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"Strategies For Success"
If you have participated in a mortgage transactionin the last year, you probably found it to be afrustrating experienced. I know that those of us with long mortgage careershave found it to be particularly annoying. In my32 years of doing home loans, I don’t think I haveever seen the overall service in our industry dropto [...]
Continue Reading →Recently, I have written about the new HomeValuation Code of Conduct (HVCC) that requiresthe use of intermediaries to place the appraisalassignment. The intent was to eliminate anyundue influence by the loan originators whenordering the appraisal and to insulate theappraisers from pressure to “hit a number”. As outlined, this new process creates more steps,less communication, and [...]
Continue Reading →As we have been working our way through loanapproval guidelines becoming tighter over thelast year or so, we are encountering someinteresting processing situations that canserve as learning experiences. Paperwork? More Paperwork? When I meet with a client initially, I domy best to ask for as much paperwork to supporttheir loan application as I can foresee. [...]
Continue Reading →As we work our way through the tightened approvalstandards that the mortgage underwriters areadhering to, we keep looking for the positivesthat peek out from time to time. First, interest rates are still staying low.For the most part, conforming loans (up to$417,000) for primary residences are in the 4.75%to 5.0% range with a loan fee of [...]
Continue Reading →Interest rates are the lowest they have been all year,right now! Every year during the holiday period, I find thatborrowers don’t want to engage in business betweenThanksgiving and New Year’s. With the distractions of the season, and their focuson the fun things, many borrowers fail to recognizethat there are opportunities to improve their homeloan situation. [...]
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