Archive for finance
June 25, 2008 at 8:04 pm
· Filed under finance ·Tagged mortgage, screwed, loan, lenders, scams, dont get screwed
Imagine a way to purchase a property for 100% financing at less then the value of the property! Can it be done heck yeah its being done. Is it easy heck yeah its easy. The best part is its completely legal! One big problem.
It takes a few key players that can be hard to find. Fortunately I have those players and as things progress I will be updating you as to how many people we have helped and what the profit margins are.
Some have requested a forum where we can all interact to ask/answer questions. I am in the middle of development and will deploy soon. Also I am in process of writing an ebook that goes over strategies home owners can use so they don’t get screwed.
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March 28, 2008 at 11:48 pm
· Filed under finance ·Tagged mortgages, FHA, screwed, underwriting, mess, dead, homes
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.
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March 24, 2008 at 4:49 pm
· Filed under finance ·Tagged crying, darwinism, income, loan officer, money, pipeline
Today across the nation you can find thousands and thousands of loan officers who are stuck in the old way of doing things. They are stuck in the ways of picking up the phone and whammo there’s a loan. Sorry folks but thats just not going to cut it anymore.If you’re going to survive in todays mortgage industry then your going to have to work for it. Yeah sorry guys but put the golf clubs away and yeah its going to take some late nights too. Sure seems like a dim prospect doesn’t it? Well its not so quit crying. After all to be a loan officer in todays world doesn’t require any college education and in many cases it doesn’t require any special licensing. Yet if you’re good you can make over 150k per year hands down. All by doing a little work. Yes that means nights, weekends and no golf. However what job out there doesn’t require some work. Sorry guys but the old days are gone and yes now your going to have to actually earn the money. Bottom line is most aren’t willing to make the change. Most perceive the drop in the loan pipeline as a “market” problem. Really its a Darwinism issue. Want to survive? Your going to have to work smarter and harder. Yep use technology and put in longer days. Considering most people earn only a fraction of what a well paid loan officer can make I doubt there will be anyone crying for you. If your looking for a great resource for information then make sure you check out my website at www.thecrazybroker.com
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March 24, 2008 at 1:49 am
· Filed under finance ·Tagged lazy, loans, mortgage, research, understand loans
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!
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March 19, 2008 at 5:37 pm
· Filed under finance ·Tagged blues, brokers, business, clients, crying, lessons, loan officers, marketing, mortgage, referrals, relationships
Everywhere you turn nowadays people are whining their blues about how they used to get so much business and now they don’t. It seems like every loan officer I speak with is crying the blues and blaming the market. Heres a thought,, how about they blame themselves.If you were a loan officer who wrote deals and didn’t cultivate relationships then likely your either out of the business or singing the blues. Shame on you. I would hope you learned your lesson. This way if you enter back into the field you will do your clients a better service and develop long term relationships. Today we are busier then we have been in a long time. All with absolutely no marketing and completely because of referral business. Now do we make as much as we used to make? Nope but thats because the loan officers who work for us are also singing their own blues song. They didn’t think long term with their clients. However we survive. This is a people business. Treat people like they deserve, help them, and then keep in contact. If you developed long term relationships with clients then you should have enough referral business to get you through the tough times. If not then its your own damn fault. For more real estate and financial information come check out my website at www.thecrazybroker.com
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March 18, 2008 at 10:17 pm
· Filed under finance ·Tagged feds, finance, helping people, interest rate cut, money, mortgages, www.thecrazybroker.com
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
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March 17, 2008 at 9:36 pm
· Filed under finance ·Tagged business, countrywide, loans, mortgages, suck
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.
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March 16, 2008 at 8:48 pm
· Filed under finance ·Tagged mortgage information, lead companies, leads, telemarketing, mortgage research, lending, thecrazybroker.com
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
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March 16, 2008 at 12:46 am
· Filed under finance ·Tagged advise, appraisal, free mortgage, how to mortgage, investment advise, mortgage information, www.thecrazybroker.com
Very simple. Make sure you order your own appraisal when refinancing. Ordering the appraisal through the broker isn’t enough. You need to contact the appraiser directly. This way YOU have the rights to it and not the broker. Granted you can always have a copy but if your broker is the one who orders it (even if you pay for it) then they own the rights to it.Why is this a big deal? Because if you decide to use a different broker and they own the rights to the appraisal then you have to pay for a second one. Yeah I know it makes no sense but thats the way it goes. Come to my website to find more articles on just about anything mortgage related you can think of! www.thecrazybroker.com
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March 15, 2008 at 8:35 pm
· Filed under finance ·Tagged advise, free, free mortgage, how to mortgage, investment advise, lending, loans, low rate, lowrate, mortgage information
If your looking to get a better loan through a direct lender then make sure your loan is at the end of the month. Thats to say you start at around the 15th of the month and sign with enough time for the loan to record at the end of the month. The reason is that in a direct lending environment the loan officers, managers, underwriters etc all get paid on performance. Often this is paid out on a sliding scale so one extra loan for the month can equate to thousands in extra commissions. If your loan is a make or break loan then exceptions can be made to make your loan more attractive. This might be a lower rate or lower fees etc. So to give yourself the best chance at negotiation make sure your loan closes at the end of the month. More tips to come from www.thecrazybroker.com
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