Disqus - Latest Comments for tvanderwell

Re: HVCC is Up and Running. How’s it Going?

Tom Vanderwell — Sun, 17 May 2009 15:45:08 -0000

Bill,

There are many things I don't like, and many things that are "okay."

I've got a post set up to run on Tuesday in greater detail about it on Straight Talk About Mortgages.com

Tom

Re: Mortgage 2.0: I wonder if Wachovia will Twitter an FDIC takeover?

Tom Vanderwell — Wed, 10 Sep 2008 16:33:54 -0000

I'm following them too. Just to see if you are right!

Re: Merrill to raise $8.5 billion

Tom Vanderwell — Mon, 28 Jul 2008 23:10:23 -0000

Morgan,

Check out what Yves has to say over at Naked Capitalism too. http://www.nakedcapitalism....

If it's a ball game, it's the top of the 4th inning and the bad guys have the bases loaded, no outs and their home run hitter at bat!

Tom

Re: Pyramid of Greed

Tom Vanderwell — Sun, 20 Jul 2008 00:17:15 -0000

Hey Morgan,

Can I use your Pyramid of Greed in a post I'm working on for next week? It would fit in perfectly and I'll give you credit for it?

Tom

Re: $7.2 billion in new write downs for Citi - are we there yet?

Tom Vanderwell — Fri, 18 Jul 2008 13:07:06 -0000

Morgan,

You make me laugh. The main reason is because I just wrote something very similar about 2 hours ago!

Keep on telling it like it is!

Tom

Re: Freddie Mac shares plung to $10

Tom Vanderwell — Wed, 09 Jul 2008 16:40:06 -0000

Morgan,

It's not just you. There are LOTs of us who's livelihoods depend on Fannie and Freddie staying operational.

Tom

Re: Risk Based Pricing. How Mortgage Rates are Determined Property Type and Property Use

Tom Vanderwell — Tue, 08 Jul 2008 00:01:11 -0000

Other than loan limits (which are geographic) are you really seeing different rates for different geographic locations? I can write loans in 37 of 50 states and the rates are the same for the same loan situations no matter what state it's in. (Meaning a $200,000 30 year fixed rate on a $300,000 purchase owner occupied would be the same rate no matter what state it is in as long as it's one of the 37 I can do.

Interesting, I've seen LTV issues (due to declining markets) but I've never seen rate differences.

Tom Vanderwell
straighttalkaboutmortgages@gmail.com

Re: Fifth Third Eliminates Stated Income Loans

Tom Vanderwell — Tue, 20 May 2008 18:21:14 -0000

Hey Morgan,

The reason it only says retail is because they eliminated it for wholesale a while back.

It's downpayment and verified income if you want to take part in the real estate "game."

Tom

Re: Fannie Eliminates Declining Markets LTV Restrictions

Tom Vanderwell — Sat, 17 May 2008 22:30:22 -0000

Morgan,

I think that we'd all be better off if everyone would ask one more question:
"In today's housing market, is buying a house without coming up with at least 3 to 5% down really a good idea?"

I think it's very healthy that we've gone back to requiring some "skin" in the game.

Keep on telling it like you see it.

Tom

Re: It’s time to take back the American Dream

Tom Vanderwell — Tue, 13 May 2008 10:14:50 -0000

And all God's people said,

"AMEN!"

Well said.

Re: New Program Guidelines - Friday HAHA

Tom Vanderwell — Fri, 09 May 2008 11:40:05 -0000

Yeah, that is a good one!

Tom Vanderwell
Mortgage Officer
Fifth Third Bank
111 Lyon St. NW
Grand Rapids, MI 49503
Office (616) 653-5375
Cell Phone (616) 292-7559
Fax (616) 825-6085
Thomas.Vanderwell@53.com
Check out my website at www.53.com/mlo/thomas-vande... for more
information and for a daily morning market report containing useful
information on the financial markets!

Re: New Program Guidelines - Friday HAHA

Tom Vanderwell — Fri, 09 May 2008 11:26:06 -0000

That is just too funny!

Re: Sponsored Review: Mortgage Loan Calculator

Tom Vanderwell — Sun, 04 May 2008 18:18:24 -0000

Hey Morgan,

Any idea how to change the color of the type on the widget? I've got it on www.straighttalkaboutmortga... but I can't see the titles.......

Tom

Re: Wells: More Liquidity Issues in the Secondary Market

Tom Vanderwell — Sun, 27 Apr 2008 21:30:18 -0000

But, like going through necessary surgery, it's good for you, but it isn't without pain.

Re: Wells: More Liquidity Issues in the Secondary Market

Tom Vanderwell — Sun, 27 Apr 2008 16:54:22 -0000

April 30 is a big cut off point in terms of a lot of new guidelines out there. But they were all, at least in our case, communicated well in advance. I've got two deals closing this Monday and Tuesday that if I didn't get them done by then, they won't get done because of tightening guidelines.

Welcome to the new reality. Either deal with it or get into another line of work.

And I mean that in a nice, constructive criticism kind of way, not a snotty way.

Re: Freddie joins Fannie in purchasing ‘conforming jumbo’s’

Tom Vanderwell — Mon, 21 Apr 2008 20:08:53 -0000

Morgan, It's not just those 4 banks who can write them. We can do them (if anyone wanted them). They aren't in my area, so no one's asking for them but the 75 to 100 bps bump in price is a little conservative depending on loan to value (from our rate sheet today).

Re: Be a Hero - Send Tips to Blown Mortgage

Tom Vanderwell — Sat, 19 Apr 2008 22:07:02 -0000

I think short trader is trying to say that he thinks you are fortunate to no longer be working in the mortgage field......

Re: And We’re Back…

Tom Vanderwell — Wed, 16 Apr 2008 22:38:08 -0000

Okay, Morgan, here's another perspective on the cruise employment issue. I adopted two kids from Haiti. The average income that a Haitian makes is $200 and they live in a "hut" with a dirt floor, no utilities, and virtually no food. Compared to that, I think that what a cruise ship worker makes and the income they make, it's pretty good. The majority of the countries that were represented on the ships I've been on are ones that have standards of living only slightly better than Haiti.

It's all relative.

Re: Zillow Mortgage Launches - How do you rate?

Tom Vanderwell — Thu, 03 Apr 2008 21:41:46 -0000

I'm with you on that one. I think the reason that some of us are busy (I'm up 40% from last year) is because, as Brian says, we need better advice for consumers.

I don't expect I'll have time to be a Zoriginator as Brian calls it. I don't think I want to be an order taker either.

Re: UBS takes additional $19 billion in write-downs, ousts CEO

Tom Vanderwell — Tue, 01 Apr 2008 22:48:18 -0000

Yep, they did it before, the market applauded. They did it again, the market applauded. Think they're going to applaud when UBS does a BSC on us?

I think not.

Re: The Big Squeeze – Countrywide Limits Broker Compensation

Tom Vanderwell — Mon, 31 Mar 2008 21:02:38 -0000

Chris, I think that once the entire mortgage industry is nationalized (which it will have to be once Fannie and Freddie go under), you're going to see compensation plans drop quite dramatically.

If there's only one game in town, why pay more to the sales people?

Re: The Big Squeeze – Countrywide Limits Broker Compensation

Tom Vanderwell — Mon, 31 Mar 2008 19:12:24 -0000

Ann, I agree. This is just the first of the tightenings that we're going to see. I expect that before it's all done, we're going to see it drop to 2 pts, and even lower than that for low downpayment, low income deals.

Re: Fifth Third Makes Wholesale Changes

Tom Vanderwell — Mon, 31 Mar 2008 12:56:07 -0000

I think we'll be fortunate to have only one of the "big ones" go down hard before this is all over.

Re: Fifth Third Makes Wholesale Changes

Tom Vanderwell — Mon, 31 Mar 2008 12:47:11 -0000

I agree about the disconnect. Do you think the PMI companies are being too cautious or are Fannie and Freddie being too slow?

I think Fannie and Freddie are being too slow......

Re: Fifth Third Makes Wholesale Changes

Tom Vanderwell — Mon, 31 Mar 2008 12:30:23 -0000

I believe that blaming Fifth Third for these cutbacks is misleading. If we can't get mortgage insurance, we aren't going to write the loan because Fannie and Freddie won't buy the loan without MI.