“Social Media Worked in Manchester, Vernon & Tolland, CT”
I have been blogging on a regular basis for 13 months. If you are in business and you have a message, rest assured someone will want to hear it.
Below is the blog that I wrote in April and within three days, I took three mortgage applications from folks in Manchester, Vernon and Tolland, CT. These were all folks that owed more on their homes than they were worth and were desperate to refinance, so that they could lower their monthly payments.
They all went to their local banks previously and they couldn’t help them, but when they read my blog on this topic, all immediately contacted me. Two of the three loans have already closed, the other will close next week.
“The Harp 2.0 Challenges, Some Old/New Issues”
By: Joe Petrowsky, Right Trac Financial Group, Inc.
We started getting prepared for doing HARP 2 loans a couple of months ago. Information started coming out a little at a time. Everything was to go live on March 17th, which meant all of the guidelines would be in place by then. Not so much.
One of the is, many of the loans that are upside down, have mortgage insurance. So, the reason this is a problem is twofold, not all lenders use the mortgage insurance companies. Second, no homeowner knows what mortgage insurance company insures their loan.
So, once we have taken a mortgage application and run a file through automated underwriting, it will tell, which mortgage insurance company has insured this particular mortgage.
Once we know which insurance company, we now need to find a lender that uses this company. As you can already imagine, this may create a bunch of issues. 1) we have to disclose a lender and rates at the time of the applications. 2) all of the lenders are learning as they go, which doesn’t make the process fun for our clients or us. 3) Not every lenders are following the same scripts as Fannie Mae and Freddie Mac have recommended. I could go on and on, but you get the idea.
We get calls about HARP 2, each and every day, so the demand for the product is there and we are getting many clients through the maze and learning as we go.