I think my kid has ESP! After my last week’s email about a ‘good baby’, he started sleeping 6-8 hours straight! Is he a genius or what? He was an adorable, cute and beautiful baby before, but now I must say he is in angelic status.
As far as the week goes, I’m going to slack this week. I have had 2 solid days at MD Anderson with my sister, a new employee, and have not kept up! I haven’t even had time to watch the new Greys’ Anatomy! But rest assured, your clients have been taken care of. I have a team of 3 loan partners that are always on the ball! Myself, Kenny, Sarah, and Brianna are here for you anytime!
Have a great weekend, and I promise, next week I’ll have more content.
RATES as of September 24, 2010 (UNCHANGED FOR THE WEEK)
The following assumptions apply:
20% Down Payment (Conforming) / 25% Down Payment Jumbo (Lower down payments available – call for details)
1% Origination Fee
Escrows Required (if no escrow, higher fees may apply)
Purchase Transactions, Primary Residence (Refinances have different rates)
30 day closing
Credit Score 740 +
Debt to income ratio <=40%
Full Documentation of Income/Assets
Conforming ($200,000* - $417,000)
Jumbo ($417,001- $1,000,000*)
30 year (fixed) 4.375% APR 4.504%
30 year ( fixed ) 5.375% APR 5.494%
15 year (fixed) 4.000% APR 4.224%
15 year ( fixed ) 4.750% APR 4.949%
5/1 ARM 3.250% APR 3.331%
7/1 ARM 3.625% APR 3.515%
5/1 ARM 3.250% APR 3.479%
7/1 ARM 3.500% APR 3.574%
10/1 ARM 4.875% APR 4.363%
FHA/VA call for quote (max loan $270,000)
We do originate loans below $200,000. These amounts are chosen to show the most favorable rates.
For other product options or for loan amounts less than $200,000 or above $900,000 please call for quote.
Call for details!
If you know of someone who would appreciate my services, please contact me with their name and number and I will be happy to help them!
Jennifer Hernandez
Vice President/Mortgage Consultant
Patriot Bank Mortgage
Office: 713-337-8400
E-mail: jennifer@patriotbankusa.com
Blog: www.loanwithjennifer.blogspot.com
Tuesday, September 28, 2010
Friday, September 17, 2010
A Good Loan Officer?
Happy Friday ,
What exactly is a 'good' baby? Aren't they all good? I have been taking notice since I now have a new little one, and the FIRST thing people ask is.....Is he a good baby? I would assume the answer is always yes. Is there really a mother that would say no? They're such cute little things.............
How about a good loan officer? Now that is a different story. What makes a good loan officer? Do they give you weekly status updates via call and email each week? Do they return calls and emails promptly (within 2 hours at least)? Or have a team that can help you, even if they are not available? How about on time docs to title (day before closing at a minimum)? Fund within 20 minutes of closing? Get wires to title before closing? Or even attend closing?
These things should be the minimum standard, yet I hear so many agents say they don’t get these things. Especially the attend closing one. Strange. Well, with me, you get all of the above. If you are not referring us to your clients for a mortgage, you are missing out on a truly exceptional experience. And guess what, that makes you look GOOD! And will result in more referrals for us both. It’s a win win!
On another note, why did rates go up and down so much this week? The markets have been all over the place. Consumer sentiment is lower than expected, the Core Price Index is up, and then unemployment numbers came in lower than expected. Up, down, up, down. The net effect is rates are still great!
Fannie Mae released its latest National Housing Survey Results. 47% think that prices will hold steady over the next year. 70% think it’s a good time to buy a house, and 67% still consider real estate a good investment. Access to the detailed podcast can be found on the National Housing Survey page on www.fanniemae.com
According to the NAR 2009 Profile of Homebuyers and Sellers (available on har.com), since 1995 the internet has been useful to 77% of buyers (up from 2%). Printed newspaper ads went from 51% in 1995 to 2% in 2009 (as being useful). Yet, thankfully, their value of a realtor has almost no change, from 86% in 1995 to 81% in 2009. This is good to know! You all work so very hard to keep the local economy churning! Keep up the good work!
Have another great weekend! I am off to San Antonio to brave Fiesta Texas with a 5 year old. Pablo will be in the a/c with his nanny- lucky guy!
RATES as of September 17, 2010 (UNCHANGED FOR THE WEEK)
The following assumptions apply:
20% Down Payment (Conforming) / 25% Down Payment Jumbo (Lower down payments available – call for details)
1% Origination Fee
Escrows Required (if no escrow, higher fees may apply)
Purchase Transactions, Primary Residence (Refinances have different rates)
30 day closing
Credit Score 740 +
Debt to income ratio <=40%
Full Documentation of Income/Assets
Conforming ($200,000* - $417,000)
Jumbo ($417,001- $1,000,000*)
30 year (fixed) 4.375% APR 4.504%
30 year ( fixed ) 5.375% APR 5.494%
15 year (fixed) 4.000% APR 4.224%
15 year ( fixed ) 4.750% APR 4.949%
5/1 ARM 3.250% APR 3.331%
7/1 ARM 3.625% APR 3.515%
5/1 ARM 3.250% APR 3.479%
7/1 ARM 3.500% APR 3.574%
10/1 ARM 4.875% APR 4.363%
FHA/VA call for quote (max loan $270,000)
We do originate loans below $200,000. These amounts are chosen to show the most favorable rates.
For other product options or for loan amounts less than $200,000 or above $900,000 please call for quote.
Call for details!
If you know of someone who would appreciate my services, please contact me with their name and number and I will be happy to help them!
Jennifer Hernandez
Vice President/Mortgage Consultant
Patriot Bank Mortgage
Office: 713-337-8400
E-mail: jennifer@patriotbankusa.com
Blog: www.loanwithjennifer.blogspot.com
What exactly is a 'good' baby? Aren't they all good? I have been taking notice since I now have a new little one, and the FIRST thing people ask is.....Is he a good baby? I would assume the answer is always yes. Is there really a mother that would say no? They're such cute little things.............
How about a good loan officer? Now that is a different story. What makes a good loan officer? Do they give you weekly status updates via call and email each week? Do they return calls and emails promptly (within 2 hours at least)? Or have a team that can help you, even if they are not available? How about on time docs to title (day before closing at a minimum)? Fund within 20 minutes of closing? Get wires to title before closing? Or even attend closing?
These things should be the minimum standard, yet I hear so many agents say they don’t get these things. Especially the attend closing one. Strange. Well, with me, you get all of the above. If you are not referring us to your clients for a mortgage, you are missing out on a truly exceptional experience. And guess what, that makes you look GOOD! And will result in more referrals for us both. It’s a win win!
On another note, why did rates go up and down so much this week? The markets have been all over the place. Consumer sentiment is lower than expected, the Core Price Index is up, and then unemployment numbers came in lower than expected. Up, down, up, down. The net effect is rates are still great!
Fannie Mae released its latest National Housing Survey Results. 47% think that prices will hold steady over the next year. 70% think it’s a good time to buy a house, and 67% still consider real estate a good investment. Access to the detailed podcast can be found on the National Housing Survey page on www.fanniemae.com
According to the NAR 2009 Profile of Homebuyers and Sellers (available on har.com), since 1995 the internet has been useful to 77% of buyers (up from 2%). Printed newspaper ads went from 51% in 1995 to 2% in 2009 (as being useful). Yet, thankfully, their value of a realtor has almost no change, from 86% in 1995 to 81% in 2009. This is good to know! You all work so very hard to keep the local economy churning! Keep up the good work!
Have another great weekend! I am off to San Antonio to brave Fiesta Texas with a 5 year old. Pablo will be in the a/c with his nanny- lucky guy!
RATES as of September 17, 2010 (UNCHANGED FOR THE WEEK)
The following assumptions apply:
20% Down Payment (Conforming) / 25% Down Payment Jumbo (Lower down payments available – call for details)
1% Origination Fee
Escrows Required (if no escrow, higher fees may apply)
Purchase Transactions, Primary Residence (Refinances have different rates)
30 day closing
Credit Score 740 +
Debt to income ratio <=40%
Full Documentation of Income/Assets
Conforming ($200,000* - $417,000)
Jumbo ($417,001- $1,000,000*)
30 year (fixed) 4.375% APR 4.504%
30 year ( fixed ) 5.375% APR 5.494%
15 year (fixed) 4.000% APR 4.224%
15 year ( fixed ) 4.750% APR 4.949%
5/1 ARM 3.250% APR 3.331%
7/1 ARM 3.625% APR 3.515%
5/1 ARM 3.250% APR 3.479%
7/1 ARM 3.500% APR 3.574%
10/1 ARM 4.875% APR 4.363%
FHA/VA call for quote (max loan $270,000)
We do originate loans below $200,000. These amounts are chosen to show the most favorable rates.
For other product options or for loan amounts less than $200,000 or above $900,000 please call for quote.
Call for details!
If you know of someone who would appreciate my services, please contact me with their name and number and I will be happy to help them!
Jennifer Hernandez
Vice President/Mortgage Consultant
Patriot Bank Mortgage
Office: 713-337-8400
E-mail: jennifer@patriotbankusa.com
Blog: www.loanwithjennifer.blogspot.com
Friday, September 10, 2010
What's new in the Mortgage Industry!
Have you ever Googled yourself? I did recently, and surprisingly, found that I am the top 5 or 6 entries on the search. I put in Jennifer Hernandez Mortgage. This strange phenomenon is purely by accident, but a result of a young gal that worked for me that made sure I was blogging and posted on Twitter and Linkedn. It’s not that much work if you delegate it.. Just hire someone fresh out of college! They know all that stuff. There are so many ways to promote yourself, it is mind boggling. But one thing for sure, you need an internet presence. People Google you and research, before they choose your services - Even if referred to you by a friend. If your 'lookup' shows nothing, they may be hesitant to do business with you.
What’s new in the mortgage industry?
HUD (FHA) has issued Mortgagee Letter 2010-28, that as of October 4, the FHA upfront premium will decrease from 2.25% to 1.0% ($13/mo lower on a 200K loan) and increases the annual premium from .55 to 1.55 (so for example , on a $200,000 loan, that is an additional $154 per month. A good reason to buy a house this month!
FHA is still pondering lowering seller contribution to 3% from 6%. It has not become official yet...but look for that in the very near future. Another reason to buy now.
Interest rates are at all time lows - These rates will NOT last forever, people. Waiting and speculating that you know the market, and dreaming of low rates into 2011 could happen, could not. Are you willing to gamble that? On a $200,000 loan, that is a CURRENT SAVINGS of $126/mo (the difference between a rate of 4.5% and 5.5%) - Another reason to buy now.
The Houston economy will be one of the first to recover. We are recovering! Jobs are still coming, and as people get back into the workforce, and stocks begin to rise, prices will steadily creep back up as renters become purchasers. Yes, we have seen a bit of a dip in prices over the last year. Yes listings are up, and I have heard some say it’s a buyers market right now. But we still are at a healthy levels of monthly inventory (7, with 6 being stable). Buyers....don’t be fooled for long. As will rates go up, so will home prices. This phenomenon will not last forever. If you decide to wait, hopefully you will not later say ' I should have......' - bought when rates were in the 4-s? Another reason to buy now.
Mortgage companies are facing record breaking compliance. Nothing we have ever seen. Even the CEO of Chase said last month, that in 2011, the cost to comply with the Financial Reform Bill will increase their cost 11%. Do you think they will absorb that? No way...... every customer who has a checking acct or mortgage with them will. Look for mortgage fees to rise, and also rates. They (all lenders) will 'pad' their margins. Do you not think that the big banks (WF, Chase, BOA, etc ) were not behind all this reform? They want (1) all the business (2) all the profit, and (3) did I say all the business? Oh, and service? What’s that? Closing date? What’s that...we will close when we can close. ANOTHER REASON TO BUY NOW.
Guidelines are getting stricter. Even still. Every day. Need I say more? ANOTHER REASON TO BUY NOW.
As always, I hope you found these thoughts helpful. I also hope that as you have gotten to know me through my weekly blasts, that we have developed trust. You know how I think, you know about my kids, you know the things I like and don't like. Also know that when your clients finance with us, our goal is to take the very best care of them, so that we close ON TIME, and ACCURATELY. We have processes in place to do this, like updating realtors (listing and buying) every Tuesday during the transaction. Docs to title early. Attending closing. WE make you look good for referring us!
Have a great weekend!
RATES as of September 10, 2010 (UNCHANGED FOR THE WEEK)
The following assumptions apply:
20% Down Payment (Conforming) / 25% Down Payment Jumbo (Lower down payments available – call for details)
1% Origination Fee
Escrows Required (if no escrow, higher fees may apply)
Purchase Transactions, Primary Residence (Refinances have different rates)
30 day closing
Credit Score 740 +
Debt to income ratio <=40%
Full Documentation of Income/Assets
Conforming ($200,000* - $417,000)
Jumbo ($417,001- $1,000,000*)
30 year (fixed) 4.375% APR 4.504%
30 year ( fixed ) 5.375% APR 5.492%
15 year (fixed) 4.000% APR 4.224%
15 year ( fixed ) 4.750% APR 4.946%
5/1 ARM 3.375% APR 3.395%
7/1 ARM 3.750% APR 3.574%
5/1 ARM 3.500% APR 3.593%
7/1 ARM 3.750% APR 3.748%
10/1 ARM 4.875% APR 4.372%
FHA/VA call for quote (max loan $270,000)
We do originate loans below $200,000. These amounts are chosen to show the most favorable rates.
For other product options or for loan amounts less than $200,000 or above $900,000 please call for quote.
Call for details!
If you know of someone who would appreciate my services, please contact me with their name and number and I will be happy to help them!
Jennifer Hernandez
Vice President/Mortgage Consultant
Patriot Bank Mortgage
Office: 713-337-8400
E-mail: jennifer@patriotbankusa.com
Blog: www.loanwithjennifer.blogspot.com
Information provided in this e-mail is intended as a tool for Real Estate Agents to be informed of the approximate rates available for home mortgages. It is intended for their sole use and purpose only and is not for distribution to the general public. Depending on the borrower's actual circumstances, such as credit, debt ratios, etc., rates may vary. Special niche products may also be available.
What’s new in the mortgage industry?
HUD (FHA) has issued Mortgagee Letter 2010-28, that as of October 4, the FHA upfront premium will decrease from 2.25% to 1.0% ($13/mo lower on a 200K loan) and increases the annual premium from .55 to 1.55 (so for example , on a $200,000 loan, that is an additional $154 per month. A good reason to buy a house this month!
FHA is still pondering lowering seller contribution to 3% from 6%. It has not become official yet...but look for that in the very near future. Another reason to buy now.
Interest rates are at all time lows - These rates will NOT last forever, people. Waiting and speculating that you know the market, and dreaming of low rates into 2011 could happen, could not. Are you willing to gamble that? On a $200,000 loan, that is a CURRENT SAVINGS of $126/mo (the difference between a rate of 4.5% and 5.5%) - Another reason to buy now.
The Houston economy will be one of the first to recover. We are recovering! Jobs are still coming, and as people get back into the workforce, and stocks begin to rise, prices will steadily creep back up as renters become purchasers. Yes, we have seen a bit of a dip in prices over the last year. Yes listings are up, and I have heard some say it’s a buyers market right now. But we still are at a healthy levels of monthly inventory (7, with 6 being stable). Buyers....don’t be fooled for long. As will rates go up, so will home prices. This phenomenon will not last forever. If you decide to wait, hopefully you will not later say ' I should have......' - bought when rates were in the 4-s? Another reason to buy now.
Mortgage companies are facing record breaking compliance. Nothing we have ever seen. Even the CEO of Chase said last month, that in 2011, the cost to comply with the Financial Reform Bill will increase their cost 11%. Do you think they will absorb that? No way...... every customer who has a checking acct or mortgage with them will. Look for mortgage fees to rise, and also rates. They (all lenders) will 'pad' their margins. Do you not think that the big banks (WF, Chase, BOA, etc ) were not behind all this reform? They want (1) all the business (2) all the profit, and (3) did I say all the business? Oh, and service? What’s that? Closing date? What’s that...we will close when we can close. ANOTHER REASON TO BUY NOW.
Guidelines are getting stricter. Even still. Every day. Need I say more? ANOTHER REASON TO BUY NOW.
As always, I hope you found these thoughts helpful. I also hope that as you have gotten to know me through my weekly blasts, that we have developed trust. You know how I think, you know about my kids, you know the things I like and don't like. Also know that when your clients finance with us, our goal is to take the very best care of them, so that we close ON TIME, and ACCURATELY. We have processes in place to do this, like updating realtors (listing and buying) every Tuesday during the transaction. Docs to title early. Attending closing. WE make you look good for referring us!
Have a great weekend!
RATES as of September 10, 2010 (UNCHANGED FOR THE WEEK)
The following assumptions apply:
20% Down Payment (Conforming) / 25% Down Payment Jumbo (Lower down payments available – call for details)
1% Origination Fee
Escrows Required (if no escrow, higher fees may apply)
Purchase Transactions, Primary Residence (Refinances have different rates)
30 day closing
Credit Score 740 +
Debt to income ratio <=40%
Full Documentation of Income/Assets
Conforming ($200,000* - $417,000)
Jumbo ($417,001- $1,000,000*)
30 year (fixed) 4.375% APR 4.504%
30 year ( fixed ) 5.375% APR 5.492%
15 year (fixed) 4.000% APR 4.224%
15 year ( fixed ) 4.750% APR 4.946%
5/1 ARM 3.375% APR 3.395%
7/1 ARM 3.750% APR 3.574%
5/1 ARM 3.500% APR 3.593%
7/1 ARM 3.750% APR 3.748%
10/1 ARM 4.875% APR 4.372%
FHA/VA call for quote (max loan $270,000)
We do originate loans below $200,000. These amounts are chosen to show the most favorable rates.
For other product options or for loan amounts less than $200,000 or above $900,000 please call for quote.
Call for details!
If you know of someone who would appreciate my services, please contact me with their name and number and I will be happy to help them!
Jennifer Hernandez
Vice President/Mortgage Consultant
Patriot Bank Mortgage
Office: 713-337-8400
E-mail: jennifer@patriotbankusa.com
Blog: www.loanwithjennifer.blogspot.com
Information provided in this e-mail is intended as a tool for Real Estate Agents to be informed of the approximate rates available for home mortgages. It is intended for their sole use and purpose only and is not for distribution to the general public. Depending on the borrower's actual circumstances, such as credit, debt ratios, etc., rates may vary. Special niche products may also be available.
Tuesday, September 7, 2010
Interest Rate Update from Jennifer Hernandez
Have a Safe Labor Day Weekend Jennifer,
Let's start the 3 day weekend with some TRIVIA. You can impress all your friends at the barbecue, lake or beach - whatever you will be doing this weekend! Stay safe and have fun by the way.
There are 1.37 million realtors in the US
Average age of a realtor - 53
Average homebuyer is 25-30 years younger than the average realtor
1 in 6 persons in the US is unemployed or underemployed - got this stat from Obama’s speech
10% of buyers last year bought a home in foreclosure (up from 3% in 2008)
By 2006, homeownership in the US reached an all time high of 69.2%
Today, homeownership rates are 62%- probably as high as they will ever be.
Monthly foreclosure filings in Texas are approximately 10,000 / month, and nationally its 120,000 - another reason to be a Texan!
Only 4% of realtors are CRS designated (Certified Residential Specialist) yet they represent 25% of the transactions. Do you have your designation to set yourself apart? visit www.crs.com to find out more.
Bill Jones, TAR Chairman of the Board, predicts that someday a 'whiz kid' will design a model to appraise homes with computerized data, forcing out the need for appraisers. Could you imagine? No adjustments for those upgrades. This would be a nightmare for values. Keep supporting your PAC.
Doug Foster, Director of the Dept of Saving and Mortgage Lending, fought the US Congress for you and has retained the right for sellers to owner finance up to 5 properties every 12 months before needing to be licensed? He should be your friend! Write him a thank you note.
Today I heard Bill Jones, Chairman of TAR, speak to the Houston CRS group - he is a great speaker by the way (he gave me permission to plajorize his speech! Thanks Bill) He talked about the how the dynamics are changing with buyers and sellers. The generational diversity , the technological diversity , and also all the misinformation with the internet. He thinks about 95% of what is out there is inaccurate/incomplete. Consumers need confidence! They also need a professional (YOU!) to be the authority for them. To clarify what they are reading at 1:00 am when they send you the email of properties they find on MLS or Zillow.com. Do they really expect you to respond at that hour? Yes indeed, the attitudes, expectations and communication of the consumers is changing right before our eyes. The takeaway to this: educate yourself, keep up with the times (technology) and define what sets you apart!
Lastly, Bill had a great observation, that rings so true with mortgage loan officers as well. The most successful reatlors/lenders (a) show up, (b) pay attention, and (c) tell the truth. Many times, they have B and C down...but does everyone show up? We know the answer is that they do not. BE PRESENT! Also, while the email and internet are good ways to communicate and attract leads, NOTHING can replace a good 'ole handshake and look your prospective client in the eye, and ask him for his business. People really are starving for personal attention , no matter what they say.
Do you need to implement processes in your business?
Or fine tune how you work with your assistant /buyers agent (or need to hire one)?
Or generate more leads?
How about net more income?
If you close at least 10 million/year, and need some fresh ideas............Come to the forum I am hosting Sept 21 (3-5pm) at Maggianos. I am flying in one of the top realtor coaches in the nation FREE for you! His company coaches realtors and lenders. For example, Tom Daves, the #1 KW agent. I am also one of them, and can tell you their ideas I have implemented have changed the course of my business in the 7 months I've coached with them. I work less hours, my team is smoother than ever, and my income increased 30% this year (in a down market!) We are not selling a thing. Its my gift to you, for supporting my business. You cannot afford to miss this event, I promise you. For only 2 short hours.....and I will even provide cuppachino and dessert! Seating is limited, so simply reply to this email to reserve your spot, or get more information.
To your continued success...................................
RATES as of September 3, 2010 (UNCHANGED FOR THE WEEK)
The following assumptions apply:
20% Down Payment (Conforming) / 25% Down Payment Jumbo (Lower down payments available – call for details)
1% Origination Fee
Escrows Required (if no escrow, higher fees may apply)
Purchase Transactions, Primary Residence (Refinances have different rates)
30 day closing
Credit Score 740 +
Debt to income ratio <=40%
Full Documentation of Income/Assets
Conforming ($200,000* - $417,000)
Jumbo ($417,001- $1,000,000*)
30 year (fixed) 4.375% APR 4.504%
30 year ( fixed ) 5.375% APR 5.492%
15 year (fixed) 3.875% APR 4.099%
15 year ( fixed ) 4.750% APR 4.946%
5/1 ARM 3.250% APR 3.331%
7/1 ARM 3.625% APR 3.515%
5/1 ARM 3.250% APR 3.477%
7/1 ARM 3.500% APR 3.572%
10/1 ARM 5.000% APR 4.443%
FHA/VA call for quote (max loan $270,000)
We do originate loans below $200,000. These amounts are chosen to show the most favorable rates.
For other product options or for loan amounts less than $200,000 or above $900,000 please call for quote.
Call for details!
If you know of someone who would appreciate my services, please contact me with their name and number and I will be happy to help them!
Jennifer Hernandez
Vice President/Mortgage Consultant
Patriot Bank Mortgage
Office: 713-337-8400
E-mail: jennifer@patriotbankusa.com
Blog: www.loanwithjennifer.blogspot.com
Let's start the 3 day weekend with some TRIVIA. You can impress all your friends at the barbecue, lake or beach - whatever you will be doing this weekend! Stay safe and have fun by the way.
There are 1.37 million realtors in the US
Average age of a realtor - 53
Average homebuyer is 25-30 years younger than the average realtor
1 in 6 persons in the US is unemployed or underemployed - got this stat from Obama’s speech
10% of buyers last year bought a home in foreclosure (up from 3% in 2008)
By 2006, homeownership in the US reached an all time high of 69.2%
Today, homeownership rates are 62%- probably as high as they will ever be.
Monthly foreclosure filings in Texas are approximately 10,000 / month, and nationally its 120,000 - another reason to be a Texan!
Only 4% of realtors are CRS designated (Certified Residential Specialist) yet they represent 25% of the transactions. Do you have your designation to set yourself apart? visit www.crs.com to find out more.
Bill Jones, TAR Chairman of the Board, predicts that someday a 'whiz kid' will design a model to appraise homes with computerized data, forcing out the need for appraisers. Could you imagine? No adjustments for those upgrades. This would be a nightmare for values. Keep supporting your PAC.
Doug Foster, Director of the Dept of Saving and Mortgage Lending, fought the US Congress for you and has retained the right for sellers to owner finance up to 5 properties every 12 months before needing to be licensed? He should be your friend! Write him a thank you note.
Today I heard Bill Jones, Chairman of TAR, speak to the Houston CRS group - he is a great speaker by the way (he gave me permission to plajorize his speech! Thanks Bill) He talked about the how the dynamics are changing with buyers and sellers. The generational diversity , the technological diversity , and also all the misinformation with the internet. He thinks about 95% of what is out there is inaccurate/incomplete. Consumers need confidence! They also need a professional (YOU!) to be the authority for them. To clarify what they are reading at 1:00 am when they send you the email of properties they find on MLS or Zillow.com. Do they really expect you to respond at that hour? Yes indeed, the attitudes, expectations and communication of the consumers is changing right before our eyes. The takeaway to this: educate yourself, keep up with the times (technology) and define what sets you apart!
Lastly, Bill had a great observation, that rings so true with mortgage loan officers as well. The most successful reatlors/lenders (a) show up, (b) pay attention, and (c) tell the truth. Many times, they have B and C down...but does everyone show up? We know the answer is that they do not. BE PRESENT! Also, while the email and internet are good ways to communicate and attract leads, NOTHING can replace a good 'ole handshake and look your prospective client in the eye, and ask him for his business. People really are starving for personal attention , no matter what they say.
Do you need to implement processes in your business?
Or fine tune how you work with your assistant /buyers agent (or need to hire one)?
Or generate more leads?
How about net more income?
If you close at least 10 million/year, and need some fresh ideas............Come to the forum I am hosting Sept 21 (3-5pm) at Maggianos. I am flying in one of the top realtor coaches in the nation FREE for you! His company coaches realtors and lenders. For example, Tom Daves, the #1 KW agent. I am also one of them, and can tell you their ideas I have implemented have changed the course of my business in the 7 months I've coached with them. I work less hours, my team is smoother than ever, and my income increased 30% this year (in a down market!) We are not selling a thing. Its my gift to you, for supporting my business. You cannot afford to miss this event, I promise you. For only 2 short hours.....and I will even provide cuppachino and dessert! Seating is limited, so simply reply to this email to reserve your spot, or get more information.
To your continued success...................................
RATES as of September 3, 2010 (UNCHANGED FOR THE WEEK)
The following assumptions apply:
20% Down Payment (Conforming) / 25% Down Payment Jumbo (Lower down payments available – call for details)
1% Origination Fee
Escrows Required (if no escrow, higher fees may apply)
Purchase Transactions, Primary Residence (Refinances have different rates)
30 day closing
Credit Score 740 +
Debt to income ratio <=40%
Full Documentation of Income/Assets
Conforming ($200,000* - $417,000)
Jumbo ($417,001- $1,000,000*)
30 year (fixed) 4.375% APR 4.504%
30 year ( fixed ) 5.375% APR 5.492%
15 year (fixed) 3.875% APR 4.099%
15 year ( fixed ) 4.750% APR 4.946%
5/1 ARM 3.250% APR 3.331%
7/1 ARM 3.625% APR 3.515%
5/1 ARM 3.250% APR 3.477%
7/1 ARM 3.500% APR 3.572%
10/1 ARM 5.000% APR 4.443%
FHA/VA call for quote (max loan $270,000)
We do originate loans below $200,000. These amounts are chosen to show the most favorable rates.
For other product options or for loan amounts less than $200,000 or above $900,000 please call for quote.
Call for details!
If you know of someone who would appreciate my services, please contact me with their name and number and I will be happy to help them!
Jennifer Hernandez
Vice President/Mortgage Consultant
Patriot Bank Mortgage
Office: 713-337-8400
E-mail: jennifer@patriotbankusa.com
Blog: www.loanwithjennifer.blogspot.com
Monday, July 19, 2010
Welcoming Pablo!
This weeks message will not contain market information nor rates, but purely a letter from the heart. I am feeling a bit sentimental......................
Pablo Fernando Hernandez was born yesterday at 3:30 PM, weighing 9 pounds 2 ounces and 21 inches long. Up until that moment he arrived, my biggest fear was wondering if I had the capacity to love another human being as much as my 1st son, Diego. Now, I know that indeed I can.
At the birth of a child we are overwhelmed with the feelings of innocence, promise and hope. I once again have asked myself, what is my purpose in life? Several weeks ago, I answered that very question, as my business coach had instructed. I came up with (1) For my family to have enough, and not need or want for anything , (2) Impact the lives of people I love whether it be emotionally or financially when in need, and (3) make a difference in the community, family/friends, and professionally with clients and coworkers. Well Josh, since I know you are reading this, I have now added a fourth one, and perhaps if in order, the very first. My purpose is for moments like the one I am feeling today. To be completely free from worry or despair, and the feeling of immense elated emotion and peace.
Friends, take a moment, as a favor to me, and reflect upon those moments of happiness that have shaped your life. I hope that they are many, and many more to come. May we seize each moment as if it were our last, and leave an impressive impact on those lives we touch every single day.
Pablo Fernando Hernandez was born yesterday at 3:30 PM, weighing 9 pounds 2 ounces and 21 inches long. Up until that moment he arrived, my biggest fear was wondering if I had the capacity to love another human being as much as my 1st son, Diego. Now, I know that indeed I can.
At the birth of a child we are overwhelmed with the feelings of innocence, promise and hope. I once again have asked myself, what is my purpose in life? Several weeks ago, I answered that very question, as my business coach had instructed. I came up with (1) For my family to have enough, and not need or want for anything , (2) Impact the lives of people I love whether it be emotionally or financially when in need, and (3) make a difference in the community, family/friends, and professionally with clients and coworkers. Well Josh, since I know you are reading this, I have now added a fourth one, and perhaps if in order, the very first. My purpose is for moments like the one I am feeling today. To be completely free from worry or despair, and the feeling of immense elated emotion and peace.
Friends, take a moment, as a favor to me, and reflect upon those moments of happiness that have shaped your life. I hope that they are many, and many more to come. May we seize each moment as if it were our last, and leave an impressive impact on those lives we touch every single day.
Monday, July 12, 2010
Keeping up with the Jonses
As I see Realtors throughout the week, it is alarming at some of the stories 'other' lenders are telling the real estate community! It is amazing how a story or new regulation can have so many different interpretations! Let's answer some questions that I received this week, and you can have one lender's view (Patriot Bank Mortgage - who should be on your referral list, by the way). Remember, we are your friend in lending, and we endeavor to keep ourselves up to date on industry standards and interpretations so we can help you sell more real estate!
This may be long, so pick and choose what you want to absorb. I hope it’s informative.
Why do different lenders have different rules? Excellent question! Fannie Mae/Freddie Mac publishes guidelines, and the investors (ex: Wells, BA, GMAC, etc....) interpret them. They put overlays, and give us, the lenders who originate the loans, their guidelines for purchase of the loan. So, depending on the investor we use, and the borrowers’ qualifications, that drives what 'rules' we are using. Sometimes we have to use a different investor (ex: Wells over BA) because of an appraisal issue or income document. It gets very hairy and complicated at this point. The bottom line is, IT IS DIFFICULT, and the underwriters have to decide how much risk we can take to bend the interpretations, so we can have a sellable loan!
My listing didn't close because the underwriter said the house had been on the market too many days. Can lenders do that? This is a very complicated question, and has many answers. But first, know that investors are looking for ANY reason not to buy loans, and the easiest thing they can pick on is the appraisal. It is the only document left still up to interpretation. Income and asset docs are cut and dry, black and white. But the appraisal......that can form an entire life of its own. So that is where lenders are cracking down the most and taking the most conservative approach. DOM (days on the market) is a HUGE red flag. An underwriter’s questions would be: (a) Why would anyone list a home not priced to sell? (b) What is wrong with the property that caused it to be on the market so long? (c) What do the other comps look like, and how many DOM were they? So there is not an easy answer to this realtor's question. We would have to dig a lot deeper, but as a listing agent, if you have a property that is over 180 days on the market, be prepared to defend your sellers. Saying that they were not in a hurry to sell is not going to do the trick.
I heard a lender say that now they (lenders) are checking credit the day of closing, and last minute a borrower may not qualify!!!! Yes and No. Fannie Mae/Freddie Mac have published guidelines that say the lender must verify that up until the DAY of closing, the borrower has no new debts, and that the loan application is completely accurate. So, lenders have interpreted that as: we have to check credit before closing, to be sure no new debts or inquiries into the credit report. Every lender has their own interpretation of this. By the way, a new credit score is NOT required. Some lenders will take this to the extreme, and verify credit the day of, and maybe even pull new credit scores. This is a nightmare waiting to happen.
AT PATRIOT, we will refresh debts and inquiries (only- no new score) 5 days prior to closing. This will allow us enough time to cure any questions with the borrower. Also, we are mandating a disclosure at application, advising the borrower what NOT to do with their credit. No inquiries, no new credit (wait to buy appliances!), no new anything. Don’t even charge on your current cards. If you do, your loan can and will be affected. Hopefully this will work. As you probably know, some borrowers don't listen. But we hope the signed disclosure in big font will get their attention. Lastly and most importantly, ask the borrower’s lender what their policy is on this topic, so you are prepared. How many days before closing will they refresh the credit?
Our sales manager told us today that appraisers now have to be knowledgeable in the area of the appraisal - yea! In theory, YES! Fannie Mae just released selling guide updates (https://www.efanniemae.com/sf/guides/ssg/annltrs/pdf/2010/sel1009.pdf) that become effective Sept. 1. They clarify that (a) neither the HVCC nor Fannie requires lenders to use third party vendors to choose appraisal (hence: appraisal management companies), and (b) appraisers who lack requisite knowledge, experience, and access to appropriate data must not be utilized, and (c) It is incorrect for an appraiser to indicate that the HVCC does not allow for communication between the lender or an authorized representative. This is important, so let’s break it apart:
(a) Neither the HVCC nor Fannie requires lenders to use third party vendors to choose appraisal (hence: appraisal management companies) - this will still happen with the larger national lenders. So beware. Once you know who the lender is, call and ASK them how they handle appraisals. Many times, if an AMC is used, it means longer turn times, and the possibility of getting an unknown appraiser is greater. They usually use a 50 mile radius when choosing appraisers, AND use companies that will do an appraisal for 1/2 the fee, so they can keep the other 1/2. Think about it. At Patriot. we use a small list, of trusted appraisers that we know are familiar with the area. If we have a loan south, like Clear Lake or Galveston, we use our Clear Lake branch list to choose the appraisal.
(b) Appraisers who lack requisite knowledge, experience, and access to appropriate data must not be utilized – Ok, in theory, that is how it is supposed to be now. Fannie Mae saying this changes nothing. How will this be policed? After the appraisal is done, and the underwriter or realtor complain it is a bad appraisal? What we see is happening now, is that it will be controlled on the investor level. The large investors we sell to (ex: Wells, BA, Citi, etc…) each now update their ‘blacklist’ of appraisers on a DAILY basis. That means that before we close a loan, we have to make sure the appraiser is not on it. In the QC process, after the loan is purchased, they will flag an appraisal/appraiser they think is bad, and then update their list as to not accept that appraiser in the future. This is a tedious process! But we are handling it. My main point here is not to get too excited. In fact, it may delay the process more if an appraisal is ordered, and completed, then days before closing the lender tells you, oh by the way, we have to do another appraisal, because they are on the investors black list. This is my premonition. You heard it from me first!
(c) It is incorrect for an appraiser to indicate that the HVCC does not allow for communication between the lender or an authorized representative – I have heard many realtors say that an appraiser will not talk to them, saying it’s against HVCC. FALSE! Don’t let an appraiser get away with this! Stand your ground, meet them at the house for the appraisal, with comps in hand. They don’t have to use them, but at least you have done your part. Try and try again.
Ok, that’s enough for today. If you are like me, you’re fogged by now with all this info! Have a great weekend, stay cool, and remember to refer us your next client! Kenny, Sarah and I would love to hear from you! (That is my team- they are awesome!) You can reach us at the numbers below.
Tuesday, July 6, 2010
A rainy economy means amazing rates
On this much deserved long weekend, we at Patriot hope you enjoyed a safe and restful holiday. For me, the rain was a good thing, giving me further excuse (other than 38 weeks pregnant) to sit on my sofa watching Criminal Minds reruns, or to play super heroes with my son. His favorite phrase now is ‘ I know Mommy, you can’t sit on the floor, baby in your tummy’. So we play from my permanent spot on the couch! He does the moving around of the figurines, bolting around the living room catching the bad guys. It is so entertaining!
Lots of news this week, including rates down since Monday! Enjoy!
RATES: This week mortgage bonds had a party with all the sour news around the globe. With strikes in Greece and Spain, and concern over the European Bank’s Thursday deadline to repay the European Central Banks over 442 Euro ($539B USD), the stock market took a nosedive, and that was great for bonds! Remember the inverse relationship. Bad news in the economy, good news in the bond market, hence lower yields (rates). Enjoy it while it lasts. Or will it continue? I thought for sure rates would be almost 6.0% by now. If your buyers are sitting on the fence or unsure, NOW IS A GREAT TIME! Rates are about .50% lower than a month ago. A .50% reduction in rate on a $200,000 loan translates to $60/month! That is a facial in my playbook. I’ll take it.
JOBS REPORT – released this morning, the results were better than expected, but still bad. Translation: Economy still weak, many still unemployed, so stocks remain low. We need some good news people!
HOUSE REFORM BILL: Passed. A load of financial reform for banks, lenders, financial institutions. Loaded with compliance (translation: costs) which will increase the cost of doing business. But nowhere in the reform bill was anything that applies to the ratings institutions that rated all the mortgage bonds AAA to begin with. Isnt that what got us in this mess? Investors bought the mortgage backed securities, because the ratings agencies graded them as AAA. They relied on the information . How come they are not regulated? Hmmmm…………to view a summary of what’s in the bill go to http://money.cnn.com/2010/06/25/news/economy/whats_in_the_reform_bill/index.htm?postversion=2010063018
HOMEBUYER CREDIT EXTENSION: has passed both the Senate and the House, and just needs sign off from Obama. As of right now, I can find no research saying he has signed off. Expect after the holiday. It would extend the deadline (for those already under contract by April 30) to September 30.
FLOOD INSURANCE : As anticipated, the National Flood Insurance Program (NFIP) funding has once again been extended until September 30, 2010 in the latest extension granted by Congress until they can consider more meaningful changes to the Federal flood insurance program.
Lots of news this week, including rates down since Monday! Enjoy!
RATES: This week mortgage bonds had a party with all the sour news around the globe. With strikes in Greece and Spain, and concern over the European Bank’s Thursday deadline to repay the European Central Banks over 442 Euro ($539B USD), the stock market took a nosedive, and that was great for bonds! Remember the inverse relationship. Bad news in the economy, good news in the bond market, hence lower yields (rates). Enjoy it while it lasts. Or will it continue? I thought for sure rates would be almost 6.0% by now. If your buyers are sitting on the fence or unsure, NOW IS A GREAT TIME! Rates are about .50% lower than a month ago. A .50% reduction in rate on a $200,000 loan translates to $60/month! That is a facial in my playbook. I’ll take it.
JOBS REPORT – released this morning, the results were better than expected, but still bad. Translation: Economy still weak, many still unemployed, so stocks remain low. We need some good news people!
HOUSE REFORM BILL: Passed. A load of financial reform for banks, lenders, financial institutions. Loaded with compliance (translation: costs) which will increase the cost of doing business. But nowhere in the reform bill was anything that applies to the ratings institutions that rated all the mortgage bonds AAA to begin with. Isnt that what got us in this mess? Investors bought the mortgage backed securities, because the ratings agencies graded them as AAA. They relied on the information . How come they are not regulated? Hmmmm…………to view a summary of what’s in the bill go to http://money.cnn.com/2010/06/25/news/economy/whats_in_the_reform_bill/index.htm?postversion=2010063018
HOMEBUYER CREDIT EXTENSION: has passed both the Senate and the House, and just needs sign off from Obama. As of right now, I can find no research saying he has signed off. Expect after the holiday. It would extend the deadline (for those already under contract by April 30) to September 30.
FLOOD INSURANCE : As anticipated, the National Flood Insurance Program (NFIP) funding has once again been extended until September 30, 2010 in the latest extension granted by Congress until they can consider more meaningful changes to the Federal flood insurance program.
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