TEAMBLOG

Dear Friends,

I'm truly excited today as we were able to fund a loan that had numerous delays, abrupt guideline changes and additional down payment requirements. With the help of the borrower, the escrow company and both Realtors in this purchase transaction, we were able to resolve the issues and finally close the loan.

In today's mortgage marketplace where every document and information provided is overly scrutinized, this loan presented a victory of sorts. We were able to overcome the obstacles and challenges from the lender. This is just one example of an exercise in TEAMWORK in which we were able to achieve the desired result.  

In my last posting I mentioned the disharmony created by a listing agent in another purchase transaction. It is now my understanding this agent has finally acquiesced to the realities we all now face. This loan has been re-approved with another investor and will fund next week. It's all about TEAMWORK!

Our company was founded in 1989. We decided to name our company MONEYTEAM as we believe that all parties to a mortgage transaction are required to work in unison in order to achieve a smooth and orderly closing. That's been our goal since we've opened our doors.

I also received a call today from the Better Business Bureau of Southern California. We've been a member for many years and the agent mentioned that we've never had a derogatory complaint filed against the company. Such a conversation reaffirms our genuine efforts in pursuing competency and professionalism in the work we do.

$$$ $$$ $$$

Please check our JUNE MORTGAGE SALE. Most borrowers can save at least $815 on mortgage fees. Please call our office for more details at 323-936-3232.

$$$ $$$ $$$

We've notice mortgage rates are starting to go up again. We urge you to have your application in our office in order for us to LOCK your rate.

IN OTHER NEWS:

We mourn the passing of 2 talented men in the entertainment field that have inspired us by their works.

Comedian HARVEY KORMAN, a regular cast member on the Carol Burnett Show. This man kept me laughing to no end! His antics with sidekick Tim Conway were delirious! The entire cast kept me in stitches! Gosh, Harvey was so funny!

Composer EARLE HAGEN. He was known for whistling the theme to The Andy Griffith Show. This program is truly one of my favorites from childhood. The theme music played at the opening & ending credits of the show is a true classic!

Both of these wonderful souls will be remembered for giving us needed comfort from our hectic daily lives. They'll be missed! 

Thanks Again

Dear Friends,

As I've mentioned on several occasions, with hard work, patience and perserverance, all APPROVALS do come to pass! The powers that be are finally coming to the realization that arcane and prohibitive underwriting guidelines create more problems for everyone.

We were pleasantly surprised to hear that FNMA has streamlined their guidelines making it possible for buyers to come up with a down payment of only 3% of the purchase price. This change begins on June 1st. Due to the overwhelming efforts of real estate concerns, consumer advocates and lawmakers, a dose of reality was beneficial for this change to occur.

THE REAL DEAL

The real estate market is in a downward spiral. There are numerous neighborhoods in this country where property values have decreased dramatically, forcing homeowners to either walk away from their investment when mortgage balances are higher than what the house is worth. Other circumstances which create a nightmare scenario is when:

1. A Homeowner is unable to refinance a loan due to CREDIT problems.

2. When the property no longer has any EQUITY.

3. When the homeowner is requesting a STATED income loan.

4. If the homeowner is SELF-EMPLOYED and their taxes do not show enough income to qualify.

5. If the homeowner is RETIRED and does not qualify for either a STATED income or conventional financing due to income shortfalls.

6. Where FICO scores less than 620 creates the inability to refinance at a better rate.

7. Stricter guidelines for SELF-EMPLOYED borrowers where business licenses must be in effect for a 2 year period. If not, there's a denial even though the business may not require it.

8. Delays in PURCHASE transactions. We've noticed several where 'short sales' are involved.

These are just a few of the scenarios homeowners or potential buyers face in this topsy-turvy world of mortgages. The immediate future is considered to be bleak but there's always hope on the horizon.

THE UNHAPPY LISTING AGENT

We are currently processing a purchase transaction for a SFR located in Los Angeles. Unfortunately, due to the 'mortgage madness' taking effect in the industry as of late, we were able to secure an APPROVAL for this purchase but a sudden change in underwriting guidelines deemed the loan to be a risk to the lender, thereby creating doubt and a subsequent DENIAL was the end result. We were then able to resubmit this loan to another investor and this loan was APPROVED once again!

This situation is a daily occurrence that many mortgage brokers face. Unfortunately, there are persons involved in such transactions that have taken intransigent positions that harm everyone in the process. The listing agent in the purchase transaction just mentioned, has harassed everyone by initiating chronic calls or emails to either the mortgage broker, selling agents and even the buyer with demands of $300 a day per diem penalties due to such a delay. This agents' threats of cancelling escrow almost daily and employing a destructive, sour attitude in general, has created an atmosphere of anxiousness and hostility where none is needed. This is just one example of a real estate professional unable to comprehend the effects of the current marketplace.

Patience and civility are traits of character this person evidently lacks. This situation truly brings out the worst in some people. We hold no grudges. 

IN OTHER NEWS:

Our TEAMTICKET sale continues until May 31st for all new loan originations. See our previous TEAMBLOGS for more information.

Our office will be closed on Monday, May 26th for the Memorial Day Holiday. We thank those that have sacrificed their lives for our FREEDOM! Remember our troops in your prayers for the valiant efforts in promoting and fighting for the ideals we hold so dear. It's time to give them the respect and recognition they so truly deserve.

Thanks Again

Dear Friends,

Last week in our TEAMBLOG I mentioned the slight improvement in the manner in which loan applications were being reviewed by underwriters. Unfortunately, the roller coaster effect of such observations became evident this past week. It seems as though all of the loans in our pipeline were systematically given additional hurdles to overcome in securing an approval. Harsher loan conditions, changing of guidelines without notice, unreasonable delays and incoherent explanations from the various lending sources for its implementations, are the new realities of 'mortgage madness'. All of these occurrences are the result of the frailties created by the sub prime mortgage mess.

Due to the delays and additional hurdles one has to meet before funding, the anxious and uneasiness of the situation is taking its toll on the nerves of every player in a transaction. From the listing agent, the mortgage broker, the processor, the escrow or title officer, the underwriter and most importantly, the borrower, the effects are creating tensions amongst several of these players. This anxious cycle continues when escrow closings are delayed.

Just this past week I received emails from a listing agent in a purchase transaction challenging the integrity of our company and the loan approval itself, due to a delay in obtaining loan documents. This loan was eventually denied as the lender changed its guidelines at the last minute! 

Unfortunately, MoneyTeam has become an unwilling participant in such calamities. Much of the frustration revolves around money. We all know the consequences of not having funds to pay for groceries, gas, auto or monies for a house payment. Nonetheless, I'm confident with hard work, perseverance and patience, all of the loans in our pipeline will find a home.

A delay of sorts is understandable in this financial climate. This situation will change for the better once the markets begin to trust in its institutions and its citizens once again. We need to respect others in our professional circle and forgive the actions of those suffering from the frustration we all feel. Alleviating tension and reducing conflict is the only way we can move forward during these trying times.

IN OTHER NEWS:

On Wednesday, May 14th, Golden Bear Escrow in Los Angeles celebrated its 51st Anniversary! My good friend, owner Gwen Rutkowski has been a tremendous asset in many of the escrows we've opened with her throughout the years! I've known Gwen for over 20 years and she's been an inspiration through the best & worst of times! I am happy to refer most of our refinance referrals to Gwen. She's the tops!

Thanks Again

Dear Friends,

With all the havoc in the mortgage industry as of late, there is always a glimmer of hope in every circumstance.

We've noticed a slight improvement in the manner in which lenders are underwriting files. We speak from experience, as our pipeline of mortgage applications is slowly being reviewed by our lenders with an ultimate goal of securing bonafide APPROVALS that make sense. We hope the roller coaster ride of Draconian and voluminous loan conditions will ultimately come to an end. That's our hope for the future but for the here & now we need to be realistic. With all of the underwriting changes initiated by investors and banks almost daily, the topsy turvy atmosphere will end once there is confidence and trust in our financial markets again.

We can give horrific stories of loan applications during the past several weeks which were delayed due to extremely harsh underwriting conditions that were conceived to extract emotional harm to all parties in the transaction!

As you've probably noticed through my thoughts displayed in previous TEAMBLOGS, I've been around the block too many times for such an occurence to have an effect on my natural optimistic disposition!

Nevertheless, while this new conflagration is a testimony of the state of the mortgage industry at this time, our office continues processing loans in a manner in which anyone reviewing its contents would indeed agree of its merits for APPROVAL.

Please let us help you in your Refinance or Purchase loan requests.

Our office number is 323-936-3232.

Our hours are 9:30 AM to 5:00 PM Monday through Thursday. We close at 4:00 PM on Fridays.

IN OTHER NEWS:

TEAMTICKET

On all new loan submissions for the month of May, MoneyTeam will provide 2 tickets to either the LA OPERA, HOLLYWOOD BOWL or the PASADENA THEATRE. The tickets are worth up to $150.00. The tickets will be awarded at the close of escrow.

MOTHER'S DAY

MoneyTeam wishes all Mothers a wonderful day with their sons, daughters and grandchildren! Truly, this is a joyous day to remember our Mothers that are still with us and Mothers that are now in Heaven.

On a personal note, I think of 'Mima' every day and will do so lovingly for the rest of my life. Thoughts of her truly give me Peace & Comfort. 

Thanks Again

Dear Friends,

On Wednesday after a long day at work, I turned on the television and by happenstance one of my favorite shows was on - The Andy Griffith Show.

Well, I was once again transported to a time and place where warmth, decency, strength of character, integrity and wholesomeness are reflected in the characters and the storylines of this splendid series. Living in such a large metropolis as Los Angeles where daily volatile business transactions are becoming a norm, a welcomed rest from such turbulance was truly a Godsend.

In this episode, "A Man In A Hurry", we meet Mr. Tucker, a big time executive passing through Mayberry when he experiences car trouble. It's a Sunday and most residents are enjoying a peaceful day relaxing. Unfortunately, Mr. Tucker has an important meeting the following day and insists on having his car fixed immediately. Wally, the gas station owner won't help Mr. Tucker as it's his day off and Gomer is not much help either. He then tries to steal Gomer's truck and Sheriff Andy apprehends him and decides that it would be best for Mr. Tucker to stay for dinner.

During this time, our visitor paces back and forth, smokes his cigar incessantly, refuses to have a bite of Aunt Bea's homemade chicken and just becomes a total nuisance to himself. While all of this venting continues, Andy, Barney, Aunt Bea and Opie help prod Mr. Tucker to relax and enjoy the day by giving of themselves.

After dinner on the porch Andy and Barney begin to sing a song of the ages, "The Church In The Wildwood". A most beautiful melody with inspiring phrases of nostalgia and simple reflections, our visitor gradually becomes trasformed by softly singing along. Throughout his stay in Mayberry, our visitor has finally begun the process of reflection. This mindset did not last long as Gomer mentions that Goober is back from a fishing trip and will fix his car momentarily. When Gomer drives the car to the house, Mr. Tucker is eager to leave at first, but decides to stay the night due to the overwhelming goodness, sincerity and generosity of the persons he's met.

                       PATIENCE

Mr. Tucker's actions are similar in several respects to the burdens executives in positions of overwhelming responsibility have in their daily lives. Neglecting family, friends and simple pleasures for the roller coaster of financial markets, devalues one's ability to enjoy life.

In spirit, there are virtues which need to be reenforced. Having patience, respect for others and dwelling in optimism are just few of the reflections of substance which are required to overcome the divisions and acrimony that are common place in US society today.

Among other issues, the financial disturbance catapulted by the 'mortgage meltdown', has created nightmares of anxiety, depression and despair. Many in America are disalusioned by the chronic reality of this situation and are eager to have it all go away. Unfortunately, the collective decisions made by others and ourselves in the past has created current conflicts with or without our understanding or knowledge.

During this time of financial insecurity, we need to become an active participant by directing and maintaining thoughts of hope for a better future and to seek the guidance that patience ultimately affords us. We need to believe it will all work out.

At the very end of his stay in Mayberry, Mr. Tucker finally realizes there are simple events in one's life that add value, sustenance and tender memories.

Now, more than ever, it's time to stop and smell the roses!

P.S. Visit 'The Church In The Wildwood'  www.littlebrownchurch.org. Also visit the episode just discussed, www.smickandsmodoo.com and click on the 'church' tab and scroll down to the 3rd topic, 'The Church In The Wildwood'.

IN OTHER NEWS:

TEAMTICKETS  

MoneyTeam will offer 2 tickets to either the LA OPERA, PASADENA THEATRE or the HOLLYWOOD BOWL for any new loan origination through the month of May. The tickets are valued at up to $150.00! Apply today! Enjoy!

Thanks Again