Down Payment Requirements, Credit, and Interest Rates. Finding Reliable Info

Gene.. giving out false or misleading information is ridiculous. I don't know why this "expert" would be looking to give the consumers infomation that would have them running for the hills. I really question their motives.. 

Gene, what is up with giving out false information?  It takes just as much work as giving out the right information.  All we can do is be glad there are warriors like you out there spreading the right word.

We hear and see it all the time. It is our jobs to set the record straight. When the authors of such articles leave access to comments, I answer. If they leave contact information, I communicate with them. Often, when there are articles incorrectly written, I will incorporate them in a blog that I do.

The famous "I read it on the internet" has replaced the "I saw it on TV" as the mantra for proclaiming truth everywhere...and that "truth" may well be a figment of someone's imagination, perpetuation of current urban legend....etc. etc. etc.
 

I won't mention any names, but are the initials Suze Orman?  Just kidding.

Fact of the matter is that changes in our industry are happening so fast that unless someone is originating loans full-time, I can't see how he/she can be an authority on providing information to consumers.  Moreover, changes from state to state make it increasingly difficult to read national news and know how it would relate to your situation in your neighborhood.

Another reason why A/R is so helpful in getting the good word out.  Excellent post, as always, Gene.

That is why I support anybody who is doing a good job in today's market by blogging and commenting accordingly. Those that provide good service to this once in a lifetime transaction and insure a predictable rewarding outcome should be recognized and be referred out...case in point. Keep up the good work Gene...we need you

worthy of a re-blog...thank you Gene

Just like any industry there are bad and good.  A few years ago a customer was turned down for a loan because there were too many foreclosures in the specific area.  They were totally qualified and the house appraised out.  The loan broker actually told my customers, "when looking for your next house don't buy anything south of this street, north of this street, bordered by this street.  I am not in the mortgage business but I did use the term "red lining".  The loan broker of course denied it and we went back and forth for some time.  Pathetic.

Gene: I think we sometimes need to lose a deal only to save it. I recently had an inquiry from a borrower who had gone to a major bank because they wanted to do a HARP loan. After being denied by said major bank they came to me. Preliminarily it appear they qualify for a DU Refi. Plus loan and are not upside down after all if we are able to subordinate their second. These days it takes a knowledgeable and informed loan officer to get or not get deals done. I wonder about the capability of loan officers sometimes, especially at big banks or online institutions.

Keep swinging the bat. I know it's frustrating to have misinformation out there, especially when clients are choosing something that isn't true. But I believe if we keep adding value that will separate us from the rest of the chaff or riff-raff. Thanks for the post. You do great work in a tough and unforgiving business! Have a nice weekend as well!

Keep preaching indeed, Gene.  I'm very curious on where this article was at and who penned it's false information.  Glad to read that the comments pretty much put the truth back in its place.  Back when I was in the gig and there were many more doing it for a living, the level of mis-information being put out there was mind-blowing. 

Our media is not at all required to have facts or the truth on anything any more. Instead feelings and assumptions run the media. I am sick and tired of the problem.

Gene, i actually know the exact article you are talking about.  This is what causes scared home buyers.  Worse is who is not doing the research on articles written before they are published.  And if i am correct he was not even someone who is in our industry but a "financial expert".  Expert on what, anybody can write an article or blog.  but all we need to all really look at what an expert is?  As this individual does not do mortgages for a living.  whew, okay i am don't ranting.....