Blog - JVM Lending

Appraisal Comes In Low? Options

May 15, 2014/in Appraisals, Our Blog

“Remember all those smart folks who said rates were going higher this year? Well, so far they’re dead wrong”This quote is from Rob Chrisman’s mortgage blog: “Remember all those smart folks who said rates were going higher this year? Well, so far they’re dead wrong” Here are a buyer’s options when an appraisal comes in […]Read More

Gov’t To Loosen Mortgage Rules; Opposite of “QM”

May 14, 2014/in Mortgage Industry, Our Blog

The WSJ’s top headline today is “U.S. Backs Off on Tight Mortgage Rules.” Here is the link. This is significant b/c it is a complete reversal of policy, and it portends a definite loosening of lending guidelines. In late 2013, concerns revolved around new “QM” guidelines and a massive tightening of mortgage qualification requirements. None […]Read More

“Title Only” (On Title; Not On Loan); OK at Most Lenders

May 12, 2014/in Mortgage Industry, Our Blog

This is a reminder that almost all lenders allow spouses, partners, children, etc. to be on purchase contracts and therefore to be “on title” to a property, but not on the loan. This is called “title only.” We commonly advocate this when a spouse or partner has little or no income, and/or credit issues that […]Read More

FHA Appraisals – Only One Is Allowed;Value Can’t Change w/ New Lender

May 9, 2014/in Appraisals, FHA, Our Blog

We had a borrower leave us for an online lender about a month ago. The online lender screwed up the loan, and the appraisal came in low (despite ample comps that supported value). The borrower came back to us with 8 days left to close escrow, and we could have closed on time but for […]Read More

“Pre-Qualification” vs. “Pre-Approval;” No Mas “Big Banks”

May 8, 2014/in Homebuying, Our Blog

A Realtor sent us a pre-qualification letter yesterday from another lender for one of our borrowers. The letter was shockingly vague and non-committal. It was written that way b/c the lender had not actually gone through the borrower’s complete file. We have gone through the borrower’s file with a fine-tooth comb. The other lender was […]Read More

Non-Citizens Can Get FHA/Conv. Financing; VISAs are OK

May 7, 2014/in Our Blog, Self Education

Borrowers living in the U.S. do not need to be U.S. Citizens to get FHA and Conventional Financing. Visas of a variety of types are acceptable. The most common acceptable Visas are those in the H-series (H1b, etc.). “B,” “L,” “G,” and “O” series Visas are also acceptable. Non-citizens with “Green Cards” or “permanent residency” […]Read More

Mass “Disclosures” – What To Look For?

May 5, 2014/in Our Blog, Self Education

All mortgage lenders force borrowers to read, digest and sign an enormous quantity of “disclosures,” closing documents, and/or forms full of boilerplate and terms. There is often more than borrowers are capable of reading. We have “stock emails” that describe all the pertinent aspects of these disclosures, but we mainly advise borrowers to just check […]Read More

Condo vs. PUD/Townhouse

May 2, 2014/in Homebuying, Our Blog

We were asked today about the differences in financing in regard to Condos vs PUDs/Townhouses. “PUD” stands for Planned Unit Development. Condo owners do not own the land underneath their units. Many condos, in fact, do not sit on land but “float” on 2nd or higher floors. PUD/Townhouses always sit on land, as “ground floor” […]Read More

Twilight Open Houses; Inviting Neighbors; Huge Turnout

May 1, 2014/in Marketing, Our Blog

Many people mistakenly believe Open Houses need to be held only on weekends. One of our Realtors, however, recently held open a home on a Friday evening and had a phenomenal turnout. She generated enormous interest in her listing, getting multiple offers far over list price. The other “trick” to getting a huge turnout is […]Read More

Cash Purchases with “Delayed Financing;” No Gift Funds For Cash

April 30, 2014/in Homebuying, Our Blog

This is a reminder that buyers who purchase properties with 100% cash can obtain cash out loans against those properties immediately after close of escrow. This is called “Delayed Financing.” Delayed financing requires that buyers use ONLY their own funds. If buyers use gift funds for a cash purchase, they must wait 6 months from […]Read More

Great Business Podcast: 10x Talk; Gratitude/Appreciation Essential

April 28, 2014/in Our Blog, Self Education

We love podcasts (via iTunes) and listen to and recommend many, but there is one business podcast that we especially love: “10x Talk” with Dan Sullivan. It is called “10x Talk” b/c his focus is on changing your mind-set so your business will grow by “10x.” Mr. Sullivan is a hard-nosed business coach who has […]Read More

Mortgage Volume Hits Lowest Level In 14 Years; A Good Thing?

April 25, 2014/in Mortgage Industry, Our Blog

Mortgage volume in the first quarter of 2014 hit its lowest level in 14 years, according to the Wall Street Journal today. Volume was almost 60% less than it was during the same quarter of 2013. The primary reason is the fall off in refinances. This is a good thing for buyers and Realtors for […]Read More

Out of BK and Into Mortgage With No Seasoning; Bankruptcies

April 24, 2014/in Mortgage Industry, Our Blog

Borrowers in a Chapter 13 Bankruptcy can obtain FHA mortgage financing immediately out of the bankruptcy with no seasoning. They need to have been in bankruptcy for over one year, and they need to have a perfect history of payments to the BK Trustee. One of our competitors has been touting “BK Buyouts” (the above […]Read More

Why “Rush” All Appraisals? 5 Day Contingencies; Value

April 23, 2014/in Appraisals, Our Blog

At JVM we order every purchase appraisal as a “rush” and absorb the rush-fee ourselves. There are two reasons for this: (1) 5 Day Appraisal Contingencies: We typically get appraisals back in 3 to 4 days, and this allows us to always remove appraisal contingencies in 5 days. We know that doing so makes purchase […]Read More

Escrow Holdbacks For Repairs Are Here Again

April 21, 2014/in Mortgage Industry, Our Blog

Our internal mortgage bank and at least one of our wholesale sources now allow “Escrow Holdbacks” for both FHA and Conforming/Conventional loans. Escrow Holdbacks are an excellent convenience when underwriters call out repairs that normally need to be done prior to close of escrow. Our lending sources will allow us to close the loan before […]Read More

Lead Follow Up Via Database Management

April 18, 2014/in Marketing, Our Blog

This is a reminder that we log EVERY referral into our database tied to the source of the referral. We then update the referral continuously via both phone calls and emails. We categorize all Referrals as “Stage One” referrals in our database until they send us their documents for review. We categorize them as “Prequals” […]Read More

Mortgage Broker vs. Direct Lending Bank

April 17, 2014/in Mortgage Industry, Our Blog

A few weeks ago, one of our Realtors frantically called b/c the purchase of her listing blew up after 30+ days in escrow. The buyer’s lender, a direct-lending “bank,” had pre-approved the buyer. But at the 11th hour, the lender/bank denied the loan b/c the buyer had too little savings and late payments after a […]Read More

Non-Taxable Income Can Be Grossed Up by 25% to Qualify; Child Support and Social Security

May 23, 2022/in Our Blog, Self Education

“Reserves;” What Are They? When Are They Necessary?

April 14, 2014/in Mortgage Industry, Our Blog

“Reserves” include the liquid funds available to a borrower after a transaction closes. In other words, reserves are funds left over after all down payment and closing cost funds are paid into escrow. For FHA buyers and conventional buyers of single-unit, owner-occupied properties, reserve-requirements are rarely an issue. Most owner-occupied loans require little to no […]Read More

Best Testimonial Ever? Probably Not b/c We Get So Many

April 11, 2014/in Marketing, Our Blog

We get a lot of positive testimonials; we thought we’d share one that came over yesterday, as it says much about what we strive for at JVM. It is gratifying to be on a team dedicated to doing such excellent work. I have heard numerous times from the agents and escrow how capable and responsive […]Read More

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