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carlpruitt · Posted: Mon Nov 10, 2008 8:58 am Post subject:

Hello everyone!

My name is Carl Pruitt and I have been in the mortgage/real estate businesses since July 1985, and have been an FHA specialist for the last 10 years. During that time I have run a mortgage company, been branch manager of a retail mortgage office for a national bank, and run a real estate brokerage.

During that time I have seen just about everything. When I started, my first fixed rate FHA loans had interest rates of 13.65% and we were having a boom because rates had improved. We had to type FHA documents on carbon paper and start over after any mistake. We had to order a credit report and wait until the next day for it to be delivered by courier printed on security paper. I've seen the advent of automated underwriting, the rise to prominence of subprime lending and its subsequent crash, then watched it come back with a vengeance and now crash once again. This time nearly taking the rest of the mortgage market with it.

One thing which was very different when I started as a loan officer was that we were required by our employers to apprentice under an experienced loan officer before being sent out on our own. Over the last few years, training and experience of this kind has been sorely lacking in the mortgage industry. Too many loan officers jumped in from other professions with no financial training whatsoever. Being a loan officer transformed into solely a sales job at some point.

Now I train loan officers and write about mortgage topics, among other things. Better training for loan officers wouldn't have kept us from paying the price for having too much loose credit in the market, but it might have left us in a better position to recover.

Thanks!

Niicss · Posted: Tue Nov 11, 2008 3:38 am Post subject:

Hi Carl,

Welcome to MortgageFit Forums!

Its really nice to see that a very experienced person like you have joined this community. I hope it will be of great help to the community members. Hope to learn a lot from you Smile

Thanks,

Niicss

BrianDelaCruz · Posted: Tue Nov 11, 2008 5:59 am Post subject:

Hello Carl and welcome

Nice to hear about your experience.

Hope you'll have lots to share with our community.

Appreciate your efforts to make the industry a better place for all. Smile

Brian Dela Cruz

jveenstra · Posted: Tue Nov 11, 2008 10:19 am Post subject: Introduction on Veteransns Day

If you see a Veteran, shake thier hand and thank them for having served.

I joined the community a few days ago. While I have been in the mortgage business 23 years, I believe I have learned more than I have contributed thus far. There are a lot of learned and helpful professionals providing help and advice.
I opened a mortgage office in New Jersey for national, commercial bank in 1983. A few years later I was a Branch Manager for a national savings bank. A few years later I was a mortgage consultant for a large New Jersey Realtor company's mortgage subsidiary that was a direct lender and serviced loans.
A few years later I started working as a mortgage consultant for New Jersey mortgage bankers/brokers. After all those years working for commercial bank and savings bank and direct lender, I finally decided the best way to do the business was as a mortgage banker/broker--access to many more products and not having to say "no" as much.
Enjoyed the business so much (even with all its ups and downs) took a couple years to open own office in July, 2007 with a partner. One month later the Subprime mortgage mess hit. We did not do FHA loans and they became more important--fast. So, closed the business. Had to go work with someone who was bigger and had FHA loans, etc..
Happy to meet you all--mostly by e-mail.

Caron · Posted: Wed Nov 12, 2008 3:34 am Post subject:

Hi John,

Welcome to our forums.

Looks like you have lots of experience and knowledge of how the industry actually works.

Glad to meet you here. Smile

Good luck

sara · Posted: Thu Nov 13, 2008 6:48 am Post subject:

Welcome carl and John.

hope you like this community Smile

yolandaross · Joined: 26 Nov 2008 Posts: 1 1.00 Dollars($)

Hi, All
I'm new to the community. My name is Yolanda. I'mc currently trying to apply for a loan modification program with HomEq. I looked at some of the types of programs they offer but it seems as the first option they put out there to you is a repayment plan. HELLO! if i could make additional payments on top of my mortgage payment I wouldn't be in this situation. Anyone has any suggetions on dealing with this company. I was also reading that starting 12/15/08 there is a new expedited program called streamline modification plan put in place by the government. Its under the hope now website.

smithsussane · Posted: Fri Nov 28, 2008 12:13 am Post subject:

Hi yolandaross!

Welcome to forums!

Loan Modification means extending the loan period and adding the missed payments to the loan balance. This process may reduce your monthly payments and also help you pay to off the dues so that you can get current on the loan. The monthly payments can also be lowered by rate reduction. In a loan modification, the lender will offer you a alternate repayment plan.

Yes, I have also heard of the streamline modification plan which starts on December 15th, 2008. It applies to at-risk borrowers who are 90 days or more delinquent on their mortgage payments, are not in bankruptcy, and applies to owner occupied single family homes.

Feel free to ask if you further queries.

Sussane

cj · Joined: 04 Dec 2008 Posts: 1 1.00 Dollars($)

My name is C.J LALLY and I joined the community to stay informed and to be able to ask questions. I am the CEO of FHA CHOICE APPRAISAL MANAGER. We have Top Quality good honest appraisers in all 50 states that specialize in thier fields. I feel it is my duty to keep up with all current information, so I can continue to provide excellent service to my clients Mortage brokers , Loan Officers and Attorney's along with Investor's and my Appraisers. Thank you

jameshogg · Posted: Fri Dec 05, 2008 12:31 am Post subject:

Welcome cj

It will be great having such an experienced person in the community. I hope a lot of people will be benefited from your suggestions. Smile

James

tkpowell · Posted: Tue Dec 09, 2008 5:59 am Post subject: Refinancing...

Hi I'm Kelly, my husband and I are looking at refinancing, have already been in touch with our current mortgage holder, Countrywide. We have a first and 2nd, and about $38500 in cc debt. Our current first has $137k, 2nd has $34k on it. The first is at 5.875, 30 yr, 2nd is at 7.5%, 15 year. We've been in our house since 2004. We should have about $55k equity in it, if the appraisal comes back where we want it to. Any suggestions, comments, things to consider? Thank you for your time. Kelly

sara

Hi tkpowell,

Welcome to the forums.

Do you mean the appraised value is low enough to help you get a refinance loan? How'sd the housing market in your area? Are homes selling at very low prices there? It could be one of the reasons for a low appraisal in your case.

You may pretty good amount of cc debts. The mortgage balance is not low either. I suggest that you have the appraisal reviewed once again by another appraiser. Are you refinancing simply to pay off the cc debts. I mean are you ok with the 2 mortgages?

If you're refinancing only to pay off cc debts, I'll suggest that you think of some other option such as debt consolidation or debt settlement to repay your unsecured debts.

Let me know if you have further queries.

Take care

elisahoyos · Posted: Thu Dec 11, 2008 7:02 am Post subject: Elisa Hoyos- Introduction

Here is all my contact information and a little background on me.

I am originally from Arizona and have been in and around the Real Estate business for the past 10 years. I currently reside and work in Texas.
I have been a licenced Real Estate Agent in both Arizona and Nevada. I worked with Stewart Title in Arizona as an escrow assistant for 2 years and I have been a Home Loan Consultant for the past 5 years.
I am Bilingual (spanish) and I am very knowledgeable in helping clients improve their credit situations so they can qualify for a home.

I have a "mobile office" so I am able to pre-qualify clients on the spot. I often work from home which allows me to be available on weekends and evenings.

Elisa Hoyos
Bilingual Home Loan Consultant
First Liberty Financial

888-694-2323 office

jameshogg · Posted: Fri Dec 12, 2008 11:20 pm Post subject:

Hi elisahoyos,

Welcome to MortgageFit Forums! It's great to have such an experienced and knowledgeable person in community. Very Happy

James Hogg

Samantha · Posted: Tue Dec 16, 2008 6:07 am Post subject:

Welcome to our community Elisa Smile

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