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Bruce Norris is joined once again by president of 7 Steps to a 720 Credit Score and The Mortgage Equity Group, Philip X. Tirone. Bruce and Philip discuss how detrimental it is to be surrounded by comps dominated by short sales or foreclosures, how using recent sales in the current market hurts prices, FHA loan seasoning and the difficulty investors face selling in the current California market, how each half percent of interest rate gives the loan more borrowing power, the Case Shiller and how the index does not reflect foreclosure numbers, how foreclosures won’t always dictate price, as is inventory versus clean inventory, appraisal rules coming up in January 2009, how banks will want to use their own valuation system which could cause more problems, automated valuation systems, how being labeled a declining state changes conventional financing, new labeling categories in hard hit areas that require 40% down, the attitudes lenders have towards inventory in rough shape, appraisal reviews becoming the norm, the time change for transactions, income levels of potential clients, examples of lenders undervaluing properties and dictating price lower than current offers, proposed fixes in the mortgage mess and if any will help, more questions coming in about what will happen if people walk away from their property, the time frame it takes to become a buyer again after a foreclosure, illegal aliens and home ownership, how lenders are being more careful in their due diligence on anyone trying to obtain a loan, new Fannie Mae limitations on investor loans, and 7stepsto720.com.
An expert in residential home financing, Philip X. Tirone is a powerhouse mortgage broker who contributes heavily to his firm’s billions of dollars in loan sales. Philip has a unique background in difficult-to-obtain loans, having spent years working with borrowers with subprime credit scores. Philip is masterful in finding loans for borrowers with bad credit, no credit, bankruptcy, and no stated income, but his specialty is in helping increase his clients’ credit scores so they qualify for the optimal loan programs that minimize their interest payments. In addition to authoring 7 Steps To a 720 Credit Score™, Philip’s workbook, Applying the 7 Steps to a 720 Credit Score, is one of Nightingale-Conant’s top sellers.
Philip’s commitment to educating homebuyers prompted the “7 Steps Licensing Program,” which allows mortgage brokers nationwide to become licensed in the 7 Steps and in turn help improve their clients’ credit scores. He is also developing the 7 Steps Foundation, a charitable foundation that will allocate funds to help low-income and underserved Americans increase their credit scores and buy homes.
Philip has been featured in articles on credit and mortgage trends in the Los Angeles Times, New York Times.com, Wall Street Journal, Newsday, Woman’s World Magazine, San Jose Mercury News, Bottom Line Magazine, Bankrate.com, and several others.
Philip created the Complete Financial Navigator™, a tool to analyze his borrowers’ needs and financial picture, thereby helping borrowers overcome barriers to achieving their real estate goals. As a frequent guest lecturer at the University of California Los Angeles, Philip has authored and delivered numerous speeches regarding the “Mortgage Lifestyle Dilemma,” a phrase he coined to describe an emotional buying decision that results in overextension and a life that revolves around high mortgage payments. By analyzing industry-specific buying trends, he has devised a series of questions to help borrowers avoid this dilemma.
Philip was named Arizona State University’s Man of the Year upon graduating with a real estate degree in 1994. Since then, he has continued to receive acclaim, most recently in the New York Times best-seller, Secrets of the Young & Successful.
