The Mortgage Cicerone - The Loan Attraction Coach

Radio Mortgage Interview with Tony Gallegos About FHA and VA Lending

On Thursday, October 1, 2009, Radio Mortgage host Brian Brady, interviewed me (Tony Gallegos) about the general state of FHA and VA lending.

Below are a few topics we discussed:

• FHA and VA lending volume surging
• Lack of FHA/VA expertise with lenders
• Why  the FHA isn’t really going broke...what the media did not report
• Realtor and builder misconceptions
• Why lenders are implementing credit overlays
• The new players in FHA and VA
• Why VA default rates are lower than Conforming/Prime products
• FHA/VA market share approaching 40%
• The REO market - 10.3% of REO purchases utilize VA financing
• VA market details in San Diego
• Plus, much more...

Click link below to listen to information packed interview.

To learn more about Cognicorp FHA/VA Training and Consultative Solutions:

<CLICK HERE>.

Critical $8000 First Time Home Buyer Tax Credit Deadlines

The government’s First-Time Home Buyer Tax Credit program expires November 30, 2009 — a scant 60 days from today.

In this video, Chris Brown provides critical milestone dates originators, Realtors and homebuyers must be aware of if they plan on taking advantage of the Federal $8000 First Time Home Buyer Tax Credit set to expire November 30, 2009. Knowing when it expires and that it is for $8000, isn't enough, yet that is what 99% of the videos tell you about.

Here is what you NEED to know and the DATES to focus on!

Expert Predicts Astounding 72% Decline In Mortgage Brokerage Firms Nationwide

David Olson of Wholesale Access made an alarming prediction that by year-end 2009, there will be only 15,000 mortgage brokerage firms nationwide in existence. Furthermore, if this prediction comes to fruition, it would translate to a stunning 72% decline from the sector's 2005 peak.

Bottom line: Ethical and professional mortgage brokers must unite and professionalize their ranks. 

That is exactly what one of my good friends Mark Green at Top of Mind is doing. While Mark is not a mortgage broker, he is fighting for mortgage brokers. 

In fact, he is actively involved with NAMB and is hosting a live State of the Union interview with  Jim Pair (NAMB President) this Thursday October 1st at 12pm EST, 9am PST.

The mortgage industry and brokerage sector are facing huge challenges and NAMB President Jim Pair wants to hear from YOU – so YOU can be heard on Capitol Hill. 

To participate in this Emergency “State of the Union” Interview with NAMB President Jim Pair, please click on this hyperlink to register and take action.

Emergency “State of the Union” Interview 

with 

NAMB President Jim Pair

Thursday October 1st at 12pm EST, 9am PST.

Are You "Bitching " About or "Embracing" Change?

OK, we got it, HVCC sucks!

 

Guess what, it is here to stay for a awhile.

 

You may not like it, but it's a reality.

 

Don't be like every other originator and Realtor blogging and spouting off about the EVILS of HVCC? The reason lies in that on a whole the general public thinks HVCC is about consumer protection and when they hear you are against it, they believe you are against them That's right, they perceive you as the typical greedy self-absorbed real estate or mortgage professional the media and self-serving politicians have warned about.

 

OK, I'll be the first one to admit you have valid points about HVCC and are most likely NOT greedy and ARE looking out for your clients; but you have heard the phrase:

 

PERCEPTION IS REALITY!!!

 

Be Part of The Solution...Join The "Mortgage Revolution"

A New Post By The Mortgage Cicerone.
A Guide for Mortgage Professionals.
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Mortgage professionals must take back our industry!

That's exactly what the "Super Bowl" mortgage industry event of 2009 will provide.

The mastermind behind this not-for-profit event is Mark Green from Top-of-Mind. He along with thirteen other like minded individuals are driven to put consumers first while providing ethical mortgage professionals the tools and processes they need to enjoy a thriving and first class career.

Within a week, the Mortgage Revolution committee will be posting our website (courtesy of Trace Richardson) outlining the speakers and topics being presented during the three day event taking November 9 through 11 at the Cobb Galleria in Atlanta, Georgia.

Wait till you see the speakers and topics they'll be presenting!

Interested?

Want to help the cause and take up your modern day arms to fight back? Please visit Chris Brown’s Recruitment office to type in your John Hancock.

In the meantime, watch this awesome Mortgage Revolution video produced by Brian Larrabee.

 

Are You Experiencing 21 Day Underwriting Turntime?

A New Post By The Mortgage Cicerone.
A Guide for Mortgage Professionals.
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Ok, I'll be the dummy and open Pandora's Box.

From what I'm hearing across the nation, underwriting turn times are excruciatingly slow.

As has been communicated to me by several extremely successful and reliable loan originators across the country; on average it is taking anywhere from 18 to 22 days to get their loans through underwriting.

The Issue

Realtors and Clients don't want to hear the truth and insist other lenders can do it in 2 to 3 days. Oh yes, they also want you to take an application this afternoon and close on their short sale in seventeen days.

Sound familiar?

I would really appreciate your feedback regarding turntimes and your strategies pertaining to this issue.

Understanding The Bailout (Part Nine) - The Paulson Plan

A New Post By The Mortgage Cicerone
A Guide for Mortgage Professionals
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What Paulson wants to do and some possible pitfalls behind it.

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Understanding The Bailout Plan (Part Eight) - Systemic Risk to Market

A New Post By The Mortgage Cicerone
A Guide for Mortgage Professionals
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How banks are inter-connected and what happens when one bank fails.

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Understanding The Bailout Plan (Part Seven) - Bank Goes Into Bankruptcy

A New Post By The Mortgage Cicerone
A Guide for Mortgage Professionals
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What happens when there is no equity infusion and the bank goes in to bankruptcy.

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Understanding The Bailout Plan (Part Six) - Getting an Equity Infusion

A New Post By The Mortgage Cicerone
A Guide for Mortgage Professionals
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