Common Sense Lending; FHA Tweaks Key Regs; Earnings from BofA, Wells, MS; Thoughts on Success in 2010
ByPosted To: Pipeline Press
When I take a potato masher out of the kitchen drawer, my dog hardly pays attention. But when I reach in and take out the cheese grater, she suddenly becomes my best friend. After I started in this business in the mid-80's, an experienced loan agent pulled me aside and said, "When I look at a loan file or talk to a borrower, I know in less than a minute whether or not it is a 'do-able' deal." Experienced agents have told me that this is no longer the case, given the automatic underwriting procedures, the changed guidelines, the compliance issues, etc. As you can guess, a small percentage of experienced agents have moved back into "private money", "make sense" lending, since this is where their comfort level is. There appear to be three big components…(read more)