Mortgagism

Mortgage Coffee

2011-07-15T07:47:00.000-07:00

Status

2011-02-21T04:10:00.001-08:00

M A R R I E D isn't a status, It's a word that describes two people who's smart enough to realize two is better than one.

FHA: Buy a home with a 580 FICO!.

2011-02-20T18:38:00.001-08:00

Real Estate Agents and Builders turn to Southwest Funding, LP of Indianapolis to get new-home buyers pre-approved and to closing. Buyers rely on agents for their recommendations of lenders who can "get the job done" in this crazy market.

Southwest Funding, LP of Indianapolis has been accepting homebuyer applications at it's 2105 N. Meridian location for FHA loans from borrowers with 580 Ficos for several years now, buyers at this FICO level are eligible for maximum FHA financing.

The minimum FICO remains at 640 for every other lender in the area.

Home Buyers are required to have 3.5% down with Fico Scores from 580-619 and the down-payment can be in the for of a gift or from down-payment assistance. For all borrowers the Seller can contribute up to 6% towards closing costs and pre-paids.

The 580 FICO is available on all FHA lending products: HUD properties buyers only need $100 down, buyers can utilize the FHA 203k program to renovate the home, buyers can purchase a Condo; but it must be FHA Approved, there are a plethora of FHA lending programs the easiest way to find out which program is best for you is to 317-925-1877.

The Southwest Funding office located in Indianapolis at 2105 N. Meridian is a Purchase Money office only and is fully capable of handling refinance business, but prefers to deal strictly with first time or repeat homebuyers.

By offering lower FICO requirements to FHA borrowers opens up an avenue that may be as high as 60% of real estate agents business in todays' market.

To speak with one of Southwest Funding's licensed mortgage originators about the 580 score FHA program call 317-925-1877, this is a most needed program in this housing environment.

If you are reading this article pass it along to a Real Estate Agent or Builder they need to know this.

Resources:

NAR believes pristine loans are the result of excessively tight underwriting, not sound business practices. The GSEs and FHA have a public mission to provide mortgage liquidity to qualified home buyers, including low- and moderate-income families and first-time homebuyers. This mission is being impaired by limits on the availability of credit. NAR calls on all involved to reassess and amend their policies accordingly. This will not only help individual, well-qualified potential borrowers, but also the entire housing market. In addition, NAR has identified specific recommendations for adjusting the current unduly restrictive policies. Read full article go the NAR

Tight Credit Standards Halt Some Buyers
Lenders continue to reject borrowers with otherwise good credit when they diverge from the standard approval checklist.

Would-be borrowers facing the most problems include the self-employed.

One reason bankers are so nervous are the standards held out by Fannie Mae and Freddie Mac. Not only are Fannie and Freddie demanding credit scores above 720, they are refusing to buy back defaults when the original mortgage application had small discrepancies from the norm. To avoid losses, lenders are being extra careful.

The result is that some borrowers are being rejected for problems that seem completely inconsequential.

Source: The Wall Street Journal, James R. Hagerty and Nick Timiraos (07/10/10)

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2011-01-24T14:51:00.001-08:00

Credit Repair is Illegal: Now What?

2011-01-24T13:34:00.001-08:00

Recently, I posted a note about Credit Repair is Illegal. The post read – Credit Repair companies can’t deliver an improved credit report for you using the tactics they promote. It’s illegal: No one can remove accurate negative information from your credit report. So after you pay them hundreds or thousands of dollars in fees, you’re left with the same credit report and someone else has your money.

The Credit Repair Organizations act prohibits payment before any promised service is "fully performed." Services must be under written contract, which must include a detailed description of the services and contract performance time.

With all that said, there is a program that is available it is called a Rapid Rescore. This is it how it works, you have a buyer who is looking to buy a home. Their credit score is 622 but your buyers; lender credit underwriting guidelines says 640 or no deal.

Call me I`ll send your borrowers credit through our What-if Simulator, it will tell us the highest and best chances of improving the buyers credit.

Because of the new program, I am in the middle of closing two deals that could have went south, thanks to you they are CLOSING!!! This has been a great selling tool. Awesome product, best scoring the first time around means another potential closed Buyer! Thanks again. --“Malvin, FC Tucker”

What does it take to get my Buyers started? As of this note the costs for this service is $30 per tradeline/per bureau. For example, to correct a Orchard Bank credit card account tradeline at Equifax, Experian & TransUnion would cost a total of $90 paid directly to the bureaus not the lender. That could be just enough to get the buyer approved and can possibly increase the credit score by as much as 50 points.

Acceptable documentation for this process

Letter from Creditor or Collection Agency or an online statement—Letter must be from the company reporting the information and on company letterhead with Signature, telephone number and full account information including: The date the account was paid in full or closed if applicable.
Court Issued Documents—Required for all public record information updates: Release or satisfaction of judgments or liens stamped by the court house
Bankruptcies— require a letter of discharge and schedules D and F

Acceptable documentation for changing an entry on a credit report

Letter from the creditor reporting on the credit report. It must be on company letterhead.
Western Union quick collect receipt.
Printed receipt from creditor reporting on the credit report.
HUD1 settlement statement for mortgage loans only.
Bankruptcy papers. The creditor listing as well as the discharge letter is required.
Divorce Decree papers are accepted but are not enough to delete an account or change the manner in which it is reported. The account will be annotated with ** BORROWER NO LONGER RESPONSIBLE FOR THIS ACCOUNT PER DIVORCE DECREE **

To get more information regarding this program contact me:

Always positive information, never negative, always on time and keeping you informed on what's new in the processing and underwriting of your mortgage loan application.

Robert B. Summers

Senior Originator

NMLS ID: 231330

Southwest Funding, LP Branch 777

2105 N. Meridian St. Suite 101

Indianapolis, IN 46202

317-925-1877 Office

317-229-6430 Fax

Consumers drive the housing market

2010-11-16T11:26:00.001-08:00

Consumers drive the housing market. So when we see improvement in consumer behavior, it paints a prettier picture for housing.

Retail Sales rose more than expected in October to post their largest gain in seven months. The Commerce Department reported that total Retail Sales increased 1.2% which is the biggest increase since March. They also upwardly revised last month's data.

This report follows the much better than expected Consumer Sentiment report published by Reuters/University of Michigan. They reported that their preliminary consumer sentiment index jumped to a reading of 69.3 in November compared to 67.7 the month prior, putting in on track to be the best results since June. The release beat out analysts´expectations of 69.0.

Both of these reports show that consumers are back on track and coupled with very low mortgage rates could lead to more demand in housing.

That said, count on increased interest rate volatility as the economy improves.

What Happened to Rates Last Week:

Mortgage backed securities (MBS) lost -147 basis points last week causing 30 year fixed rates to increase from the previous week. The sell-off in mortgage backed securities started with much weaker than anticipated demand for the U.S. 10 year and 30 year Treasury auction. We had our second straight week of positive economic data with stronger than expected Initial Jobless Claims, Consumer Sentiment and Wholesale Inventories which also pressured MBS pricing.

What to Watch Out For This Week:
The following are the major economic reports that will hit the market this week. They each have the ability to affect the pricing of Mortgage Backed Securities and therefore, interest rates for Government and Conventional mortgages. I will be watching these reports closely for you and let you know if there are any big surprises:

Date ET Release For
15-Nov 8:30 Retail Sales Oct
15-Nov 8:30 Retail Sales ex-auto Oct
15-Nov 8:30 Empire Manufacturing Index Nov
15-Nov 10:00 Business Inventories Sep
16-Nov 8:30 PPI Oct
16-Nov 8:30 Core PPI Oct
16-Nov 9:00 Net Long-Term TIC Flows Aug
16-Nov 9:15 Industrial Production Oct
16-Nov 9:15 Capacity Utilization Oct
16-Nov 10:00 NAHB Market Housing Index Nov
17-Nov 7:00 MBA Mortgage Applications 12-Nov
17-Nov 8:30 CPI Oct
17-Nov 8:30 Core CPI Oct
17-Nov 8:30 Housing Starts Oct
17-Nov 8:30 Building Permits Oct
17-Nov 10:30 Crude Inventories 13-Nov
18-Nov 8:30 Initial Claims 13-Nov
18-Nov 8:30 Continuing Claims 6-Nov
18-Nov 10:00 Leading Indicators Oct
18-Nov 10:00 Philadelphia Fed Nov

Today's picture is from the HAR website. Consider this exhibit A supporting the need to become an FHA expert, and know our FNMA Homepath / Homepath Renovation / and Homestyle Renovation products.

Thank you for choosing Southwest Funding, LP

The Watson Summers Group!

Robert B. Summers
Senior Originator

www.branch777.com

www.swf777.com

NMLS ID: 231330
Southwest Funding, LP Branch 777
2105 N. Meridian St. Suite 101
Indianapolis, IN 46202
317-925-1877 Office
317-229-6430 Fax

Southwest Funding, LP - NMLS ID: 32139 - 2105 N. Meridian Street, Suite 101, Indianapolis, IN 46202, United States. This is not a loan commitment. Programs are subject to change without notice and are only available to qualified borrowers. Underwriting terms and some restrictions may apply.

4 Everyday Positivity Practices

2010-11-01T22:09:00.000-07:00

4 Everyday Positivity Practices

Forthcoming FHA Changes

2010-08-06T20:52:00.001-07:00

Summary

FHA will be lowering the UFMIP and increasing the monthly MIP.

Industry Advisories provide our lending partners with information about forthcoming FHA, VA, FNMA or regulatory changes. Home Savings Lending Policy changes that may occur as a result of these changes will be published separately.

Detailed Changes

Yesterday FHA announced their intention to substantially alter the MIP requirements, with the goal of implementing the changes effective with FHA case numbers assigned on and after September 7, 2010. A Mortgagee Letter will be forthcoming once President Obama signs the bill into law.

As soon as the changes become final, Lenders will incorporate them into policies and communicate the changes out.

The anticipated MIP changes are as follows:

Watson Summers Group Indianapolis Favorite Place For Mortgages

2010-06-26T15:59:00.001-07:00

Dear Business Owner,

Congratulations! You're a Favorite Place on Google. Between December 1 and February 28, Watson Summers Group of Southwest Funding, LP was one of the most popular local businesses on Google, as measured by how many times people found your business listing, and clicked on it for more information.

You're one of less than 250,000 businesses in the U.S. to receive this recognition; that's less than 1% of all U.S. businesses.

Congratulations on your popularity on Google. We're looking forward to providing you with more and better ways to grow your business.

Sincerely,

Ryan Hayward

The Google Places Team

What’s Stopping You? | Better Closer

2010-06-25T21:47:00.000-07:00

What’s Stopping You? | Better Closer

Homebuyers tap Watson Summers Group To Provide Financing for White River Greenway Homes

2010-06-05T12:08:00.001-07:00

Indiana Neighborhoods

Homebuyers tap Watson Summers Group To Provide Financing for White River Greenway Homes

Southwest Funding, LP the Watson Summers Group Preferred source of FHA and Conventional financing for many real estate agents and consumers.

Home shoppers looking to buy homes in theWhite River Greenway area which is walking distance from Broad Ripple neighborhood are stopping by 2105 N. Meridian to talk with Southwest Funding's- Watson Summers Group, to get qualified. Watson Summers Group, is known for giving solid pre-approval letters and hassle free closings.

"Homebuyers will always need talented, intelligent originators to explain the loan options available to them – even if they have the information right in front of them", said Disa Watson; "most people simply don’t feel comfortable making the single-largest purchase of their lives without the reassurance and guidance of a professional to show them the way."

About Watson Summers Group As a mortgage banker and mortgage broker, Watson Summers Group a branch of Southwest Funding, LP maintains the ultimate in flexible financing terms. With billions of dollars available to lend, the company maintains a competitive edge in the industry. Southwest Funding, LP works closely with several local and national, builders, realtors, and financial planners to provide the best advice possible in real estate finance to our customers.

Real Estate Agents and consumers flock to Watson Summers Group because of; fast, consistent credit decisions; and 24/7 information access thru StatusCheck a patented online client-update tool powered by Google. For more information please contact Southwest Funding at 877.423.0777

Indianapolis Mortgage Examiner

Real Estate Agents Proper Care of a Good Loan Originator

2010-06-05T03:21:00.001-07:00

Originators are something complex to say the least. The most successful real estate agents – the true Realtor® – works in a team effort, to attract and retain the right client base. And this starts with building the right team. And the right team starts with a great Originator that can help you achieve goals, strengthen relationships, and you can support each other’s efforts. But first you must learn the Proper Care of a Good Loan Originator:

Proper Care of a Good Loan Originator:Make him or her feel like part of the team.
Proper Care of a Good Loan Originator:Emphasize the importance of his or her originations of your buyers' home loan.
Proper Care of a Good Loan Originator:Share a variety of learning experiences about your side of the industry.
Proper Care of a Good Loan Originator:Take originator on buyer meetings keep he or she involved from contract to closing.
Proper Care of a Good Loan Originator:Set closing goals with your originator partner and track progress.
Proper Care of a Good Loan Originator:Show how he or she is positively affecting your real estate practice and is viable to the team.
Proper Care of a Good Loan Originator:Give constant feedback.

“Productivity is never an accident. It is always the result of a commitment to excellence, intelligent planning, and focused effort.”

Robert B. Summers “Originator”

We are always looking to build high performance teams with real estate agents, ninety-five percent of our business is home purchases. Want you help us make it 100%.

Contact Us @ weloveagents@swf777.com

Facebook | Watson Summers Group: Scenario of the day 06/02/2010

2010-06-03T17:36:00.000-07:00

Facebook | Watson Summers Group: Scenario of the day 06/02/2010

Mapping the right experience for your Buyers

2010-05-23T14:50:00.001-07:00

Seeing Your Strategic Lending Partner through the Eyes of Your Buyers

What does your strategic partner look like from the outside? When your buyers call them, what do they experience? When they apply for credit, what information, support and follow-up do they get? And when they have a problem, how do they get it resolved to their satisfaction? Does this leave them wanting to do business with you in the future, or vowing never to buy a home from you again?

The chances are you know part of the answer to these questions. But dealing with large mortgage shops, the full picture may be scattered across from the originator to the processor to the loan set-up department and amongst various members of your team. What's more, your buyer' real experience may not be anything like as good as you think it is.

If you want to know exactly how customers experience your real estate business, Mapping The Right Experience For Your Buyers (also called Buyer Mortgage Mapping) is a powerful tool. Tactically, it's a great technique to help you improve buyer service processes and resolve referral buyer complaints. Strategically, it helps you build a better real estate selling product, service or brand, thereby helping you win repeat business.

Many real estate agents are surprised when they look at their strategic lending partner through the eyes of the buyer. Yet the mere fact of doing so, can double the wallet share of an agent and keep your pocket book or wallet full. After all, most agents lending partners have been optimized for themselves rather than what the buyer is looking for.

By formally mapping the buyer experience, Watson Summers Group of Southwest Funding can help you:

develop a picture of what your buyer really experiences as he/she interacts with your strategic lending partners business and mortgage products

understand the reason behind the choice of loan product your buyer was placed in, lock recommendations and insights that come into play at each step of the home buyer journey

develop a plan to reverse farm information that was extracted from your buyers experience and how to map that profile to like minded buyers

In the process we can help you develop the measures, methods and strategies that allow you as an Realtor to structurally act on this knowledge.

We are interested in interviewing specific Real Estate Agents to determine if they would have interest and commitment in developing a “strategic partnership” to work together in offering more mutually beneficial services to home buyers. We know that by creating this expanded service platform, we can offer clients a higher level of service and begin building a solid relationship that builds trust and creates true repeat business.

Watson Summers Group

317-925-1877

Give your buyers the best home-buying experience ever!

Strategic Lending Partner

2010-05-21T20:57:00.001-07:00

Picking the right team for the right job

Two days before closing, Norma Andersen called the title company to schedule closing for her client, doing this would secure a time for her buyers that met the needs of all parties. The closing agent wanted to be sure that they would have the closing package on time, so she called the mortgage company to make sure the closing package would arrive at least 24 hours in advanced so all the documents can be checked and the closing statements can be sent out and signed off on.

Unfortunately, the loan officer stated he was waiting on loan conditions from the underwriter and he did not think the closing was going to happen. The 24 hour package delivery did not happen, the closing that was to happen in two days passed, and the underwriter sent a denial letter to the buyer that said unfortunately your loan has been declined you do not qualify for the program entered.

Same scenario

Two days before closing, Eric Straighan called the title company to schedule closing for his client, doing this would secure a time for his buyers that met the needs of all parties. The closing agent wanted to be sure that they would have the closing package on time, so she opened her email from Watson Summers Group of Southwest Funding and notice that loan was Cleared to Close and the closing and that the loan officer was simply awaiting instruction on where to send the closing package.

Eric had already received the Clear to Close from the team over at Watson Summers Group 24 hours prior.

In a strategic partnership between real estate agents and mortgage originators, a lot of time is spent choosing the one who will be best to represent the buyers interest in a mortgage transaction. The business relationship becomes strategic when there's a level of mutual dependency, and when the alliance itself is what creates increased capabilities and opportunities.

Agents need to select the right originators for the right buyers, and refer the buyers that fit with the originator skills and proficiencies. This provides structure.

So how do you do this? To field a match-winning team, first you need to understand that just because a retail loan officer might work for a big company doesn’t mean that originator is going to do a good job for you and your buyer, you are best to work with a smaller team like Southwest Funding’s, Watson Summers Group who has the skills and abilities required to meet different buyer needs: There’s no point asking a soccer team to play baseball if you want to win in the real estate game.

You think it is mere common sense, that if you work with the bigger you would sell and close more buyers, you would think – but then, as the old quip goes, “common sense is often quite uncommon”.

Watson Summers Group

Mortgages - A Tough Time for Self-Employed Borrowers - NYTimes.com

2010-05-17T11:14:00.000-07:00

Mortgages - A Tough Time for Self-Employed Borrowers - NYTimes.com

7 Tips To Raise Your Credit Score Before You Apply For A Mortgage

2010-05-07T11:17:00.001-07:00

7 Tips To Raise Your Credit Score Before You Apply For A Mortgage: Brought To You By Your Most Enthusiastic Cheerleads.

The job of a cheerleader is to deliver the "sis boom bah," to psych up the team. The job of the mortgage professional and the real estate agent is to also be the protagonist of the potential homebuyer. We are to motivate you and give you the tools and tips to have a successful home buying experience. Properly prepared homebuyers don’t have loan approval issues, borrowers feel confident in any situation, and are able to think on their feet because your “Cheerleaders” have prepared you well for the game.

Tips From Your Greatest Cheerleaders:

Keep revolving balances below 50%
Don’t open new accounts
Don’t pay off older liens or judgments' wait until your loan officer has reviewed your credit.
Bring past due balances current
Avoid any late payments
Keep a mix of revolving and installment accounts and use them regularly
Don’t buy cars, furniture or other items on credit before closing

Now go out there and get in the GAME! Contact your preferred mortgage person and contact a Realtor, now you have the tools the tips and the team, check back regularly for more tested mortgage and credit related advice.

Join us on Facebook

Robert B. Summers

317-925-1877

The Top 3 Things Not To Do When Applying For A Mortgage In 2010

2010-05-06T10:55:00.001-07:00

The Top 3 Things Not To Do When Applying For A Mortgage In 2010

One of my favorite quotes I have read is by William Ward, who explained the roots of being prepared with his memorable motto: "The mediocre teacher tells. The good teacher explains. The superior teacher demonstrates. The great teacher inspires." The home-buyer is fortunate today to be surrounded by competent Mortgage Professionals and Realtors^® as teachers who have the skills to translate the complex home buying process into something easy. These three important steps are always explained during the home buying process when dealing with seasoned and tested mortgage and real estate professionals and will ensure you have a smooth home buying transaction.

Take Careful Note:

Any of the following actions will change your loan approval criteria. In some cases, the change could nullify your loan approval.

Do not apply to other creditors (including automotive, credit card, department store, leasing companies) during the processing of your loan.
Do not make large purchases on your credit cards or other credit lines.
Do not make large deposits to your checking or savings without an explanation and verification of the source of the deposit.

When dealing with mortgage or real estate professionals be sure you are dealing with one who has a history of delivering product knowledge and has a tact for educating their customers. Never choose a loan officer or agent simply because they have a “Big Corporate National Name” behind them, remember that name represents the company it shows nothing for there individual merits.

Robert B. Summers

Homebuyers tap Watson Summers Group to Provide FHA 203k Financing for Homes in need of repair.

2010-05-02T15:31:00.000-07:00

Homebuyers tap Watson Summers Group to Provide FHA 203k Financing for Homes in need of repair.

Homebuyers tap Watson Summers Group to Provide Financing for Crooked Creek Homes

2010-05-02T14:41:00.000-07:00

Homebuyers tap Watson Summers Group to Provide Financing for Crooked Creek Homes

Homebuyers tap Watson Summers Group to Provide Financing for Butler-Tarkington Homes

2010-05-02T13:01:00.000-07:00

Homebuyers tap Watson Summers Group to Provide Financing for Butler-Tarkington Homes

Watson Summers Group | Facebook

2010-04-18T16:48:00.000-07:00

Watson Summers Group | Facebook

ALERT! You have 18 days left!

2010-04-11T19:08:00.001-07:00

ALERT! Since Your Last Visit (April 11, 2010): You now have 18 days left to take advantage of the tax credit. Qualified home buyers have until April 30th to take advantage of the tax credit of up to $8,000.

You need to get preapproved find a home and get under contract all in the next “18 days”.

Note: In order to receive the tax credit you must close on your home loan by June 30th, 2010.

First-time home buyers purchasing any kind of home—new or resale—are eligible for the tax credit. The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000. So if you buy a $40,000 house you will get back $4,000.00.

Buyer traffic this weekend has been moving at a vigorous pace as buyers look to lock in deals within the next 18 days.

Remember, “A loan is a loan; the term does not make the difference, it is and always will be the way you package it”. Work with a lender who can present your loan in the best light for the best approval.

Join us on facebook at http://facebook.com/indyhomeloans

Robert Summers

All views expressed on this page and on third party websites to which posts here may refer are personal and do not reflect those of Southwest Funding, LP or its affiliates.

Watson Summers Group | Facebook

2010-03-31T07:38:00.000-07:00

Watson Summers Group | Facebook

Completely Green Lending

2010-03-10T17:57:00.001-08:00

Stacks of folders no longer sit on underwriters’ desks they view all information on computer screens while they click back-and-forth from loan processing to imaging systems. You are friends with Indiana's first completely GREEN lender. We process no paper all things done electronically, keep your paper, we just want your business. Call 317-925-1877

Can't make your mortgage? Get an emergency loan

2010-03-09T08:14:00.001-08:00

Can't make your mortgage? Get an emergency loan

Posted using ShareThis

How Dumb is your Mortgage Guy/Gal?

2009-10-30T14:31:00.001-07:00

Itis is the medical definition for inflammation, "excusitis", might be defined as a loan officer, with the following symptoms: unreturned emails or texts, phone calls going straight to voice mail, if your loan officer has any of these indicator signs immediately have the borrower or realtor call 317-925-1877

The “Eleventh Hour” Avoiding last minute Closing issues.

2009-10-12T07:41:00.001-07:00

There has been a recent implementation of the IRS Form 4506-T. You may ask, “What is the IRS Form 4506-T?” This is the form that is required to request your tax transcripts. The vast majority of mortgage loan applicants today, because of the economy, have not filed their tax returns. The data retrieved from the 4506t is most often used to:

1.verify that you have actually filed your taxes and

2. verify the amount given matches what was given on your loan application.

All borrowers, regardless of income source, must complete and sign Form 4506-T at both application and closing. Because form 4506-T (Request for Transcript of Tax Return) is valid for only 60 days after completion (including signature), by the borrower, completion of the 4506-T at both application and closing will allow lenders to perform both prefunding and post-closing reviews as necessary.

definition: Pre-Funding is designed to provide the Lender with a “High Level of Confidence” that the information provided in the file for underwriting purposes DOES or DOES NOT contain accurate information. When a negative Pre-Funding review report is issued, it is recommended that the loan be placed on hold until the Lender can review the file to make a final determination as to whether the loan should or should not be funded.

definition: The post closing loan file review is a quality control tool that helps to assure the quality of the loan transaction. HUD-FHA, VA, Fannie Mae, Freddie Mac and most other investors require that all mortgage brokers/bankers with whom they do business have quality control reviews conducted of at least 10% of their closed loan files.

Be certain at application you provide not only your W2’s but also your signed tax returns, you will sign Form 4506-T at the beginning of the loan approval process and again at closing. By forwarding this article to your real estate agent he/she will be certain to make certain your loan officer has the 4506-T in your loan package so the lender may verify filing status and the information provided on your initial loan application.

“Sometimes” the income documentation and the IRS transcript does not match here are some acceptable cases:

Did the borrower file a joint return but is on the loan application alone?
Did the borrower change jobs? Is he/she in the same line of work but with a different company?
Did the borrower receive a promotion?
Did the borrower’s compensation structure change (base to commission, salary versus hourly)?
In the previous year(s), did the borrower receive bonus or overtime compensation that is no longer offered?
Is the borrower now receiving bonus or overtime compensation that was not offered previously?
Did the borrower not have enough income to require the filing of a federal tax return (e.g., single filer with income less than $8,950)?
Is there undisclosed self-employment loss for a co-borrower or non-borrowing spouse?

Pass this along avoid the Eleventh hour closing issues.

Disclaimer:

When looking for advice about your taxes, filing back taxes or engaging in an offer in compromise process, always consult a tax professional first.

Buying, selling, and owning real estate requires expertise in many different areas, and it is essential that you always consult with licensed professionals in each specific field that you are dealing with.

Law (including, but not limited to, contract law and real estate law)
Tax Accounting
Financial Planning
Insurance
Home Inspections
Environmental Inspections (including, but not limited to, radon and mold inspections)
Appraisal
Property Surveying
Title/Deed Research
Architecture
Engineering, Construction, Repair, and Remodeling

I am always available for all your mortgage related needs Purchasing, Selling, Relocating, Refinancing, Renovating, etc., please do not hesitate to contact me directly at 317-925-1877.

Robert Summers

Executive Mortgage Originator

Southwest Funding, LP Branch 777

2105 N. Meridian St. Suite 100&101

Historic Rink Mansion

Indianapolis, IN 46202

Office 317-925-1877

Direct Line 317-429-0935

Fax 317-229-6430

License No. 11029

How Dumb is your Mortgage Guy/Gal?

2009-10-09T06:55:00.001-07:00

Your loan officer is about to leave his/her desk for a break. He receives a phone call from a buyer asking for an update with their loan.

What would your loan officer be MOST likely to do?

Help the buyer when he/she come back from break.

Delay his/her break and update the buyer.

Help the buyer when he/she came back from break.

Arrange another time when he/she can update the buyer.

Pretend that he/she did not understand the buyer.

We never take a break on an investment as big and personal as home buying you have access to your loan 24/7 try StatusCheck, call 317-925-1877

FHA Done Easy

2009-08-23T16:38:00.001-07:00

How Dumb is Your Mortgage Guy/Gal?

2009-07-23T16:34:00.001-07:00

How Dumb is Your Loan Officer:
We Can Approve 580 Scores on FHA
We Can Approve FNMA EA1's 97% LTV 3% Down
We Can Issue An Underwriting Approval in 15 Minutes
We Can close the Typical FHA Purchase in 4 - 7 Days
We Can, Yes We Can!!!!!

I, Sherry Soforic, do hereby attest to the fact that Robert B. Summers is one sharp LO! I am MOST impressed with his affinity to keep me apprised of the latest goings-on with a current pending. That always makes me a happy Realtor-woman...

Navigating the FHA Appraisal

2009-06-26T09:17:00.001-07:00

Tips to to preparing for the FHA appraisal:

Must have 8 inches of slab showing
Fencing if touching siding or wood must have 6” clearance
If firewood on property, keep away from house and have at least 1” off the ground
All utilities must be turned on
Cracked exit doors must be replaced
Trim trees that may touch the roof
Make sure water heater is 18” off the floor
Make sure any burglar bars open from the inside

For a free presentation regarding Navigating the FHA appraisal contact Robert B. Summers

Office 317-925-1877 Direct 317-429-0935

What the heck!

2009-06-24T07:25:00.001-07:00

Week-To-Week Mortgage Applications Rise 6.6% (MBA), with all the mortgage benefits available today some should apply just for the heck of it!

Robert Summers

www.branch777.com

Things to do with the FHA Streamline K

2009-06-23T15:59:00.001-07:00

I learned in a recent poll that 56% of your neighbors plan to play and relax in their backyards and on their decks more this year than the last. When you purchase your new home opt for the FHA 203(K) Streamline K and build that deck.

When you are ready email me at thesolution@branch777.com

Robert B. Summers

FHA the Cure All

2009-06-18T18:57:00.001-07:00

Mortgage Originators realize that one loan product does not fit all. Several loan types exist and has had initial success but failed to perform as designed. The FHA insured loan has been a strong contender on the home buying, home-ownership front and is still performing. In 2004 FHA only counted for 4% of all home loans, in 2008 FHA insured $205 billion dollars of single family mortgages and in the first 6 months has insured an additional $158 billion in single family homes.

FHA is not the “Cure All”, or a panacea but it offers all the bells and whistles that secures the promotion of homeownership. Something about that statement is particularly appealing right now.

This will be a series that show off some of the greatest benefits of the FHA mortgage loan; the first loan I will cover is the FHA Streamline refinance.

FHA has permitted streamline refinances on FHA insured mortgages since the early 1980's. The
tremendous feature of the streamline it is a reduced documentation loan with no statement of
income or assets.

Some of the basics of a streamline refinance are:
1. The mortgage to be refinanced must already be FHA insured.
2. The mortgage to be refinanced should be current and not over 30 days delinquent more than once
in the last year.
3. The benefit of the refinance is to result in lowering your monthly principal and interest
payments.
4. No cash may be taken out on mortgages refinanced using the streamline process, however you may receive up to $500.

FHA Streamline can be done in one of two ways

1. Streamline Refinance with an Appraisal:
2. Streamline Refinance without an Appraisal:

Note: The Streamline without the appraisal you (may) be required to bring to closing due to the final calculation from your mortgage pay-off.

Investment property loan with FHA

Investment properties, even if originally acquired as principal residences by the current borrowers,
may only be refinanced for the outstanding principal balance. The term of the mortgage is the lesser
of 30 years or the remaining term of the mortgage plus 12 years.

Streamline refinances by investors or for secondary residences may only be made without an
appraisal and may be made solely in the business entity's name if previously insured in the business
entity's name.

The FHA Streamline loan is the only loan that does not care about bad credit, late payments on credit cards, charge offs, judgments, etc,.

Underwriting is only concerned with the performance of the FHA loan. If the loan is less than 12 months old, the prior non-FHA loan history is NOT taken into account no matter what that performance was.

Borrowers are able to receive up $500 back at closing.

Fixed-rate mortgages may be refinanced to a one-year ARM, with or without an appraisal, provided the interest rate of the new mortgage is at least 2 percentage points below the interest rate of the current mortgage.

An ARM may be refinanced to a fixed rate mortgage, with or without an appraisal, provided the interest rate on the new fixed-rate mortgage will be no greater than 2 percentage points above the current rate of the ARM.

An ARM may be refinanced to another ARM, provided that an immediate payment
reduction occurs and that the maximum interest rate of the new mortgage does not exceed
the maximum interest rate of the old mortgage being refinanced.

There is no Penalty:

You may prepay any or all of the outstanding indebtedness due under your mortgage at any time, without penalty.

That is the FHA Streamline demand for this product has greatly increased during this recession amongst current FHA holders that found them self cash strapped and with slow pays in this economy.

If you or anyone you know current has a FHA loan that is 90 days old or older and your rate is higher than the current national average.

Contact Me Immediately the FHA Streamline is your “CURE ALL”

Robert Summers

Originator

317-925-1877

or APPLY ONLINE

Stay tuned for the FHA Article

Only lenders approved by FHA can take an application, process the information and close an FHA-insured loan for you.

Offered at $1,450,000 Listing #: 2852553

2009-06-18T07:01:00.001-07:00

Qualify for this Hints of Frank Llyod Wright & Prairie architecture reflect the high style & high design of this brilliantly executed brick masterpiece by Ursula David. A museum quality art wall of metallic shapes & flowing water rises 2 stories in a stunning great rm flanked by gas frplcs. Quality & meticulous attention detail around from the gourmet kitchen to the luxurious master suite w. incredible deck overlooking Mass Ave. This the most spectacular home available downtown. Get property details: HERE

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About Robert and Disa

2009-06-17T22:46:00.001-07:00

Robert Summers

is an Indianapolis Mortgage Examiner with over 1000 Articles Published

Creator of the Making Loans Work® program

Developer of Mortgagism® the Interactive Real Estate/Homebuying Game

15 years experience as an Mortgage Originator and former Sales Manager of CTX Mortgage, American Home Mortgage and Gateway Mortgage .

Disa Watson

is a true leader and Owner of Southwest Funding, LP Branch 777 and an active Originator. With 25 Years of Corporate/Mortgage Financing for some of the most respected individuals and entities such as the Simon Property Group, Disa is President of Midtown Economic Development and Industrial Corporation (M.E.D.I.C) one of Indianapolis first CDC's (Community Development Corporations) which is now the umbrella community association for the Midtown Area, and sits on the Board of Historic Landmarks.

Offered at $799,888 Listing #: 2921187

2009-06-17T21:18:00.001-07:00

Qualify for this Lake front contemp hme on Geist w/walls of windows to enjoy wide main body views frm most rooms. 90 ft water frontage w/dock & powered boat lift. Seawall. Nestled in woods. Enter glass atrium to light filled rms w/cthdrl & vltd clngs; 1st fl MSTR STE; 1st fl den; major appl;carpet; paint all new since '05. Screen porch, lakeside lawn & deck, lg(43x17)paver patio, fire pit & upper deck. So many ways to enjoy life. Lg LL w/2 BRs & FR, lots of play area for relaxed life style. Elevator too. See Property Details

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7 Day Close

2009-06-11T11:11:00.001-07:00

Submit your FHA loan today close next week.

Apply Online Now

Loan Modsters are Scam Artist

2009-06-11T08:40:00.001-07:00

New York attorney general Andrew Cuomo is turning his efforts on loan mod companies. On Tuesday, Cuomo’s office announced it intended to file suit against a well-known mod company. Cuomo says his investigation found the company charged hefty up-front fees in violation with state law and advertised falsely that it saw a 90 to 100% success rate. The AG’s office also alleges the company didn’t provide necessary contracts that would have included a required notice of right-to-cancel. “This economic climate has bred an environment in which scam artists and opportunists are able to prey on vulnerable consumers on the brink of losing their most valuable possession — their home,” Cuomo said.

This can be done for free visit: http://www.makinghomeaffordable.gov/

CTRL + Click to follow link" height="92" alt="Making Home Affordable" src="http://www.makinghomeaffordable.gov/images/logo.gif" width="416" border="0">

Current FHA Holders

2009-06-10T16:30:00.001-07:00

Current FHA Holders
No Minimum Credit Score, No Paperwork, No Hassle, No Bull
If you have paid your mortgage on time for the last 12 months.
Close In June next payment due September 1st, 2009
Call Robert 317-925-1877

FHA 2 FHA

2009-06-10T16:26:00.001-07:00

FHA Streamline or FHA to FHA Refinance 10,000 New Households a DAY now eligible to lower their mortgage rates!
From Application to Close 7 Days! Call 317-925-1877

Custodian Clean-Up Mortgage Program

2009-06-07T20:06:00.000-07:00

Program Spotlight

Custodian CleanUp Program

In response to the low wages and minimal health-care coverage that janitors receive Branch 777 pitches in with the Custodian PickUp Program. This program streamlines the loan process for custodial workers:

$500 In Discounts

6 Mos. Free Job Loss Protection $1800 Indiv. Joint $2500

Underwritten In 48 Hours

For details call 317-925-1877 or go to www.branch777.com

FHA Streamline K “The Ultimate Home Improvement Loan”

2009-06-07T20:04:00.000-07:00

Though they seem to be the exception, there are those who find the home of their dreams. They’re the people who take advantage of the distressed home market, those that have learned the potential of FHA’s Streamline K loan and take full advantage of it.

FHA’s Streamline K gives you that kind of control. You make the offer on the foreclosed/distressed property determine the repairs and upgrades you want and then you send them to an approved FHA lender.

Envision what this will mean for you and your family. Designing the perfect kitchen. Being able to prepare your meals without being feeling closed in. Redoing the Master Bath creating your own special place. Building that new deck. Entertaining your friends outside as well as in. Then fix your gutter. Then a new roof. Home is good! Sit back. Enjoy life.

WHY FHA STREAMLINE K?

It is a proven rehabilitation loan that works, all the components you need for the purchase or refinance of a home that is at least one year old is in place: it is an extraordinary loan product, it is only limited to your imagination.

What can I do with the Streamline K?

1. Repair/Replacement of roofs, gutters and downspouts
2. Repair/Replacement/upgrade of existing HVAC systems
3. Repair/Replacement/upgrade of plumbing and electrical systems
4. Repair/Replacement of flooring
5. Minor remodeling, such as kitchens, which does not involve structural repairs
6. Painting, both exterior and interior
7. Weatherization, including storm windows and doors, insulation, weather
stripping, etc.
8. Purchase and installation of appliances, including free-standing ranges,
refrigerators, washers/dryers, dishwashers and microwave ovens
9. Accessibility improvements for persons with disabilities
10. Lead-based paint stabilization or abatement of lead-based paint hazards
11. Repair/replace/add exterior decks, patios, porches
12. Basement finishing and remodeling, which does not involve structural repairs
13. Basement waterproofing
14. Window and door replacements and exterior wall re-siding
15. Septic system and/or well repair or replacement

What can’t I do?

1. Major rehabilitation or major remodeling, such as the relocation of a load bearing wall
2. New construction (including room additions)
3. Repair of structural damage
4. Repairs requiring detailed drawings or architectural exhibits
5. Landscaping or similar site amenity improvements
6. Any repair or improvement requiring a work schedule longer than three (3)
months; or Rehabilitation activities that require more than two (2) payments
per specialized contractor. That would necessitate a “consultant” to develop a
“Specification of Repairs/Work Write-Up”
7. Require plans or architectural exhibits
8. Require a plan reviewer
9. Result in work not starting within 30 days after loan closing; or cause the
mortgagor to be displaced from the property for more than 30 days during
the time the rehabilitation work is being conducted. (FHA anticipates that, in a typical case, the mortgagor would be able to occupy the property after mortgage loan closing)

Comparatively there is no better loan product than the FHA product line.

Here are a few quick facts about FHA:

Started in 1934

Over 34 Million Homeowners have an FHA Mortgage

Only Requires 3.5% Cash Investment

As a result of the Incentives to use FHA 160,000 homes will be bought this year.

** Robert B. Summers is senior residential mortgage advisor of Southwest Funding, LP Branch 777, as well as creator of the highly successful "Mortgagism - The Interactive Home Buying Game" and the "Making Loans Work Program." He has lectured on FHA borrowing and home-buying best practices, and has written more than 100 articles on mortgage lending and borrowing. Robert is still an active mortgage originator believing that you cannot take advice from someone who is not actively practicing. Contact him at this address.

To review this article and additional articles follow this link: http://www.examiner.com/examiner/x-12359-Indianapolis-Mortgage-Examiner~y2009m6d3-FHA-Streamline-K

Mortgagism

2007-10-14T07:29:00.001-07:00

Inherit: The American Dream

2007-05-14T15:05:00.000-07:00

Inherit: The American Dream

The American Dream

By Robert Summers

Indianapolis, Indiana between: 1950-1959.

180 homeowners built 180 homes using self help or sweat equity. "Sweat Equity" is a term used to describe the contribution made to a project by people who contribute their time and effort. It can be contrasted with financial equity which is the money contributed towards the project. This is an African-American community where the men of the families were all WWII Veterans; whom all had to work full time jobs 40 hrs per week, have good credit, plus put in a minimum of 20 hours per week building their own home and assisting their neighbor the women was not allowed to contribute financial or labor wise. I stumbled up on this fact when attending a community meeting with my wife whose own parents built in this community which sits on the Historic Register. Now that it is 2007 most of these homeowners' are in there mid 80's some in there 90's, some have passed. What a wonderful heritage to leave your heirs the American Dream an inheritance that will last the ages. Not so in some communities and this is a fact currently in this community 30% of the homes have been lost to lack of knowledge, that's 54 homes at a whopping $4,050,000.00 in lost equity. Majority of these homes were all free and clear. Lost, for unpaid taxes; not wanted by the children who had already bought homes and did not want the responsibility of another home. Some were foreclosed on others sold to investors for pennies on the dollar. Diminishing, the value of the other homes in the community, and losing the inheritance that could have leveraged the playing field when it came to having a better way of life for themselves and their children.

What to do when you have inherited a home?

Mortgagism Rule No 1.

Try to get the title transferred before deaf of the owners so that the taxes can remain the same. If there is a mortgage left make sure that you have adequate insurance to cover it in case of death

Mortgagism Rule No 2.

If there is 2 or more individuals involved in the heir ship of the property and one wants out have the property appraised to find out its fair market value.

Mortgagism Rule No 3.

Inherited properties can be refinanced to pay off existing mortgages, heirs, liens or past creditors as long as the individual who is refinancing does not receive any cash.

Mortgagism Rule No 4.

Inherited property requires no seasoning on selling or refinancing unlike property flips whereas a person or entity may acquire a property for a quick dollar artificially inflating the value. Inherited property was not acquired by the sell of the property but by a loved one who left the home so that the heir may have a better way of life so the property can be appraised at the full market value and sold at that value.

Mortgagism Rule No 5.

Inherited properties fall outside of the scope of the intended scope established by HUD in 2003 and is not considered property flipping and can save a lot of heartache and help put the heirs on the road to financial freedom.

Robert B. Summers

Southwest Funding, LP Branch 777

41 E. 37th St

Indianapolis, In 46205 317-925-1877 Office 317-925-1871 Fax

This work is licensed under a Creative Commons Attribution-No Derivative Works 3.0 United States License.

On the Map!

2007-04-16T06:13:00.000-07:00

Whats with the FHA?

2007-04-10T13:53:00.000-07:00

-----Original Message-----From: Anonymous To: Mortgagism Sent: Tue, 10 Apr 2007 9:38 AMSubject: RE:
#I , was just reading your blog.I have a question ,your right with the fallout of all the hard to do lenders whats with the FHA ..give me an example of someone i could send you to get pre qualed FHA.The bulk of our leads as you know where low credit scores or hard to get done loans .With the depletion of all of the programs our business has come to a screeching halt .I am more then grateful that I get leads everyday but what good is it if they all have bad credit.I guess in a nut shell Im really just asking for you to exsplain to me what kind of person qualifies for FHA and who should I be sending your way?

Answer: Anonymous

FHA loans are the easiest type of real estate mortgage loan to qualify for. The FHA guidelines for loan qualification are the most flexible of all mortgage loans that require less than 5% down payment.

Two Years of steady employment, preferably with same employer.
Last two years Income should be the same or increasing.
For refinances credit report should have less than two thirty day lates in last two years.
Can be in Chapter 13 and 2 years out of Chapter 7 Bankruptcy
Your customer can have no credit score at all alternative credit can be used, utility bills, buy here pay here, rental or lease accounts, etc.
Most collections ignored; excluding judgements and tax liens
Gift funds for down payment and closing costs are allowed
Up-front Mortgage Insurance Premium can be financed
Less cash out of pocket required
The lowest down payment (as low as 3%, never more than 5%) requirement of any non-subsidized financing program
Non-occupant co-borrowers are allowed for qualifying purposes
"Kiddie Condos" allowed - high loan-to-value loans for the purchase of condominiums meant to be used by children at college. Assumable, with qualification of buyer

Please feel free to ask any other questions you may have!

Road Map to Develop your warm market

2007-04-09T10:03:00.000-07:00

Over the years, I have read hundreds of training manuals of both real estate agents and mortgage loan officers. They all have a few pages on the warm market and they all say basically the same thing: make a list of everyone you know and everyone you come in contact with. They even give you a reference to start with: family,friends,neighbors,parents of childrens friends, and on and on. New agents and loan officers alike have a huge turn-over rate. There's a wide-open front door. There's also a wide-open back door. In other words, the turnover rate for new agents and loan officers is high. "I've been told the drop-out rate in the first year is close to 80 percent. "You have to be very committed and ready to work full-time." Lets see what happens if you were to follow the instructions of the manuals. The authors of the manuals tell new agents and loan officers that it is not unusual to have a hundred or more names on the lists. To make a hundred phone calls and actually speak to a person could take weeks. And if everyone you spoke to became buyers/ sellers or loans there would be no time to show or originate. the concept is great, as it is a tremendous fast-start program. The problem lies in how to effectively use your warm market list.If mined properly it is a perpetual goldmine of potential customers, referrals, new recruits and high commission checks, if(!) properly mined. If you rush through the list calling everyone, you will end up with chaos. The secret lies in your view of the list and what it represents. Lets face it, the shelf life of new agents and loan officers is short. During the working cycle, new agents and loan officers starts with the eagerness of an 11 year old on a sugar rush. Pretty soon the sugar burns off. Then the agent and the loan officer hit a dead spot; with no prospects, loses faith and becomes silent never to be heard from again.

The reason for this failure is that we "VETS" rushed the new guy or gal. We told them to develop their warm market. We were so eager for them to succeed we caused them to fail.

To save your new Agent and your new LO follow this road map.

The warm market will always be a warm market: family and friends are not going anywhere so there is no rush to call everyone on your warm list.
Selective calling and follow up is the key.
Figure how many appointments you can possibly have in a week, not how many you would like to hold. If your time restraints will only allow you to have 3 appointments then don`t schedule 6
Expect to spend 4 hours calling leads the rule of thumb is a 10% close ratio so if you spent 4 hours calling 60 warm leads expect to sell or close 6.

By selective calling time management and follow-up the new LO or Agent can extend there work life. Teaching your agents and loan officers how to prospect they will have a greater chance for success and not look for greener pastures elsewhere.

Spend the rest of your time sending out mailers to the ones you did not contact and then follow-up.

FHA to the Rescue!!!!

2007-04-07T12:36:00.000-07:00

FHA to the Rescue!

Don’t let the subprime market bring you down. FHA is here to help. You must have a lender that knows how to do FHA loans to survive in this new and changing market. Southwest Funding is ranked as the 6th largest lender!

Why do I need a FHA lender?

$$$$$$$$$$
Huge Flexibility
Great Rates
96.5% loan to value
LOW MI
Non-Occupant qualifying co-borrowers allowed
Manufactured Homes
Manual Underwriting
No Minimum Credit Score
Can be in Chapter 13 and 2 year out of Chapter 7 Bankruptcy

When your credit is far from perfect, Call Southwest Funding, LP Branch 777

2007-04-07T11:30:00.000-07:00

With the fallout of 50 Subprime Lenders, real estate agents and new homebuyers need a new mortgage format, other than;

100% 580 score (gone)
100% 550 gone
1 Day out of Bankruptcy 600 100% (gone)
1 Day out of Foreclosure (gone)

And a host of other mortgage programs that are obsolete with the mortgage fallout!

For mortgage programs that fill the void of the fallout

Call 317-925-1877
email: thesolution@branch777.com
www.branch777.com

We offer:

100 % No Score
100% One Score
we even give a hundred percent more! For true FHA loans call 317-925-1877.

Or post your Scenario

Mortgage the Definition: The History

2007-04-06T17:06:00.000-07:00

mort·gage
(môrgj)
n.
1. A temporary, conditional pledge of property to a creditor as security for performance of an obligation or repayment of a debt.
2. A contract or deed specifying the terms of a mortgage.
3. The claim of a mortgagee upon mortgaged property.
tr.v. mort·gaged, mort·gag·ing, mort·gag·es
1. To pledge or convey (property) by means of a mortgage.
2. To make subject to a claim or risk; pledge against a doubtful outcome: mortgaged their political careers by taking an unpopular stand.
[Middle English morgage, from Old French : mort, dead (from Vulgar Latin *mortus, from Latin mortuus; see mer- in Indo-European roots) + gage, pledge (of Germanic origin).]
Word History: The great jurist Sir Edward Coke, who lived from 1552 to 1634, has explained why the term mortgage comes from the Old French words mort, "dead," and gage, "pledge." It seemed to him that it had to do with the doubtfulness of whether or not the mortgagor will pay the debt. If the mortgagor does not, then the land pledged to the mortgagee as security for the debt "is taken from him for ever, and so dead to him upon condition, &c. And if he doth pay the money, then the pledge is dead as to the [mortgagee]." This etymology, as understood by 17th-century attorneys, of the Old French term morgage, which we adopted, may well be correct. The term has been in English much longer than the 17th century, being first recorded in Middle English with the form morgage and the figurative sense "pledge" in a work written before 1393.