Doug Jones's (dougj) Blog

Mortgage and Lending - Mortgage Magic
Those who had a short sale just got punished again. The rule was if a customer had a short sale and the sale was over two years ago then that person could re-enter the purchase market or refinance a mortgage.     August 16: a red letter day for mortgage lending. For loan applications taken on or ...
Is there a turn back to the mortgage broker ? Three new customers called me this week and found me specifically because they were looking for a mortgage broker on line. All three mentioned that they had a problem that they did not feel the bank loan officer could handle. Wow.   I am not sure why ...
For every loan and real estate sales transaction we use a Preliminary Title Report that we get from a Title Company. The title report will show liens, encumbrances, taxes, and the names of people who own the property as well as the property address. And there is a legal description of the proper...
A Realtor who works for me just told me that a contract she presented was accepted. I have to review all the real estate documents and she asked me the best way to get the paper work to me for review: fax, email, in-person.   I sent her back this email which is short and simple but yet it reflect...
The lady sitting at my desk wanted to refinance to lower her mortgage payment and interest rate. Her credit score was 752 (High, which is excellent). Her loan to value was only 55% (Excellent) but her debt ratio did not qualify at 54% of gross income. I could not help her with her loan unless sh...
A gentleman called me and said that he owned a rental property free and clear and wanted cash for additional investments. He had gone to a credit union who processed the loan and after 30 days he was ready to sign. The day before signing the credit union told him they made a mistake and do not do...
There was a pop song called Little Boxes back the early 1960's. Here are some of the lyrics -perhaps you remember the song,     In boxes made of ticky tacky And they all look just the same.There's a green one and a pink oneAnd a blue one and a yellow one,And they're all made out of ti...
As a Realtor you want to be aware of some differences between Fannie Mae, Freddie Mac, and FHA underwriting. Here are some very basic differences.   True Example: I was the listing agent for a home and we were in contract. After two weeks the Realtor representing the buyer called me with bad news...
My loans are now being approved and funded quickly. A couple of years ago I felt that the banks could close the purchase loan quicker than I could but now our purchase loans are going fast. Signed a loan on Friday and the Realtor went into contract with a 7 day loan contingency and 7 day apprais...
When I was in consumer finance we wrote many loans to young people with no credit history and to qualify them we used "co-signers". Most  of the times the co-signers were parents, brothers, sisters, or other relatives; sometimes a close friend.    Banks do allow for non-occupant co-bor...

Doug Jones

Mortgage Broker - NMLS 286668
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