Gene's Bit of Blogging
Mortgage Banker
|
Gene Mundt, Mortgage Lender: Posted on Monday, May 07, 2012 11:15 AM
You're OFFICIALLY Invited ...
Seems like I've read a real "rash" of posts lately regarding "visiting". In person. Via the internet.
These posts have followed closely on the heels of the ActiveRain social media site's "meet-ups" that were held just a short while ago in many locations across the US and Canada.
Guess we bloggers (especially AR members) are just a friendly, out-going, social bunch! Guess it also explains why we're in a people-business like real estate.
But these recent posts, and their subsequent comments, really had me thinking. How "welcoming" are my posts when someone reads them? How 'bout my other social media? Do clients, referral partners, everybody reading them ... understand that they include an "invitation"? There really shouldn't be any doubt, should there??
And although I need to always be aware of this while I'm blogging, writing, speaking on an ongoing basis ... I also decided that maybe it's time I just post an official invitation to all my clients, blog followers, and AR members, potential clients. An invitation that says ... "Come Visit Me! You're invited. My door is always open". Figuratively-speaking and literally.
But "meeting" here, getting to know you through your comments, emails, texts, skyping, phone calls, technology ... is great too!
So I guess my official "invitation" is rather broad and open-ended. I'll be thrilled to meet in person ... or online. To write back and forth. To read. To comment. To email, text. To pick-up the phone and talk. Through your subscriptions to my blogs. To ask questions back and forth .. and to have you seek my services too, should you need that.
ActiveRain posts written after the "meet-ups", told of members ... "friends" ... getting together ... and the many great things that came as a result of their doing so. Ongoing results. Those that had attended the "meet-ups" were so glad that they had taken the time to meet and visit. Accepted the "invitation" to do so. You and I, we can do that too!
So ... You're invited to stop. Stop soon. And stop often to meet ... visit ... share! Real-time or cyber ...
An official Invitation ... from Me to You!
* It's easy to find me ... stop and talk. Ask questions. Sit a spell. You can "visit" me at any of the following:
Direct: 815.277.4036 Cell/Text: 708.921.6331 1823 Centre Point Circle, Naperville, IL Conveniently at Skype: 630.219.1316 |
|
|
Gene Mundt, Sr. V.P./ Mortgage Lender - The Federal Savings Bank: Posted on Wednesday, April 18, 2012 2:06 PM
New Changes to Mortgage Rules
and Regulations Don't Have to be
This Summer's "Beanball" and Knock Buyers Out of Their Home Buying Game
 The ever evolving mortgage business requires an expertise and personal commitment by its professionals to provide excellence in service and quality, not to mention results. And part of that commitment includes education and the imparting of knowledge to the public, their clients, and referral partners to industry guidelines and changes to those guidelines.
A recent announcement from HUD, on the processing of those loans intended to be insured with an FHA loan, indicates that further credit tightening is warranted when a Borrower owes more than $1,000 in bills in collection.
In the past, an Underwriter could use discretion and approve such credit scenarios. Now, that is no longer the case ... and that scenario is NOT approvable. Now a Borrower MUST pay-off that debt to qualify, or at minimum, have established a sufficient past history of paying back their creditors on a monthly basis, if not in full. And that includes medical collections, an area where some leniency was also applied in the past.
Now debate may rage about the intelligence or need for this new HUD decision, but the debate changes nothing. The bottom line is: This new ruling is in effect. And that means further education of the home buying public is absolutely necessary regarding it at this time, for it WILL impact Buyers who:
- Have the required minimum Credit Score, but have outstanding, past due collection accounts.
- Do NOT have the funds needed to pay-off debts/collections in their entirety ... but still have the necessary savings for Down Payment and Closing Costs.
The above just points out one more huge reason we in the real estate industry need to educate the public about the home buying and mortgage process better ... and the importance of getting ALL Home Buyers, not just some ... "pre-approved" for their purchase and/or mortgage financing (sooner than later)!
 So Buyers, please take note: This new ruling recently "pitched" at us by HUD does NOT mean your "beaned" and out of your home buying game. It just means this ...
Since HUD is stating that a 3 month payment history, or longer, is needed to approve a scenario with Collections totaling $1,000 or higher ... if you're looking to buy a home in a projected time frame of 6 months from this date, you should absolutely get "pre-approved" NOW!
If you're hoping to become a home buyer, contact me (or your own lender). Take action to stay in the game! Don't hesitate or wait any longer. It's
best to start the "pre-approval" and mortgage financing process
earlier than later. Give yourself, and your mortgage lender, the time to work-out any
credit issues that might be present ... and start collecting the financial
information and documentation needed for mortgage application.
If an agent/broker, pass
this advice on to ALL your potential buyers and everyone else you know so they too can pass it on. Educate as many as possible to these new changes. Save
home buyers, and yourself, the disappointment of starting the home buying and "pre-approval" process "too
late".
As a matter of policy, it is my opinion that it is extremely important that ALL home
buyers talk with a mortgage lender to be "pre-approved". That this should
be established as a priority and absolute necessity.
Home Buyers should know, and respect, the
fact that Agents/Brokers invest much time, effort, and dollars into
their services and those receiving them ... and respect that fact.
These facts together dictate that (in the over-riding cases) ALL Home
Buyers be "pre-approved" prior to their Agent showing them homes.
In the long-run, Buyers are much better served adhering to a "pre-approval" rule.
There are fewer surprises and last-minute issues to see to once actual
mortgage processing begins. The entire process will run more smoothly
and be more enjoyable.
HUD, and other governmental agencies, can "pitch" us new rules and regulations now and in the future ... but it does NOT mean
they have to be "bean balls", knock Buyers out, or keep them from buying a home.
Good, complete
preparation by Home Buyers, their Mortgage Lender, and all their real estate professionals, can mean
these changes are addressed and handled fully to the satisfaction of HUD. Successful home buying and Mortgage Closings can be a result ...
* Get the professional mortgage information and service you need to buy your home, whether in Will County, IL, Chicago, Chicagoland, or across the U.S. in any of the 50 states. Work with a "big league"
mortgage professional that knows and understands how to guide and
assist you through today's challenging mortgage processing and home buying experience. Contact me today! I'll be glad to hear from you and happy to have the opportunity to earn and win your trust and business. I can be contacted through any of the following:
Direct: 815.277.4036 Cell/Text: 708.921.6331
Conveniently at Skype: 630.219.1316
|
Buying a Home, Credit Reports/Fico Scores, Mortgage Banker, Mortgages, Real Estate, Working with a Mortgage Professional, Credit and Financial Counseling, Mortgage & Transaction Processing, First-Time HomeBuyers, Obtaining Mortgage Quotes, Pre-Approvals, & Info, Debt, Education, Asking credit and mortgage questions, Home Buyers, home buying, FHA Mortgage Lending, Closing Costs, Pre-Qualification/Pre-Approval, HUD
|
|
|
|
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
|
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
|
|
|
|
Gene Mundt, Sr. Vice President - Chicago Bancorp: Posted on Monday, January 16, 2012 5:08 PM
Being 2012 Optimistic Let Me Count the Ways!
I don't know if you've noticed it, but I have ...
There's been a distinct change in the air, as of late. An air of optimism that has been missing within our real estate industry for way too long.
I don't mean I'm just seeing or hearing it in the media either. I've seen it in my clients' demeanor, their faces, their outlook. They're more upbeat.
And I've sensed it when I've heard my referral partners' telling of the uptick in activity they've been experiencing since the New Year.
THOSE first-handaccounts. THOSE things.They're the ones I consider reliable!
And if I needed MORE reasons to be optimistic about buyers' attitudes? This last week (yes, the week with Chicagoland's first winter storm of 2012) brought all the following very optimistic and positive actions to light for me personally. I almost had to pinch myself!
When was the last time you heard of these happenings occurring ... all in the same week??
- A Seller CLOSED on his sale, and then SIGNED A CONTRACT for another home AND was able to negotiate a possession date/agreement to eliminate a second move?
- A couple bought a "step-up" home WITHOUT selling their present home ... which they plan on "updating" to make it saleable? (They will not be renting it out)
- A First-Time Homebuyer is "borrowing" against her 401k to be capable of putting 20% down on her new home purchase, thus establishing a home environment of her own?
- A FSBO (For Sale By Owner) went under contract?
- A "city" couple listed their condominium ... and are now pre-approved for their home purchase in the suburbs?
- A young, First-Time Homebuyer decided to buy a home at the top-end of his approvability? While rates hit historic lows? He's completely over his payment shock and fears!
Maybe it's the optimism that comes with the New Year? Maybe it's the winter weather and beautiful snow finally arriving in Chicagoland?? But I prefer to think that Buyers are out there in larger numbers, ready to buy homes, and UNDERSTANDING that there may not ever be a better time to buy than in today's present market.
I say ... Don't get left behind! If you're thinking about BUYING a home (or refinancing), hop on the optimistic bandwagon and contact me today. Together we'll see what can be accomplished for you in today's buyer-friendly housing market with historically-low interest rates.
Take 2012 by the tail and make it YOUR year!
* Want to find out if you can buy a home in Chicagoland or elsewhere? Interested in starting the home buying process? Looking for a strong, reliable professional mortgage referral partner?
My 35 years of successful mortgage experience and expertise will help guide and assist you, or your clients, throughout the mortgage process ... from pre-qualification to post-closing.
 Contact me today through any of the following means. I'll be glad to hear from you and have the opportunity to earn your trust and your mortgage business.Direct: 815.277.4036 Cell/Text: 708.921.6331 Skype: 630.219.1316
|
Buying a Home, Credit Reports/Fico Scores, Financing, Mortgage Banker, Mortgage Lender, Mortgages, Real Estate, Refinance, Working with a Mortgage Professional, Chicagoland, Localism Posts, First-Time HomeBuyers, Buying or Renting, Obtaining Mortgage Quotes, Pre-Approvals, & Info, Home Buyers, home buying, Right Time to Buy a Home, Home Ownership, Interest Rates, Pre-Qualification/Pre-Approval
|
|
|
|
Gene Mundt, Sr. Vice President - Chicago Bancorp: Posted on Monday, January 09, 2012 6:19 PM
HARP 2.0 Update ... from Fannie Mae
There's a bit more insight and information out on the HARP 2.0 update, at least from Fannie Mae's perspective ...
 Beginning Monday, March 19th (2012), Fannie Mae will unveil their new software (more forgiving), and then folks ... stand back! There's going to be a flood of calls, emails, inquiries to be shared!
Best I can tell, the new guidelines for approval will be relaxed or expanded in comparison to the old, meaning more Borrowers/Homeowners will qualify for Refinances than before.
But ...a few details still remain to be addressed. Nothing has been presented to us (mortgage lenders) in concrete and in its' entirety yet. So before the new items and guidelines are implemented ... I remain optimistic, but cautious at this time.
It appears that the best change will be related to a greater "disregard" for property values, or in our industry's vocabulary, LOAN-TO-VALUE, or LTV.
In other words, "current market values" may not be the deal-killer that they are presently. Again, it appears that as long as the Borrowers/Homeowners can qualify on CREDIT, INCOME, EMPLOYMENT, and SATISFACTORY MORTGAGE PAYMENT HISTORY ... they may get the RATE RELIEF and PAYMENT RELIEF that will help them stay in their homes.
Others will simply enjoy a monthly savings, that may help them better position themselves to save and then buy again later down the road, should they wish. That, and keeping more homes from entering the housing supply and further adding to the supply of Foreclosures and Short-Sales, is how everyone "wins" ... including Realtors, Homeowners (Sellers AND Buyers), and the economy in general.
Stay tuned, as there will probably be more updates between now and implementation of HARP 2.0. Good thing because March is only 2 months away!
* Should you have questionsregarding HARP 2.0, credit, credit repair, mortgages and refinancing ... or be in need of mortgage service, please do not hesitate to contact me. I will be happy to put my 35 years of mortgage and real estate experience and expertise 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 |
Credit, Credit Repair, Financing, Importance of Credit, Mortgage Banker, Mortgages, Working with a Mortgage Professional, Credit and Financial Counseling, Announcements and News, Mortgage Crisis, Debt, Credit Counseling, Homeowner Affordability and Stability Plan Update, 2011, HARP 2.0, Fannie Mae/Freddie Mac
|
|
|
|
