port charlotte 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)

port charlotte loan officer: I WANT MY MONEY BACK - 10/08/11 05:48 AM
Well,
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)

port charlotte 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.
well
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)

port charlotte 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)

port charlotte 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)

port charlotte loan officer: The Modification Failure - 06/10/11 03:45 AM
Stop and think for a moment;
how many people do you know personally have applied for a mortgage modification? and how many have been successful? if any.
I'm a mortgage lender and I know 1 couple, and they had to make a biiiiig concession.
Here it is;
I was allowed to attend the hearing and the first thing that the negotiator made very clear was
there will be NO balance reduction! NOBODY is reducing balances.
This brings up the biiiiig concession. While the mortgage holder was generous, in my opinion with the rate and payment reduction, the couple was still severely … (10 comments)

port charlotte loan officer: Hey Charlotte County Florida; USDA/Rural Housing needs your help! - 06/01/11 12:04 PM
Direct form the National Office in Washington D.C. this is the announcement in the SFH Origination news.
Guaranteed Loan Funding Update: HELP WANTED!
24 BILLION DOLLARS ALLOCATED FOR GUARANTEED LOANS!
Okay let's do a little house keeping here. SFH is what it appears; single family housing and no USDA didn't allocate 24 Billion just for Charlotte County, but there are many many properties which are eligible in Charlotte County.
Now that's 24 Billion for the fiscal year which ends September 30, 2011 and 9.2 Billion has been already allocated to fund 70,759 loans nationally, so they have been busy, but
we need to … (0 comments)

port charlotte loan officer: where do most of the oldsters live? - 05/31/11 04:40 AM
CNNMoney's Les Christie was nice enough to sort through some of the Census data to make a few points about our population.
So here's the answers to where the oldsters live.
like anything else it depends on how you figure it. If you use the new Census and base it on median age, it's not Florida, as you may think it's
Maine
Maine? really?
yup.
The median age in Maine in 2010 was 42.7, 4.55 higher than the national average and 2 years older than Florida.
Who da thunk it?
Three factors come into play;
low birth rate
outward migration … (4 comments)

port charlotte loan officer: "Know Before You Owe," brought to you by the Bureau of Consumer Financial Protection - 05/20/11 03:29 AM
Catchty, aint it.
Okay to be perfectly clear who is the Bureau of Consumer Financial Protection is, or the CFPB as it is also known.
Here's from the Treasury website;
the Bureau of Consumer Financial protection will be an independent bureau within the Federal Reserve System that will help empower consumers with the information they need to make financial decisions that are best for them and their families.
Sounds pretty good, right? Only in America can you be both "independent," and "within."
Know Before You Owe
What are they referencing, and who are they protecting you from?
First, I must ask, … (5 comments)

port charlotte loan officer: Food for thought (from an old master) - 05/16/11 04:43 AM
You know, some books age real well. You can pick them back up, whenever, and the value's still there.
Here's one;
Something to SMILE About
by, well later.
I really had to think about this one.
Consider the turtle. The only time it makes progress is when it sticks its neck out.
Think now, how many times over the last few years do you think this was necessary to be successful in your business. You just had to do a little more, see it a little differently, stick your neck out to "git er done."
You know there's been a lot of … (0 comments)

port charlotte loan officer: Make Hay while the Sun Shines...Rural Housing changes are on their way - 05/05/11 02:39 AM
Let me start out by clarifying that statement.
First, I'm talking about area eligibility. That is property location.
Second, I'm a Southwest Florida Loan Originator and will focus mainly on that area.
But, there are some generalities that apply to the whole state and/or the whole country.
As the USDA release states they are making the changes because they have to, "it's the law."
and I quote
"the Agency is required to review rural areas for continued eligibility after the release of the decennial 2011 U.S. Census, as well as additional reviews every 3 or 5 years depending on population growth. … (0 comments)

port charlotte loan officer: It's TIME! (to turn short sellers into buyers) - 05/04/11 04:17 AM
I'm known to be the master of the obvious.
We're missing a traditional part of our market.
that being
those sellers who became buyers, either buying up, or often here in Southwest Florida, downsizing.
What happened? well you know. They're stuck with properties they can't sell, or have chosen alternative solutions.
Right now I want to address the short sellers, and I'll try to do it in more of a business related, rather than emotional fashion.
Why the "short sellers," because as far as I'm concerned they have attempted to act responsibly, to a bad situation.
Back to the obvious.
Both … (6 comments)

port charlotte loan officer: BEWARE! Strategic Default(ers)...We know who you are - 04/29/11 02:04 AM
Inman News reported yesterday that Fair Issac, the company that brought you FICO scores has developed a system to predict which homeowners are the most likely to engage in a strategic default, that being homeowners who have the ability to pay, usually a good credit history, but still choose to walk away from their property and the mortgage obligation.
They now have
"THE BLACK BOX"
My first thought is
So what
Mortgage lenders have always attempted to identify those who will default and hopefully attempt to prevent that default.
nothing new there
This isn't brain surgery here now. Who might … (2 comments)

port charlotte loan officer: Where have all the houses gone in Southwest Florida? - 04/28/11 03:48 AM
It seems like just a couple of years ago one of the big stories in Southwest Florida real estate was the great inventory glut. Why we had so many homes listed for sale it would take forever for all the homes to sell, and that was if there were no more listings.
What a difference a few years can make.
I was reading the Presidents message from Gary Verwilt in the SW Realtor Newsletter and here's what he had to say;
"currently our inventories for single family houses are low (1.4 months)"
(that's in Lee County)
I asked the Bus Driver … (0 comments)

port charlotte loan officer: Blogging about Bloggers (who explain why they blog) - 04/14/11 01:08 AM
why do I blog? let me count the reasons.
It seems, and I imagine appropriately so that most "bloggers" blog because it's part of their marketing plan.
Okay, that makes sense.
"the rain" supports this idea, I believe, as they are constantly posting pictures of members holding checks, with big smiles on them. The big smiles are on the members, not the checks, just to be clear.
Personally I find that a little tacky, but that's just me. "The Rain" has been berry, berry good to me, and yes it is part of my marketing plan, and yes it works very well, and … (9 comments)

port charlotte loan officer: YES YOU CAN! - 04/06/11 02:53 AM
Acquire a mortgage that is.
In a recent article, Les Christie of CNNMoney.com writes,
Prices are low! Mortgages cheap! But you can't get one
Well to that I say
horsehockey!
I was thinking about another expression, but ruled it out.
I'm just so tired of the negativism and dishonesty of our national media.
Negativism is a highly infectious disease, which has created more damage than we are able to calculate.
I here by issue a challenge to Les to debate this issue anywhere, anytime.
Let's get the truth out on the table here.
Les says you need 20% down. NOT … (0 comments)

port charlotte loan officer: Consumers stabbed again! - 04/06/11 12:48 AM
Okay, the battle over Reg Z changes (Loan Officer Compensation) is over, maybe not totally, but the newest changes are effective NOW, actually yesterday.
Here's some simple facts (as I see them)
Less Competition
Previous to last year, as regulatory changes forced me to acquire a mortgage brokerage license, I had not had one for about 20 years. I didn't need it as I was a licensed mortgage lender. BUT
I did know and respect many brokers, not all, who were providing valuable services, and alternatives to consumers, and doing it in a very professional manner. Some of these mortgage professionals have … (4 comments)

port charlotte loan officer: "NO Mortgage Writedowns" - 04/04/11 04:42 AM
So says JPMorgan Chase's CEO Jamie Dimon at a U.S. Chamber of Commerce forum in DC, last Wednesday.
"Principal writedown for people who could pay their mortgages? Yeah, that's off the table."
Quote, Unquote (for emphasis, and clarity)
Here's one man's opinion (mine), and I will attempt to make it as simple as possible.
Chase's Chairman, Mr. Dimon, answers to the shareholders and not the clients.
the shareholders interests ("the bottom line") trump the clients interests, everytime.
Along that line; if it was in Chase's best interest, evaluated solely by profit, "the bottom line," to write down mortgage balances
they would
… (6 comments)

port charlotte loan officer: FHA Lenders accepting lower scores; How it Works, and How it Doesn't - 03/24/11 01:48 AM
Disclaimer; this is just one man's opinion.
In this case that man, being me. Also always remember
FHA insures loans, FHA does not fund loans, are you gettin it?
In case you didn't, it's still the lenders $$$$$.
I'm going to use a 580 score as the new acceptable low point for FHA approvals. Frankly I heard a RE instructor stating that FHA would accept 500, and a had a bad feeling in my tummy.
1st Point
If you have a slow paying record and it is resulting in a low score, and it appears to be just negligence, you're still just … (2 comments)

port charlotte loan officer: My GOAL is to Enrich the Lives of others, you're invited to share my goal. - 03/18/11 02:22 AM
Maybe it's just me, but often I take some time to reflect upon what I (we) do and the consequences or the end results of what I do.
I was reading Carmine Gallo's book, "the Innovation Secrets of Steve Jobs," and I was struck by Jobs desire for Apple to make positive changes in peoples lives, to enrich their lives so to speak. I suppose I was influenced by the comments because I feel that that's what I (we) do, in most cases.
Let me turn this, to a certain degree into business speak sighting two specific examples or comments, one new, and one from … (2 comments)

 


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