Paul McFadden Mortgage Loan Officer Bellevue Washington Home Loans

Good morning! I hope you're well! It occured to me that I hadn't written a blog in a while.

I'm still Active here. Perhaps I couldn't think of anything intelligent to write about! That being said here are my thoughts for 2012.

I think things are slowly improving. Yesterday I was at a clock hour class for real estate agents about becoming an REO broker. The 12 agents there were learning about the ins and outs of REO's. A couple had a good game plan to go after the REO market and I think they'll be successful if they stick with it.

I also have had some good contacts with builders recently. Here at The Legacy Group we work with quite a few builders. This is primarily because their banks don't want to any more. The Seattle area was never hit as hard as other parts of the country but we weren't immune. REO's, short sales and foreclosures still make up 40-50% of the market here depending on the area. What this says is there is opportunity. The builders and real estate agents who realize this are starting to do well.

Will it be an easy year? The answer is things are still challenging. Loan originations are projected to be below the $1.2 trillion of last year due to refinancing running its course. But, again, there are plenty of people doing well in a tough market.

There you have it! Hopefully I can be a little more regular on the blog front this year. Have a great day!

Hi all: On the eve of Thanksgiving I wish that all of you have a warm, safe and loving place to go tomorrow and for the Holidays! I was reminded today about how goodness is all around us. We just need to notice!

What prompted this thought? I was driving by the Safeway today and saw that a group of attendants were offering gas for single moms. How cool is that? This was followed up by a Facebook post by a friend of mine where she invited all displaced or single people who don't have a place to go tomorrow to her place for a cup of eggnog and good cheer.

I don't know about you but it continues to amaze me how many good people are doing great and selfless things in the community. And it's year round. They're ever mindful of helping those who are less fortunate. Myself? I've got my list for this time of year as well.

What are your intentions? And if you're one of the unfortunate ones, please allow a helping hand this time of year. Thanks for reading and continue reaching for the stars and offering a helping hand!

Good morning all! Happy Tuesday!

I saw that the government is planning on rolling out a new idea. It will be a refinance program for anyone who had a loan owned by Fannie Mae and Freddy Mac prior to 2009 regardless of loan-to-value. The stipulation is you must be current on your mortgage payments along with the rest of the necessary requirements such as credit and income.

First of all, I applaud them for continuing to try and find fixes for our economy and specifically the housing market. Most of the past programs (HAMP. HARP, etc.) have been marginally effective. That's why I'm not so sure the latest HARP will be so simple!

The bottom line is this. You can be way upside down on your loan but it might not be owned by either Fannie Mae or Freddy Mac. In fact, a lot of loans originated back in the day (from 2003-2007) weren't owned by Fannie Mae or Freddy Mac. In other words, the new HARP won't help.

The second variable will be if the different lenders will actually allow refinances regardless of loan-to-value. Yes, there have been plenty of loans done above 100% loan-to-value through programs such as Fannie Mae DU Refi. Plus. And this could be a boon for all of us loan officers as it adds another quiver to our basket. But, again, a new HARP program, although in theory a great idea, isn't that simple!

What will win out in the end? Time. It takes time to work through the ups and downs that were created the past several years. Eventually we'll see a healthy and normal market again. But until that time, don't expect miracles. Thanks for reading! If you have further questions or thoughts feel free to

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Good morning all! I hope you're well.

I was thinking this morning about why I'm not locking your loan in, especially with rates at all-time lows.

Here's a list of things I like to see before proceeding. Otherwise, it's wishful thinking.

1) I like to see if there is value. Most of the time, we want to see value at greater than 80% (loan-to-value of 80% or less) for a refinance or 96.5% (loan-to-value at 96.5% or less) on a purchase unless you live in a rural area, are a veteran or can use some special financing through a state bond program, for example. On purchases you will need to show you have the necessary funds to close. See #2.

2) I like to see documentation. If you're working for someone else, W-2's and bank and brokerage statements will be asked for. I have to see if I can get you approved based on what you'd like to do. If you're self-employed, expect to provide at least one year of tax returns. Your Schedule E income is critical here in most cases. If you write off a whole bunch of stuff, that may mean you won't have enough income to qualify.

3) I like to see your mortgage note as it tells me what rate you currently have if you're considering a refinance. Call me old school but I'm just not one of these people who is willing to refinance everyone. I like to believe my client is getting a tangible benefit by refinancing. In most cases, this means either a decent monthly savings on your payment or the ability to get cash back to pay for something needed, etc.

4) I need to check your credit. I can't just take your word for it. Your credit will determine what type of loan program will be best for you. And mortgage credit is entirely different from some types of credit available over the web.

5) I need to fill out a full loan application complete with all the details about your work contact phone #'s, year your home was built, etc., etc. The more information I have the better.

6) In addition to the above, I will need your current mortgage statement and for you to sign and send back our credit disclosures so I and my team are authorized to verify your employment and order your tax transcripts from the IRS, for example.

Most if not all of my clients are very cooperative and can get me this information quickly if they're motivated to take advantage of the low rates available. I usually can lock your loan quickly if all of the above line up. Otherwise, we'll have to try again tomorrow and hope rates don't change too much.

I hope this has been helpful. My goal here is to let you know what I'm doing on your behalf to make sure you are approved for your loan. Thanks for reading. Have a wonderful day!

Hi all: I hope you had a great weekend!

I'm excited to participate in the Habitat for Humanity Build-A-Thon this Wednesday October 5 in Renton, WA. This is something I've always wanted to do and I'm lucky to be on the team of a good friend of mine.

I'm not sure exactly what I'll be doing and I definitely am not that great with tools. It's also supposed to rain so I'm getting my rain gear ready. But, again, I'm excited to help. I believe in Habitat for Humanity's vision to build affordable housing for those who need it and wouldn't be surprised if I commit to this every year.

Please wish me well and if you're interested in being a helper, let me know. It should be a great day! Enjoy your day today!