Ed's Blog

Have a few industry updates for you.

Ed takes over as state President for the California Association of Mortgage Professionals-your chance to be an insider!

If you ever wanted to have the ear of a “big cheese” now is your chance. From now until July 1, 2012, I am the president of the California Association of Mortgage Professionals. A big part of our mission this year is to advocate for legislative and bureaucratic policies that help consumers actually get loans. Are you unhappy with your appraisal? Don’t like the current underwriting standards? Wish somebody would listen to you about your housing concerns? Tell me what’s on your mind and I will have our Government Affairs team will pass it along to the powers that be.

R U paying too much? Interest rates remain great!

We still keep getting requests for refis from folks who are paying too much. Are you? Check in with us to find out. This is especially true for jumbo borrowers (those with loans above conforming loan limits). Give us a call and we’ll try to the numbers for you. In the meantime, here’s a quick rule of thumb: If you are paying over 5.25% on a jumbo loan (loans over $729,750 in most of the Bay Area), you’re probably paying too much. If you are paying over 5% on a high balance conforming loan (loans from $417,000-$729,750 in most of the Bay Area), you’re probably paying too much. If you are paying over 4 ½% on a loan of $417,000 or less, you’re probably paying too much.

Insider secrets to getting your loan approved.

Boy oh boy do I have a lot to say about this topic. But number one on my list this year is be prepared to provide explanations and documents for even the most ridiculous requests from lenders. For years I’ve said that mortgage underwriting is the logic free zone. Now more than ever this is true, true, true. For more tips, give us call.

Ed in the news

Every so often I get interviewed for print radio or TV stories. Thought you might be interested in a couple of recent ABC 7 TV stories I was quoted in. Here are the links:

http://abclocal.go.com/kgo/video?id=8298550

http://abclocal.go.com/kgo/story?section=news/business&id=8279260