Ed Brophy's Mortgage Update

Mortgage and Lending - Ed Brophy, REALTOR®
A place to learn about mortgages, interest rates, credit and ask the guestions you've been wondering about.



An associate of mine recently discovered he was a victim of Identity Theft (links to the FTC website), as a result I discovered through speaking with the police that almost 95% of cases involving on-line Identity Theft are never prosecuted.  I'm sure you're wondering why.Apparently it becomes a j...
Stated income loans are around for a reason, they're designed for those people who are self employed, work in a business where income in generally earned via tips (cash).  Stated Income loans were not designed to inflate your income so high that you'll qualify for the home.  Remember you still ha...
I am beginning to develop a pet peeve due to the actions of other loan officers/mortgage brokers.  So, I'm asking how you explain to your clients that they don't qualify for a loan.I have a referral partner Norman who owns a pool design and construction company here in Riverside County, CA.  Norm...
I think everyone may be missing the point of my last post.  I'm not arguing loan contingency.  Long before you get to loan contingency removal you should have the loan pre-approval contingency removed.  Many, Many Realtors believe this to be one in the same when it's not.  Loan Pre-Approval is a ...
Mathew Ryan recently wrote Backup offer for more than original contract.   In a nutshell he and his client accepted an offer with a 20 day finance contingency, and then received a backup offer for $11,000 higher.  My 1st question is why one would accept a 20 day finance contingency in today's day...
A regulatory initiative that would establish a nationwide licensing standard for mortgage originators is "fatally flawed," according to the National Association of Mortgage Brokers. According to NAMB, the registration system sponsored by the Conference of State Bank Supervisors and the American A...
When Bond prices fall, home loan rates are on the rise. But could Bonds get to their feet this week and help home loan rates improve? This coming week will certainly provide some "juice" to trade on, and likely cause some motion - but the direction of that movement will fully depend on the flavor...
The book, How to Win Friends &I nfluence People*, consistently makes the top five whenever there is a survey of most influential or inspiring books, and is often second only to the Bible. Dale Carnegie outlines - in very simple steps and examples - how to be nice without letting yourself get walk...
I once heard the expression, "Communication is the lubrication in your organization." That couldn't be truer, especially in the world of business. You simply can't over-communicate when dealing with clients. I find that the best way to eliminate the constant state of reactivity in which most of u...
Robert Kiyosaki's bestseller, Rich Dad, Poor Dad,* has helped millions to create roadmaps to their financial goals. Central to his series is the notion of open-mindedness. Instead of sizing up a situation and saying, "I can't afford that," he suggests saying, "How can I afford that?" By reshaping...

Ed Brophy

Realtor - DRE #01344385
local_phone(760) 844-3736
Contact The Author
A place to learn about mortgages, interest rates, credit and ask the guestions you've been wondering about.

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