Archive for the 'True Stories' Category
CountrywideHomeLoanSucks
I ran across this website the other day and got a big laugh. But it turns out there are a lot of people who are not laughing about Countrywide.
www.countrywidehomeloansucks.com
is a website where you can buy merchandise, join a class action law suit, post your personal Countrywide nightmare, or read the horror stories of other consumers.
Now, there are lots of reasons to dislike this company. For many years we refused to do business with them, since it was Anthony Mozilo’s expressed goal to put mortgage brokers out of business.
Later when forced to acknowledge that mortgage brokers held a lot of market share, he struck a more conciliatory pose and asked for our business through the wholesale channel. After opening relations, his reps vigorously promoted sub-prime loans as well as the 5–year Fixed Pay Option Arm—certainly the most worst loan program ever devised.
read comments (2)Words of Wisdom from a Mortgage Veteran
These words of wisdom came in the form of a Monday morning email from fellow loan officer and mortgage broker Dave Ryland. Dave was already a seasoned professional when I got into the business 18 years ago. Through good and bad markets, Dave has lived and demonstrated the kind of integrity & professionalism that defines us at our best.
Through the current mortgage industry shake up, positive changes are evolving. Here are a couple of Dave’s thoughts:
I have realized why the contraction in our industry has me encouraged rather than worried. For many years, I took pride in the fact that it took effort and intelligence to pilot a loan through the system. I built my reputation and career by wowing Realtors with smooth execution and knew there was a dollar value to my skills.
In recent years, the amount of effort needed to complete a loan has declined. In a sense, the standards have been “dumbed down”. An originator could bring about a successful closing with little pride in their work. That, I believe, is changing. I welcome it. It will elevate our sense of worth. It will elevate our compensation. It will re-elevate the reputations of competent and ethical loan officers who have been competing with realtors who did their own loans, thinking that origination is a piece of cake.
Those people are going to discontinue their activities also, don’t you think? Is that a bad thing? Hardly! When the Realtor who stopped sending you business in 2003 calls you up to pre-qual their next buyer, be grateful. I will be.
Sincerely, David Ryland
Thanks Dave! What a great way to start the week.
Got a comment? Join the discussion below
Credibility in a Can, Just Add Water
Like every other lender and Realtor today, I am the target of a daily assault of emails pitching seminars, webinars, CDs, coaching programs, mortgage leads, and the secret map to instant riches. It seems like refugees from our industry have fashioned new careers selling the secrets of the overwhelming success that apparently drove them out of the business.
This one is so good I just had to share it with you.
The Newly Discovered Secret Weapon That Builds Instant Trust And Credibility With Your Prospects And Turns Shoppers Into Closed Deals For Less Than The Price Of A Grande Latte, GUARANTEED.
Wow! It’s new; that’s really great. And the weapon part is cool. But I do feel a little foolish at having wasted time honing my professional skills while this guy was busy finding the secret. And it’s cheaper than a latte!
I Thought Flippers Were Out of Business!
I was talking today with a woman referred by a past client. She and her husband were in the middle of a 100% cash-out refinance on their home. They have a small handyman business and need a “stated income” loan because their tax returns don’t show adequate income. She was upset because her lender had quoted her 12% on her 2nd loan.
After telling her she should feel lucky to get any kind of 100% stated income financing right now, I asked why it was so important to pull all of their equity out. She replied that they had just paid $12,000 to go through an on-line school to learn how to flip properties, and they needed the money to get started. In fact, she said, they were just dying to get started.
Are You Working With a Part-Time Lender?
“I can’t talk right now, I’m at my day job,”
…came the whisper from the other end of the phone.
Escrows are falling apart at an alarming rate these days. Most of the fallout—according to my agents—is caused by incompetent lenders.
On a recent visit to Keller Williams, Chris DeMattei and his team shared a story with me. They had an escrow that was late in closing. Loan docs had not arrived in time, and they couldn’t get any information or a return call from the lender. Unsure how bad the problem was and totally in the dark, they were anxious and frustrated.
Like so often these days, the buyer had come with his own lender. This person was unknown to the team and felt no accountability to the relationship. When things got tough, she stopped returning calls. Elaina, the team’s buyer’s agent, had finally caught up to her late one morning… Read the rest of this entry »
Most likely nothing!
He could care less right now, having just won Stage 5, the second time trial of the Tour. Levi also won the opening Prologue and holds the yellow jersey as the overall leader. Congratulations Levi!
So rather than trying to create a cheesy tie-in to explain this digression, let me just simply say:
THANK YOU SACRAMENTO!!
for your tremendous support of the AMGEN Tour of California! May Sacramento forever remain on the tour route. Think about this: the television coverage of this year’s event exceeds what ESPN use to give the Tour de France just a few short years ago. Thanks to Lance for that, (Lemond, just get over it).
As a recreational cyclist, I have the pleasure of riding some of the most beautiful country to be found outside of France and Italy. From the Sierra Century to the Markleeville Death Ride and the Davis Double, Northern California offers spectucular scenery, unbeatable weather, coastal terrain
as gorgeous as the Amalfi Coast and mountains to rival the Alps. I’m just happy that so many of the great European cyclists and team are here this enjoying it. How could they not want to return after experiencing this first hand.
Anyway, these great photos were taken by Randy Pench and Lezlie Sterling, and poached from the Sacramento Bee’s photo gallery. Please go check that out at: http://data.sacbee.com/photography/view/tour?&. Credit and thanks to the Sac Bee, Randy and Lezlie!
Have a wonderful weekend, and hey, about that subprime meltdown thing. Don’t worry about….at least until next week!
It’s not that I want to keep beating the mortgage fraud drum, it just keeps falling into my lap.
Furthermore, I figured that as a mortgage broker with almost two decades of experience, I could easily steer clear of trouble. After all, if I can’t recognize mortgage fraud, who can?
But today I learned a double lesson. Mortgage brokers and FSBO sellers are both at risk of getting caught up in mortgage fraud. Without even knowing.
What happened?
This morning, a woman called in and asked to speak with “the broker”. Hmmm….sounds like trouble. Although reluctant at first to explain, she finally spilled the beans. Here’s what unfolded.