The Mortgage Porter

Check out my new Bling Bling

January 24, 2007 by Rhonda Porter Leave a Comment

I’ve been getting my blog on, baby. Join me for a quick tour of The Mortgage Porter.

On the first grey column, under my photo (my husband affectionately calls “the head” because it’s so close up) and favorite links, you’ll notice my Meebo. This is an instant message tool you can use to, well…instant message me. Questions, comments…if I’m on line, feel free to Meebo-me.

The other feature I would like to bring your attention to is on the right column towards the bottom. There are several different options for subscribing to The Mortgage Porter. Probably the easiest would be entering your email address into the subscribe box. You will not be spammed (you know how much I detest spam) and you will only receive email updates when I create a new blog. No new post, no email update.

And our brief tour of The Mortgage Porter is now concluding. Thank you.

Filed Under: Just for Fun, Weblogs

Suggestion Box

January 23, 2007 by Rhonda Porter 11 Comments

FEED ME, Seymour! I know this is probably a total blog no-no. But here goes… I am asking for your ideas on what I should blog about related to mortgage, hume buying, financial planning, real estate…you get the idea.

I’m suffering from blogger-block, which I’m sure will pass. In the meantime, I thought I’d reach out to you for your input.

Filed Under: Weblogs

A picture is worth 1000 words…or 2000 faces?

January 21, 2007 by Rhonda Porter 9 Comments

Okay…it’s official! I’ve lost my marbles to blogging. I was touring blogs on Active Rain (a real estate blogging site) and stumbled across this on a blog site by Kristal Kraft, an amazing Realtor and Blogger from Denver. I could not be left out of this party…and if you have a blog that was established before January 1, 2007 with your photo on it, you too can be a part of…

2000 Bloggers

2000 BloggersPS: Click on any photo to be connected to the blog that belongs to the face.

Filed Under: Just for Fun, Weblogs

Don’t Miss the Boat…or the Explorer West Auction!

January 20, 2007 by Rhonda Porter Leave a Comment

Explorer West will be holding their 7^th annual dinner and auction on the evening of March 17^that the Jerry Brockey Student Center at South Seattle Community College.

This year’s theme is “All Aboard the S.S. Explorer West!” I can’t even imagine what the talented folks at Explorer West are dreaming up for this adventure. Last year, the auction’s theme evolved around Paris. When you entered the room, you were greeted by a 30 foot tall Eifel Tower (including the light show) and felt as though you had stepped into a street side bistro. I’ve gone to several school auctions in my lifetime, this one amazed me.

It’s not too late to advertise in their auction catalog…ads must be submitted by February 1, 2007. And the school is still procuring items for the auction as well. If you would like to attend this event and/or promote your business to a southwest Seattle area school and do a good deed…here’s your chance!

Filed Under: Current Affairs, Just for Fun, Seattle

Preapproval Letters Defined

January 19, 2007 by Rhonda Porter 10 Comments

The preapproval letter is a tool typically drafted by a loan originator to be used by a buyer’s real estate agent when presenting an offer on a property. The letter may be in the form of a certificate or be an actual letter on the lender’s letterhead. The preapproval letter is intended to assure the seller and the listing agent that the buyer has been buyer has been approved by the lender and therefore accepting an offer from this buyer, there should ideally not be any financing issues with the buyer.

When I prepare a preapproval letter, it usually contains the following (depending on the program):

Effective date.
The borrower’s names (who is approved for financing).
The sales price and loan amounts they are approved for.
The type of financing is confirmed (ex. Conventional, FHA, etc.)
Credit has been reviewed.
Employment and income has been confirmed.
Down payment and closing cost have been verified.
Any closing costs that are being requested to be paid for from the seller.
Any item the preapproval is subject to (such as satisfactory appraisal, title, complete purchase and sale agreement, etc.).

If these items have not been actually verified with proper documentation, then a buyer has been prequalified—not preapproved. BIG DIFFERENCE. Being prequalified essentially means that a verbal interview has been conducted without providing all of the necessary supporting documents (pay stubs, W2s, bank statements—again, depending on the type documentation required for the specific loan “full doc” to “no doc”). In addition, a Good Faith Estimate does not constitute a preapproval, it does detail the proposed loan scenario.

The preapproval letter does not contain private information such as a buyer’s credit score or their additional assets. It is a sales tool for the buyer’s agent and if there are multiple offers presented on a home, having a strong preapproval letter is an advantage. This is one reason why it is crucial for buyers to become preapproved before they begin shopping for their next home. Many listings agents will not even consider an offer unless the buyer has been preapproved.

The preapproval letter is generally effective for 90 days a specific amount of days, typically when most lenders consider the credit report “expired”. Updating a preapproval letter is simply re-running the credit and possibly obtaining most recent income and asset documentation (paystubs and bank statements). On occasion, the buyer’s agent may request a revised preapproval letter if they are presenting an offer on a home that is priced for less than what the buyer is approved for and if they are asking for closing costs.

Real estate agents may also consider who the preapproval letter is from, and they may contact the lender to confirm the buyer is indeed prepproved and not just prequalified. Many agents will tell you that the preapproval letter is only worth the paper it’s printed on. This is also why it’s very important to be selective with lender you work with…it could possibly impact whether or not your offer is accepted on your next home.

If you’re considering purchasing a home located anywhere in Washington state and need a preapproval letter, I’m happy to help you!

EDITORS NOTE: This post has been updated since credit reports are no longer “valid” for 90 days with most lenders.

Filed Under: Credit Scores and Reporting, Mortgage, Real Estate Agents, Residential Purchase Tagged With: home purchase, preapproval

Colorado’s Mortgage Broker Law Bars 10 Originators

January 18, 2007 by Rhonda Porter Leave a Comment

Like Washington State, Colorado’s new mortgage broker law, the Morgtage Brokers Registration Act, went into effect January 1, 2007. All ready, they have banned 10 mortgage brokers according to the article in the Rocky Mountain News.

Will Washington State be banning unsavory brokers? We’ll have to wait and see.

I’ll keep you posted.

Filed Under: Legislation

Spam I Am…NOT!

January 17, 2007 by Rhonda Porter Leave a Comment

Lately, I have been buried alive in spam. I have approximately 30-100 forms of spam waiting to great me in my email box every morning. What’s even worse is that a majority of it appears to be from my domain names/web sites (www.rhondaporter.com and www.rhondawitt.com). Some spambots have “pharmed” my email address from my websites.

It really burns me up. Not only does spam waste my time, I’ve had companies like Comcast and spam-cops deem me to be a spammer…talk about insult to injury! It can really make e-mail communication challenging for me at times. Just this morning, I received Jillayne Schlicke’s email newsletter, which I really enjoyed. However, I cannot respond to her in an email since I’ve been put into a spam box with my email addresses from my websites being hijacked.

I do email quite a bit with my profession as a Mortgage Planner. And, of course I email my family and friends, too. I send a monthly email newsletter to my database of clients…and if any one decided they did not want my e-newsletter, they could opt out at anytime without any hurt feelings.

So if you receive a funky email that appears to be from me—it’s not. And I’m sorry there’s nothing I can do about it! If you do want to receive emails from me, please do add me to your address book.

Meanwhile, if you’re in the same spam boat I’m in. Try searching your email address in Google. You’ll see what other sites and directories your address spelled out for spybots to grab. I found that I was my worse culprit with having my email address all over my webpages. Try to have your email text address removed and replace with a simple “email me” link to your email address.

And please know, I will never sell your email (or any personal information) address or spam you!

Filed Under: Tech/Tools of the Trade

Loan Originator Licensing Links

January 16, 2007 by Rhonda Porter 2 Comments

Try saying that 3 times fast! I’m preparing for my presenation at the Greater Eastside Escrow Association on Thursday on Loan Originator Licensing. I’m going to feel a little like the wolf in front of the hen house…although I’ll be out numbered! It’s actually all good. I have a background in title and escrow in my past life before I was a lender. Since I’m working on assembling a list to hand out to the Escrow Officers, I thought it might be more convenient to post the website regarding licensing here.

Mortgage Broker Practices Act

Mortgage Broker Practices Act Rules

Washington State’s Broker and Loan Originator Licensing Law Chpt. 208-660 WAC

DFI’s List of Licensed Loan Originators (this is very backlogged…I’m not on it yet and I should be. So please don’t assume that because a LO’s name is not on the list that they didn’t pass the background check).

WAMB’s LO Licensing info

Seattle Time’s Article

Rain City Guide blog that I authored, Licensed to Loan

Ethical Lending Foundation — offers clock hour approved courses for loan origintors.

I’m sure there’s more information available…this is just a quick place to start! If you have suggestions for other links I should post here, please comment and let me know.

Filed Under: Legislation, Mortgage, Weblogs