lee county mortgage loans: the real problems with prepapprovals are? - 07/31/12 08:43 PM
As I am the master of the obvious let's start by clarifying the obvious;
I am a lender, have been one for over 30 years, my perspective and viewpoints are those of a lender.
now the answer to the question, the real problems with preapprovals are...
too numerous to mention
but I'll try anyway. Let's start with what it is or may be, once again from a lenders perspective.
pre; meaning before...therefore a prapproval is before an approval.
it does not guarantee anything.
problem: a preapproval letter is not clearly defined in that there is no (national) standard as to what … (2 comments)

lee county mortgage loans: Dodd-Frank; financial regulation is a political success...otherwise (read on) - 07/23/12 01:29 AM
Two-thirds of Dodd-Frank still not in place
so says Jennifer Liberto of CNNMoney. That would also mean
only one third of the new rules have actually been implemented
Why are we not surprised. The legislators are obviously much better at writing and politicizing legislation than they are at implementing, and enforcing the regulations.
You're just going to love the next part, I mean really really love it.
With so much on their shoulders, regulators have been meeting regularly with bank lobbyists, many who are experts, but also have an agenda to ease or roll back parts of Dodd-Frank.
I'm almost speechless (almost … (2 comments)

lee county mortgage loans: If you can't satisfy the requirements to become a licensed Mortgage Loan Originator...well you can always just go to work at a bank - 03/09/12 08:42 PM
I am a licensed "Loan Originator" working for a mortgage company...what does that mean.
as a "loan originator" I need to meet certain specific financial and educational requirements in order to qualify for licensing through the NMLS, the national licensing sytem established to regulate a "Loan Originator."
It would be easy just to say that the loan originator has replaced the mortgage broker, but actually it's more than that.
Here's why;
the "Loan Originator" must meet some fairly stringent standards established through the NMLS system, including but not limited to:
Financial:
in most cases no bankcruptcies, foreclosures, and or judgements. Other … (5 comments)

lee county mortgage loans: Today's Recipe for Helping Veterans Become Homeowners - 03/06/12 10:15 PM
I live in Southwest Florida where the concentration of Veterans is very high, one of the strongest in the country. We should be proud of that here, and yet as a lender I don't see many Veterans using their VA benefit to purchase a home, and for the life of me I just don't know why. I have some suspicions, but they're not conclusive. I certainly hope that it is not that people in our industry do not want to help a Veteran utilize his/her benefits because
I do
So how do we accomplish this goal of "helping Veterans become homeowners?"
(0 comments)

lee county mortgage loans: No Downpayment required...or very little. - 02/29/12 10:27 PM
I can't believe that I still hear people stating that you need a 20% downpayment to buy a home today. I sometimes hear this from my Realtor friends.
Let me take a quick moment and address my Realtor friends. In Southwest Florida we have been swamped by $$$$$ buyers. I mean they're everywhere. Because of this many of the most active Realtors have lost touch with what is available for mortgage financing.
sad, but true
now, back to the little or no downpayment. We have these things called, sometimes appropriately, and some times questionably
Government Loans
to address the questionably part. … (0 comments)

 


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