Rocket Mortgage - Woosh Takes Money Right Out of Your Bank Accounts

Rocket Mortgage says they can speed 
you to close your loan
BUT

Four downsides with this idea:

#1  A Borrower’s submitting personal 

documentation (unfiltered) straight into 

Underwriting is a terrible idea. 

No Borrower can edit and interpret 

and dig like I can. 

Some paperwork is best left out. 

Once it is seen, it can't be ignored.  

Every loan is a custom fit.

#2   I would never log into my bank through

 Quicken for asset verification.  

Quicken is capturing my login and password. 

They can take money out of the accounts.

#3    After the initial “rush” to approval, 

quicken admits that their process

 to close is no different than any other company.

#4   Borrowers lose their lateral vision 

in finding alternative loan products, 

the whole reason for going to a professional 

Loan Officer. 

Although outside industry thinks
a monkey, artificial intelligence AI or some
snazzy system can put a puzzle together - it
isn't just product knowledge that is necessary
- knowing what to put in the file, what 
to edit, and how to explain is Vital.

C. G. Barbeau
The Loan Answer Lady
(949) 784-9699

Link below from Article written by a Mortgage Guy from Quicken

http://techcrunch.com/2015/11/24/this-could-be-the-mortgage-industrys-iphone-moment/

Explore Every Home in the Country

Search Further Home Scouting 
Lets You Explore Every Home in the Country

Search from coast to coast the only tool with 100% of the listings at your fingertips Be in the know see photos, tag your favorite homes and get updates on saved searches Stay connected one tap access to the highest quality service you deserve Private and ad-free your information is never sold

New Users

 1.Go to your app store
 2.Search for 'Home Scouting'
 3.Download the app
 4. Enter my VIP code: 9497849699.
Create your private account and start shopping
 Update to National MLS Search 
Simply log out and log back in to update your Home Scouting App.

 Home Scouting
 C.G. Caroline Gerardo Barbeau
 NMLS: 324982, CA #CA-DBO324982

 C. G. Loan Answer Lady 
Eagle Home Mortgage 
 Office: 949-784-9699 
 Fax: 855-833-4303 
http://www.carolinegerardo.eaglehm.com/

 Contact Me 7:00 AM to 7:00 PM 7 days a week

 My Website

 The Home Scouting Report (HSR) and Sold Home Alert (SHA) are free home finding services provided directly to you as a home buyer or home seller,
a licensed real estate brokerage services company.
The Loan Officer's role is to assist in determining a comfortable home price range for HBM2 to use when it is searching for property listings within your search criteria.

 The Loan Officer is neither an employee of HBM2, nor the provider of the HSR or SHA. 2016 Home Buyers Marketing II, Inc. (HBM2) EMR-Z2N67J
 Universal American Mortgage Company of California, dba Eagle Home Mortgage of California. Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act. RMLA #4130383, NMLS #252392, Branch NMLS #849059, CA #813I609, NV #3244. Certain restrictions apply. This is not a commitment to lend. Applicants must qualify. Equal Housing Lender This message was sent from C.G. Caroline Gerardo Barbeau  as a result of an existing business relationship. It was sent from: Eagle Home Mortgage, 100 Spectrum Center Drive Suite 500 Irvine CA 92618 Newport Beach California 92660

Refinance No worry about Continuity of Obligation

Continuity of obligation is being eliminated for Fannie Mae.
I assume Freddie will follow in the months to come.
This policy was set up by Fannie Mae and Freddie Mac after the financial crisis or as I call it - The Third Great Depression
to ensure borrowers who recently bought a property
or whose name was recently added/ transferred title
were limited to refinancing, or not allowed in some cases.

Example:
Harriet and Arnold own a home and lost their jobs
They get behind on payments. They transfer title to son who has good credit and income.
Son refinances getting cash back to pay the arrears.
Rather than allowing this to roll and continue
Son was required to demonstrate "Seasoning"
- own the house six months or 12 months and
show taxes, paychecks and bank statements with
subject address. Sometimes this occurred multiple
cash out refinances to avoid the inevitable.

Eliminating this type of requirement will make
refinancing properties easier. DU or Desktop
Underwriter is not updated with this enhancement
yet but will loosen mortgage process.

Today there are tools that can check the
"owner occupancy" - appraisal and online
snoop tools determine who actually occupies
the home.

Good news for Borrowers who want to
refinance NOW with the huge dip down
in interest rates.

Call and see what we can do to get your
low rate mortgage into the 3's
Caroline Gerardo Eagle Home Mortgage
Committed to Getting You Home
NMLS 324982
(949) 784-9699

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