wealth (pun intended:-) of opportunity. Don't get me wrong, I would never want to turn our culture or country into a socialistic or communistic operative, but I do want to call a spade a spade. Our humanity is just a subtle breath of everything else. That's scary. That can be changed. When we start to care, to be selfless, to be inclined to look out for somebody else's best interests ... then, this will truly turn around. Perhaps I'm waxing philosophical here and I certainly didn't spend nearly as much time on this post as I should have... that just makes me a 'D' student with a loud heart. Money & Power intrigue me as well. It intrigues me how it can both screw us up and help us out... opposite ends of a superficial spectrum. I want to make sure anyone I encounter utililize them in the good way. I also want to make sure they are ready for it. That's the thing about Money & Power... you eat well but often times sleep restless.

Some days, I feel like this. Other days, I feel like this. Bottom line, Mortgage Lending is like life, like this. Just hope that Blair isn't your Loan Officer:-)

JMS