Blog Archives

Bank Statement Review

I wanted to start this blog out with questions about the bank statements you have to turn in to your broker.  Over the past 2 months I have had several questions about the reason for the bank statements and more importantly the reason for the review of each deposit that goes into your bank account.  Read the rest of this entry

MBA : Rates To Climb One Percentage Point

Mortgage rates have made a terrible start to 2013, and that may be just the start.  For today’s home buyers and rate shoppers, their predictions may be a signal to “buy now”. The longer you wait, they say, the more your should expect to pay on your mortgage. Read the rest of this entry

Death by Detail!

Death by Detail

We all have met with the insurance salesman and died a slow death as our eyes glazed over and our head wanted to hit the table. Or wished for the worst torture we could imagine just to get out of the meeting.

Well prepare yourself for the latest and greatest torture technique to be developed since the dark ages, this one is worthy of the al Qaeda operatives and the like, better than water boarding.  It’s what I call Death by Detail now offered by your local Loan Officer.  This one sneaks up on you, seeming innocent in the beginning but slowly begins to pull you in little by little.  Beware, it’s like the wood chipper ready to grab your sleeve and drag you in to its jaws. Read the rest of this entry

Why would a consumer work with a non-licensed Mortgage Originator?

As I read over the internet each day to see what is new and trending, I came across this great article.  I started thinking, many consumer’s (buyer’s) don’t know the difference or requirements for Licensed Loan Officers and Bank Originator:

Why would a consumer work with a non-licensed Mortgage Originator?

Following the release of the QM and Ability to Repay rules from CFPB, I decided to try to read through the proposed Loan Originator Compensation rules. I found this pretty interesting. Instead of making additional regulations for Mortgage Originators who work at banks or credit unions, why not just make them subject to the SAFE Act and require them be licensed?  Read the rest of this entry

FHA 203k Rehab Loan: Advantages and Disadvantages

An FHA 203k rehab loan is a very popular loan that many people use to fix up houses. With a 203k loan, you get access to a government-backed loan program to get the money you need. There are many aspects involved in the FHA 203k loan program and they have advantages and disadvantages associated with them. Here are a few things that you should consider before getting involved in a 203k rehab loan. Read the rest of this entry