adirondack real estate: Open Houses ....I want in!!! - 10/09/07 09:22 AM
I am very interested in attending open houses to increase my business flow. I have never attended an open house as a means of increasing business. My question to the Realtor community is; what is the protocol for a lender attending one of your open houses.
Is there a certain etiquette that I should keep in mind? Do I need to be invited or can I just show up?
My reason for wanting to attend open houses is 2 fold. The first is obvious in that I would like to be the mortgage advisor handling the financing for the property. The second is to … (15 comments)

adirondack real estate: If you work for the recorders office ... PLEASE GET IT RIGHT!! - 10/09/07 04:24 AM
I have run into an issue on My mothers deal. The issue is that I have her approved for MyCommunity Fannie Mae mortgage loan program. One of the conditions to approval for MyCommunity is that the borrower cannot already own a home.
My mother does own a property but it is a 48 acre parcel of land with a double-wide that is not affixed to the property. It still has an axle and a tongue and groove. There is no foundation period. Now according to the lender that I am brokering this loan to their consumer reporting agency has indicated that a 1 story … (3 comments)

adirondack real estate: First Time?! Beware of Taxes! - 10/09/07 03:43 AM
I am having some trouble on a loan file. I have been working with a woman for around 5 weeks now including the time that it took for her and her husband to find their ideal home. These people are first time home buyers. One thing that I should mention is that my area of most experience is not with first time home-buyers. The market has adjusted and changed rapidly and I have had to do the same. I am learning new niche's and most importantly I have made the transition from sub-prime lending to doing prime paper.
One of the major … (6 comments)

adirondack real estate: AR ... The Horses Mouth ... - 10/07/07 04:53 PM
I have been absorbing information that I have been reading from AR like a sponge. The thing that I have enjoyed the most is asking specific questions of the Realtor community and recieving  answers to my questions. The thing that every good Mortgage professional needs in his/her corner are great Realtor associates who are willing to exchange clients and information.
1 good referral source is worth way more than any "qualified leads" that you may purchase on the Internet. One of the problems that I think most LO's/brokers/bankers have is knowing how to approach Realtors. For some reason there is a … (3 comments)

adirondack real estate: My prequals not good enough for you? - 10/04/07 03:45 PM
I just submitted a prequalification letter to a broker. Pretty standard and simple. I worked to get an approval on the loan and then I issue a prequalification letter stating that the criteria fits and the loan is preapproved subject to verification of supporting documentation.
I recieved a call back from the agent indicating that they cannot accept my preapproval letter. Apparently they will not accept preapproval letters from brokers. They have a list of 8 guidelines that need to be met for an acceptable preapproval letter including a signature from a rep at whichever lender I broker it to. We have … (77 comments)

adirondack real estate: Bye Bye FF - 10/04/07 08:21 AM
We just got news not five minutes ago from our rep that FF is ka-put. They just went out of business. I really thought that they may weather the storm. They seemed to be pretty strong in this market, just a couple of weeks ago they re-released their CORE product line.
I guess meryl had enough. Interestingly Decision one was shut down last friday. I was begining to think that we had already seen the bottom fall out of this subprime fiasco. I guess not.
I wonder who will go next, I wonder if there will be any remotely risky loans left when … (3 comments)

adirondack real estate: Keeping busy - 10/03/07 09:32 AM
I have so many deals in the pipeline right now. I have read all over the web that the real estate market is tanking and that there isn't a whole lot of business anywhere. What I am finding to be true is that there is a ton of A paper to be written out there. One of the lenders that I broker loans through laid off a couple hundred UW's in anticipation of a slumping market. That lender is now on a 4 day turn time for conditions because they are an A lender and they are getting swamped with business.
Subprime is … (2 comments)

adirondack real estate: Getting close to closing my mom! - 10/03/07 06:18 AM
I am getting close to closing my mothers deal. All stips on my end are clear now we are just waiting for title to come back and we can get this deal wrapped up. I am so excited about this deal despite the fact that it is my smallest deal of the month. I just really can't wait to go up there with my mother for the weekend. We are closing around the 9th of Oct. and I am going with her to stay for the weekend. The place is so nice for its size, there is so much to do … (0 comments)

adirondack real estate: Fickle - 10/03/07 05:56 AM
Today I received an email from a person whom I am working for. He tells me that he has decided to go with my competitor instead of with me. I gave him a genuine quote and locked him in at 6% on a 15 yr fixed Fannie Mae loan. My pricing was better than my competitors.
Interest rate and fee are not the only important factors; I know, but they are important. It was very strange in the way that he told me that he is going with my competitor. He told me that he really appreciated my approach and demeanor and … (2 comments)

adirondack real estate: Working the web. - 10/01/07 03:57 AM
This AR thing is really catching on. When I first signed on I believe that I was the only person in Clinton county on AR. I am assuming this because I was ranked number 1 for Clinton county even before I made a post. I just used the search feature to see if anyone else is signed up here in Clinton county. Turns out there are 2 more people registered from "my neck of the woods".
Of course this site is working wonders for me so I sent each of them a message this morning welcoming them to AR. I am … (4 comments)

adirondack real estate: Get Paid Like A Professional - 09/27/07 08:35 AM
I recently read an article portraying how dirty the lending industry is based on the fact that there are fees associated with closing on a mortgage. Now I know first hand that there are some predatory lenders out there. I know that there are some unscrupulous people still lurking for there next victim operating within our industry, but the truth is that THEY ARE BEING WEEDED OUT FAST.
The real focus in the article that I read was on the fact that there is origination and or yield spread premium being collected on loans. Now there is a huge difference between gouging your clients … (0 comments)