Mortgages: SO EASY A CAVEMAN can do them!

By
Real Estate Mortgage Broker 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?

What is a search & hold and why dont we use them?

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Topic:
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Ambassador
42,041
Darin Osenberg
Funky Quail Vintage

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

June 24, 2009 01:38 PM
Rainer
107,665
Karl Peidl
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!"

June 30, 2009 01:48 PM
Ambassador
42,041
Darin Osenberg
Funky Quail Vintage

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

June 30, 2009 02:15 PM
Rainer
18,904
Joe Harris
Morgan Financial

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?

July 06, 2009 12:09 PM
Ambassador
42,041
Darin Osenberg
Funky Quail Vintage

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

July 06, 2009 04:34 PM
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