raman kandola's (kandolamortgage) Blog

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Mortgage and Lending - kandola mortgage services
RECENT BLOG POSTS
A fool and their money are soon invited everywhere! If a loan officer knew exactly what rates were going to do, would that make a difference in the amount of business that they funded? Many would argue "no", since some believe that market timing takes a back seat to good marketing and operations....
12/14/2006
Fannie Mae is suing its former auditor, KPMG LLP, for $2 billion in damages alleging that negligence on the part of the accounting firm caused it to violate accounting standards and undertake one of the largest earnings restatements in history. A spokesman for KPMG indicated that the firm is like...
12/14/2006
 When consumers were asked what incentive appeals to them most in buying a home, 75% chose "closing costs paid." In contrast, only 2% of respondents chose a paid trip or vacation as their top incentives, 9% said "free upgrades", and 6% said "free property inspection." The incentive scoring last a...
12/13/2006
Who have the large ARM lenders been this year, through various channels? In order: Countrywide, Wells Fargo, WAMU, Chase, IndyMac, Citi, RFC, Golden West, New Century, and American Home. Speaking of ARM's and other types of mortgages, as home appreciation levels have tapered-off, and as more borr...
12/13/2006
5 Comments
 Hard Money is a diversification to an already used income stream.Loan Officers don´t use it as much as they could out of some unknown reason? Not quite sure if it´s education of products or fear of telling someone about a 12% rate,The rates are obviously a difficulty to the product but I found i...
12/11/2006
2 Comments
    Hard money is based on equity. Appraisals are looked at with a closer eye than a Subprime/a lender. If the value isn´t there, and your appraiser is pushing value, you will get an appraisal cut. Instead of telling your appraiser what you "need" the value to be, just let your appraiser do his j...
12/11/2006
0 Comments
 Many brokers think that Hard Equity Lenders look to cut appraisals. In my case we get an appraisal from a broker and then we order a BPO. Due to the market changing and BPO´s tend to be conservative, even though they show 3 current listings and 3 sales. Lenders tend to lend off of the lower valu...
12/11/2006
Ive been watching the requests multiply for 'hard' money, and some of them border on the ridiculous. Hard money lenders are not stupid,(well, most of them anyway) and there is usually more at stake for them than a regular wholesale selling off to a big investor.    They are driven more by the pro...
12/11/2006
0 Comments
 Last month in Pennsylvania two borrowers participated in that state's first paperless home sale. The story can be found in: http://www.centredaily.com/mld/centredaily/business/16049625.htm. Worthy of note was that there was no mortgage involved, but it is still interesting to skim through the st...
12/11/2006
 According to the Wall Street Journal, American Express is rolling out a plan to allow luxury condominium buyers In New York to charge down payments. American Express is working in partnership with a private real-estate firm which has properties in mid-town Manhattan under construction. In additi...
12/09/2006
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