new york mortgage: Should I worry about Defamation of Character? - 07/03/08 03:54 AM
I worked for a now defunct mortgage company named SMC Mortgage Company in Glens Falls, NY. I was not happy with my experience there after leaving. Actually, I began becoming unhappy a while before I left... I did not like the common consensus that my former colleagues seemed hold... They gave each other high fives when they were able to really "sell" someone on a bad loan! It was like they took pride in in pulling the wool over people's eyes... Like that made them "good"!
The mortgages that I wrote were frowned upon by management for not have a high enough … (6 comments)

new york mortgage: Country Wide is not out of the woods yet! - 05/05/08 02:30 PM
Country Wide is Back in the News...And this time they have not come out to deny that they are in serious hot water as it seems to be their customary policy. This time it appears to be 100% true. If you haven't read, the CW Giant has just written down more losses; it seems that they have found themselves in a siutation in where they owe more debt than they own in value of performing assets! What's worse is that a few of the portfolios of assets that they are counting toward their performing assets are questionable at best.Bank of America is … (4 comments)

new york mortgage: What about when the buyer agrees with the seller on price? - 05/01/08 06:14 AM
 
I have seen a lot of posts here on AR complaining about sellers who just won't lower the price of their home even when buyers are not biting. I have also seen complaints around the web here and there about appraisal issues killing deals.
Most often though it is refinance deals that an appraisal condition may kill. I have run into a first time issue for me... I have a seller who wants to sell his home for $335,000.00 and a buyer who wants to buy it. The buyer does not have any complaints about cost of the home.
I have always been … (15 comments)

new york mortgage: My Review of Search Marketing, LLC - 04/30/08 06:49 AM
 
As the company refers to itself...
I have a Search Marketing, LLC. blog located at www.lakecitymtg.net.
When I first set up my own blog I was not sure where to go or which platform to use. I looked around for a while until I found Moguling.com. I read their claims and I became interested in their "vertical directories".
Their "vertical directories" really do work! They are actually pretty simple in the way that they work... All they really are, are blogs that are set up so that when you post a new entry on your own blog and select a category your post … (2 comments)

new york mortgage: Is there still a lot of mis-information out there? - 04/21/08 08:57 AM
 
Or is it just me? Is anyone else aware of the fact that mortgage interest rates increased today with just about every lender out there by about .375% - .5% or is it just me?...
I had a gentleman call in today to inquire about financing a portion of a Co-Op that he is purchasing in New York, NY. He's looking at a 30 year term and is looking for a 5.375% (on a Co-Op... Ha!). I told him no, I cannot get that rate today. He told me that the interest rate is the most important thing and that if I can get … (5 comments)

new york mortgage: Hey, What's Your Problem Coldwell? - 04/15/08 02:51 AM
 
I don't know what the deal is with Coldwell Banker. One of my colleagues here in my office recently handled the financing for her friend on the purchase of a new home. The agent on the other end of the transaction was a Coldwell Banker Realtor®. That Realtor® actually recommended to my colleagues client that she go to Wells Fargo for financing.
Of course the person making the purchase is friends with my colleague and did not budge... From what I hear the agent was putting quite a lot of pressure on my colleagues client to go to Wells Fargo to get approved. … (8 comments)

new york mortgage: Why Hilary Clinton Does Not Have All The Answers... - 04/09/08 05:57 AM
We all already know that she has many faces depending on what the polls are saying.
 
 But she doesn't have all of the answers!
Have I got your attention?! Ok, good now listen up.
 Hilary's plan to "freeze interest rates" to avert a national catastrophe is a joke. We've all talked about how awful it is when the FED lowers the FED Funds rate and we get bombarded with people calling in telling us what they qualify for. They tell us that the rate just got cut and they should qualify for a better interest rate than I am telling them and they all seem … (5 comments)

new york mortgage: My heart sank and my borrowers don't even know. - 04/03/08 01:52 AM
 
This business is not for the faint of heart. If you have trouble handling stress then get the heck out of this industry! I feel that applies to real estate professionals, mortgage professionals, title professionals and anyone else involved in the transfer of real estate.
It's not getting any easier!
But it is getting a lot harder every day. Underwriting departments across the board are tightening their standards and guidelines. Some lenders are looking for excuses not to fund loans and programs are being cut left and right.
I have a file in process that has been in process since last summer including the … (6 comments)

new york mortgage: Title Matters - 03/20/08 06:08 AM
It's hard to find a title company that is both fast and responsive. My company has an affiliation with New York title out of Long Island (as of very recently). We send them a bit of business and there service is excellent. It does not matter if it takes me 9 days to get title back on a purchase transaction (in most cases) because I can order it right away and have it in plenty of time for the average purchase transaction (just got CTC in 5 days on one, but that will be another post).
I am not sure how all of … (3 comments)

new york mortgage: 680 for 100%, FHA finally has a true purpose... - 03/04/08 07:18 AM
And what I mean by that is that FHA is not some kind of a spectacular loan program. It is very useful in certain situations, but most often the best way to go is conventional if you qualify. Conventional offers the best rates and terms avaiable which is why it is reserved for those with good credit and income qualifications.
I get people coming to me all the time who have been sold by someone who later denied them on an FHA program. Sometimes the person coming to me is qualified for conventional financing, and I ask them "why FHA". I usually … (6 comments)

new york mortgage: Do business with me and get a 3 day 2 night getaway for free! - 02/27/08 02:35 AM
Maybe, I haven't decided yet. I am working on a transaction with a high profile agent in the Plattsburgh, NY area; Andre LaFountain. Andre is a smart cat, he is heavily imbedded in real estate but he also has a few things producing additional income for himself on the side.
Andre has approached me about a travel agency opportunity. I am not sure of the details or of the pay structure. I do know that the business model is MLM. I'm not sure that is enough to disqualify it from being a legitimate opportunity. Of course, I have something else in … (7 comments)

new york mortgage: THAT IS HUGE! - 02/22/08 07:05 AM
Organization is crucial. This thought came to mind as I was organizing and sorting my email. I must've had about 200 emails still in my inbox. I use outlook to sort my email into folders. I keep everything, because I never know when I may need to reference it again. You know the old saying right? "If it ain't in writing it ain't".
As I sorted through my email I starting thinking about how many more prospective buyers I can turn into closed transaction with a more efficient system of organized follow up. I follow up regularly with all of my clients, … (0 comments)

new york mortgage: No Closing Cost++ Home Refinance Loan! - 02/21/08 06:40 AM
"No Closing Cost++ Home Refinance Loan.Call Today to Combine Mortgage and Debt."
I found this enticing headline today on a one of countrywides websites. This cracks me up because I have been talking about this for some time. It makes me wonder though, if it is presented this way is the consumer happy when they get to the table?
I give quotes to people everyday and I always hear "hmm... your closing costs seem high" and it no longer blows me away when I hear this statement. My closing costs are very low compared to what I have seen out there and I … (8 comments)

new york mortgage: John Murphy - 02/21/08 02:38 AM
Just as I was writing my last post about the fact that referral business is far superior to internet leads I got a call from John Murphy with a referral. He said that the person whom he sent to me left a message for me. I am not sure which phone she called. I don't recall receiving a call from her on my office phone and I am guilty of not checking my cell phone messages as much as I should.
John gave me her phone number and I just gave her a call. She was inquiring for her son and daughter in … (7 comments)

new york mortgage: Referral Ping Pong - 02/21/08 02:20 AM
I received a referral from Kathy Bennett of Re/Max North Country a few days ago. I am working on the loan file now and it is a go. A couple of days later I had the opportunity to send someone her way. Then I had another opportunity to recomend her and I did. This morning I received a call from someone whom Kathy had referred to me. If you need property in or around Plattsburgh, NY go to Kathy Bennett. She is the best in the area!
John Murphy of North Country Realty is a great guy to work with. He is never pushy and always … (2 comments)

new york mortgage: Keep At It! - 02/21/08 01:39 AM
I feel that my efforts are really beginning to pay off. That being said I have had a very rough month this month. Forever I have been seeing the media paint a devastating picture of the housing crisis and credit crunch. I saw all of the media, but I felt inwardly that it did not matter as it does not affect me. I know that certain markets are suffering because of some poor investment choices that investors in those regions made.
The Power Option ARM created a lot of buying power for individuals who were banking on the continuation of a Fluffed … (0 comments)

new york mortgage: How FSBO's can make you a fortune! - 02/13/08 05:07 AM
 
 I never really got the point of marketing to FSBO's until recently. I know that it makes great sense for Realtors and real estate sales people to market to FSBO's, but why would a mortgage pro do such a thing?
After hours of brainstorming last night I think that I have come up with a good reason to market the FSBO arena.
For me the properties are an integral part of my buyer lead generation efforts. As Chris Bates says "use the homes to do more loans". I am finding this to be true; the more buyer prospects that I am able to … (9 comments)

new york mortgage: 5 points 5 times. - 02/06/08 04:28 AM
You may have read my blog post asking about whether or not letter's work. I posted that blog here on AR to get some feedback with regard to a marketing campaign that I built in order to tap into more of a referral based business as opposed to a lead sifting business.
I got a lot of great feedback and I really refined my approach. I have been getting referrals pretty steadily for the past several months and now I am back to the drawing board. Referral business is great! If I can do the loan then it is most often a … (8 comments)

new york mortgage: Yun Says That People Are Waiting For Lower Home Prices and Lower Interest Rates... The Time Is Now! Buy, Refi, Take advantage of the squeeze! - 01/31/08 01:19 AM
The bond markets are poised to rally this morning. Jobless claims for last week rose 69,000 to 375,000; analyst were expecting a reading somewhere near 315,000. Consumer spending slowed in December to the lowest levels that we've seen since 2006. MBIA bond insurer lost 2.3 billion dollars in write downs and 3.5 billion total loss for the fourth quarter. Credit rating agencies are threatining to lower the cerdit rating of several bond insurers and the stock market is tumbling.
This of course is not good news for the economy overall, but it will drive mortgage rates very low and to some extent … (0 comments)

new york mortgage: Associations... Can we be friends? - 01/18/08 01:58 AM
I love AR and the community. You guys aer great, and I love the platform. Whether it be through referrals or advice AR has helped me improve my business and my practices. I have gotten many great and inspiring ideas from many of you!
My thanks go out to all of you!
What I would like to know though is how to get more associations. I am just not sure how the whole asscoiation thing works. I currently have 11 associates but I have associated myself with many more people than that.
I understand that there may be some sort of action required from intended … (0 comments)