On Wednesday the 12^th ,2008, the Department of Housing and Urban Development (HUD) issued a press release announcing the finalization of its changes to the Real Estate Settlement Procedures Act (RESPA).  HUD has released a Fact Sheet on the final Rule as well as a copy of the new GFE and HUD-1.

For the first time ever, HUD will require mortgage lenders and brokers to provide borrowers with an easy-to read standard Good Faith Estimate (GFE) that will clearly answer the key questions they have when applying for a mortgage including:

     What is the term of the loan?

     Is the interest rate fixed or can it change?

     Is there a pre-payment penalty should the borrower choose to refinance at a later date?

     Is there a balloon payment?

     What are total closing costs?

I don't know what planet HUD thinks we live on, but all of the above is and always has been disclosed both at time of application and again at closing.  Perhaps having all the information on one document will some how make this easier to understand, but what if having all these numbers blasted at one time overwhelms the buyer.  I have found taking all this information and spreading it out during the process of the application seems to stick in there mind better

HUD estimates that by improving upfront disclosures on the GFE, and limiting the amount estimated charges can change, consumers will save nearly $700. in total cost.  If the lender is in the practice of bait and switch, then I can see the average improvement.  However most ethical lenders will have a GFE that is accurate in the first place, and for those who pulled a bate and switch, your days are numbered.

To help borrowers compare their Good Faith Estimate with their HUD-1 Settlement Statement, each designated line on the final HUD-1 will now include a reference to the relevant line from the GFE.  Borrowers will now be able to easily compare their estimated and actual cost in the same manner many commenters have suggested.

Loan originators will be required to provide borrowers their Good Faith Estimate three days after the loan originator's receipt of all necessary information. To facilitate shopping, loan originators could not require verification of the GFE information (income and asset doc's) until after the applicant makes the decision to proceed.

HUD will allow lenders and settlement service providers to correct potential violations of RESPA's new disclosure and tolerance requirements.  Lenders and settlement service providers will now have 30 days from the date of closing to correct errors or violations and repay consumers any overcharges.

Effective date to start this new plan is January 1, 2010.

Rates are on the move, in a good way, DOWN.  Stocks are down, and investors are moving money back into bonds.  Lets hope this gains traction and rates get so low buyes can't help them selfs, but to get back in the market.

About Us:

With 7 years of experience working with Realtors, Investors, and most importantly BUYERS.  The client always comes first.  As a Broker, I can provide the best rates, and fair closing cost.  My GFE's usually are spot on, and never are to be exceeded without written notice to the buyer usually weeks in advance of closing.

My follow up with my clients and co marketing plans are welcomed by all my referral partners.

My rates can change by the hour because I have direct real time bond market information all day long.

Because I offer a free float down services when the markets change, my clients can expect the lowest rates, even after a lock is established.

 My staff is fully licenced and highly trained to support my demanding requirments to provide excellent customer experiences.

Areas of Expertise

First time home buyer classes held monthly my office.  FHA, VA, USDA, Fannie Mae, Freddie Mac conforming, and Commercial lending with 30 yr fixed terms.

Member of KAMB.  Completed education in Fair Credit and Credit Scoring.  Fraud detection, Guaranteed Rural Housing Programs.

Served two years on the Lawrence Board of Realtors committee's:   Education (2 yrs) and Community Relations (2 yrs)

Testimonials

" Just wanted to take a minute during this crazy busy time of the year to wish you two a Merry Christmas and Happy holidays.  Thank you both so much for taking time out to teach me and explain so much stuff, being forthcomming, and honest, ans so very kind. You guys have made a difference in my life, THANK YOU! Reagan W. A Lawrence Homes for Sale buyer.

"We wanted to think you for doing such a wonderful job w/ our whole closing process. Thanks for answering ALL of our question. You made everything go very snooth" N&B a Lawrence Homes for Sale Buyer.

"Thanks again for saving us SOOOO much money" LD A Lawrence Homes for Sale Buyer

" Thanks for your due diligance and hosesty and integrity, it nees to be recoginized, We love our new home. KE A Lawrence Homes for Sale Buyer.

Rates:

With little or no news to effect rates today, watch the stock market.  If we get a big change in the stock market today, we can see a change in rates, moving the other direction. As of this posting, the stock market is up 290 points at 10:15 local time.  If this trend continues, expect a small rate increase.

About Us:

With 7 years of experience working with Realtors, Investors, and most importantly BUYERS.  The client always comes first.  As a Broker, I can provide the best rates, and fair closing cost.  My GFE's usually are spot on, and never are to be exceeded without written notice to the buyer usually weeks in advance of closing.

My follow up with my clients and co marketing plans are welcomed by all my referral partners.

My rates can change by the hour because I have direct real time bond market information all day long.

Because I offer a free float down services when the markets change, my clients can expect the lowest rates, even after a lock is established.

 My staff is fully licenced and highly trained to support my demanding requirments to provide excellent customer experiences.

Areas of Expertise

First time home buyer classes held monthly my office.  FHA, VA, USDA, Fannie Mae, Freddie Mac conforming, and Commercial lending with 30 yr fixed terms.

Member of KAMB.  Completed education in Fair Credit and Credit Scoring.  Fraud detection, Guaranteed Rural Housing Programs.

Served two years on the Lawrence Board of Realtors committee's:   Education (2 yrs) and Community Relations (2 yrs)

Testimonials

" Just wanted to take a minute during this crazy busy time of the year to wish you two a Merry Christmas and Happy holidays.  Thank you both so much for taking time out to teach me and explain so much stuff, being forthcomming, and honest, ans so very kind. You guys have made a difference in my life, THANK YOU! Reagan W. A Lawrence Homes for Sale buyer.

"We wanted to think you for doing such a wonderful job w/ our whole closing process. Thanks for answering ALL of our question. You made everything go very snooth" N&B a Lawrence Homes for Sale Buyer.

"Thanks again for saving us SOOOO much money" LD A Lawrence Homes for Sale Buyer

" Thanks for your due diligance and hosesty and integrity, it nees to be recoginized, We love our new home. KE A Lawrence Homes for Sale Buyer.

Will the TV networks go off the air?

Now that the political ads have run us into TIVO mode while trying to watch our favorite TV shows, will there be enough advertizing to keep the networks afloat?  I sure hope so, because I miss shows like 24, and others. 

How much work did the two senators get done while pulling full salaries and benefits?  We the tax payers paid them full boat while they spent millions in advertizing on television.  What is wrong with this picture? I guess the TV population liked it, and I guess it will help the bottom lines on a P&L.

So one more night of election coverage, and maybe we can get back to normal.

About Us:

With 7 years of experience working with Realtors, Investors, and most importantly BUYERS.  The client always comes first.  As a Broker, I can provide the best rates, and fair closing cost.  My GFE's usually are spot on, and never are to be exceeded without written notice to the buyer usually weeks in advance of closing.

My follow up with my clients and co marketing plans are welcomed by all my referral partners.

My rates can change by the hour because I have direct real time bond market information all day long.

Because I offer a free float down services when the markets change, my clients can expect the lowest rates, even after a lock is established.

 My staff is fully licenced and highly trained to support my demanding requirments to provide excellent customer experiences.

Areas of Expertise

First time home buyer classes held monthly my office.  FHA, VA, USDA, Fannie Mae, Freddie Mac conforming, and Commercial lending with 30 yr fixed terms.

Member of KAMB.  Completed education in Fair Credit and Credit Scoring.  Fraud detection, Guaranteed Rural Housing Programs.

Served two years on the Lawrence Board of Realtors committee's:   Education (2 yrs) and Community Relations (2 yrs)

Testimonials

" Just wanted to take a minute during this crazy busy time of the year to wish you two a Merry Christmas and Happy holidays.  Thank you both so much for taking time out to teach me and explain so much stuff, being forthcomming, and honest, ans so very kind. You guys have made a difference in my life, THANK YOU! Reagan W. A Lawrence Homes for Sale buyer.

"We wanted to think you for doing such a wonderful job w/ our whole closing process. Thanks for answering ALL of our question. You made everything go very snooth" N&B a Lawrence Homes for Sale Buyer.

"Thanks again for saving us SOOOO much money" LD A Lawrence Homes for Sale Buyer

" Thanks for your due diligance and hosesty and integrity, it nees to be recoginized, We love our new home. KE A Lawrence Homes for Sale Buyer.

The Bottom is near. 

Bottom of what?

Stock markets, housing prices, bond markets, commodities and the like are showing signs of being near the bottom of there current values.

Don't think of these markets are having a true bottom, think of this as a natural event taking time.  No one true moment will be the absolute bottom, however when looking back we will see what dips an bumps are truly the bottom of each market.  Think about several bounces occurring, kind of like a ball bouncing down a stairway. Even after the last step, the ball will keep bouncing.

 I truly feel we are near the bottom of the stairway.  That being said, I don't see a large recovery in the housing values anytime soon either. Rather an evening out of values, showing stability in the market, and finally another growth in values.  This will come when the jobs markets start to improve.  So If you want a crystal ball of the future, look at the jobs reports.  When your market area shows signs of strength in the jobs numbers, your housing market will follow.

Stats as evidence:

Of the 8 bear markets for the S&P 500, the average length of time from the index's bull market closing high to its bear market closing low has been 13.5 months.  The index's most recent bull market closing high (10/9/07) occurred 12.5 months ago. (source: BTN research.)

At the bottom of the 2000-2002 bear market, the S&P 500's low closing value was 776.76, down 49.1% from the index's all time closing high.  The S&P 500 closed last Friday 10/24/08 at 876.77 down 44.0% from the index's all-time closing high. (source BTN Research).

The national average price of gasoline peaked on 7/16/08 @ $4.11/ gal.  Last Friday, 10/24/08, the national average price of gasoline had fallen to $2.78, a drop of $1.33/gal.  Since every 1 cent of reduction in the price of gasoline saves Americans $3.4 million a day, a drop of $1.33 equates to a $447 million daily savings for the US consumers. (source: AAA, Wall Street Journal, Fortune).

The Fed's will hold there regular scheduled meeting this week.  Look for another drop in the fed money rates; this should loosen up money for banks, and consumers alike.

The elections are near, and history has a way of improving things around election time, especially when it's a presidential election

Volatility will remain in place, but stabilization is not far away.

Warren Buffett made a statement today that people who keep there hard earned cash under the mattress will fall behind in net worth.  The banks are safe, your cash is now protected and backed by our government.  If your not investing in the market, says Mr. Buffett, you will loose your net value in the long term. His idea of a long term is 5-10 yrs.  Is your money working for you, or is it keeping you warm at nights under your mattress?

About Us:

With 7 years of experience working with Realtors, Investors, and most importantly BUYERS.  The client always comes first.  As a Broker, I can provide the best rates, and fair closing cost.  My GFE's usually are spot on, and never are to be exceeded without written notice to the buyer usually weeks in advance of closing.

My follow up with my clients and co marketing plans are welcomed by all my referral partners.

My rates can change by the hour because I have direct real time bond market information all day long.

Because I offer a free float down services when the markets change, my clients can expect the lowest rates, even after a lock is established.

 My staff is fully licenced and highly trained to support my demanding requirments to provide excellent customer experiences.

Areas of Expertise

First time home buyer classes held monthly my office.  FHA, VA, USDA, Fannie Mae, Freddie Mac conforming, and Commercial lending with 30 yr fixed terms.

Member of KAMB.  Completed education in Fair Credit and Credit Scoring.  Fraud detection, Guaranteed Rural Housing Programs.

Served two years on the Lawrence Board of Realtors committee's:   Education (2 yrs) and Community Relations (2 yrs)

Testimonials

" Just wanted to take a minute during this crazy busy time of the year to wish you two a Merry Christmas and Happy holidays.  Thank you both so much for taking time out to teach me and explain so much stuff, being forthcomming, and honest, ans so very kind. You guys have made a difference in my life, THANK YOU! Reagan W. A Lawrence Homes for Sale buyer.

"We wanted to think you for doing such a wonderful job w/ our whole closing process. Thanks for answering ALL of our question. You made everything go very snooth" N&B a Lawrence Homes for Sale Buyer.

"Thanks again for saving us SOOOO much money" LD A Lawrence Homes for Sale Buyer

" Thanks for your due diligance and hosesty and integrity, it nees to be recoginized, We love our new home. KE A Lawrence Homes for Sale Buyer.

Market Updates:

Volatility is still the name of the game.  The Senate passed a new version of the $700 Billion rescue plan last night by a wide 74-25 margin.  This Bill has a few tweaks from the old one that was shot down in the House, including raising the FDIC insured limit to $250,000 from the $100,000. This is designed to stop the run on banks that has caused so much of a problem in the banking industry.  Even with the bill in the Senate passed, stocks are down heavily. Why?  This Bill is far from being passed, right now the Bill is on its way back to the House for a vote tomorrow and there is still a lot of uncertainty whether the House will approve it as is.  If they don't pass the Bill or they want to make changes, the Bill will have to be bounced back to the Senate as both the House and Senate have to approve the exact same Bill.  Meanwhile, the clock is ticking, pressuring more possible bank failures. 

Look, our credit institutions are just about locked up, and until we get a Bill signed on the books, this will continue.  Student loans, Auto loans, and even loans from one bank to another will come to a standstill.

About Us:

With 7 years of experience working with Realtors, Investors, and most importantly BUYERS.  The client always comes first.  As a Broker, I can provide the best rates, and fair closing cost.  My GFE's usually are spot on, and never are to be exceeded without written notice to the buyer usually weeks in advance of closing.

My follow up with my clients and co marketing plans are welcomed by all my referral partners.

My rates can change by the hour because I have direct real time bond market information all day long.

Because I offer a free float down services when the markets change, my clients can expect the lowest rates, even after a lock is established.

 My staff is fully licenced and highly trained to support my demanding requirments to provide excellent customer experiences.

Areas of Expertise

First time home buyer classes held monthly my office.  FHA, VA, USDA, Fannie Mae, Freddie Mac conforming, and Commercial lending with 30 yr fixed terms.

Member of KAMB.  Completed education in Fair Credit and Credit Scoring.  Fraud detection, Guaranteed Rural Housing Programs.

Served two years on the Lawrence Board of Realtors committee's:   Education (2 yrs) and Community Relations (2 yrs)

Testimonials

" Just wanted to take a minute during this crazy busy time of the year to wish you two a Merry Christmas and Happy holidays.  Thank you both so much for taking time out to teach me and explain so much stuff, being forthcomming, and honest, ans so very kind. You guys have made a difference in my life, THANK YOU! Reagan W. A Lawrence Homes for Sale buyer.

"We wanted to think you for doing such a wonderful job w/ our whole closing process. Thanks for answering ALL of our question. You made everything go very snooth" N&B a Lawrence Homes for Sale Buyer.

"Thanks again for saving us SOOOO much money" LD A Lawrence Homes for Sale Buyer

" Thanks for your due diligance and hosesty and integrity, it nees to be recoginized, We love our new home. KE A Lawrence Homes for Sale Buyer.

Look I have been watching rates move up several times each day, since the house failed to pass the bail out plan.  This trend will continue.  It will only stop when our law makers get there act together and pass a plan to loosen up the liquidity paralysiswe are now experiencing.  If and when that finally happens we can enjoy a down ride on the rate elevator.

About Us:

With 7 years of experience working with Realtors, Investors, and most importantly BUYERS.  The client always comes first.  As a Broker, I can provide the best rates, and fair closing cost.  My GFE's usually are spot on, and never are to be exceeded without written notice to the buyer usually weeks in advance of closing.

My follow up with my clients and co marketing plans are welcomed by all my referral partners.

My rates can change by the hour because I have direct real time bond market information all day long.

Because I offer a free float down services when the markets change, my clients can expect the lowest rates, even after a lock is established.

 My staff is fully licenced and highly trained to support my demanding requirments to provide excellent customer experiences.

Areas of Expertise

First time home buyer classes held monthly my office.  FHA, VA, USDA, Fannie Mae, Freddie Mac conforming, and Commercial lending with 30 yr fixed terms.

Member of KAMB.  Completed education in Fair Credit and Credit Scoring.  Fraud detection, Guaranteed Rural Housing Programs.

Served two years on the Lawrence Board of Realtors committee's:   Education (2 yrs) and Community Relations (2 yrs)

Testimonials

" Just wanted to take a minute during this crazy busy time of the year to wish you two a Merry Christmas and Happy holidays.  Thank you both so much for taking time out to teach me and explain so much stuff, being forthcomming, and honest, ans so very kind. You guys have made a difference in my life, THANK YOU! Reagan W. A Lawrence Homes for Sale buyer.

"We wanted to think you for doing such a wonderful job w/ our whole closing process. Thanks for answering ALL of our question. You made everything go very snooth" N&B a Lawrence Homes for Sale Buyer.

"Thanks again for saving us SOOOO much money" LD A Lawrence Homes for Sale Buyer

" Thanks for your due diligance and hosesty and integrity, it nees to be recoginized, We love our new home. KE A Lawrence Homes for Sale Buyer.

Now that the house has failed to pass the bail out bill, stocks are down, bonds are up. oil is down, gold is up.  All on the figure pointing at the partisan vote of the house.  So your retirements being held in mutual funds, (that's about 50% of the US) keeps seeing the value drop more and more.

Something has to give, soon.  Make it clear to your representatives that we all need to pull together and come up with an agreement that will hold wall street and main street together.

About Us:

With 7 years of experience working with Realtors, Investors, and most importantly BUYERS.  The client always comes first.  As a Broker, I can provide the best rates, and fair closing cost.  My GFE's usually are spot on, and never are to be exceeded without written notice to the buyer usually weeks in advance of closing.

My follow up with my clients and co marketing plans are welcomed by all my referral partners.

My rates can change by the hour because I have direct real time bond market information all day long.

Because I offer a free float down services when the markets change, my clients can expect the lowest rates, even after a lock is established.

 My staff is fully licenced and highly trained to support my demanding requirments to provide excellent customer experiences.

Areas of Expertise

First time home buyer classes held monthly my office.  FHA, VA, USDA, Fannie Mae, Freddie Mac conforming, and Commercial lending with 30 yr fixed terms.

Member of KAMB.  Completed education in Fair Credit and Credit Scoring.  Fraud detection, Guaranteed Rural Housing Programs.

Served two years on the Lawrence Board of Realtors committee's:   Education (2 yrs) and Community Relations (2 yrs)

Testimonials

" Just wanted to take a minute during this crazy busy time of the year to wish you two a Merry Christmas and Happy holidays.  Thank you both so much for taking time out to teach me and explain so much stuff, being forthcomming, and honest, ans so very kind. You guys have made a difference in my life, THANK YOU! Reagan W. A Lawrence Homes for Sale buyer.

"We wanted to think you for doing such a wonderful job w/ our whole closing process. Thanks for answering ALL of our question. You made everything go very snooth" N&B a Lawrence Homes for Sale Buyer.

"Thanks again for saving us SOOOO much money" LD A Lawrence Homes for Sale Buyer

" Thanks for your due diligance and hosesty and integrity, it nees to be recoginized, We love our new home. KE A Lawrence Homes for Sale Buyer.

Washington Mutual, was seized by the federal Office of Thrift Supervision .  This is the largest bankfailure in US history.  The Assets of Washington Mutual were sold to JP Mprgan Chase for $1.9 Billion.  This story highlights the sense of urgence required to pass some sort of rescure plan quickly.  Who will be next?

About Us:

With 7 years of experience working with Realtors, Investors, and most importantly BUYERS.  The client always comes first.  As a Broker, I can provide the best rates, and fair closing cost.  My GFE's usually are spot on, and never are to be exceeded without written notice to the buyer usually weeks in advance of closing.

My follow up with my clients and co marketing plans are welcomed by all my referral partners.

My rates can change by the hour because I have direct real time bond market information all day long.

Because I offer a free float down services when the markets change, my clients can expect the lowest rates, even after a lock is established.

 My staff is fully licenced and highly trained to support my demanding requirments to provide excellent customer experiences.

Areas of Expertise

First time home buyer classes held monthly my office.  FHA, VA, USDA, Fannie Mae, Freddie Mac conforming, and Commercial lending with 30 yr fixed terms.

Member of KAMB.  Completed education in Fair Credit and Credit Scoring.  Fraud detection, Guaranteed Rural Housing Programs.

Served two years on the Lawrence Board of Realtors committee's:   Education (2 yrs) and Community Relations (2 yrs)

Testimonials

" Just wanted to take a minute during this crazy busy time of the year to wish you two a Merry Christmas and Happy holidays.  Thank you both so much for taking time out to teach me and explain so much stuff, being forthcomming, and honest, ans so very kind. You guys have made a difference in my life, THANK YOU! Reagan W. A Lawrence Homes for Sale buyer.

"We wanted to think you for doing such a wonderful job w/ our whole closing process. Thanks for answering ALL of our question. You made everything go very snooth" N&B a Lawrence Homes for Sale Buyer.

"Thanks again for saving us SOOOO much money" LD A Lawrence Homes for Sale Buyer

" Thanks for your due diligance and hosesty and integrity, it nees to be recoginized, We love our new home. KE A Lawrence Homes for Sale Buyer.