Thank You Santa!

What happened this time was the nose dive of my hard drive – although it was the one where I keep all my non-confidential data…gone were my go-to docs, my cheat sheets, form letters and computation spreadsheets. Or at least they could have been had they not be safe and secure beyond the world of cantankerous hardware and destructive software viruses. I take my business seriously and to tell the truth I sleep better at night knowing all my family’s pictures and all my data is protected. So while I am able to go out and save the world one mortgage at a time; Mozy is also on the job saving one database at a time.

At the end of the day, there’s nothing like a contingency plan.

Florida Mortgages and Shark Bait

Despite my sometimes caustic commentaries on regulations that don’t always provide what I would consider the most ideal solutions to fix real world problems in the mortgage industry, I will say that we have weeded out a bunch of the “in it for a buck” crowd. The alleged mortgage brokers and various bottom feeders who participated in the subprime feeding frenzy have done their damage and sank back into the sea and now (for the most part), the professionals left are honest people.

Mortgage Loans and Rabbit Holes

As with these types of deals we have additions to our typical line to include short sale departments and lawyers and probably too many moving parts. These machinations tend to get a little gunked up unless every single move is checked and lubricated.

As a mortgage professional I completely understand why the short sale lender needs to confirm that the buyer is willing to pay more money for the house. The short sale lender needs to know and have the ability to re-negotiate the short sale once they know the buyer is willing to pony up more money. The lender needs to get as much as they can to mitigate the short sale. However…I don’t believe these transactions should ever be about lining a lawyer’s pockets with outrageous fees.

Not So Fast My Friends

You would think that because our country’s veterans made personal sacrifices to defend and protect the United States that we wouldn’t pull a fast one on them wouldn’t you? Well, apparently the VA is all about bad magic tricks and pulling nothing but empty promises out of their shiny black hats.

What Does Your CPA Say?

Today’s borrowers are different too. A larger percentage carries heavier baggage and less than stellar credit scores. Some borrowers, (more than you would think) are not even packing a W-2 – the standard statement for yearly income reporting. Certainly the economy and subsequent job losses have compelled many “ex-employees” to become business owners. And while being self-employed has tremendous benefits; you need to follow different qualification rules when buying a home. One of them involves getting “permission” from your CPA.