Video Marketing and Mortgage News Designed for Mortgage and Real Estate Sales

atxlender: (March 16, 2010 6:09pm)

If morgage companies are squeezed out, wont that take us back to the 20% down payment days?

ssmith: (March 16, 2010 3:26pm)

miller1, I like what you are saying about the HVCC support in the Senate. From where are you getting your information? Is it a reliable source? Thank you

Anonymous: (March 16, 2010 2:30pm)

TJS-CMC: Thank you for your post! Licensure can vary by state. We process transactions in all 50 states. We'd be happy to discuss the state(s) in which you and your agents operate. If you will direct your browser to our link on the right, navigate to the "Contact Us" page and either call or fill out the request form, we will get back with you as soon as possible. Kindest Regards, Trent with CSSP

TJS-CMC: (March 16, 2010 1:53pm)

Does CWY (CSSP) have to be licensed to handle short sales? If so, are they and in what states. Thanks for the great tip for my agents!

Anonymous: (March 16, 2010 1:47pm)

miller1: We have a proven method for acquiring short sale listings that I'd be happy to discuss with you. *WARNING* it DOES take a good deal of work and dedication, but it works. Look for a web workshop on this topic coming soon. If you'd like a sneak peak, feel free to contact me through the "Contact Us" page of our website. Enter your information and, in the Comments box, put something like "Have Trent call me" and indicate a best time/day of the week to call. I'm traveling this week, but I will do my best to get back with you just as soon as I can. Best, Trent from CSSP

Alice: (March 16, 2010 1:43pm)

Here is what I think. The banks knew they were approving bad loans and yes the MI companys were also approving these loans. So should the banks be paid on these policys? It seems to me the banks are making out like bandits. Client doen't pay-insurance will. Banks won't modify-Why should they insurance will pay. Is anything wrong with this picture. I think so.

Anonymous: (March 16, 2010 1:37pm)

GODLIKE, you are absolutely right. Selling a home through short sale does not necessarily absolve the homeowner of legal or financial responsibility and it's not necessarily the right solution for everyone. For that reason, we provide every homeowner with a home in our system with legal representation at no charge to them. Check out the video at the following link for more info on the legal aspects of a short sale and why someone should secure legal representation during the process: http://www.thinkbigworksmall.com/multimedias/view/1/0/2491 We also work with an incredible asset protection attorney who helps homeowners protect their remaining assets. We're happy to provide her contact information as well. Should there be anything we can do to assist, please do not hesitate to contact us, by clicking on our banner to the right and navigating to our "Contact Us" page. Feel free to call or fill out the contact form and we'll respond as soon as possible. Best, Trent from CSSP

5pence: (March 16, 2010 11:42am)

I think that Senator is right. If you think about it the only ones that would benefit from appraisal fraud are the amc's that never had a real market share but somehow increased it during the boom. They only employed the lowest of appraisers even then, so it makes sense to me that (like in the WAMU and eappraiseit fraud) they contributed immensely to the run up and down of values. Criminals are in control enabled by an illegal HVCC and the Fed's quantitative easing that rewards the banks against all common sense.

miller1: (March 16, 2010 10:07am)

I also have a brokers license but not listing or selling for a long time. How do you get short sale listings? I'm just trying to keep my head above of the water

miller1: (March 16, 2010 10:04am)

The HR4173 is the Senate Committee and Senator Dodd made the announcement at 2:00 yesterday he is marking up So far there is no information and one Senator talked about HVCC on the floor and said that is the reason for the whole housing crisis. That Senator has also stated that there is no other Senator is against to remove the HVCC. In the bill it does not mention HVCC but states the broker can order the appraisal but will not allow the broker to offer money to increase value or to state they will no longer order an appraisals if the value is low. All we can do is hope and pray for this to pass.

Fritzboy: (March 16, 2010 9:44am)

Any one know if Sunsetting the HVCC is in the new bill. I couldn't find it any where. Not even the large section on Appraiser Independence that was in the House Bill. Did Dodd wipe it out? Heres a link to what I think is the new Bill. banking.senate.gov/public/_files/AYO09D44_xml.pdf

sus92691: (March 16, 2010 9:42am)

OMG I was so excited...a New Order from a vendor I signed up for months ago....OH NO..it's a Broadcast Order.... Drive By - $160.000 due date 3/17......Not Interested....how do they come up with the fee's???? oh well back to updating my resume... MI insurance co, AMC's, shadow inventory, lack of current inventory available...short sales taking forever.. ...Banking Lobbyist that Run the County........ gosh I wish I had enough savings to run away to a small island & start a lemonade stand

GODLIKE: (March 16, 2010 9:34am)

SHORT SALES = LOSS = CREDIT ISSUE - could = JUDGEMENT & GARNISHMENT OF WAGES. Keep in mind that the losses involved with a short sale still are losses that can come back and bite the person doing the short sale.

GODLIKE: (March 16, 2010 9:32am)

Gee, now if we could have just gotten Clinton to listen when he authorized the stated income loans for Salaried employees we wouldn't have this mess. I lived thru the FHA 235 debacle with whole neighborhoods being bulldozed and you could see the handwriting on the wall in 1999.

GODLIKE: (March 16, 2010 9:31am)

Brian a Garay I'm sorry to tell you that both of you could use a diet. Remember the camera puts on 10 lbs. It must be hell to be a superstar and be constantly under the watchful eye of the critical public and have them tell you to lose weight or get another shirt. :)

GODLIKE: (March 16, 2010 9:29am)

YEAHHHHHH!!! No more USDA!! I've got a USDA like source that never runs out of money and when no one can do USDA I get tons of business. I can finally pay my mortgage payment!! This is great news.

lrenteria: (March 16, 2010 9:18am)

<Seriously Speaking>99.5% ltv + MIP :) .......<mortgage options> just contact rbriggs@firstmortgage.com, he is the District Manager for the Wholesale and Retail division of First Mortgage Corporation. I work for First Mortgage Retail and it is great. They are very particular about the new brokers. but you can chat with Ron and just say that you spoke with Luis. On the Retail side, if you are in the SF Area, just send me an email if interested. lrenteria@firstmortgage.com. also check out our products at www.firstmortgage.com... we are fnma/gnma. the hud4155 is our bible. No overlays!!!

Seriously Speaking: (March 16, 2010 8:46am)

the 99.5% LTV program is called FHA its just the std 97.75 + current 1.75 MIP

5pence: (March 16, 2010 8:16am)

How can the MI companies refuse to pay because of fraud? Was anyone prosecuted? I think you need proof to make that claim. I call bs

NWAFRANK: (March 16, 2010 8:11am)

Irenteria what is the program you were talking about that offers 99.5% financing? where can I get more info?

mortgageoptions: (March 16, 2010 8:07am)

lrenteria how do you get signed up to market CHF financing?

CornerstoneKathy: (March 16, 2010 8:03am)

Thanks jDial

joecolorado: (March 16, 2010 7:57am)

I gotta go and get rid of some of this aggression. I need to take some comp pix.

joecolorado: (March 16, 2010 7:55am)

I went to school with anal retentive idiots like that.They have absolutely no idea of anything that happens below stairs.They also dont care about the working populace(riff raff), never have, never will.As long as their profit margins are healthily positive everything must be hunky dory.shaft everyone else and do it before they shaft you.They waltz through life with not a care in the world,but when you try and get a reasonable fee from them for appraising their mansion its like pulling hens teeth.I havent met a rich person yet,that will not try and get a discount in some way.I know that is why they are rich,they dont give their money away,but they generally are the absolute worst people to work with.tightwad so and sos..

dirk2290: (March 16, 2010 7:52am)

Maybe this whole MI Company thing will soon be realized as a complete and utter waste of money for both the consumer and the banks. Get rid of the MI companys, and start more Lender paid MI divisions within the Bank. How about letting the Bank charge the MI and then the same Bank insures the loan, just a different division of course. The MI Companies are not doing anyone any good right now. Start pushing legislation for this to happen and for Fannie and Freddie to be on board with the switch. If that doesn't happen, just wait a little more time, Obama will call for larger govt and to take over the roll of the MI Companies to move convnetional loans again...LMAO...

JDial: (March 16, 2010 7:50am)

Cathy, Franks shirt says "I'm really easy to get along with when you people learn to worship me."

joecolorado: (March 16, 2010 7:46am)

sorry,I just get so angry when rich people bitch about how hard it is as they have lost millions in the market(MY GOD what are they going to do).Let them work in the real world for a week where them earning a pittance for actual physical labor and then having to live on what they earn that week, they can bitch all they want.Let them have to live on a reduced fee that is totally dependent on how much work you are able to get from types of companies they own,the cheaper the better.amcs strive to get cheaper appraisals as they need to maintain their profit margins,while passing ALL the responsibility to someone else. Marie Antoinettes...all of them.

CornerstoneKathy: (March 16, 2010 7:37am)

wow Joe you woke up ready to go!! Tell us how you really feel!

lrenteria: (March 16, 2010 7:37am)

NO more USDA....NO Prob!!! I don't even bother with Chadap, USDA, and all other DP Assistant Programs. CHF Access, which is a DP Assistance program that is exclusive to FMC offers 99.5% financing. And you don't even need a FICO score.

joecolorado: (March 16, 2010 7:31am)

They should go back to the brokers that sold or recommended the MI stocks and ask what happened?and get their money back from those people,Oh no I forgot, it is people like Madoff or Milliken that recommended stocks like these,the shareholders then have the gall to bitch about their lost millions.It was however acceptable when they were raping the borrowing system for those millions on superfluous additional,unecessary insurance payment.Dont feel sorry for these idiots,they have stabbed borrowers in the back for a dollar for years.

joecolorado: (March 16, 2010 7:24am)

I could never understand if the borrower was forced to buy insurance in the event of non payment,why an additional sum was added to the monthly payment!If the borrower couldn't pay the mortgage,they certainly wouldn't be able to pay the additional sum.Just another way of getting money out of a situation.Now the MI companies dont want to pay out!Big surprise!the shareholders will have less of a return on their money,big woo,if they wanted safe they should have invested in IBM or other blue stocks where the return isn't as grand instead of TAKING A GAMBLE and not gaining as much on riskier stocks.They STILL dont lose,they just have less of a return on their initial investment.

FLappraiser: (March 16, 2010 6:11am)

Let me see...The MI companies refuse to pay the claims because they say that the loans made were fraudlent. Did they perform due diligence prior to issuance of the policy? If they did not, then who's fault is it? If they accpeted the premium then are they not also fraudlent? Just a thought!

CornerstoneKathy: (March 16, 2010 6:07am)

What does Franks shirt say?

gsuarez1: (March 16, 2010 5:50am)

Here is a the link to the Senate Appropriations subcommittee that we need to contact to push for more funding for USDA rural development loans: http://appropriations.senate.gov/sc-agriculture.cfm In Florida alone we've closed over 3500 USDA RD loans since October 1- that's a 650+/mo pace that we stand to lose if we don't get more financing. Please call or email these Senators!

lisa: (March 16, 2010 5:44am)

TD Hawk the 60 minutes interview was informative, Thanks for that info....

lisa: (March 16, 2010 5:42am)

I think Brian and Frank both look fine. BOth of very hansome guys. Love Big guys, more to love. They are our comic relief in this messed up business we are in right now. You GO Guys! You make my morning everyday!!!!

TD Hawk: (March 16, 2010 5:15am)

I'm not sure which is the bigger boondoggle, the bond rating agencies or mortgage insurance. BTW, see the 2-part series about Wall St theft on 60 Minutes? I recommend everyone check it out at www.60Minutes.com, the interview with author Michael Lewis

funmailhere: (March 16, 2010 5:02am)

Stated Income for W2 employees provided an alternative for someone who earned part of their income on a paycheck and the other in cash. While the perception is that this is entirely fraudulent, there is a portion of the country that could take advantage of this type of program. For example, a CPA who ran an excellent EBay business or someone who sold Antiques on the weekend etc. The Mortgage Application requires the Borrower to sign a disclosure at the bottom of the final page where they attest to their income. Do you ever sign something for a hundred thousand dollars where you wouldn't read the fine print? Shame on you if you did.

jillsells: (March 16, 2010 5:00am)

Brian should probably spend a little more quality time with his BARBER! Frank, tell him mullets haven't been cool since Agassi went bald

Realty Man: (March 16, 2010 4:49am)

Hey guys, There is a lot more blame to go around then just politicians, bankers, and realtors. How about all the nuckleheads that know what a balance sheet is and chose to buy way over their head and we all let them. Realtors,bankers, and government Clinton and then Bush, looked a blind eye to it. My family is thriving by truth in this economy. Does anyone tell the whole truth any more. All I hear from everyone is bo who. These people got themselves into the mess and now the middle and upper class is expected to bail them out. I live in a state that has had Blagogate and this year for the 6th year in a row our state has to borrow to pay the bills? Hum, sounds so familiar. I am not blazing trails at this time, I do get satisfaction knowing I told the truth to all my clients, like it or not. I don't trust very many people in business. Most business and all governments have forgotten what ethical means and doesn't look like there are any class scheduled.

FLShortSales: (March 16, 2010 4:43am)

Has AYONE ever seen what a mortgage insurance policy looks like?? I've tried to get sevral lenders to show borrowers a policy & disclose the policy terms, but no dice. I wonder what they're hiding? Even though Borrowers are not the insured, it seems a little deceitful to make the homeowner responsible for a racketeering pay out for "protection" in a short sale, and not ever see what the poilcy covers...Sure would help if we new what the terms were before we go to all the trouble to attempt a short sale, too. It's my understandsing that they are not even regulated by the Insurance Commission...

CoachCollard: (March 16, 2010 3:57am)

Best way to help real estate agents learn short sales! Free and Daily! Have to check out these guys, I helped train and mentor them, and they NOT only get short sales at a level that one else does, but they are CRUSHING IT! 94% success ratio and over 250 closings on short sales in last 2 years in Phoenix, # 1 in Phoenix! Great video, and YES, they are crazier than you two! You will love their escalation techniques(through FaceBook and their willingness to go where no realtor has gone before! Plus, you'll love the cheer at the end! http://shortsalepowerhour.com Thanks, Coach Collard

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