Disqus - Latest Comments for Matt Kelly

Re: Win With Ken Brand for President.

Matt Kelly — Fri, 29 Aug 2008 06:47:27 -0000

You've got my vote......President Brand actually has a nice ring to it!

Re: Wild Fiction Submission - Ink Bleeders Unite — Brand Candid

Matt Kelly — Wed, 03 Sep 2008 16:15:06 -0000

Wow! Good stuff, looks like writing come pretty easy to you!

Re: Why are home buyers and home sellers frozen on the fence and what you can do about it?

Matt Kelly — Tue, 11 Nov 2008 17:51:30 -0000

I googled the quote above to see who deserves credit for it and there was no Author. So I hereby proclaim that Ken Brand Authored and owns that quote!

Good blog, things will change when perception of all parties involved changes.

Re: A self Test for Loan Officers

Matt Kelly — Thu, 07 Aug 2008 11:28:14 -0000

I totally agree with the above. LOs need to be more innovative, or move to a shop that is. They need to stop saying "I tried that two years ago and it didn't work."

There are some really innovative and forward thinking Mortgage Banks out there doing all of the above you mentioned.

Re: Ask the Broker: We bought in Maricopa, what can we do?

Matt Kelly — Tue, 19 Aug 2008 00:48:31 -0000

I can't believe that options 4-6 would even be mentioned.

They need to stay where they are. To walk away from a home and leave the lender hanging is wrong.

At some point Lenders may require a letter of explanation as to why the foreclosure happened. The explanation alone might disqualify them from getting a new loan.

Re: Ask the Broker: We bought in Maricopa, what can we do?

Matt Kelly — Wed, 20 Aug 2008 08:28:56 -0000

If someone is having a life event, yes, the lenders should work immediately with the borrowers for a temporary loan modification. The Mortgage Broker as well should be accountable for someone with a life event to help them through the process. I don't read that this is the case with these folks.

"The builder we bought from still has approximately 30 homes to build in our subdivision, Basically the construction stopped as soon as we moved in."

What appears to have happened is they bought the top of the market and now are upside down in their house. Given that they bought new construction, this could be a calamity of bad decisions.

I've spoke to many people in my area that are in the same position. Not only did the builder screw them, but also the appraiser, Mortgage Brokers, Title Company and Realtors. They are all equally guilty of putting good people in bad situations. We have all seen and read about this situation many times in the past couple of years.

Trust me, I have a great deal of compassion for all of these people and feel horrible when I talk to them and don’t have a solution to bail them out.

The real question is who is accountable, and who should bail out who? Who should go to the people and have to make it right? The lender that purchased their loan or the people that facilitated and encouraged them to make a bad decision?

There needs to be a lemon law for Real Estate I suppose. They do it in other industries, why not in Real Estate?

Kris Berg wrote a great article on her frustration with short sales, I hope that every Asset Manager at every Servicer reads it. Different subject though that maybe I'll editorialize on another blog post.

I could write volumes about this subject.

Re: Bush signs housing rescue law

Matt Kelly — Thu, 31 Jul 2008 10:39:23 -0000

I agree with those comments but haven't read anything that indicates HUD or the law will force Fannie/Freddie to accept the purchase those loans. Looks like they will all be FHA.

As was with the increase in conforming limits in certain MSA's, it didn't effect enough people to "move the needle". The program was very confusing to the consumer purchasing a home as they thought "Jumbo Conforming" was the same as "Conforming" in rate when in reality it wasn't. Borrowers also didn't realize it was limited to certain MSA's.

The 31% DTI is really curious. If someone has a 31% DTI it means they have an ability to pay. Why they are struggeling will really need to be looked at very closely.

It will be interesting to see what the new laws/programs actually allow as far as mortgage and consumer lates are concerned.

The 90% max LTV I think implies that lenders are willing to take losses on non or poorly performing loans. It's essentially the same concept as a short sale, the lender is accepting a loss now to avoid the pain and agony of having to foreclose on the property and the tremendous expense related.

As far as the technology end of this is concerned, for homeowners that attempt to qualify for the program, I would expect a large number of "Refers" to manual underwriting.

Re: 5 Things that are Turning The World Upside Down

Matt Kelly — Thu, 23 Oct 2008 19:34:13 -0000

Hey Drew!

It was great to see you at the bar camp! Thanks for making the trip!

Matt.