Archive for December, 2010

Are We Focused on Business or Busyness?

December 21st, 2010
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As has been my custom for the past 10 years, I took the week of Christmas off so I could ‘relax into the holidays’.  My husband is chuckling at the moment.  In the 25 years we’ve been married, he has yet to observe an hour, by his standards, where he would qualify my level of activity as relaxed.  I love Christmas. Read the rest of this entry »

Thousands of FHA Condominium Project Approvals Are Set to Expire

December 21st, 2010
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FHA announces extension of condominium project approvals with an expiration date of December 7, 2010. Provided below are the extension dates based on five-year time frames with the exception of those condominium projects with original approval dates from 1972 -1985. The extensions were granted to reduce the impact of processing and reviewing the number of project approvals expiring at the same time while recognizing current housing market conditions. Lenders and/or other interested parties are encouraged to begin the reapproval or recertification process as early as possible as it is not anticipated that any further extensions of project approvals will be issued. Read the rest of this entry »

Selecting a Knowledgable Lending Partner

December 9th, 2010
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We performed rescue operations for a number of clients this month whose transactions went south at the last minute at other lenders.  Why were we able to do the loan when they couldn’t? Understanding who you’re dealing with in a loan transaction is critical these days as regulators tighten up on banks, and the secondary market demands perfection in lending practices.  It’s a common myth on the part of consumers that the safest place to get a mortgage is with a bank owned entity because they have their own money.  Understanding the subtle differences between a banker, a broker and a mortgage banker may save you and your clients a giant heartache down the road.  We were happy to help this month but getting people to the right place in the first place will go a long way toward having happy clients and future referrals for you and your team. Read the rest of this entry »