Posts

Condition Issues Disclosed Must Be Fixed; Escrow Needs to Be Careful Too

We recently had a transaction come to a screeching halt b/c the escrow officer told our “funder” that there was a plumbing leak so she was crediting $1,000 to the buyer to cover the cost of the repair. Escrow officers and Realtors can discuss things with the JVM Team (or their loan officers) off the […]Read More

Technology’s Not Replacing Realtors or Loan Officers; Warren Buffet & Fintech

We have all heard time and again over the last ten years how technology will totally disrupt real estate and mortgages, and replace Realtors and Loan Officers outright. Technology is changing the way we all do business, but it is far from replacing us. One huge vote of confidence for Realtors remaining a major part […]Read More

Recipe for New Real Estate Agents to Follow?

Heejin sat on a panel last night at a Realtor event, giving advice to Realtors. This is humorous in light of the fact that she is and always will be a lender. It makes sense, however, when you consider that she has worked closely with hundreds (if not thousands) of Realtors over the years and […]Read More

Realtors Can Refer Buyers to Only One Lender; Not Steering If No Comp.

Rates would actually be a bit higher but for supply and demand. There is a strong market for mortgage backed securities (MBS), and as rates climb the volume of mortgages decreases. As volume decreases, demand starts to exceed supply so the price of MBS goes up, and this keeps rates lower than they otherwise would […]Read More

1/2% Since Election; Important Tips For Refi Guys Doing Purchases!!!

The huge rate increases do not threaten JVM’s business b/c we have always been about 85% purchases; we truly are purchase experts. With rates up so much though, the “refi guys” are going to be clamoring into the market offering stellar service and everything else to Realtors in an effort to garner business. So, here […]Read More

FHA Mortgage Insurance LOWER Than PMI In Many Cases; FHA = Good

FHA = Good. That is one of the primary points we make during our “Mortgage 101” Seminars. This is b/c too many Realtors labor under the myth that FHA financing is inferior to conventional financing. The myth stems from the days when FHA financing took longer to close and required clear Section I termite reports […]Read More

Avg. Tech Wage: $240,000; Must Copy Realtors With Borrower Summaries

A friend emailed me a statistic that said the average wage at tech companies in San Mateo County is $240,000. This is amazing but not that surprising to us b/c so many of our borrowers work for tech companies. This is important to us as lenders and Realtors b/c these borrowers need to be treated […]Read More

Screening Potential Buyers for Viability with Basic Questions

Realtors refer potential buyers to us every day, and we are more than appreciative. Many times, however, the borrowers are not even close to qualified for a variety of reasons. We do not mind screening such borrowers, but we often feel bad for Realtors when we find out they spent substantial time with buyers who […]Read More

Closeout Process/Educating Borrowers and Realtors

Educating borrowers and Realtors throughout the entire purchase process is essential to foster a smooth transaction and to prevent unnecessary surprises. The below is an email we send every time we order loan documents. It does wonders for our borrowers, and it is information everyone involved in the purchase process should understand. This is just […]Read More

“Done Is Better Than Perfect;” Analysis Paralysis

We have several borrowers (buyers and refi candidates) who are spending an enormous amount of time trying to figure out what to do – buy, sell, refi, etc. – and they will probably miss the boat altogether. I also know many Realtors and small business people who spend way too much time trying to get […]Read More

Price Per Square Foot Analysis? Why Appraisers Don’t Use It

Realtors and buyers often rely on a “Price Per Square Foot” analysis, but appraisers often cannot for a variety of reasons. This is a message we repeat from time to time. If comparable sales involve similar sized homes, of similar age, on similar lots, then a “price per square foot analysis” works. But, if a […]Read More

Key Questions to Ask Your Lender – More Deals & Less Stress

Loan Officers are out in force right now, vying for Realtor-relationships. Here are key questions all Realtors should ask loan officers asking for business. A strong lender should reflect well on Realtors, helping to alleviate stress and close more transactions. 1. Database to manage all referrals? Skilled database input is essential to make sure no […]Read More

On-Line Lender Horror Story – Great Quote From Realtor

The below is a quote from a top Realtor whose borrower did NOT use JVM (b/c we told him the truth and not what he wanted to hear). “What a nightmare… The guy [the other lender] took over two weeks just to get the appraisal ordered. I think he was new and didn’t know what […]Read More

We Are Open Today; Content For YOUR Database Touches

We get content and database touches from most of the Realtors we work with; we love getting it b/c it is often interesting and we like to see what everyone is up to. Last week, however, I received some particularly good content from a Realtor about current market conditions, lower rates, higher values, etc. I […]Read More

Why We Don’t Share Written Loan Approvals w/ Borrowers & Realtors

On Monday, we had a borrower and Realtor refuse to remove a loan contingency until they had a chance to review our written loan approval. The written approval from the underwriter was extremely clean with almost no conditions; contingencies could have been removed without any concern. The problem with providing written approvals to borrowers and […]Read More

How To Know If Your Buyer Is Viable

We often have Realtors with eager buyers who want to view homes before the buyers have been pre-approved by us. To ensure no time is wasted on non-viable buyers, Realtors need to ask a few questions about the criteria that make buyers viable: (1) Credit; (2) Income; (3) Equity – Down Payment. Credit: Ask about […]Read More

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

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

Marketing To “Sphere;” Social Media; Much Easier Than People Think

A shockingly large number of Realtors we know do not market to their database or “sphere” as they say in marketing. We say “shockingly” b/c it is so much easier than people realize, and b/c it is so important. JVM Lending assists with this sphere-marketing for our Realtor partners. 1. CRM: We have a fantastic […]Read More

Battle for Big Listings! Great Article; Cocktail Parties

There is a great article in the Wall Street Journal today about how Realtors battle for major, million dollar listings. We highly recommend reading it. The link is below. Realtors offer to spend as much $100,000 promoting listings; they tout their enormous databases of wealthy buyers; they show-off their intricate knowledge of local homes and […]Read More

“Open Houses” For Lead Generating & Marketing

We recently had a Realtor speak at our “Lunch & Learn” about how and why to do “Open Houses” more effectively. It was very eye-opening for us and the Realtors in attendance. Our staff took very thorough notes – if any readers would like a complete set of notes, please let us know and we […]Read More

Lead Tracking – Extremely Important; We Do It For Realtors

We discussed one of our Realtor’s uncanny ability to garner leads last week. What we did not discuss is the ability to “track” all those leads. This is probably one of the most under-appreciated necessities in the real estate and mortgage business. Every lead must be tracked 100% of the time with: (1) Date; (2) […]Read More

What Realtors Can Say To Appraiser – Anything; Comp Guidelines

We, as a lender, are never allowed to communicate with appraisers in any manner. We can only order appraisals via a management company or some other independent “go-between.” Realtors, however, can communicate with appraisers and we highly recommend it. Realtors often ask us what they are “allowed to say.” Our answer is: “anything, as long […]Read More

Benefits of Smart/Friendly/Motivated Realtor: Higher Appraisal

The appraisals associated with our refinance loans come in lower than those associated with our purchases. This is partially because of our current hot market and because most appraisers really do make a good faith effort to support the contract price in their appraisal report. But it is also largely because our top agents do […]Read More

Buyer Wants His Realtor’s Commission B/c She “Didn’t Do Much”

One of our Realtors was told by a buyer yesterday that she should give him a portion of her commission b/c she didn’t do that much work. Our Realtor was appalled, and so were we. But, we were also sympathetic b/c we often hear similar comments. There is far more than meets the eye for […]Read More

15 Day Closings; Docs to Title in Under 7 Days; Cooperation a Must

We can close loans in two weeks now IF we have 100% cooperative borrowers, Realtors and Escrow Officers. We have numerous testimonials from buyers and Realtors on our website attesting to this fact. Lenders are hungry for purchases and we are very good at what we do. The only caveat is that we need ALL […]Read More