20 Apr 2017

Rates and Reels Episode #6: Tom VanDyk of VanDyk Mortgage

Rates and Reels Episode #6: Tom VanDyk of VanDyk Mortgage

Honored that the President of the company that I have partnered with since 2008 decided to come down and be a guest on Rates & Reels. Tom VanDyk of VanDyk Mortgage Corporation is an amazing businessman with a wealth of knowledge and just an all-around cool guy.

We had a blast hanging out all day on the boat and back at Jensen’s Twin Palm Resort and Marina where Tom stayed overnight. Sounds like he loved the place except for them not having a hair dryer. Tom is in his 60’s and still has a full head of hair and is not afraid to use it!

The fishing was slower for us that day. A cold front had just finished coming through but we made the best of it.

The trip was worth it just to hear Tom yell “Holy Tamoly!” twice when he caught a Spade Fish. Holy Tamoly……Classic!

We caught some mangrove snappers and grunts as well. I also had a conversation with a Tomato Grunt. That was kind of awkward.


What impressed me most about Tom was that he basically broke into a coaching session with me over lunch. He has hundreds of employees but showed me how much he really cared about me and my business.

I would like to personally thank him and his team for everything they do for my business, team and family.


Hope you enjoy the show!

Low Rates and Tight Lines!

15 Apr 2017

‘Massive’ Shortage of Appraisers Causing Home Sales Delays

‘Massive’ Shortage of Appraisers Causing Home Sales Delays

I saw this article and wanted to share it with you. One of the longest parts of the mortgage process is waiting for the appraisal, and having the appraisal underwritten and approved.

This article explains why the process is taking longer than normal.

The original article was written by Diana Olick with CNBC Click Here to take a look.

Housing demand is rising rapidly, but a key cog in the wheel to homeownership is in deep trouble. The people most needed to close the deal are disappearing. Appraisers, the men and women who value homes and whom mortgage lenders depend upon, are shrinking in numbers. That is causing growing delays in closings, costing buyers and sellers money and in some cases even scuttling deals.

The share of on-time closings has dropped from 77 percent last April to 64 percent today for loans backed by Fannie Mae and Freddie Mac, according to Campbell/Inside Mortgage Finance. Appraisal-related issues in these delays jumped by 50 percent in that time.

“The appraisal shortage is massive. You’re seeing significant delays, you’re seeing cost increases, you’re seeing rate [locks] expire,” said Brian Coester, CEO of Rockville, Maryland-based CoesterVMS, a national appraisal management company.

Since 2007, when the U.S. housing market came crashing down, the number of appraisers has shrunk by 22 percent, according to the Appraisal Institute, an industry association. With so few new cadets, the current population of appraisers is aging. More than 60 percent are over the age of 50.
Ironically, the decline in new appraisers is largely due to new regulations designed to safeguard both banks and borrowers. They were put in place at the end of 2008 by Fannie Mae, Freddie Mac and the FHA, as the entire mortgage banking community was under strict scrutiny after the financial crisis. They changed the rules that would allow appraiser apprentices to do full appraisals and instead require the licensed appraiser to be on-site for the inspection.
The result is that appraisers no longer see a need to pay apprentices, but at the same time, licensing requirements to become an appraiser include 2,500 hours of appraisal experience to be completed in two years as an apprentice.
“The typical appraiser, he’s going to do approximately 10-15 appraisals a week. For him to be able to take a trainee, he needs the ability for the trainee to go ahead and inspect the property for him,” said Coester. “The rules have changed now, and you cannot do what you used to be able to do 10 years ago, which is hire three to four trainees and really have them go and inspect the properties, go and do work for you and really function as an apprentice. That market has been completely eliminated.”
At 1 p.m. on a Monday in Frederick, Maryland, appraiser Joyce Smith has already valued three homes and is walking into the fourth. A 23-year veteran of the business, she said she has never been this busy.
“I get calls five, six, seven, eight times a day. I used to go far away to do appraisals, but there are so many, I don’t have to go very far anymore,” said Smith.

In some of the nation’s hottest housing markets, where sales are up double digits compared to a year ago, the shortage means searching far and wide for an appraiser.
“We’ve been hearing from our agents in Colorado about significant delays in getting appraisals done,” said Alina Ptaszynski, a spokesperson for Redfin. “Our Denver market manager said for one deal, the appraiser came in from Cheyenne, Wyoming. She reported it taking up to seven weeks to get an appraisal done. Valuations aren’t the concern as much as the delays.”
Valuations are, however, becoming increasingly important, as home price gains accelerate, and competition in the market heats up. Prices could change in the course of two months, the delay time it is now taking in some markets to have an appraisal done. Mortgage rates are also starting to move in a wider range, and that makes rate-locks ever more important. It can cost significant cash to extend a rate lock.

Changes in the appraisal system are being considered, but there is currently no short-term fix.

“When they removed the trainee to be able to inspect the property, I don’t think they understood the trickle-down effect it would have on the entire mortgage market nor did they understand how trainees were used by the appraisers within the mortgage market,” said Coester.

01 Apr 2017

Letters from the Hart: April 2017

Letters from the Hart: April 2017


I’m proud to say that this is the third year in a row VanDyk Mortgage is a sponsor of the popular annual Fishin’ With a Mission fundraiser for Saint Michael Lutheran School — the school that all three of my children attend. The event, which my wife helps organize, is a huge weekend bash at the South Seas Resort on Captiva Island, including massive fishing competitions for both kids and adults. It’s a great family time, with fantastic company all around. Of course, I get to spend a weekend fishing, which is something I’ll never turn down … CONTINUE READING

Killin’ it on Lake Okeechobee


Color Me Impressed!


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