adirondack mortgage specialist: Are you still Dreaming!!??
- 10/25/07 02:42 PM
Quick Update on my mothers deal. Despite all of the obstacles that the deal underwent because of my relationship to my mother and the UW's responsibility to verify the quality of the loan by submitting the QLP to QC for final review. The final stips were cleared and we closed today, I am very happy about the fact that I was able to fulfill one of my lifelong goals of being able to provide suitable housing for my mother, father, brother, and sister. I did not have a home built for them on their property in Churubusco, NY while they were enjoying a luxury vacation at … (2 comments)
adirondack mortgage specialist: Sonyma?
- 10/24/07 01:35 AM
I just got off the phone with a Realtor associate of mine. He told me that someone will be calling me today (another referral). Thing is he said that she will be asking me about Sonyma. I have never done a Sonyma loan, so I need to learn something fast. Any of you have experience with Sonyma? As I understand it Sonyma pays for all closing costs or up to 5% of them. Does this work in conjunction with sellers concessions? Or is it either or? Also what are the income and credit qualifications? As I understand it this type of loan … (2 comments)
adirondack mortgage specialist: HaHa, I got everything you wanted ...Now please just close my loan!!
- 10/24/07 01:18 AM
I have been working on my mothers deal slightly over a month ago (sept.18th). I thought it would be a slam dunk because she meets the requirements for MCM. We ran into issues on her REO which is for all practical purposes a vacant lot (refer to "if you work for the recorders office get it right."). The tax assessor indicated that my mothers double-wide was on a slab. I proved that it is not affixed to the property by sending a property inspector up there. He did a very nice interior exterior inspection of the property and showed that it … (2 comments)
adirondack mortgage specialist: Please let my appraisal slide Mrs. UW!
- 10/24/07 12:44 AM
Anyone notice that UW's are getting real strict on appraisals? I have 2 deals in process right now with appraisal issues and my manager has 3 that are being held up in UW for appraisal issues. The difficult part is that my appraisals that are being questioned are very nice appraisals. The problem with the appraisals is that there are no recent sales within 12 months let alone 6. I am being stipped for more comps on both and the same is true for my manager's appraisals. It is difficult to comp out a property when inventory in the neighborhood is just … (11 comments)
adirondack mortgage specialist: Happy to be here!
- 10/23/07 01:36 PM
I have been getting a ton of encouragement lately from all different sources. I reached out for help and it has rained on me since. I read a newsletter today that I subscribe to that compared loan officers marketing strategies to popcorn. It was an interesting newsletter and I understand it completely. It talked about if you do not let popcorn get to a high enough temperature the popcorn will not pop. He then went on to talk about how so many Mortgage professionals (and I guess this applies to Realtors too). Do not stick with a marketing strategy long enough to … (4 comments)
adirondack mortgage specialist: Win/Win
- 10/23/07 03:26 AM
I am off to a great start with my marketing campaign. So far I have signed up over 20 realtors whom are taking advantage of the free promotions that I am providing. Something that I've noticed recently is that refinance applications are up. So while I have been working very hard to get my foot in the door with regard to some great referral relationships a ton of refinance applications started pooring in. This is great!!! One of the deals that was referred to me last week was a $55,000.00 6 unit (commercial) deal. Great credit but a DTI through the roof, … (3 comments)
adirondack mortgage specialist: happy blogging
- 10/22/07 03:09 PM
I've taken a few days off from blogging. I have been very busy. I implemented the market strategy that I was mentioning in earlier blogs. It is going well. With the permission of several realtor partners I will be advertising listed properties in my blog. If any of you are interested in any of the listings you see just give me a call and if my realtor partners want to source it out (as some have indicated they would). I would be more than happy to make a referral. I am still critiquing the details of my overall marketing approach, but I … (4 comments)
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