ft myers loan officer: More Regs, Fannie's LQI-Loan Quality Initiative!
- 05/30/10 01:25 AM
And you thought it was time for the investors to lighten up a bit. So wrong, young Jedi. Here's the biggie, as I see it. we will need a new credit report with all inquires checked at the CTC (clear to close) stage of the loan. So if you thought preapproval letters were weak/useless before, what do you think now? The tri-merged credit report which I initially pulled may no longer be the basis on which your clients credit is evaluated. The new credit report will be used for the purpose of checking; new purchases/inquires derogatory information balance changes late payments in … (2 comments)
ft myers loan officer: Part Time Realtors/Mortgage lenders-How well do you serve your clients & do they know upfront?
- 05/09/10 12:37 AM
Last first. If you are a part time Realtor/Lender Do you disclose this to your clients upfront? Should you have to? Like it or not there will be times, possibly crucial times in a transaction, when you are just "not available" It may sound cruel to put it this way, but you are at the job of which you have chosen to spend most of your day, for whatever reason. Did you discuss this with your client "up front" and explain to them how you can "effectively" deal with this situation. If you didn't , personally I think you should … (13 comments)
ft myers loan officer: Working in Mortgage Fraud Land, what does it mean to my clients? what should it mean?
- 05/05/10 03:21 AM
Okay, as I mentioned before Florida was ranked #1 in regards to mortgage fraud, certainly nothing to be proud of. Oh ya, New York was #2, but they try harder? What does this mean for our clients? First a little history. When I arrived in Florida in 1992 I used to receive rate sheets which would advertise 5% downpayments. That was a big deal back then. There would be a disclaimer on the bottom which would state 10% downpayment required in Dade and Broward County. Why? riskier loans, more fraud. Freddie Mac had a strong investigative presence there. What does that mean? … (6 comments)
ft myers loan officer: I live in Florida-ranked #1 for Mortgage Fraud-SHAME on Us!
- 04/29/10 11:59 PM
I moved to florida in 1992 and have resided here for all but 3 years since, those being the go, go years. Apparently the go, go years didn't just mean that the market was moving at an incredible pace, to many it meant Anything Does! This must STOP! NOW! MARI, the Mortgage Asset Research Institute, ranks Florida as the #1 state for mortgage fraud. Shame on us! To those of us that live in Florida, let me state the obvious; We need to do something about this, right now! So, you've been wondering why lenders have been overdocumenting your loans, overscrutinizing … (0 comments)
ft myers loan officer: True Confessions of a Loan Officer-"I did it"
- 04/27/10 06:25 AM
Okay, this has been bothering me for a long time now and it's gotten to the point where I can't sleep at night, so I've just got to confess, I mean it's time to; Man Up! You know all those crazy conditions that you and your borrowers have to deal with, well they're My Fault! You'd think that after 30 years, that's right I've been in this business for 30 years, so you'd think that I'd know how to take a complete mortgage application, but I don't. I mean I ask for, up front; the last 2 years of tax returns (all … (3 comments)
ft myers loan officer: STOP being sooooo Angry! It's just not good for you.
- 04/14/10 01:56 AM
STOP! STOP IT!!! Right NOW! Stop being sooooooooo angry, it's not healthy! Okay, the bailouts really got our dander up. Personally I didn't like them one bit. BUT, the banking industry, which looked like it was falling apart, in most cases looks healthy, and profitable. AIG, yuck; Detroit automakers, there's problems there. Let's keep working on the solutions. What about the Banks! They just p--- me off! You too, right? Well this is our country and our system. If you don't like Bank of America, stop doing business with them. Close all of your accounts. Encourage your family, friends, associates, neighbors, … (7 comments)
ft myers loan officer: Are you Hunting or Fishing?
- 04/08/10 12:29 AM
I was listening to Darren Hardy and Chris Widener discussing leadership this morning. I like to start out the day with a cup of positive, along with my coffee. One of the topics was are you a "hunting" or "fishing" for your clients. How do you develop your business? A hunter is aggressive, armed & dangerous, but the "hunted" run away from him/her. Do your clients run away from you? Do you think potential clients like being hunted? The fisherman selects the right bait, and the fish come to him/her. The fish are attracted to the fisherman, they want to be fed. … (5 comments)
ft myers loan officer: The Dow flirts with 11,000. What does it mean to us?
- 04/06/10 01:21 AM
Okay, I'm not an economist, although I do have a business degree from a very reputable institution, and I have been involved with financial institutions for over 30 years. So what does that mean, I'm a novice plus, a layman? You decide. 11,000 Nice number, is it truly significant, or just psychological? Both? I'm in the mortgage industry, the real estate markets, what's it mean to me? a couple of things come to mind. The economy's stronger? I think so. Investors confidence is increasing? yup. Will we slide past 11,000, or will we BUST down the door? Look out, cause we … (4 comments)
ft myers loan officer: "GIGO" Garbage In, Garbage Out-It's not just for computers!
- 04/06/10 12:15 AM
Garbage In, Garbage Out Garbage In, Garbage Out We all think that computers are just so smart, they aren't. If you put Garbage In You get Garbage Out! You know what's coming next, don't you? YOU act exactly the same! If you continually fill yourself with garbage and/or you constantly put negative and hurtful information into your system, what do you expect to happen? You develop your habits, and you become your habits. If you start your day and continue to fill your day with negative information, if you surround yourself with naysayers, and "doom and gloomers," what do you … (2 comments)
ft myers loan officer: Homebuyers Tax Credit, Going, Going.....
- 03/30/10 12:53 AM
I really haven't heard much discussion recently about the fading hombuyers tax credit. Hey buyers in; Cape Coral, Fort Myers, Lehigh Acres, San Carlos Park, Estero, Bonita Springs, Collier County Pay attention now! If you want to qualify for the credit you must be under contract by April 30th and you must close by June 30th They'll be no close enough, and I don't believe that this benefit will be extended. Lenders will surely have applications that die on the vine. They just won't be able to get them closed on time. Underwriters will NOT be waiving conditions to close YOUR … (4 comments)
ft myers loan officer: YOUR Rate is Tailor made just for YOU!
- 03/25/10 01:16 AM
Okay a potential buyer calls, emails, whatever and here comes the #1 question, "what are your rates?" Really at that point the honest answer is "I don't know." I once read somewhere a comment by some, I'm sure, insightful sales trainer that buyers ask, "what's your rate," because they don't know what else to ask. How about, "what's this going to cost me?" Well that'd be another blog. So how will I determine what the buyers rate may be? I'm glad you asked. First, I need to know what type of property the buyer desires to purchase. Will it be a … (2 comments)
ft myers loan officer: NO LOVE for Self Employed Borrowers
- 03/12/10 10:59 PM
Okay let's quickly get through the first circumstance. If you don't have the income, you don't have the loan. That's all folks, pretty easy, huh? Next; If you don't report the income on your tax returns, you don't have the loan. I make more $$$, but Don't waste your, or my time with the rest of the explanation. If the income is not disclosed properly, or traditionally; You're in trouble. Don't expect a lot of exceptions. Actually don't expect any. If an underwriter makes an exception for you consider yourself blessed. The guidelines are not flexible. Now, the fun part. This … (12 comments)
ft myers loan officer: THE BLAME GAME
- 03/08/10 10:56 PM
Well we've gotta blame somebody for the problems, right? Actually no, but i think we just like to. blame (websters style) accuse of being at fault; put the responsibility on; responsibility for a fault My first thoughts are what does placing the blame on someone or something accomplish? Is that the best use of our time and energy? I think not. Here's a potentially popular thought. How many posts, do you think, on the Rain, involve placing the blame on someone or something? This morning there was a post about the government blaming the homeowners for the short sale problem. They … (6 comments)
ft myers loan officer: Wages Increase! Consumers have an extra $42 Billion!!!!!
- 03/05/10 01:23 AM
Okay, like it or not, things are improving. Even C(onstantly) N(egative) N(ews) is forced to publish positive data. It must be killing them! From Chris Isidore, senior writer, salaries and wages increased in February, the first increase since 2008 the increase represents $42 billion extra dollars in consumers pockets compared to a year ago today. $42,000,000,000 Nice #, wouldn't you say. that's $42 billion dollars for consumers to spend. It's party time! Anything else you may be wondering? Why, yes there is. Companies are putting back hours for workers that had been put on a part time basis. Productivity rose at … (2 comments)
ft myers loan officer: "AS-IS" Contracts through a lenders eyes
- 03/02/10 12:21 AM
I was looking at this contract to purchase this morning, its a FAR/BAR contract, and I was staring at the verbiage "As-IS" at the top of the contract. It's there twice, once in bold print by itself and once in this statement; "As Is" Contract for Sale and Purchase My thoughts were that this has little, to no, meaning to me. This particular purchase has a financial contingency stipulating FHA financing. In my eyes "AS-IS" now means whatever FHA says it does. I would expect that many of my Realtor friends, yes I do have one or two, may disagree … (5 comments)
ft myers loan officer: The TRULY Unemployed, and those who are Not! CNNMoney.com reports 90.3% of the workforce is gainfully employed!
- 02/27/10 03:51 AM
Okay let's start with the latter first. Actually CNNMoney.com's reporter Tami Luhby reported yesterday that the current unemployment rate stood at 9.7%. By default that means that the Employed rate is 90.3%, right? It does have to mean that, doesn't it? or is there a third category? Now back to those who are truly unemployed and those that are, well maybe not. To those who cannot find employment and are making an effort to do so I sincerely hope that they are successful soon, and until then I feel that their benefits should continue indefinitely, possibly be increased if … (11 comments)
ft myers loan officer: The Economy Grew 5.9% in the Fourth Quarter, BUT
- 02/26/10 09:35 PM
BUT NOTHING!!!!! The economy grew 5.9% period! That's the facts, Jack! It may be, and will be mentioned that that growth came after a 2.2% increase in the 3rd quarter. Now for all of you naysayers, quickly click out of the post, and go immediately to Constantly Negative News, also known as CNN for some sort of negative spin. Go ahead, it'll probably make you feel better. For everyone else, read on! The recession is over! Even CNNMoney.com is reporting that most economists feel the recession crashed somewhere last summer. It must have killed them to reach that conclusion, and actually … (8 comments)
ft myers loan officer: Are YOU a better person today than you were yesterday?
- 02/22/10 09:54 PM
What kind of question is that? Do you even think about such things? Well, maybe you should, or maybe you just shouldn't bother. "You are the measurer of your success...only you truly determine if you're successful or not." These are the words of Jeff Probst in March's issue of "Success Magazine." You've just gotta like the name of the mag, at least I do. Jeff's the "survivor guy, " you know the host of the show. Survivor's going to start it's 20th season, no thanks to me, as I've never watch the show. Still, those are interesting words from Jeff. So … (3 comments)
ft myers loan officer: MBA reports 90.57% of mortgage loans are current!
- 02/19/10 11:31 PM
That's not exactly as THEY reported it, but then again it is. Bloomberg.com reported that the MBA says that the delinquency rate for mortgage loans fell to 9.47%. Doing the math that means 90.57% are current, which in mortgage lingo is the opposite of deliquent. These numbers refect the current nature of mortgage loans for 1-4 unit residential homes. That's over 90% of these homeowners paying their loans on time. However, I realize that it is more important to continually spend our time and effort on those who aren't, right? That is right, isn't it? Nooooooooooooooooooooooooooooooooooooooooooo!!!!!!!!!! It doesn't have to be … (10 comments)
ft myers loan officer: She's suing her mortgage lender for issuing a defective mortgage product, READ ON, it gets to be fairly ridiculous, in my opinion.
- 02/18/10 10:00 PM
This is a Good One! St. Petersburg Times staff writer , James Thorner, reports on February 5th that an unnamed homeowner, my discretion, is suing Wachovia Bank for issuing a defective mortgage product. Let it be said and made perfectly clear that Wachovia, especially with its purchase of World Savings was a BIG player in the NO DOC marketplace. So it can be said that they took a bad position, and left themselves wide open to criticism. That being said, this is RIDICULOUS! Per Mr. Thorner; "The Tampa Bay retiree is suing Wachovia Bank, claiming her no documentation mortgage was a … (7 comments)
And you thought it was time for the investors to lighten up a bit.
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