{"id":1787,"date":"2007-08-12T00:15:54","date_gmt":"2007-08-12T07:15:54","guid":{"rendered":"http:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/?p=1787"},"modified":"2007-08-11T09:57:02","modified_gmt":"2007-08-11T16:57:02","slug":"its-a-lenders-market","status":"publish","type":"post","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/1787\/its-a-lenders-market\/","title":{"rendered":"It’s A Lenders’ Market"},"content":{"rendered":"

I pulled a Cramer<\/a> today. The pressure has been mounting for some time, now.<\/p>\n

Roberta Lee<\/a>, a real estate broker in Norco, CA left a comment on an article I wrote on Active Rain<\/a>:<\/p>\n

My son is in the mortgage industry. He took the time….. \ud83d\ude42 to enlighten me…..”Mom this isn’t a buyers market or a sellers market, it’s a lenders market.” <\/em><\/p><\/blockquote>\n

Ain’t that the truth, Roberta?<\/strong> I had two, um, situations this week that influenced the Cramer that erupted at 3PM this afternoon. Both involved incompetence and arrogance by the wholesale lending “professionals”. THAT is going to be a problem that needs to be addressed immediately.<\/p>\n

Customers are scared. <\/strong> I know and you know that this stuff happens every ten years or so but it’s pretty scary when it’s happening to you. I do a fair amount of business in negative amortization loans. That product has been repriced to reflect the investor’s perception of increased risk but the portfolio lenders are still in the game. I’ve come full circle and have started placing loans with the banks I used in the 90s. None of my old friends are there, anymore. They’ve been replaced with the cast of High School Musical<\/a>.<\/p>\n

One rep doesn’t truly understand her products. She parroted the sales manager’s script when I questioned about a recast and argued relentlessly while I did the math. She was off by about nine months…those nine months matter to an engineer (my customer). When I asked her to be more precise with her answers, that customers’ financial futures were at stake, she flippantly replied that it wasn’t her problem these “morons” are in trouble. She lacks what business school professors might call, um, a “consumer-centric” philosophy.<\/p>\n

Another bank rep couldn’t understand why my customer was nervous when she broke a promise to me. The problem was exacerbated by her poor knowledge of her bank’s closing process, so she told another little white lie. This delayed the closing another day. When I explained why customers were stressing in this Read more<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

I pulled a Cramer today. The pressure has been mounting for some time, now. Roberta Lee, a real estate broker in Norco, CA left a comment on an article I wrote on Active Rain: My son is in the mortgage industry. He took the time….. \ud83d\ude42 to enlighten me…..”Mom this isn’t a buyers market or […]<\/p>\n","protected":false},"author":15,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_crdt_document":"","jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[29,26],"tags":[],"class_list":{"0":"post-1787","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"hentry","6":"category-group-therapy","7":"category-lending","9":"no-featured-image"},"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":6154,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/6154\/ben-bernanke-is-now-one-of-us-booyah\/","url_meta":{"origin":1787,"position":0},"title":"“Ben Bernanke Is Now One Of Us” Booyah !","author":"Brian Brady","date":"December 17, 2008","format":false,"excerpt":"\"I demand that you refinance your home in three months and buy a bank stock\"- Jim Cramer Cheerleader Jim Cramer is now certifiably confident that housing will bottom in 2009 and the economy is saved because of the Fed's recent action. Cramer was, of course, ecstatic. This is exactly what\u2026","rel":"","context":"In "Real Estate"","block_context":{"text":"Real Estate","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/real-estate\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":4290,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/4290\/bloodhound-blog-radio-what-the-fanniefreddie-bailout-means-to-realtors\/","url_meta":{"origin":1787,"position":1},"title":"Bloodhound Blog Radio: What the Fannie\/Freddie Bailout Means to REALTORS","author":"Brian Brady","date":"September 8, 2008","format":false,"excerpt":"I guess we saw this coming.\u00a0 Robert Kerr has been talking about the collapse of the GSE's, in the comments section on Bloodhound Blog, for close to a year now.\u00a0 Sean Purcell and I recorded a teleconference for California REALTORS about the Treasury bailout of the GSEs. We talk about\u2026","rel":"","context":"In "Lending"","block_context":{"text":"Lending","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/lending\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":2884,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/2884\/zillowcoms-long-awaited-mortgage-lending-service-to-offer-anonymous-customized-loan-quotes-to-consumers-affording-loan-originators-the-opportunity-to-compete-transparently-for-free-mortgage-leads\/","url_meta":{"origin":1787,"position":2},"title":"Zillow.com’s long-awaited mortgage lending service offers anonymous customized loan quotes to consumers, affording loan originators the opportunity to compete transparently for free mortgage leads","author":"Greg Swann","date":"April 2, 2008","format":false,"excerpt":"Seattle-based real estate start-up Zillow.com tonight releases its long-anticipated mortgage lending product. We've known for nearly a month that Zillow's offering would include working loan originators in some fashion. What becomes clear tonight is that Zillow will basically be acting as a hands-off intermediary between mortgage-seeking clients and loan originators.\u2026","rel":"","context":"In "Disintermediation"","block_context":{"text":"Disintermediation","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/disintermediation\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":1764,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/1764\/when-lenders-stop-lending-another-lender-lends\/","url_meta":{"origin":1787,"position":3},"title":"When Lenders Stop Lending, Another Lender Lends.","author":"Brian Brady","date":"August 7, 2007","format":false,"excerpt":"The title is a funny play on words from advice Jeff Brown and Ron Feinberg gave me last week. When I returned from Inman last week, the market started melting down. I pride myself on my cool head but some days the Awshits sneak up and dominate my mind; Friday\u2026","rel":"","context":"In "Lending"","block_context":{"text":"Lending","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/lending\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":10856,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/10856\/2010-mortgage-broker-renaissance\/","url_meta":{"origin":1787,"position":4},"title":"2010 Mortgage Broker Renaissance","author":"Brian Brady","date":"January 14, 2010","format":false,"excerpt":"Is the business of broking mortgage loans dead?\u00a0 About two years ago, Morgan Brown predicted our demise on Blown Mortgage.\u00a0 His conclusion was that the industry would need a scapegoat for the poor lending practices and that \"blaming\" mortgage brokers was convenient (and not necessarily fair).\u00a0 His conclusion suggested that\u2026","rel":"","context":"In "Big Mother"","block_context":{"text":"Big Mother","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/big-mother\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":2153,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/2153\/hr-3915-exploring-the-minds-of-the-enablers\/","url_meta":{"origin":1787,"position":5},"title":"HR 3915: Exploring the Minds of the Enablers","author":"Brian Brady","date":"November 3, 2007","format":false,"excerpt":"HR 3915 is referred to as the Mortgage Reform and Anti-Predatory Lending Act of 2007. It was introduced by Congressman Barney Frank of Massachusetts. I explored some libertarian thought about the bill here. I spent the last few days, perusing supporting messages, to discover if I might be mistaken. This\u2026","rel":"","context":"In "Investment"","block_context":{"text":"Investment","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/investment\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/1787","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/users\/15"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/comments?post=1787"}],"version-history":[{"count":0,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/1787\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/media?parent=1787"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/categories?post=1787"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/tags?post=1787"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}