What's Next?

I am sure if you are reading this you already are aware of what took place yesterday. By looking at yesterday's blog title "Witnessing History", we couldn't have been more on the money! After yesterday's Bailout was rejected by the House, we saw our stock market drop 777 points! This is the largest drop we have ever seen in a single day! Not the type of history I want to witness, but history none the less. This is an extremely frustrating topic for me. I by no means am an expert on our economy. As a result of the industry I work in, I feel I have a broader understanding than the average Joe because we follow it daily. Unfortunately I have come to realize that this broad understanding of our financial system is even greater than many of our politicians! Now this is sad, but it is a reality. I have read numerous quotes from congressman that either voted for or against a bailout and many of the quotes are a joke! Quotes like "I think we all want it to pass, but we just don't want to be the one to vote for it!" This type of behavior needs to take a back seat during times like this. This is a big enough problem that political ties need to be set aside. For a politician to try and further their career at this juncture is out of place! This shouldn't be their focus. I completely understand many of the arguments on the pros and cons of such a bailout. Many are valid. However, these are dire times and they call for swift action! You can clearly see what happened in just a few short hours yesterday! What do you think will happen if our system fails even more as a result of no bailout? It could be scary and nobody knows what could come next!
Let me say this, I hate the fact that these large corporations are getting a free pass! They made stupid business decisions and they should pay for them! I wish we really knew how everything would be affected if we just let them fail. However, this is a pretty risky game to play. I think the FED Chief and Treasury Secretary have a bit more knowledge and insight into how everything will go down! Do you think they enjoy this mess under their watch? Do you think they want to stick their neck on the line and be in charge of this bailout? If it works I can imagine they wouldn't mind being the hero who fixed this mess, but I am fairly certain they would give this up to not have the stress of having our entire financial system fail if it doesn't work! Bottom line is that they are very smart and experienced at what they do. I think you, me, and mainly politicians need to open up and listen to these people! If the politicians don't know much about this, unfortunately they are going to have to take their word for it! I know that is scary after all of the funny business that has gone on lately, but suck it up! I could go all day on some of the reasons some congressman are balking at this bill. However, I don't have enough time to write a book. This problem is widespread affecting lending, payroll, you name it! Things are bad. I don't think we want them to get worse! So lets all keep our fingers crossed that some type of compromise can be made on this bailout!

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Witnessing History

Whether you realize it or not we are witnessing and living through historic times! Once again this morning the government was involved in the sale of Wachovia banking operations to Citigroup helping to avoid a catastrophic failure again! Capital Hill and Wall Street almost seem to turn one direction to avoid a pitfall only to fall into another one.

No one denies the woes of our economy and in particular the financial sector debacle however, is it really this bad; perhaps worse? The more I think, read, and research these times the more I am convinced that things are worse than we think. We have seen companies doing business for over 150 years collapse, sell, been bailed out and even bankrupt. Huge companies are falling left and right, housing prices and sales are still in the tank, mortgage rates are no where near where they need to be to contribute to the turn around, record oil prices, slumping car sales and let's not forget about the skyrocketing costs associated with groceries and utilities.

We has mortgage brokers have an interesting view of this "show" and perhaps are living through the pain a little more than the average Joe. Why? Everything we do surrounds the housing market, rate market, oil market, stock market and financial sector problems. Our daily lives are submersed in negativity surrounding these ever day events! At times it is extremely difficult to separate our work lives from family lives as they are so intertwined right now. Let's hope things improve and fast!

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Your Columbia Missouri Mortgage Broker

Time Traps

I recently read a book called Time Traps by Todd Duncan a true real estate and mortgage professional. It's basically a book about how to de-clutter your day in order to free up time to do more productive (i.e. money making) tasks. There is a section in the book that I found particularly relevant to individuals that I would like to share. It's called the "Daily Dozen" each morning review these items in order to help you gain perspective and increase the odds of success. They are:

My Faith gives me peace.
My Family gives my harmony and stability.
My Fitness gives me stamina and energy.
My Friends give me counsel and comfort.
My Finances give me options.
My Future gives me direction.
My Focus gives me growth.
My Feelings shape my attitude.
My Faithfulness gives me serenity.
My Freedom gives me choices.
My Fun gives me renewal.
My Fulfillment gives me joy.

It's not often I share my reading with the audience of this blog however, I thought this verbage to be very relevant given the economic woes we now face.

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Your Columbia Missouri Mortgage Broker

Does Your Broker Explore All Options?

Does your mortgage broker explore all the available options for your given loan scenario? If they don't then they are doing you a disservice! This really came into play on 2 recent loans we closed and another one we are working on. Here is a brief synopsis of 2 scenarios.

Borrower #1
We were approached by a local realtor who uses us from time to time. Unfortunately he had a previous relationship with one of our competitors and he uses them primarily. They are a solid company so I really don't have much to say other than I am glad he still uses us from time to time. However, in this case his buyer was sent to our competitor first and couldn't gain an approval. After having him apply with us, I found he did qualify for a USDA loan. The trick was that he had no credit score. This obstacle requires us to build non-traditional tradelines in order to generate a brief credit history and then move forward. This is a step that takes some added work and is a bit of a pain. Either this other lender wasn't aware of it or simply didn't want to mess with it. This is just one example of how putting in the hard work by doing a bit of digging can gain you a client! Not to mention help the borrower out of a jam!

Borrower #2.
This borrower received an FHA loan commitment from a very large/well known bank. The bank required the borrowers to rent our their current home that they couldn't sell. Otherwise they would not debt to income qualify for the loan. They did so and they were all set to close on a Friday and the tenants would be moving into their previous home that weekend. 40 minutes before closing they get a call and say that due to the Hurricanes taking place, the closing would need to be moved. (the bank apparently had a processing/underwriting division there). The closing was moved to Monday and the sellers allowed the buyers to move in. This was done to accommodate all parties, but was only done after the bank gave them a 2nd loan guarantee that this transaction would close on Monday. Come Monday, guess what? That's right, the loan was declined! This was due to a very simple item, the borrower had an FHA loan on his previous home that he now rents out! So after all this mess and inconveniencing everyone, these borrowers were hung out to dry and had no place to live! All it took was some very simple underwriting and fact gathering in the beginning and this problem never would have materialized! Luckily the sellers were very generous and allowed them to rent the home for 1 month while they searched for a new loan. This was a very tough loan to get done. We had to run numerous scenarios and restructure his debt ratio in order to make the deal work. However, after it was all said and done they got a USDA loan. This was a better loan than the FHA loan. It came with no down payment, no mortgage insurance, and a lower interest rate than they were previously locked in at! Not too bad! I can't speak for them and say all the stress they went through was worth it, but it all worked out in the end!

I have to say this scenario is very sad. How in today's market can a lender or loan officer continually sugar coat things and guarantee thing are fine when it couldn't be further from the truth! You simply can't do business that way. I always tell it how it is and let the borrower know up front any and all obstacles that need to be overcome or that could come up. The borrower deserves this respect and will remember you for it!

So you can see it pays off to explore all available options. Yes it is more work, but a true mortgage professional knows it must be done!

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Good News........Bad News!

Let's start with the good news! The Federal Housing Finance Agency announced Friday that Fannie Mae and Freddie Mac will start purchasing MBS (mortgage-backed securities) immediately hoping to instill some strength in this ever volatile and crazy market lending some insight to better rates in the near term future. FHFA Director James Lockhart stated "We also expect each company to continue to increase its direct support to the mortgage market through their ongoing securitization activities." As this seems to lend some support long term for mortgage rates someone forgot to let the traders know this "tid-bit" on Wall Street as we have seen far worse rates on Thursday, Friday and more than likely today. The MBS' they are referring to have lost 160 bps since last Tuesday. What else can be done to help shore up the mortgage market and in particular mortgage rates. The government already came out and explicitly backed the mortgage-backed securities of Fannie and Freddie yet we have seemly been hit blows with worsening rates!

On another note October 1, 2008 begins a new fiscal year for the government and in particular the USDA (United States Department of Agriculture) / "rural development". More than likely there will be no funds for approximately two weeks after Tuesday September 30th and perhaps longer depending on when the 2009 budget comes out. Congress has yet to pass a budget for the fiscal year 2009. Hopefully they will act quickly and supply ample funds to keep this crucial housing program operational as it is the only 100% financing alternative available in today's market place!

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Your Columbia Missouri Mortgage Broker

Refinancing...It Will Work Differently Than In The Past!

If you are in the market to refinance, you surely have noticed mortgage rates have taken a turn for the better. With this comes increased application volume and many happy customers. It is also inevitable that some people simply cannot be helped. It has always been this way, but with all of the extreme changes, turndowns are becoming more prevalent. Aside from just turndowns we are seeing people ready to refinance, but the rate isn't as low at they thought due to all of the new pricing hits they are receiving (see previous blog).
I bring this up to make one simple point. For everyone who is preparing to apply for a refinance, please set your expectations. Don't take it personal if something can't be done. It more than likely will not be as simple as the last time you refinanced. This doesn't mean it will be a painful process, but the days of anything goes are gone. The one exception is for people who have plenty of equity and are on the very high end of the credit score ladder. The products and options simply are not there to allow us to be flexible and work out a creative scenario for each and every applicant. We wish they were, but they aren't. Remember, we are in the business of doing quality loans. We want to be able to help each and every prospective borrower, but we must play within the rules we are given. Now, don't take this the wrong way and feel like applying for a refinance is a waste of time. We are very good at what we do and if there is a way to save you money on rate or payment, we will find it. You will know straight up what your options are and there is still a good chance that you can be helped. Just be very careful in your personal finances. It is extremely unwise to be sloppy and careless with your finances and assume a refinance will bail you out! The only people getting bailed out these days are large corporations and I am guessing this isn't you! Without the help of a government bailout,many individuals have been able to live carelessly knowing a refinance will save them. Now this philosophy is catching up to them. I absolutely hate breaking it to an applicant that nothing can be done and they are stuck in the situation they are in. Yes, you could have done what you are trying to do 1-2 years ago, but not anymore! It isn't fun, but it is reality.
I hope this information helps and we look forward to hearing from you. Again, don't take this post the wrong way. If you set your expectations correctly, you should be in good shape!

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Professional Mortgage Group, Inc.
"Your Columbia, MO Mortgage Broker"

The Government to the Rescue....AGAIN!

Well its out and everyone saw the writing on the wall; AIG (the huge insurance giant with over $1 trillion in assets) was rescued or in other terms bought out by the government. The U.S. government gets a 79.9% stake in the company and in return will lend $85 billion over two years at 8.5% over the LIBOR. This was something that needed to be done however, I'm not a big fan of the terms although the details have yet to be released.

Let's rehash what exactly has transpired over the last several months. There is no specific order to these events and I am recalling strictly from memory but you will hopefully get my point. First, let's start out with The Federal Reserve and U.S. Treasury Department initiating, negotiating, and backing the Bear Sterns buyout by JP Morgan Chase. Let's move on to once again The Federal Reserve opening its discount window to other outside sources besides commercial banks to help free up liquidity. This means these huge companies could simply walk up to "the window" and borrower billions of dollars at 2% interest for a short term (30 days) which they later increased to ninety. Oh, let's not forget the take over of Fannie Mae and Freddie Mac where it's been rumored that they will have to contribute over $100 billion to each company to keep them solvent. It almost slipped my mind but the government also holds coupon/liquidity auctions worth billions for banks and other large commercial institutions to once again have access to money they would otherwise not have. I'm not quite sure but employees and executives at Lehman Brothers must be bathing in the sun right now as the government decided not to help facilitate their buy-out or take over even though they had been around 158 years and were larger and more diverse than Bear Sterns. How is our U.S. government deciding who to save and who to let fail?

What has the government done for the average Joe? Oh, they have given us $300-$600 "gift" to go out an by gas with for three weeks. We have seen lending standards slashed across the board as the banks hoard the cash that the government has given them to improve their own balance sheets, what about our balance sheets? You have HUGE companies failing left and right over 117 banks on the "watch-list" and that number is grossly under estimated and some how I am very surprised that they have yet to figure out that the citizens of this great country do not have access to these funds, mergers or acquisitions. Many are seeing their jobs cut or downsizing continue (just look at the unemployment numbers and unemployment rate). What is in store for the general public, what is their master plan, do they have one, or are we "causalities of war".

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Your Columbia Missouri Mortgage Broker

The Circus Continues

As we touched on yesterday, Monday was a wild day! The stock market ended up falling more that 500 points yesterday. We haven't seen a drop like this since 2001 after September 11th! Lehman Brothers filed for Bankruptcy. Merrill Lynch is being bailed out by Bank of America. Goldman Sachs posted a decrease in earnings of 70%! Washington Mutual is on shaky ground. And lastly for now, AIG is reeling big time and it doesn't look good. Their shares have dropped 42% and It looks like it will be very tough for them to raise the capital they need to stay afloat.
For those of you that don't realize how huge AIG is, then brace yourself. They have 1 Trillion in assets and if they can't make good on their obligations, watch out. This will rock Wall Street and it could be the worse blow we have been dealt so far. We will have to see. I find it hard to believe that Bear Stearns gets bailed out, but a company like AIG gets left behind. If AIG falls, there will be so many more people affected that the Bear Stearns fiasco! AIG offers life, auto, and home insurance as well as annuities. These are critical items in a families financial foundation that they count on. Yes, these can be moved to more stable companies and I suggest these people act fast. However, this will only send them sinking further. It is safe to say I don't see this one ending well. A bailout of some kind seems like the only option.

We will all just have to wait and see!

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Professional Mortgage Group, Inc.
"Your Columbia, MO Mortgage Broker"

The Monday Madness Nightmare!

What a morning/weekend! Lehman Brothers (a 158 year old company) files for bankruptcy protection after suitors failed to cut a deal mostly due to the Federal Reserves desire not to back some of the bad debt, funny they didn't have a problem when Bear Sterns was involved. Merrill Lynch became another big part of the ever growing conglomerate called Bank of America, who agreed to purchase the company for $50 billion or $29 a share a 71% premium based on Friday's trading. To further help the markets go a rye oil has tumbled over 5% to $96.00 a barrel yet the price at the pump is still $3.39.

What does all of this mean? The Dow is down almost 300 points, treasuries have skyrocketed as a flight to quality has become apparent, and MBS's (Mortgage Backed Securities) have had a modest gain of 56 bps points. Rates should improve today and hopefully sustain throughout the week. Only time will tell but in my personal opinion we are experiencing first hand an absolute market meltdown for the ages on Wall Street.

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Your Columbia Missouri Mortgage Broker

Credit Score Is More Important Than Ever!

In the wake of declining interest rates this week, the phones are starting to heat up. Borrowers looking to refinance are surfacing and I wanted to point out one very critical item. Credit score is becoming more and more important. In the past you could have a 680 score (in some cases even lower) and you could get the best rate. Heck 580 could even get you a respectable rate during the high times! Since then changes have been coming down the line that are constantly adjusting this criteria. Now pricing hits are given as your score drops below each pricing threshold. These levels are 740, 720,700,680,640,and below 620. With each level comes a new hit and they get much more severe the lower the score is. For example 740 is eligible for 5.875%, 720 gets 6%, and this goes on until you get to 640 where the rate is 7%. More hits come after 640, but then you run into lenders not offering your broker compensation for doing the loan and they might be forced to charge you an origination fee in order to do the loan at the 7% rate.

It makes perfect sense why changes have been made. They needed to be made in a big way, but I feel they have gone to the extreme! Nevertheless we must cope with these changes and march forward. Just keep this in mind when you see rates advertised and you are shopping around. 5.875% sounds great, but that may not even be on the table for you. You just have to find out. It isn't your broker trying to pull a fast one. This is just the environment we are working and living in. The more knowledge you have on this subject will allow you to be a smart shopper!

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Professional Mortgage Group, Inc.
"Your Columbia, MO Mortgage Broker"

You Get What You Pay For

We all know how the saying goes "you always get what you pay for". For example, drive a Hyundai Sonata (not a bad car I actually own one) then drive a Lexus GS and you will see where the extra money goes. More horsepower, stability, and without stating the obvious it is simply a higher quality automobile. This can be experienced with one test drive. The price tag on the Hyundai is $23K while the Lexus hovers around $49K. Where did the whopping $26K go? As stated earlier, drive the Lexus and you will see . On top of that, a certain level of prestige and class comes with this automobile.

The same holds true for a home, lawn mower, rake, and even a mortgage broker. At some point in our lives we all deal with purchasing some or all of the above items; well perhaps not the mortgage broker but hopefully you will have the pleasure of using their services. What's my point? When you choose a mortgage broker you typically "get what you pay for". For instance, are you going to choose a lender because they are $500.00 less in closing costs? If you base your decision solely on this scenario then you will more than likely be making the wrong choice! This is not always the case but what if the broker who was $500.00 higher in costs was able to get you a .25% better rate because of his expertise, knowledge, and drive? Take this .25% and apply it to a $200K loan and your savings would be almost $1,500.00 through five years after you deduct the $500 in additional costs.

A professional, ethical, and honest mortgage broker will do everything in his or her power to get you the best possible loan at the best possible rate and deliver it in the best possible way. Although the cost may be slightly higher, the overall end result will save you money, time, and energy. Look past the "nuts and bolts" and dig deep into what you are getting and make an educated choice.

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Your Columbia Missouri Mortgage Broker

Could Refinancing Be An Option Now?

As the market goes up and down over time, the option of refinancing shifts in and out of the picture as a viable option for many of us. If you were lucky to get locked in on a fixed product a few years ago at 4.75%-5.875%, you are still sitting tight at the moment. People in your situation really need to have a huge positive swing to make refinancing worth it. You are sitting so good that it is hard to improve. Even if you can improve slightly, you must look at the closing costs to get the new rate. Are they worth it? You have to run the math and compare that to your goals to answer the question.

If you are one of the many people who do not have rates this low, then refinancing is back in the picture. With the Bailout of Fannie and Freddie, Mortgage Backed Securities have made a nice rebound. Confidence is up in these bonds and this results in lower mortgage rates. At this moment, 5.75% on a 30 year fixed and 5.5% on a 15 year fixed are the going rates. Not too bad! Especially compared to the rates we have been dealing with lately.
Now keep in mind, the tighter lending standards have not changed. These are still in place and these rates and not attainable by everyone. You must qualify, but this doesn't change the fact that they are available!

Refinancing is a very important financial move and one that requires some thought. You need to evaluate how long you will be staying in the home. Are you taking cash out? If so, will the cash out you take make it even harder to sell the home in the future? Will the new loan give you PMI or take it away? How much monthly savings will you get? How much are closing costs? These are all important questions. Professional Mortgage Group will be happy to do a free analysis of your situation and offer a recommendation. If it makes sense then go for it. If it doesn't make sense, then don't refinance. It is that simple. We aren't in the business of offering bad loans that don't fit!

We will be watching the rates with a careful eye as always. The last time we saw a dip like this, it didn't last long. We must be ready to lock fast. However, I have a feeling this rally will sustain itself a bit longer. For the housing and mortgage markets, I truly hope so. Our economy really needs the boost!

If you are in the market for a refinance, please call or go online to apply. We can act fast and give you the analysis you need.

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Professional Mortgage Group, Inc.
"Your Columbia, MO Mortgage Broker"

Fannie & Freddie Seizure To Help Mortgage Rates!

Some of you may have heard Fannie Mae & Freddie Mac are now under the control of the government and more specifically the Federal Housing Finance Agency. Another bailout? YES, however the decision making and "strings" behind this one were necessary. Fannie Mae & Freddie Mac guarantee almost half of the mortgages on the secondary market, therefore a collapse to these giants would have spelled "lights out" on the already shaky housing market.

The simple fact is these two companies were in big trouble and everyone in the room with the exception of the two most influential men; Fannie's CEO Daniel Mudd and Freddie's CEO Syron were aware of it. By the way Mudd and Syron will more than likely be dismissed from there positions but don't worry Mudd could receive $9.3M in a severance package and Syron $14.1M. Fannie Mae & Freddie Mac rely heavily on the selling of their bonds to finance the one's about to mature (i.e. mortgage loans). However Fannie & Freddie have found extremely difficulty in the market's appetite for their bonds given the ailing housing market. So to further enhance buyer's interest they began offering higher yields however they couldn't just go back and hike the interest rates on their portfolio to cover the increased payouts and this resulted in further profit losses. The end result a government bailout and more than likely up to $100 billion in each firm to keep them afloat and liquid.

This will be BIG for interest rates moving forward as we have already seen rates come down by up to .50%. Why? Now that the government is involved the bonds that Fannie and Freddie ensure are basically prone to zero risk with a very good rate of return. Much like the T-bills offered only with much greater returns! This has prompted gross buying from U.S. companies, foreign investors, banks and some private entities. I truly see this rally being sustained and really helping mortgage rates moving forward!

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Your Columbia Missouri Mortgage Broker

Prepayment Penalties... What A Joke!

In the crazy market that is today's reality, each new day can bring a new challenge. This has come in the form of product changes, product elimination, rate changes, companies going under, and the list goes on and on! There has been considerable debate, change, and legislation put in place during the past 2 years. It has been a roller coaster to say the least! At the same time that there is enormous pressure on lenders to work with buyers on loan modifications and refinances to fight of foreclosure, there are still millions of people out there stuck in a loan with a hefty prepayment penalty. I am working with a customer right now that is stuck in a subprime loan. He is sitting at 12.65% and I am trying to refinance him into a conforming loan. His lender is charging him a $3600 prepayment penalty to payoff his loan of $72,000! I have tried working with the lender on his behalf to get it waived, but no luck. All of these lenders know good and well what is going on in the economy and you would think they would be willing to do their part. After all, it seems they will just seek a bailout if times get tough! The frustrating part is that this lender is one of the major players and they are also one who received assistance from the FED not too long ago! When they need help, someone was there for them. When a lonely customer needs a measly $3600 waived by a BILLION dollar company to better his financial situation, NO help is given! This sure seems out of whack. What do you think? One other tidbit of information on this borrower that doesn't help his case is this. They are current on their Mortgage and have never been late. This seems like a positive and not a negative, but it isn't.
I wonder if any help would be given to them if they were at risk of foreclosure? We will never know, but it is sad that they will not help someone out who could really use it. They may been in good shape and current now, but bad occurrence that puts them out of work etc and their situation could spiral out of control in a hurry at that astronomical interest rate! The good news is that I still think we will be able to get this loan done for them. It is just going to be much harder with this penalty! Keep your fingers crossed for them and lets all hope some new legislation goes into effect that puts an end to these horrible penalties!

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Professional Mortgage Group, Inc.
"Your Columbia, MO Mortgage Broker"

Driving Business through Friends

Through my years as a mortgage professional I have tried numerous avenues to increase business using every source imaginable; television, radio, print, tail gates, lunches, etc. The commonality to what I learned (thankfully) years ago is that relationships are the key to any fruitful business endeavor. The relationships we build through our business will be the ever driving force behind anything we do in the future. I am proud to say that many of my friends today are directly correlated to my work in the mortgage profession. I have friends that are competitors, realtor's, appraisers, closers, inspectors and most of all clients.

The great thing about building and nurturing these relationships is that it truly makes our job fun! To get to spend time doing something you love with people that you respect and that are your friends is truly unlike any other feeling that most of us experience through the normal course of a professional career. When the dust settles and we pull out of the housing down turn the relationships will always be there. Hopefully you have been doing the right things to keep your "friends" in good spirits!

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Your Columbia Missouri Mortgage Broker

Upcoming Election!

As most of you know, we are in the midst of a fierce presidential election. The Democratic Party and their Candidate Barack Obama just wrapped up their Convention and the Republican Party and their Candidate John McCain are in the middle of theirs. If anyone watched Barack Obama's speech the other night, you could clearly see that this is going to get interesting!
With our Country at war and our economy in shambles, this election is enormously important! Whether you are Republican, Democrat, or Independent it is painfully obvious that the last 8 years have been a complete debacle! I can't recall a more messy presidency! I am confident that whoever is elected, times will get better. However, I think we all need to take a hard look at the issues and who we want to vote for. We are at a major crossroads and the direction we take is in the voters hands. It is far too important to just sit back and not care. Do your homework and decide who you want to lead this country! We will all be better off for it. I know which way I am leaning and I will keep that to myself for now. I don't want to use this Blog as a platform for political controversy. There is enough out there already, I don't need to add to it. I just wanted to point out how important this time is for all of us. Most people reading this are tied to the Real Estate Community in some way. With this being the case, we should watch this election with an even closer eye. The Economy will be greatly influenced by this election and I for one want this to be a positive change!

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Professional Mortgage Group, Inc.
"Your Columbia, MO Mortgage Broker"