Thursday, July 31, 2008

Mortgage Stated Income

By Gressly Stevens

Are you searching for a mortgage, but are having trouble proving your income? Do you need to find a company that will do a stated income mortgage for you? Mortgage, stated income, is a great way to get a mortgage if you cannot prove what you make with tax forms or paycheck stubs. Here is how it works.

First, you need to make sure you are in the right situation to use a stated income program for your mortgage. If you work for a paycheck and have been working in the same industry for over 2 years, then you do not need a stated income program. This program is for the self employed, tipped employees, and independent contractors.

The stated income program works like this. It is pretty simple, you will write down how much you make on a monthly basis or yearly basis and sign it. That will work as your income documents. The mortgage company will not ask for any proof and will not verify anything income wise.

A couple of things you need to know about stated income mortgage. You will be considered a bit more of a risk than someone that can prove their full income. This will cause your rate to be a bit higher and your LTV to be a bit lower. They will also want you to have pretty good credit or you will not qualify.

Now you know about the mortgage stated income program and if you are a self employed individual, a tipped employee, or an independent contractor, then you can use this type of mortgage program to get the mortgage you need.

Discover the companies that do Mortgage Stated Income. Go here for more info:

Mortgage Stated Income

Article Source: http://EzineArticles.com/?expert=Gressly_Stevens

Friday, April 4, 2008

What To Do With A Low Mortgage Appraisal On A Loan

by: Rob Lawrence

On every loan, there are a number of hurdles that must be overcome before the loan is “cleared to close” by the underwriter. One of the most important hurdles is the appraised value on the property. A deal can be dead on arrival, if the property comes in too low. A value can never be high enough (given the local market conditions), provided that there is comparable value to support it.

I’ve seen too many loan officers work so hard on a loan, only to have it fall apart when the report comes back. But, all is not lost! With my Sink or Swim training at http://www.loanclosingsystem.com and the things I tell loan officers to look out for, I’ve also seen deals come back to life!

Could you have saved your last dead deal? How much money did you lose in commission, because of a low appraisal? Follow these steps and your next deal will be a closer NOT a loser…

* Get the appraiser to go back out and re-evaluate the property. Did he overlook something? Did he do most of the report at his desk and spend little time out at the property? Was it a rushed job?

* Be sure to check the comparable properties listed on the report. Ask for additional comparables so you can make sure that the appraiser is valuing it properly.

* Ask your realtor contacts if any similar properties will be closing soon. You may be able to use these as comparables if need be.

* Will the bank allow a desk appraisal? If there is significant equity in the property, or the purchaser is putting a lot of money down, is there even a need for a full appraisal? What did automatic underwriting come back with? Will the bank accept a drive-by appraisal?

* Did you do your homework upfront first? Always be sure to check the property value on your own. A great site I use is domania.com. Also you’ll want to check the local tax assessors office to get a rough idea of property values in the area. Do this, and you’ll always be able to get a sense if the deal looks “iffy” or not.

* If it’s a purchase loan, you can still do the loan, but purchaser will have to make up the difference in down payment amount and pay for the additional “missing equity” with extra money down. Does the borrower have the funds to do this? Are they even that interested in the property to pay above “market value”? Don’t count this out! I’ve seen it happen!

* Will the seller lower the asking price? This can help make up the difference between the appraised value and the sales price.

* Can you get rid of any seller concessions, which may artificially have raised the purchase price of the home? Again, this will help lower the sales price and the shorten the gap.

* Is there still time before you submit the loan to have an new appraisal done by another company? If the original report had serious flaws, you may want to consider this. Keep in mind that all appraisers work within specific guidelines and one appraiser may not be any better than another.

Please, don’t give up too soon! Just when you think the deal is dead, it may come back to life. Follow my advice above, and you’ll be all the richer next time.

About The Author
Rob Lawrence is ranked one of top national trainers in the mortgage industry. He is the currently the CEO of Battlecall.com, coaching, tools and resources to turn mortgage professionals into mortgage warriors. Visit http://www.battlecall.com for his free “Sink Or Swim” weekly newsletter, mortgage training, marketing advice and more! Jumpstart your career in the mortgage business, starting today.

Thoughts To Steer By On Your Way To Success In The Mortgage Business, From One Loan Officer To Another

Dubai mortgages

by: Rob Lawrence

What sets one loan officer apart from another? And how do some people become “top producers” in their office, while others slowly squeak by? Surely, we all have the same amount of time, resources, and intelligence (debatable?!) available to us.

So why do some loan officers fail, while others succeed? Here are some points to remember which will help ensure your success…

Take control. Stay on top of things and be sure monitor your loans as they progress on their way to the closing table. Always be aware of what stage a file is in during process. Don’t trust anyone else with your commission check. Stay aware of any problems that arise, and work with your processor to fix them. If you can help speed things up, please do—but not at the expense of making new sales!

In my office, Nancy and I have a communications system in place (namely, my mortgage closing system). I religiously write down every detail of a file and go far beyond just the 1003. Questions I ask include:

“When are your taxes due?” (Useful for estimating accurate escrows).

“Will you both be available to sign closing documents in the next 30 days?” (Useful for scheduling purposes, I want to know ahead of time if any vacations or expected trips are planned).

“Do you need a set amount of money as cash-out at the closing table or will you take whatever is left over?” (Customers don’t understand that escrows can change, and they might be expecting a higher amount as cash-out than they actually receive).

And of course, the catchall question: “Is there anything else, financially, legally or otherwise, that I should know about that may affect your loan?” (Use this to disarm any landmines that may pop-up).

Remember to always put the customers needs first, ahead of yours. Empathize with the customer and let them know how hard you will work for them. Gain their trust early on, and the amount of referrals you will receive will be immeasurable.

Never let a detail slip by. Remember to ask all the important questions upfront. And, always, always, always, fill out the 1003 loan application completely and fully! There are no shortcuts to success.

Learn everything you can from the other, more experienced loan officers in your company and don’t be afraid to ask questions. I always ask my wholesale reps, attorneys, and appraisers questions. I want to know as much as I can about every facet of this business. And I know, that with each day as my knowledge increases, my job becomes easier, and the more sales I will make. You will too!

Never repeat the same mistake twice. When something goes wrong on a loan, ask yourself “Why?”, then try to brainstorm ways to tackle this hurdle so it doesn’t happen again. No loan closes as quickly as you think it will. By ironing out as many bumps as you can, it makes your next loan that much more streamlined and straightforward.

At the end of every loan we close, Nancy and I make a list of what went right, what went wrong, and why. We write down how we can improve the process and make things better. Taking 5 minutes after the closing to do this will pay many dividends to you in the future.

Stay focused on why you are in this business. Is it to help people? Do you enjoy the daily challenge of earning your own income? What is it that drives you to be successful? What goals do you have? What is your long-term plan?

For me, when I first started out, I was only earning about 10% commission on every loan I closed. That’s right, a measly, 10% on each one! Peanuts, you say??!!! But, I had a plan…and I knew that once I learned the mortgage business from the inside, I could move on to bigger and better things. (Not to mention, fatter commission checks!).

I sacrificed two years of my life to learn the ropes, with the prospect of earning, much, much, more in the future. Isn’t that what people do when they go to college? (I did that too, by the way!).

Remember this, no matter what your current firm is paying you now, there is always another mortgage company out there that will PAY YOU MORE! Do an online search for “mortgage net branch”, and you will find dozens of companies that will double or even triple your current commission check. Good sales people are hard-to-find and are always in demand. If you leave one job, don’t worry. You can easily find another. But, make sure you leave on your own terms--and more importantly--at a time of your choosing.

These are just a few of the things that I have helped me become successful. I know that when I hand a borrower’s file over to Nancy, she will take excellent care of the loan. And because I do my job as a loan officer as thoroughly as I can (by filling out everything on my worksheets), it makes her job that much easier.

As you can see, there are many different ways to become successful in this industry. Believe in yourself and what you are doing; put the customer’s needs first and ask the important questions upfront; and stay focused on what you want to get out of your business. If you only did these three things alone, you’d go far as a loan officer! Now go get ‘em!




About The Author
Rob Lawrence is ranked one of top national trainers in the mortgage industry. He is the currently the CEO of Battlecall.com, coaching, tools and resources to turn mortgage professionals into mortgage warriors. Visit http://www.battlecall.com for his free “Sink Or Swim” weekly newsletter, mortgage training, marketing advice and more! Jumpstart your career in the mortgage business, starting today.