Post It Queen

I am a Post It Queen.. I have a post it for almost everything - My hot pink long lined version post it- are my short term goals.. My yellow average square post its are my - got to do it tomorrow reminders - usually you can find these around my computer screen to remind me in the morning. The yellow lined 3x3 post its are weekly accomplishments, my yellow 6 inch lined post it are my login and passwords for misc. (non-sensitive) websites, my neon green post its are found in my loan processing packets to remind me of something I need to know before I submit or close the loan, and my blue post its are the ones that my daughters and sometimes their friends post on my cabinets above my desk to tell me they love me... There's a post it for everything, isn't there?

A loan processor must be able to multi-task... I may be in the middle of one file - get a call about another file - and receive an email about yet another file - All tasks are important - All tasks must be remembered and they must be completed... This makes post its very handy... Looking at my desk right this moment - there are 15 post its about. When I finish a task - I make a note of it - in my ledger and throw the post away and sometimes - I'll just put the post it in the back of my file - you can never be too cautious when it comes to the mortgage industry....

Post its make my job so much easier and I get really happy when I see so many post its stuck around my desk - Why? It means I'm busy... and that's a good thing - for this contract processor...

Fannie And Freddie Increasing Guarantee Fees

The mortgage rates have been incredibly low lately - I'm wondering if this is going to change next week....

Fannie Mae and Freddie Mac are increasing their Agency "G-Fee" next month and no one knows by how much.... The Agency "G-Fee" is a fee that FNMA and FHLMC charge the lender to do business... And the lender of course will filter it down to the borrower...

I have five (5) loans that are scheduled to close by January 31.... And I am concerned... Lenders are busy.... Borrowers are busy.. Escrow companies are extremely busy and loan documents may not be signed on time... Conditions may not be reviewed in time - There are a number of things that can go wrong and it's a possibility that I may have to extend a lock or two... Now here my concern...

Each lender is handling their lock extension differently... A couple of my lenders - nothing is different - business as usual - a couple of others are charging their normal extension PLUS a another hit.... It's a very strange end of the month...

So here's hoping that the increase is so microscopic that it won't affect a thing....

NMLS Renewal Expired December 31 - RENEW

This week I learned something.... I learned that lenders will not underwrite - draw loan documents - or fund a loan for a broker who has not paid their yearly renewal fee to NMLS... Lenders will not work with you on this - even if the renewal fee has been paid and a receipt showing it has paid can be provided. NMLS must show it on their site... and NMLS is taking over a week to update... And this little tidbit has messed up my fundings this month!

I have two (2) locks (same broker/client) that are expiring tomorrow on Monday... One loan - the loan docs are signed - all the conditions have been signed - there is nothing left except - NMLS - The other set of loan documents did not even make it out of the drawer to create the loan papers - because the document drawer person checked with NMLS and oops - My broker/client's NMLS is expired... Hopefully -NMLS will update tomorrow in time to fund my first loan - the 2nd loan will have to have a lock extension and if all goes well it will close/fund next week.

Today brokers have many more regulations than before and a reminder calendar is most definitely needed to stay on top of it all... NMLS has affected everyone in the mortgage industry -more classes - more money spent - more reports - more a lot of things.. But if you love this industry like I do - You just gotta keep on top of it all - So if you haven't renewed your NMLS - get to it!

January 19, 2012

It's funny to realize that I had started this blog two (2) years ago this month.. I wrote a couple of posts about the "new" RESPA craze and how so many of us in the mortgage industry were not happy with this enormous change... Two years later - I can honestly say that I have made friends with all the new regulations - the changes to the Good Faith Estimate (GFE) - I think is a good thing. Because all of the fees need to be accurate upfront - there are few "fee" surprises at closing and borrowers seem to be much more relaxed because of this.

A Little About Me....

I received my real estate license in 1986 - I was twenty-one years (21) old and decided to be a real estate agent - I soon realized that selling homes at the ripe young age of twenty-one (21) is not an easy thing - I was 5'2 - wore a size two (2) - and looked to be around sixteen years old.... After a couple of years of sitting around in open houses - I decided to go on the other end of the industry - the loan side.. I became a loan officer at a friend's mortgage company... The owners took me under their wings and taught me the loan business - I was soon making money - selling loans. I started processing my loans as well and soon learned I liked processing much better than selling...

I later went to work at a direct lender as a loan processor in their retail division. The direct lender got out of the retail side and I went to work for a very busy broker's office. This particular California broker is ranked one of the top 50 in the nation - busy busy busy -I thrived - I loved it - I think my record closing month was over 50 loans - this was in 1994 so my memory is a little fuzzy... While I was working there - I was approached by one of the lenders we worked with and was asked to come join their team as an underwriter... I jumped at the chance - I worked there until the mortgage industry "crash" in 1995 and their doors closed... To be honest - I wasn't too sad about this - I missed the processing side and decided to become a contract processor... and I decided to start a family.....

It's been almost sixteen (16) since I opened my "doors" to contract processing.. Since then I have been blessed with two girls - they are both teenagers now... I will be celebrating 23 years of marriage next month -And my loan processing business has prospered...

On a side note - Due to the new SAFE act regulations - I received my broker's license and NMLS endorsements this year so that I could continue giving excellent service.. So glad it's done and I passed all tests the first time!