Archive for May, 2007
Quick Update from The XBroker
May 31st, 2007 Categories: Mortgage News, Real Estate News, Real Estate Technology
I’ve just arrived in Dallas, relocating to the BIG state of Texas to further the cause….
A 22 hr drive from NC capped off 2 weeks of tribulations:
2 PC Crashes A flat tire (=4 new tires, an alignment, and hundreds of dollars on other mechanical minutia) my stereo receiver, speakers, routers, printers, and every single audio, video, and power cable to my other electronics were stolen from in front of my mother-in-laws house! *Sigh*
Realespace is in full dev mode, operating under Skunkworks/Stealthy conditions. Ive received many emails looking for updates, which Ill release soon. However, I will say we’ll be rolling out our Beta at Inman Real Estate Connect, August 1…
In the short term, I will be rolling out the first XBroker approved mortgage service branches here in the next week, launching in 9 states. What’s so different about an X-Approved mortgage broker or banker? Read my previous posts under the Knowledge Tab, and you’ll get an idea. I’ll be posting a ‘Mission Statement’ along with some other documentation that separates an X-Branch from all the other lending entities out there next week…
OK…gotta go unpack…
Sphere: Related ContentDamage Control, Ameriquest Style
May 17th, 2007 Categories: Mortgage News
Ameriquest says: ‘Dont Judge too Quickly’:
The XBroker calls it ‘Damage Control’
‘Judge’ for yourself…
Enabling Technologies for Real Estate and Mortgage Professionals I
May 14th, 2007 Categories: Mortgage News, Random, Real Estate News, Real Estate Technology
Stealing a page from Joel @ FoREM, and continuing the topic from my last post, there are quite a few free ‘technology’ add-ons that make surfing the web far more intuitive than using a traditional web-browser with default functionalities.
Instead of trying to address all the ‘tools’ I use in one post, ill start with the pillar of web-functionality, the Web-Browser. I was drawn to Firefox a few years ago and haven’t turned back since. Their platform is consistently updated and very stable, not to mention it offers copious amounts of cool add-ons.
So:
If you are using Internet Explorer (IE) 7 (or any previous versions) STOP!
Download Firefox, it’s very simple. Go here and click the green download button.
Save the file to your desktop (or wherever you save downloads), then click to run the software installer. In about 2 mins, you will have Firefox icons on your desktop, Quick Launch bar, and in the Start Menu.
I won’t call IE junk, since I could never create something like it, but comparatively speaking, it’s the worst of the main tier web browsers. IE doesn’t ‘play’ nice with most self-developed sites (like blogs) resulting in broken pages and other ugly results. Getting a web-site or blog-site to configure properly within IE is a monotonous, time wasting affair.
Malicious coders don’t tend to target open source software nearly as much as they do towards the 800 pound gorilla that Microsoft is. The general thought pattern among ‘techies’ is that Microsoft has all the money in the world, yet still can’t/won’t produce good, solid, products.
Once you have downloaded and have opened Firefox, you may configure it’s basic functionality , i.e. home page, Bookmarks, security levels, etc much the same way IE works.
Now for the cool stuff. Below is a list of add-ons I use that substantially add to my web-browsing experience efficiency. There are literally hundreds of add-ons to choose from, try as many as you like.
Downloading and implementing an add-on is as easy as point and click. Click the green download tabs and follow the directions, it’s all very automated and all add-ons run right within the FF web-browser. In other words, you don’t have to launch separate programs when you want to use them and I promise you won’t screw anything up on your computer.
First things first, some essential plug-ins to make Firefox compatible with the popular multi-media platforms. Download them all: Common Plug-ins
The Others:
‘Cooliris Previews gives you the power to browse and share Web links and rich media faster. Just mouse over any link, and the Cooliris preview window immediately appears to show you the content.’
A real surfing time saver. Upon installation, you will notice a little blue square that floats above the upper right corner of any link. Hover your mouse pointer over the square and the subsequent page will blow up in a separate window for your review.
This ‘peak’ beats clicking through to the actual page, or opening a new tab, and isn’t nearly as intrusive as Snap! preview.
‘BlueOrganizer works to help you simplify and organize your life online. It understands that web pages represent everyday objects, like movies, books, restaurants, wines and cars. BlueOrganizer connects those objects with the tasks you want to get done online by instantly connecting your favorite Web sites to each other.
"With BlueOrganizer your information is no longer isolated. Instead it is working for you all the time, helping you find new relevant information faster."
Time spent ‘Blue Marking’ web-pages you like, is time very well spent.
Described in my previous post, and what I’m using to write this post. Very cool and efficient way to write blog-posts.
‘A constantly improving RSS and Atom feed reader. It is fairly powerful, feature rich, well supported and has comprehensive online help.‘
If you’re not using any type of Feed Reader, keeping up with consistently changing web-sites is a chore to say the least.
Wizz keeps track of your favorite blogs and news sites with ease and has far greater functionality than a plain old RSS reader.
LookLOCAL Maps
"LookLOCAL provides a Web 2.0 geographic platform for you to intuitively organize, display, and interact with your photo, video, text, and other files…..allows you to access and compare map and satellite data from Google Maps, Yahoo! Local Maps, and Windows Live Local."
I love mapping interfaces, this one is pretty gnarly!
If you’re a subscriber to Linkedin, this plug-in is very useful.
This shows contents of all of tabs as a thumbnail-style list.
‘Session Manager saves and restores the state of all windows - either when you want it or automatically at startup and after crashes. Additionally it offers you to reopen (accidentally) closed windows and tabs. If you’re afraid of losing data while browsing - this extension allows you to relax…’
"Makes every word on every page live, not just links. Select any text and choose a command: Search • References • Conversion • Translation • Shop • Blog • Tag • Email & more"
Like I said, there are hundreds of add-ons available, some may speak to your needs more than others. Check them out, experiment, and make your web-surfing experience a far more enjoyable one…
Technorati Tags: firefox, the xbroker, web browser, add-ons, plug-ins, mortgage, real estate, technology
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Sphere: Related ContentScribefire
May 13th, 2007 Categories: Real Estate Technology
In the past three weeks I’ve experience technological failures i.e. Data Loss on my desktop, laptop, and today, my Lacie hard drive.
I was thrown into a pool during a Friday night soirée, with blackberry on hip.
Luckily most of my important docs are exchanged via GMail, which probably means they are pirated, but thats better than total loss.
During this period of shock and awe, I’ve been testing out many cool new ‘homeless technologies’, like the add-on’s Firefox offers, Scribefire being one of them.
Hit a button within the FF browser and up pops this (very simple) editor that allows me to submit posts to The XBroker, or any other blog I own….
Right off the bat, what’s cool is the ability to write and surf the net in the background, without having to tab back and forth or switch windows.
Anyway, publishing this to see how it looks….
Technorati Tags: the xbroker, scribefire, firefox, web tools
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The main drawbacks after seeing the post published is the remedial Editor…the effects of which can partially be seen in this post…in any case, it’s a great way to blog some quick thoughts without having to log in to your blogs administrative panel….
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APR- The Annual Percentage Runaround
May 4th, 2007 Categories: Mortgage News, apr
OK, I went to college, took algebra, geometry, trigonometry, calculus, statistics, and passed them all. Math wasn’t a problem for me (history and literature were), alas, I’m pretty baffled at how broker/bankers, and lenders come up with a mortgages Annual Percentage Rate (APR).
This is a problem because APR is commonly referred to as the ‘value comparison barometer’ when shopping for a mortgage.
I feel like my 5th grade teacher telling his students to ’show me the math that goes along with your answer’ when a mortgage professional simply says ‘well it seems about right’. WTF? It seems about right?
During a common mortgage qualification process, you’ll often find 3 different APR’s:
- Generated by the ‘in house’ broker/banker generated Truth In Lending doc
- Mailed from the funding lender
- At the time of closing.
What’s more frustrating, is asking them to tell you how they came up with that APR, and you get a bunch of ‘uhhh’s’, calculator button punching, or baffle ‘em with bullsh*^ talk.
Determining APR is more creative art than science. Depending on the individual broker/banker, with so many independent variables can be adjusted in the APR formula, it’s worthless at best and misleading at worst. It’s very common to give two lenders the exact same data for the exact same loan and come up with two different APR’s. Some lenders count certain closing costs as part of the APR, some don’t- There is NO prescribed method, only ’suggested’ formats.
Nobody can seem to, “Show Me The Math!” Why?
Mortgage pro’s, please don’t reply with a tutorial in how APR’s should be or are determined, you’re limited to the software program you’ve been provided with.
The actual equation looks like this:
LA - F = P1/(1 + i) + P2/(1 + i)2 +… (Pn + Bn)/(1 + i)n
i = IRR
LA = Loan Amount
F = All other fees (Points, lender, attorney, appraisal, etc)
P = Monthly payment
n = Month when the balance is paid in full
Bn = Balance in month n
Don’t bother getting out a pen and paper to solve your APR, it must be done by a computer or proper calculator, unless you’ve got a few days to spare and/or are a graduate level mathematician. In other words, any mortgage pro who says the APR is THE number to consider when comparing like mortgages without disclosing how they determine it, is blowing smoke.
Citing Wikipedia for those who think I’m just being sensational:
- Regulators have been unable to completely define which one-time fees must be included and which excluded from the calculation. This leaves the lender with some discretion to determine which fees will be included (or not) in the calculation.
- Leaving discretion to the lenders opens the doors to misinformation and manipulation towards the consumer.
What is a borrower to do?
- Ask what the wholesale PAR rate is on the loan(s) you qualify for. (Prepare for the runaround here)
- Ask how much in YSP the broker or banker is receiving. If you are dealing with a banker, they will almost without fail tell you they aren’t receiving any, or that bankers don’t receive YSP (in general). If you’re dealing with say Countrywide’s retail division, the mortgage professional you’re speaking with may not actually be receiving any direct compensation from YSP’s (they’re typically bonused on the amount of volume they produce) but that doesn’t mean they’re not selling you a higher rate than PAR. Don’t forget, that Bankers do not have to disclose YSP, so be extra careful.
- Ask for an accurate accounting of ALL closing costs associated with closing the loan and add them up.
- Compare the PAR rate to the aggregate total of all closing costs….this will give you a clearer picture when comparing mortgages while shopping.
Also See:
Tutorial on APR (Jack Guttentag)
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