Mortgage Blog

It's indeed a busy week. I closed 9 PF loans out 10. One failed because they sogned last Friday, and could not clear all funding conditions before Wednesday(rate expired Wednesday). But we re-locked that loan and we will close in about 1 week.

Enough said and done, I will not do PF ARM loans(if possible) for quite sometime. I have less than 10 PF loans in the pipeline, and I will only do those loans for my past clients. You guys may have heard, but they asked too much documents, even at the funding time.

For the NYCB(Amtrust) loans, if we can get the loan signed, then we will have to wait for 180 days before the next refinance. Don't think that's big deal. Not a lot people doing refi every 120 days.

Though as a professional, we do have large volumes and try the best to complete the loans with rates locked. And because of that(busy), I did not have much time to explain the closing cost statement before the signoff. I will still try to go over those statenent before the signoff. If not, you know, I will make sure everything is correct, and you will pay no fees if you are doing no cost refinance.

September is so challenge for us. We have to close x loans everyday. So it make us extremely busy the whole month ahead. But still I will try to provide the best service as I can.

I chatted with a google client today. Though I never met him before(John, do you read this blog?), we are like friends. I told him why I like web applications and how I can handle huge volumes. It's not because I am smart, it is because I work smart. I told him that I can complete 10 loans applications in 30 minutes.  10 people can complete the application at the same time, and everybody spend 15 minutes finish it. After 15 minutes, I can have 10 applictaions, and I need 30 minutes to review then and get them all completed. That's why one lender was surprised that I locked over 20 loans in one single day.

Have a safe and happy Labor Day. Enjoy a good time with your family. Talk to you guys after the holiday.