Arizona Mortgage Guru » Banker

Close Your Mortgage In Ten Days

jmchood — Wed, 03 Nov 2010 21:46:15 +0000

Academy Mortgage here in Arizona is the home of the Ten Day Close. Here is a brief interview with Kevin Kosisky who is the branch manager for the Mesa office talking in detail about how it is possible to close loans in ten days or less.

Have questions about getting your mortgage closed in Ten Days here in Arizona? Contact us!

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Countrywide Admits to Puffery in Advertising

Az Mortgage Guru — Thu, 15 Jan 2009 20:05:38 +0000

Interesting admission from Countrywide regarding those claims of working to modify loans for homeowners. From MSNBC:

In marketing, advertising and testimony before Congress, Countrywide Home Loans has said repeatedly that it is working hard to modify the mortgages of financially strapped borrowers caught up in the subprime meltdown. But in a New Hampshire court, attorneys for the lending giant are singing a different tune, describing such assurances as “mere commercial puffery.”

Saying the modification offers are “only Countrywide’s vague advertisements,” attorneys for the lender are asking the court to throw out a lawsuit alleging breach of good faith, fraud, negligence and misrepresentation, which was filed on behalf of a family that was refused a loan modification by the California-based company.

Candor is much need these days.

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Introducing Mike Moshofsky

Az Mortgage Guru — Sun, 09 Nov 2008 00:29:16 +0000

Now that the NEW AZ Mortgage Guru has arrived, I am taking matters into my hands. I have decided that one person can only handle so much. Two is always better! So…in light of this revelation – well…and also being 9 months pregnant and about to go on maternity leave — I have decided to partner up with the Senior Mortgage Professional in our office, Mike.

Mike is THE MAN Shailesh and I have gone to for mortgage advice, input, information, help and coaching in the last 4 years. He is amazing. Not only does have a TON of experience and knowledge (over 20 years in the industry), but he is actually a great guy. Someone you’d want to hang out with after work and have a beer with.

So, without further ado… I interviewed my new partner, Mike Moshofsky for this blog to better introduce him to the online community.

Question: What makes you different from other lenders?

Answer: I am different from other lenders because of my knowledge, experience, integrity and work ethic. I personally have over 25 years of mortgage experience and a thorough knowledge of mortgage lending including FHA, VA, USDA Rural housing and conventional financing. This experience and knowledge helps me identify potential problems early in the process and avoid these problems or solve them so we don’t have last minute surprises. I believe in sprinting to the finish line and waiting for everyone else. Stress is eliminated when my documents are delivered to title well in advance of the close of escrow. This makes happy buyers, and brings repeat clients and multiple referrals.

What characterizes you?

Integrity and honesty are my strongest characteristics. The agents I have worked with for years know they can count on me every time. When I say something will happen they can rest assured it will. My goal is to provide my agents and clients a quick approval that they can count on. However, I believe a fast “no” is better than a slow “no”. If a transaction has no chance, everyone would prefer to know on day one, and not on day 31.

What about your work ethic and loyalty?

I work long hours Monday through Friday and am typically in my office working for my agents and clients from morning till night. I am not the loan guy that spends all his time getting new agents and clients only to mess up the transaction so they have to go find other referral sources. I want to take care of the referral sources I have. That is my idea of a marketing plan.

What are some of your motto’s in this business?

A fast No is better than a slow No.

Under promise and over deliver.

If you think it is expensive to work with a professional, wait until you find the cost of working with someone that is not.

You have to know what you don’t know. If you are not positive on an answer, get clarification. Guessing is very expensive.

Never, Never, Never miss a close of escrow.

What advice would you give potential home-buyers and their agents when they are hunting for a mortgage professional?

There are many excellent loan officers out there. The problem is there are also many unqualified loan officers and it is often hard to tell the difference. Many sound great, but do not deliver. My advice is to ask your Realtor for a referral of someone they have had positive results from in the past. The Real Estate Agent wants you to work with a professional that consistently delivers quality service at a competitive price.

What do you love about this business?

I love figuring out ways to close mortgages that other said were impossible. I love dealing with first time homebuyers and their energy and excitement when they get the keys to their first home.

What do you hate about this business?

I hate the fact that there are so many non-professionals in the industry. I believe we need to have licensing, required training and be held to a higher standard.

—

I look forward to working with Mike during this time of change for me and my family. I plan on working until the day I give birth and then afterward will take some time off. I will be accessible through eMail a few weeks following the birth, but will not be back in full time action until 2 months. I really appreciate Mike stepping in and helping out during this time.

To contact Mike, please use the following methods!

E-mail: mmoshofsky@primelending.com

Direct: 480-346-8383

Cell: 480-332-8545

Fax: 866-908-6596

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McCain Changes Mind on Solutions to Mortgage Mess

Shailesh Ghimire — Fri, 11 Apr 2008 19:29:00 +0000

Senator McCain reversed his position to let the market sort out the mortgage mess. Yesterday he talked about “using all the resources of this government and great nation to create opportunity and make sure that every deserving American has a good job and can achieve their American dream.” This is in sharp contrast to his comments on March 25th when he said:

I have always been committed to the principle that it is not the duty of government to bail out and reward those who act irresponsibly, whether they are big banks or small borrowers. Government assistance to the banking system should be based solely on preventing systemic risk that would endanger the entire financial system and the economy.

I have much admiration for Senator McCain. In fact he is my man this year – especially considering the fact that the Democrats can’t get their act together and seem to offer nothing but the same old “government fixes” and have not demonstrated to me that they are capable of strong leadership. The fact that Hillary is offering to spend $30 billion to fix the mortgage mess, just makes me scratch my head in complete and utter disbelief. The main reason why I’ve become more and more of an economic conservative is because I think one of the fundamental problems of the US economy is overspending by the federal government.

To think that President Bush in 2002 was the first president to sign a $2 trillion budget and will be the first to sign a $3 trillion budget is mind boggling! It’s almost like we’re building a house of cards that will one day just collapse on its own weight. I know the smart types will have a lot of “intelligent” ways of explaining this, but from a gut check point of view, simply spending by printing more money just doesn’t seem right. Borrowing and spending doesn’t seem right either. To think that the bill will never come due is just silly and irresponsible.

Having said that Senator McCain is offering a modest proposal to help struggling homeowners. It would help 200,000 to 400,000 homeowners and cost $3 billion to $10 billion. His program would apply to people who were falling behind on mortgage payments on their primary residences. These homeowners would need to demonstrate that they would be able to meet the terms of a new, 30-year fixed-rate mortgage.

Senator Obama also has a massive government bail out program for homeowners. However, I found this bit of news kind of interesting:

Barack Obama went to New York Thursday and blamed lobbyists, greedy businessmen and complacent Washington politicians for creating “an ethic of greed” that led to today’s foreclosure crisis.

Not long after he left the stage, the Democratic presidential hopeful attended a fundraiser held by his campaign in a room in the Manhattan headquarters of Credit Suisse, one of the major investment companies caught up in the subprime lending mess.

I guess the two step dance is an integral part of the art of politics. It is practiced by all who seek the nations highest office and involves speaking from both sides of the mouth and relying on people to not “remember”. No wonder I’m not a politician!

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Cramer vs. Kramer: A Battle of Comedy

Shailesh Ghimire — Wed, 19 Mar 2008 17:47:53 +0000

Jim Cramer on Bear Sterns:

Kramer goes crazy (from Seinfeld):

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Rules Change, Agents Pursing Mortgage Lenders

Shailesh Ghimire — Wed, 20 Feb 2008 20:25:30 +0000

Aimee received a phone call this morning from a real estate agent who told her with a degree of frustration that all her lending contacts and title contacts had left the business. This agent has buyers who need a good lender referral and was eagerly trying to build some new relationships. She was glad to have “found” Aimee. And we’re glad to be in touch with her as well!

This is quite a turn of events for everyone. I know several colleagues in the mortgage and title business who have left, not to mention the real estate agents who are no longer “practicing”. So, this mornings experience was an isolated event. Over the past two months I have been contacted by many real estate agents across the country seeking a quality lender for their borrowers. After being hounded by loan officers and title reps for the greater part of their careers it must be unnerving for a real estate agent to not have several reliable loan officers and title reps as business partners.

So, if you are one of those agents then I want you to know that Aimee and I are still here, while almost 50% of loan originators have left the industry. We’re still closing loans and we’re still helping borrowers make the biggest financial decision of their lives. Just to introduce ourselves to you, here are a few links that might you learn more about us:

About Aimee and Shailesh (pronounced “sai-lesh”)
Testimony from past clients
Our 2007 Customer Satisfaction Rating

We are FHA and VA approved lenders and as a national mortgage broker/banker we have access to all loan programs in the industry. Most importantly we’re here and we’re here to stay!

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Lenders Put Foreclosures on Hold for 30 Days

Shailesh Ghimire — Tue, 12 Feb 2008 18:00:23 +0000

Lenders are in a bind. With foreclosures increasing every day, their REO departments are overloaded. Foreclosure is expensive and banks are in no mood to be property owners. So, why not just try to work thing out with the distressed borrower? That seems to be the line of thinking as major lenders have announced that they will put foreclosures on hold for 30 days. During this time they will work with the borrower to figure a workable solution for both parties. This applies to all kinds of borrowers, not just subprime. From MSNBC:

These lenders say they will contact homeowners who are 90 or more days overdue on their monthly mortgage payments. They will be given the opportunity to put the foreclosure process on pause for 30 days while the lenders try to work out a way to make the mortgage more affordable to the homeowner.

To clarify, this appears to be a voluntary program and is not a “law”. Which means a lender has the last word and is not under any obligation to award the 30 day freeze. If you think you qualify contact your lender directly.

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Facing Foreclosure? 12 Things You Should Know When You Call Your Lender

Shailesh Ghimire — Tue, 16 Oct 2007 16:57:24 +0000

If you are having trouble making payments on your home then the first thing you should do is call your lender/servicer. For many people this can be a frightening proposition. You might be afraid you’ll end up saying something that will put your home in jeopardy. Or, you might not understand the different options the lender offers. Or, you may simply just not know what to say.

The Mortgage Bankers Association has created a foreclosure avoidance center website. Under this page it has published a twelve-step guide on the things you need to know when you call your lender. This should ease your fears a bit. Additionally, as you go through this guide you’ll realize that a successful resolution is in the lenders best interest as well. Contrary to public perception the bank does not want to own your home and bank executives do not go to bed at night salivating at the prospect of foreclosing on your home.

Below is a quick run down of the twelve steps, but read the “12 Things You Should Know When You Call Your Lender” page on their webpage for complete information.

Contact your servicer immediately
Ask your servicer about alternatives to foreclosure
Provide any information requested by your servicer
Be prepared to provide detailed financial information
Be ready to change your spending habits
If you’re uncomfortable calling your servicer, then call a reputable third party (see HUD website)
Open all mail you receive from the servicer or it’s law firm
Do not hesitate to ask critical questions
Resolve any payment issues on your escrow accounts (taxes and insurance)
Stay in contact with your servicer and/or counselor at all times
Be realistic about your own financial condition
Understand that the servicer wants a positive outcome

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Regulators Urge Restructuring Loan Terms For Struggling Borrowers

Shailesh Ghimire — Wed, 05 Sep 2007 16:23:40 +0000

I saw a news flash on Drudge yesterday afternoon saying banking regulators and the Federal Reserve had issued some loan guidelines. There was no meat in the story. It was a breaking story at the time. This morning I found that various regulatory bodies as well as the Federal Reserve are asking lenders and loan servicers to restructure loans for borrowers facing difficulty. According to the WSJ:

The guidance doesn’t compel lenders and the investors who buy loans to restructure the loans — but it puts an added burden on them to try to do so, while clarifying that they shouldn’t face negative tax or accounting implications from such restructuring. The statement was issued by the Federal Reserve, the Federal Deposit Insurance Corp., the Office of the Comptroller of the Currency, the Office of Thrift Supervision, the National Credit Union Administration and the Conference of State Banking Supervisors.

The WSJ story also said it’s unclear how many would benefit from restructuring loans. Given the sheer number of ARM’s (in excess of 1 million) which will reset in the next year or so this should have a significant impact.

It is a make sense idea in my opinion. From the lenders perspective taking a smaller loss as opposed to having to write off the entire loan may make sense. Same goes for investors. However, these companies appear to be concerned about the tax consequences. That should be no problem to Uncle Sam though, all they have to do is add one more page to the 60,000 + pages in the current tax code.

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Nobody Read the Truth-in-Lending Disclosure

Shailesh Ghimire — Wed, 22 Aug 2007 17:12:29 +0000

I just finished reading “Truth-in-Lending Disclosure Failure Leads to Mortgage becoming “UnSecured”" at The Big Picture. This article sent chills down my spine. The main reason being that if borrowers are successful in detaching the collateral from their mortgages then we are indeed headed for some really bad economic times.

The premise of the post is that many of the Truth in Lending Disclosure for 2/28 ARM Loans (sub-prime) did not adequately document the actual interest rate, payment and cost of the mortgage over the loan term. This is a direct violation of many state and federal lending laws. In the authors own words:

Let me put on my lawyer hat for a moment: The Truth-in-Lending Act requires “clear and conspicuous” disclosure to borrowers of the key provisions of their mortgages. This includes such details as the eventually reset interest rate, specific loan terms, and the total dollar amount the mortgage will cost over time:

And lawyers for borrowers losing their homes are very aware of this noncompliance of existing laws:

This seems to be where many of the subprime 2/28 ARMs ran afoul: They failed to meet the disclosure laws regarding actual interest amounts and payments.

Who has gotten tagged with these cases so far? Subprime lender NovaStar Financial Inc. (NFI) in Kansas City settled a class action suit for $5.1 million. And, consumers in Wisconsin recently won a class-action TILA suit (its under appeal).

Go over to the article and read the whole thing. It makes you wonder what everyone was thinking, especially those buying and selling mortgages. Aren’t they supposed to be reading this stuff?

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