Mr. Michael Woods, Loan Officer for Chase Bank (VOC office) was the featured presenter at Wednesday’s meeting.

Mr. Woods opened by saying that banks are unable to do business the way they used to, because of the Federal Regulatory Bill. Now you must qualify for a loan–there is no more “stated income.” Michael pointed out that at least 13 companies are involved with a loan transaction, and between 30 and 50 people are involved. Good credit is 620 (minimum for an FHA loan), although occasionally it can be as low as 580. A conventional loan generally requires a 660 credit rating. Downpayment minimums: 3 1/2% for FHA, 5% for a conventional loan. “No money down” loans are a thing of the past. “People don’t think banks are lending.

Chase has done 88,000 loans this year to date totaling $27 billion, and we are the 2nd largest lender in the nation. The appraisal process is always done with local appraisers, who really know our market, and we try our best to create a family relationship with our customers. Chase is the only major bank with branches in West Sedona and the VOC.

Mr. Woods impressed with his thoroughness and expertise, while maintaining a warm and welcoming presentation.

There was no featured speaker at this meeting.

The Sedona Referrals Club meets Wednesdays at 7 a.m. at the Heartline Cafe in West Sedona. Each meeting features a showboater & a speaker. Each member and guest is allowed a one-minute commercial as part of the meeting format. The club promotes prospect referrals and each business category is represented by only one member. For information, contract Mr. Jeff Teele at 300-5361 or Mr. Bill Klauser at 202-7193 or visit our website www.sedonareferralsclub.org