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Archive for March, 2008
All kinds of clusterfuck. How everyone gets screwed
So heres the story.My wife has a loan that has been hell. The client has bad credit and yet he qualifies for an FHA loan. However he has to spend approximately 5k to clean up the debt. No problem because fortunately he had some cash. Problem solved, bring on the next issue. Next issue is that now his reserves aren’t high enough. Why aren’t they high enough? Because he spent the money cleaning up his debt. Underwriter digs in their heels but noooo problem because she solves that issue too. Problems are being solved now bring it on. Ok how about this.. Loan docs must be signed by today with all conditions met. Ohh by the way there’s this last minute judgement for 5400 that shows at title. Is this a deal breaker? Nope because we settle with the holder of the judgement for 3500 bucks to be paid on monday. The seller is going to pay him back a few bucks when the deal closes. This is because the seller just bought the house at auction a month ago and is going to make a killing. So here we sit. Talk about mess after mess after mess. However broker of all brokers (my wife) solves the problems no matter what they are! Until she gets the news. The news was this. The client was getting an FHA loan. There can be no transfer of title within 90 days of the time the home just sold. So since this was bought at auction a month ago the deals dead dead dead. Can’t do a damn thing. dead dead dead. Talk about a mess all because the underwriter didn’t catch it on the front end, the loan officer didn’t catch it, nobody caught it… till final underwriting. Now its caught and now its dead. Everyone gets screwed.
Do your own research!
When looking for a mortgage its important to not just be a passive customer. Instead become an informed potential client. I’m not saying you need to make your research a full time job. However most clients don’t consider this part of the process. Instead they believe they can simply call the closest mortgage company (or their existing one), or perhaps a referral from a friend. Loans cost thousands and yet most people don’t do research. This is because most people are lazy when it comes to learning things as dry as mortgages. Who can blame them. The only problem is that a lack of understanding the process can cost thousands in fees and sometimes tens of thousands in higher interest payments. So please. Take the time to do a little research. Yes its another shameless plug coming. Where can you find this kind of research material for free? At my website! Goto http://thecrazybroker.com and get all the information you need today!
Happy Easter and yeah I’m still sick
Sure sucks to be sick on easter but life keeps on moving. I have tons of stuff to do and the last thing I need right now is to be at an easter party thats going to last all day. And yet where am I going? You guessed it… To the damn party thats going to waste my day. Hopefully I will get a chance to play catchup tonight.The good news? My daughter just brought me a deviled egg and it was delicious. Uggh.. Gotta get ready for this damn party. Cya.
Damn I’m getting sick. New website coming soon.
I can feel it coming on. I’m getting sick. My head is cloudy and my throat hurts. No fun. I have some developers working on thecrazybroker.com. It should be redesigned inside of 2 weeks. Thats the only update for now because I don’t feel like typing. In fact I think a nap is calling my name.
Feds Cut .75,, big deal
Too bad the lending market didn’t really give a damn. Sure it helps spur client interest from those lazy headline readers but anyone who understands how this stuff works knows it doesn’t really matter. They cut the overnight rate. What that means in a nutshell is the banks get charged less to borrow funds. The problem is many banks don’t pass this off to the consumers and instead they use it to clean up their balance sheets.Heck I was talking with my wife today who was griping about how they lowered the rates and yet she was getting bombarded with emails from lenders saying the rates being offered on loans had increased. Hmm I guess the lending rate doesn’t follow exactly what happens on a fed level. Two sided coin. Side A. I sure get tired of telling people why it doesn’t matter when the rates get cut.Side B. I sure am grateful to have the chance to discuss peoples financial situation and how I might help them. In this case I prefer people stay ignorant to how mortgages really work. After all headlines do create phone calls. If your looking for information on just about anything you can imagine thats mortgage related then head on over to my website at http://thecrazybroker.com
Mortgages just plain suck sometimes
The industry is filled with a bunch of scared little children right about now. The worst of which is an account rep at countrywide who if he doesn’t shape up will be named. Sometimes the mortgage process is just made so much harder by others incompetence. Sometimes I find myself wishing that more positions required licensing but I know that wouldn’t solve the problem. If more people knew what they were doing in this business I think more people would refinance and take loans. Some people are just too afraid to go through the terrible process. I can’t really blame them.
Wonder why you fill out 1 form and get 10 calls?
Pretty simple really. You goto do your research on the internet. Along comes a website that promises you exactly what your looking for. All you have to do to get started is to fill out the form. Whammo they gotcha!
You just became a lead. Now the lead company (yes lead companies develop websites looking like a mortgage company) will sell your information to others. Even companies such as Countrywide use this practice of getting leads. So think about it. Your information gets sold to multiple mortgage companies, brokers, other lead companies and anyone else who will pay for it. No wonder you get slammed with calls. Can you prevent this sure.
Check out my website that is designed to help homeowners or those doing mortgage research. www.thecrazybroker.com
