Archive for August, 2007
Why Should You Do Business With Our Lenders?
We are launching our Undressed Network. Each neighborhood, community, or town website will have local lenders advertising on the site. They will be known to the local agent.
There are 10 good reasons you should do business with the lenders advertised in the Undressed Network:
1- They have experience working with real estate agents.
2- Real Estate agents won’t work with lenders that charge their clients high fees.
3- Real Estate agents won’t work with lenders that don’t deliver as promised.
4- Real Estate agents won’t work with lenders that get clients upset.
5- Real Estate agents won’t work with lenders that don’t close on time.
6- Real Estate agents won’t work with lenders honor rate locks.
7- Real Estate agents won’t work with lenders that aren’t program versatile.
8- Real Estate agents won’t work with lenders that have experience and are skilled in their craft.
9-Real Estate agents won’t work with great processing assistance.
10-Real Estate agents won’t work with lenders that don’t keep their word.
That is, if they had their choices.
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For The Banks: Lots Of Fraud Prevention Tools
Underwriters have great tools available these days. I just spoke with one of our favorite mortgage bank underwriters on the subject. They can order information on you, your property, its renter, seller, etc. All in all 145 alerts can be provided. These may raise red flags on your income, employement, legal residency, likelyhood of occupying, if you are a flipper, illegal alien, on the federal terrorists watchlist, really self employed to name a few.
In last wednesdays article “Troubled” Corey Lerner wrote this comment:
Name: Cory Lerner | E-mail: cory@profinancenow.com | URI: http://www.theequityladies.blogspot.com | IP: 66.236.122.94
Hi -as a mortgage consultant, I am constantly hearing stories of what a poor job one of our ilk did - lying about a rate, not disclosing this or that. It really bugs me but there is nothing I can do about others in our business.
However, I can say that I have not yet had the experience you have had with outright lying on the part of the borrower. Your reputation, my reputation are really hit hard by this thing. Besides making it clear in the first interview about how I do business and that fraud will not be tolerated, I’m curious to know how others handle that issue. Cory Lerner
I think the answer to Cory’s question is at the bank level. With the tools available they use the red flags to require documentation that will help clarify against fraud.
The amazing thing is, that if one gets away with it at the loan approval level they have to live with the pressure that they have committed a crime and are on their way to free room and board and special bracelets.
5 Things To Do Before You Dive Into Your First Home
Note: This guy is already in pretty deep. How about you?
1- Make sure your credit score will allow you to secure a loan with market rates.
2- Make sure the lender you choose has a good reputation with the agent you will use. (No exceptions here.)
3- Use an agent that knows the local market you will be purchasing in.
4- Do a personal evaluation about your financial stability. Will you be in the home for a few years? (prices may stay flat for a while) Can you really afford the new payment? Do you have some cash reserves? (how many months could you survive with a job loss? Could you be better off by first upgrading your employment first? Do you have high interest rate debt that could be paid off first? Will the new purchase allow you to go forward spending less than you earn?
5- And before you even dip your toes in the water spend serious time learning from experienced people on line. Spend as much time learning about mortgages as you do searching for that home on line.
PS: The last time I put up a list of 5, Teresa Boardman said you always have 10 in lists. Tell Teresa, there are 10 in this list of 5. Lar
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