Real estate blog entries tagged with home loans by Mike Mueller (Tech and Social Media Consultant)

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home loans: Embed This Video - 06/23/08 05:38 AM

Embed This Video I prefer you did, but it doesn't matter if you do or you don't. The conversation will still happen.
As I was walking into a BBQ the other day, the thought "I wonder what we'll be talking about" zipped across my mind. They all know I'm in the mortgage biz, we have an active foreclosure and a short sale in our neighborhood. Naturally I figured the conversation might be centered around those two houses.
My point is, you never know where the conversation is going to lead. While you might expect it going one way, sometimes it turns … (7 comments)

home loans: One post leads to another... - 06/19/08 05:33 AM

Yesterday I listed three reasons why I'll continue to reach out to customers on the internet.

Reading that post prompted my friend and fellow loan officer Tom to twitter me, then call me from halfway across the US. We had a great chat. He doesn't blog, he doesn't video, he doesn't add to the internet. Tom is a self described internet "end user", and that's ok.
In the course of the conversation he stated that he didn't understand why I limited myself to working local.
Good Question.
Yes, we can do a loan via the internet. Yes, we can converse … (4 comments)

home loans: Why work local? So you can see the whites of my eyes! - 06/18/08 03:09 AM

Yesterday I wrote about the three reasons I'll continue to answer quotes on Zillow Mortgage.

3 Reasons I'll keep trying Zillow Mortgage That post drew some "highly charged" comments from both sides of the fence. (I kind of figured it would hence the Animal House Food Fight image)
Here's the 3 reasons boiled down:
Zillow's attentive response, ZMM adds to my exposure, I'll engage only under the terms of "My Plan". The first rule in my plan is to only quote rates for those close to home (currently a 10 mile radius). Outside of the comment storm, I was contacted … (2 comments)

home loans: 3 Reasons I'll keep trying Zillow Mortgage - 06/17/08 08:10 AM

Just in case you completely missed it, Zillow Mortgage Marketplace launched on April 2nd 2008 at 9:00 PM Pacific Time. I was there. ZMM offered to bring transparency to the system of borrowing. Right from the start I was a supporter. However, since that day, certain issues have reared their ugly head.
I quickly realized that Zillow can't ask the right questions. It's just not possible. While they may ask most of the important questions, sometimes the answer to that question leads to the necessity of a deeper question. As guidelines change so must the questions. Because of this, Zillow Quotes … (46 comments)

home loans: How NOT to be one of those - 05/27/08 09:44 AM

Bait and Switch Victims
Everyday there is at least one email or phone call from someone who is a victim of bait and switch on their mortgage.
This may come as a surprise to you but I'm okay with the occasional complaint about a loan officer's incompetence screwing up someone's mortgage. I'm okay with the occasional complaint about loan officer greed and overcharging. In both instances the borrower had the ability to determine who and what they are dealing with and fix the situation.
I'm not okay with the Bait and Switch business model so many mortgage originators are using … (4 comments)

home loans: But I made my payments... - 11/19/07 01:23 AM

File this under "HARD TO BELIEVE" (but true!)

Do you have a Home Equity Line of Credit on your home?
How about on your rental home?
A HELOC can be a great way to tap into your home's equity. A HELOC is based on the Prime Rate. Some banks offer the ability to "fix" a portion of what you borrow at a specified rate. Remember, with a HELOC your payment is based on what you have borrowed not your limit.

Are you getting ready to start on that kitchen remodel?Already picked out the appliances?The Contractor is coming … (16 comments)

home loans: Why LABOR over LIBOR? - 09/06/07 02:25 AM

Part of what I do is educate clients and readers. The topics range from topical news stories to mortgage planning strategies, to warnings of potential scams and frauds. This last month had the liquidity crisis on the front pages. So naturally, I spent a good deal explaining how lenders sell their pools of loans, how those loans are securitized. I also explained what happened to Jumbo loans, Alt-A loans, and the like.
This month may be the month of the LIBOR. It's just starting to hit the mainstream news. So here's your official
"What the heck is a LIBOR and why should I … (10 comments)

home loans: I Apologize - 08/21/07 02:35 AM

Yesterday, in the course of accepting a loan application for a new client and their possible refinance I ran into something I had never personally seen before.
In a phone conversation setting up an initial consultation appointment I had started to discus with this new client the various loan options he might have when refinancing. It quickly became very apparent to me how little he knew.
This client had purchased a house 2 years ago. It was their first house and they had saved up enough money for a decent down payment. They had good incomes, great credit, they were … (34 comments)

home loans: The Stockdale Paradox - 08/16/07 01:11 PM

It just occurred to me as I was doing a very normal thing, that it might not actually be "normal".
I have a client that was referred to me by an Agent.
We met last week. I took the loan application and promptly went to an Automated Underwriting Engine. This is a lenders computer program that will determine if a loan is approved or declined. After running 15 different scenarios, calling and discussing the loan with various lenders, I found what I thought was the best loan program for this clients situation. I submitted and received an "Accept". In lay terms that's … (21 comments)

home loans: You Only THINK You Were Approved - 08/02/07 02:39 PM

You better start paying attention. This is not a post about Sub Prime. Sub Prime has it's woes, and it doesn't matter if it's rightfully deserved or not, Sub Prime is in a world all it's own. Or so we thought.
On Monday, trading for a American Home Mortgage, a large ALT-A Lender was halted on the floor of the NYSE. The stock was tanking after it's financial backers said they would not continue with their backing. Remember, AHM was not a Sub Prime Lender, they were primarily ALT-A.
I have personally never done a loan through AHM. It looks like I … (13 comments)

home loans: Zillow LOVES Me! - 07/25/07 01:10 PM

Ok, so the truth may be closer to...
Zillow liked something I wrote and decided to feature it.

LINK
Diane Tuman wrote that,
"I spend a lot of time in the Real Estate Guide, editing content, organizing content, and “redirecting” spam when I see it. Lots of similarly-themed titles flow one after another, involving mortgages, title insurance, buying homes, selling homes, staging– you name it. However, one headline that popped out at me amid the usual subjects was: Puddles and Pools. Puddles? Pools? How do puddles and pools go together? The imagery was driving me nuts, especially since I kept thinking of … (5 comments)

home loans: Sometimes Holidays are for Worrying... - 07/03/07 03:39 AM

With the Fourth of July holiday tomorrow I am looking forward to the Parade, the BBQ, and the Fireworks.
Holidays are times for us to slow down, to catch up with the Family, to reconnect with Friends.
Holidays are also times when our busy day to day schedules take a break, allowing times for reflection and clear thoughts.
Unfortunately for so many that break also means "those thoughts and worries" bubble up again to the surface.
You might recognize some of them:
The "How am I going to make that next payment" worry.The "When my loan adjusts, where will it … (2 comments)

home loans: Will This Solve Anything? - 06/22/07 04:41 AM

Or is it just another CYA form from one of my Lenders?

NEW STATED INCOME BORROWER DISCLOSURE REQUIREMENT
Beginning July 2, 2007, a new disclosure requirement will be added on all stated income documentation loans for applications received and loan documents drawn. The disclosure, titled Loan Applicant's Certification for Stated Income Loans, contains the following borrower agreement:By signing below, I agree to the following:I have submitted a loan application under the Lender's Stated Income Program.
1. I understand that loans made under this program generally cost more than loans made under "full documentation" programs (i.e., programs in which I provide documentation of … (3 comments)

home loans: Of Pools and Puddles... - 06/22/07 04:18 AM

Long term mortgages and the rates and terms they carry are determined by a couple of different factors.While many people mistakenly think the Fed's control mortgage rates they are in fact determined by Mortgage-backed securities (M.B.S.).M.B.S.'s are created by pooling loans and selling bonds with coupons based on the mortgage rates. 60% of the mortgage bonds in the U.S. are guaranteed by Fannie Mae, Freddie Mac, or Ginnie Mae. We've all heard of them before - right?Yields, or rates on 10-year Treasury securities are typically used to track long term mortgage rates. Investors typically use Treasury yields as a benchmark for … (0 comments)

home loans: Floors & Ceilings - 05/21/07 11:25 AM

I wanted to show an interesting chart as of today.If you are familiar with stocks and stock charts you know that the prices of those stocks tend to fluctuate between specific ranges.Over a period of time it is easy to see what traders call a Floor or a Ceiling.For a stock to break through the Floor or push above Ceiling it generally needs Volume.It's the Volume that is the sustaining fuel for the stock in continuing into uncharted territory.

I grabbed a 3 month chart of the Ten Year T-Note.You can see that it has tested breaking through the floor numerous times.
You … (0 comments)

home loans: Work It Out? - 05/08/07 04:25 AM

I came across what might be a very valuable site for homeowners in trouble.It's called WorkItOut.comI did a little background checking and although the site is in "beta" it is NOT an start up.From the outside it appears to be on the up and up.It was originally registered with Network Solutions back in 1998 by a legal firm in Irvine, The Wolf Firm, and specifically Alan Wolf.I did a little further digging and found that this isn't an "open to all" type of club.To join, you have to be referred by your lender.There is a limited amount of content on the … (7 comments)

home loans: The Foreclosure Crunch - 05/07/07 03:14 AM

This is part Three in a Four part series of articles detailing the changing mortgage market.The Foreclosure CrunchThe Foreclosure Crunch is closely related to the LTV Crunch.In fact, both crunches fuel on each other.I would suggest you first read the LTV Crunch before you dive into this easy concept.Now where to start?Hmmmmmm .....Let's start with the 3 TRILLION in Adjustable Rate Mortgages that we know are just about ready to change, or recast in the next year. That's a huge number! And yes, it is a national number but it is going to have an enormous impact of home loans in … (2 comments)

home loans: The Credit Crunch - 05/01/07 08:50 AM

You may hear from time to time about the Transparency of Real Estate.There are people and companies marketing this term daily.It refers to the general idea of the borrower or clients ability to see and know what is happening "behind the scenes".I'm all for that!In the broader sense, I like to see behind the scenes in the greater mortgage world.I'm one of those types that wants to know how a company is doing.
Are they in good financial health? Do they have great customer service? Or are they hurting and teetering on the brink?Many times the things I see as a Mortgage … (3 comments)

home loans: Should We Bail? (continued) - 04/17/07 06:30 AM

Here is a follow up to my post yesterday titled Should We Bail?
I was reading that Fannie Mae and Freddie Mac are both working on programs designed to keep people from going into foreclosure. At this point, no specific details are available. Most of the loan amounts in my area, Walnut Creek, Lafayette, and so on are considerably higher than the $417,000 conforming limit, so I don't know how much benefit the new programs may be. Only time will tell.
I also just received a press release from the Federal Reserve Board, encouraging the lenders and institutions to work with troubled … (2 comments)

home loans: Should We Bail? - 04/16/07 04:18 AM

There's a fierce debate going on right now.It's a national debate but reaches right into my area.It's going to have an influence on the home loans that happen right here in Contra Costa County.It involves the collapse of the sub prime lenders.It involves the coming rise in foreclosures.It involves politicians.It involves activist groups.And most importantly it also involves you!The debate revolves around whether or not the government should step in to help bail out the homeowners in trouble.The media is going to grab a hold of this issue and play it for all it's worth. It makes great headline material.The good … (4 comments)

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