Loan Think

Question: I am having a hard time getting repeat business from real estate agents and builders. My loans take too long and my customers are very unhappy with me. I want to build my repeat referral business with agents and builders, but they are not willing to give me another try.

As we all know, the "sand states" (Arizona, California, Florida and Nevada) have residential delinquency rates in the nosebleed territory, but guess which state is the subprime late payment king? That distinction belongs to Mississippi, which according to the Mortgage Bankers Association, has a subprime (FRMs, that is) total past due rate of 32.61%.

It’s been said that if you get four leads (phone calls, pre-apps), three of those leads will take anywhere to three to six months to buy a home (or refinance). Out of those three leads, 90% of them won't end of doing business with you!

Kondaur Capital let go almost 40% of its workforce on Monday, citing a lack of available product to purchase. The product in question is nonperforming residential loans (NPLs).

In our past few articles, we have been discussing the one sentence that will generate more clients for you. Here’s the sentence: People will do anything for those who encourage their dreams, justify their failures, allay their fears, confirm their suspicions and help them throw rocks at their enemies.

A day or so has passed since the White House unveiled its new budget, and the way things stand it looks as though Uncle Sam will spend $1.6 trillion more this year than it takes in. Now, if a mortgage applicant ran his/her household that way, you (as an underwriter) might say: "This looks horrible. Maybe that hard money lender across the street will give you a loan."

Now that I have had time to digest what we've seen and eaten on Super Bowl Sunday, there was one company whose commercial was a colossal failure in both content and in integrating its message with its online marketing efforts.

For some in the mortgage industry it was a long weekend — long in the sense they had 48 hours to contemplate the end of Fannie Mae and Freddie Mac. But now that it's Monday morning, cooler heads are prevailing.

The Federal Reserve Board announced that it does not expect to finalize three pending rulemakings DOES under Regulation Z, which implements the Truth in Lending Act, prior to the transfer of authority for such rulemakings to the Consumer Financial Protection Bureau.

THE VERY BIG PICTURE: First off, let's talk about the potential winners and losers if the White House plan to kill Fannie Mae and Freddie Mac is installed anywhere close to "as is." (Let's not mince words either. The man from Illinois wants to pull the plug.)