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Confessions of a Contract Processor: Freddie Mac Relief Refi-Can't Touch This!

December 3, 2009 by · 2 Comments

Mary’s True Confessions: Remember when M.C. Hammer sang: “You Can’t Touch This”?…..was he talking about “Freddie Mac backed upside down mortgages”??? Let’s travel back in time (no, not to the 80’s and working our parachute pants) to Spring of 2009.  There was a waft of new optimism in the air when Fannie Mae’s DU Refi Plus […]

Confessions of a Contract Processor: Get around HVCC with DU Refi Plus!

November 18, 2009 by · Leave a Comment

Mary’s True Confessions: Under Estimate and Over Deliver! Would you like to get paid quicker? Increase your pull-through knowing you’ve sold a deal that is going to close? Structure your deals once and not have to make changes to loan amount once appraisal comes in? You already know that the government has committed tons of […]

Confessions of a Contract Processor: HERA leaving you Dazed and Confused?

July 29, 2009 by · 3 Comments

Mary’s True Confessions: This morning I woke up with the sole intention of wrapping my mind around the new HERA/RegZ requirements that go into effect this Thursday, July 30th (better late than never right!).  I dedicated time to absorb multiple lenders interpretations and their plans for implementation of this process by reading their powerpoint presentations, bulletins and tutorials… all which left […]

Confessions of a Contract Processor: Happy Vs. Crappy Dollars

July 20, 2009 by · Leave a Comment

Mary’s True Confessions:  There’s a game we play each week at my Rotary Club meeting called “Happy Dollar, Crappy Dollar”. The point of the game is to donate a dollar for each Happy or Crappy thing that happened to you over the past week.  I have to tell you, week after week, our club collects […]

Confessions of a Contract Processor: USDA is the WAY I SAY for ZERO DOWN PAY!!

July 7, 2009 by · Leave a Comment

As the owner of a contract processing company, one of my responsibilities is to not only make sure my processors pipelines are full, but to also keep my eyes and ears open for trends in the marketplace to help our broker customers get more loans. The buzz that keeps popping up in conversation over the […]

Confessions of a Contract Loan Processor: "To Lock or Not to Lock, that is the Question"

June 3, 2009 by · 3 Comments

  Over the past several months, the loans submitted to my company for processing that aren’t locked has increased. This is due in part to several factors.  Rates have been at record lows because of the Federal Reserve purchasing mortgage backed securities (mbs) and treasury bonds.  Customers have been hesitant to lock into a rate […]

BOOM – That's the sound of our closing cannon!

May 7, 2009 by · Leave a Comment

Is the next refi boom now…? Here is why I think our closing cannons will be blazing soon! For the first time since Thanksgiving week 2008 mortgage brokers and processors can or should see light at the end of the tunnel.  Seriously, most mortgage loan officers thought that the waterfall of money was going to […]