Gene's Bit of Blogging
Conducting Business
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Gene Mundt, Mortgage Lender: Posted on Monday, March 26, 2012 12:46 PM
You Wouldn't Call a Part-Time Doctor to Do Your
Heart Surgery, Would You??
As we often do, my wife and I were having a discussion about work the other day. I had just gotten home and it had been a very trying afternoon.
A Closing that day had taken much longer than it should have. Also, one of the deals I'm presently working on had developed "hiccups". Nothing that can't be solved, just frustrating.
 The deals of two of my underling lenders had needs and issues to see to as well. Glitches, and not all that uncommon anymore in the scheme of things. But still, there had been a number of them ... and the time dealing with them had mounted up.
Upon reflection of all these issues, both my wife and I were struck by a commonality that ran through each of the transactions like a thread. Each of the current transactions suffering issues had at least one real estate person working within it that was not full-time. One transaction had several "part-timers" working on it. And unfortunately, in each instance that had made a difference ... a negative one.
Earlier that day, I had in fact taken issue with one of my own lenders about missing an important meeting. The meeting ... one held the same time, same place each and every week, are considered mandatory. Yet, they were a no-show. (No valid reason as to why they were not in attendance). And a topic had been covered that would have been of assistance to them on their troubled file.
One transaction I refer to had an attorney involved within it that rarely handles real estate any longer. Another deal had agents that were at best ... part-time.
Still another transaction had had a title company involved, that seems to be only dabbling at doing business. They literally had left clients sitting in their offices after a Closing waiting for follow-up documentation, no one from the title company represented within the building. All had left. Most lights out. Still scratching my head about that one.
And it all made me wonder how ...
* In this day and age of quickly-changing regulations, rules, information, needs, underwriting, etc. ...
* In this day and age of short-sales, REO's, foreclosures, this litigious society, etc. ...
* In this day and age when transactions are so detailed, nuanced, and possibly even time-restricted ...
How can anyone presume to conduct business on a client's behalf devoting less than full-time to their profession or business?
And WHY would any client ... especially in this day and age ... take the risk of relying on someone that did not devote full-attention and energy to them, the tasks at hand, or their profession? Because that IS what they are doing. Taking a huge risk.
 If this was a medical situation, you certainly wouldn't work with a part-time doctor, would you??
Real estate transactions typically involve the largest debt any client will ever incur. Certainly home buyers should demand that high standards of professionalism and knowledge be met within their home buying transactions too.
Here is my opinion regarding this issue ...
Today's transactions demand great attention to detail and follow-up. Constant communication and vigilance. If you utilize the services of real estate professionals devoting only part-time effort and attention to your transaction, you expose yourself to risk, error, and extra costs. At minimum, you will most likely experience last-minute drama in your transaction ... unneeded, frustrating, and typically avoidable.
I can't stress the importance of this matter enough ...
Do yourself a huge favor. Protect yourself and your interests ... by doing your preliminary homework well.
Seek referrals, check websites. Ask for testimonies, speak to prior clients, verify a professional's successes ... prior to making a final decision regarding who you will work with.
Don't be afraid to ask the question ... "are you full-time"?? It's important that you know just how much time they are committing to you. It is well-worth it to you to ask these questions and do this preliminary homework. It will save you time, energy, frustration, and possibly even money down the road.
* Work with a full-time experienced, knowledgeable mortgage lender with 35 years of expertise to put to work on your behalf. Contact me today. I'll be happy to hear from you and have the opportunity to earn your trust and your mortgage business. I can be found at any of the following: Direct: 815.277.4036 Cell/Text: 708.921.6331 Skype: 630.219.1316
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Buying a Home, Mortgage Banker, Mortgage Lender, Working with a Mortgage Professional, Agents and Brokers, Conducting Business, First-Time HomeBuyers, Choosing a Mortgage Lender, Working with a Real Estate Professional, Home Buyers, home buying, Servicing Clients and Referral Partners, Los Angeles Home Buying, Choosing Your Real Estate Professionals
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Gene Mundt, Mortgage Lender: Posted on Sunday, February 12, 2012 1:12 PM
The "Big Bank" Says You Can Wait for 60 to 90 Days to Start Your Refinance. What do YOU Say? Over the last couple of days, there's been more than a few articles showing-up online, on social media, and in the papers about the extremely long period of time that a "big bank" is guesstimating that some potential clients will have to wait, should they hope to refinance their present loan.  Seems that they can't keep-up with the workload and large number of those contacting them for this service. The numbers of 60 to 90 days is the waiting period being mentioned frequently within these articles. Yep, you read that right ... 60 to 90 days! That's before they can even begin to get back to you or talk to you ... start your mortgage application ... begin the mortgage process. Don't even bother them before that. Now granted, this is for those that are NON-"big bank" clients ... and those calling them on the phone only. But I still raise the question ... WHY would anyone that didn't strictly HAVE to deal with this "big bank", wait 60 to 90 days to start being serviced for their mortgage refinance? The "big bank" has been inundated with requests for service from those home owners looking for relief through the HARP 2.0 program. (Please keep in mind that only the "big banks" that currently service those same loans, have been given the technology/info to perform these new HARP 2.0 services. Smaller lenders, of which there are many, haven't been supplied that technology yet from Fannie Mae and Freddie Mac ... or the supporting partners (mortgage insurance companies, Servicing Lenders, etc.) and won't receive it until sometime in March). But the "big bank" says they are trying to add new staff and recall laid-off staff to better handle the volume of applicants they are seeing. NEW staff completely unfamiliar with their procedures and new rules/regulations. Laid-off staff members that have been out-of-the-loop are now going to work on your loan and get it done right. Doesn't that make you feel better? No? You say you don't want to wait that long. You say you want to talk to a mortgage lender NOW?  Contact me! I'll be more than happy to talk to you NOW ... and get started on assisting you with the refinance or credit repair you want and need. No waiting 60 to 90 days ... and an experienced, knowledgeable, professional mortgage lender and his staff at your service. Aaaahhhh ... MUCH better! * Contact me NOW to receive professional mortgage advice and service. I'll put my 35 years of mortgage experience, expertise, and knowledge to work on your behalf. I can be contacted through any of the following: Direct: 815.277.4036 Cell/Text: 708.921.6331 Skype: 630.219.1316
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Financing, Mortgage Lender, Mortgages, Refinance, Announcements and News, Conducting Business, Obtaining Mortgage Quotes, Pre-Approvals, & Info, Choosing a Mortgage Lender, Asking credit and mortgage questions, Homeowner Affordability and Stability Plan Update, 2011, HARP 2.0, Fannie Mae/Freddie Mac
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Gene Mundt, Sr. Vice President - Chicago Bancorp: Posted on Tuesday, January 24, 2012 6:56 PM
Things That Make You Go ... HUH??
If you're in real estate or mortgage lending ... or almost any business these days, you do. To some extent and in some manner.
And if you've been doing the social media "thing" and Email blasts for awhile, you've probably accumulated quite a following. Exactly what we're ALL after. Loyal followers. Relationships. Business contacts and Business itself!
But something I've been noticing fairly often, as of late ... is the messages ... the information sent, the link, the "blast", the comment to a blog ... that are sent to me, many times do NOT pertain to me personally. Even when I know the person or have conducted business with them for quite awhile.
I especially see this, when I'm a member in a minority on some social media site. What do I mean by Minority?? Well, I'm a Mortgage Lender contributing within some overwhelmingly predominant real estate Agent sites. And the assumption for many that comment to me, is that I must ... MOST ASSUREDLY ... be another realtor. Part of the majority brethren.
Nope! Take a look ... I've made sure it says Gene Mundt, Mortgage Lender pretty much everywhere you find me ... in fairly obvious and noticeable places. The heading of my blog, my profile on every social site, under my name in comments, on my personal pages. I plaster it everywhere I can. I'm shameless ... and also proud of what I do.
I get emails that make me feel invisible or un-memorable also. From other Lenders! Asking for my mortgage business. Asking if they can assist me. Nope! Sorry. Ain't gonna happen.
And when I receive these comments, emails, marketing pieces ... I often wonder. When did the sender lose control of their social media? At what point did they cross-over from the personal .. into the non-personal?? When did they get in such a hurry that they ceased taking the care they should with their social media or emails? And is it because they now choose to have someone else do their social media for them? Someone not as familiar or well-versed with their database(s) or willing to take the time to make sure that these little "oops" don't happen??
Call me old-fashioned, but I'm still doing this all myself. Okay, Okay! I'll cop to it. I do it with a bit of help from my right-arm, my wife. But I definitely give it a good stab ... and everthing's definitely All Mundt ... ALL the time! I'm still seeing to the details. It's not to say that I don't make any mistakes ... because I do.
But ...
Should you and I have any kind of personal or business relationship ... or should you have done business with me or asked to be on a particular database of mine ...
I'm hoping that I refer to you as I should, if you're my client or a personal friend. That I refer to you as an agent, should you be an agent. Or at least correctly and pertaining to whatever your chosen profession is. I'm hoping that I always ask you pertinent questions, send you information, etc. ... in regards to YOUR chosen professional services, YOUR blogs, YOUR background, YOUR specific needs and requests.
And I most certainly hope that I'm not haphazardly sending my mortgage lending marketing to you if your another mortgage lender ... seeking YOUR personal mortgage business. Afterall, because of our prior relationship or business conducted, I should know better ... right??
Those would all be things that just make me go ... huh???
* If you're looking for amortgage lender that will still deliver you old-fashioned, personalized mortgage service ... please contact me. I look forward to hearing from you ... and having the opportunity to earn your trust and mortgage business. Direct: 815.277.4036 Cell/Text: 708.921.6331 Skype: 630.219.1316 You can Access my Website Via Mobile Now!!
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Gene Mundt, Sr. Vice President - Chicago Bancorp: Posted on Monday, January 23, 2012 1:01 PM
The Appraisal Process ... Chances to Learn More, Share, and
Be Happy When the Stars All Align
I believe the topic being highlighted at this luncheon greatly influenced members' decision to attend ... as it was a topic that touches upon all of us within our industry frequently. The topic in question??
Appraisals!
Three Rivers had arranged for 3 local, independent Appraisal firms (one of which is on my Chicago Bancorp "approved Appraiser" list) to be on-hand and provide presentations regarding the current market, the challenges presented by the lack of sales, and the "type" of sales occurring and needing to be appraised.
One Appraiser addressed the recent changes to the Appraisal report itself. He talked of the "exactness" that is required in certain categories where adjustments are made. He drove home the point that Realtors can help Appraisers greatly by providing detailed information within their listings.
How does that more detailed information help the Appraiser? It was pointed out that it most certainly assists from an accuracy standpoint ... but it also greatly improves the ability of the Appraiser to provide a more timely turnaround on the completed Appraisal too.
The second Appraiser discussed the need to satisfy mortgage lenders' Underwriters with detailed and accurate reporting ... sometimes with as many as 6, 7, or 8 Comparables being utilized within an Appraisal report. All the Appraisers on-hand for the Learning Luncheon agreed that 4 Closed Sales and 2 Active Listings were the starting point for most of their Appraisals.
When asked if they avoided using "Short Sales" or foreclosures as Comparables, to a person they said, "no one wants to have to use "distress" sales, but name a housing market that is "free" of them? This is especially true when needing to use Comparables that SOLD in the last 6 months, were in the same neighborhood or marketplace, and were similar to the Subject Property."
Many of the Realtors in attendance wanted to know the "magic formula" that Appraisers use to "adjust" for all the above factors? Unfortunately, the reply was, "There is none".
Again, all 3 Appraisers stated that only adjustments for true differences in the properties were being allowed. Condition of the Comparables, if inferior or superior to the Subject Property, could be considered and adjusted for. But there should NOT be expectations that a Comparable that was sold as a Short Sale or Foreclosure should ... or would ... get a "bump up" in value because of the terms of that Sale ... ESPECIALLY if there were no "traditional" market sales to be found.
 Of much interest to those in attendance, was the discussion of the new Appraisal Requirements recently enacted. Discussion regarding those ratings of C1 to C6 (Best to Worst), and Quality of Construction Ratings, also from Q1 to Q6 (Highest to Lowest), with specific definitions for these ratings from 1 to 6, raising many questions for clarification.
All of the Appraisers indicated that the time involved in completing an Appraisal had doubled or tripled in the last few years. They noted that the ability to satisfy a Mortgage Lender or Underwriter has become increasingly difficult in recent times. Someone wondered aloud, "Why is that"?
A variety of answers were provided by the Appraising viewpoint, but I (as a Mortgage Lender) believe the real answer is: that Appraisals, which are the support for the Value Estimate arrived at, and the "completeness" and "accuracy" of the Appraisal Report, remain the biggest hurdle for a Loan Originator and Underwriter to get past when a loan file gets SOLD in the secondary market. You simply must have a logical, defensible, and solid Appraisal Report to satisfy Quality Controls of End Lenders ... Fannie Mae, Freddie Mac, and independent loan servicers.
The end result of the Appraisal itself must be that the Buyer pays a fair price for their home. But the Mortgage Lender must retain the right to know the "true market value" of the property being purchased or lent upon. And thirdly, the "Agencies" themselves need to know that the value was arrived at without any undue pressures or influences.
These days that happens when the stars are all aligned ... a truly beautiful thing to behold when it occurs.
The Three Rivers Association of Realtors is to be commended for hosting this important and timely topic for discussion and education at this month's Learning Lunch. The more everyone involved within our industry knows and understands of each other's contributions to the process of buying, selling, and financing homes, the better. It makes the entire transaction flow much more smoothly and easily toward successful conclusion. And ultimately is what we all want ...
 * Looking for an experienced Mortgage Lender within the Will and Grundy County Area? Or a Referral Partner that has the expertise, knowledge, and wide program of services to satisfy and successfully close the transactions of your clients? I have over 35 years of mortgage lending, appraising, and financial planning service and expertise that will accomplish that and more.
Contact me today ... I'll love hearing from you and also cherish the opportunity to earn your trust and mortgage business. I can be contacted through any of the following means: Direct: 815.277.4036 Cell/Text: 708.921.6331 Skype: 630.219.1316 Available via Your Mobile Phone/Devices Now!
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Mortgage Lender, Mortgages, Real Estate, Appraisals, Localism Posts, Conducting Business, Mortgage & Transaction Processing, Education Opportunities, home buying, Appraisal changes, Grundy County, Three Rivers Association of Realtors - Will and Grundy Counties
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Howard & Susan Meyers, The Hudson Company - Winnetka, IL - Guest Blogger: Posted on Wednesday, December 07, 2011 9:54 AM
We’d Like to “Add Value” in Certain Areas ...
But We Can’t
The
way that we try to differentiate ourselves from other agents to our
buying clients is to provide “added value” to their total transaction
process. We do this is many ways including but not limited to:
- Our
knowledge of the current inventory in the Winnetka, Wilmette,
Northfield, Glencoe, Kenilworth and other North Shore markets;
- The history of transaction in these areas;
- Our ability to assist you in negotiating the best possible price and other terms for your purchase;
- Our ability to “flush out” properties that are not currently on the market but may be available to our buyers; and
- Our knowledge of the characteristics, nuances, services and other subtle characteristics of the areas we serve.
(photo courtesy of HEADOVMETAL)
This last point is the most difficult one due to the vagueness of the interpretation of The Federal Fair Housing Laws ...
These
rules were put in place to guarantee that “protected classes” (race,
color, national origin, religion, sex, familial status or handicap) were not discriminated against in regard to access to renting or purchasing housing anywhere in America.
As
a result, we cannot discuss or provide answers to any of your questions
relating to relative quality of particular schools, religious or ethnic
make-up of communities, age demographics of neighborhoods (i.e. “there
are lots of elementary school age children on this block” or “many
seniors live here”) and proximity to houses of worship. The concern is that we could be “steering” some protected classes to or away from certain locations.
Many
buyers find it very frustrating that we cannot share our personal
opinions on these questions. We understand your frustration, but our
hands are tied by Federal law on these issues. Often clients tell us
that their former agent or the agent they spoke to at an open house
freely discussed these issues, so why can’t we?
What we can do is be the “source of the source”. We can direct you to specific websites that discuss test scores, demographic
data, information about specific towns or neighborhoods and other
non-biased sites.
We can suggest that you talk to school principals and other administrators, ask to sit in on
classrooms in local schools, knock on neighbor’s doors, talk to village
officials, visit local merchants, we can introduce you to community
residents and take you on a driving or walking tour of neighborhoods.
We want to help you make sure that you are buying the right house in the right location with the most favorable terms.
We will do everything in our power to help you reach this goal.....while still obeying Federal Fair Housing Laws.
The Hudson Company 851 Spruce Street Winnetka, Illinois 60093 847.778.1394
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Buying a Home, Real Estate, Real Estate Advice, Businesses, Agents and Brokers, Conducting Business, Communication, Education, Seeking Advice, Working with a Real Estate Professional, Real Estate Professionals, Professional Service, home buying
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