Lenders Articles

Posted on October 12   By Justin McHood
I was talking with a loan officer that I used to work with at another company this week - he now works for Bank of America in the call center. He said that they are busier than ever and it isn't uncommon for BofA to mandate that he works overtime, on weekends, etc. because the phone seems to never stop ringing. He then mentioned to me that the turn time to get a loan there was about 120 days. WHAT? It doesn't make any sense to me, but it must make sense to a lot of people. Call into a bigger .... Read More...
Posted on September 23   By Francine Huff
If you're in Los Angeles this weekend and need help modifying your mortgage, you may want to head over to the Los Angeles Convention Center. The Save the Dream Tour will be rolling into the city Sept. 24-28 to help struggling homeowners restructure mortgage loans. The tour is run by the Boston-based Neighborhood Assistance Corporation of America (NACA). The organization has already visited other cities and seen about 180,000 people come out for their events. NACA's Web site says its event.... Read More...
Posted on September 15   By Justin McHood
In the last year and a half, the US Banking system has been in crisis - and at least some people claim that the entire system is worse off now than it was before the crisis. The main culprit? If you thought that some banks were too big to fail before the crisis, now we really have banks that are too big to fail. According to Joseph Stiglitz, the Nobel Prize winning economist, the US has failed to fix the banking system and it is worse off now than before the crisis: “In the U.S. and many ot.... Read More...
Posted on August 13   By Justin McHood
While there is no "right" way to go about choosing a loan officer or a Realtor to work with, one thing is clear - you are going to need to choose both a Realtor and a loan officer if you are going to buy a home and finance it. Probably the most popular method of selecting a Realtor is finding a house - either online or offline -- and calling the listing agent who has the house for sale and begin by asking "can I see this house?" While there is nothing technically wrong with the process, there i.... Read More...
Posted on August 10   By Justin McHood
Last week, one of the nations largest wholesale mortgage companies shut their doors when Taylor, Bean & Whitaker closed their doors and announced that they were no longer funding loans. This was a blow to many loan officers and borrowers - because it is estimated that as many as 30,000 people were trying to get a loan funded through Taylor, Bean & Whitaker who will have to now go somewhere else to get their loan done. Which for many won't cause too much of a problem other than starting over aga.... Read More...
Posted on July 24   By Justin McHood
Are you under a tight time line to get a mortgage done? In many markets across the US, there are actually bidding wars going on right now for houses and when competition is fierce, it is more important than ever to make sure that you have the best offer - or at least one that stands out. And one way to make your offer more attractive to a seller (often times, in the hot markets the seller is actually a bank) is to put in your offer that you can get your loan closed fast. But getting your l.... Read More...
Posted on July 23   By Justin McHood
There is a new law coming soon that will make it tougher to get a loan closed in 30 days -- not impossible -- but tougher. The new change that takes effect on July 30th has to do with the way that loan officers disclose the TIL (Truth In Lending) disclosure. The Truth-In-Lending form is a one page form that outlines the APR, Loan Amount, Interest Rate and other important loan terms and the way that the rules are going to be going forward, it will no doubt add more time and frustration to wh.... Read More...
Posted on July 23   By Justin McHood
Many Real Estate companies have "in-house" mortgage companies where the Realtors working out of the home office will often "refer" business to the "in-house" lender. This isn't a bad or good thing - in fact, depending on any number of factors, it could be very bad or very good. One thing that is new however, is that the larger banks are starting to get into the game. According to Inman News, Bank of America is starting to sign agreements with several Real Estate companies to provide lending s.... Read More...
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