Michigan Mortgage

What does “every possible effort” mean?

My previous post was a real downer, and at the end I promised a more positive one for my next post. Here it is. I hope this story encourages you as much as it has encouraged me.

The best way for me to define “every possible effort” is with a story. I have dozens like it that I could have chosen from. I like this one a lot, and it’s all true…

Is mortgage processing excellence a thing of the past? It doesn’t have to be!

This week my team submitted a loan and the underwriter gave us a “clear to fund” on the first try! This has not happened in my office since 2007.

Face it, the loan processing business is tougher than it used to be. But it doesn’t have to frustrate clients. Two thoughts before I begin:

1. This post is as much for me as it is for all of us (processors, clients, underwriters, etc.).
2. This is something that I know my team agrees with and strives for every day. I am writing this as a result of my team making me believe that mortgage lending can be fun again. They are truly committed professionals. I am indebted to them. Thanks Kandice, Karen and Kim!!

How to achieve mortgage processing excellence…

BUY NOW! Part III – Suppy and Demand and Homeowners Who Have a Home Listed for Sale

If I heard the following phrase once, I’ve heard it a thousand times: “I’ve just been sitting here doing the right thing and making my payments and I’m the one who’s getting the short end of the stick.”

Well, yup, kinda, but kinda not, too.

Yes, now that the housing stimulus is over, if you want to sell your home, you will have to drop your price. Supply and Demand says so and Supply and Demand don’t lie.

Yet if you are selling in order to buy another home, and like many, your next home is priced higher than the one you are listing, then now is the best time for you to drop your price and buy up.

The numbers have never looked so good. Here are a few things to think about…

BUY NOW! Part II – Supply and Demand $ New Homeowners

If you just purchased a home in the last few months and as a result will obtain a housing tax credit through the IRS, then you just paid more for your house than you otherwise would have and, even worse, more for your house than it’s currently worth.

BUT, before you look for ways to get out of your deal before closing, listen up, because you got (or will get) reimbursed for that loss times about two – even more if you’re smart…

Just One More Paystub – Promise!

We are preparing our customers today like never before that the process is excessively heavy on collecting more and more documentation to approve a loan and clear it for funding. Many believe that the main reason for this is to prove a borrower’s credit worthiness. In reality, credit worthiness has little to do with it…

RURAL DEVELOPMENT LOAN UPDATE – $1.5 Billion Left

Rural Development – or the USDA to be more exact – is a governmental insuring body that, among other things, insures home mortgages of a certain type. They do this in much the same way the VA (veterans administration) or FHA (federal housing authority) does.

What makes RD popular is that borrowers, subject to credit and income qualification, are able to purchase a home with no down payment and no mortgage insurance. This loan is the least expensive least restrictive loan offered today.

It is likely for that reason that the funding is running out sooner than anyone expected. My post today is for those who are in process or who have a client in process HOPING to still get a loan with these terms….

5% Down PMI Conventional Loan!

I was surprised today to receive an email from one of our lenders who works in the conventional lending area. This lender/servicer has been one of the few trustworthy lenders left offering PMI loans.

In the past 12 months some (my self included) have fallen prey to the whims of a not so aggressive PMI underwriter. Thinking we have a solid 10% down loan (always having an FHA loan approved behind it) we press forward only to find that our 800 credit score borrower is being declined simply because he’s putting down 10% in Michigan – which is considered by both Fannie Mae and Freddie Mac to be a “declining market”. Why would they advertise a program that they don’t intend to approve loans against? Frustrating!

Glossary of Mortgage Terms

Last week I took the national component of the SAFE Act test for Mortgage Lenders. I reviewed a few websites in efforts to prepare a little bit and came across this one and thought of a few clients who I think would have read and studied this and appreciated it as a way to learn the language of Mortgages.

So if you have ever wanted to know what the agent means when they say that they…