Gene's Bit of Blogging
Education Opportunities
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Gene Mundt, Mortgage Lender: Posted on Tuesday, March 13, 2012 11:48 AM
"If I Were a Carpenter" ...
I know by referring to the song, "If I were a Carpenter", I'm doing two things. First, I'm probably dating myself. (Yep .. I remember the song when first released.)
 And secondly, I may be stretching the real meaning of the message the songwriter, Tim Hardin, was hoping to convey through his writing of the song. Still, I'm forging ahead. As I think the name of this song conveys a message to everyone, especially at this time of the year ... and for those of us in business for ourselves.
I live in the Midwest (Chicagoland),
where weather typically dictates a more defined building and outdoor
home improvement season. With our winter weather this year being so
mild, and spring weather having arrived (at least temporarily) the last
couple of weeks ... I've already been seeing many homeowners out doing
yard chores. Preparing for summer and good weather's larger home
improvement tasks.
You can hear them
while they're working. Saws. Hammering ... the laughter, talk, buzz of
activity. It sounds great. Alot like hope to me. It sounds positive. Alive .. refreshed.
Hearing all this while out putzing in my own yard this last weekend, it occured to me, that we're ALL trying to build or improve on something ... whether in actuality or metaphorically speaking. What "that" is differs from person to person, but still ... we're all busy adding and expanding on our homes, properties ... prior experiences, defeats, and successes in some form or manner. Hoping to eliminate or carve out the bad and create, hammer in something better.
And like all tradesman or carpenters, there are differences in our abilities. Some of us have better skills or are handier at accomplishing different tasks than others.
Some of our success depends on the "tools" we have and how we utilize them. Our success is also dependant on just how open and willing we are to learning new skills, watching, and listening to others that are a bit more educated, advanced, or skilled than we are.
I personally think that may be the key. I certainly see that with myself, my clients, and co-workers. We all do far better and more successfully in the end with that attitude.
Having a clear idea of what it is your building is important too. A vision of a finished product is needed. So I go back to the tune mentioned above ... "If I were a Carpenter" ...
Do you know what you are trying to build through all your hard efforts? What does your finished product look like? Can you picture it in your mind?
Is it:
- A strong, large Database?
- Windows of Opportunities?
- A concrete, solid Foundation for your Business?
- A path to Success?
- Improved Finances, Credit-positioning?
- A network of beneficial referral Relationships?
- A network of new Technology?
- A cornerstone Reputation?
- An expanded Education or Expertise?
- Financial Security?
- Etc. ... Etc. ... Etc. ....
This year's building season is here. The weather and conditions are perfect to perform improvements ... to build. Have you thought about what you're going to build or improve upon in your business this year?? Have you envisioned your goal ... your end result?
* Hoping to build and expand your opportunities? Your services? Secure successful outcomes? Contact me today. I'd love to hear from you and put my 35 years of experience and expertise to work on your personal and client's 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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Gene Mundt, Sr. Vice President - Chicago Bancorp: Posted on Thursday, February 02, 2012 1:12 PM
Answering Mortgage and Credit-Related Questions and Connecting the Dots ... How Can I Help??
Sometimes I wonder ...
Am I really getting through to my clients? My referral partners?
Now I know there are ways to measure some of that. Analytics are available and increasingly detailed for your website, social media, and more.
 But I still sometimes wonder ... am I providing the information or answers to questions that are really on the minds of those finding and engaging me?
I remember having some heart-to-hearts with my kids when they were young. Giving them a fairly thorough explanation on some topic ... only to find out afterwards that I had just given them a bunch of info they really could have cared less about.
What they'd REALLY wanted to know was ..... (fill in the blanks). I in my zeal to help them or explain something had totally misinterpreted what they really were asking me. Or I had assumed I knew what they wanted to know ... or should know. Confused it or saw it through my own agenda.
I do believe the information I typically provide my clients or referral partners is very worthwhile and has value. It IS information they should have at some point in the process.
But I also think that it can sometimes have holes within it. Or miss the mark, if it's not thee information they want, need, seek, or are ready to digest at the time. I can still be leaving many dots unconnected for them.
Obviously implementing better and more thoughtful listening skills all the time improves this issue. But I also realize that nothing solves it like simply taking the time to ASK ... "What it is YOU want or need to know"? "What questions do you have"? Or ... Simply ASKING ... "Did I answer the questions you have or provide you the information you seek"?
I'm thinking I should provide some real opportunity. Give YOU that chance now.
So ... Put your "Thinking Caps" on!
What questions do YOU have regarding mortgage lending, mortgage processing, credit, appraisals, securing loan approvals, or more ...that you'd like answers to ... or informationon ... that haven't been addressed?? What dots haven't been connected for you? Here or elsewhere ...
Simply ... How can I assist you and answer your questions better?
I'll be taking the questions asked ... and the topics raised ... and addressing them in upcoming posts. Should you have need for a more timely or personal response ... I will contact you directly.
This will prove very educational and insightful for me ... so I thank you ahead of time for your participation and your questions. I hope it proves educational and beneficial for all that participate, as well ...
* Should you have more direct mortgage and credit needsor questions, please contact me at any of the following: Direct: 815.277.4036 Cell/Text: 708.921.6331 Skype: 630.219.1316
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Credit, Buying a Home, Credit Reports/Fico Scores, Mortgages, Real Estate Advice, Gene Mundt's Client Services, Obtaining Mortgage Quotes, Pre-Approvals, & Info, Communication, Asking credit and mortgage questions, Education Opportunities, home buying
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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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Gene Mundt, Sr. Vice President - Chicago Bancorp: Posted on Thursday, January 05, 2012 7:18 PM
Rialto Square Theatre in Joliet, IL
School Matinee Series and Educational Programs
I recently came upon some pretty exciting information and I thought I'd pass it on just in case there are others in the Chicagoland area that, like myself, are unaware of it. I think this info will be of special interest to parents, educators ... anyone that knows, loves, or has interest in the education of youngsters.
 The Rialto Square Theatre in Joliet, IL offers a matinee program aimed at kids, Kindergarten through 12th grade. This program is meant to support the curriculum of the Joliet area's school systems.
The Rialto Square Theatre (map/directions) serves as an educational center, providing entertainment that stimulates learning ... while also creating a love for the performing arts. The culturally diverse performances given become teaching tools that have assisted over 500,000 students from over 50 of Joliet's surrounding communities.
Seats MUST BE RESERVED in advance for the approximately one-hour performances. The programs offered are NOT open or available to the general public. Seating can be arranged for groups with special needs students, but the Rialto Square Theatre box office must be alerted to those needs at the time of ticket order.
There are two performances remaining in this year's schedule. They are:
I Have a Dream - February 1, 2012 10:30 am & 12:30 pm Grades: 3rd through 8th By: Bruce Craig Miller
The life and impact of Dr. Martin Luther King, Jr. is chronicled in this dramatization.
Super Scientific Circus - February 27, 2012 10:30 am for Grades: Kindergarten through 2nd 12:45 pm for Grades: 3rd through 5th
 This Super Scientific Circus proves that science is fun ... AND funny. Boomerangs, beach balls, bull whips, bubbles, and magic are all used to prove the principles of friction, inertia, aerodynamics, sonic booms, ultraviolet light, centripetal force, and air pressure.
Tickets for the performances are $6.00/each. To place Group Reservations, please contact the Rialto Theatre Box Office at: 815.726.6600. Be aware that Contracts to secure seating may be needed, depending on the number of students attending.
Information on the Rialto Square Theatre, listed on the National Register of Historic Places, can be found at:
I have referred to this spectacular and historic piece of architecture to be found within the downtown of Joliet, IL on another occasion, but I hope if you have not previously had the opportunity to visit our area's remarkable treasure, that you will do so soon.
* If thinking of buying a home, refinancing, or seeking information regarding credit/credit repair and mortgage services in the Joliet, Will County, Lincoln-Way Communities, Chicagoland area ... please contact me. I have lived within the area and served the residents of these communities my entire/business life. I know the people. I know the housing. And have 35 years of experience and expertise with which to serve you.
I can be reached through any of the following means: Direct: 815.277.4036 Cell/Text: 708.921.6331 Skype: 630.219.1316
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Chicagoland, Joliet/Shorewood, Localism Posts, Will County, Announcements and News, Schools, Chicagoland Activities, Calendar of Chicagoland Events, Community Info, Illinois, Education, Education Opportunities, Children, History/Historical Sites, Winter Activities
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Gene Mundt, Sr. Vice President - Chicago Bancorp: Posted on Wednesday, December 28, 2011 10:41 AM
So You Think SIZE Matters??
Okay ... Okay ...
get your mind outta the gutter! I'm talking about
the SIZE of your mortgage!
Yesterday, I had
to explain this important detail to yet another person involved within a
mortgage transaction I am working on. This time, a seller.
Mistakenly,
they thought because the amount of dollars being borrowed was a smaller amount,
it meant mortgage processing would be simpler, faster. That not
as many "hoops" would have to be jumped through.
Bzzzzzzzzzz! Wrong! SIZE ... in this case, does NOT
matter.
Whether borrowing for
a small amount mortgage or jumbo mortgage amount, the over-riding majority of the mortgage
process will remain much the same. Perhaps a few details will change, but overall the
same verifications, the same credit requirements, the same credit check, the
same legal work, the same title work, the same procedures within mortgage
process, the underwriting requirements needs ... ALL will be pretty-much remain the
same, no matter the SIZE of the loan.
Nope. I'm sorry to say ... the same t's will
have to be crossed. The same i's
dotted. Mind boggling and a bit
frustrating, I know ... but true. None
of these procedures or processing actions are tied into the SIZE of your loan!
And
how do you accomplish that?
THOSE are the
measurements that should be important to you ...
* My mortgage lending measurements are: 35 years of mortgage industry experience and expertise. Over 20+ years of IL Licensed Real Estate Appraising to guide you and your agent through to a successful mortgage closing. Over 10 years of IL Certified Financial Planning with which to assist you during mortgage processing AND AFTER your mortgage transaction is closed. Contact me now through any of the following means if hoping to buy in Chicagoland, Will, DuPage, or Kane County, Illinois, or across our nation. I'll be happy to hear from you ... and work with you to fulfill your dreams. Direct: 815.277.4036 Cell/Text: 708.921.6331 Skype: 630.219.1316
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Buying a Home, Financing, Mortgage Lender, Mortgages, Chicagoland, Mortgage & Transaction Processing, Financial Planning, Obtaining Mortgage Quotes, Pre-Approvals, & Info, Choosing a Mortgage Lender, Mortgage Closing Costs, Seeking Advice, Working with a Real Estate Professional, Education Opportunities, home buying
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