It's been no secret that the last couple of years have been very volatile in both the Real Estate and Mortgage Banking industries... with home prices dropping, loan programs becoming more restrictive and companies closing.
As you know, my success has been driven by you and others like you, who have referred your friends, co-workers, relatives and clients to me when they were considering home financing. My primary goal has always been to offer my clients an unmatched level of service... to make the mortgage loan process absolutely painless and to provide real world, make sense financing options... allowing my clients to cut a straighter path to their financial goals.
As I looked at the changes taking place, I began evaluating the direction of the mortgage banking industry, and began forecasting the tools necessary to again raise the bar for my standard or customer service... to provide more value for you and your referrals!
After looking at many options available in today's market, I am pleased to announce that I have aligned with PrimeLending... a bank owned mortgage provider that is not new to the concept of customer service as a primary business directive. Using the latest technological systems we can offer a level of service that is unparalleled in the mortgage industry! (Not to mention PrimeLending's unmatched mortgage programs.)
Why did I start looking at other options? As many of you are aware, National City Mortgage was purchased by PNC bank at the end of 2008. I became concerned about their commitment to the mortgage operation when I read in the corporate history. "In 1993, PNC acquired Sears Mortgage operation to create one of the nation's largest mortgage originators and service providers at the time. Due to the heavy consolidation in the industry, PNC made a strategic decision to exit the consumer mortgage business in 2000, selling PNC Mortgage to Washington Mutual Home Loans, Inc." As we moved through 2009 it became clear to me that PNC didn't want to make the kind of commitment to the consumer mortgage business I felt was necessary to meet my service level goals.
With my move to PrimeLending, I am happy to be able to tell you that you will continue to receive the same high level of help and service you have received in the past. I will continue to work with the same people I have worked with for the past 12 years including the regional management, processing and underwriting staffs. The only thing that is changing is my office location.
As I transition I will be using a new home office phone number, (240.813.0614) and a new email address(HomeMortgageAdvisor@gmail.com) I am doing this to take advantage of new technologies. You will still be able to reach me at my current phone number and email address. The new office phone number is 301.208.0055. As in the past the best place to reach me will be at the home office.
With your permission, I will continue to keep you advised of items of interest and impact to you and your home... I am confident you will share my excitement... I look forward to speaking with you soon.
Have a great upcoming holiday season!
Call me with any questions you have concerning the current mortgage market.
I am always available to answer any questions you have concerning interest rates or mortgage loans.
Whether your looking to buy or refinance, call me today. I'm here to help. The best place to reach me is at my home office 240.813.0614. You can also email me at HomeMortgageAdvisor@gmail.com
Congress Passes Legislation Extending Loan Limits Scheduled to Expire on 12/31/09.
On October 29, 2009 Congress passed legislation to keep the U. S. government running through December 18th. Included in this legislation is a provision that will extend the temporary loan limits for Fannie Mae, Freddie Mac and FHA. The higher loan limit ceilings were first authorized as part of a 2008 stimulus package and were extended through 12/31/2009 earlier this year.
The loan limits will remain at $729,750 through 12/31/2010. "While those loan limits aren't scheduled to go down to $625,500 until Jan. 1, if not maintained at the higher level now, the mortgage industry will begin to plan for loans at the lower amount," said appropriators said in a statement. "This could result in major disruptions in the mortgage origination market for large loan sizes as early as November.
This legislation is particularly important in high housing cost areas because the secondary market for "Jumbo" loans has not recovered since it's collapse at the the beginning of the housing crisis.
In related news, the U. S. Senate won't vote until next week at the earliest on proposals to extend the $8,000 tax credit for first-time homebuyers. The Obama administration is officially asking Congress to extend the tax credit for first-time homebuyers. "I think the first-time home-buyer credit is a great example of funding that's helped to stabilize the housing market and should be extended." Jared Bernstein, chief economist to Vice President Joe Biden, said on Bloomberg television. Treasury Secretary Timothy Geigher gave his support earlier.
Lawmakers announced earlier this week a plan to attach the tax-credit proposal to a pending bill on unemployment benefits. The lawmakers want to extend the credit until April 30, 2010. The proposal would expand the tax credit to allow higher-income Americans and some that already own homes to quality for the break.
Homebuyers who have lived in their prior residences for at least five years may receive a credit of $6,500 under the plan, said Senate Finance Committee Chairman Max Baucus. Also, couples earning as much as $225,000 and individuals as much as $125,000 would quality for the extended break, Baucus said. That's an increase in the limit of $75,000 for individuals and $150,000 for couples.
"The success of the American economy is closely tied to the success of the housing market; by helping to stabilize the housing market, the homebuyer tax credit has help shore up the economy as it begins to recover," said Baucus, a Montana Democrat. "This plan would enable an even greater number of potential homebuyers to take the credit."
Call me with any questions you have concerning the current mortgage market.
I am always available to answer any questions you have concerning interest rates or mortgage loans.
Whether your looking to buy or refinance, call me today. I'm here to help. The best place to reach me is at my home office 301.353.9360. You can also email me at mtginfo@aol.com
How To Change the New Facebook "News Feed" Settings:
Recently Facebook has made some changes in what can appear on Facebook pages. These changes have caused confusion for a lot of people.
Facebook's changes include a restriction on the number of updates. The preset limit is set at 250 individuals with Facebook determining what content is displayed.
The video below shows how to make adjustments to the new settings and gives you control of what you want to see.
I am always available to answer any questions you have concerning interest rates or mortgage loans.
Whether your looking to buy or refinance, call me today. I'm here to help. The best place to reach me is at my home office 301.353.9360. You can also email me at mtginfo@aol.com
Anne Ruldolph On What Consumers Want From A Real Estate Agent
Anne Randolph is the publisher of Lore Magazine and has a consulting company, Lore Consulting. Lore Magazine (www.Loremagazine.com) focuses on the personal stories of the top producers and brokers in the real estate industry.
For the last 8 years Anne has focused on bringing a strong consumer and analytic perspective to the real estate industry through research, consulting and speaking.
The video below is a discussion about what consumers want from their real estate agents.
The more I work with Google products the more I become a Google Fan. A few months ago I opened a new email address HomeMortgageAdvisor@gmail.com. Then I added an igoogle account which lets me check my email, Google Voice (another free service I added recently - 240.813.0614) and store all my favorite sites online so I have access to them from any computer. I recently came across Google Reader In Plain English. It lets you get content from your favorite sites without having to visit all of them.
Here's a short video on Google Reader In Plain English:
We all know that a homes appearance, particularly in the kitchen and bathroom, can help or hinder in the sale of a home.
A good friend of mine, Dennis Cyr, specializes in bringing grout and tile back to life. Grout Medic will remove and replace grout and caulk, as well as clean and seal grout, and stain grout (change color) without removing it. He will also remove and replace broken tiles, repair hollow/loose tiles, provide slip resistent tub treatments and much more. The "new look" of tile replacement can be achieved at a fraction of the cost and reduce the time needed from 7 -10 days to less than a day!
Grout Medic uses state-of-the-art environmentally safe products and machines. Ask Dennis about fixing mildew problems.
Dennis can be reached at 301.285.0600 or via email at dkcyr@verizon.net.
If you mention to Dennis that you found out about his services from me he will give a $50.00 discount on any job over $300.00.
I am always available to answer any questions you have concerning interest rates or mortgage loans.
Whether your looking to buy or refinance, call me today. I'm here to help. The best place to reach me is at my home office 301.353.9360. You can also email me at mtginfo@aol.com
Taylor, Bean & Whitaker Mortgage Corp. Shuts Down. Why Could This Effect You?
Taylor, Bean & Whitaker Mortgage Corp. (Taylor Bean), a privately held mortgage company, was one of the largest independent home-loan providers in the United States. It's primary customers were mortgage brokers and smaller banks. Taylor Bean closed suddenly Wednesday when the Federal Housing Administration (FHA) barred it from making loans insured by the government agency.
According to industry newsletter Inside Mortgage Finance Taylor Bean ranked 12th among U.S. mortgage originators in the first half of 2009 funding $17 billion of loans or 1.7% of the total loans originated. It was the third-largest originator of FHA loans in June (source - Inside Mortgage Finance, a trade publication.)
Some of the effects of the closing of Taylor Bean are being felt immediately. Loans that had closed but not yet been funded cannot be completed. Borrowers who had loans currently in process through the company will need complete new applications with another company. Some buyers will see their settlements delayed while they wait for approvals from a different lender.
The long term effects are not quite as clear. The number of wholesale lenders has been shrinking the past few years as some have gone out of business and others have withdrawn from the business. This has made it more difficult for mortgage brokers to place loans for their clients. There has also been some speculation that the closure of Taylor Bean will allow interest rates to rise because the remaining lenders will have less competition. On a different note, remember that the First Time Homebuyers Tax Credit of up to $8,000 currently expires on December 1, 2009. Waiting to long to buy a home could result in being unable to take advantage of the credit. Remember, the new Truth in Lending Act (TILA) that took effect July 30, 2009 has the potential to slow down or delay settlements.
Call me with any questions you have concerning the current market.
I am always available to answer any questions you have concerning interest rates or mortgage loans.
Whether your looking to buy or refinance, call me today. I'm here to help. The best place to reach me is at my home office 301.353.9360. You can also email me at mtginfo@aol.com
Important News - New Truth-In-Lending Act Changes Could Effect Real Estate Settlements
The Housing and Economic Recovery Act of 2008 included several revisions to the Truth in Lending Act (TILA.) These important revisions go into effect on July 30, 2009.
While most changes will not be noticeable to you, there are new requirements that will impact processes and possibly closing dates. However, I hope with continued communication and awareness of these changes, we will avoid any problems.
The key changes effective with all applications on or after July 30, 2009 are:
Collection of fees: Lenders cannot collect a fee from the consumer, other than a reasonable fee for obtaining the consumer's credit history, until the consumer is in receipt of the initial Truth-in-Lending (TIL.)
TIL disclosure applicability: Lenders must now provide a TIL on refinance transactions.
New statements added to all TIL disclosures: "You are not required to complete this agreement merely because you have received these disclosures or signed a loan application."
Initial TIL waiting period:A loan cannot close until seven business days from the delivery of the initial TIL. For example: Lender places loan disclosures in the mail on Monday, August 3rd, the loan cannot close until on or after Tuesday, August 11th. Business days are the same for as used for recission periods on refinanced loans - Monday through Saturday excluding public holidays.
Annual Percentage Rate (APR) re-disclosure tolerance:After the initial TIL is given if there are any changes that effect the APR and cause the APR to go up by 0.125% for fixed rate products (or 0.250% for ARM products) a new TIL must be given to the borrower. The new waiting period is three business days after the borrower receives the revised disclosures. A borrower is presumed to have received the new disclosures within three business days if placed in the mail. This creates a six day waiting period, three days to receive the disclosures and a three day waiting period. If a new / revised TIL is required and it is hand delivered or provided in another manner more prompt that regular mail to the borrower, the TILA mandates that the closing not occur for 3 business days from the date the borrower receives the revised disclosure. The delivery will need to be documented by receiving a signed and dated revised TIL.
It should be noted that the fees used to calculate the APR are not just the fees charged or controlled by the lender. It is also affected by the fees and costs charged by the settlement agent. A lender must estimate the closing costs of the settlement agents. If these costs are higher than the original estimate it could trigger the need for re-disclosure.
In order to insure that I continue to meet your expectations loans will have to be locked earlier in order to assure the settlement is not delayed by the new required waiting periods. It's also important to get closing costs from the settlement company as quickly as possible so any adjustments can be made quickly and not cause a delay in the settlement.
As you mortgage consultant, I want you to be aware of these important changes, particularly the initial TIL waiting period and APR re-disclosure tolerances. As always, I will keep you posted on any other important changes.
Call me with any questions you have concerning the current market.
I am always available to answer any questions you have concerning interest rates or mortgage loans.
Whether your looking to buy or refinance, call me today. I'm here to help. The best place to reach me is at my home office 301.353.9360. You can also email me at mtginfo@aol.com
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
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