TBW has been a major  pain in the sides of many (and I mean MANY) Loan officers and Realtors in the last 8 months. TBW has had funding issues, underwriting issues and much more.....but they now face a near shut down at the hands of FHA and GNMA.  TBW was the 3rd largest FHA Lender YTD.

Check with your Loan officer and make sure you don't have any files with them, if so you may want to look at moving them, and fast!

Thanks for reading

Travis 

Please read the article below from James R Hagerty and Lingling Wei from the Wall Street Journal

By JAMES R. HAGERTY and LINGLING WEI

The Federal Housing Administration Tuesday suspended Taylor, Bean & Whitaker Mortgage Corp. from making loans insured by the federal agency, knocking out one of the biggest FHA lenders at least temporarily.

The FHA said the Ocala, Fla.-based lender failed to submit a required annual financial report and to disclose to the FHA "certain irregular transactions that raised concerns of fraud." Taylor Bean has 30 days to appeal the suspension.

Taylor Bean was the 12th largest U.S. mortgage lender in the first six months of this year, according to Inside Mortgage Finance, a trade publication. Among originators of FHA loans, Taylor Bean was the third largest in May, with a market share of 4%, according to the publication. Only Bank of America Corp. and Wells Fargo & Co. were larger.

Taylor Bean's woes are a major blow for hundreds of brokers and smaller mortgage banks that sell the loans they originate to the privately owned company. Those small mortgage companies will have to scramble to find new partners if they are to remain in the booming FHA lending business.

FHA loans have surged in popularity over the past two years as other sources of mortgage funding have dried up.

Lee B. Farkas, chairman of Taylor Bean, said in response to questions that he was unaware of the FHA action.

Ginnie Mae, a government agency that guarantees payments to holders of securities backed by FHA loans, said Taylor Bean is also barred from issuing securities backed by Ginnie. Ginnie said it will take control of nearly $25 billion of mortgage securities issued by Taylor Bean.

The moves came a day after federal agents raided the Florida offices of Colonial BancGroup Inc. and Taylor Bean. Taylor had been leading a group of investors that proposed to shore up Colonial by taking a stake in the Alabama-based bank but that transaction fell through last week amid heavy losses at Colonial.

 

Every now and then you may have a client who feels the need to YELL at you! In my years in the Mortgage Business, I've handled this many ways.

This is how my friends at Loantoolbox recommend handling these situations.


Tips for Handling Disgruntled Clients

The only constant in the financial markets is change, a concept that can sometimes scare, confuse, and even anger some of our clients and associates. And, while we may have no control over certain delays and hiccups in our transactions due to these changes, we can control how we react to the frustration of our clients.

The following are three basic steps to consider when dealing with an upset or angry client. Utilize these steps to salvage your relationships.

Step One: Listen, and take careful notes.

Allow your client to vent all of his or her frustrations without interruption. By being the shoulder they can cry on, you have a much better chance of diffusing the situation and preserving the relationship.

Step Two: Take responsibility.

Whether it's your fault or not, take responsibility and apologize for the frustration he or she is experiencing. Don't make excuses! If nothing else, this action takes away any further arguments that they might have had on the subject.

Step Three: Provide solutions.

How are you going to remedy the situation and make things right? Can you make things right? Be prepared to answer these questions and, more importantly, be prepared to provide actual solutions that make sense for everyone.

One of the biggest mistakes professionals make in this situation is attempting to defend or even argue his or her case. Almost always misperceived, this type of communication only makes things worse, creating conflict that puts others on guard or makes them even more upset than they were to begin with.

By utilizing these basic steps, it's possible, in most situations, to avoid a nasty confrontation and achieve a positive outcome for everyone involved.

Here's to Happy Clients!

1. Act fast! As soon as you get the referral...call the client! How do you know your referral partner didn't send the referral to someone else as well?

2. Let the referral Partner know how much you respect their introduction to the client. make them feel important.

3. Keep them updated! Let your referral partner know what the status is on a regular basis.

4. Thank them! Send them a thank you card immediately after they give you the referral. After the transaction closes...send them a unique gift to thank them again.

DO these small little things...and they will continue to send you referrals!

Have a wonderful July!

Travis Newton

503.931.4490

travis@todaysmortgagegroup.com

In this ever changing market, where you hear the words recession and doom to name a few....I thought you may be interested in this. It's one of my favorite "poems". I read this every morning...it changes the way I look at obstacles..... Hope it changes your outlook as well.

Attitude

"The longer I live, the more I realize the impact of attitude on life. Attitude, to me, is more important than facts. It is more important than the past, than education, than money, than circumstances, than failures, than successes, than what other people think or say or do. It is more important than appearance, giftedness, or skill. It will make or break a company ... a church ... a home....a family....a team. The remarkable thing is we have a choice every day regarding the attitude we will embrace for that day. We cannot change the inevitable. The only thing we can do is play on the one string we have, and that is our attitude ... I am convinced that life is 10% what happens to me, and 90% how I react to it. And so it is with you ... we are in charge of our Attitudes."


-Charles Swindoll

I've received a few email's recently asking to post my weekly rates on here again. It feels like it's been forever since I posted...I checked.....and it has been. I'll start posting those on again every Monday. I apologize for the sabbatical :)

I've made some substantial changesto my business in the last week or so. I am now a Mortgage Banker...I still own Today's Mortgage...we just changed from a broker to a Banker. Becoming a Banker gives my clients and referral partners many more options...not to mention MUCH faster closings. I'll go over all the changes here soon.

Hope all is well!

Thanks for reading.

Travis Newton

Weekly Rate Sheet - October 6, 2008

Travis Newton-Owner/Sr. Mortgage Planner

•503.931.4490               travis@todaysmortgagegroup.com

Need to check up on your credit report. The Fact Act will let you do this for Free.

How often can I get a free credit file disclosure?

The FACT Act entitles consumers to get one free statutory credit file disclosure from each of the three national credit reporting companies once per year. Companies are:

TransUnion: 800-916-8800
www.transunion.com

Experian: 888-397-3742
www.experian.com

Equifax: 800-685-1111
www.equifax.com

Travis

Keep these items:

The Real Estate Settlement Procedures Act (RESPA) statement. This form, sometimes called a HUD 1 statement, itemizes all the costs associated with the closing. You'll need this for income tax purposes and when you sell the home.

The Truth in Lending Statement summarizes the terms of your mortgage loan.

The mortgage and the note (two pieces of paper) spell out the legal terms of your mortgage obligation and the agreed-upon repayment terms.

The deed transfers ownership of the property to you.

Affidavits swearing to various statements by either party. For example, the sellers will often sign an affidavit stating that they have not incurred any liens on the property.

Riders are amendments to the sales contract that affect your rights. For example, if you buy a condominium, you may have a rider outline the condo association's rules and restrictions.

Insurance policies provide a record and proof of your coverage.

When you sell a stock, you owe taxes on your gain-the difference between what you paid for the stock and what you sold it for. The same is true with selling a home (or a second home), but there are some special considerations.

How to Calculate Gain
In real estate, capital gains are based not on what you paid for the home, but on its adjusted cost basis. To calculate this:

Take the purchase price of the home: This is the sale price, not the amount of money you actually contributed at closing.

Add Adjustments:

Cost of the purchase-including transfer fees, attorney fees, inspections, but not points you paid on your mortgage.

Cost of sale-including inspections, attorney's fee, real estate commission, and money you spent to fix up your home just prior to sale.

Cost of improvements-including room additions, deck, etc. Note here that improvements do not include repairing or replacing something already there, such as putting on a new roof or buying a new furnace.

The total of this is the adjusted cost basis of your home.

Subtract this adjusted cost basis from the amount you sell your home for. This is your capital gain.
A Special Real Estate Exemption for Capital Gains

The current federal limit on how much profit you can make on the sale of your principal residence (that you have held for at least 2 years) before you pay capital gains tax is $500,000 for a married couple and $250,000 for a single homeowner. However, if you are moving due to job relocation, a change in health, or some other unforeseen circumstance, you may be eligible for partial exclusion even if you have owned the home for less than 2 years. There are some limits. Consult your tax advisor.

Unforeseen circumstances have been the most confusing section of the rules, though they point out that the IRS is not heartless when it comes to taxes and hard times. What determined unforeseen circumstances seemed to be considered on a case-by-case basis in the past. Now, the IRS has named an unforeseen circumstance as "an event that the taxpayer could not reasonably have anticipated." In addition, the unforeseen circumstance could affect someone in the household other than the taxpayer, such as the taxpayer's spouse or other dependent who lives in the house.

Safe harbors under the unforeseen section include, but are not limited to:

A natural or man-made disaster or act of war or terrorism resulting in a casualty to the residence.

Death.

The cessation of employment as a result of which the individual is eligible for unemployment compensation.

A change in employment or self-employment status that results in the taxpayer's inability to pay housing costs and reasonable basic living expenses for the taxpayer's household.

Divorce or legal separation under a decree of divorce or separate maintenance; and

Multiple births resulting from the same pregnancy.
If you find yourself in an "unforeseen circumstance" situation, then you may be in luck, as it were, for your hardship. It means you may be able to pay less taxes or be exempt from taxes altogether. The tax would be calculated based on how long you had lived in the property, among other criteria. Consult your tax advisor.

Step One: Arranging the Interviews

Whether you are moving across town or across the country it is important that you allow plenty of time to go through the process of selecting the moving company that will best suit your needs. 

Make your calls to interview movers as soon as you know when the actual move might take place. If it appears that the move will occur during a peak moving period, then it is even more urgent that you begin this process well in advance of your projected move date. Not only will a move during a peak period be more difficult to schedule; it is also apt to cost more due to the demand that the movers face. Peak periods may vary per mover and may be influenced by local economies. In general, peak periods include: 

The beginning and the end of each month, since this is when most closings take place
All Holidays, but especially those where school vacations coincide
Summer months, since the majority of families will try to orchestrate a move between the end of one school year and the beginning of the next 
Step Two: Conducting the Interviews

Moving companies will agree to visit your home in advance of your move to provide a written estimate of your move. Inquire as to whether the estimate is binding or non-binding, which tells you whether the estimate you are receiving during the visit will still be good in two months when you actually make your move. Also insist that the estimate be written with as much detail as possible so that when you review the estimates, you can assess the points of differentiation. 

If you will be moving within a local or regional area, the estimate will probably be based on an hourly rate. The company will project how many men they will need to complete the work and how much time it will take to pack (if you require this service), load, transport the goods, and unload at the final destination. The more moving companies you interview, the more likely you will get an accurate picture of just what your particular move will entail and how much it is likely to cost. 

If your move is out of state, the estimates will be based on the distance of your move and the projected weight of your shipment. The mover will need ample time to walk through your home and inspect each room for furniture and loose objects that will be transported. Make sure that all storage areas in the house are visited including the garage, basement, attic, and outbuildings. The mover will need to view everything that will be going to the new location in order to provide you with an accurate estimate. 

There are many factors that can influence the price of your move. Your ability to impact the eventual price of the move centers on the services that you will require. Once you have identified the services that you will require, make sure that each estimate addresses each service individually so that you will have a legitimate basis for comparison. Some of these optional services include: 

Packing and unpacking: are you willing to do this yourself, or would you prefer to pay professionals to pack some or all of your loose materials?
Boxes: most movers will sell you new boxes, and the prices will vary per company. Ask about used boxes, since some movers will allow you to drive to their site and select previously used boxes that are remain with the company after moves are completed. If you will need a lot of boxes, the use of used boxes will represent significant cost savings.
Special handling: if you have unique pieces (ex. Piano), heavy pieces (ex. woodworking machinery) or very delicate pieces (antiques), you might need a special quote that identifies special handling of the object.
Special Packaging: the movers may recommend that certain pieces be packed in wood crates. Check the cost versus the advantages of this decision.
Insurance: most movers have some level of liability insurance that covers their moves. However, additional insurance is worth investigating since it is not uncommon for objects to be damaged during the move. 
Step Three: Making Your Selection

Your decision will be driven by several factors. First, there is the issue of price. You will find that price alone will probably not lead you to making your choice. The weight estimates will probably differ per mover, as will the prices on the individual services that you request. 

Second, there is the issue of availability. In some cases, the mover you prefer to work with might not be able to work you into their schedule. If you move during a peak time, you may find yourself coordinating your move to the calendar of the mover, instead of having the mover design his schedule around your move.

Third, there is the issue surrounding reputation and references. The moving business is a service business. Past customers will have opinions about their moving company. Request references beyond the letters of recommendations that you should be offered in the interview. If you want to do a little more research, call the Better Business Bureau or the State Attorney General to see if there are complaints against the company. 

Finally, take note of the person who is providing the estimate. These individuals often will act as the key contact for you up to and during the actual move. Are they experienced, confident, good communicators, and seemingly interested in satisfying your needs. In short, are they someone that you feel you can work well with during a stressful time?