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
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.
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.
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'.
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!
I went to see one of my favorite opera performers last Sunday at the Dorothy Chandler Pavilion in Los Angeles.
Bryn Terfel is an extroardinary bass-baritone from Wales. He made his LA Opera debut with a 2004 recital & returned to Los Angeles in 2005 in the title role of FALSTAFF. He has an impressive and commanding presence, not only in his voice and stature but in his ability to overwhelm the audience with his wholesome and genuine character which resonates throughout his masterful delivery.
The latest recital was fun! I've attended all 3 of his performances here in Los Angeles!
The last song performed was "My Living Has Not Been In Vain!". This song may contribute to a sense of regret, for not taking actions in our personal lives when the opportunity presented itself. Also there may have been circumstances which did not allow you to become the person you've always dreamed to be. While dwelling in this long road of regrets is truly painful, there needs to be an accomodation or willing to move forward in a new direction with a renewed sense of hope and optimism for the future. The 'mortgage mess' comes to mind as a stinging reminder that many Americans have lost their homes due to delitirious and disturbing factors.
If you are struggling to make ends meet or if you are in foreclosure, there is no need to believe the monies you saved to purchase your home and the sacrifice in obtaining the funds to do so, was 'in vain'. Our lives are truly our own and such events reenforces or reminds us of our past experiences. Our past ultimately contributes to additional knowledge and eventually directs our determination for understanding, which manifests itself in the procurement of wisdom.
We are now able to comprehend there are situations which we will NEVER be involved in, ever again.
Please read below remarks which contribute to this dialogue by the Pontiff.
POPE BENEDICT
We are thrilled at the response we've had for our last TEAMBLOG highlighting the trip to the US by Pope Benedict.
We had more 'hits' in 1 day than in any other BLOG we've ever written! The Pope's trip was a meaningful one as he was able to open up our hearts and begin to fulfill a new direction for our lives and our nation with a sense of hope for the future in all endeavours. The crowds were enthusiastic, genuine and moving during his presence.
In his prayer at Ground Zero last Sunday, Pope Benedict requested God's guidance 'to give eternal light and peace to all who died here'. Furthermore, to 'grant that those whose lives were spared may live, so that the lives lost may not have been in vain."
Below is a photo of the Pontiff at Ground Zero last Sunday.
Benedict will be missed!
Please check our TEAMBLOG for our newest promotion for the month of May on any new Purchase or Refinance loan originations!
Happy 81st Birthday Pope Benedict XVI!!!
I do my best to be an impartial observer of mortgage industry matters. To this end, I rarely if ever mention religion or politics in my discussions on our TEAMBLOG. However, I am compelled to devote my thoughts to a special visitor - Pope Benedict XVI. His arrival in America has created a groundswell of hope in the human spirit. He has electrified the population for his articulate and uplifting words of compassion and promise. He has also resurrected the ideals of the Founding Fathers by reminding us of the important responsibilities that freedom embodies in our daily lives. Freedom is the main ingredient that catapults our thoughts to a philosophy of caring for others and easing the burdens of despair many Americans experience today. In his opening remarks at the White House on Wednesday, he mentioned 'freedom is not only a gift, but also a summons to personal responsibility'. The Pontiff also mentioned 'the preservation of freedom calls for the cultivation of virtue, self-discipline, sacrifice for the common good and a sense of responsibility towards the less fortunate.'
If we are to be brutally honest about the condition of America at this time, many of our leaders and those we are in contact with in our daily lives, harbor 'unrecognizable temperaments' which have created a maelstrom of irresponsibility, distrust, vengeance and hostility. These current traits have permeated the soul of this great nation by gradually usurping the goodwill and sacrifices of previous generations and employing 'philosophies of disturbance' where its main goal is to repudiate all of America's foundations.
The pain associated with the current mortgage mess, created by a vapid desire of greed among other factors and the disintegration of our culture, where immorality is perceived as a triumph of the human condition - these are just a few of the numerous signs of decline in our Republic. Anyone who has been alive for the past 50 years, knows the fundamentals of American society are diminishing.
While these observations are depressing, America's special visitor from Rome has provided energy and vision for us all. He has reminded us of the great and sustaining ideals America has been known for.
Saturday will be the 3rd Anniversary of Benedict's elevation as Pope. Since becoming Pontiff, he has impressed many by his intelligent and thought provoking dialogues. Benedict's thoughts are respected and eagerly awaited due to his INTEGRITY. Unfortunately, in America today, a leader of such magnitude and conviction is nowhere to be found. With this in mind, let's hope for the best.
I attended a seminar a few weeks ago which focused on the effects the human mind has in all of our thoughts, which eventually determines our daily actions. This was a mortgage seminar that had numerous suggestions for uplifting one's desire to strive for success. By outlining clear goals, you can attain success by eliminating the downtrodden preconceived notions of failure and low self-esteem many of us have dealt with since childhood.
Well, I was mildly surprised to hear this at a mortgage seminar, nonetheless, many of the suggestions the speaker noted were truly worthwhile for the situation Americans face today. Depression, agony and anxiousness has settled in the hearts of this nation as the mortgage meltdown continues its destructive effects on all of us.The current circumstances are slowly and effectively nurturing a loss of hope for the future and elevating thoughts of melancholy throughout the population.
Just today, the University Of Michigan in its monthly Consumer Confidence Survey mentioned its findings by stating our attitudes for the future are at a 26 year low.
Economically, the pain of foreclosure, the falling dollar, the higher costs of commodities, job losses and the peripatetic status of the stock market notwithstanding, has created a cauldron of despondency which has historical similarities to other past eras.
Any student of history knows full well this time will surely pass. These economic patterns are cyclical and there will be a time these current events, will be a distant memory. In order for us to start picking up the pieces we must reenforce our ability to overcome these circumstances. By strengthening our resolve to end this quagmire, we must have the desire to overcome, to become an optimist, to build confidence, to focus on solving the problem before us, invigorate one's faith, visualize the victory, end the procrastination and envelop your life with purpose.
This is truly a prescription of patience and perseverance. It will take time for the economy to turn around but most importantly you must create a blueprint of unlimited belief that it will!
Be prepared by sitting down and reviewing all of your accounts. Eliminate as much debt as you can. Refinance your home to a lower FIXED rate. Purchase a home you can honestly afford. Keep 3 to 6 months mortgage payment reserves in your savings & always appreciate the value of your decisions as this will affect the status of your economic life today and in the future.
Please call our office at 323-936-3232 if we can help you achieve your financial goals.
Remember Van Cliburn, the pianist? Well, it was 50 years ago today that a 23 year old delighted the Russians by his superb mastery of the piano by winning the First International Tchaikovsky Piano Competition in Moscow. During that time, the height of the Cold War, the Russians nurtured their belief of cultural superiority and technological prowess in its launch of Sputnik the previous year. As an American, the winning of the competition in such an environment was an amazing feat!
After all the turmoil in our enconomy today, I'm glad to say there will be a time once again in this country where success in a competition or in other avenues, will begin the process of resurrection we so desperately need.
We've noticed a sizeable increase in 'hits' on our website recently. We hope you are enjoying the features we are providing to help you in your ability to make a wise financial decision. We're also heartened to see a dramatic rise in readership on our TEAMBLOG! We're thrilled!
IN OTHER NEWS: We are now offering loans at the increased levels of $729,750 for a Single Family Residence. Please review our rate sheet on Monday, April 7th under the heading 'Jumbo Conforming' for our current rates.
We are in a RECESSION. Unemployment figures released today show a loss of 80,000 jobs in March and a jump in the Unemployment Rate to 5.10%. These statistics do not bode well for the future of the US Economy.These events however, tend to lower mortgage rates. For those in need of a refinance or puchase money loan, this is an opportune time to apply.
During the past week we've noticed the effects of lower mortgage rates and the 'credit crunch'. MoneyTeam has received many refinance applications due to lower mortgage rates. However, lenders have tightened their underwriting guidelines in such a manner, which, in some application requests, inhibits the ability of a homeowner in securing a loan approval that has merit. Nonetheless, our goal is to help you in securing a loan that meets your needs.
There are several basic bits of information you should know on most loan requests.
GENERALLY, have 3 to 6 months of mortgage payments in reserves on any refinance or purchase loan request.
APPRAISALS are being reviewed diligently by all lenders due to dropping values. In 'declining markets', appraised values are automatically being decreased by 5%. These markets include real estate in Los Angeles County and other areas where foreclosures have devalued neighborhoods. Be prepared in knowing your property might be included in such an evaluation.
STATED INCOME - STATED ASSET (SISA) loan programs are being eliminated by many lenders. These loans are available, but sparingly. This type of loan program is mainly used by many self-employed borrowers.
While the Stock Market has had 'corrections' on differing levels throughout its history, the mortgage market is experiencing similar attempts and challenges. Once all the players involved in the US Economy begin to develop a modicum of trust again, the results of such efforts will restore balance in the mortgage industry. Let's hope for the best.
Please contact our office at 323-936-3232 if you have any questions or concerns.
Let us help you on your Refinance or Purchase Loan request.
Last week's TEAMBLOG was a bit depressing. I mentioned the state of the US economy resembled the beginning stages of activity similar to the 1929 Crash and the Great Depression. Well, I must have been thoroughly depressed when I wrote my thoughts that day. I consider myself the eternal optimist but I was probably down in the dumps. All told, I was disturbed by the numerous foreclosures and the credit crisis which still has claimed countless of Americans in a struggle which seems unabated. I have several friends suffering this calamity and I'm truly distraught about the pain they must be suffering.
I also was reminded of the difficult task many mortgage brokers now have in submitting loans to lenders and investors during this 'credit crunch' meltdown. Loans which were approved just a few months ago are now scrutinized with a fine tooth comb. I had a file the other day that had over 32 loan conditions! Truly disturbing!This example has exacerbated the problem of TRUST in the marketplace to the detriment of everyone struggling to refinance or purchase a home.
Well, I sometimes become nostalgic of the easy days of loan originations where a wink, a nod or a handshake sealed the deal and secured the approval! Not anymore! Nowadays it seems as though you have to show a birth certificate, provide a High School Diploma, show evidence of one's bloodtype and recite 12 Hail Marys before you are approved for a loan! I neglected to mention you have to do 30 Jumping Jacks too!
Well, many lenders and investors that our company has known through the years are no longer around. I would say at least 2/3rds of our lending contacts are gone -but not forgotten. The consolidation of mortgage companies in this fashion will continue, sad to say. Nonetheless, in any business industry there will be innovators and new blood taking up the slack. I've heard it said, as the 'survival of the fittest'.
To that end, we are deeply humbled to be alive and still in operation for the past 18 years. The ups and downs we all face in our personal lives are reflected in the decisions we make by the paths we take.
No, no regrets, is advice we must embrace.
Please call our office at 323-936-3232 for any questions you might have in regards to your financial situation.
Let us help you & your family during these trying times.
The chronic disturbing events that have transpired this month in the US Economy, has created a sense of bewilderment and agony reminiscent of a time not felt by many. The time in question, is also known as The Great Depression.
As an avid student of American history during my University years in the 1970's, the events we are involved in today are similar to the textbook beginnings of turmoil which destroyed the financial institutions in this country.
The lack of faith and trust in the ability of the US Government to restore financial health has deepened the pain and suffering many Americans are currently experiencing.
The facts are numerous. With record foreclosures, increasing unemployment, rising inflation, a devalued US Dollar, a volatile stock market, the loss of equity and depressed values in real estate, a credit crunch where monies are unavailable for loans or investments and the lowering of confidence levels throughout the American population - these are the events and factors promulgating a theme of hopelessness. Add into the mix the Iraq war, the horror of terrorism, the plight of our cities, gang violence, illegal immigration concerns, gas at $4 a gallon and a General Election to boot, you have a cauldron of issues which will manifest itself in a denoument similar to the Crash of '29.
While our financial investments are less in value than, let's say, 1 year ago, we must approach our economic problems with maturity. Spend less, save more, walk more, ride a bus, use mass transit, lower your thermostat, postpone major purchases, cook at home more, refinance your home to a lower fixed rate, be frugal and be prudent in your spending choices. This recipe will lower inflation in the long run, but most importantly, say a Prayer To The Man Upstairs.
Please call our office at 323-936-3232 when you are ready to REFINANCE or PURCHASE.
Americans need cheering up!
The gloom and doom of our economy has made all of us sit up and notice! I know that I'll be drinking Green Beer with my good friends on St. Patricks' Day in a few weeks!
While the US economy has seen its better days, NOW is the time to evaluate your financial condition. Mortgage rates have been on a roller coaster as of late. The scourge of inflation with the decline of economic activity has elevated the probability of STAGFLATION!
The litany of bad news continues unabated.
1. Record foreclosures throughout the country.
2. Plummeting property values.
3. 'Credit Crunch' woes where mortgage money is hard to come by and where new, stringent underwriting guidelines are preventing established borrowers from refinancing an existing mortgage or purchasing a new home.
4. The chronic instability of the Stock Market with losses over 300 points in 1 day.
5. Mortgage Rate fluctuations due to the instability of the Bond Market.
6. The rise in unemployment throughout the country.
7. The value of the Dollar against the Euro has depreciated to its lowest level ever!
8. The rise in inflation this year has created havoc in the financial markets. $100 a barrel for oil, the higher cost of foodstuffs and other items has lowered consumer confidence.
There are additional shortcomings to our economy, however there's no need to pile on when all of these problems will eventually work itself out.
Please check our previous blogs where we discuss the 'silver lining' for JUMBO mortgage holders. We hope the new rise in Conforming Loan Limits to $729,750 will help to lower one's monthly mortgage payment.
Please check our "Luck Of The Irish Fee Sale". If you apply ONLINE, you can save at least $750 or more in loan fees. This 'Sale' ends on the 18th of March.
Please call our office for more details at 323-936-3232.
As a Cuban-American I am overjoyed at the resignation of Cuban President Fidel Castro and saddened of the continued loss of human values by the elevation of his brother, Raul Castro as the country's new President. Truly, many Cubans today continue to suffer at the hands of this repugnant regime which has killed numerous families and has destroyed the sense of hope and freedom we all hold dear.
Communism is a disturbing an immoral concept of political ideology that devalues the human condition. I pray for the day when true freedom conquers the hearts and minds of all Cubans.
###
I also must mention the passing of William F. Buckley. This man elevated the tenets of political discussion to a dimension unbeknownst by our current mediocre batch of politicians in either Party.
While his Conservative perspectives were anathema to those with differing views, his ability to employ esoteric verbiage in debates of political ideology is an illustration of poetic exercise in perfection.
If you consider yourself a Republican, Democrat, Independent or Libertarian, the thoughts and the ideas espoused by Mr. Buckley are alive today. His mind and intellect will be missed.
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