Matt,

I don't think you can put it any better. Yes the programs are still here, and we all got them.. our advantage is we are real, and we know our Business. The other wannabees are out because they don't know how to write a real loan. I closed a FHA yesterday, and you know how detailed that is, these guys can't do it.

Great Post!!

Tom Weiss

Tom, Congrats on your closing. Thank you for the compliment.

Matt - In my opinion, that is the freaking best speech of All Time!  Loved the movie, loved Doughlas's character. 

Jason, I love that speech as well.  Glad you liked the post

These programs are necessary if not abused...I suppose that is what happened....and the reason for the mess we are in now...along with home appreciated $10K a month..at least around here they did...what goes up must come down

good info Gordon Gecko

I like the thinning of the herd

I just wish there were more company lions preying on the loan officer gazelle that was separated from the herd of positive professionals

I'm not surprised to see those programs coming back, but I am surprised to see them come back so soon.   Personally, I think the major wave of foreclosures is yet to come.  We'll see.

Konnie, You right so many people really did not care because the property was going up like crazy.  Many people did not realize what goes up can come down.  Thank you for your comment

David, Thank you..Mr. Podgursky.. Me to

Seth, I agree we have not seen the worst of it.  The programs that came back are more make sense stuff.  If you have $$ in the bank but can't prove income.

I love to hear that there are programs available - working where 80% of the homes I sell are second homes, vacation homes and rentals - it is nice to know it will not be as scary for the borrower

Thesa, Just remember if the person can show a paper trail and has some sort of decent credit you will be fine.  Thanks for your comment

Matt- thanks for a great post - love it all! Since we work so much with buyers we need you to be able to "show us the money" - thanks - Congrats on getting featured.

I think this is great news, We need more programs to get this market turned around

You hit it right on the nose Matthew.................

Duane Hosek in the Black Hills of South Dakota

You hit the nail on the head!  Great post!  And what timing!  I received a call from a subprime lender this morning who plans to start funding again in October - they were calling all of their mortgage brokers taking a tally of mortgage brokers that remained in the business.  Oh how I wish I had asked what the stats were while I had her on the phone!  And if that wasn't enough another lender emailed me stated income jumbo loans are again available. 

Congratulations on getting this post featured! Great Job Matthew! Katerina

say, has anyone heard that they are coming out with a 2nd Wall Street, a sequal to the first, also Matt, what bank is doing the stated under 417000.?  thanks ktm

When to going get tough the weak go away and the real players come out to dance.  Nice post and I believe you hit on the real points that matter most.  If you can pay then don't be afraid to play but if you are blowing smoke the fire probably is about to go out.  I think much of the problems were created by those who are good at creating a smoke screen without them caring about who took the fall for their greed.   Times like the present clears the air and exposes those of little substance, soon the air will be clear and the rest of us can go about our business of helping honest people make honest purchases.  Thanks for sharing your wisdom.

Great...glad that someone is thinking! Now, let's get back to business

Excellent post Matt!  How nice of Michael Douglas to help you spell it out for us! 

Moderator, Thank you for the Feature 

Cyndee, Thank you. Information is always a good thing

Brett, I agree somehow this news (good news) will never make the news media.

Duane, Thank you. 

Pattie, I think we got the same e-mail..:-)  I am sure you will get more and more info of the programs that are back. Thanks for your comment

Katerina, Thank you, I turned the computer off last night and wow.. what a way to wake up..:-)

KTM, I know several it just depends on LTV, Self-Employed, W-2. I know 580 FICO Self (620 w-2) for sub-prime. If you want more just e-mail me and I will let you know more.

Darrel, It was my pleasure. I glad to see us getting back to business

Gena, I agree lets get back to work..:-)

Susie, Thank you.  I really like that speech.. Greed is Good..:-)

Matthew, wow..........good programs will and are rising again. Bad lenders are going away and it is up to us the Realtors to point out to our clients who we can trust and you to Stay Away From. Let's just hope we ( the gov't ) doesn't bail them out. I didn't see the movie, but what a clip.

Matt,

There should not be any risks with the list you provide...it is that simple...those are just good qualifications for a good old fashion loan. I think those creative ones are what killed the market...it isn't that it wasn't a good idea...it is just that they got spoiled and took advantage of it.

Great, concise overview of the mortgage market!  Despite what our clients read, it is not all doom and gloom!

Thanks so much for sharing this positive outlook on the mortgage market Matt.  I work with a lot of home buyers and investors who are self employed, many of them looking for stated jumbos.  It's good to know that there are still mortgage programs available to them.

Matt as usual a great post. Thanks for keeping us informed. My last three buyers where FHA which is hard to accommodate a person moving from a rental due to changes in the closing date.

I agree that these programs are necessary IF NOT abused and it may be harder for some to get a mortgage, but in the long run if someone cannot afford the payment they don't have any business taking out a loan that large.

Matt,

Excellent information, its professionals like you that bring life into the market, consumers are in good hands!

Missy, I agree  many of the bad lenders are gone.  I am not sure if a bail is a good thing or a bad thing.  We will just have to wait and see.

Neal, I agree some people took advantage of the system.  Everything is risk base.  I just think a good step in the right direction is to make sure the people if opting for a ARM can qualify at the adjusted rate.  No at the lower teaser rate.

Diane,  You are so right it is not all doom and gloom like Mr. Cramer would like us to believe

Bonny, It was my pleasure.  Right now these programs are just coming back online.  But they are revamped don't look for a extremely High LTV Stated on a Jumbo just yet

Keith and Robin, My pleasure.  I know everyone keeps saying FHA and yes it is a good program but we are now starting to have our options back.  Especially since Fannie and Freddie have really helped out.

Phyllis, Boy did you say it "if someone cannot afford the payment they don't have any business taking out a loan that large."  Your statement could not be more true than than. Thank you for your comment

Suzzane,Thank you I would never hurt anyone by placing them in a high risk mortgage unless they where fully aware and understood how the mortgage works.

Thanks for the post. FHA limits are a little to low for the market that I serve. But you are right. Jumbo rates are better , 100% is still alive and well and sub prime is still kicking.

I think that this is a good thing.  Back in July when were all lamenting about how everything was crashing it seemed like business would stop.  We knew in our hearts that the market would come back.  This is the beginning of the healing and correcting of the markets.

What's interesting though is that as many of these programs re-birth, other lenders are dying.  I received an email last night about SCME pulling itself from the wholesale side of the business. 

This is a fun time to be in this business, isn't it?

Thanks for posting. One of the good things is that some of the people who never should have been in the business are going away.

Matthew--- I can honestly say I have been busier than at anytime since 2004 here in Vegas. 

How can this be? 

1)  I think people turn to experience when there is uncertainty.  

2) Most of the other lenders in my city have gone back to their casino jobs.

Great post!!  And one of the best movie scenes of all time!

Christopher, I agree.. Thank you for your comment

Kate, I am having a blast right now watching all the bad ones pack up.:-)

Bob & Carolin, I agree so many of the people who just want to make a fast buck have left.

Aaron, I would like a casino job myself... Ok.. maybe not.. I do enjoy Vegas though. Thank you for your comment

Absolutely fabulous post.  Very nicely done! Kudo's to you ...think positive...there is no other option!

Karen Monsour, Realtor, Fort Lauderdale, Fl 954-464-4194

Karen, Thank you.  I always try to be positive. 

Matt,

I had a client a few years ago who took that teaser rate at 3.5% I think but was to shoot up to 13%. I explained this to them but they didn't seem to want to listen to their Realtor(R). When we hit the closing table the relative who talked them into it...didn't say much after they called up the mortgage broker and questioned it. They apparently didn't read or listen.

Neal, Did they close?  How long was the teaser rate good for?  Programs are not good or bad as long as your client knew what they where getting themselves into.

Ok guys -  I just had a brainstorm -

There will be a new movie coming out soon on loan originators and the mortgage industry in general - kind of like a Jerry Seinfeld episode where there is no real plot, just a typical day in the business    and get this -    all of us Rainers will be the stars.................    who is in on it????? 

Lewis, Sounds like a great idea.  I want to play kramer. :-)

Mortgage brokers have always made me watch my back and the back of my client.  I haven't met one that wasn't obviously on the prowl for someone's wallet.  If one exisists let me know.

Gayle, My suggestion to you is before commenting on someones post you read A. the Post complete and B. Find out about the person before insulting them.

Of course your comment could be said about Real Estate Brokers.

Gayle,

Not only was that just close minded... but unethical.  You took an oath - you signed your Realtor Code of Ethics and Conduct. 

You have NO business slamming an entire peripheral industry and all its practitioners like that...

I don't know who you do business with if not mortgage brokers... banks maybe?

Consider how well your clients are represented when they have an unlicensed bank employee doing their loan...especially the retirees... bank employees are only loyal to their banks and the banks are only loyal to their shareholders.

We might as well buy from a listing agent and get no representation...

Your comment was wholly unprofessional.

David, I agree 1000%.  I have said many times before every industry has good and bad.  Yes even Real Estate Brokers can be bad.. but oops I never said that..:-)

I work for a bank that also can broker. It is the best of both worlds.

Keith, That is a good way..:-)

Matt,

One of the biggest problems is that very few people have 20% down.  As I email you the other day with one of my customers...Good credit. Not enough history...No debt...has a full paycheck to spend and cannot get a loan...so far...Went through two mortgage brokers now she's at BOA...

Karen, I hope it works out with your client. I have programs that do require little money to no money down. However, as my email stated I really would have to see the entire credit report and application before making a judgement call.  If it does not work out please feel free to call me..:-)