Approved Advisor

With rates dropping to historical lows, Home buyers who are starting to get the buyers “itch”, are quickly getting the loan officer “ditch”!!

Simply put, as the number of loan applications sky rocket to levels not seen in almost a decade, loan officers are starting to prioritize the quick “low hanging” refinance loans, versus that of a long drawn out purchase transaction.

If that weren’t enough, it is reported that even the level of mortgage refinancing is struggling as brokers, lenders, and mortgage banks are ill equipped to handle the volume due to past layoffs and company consolidations.

In a recent conference call with our company mortgage consultants, I reminded them about “biting off more than we can chew” and about the importance of customer service.  It’s OK to not to work with EVERY single borrower that calls.  Our first and foremost priority should be with past clients and referral sources who have always been the cornerstone of our business. 

When I speak to fellow mortgage originators in the industry, I get a feeling that they are tripping over loan applications, very similar to Lucy and Ethel are handling their volume in this classic I LOVE LUCY skit below. (comments continue after video) 

I love Lucy Chocolate Candy Assembly Line 

I am confident that the manner in which a pending loan application is being handled, or mishandled, is a direct result of the current refinance “boom”.  It is critical to sense these inefficiencies early, and work with consultants and companies that are committed to handling YOUR business in the manner and professionalism that it deserves.  

It’s important to not to settle for quick talking, penny pinching salesman, versus qualified and experienced loan consultants that will give you the BEST ADVICE AND THE BEST PRICE.      

According to financial news: A deal to combine the brokerages of Citigroup and Morgan Stanley — which would give Citi more cash, and Morgan Stanley more manpower — appears just days away.

In light of the new venture with Morgan Stanley, the new entity name will be…

“CITIMORG”

(Thanks to JS from Brooklyn, NY)

Q: What’s the difference between a guy who just lost everything in Vegas and an investment banker?
A: A tie.

Q: How many stock brokers does it take to change a light bulb?
A: Two. One to change the bulb, the other to sell off the old one at the highest price possible before CNBC reports it’s burned out.

Q: How many commodities traders does it take to change a light bulb?
A: None, they don’t change bulbs; but the trading price of darkness plummets due to oversupply.

Q: How many real-estate agents does it take to change a light bulb?
A: Just one. But she now raises the asking-price of the house due to “recent renovations.”

Q: What’s the difference between a large bag of manure and an investment banker?
A: One’s a lying sack of sh*t and the other is fertilizer.

Q: What’s the difference between a bond and a bond trader?
A: A bond matures.

Q: “What is the difference between a dead cat and a bad investment?”
A: When you throw both out the window, you get a bounce from the dead cat.