Counting down

As I count down my due date to 3 weeks, everyone assumes that I am ready for this pregnancy process to be over with. HECK NO! Once my second son is born, out the window will fly my excuses for weekly massages, nightly footrubs from Fernando, cutting in line at the grocery store, and stork parking at Kroger. Who are we kidding? I want to milk this timeline for all its worth!!!!!!! On a serious note, I would like to also assure all of you, my trusted referral partners, that even as I enjoy the first few weeks of my new baby at home, my team (Kenny and Sarah) will be at the office slaving away! Waiting for your calls, and ready to qualify your clients quickly and close our loans efficiently! There will be absolutely no disruption in the service we provide.

This week there are several points of 'News You Can Use":

Changes to Seller Financing: On May 1, 2010, the SAFE Act was passed into law (Secure and Fair Enforcement for Mortgage Licensing Act) which has within it a small provision that expands licensing requirements to owner finance transactions (1-4 family residential) where the property is not the primary residence. The seller/financer must be licensed as a residential mortgage loan originator. The process involves education, background checks, fingerprints, and the payment of fees. If your buyers/sellers are considering this in the transaction, be sure that you are aware of the new limitations.

Home Buyer Credit Deadline Extension: until 9/30/2010 (for contracts already executed before April 30. This gives more time for delays that have arisen in short sales, etc for buyers to close their loans.


Flood Insurance: Congress today once again could NOT reach an agreement on a budget for flood insurance. So......the moratorium on new policies still stands. Lets hope the legislators can get it together. AT PATRIOT, we will accept a prepaid policy with application for closing.

Have a great weekend! Rates are still fantastic, presenting a wonderful opportunity for your clients to buy a new home!