Comments on: Did I miss anything while I was on vacation? http://raincityguide.com/2007/08/26/did-i-miss-anything-while-i-was-on-vacation/ Seattle's Leading Resource for Real Estate Information Sat, 20 Mar 2010 16:58:13 -0700 http://wordpress.org/?v=2.8.4 hourly 1 By: Rhonda Porter http://raincityguide.com/2007/08/26/did-i-miss-anything-while-i-was-on-vacation/#comment-175551 Rhonda Porter Fri, 31 Aug 2007 17:55:10 +0000 http://raincityguide.com/2007/08/26/did-i-miss-anything-while-i-was-on-vacation/#comment-175551 Voice of Reason, so it's the same as before I went on vacation. I'm not sure I would say the sky is falling, I would agree that the sky is stormy and we need to take precautions. Voice of Reason, so it’s the same as before I went on vacation. I’m not sure I would say the sky is falling, I would agree that the sky is stormy and we need to take precautions.

]]> By: Voice of Reason http://raincityguide.com/2007/08/26/did-i-miss-anything-while-i-was-on-vacation/#comment-175549 Voice of Reason Fri, 31 Aug 2007 17:51:41 +0000 http://raincityguide.com/2007/08/26/did-i-miss-anything-while-i-was-on-vacation/#comment-175549 Did you miss anything on your vacation? Yes sweety. The market is sinking, the mortgage market is in the dump and the rats are jumping from the sinking ship. The sky is falling!!!! Did you miss anything on your vacation?

Yes sweety. The market is sinking, the mortgage market is in the dump and the rats are jumping from the sinking ship.

The sky is falling!!!!

]]> By: Deborah Burns http://raincityguide.com/2007/08/26/did-i-miss-anything-while-i-was-on-vacation/#comment-174473 Deborah Burns Wed, 29 Aug 2007 05:54:14 +0000 http://raincityguide.com/2007/08/26/did-i-miss-anything-while-i-was-on-vacation/#comment-174473 Hi Rhonda, Uh oh, my email inbox closed down Saturday night at some point because I was way over the limit and I was CUT OFF! Argh! So no emails for me until I found the time late Sunday to go through and delete "foldered" emails to make space...so I am thinking that your email is now lost in the great void of blocked emails drifting in the internet. :-) Ah ha...another vacation is always good. You are a true JP Patches gal and supporter! Hi Rhonda,

Uh oh, my email inbox closed down Saturday night at some point because I was way over the limit and I was CUT OFF! Argh! So no emails for me until I found the time late Sunday to go through and delete “foldered” emails to make space…so I am thinking that your email is now lost in the great void of blocked emails drifting in the internet. :-)

Ah ha…another vacation is always good. You are a true JP Patches gal and supporter!

]]> By: Rhonda Porter http://raincityguide.com/2007/08/26/did-i-miss-anything-while-i-was-on-vacation/#comment-174436 Rhonda Porter Wed, 29 Aug 2007 04:08:28 +0000 http://raincityguide.com/2007/08/26/did-i-miss-anything-while-i-was-on-vacation/#comment-174436 Deborah, I did see the photo! Did you get my email thanking you? I've been having a nightmare dealing with Comcast who has decided because of all of the emails I send (between being a LO and starting a neighborhood block watch) that I'm a spammer. It's really getting to be a headache. I think I might need another vacation! ;) I loved the photo. The bill board was over the West Seattle Bridge for a while too. I always felt like JP was pointing at me. I have two Patches Pal pavers so far. Deborah, I did see the photo! Did you get my email thanking you? I’ve been having a nightmare dealing with Comcast who has decided because of all of the emails I send (between being a LO and starting a neighborhood block watch) that I’m a spammer. It’s really getting to be a headache. I think I might need another vacation! ;)

I loved the photo. The bill board was over the West Seattle Bridge for a while too. I always felt like JP was pointing at me. I have two Patches Pal pavers so far.

]]> By: Deborah Burns http://raincityguide.com/2007/08/26/did-i-miss-anything-while-i-was-on-vacation/#comment-174108 Deborah Burns Tue, 28 Aug 2007 07:40:54 +0000 http://raincityguide.com/2007/08/26/did-i-miss-anything-while-i-was-on-vacation/#comment-174108 Welcome back Rhonda! When plowing through the 1000 emails don't overlook the JP Patches photo I sent you last week! Welcome back Rhonda!

When plowing through the 1000 emails don’t overlook the JP Patches photo I sent you last week!

]]> By: Tim http://raincityguide.com/2007/08/26/did-i-miss-anything-while-i-was-on-vacation/#comment-173754 Tim Mon, 27 Aug 2007 05:10:18 +0000 http://raincityguide.com/2007/08/26/did-i-miss-anything-while-i-was-on-vacation/#comment-173754 Rhonda I just got back last evening too. I didn't miss anything. I was right in the middle of it in Manhattan/Wall Street a week ago Friday. Took the 3 subway from Wall Street/WTC up to Times Square and got some great pics of the Dow Jones ticker flashing news on mortgage fraud and Countrywide problems. First time in NYC and an amazing place to visit. World Trade Center Site was very moving and got to speak briefly with a couple fire fighters from station 10 across the street and where a beautiful bronze mural within the station exterior brick wall of the station was placed. Interestingly when I was back at the site in the evening the station large garage door was open (it was closed earlier where you could only peer through the window) and they allowed me to take a photo of the memorial of their fallen within the station, but made it very clear they would not allow me to be in the photo by standing next to the memorial itself. It made perfect sense that they did not want to make the memorial trivial as if taking a photo with a celebrity or similar. Sadly, the next day of my visit, Saturday, Aug. 18th, a fire broke out in an adjacent building (former Deutsche Bank)badly damaged by the debris when the Towers fell on Sept 11th, 2001, two firefighters lost their lives. The building was being demolished and dismantled floor by floor and some suspect the fire may have been started accidentally. Rhonda I just got back last evening too. I didn’t miss anything. I was right in the middle of it in Manhattan/Wall Street a week ago Friday. Took the 3 subway from Wall Street/WTC up to Times Square and got some great pics of the Dow Jones ticker flashing news on mortgage fraud and Countrywide problems. First time in NYC and an amazing place to visit.

World Trade Center Site was very moving and got to speak briefly with a couple fire fighters from station 10 across the street and where a beautiful bronze mural within the station exterior brick wall of the station was placed. Interestingly when I was back at the site in the evening the station large garage door was open (it was closed earlier where you could only peer through the window) and they allowed me to take a photo of the memorial of their fallen within the station, but made it very clear they would not allow me to be in the photo by standing next to the memorial itself. It made perfect sense that they did not want to make the memorial trivial as if taking a photo with a celebrity or similar.

Sadly, the next day of my visit, Saturday, Aug. 18th, a fire broke out in an adjacent building (former Deutsche Bank)badly damaged by the debris when the Towers fell on Sept 11th, 2001, two firefighters lost their lives. The building was being demolished and dismantled floor by floor and some suspect the fire may have been started accidentally.

]]> By: tj http://raincityguide.com/2007/08/26/did-i-miss-anything-while-i-was-on-vacation/#comment-173682 tj Sun, 26 Aug 2007 23:23:30 +0000 http://raincityguide.com/2007/08/26/did-i-miss-anything-while-i-was-on-vacation/#comment-173682 Thanks Rhonda! Thanks Rhonda!

]]> By: Rhonda Porter http://raincityguide.com/2007/08/26/did-i-miss-anything-while-i-was-on-vacation/#comment-173681 Rhonda Porter Sun, 26 Aug 2007 23:19:42 +0000 http://raincityguide.com/2007/08/26/did-i-miss-anything-while-i-was-on-vacation/#comment-173681 tj, it's actually quite possible for both spouses income to be used and receive the benefit of "full doc" pricing based on the scenario that you described. This will depend on what the AUS (automated-ie computer-response) is. Credit scores and loan to value are an important factor too. tj, it’s actually quite possible for both spouses income to be used and receive the benefit of “full doc” pricing based on the scenario that you described. This will depend on what the AUS (automated-ie computer-response) is. Credit scores and loan to value are an important factor too.

]]> By: tj http://raincityguide.com/2007/08/26/did-i-miss-anything-while-i-was-on-vacation/#comment-173675 tj Sun, 26 Aug 2007 22:58:34 +0000 http://raincityguide.com/2007/08/26/did-i-miss-anything-while-i-was-on-vacation/#comment-173675 Hi Rhonda, sorry for an off-topic question. In general from your experience does a lender require both spouses on a loan to have w-2s for the last two years to make it a full doc application? If for example a married couple applies and the wife has a long w-2 history but have stayed at home a couple of years with kids and now only have 1 year continous w-2s to show? In this scenario would the norm be that only the husbands income would count when determening the credit worthiness/mortage cap? Hi Rhonda, sorry for an off-topic question. In general from your experience does a lender require both spouses on a loan to have w-2s for the last two years to make it a full doc application? If for example a married couple applies and the wife has a long w-2 history but have stayed at home a couple of years with kids and now only have 1 year continous w-2s to show? In this scenario would the norm be that only the husbands income would count when determening the credit worthiness/mortage cap?

]]> By: Rhonda Porter http://raincityguide.com/2007/08/26/did-i-miss-anything-while-i-was-on-vacation/#comment-173668 Rhonda Porter Sun, 26 Aug 2007 22:26:03 +0000 http://raincityguide.com/2007/08/26/did-i-miss-anything-while-i-was-on-vacation/#comment-173668 Sniglet, Since I've been out the past week, it's hard for me to give a good snap shot. For me, <a href="http://www.mortgageporter.com/reportingfromseattle/2007/03/why_i_dont_like.html" rel="nofollow">I veered away from stated income loans</a> too. More often than not, they were used to have people buy homes they could not afford in the first place. The few stated income loans I did were typically for self-employed were the income did not pencil but was there. If I had to do a product along those lines, I would opt for a NIV where it was up to the underwriter to decide if the client was qualified; I did not put the client in a position to lie about their income on a 1003. I'm sure other LOs in this area did these types of loans. I may not be "typical". I'll have more info for you once I'm back in the swing of things. I can tell you that this month I have less new loans than I did in July. August is normally a slower month but I can't rule this market out... I'd be crazy too! However, with the slower month and a 9 day vacation planned in August, I did not do anything to encourage new business for August. Sniglet,
Since I’ve been out the past week, it’s hard for me to give a good snap shot. For me, I veered away from stated income loans too. More often than not, they were used to have people buy homes they could not afford in the first place. The few stated income loans I did were typically for self-employed were the income did not pencil but was there. If I had to do a product along those lines, I would opt for a NIV where it was up to the underwriter to decide if the client was qualified; I did not put the client in a position to lie about their income on a 1003.

I’m sure other LOs in this area did these types of loans. I may not be “typical”.

I’ll have more info for you once I’m back in the swing of things. I can tell you that this month I have less new loans than I did in July. August is normally a slower month but I can’t rule this market out… I’d be crazy too! However, with the slower month and a 9 day vacation planned in August, I did not do anything to encourage new business for August.

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