Rich Sweum's Blog

Mortgage and Lending - 1st Security Bank - NMLS #115765
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I am having trouble getting CPA's to say anything helpful OR even vague on self employed borrowers.Do you have any recommendations?The standard one that I get asked to provide is:"The borrower having access to his business account for personal reasons does not have an adverse effect on the day to...
 I say it's a 76 Trans-AM!  What do you think?  
I treat friends and referrals from friends with a lot more grace and tolerance, but for rate-shoppers that I don't know (or like) I have little patience.  I don't know if there has been a more volatile 2-week period in the mortgage rate world except for four 2-week periods in the mid-80's.  And i...
Keeping the Wall Street boys happy with another 50basis point rate cut is next to a done deal... but at what cost?  It's no secret that I am "hawkish" in terms of sound fiscal policy and natural consequences, so take this for what it's worth...The cost of more rate cuts:...further weakened dollar...
01/29/2008 would encourage you to read the entire 88 pages of the report.  24 recommendations.  23 have already bee put in to pending legislation.  Will they help?  Are they over-reaching?  Will the stop retail bank originator fraud?  The Mortgage Brokers are wit...
If there ever was a chart that illustrated how government regulation and oversight leads to disasters...this is it.  As states pass laws regarding mortgage lending...they have no power to deal with the dozens of entities that also originate residential mortgage loans...beautiful!
Two separate situations have led me to remember the cost of being a self-appointed apostle of ethics.  Both situations were "grey" and as I watched the would-be apostles hold others to impossible standards, I couldn't help but think..."man, it is a long way to the ground from how high you are hol...
Every client of mine hears what is mis-reported in the media.  "The Fed Cuts Rates by .75%" --doesn't help mortgage rates a bit."Lowest Mortgage Rates in 5 years!"--that lasted for about 2 hours Wednesday AM.More and more, I find myself having to untangle and debunk falsely held views by my clien...
There are so many events and reports next week...the Fed meeting (quarter point drop?), housing reports, jobs reports, inflationary reports, yada yada yada...AND Wall Street hasn't fully figured out the implications of the Fed cut or the Stimulus package.  What has been true time and time again, ...
If I tree falls in a forest, does it make any noise??? I got 6 calls on this topic yesterday.  This article has some good reality points to it.  It's all good in the hood, at least mentally...just like with the FHA secure plan, it was a "mental" boost even though it didn't really help anyone; sam...

Richard Sweum

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