Mister VA's Mortgage News

Father Time Passes the Mortgage Mess Along

No problems were solved in 2008.  Some would argue that more problems were created by the government.  But, they are not generally known as problem solvers anyway.  Will 2009 bring back sanity to the world of mortgage lending?  Will we repeat the same mistakes in 10 years as the clock is turned back  10 years in terms of underwriting?  Only a few hours remain in 2008 and it cannot leave soon enough for many.

Many proposals turned out to be lip service.  FHA Secure.  Hope for Homeowners. And others proved to be thinly disguised scams. Foreclosure Rescue.  Loan Modification intermediaries. Credit card reductions in amounts owed.  And who could forget TARP?  The biggest scam of them all.

2009 is almost here.  A challenge for me personally as I re-locate.  Do I ponder a change in direction myself?  It may not be a bad idea though I have devoted the past 18 years to mortgage lending.  It could be a great time to make a change in the financial services field.  It may be time for something new.  Or perhaps not.  Time will tell.

A New Adventure

In the next couple of months, I will be embarking on a new adventure.  The adventure started a few months ago when my wife asked about moving to a warmer climate.  I agreed provided that certain areas were off limits.  I did not want to re-locate to an area that might take several years to recover from the housing problem.  I also wanted to have a chance to referee basketball at the varsity HS level for a 2nd season.  The hopes were to make a smooth transition to the re-location in the spring.

However, it appears that the transition will not be smooth, but it is still something to look forward to.  It appears that our home will be selling in Vermont in the next 2-3 weeks and with only a few weeks left in the basketball season, it looks like I may have a chance to do some volunteer work for a little bit as I study for a Florida course for mortgage bankers through CampusMBA.  Then I will drive the dogs down to the St Petersburg area while stopping to see my family in NC along the way.  Looking in the face of a blizzard today, I can honestly tell you that this being my final Vermont winter is not a heartbreaker.

That said, it looks like my office will be closing in January.  I will be seeking out options of course, but just trying to absorb it all right now.  I will probably continue the blog, but it may not be as often as it was in the next couple of months until I re-locate.

Family Roots

My folks grew up in the Boston area.  I have never lived there.  But each time I visit, I feel my roots.  Not enough to want to live there, but a part of me is there.  One of my grandfathers was the asisstant postmaster in Everett.  My mom worked for 10 years at Hood's.  The smokestack is probably about all that remains from her time there in the 1945-55 timeframe.  Looking out from our hotel window, we faced north toward Everett.  We could see Fenway Park and were in the cluster of buildings around the Prudential Center.  I actually stayed at that hotel a few years ago while attending a Mortgage Originator Magazine seminar.

My other grandfather worked for many years as a tool and die maker at the Waltham Watch factory.  He lived in nearby Newton.  He did move to Vermont for about 3 years in the early 1950s and ran a small store about 25 miles from here in Craftsbury, Vermont, with my grandmother.  He returned to the factory in 1953.

My uncle, my dad's brother, went to Boston University and remained in the area until the early 1970s.  Many of my early travelling memories are to my grandparents' homes and to visit my uncle & aunt in the Boston area.  Nobody is in the area today.  So my infrequent visits only spark some vague memories of things I might have seen as a kid.  Of course, there are some vivid memories as well.  My first visit to Fenway Park and seeing Mickey Mantle hit 2 home runs in a 5-3 loss to the Red Sox in 1966, for example.  Walking to the neighborhood store in Everett to buy a couple of packs of baseball cards at a nickel a pop.  And the time spent at houses in Newton and Everett.  My grandparents are buried there.  So, I may go back there again.  It isn't the same of course, but nothing ever is.

Getting To Know Your Contacts

Networking.  We have heard that term over and over again these past few years.  It is probably more important than ever to make contacts.  But, keeping in touch with those contacts and getting to know them personally is even more important.  Getting to know them takes time.  And it is not always done in person.  Some folks I have 'met' are on mortgage forums.  You get to know people by what they post.  And you can make a decision after reading a number of them as to whether or not they would make a good contact, whether they would make a good resource, or even if they would make a good friend.  In person, it is a little easier to make those assessments, so the time to move deeper does not take as long.

Common interests can be deciphered.  And isn't that what networking really is at the core?  Finding common interests?  I asked one such contact about the alignment of two planets in the early southern sky.  [Venus & Jupiter]  I have asked others about various aspects of a locale that will be my new home in the next few months.  The business climate.  The overall location.  And, of course, the golf courses.  In fact, I have made some plans to meet up with some of them on my next visit.  My wife has already re-located.

I probably will choose to 'meet' others such as Realtors before I actually arrive.  I will already have contacts by the time I am there physically.  It really will not be all that different from what I do here.  The Realtors here are people I have gotten to know well.  I know their interests.  I know their families.  I know their likes and dislikes.  And I can send referrals based on the personalities of my clients and who I believe will work well with them.  It is one thing to make the contacts, but quite another to get to know your contacts.