loan: Countrywide Acquired By Bank Of America - 01/11/08 07:54 AM
In what will probably be the biggest merger of the year in the mortgage industry, Bank of America has purchased Countrywide Financial Co. at the tune of $4 billion.
I have blogged about the various articles that have been released today about this acquisition in my Loan Officer Tips blog.  I would love to hear your comments on this since it will be one of the major factors in the overall economy throughout the year.
Here is a direct link:  www.LOTrainer.com
I look forward to hearing from you!
(8 comments)

loan: Update MY Secondary Blog - 01/09/08 01:33 PM
I wanted to briefly let you all know that I have updated my Loan Officer Sales and Marketing Tips blog.  I went a little off topic in the past post with the concept of The 3 F's of Sales, but I am back on track with the Pre-Qualification 2.0 Series with today's post!
Also, I will be making this series into a mini-book for Loan Officers.  If you would like to get a copy emailed to you, feel free to either leave a comment, or shoot me a quick email!
Here is the Direct Link:  www.LOTrainer.com
I hope everyone is having a great 2008 … (3 comments)

loan: New Blog Started - 01/08/08 02:44 AM
Hi Everyone!
I wanted to give you all a quick update on my blogging world.  Even though I love the AR community, I was asked by a couple of people within the industry to start a secondary blog about Loan Officer Training.  So, I have started the Loan Officer Marketing and Sales Tips blog.
If that link doesn't work, you can try www.LOTrainer.com.  I look forward to all of your comments and ideas, and I will update you all when I update that blog (Typically Monday, Wednesday, and Thursday).
I hope everyone is having a fantastic beginning to 2008!
(2 comments)

loan: Getting Into Home Improvements with Your Client - 12/26/07 03:19 PM
Over the past couple of years, equity has been extremely accessible to our clients.  Times in our industry are changing with regard to guidelines and lending ability.  However, that shouldn't distract your from creating a relationship with your refinance clientele.  I have touched on the refinance with debt consolidation clients in my previous post, and I would like to touch on the refinance with Home Improvements clientele as well for this post.
These clients are just like any other refinance client where they are looking for the loan program that fits their needs and overall goals.  They might superficially want the best … (0 comments)

loan: Questions For A Client: Refinance With Debt Consolidation - 12/20/07 10:07 AM
If you haven't read "Phase 1: Your First Contact With A Client" then please feel free to do so prior to reading this post which is an extension of the first contact.I briefly mentioned that the first contact with your client should be a relationship building experience. You should be getting to know your client, and your client should be getting to understand that you care about him/her.With that being said, we have to remember that relationships aren't built on standardized questions from a blank paper (or Calyx Point 1003). Relationships and trust between two individuals are built with the sharing … (0 comments)

loan: Phase 1: First Contact with Your Client - 12/14/07 11:05 AM
Whether your client has called in, submitted something on the internet in the form of a paper lead, or is a referral they all want to know two things: rate and payment.  Right?
It's our job in the mortgage banking and loan origination industry to shift our client's focus from rate to service and benefit, and it all starts with the first contact.
How many of your battle with your client to give up an application in the first phone call?  I am assuming quite a few (unless you have been listening to David Bartels in action).  Let's flip it for a second:
If … (2 comments)

loan: Reverse Mortgage (HECM vs Proprietary Bank Program) - 12/06/07 03:59 PM
Over the past couple of days, I have recieved several questions regarding HECM/HECL loans vs. proprietary bank Reverse Mortgages. Here's the deal on these:HECM (Home Equity Conversion Mortgage) or also known as HECL (Home Equity Conversion Loan). These programs are backed by FHA, and typically have significantly high closing costs. These closing costs are standard to the industry (2% origination for FHA, and 2% origination for the bank). However, the HECM's/HECL's typically allow for a higher net benefit (overall cash proceeds) because there is less risk involved when FHA insures the loan. This means that you can use a higher LTV … (0 comments)

loan: Market Preview (Week of November 5) - 11/05/07 01:08 AM
Well, compared to last week's assortment of economic news, this week is going to be a breeze.  Being released this week are one quarterly report, and two monthly reports.  With regard to importance of these publications, the quarterly takes more precedence.  To relate this to mortgage pricing, we will most likely have a flat week (as long as the stock markets don't run the roller coaster ride that they had going last week). 
The 3rd Quarter Productivity report is scheduled for release on Wednesday which is anticipated to mirror the second quarter's figure of 3.1%.  If this happens, it shows expansion of … (0 comments)

loan: Market Update - Lock or Float (November 2) - 11/02/07 06:06 AM
I hope everyone is having a great Friday so far!  There has been a lot of news and happenings with regard to the Mortgage Reform and Anti-Predatory Lending Act of 2007.  If you haven't read it yet, or heard of it, please do some research and really look into the subject.  It could potentially be the biggest event this year!  But, on to the market update!
Today's bond market started out in a positive area (up 10/32) even though there was strong and relevant economic reports/statements released.  With regard to the stocks, the Dow is down by 95 points right now, and the Nasdaq … (2 comments)

loan: Market Update - Lock or Float (November 1) - 11/01/07 03:22 AM
I would keep floating your loans today as well.  I included some pretty informative articles at the bottom of this as well, but here's why I am floating my loans today:
The bond market started out extremely strong this morning (up 29/32) while the stock market is down (Dow by 225,a nd Nasdaq by 42).  Due to the stocks slipping and very weak news for the economy, the bond market is seeing a huge benefit as investors are transfering their monies to a safe-haven.  All that said, you probably aren't seeing a huge difference in mortgage pricing today because of yesterday's late bond market slope.  … (0 comments)

loan: Market Update - Lock or Float (October 31) - 10/31/07 04:30 AM
First of all, Happy Halloween, and I hope you all are getting treats (deals and closings) rather than tricks!!  I have to say that I feel a lot more confident from yesterday floating my loans.  Here's why:
The bonds opened in a negative territory (6/32 down) this morning due to the stronger than expected GDP report.  Right now, the Dow is up by 52 points while the Nasdaq is up 12.  The stock markets are showing early gains with the Dow up 50 points and the Nasdaq up 12 points. Today's rates are going to be a little higher (about 1/8 of a … (0 comments)

loan: Market Update - Lock or Float (October 31) - 10/31/07 04:28 AM
First of all, Happy Halloween, and I hope you all are getting treats (deals and closings) rather than tricks!!  I have to say that I feel a lot more confident from yesterday floating my loans.  Here's why:
The bonds opened in a negative territory (6/32 down) this morning due to the stronger than expected GDP report.  Right now, the Dow is up by 52 points while the Nasdaq is up 12.  The stock markets are showing early gains with the Dow up 50 points and the Nasdaq up 12 points. Today's rates are going to be a little higher (about 1/8 of a … (0 comments)

loan: Market Update - Lock or Float (October 30) - 10/30/07 03:56 AM
Welcome back, Folks!  I apologize for not updating this over the past couple of days; I was in Central/Upstate New York visiting family!  Anyway, here is the update for today!
Flat is the only explanation for the bond market today.  Contrary to weak economic news releases and the early decreases in the stock market, the bonds haven't really changed at all today (so far).  The Dow is down by about 45 points, and the Nasdaq is down by 3 points thus far.  As of right now, the mortgage pricing will probably be left unchanged until this afternoon.The Consumer Confidence Index for October … (1 comments)

loan: Market Update - Lock or Float (October 26) - 10/25/07 05:30 AM
First of all, I apologize for not getting the update out yesterday!  I know that a lot of you are reading this, so here is today's:
The bonds opened a little flat even though we experienced relevant economic news yesterday with the existing home sales report. With regard to Wall Street, the Dow is currently down about 102 points and the Nasdaq is down about 36 points. The bond market is currently up by .012%.  Due to yesterday's "comeback" on the market, we have seen a very slight improvement in pricing today so far.
The Durable Good Orders for September was released by the Commerce Department which … (3 comments)

loan: New Construction - 10/22/07 06:26 AM
I have been getting a lot of requests for New Construction financing.  The clients have been telling me that they would have to get the lot first and finance the construction, then they would have to get permanent financing in place.  I cannot tell you how relieved they were when I told them they didn't have to go through that entire process!
There is a couple of loan programs that I offer which are designed specifically for new construction.  Here are the features:
You only close one time.  This means you don't have to qualify two times, and you don't have to worry … (5 comments)

loan: Market Update - Lock or Float (October 22) - 10/22/07 04:28 AM
And onto this week, folks.  Today's bond market is down a little (3/32) contrary to the stocks dropped more this morning.  Currently, Dow is down 52 points and Nasdaq is ahead 2 points (for now).  Basically, we are looking at similar rates to Friday.
There are no reports scheduled for publication today that would effect our industry, but there are quite a few (4) reports that are scheduled for release later this week along with a Treasury auction.
Existing Home Sales for September is going to be released on Wednesday morning while the New Home Sales for September is scheduled for release on Thursday morning.  In general, … (2 comments)

loan: Market Update - Lock or Float (October 16) - 10/16/07 07:59 AM
As a summary, I would still recommend to float all loans that you plan on closing until the actual closing date for right now.  Please keep reading for more!
Today's stock market is giong through yet another down period today while the bond market is slightly increasing.  The Dow started out 91 points down, and is currently 75 points down.  The overall bond market was up this morning about 6/32 while the 10-year bond is currently down .034%  Generally, with this kind of news you are looking at an improvement in mortgage rates, but only in the amount of 1/8 a discount … (0 comments)

loan: Family Update - 10/15/07 03:31 PM
I figured that I post enough Real Estate "stuff" that it's time to digress a little bit and really hit home.  My son just turned 6 months old, and it's going by extremely fast!  At his appointment he was weighed in at 20 lbs 5 ounces (97th percentile), and was 28 inches long (95th percentile).
Now, to give you a little insight if you can't tell from the picture to the right, my wife is 5'0" tall and I am maybe 5'9" on a good day, so there must be something in the water here in Meriden, CT.
Back to Tyler; he is … (4 comments)

loan: Market Update - Lock or Float (October 15) - 10/15/07 06:26 AM
Big changes on the lock/float front today.  So, tune in, and away we go:
Today started off a little slow with regard to the bond market even though the overall stock market had posted losses. The same can be said for the stock market as of right now; early weakness where the Dow and Nasdaq are down (Dow is 60 points, Nasdaq is 10 points). With regard to mortgage rates today, you can expect to see them be slightly increased from Friday primarily because of the bonds down 2/32.  A good estimate of how much higher is about an eigth of a discount … (0 comments)

loan: Market Update - Lock or Float (October 12) - 10/12/07 02:18 PM
The bond market opened in the negative after mixed economic news this morning. Stock rose slightly with the Dow up 52 and Nasdaq up 26 points. The bond is currently down 6/32, but because of yesterday's showing of strength, there will most likely be a minor improvement in mortgage rates today of approximately 1/8 of a point.September's Retail Sales data was the first report to enter today's market. It revealed an increase in sales of 0.6% from last the previous month's (August's) levels. This turned out to be good news because it was significantly higher than the 0.2% increase that was anticipated.  Also, it … (0 comments)

 
Andrew Scherer, Real Estate Representation At It's Finest (Approved Mortgage Group)

Andrew Scherer

Real Estate Representation At It's Finest

Doylestown, PA

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