lee county mortgages: STOP Whinin, and START Helpin (please) - 01/24/11 02:00 AM
Many years ago, or so it seems, in a far away place you used to be able to acquire a mortgage with little or no documentation required. Basically all that was required was a
PULSE
Now it hasn't been that way for quite awhile. I mean we've been "over documenting" loan files for a bit now but still I hear the
Whinin
I recently saw a post title that asked, " I'm not self employed, why must I provide tax returns?" or something like that. I didn't read the post so I'm not sure if that is what the content was … (0 comments)

lee county mortgages: 78 BIG ONES (degrees that is) - 01/19/11 05:36 AM
Okay I know how much all of you Northerners just love all that snow.
And, oh ya the change of seasons aren't they wonderful (actually I lived in NH for over 30 years and the fall foliage was fantastic).
Now, freezing rain is upon you all, I he-a.
Don't go tellin me you all love that. Let me share something with all of you that we love.
It's January 19th, and we've got
78 BIG ONES (degrees that is)
Now, you could come for a visit or you might want to consider what could be a once in a life time … (0 comments)

lee county mortgages: BOOMER POWER!!! Talkin 'bout my gennnnneration - 01/08/11 12:30 AM
You just gotta love the "Who"
I confess
I am a "Baby Boomer"
I was born in 1952. In general, boomers are those born between the years of 1946 & 1964. That would mean that the tip of the iceberg is turning 65 in 2011.
Back to the "Who" as they ask the big question?
who are you? who, who, who, who?
Well, Dr.Kenneth Dychtwald, in a book entitled "The Age Wave," compared the Boomers to
a pig going through a python
WHY?
Because we have had a dramatic effect over ever segment of the economy and society in general, that we … (7 comments)

lee county mortgages: Forget about it - 12/29/10 11:59 PM
2010 
wow, I've been in the mortgage industry for over 30 years, but I'm not sure I've had this much fun. 
GFE
They gave us a new GFE, actually they forced it upon us. It's 3 pages and replaces the 1 page form. HUH? I need another form to actually explain what the buyers real costs should be. That makes sense, right?
NMLS
Anybody out there know what the letters stand for? Guessing is permitted. Anybody out there have any idea whether this will be helpful or not? Does this change anything?
Nope
(nationwide mortgage licensing system?)
MERS
Has anyone seen … (10 comments)

lee county mortgages: I wanna buy a house; How do I improve my FICO scores? - 12/29/10 01:24 AM
If your buyer really wants to improve their scores the information is everywhere, and it's not hard to interpret or to establish a plan, BUT let me go back to
if your buyer "really" wants to improve their scores
If they don't, and their scores are low, let's say below 640 for the sake of argument, then stop reading now and seek other "qualified" buyers. Just a suggestion here.
Just in case you're interested the info I'm about to share came from "Frequently Asked Questions: FICO Scores." It was published on July 11, 2010 by the National Association of Realtors Government Affairs … (5 comments)

lee county mortgages: The Worlds Simplist Business Plan - 12/24/10 02:48 AM
I found this in a book I'm rereading by John Maxwell entitled "Talent is Never Enough." It came from Ian Harvey, who was/is the CEO of a comapny called BTG. Olde Ian would ask his "inner circle" to tell him the following;
Two things he should stop doing
Two things he should keep doing
Two things he should start doing
So, you don't have an "inner circle." Do you have a mentor? If so, ask them. If not a team member, or maybe your broker. If all else fails, how about
Self examination
BUT, you need to be honest with yourself.
… (9 comments)

lee county mortgages: Rates are up! Does it matter? - 12/14/10 01:44 AM
Rates are up!!! Is the proper response, oh no! or who cares?
Are rates having any effect, whatsoever, over purchases, or is just really nice to have a low payment?
I lived through 18, 19, 20% rates and we still had some sales, and we were very thankful, when the rates began going down. At that time we never believed rates would/could go back to single digits.
In my opinion, for what it's worth, the only thing that matters about the upturn in rates is
that they were lower 2 weeks ago!
shoulda locked, dam!
Here's some boring data for your consumption.
… (2 comments)

lee county mortgages: Are "first time defaulters," DEADBEATS??? - 12/01/10 01:40 AM
I noticed this article this am, it kinda just jumped out at me, written by Colin Barr for Fortune, and posted on CNNMoney.com. It was the article's title which caught my attention
"Deadbeats hate their banks"
Colin references a study by the Deloitte Center for Financial Services that states;
"Half of bank customers who fell behind on loan payments or otherwise suffered a so-called negative credit event over the past ten years did so for the first time ever."
Let's look at part of that again, out of context, but still fairly powerful in my opinion. That would be the part … (6 comments)

lee county mortgages: The Foreclosure Freeze...shhhhh! we just want it to go away. - 10/20/10 01:08 AM
Okay, I checked out Bloomberg and I just couldn't find any new "foreclosure freeze" stuff. So I zipped over to CNNMoney.com, and...nothing...nada.
So, what's up?
Bank of America has told us they're going to resume with the foreclosure's and why not. Here's a question I would like someone to answer for me that I can't find any data on.
Of all the foreclosures filed, how many go unopposed?
Even in a judicial state, such as Florida, if you don't go to the hearing(s) and oppose the action than the summary judgement will be granted. So
It won't matter what the documents do … (0 comments)

lee county mortgages: Fannie Mae's HOMEPATH; an Outstanding Financing Opportunity for both Buyers & Realtors! (you've gotta read this) - 10/10/10 05:08 AM
Let's start out by stating that Homepath is a financing option only available for Homepath properties, imagine that. Homepath properties are Fannie Mae foreclosures, and eligible properties can be found on their website.
www.homepath.com
So, what's the big deal?
Here's the big deal;
low downpayments, as low as 3% with
NO PMI   (that's not a misprint)
no appraisal is necessary
Homepath properties do not require owner occupancy, but the listings are often/usually offered to owner occupants first.
This is not exclusively a first time homebuyers program, but is an excellent first time homebuyers program.
Okay, so you're really not that impressed.
… (4 comments)

lee county mortgages: Foreclosures in Southwest Florida-STOP Right There! - 10/09/10 04:15 AM
Where's "Meatloaf" when you really need him?
Stop right there, I need to know right now, before we go any further...
To foreclose or not to foreclose, that is the question.
Right now it appears that the answer is
NOT!
At least for most of the big boys.
All of this is not yet totally clear, but what I'm hearing is that some executives in banking/financial institutions, who are suppose to review the documents before signing off, and authorizing the beginning of the foreclosure process, just didn't bother to do so. They engaged in what is being referred to as
ROBO … (8 comments)

lee county mortgages: Banks telling Mortgage Brokers to "Get outta Town!" - 10/08/10 01:06 AM
Bloomberg recently reported that B of A, one of America's truly consumer oriented lenders, ya right, plans to end home loans through brokers.
I'm not sure that they'll be missed, B of A that is.
The article further states that B of A made $8.2 billion dollars of mortgage loans through mortgage brokers during this years first half.
Do they really feel that they will be able to duplicate that with their outstanding service and excellent rates, without the brokers?
Not!
I know, I know, you don't think B of A offers outstanding service, and we all know their rates … (4 comments)

lee county mortgages: Alllllllllllllllllllright!!! More Fantastic Portfolio Loan Products become available in Southwest Florida! - 09/23/10 02:02 AM
Just the other day I posted an article about "Portfolio Loans" making a comeback in Soutwest Florida. Remember now, a portfolio loan is one where the lender/investor establishes the guidelines, makes their own rules, so to speak. It's their $$$$$, and they are free to lend it as they chose.
Once again let me remind you that these are not subprime loans but rather
"Make Sense"
loans to good quality customers who just don't fit in Fannie/Freddie guidelines
Here's some new stuff;
originally Foreign National loans were only being made to Canadian citizens, with these programs. That has now been expanded … (4 comments)

lee county mortgages: Veteran Buyers; Cape Coral Florida Wants YOU!!! - 09/21/10 08:24 AM
I'm sure of this. The Cape loves you. It's a great place for you and your family to live.
How do I know this? I'll tell you how, it's obvious.
You drive down Colonial Blvd in Ft. Myers headed toward Cape Coral, and you cross the new, or not so new Cape Coral Bridge, and walla, you're on
Veterans Parkway!
How do you like that! If you pay attention now and look to the right, shortly you will see the Veterans Memorial. It's true.
Can you afford to live in Cape Coral?
According to the Bus Driver (Jay Lagace) there are … (0 comments)

lee county mortgages: Portfolio Loans, remember those? are making a comeback in Southwest Florida - 09/19/10 08:43 AM
Do you remember portfolio loans?
yes?
no?
Do you know what they are?
A "Portfolio Loan" is essentially a loan that a lender/investor keeps in their portfolio, that being that they don't sell it to anyone. Because of this the lender/investor gets to make the guidelines.
It's their rules.
In the old days, before the days of the ultimate in lender craziness, banks usually offered portfolio loans to their best customers, who could not qualify for the stuff fannie and freddie were offering. In most cases the client didn't qualify because they could not justify the payments, based on the income stated … (2 comments)

lee county mortgages: "by hook or by crook," are you okay with this? - 09/16/10 01:44 AM
Okay today, while working and listening to Mike and Mike in the Morning on ESPN, the conversation was directed toward Derek Jeter who cheated? deceived? or did his job in regards to being hit by a pitch in the game last night.
He wasn't actually hit by the pitch, it hit the bat.
Now, seeing the instant replay and knowing that Jeter was not hit he did look a little ridiculous when he danced around, and held his wrist like he was hurt. Yes the trainor came out to make sure he was okay, and Jeter had a smirk on … (6 comments)

lee county mortgages: SCRAP HVCC! Now would be Good! - 09/06/10 05:05 AM
Okay here's a challenge to those who brought us HVCC.
Show us a benefit. What improved?
Answer
NOTHING
First and without challenge;
HVCC increased the cost of appraisals to the consumer.
This is just a fact. It cannot be argued. The cost of appraisals on the average run about $75-100 above what was charged previous to HVCC. AMC's, aka Appraisal Management Companies, are not cost effective. This system just takes additional $$$ out of the consumers pockets.
The quality has not improved
Personally I believe it has worsened. The AMC's are more interested in what the appraiser charges than in the quality … (0 comments)

lee county mortgages: All Talk Radio-is that your business model? - 09/02/10 05:32 AM
All Talk Radio
Are you a big fan?
They talk a lot, they often discuss serious issues, often not, but
They don't do anything.
Do you knowingly, or not, model your business after All Talk Radio?
Yesterday I posted about a system, business plan, that centered around meaningful conversations.
Meaningful conversations need to be supported by
Actions
I remember back to the high school football days. The cheerleaders were teaching us then. They just didn't know it.
Action, Action, we want action,
A-C-T-I-O-N
I can hear it now as I type.
So here's the big question;
Do you want to pattern … (2 comments)

lee county mortgages: Do you realize you're a "Salesperson?" Do you have a plan for YOUR Success? - 09/01/10 04:56 AM
Where has 2010 gone? Anybody know? Cause here's a nasty fact;
Down the stretch they come
That they is us, in case you didn't figure it out. See it was plain to me because I know I'm a salesperson. But it amazes me how many salespeople don't want to admit that that is what they are. It further amazes me that they don't have a plan for success, but then wonder why they don't succeed.
Hmmm....
salesperson;  a person employed to sell goods or services
Yup; that's me.
I know, YOU need a more sophisticated title, and job description, I don't.
… (4 comments)

lee county mortgages: Strategic Non Foreclosure-anyone got a problem with this? - 08/30/10 12:54 PM
I heard this term for the first time today, maybe I'm just out of the loop, from the guys at TBWS, you know Brian & Frank baby. Okay if you don't know them give them a try at TBWSDaily.com.
So
Strategic NON Foreclosure
Yup, we don't want to foreclose, or we don't want to foreclose now.
We don't care whether you pay or not. It's in our best interest that you stay and maintain the house, watch over things, protect our investment.
So the bank/investor is essentially using the homeowner to protect their interests.
What value do you think is prevalent … (2 comments)

 


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