May you enjoy and cherish this precious day, and remember what a gift FREEDOM is! We are so blessed to live in a country with the ideals of independence and democracy. The thought of managing 302 million people is overwhelming! No wonder our legislators cannot agree. But that is the beauty of it all! We need balances, so that we can continue to function as a democracy.
As for the mortgage industry, no democracies here! It is Fannie /Freddie way or the highway. We continue to see increased regulation, silently trickling into our everyday lives. More disclosures. More verifications, and ultimately, more cost to the consumer. That is what ultimately will happen. In many cases, it already has.
Why do we think the rates are not lower than they are? If they followed the 10 year bond as in historic past, the yields would be below 5 for sure. But investors are tired (not to mention poor), and they are not going to 'give it away' this time around like they did in 03/04 during the last rate craze. They want profits, and they want them big. What we have seen is a 'no mercy 'attitude from our lenders. No exeptions, no forgiveness, no anything. It is brutal, but we are managing and shielding this from our clients as much as we can, to continue to ensure a stress free transaction!
This weeks letter is short, and as promised last week, more information on the July 30 changes is coming in my next letter. This week was crazy with month end and I dont have all the facts yet. I hope you are off somewhere fun , and relaxing.Until next week.........
Friday, July 3, 2009
Friday, June 26, 2009
$8,000 First Time Homebuyer Credit- as good as it seems?
If you read the paper, you will have noticed on Thursday in the Chronicle Business section the article stating ‘A break for first time homebuyers ‘. Well…….there is a catch. Isn’t there always? Last month, the legislators came up with a feel good plan for buyers to access this $8,000 before they actually earned it. What a shocker! They now made it possible , in theory, for buyers to access these funds for closing costs (only) when they buy the house, not having to wait until next spring when the return is filed. The issue since this was released is ‘ WHO’ is going to forward this money? No agencies have really stepped up. There have only been a few. So as of this week, the State of Texas (via the Texas Dept of Housing and Community Affairs – TDHCA), will make that possible. BUT WAIT!!! Let’s look at the fine print. First, it says ‘some ‘ of the tax credit. Second, only 700 borrowers for the first wave of approved money. And thirdly, the most important, is it has to be paid back within 90 days to remain interest free.
Well, let me give you a hint here. If the people using it today for buying a home could afford to pay it back within 90 days, do you think they would take this in the first place? So what we will have is yet another quagmire of a government agency earmarking some federal money to this program, in hopes people pay back in the 90 day period, and when they don’t, the program will freeze because they have no more money to advance.
I am not sure you really want to know my thoughts about this. But I’ll give it a shot. You can stop reading if you want to. WHY CANT WE ALL JUST BE COMPLACENT WITH THE DELAYED GRATIFICATION OF ‘ FREE’ MONEY IN 2010? Why do we have to look for ways to get ourselves in trouble with borrowed/advanced funds, yet again?
Rates are down this week! Hip Hip Hooray! The reason? Do we really care? Soon enough we will own the bragging rights of having an interest rate below double digits, or won’t we? That remains the million dollar question. In summary, they are low, so get out there and spend it.
Well, let me give you a hint here. If the people using it today for buying a home could afford to pay it back within 90 days, do you think they would take this in the first place? So what we will have is yet another quagmire of a government agency earmarking some federal money to this program, in hopes people pay back in the 90 day period, and when they don’t, the program will freeze because they have no more money to advance.
I am not sure you really want to know my thoughts about this. But I’ll give it a shot. You can stop reading if you want to. WHY CANT WE ALL JUST BE COMPLACENT WITH THE DELAYED GRATIFICATION OF ‘ FREE’ MONEY IN 2010? Why do we have to look for ways to get ourselves in trouble with borrowed/advanced funds, yet again?
Rates are down this week! Hip Hip Hooray! The reason? Do we really care? Soon enough we will own the bragging rights of having an interest rate below double digits, or won’t we? That remains the million dollar question. In summary, they are low, so get out there and spend it.
Friday, June 19, 2009
Home Valuation Code of Conduct - ACT NOW!
This is a SPECIAL EDITION , and the most important column I have ever written. The integrity of the appraisal process as we know it has been severely, and I mean severely, compromised.
All of you realtors have likely already been affected somehow if you have closed a loan since May 1, when HVCC (Home Valuation Code of Conduct) became our reality after a very persuasive New York Atty General persuaded Fannie and Freddie to amend their guidelines to his personal gain- winning a case. You need to forward this to ALL YOUR CLIENTS, past , present, and future. The people that the legislators will listen to are the homeowners (not the realtors, nor the lenders, who’s income is dependent on the process. Not to mention lenders/loan officers are taboo now anyway, in their eyes). So if you are not selling a home today, you will be, and this will most certainly affect you! So consumers need to take action now! And of course if we do, it won’t hurt.
THIS IS HOW YOU CAN MAKE A DIFFERENCE!
NY Attorney General Andrew Cuomo's Office: (212) 416-8000,
Internet ComplaintFederal Housing Finance Agency (FHFA): (866) 796-5595, director@fhfa.gov
Fannie Mae: (202) 752-7000, headquarters@fanniemae.com
Freddie Mac: (703) 903-2000,
Also, please contact your local TV and Newspaper outlets.
Below are talking points and background information to assist in your conversations. Please remember we are all professionals and should conduct ourselves accordingly in any communication with the above parties. For the most successful and influential calls, it is important to concisely quantify how the HVCC is affecting your consumer and your business.
Talking Points:
1) National Assoc of Mortgage Brokers (NAMB) conservatively estimates (breakdown below) that the HVCC is costing consumers over 2.8 BILLION dollars a year in extra fees, created by long delays (extended lock-in fees) and higher appraisal costs.
2) Unregulated Appraisal Management Companies (AMCs), who have been the subject of several misconduct investigations, are the centerpiece of the HVCC. The original Cuomo investigation involved a federally chartered bank and an AMC.
3) AMCs are driving honest appraisers and mortgage brokers from business, eliminating competition, increasing costs to consumers and reducing state revenue. The HVCC is causing significant delays in real estate transactions, hurting real estate agents, title companies and other third parties reliant on turnaround time.
4) HVCC does nothing to reduce fraud, as it legitimizes the same failed model, which was the subject of Attorney General Cuomo's investigation.
5) No Portability! Consumers are "trapped" with a specific lender. If a better deal becomes available with a different lender, the consumer is forced to pay for another appraisal.
Background:
I. Lack of Portability
A. Lenders are not allowing borrowers to transfer appraisals, regardless of the reason.
B. Forces the borrower to pay for another appraisal and wait for a new appraiser to be assigned and complete it, increasing the total cost and time needed for obtaining a home. Delays in turnaround times also cause the borrower to miss rate lock deadlines and possibly face penalties charged by the lender.
C. In a poll conducted by NAMB, 75.8% of respondents said that 0% of their appraisals are portable since the enactment of the HVCC.
II. Lack of Quality
A. AMCs are assigning appraisers from a different municipality, county, or even state to appraise the target house, therefore unfamiliar with the neighborhood and unable to produce an accurate appraisal. i. Because of this, the HVCC is forcing appraisers to be in direct violation of the Uniform Standards of Professional Appraisal Practice (USPAP) for jurisdictional competence.
B. Because AMCs pay appraisers such low fees, those assigned appraisers willing to do the work are often inexperienced and fail to adequately appraise the home.
III. Increased Cost of Appraisals
A. The minimum increase we have seen in direct consumer cost is $150 per appraisal. That, coupled with the drastically increased appraisal turnaround times that impose extended lock periods at an average expense of $561.95 per loan, is now costing consumers an estimated additional $711.95 per transaction.
B. $150.00 - minimum increase per appraisal$561.95 - average loan amount of $224,778 at .25% for extended lock period$711.95 - average total increase per transactionx 3,870,552* - 2007 HMDA report of residential real estate loans originated$2,755,639,496 - $2.8BILLION in increased fees to consumers!
IV. Articles Illustrating the Effects of the HVCC
A. The Appraisal Bubble - The Center for Public Integrity
B. The Cure is Worse than the Disease - Appraisal Press
C. Appraisals Roil Real Estate Deals - The Wall Street Journal Feel free to forward these articles and/or reference them in your conversations
All of you realtors have likely already been affected somehow if you have closed a loan since May 1, when HVCC (Home Valuation Code of Conduct) became our reality after a very persuasive New York Atty General persuaded Fannie and Freddie to amend their guidelines to his personal gain- winning a case. You need to forward this to ALL YOUR CLIENTS, past , present, and future. The people that the legislators will listen to are the homeowners (not the realtors, nor the lenders, who’s income is dependent on the process. Not to mention lenders/loan officers are taboo now anyway, in their eyes). So if you are not selling a home today, you will be, and this will most certainly affect you! So consumers need to take action now! And of course if we do, it won’t hurt.
THIS IS HOW YOU CAN MAKE A DIFFERENCE!
NY Attorney General Andrew Cuomo's Office: (212) 416-8000,
Internet ComplaintFederal Housing Finance Agency (FHFA): (866) 796-5595, director@fhfa.gov
Fannie Mae: (202) 752-7000, headquarters@fanniemae.com
Freddie Mac: (703) 903-2000,
Also, please contact your local TV and Newspaper outlets.
Below are talking points and background information to assist in your conversations. Please remember we are all professionals and should conduct ourselves accordingly in any communication with the above parties. For the most successful and influential calls, it is important to concisely quantify how the HVCC is affecting your consumer and your business.
Talking Points:
1) National Assoc of Mortgage Brokers (NAMB) conservatively estimates (breakdown below) that the HVCC is costing consumers over 2.8 BILLION dollars a year in extra fees, created by long delays (extended lock-in fees) and higher appraisal costs.
2) Unregulated Appraisal Management Companies (AMCs), who have been the subject of several misconduct investigations, are the centerpiece of the HVCC. The original Cuomo investigation involved a federally chartered bank and an AMC.
3) AMCs are driving honest appraisers and mortgage brokers from business, eliminating competition, increasing costs to consumers and reducing state revenue. The HVCC is causing significant delays in real estate transactions, hurting real estate agents, title companies and other third parties reliant on turnaround time.
4) HVCC does nothing to reduce fraud, as it legitimizes the same failed model, which was the subject of Attorney General Cuomo's investigation.
5) No Portability! Consumers are "trapped" with a specific lender. If a better deal becomes available with a different lender, the consumer is forced to pay for another appraisal.
Background:
I. Lack of Portability
A. Lenders are not allowing borrowers to transfer appraisals, regardless of the reason.
B. Forces the borrower to pay for another appraisal and wait for a new appraiser to be assigned and complete it, increasing the total cost and time needed for obtaining a home. Delays in turnaround times also cause the borrower to miss rate lock deadlines and possibly face penalties charged by the lender.
C. In a poll conducted by NAMB, 75.8% of respondents said that 0% of their appraisals are portable since the enactment of the HVCC.
II. Lack of Quality
A. AMCs are assigning appraisers from a different municipality, county, or even state to appraise the target house, therefore unfamiliar with the neighborhood and unable to produce an accurate appraisal. i. Because of this, the HVCC is forcing appraisers to be in direct violation of the Uniform Standards of Professional Appraisal Practice (USPAP) for jurisdictional competence.
B. Because AMCs pay appraisers such low fees, those assigned appraisers willing to do the work are often inexperienced and fail to adequately appraise the home.
III. Increased Cost of Appraisals
A. The minimum increase we have seen in direct consumer cost is $150 per appraisal. That, coupled with the drastically increased appraisal turnaround times that impose extended lock periods at an average expense of $561.95 per loan, is now costing consumers an estimated additional $711.95 per transaction.
B. $150.00 - minimum increase per appraisal$561.95 - average loan amount of $224,778 at .25% for extended lock period$711.95 - average total increase per transactionx 3,870,552* - 2007 HMDA report of residential real estate loans originated$2,755,639,496 - $2.8BILLION in increased fees to consumers!
IV. Articles Illustrating the Effects of the HVCC
A. The Appraisal Bubble - The Center for Public Integrity
B. The Cure is Worse than the Disease - Appraisal Press
C. Appraisals Roil Real Estate Deals - The Wall Street Journal Feel free to forward these articles and/or reference them in your conversations
Tuesday, June 9, 2009
Will mortgage rates go back down?
It feels like summer ! Not only is school out and the traffic is eased up, but it feels like summer! The glorious hot days dear to Houstonians are officially here. So are the home buyers! We continue to see contracts pending, and inventory lessening. Thank goodness! There are still, however, some appraisals that come back with inventory at a 6 mo + supply. To lenders, that means a ‘declining market’. And beware that if your listing is in such an area, the lender may have some additional conditions, or may not even do the loan at all. That’s right, declining markets are not favorable. The reason? If we foreclose, we don’t want large marketing times to get rid of it! It also signifies a trend downward in prices. No lender wants to be on the top end of the market. So encourage your sellers to consider all realistic offers. I suppose realistic is the main catch here. Who knows in these unprecedented times? There may be other reasons, but that is the main concern.
The First Time Homebuyer Credit – in all its glory, has to be the most confusing legislation there is right now. No one is clear on what, how or when. The latest rumor is that FHA will allow the moneys to advance for down payment. Part of it is true, but keep reading. Our representatives on Capitol Hill have no idea what has to happen to ‘advance’ a tax credit to a homeowner. Who will check if they are delinquent on any federal debt? Who will advance the money (a HUD memo states it has to be a ‘3rd party’, certainly not them). Ok, then who? Is it really a good idea to advance money anyway before its spent? Isn’t that what got us in this mess to begin with? And then, the legislation just last week changed yet again, and now FHA loan purchases can use the money ONLY toward closing costs, not down payment. Again, WHO will administer this money? No lender thus far has jumped on this idea. So the opportunity may be there for your buyers, but they need to settle to the fact they will get it upon filing 2009 return. Not too much to ask for free money!
Interest Rates – are still low! Maybe not the 4.5% of last month, but STILL historically, low! As compared to 2 weeks ago, almost up a full point! Why? Good news in the market. Could it be from the good news to investors that Angelo Muzilo has been charged with Fraud, and that gives them a ‘temporary’ feeling that the culprits are about to be caught? Or could it be that banks are to pay back tarp money? Or maybe the ‘come clean’ speech to Muslims by our President in Egypt last week. I would have thought that the unemployment doldrums would have shocked rates back down…but no such luck yet. Rates also have gone up due to positive indicators in the market. Words from our legislators and commander in chief like ‘not as bad as it was’, or ‘the recession end may be near’ ……those types of words allow investors in stocks to feel like buying. When they buy, investors pull money out of bonds. Then bond rates go up, as the price is down to attract buyers back into the bond market.
Will rates go back down? – THAT is the million dollar question. Who knows. But inflation and higher rates is INEVITABLE. Take my word. My advice? If your buyers are holding out for rates to come down, or purchase prices to come down, they may be missing the boat on living in the present. Our (primary) homes are where we raise our families and share time with loved ones. If it makes sense, do it. If not, wait. But hanging on for a false sense of reality may be missing the boat on opportunity that is right in front of them.
The First Time Homebuyer Credit – in all its glory, has to be the most confusing legislation there is right now. No one is clear on what, how or when. The latest rumor is that FHA will allow the moneys to advance for down payment. Part of it is true, but keep reading. Our representatives on Capitol Hill have no idea what has to happen to ‘advance’ a tax credit to a homeowner. Who will check if they are delinquent on any federal debt? Who will advance the money (a HUD memo states it has to be a ‘3rd party’, certainly not them). Ok, then who? Is it really a good idea to advance money anyway before its spent? Isn’t that what got us in this mess to begin with? And then, the legislation just last week changed yet again, and now FHA loan purchases can use the money ONLY toward closing costs, not down payment. Again, WHO will administer this money? No lender thus far has jumped on this idea. So the opportunity may be there for your buyers, but they need to settle to the fact they will get it upon filing 2009 return. Not too much to ask for free money!
Interest Rates – are still low! Maybe not the 4.5% of last month, but STILL historically, low! As compared to 2 weeks ago, almost up a full point! Why? Good news in the market. Could it be from the good news to investors that Angelo Muzilo has been charged with Fraud, and that gives them a ‘temporary’ feeling that the culprits are about to be caught? Or could it be that banks are to pay back tarp money? Or maybe the ‘come clean’ speech to Muslims by our President in Egypt last week. I would have thought that the unemployment doldrums would have shocked rates back down…but no such luck yet. Rates also have gone up due to positive indicators in the market. Words from our legislators and commander in chief like ‘not as bad as it was’, or ‘the recession end may be near’ ……those types of words allow investors in stocks to feel like buying. When they buy, investors pull money out of bonds. Then bond rates go up, as the price is down to attract buyers back into the bond market.
Will rates go back down? – THAT is the million dollar question. Who knows. But inflation and higher rates is INEVITABLE. Take my word. My advice? If your buyers are holding out for rates to come down, or purchase prices to come down, they may be missing the boat on living in the present. Our (primary) homes are where we raise our families and share time with loved ones. If it makes sense, do it. If not, wait. But hanging on for a false sense of reality may be missing the boat on opportunity that is right in front of them.
Saturday, May 16, 2009
Beumont Appraiser to Valuate a River Oaks Listing
This is Major Hernandez, reporting from the enemy lines. Lots of activity this week. We were shot at by underwriters, dodged by appraisers, and yelled at by our processors. JUST KIDDING. It is sometimes a war zone though! Mostly from some of the recent regulation passed down (my previous emails have mentioned the appraisal changes). I thought this week I would summarize for you the day in the life of a mortgage originator. Maybe there will be one tidbit of information you can use to help your clients close on time!
Here is a summary of what happened this week:·
Clients current lender (the FDIC) offered a 15% principal reduction if he would refinance within 30 days !·
Rumored by one of my competitors that underwriters no longer accept a non realty add – THIS IS WRONG……·
Mortgage Lender (remaining nameless) is turning away clients saying 90 days min processing time to close – actually 2 (hint: they are in the top 5 national lenders)·
Seller rejects pre approval letter from buyers mortgage company because fear they will not close on time (one of the national lenders mentioned above)·
Realtor I know gets a call from an appraiser (not mine!) from Tyler , TX (this is a true story)·
Prospect calls me and asks if we do liar loans- IS HE KIDDING?·
At closing, we discover that borrower quit his job (we always call the day of closing to the employer!!!) HINT: don’t quit job day of closing·
We saved 2 borrowers from losing their close dates- and closed their loan in 7 days! (the first lender dropped the ball for the last 6 weeks). Hard to do in this market!
Well, at least I can say my job is interesting. Actually, I love every minute of it! So please, if you have a client that needs a trusted mortgage lender, we are your answer. Thank you for your referrals!
Here is a summary of what happened this week:·
Clients current lender (the FDIC) offered a 15% principal reduction if he would refinance within 30 days !·
Rumored by one of my competitors that underwriters no longer accept a non realty add – THIS IS WRONG……·
Mortgage Lender (remaining nameless) is turning away clients saying 90 days min processing time to close – actually 2 (hint: they are in the top 5 national lenders)·
Seller rejects pre approval letter from buyers mortgage company because fear they will not close on time (one of the national lenders mentioned above)·
Realtor I know gets a call from an appraiser (not mine!) from Tyler , TX (this is a true story)·
Prospect calls me and asks if we do liar loans- IS HE KIDDING?·
At closing, we discover that borrower quit his job (we always call the day of closing to the employer!!!) HINT: don’t quit job day of closing·
We saved 2 borrowers from losing their close dates- and closed their loan in 7 days! (the first lender dropped the ball for the last 6 weeks). Hard to do in this market!
Well, at least I can say my job is interesting. Actually, I love every minute of it! So please, if you have a client that needs a trusted mortgage lender, we are your answer. Thank you for your referrals!
Thursday, May 7, 2009
There is a Rumor that the Mortgage Appraisal Process is Deteriorating
Just great. As I write this, I have full blown laryngitis and bronchitis pending if I don’t behave. So if I seem chatty, it’s because I am just longing to speak to someone. Why did this happen to me? Is it because I only sleep 5 hours a night after being on the computer sending pre approval letters? Probably. Or that I am closing 4 times the loans this month than normal? Probably. I am just venting, not looking for sympathy, but want you to comprehend that it is busy! I don’t care what Barton Smith says. Houston is rockin. Whether you are purchasing or refinancing, it is money in the economy. People buy, they go to Target and Home Depot. They refinance, they save money, and have more spendable dollars in their pocket. Heck, I a have 2 new employees starting Monday to support me, and is that not keeping the economy going? So Barton….whatever. We survived Alison, Enron, and Ike, and we will survive this!
Right now, today, rates are increasing because investors are feeling a sense comfort that some bank stress tests will be favorable. They are so fickle. Then tomorrow, for jobs report, if it is less than stellar, rates will go down again. So why is it that negative news keeps the rates so low? Chrysler not paying back the bailout money, a major bank in Atlanta failing, the Swine FLU (rates dropped big after that was released!). The worse the news, the better the rates. Why is that? Because bad news makes investors feel skiddish about the stock market. THey feel unsafe. So they take their money, and dump it into the bond market to seek safe returns for a while. This increased demand pushes up the bond prices, and the yields push down in response (always inversely related to the price).
Changing the subject, I had a realtor ask me a few days ago if rates were going down after the Fed just announced a .75% rate cut. How can that be? The fed funds rate is already .25%. It would be negative!!!!! There are so many rumors flying around out there, it really is hard to keep up.
Another rumor is that the appraisal process is deteriorating. Oops. That’s not a rumor! That 'could be' interpreted as true by some. We are now back to elementary days where loan originators, like me, or anyone paid a 'bonus' on any type of production (ie, vested interest) cannot order the appraisal. We cannot 'talk to, or discuss', the process with appraiser. On a refinance, we cannot put an estimated value on the order form, as it may be construed as trying to ‘sway’ the appraiser. Give me a break. A disinterested party has to order randomly from our list of approved appraisers. It is assumed now that appraisers have no where with all to avoid coercion by any parties as to the outcome of value. If I was an appraiser, I would be insulted. None of the appraisers I have ever used were swayed by my opinion anyway. I am just a hot head loan officer that always wants my way. It is the few bad apples out there, that were part of fraud schemes, that have given all appraisers a bad name. This is just great. I think I need a bag of chocolate chip morsels to munch on. This is getting really stressful!
By the way, I must stress that my thoughts expressed here are not those of Patriot Bank at all. So you can make your own opinions, mine mean nothing if you so choose.
Right now, today, rates are increasing because investors are feeling a sense comfort that some bank stress tests will be favorable. They are so fickle. Then tomorrow, for jobs report, if it is less than stellar, rates will go down again. So why is it that negative news keeps the rates so low? Chrysler not paying back the bailout money, a major bank in Atlanta failing, the Swine FLU (rates dropped big after that was released!). The worse the news, the better the rates. Why is that? Because bad news makes investors feel skiddish about the stock market. THey feel unsafe. So they take their money, and dump it into the bond market to seek safe returns for a while. This increased demand pushes up the bond prices, and the yields push down in response (always inversely related to the price).
Changing the subject, I had a realtor ask me a few days ago if rates were going down after the Fed just announced a .75% rate cut. How can that be? The fed funds rate is already .25%. It would be negative!!!!! There are so many rumors flying around out there, it really is hard to keep up.
Another rumor is that the appraisal process is deteriorating. Oops. That’s not a rumor! That 'could be' interpreted as true by some. We are now back to elementary days where loan originators, like me, or anyone paid a 'bonus' on any type of production (ie, vested interest) cannot order the appraisal. We cannot 'talk to, or discuss', the process with appraiser. On a refinance, we cannot put an estimated value on the order form, as it may be construed as trying to ‘sway’ the appraiser. Give me a break. A disinterested party has to order randomly from our list of approved appraisers. It is assumed now that appraisers have no where with all to avoid coercion by any parties as to the outcome of value. If I was an appraiser, I would be insulted. None of the appraisers I have ever used were swayed by my opinion anyway. I am just a hot head loan officer that always wants my way. It is the few bad apples out there, that were part of fraud schemes, that have given all appraisers a bad name. This is just great. I think I need a bag of chocolate chip morsels to munch on. This is getting really stressful!
By the way, I must stress that my thoughts expressed here are not those of Patriot Bank at all. So you can make your own opinions, mine mean nothing if you so choose.
Friday, April 17, 2009
Houston Housing is Solid!
You may have noticed I have not written in a while. Well I am back after a 3 week sabbatical (wishing the excuse was vacation!) . The great news today is that everyone wants a piece of these rates! So if your pipelines have not begun to increase, they will. Remember, that the deadline for the First Time Homebuyer Tax Credit of $8,000 is Dec 1, 2009. Also….the premonition is that within 12 – 18 months, inflation will set in. Who knows where rates will go then? Our 4-5% mortgages may look really good by then. Cocktail party conversation!
Let me get the statement over with. Yes, parts of Houston are feeling the results of some minor devaluation. How could we not, with the other 49 states feeling such drastic effects? The mentality of the consumer has surely been tainted. BUT I WOULD LIKE TO POINT OUT SOME REAL, POSITIVE FACTS about why your clients should be buying now! Other than the obvious- interest rates. We must invest in our economy, if we are to turn things around.
In Houston:
Housing is Solid, with an average of 6 months supply - a healthy market! (Metro Study, Q3, 2008)
Is the #1 best city to buy a home , as rated by Forbes Magazine, August 2008,
Ranks #1 for Job Growth in the Nation - 17% of the entire country!!!!!!!!!!!!!!
Largest IT Service Economy (Onforce, Inc, December 5, 2008)
America's Best Hospitals (US News& World Report , July 2008)
Best Big City for Business (Inc.com , July 2008)
We are survivors! Think about our recovery from Allison, Enron, and recently Ike.
Patriot Bank is growing right with Houston. We are the 5th Largest Bank domiciled within the city (and we are only 5 years old!). We are THE LARGEST privately owned bank within the city. Our total assets are currently at just over 1 Billion dollars. The most important aspect of our bank, in my opinion, is that our Total Equity Capital is 12%, where our peers are at 9%. And 6% is the minimum government requirement. That is awesome, and secure!
Let me get the statement over with. Yes, parts of Houston are feeling the results of some minor devaluation. How could we not, with the other 49 states feeling such drastic effects? The mentality of the consumer has surely been tainted. BUT I WOULD LIKE TO POINT OUT SOME REAL, POSITIVE FACTS about why your clients should be buying now! Other than the obvious- interest rates. We must invest in our economy, if we are to turn things around.
In Houston:
Housing is Solid, with an average of 6 months supply - a healthy market! (Metro Study, Q3, 2008)
Is the #1 best city to buy a home , as rated by Forbes Magazine, August 2008,
Ranks #1 for Job Growth in the Nation - 17% of the entire country!!!!!!!!!!!!!!
Largest IT Service Economy (Onforce, Inc, December 5, 2008)
America's Best Hospitals (US News& World Report , July 2008)
Best Big City for Business (Inc.com , July 2008)
We are survivors! Think about our recovery from Allison, Enron, and recently Ike.
Patriot Bank is growing right with Houston. We are the 5th Largest Bank domiciled within the city (and we are only 5 years old!). We are THE LARGEST privately owned bank within the city. Our total assets are currently at just over 1 Billion dollars. The most important aspect of our bank, in my opinion, is that our Total Equity Capital is 12%, where our peers are at 9%. And 6% is the minimum government requirement. That is awesome, and secure!
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