Mortgages: SO EASY A CAVEMAN can do them!

By
Mortgage and Lending with Funky Quail Vintage

Apparently, the general consensus amongst many people is that Mortgages are easy to do and that communication solves everything!  Well, today I have decided to give everyone a glimpse into my life in the Mortgage business.  True enough, maybe the actual MORTGAGE is easy, but it is the "hunting & gathering" that is the problem! I realize that many people can already appreciate that things have become more challenging, but I truly want you to know that I AM NOT A CAVEMAN and it is not easy!

 8:08 am, got to office, large coffee.

Turned on computer, checked email, had 38 emails since 10:30 the night before.  Responded to most.

8:45am - checked voicemail, had 17 messages since 6:39pm the night before.

9:00 am - Attended online Training Webinar with Fannie Mae/DO.  It lasted 50 minutes!

10:00 am - Met APPRAISER at "fixer upper" house I am doing a USDA loan on!

10:30 am - Checked voicemail, 7 messages, checked email, 18 more.

10:35 am - Reviewed email from Gerry Suarez regarding the new Condo Mortgagee Letter, and told him I would go over it tonite and cover with group on conference call tomorrow.  Printed document and noticed it is 14 pages long.

Answered questions from 2 different Realtors all the while I was reviewing my email, and also showed one Realtor how to figure out PMI costs,  and gave them the website link.

11:00 am - Visited with Edward Jones Rep who I swap business with...Note, so far, only bit of marketing.

11:30 am - Ran to Quick Trip, spent $2.10 on two hot dogs & a JUMBO coke!

11:45 am - Answered online questionaire for Bank of America about loan volume, # of loans closed etc...as they are threatening to cut us off, as we don't send them enough business.

 

 Took a hot tub..as the caffeine has now worn off, and the Coke is not enough!  Wait, I said I am NOT a CAVE MAN!

12:15 - Inputted New Loan Application, Ran Credit, and prepped all of the USDA documents.  Filled out reservation of funds forms, called USDA rep, he didnt call back, called title company and got the CPL & Wiring instructions.

12:30 called C21 agent to find out where title is for another loan..he didnt answer, didnt answer earlier email, and all I need is name & phone number of title company.  Short Sale and dont think he cares!

 

 12:38 - Heard the quote of the day.  "Patience is not a virtue, it is an expectation"

12:55 - Filled out USDA documents for another customer, and while doing that, answered her call and she said she would be late for our 1pm appointment.  She could be there at 1:15.  I complied...because, that is what we do.  We adapt, we overcome..etc..

1:00 Tried to reply to disparaging blog comments, but lost the stomach for it...maybe the hot dogs..but more than likely the stupidty factor was involved...Either way...it was a waste of time.

1:15 -  Met with customer who was late.  She only had a few minutes as she overcommitted, so she signed required documents and took off.  Still don't have the bids I was promised two months ago!

1:30 - Answered a call from Sally & David Hanson on one of the 2 deals I am working on with them.  One is going well, the other still looking for the right house!  We discussed business for about 15 minutes, and I had to go, as I had an underwriter on the line.

1:45 - Spoke to underwriter on my bosses mortgage loan.  Her loan was suspended because even though it is a Vacation home, it showed up on an underwriter search with WELLS FARGO as a Vacation Rental.  Ad was run 2 1/2 years ago, and forgotten about.  Wells has to call it now an INCOME PROPERTY!  Hmm...great next call I am sure you can guess!  Btw- Good credit, no debt, 67%LTV.

2:00- Called C21 agent again, no answer, no return call, no email.  Called Wells Rep to discuss loan, no answer, no return call, no email.   Took a walk-in question, and answered a panicking call from another client who is being threatend by his exwife to pay up on equity that is no longer in the house.  In addition, I cannot get him the loan because she pocketed the house payments, and they went into pre-foreclosure.

2:15-4:00 pm- worked on loans all day.  This included talking with multiple customers, walk ins, situations with employment, an insurance agent who would not insure the house for the sale price, OR give it 125% replacement cost.  Responded to more emails, filed a complaint at AR about a dishonest member, typed 2 pre-qualification letters and ran DU on 1 file, DO on 1 file.

4:14 pm - Received Appraisal that was done in the morning from appraiser!  Came in 23k above Sale Price, and 30k under assessed value.  (YES YOU READ THAT CORRECTLY) One more reason HVCC sucks!  How's that for service folks!! 

4:30 pm -  Made multiple phone calls, c21 agent again as I NEED the information for my submission, 3 different APPRAISERS to get some info on the HVCC rules regarding contact with Listing agents, ALL with no return calls, called & emailed Wells Rep, no call back.

4:45 pm-  Sold my ski boat

5:00- Ex girlfriend called me and is getting married!

5:15 - Returned more calls, started writing this blog.

5:22 -  Blog on Hold for a little bit.

5:30 Interuppted again by more emails, so I had to respond.  In addition, I reviewed 19 page FLASH TOPICS update from Wells Fargo that covered Additional Details for the Implementation of the HERA Mortgage Disclosure Improvement Act,Hazard Insurance on Condominiums: Unit Owners Improvements and Betterments Policy, and Clarification: Subordinate Financing - Including DAPs - Will be Allowed with LTVs Greater than 80% (note, we get these types of things every other day)

                                     

6:00 pm - Didnt go home for dinner.  Worked on Files

6:30 pm - worked with customer for 30 mins on credit issues, and structuring an LOX!

7:18 pm finally got an email from Agent on Short Sale Title, but no phone call!  Great, I can call tomorrow.  1 more day delay that I will be blamed for!

More file work...........

Here it is 8:18pm, and I am finishing my BLOG.

 

About to hit publish.  Please UNDERSTAND! One & all - while reading this...Realtor, Lender, Appraisers,Title Companies, AR Gods,Home Inspectors, and Commentors Alike...THIS WAS ONLY PART OF MY TRUE DAY!

We are busy in more ways than one!  Time Management is ALMOST out the window!  When I try to practice it, I am told that I dont return my calls promptly!  Having an office assistant is not the answer...as I know that is what you were thinking...Understanding, Cooperation,Trust,Realtionship Building & more than anything, the willingness to accept change are the answer! 

This job is not easy, and most certainly a CAVE MAN cannot do it!
It has progressed way beyond check stubs & w2's, so please dont tell me if I can do Cave Paintings I should be able to close a loan in 12 days!

Thanks for reading & Keep selling!

-Darin-

As always, I welcome your concerns,comments,issues and suggestions!

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Open House Suggestions    Open House Suggestions 2     Golf Outings   Wall-E   USDA Loans 

What do I need for Pre-approval?  Buying a Fixer Upper  What is a pre approval?

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Show All Comments
Rainmaker
1,264,044
Gene Riemenschneider
Home Point Real Estate - Brentwood, CA
Turning Houses into Homes

Darren, I feel for you buddy.  I feel guilty as I have mortgage people wanting my referral business and the only think I can send them is garbage.  Most good prospects already have a loan.

Jun 18, 2009 05:59 PM #77
Rainer
42,085
Darin Osenberg
Funky Quail Vintage - Nashville, TN

Lakes Area Realty..-   WELCOME to Active Rain!  Thank you for reading, and here's another good pic just for you..& Krista!!!   STOP BACK OFTEN!  Anytime you have a question...email me!!!  I blog about once a week, or maybe every 10 days!  Thanks-  Darin

 

Krista-  Nope, not an alum...Just a fan, and live north of Madison 15 mins...Love Active Rain, and hope you will come back and visit often!   Bucky is something I decided to be associated with, because he is SOO very recognizable!  Plus, I am not infringing in anyway, because I AM IN THE PICTURE with him!!!-   Thanks again!  Darin

Jun 18, 2009 06:43 PM #78
Rainer
42,085
Darin Osenberg
Funky Quail Vintage - Nashville, TN

Gene- As always, I am appreciating your visiting my blog!  Glad you liked it, and thanks for the..............................empathy!!!!  LOL   Maybe the people looking for your business need to help you DEVELOP it huh?? LOL...Thanks again, and please come back!  -  Darin

Jun 18, 2009 06:48 PM #79
Ambassador
720,564
Mike Jones
SUNSTREET MORTGAGE, LLC (BK-0907366, NMLS 145171) - Tucson, AZ
Mike Jones NMLS 223495

Hey, friend!

5:00- Ex girlfriend called me and is getting married!  No one should have to end a day like that!  :)

I'm glad you sold your boat.  Congrats on the feature!!

Mike in Tucson

Jun 18, 2009 11:48 PM #80
Rainer
42,085
Darin Osenberg
Funky Quail Vintage - Nashville, TN

Hey Mike!

Thanks for the good word!  ....Not making it out to Tucson till the FALL, which stinks..but hey I will get there!>>>TOO MUCH RED TAPE on our loans right now, and trying to get it finalized!  Argggh...

 

Glad you enjoyed it and thanks for sharing!

D

Jun 19, 2009 12:43 PM #81
Rainmaker
616,762
Martha Brown
Long & Foster Real Estate, Inc., Annapolis MD 21403 - Annapolis, MD
Your Homes Around Annapolis Agent

Ok now you have me thinking about the comment I made about the HUD1. I also read the info you sent. But here's my question??? Doesn't changes on a HUD1 change the TIL?  And if that is the case then if changes are made at the settlement table or even a day or two before (IE: seller walk thru repair $$'s, fees changed from one side to another, etc) does that then need to generate a new TIL? I know, I know, I am not a lender but I sure as hell am curious. It can cause huge problems on this end if that is the case especially if there was another settlement right behind it dependent on the settlement in question.  Your thoughts??

Jun 19, 2009 02:42 PM #82
Rainer
42,085
Darin Osenberg
Funky Quail Vintage - Nashville, TN

Hey there Martha!

Okay, GREAT QUESTIONS!...so, let's deal with them one at a time.  & , they should be VERY SERIOUS concerns too!

1.  Not all fee changes affect the APR on a TIL that are changed on a HUD1!  So...to answer your question PROPERLY i would HAVE to know a specific example.  So..let's throw a couple out there...If the appraisal fee changed from 325-400.    This is a specific "hard copy item", so it IF it is being FINANCED, it would affect the APR, yes.  However, on a purchase, unless it is a USDA loan where you are rolling in the costs, this would not change!  If it a repair cost, going from one side of the HUD to the other, we are also GOOD to go!  WHAT THIS MAY AFFECT is your LOAN APPROVAL though, because say the repair was 800 bucks...And, the remaing cash VERIFIED in their CHECKING was 600, but they really had 1200....it MAY hold up the closing for RE-APPROVAL on the loan!  Arggh..

2.  Repairs etc...are being SOOO very scrutinized, that in MY WORLD, these ALL have to be dealt with UPFRONT!!!  So, if a new TIL or GFE needs to be provided, then the lender has to redislose right there!  In a nutshell, here's a QUICK breakdown...Initial meeting...give Good Faiths, then within 7 days of closing, re-disclose....WE ALREADY Re-disclose AGAIN at the CLOSING TABLE...so...I am sure we will be okay in the scenario's you describe.

3.  WE are all being forced JULY 30th to be even BETTER at our job! YOU ARE RIGHT for questioning this MARTHA, and correct, you are not a lender, but you are VERY CORRECT for thinking like one! 

Lenders in turn have to start thinking like Realtors!

4.  I am going into the CRYSTAL ball SALES FIELD!

5.  Prepaids, interest, etc..ALL affect the APR on the TIL.  MY GUESS< is that EVERYONE is going to complain about this new change too!  So.....more than likely, they will start spelling out specifics as we get closer to the date! WORK VERY CLOSE with your LENDER partner over the next 6 weeks, and maybe even schedule someone to come IN TO YOUR OFFICE to discuss it with your entire TEAM!!!  Understanding this will be VITAL moving forward!  

I hope this helped! -  Darin 

Jun 19, 2009 03:53 PM #83
Rainer
42,085
Darin Osenberg
Funky Quail Vintage - Nashville, TN

Okay, this one is for Mark Cote!!

 

 

 

 

Jun 19, 2009 04:21 PM #84
Rainmaker
616,762
Martha Brown
Long & Foster Real Estate, Inc., Annapolis MD 21403 - Annapolis, MD
Your Homes Around Annapolis Agent

OMG- think like a lender???? Curses, curses. LOL. Thank goodness I do have a very good lender who keeps me filled in on lots of this kind of stuff. (As a matter of fact, she sent me a list of what affects the APR on a TIL but I received AFTER I commented). I am sure the closer we get to the drop dead date the clearer it will all become.

BTW- thanks for taking the time to answer with your thoughts and yes it did help.  

Jun 19, 2009 08:49 PM #85
Rainmaker
69,169
Ron Wysocarski
The Wyse Home Team / The Wyse Condo Team - Port Orange, FL
Real Estate Agent - Pricing Specialist, Daytona Beach Florida

glad to see I am not alone with this problem. 8 hr days no wait 10 hr days 14 hours days are the norm.

Even with the long hours, it is hard to give the service that is expected from us.

Jun 20, 2009 08:43 AM #86
Rainer
42,085
Darin Osenberg
Funky Quail Vintage - Nashville, TN

Martha-  I had a REALLY NICE typed out LONG response for you..and again...DAMMIT...my internet...(charter) went down!  Dog gone...Suffice it to say..I am glad you have a go to gal...that keesp you UP on this stuff!  Interestingly, I was contacted by two WELLS employees here in Wisconsin, that didnt know about the Changes yet...I emailed them the WELLS FARGO announcement!  Argghh!

btw-  YOU are very welcome!  Thank you for sharing!  I am happy to be talking with you!  - D

Jun 20, 2009 07:44 PM #87
Rainer
42,085
Darin Osenberg
Funky Quail Vintage - Nashville, TN

Ron W-  You are very right!  Happy to oblige!  Hope you get a chance to look at my two OPEN HOUSE blogs...that have alot of good information in ther for ya! I really enjoy working with KW agents...and you work for a very proggressive company!!  Take care, and please visit often!  My shingle is always out!  -  LOL.........Darin

Jun 20, 2009 07:45 PM #88
Rainer
107,665
Karl Peidl
Moorestown, NJ
Accredited Loan Consultant

Darin - Since you are obviously a Badger fan, I thought you might be interested to know that I am a graduate of Overbrook Regional High School in Pine Hill, New Jersey.  I got to see Ron Dayne tote the rock long before his Heisman Trophy days.

Jun 22, 2009 04:49 PM #89
Rainer
42,085
Darin Osenberg
Funky Quail Vintage - Nashville, TN

Karl-  Thats totally cool!  I still have a towel here too!  Actually, not a huge Badger fan...but had my picture taken with Bucky when we had him come to our mtg booth for the day at one of the shows we were at!

Hope you enjoyed the blog as much as the pics!  :)  LOL-  Thanks for sharing!  -  D

 

 

Jun 22, 2009 05:36 PM #90
Rainer
107,665
Karl Peidl
Moorestown, NJ
Accredited Loan Consultant

I actually have a red #33 Badgers jersey hanging in my closet.

And yes, I loved the blog post (even though I am so sick of those "caveman" commercials) but felt the need to comment on the pic.

Jun 24, 2009 01:32 PM #91
Rainer
42,085
Darin Osenberg
Funky Quail Vintage - Nashville, TN

Just for you man!!!  You know, alot of peopl are sick of the "CAVEMAN commercials"...I was hoping that the TITLE would get SOME response!  Happily, it was a VERY high level of response!  Thanks again! -  Darin

Jun 24, 2009 01:38 PM #92
Rainer
107,665
Karl Peidl
Moorestown, NJ
Accredited Loan Consultant

Great picture.  Thanks.

I think you tapped into that part of people that makes us immediately look at something when we are told "Don't Look!"

Jun 30, 2009 01:48 PM #93
Rainer
42,085
Darin Osenberg
Funky Quail Vintage - Nashville, TN

Thanks Karl!  Glad you enjoyed it!!

I try very hard to give people excellent content, and a smirk at the same time!  It's hard as busy as we are right now...to take the time...but I think it is the people that DONT take the time to learn, that will be out of the business by the end of the year!  That said, you can learn & LAUGH all at the same time!

Thanks again!~   Darin

Jun 30, 2009 02:15 PM #94
Rainer
18,904
Joe Harris
Morgan Financial - Melbourne, FL

That was an entertaining post.  Many people do not realize that we don't just push a button, and a an approved mortgage appears.  While it may seem like we get paid hansomly to do loans, all the work behind the loan is not seen. Not to mention what it takes to get the loan.  Now people are questioning the money that we make on the loan, and yield spreads are slowly disappearing.  Realtors are not questioned on the 3-6%, but we are on our 1 - 1.5%.  we just have to sit back and remember why we do it.

 As loan originators we do more, take more blame, and put up with things that we shouldn't, wait... why do we do it again?

Jul 06, 2009 12:09 PM #95
Rainer
42,085
Darin Osenberg
Funky Quail Vintage - Nashville, TN

HI Joe, Well put!

You know, I have been working on a new blog here on AR about ALOT of what you are talking about.

Funny thing is that on another person's blog, I posed comments that contained examples of what a REaltor makes on a deal and what WE make on a deal.  NOT ONE PERSON commented on ANY OF IT!......

I have been working on a blog for some time now that will deal with this issue and I am sure it will create some unwanted cotraversy...HOWEVER, I think we are too often maligned, and I was hoping this particular blog would create awareness in a non judgemental and attacking kinda way!

Thanks for sharing..I truly appreciate it!

D

Jul 06, 2009 04:34 PM #96
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