http://www.mortgagenewsdaily.com/members/jefeliciano/default.aspxen-USCommunityServer 2008 SP2 (Build: 31106.96)http://www.mortgagenewsdaily.com/members/jefeliciano/updates/default.aspxWed, 05 May 2010 12:34:19 GMTjefelicianoOkay, new month and applications are steadily coming in. Looks like the homebuyers incentive deadline didn't stop interest. Keep the momentum. Look at renters. Advertise to them to turn them into buyers. With rent going up, no better time to buy. Check on your state homebuyers grants. Rumors has it that they may be replenishing them preparing for the summer. Finally, it's time to put your Sales hat on... Go out in your communities and see what is needed. Post flyers on doors with info on interest rates, comparison renting vs buying and consolidating first and seconds. If anything, it will get your name out there. Bulk mailing doesn't work right now. Too many companies are not getting the results they want. Boy it's going to be a busy month.http://www.mortgagenewsdaily.com/members/jefeliciano/updates/default.aspxTue, 27 Apr 2010 00:05:24 GMTjefelicianoOkay so April was flat... Closed most of the leads generated in January. Need to motivate renters to own. We need a 100% program that has 680 scores again. FHA will handle anything below that. Foreclosures can be seen everywhere now. Lenders need to liquidate. Have seen some exceptional offers to FTHB. Properties worth easily $160,000 going for $120,000 in good condition. Hey, with the rates as low as they are, PITI is far below renting an apartment. Also seeing alot of FSBO with owner financing ... You might want to see if you can turn those around; 12 months payment history, credit good , good job stability can make these work as a refinance if the contract was recorded. It's the 80s again. Cash in on it now before it's gone. Have a great end of the month and make May even better.http://www.mortgagenewsdaily.com/members/jefeliciano/updates/default.aspxWed, 31 Mar 2010 00:36:02 GMTjefelicianoLooks like with a new Health Bill approved, it flatten the housing market. Buyers are afraid that they will have to pay more for healthcare. Time will tell. Rates have been quite favorable. So take advantage of them while they last. April normally picks up purchase transactions but refinance is still affordable. Try to offer no fees and a higher rate since they are so low and that might stir up business in refinance. Builders are anxious to dump their inventory to avoid paying this year's property taxes again so talk to some local builders and see if you can motivate renters to buy. Other than that, just keep going. Rumors are flowing that April can be very lucrative if you focus on the right products. And remember, don't get fooled on April 1st. It's going to be interesting.http://www.mortgagenewsdaily.com/members/jefeliciano/updates/default.aspxWed, 24 Feb 2010 00:51:17 GMTjefelicianoWell, I just experienced a closing on a FHA Foreclosure. I want to give some helpful tips if you are trying to close... 1. Make sure the real estate agent is familiar with the structure that FHA has implimented to close. If not, you will be going around in circles. 2. It takes 7 working days from the time the loan is clear to close before you will be able to set up the signing date. 3. They do not take email documents and they only table fund. 4. Extending the contract due to delays are not acceptable. FHA will take their time to approve extentions. 5. Best scenerio from time that FHA accepts the offer to signing loan documents is 60 days. They appear to either have limited staff or extremely busy. FHA picks their own closing agents and they are not familiar with "favors or rushes". So if you have someone that wants to close within 30 days, don't count on it. And when you lock, don't consider 15 days. It cost too much to extend. Luckily, our borrowers were prepared for the delays and even as prepared as they were with all their documents, FHA was extremely slow. Well, the good news is another happy couple will be closing Friday. End of the month crunches can be stressful but get them close. March is just around the corner. *** This loan was closed in Texas. Other states maybe experiencing different timeframes. It's best to talk to a real estate agent specialized in closing foreclosures in your State. Good Luck. ***http://www.mortgagenewsdaily.com/members/jefeliciano/updates/default.aspxFri, 05 Feb 2010 14:05:28 GMTjefelicianoInterest Rates are going to change when Employment Numbers come out. We are not sure if it will be better or worse but I suggest to lock. Get all your lock loans closed as well because extended them may cost you. Foreclosures are up, home values in general are down and employment numbers don't look good. As I wrote before, there's no better time to buy real estate than now. There are some outstanding bargains out there waiting to be found. Have a great weekend. Looking forward to a great February.http://www.mortgagenewsdaily.com/members/jefeliciano/updates/default.aspxWed, 06 Jan 2010 23:56:12 GMTjefelicianoSo we survived 2009, just barely. Just received new postings from FNMA with program changes. Looks like they are tightening. Rumors are that lenders may raise fico score minumums for 97% to 660. Not so good news for many Firsttime Homebuyers. So get your loans submitted and locked and hopefully if program guidelines change before you close them, they will honor the approved loans in your pipe under old guidelines. Also, some lenders are requiring you to redisclose your files because of the New Year. Check with your lender's a/e or junior underwriter. This may save you a lot of grief at closing. Happy New Year. Looking forward to an awesome 2010.http://www.mortgagenewsdaily.com/members/jefeliciano/updates/default.aspxMon, 28 Dec 2009 18:00:17 GMTjefelicianoNew Year is upon Us Overall 2009 was good. More opportunities to buy real estate in 2010 is for sure. If you want to make some good money in 2011, buy real estate in 2010. Also, heard more new programs to ease up lending in 2010. Looking forward to that too. But for now, enjoy family and friends because I feel that 2010 is going to be a blast. Happy New Year my Friends... Stay safe. See you next year.http://www.mortgagenewsdaily.com/members/jefeliciano/updates/default.aspxMon, 09 Nov 2009 15:07:25 GMTjefelicianoI am asked this many times as a Underwriter by my Brokers. If a loan is denied, is it a good idea to shop it? Just be careful. When I am looking at a loan and the documents seem dated or the credit report reflects inquiries by other lenders, I'm going to be a bit more careful. Not that I'm going to deny it myself because many times I have worked for Lenders with special products. If you have a good relationship with your Underwriter,call them. Give them the scenerio and see what they say. If you can't talk directly to them, their assistant is your next choice. I try to keep an open relationship with all my Brokers. And they know, I will try to make their deals work if I can. I guess being a Broker myself at one time helps. Have a great week. Close, Close, Close.http://www.mortgagenewsdaily.com/members/jefeliciano/updates/default.aspxTue, 27 Oct 2009 17:11:36 GMTjefelicianoIt appears that applications are slowing down. Could be time of year while many are getting ready for the Holidays. If I was in Sales , I would stir up some extra emails to your pipeline to encourage closings before rates go up. For new originations, there's no better time to refinance than now and with the New Home Buying tax incentive expiring after November, need to close new sales soon. Have a great week.http://www.mortgagenewsdaily.com/members/jefeliciano/updates/default.aspxThu, 01 Oct 2009 16:21:28 GMTjefelicianoIt's that time again this year to help raise funds for a cure. Let's do our part. Have a great day.