May ActiveRain Challenge for Zoom Meetings: Call #4

By
Services for Real Estate Pros with Immediate Home Solutions

This week's call was about the current state of mortgages and what's happening.

Our guest speaker was George Souto who is a veteran in this industry and has been doing residential mortgages for about 16 years.

 

George

We started out with his introduction and then moved onto the different loans that he can do, which is most and what he likes to do, which includes working with First Time Homebuyers and most people that have their stuff together.

Much of his business stems from past referrals from other Realtors.  This is because they know that he can deliver.

He is licensed in numerous states, which include Conneticut (where he resides), Rhode Island, Massachussets, New Hampshire and even Florida. 

Mortgages

He spoke very eloquently about the fact that people during this time don't like to let appraisers in their home and that they are doing drive by appraisals along with some of their research online.

Also, he spoke a lot about current underwriting conditions and how they are being more automated now, taking out much of the human element.  Standards, in general are much tighter now.  

Even though closings are happening, attorneys are having a difficult time with courthouses because many of them are closed at the current time.

Verification Of Employment (VOE) has taken a turn too.  It used to be that when someone applied for a loan, that person's employment was checked about 7 days before to make sure they were still working and could qualify for the loan.  Now, the checks of employment are about 48 hours and sometimes less to make sure that person is currently still working because of all the job losses and furloughs.

He did say that if they got a furlough, that it would only extend things a little bit for that person until about a month of paychecks came their way.

It appears that credit scores did get higher and LTV did get smaller, though it's still possible to get close to what loans used to be.  Close, but not the same.

He did say that forbearance was a serious no-no at one time, but is not as much an issue today.  It still causes concern, but not as much as it used to.

On the call we had a good variety of people including John Meussner, Ryan Huggins, Lisa Courtney HoweKathy Streib, and Brian England 

Many great questions were asked and answered.

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With Enthusiasm,

Jeffrey M. Richman

 

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Rainmaker
1,823,633
Lise Howe
Keller Williams Capital Properties - Washington, DC
Assoc. Broker in DC, MD, VA and attorney in DC

THanks for moderating this call.  I found some things that I didn't know or new information about old topics that were very useful - as soon as last evening when I was speaking with a client applying for a mortgage

May 27, 2020 06:34 AM #1
Rainmaker
385,225
Jeffrey Richman
Immediate Home Solutions - Waxhaw, NC
Creative Real Estate Specialist

Hi Lise Howe,

I'm really glad that it helped you out. We (Debe Maxwell, CRS) plan on having many more to help you and others out on various topics.

BTW, sorry about spelling your first name wrong, it won't happen again!  At least by me.  :-)

May 27, 2020 06:40 AM #2
Rainmaker
2,881,450
Brian England
Arizona Focus Realty - Gilbert, AZ
MBA, GRI, REALTOR® Real Estate in East Valley AZ

This is a very good summary of the meeting and George Souto gave us such great advice!  Thank you for hosting this challenge!

May 27, 2020 07:15 AM #3
Rainmaker
1,558,701
Kat Palmiotti
406-270-3667, kat@thehousekat.com, Broker, Blackstone Realty Group - brokered by eXp Realty - Kalispell, MT
The House Kat

Thanks for hosting this challenge! George's input was interesting.

May 27, 2020 07:48 AM #4
Rainmaker
3,407,063
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Thanks Jeffrey for hosting this challenge, Now I wish I would of made the first three.

May 27, 2020 07:56 AM #5
Rainmaker
385,225
Jeffrey Richman
Immediate Home Solutions - Waxhaw, NC
Creative Real Estate Specialist

Hi Brian England,

It was really good having you on the call.  It took a moment to get used to you sitting there, listening when you're usually out and about handing out food to the needy!  Thanks for being there.

May 27, 2020 08:14 AM #6
Rainmaker
385,225
Jeffrey Richman
Immediate Home Solutions - Waxhaw, NC
Creative Real Estate Specialist

Hi Kat Palmiotti,

Thank you for baing part of this and I hope that you continue to be on more calls in the future without the challenge.

May 27, 2020 08:15 AM #7
Rainmaker
385,225
Jeffrey Richman
Immediate Home Solutions - Waxhaw, NC
Creative Real Estate Specialist

Hi Will Hamm,

I'm so glad that you could make it.  You may not have been able to make other calls in the past, but don't let that stop you from making more that are happening in the future.

BTW, get a haircut!  LOL.

May 27, 2020 08:17 AM #8
Ambassador
3,980,046
George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Jeff thank you for inviting me to present to the group, and good to hear you felt the information I shared was helpful.  I look forward to attending next week.

May 27, 2020 09:43 AM #9
Rainmaker
385,225
Jeffrey Richman
Immediate Home Solutions - Waxhaw, NC
Creative Real Estate Specialist

Hi George Souto,

Thank you very much for yesterday.  I thought that the information you provided us was very helpful indeed.  I look forward to 'seeing' you next week.

May 27, 2020 01:17 PM #10
Ambassador
3,171,361
Margaret Rome Baltimore 410-530-2400
HomeRome Realty 410-530-2400 - Pikesville, MD
Sell Your Home With Margaret Rome

Jeffrey Richman I'm so glad I helped nudge you to jump into this challenge. It has been wonderful seeing and learning from all the members. Thanks to George Souto for his presentation. Looking forward to many more.

May 27, 2020 08:45 PM #11
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Jeffrey Richman

Creative Real Estate Specialist
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