california mortgage expert: Romancing the Loan: Learn or Burn, Baby. Its A Different World Now - 05/08/08 05:49 PM
I have an idea for a new soap opera. Please, Brad Andersohn, bring on the flip cam, and be my producer. The name of the new soap is "Romancing the Loan".
Stock is rising for mortgage brokers who KNOW HOW TO ROMANCE THE LOAN. In the past, very little emphasis was placed on these … (43 comments)
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california mortgage expert: Ben Bernanke and The Rotten Eggs - 05/06/08 11:28 AM
Earlier this year, as Mr. Bernanke continued to drop rates, I came out with the following statement: It isn't about rates. Its about guidelines. Rates could go to 2% and real estate can be cheap, but it doesn't matter if no one can qualify for a mortgage.
Those of us in the mortgage business could easily … (8 comments)
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california mortgage expert: Mortgage Pro Week In Review 4/28 - 5/4: The Envelope, Please - 05/05/08 11:58 AM
Okay, who turned the faucet on? Our mortgage writers came out in force this past week, churning out brilliant posts and stirring up controversy everywhere in the Rainer Nation.
Inspiration seemed to be contagious when one post hatched the next, blazing the trail for some of the most amazing (and lengthy) comments you can imagine.....posts within … (24 comments)
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california mortgage expert: Bring Back The Stated Income Loan - 04/24/08 10:42 AM
The biggest docmentation challenge facing mortgage applicants in this brave new world of EXTREME DOCUMENTATION is (choose one):
A. Having enough assets
B. Having enough income
C. Having enough downpayment or equity in property
D. Having a mortgage broker smart enough to put together a puzzle with 1000 small pieces and no picture on the cover of the box
Okay, I threw … (65 comments)
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california mortgage expert: The Stars Line Up for First Time Buyers in California - 04/19/08 10:33 AM
Our area of expensive real estate out here in Coastal California is famous for many things, but NOT for first time buyers. Long ago these buyers were chased away by high prices into the interior of California where vast stretches of open land meant builders could build cheap houses, and cheap gas meant that buyers could … (5 comments)
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california mortgage expert: Zoom Zoom Cash and The Lifestyle We Couldn't Afford - 04/12/08 08:57 PM
For years, Californians thought it was pretty funny to lament about our zoom zoom real estate. With glass of wine in hand and proverbial balmy weather as a backdrop, friends would often whisper to each other: "We couldn't even afford to buy the house we live in".
Then they would laugh.
Well, no one is laughing anymore. That's because even though we … (20 comments)
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california mortgage expert: Dear Wonderful Bank Customer: You and Your Equityline Have Been Kicked to the Curb - 04/10/08 09:57 AM
If you never take any advice dished out in this blog, please make an exception today. If you have an equityline, YOU NEED TO TAKE ACTION TO PROTECT YOURSELF from a liquidity crisis. You have the opportunity to out maneuver the bank and protect your financial health in these trying times.
But … (14 comments)
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california mortgage expert: Breaking News: Wamu Is Exiting the Wholesale Mortgage Business! - 04/07/08 06:40 PM
Early details are still flowing in, but we have received an E-mail from our WAMU rep confirming that Wamu has exited the wholesale mortgage business. Any submission of a loan not received by Wednesday of this week will not be eligible to close with Wamu.
Done. Finished. Over.
This ranks up there as some of … (22 comments)
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california mortgage expert: One McMortgage, Please, With A Side of Lies - 03/31/08 06:43 PM
Not too long ago, getting financing for real estate was a lot like ordering FAST FOOD.
"One McMortgage, please". Sure enough, when you got to the drive through window, there it was.
So easy you could keep the conversation going on your cell phone all the way to the drive through window. So easy, you barely looked … (90 comments)
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california mortgage expert: Throwing Gasoline on the Fire: Is There An Even Worse Subprime Disaster Around the Corner? - 03/26/08 10:20 AM
I couldn't help but wonder if we are throwing gasoline on the fire when a most intriguing comment by a newer member was placed on a recent post of mine about the housing/mortgage crisis. I guess with all the hip-hip-hooraying about FHA coming back on the scene here in California (with higher limits that supposedly will … (31 comments)
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california mortgage expert: Jumbo Mortgage Madness: Where is the Salvation Promised By Higher Conforming Loan Limits? - 03/26/08 10:08 AM
Way out West in the land of JUMBO MORTGAGES, we don't get a volume discount when we borrow a BIG CHUNK of CHANGE to buy our PRICY real estate. We get a VOLUME PENALTY, and let me tell you, these days that penalty is HUGE. Jumbo money, no matter how you look at it, is ridiculously … (47 comments)
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california mortgage expert: The Mortgage Crisis, As Explained to Car Geeks - 03/16/08 12:40 PM
I'm in beautiful Sedona, Arizona, with all my friends in the auto leasing business. They all own leasing companies in Arizona, California,and Oregon. Naturally, they have asked me, the one real estate person in the group, to explain the mortgage crisis to them.
They also asked me to explain blogging, but I … (14 comments)
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california mortgage expert: Mortgage Person, Take The Wheel (And Try NOT to Crash This Car) - 03/07/08 11:15 AM
I have often thought that real estate agents, in reality, are the originators.
Nothing happens unless buyer and seller are brought together and sign on the dotted line. It may be just a piece of paper, but it represents hours, days, and sometimes months of hard work, and you haven't even been paid a dime. Work that has been … (51 comments)
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california mortgage expert: Confessions of Dummies With Goofy Mortgage Loans - 03/04/08 11:16 AM
I love talking with clients on Saturday mornings. It is that rare day when most of are out of our business mode, in our jeans, and hanging out anticipating those 2 whole days of delicious weekend freedom.
Myself included. But once a month, I call my "hard to contact" Internet leads, just to make certain no stone goes … (2 comments)
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california mortgage expert: Inside the Mind of An Internet Shopper: I Put In My Dollar, Now Gimme My Coke! - 03/02/08 01:33 PM
ARE WE KIDDING OURSELVES ABOUT UNDERSTANDING INTERNET SHOPPERS?
When we Web 2.0ers dream in color, here is what we see: Mr. IRES (Internet real estate shopper) throws magic key words into Goggle. Because of our fabulous SEO savvy, he is led to our blog. Eureka!
He is madly in love with everything he reads and can't … (16 comments)
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california mortgage expert: Unpermitted: California's Secret Little Property Tax Revolt Is a Ticking Time Bomb - 02/29/08 07:31 PM
"Chad" (not his real name) THOUGHT he was one of the lucky ones. His house had sold, and the buyers were lender approved.
Then the appraiser delivered the devastating news that caused the whole transaction to blow up: The appraisal on Chad's house could not include the entire 700 square foot downstairs area that had been converted … (14 comments)
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california mortgage expert: Max Out Your Equityline Before You Are Frozen Out by the Bank - 02/27/08 02:40 PM
In my e-mail today from some of the other mortgage brokers in the office:
First E mail:
A friend of mine has a 2nd with Indy Mac. She owes 25k and has a line amount of 100k. THEY HAVE FROZEN HER ACCOUNT. I am starting to hear of this more and more. If … (13 comments)
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california mortgage expert: From Featured Post to Good Morning America: A Glimpse Into the Unleashed Power Of ActiveRain - 02/23/08 07:49 PM
So, RainerNation, what's a girl like me supposed to think when on a regular old Friday afternoon, amid all the normal mortgage madness, the phone rings and the caller identifies herself as one of the producers of ABC's "Good Morning America"?
Check the caller ID. Yep, area code 212 (New York). Oh my gosh, … (94 comments)
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california mortgage expert: How Your Bad Boy Mortgage Could Cost You the Ability to Finance A Car - 02/22/08 10:55 AM
Yes, declining values have even hit the auto loan business.
Here's a heads up: Those guys who finance cars? They don't want you to have one of those bad boy mortgages with a negative amortization feature.
Over at our family's auto leasing company, one of our good credit buyers was mysteriously turned down when he applied for financing on his … (6 comments)
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california mortgage expert: The Anatomy Of A Foreclosure: The Sad Decision to "Let the House Go" - 02/21/08 12:10 PM
****Good Morning America called me this morning and asked to interview the real "Jake". Jake agreed and will appear on Good Morning America tomorrow, (Saturday). Segment is on the housing crisis in California. Talk about the power of ACTIVERAIN! For anyone who wants to see the REAL "Jake", tune in tomorrow!
It is … (86 comments)
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