Let’s Hear it for the Team

September 21, 2011

I am not just some figurehead who delegates tasks to a team of subordinates; a huge part of my success and the fact that there are so many new homeowners on our watch is because of the support I receive from the back office and the underwriters and our management. It’s not just because they’re professionals, it’s because we share the same business ethics and that all-important sense of urgency. If I had to make a list of tips for people in the mortgage (or any industry!) on how to provide the best possible service:

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Two FHA Loans Can Be Better Than One

September 15, 2011

Hey all you Realtors out there…I think you know I’ve always had a great deal of respect for how difficult your job is. You really bear the lion’s share of responsibility for getting a real estate transaction underway: § You unravel client wish lists to ascertain what they’re really saying § You conduct comprehensive searches [...]

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Fannie Mae and The Tax Man

September 9, 2011

Her concern is the repercussion of you defaulting on your payments. If you do…you’re looking at a tax lien. If you’ve got a tax lien, that means you still owe money to the IRS and you have a Fannie Mae backed mortgage. Fannie would therefore slip into second place in the payback-pecking-order.

Consequently, in this theoretical scenario, you’re a bad risk. SO…Fannie is gonna save herself the heartbreak and not even entertain a business relationship with you. Hell hath no fury like a woman scorned.

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Never Assume When it Comes to Mortgages

August 31, 2011

On the flipside, there are buyers who believe they have horrible credit, they know they have credit lines and high balances on several cards and don’t believe they would be a good mortgage risk. They therefore assume they will be denied a home loan.

This is not to say that either one of these clients is ready to make a move, but neither should presume their reality.

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Putting Out FHA Fires

August 27, 2011

Our friends at FHA are back to adjusting the loan max limits. And again…change often equals panic. This is not only evident in our emotionally-driven stock market. We also see it just about every time there’s an adjustment to a mortgage policy; whether the perception is that it is a good or a bad adjustment.

In the case of FHA’s maximum loan limits, (the minimum loan is being reduced from 292K to 271K); it turns out the actual number of transactions it will affect in the Tampa Bay real estate market is not huge.

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