TRID Mythbusters!

My 10 year old kid is trying to tell me that having an Ipad at school is mandatory. Now that is a rumor if I ever heard one....he just wants to get out of the punishment I dished out to him for getting behavior marks at school. Nice try big guy.

 

 Speaking of rumors......

 

 TRID Rumors We are Hearing- True or False!?

• Buyers/Sellers cannot be in the same room at closing . FALSE!

• The Pre Approval Letter must match the 3rd Party Financing Addendum. FALSE

• Getting the TREC form signed allowing realtors to have a copy of CD/LE must be accepted by the lender. FALSE -Many lenders are not 'caring' if you have that form in the file. Legacy does! We will give you a copy if that form is signed!

• Saturdays count as one of the 3 days for the CD Delivery. TRUE!  Legacy is working on Saturday this weekend to initiate CD's so borrowers can close Tuesday!

  

In the markets:

READ HERE to see what happened with rates this week!

Hope you have a safe and joyous Thanksgiving!

Upcoming Events

-

Prospects Seminar/Lunch & Learn:

Retirement Planning in the 

World Today

Monday, November 23rd

@ 12:00pm

At our office

*Lunch Included!*

-

Lunch & Learn:

TRID Best Practices

Tuesday, December 1st

@ 1:00pm

At our office

*Lunch Included!*

RSVP to Annette:

713-579-3606

Annette.ernstein@legacymutual.com

Make 2016 Your Best Year Ever!

Happy Friday !

 

So 13 has actually always been a lucky number for me. It's all about what you believe you know? The power of positive thinking! Today is going to finish a great day!

 

As you are reading this, I am finishing a 2 day conference with the Core Training Inc (our biannual summit) this year in Scottsdale. As many of you know, I am in my 6^th year as a coaching student, and my 4^th year as one of the Core's Lender Coaches! So.....be sure to attend one of my 'Learns' next week on HOW TO MAKE 2016 YOUR BEST YEAR EVER!  Just a short 60 minutes of your time, and you will have a take away , I guarantee you! I know what I am talking about! I live and breathe this stuff! Pass to a coworker as well, and just be sure to RSVP to the RIGHT!

 

As a teaser...check out this 30 minute webinar about how to get a corporate account! This could explode your business this year! https://youtu.be/uTlKIxQ9GVw

 

I was honored to be highlighted in an article by Floify (one of our trusted vendors) this week. You can check it out HERE!

  

In the markets:

READ HERE to see what happened with rates this week!

Upcoming Events

-

Lunch & Learn:

How to Make 2016 Your

Best Year Ever!

Wednesday, November 18th

@ 12:00pm

At our office

*Lunch Included!*

-

Breakfast & Learn:

How to Make 2016 Your

Best Year Ever!

Thursday, November 19th

@ 9:30am

At Tradition Title Company

4000 Washington Ave, 77007

*Breakfast Included!*

-

Prospects Seminar/Lunch & Learn:

Retirement Planning in the 

World Today

Monday, November 23rd

@ 12:00pm

At our office

*Lunch Included!*

 

RSVP to Annette:

713-579-3606

Annette.ernstein@legacymutual.com

Rates are up!

Happy Friday!

Whoooop! We are taking my kids to their first Texas A&M football game! I am an Aggie, and have not been back in over a decade! I know, I'm a slacking alumni, but now my kids are at the age they can enjoy it. So here we go!!!!!!!! Beat the heck outa Auburn!

 

In the markets:

 

As of late Thursday, the rates were at the highest level in 7 weeks. Fed Chair Janet Yellen in recent Fed meetings almost all but promised that there will be a rate hike in December. In other words, investors are bracing themselves, and with that positive news means increased earnings for banks and the like. Profits! Banks have been earning very little for a long time. With the overnight funding rate at almost zero percent....that is free money!? On the other hand, businesses will have to spend more to borrow. Uh Oh...the pendelum swings both ways. Either way, this kind of news makes markets go crazy. Good and bad. So stocks have been up, and that makes bonds suffer, with lower prices from lower demand, and therefore, higher yields (rates).

 

Then we had a mid day reprice when the jobs report came out stronger than expected. More signaling of a strengthening ecomony, and more ammo for the rate hike (possibly) in December.

 

Stay tuned.........

Upcoming Events

Lunch & Learn:

How to Make 2016 Your

Best Year Ever!

Wednesday, November 18th

@ 12:00pm

At our office

*Lunch Included!*

-

Breakfast & Learn:

How to Make 2016 Your

Best Year Ever!

Thursday, November 19th

@ 9:30am

At Tradition Title Company

4000 Washington Ave, 77007

*Breakfast Included!*

 

RSVP to Annette:

713-579-3606

Annette.ernstein@legacymutual.com

Hocus Pocus

Did you know that rubbing Vick's Vapor Rub on your feet and putting socks on at night will HELP YOUR COUGH/COLD!?  I know... I thought that too, that my mother in law's 'trick' was a bunch of Mexican old wive's tale hocus pocus. But it works! Just ask my 5 year old that was cured the other night! Fever and non stop coughing, GONE!

 

Speaking of hocus pocus...have you closed your first TRID transaction yet? We have!

 

WATCH HERE !

 

In the markets:

The statement released following Wednesday's Fed meeting was not good for mortgage rates. This week's economic data was roughly neutral. As a result, mortgage rates ended the week higher.

Central banks around the world have had a heavy influence on mortgage rates recently. Last week, the increased willingness of theEuropean Central Bank (ECB) to expand its bond buying program had a favorable effect, while China's policy changes had an offsetting effect. This week, it was the U.S. Fed. Even though many recent economic reports in the U.S. contained signs of a slowing economy, the Fed statement explicitly kept the door open for a federal funds rate hike at its December meeting. The hawkish tone surprised investors and caused an unfavorable reaction in mortgage rates.

Upcoming Events

Lunch & Learn:

TRID: Best Practices

Wednesday, November 4th

@ 12:00 pm

*Lunch Included*

RSVP: annette.ernstein@legacymutual.com

Just BE!

Today for Boss's Day , at our daily team meeting we were reminiscing about the 'old ' days, when credit reports were received on that glossy paper and it took 3 hours, or how I did not get an answer from underwriting from Chase (I was a broker back then) , so I took the next day 6 am flight to Dallas and sat in their lobby until I got one! Of my 10 team members and processors only one of them was with me back then (my brother Kenny- 13 years!). The rest of them are spoiled by technology, paperless technology and 30 second credit reports. Immediate gratification.

Aren't we all that way now ? Stuck in the 'current' hysteria of now now now!? When do we ever have time to just 'Be'. Be in the moment, do the best you can, and that is enough! So I am working on that currently with a spiritual coach I have. Just 'being'. Hmmmm. That is a new concept for me. Can I still highlight on my checklist when I do that?

In the Markets

Wow, what a ride! Rates have been really up and down this week. WE are ending the week with market suggestions to lock, as the market has been rallying and pushing bonds lower after the news of the lower CPI (Consumer Price Index) which shows inflation at the consumer level . It declined .2%. News of inflation being under control (hence not going up) makes stock investors happy, and therefore bonds suffer, increasing the yields to attract more buyers! 

All in all, its a GREAT TIME TO BUY A HOME! Check out this chart of interest rates, and endorses the reason your buyers should purchase sooner than later! The honeymoon we have been on for 5+ years is surely to end.

Read more here!

                                                  Upcoming Events

Lunch & Learn:

The Loan Process - Contract to Close

Wednesday, October 21st

@ 12:00pm

At our office

*Lunch Included!*

-

Lunch & Learn/Client Seminar:

Basic Wills

Friday, October 30th

@ 12:00pm

At our office

*Lunch Included!*

RSVP to Annette:

713-579-3606

Annette.ernstein@legacymutual.com

Everything You Need to Know About TRID!

How has your first week of 'TRID' gone (that went into effect Oct 3)? Here are some TIPS from me. This quick 3 minute video could SAVE YOUR NEXT TRANSACTION!

 

Be sure to WATCH my library of FAQ videos for TRID .. Your buyers and sellers can watch them too. I have made short, 2 minute videos to address certain questions your clients are sure to have. 

Consumers - Explanation of TRID

TRID for Buyers

TRID for Sellers

TRID for Realtors

Why does the buyer not have a HUD anymore?

Where did the Good Faith Estimate go?

What are all these Changes October 3rd?

 

The CFPB (Consumer Protection Financial Bureau) recently released a bulletin addressing MSA's , or marketing service agreements. This is to include direct payments for a 'desk rental fee', or even paying for leads through online portals. The bulletin explains that while marketing services agreements are usually framed as payments for advertising or promotional services, in some cases the payments are actually disguised compensation for referrals. Any agreement that entails exchanging a thing of value for referrals of settlement service business likely violates federal law, regardless of whether a marketing services agreement is part of the transaction. Be sure to check with your companies legal before you entice a lender or title company to pay for marketing. The bulletin is HERE

 

 

In the Markets

Beware of the news! Freddie Mac and Fannie Mae release what is going on to the media usually Monday or Tuesday. By the time the news prints, and you see the news Friday (for example) it is OLD NEWS. Rates have increased this week after the nice lows of last week. The labor market has reported that Initial Jobless Claims is down. We are not sure yet if that is a real number since many of the labor pool that may not be working may not be participating in unemployment (they have exceeded the allowed time), or just not claiming unemployment. So the numbers can be misleading.

 

For Houston, in January, we saw an anticipated Job Creation number of 105,700. Now in October, that number has been revised to 55,000. A big drop. Many of the agents are telling us that borrowers are hesitant to look , for fear of job loss.

SEE THIS CHART!

 

There IS insurance available for borrowers in the case of 'Involuntary' Unemployment. Call me for details!

Upcoming Events

-

Lunch & Learn:

How to Build  Team

Wednesday, October 14th

@ 12:00pm

At our office

*Lunch Included!*

-

Lunch & Learn:

The Loan Process - Contract to Close

Wednesday, October 21st

@ 12:00pm

At our office

*Lunch Included!*

RSVP to Annette:

713-579-3606

Annette.ernstein@legacymutual.com

TRID is here!

Yes, TRID (TILA RESPA Integrated Disclosures) is here! If the loan was not disclosed by EOB Friday , then it will be under the new rules.

We are ready!

 

Here is a VIDEO to show your buyers/sellers! (5 min)

 

Watch this to see WHY you should be in my office Wed Oct 7 at 12:00!

In the markets:

Read here about the weeks turbulent up/down for mortgage rates!

Upcoming Events:

Lunch & Learn:

October 3rd Changes

Wednesday, October 7th @ 12:00pm

Lunch & Learn:

How to Build a Team

Wednesday, October 14th @ 12:00pm

*Both events held at our office with lunch included!*

RSVP to Annette:

713.579.3613

annette.ernstein@legacymutual.com