In the digital world, mortgage shopping is a little different than it used to be. What hasn't changed over the years, though, is that a mortgage loan is a big decision. It's often the biggest chunk of debt someone will ever have, tied to their most valuable asset (which, if things go wrong on the mortgage, someone could lose!). As much as fintech companies like to push the narrative of "push button, get mortgage", that's a recipe for disaster, or at least a whole lot of extra money spent. Case in point, just this week I talked with a customer … (7 comments)
experience: What Happens AFTER Things Go Wrong
- 10/22/21 12:44 AM
What Happens After Things Go Wrong? $hit happens. There's some controversy around the creation of the phrase. Did Professor Connie Eble bring the phrase to written form for the first time? Was it, in fact, Forrest Gump? While mystery surrounds the phrase, I am near certain that the original use was tied to someone with a real estate license, or a mortgage professional. If you're in the real estate industry long enough, or you're a consumer who has bought and sold enough homes, you know somewhere, somehow, someday, something went wrong. $hit happens, and for thousands of reasons along the way - … (20 comments)
"We're about to write a counter offer so I needed to check with you to make sure the buyer can qualify for a higher amount", said the listing agent.
"Yes, they will qualify for a max of $______!!", said the inexperienced loan officer who is super excited to be about to have a deal to work on.
"Clever" listing agents ask this question all the time in hope that they'll get a lender to divulge some information that may land a few extra thousand dollars in their seller's pocket. Can you blame them when their job … (4 comments)
"PUT....THAT COFFEE DOWN!" If the notary that was supposed to do my recent closing works in an office environment, I hope someone yelled that at them the day after our document signing was scheduled. Everyone knows coffee is for closers.
On a refinance transaction, the closer is either an attorney or a notary - I've dealt with some incredibly professional versions of each. I've also dealt with....let's just say the opposite. But never, in 11 years, did I have someone just not show up. Until Monday.
The market took a wild ride this week, brought us the lowest rates we've seen in quite a while (which inspired this blog), made the phone ring a few more times than usual, and opened the door for a few previous clients to knock PMI right off their loans (Winning!).
While this week's news on plummeting rates was exciting, I kept a few market "rules" in the back of my head as things started looking better and better. For one, Friday is traditionally a bad day for mortgage rates. Fridays following a week … (47 comments)
Who is your loan officer?
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