Taking a Swing at Dodd-Frankenstein
Last week an “Executive Order” was signed to review the 2010 Dodd–Frank Wall Street Reform and Consumer Protection Act. This law was part of series of laws spun out in 2009, when the White House sent a series of proposed bills to Congress.
The original bill drafted and sent out to the House in July 2009. In December, 2009, revised versions were Continue reading
Another The Ugly Truth
Understanding your total cost of medical and health insurance. What, this is a mortgage blog? Yes this is a blog about mortgages, both good and bad and in some cases just downright ugly.
This is Another The Ugly Truth which is tough to deal with, but one that comes up over and over.
In this case I want to talk about the real ugly truth of our Continue reading
It may be harder for the younger generation to see things in the way that our senior citizens do so easily. We often – and sometimes with good reason – brush off our seniors with the thought of them being out-dated and not up with the times.
I find the younger generation is too fast to think they know Continue reading
It has been said many times, that if a person will do or complete the same action every day – for 21 straight days – they will turn it into a habit. Bad or good we see it all the time. From strong and disciplined people to those that are lacking any kind of discipline. It is people’s spending habits that kill most loan transactions. After bad spending routines student loans are the next big killer of purchasing power for borrowers.
Understand that in order to get a mortgage loan today you must give us your last two months’ bank statements, all pages of all accounts if using that money for your purchase. It’s here that we see your spending habits and we shake our heads in total wonderment, when you tell us you don’t have the funds for the closing cost.
Don’t run away yet as you may find this humorous. So let’s take a moment and do a little math. Continue reading
First Time Home Buyer Programs
There is a lot of chatter and political banter on the internet about programs for first time home buyers. The truth about these programs and the basis for them have been around for decades. These programs may get an underwriting guideline adjustment here or there; but over all, it’s the same programs at the Federal level. The state programs change often depending on state, county or city budgets.
All these loan programs have minimum requirements from as simple as a credit score to reserve requirements. Most may require the borrower take a credit counseling course. Although most of these courses are excellent for any borrower to take, Continue reading
But Are You Listening
It’s amazing how we remember things from our childhood. These things always seem to pop back in our minds at the strangest of times. Recently while talking to a borrower and rehashing the things we needed to complete in the file in order to get to the closing table.
I was thinking how many times do I have to say this and just at that moment I had a flash back of when I was about 8 years old of my father grabbing by the back of the neck and turning me to face him while he grumbled “I know you can hear me but are you listening to what I am saying?”
There is no doubt I can’t grab a borrower by the scruff of their neck, but there are certainly times it enters your mind when all your trying to do is help them and they just don’t listen.
So here it is in writing what not to do when applying for your mortgage loan: Continue reading
Trouble in the Middle
We all have been on vacation one time or another. I find the best vacations are not only the best planned ones but more importantly, the one we best prepare for. Living in Florida it’s not uncommon to see so people who come here on vacation who are really just winging it. They Continue reading
Even When I Write it Down
I remember back in elementary school my fifth grade teacher would always be yelling at the same few kids in class. When his patience was near its end the same words would echoed through the classroom, “why do I always have to repeat myself until I am blue in the face”. I look back and chuckle as I now know exactly how he felt.
Each day home buyers come to my office and see me. Continue reading
What’s the Score?
Like all sports, we can often predict our winners of the game based on how well we know each team. We base our decisions on the caliber of player or players collectively, on each team. But picking the winning team is not always that easy or a simple thing.
I really enjoy watching the movie “Money Ball”; the story of a baseball team that does not have the great players but rather a handpicked collection of good players. No one on the team lead the league in any category, but yet found a way to mash the best of each team member together to make team as a whole a winning team.
Like in most sports, before we start the game we put together our best line up or starters in to kick things off. This is not much different in the mortgage loan world. Here, participant development starts with INCOME. Continue reading
I spend much of my day caring for others, no I am not working at the soup kitchen or at an assisted living facility; I am a mortgage broker or loan originator as the government has labeled me. I never think of my duties or responsibilities in that fashion, but rather as the doctor or engineer who needs to help people get in to a home.
The real odd part of what I just said was Continue reading