mortgage: Will a revised HARP Program really work? (Las Vegas) - 11/02/11 11:51 AM
Will a revised HARP program really work for us here in Las Vegas? Will it work Nationwide in CA, FL, AZ, etc...
Lets look at the numbers (basic scenario)...
 
Lets say an average house right now has a mortgage balance of $200k, and their rate is 5.875%. Thus their principle and interest payment is $1183.08. If you refinance to today's conventional rates at 4.875% (today's rate is about 4.25% but their will be rate adjusters because of the LTV) the principle and interest becomes $1058.42.
This saves the average homeowner $124.66 a month or $1495.92 a year. 
 
Is $1495.92 … (3 comments)

mortgage: Sign-Call Capture System - 10/27/11 07:28 AM
What works for you? A 1-800 number? QR Code? Voicepad? Text system?
I recently ran across a great text system that over comes a lot of the flaws of the systems above. If you haven't checked out www.sikku.com , you are missing out on a great tool to capture buyers and leads for your team. Sikku (seek-you) is a text system that pretty much sends an MLS feed to your customers smart phone within 20 seconds. It gives the prospective buyer all the information they need, including pictures directly from the MLS. In addition to the listing, sikku has a series … (1 comments)

mortgage: The screaming customer - I still don't get it? - 10/15/11 01:20 PM
Maybe it was the way I was brought up, maybe I am just not a loud person, but I never understood the screaming customer, or the point of screaming at someone. Real estate professionals (Realtor and Lender) are probably second to only service industry people when ranking professions that get yelled at by customers.
Mr. and Mrs. Customer - it wasn't my choice that I have to document every nickel deposited in your bank account,that I need two years of tax returns with all schedules even though I already have your W2 and pay stubs, or that you have to sign … (3 comments)

mortgage: Association, or no Association - A Lender's Perspective - 10/14/11 09:58 AM
It seems like there are hundreds of Real Estate Associations out there these days... AREAA, NAHREP, NAREB, WCR, WINDS, NRBA, REOMAC, NAMB etc... and the list goes on. How do you determine which one to join? Is it worth the cost? What is the value proposition?
From a lender's perspective, I fine them highly valuable for the chance to network and to learn more about what my clients do everyday. The education classes and conferences that are put on help me relate and keep updated with latest trends so I am able to keep up with my clients, and talk shop. … (1 comments)

mortgage: Disputed Tradelines - 10/12/11 08:11 AM
Previously I had wrote that miscellaneous deposits were a huge pain in the butt for lenders. A close second pain in the butt are disputed trade lines on a buyer's credit report. 
A disputed trade line occurs when the consumer is challenging the payment history, balance, or information being reported by the creditor. When the consumer disputes the information on their credit report the credit bureaus will place a "Disputed Account" tag on the account. 
At first this seems like no big deal, however it causes a little bit of chaos. Typically if your customer is getting an FHA loan or … (0 comments)

mortgage: Short Sale Listing Agents + Loan Officer = Match Made in Heaven - 10/06/11 12:00 PM
I still can't figure out why every short sale listing agent isn't using a loan officer to pre-qualify all offers that come in on their listing.
I am sure several listing agents will give me their reason why they don't, but here are my reasons why... hopefully I convince one listing agent to start...
1. I have seen countless of short sale deals fall apart at the last minute because the buyer's offer who was accepted fell apart because they were not really qualified. Not only does the listing agent now have to scramble to get extensions and a new buyer, but … (1 comments)

mortgage: The biggest headache when applying for a mortgage is... - 10/03/11 12:11 PM
Miscellaneous deposits!!!! It is even worse when you originate loans in a city called Las Vegas! Lenders/Banks have been cracking down on miscellaneous deposits for several years now, and the scrutiny continues. If you have a customer who earns unreported tip income, plays video poker and slots, or cashes their paycheck at a casino because they like to think they will win a $10,000 cash prize; be prepared to help track down some paperwork. 
Why are they cracking down? They have to make sure the deposits in the account are not from an interested party in the transaction.
To make life … (4 comments)

 

Joseph Lai

Las Vegas, NV

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Primary Residential Mortgage

Address: 5980 South Durango Drive, Suite #114, Las Vegas, NV, 89113

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