ARCHIVED BLOG POSTS
2012
“How Your Other Debt Play a Part in Getting a Mortgage” I am doing a mortgage for a Manchester, Ct. couple in their 60’s. The have $18,000 left on their first mortgage, a $21,000 car loan and $76,000 in credit card debt. You don’t want to know what their monthly payments were. Even though t...
11/29/2012
“Senate Banking Committee MAY Take a New Look at Dodd-Frank” I have wondered how long it would take, for this administration to acknowledge that the Dodd-Frank Act has done a lot of damage to our economy. What they have to figure out now, is how are they going to gracefully explain out all th...
11/28/2012
“Shorten the Turnaround Time for Obtaining a Mortgage” I took a mortgage application last week and the clients wanted to know why I needed so much information? My answer was, that I want to shorten the turnaround time. Her response was, you must be kidding? I went on to explain how the proc...
11/27/2012
7
Comments
“Future FHA Changes will be a Game Changer” Sometime in 2013 there will be a number of changes, but one will have a major effect. FHA plans to do away with the cancellation of the monthly mortgage insurance. That is not good news. The present rule is that borrowers have to pay the monthly m...
11/26/2012
“Regulators Warn Lenders and Mortgage Companies about Misleading Advertising” As I have shared many times, I am not a fan of over-regulations of anything, but we are presently stuck with Dodd-Frank and that is the way it is. OK, since we have these regulations and the Consumer Financial Prote...
11/25/2012
12
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“FHA 203K Business Stronger than Ever” Last year we had a very strong FHA 203 K business, but nothing like this year. Even though most 203K’s are purchase transactions, there are many that are refinances transactions as well. Most of these renovations are kitchens, bathrooms and roof replacements...
11/24/2012
“In the Last 2 years, One of My FHA Loan that I did, Defaulted” One default in the last two years out of hundreds of FHA loans that we did. I do FHA loans down to a 580 credit scores, which should mean many more defaults. So where are all these defaults coming from? OK , let’s look ba...
11/22/2012
18
Comments
“Thanksgiving a Very Special Day for Our Family” My wife Gail, has always made this day very special for our family. Growing up, Thanksgiving was just another day of work on our dairy farm. So, my wife taught me what it was all about and why it was so important. Once Married, both sets of p...
11/21/2012
“Purchase Mortgage Business, NOT Shrinking Here at All” For the last two years, we have been split evenly between refinance and purchase mortgages. I am seeing the purchase mortgage business being alive and well. It is always so surprising the amount of bank and credit union referrals for p...
11/20/2012
9
Comments
“Credit Reports, a Foreign Language to Most” I always get to my office fairly early and don’t usually have someone waiting for me. Sheila introduced herself and said she wanted to meet with me, so that we could discuss her credit. She told me, that she was referred by her attorney. ...
11/19/2012
