Robert W. Szumilas's Discussions

I happen to be one of the guys tainted by this bogus user. As all of you know, it is so difficult to get feedback from anyone to begin with, even after they contact you. One bad review really hurts the ratings. Jen, if you saw the email I received from this person, you would fall out of your seat laughing. If I told you my rate was 6.125%, (adjusting for lower credit scores), would you then ask me what my rate was?? I already red-flagged this event to Zillow. This person can't speak proper English anyway (note the double negative usage in her comment about me, therefore actually making a very positive review of me). Regardless, I had to vent my frustration. I hope you all have a productive May and get some "Zillow deals!"  

Jen, that's too funny.  Unfortunately, or fortunately, that is how I look!  No apology necessary.  We'll probably see a lot of this with time as the website matures and catches on.  I've heard "rumors" that there are a lot of dishonest people in the business.  Go figure.  

There are definitely serious clients on this.  For me, I've had about 8 solid contacts so far, a few other not so solid ones, aka "just wanna see what's out there", and 1 bogus person content on ruining the feedbacks for anyone who quoted that scenario. Here are my stats so far for the solid contacts:  3 preapprovals of which one is postponed for now, 1 possible deal to preapprove after next week, 2 refis going of which one I hope doesn't have an issue with comps when the appraisal comes back, and 2 dead preapproved purchase leads (one went with his local bank, the other had issues with the seller's inability to prove the home was legally a 2 family).  I'm definitely seeing activity, but no closings yet for any Zillow leads.   Rob Szumilas

You guys need to ASK for your reviews, sometimes multiple times!  Don't expect these people to think about doing it on their own.  If they have a good experience with you, even if they go somewhere else or decide not to do anything right now, trust me, they will write a review if you ask the right way.  However, you can't do it in a boring, dry, or desparate way.  Gregorio, with those numbers, you should have at least 10 - 15 reviews showing 5 out of 5.  Shoot them an email when they ask you a question and drop in a line like "hey, where is my 5 out of 5 feedback?!"  Make a joke about it and develop your own style, but let them know it is a part of the "Zillow Experience" and very important to you.  It's working for me. Rob Szumilas

Dan, When you start posting in the discussions section, or even regular quotes for that matter, other mortgage pros click on your profile to see who you are, which increases your hits.  I also suggest adding a picture in your profile and you'll see your numbers increase significantly. 

The 10 year is not as reliable as it's been as the spread is fluctuating and/or inconsistent.  It usually follows the MBS trend, but not necessarily. There have been many times early this year when the 10 Year T-Bond yield has decreased, and mortgage rates still increase.  Try this link out Jen:http://www.mortgagenewsdaily.com/mortgage_rates/blog/Don't follow it like a bible, but it can help keep you entertained. Mortgage rates are driven by a supply/demand market in MBS's.  Rob Szumilas

Michael: A preapproval is essentially based on a "snapshot" of your current financial situation.  When I preapprove my clients, I check all income documents, a fresh credit report, assets, as well as other variables important to the complicated equation.  I also make sure that I discuss all financial aspects of owning a home, i.e. just because you can be preapproved for 400k doesn't mean you should go out and purchase in that range.  If all is well and a fit is found with lender/bank guidelines, a preapproval is issued. Essentially, what I am getting at is at best, keeping all things equal, if you are preapproved today, and in 4 months you find a home, if nothing has changed, you should be ok.  HOWEVER, I personally would re-check everything before I give a client the green light to place an offer on a home months after my initial consultation. Lender guidelines may change (I'm sure loan officers on Zillow can give you dozens of horror stories, as can I) or your financial situation/needs may have changed for better or for worse (you decided to buy that 60 inch plasma HD TV). As a client, you have the right to shop around and ultimately find the best possible deal, and I encourage you to do so.  My advice would be to do it in a short period of time because there is a buffer in the credit reporting system allowing such without damaging scores.  If you keep pulling your credit report numerous times over a long period of time, your scores will drop.  There are many mortgage calculators online that will give you a ball-park figure of what you can afford.  When you are ready to pull the trigger, start shopping and talking about rate-locks with lenders. You are in no rush, so take your time. 

Contact Countrywide and ask for a loan modification.  If you are current on payments, they may or may not be willing to work with you. They need to understand that you are having difficulty with the current payment structure.   I just helped an elderly woman who refinanced into an adjustable-rate mortgage with some mortgage company (retail, by the way)  after her husband died (didn't know what she signed).  Needless to say, she couldn't handle the payment.  She was 3 months behind on her mortgage payment and received a letter stating that she must pay just under 5k to bring her account current, or else face foreclosure. We called the lender, and listed all of her monthly expenses (real-estate taxes, mortgage, insurance, gas, electricity, cable, etc.) which amounted to about 80% of her gross income.  They never asked for any documents to be faxed to them, nor could they pull her credit.  They determined she qualified for the loan modification, and I negotiated the following terms: 1) Rate was reduced by 2% and FIXED for the next 3 year2) 5k late fee was absorbed into an increased loan amount and no longer due3) Loan balance was currently 29 years, stretched into a new 40 year amortization payment4) Monthly payment reduced $400.00 (huge amount for her)5) She must make first payment within 10 days of the negotiation, and the trial period is 3 months.  If she pays on time, which she will, the loan is permanent. This was NOT a refinance and there were no closing costs.  I hope this helps, God bless, and I wish you the best of luck.  

You need to contact your lender asap.  I posted my experience from last week helping an elderly lady modify her loan after her husband died and someone talked her into refinancing into a 10% adjustable (she didn't speak english). I called the lender, went over her expenses, and they fixed her rate at 2% lower than she currently owed, and stretched out her payment over 40 years, AND absorbed the 5k fee they were demanding into the loan amount.  You DO NOT need to pay anyone any fee to do this.  If you are behind, your lender would much rather modify your loan than spend the tens of thousands it will take to foreclose the home. Good luck. Robert W Szumilas

Great to hear!   There are a lot of good people on this board with a lot of knowledge and experience to share.  That is a VERY good rate.  The lady I did the modification for went from an adjustable 10.5% down to just above 8% fixed, and she was thrilled.  5.5% is unbelievable.  Good job! Rob  Szumilas