Doug Jones's (dougj) Blog

Mortgage and Lending - Mortgage Magic
These points all come from Fannie Mae's Considering a Reverse Mortgage? booklet and can be found in its entirety here   It is short read and covers these points.     What is a Reverse Mortgage? The Benefits of a Reverse Mortgage How to Play it Safe. ...
I still don't Tweet. I don't know how to Text. And I don't spend a lot of time on the telephone. I guess the only things left are face to face and email. For me, face to face is always best because so many questions can be answered and dug into deeper. Misconceptions can be corrected easier and m...
I visited the office of a CPA who wanted a mortgage refinance. After sitting with him for a few minutes I told him all of the paper work that I would be required to collect; he called his secretary and requested she  bring in his financial statements. She brought in a CD and the CPA told me "it's...
How much of a Reverse Mortgage do you qualify for? That is a fast and easy question to answer. All we need to know are (1) your zip code (2) birthday of youngest borrower and (3) how much is owned on the home (all liens) ?   Here is a Reverse Mortgage Calculator for your use http://rmc.ibisrevers...
This month I have referred loans to mortgage brokers in Connecticut, Oregon, and Arizona. How did I find them ? I went to Yelp and typed in Mortgage Broker and the name of the closest big town. Then I called the loan officer and did a quick interview. In all three cases I was satisfied with the f...
I can't approve every loan and win every rate battle. But, what I can do is:1. Listen to every customer with all eyes and ears.2. Let the customer know I understand by asking questions and getting feed back.3. Gather all the required information from the customer and analyze it completely.4. Stu...
I am really lucky. In Mortgages I work with 35 people at Mortgage Magic and they have all been here for years -- they really are my friends and family. My Sr Underwriter, Gloria has worked with me for 25 years - since she was 17. Kianna, who is the glue to Mortgage Magic becuase she knows how eve...
I am working this week on a loan that I have not done in a few years; an FHA rehab purchase loan. There are many rules and regulations - guidelines - for this loan. I have 5 banks who offer the loan and not one loan rep from the bank knows the 'ins-and-outs' of the loan. A bank rep is the same as...
Some of the lending rules are just dumb. I have a customer who is doing a no cash out refinance. He is only refinancing to lower his interest rate and payment. During the loan process the title company ordered the pay off demand from his present lender. When our loan documents got to title the ti...

Doug Jones

Mortgage Broker - NMLS 286668
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