Plattsburgh, NY

So here we are. It is mid year 2009 and the credit crunch, although federal agencies have spotted improvement, seems to still be in full swing. For those of us on the front lines dealing with the outcomes of the new appraisal guidelines, discloure guidelines, and credit scrutiny we know that confidence or assumptions among government authorities is not enough. Although government programs, such as the 8k tax credit available to first time home buyers, has added interest in the housing markets, approving those that are interested is a difficult task. I certianly do have a lot of business right now. As a matter of fact, my pipeline is larger now than it ever has been in the past. Is this because I simply have more clients or is this because of timelines allowing loans in process to linger?? I'm not sure I know the answer to this question but I certainly feel that this is no time for negative thoughts. In this down market I have done something that has allowed me to outlast the competition... Work Harder and Work More Hours. But even with this positive attitude and bulging pipeline, I still have pains. Currently my largest complaint is, of course, curent underwriting standards. I know that it is time for caution and scrutiny but I do feel that common sense should be a part of the spectrum as well. One particular loan in process now sums this up more than any other. This borrowers credit score is a 720, his debt ratio is a 32%, and he has reserves to back it up. This borrower provided a copy of his drivers license for the Patriot Act disclosure form. When the underwriter saw the license the file was immediately suspened........ why you ask??? Because the borrower did not update his drivers license. The address was incorrect... Is this reason enough for suspension?? Absolutely NOT!!!!!!!! As soon as I received the suspension letter I called the undrwirting manager and had the suspension overturned...... thank goodness for solid relationships. This is where it gets interesting. We all understand the hard headedness of an underwriter but this was a whole new level. A week later I had a particular question on the file... so.. I called the underwriter. Her response almost made me fall out of my chair. She stated.... " I didnt even approve this file.. I would have denied it. I think it is best that you speak with the underwriting manger"..... Unbeleivable... This is a prime example of whats wrong with a lot of the financial institutions out there today.. the common sense is lacking. Although the government agencies consistently talk of a positive future and optimistic reports I think it is imperative that the banks feel confident. The Gov needs to instill a reason to lend money. They need to assure the banks that, although conservativeness is important, facts and common sense should also be taken into consideration....... Thank you Mr. Obama for stating the economy is improving but for those of us on the front lines we know the underwriters did not se the broadcast.... lol.. God Bless America.

I enjoyed the time that I spent working at Lake City Mortgage. I was there for 14 months and I was able to help a lot of people during that time. However in light of the current economic times with homes sales on the decline and foreclosures on the rise I have decided to take another direction.

I am now working for a company named National Modification Agency. I am doing modificaitions instead of mortgage origination. There are a couple of factors that led me to this line of work instead of continuing on down the same path that I was on.

First; I am still able to help people! I can really help someone by allowing them to avoid foreclosure and stay in their home, lowering their adjustable high interest rate mortgage into a low fix rate mortgage saving them money every month, and by doing all of this for less than it would otherwise cost just to pay arrears and stem the foreclosure process.

I just began this line of work and so far everyone whom I've worked with has been very happy with the final outcome. I look forward to helping many more people! If you know anyone who is in foreclosure or is having a hard time making payments on their adjustable rate mortgage I am happy to provide my assistance. Consulation is free, there is no obligation, and I do not charge an application fee.

OK, NOW THAT THE FEDERAL GOVERNMENT IS BACKING JUST ABOUT EVERY MORTGAGE LOAN PRODUCT KNOW TO MAN WHY IS IT THAT MY CLIENTS STILL NEED TO PAY FOR AN ADDITIONAL INSURANCE AGAINST DEFAULT?

The Federal Government is now guaranteeing the performance of Fannie & Freddie... If borrowers default, thats ok. The originating lender, servicing lender, or purchaser of that debt will not lose a thing because Uncle Sam's hand is firmly in place to help steady the imbalance.

So, why do our clients all have to pay an additional premium to a company that is essentially doing nothing. It like the loans are now doubly insured!!

Of course I imagine that the PMI companies will help the government recoup some of their loss... But ultimately it is our tax money insuring these loans.

We have an amazing new loan program here at Lake City Mortgage that is sure to help a lot of people. To my knowledge we are the only mortgage company in the area offering anything like it. 100% conventional financing has completely gone away which is why I am so thrilled to be able to offer The Lake City Home Express!

Here Are a Few of The Highlights:

1. 100% financing of appraised Value.
2. Unlimited Seller Concessions.
3. Gift Funds Acceptable From Family and FRIENDS.
4. Can finance Closing Costs Up To Appraised Value If Sales Price is Below Appraised Value.
5. No Minimum Credit Score.
6. Exceptions on Loan Program Restrictions For Credit Scores 620 and higher.
7. No Declining Market Restrictions.
8. Phenominal Interest Rates Compared to Conventional.
9. Entire Process Takes 4 Weeks or Less.
10. No Monthly PMI!

This program is limited to Sub-Urban and Rural areas. Lake City Mortgage and I are located in Plattsburgh, NY 12901. While we cannot close the Lake City Home Express directly in the city of Plattsburgh we can provide this financing for any property located in the sub-urban and rural areas that surround Plattsburgh, NY including Cumberland Head.

This program is viable in many regions of the North Country including:

1. Keeseville, NY.
2. Peru, NY.
3. Cadyville, NY.
4. The Town of Plattsburgh.
5. Malone, NY.
6. Moira, NY.
7. Brushton, NY.
8. Dannemora, NY.
9. Lion Mountain, NY.
10. Saranac, NY.

And any other region in NY, RI, and MA that has a population of 20,000 or less. I am very excited to be able to offer this program. To get pre-qualified for this program just give me a call at 1-866-562-6930 ext.105
or send me an email at cohlsen@lakecitymtg.com.

We also have a full suite of conventional financing options for ineligible areas and FHA in-house. We basically run the Full Gambit here at Lake City Mortgage so give us a shot today! I promise you that it is worth the call!

Sincerely,
Christopher Ohlsen
Mortgage Advisor
1-866-562-6930 ext.105
1-518-907-4665 (cell)
1-518-324-3358 (fax)
www.lakecitymtg.net

And what I mean by that is that FHA is not some kind of a spectacular loan program. It is very useful in certain situations, but most often the best way to go is conventional if you qualify. Conventional offers the best rates and terms avaiable which is why it is reserved for those with good credit and income qualifications.

I get people coming to me all the time who have been sold by someone who later denied them on an FHA program. Sometimes the person coming to me is qualified for conventional financing, and I ask them "why FHA". I usually get the same response. Something along the lines of "I am a first time home buyer" or some other irrelavent speech about why FHA is so great.

Often times the file is denied for one reason or another, most often because the person in need of financing was not properly qualified. Most deals that can go through FHA can also go through conventional with better terms. Traditionally FHA is utilized for the credit challenged or those with unestablished credit. No score programs are great for people who have zero establish credit and no derogatory tradelines. FHA really filled in some of the gaps when the subprime crisis hit.

Still, most deals that would've gone through a subprime category back when loans were easy and loan officers were lazy could've also gone through Fannie Mae. Prior to the PMI companies stepping in and laying out some heavy restrictions, I could get people with low 500 scores approved and closed through Fannie Mae.

Now that PMI companies are refusing to insure loans for low credit score borrowers with high LTV's (I don't blame them) FHA offers some attractive alternatives. As of today MGIC is refusing to insure any loan that is over 95% LTV if the borrowers credit score is under 680...

Still, the products to get the deal done are out there, you just need to find them and sometimes you need to be more creative.