What is the Mortgage Pro Week in Review, for those that are new to Active Rain or those that haven't come across these in past weeks? It's 1 member from AR that volunteers their time to read any mortgage related blogs in a course of a specified week. And these posts don't have to always be written by loan officers. If there is a good one written by a realtor, a title person, an appraiser, etc, etc.....they are always welcomed.
Basically, we are trying to pick the best of the best in one week to help all of us better understand new programs, the mortgage & real estate crisis, and overall, just to better educate everyone on what is going on in today's mortgage market. And by reading these, I am sure many of us could learn at least one thing new each time. I know I do.
The last several weeks have been some tough weeks, because there have been some changes in regards to what kinds of mortgages can be offered. I am not going to bore you with such blogs talking about the Fannie Mae or Freddie Mac issues. Or the fact that Indy Mac Bank is out of business. Many of you know that I am a big fan of FHA loans. I want to put all opinions aside and focus on what is good for the consumer. And because of the credit crunch, typically if you have a score less than 680 and 10% or less down, FHA will usually be the best method of financing. And numbers don't disgaree. So what I would like to first mention is a new change that took place today, but this post was written a few weeks ago. (there wsn't really anything that wasn't detailed in the last 7 days.)
FHA Mortgage Insurance - New risk based pricing guidelines - Effective 07/14/08
(as a FYI, that is my niece) By Jeff Belonger This chart is very important, because there are many new things that loan officers need to pay attention to now. And it could change someone's buying power.
Seller Funded DPA = Money Laundering. <= Did I really say that?!?
By Tom Burris This can be a very touchy subject from both sides of the fence. And I will be adding a second post on this next. But Down Payment Assisatnce programs have helped hundreds and thousands of homebuyers to achieve the American Dream.
The Death Of The Down Payment Assistance Program??
By Aaron Gordon Aaron addresses more issues. As I continue with this important issue, there was an important comment in Tom's post that I wanted to address, which is applied to both posts. Comment by : Richard Smith "The biggest problem with the defaults, in my experience, is a combination of no money invested, with large housing increase, and limited tradelines or weak credit."
I think that comment should hit home to those loan officers that know their programs.
To support the DPA programs, please go to www.supporthomeownership.com and make your voice heard.
FHA's COOLEST Niches!
By Christina Ewing Christina gives us some basic ideas and why FHA is a very strong mortgage program. Much of what is mentioned in her blog supercedes anything that can be done with conventional loans. As I have preached before, typically any consumer that has 10% or less down and credit scores less than 680 should seriously consider FHA as their primary source for lending.
The Amortization Schedule: An Old Fashion Way of Creating a Savings Strategy
By Gary Miljour Gary writes a post that is dear to my heart. I am not here to bash the Money Merge Accounts or the Mortgage Accelerator Programs, but I think many of us need to be aware of how these programs work. I will continue this topic with my next selection.
IndyMac / Money Merge / Broke Fools
By William J Archambault Jr There will be some nay sayers that will argue these two posts. My 2 problems are that anyone can sell these programs and that you need discipline. Those that usually sell these programs mislead a tad at times. Anyone remember the pay option arms? Same concept about paying down your mortgage. Overall, these can work, but they are for the few and are being sold to the masses. Just watch, I bet that in 12 to 18 months, you won't hear much about these programs. Just my .02.
The Home Ownership Accelerator
By Steve Nardin I am including this one so I am not biased towards one side. Steve is an advocate of this program, the mortgage accelerator program. As I stated, it can work, but it needs discipline. But you will find the comments very infornative.
You Thought It Was Bad Before? Buckle Up, I've Got News ...
By Ken Cook What I liked about this post was that Ken attacked politely talked about those that critisize those that put down 3% or less into a mortgage transaction. Basically breaking it down in easy to understand common sense to why so many have a hard time saving. My .02, it's not as easy as it has been in previous years. And if you are selling a home, your equity might be less than what it was a few years ago.
Loss Mitigation For Mortgage Professionals
By Brian Brady Brian has good business sense and is a great marketer. He can usually sniff out someone that offers BS. Here he recommends someone to possibly help those that might have trouble paying their next increase on their mortgage. I have spoken to this person that he recommends and he is already helping a client of mine that I couldn't help.
If Mortgage Rates are a Commodity, Does it Matter Who You Get Your Mortgage From?
By Peter Thompson This was extremely well-written and is a must read. Peter really paints a good picture of what it's like out there, when consumers are rate shopping, but they over look some of the obvious things because they are so focused on rate.
Jumbo Cash Out Mortgages - FHA loans vs Conventional loans - Part 2
By Jeff Belonger With conventional loans only able to go to 90% and HELOC's almost becoming existent, FHA loans up to 95% of the value of your house and doing a cash-out, can be very important to know. That was in part 1. In this post, knowing that you can do cash-out on FHA jumbo loans up to 85% is just as important. Besides, it's much cheaper than a jumbo cash-out loan with conventional guidelines.
Discerning Truth On The Internet...!!!
By Fran Gaspari Fran is in the title business, but talks about something that not only affects the mortgage industry, the real estate industry, but most indursties that rely on ethical and accurate information. So many of us rely on the internet for facts. But Fran states that you should get to know your source before you take that information and spread it around. This is a must read and a pet peeve of mine.
*** On the side, I would like you all to take the time to welcome bother Christina Ewing & Steve Nardin, since they are very new to Active Rain. ***
BONUS SELECTION : If you have some extra time to read these 2.....
I'm calling for a Sitcom... based upon Mortgage Lending!
By Jason Sardi With so much turmoil in the mortgage industry in the last several years, what Jason talks about is not new. He talks about the struggles of a ethical loan officer, who swant to help clients, as opposed to those that made a lot of money, but might have ruined other peoples lives. He makes some good points here and should open some eyes.
The next great depression....are we on the edge of the abyss?
By Karl Christen This has some good information that could turn into a good discussion that the media fails to talk about. Karl brings up an excellent point. His point is that we aren't patient as we once use to be and in any crisis, we want changes for the good to happen over night. We don't trust ourselves to let the economy work itself out as it has done in the past. This could come back to bite us evern harder in upcoming years.
Angry Realtors, Extended Closing Dates, Oh My! - Letters from the Field
By Tom Elder This is a last minute addition because Tom originally had this as a members only post. These are the sort of blogs that the average consumer needs to read about. Tom makes an excellent point. We will sometimes make mistakes. When we do, set the clients expectations to a certain level. Don't make promises that you can't keep.
The next 2 members for the Mortgage Pro Week in Review :
1. Joel Silberstein 07/14/2008 through 07/20/2008
2. Robert Ashby 07/21/2008 through 07/27/2008
Mortgage blogs by loan officers Here is a list of Loan Officers. If you are not listed, please email Jeff Belonger to be added. This way the person doing the Mortgage Pro week in review can try and find most mortgage related posts in one section. ActiveRain is growing rapidly and it is difficult to keep up.... If you think you have been ignored, you have not. This is open to all!!!
All About Mortgages/Mortgage Networking Here is a group that many loan officers post their mortgage related blogs in. A good place to learn more about the type of programs, new industry news, and sometimes some inside tips. Don’t hesitate to join.
We really could use some new volunteers for the Mortgage Pro Week in Review. Even if you are a realtor, a title person, or someone else that is related to the mortgage/real estate industry….. please read below.
MORTGAGE PRO Week in Review A repository for the Mortgage Week in Review. Please don’t hesitate in joining this group. And any volunteers for the mortgage week in review, please e-mail Jeff Belonger at jbelonger@ihmci.com
There will be no recreations of any type regarding the titles or content of this group or Review without the permission and expressed written consent of the Group's founder
Mortgage Pro Week In Review - Copyright 2008©
JB,
Nicely down...
These are very starnge times we`re experiencing.
When you do a review aren`t you reviewing other Mortgage Brokers besides yourself?
Thanks Jeff, for the weekly update. This was a strange week, with all the banking mess. Do you think it is over or just beginning?
Jeff - great review. I missed most of these.
Jeff - There is some really meaty & hard-core Mortgage Posts here, to help and inform to media, consumers, agents, & everyone involved. Thanks for the mention and for continuing this cause.
Thanks for the post and thanks for including me, Jeff. I hope everyone clicks the link to FHA and writes to support the DPA programs. There are a lot of well qualified buyers who just lack the down payment. Losing this will hurt our over all real estate market.
Jeff, I like your idea to do this. It is a great idea to have someone consolidate so many other great positions in one place. The best of the best of the best, all from very qualified and experienced industry professionals including yourself....... May I state however, that your contributions stand on their own, my friend.
Great post, thanks for the information.
Bo
SCOTT..... thank you for that very polite compliment. In regards to your other comment... ha ha ha... yes, I do... and I look at everything and what I think is very good and critical for today's lending practices and news... if you get a chance and review all of the mortgage blogs out there. You might understand why some of the same people show up all of the time. And I am not trying to sound rude, but almost everyone that has done these, have said the same... there isn't much out there in mortgage related blogs that are above average. And this doesn't have anything to do with myself or an ego that some might assume... Just my .02... but I do thank you for stopping by and bringing that up, because I told a few people earlier yesterday that I assume that many think the same as that anyhow.
MISSY....... yes, very stranger week... maybe I have my head in the sand at times, but I am not worried about it as much, as long as I have my FHA fianacing. That might be a sad comment... and yes, I think it still gets worse. I always said that it might not be until the middle of 2009 until we seem things change for the better. But in the last 5 years, what happened was that many loan officers forgot the fundamentals andjust worried about their pockets. thanks
PENNY...... thanks for the compliment. If I didn't do this weeks in review, I would have missed 80% of these also....
JASON..... I actually enjoyed this one. Do we have many new people? Not as many as I would like... and maybe I missed one or two. But I think we have some better written blogs than in recent weeks with some great topics. Thanks and my pleasure.
PETER...... my pleasure... I thought it was one of the better ones for the week. In regards to the FHA link, yes, we need everyone to support this. I am getting tired of those in this business that try to fight against the DPA's, trying to look good in the eyes of the realtor. Sharing misleading figures and not realizing that a lot of this was the cause of unethical business practices both by the loan officer, lender, realtor, builder, and appraiser. It worked in the past and we never had any problems? Why now? GREED.
BO...... thanks, but I can't take all of the credit. This was originally thought of by another AR member who got a loan officer to do this... but they stopped... I thought it was crucial to keep this going and decided to get it back up and running again. Thanks for your polite compliments and for your contiued support.
Jeff,
Once again I'm honored to be included with such a group!
I'd like to address Scott's question. I wouldn't want reviewed by someone that didn't think they belonged in the group.
These reviews are great, because we get to know people we might otherwise have never seen. We also get a look into the sole of the reviewer. With that in mind your next two reviewers should be interesting! I'm a fan of Joel's work, I was surprised the first time we talked, Joel is a young man! Robert is always good, if your not a fan you need only read a second of his blogs.
As I proof this that looks like sucking up, o'well maybe it'll help! I've only got one idea for a serious article.
I'm not so sure how I feel about your "fair and balanced" approach. My experience is that opened minded, experts are most often nether!
Bill
Great post Something to think about. Saved to be read again and again.
Jeff,
Great assortment of posts!!! And thanks for the reference!!! Thanks, Fran
Thanks Jeff - I had never seen the mortgage week in review before. I will be looking out for it from now on. Thanks for compiling this list.
Thanks for mentioning Matheno's "review". I"m getting spammed by credit repair companies and MMA providers (as I'm sure the rest of you are). I ask them not to spam me anymore and they persist by following up with an explanatory e-mail.
"vendors" interested in doing business with originators might heed Matheno's example, call, be brief and respectful of our time, and state your value proposition. SPAMMING my inbox is a sure-fire way to be deleted and forgotten. Originators who have similarly positive experiences should give out my name. I need help from REAL businesspeople.
Matheno's approach is extremely professional (and refreshing)
Jeff, Thanks for doing this for all of us. I know I read your posts, but rarely make it to the other lenders. I sometimes have my head in the "Realtor" cloud of AR too often. I know this takes so much time and I appreciate your commitment! I will read these and have this bookmarked. Thanks again Jeff!
Jeff, there are some great articles here. I will have to check them all out.
Thanks for the mention, Jeff. This roller coaster ride is just now leaving the docking station. I am glad you pointed out all of these posts. I was discouraged this week that all of the features were "localism this and localism that."
In a week with such potential change for our entire business, I really believe the editors here at the Rain missed the boat for self-promotion. You didnt.
I am not worthy..... I am not worthy!!!
LOL
Thanks for the mention, Jeff.
Great job as always.
BILL.... maybe I was confused by Scott's comment? In any case... I agree 110% ... reading these weekly, not only can you pick up some good information, but yes, you get to know the person writing these reviews. You can either be impressed or sometimes not.
On a side note, I am not sure what you meant by this statement. "I'm not so sure how I feel about your "fair and balanced" approach. My experience is that opened minded, experts are most often nether!"
LINDA.... thanks and I hope you learn a few things...
FRAN.... thanks a lot and my pleasure.... it was right on and perfect for this weeks review...
PAM..... well, I am glad that I was the first one. ;o) Seriously though, I hope you come back once a week. There can be some great blogs on mortgages, that we all can learn from. Overall, thanks for the thanks....
BRIAN.... my pleasure.... I enjoyed my quick conversation with him also. I am waiting to hear back from my client that I referred him to. I'll keep you posted.
In regards to the spammers.... I am now being rude towards them, if I don't delete them right away... yes, it might work for some, but it's something that I don't believe in... show some respect.
BETH..... don't worry about having your head in the clouds... lol I hardly have been on AR for the last 2 to 3 weeks... buys, yet some what burnt out from all of this online stuff also. There is some good stuff and here... Overall, thanks for your support.
DANNY..... yes there is.... thanks for your support....
AARON.... my pleasure. Roller coaster ride? That might be an understatement... lol And just as glad that you were that I mentioned these, I was glad to have done this past week. I agree.... way too many localism posts. I guess trying to promote localism? But possibly failing to realize that there is no real estate if there are no mortgages or good loan officers to make these dreams come true, no matter how bleak the financing end of it may be?
TOM... funny.... but my pleasure... we need to keep people aware of things, with good discussion, and to eduate. thanks.. PS>... how about doing another one of these for me? please?
If you really need me to do one.... I just started with a new company.... and have to learn Encompass. I am pretty strapped.... Maybe not next week, but the week after or so?!?!?!
This post was really put together nicely. I learned a lot from this. It's like a weekly newsletter. Keep up the good work.
Jeff,
Great Blog Post,
I am just glad that I made the cut for this week. I had to read thru most of these posts and forgot to comment on the main blog.
TOM....... even in 3 weeks, that would be great. I'll let you know... thanks
JIMMY...... yes, it is like a weekly news letter..... thanks.... and thanks for an idea.
GARY..... the cut? Well, if your check doesn't bounce, I'll keep you in here... kik Hey, thanks for the compliment...
Yep - certainly been a wild couple of weeks! Thanks for highlighting the good stuff that's also happening! Loans are still being done - and people are still buying real estate!
Jeff, you know it my friend. We are all in this together!
Bo
ELEANOR..... yes it has. And thanks for the polite compliments. I'll get back to you in doing a mortgage week in review. thanks.
BO...... yes we are... and it will be a long haul. But one that I am ready for the challenge. And it could get worst, depending on the results of the down payment programs which will be known by August 15th.