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Mortgage PRO Week in Review -- 12/03/07 through 12/09/07

By Bill Nazur

Mortgage and Lending with First Lending Solutions NMLS ID 1325784

December 10, 2007 07:42 AM

I was honored when Jeff Belonger asked me to write this review, until I realized that I was also following Tom Burris, and Sarah Eubanks, who did an excellent job on their insight into the mortgage industry for their respective weeks! I will begin by saying that there is so much talent on this website alone, that we could probably solve the current real estate environment a lot faster, and a lot cleaner than our politicians on both sides of the aisle can. At the very least, if they merely listened, we'd have a soft landing, not an all out crash and burn!

It has been an interesting week that has extended an olive branch to many borrowers across the United States who have been waiting to hear the news. I am fortunate to have access to so many great stories this week, that I hope and pray that I'm not leaving anyone out. Also, since I'm the one doing the review, I purposely chose NOT to write anything about the current week as I gathered my thoughts...expect to see something from me next week, as this week its all about YOU!

YOU ARE THE TALENT THAT DRIVES THIS MACHINE! Knowing that you are in this industry, I believe that your voices will make a difference in the world.

Janet's article talks about the potential danger of turning our real estate market into one big scrap heap of metal by regulating and controlling it through government intervention and the freezing of interest rates. You MUST read it.

http://activerain.com/blogsview/292799/Freezing-Adjustable-Rates-is

Another supporter comes to the same conclusion as Janet, but Rich really shows some of the statistical and research data that Bank of America Investments did. I've seen this same study, and think that you need to really understand it. The reasons for these defaults are not what you think they are! Leave it to Rich to go there!

http://activerain.com/blogsview/297805/WHY-THE-RATE-FREEZE

Cheryl Hale from Florida points out several reasons why it does make sense to buy now. Her facts are right on. Take a look at her article.

http://activerain.com/blogsview/300941/Borrowers-Don-t-Wait

SPECIAL MENTION: While this story falls outside of the parameters of our coverage dates, I think it is appropriate to use, since cockroaches seem to keep making their way back as part of the survival process. Jason Sardi cuts to the chase in the creativity that is Sardi. His words were so powerful to me, that I used them in a major presentation this week as part of my speaking and consulting business to the industry. I'm a far better speaker than I am a writer, but Jason shows me the talent the other side brings to the table!

http://activerain.com/blogsview/289108/Apocalypse-How-Becoming-a

Jeff writes another great article about how deeply rooted the current issues really are. Is it really just the subprime borrowers that are to blame? Or is is possible that this will continue to spread through other sectors of the economy? My opinion is we've only started, but Jeff puts out a great case.

http://activerain.com/blogsview/299658/Will-Conventional-loans-be

It seems to be that the common consensus is to leave things alone, and let the markets solve this issue, sort of let the chips fall where they may. Bob Mitchell from St. Louis wrote an excellent piece arguing for government support. To me the value of this site, is being able to recognize the arguments that are being presented so you can understand the differences across America.

http://activerain.com/blogsview/295910/I-m-From-The

Then Ken Cook comes along and says that he doesn't really care what anyone has to say....ok, he didn't really say that, but I like his message. REGARDLESS of what might be happening, here are some great reasons to buy now! Without further ado, take a look at his article.

http://activerain.com/blogsview/295297/Why-To-Buy-NOW

Rey Gallegos comes along and tells us what is already happening with the cost and risk factors in current and future lending, as a result of the current defaults and delinquencies in the mortgage markets.

http://activerain.com/blogsview/298322/I-blame-you-for

Michael Tarraboto probably has the easiest, most understandable explanation of the impact of Fannie Mae, Freddie Mac, and the future of real estate values....because after all, who really cares about the cost of funds, and any other possible real estate or mortgage related story, if property values make it nearly impossible to borrow money? Its somewhat high level, but again, Michael does the best job I've seen of explaining this to consumers and industry experts alike.

http://activerain.com/blogsview/281272/Fannie-Freddie-and-the

Andrew Lenza comes along from Joysey, and throws Scrooge's interpretation into the mix. It makes you think how life imitates art! Or is it the other way around? Either way, Andrew figures it out...............go read it!

http://activerain.com/blogsview/294379/If-Scrooge-s-Jacob

Summing it up, while I do not believe that ANY of the talent I've mentioned will NOT be around in 2008 and beyond, Brian's analysis at the future speaks to the industry. Half of the people on this site, and in the industry will not be able to survive through the current downturn. You never know if Brian is on your side, or just writing a great counterargument to get you to think and define your position. Either way, he is a well thought out, and interesting read.

http://activerain.com/blogsview/293705/The-Active-Rain-Community

And with his analysis, I revert back to Jason Sardi's insightful and impactful post that gets you thinking that if you're around in a year because you were able to focus on the basics, adapt, survive, and then thrive.....that maybe being a cockroach isn't so bad after all?

I know the coming weeks will be thoroughly exciting when you see the talent we have lined up! Our Christmas gift to you is to bring you the best and brightest talent through the end of the year....so look who we have coming..............

1. Mike Mueller 12/10/07 through 12/16/07

2. Cheryl Hale 12/17/07 through 12/23/07

3. Jeff Belonger 12/24/07 to 12/30/07

Bill Nazur has an extensive background in finance & mortgage lending who gets to serve as an author, speaker, and consultant to the real estate industry, as well as a featured regular guest on FoxBusiness, MSNBC, and Univision. Bill also hosts a new radio show at www.realcoachingradio.com, along with a thriving (yes, its thriving, not just surviving!) mortgage business, powered at Bank of America Mortgage. If one of the many talented professionals on this site cannot help you, please feel free to contact me as I can also lend in all 50 states. While Real Estate is local, knowledge is universal. I hope to help you soon.

Also, since Elizabeth Nieves just MeMe'd me, I hope you'll take a look at that post regarding my current reading materials. http://activerain.com/blogsview/298916/MeMeMeME-How-Elizabeth-Nieves

Now don't you DARE think that you couldn't be involved......

Mortgage blogs by loan officers Here is a list of Loan Officers. If you are not listed, please email Jeff Belonger to be added. This way the person doing the Mortgage Pro week in review can try and find most mortgage related posts in one section. ActiveRain is growing rapidly and it is difficult to keep up.... If you think you have been ignored, you have not. This is open to all!!!

MORTGAGE PRO Week in Review A repository for the Mortgage Week in Review. Please don't hesitate in joining this group.

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Sarah Eubanks

Hill Valley Financial Services - Oregon City, OR

Preferred Oregon Loan Consultant & Notary Public

Bill ~ No, you chose many I enjoyed! Besides, you highlighted Sardi again...my number one pick from last week. That is great validation! Truly, you did a great job, Bill. Be proud!

Dec 10, 2007 01:42 AM

Bill Nazur

First Lending Solutions - Riverside, CA

Sarah

Thank you....it was fun but challenging.....

Rich

You had one of the best analyses out there on this topic. Some days I'm serious, and pay attention, and others, I'm just a clown! Glad you enjoyed that one.....

No doubt that this market allows for benefiting from the many changes if you can see through the smoke and mirrors. From what I've seen though, I think the rates are already priced for the added discount, except in very rare circumstances, so I don't know how much we'll see towards the end of the week. Then again, you can expect to hear more bad news on write downs which will push bond yields down further.

Dec 10, 2007 03:02 AM

Cheryl Hale

SMP Mortgage, Inc - Plymouth, MI

Mortgage Loan Originator NMLS#276668

Bill,

Great job! I missed a few and I'm going to go back to read them. So much valuable information. My turn is coming up soon..I have some big shoes to fill!! And thanks for the mention.

P.S. Wonder why this didn't get featured outside of the group? Did I miss something?

Dec 10, 2007 07:34 AM

Jason Sardi

Auto & Home & Life Insurance throughout North Carolina - Charlotte, NC

Your Agent for Life

Bill - Good work outlining some very important reads. Thanks for the mention amigo, the check is in the mail:-)

Dec 10, 2007 08:12 AM

Bill Nazur

First Lending Solutions - Riverside, CA

Sardi

You earned it.....I'll be waiting for my referral fee, ya cockroach!

Dec 10, 2007 09:05 AM

Cheryl Hale

SMP Mortgage, Inc - Plymouth, MI

Mortgage Loan Originator NMLS#276668

Bill,

I spoke too soon..I see this got featured..great job

Dec 10, 2007 10:36 AM

Janet Guilbault

Platinum Home Mortgage Company - Walnut Creek, CA

San Francisco Bay Area Direct Mortgage Lender

You guys just like Jason's post because who else other than our very own Jason could come up with a mortgage post about cockroaches?

Just for recognizing him twice for the same cockroach post, I have decided to write my own post about cockroaches. So there.

Bill: Fabulous job, and one of the most intesting mortgage weeks I remember.

Dec 10, 2007 10:58 AM

Ann Cummings

RE/MAX Shoreline - NH and Maine - Portsmouth, NH

Portsmouth NH Real Estate Preferrable Agent

Hi Bill - this is a nice summary of some good reading that I missed. I caught Jason's stuff but missed the others, so will use this to catch up on them.

Thanks for putting this together for those of us who missed these posts!
Ann

Dec 10, 2007 11:08 AM

Bill Nazur

First Lending Solutions - Riverside, CA

Cheryl....

Wewh....I was starting to sweat......

Janet

Thanks...I tried to keep it interesting, and take a different spin...I cannot wait to hear your take on cockroaches.....what have we started here?

Dec 10, 2007 11:16 AM

Bill Nazur

First Lending Solutions - Riverside, CA

Ann

Didn't see your comments sneak in there......

thanks for noticing.....there is some very powerful information with the posts that we just aggregated. I'm fortunate to have so much occur during that specific week.

Dec 10, 2007 11:17 AM

Janet Guilbault

Platinum Home Mortgage Company - Walnut Creek, CA

San Francisco Bay Area Direct Mortgage Lender

Oh Bill, I was raised in New Orleans and lived in Dallas before moving to California. I have cockroach stories. I just need to figure out how they relate to the mortgage world.

We could have a cockroach meme. LOL

Dec 10, 2007 11:34 AM

Bill Nazur

First Lending Solutions - Riverside, CA

Janet

I'm afraid.......very afraid......

If someone can pull this off, my vote is in your court as a finalist already....

Andrew

You very much earned it. I'm starting to see a trend here with people from the east coast promising funds and not delivering. Might have to send some of my boyz out your way to collect ....:)

Dec 10, 2007 05:16 PM

Brian Brady

Matthews Capital Markets - Tampa, FL

858-699-4590

Nice work, Bill.

If it helps, I'm always on the side of critical thought.

Dec 10, 2007 06:14 PM

Bill Nazur

First Lending Solutions - Riverside, CA

Brian

Thanks...

I always enjoy your thought processes.....I thought you fell off your rocker with the Brady plan the other day as I started to read it, and I thought you'd gone socialist on me. :)

Dec 11, 2007 02:38 AM

Brian Brady

Matthews Capital Markets - Tampa, FL

858-699-4590

I thought you'd gone socialist on me.

Haha...nope. If everybody reads through to the end, they'll see it's a satirical post. This too shall pass...in about 2 years.

I'm a fan, Bill

Dec 11, 2007 10:03 AM

Bill Nazur

First Lending Solutions - Riverside, CA

Brian

It was a great post.

Great minds think alike, or have we just become jaded?

Dec 11, 2007 11:25 AM

Kaye Thomas

Real Estate West - Manhattan Beach, CA

e-PRO, Manhattan Beach CA

Bill .. Thanks.. I've missed a number of these posts.. I really don't think the pweres that be get what is actually happening or how angry those who don't get a bailout will be at those who do.. although I suspect that number is going to be significantly smaller the the hype leads people to believe..

Dec 12, 2007 05:11 PM

Bill Nazur

First Lending Solutions - Riverside, CA

Kaye

It is a tangled web indeed......the raw numbers of people in trouble is staggering, and in many ways reflects our societal beliefs of demanding what they want now! Also, there are so many innocent people caught up in this mess, that was never envisioned. The number of people that will receive help are tiny. Sadly, I have access to many of these numbers as part of my consultancy.

Dec 13, 2007 02:19 AM

Lance Winslow

The Car Wash Guy - Malibu, CA

Wow, Bill, this was very informative indeed, keep doing this, I am going to subscribe to your blog, great stuff. - Lance

Dec 26, 2007 08:33 AM

Bill Nazur

First Lending Solutions - Riverside, CA

Lance

Thanks for stopping by...this was a particularly fun week to summarize.

Look forward to your continued participation!

Dec 26, 2007 09:27 AM