ft myers loan officer: One size does not fit all - 10/15/12 10:27 PM
When I first started in the mortgage business, somewhere before electricity I believe, I went to work for a mortgage company, and it was thought that we had a diverse product line because, well we had more than one product.
Consumers just didn't have many choices back then.
The clients pretty much needed to conform to the product.
Today it is evident that buyers are all different, with many different and unique needs.
While there may be many similarities, buyers in Cape Coral and Fort Myers may have different needs from those in Melbourne, and Palm Bay.
Today, once again I … (4 comments)

ft myers loan officer: extending a helping hand (to first time homebuyers) - 08/26/12 10:35 PM
First of all let's get this out there. Mortgage lenders have their own terms and guidelines. We hear all the whinning about those that many feel are too restrictive, but not too much about those that may be helpful. Try this one on for size.
a first time homebuyer is someone who has not owned a home for the last 3 years
so by definition someone who had previously owned a home, but not in the last 3 years may qualify for some first time homebuyer programs.
I receive many calls from potential new homeowners professing to be first time homebuyers … (7 comments)

ft myers loan officer: LOOK OUT FLORIDA...here comes Isaac - 08/21/12 09:52 PM

Well that sure doesn't look good!
From the business side of Real Estate, you won't be closing your transaction, in all liklihood if you do not already have your insurance bound. Once a storm is named
All bets are off
On the positive side (you mean there's a positive side?). Despite the weather gurus claims of accuracy these early models are often off a bit so
Hey Isaac, break...hard right
the Atlantic would be a good place for you.
many of these storms when crossing Cuba tend to go towards the panhandle, but personally I don't think it's right to … (2 comments)

ft myers loan officer: there's lots & lots of $$$$$ for first time homebuyers in Southwest Florida - 07/13/12 09:35 PM
Do you live in Ft. Myers? Cape Coral? Lehigh Acres? Port Charlotte? or anywhere else in Southwest Florida?
Are you a First Time Homebuyer?
a little hint (help) here;
the definition of a first time homebuyer, for our purposes, is anyone who has not owned a home in the last 3 years
Do you need some help with downpayment and/or closing costs $$$$$
the Florida Housing Finance Corporation & the Florida Bond Program
if you haven't heard much about this, or if you haven't heard anything
Listen Up!
Florida Housing offers a downpayment and closing cost assistance program … (2 comments)

ft myers loan officer: I need what? or what's up with Mortgage Documentation - 06/27/12 10:59 PM
Okay I teach a segment of a first time homebuyers course in regards to the mortgage process. One of the things we cover is the documentation which is required to obtain a mortgage. But do we really know up front everything that is needed? Actually
No, it's a mystery
But as a loan officer, here's my first request. Documentation that I must have no later than at the time of application;
2010 & 2011 tax returns (all schedules)
2010 & 2011 W2's
most recent 30 days of paystubs
most recent 2 months of bank/asset statements (all pages)
copy of drivers license
copy … (0 comments)

ft myers loan officer: Do you "really" want to help a Veteran? - 06/26/12 09:36 PM
well do ya? or are you just going to wave your flags, put on a nice shirt, maybe with an eagle or something on it, and leave actually helping Veterans acquire homes to someone else. You may disagree, and you may argue with me, but I am thoroughly convinced that
there are many Veterans who could buy a home for themselves and/or their families, and want to buy a home, but will only be able to do so by using their VA benefit, which is referred to as an entitlement.
In this particular case their entitlement is earned.
If you … (0 comments)

ft myers loan officer: the single biggest illusion in communication is that it has taken place - 06/22/12 11:25 PM
that's a quote from George Bernard Shaw. Some people think that good olde George was a wise and inciteful human being. Some of the younger ones amongst us may be thinking
their loss.
George went on to complete the thought;
how will you know what people heard when the communication is one way?
good question, don't you think?
Sometimes when I sit wondering in amazement how those much younger than I have all of these wonderful technical skills, if in fact those are what they truly are, I also wonder, with concern, if they are lacking or not developing necessary … (1 comments)

ft myers loan officer: is "overlay" a dirty word? - 06/12/12 11:21 PM
well is it?
are you not quite sure what it is? let me help, if I can.
overlay   1 spread over   2 cover with decorative layer
Not sure that helped much? or did it?
I'm going to throw out the "cover with a decorative layer," because some of the overlays I've seen applied to mortgage guidelines aren't that pretty.
(so, we're talking about mortgage guidelines are we? yup.)
How about
"spread over"
actually I think that might do it.
Lenders take traditional fannie mae, freddie mac, VA, FHA (whatever) guidelines, and essentially "spread over" their on requirements. That's "spread over," as in add … (2 comments)

ft myers loan officer: all my buyers are cash! Houston, we have a problem...I can't refer any of my clients to you - 03/28/12 07:34 PM
You just don't know how many functions, Realtor Breakfast's, WCR functions, etc, where I hear this all the time
All my buyers pay cash
I admit that there is a great deal of $$$$$ flowing into Southwest Florida, and in spite of the inaccuracies being reported by the national media, there has been for quite awhile.
My first thought when I hear this is that if you want to expand your business, start dealing with those buyers who need to acquire a mortgage.
remember the "DINK's"
double income no kids
they're still out there, they work next to you, and often … (2 comments)

ft myers loan officer: what's happening in Southwest Florida; where are all those dumptrucks coming from? and did that man just say what I think he did? - 03/24/12 08:11 PM
I was talking with my boss, Joanne, the other day, and I told her that I thought one of the good signs for our market was that there were suddenly dumptrucks everywhere, in some cases blocking or slowing down the traffic. For a mortgage lender dumptrucks are a good sign, because that means people are building things and that's a good sign. The biggest reason to me is that building creates
It is a sign of a return to a healthy economy, a sign that we're
heading in the right direction
I must share with you that it was a little … (7 comments)

ft myers loan officer: Portfolio Loans; what they are...and what they're not - 02/27/12 10:02 PM
It seems that when the term "portfolio loan" is brought up that it conjures up different images in the minds of different people. Let me see if I can give a definition of what a portfolio loan is, at least in my mind, and later, what it isn't.
to me a portfolio loan, in its simplist sense, is a loan where a banking institution establishes its own guidelines. In essence they decide, who the loan will be made available to, and the criteria for acquiring the loan. These guidelines/criteria usually vary from common agency/traditional requirements.  
 For example in my marketplace it … (19 comments)

ft myers loan officer: Your Lenders Package...and/or how to make the process go smoothly - 10/29/11 06:35 AM
Okay, you've decided that you want to buy a home, and you're going to need to acquire a mortgage. You know that they are going to want documentation up front, and you're the type of person(s) who like to be prepared.
here you go for starters...you will need
2009 & 2010 tax returns-all schedules
2009 & 2010 W2's
your most recent 30 days of paystubs
your most recent 2 months of bank/asset statements-all pages
note; if your bank statement says there are 4 pages and the last page is a worksheet/scratchsheet, provide all pages. the underwriter doesn't know what's on the last page … (3 comments)

ft myers loan officer: is Truthfulness important to your business? - 10/27/11 06:02 AM
Okay what brought this on you may be thinking?
Yesterday I received a totally unsolicitated inquiry in regards to my interest in employment with a Chicago based mortgage company.
Here's the introductory line
Thank you for you initial interest in------------ -------.
 I had had not made any inquiries, had not had any contact, or did not have any idea who this company was, but being in an unusual mood I responded. Usually I just delete.
the response;
i don't recall ever expressing an interest.
in today's environment ethics is very important, and attempting to establish a relationship with a lie is … (0 comments)

ft myers loan officer: The S.A.V.E. Act; more worthless legislation - 10/25/11 05:24 AM
If this is what is going to continue to come out of our Congress, maybe we should just extend their vacations, and let them all stay at home.Just a thought.
the essence of the bill is to include energy calculations in the mortgage underwriting process, thus improving lending standards
Indirectly all costs are considered when underwriting a loan. But more importantly I would like to state
that Senators Isakson and Bennet have absolutely no qualifications to be able to make decisions as to underwriting mortgage loans and the quality thereof.
you know what this is...YUP
just some … (7 comments)

ft myers loan officer: Are you an expert? Do you claim to be? - 10/09/11 04:09 AM
I was just reading a post over on "Short Sale Superstars" posing a question about the claims that we make or the labels we attache to ourselves and the ethics and/or liability involved, if any. I mean I don't know about you, but I see people making claims as to their levels of expertise in particular areas that knowing and/or having done business with them I'd have to challenge.
okay, definition;
expert-  very skillful, one with great skill or knowledge in a field
Since my experience, over 30 years, is in the mortgage industry, I'll use some examples there.
Just awhile back, … (0 comments)

ft myers loan officer: I WANT MY MONEY BACK - 10/08/11 05:48 AM
you caaaaan't have it!
well, maybe you can, or maybe you can't, and even if you can it may not be easy, and it could cost you
what is this all about, you may ask?
Many of my Realtor friends are extremely happy because most of their sales are cash. Cash continues to pour into Southwest Florida regardless of what the national press may report. Also the market is fairly strong, and we now are experiencing inventory problems. But that's not my point.
so what is my point, you may be wondering?
Here's the potential problem;
when a buyer pays cash … (6 comments)

ft myers loan officer: Mortgage Pie - 08/25/11 03:13 AM
In most cases when you bake a pie you use a certain recipe and you make sure you get all the ingredients correct, that would be those that you need and in the correct amounts.
A little while back I saw an article published by "constantly negative news," previously known as CNN. The gist of the headline was that a potential homebuyer with a 800 credit score was denied a loan. I'll touch on the lack of truthfulness in regards to the score in a minute, but my first bone of contention is
that a mortgage application is not approved … (0 comments)

ft myers loan officer: a mortgage is like a nice dress or a suit - 08/23/11 02:15 AM
it should be tailor made for the person wearing it, not the person who made it.
Do you remember what's just so special about a mortgage company, or do you need a refresher course?
Do you remember how/why we came into existence? let me share some thoughts.
We are a mortgage company. We only do mortgages. We are mortgage specialists. We do mortgages well...or we go out of business.
here's an indisputable fact
My (mortgage) product line is more extensive than any individual banking institution.
Rather than trying to force fit a clients needs into one of our products, which may … (2 comments)

ft myers loan officer: the "most" deserving buyers on God's earth - 07/08/11 04:16 AM
I hope you didn't need to click on the title just to check the answer.
their is no more deserving buyer in this country than a VETERAN
I'm not going to get into a long winded explanation, because if you don't understand why I would say such a thing...well
Have you ever helped a Veteran utilize their VA benefit?
if not, why not?
Here's the VA's position
the Veteran's eligibility is an earned benefit
Once again no explanation necessary.
Here's some info I picked up yesterday from Brian & Frank over at TBWS
there are;
152 Air Force facilities
144 Army

ft myers loan officer: 620, 620, 620; that's the score it takes to get a mortgage with little or no downpayment - 07/07/11 06:33 AM
that's a fact Jack!
or anyone else.
despite what you may continue to read in some of the national print and online publications I'm going to give you 3, count em 3, options to purchase a home with a 620 credit score, and little to no downpayment.
Always, always, always; VETERANS first
VA Mortgages
minimum credit score 620, no downpayment required, no monthly mortgage insurance, the seller can pay your closing costs.
there are 22 million VETERANS in the U.S. so says Brian & Frank @ TBWS
personally I have been a VA lender for over 30 years and
proud of … (0 comments)





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