Texas Home Loan Blog: May 2008

Once again, two ActiveRain Women spent the evening in my arms!!! And I couldn't be more proud to be associated with these two....

Lorrie Semlar, one of the most 'down to earth' Realtors that I know. <= You know what I am talking about!!! An actual 'person' behind the photo and someone who looks you in the eye like you are an equal person in her world. I am glad to know Lorrie. I am glad to call her my friend!!

Karen Otto, the Real Estate Stager to the Stars!! The best marketing partner that a person can know. Helpful, Pro-active, and a pleasure to be around. Another friend I know from my participation in the ActiveRain network. She is my Rock!! And she is my friend!! Can't wait to work with her again!!

Sooooo....

These two woooooonderful ladies coordinated the first ever North Texas ActiveRain Get-Together...

What a party!!

Held at the locally popular Blue Mesa Grill.... we mostly looked at each other and tried to remember what our blog profile pictures looked like. I for one, can attest that the two afformentioned hosts are MUCH more personable and MUCH more beautiful in person.

Then we get down to the rest of the attendees:

OK... I just dug into my pocket.... I don't have everyone's card.... so here is the short list.

Ramon Hubbell with Keller Williams. Who's quote of the night was: "What is a blog?" Obviously an invitee who is in need of a mentor.

John McConnell with JRM Photography: Who was quick with a smile and a pleasure to meet. He currently works with several professionals in North Dallas.

Ken Stampe, the Loan Officer from Noth Texas who has been there and done that.... I can only wonder where he hides those gray hairs. An actual competitor of mine.... but WORTHY of mention and a good friend.

Linda Taylor: THE Realtor for any needs in the North Dallas area, specifically Plano, TX.

Kim Wade: What a guy.... I think I know him.... I hope it isn't for all the wrong reasons...
Kim is an attorney and has a Title Attorney office in North Texas for those in need of quality closing services.

Karen O'Bryan with Ignite. Ken Stampe's friend... and now mine. A wonderful person to be around and chat with. I look forward to more time with Karen.

Then there is Steve Shatsky: The Short Sale Expert. Steve really sum'd up the night in the following video.

Ok.... I am not the master blogger.... it takes me time to put stuff together like this.... and I am ready to go to bed. I have 7yr old Coach Pitch Baseball in the morning....

Tom Burris
DallasLoanGuy.com
Dallas, TX

"Your Dallas Mortgage Consultant"

http://www.dallasloanguy.com/


Texas Home Loans

I write about Texas Home Loans , live in the Dallas, TX area and lend across the entire Great State of Texas!! Subscribe to My Blog and stay informed about current lending changes!!

While I personally focus on Texas Home Loans and First Time Home Buyers.... I do lend in other areas. We are in about 46 States and adding programs to bring full service to an area near you.

Tom,

Of course we're now on the homestretch and we still don't know if underwriting is going to tell us to kiss their behinds or not...BUT I wanted to personally thank you for your time, patience, honesty, and everything you've done for us. You represent your profession very well. As you know we were faced with dealing with some not so good brokers but you sir, have really impressed me. I will send EVERY person I know your way not because you're a "yes" man but because you are a "honest" man who will lay the facts out for your clients and work with them to the best of your abilities.

Thank you Tom. Again and again. And again.

Love,

The Doss Family

Tom Burris
DallasLoanGuy.com
Dallas, TX

"Your Dallas Mortgage Consultant"

http://www.dallasloanguy.com/


Texas Home Loans

I write about Texas Home Loans , live in the Dallas, TX area and lend across the entire Great State of Texas!! Subscribe to My Blog and stay informed about current lending changes!!

While I personally focus on Texas Home Loans and First Time Home Buyers.... I do lend in other areas. We are in about 46 States and adding programs to bring full service to an area near you.

Today I had the pleasure of sitting in on a courtesy closing at a local title company. The courtesy closer was great!!

We were closing for:
Fidelity National Title
4540 FM 1960 West
Houston, TX 77069

Upon my arrival at the closing I discovered that the Final HUD-1 approved by me, my processor and my closing department had been altered. A $120 fee for the seller had been inserted at the last minute. The final HUD had been shared with the client before closing and she had a cashier's check in hand. A happy day for my single mother and First Time Home buyer turned sour. Right in the middle of the heated discussions the client came in to sign. Thinking that we had the issue handled we allowed her to sign everything but the HUD.

After several phone calls and emails back and forth by my processor back at the office and fudelity... you will not believe this..... The title company representative asked me for my phone number. What in the world would she need my phone number for you ask? Well, so she could.... and I quote: "Call me if there are any more last minute changes". <= You would have thought that I had pulled out a pistol.... the look on the faces of the closer, buyer's agent and buyer told me that I must have turned purple with rage as I tried to control my anger and maintain my composure.

In the end.... the seller being Fannie Mae.... we were told that the loan would not fund without this fee. So the client had to bend over and take it in the shorts. <= I guess the closing gift just got a little more expensive for me. Which I am fine with that.... I am just not fine with how my client was treated.

Let me tell you, I have seen some real turds in this business... but Fidelity National Title in Houston, TX is absolutely the worst experience ever!!!!!!!

Now if you think that is bad enough.... this is the very same title company who told us for 3 WEEKS that the "survey was on the way"..... do you know how much money it costs to extend the lock on a loan for that long?

As you can guess.... we are ALL going to file complaints with everybody we can think of in this business. But I have a feeling that they will be punished plenty when I hit 'publish' on this keyboard. Because that $120 fee will cost them more in revenue down the road if I have anything to do with it......!!!

What would you do?

What should I have done?

How would you deal with a scam like this? Who would you report a scammer like this to anyway?

 In my short career at PrimeLending.... this was the toughest loan I did. And it wasn't because of the borrower..... I never would have imagined that the Title Company could wreck a deal so bad!!

Tom Burris
DallasLoanGuy.com
Dallas, TX

"Your Dallas Mortgage Consultant"

http://www.dallasloanguy.com/


Texas Home Loans

I write about Texas Home Loans , live in the Dallas, TX area and lend across the entire Great State of Texas!! Subscribe to My Blog and stay informed about current lending changes!!

While I personally focus on Texas Home Loans and First Time Home Buyers.... I do lend in other areas. We are in about 46 States and adding programs to bring full service to an area near you.

Have you heard about the 'New Subprime'? Or how about the 'Mortgage Bailout'?

Well, it is FHA all the way, baby!!! Uh, er, or is it?

Do you realize that FHA has been around since the 1930s? And that it never was subprime. Nor was it meant to be the only option. Conventional Mortgages have their place. But for high LTV Mortgage Loans, FHA has been a great way for a borrower to save money off their mortgage payment.

So what is so new about it? Well, not much realy!!

FHA is all the buzz in the mortgage industry right now. And the brokers are scrambling to get signed up. These are the same brokers who never knew FHA and never considered some clients for FHA because subprime was too easy.

You see, it is still the same old FHA minus a few minor tweaks like the Home Inspection. Did you know that FHA doesn't require the Termite Inspection?

Did you know that you DO NOT have to document a 2yr continuous employment history for borrowers re-entering the workforce in the same industry and has been on the job for 6 months? Regardless of how long the job gap.

FHA is as easy as conventional loans and if you are discounting this archaic/difficult loan then you are mistaken.  Yet, I still hear from buyer's agents who tell of the listing agent refusing FHA applicants. Those listing agents have done a disservice to their clients.

FHA has never looked so sexy!! And while I never put peanuts in my Coke(play the video), "I was Originating FHA Loans when FHA wasn't cool" 

Tom Burris
DallasLoanGuy.com
Dallas, TX

"Your Dallas Mortgage Consultant"

http://www.dallasloanguy.com/


Texas Home Loans

I write about Texas Home Loans , live in the Dallas, TX area and lend across the entire Great State of Texas!! Subscribe to My Blog and stay informed about current lending changes!!

While I personally focus on Texas Home Loans and First Time Home Buyers.... I do lend in other areas. We are in about 46 States and adding programs to bring full service to an area near you.