Jeff Rickard

     I had one of my Realtor partners call me yesterday and ask why her buyers, who were using another loan officer and closing on Friday were getting all new loan conditions and why they went from approved to not approved three days before closing. 

     We all know the answer to that, programs are being changed or dropped at a moments notice.  That is true and a great excuse but not the real truth on this deal.  The truth is there are still bad loan officers saying yes before they do their job.  In the past they could get away with it more because we had so many funky programs they could usually get them to fit into something.  The rate was way higher or closing costs had to be raised but although the buyer was unhappy with the loan they still closed.  

     Today if you are bad at your job, people will not close no matter what you do with rates or fees.  Many bad lenders are leaving the business but their are some who are desperately trying to hang in there and they are holding their clients hostage until they can land somewhere.  I have interviewed many brokers who say I have 10 deals please hire me so I can take them FHA.  The truth is they do not know FHA and 9 of the 10 deals are not deals, they are dead.  Instead of saying “okay I will call my clients”, they say “I will interview somewhere else”.  Good luck, the deal is still dead and you have never done an FHA deal in your 3 year career but I’m sure you know better. 

The biggest question if you are a borrower or a Realtor out there is; is this your loan officer? 

If you have stories or frustrations let me know.   

I just read a blog on the U. S. House voting to eliminate the “Phantom Tax”. I did not know what the “Phantom Tax” was until this post. Did you know that if you go into foreclosure and the mortgage company agrees to a short payoff that the IRS considered the amount you short paid to be taxable income? Are you kidding me? Your life is destroyed, you have your home foreclosed on and the IRS thinks you had a windfall. To read the complete article from Renae Bombardiere of HomTur Video Realty click on the following link: http://blog.renaesellscolorado.com/2007/10/08/tax-reflief-for-foreclosures/