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You are not alone.

There is a wave, albeit small where people are deciding that they have had enough with fixing things, making mortgage payments and suing the neighbors.

There are examples of people that have seen taxes go up even though they have equity and have refinanced to today's low mortgage rates (see usloans.com for live rates) and still have payments that are higher than what they can rent a similar property for.

The supply and demand features are still important because you do want to have someone who wants and can afford to buy your house!

Are you one of these people?  Here's a way to figure it out.

Take the cost in the last few years of things you pay for that your landlord normally would.  Divide it by the number of months and add that number to your mortgage payment.

Then take the amount of equity you have and multiply that by 3% and then divide by 12.

Then add that amount to the previous two numbers.

What did you get?  The total that you are really paying per month.

If rents are significantly lower than that and you don't think properties are going anywhere in value in your area any time soon?  Then, sell.

Cold hard numbers, I know.  You'll have to put your own emotions into it.

But, if you are in the Philadelphia, San Francisco or Los Angeles area....let's talk :)  

The people and mission of the CFPB is to make sure that the Consumer (yes, the first name of the organization) are not ripped off.

But, did the Fed LO Comp rule promote the abuse of the public?  Let's look at how.

1. No discounts from yield spread.  You can't help someone by paying anything. 

Have an extension because of a review appraisal ordered by a lender that ordered the original appraisal from the AMC that they hired?  Too bad, consumer pays. 

2. Lower loan amount borrowers either pay points (lots of them) or they go to a bank that can charge them up front AND make all
the SRP/YSP that they want while giving them terrible service from a call center.

3. Lenders allow minimums from YSP.  OK, here's where the s#*t should really hit the fan.

Say you have a lender minimum of $5000 for YSP because you do $150,000 and $1,000,000 loans.  So what you have done is because you need to be very competitive with your high loan amount loans, you will leave your lower dollar borrowers to pay.  Sounds like a tax system?  Well, it is.

I can do the middle class is paying for the rich, blah, blah but I am not going to go there.  What this is about is bringing fairness for ALL consumers back by killing the Fed Rule.

The Fed (the same guys that gave out the secret Zillions to banks) seem to have a plan to help their member banks with the LO Comp rule and HVCC but it seems to be coming back to haunt them.

Appraisal fraud is way up and good deals are dying that could help stimulate the economy.

A challenge to overturn?  Sure. But, the CFPB seems to be an agency that wants to help consumers, are willing to work with the industry and is willing to listen to reality.

We need to humanize the negatives. Please forward this post along to everyone you know that is being harmed by the rule (and HVCC) and ask them to contact the CFPB with specific incidents.

Gov. #Romney and I actually agree on something! Tune into #CNBC at 4:40PM ET today to find out what!

If you miss it, you can catch the video on Fredglick.com later today!

I just had a mortgage I originated over a year ago close.

No, it was not in underwriting with a large bank that where it fell through the cracks. No, it was not because of an HVCC picked appraiser that took too long because she was serving time for animal cruelty convictions. No, it was not delayed because the condo association secretary could not get it together to get the condo form filled out. And last but not least it was not because of real estate agents that think they are still in high school were too busy picking their noses to get the right paperwork together.

It was the fault of the following, Homeland Security, the Philadelphia's Sheriff office, Fannie Mae and a cast of hundreds.

First, kudos to Mitch Cohen of Premier Real Estate who from the start kept the deal alive and kicking. Mitch sold a nice condo unit to a lovely couple, he British and she Chinese, in a building that was 90 percent investors.

That alone would make the property unkosher for financing. But, alas, since the property was a foreclosure owned by Fannie Mae, they were happy to help dispose the unit with no appraisal, no PMI and no condo approval (remember the 51percent owner stuff).

Ok, we got passed that. Now on to Homeland Security where the green card that was promised had yet to arrive. Finally, after a few long months, there it was. OK, that issue resolved. Good news. Now the nitty gritty title work.

What the title company found was that the sellers had not only screwed up the deed royally, the Sheriff's department lost the deed and could not find the money. 

They also told us whe they did find everything that it would take over a month to get it filed. A needless to say a month became 3, three became 6 and finally, a year later, we were able to close.

Don't you just love this business!

The subtle winds of Fall have approached the east coast.   Soon, fireplaces will be lit, hot chocolate will be made, overcoats will return from the secured confines of a cedar closet.

Both the NFL and NCAA football will have the top tier teams evolve into the forefront of America's frontal lobe along with thoughts of holiday shopping because of the ever elongated December selling season.

OK, you get the picture.

So now, the people that want or have to sell their home, I have one suggestion.   Don't.

That's right, do not list your home for sale this time of year.

What's that?  You really need to?  You must move for a job or you are having your third kid and live in a one bedroom condo.

OK, OK......I get it.  Now, go up to the bathroom, look in the mirror and say the following: "I will list my house at a price that will sell.   I will list my house at a price that will sell.   I will list my house at a price that will sell.   I will list my house at a price that will sell."

If you do not have to put your face in the john after you've said this, contact your real estate agents (or me of course :) and say to them "I will list my house at a price that will sell."

A great agent will understand this, find out the comps, know the price and will be able to market it that way.

Yes, I have taken listings where the house was overpriced by $200,000, yes $200,000 but it was with someone that understood the risk, it was later November and he did not need to sell.  I had to prove to him how nuts he was.  But, those days are over.

Buyers seem to hear something that makes sense to them that they should absolutely bid about 20% less for every home they see when in fact sellers and their agents mostly try to price at what it should sell near.

So, it's a zoo out there from the buyer and seller side.  Hopefully, the negotiators, the agents, will be able to put buyers and sellers together happily!

Gee, is it Spring Training already?

Sometimes, a hurricane can be a good thing.

The combination of rain, wind and flooding hits areas and causes damage to property. Of course we don't wish this on anyone, but the reality is, there was nothing we can do to the efforts on mother nature.

After the rain, comes the sunshine and we will all look to see what happened to our own property.

Now what? Assume that every one of the insurance companies that try to lure you with cute commercial come through with real money, you will start fixing your homes, businesses, cars, boats, docs, garages, etc.

That will have you go to home centers to buy supplies or call contractors who will do the same.

That demand will increase the need for repair people, manufacturing of the goods, cashiers, need for new trucks and cars, etc. Yes, a job creator. 

And, if you are thinking about buying a home, do it early this week. Why? You'll see i the house you want to buy can sustain a hurricane-like water surge. It's better than having a home inspection!

So, thank you Irene. Now go away.

Remeber, you heard this here!

Just got a mortgage commitment from Wells Fargo. They want the seller disclosure. Can't wait until that gets picked over by underwriting.

What does this really show beyond the obvious?  That the lenders will be eliminating appraisers.

They will be replaced by the lender doing an AVM and then ordering a staff home inspector, yes I said home inspector to theroughly check the house out.

This way, they know generically what it is worth but they will get a home that is free of defects.

This has not been announced and it will not be blasted out there by the lenders.  It will come out very quietly.

Remember these dudes from a couple of weeks ago? They scared the crap out of people on a Friday night and made our weekend miserable (if you care about stuff like this) because they downgraded the bonds issued by the U S.

Each side of the aisle went bananas about their rating reduction when in fact they may have actually began the U S economic recovery even though they now have the Justice Department up there wazoos.

And remember, these are on of the guys that actually rating the ugly no doc mortgages as a good investment.

So, did they start the crisis? Will the end the crisis?

There is a discussion going on Linkedin that you want to follow if you want to know the details of the financial situation of NAMB.

Here's the link: http://www.linkedin.com/groupAnswers?viewQuestionAndAnswers=&discussionID=59634401&gid=100276&commentID=44320207&trk=view_disc

Now that our friends at the Federal Reserve have changed the mortgage pay system for borrowers and broker, there is more "good' news from Washington.

If a budget stalemate occurs and the money dries up because of the lack of a budge deal, the mortgage business comes to a halt.

Why you may ask? Well, here are just a few reasons:


Tax transcript: If the IRS is on furlough, we will not be able to obtain tax transcripts. If you have a registered/locked loan with us and have not already delivered it to the branch, please upload your completed and signed 4506T into eMagic TRIO now. Even though the TRIO folder will not contain a complete file, please upload your registration or lock confirmation and select "deliver to Underwriting." You will need to check the audit trail in TRIO to confirm receipt by SunTrust Mortgage. We will order the transcripts prior to the shutdown to minimize a potential delay when you deliver your loan file.

Flood insurance: Borrowers may have difficulty obtaining flood insurance through FEMA during this period.

FHA: We understand that HUD may not support FHA Connection during their hiatus, and therefore we will not be able to order case numbers or perform other functions in FHA Connection while they are on furlough.

Rural Housing: We are not sure of the impact to GUS since that system was created since the last shutdown in 1995. However, we should anticipate the system will not be available. In addition we will not be able to get conditional commitments during the shutdown.

VA: We should anticipate that the system by which VA appraisals are ordered will not be available.

Other than that, Fannie and Freddie are sort of governmental agencies and they may not be able to communicate with the needed oversight people. Therefore, no one can make decisions.

I think we should all take a vacation! Oh wait, the air traffic controllers will not be there. 

I guess it's back to the bunkers!