Welcoming the new year

Looking back on 2009, I wore many hats other than the obvious loan expert: marriage counselor, lobbyist, financial advisor, mediator, and I am sure there are others not listed here. You see, in this new real estate environment we live in, it has forced a new set of standard for us professionals. We need to truly be experts in our field. We need to anticipate, forecast, and work together more than ever before!

January 1 produced new legislative compliance changes for lenders and title companies. The result: The good faith estimate has gone from 1 page to 3, and if left on its own with no explanation, will leave the borrowers confused more than ever before. Even experienced ones! But don’t have fear- embrace the change! Some good will come out of this, I just need another week to think of what it is! Really, we will adjust, and all will be fine in a few months. The takeaway here is that it is IMPERATIVE that you EDUCATE buyers like never before to get with a lender early. Know the lender, like the lender, and trust the lender, because once they have chosen, it is very difficult to change without closing and monies being affected. So choose wisely.

Rates have started to rise. Some say that in the final countdown to March of the government waning down the purchase of the mortgage backed securities, that it has already started. Once we see the ‘true’ and ‘unsubsidized’ rates….what will we find? I have heard many predictions, but 6.5%-7.0% seems to be sticking out more than most of what I hear. Who really knows?

This year, 2010, look for continued regulation of lenders. We will see fallout like never before. Lenders that will not survive, due to financial constraints imposed by the FDIC, HUD, Fannie Mae, and others. More reason for you to know your lenders, and fine tune your list of trusted mortgage professionals now.

At Patriot Bank Mortgage, we are owned by a regional bank, Patriot Bank. We are stronger than ever, and have the financial net worth, and cash to meet the stringent requirements surely to come. Our goal for 2010 is to give the best service ever, create raving fans of our clients and realtors, and become the best mortgage company in Texas.

The best is yet to come……………..and I look forward to seeing you at the top!