..........   I'm having a nervous breakdown... drive me insane    ..........  ohhh sookie ----  Da Da Da Da Da Da Da Da Da   DAA Da Da

Ok - so I stole a piece from the repertoire of what AR legend Jason Sardi adds to his blogs... a bit of musical transition if you will.....  now here goes -

I have been working with a realtor for the past 4 months with a client I have been working with for almost a year that I had pre approved and somehow he hooked up with. This agent seems like a nice enough guy, 20 + years in the business, very friendly and engaging on the telephone. But I saw it coming......  Our first conversation started out with him asking if I would honor the rate on  the good faith I had supplied these clients ---   my clients! -                   THREE MONTHS PRIOR! 

These clients came to me with mid scores in the 400's. I got to give it to them, with great effort, lots of letters to the credit bureau and some slick negotiating with past creditors, their scores got better. Mind you, they are still sub 580 however I can get this loan closed with a manual underwrite as it meets all the guides and there are strong compensating factors. Besides the fact with proof of a few more accounts paid, satisfied and removed I can get them approved through automated underwriting. They are almost there. 

Well I tell you, Mr and Mrs Realtor, will you please concentrate on selling houses and leave us mortgage brokers alone when it comes to what rate we charge the borrowers. I apologize in advance to the responses this post will get but listen up people, unless you understand what hits to the price a sub 580 score gets and how much time and effort it takes to submit a tight package to my underwriter, please leave well enough alone. I can open that can of worms on every listing in your pipeline. I elect not to, please do the same. Now my client is asking why can't he get a rate in the 5's like he sees on TV. 97% FHA - 3% gift from mom, 4% seller help, sub 580 scores......   STOP THE NONSENSE!     

So that's where I left it six weeks ago. Today I get a call -  "   hey Lewis, the bank ( it's a short sale of course )  said they    will take the deal, can we still close this month? " Well Mr    Realtor, yes we can but I need the contract so I can get docs  drawn up, signed and submitted. He told me that he can send me the copy that is signed by the buyer and seller but he only  has a verbal from the bank   ........   I DID NOT FALL OFF THE  TURNUP TRUCK LAST WEEK! 

How many of you have seen a short sale turned around in - let's see today is the 21st and they want to close the 30th - well, that fast? Can we get it to the table that fast? You betcha! Let me ask are you mortgage gurus a question ----   How many of you submit this loan without the banks approval? Without knowing what the bank will actually accept as a payoff? And without knowing the balance on the property? 

It is a short sale people! And neither listing or selling agent knows the balance owed on the property.

THERE ARE REAL LOANS AND THERE ARE MAKE BELIEVE LOANS - do you know the difference?  I do.....

                                                                                                                                                                                                                                                                       MARYLAND FHA EXPERT