Mortgage Underwriting News from Gail Foster

More Education is Needed
Friday, January 14, 2011 - 11:18am
Gail Foster
Economic times are difficult. Home sales are down. There are many sellers and few buyers. In fact, when you discuss the opportunities for home ownership, most just shake their heads and say they doubt they’ll qualify. We live in the land of opportunity and the American Dream is becoming a nightmare. There is not just one answer that will bring recovery, we must be diligent on many fronts if we...
FHA-VA Loans, Gail Foster
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More Education is Needed
Thursday, October 14, 2010 - 2:29pm
Gail Foster
Economic times are difficult. Home sales are down. There are many sellers and few buyers. In fact, when you discuss the opportunities for home ownership, most just shake their heads and say they doubt they’ll qualify. We live in the land of opportunity and the American Dream is becoming a nightmare. There is not just one answer that will bring recovery, we must be diligent on many fronts if...
Gail Foster, Loan Processing
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Updates on Contractual Requirements
Friday, October 8, 2010 - 10:30am
Gail Foster
We all know that a real estate contract of sale is an agreement between a buyer and a seller regarding the purchase of a property, as well as the terms and conditions each participant is required to execute within certain time frames to be “in contract”. If either of the participants neglects to meet these deadlines or satisfy certain contingencies then they are in default of the contract. The...
Gail Foster, Loan Processing
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Stop the Insanity
Friday, October 1, 2010 - 3:00pm
Gail Foster
I had a closing about a month ago on a Friday morning. We didn’t leave the title company until 6 hours later! We sat six hours at the settlement table waiting for settlement sheet adjustments to be approved. What can take six hours? I can write out bills, make deposits, clean my kitchen, hit the yard sales, get my hair done and walk my dog in less than six hours. Who is not doing their job...
Gail Foster, Loan Processing
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Just Venting
Friday, September 24, 2010 - 1:44pm
Gail Foster
I don’t know about you but it just seems to go from bad to worse. May home sales statistics were the slowest ever and June doesn’t seem much better. I have seller’s listing their homes hoping that low interest rates will give pop to the market and buyers are just taking their time. We haven’t recovered from the loss of the tax credit and now FHA is changing the closing costs parameters for...
FHA-VA Loans, Gail Foster
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HHhmmm So You Want My Business?
Friday, September 17, 2010 - 4:05pm
Gail Foster
I get emails, phone calls and visits from loan officers on a regular basis, all wanting me to refer my buyers to them for financing. I have coffee cups, paper pads, pens, post-its, calculators, key chains, calendars and business cards galore, all from loan officers wanting me to send business their way. They talk a good game, been in the business since it started, have an excellent track record...
Gail Foster, Loan Processing
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I’m Loving Equator!
Thursday, September 2, 2010 - 4:24pm
Gail Foster
I just had a short sale approved through Equator in about 30 days and we will probably close it in about 60 days. This is just beautiful! The seller is happy, the buyer is happy and I am happy. It was easy to execute, everybody was aware of the status at all times, when something was needed, it was posted and we jumped to get it addressed. The frustration level was virtually non-existent...
FHA-VA Loans, Gail Foster
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Is It Time?
Friday, August 27, 2010 - 2:05pm
Gail Foster
The Housing Sales numbers for July are out and the stock market lost 134 points today because they were miserable. The lowest monthly home sales since 1999. We aren’t moving forward, we are moving backwards. It is time for some creative thinking so that we can begin to put the housing market on firm footing. We need to preserve property values and entice strong borrowers to invest in their...
Gail Foster, Loan Processing
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Let’s Do More
Friday, August 20, 2010 - 1:49pm
Gail Foster
I’ve told a horror story or two about some of my customer’s experiences with lenders. The reason we have horror stories is because most people have no idea how to choose a lender. Most use origination points and interest rate as criteria for making their choice but this doesn’t reflect a lender’s ability to close a loan smoothly, with finesse and good customer service. It’s just numbers on a...
Gail Foster, Loan Processing
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More Education is Needed
Friday, August 13, 2010 - 1:46pm
Gail Foster
Economic times are difficult. Home sales are down. There are many sellers and few buyers. In fact, when you discuss the opportunities for home ownership, most just shake their heads and say they doubt they’ll qualify. We live in the land of opportunity and the American Dream is becoming a nightmare. There is not just one answer that will bring recovery, we must be diligent on many fronts if...
Gail Foster, Loan Processing
Read Full Article »
Stop the Insanity
Friday, August 6, 2010 - 2:17pm
Gail Foster
I had a closing about a month ago on a Friday morning. We didn’t leave the title company until 6 hours later! We sat six hours at the settlement table waiting for settlement sheet adjustments to be approved. What can take six hours? I can write out bills, make deposits, clean my kitchen, hit the yard sales, get my hair done and walk my dog in less than six hours. Who is not doing their job...
Gail Foster, Loan Processing
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Adversaries R Us
Thursday, July 29, 2010 - 2:03pm
Gail Foster
Monday, August 2, 2010 Written By: Gail Foster I read Bonnie’s blog from Monday and just burst out laughing. Bonnie and I have been friends for about six years and have spent many a night sitting across the table with a beer, discussing the mortgage industry. She was an underwriter and then, I was a loan officer. When I had a difficult loan, she was my best friend, giving me input and...
Gail Foster, Loan Processing
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Just Venting
Friday, July 23, 2010 - 11:31am
Gail Foster
I don’t know about you but it just seems to go from bad to worse. May home sales statistics were the slowest ever and June doesn’t seem much better. I have seller’s listing their homes hoping that low interest rates will give pop to the market and buyers are just taking their time. We haven’t recovered from the loss of the tax credit and now FHA is changing the closing costs parameters for...
Gail Foster
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Creating Future Income
Friday, July 16, 2010 - 12:34pm
Gail Foster
Summer’s here, seems like everybody’s on vacation and the real estate market is slow. Now is the perfect time to start building business for the future. I remember when I was a loan officer that there were certain times of the year that loan production dropped. Being a commission only employee made those times difficult, I’d look hard for a new loan program to promote or a new market to...
Gail Foster
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Taking The Distress Out Of Distressed Property Sales
Friday, July 9, 2010 - 1:58pm
Gail Foster
An increasing number of buyers are looking at bank owned homes and short sales in hopes of nabbing some equity when they make a new home purchase. With property values decreasing, the purchase of a bank owned home or short sale can allow the savvy homebuyer to own a home with future value far above the original purchase price. But the purchase of a distressed property can be a more difficult...
Gail Foster
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