Mortgage Pro Week in Review--12/17/07 through12/23/07

I was honored when Jeff Belonger asked me to write this review. The holidays are near,and everyone is so busy, yet so many of you continued your dedication with quality posts.  I'm glad to have the opportunity to do this review because without it, I would have missed out on some great posts to share with you. It was difficult to narrow the choices, but I gave it my best shot.  I hope they inform, enlighten and inspire you.

Having been born and raised in Detroit, I rephrased a car slogan that popped into my mind which seemed to provide a good analogy to start off this Mortgage Pro Week in Review:

This ain't your daddy's automobile....this is what drives the mortgage industry  today:

In a world not too long ago a pre approval letter meant what it said. Almost anyone could get a loan. The old model pre approval letter worked. Not so today. In true Active Rain style, Scott McKay generates lots of feedback from the pro's regarding this in his post DO NOT ACCEPT PRE APPROVAL LETTERS 

Joe Adams further expands on this topic with his 2 cents in his post What is my Pre Approval letter worth???  Seeing how guidelines keep changing, how can we make everyone feel comfortable that a pre approval is worth the paper it is written on and that the deal will close?

Bottom line is we all want a deal that will close and that keeps getting harder to predict. The old models that we used no longer fit the bill. Those of us in the driver's seat have to be brighter, tougher and better engineered than before.

And speaking of getting deals closed...let's take a look at what goes on behind the scenes, on the assembly line so to speak. The people who work so hard and get so little credit for the final product. This could make some interesting reality TV...

Ken Cook gives us an entertaining glimpse into a day in the life of a head underwriter who just happens to be his wife... Dear Head Underwriter, Here Is Your Lump Of Coal, Signed ~ Santa

I bet Ken's wife would appreciate a loan package submitted the way Rey "Steak Dinner" Gallegos describes in his meaty post about other behind the scenes events that can impact the loan process ...no room for the kiddies - this playground is for professionals only...What To Expect From Your Mortgage Transaction

Try packaging a loan for underwriting with some of these issues to deal with...Matt Blum dishes up some very real and sometimes humorous statements made by would be borrowers...and generates some interesting comments along the way in his post  Things not  to tell Your Licensed Mortgage Professionals...  

And last but not least in the behind the scenes category, I found this gem by new member Tana Hunt - her first post describing a hectic day spent overcoming hurdle after hurdle to make a closing happen. ..Christmastime  Tana may be new to Active Rain. but she's a seasoned pro.

The professionals who know their stuff, communicate, adapt new strategies, and go the extra mile are going to be the one's who will not only survive, but thrive in the future in our industry.

Moving to the future - a couple of insightful posts provide food for thought as we continue to adjust and adapt to new models:

Chris Pollinger provides us with an insider's view on thoughts and predictions from some major industry players...is wholesale slowly and sneakily going away??? The Death of the Mortgage Broker . Bookmark this one and let's see if these guys are right.

Moving into territory that isn't often discussed, Mike Jones comments on how escalating housing prices in China can have implications for us here in the States... Housing Prices Up 10% in 70 Major Markets. This Could Be a Problem. Will China have to swallow the same bitter pill that we have???

Speaking of pills, Jeff Belonger offers up a prescription here Do you want that ultimate pill to relieve all mortgage related problems?

Off to the hybrids...

Being an animal lover, I can't resist the opportunity to focus on this one...I'm sure this is happening not just in CA, but all over the country...humans are not the only victims of foreclosure. Catherine Meyers tugs on the heart strings with this post...The unintended victims of foreclosure: THE PETS

This post isn't mortgage related, but I wanted to mention it because it's the holiday season. In the spirit of giving, let's remember those who give so much and are so far away from home and family this time of the year. Take a couple of minutes to send a thank you email postcard to our troops. The postcards were designed by school children from across the country.  Ernie Cabrera tells you how in this post Support Our Troops - Let's Say Thanks! 

Finally, this last mention has been featured, and I'm highlighting it because I think it provides a fitting conclusion to this week in review as we head into a new year...Ken Cook writes a post that reflects the voice and potential of the Active Rain community. Together Everyone Achieves More....Why Active Rain Can Save Real Estate

In closing, it has been a pleasure and a privilege to write the review this week.  Wishing all of you Happy Holidays and health, happiness and success in the upcoming year.

The next 3 members : 

•1.        Jeff Belonger       12/24/07 through  12/30/07

•2.       Jason Sardi           12/31/07 through  01/06/08

•3.       Matthew Rosov     01/07/08 through 01/13/08    

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 reviewc an 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!!!  

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