Sorry to all of my friends who make their living in the stock market. Xeni Jardin from Boing Boing reports what everyone else should know: Dow drops 500 points (it leveled off at +/-375). On the other hand, for everyone looking to refinance this is great news. Why you ask? It starts with a little thing called "flight to quality" and ends with another … [Read more...] about Ouch, Very Ouch.
Blog
More on my previous post – credit tightening
Well, as reported yesterday the biggest of the big have made public their plans to tighten credit guidelines. Freddie Mac, one of the two government-backed private-sector mortgage backed securities purchasers (the other being Fannie Mae) has announced significant changes to its purchasing guidelines regarding subprime mortgages. The Mortgage Market Guide … [Read more...] about More on my previous post – credit tightening
The thing that is really going to suck
The thing that is really going to suck for you-especially if you are in a Blown Mortgage-is that if you are in an adjustable rate mortgage and your rate and your house payment start to go up is that there is an excellent chance that you won't be able to refinance in to a lower payment. Dan Green in his blog says this about the sub-prime market crash; he puts it nicely:There … [Read more...] about The thing that is really going to suck
Customer Service
Joel Spolsky on his blog Joel on Software lists his top 7 steps to remarkable customer service in the software industry. IT customer service is much like mortgage customer service, it's a complex matter that most people don't understand. More often than not your explanations seem more like excuses because the customer doesn't understand what you are talking about. To my … [Read more...] about Customer Service
Just Overheard in the Office
"Yes ma'am, unfortunately you do have to pay your back taxes." This amazes me. Every so often we get some customer who flies off the handle because in order to get a new loan they need to bring any old liabilities current; including taxes, child support and delinquent liens. This is not your mortgage companies fault. This is your fault. If you … [Read more...] about Just Overheard in the Office