Rick Elmendorf's Blog

So how can you save a deal if the appraisal comes in low?  Deals blow up all the time due to low appraisals and nobody even thinks that there may be an easy solution.  Did you know that with the majority of low-ball conventional appraisals, that the lender doesn't even need to change the program ...

I wanted to alert you about rates.  If you are getting close to buying a home, or are actively negotiating offers, It's time to pull the trigger and lock in a rate.  I have been monitoring a nice drop in rates over the past several weeks (that's the sweet), but the time has come to cash in your c...

What is the FHA 203k loan and when would they take longer than a normal FHA loan?FHA 203k loans are just simple FHA loans with a twist.  With the 203k loan you can finance the cost to acquire the property plus the cost of improvements with only a 3.5% down payment of the total.  What makes them t...

After a bunch of research and trial and error, I believe I've found the secret sauce to winning more purchase contracts.  It is broken down in 2 parts.  The responsibility of the buyer and agent, and the responsibility of the loan officer. Here goes! What Buyers and their Agents can do to win mor...

I really dislike this happening across our lending world.  Operations and sales have seemingly diametrictly opposing goals.  Ops is about quality and not having to buy a loan back, and sales is about... well the sale.  I know that in our organization we are working under new leadership to make th...

Hey all, so you've probably heard mortgage rates are on the rise.  Well, that's not the half of it.  Rates are in fact, TANKING.  On 11/3 we all had moments of euphoria when borrowers could get a sub 4% interest rate at no points.  Today, well... try about 5%.  Check out the graph here ((thanks t...

Honestly, we've all blown it. Lenders, title companies and Realtors. We've all spent our time in the "we suck" box and have, at times, not done the best job for our customers.   Here is what I like to do and how I communicate it to my clients. 1. Admit you blew it. Just tell it like it is. Be hon...

The Answer: Highly unlikely. I have been saying for a while that mortgage rates really can't go much lower. There is no magic rate target by the Fed. It just doesn't work that way. Again, the Fed doesn't set mortgage rates, but an only influence them. Interestingly enough, last Friday Jack Koskin...

That's right.  They are coming.  Although I can't get into specifics without being royally slapped by my company, I as an AVP for Countrywide am privy to some details that run shivers down my spine.  The Homeowner Affordability and Stability Plan (HASP), also known as the Making Home Affordable P...

Does anyone else feel stimulated?  Well the President's stimulous package certainly isn't stimulating the mortgage markets. In fact I've noticed a nasty downward trend developing since early February.  See the chart below.  Note that green is good and red it bad.  Without getting into too much te...