Have you had an AHA moment lately? Well, I just had 10 of them. As I sat writing on this wifi laptop at the JW Marriott in Orlando, Florida, taking in a gorgeous sunset, I renewed my purpose in life, in business and to the planet. My goals for 2010 are set, my vision is clear, and execution is on the horizon.
In case you are wondering, I just attended the CORE seminar (thecore.tv) for Realtors/Lenders this past week. A group of high producing, driven producers, that have the inspiration every 6 months at these 'summits' to do better. Do better for my clients, for my team, for my company, and the planet. We watched clips from 'Pay it Forward' and 'Braveheart.’ We discussed how to create relevance and purpose. We shared strategies to build better teams, delegate, and take control of our day. We talked about feelings, and about when we die, what will people say about us?
We all need a spark, an inspiration. You may find it in a seminar, a mentor, a book, or a movie. Whatever it is, own it. THERE IS NO TOMMORROW. SUCCESS IS NOT AN ACCIDENT. And most importantly, EXCUSES ARE UNACCEPTABLE.
Have a fabulous week, and may we continue to work together toward our continued success and prosperity, whatever you define that may be.
Monday, November 16, 2009
Tuesday, November 10, 2009
The Credit is Officially Extended!!!
If you are a Desperate Housewives junkie like me, you would have seen last week when Lanette Scavo busted her husband cheating on his college mid term (he went back to school at 40). His response was how is that different than her not telling her boss at a recent promotion that she is pregnant with twins? This show is soooo juicy! Then, his next statement made me wonder .................Sometimes we are all doing the best we can in order to survive. Well, isn't that the truth! However, where do we draw the line? Whether telling a white lie to your toddler that the Halloween candy is gone, or the teacher that the dog ate your homework, or that you cheated on a spouse, or forgot to tell your husband about the 50K in debt you have accrued on your private credit card, or that your income is $10,000/month on your mortgage application (the old stated income). Isn’t a lie a lie?
This is certainly an interesting debate. I bring it up, because of the mixed signals that exist in our society every single day. Including the ones we (the lenders, Fannie Mae, legislators) are creating with new rules an regulations. Reward in one category, punitive in the next. I could give you examples, but you would stop reading, the list is so long. How quickly will we forget this mess, and recover, and begin to live again as we did in the past. Should we, would we? I love to keep you hanging.
The First Time Homebuyer Credit has OFFICIALLY PASSED. No more Nov 30 deadline. It is now extended to April 30th (signed contract) closing by July 2010. The income limits have increased. Now you can be a single wage earner of $125,000, or household of $250,000. The max purchase price is $800,000. And now, if you are a current homeowner, and have been in your current home >5 years, you can get up to $6500.
The Federal Reserve this week left rates unchanged. They hold at 0 - .25%. There is fear that the economy really has not turned around yet. Well, one would think after the unemployment numbers jumped last month. I personally believe the worst is yet to come as unemployment benefits run out (despite the recent 20 week extension), and people cannot make mortgage payments. I believe the Spring will be difficult as well. More foreclosures and short sales, just what we need. Actually, I prefer foreclosures. Short sales, however, take 4-5 months for the contract to even be accepted! That takes patience.
Rates are low. Check out the 5/1 and 7/1 ARMS. Perfect for borrowers that will be in their homes less than 5 years. Get them while you can.
We are about to close a loan in 14 calendar days. I just received a frantic call here at my desk on a Saturday. What are the chances I would be here? At Patriot, we can do that: close quickly, service your customer. Large enough to serve you, and small enough to know you.
This is certainly an interesting debate. I bring it up, because of the mixed signals that exist in our society every single day. Including the ones we (the lenders, Fannie Mae, legislators) are creating with new rules an regulations. Reward in one category, punitive in the next. I could give you examples, but you would stop reading, the list is so long. How quickly will we forget this mess, and recover, and begin to live again as we did in the past. Should we, would we? I love to keep you hanging.
The First Time Homebuyer Credit has OFFICIALLY PASSED. No more Nov 30 deadline. It is now extended to April 30th (signed contract) closing by July 2010. The income limits have increased. Now you can be a single wage earner of $125,000, or household of $250,000. The max purchase price is $800,000. And now, if you are a current homeowner, and have been in your current home >5 years, you can get up to $6500.
The Federal Reserve this week left rates unchanged. They hold at 0 - .25%. There is fear that the economy really has not turned around yet. Well, one would think after the unemployment numbers jumped last month. I personally believe the worst is yet to come as unemployment benefits run out (despite the recent 20 week extension), and people cannot make mortgage payments. I believe the Spring will be difficult as well. More foreclosures and short sales, just what we need. Actually, I prefer foreclosures. Short sales, however, take 4-5 months for the contract to even be accepted! That takes patience.
Rates are low. Check out the 5/1 and 7/1 ARMS. Perfect for borrowers that will be in their homes less than 5 years. Get them while you can.
We are about to close a loan in 14 calendar days. I just received a frantic call here at my desk on a Saturday. What are the chances I would be here? At Patriot, we can do that: close quickly, service your customer. Large enough to serve you, and small enough to know you.
Monday, November 2, 2009
We're all doing the best we can
This week was brutal. From a personal standpoint, I have a loved one with cancer returned, another loved one pending foreclosure in NJ and unemployed for 1 year, and my assistant fell down the stairs taking the mail in our building. In the midst of complete personal, emotional chaos, I was once again reminded of those things I hold most dear. My reason for bringing this up, is that we all have our personal ups and downs, good days and bad, but it is those persons we surround ourselves with, personal as well as in business, that will get us through all challenges. If you are on this email blast, it means I am grateful for you!
The small gestures are the ones that count. I would like to extend heartfelt thanks to a realtor (you know who you are) that assured me yesterday, that he knew that if anyone could close our deal (that almost blew up), that I could. He knew I was working hard, and had faith that I would try my best. You made my day! I so needed that, you have no idea. Isn't that what we are all doing, the best that we can?
Speaking of best we can. It is all we (the lenders) can do to keep transactions together. I read a blog yesterday that was (so) true: Why is the government still trying to push low to moderate income households through (ex: FHA, 3.5% down, 620 credit score, 55% debt ratio, and seller closing cost credit), when there are many well qualified persons that can barely get by on approval, if at all. So many twists and turns, verify this and that, blah, blah, blah.
The latest policy change in mortgage that is , in my opinion, HUGE, is that we have to audit via the IRS EVERY CLIENTS' tax return, and if they are married, and the spouse is not on the loan (let’s say they have bad credit), and we pull the audit with IRS, and the spouse has negative income from a business they own, for example, we have to deduct that from total income. FULL DOCUMENTATION has a new meaning, and mandates full transparency. In every way. But oh, wait, you have perfect credit, and one little $60 collection with Time Warner, and your credit score lowered to 619, Sorry, no loan for you. Give me a break.
The first time homebuyer credit is in the House, yet to be approved, but hanging by a string. If passed at its current proposal, it would extend to contracts executed to April 15, Income levels to $250,000 household, and available up to $6500 to NON first time buyers. Lets wait and see………
What is the market doing? Rates rallied hard this week, but ended on a positive note. Unemployment is still depressing, and home sales declined for the first time in months. The t-bill auctions ended on a sour note Thursday. By the way, this was the last round of 3, 5 , and 7 year tbills that will be gobbled up by the US Government (buying their own debt). We should be thankful, you know. Because it is that one move, that has kept rates low. We should be thankful, folks.
The small gestures are the ones that count. I would like to extend heartfelt thanks to a realtor (you know who you are) that assured me yesterday, that he knew that if anyone could close our deal (that almost blew up), that I could. He knew I was working hard, and had faith that I would try my best. You made my day! I so needed that, you have no idea. Isn't that what we are all doing, the best that we can?
Speaking of best we can. It is all we (the lenders) can do to keep transactions together. I read a blog yesterday that was (so) true: Why is the government still trying to push low to moderate income households through (ex: FHA, 3.5% down, 620 credit score, 55% debt ratio, and seller closing cost credit), when there are many well qualified persons that can barely get by on approval, if at all. So many twists and turns, verify this and that, blah, blah, blah.
The latest policy change in mortgage that is , in my opinion, HUGE, is that we have to audit via the IRS EVERY CLIENTS' tax return, and if they are married, and the spouse is not on the loan (let’s say they have bad credit), and we pull the audit with IRS, and the spouse has negative income from a business they own, for example, we have to deduct that from total income. FULL DOCUMENTATION has a new meaning, and mandates full transparency. In every way. But oh, wait, you have perfect credit, and one little $60 collection with Time Warner, and your credit score lowered to 619, Sorry, no loan for you. Give me a break.
The first time homebuyer credit is in the House, yet to be approved, but hanging by a string. If passed at its current proposal, it would extend to contracts executed to April 15, Income levels to $250,000 household, and available up to $6500 to NON first time buyers. Lets wait and see………
What is the market doing? Rates rallied hard this week, but ended on a positive note. Unemployment is still depressing, and home sales declined for the first time in months. The t-bill auctions ended on a sour note Thursday. By the way, this was the last round of 3, 5 , and 7 year tbills that will be gobbled up by the US Government (buying their own debt). We should be thankful, you know. Because it is that one move, that has kept rates low. We should be thankful, folks.
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