FIND SHELTER IN THE STORM OF NEW REAL ESTATE AND LENDING REGULATIONS
Welcome! Thank you for connecting to the Real Estate Mortgage Shoppe where we offer solutions to your real estate scenarios. I hope the information on our blog posts gives you something that you can use or that can save you some money.
If you are looking for information or help in areas that do not seem to be covered on this blog posts or my other posts, please feel free to call me at (901) 482-0354 or email me at jo@192.232.195.219 OR CONNECT AT www.JoGarner.com
MARKET NEWS
LOOK BACK MEMPHIS TRIVIA CONTEST
QUESTIONS ANSWERED BY TOM KING
QUESTIONS ANSWERED BY JO GARNER
REAL ESTATE TIP OF THE WEEK
ANNOUNCEMENTS
_________________________________________________________________
Good morning, Memphis! Good morning to those of you listening on internet radio across the 50 states. You’re on Real Estate Mortgage Shoppe and I’m your host, Jo Garner, Mortgage Loan Officer. Connect with me after our broadcast by calling me personally at (901) 482-0354 or if it’s more convenient, email me at jo@192.232.195.219 or connect with me by going to www.Jogarner.com. If there is any way I can help you solve a problem, or answer a question regarding your real estate or real estate financing while we are on the air Saturday September 5th, 2015, call the studio at 901 535-9732 or outside the Memphis area (800) 474-9732. I want to invite our listeners to follow me on Twitter @JoGarner. You can use #JoGarner in your tweets and we can see your comments within moments during this live broadcast. Today’s general topic is going to reach out and touch anyone who is a lender, a realtor, a real estate investor or a homebuyer or seller. FIND SHELTER FROM THE STORM OF NEW REAL ESTATE & LENDING REGULATIONS COMING SOON!
Last week we got started talking about the paradigm shifting real estate and lending Know Before You Owe regulations that about to hit the nation by storm on October 3rd 2015. In the studio with us today we have Tom King, very experienced appraiser with Bill King Company. Tom , its great having you back in the studio—I kind of miss him when he’s not here…
<Tom King introduces himself and makes comments >
(Jo) For the week August 31, 2105 through 9-4-2015- 30 year fixed conventional rates hit around 3.99 to 4% with no points depending on specific factors on the loan profile. The 15 year coming around 3.5%-the lowest they have been all week, not really big moves since the tame employment situation report yesterday. The bigger news is about big real estate and lending guideline changes about to take place across the country. I have been an active mortgage loan officer for over 20 years and I have never seen so many changes in such a short time within ONE industry. Mandatory delays, crack downs on joint marketing agreements and business arrangements and tighter restrictions coming October 3rd, 2015 that will prohibit mortgage loan officers like me in mortgage companies all across the nation from requiring a prospective borrower’s tax returns, paystubs, bank statements and other income and supporting documents until AFTER they have an executable contract with the seller of the property. It has been customary for the prospective borrower to submit their supporting documents to the loan officer to FIRST determine what price they can be approved to purchase BEFORE they go out looking. I mean, doesn’t it make sense to have the mortgage company review your income and asset documentation FIRST and make sure you really are qualified before you head out to make offers on houses that you may or may not qualify to buy? Last week on this show a nationally recognized RESPA expert assured me he was following up with a CFPB representative to see if they are coming up with a general work-around for lenders to continue to serve their clients. In the meantime, be assured that, as an active mortgage loan officer, I have a legal work around to serve my clients and the realtors who send me their clients for preapproval. As a mortgage loan officer, I work with Evolve Bank’s mortgage department and they are already testing their process for the new reality coming in a few days. If you are a home buyer, home seller, real estate investor, or just want to refinance a house, to find shelter from the storm of new government guidelines, word to the wise, work with lenders and realtors who are well trained and prepared for the storm. You will be glad you did. I would like to be YOUR mortgage loan officer. You can reach me PERSONALLY after this show at 901 482-0354 901 482-0354 or connect with me at www.JoGarner.com
<Tom invites our listeners to call us on the air “Or call us in the studio now while we are live at 901 535-9732 and outside the Memphis area (800) 474-9732> (Tom talks about the new appraisal rules )
(Jo) Other changes under the Know Before You Owe rules we are going to be talking about today –government mandated delays throughout the mortgage loan process—including waiting 3 days from the moment you receive the Final numbers on the new closing statement before you can close. That means if you make any monetary changes on the statement you usually get the day before closing or on the day of closing, you will have to wait another 3 business days before you can close. When you are ready to close on your new home and you are doing the final walk-through to inspect your home before you head to the closing. After October 3rd, 2015, it is advisable to do that walk-through a few DAYS before closing instead of on the same day as closing. Then if there are any monetary changes as a result of something needing to be repaired or modified, you won’t have to reset your closing date. There are already government mandated delays in place for the earlier part of the loan process, so it is very important that you use email for the getting and receiving time sensitive documents. If you don’t have email, try borrowing one from a trusted family member or friend. Good News- Call me personally and I can show you how we can make the mortgage process under the new system and gathering of data a little more seamless and less daunting. Call me personally off the air at 901 482-0354 or connect with me at www.JoGarner.com
<Tom talks about the older rules still in place that puts the firewall between appraisers and lenders. Tom talks about the circumstances when people CAN order an appraisal directly from him >
It’s time for the Look Back Memphis Trivia Contest. The Look Back Memphis Trivia Contest is brought to you by Memphis notable historian, Jimmy Ogle www.jimmyogle.com,. Jimmy Ogle offers free historic walking tours in downtown Memphis. To get his spring and fall schedule, go to www.jimmyogle.com . our Look Back Memphis Trivia Contest is sponsored by John and Jennifer Lawhon of Lawhon Landscape (901) 754-7474 the Lawhon’s can help you plan your landscaping even if you’re on a budget and they would like to help you if your crepe myrtles are showing signs of the mysterious fungal disease that is hitting Shelby County TN. The Lawhons are giving away a $25 gift card to the first person with the correct trivia answer. If you know the answer to one of our trivia questions, call us at 901 535-9732 or it you are out of the Memphis area call 800 474-9732.
Our Trivia Question: WHO AM I?
Garner # 59 08/28/15
We do not read all of the trivia—some of this is for blog purposes only.
Memphis Music Hall of Fame
Question: I am long overdue and share an address with two other iconic musical attractions. Who am I?
Hint: I have many “stars” in my galleries.
Hint: I am only four years old, but my members date back almost 90 years.
Hint: My subject is known around the world!
Final Hint: My “sister” museum is located two blocks away near FedExForum.
Answer: Memphis Music Hall of Fame. Opened in July, 2015 on the second floor at one of the most iconic addresses in Memphis (Beale & Second), the Memphis Music Hall of Fame is located at 126 Beale Street, above the Hard Rock Café and the Lansky Brothers Clothing Store. About sixty years earlier from this location, Bernard Lansky “put the clothes on rock ‘n’ roll and soul music”, just like Sun and Stax put those music genres on the world map. Bernard became known as “The Clothier to the King”.
More than a century ago, music began pouring into Memphis, Tennessee. Musicians of all races and backgrounds came together and, for the love of music, created a sound that changed the cultural complexion of the world forever. America’s music exploded out of Memphis. Today, the Memphis Music hall of Fame honors many of the greatest musicians of all time, who created this city’s musical legacy, and who shook our planet to the core! Each year, deliberations consider musical performers, producers, engineers & studio recording industry professionals, writers, promoters and radio professionals. Being considered are the group or individual’s relationship with Memphis, including the extent of recording projects, musical impact within Memphis, city residency, and exceptional involvement within and/or influences drawn from the Memphis music industry.
The inaugural class of the MMHF was inducted in 2012 and included such icons as Elvis Presley, B.B. King, Otis Redding, Booker T & The MG’s, Howlin’ Wolf, Sam Phillips, Rufus Thomas and the Rev. Al Green. Currently there are 54 members in the the MMHF. The “sister” museum is the Smithsonian’s Memphis Rock ‘n’ Soul Museum at FedExForum. The MMHF is open daily from 10am-7pm (205-2532) [memphismusichalloffame.com].
Last Week: Elvis Top Ten Trivia!
Jimmy Ogle gives free walking tours in Downtown Memphis during the Spring and Autumn, with the Autumn, 2015 tours with the next Riverfront Parks Tour being Sunday, September 27 (Mud Island Walk Bridge & River Walk), the next TUESDAY TOUR being September 15 (The Great Union Avenue Manhole Cover & History Tour) and the next Bridge Walk being September 20. Go to jimmyogle.com for the 2015 Autumn season schedule and locations. The
Shelby County Courthouse Tour: Third Thursday each month at 12:00 noon – next is Thursday, September
QUESTIONS ANSWERED BY TOM KING :
- Please explain the rule that keeps a firewall between the appraisers and lenders.
- Under what circumstances can someone order an appraiser directly from you?
- What are some of the changes FHA is making regarding appraisal requirements?
QUESTIONS ANSWERED BY JO GARNER:
- What does a typical timeline look like for someone with a mortgage loan in process under the new Know Before You Owe system?
- What are your personal feelings about the changes coming to the lending industry? Tom, when I first entered the business world, I was about 12 years old mowing yards. I didn’t know much about business at that age, but my dad helped me get started and with initial help from him and others, who taught me some back-to-basics business principles, that business went from 2 or 3 customers a week to 250 to 300 clients a week over just a few years before I sold it and eventually got into the mortgage business. One lesson I learned though is that to stay a success in business, you have to be ready to adapt to changes and very quickly. Not many people like change, but, just like in the LAWN business, in the LOAN business I look for the positives in the changes and how I can put myself and my clients and people who refer me in the most advantageous position. Personally I believe the government pendulum has swung too to one side and needs to adjust back just a little bit toward being more user-friendly to licensed lenders and bankable borrowers. But I have studied the new system and see some definite advantages and methods to make the process less daunting.
Call me PERSONALLY after this broadcast at 901 482-0354 901 482-0354 or connect with me at www.Jogarner.com If you do not talk with me PERSONALLY, you are not working with me. I want to work with you so let’s talk.
- What is your advice to someone about to get a mortgage to buy a home or refinance one?
- Lenders need to be able to scan documents to you. and not have to wait on the snail mail system. The government assumes the borrower does not get the mailed disclosures until 3 days after it was mailed and then they add another 3 days to the wait period, presumably giving the borrower time to look at and consider the numbers. If you as the borrower do not have an email, find someone nearby who will commit to allow you to check their’s everyday and respond immediately. (A good realtor and a good loan officer will be following up with the borrower about this—in other words WE WILL BE NAGGING YOU RELENTLESSLY- but only because we care and want your flight through the process to be smooth.
- Realtors and borrowers, as soon as the appraiser calls to make an appointment to see and appraise the subject property, DO NOT PUT THIS OFF. Make it a priority to let the appraiser into the house and not put him off even a day or two.
- Once the appraisal is back, you will need to make a decision that day on if the buyer or the seller will be paying for any required repairs on the house. If the buyer is paying all or ANY part of the repairs, this may require the file to be redisclosed or sent back to underwriting which can delay the process because each time paperwork is redisclosed to the borrower –the government requires a 3 day wait period for the borrower to have time to consider the decision. Then once you know who will be doing the repairs—get at it presto! Any repairs or upgrades and final walk-throughs have to be done about 2 weeks before the closing so that paperwork can be put together, underwritten and once, approved, sent to the attorney or title office for a final Settlement Statement to be drafted. The borrower is required to review this final closing document for 3 days (not including Sundays and holidays) so we call this the NO FLY ZONE—in other words – you can make NO changes during this period of time or the entire document has to be reworked and redisclosed and yet another wait period must elapse before the closing can be rescheduled. Sound really mind-boggling? Here’s the EASY answer—put real estate professionals on your team who know this new process. You will be GLAD YOU DID. Call me and I can help you too. (901) 482-0354. 901 482-0354 or connect with me at JOGarner.com
REAL ESTATE TIP OF THE WEEK: Tom and Jo (about 1.5 minutes)
______________________________________________________________________________
- Jo’s announcements : Jo’s announcements:
Talk Shoppe offers free education and networking to anyone interested in real estate or in business. Coming up Wednesday September 9th , 2015 join us. David Gross, Co-owner of Faction Strength and Conditioning, LLC presents: “How To Stay Fit For Work & For Life.” Talk Shoppe events are free at the The University of Phoenix 65 Germantown Court 1st floor Memphis (across from The Ag Center) 9A to 10A Wednesday. For more information go to www.TalkShoppe.com rch Mphis Campus is hosting
a complimentary event to give you the resources to do more – Learn
- To hear today’s podcast of the Real Estate Mortgage Shoppe and others, go to JoGarner.com
- ENDING— MAKE YOUR PLAN, WORK YOUR PLAN. IF THE DEAL WORKS FOR YOU TODAY, DO IT TODAY.
Transitional Music: “Riders On The Storm” the Doors; “Stormy Weather” by Billie Holiday “Ridin’ The Storm Out” by REO; “Memphis” by Johnny Rivers for Look Back Memphis Trivia Contest
- _________________________________________________________________________________
- QUOTE CORNER:
“There is peace even in the storm”
― Vincent van Gogh, The Letters of Vincent van Gogh
“It takes a real storm in the average person’s life to make him realize how much worrying he has done over the squalls.”
― Bruce Barton
Joy weathers any storm: Happiness rides the waves.”
― Todd Stocker
Even in the midst of the storm the sun is still shining.”
― Dayna Lovely
ABOUT TOM KING, APPRAISER WITH BILL KING COMPANY
Tom is a well- respected and sought after appraiser in Memphis, Tennessee. He is a second generation appraiser with 40 years experience. He has been elected to the Memphis Area Association of Realtors Board of Directors three times.
Tom is a certified residential appraiser in Tennessee. He have appraised over 20,000 homes in his career. A graduate from the University of Tennessee with a degree in real estate, Tom is also a Certified Relocation Professional (CRP). Tom also has vast experience in dealing with the county and state boards of equalization and in valuations of property for tax appeal purposes. (901) 487-6989
ABOUT JO GARNER-MORTGAGE LOAN OFFICER:
www.JoGarner.com (901) 482 0354 jo@192.232.195.219 twitter @jogarner
Jo Garner is a mortgage officer with extensive knowledge in tailoring mortgages to her customers who are refinancing or purchasing homes all over the country. She offers conventional, FHA, VA or other loan programs for refinancing and purchases.
Jo can help you look at rent vs buy, when it makes sense to refinance, how to get the best deal on your home purchase financing.
Jo Garner has been in the real estate/financing business for over 20 years. She got her start in Portland, Maine where she first began her real estate career. She received her real estate education from the University of Southern Maine and was personally mentored in San Diego, California by Robert G. Allen, author of Nothing Down, Creating Wealth and The Challenge.
On moving back to West Tennessee in 1987, she went into business buying and selling discounted owner-financed notes secured on real estate. In 1990 Jo went to work for a residential mortgage company and has been a mortgage loan officer for over 20 years. Her goal is to offer excellent, affordable service to her customers, tailoring the loan programs to the specific needs of her clients.
In addition to her work in the mortgage field, Jo Garner is the primary sponsor and founder of Talk Shoppe in Memphis. www.TalkShoppe.com She was also the editor of Power Shoppe, a free weekly e-zine designed for real estate professionals and others indirectly connected to the real estate industry and currently publishes on her blog www.JoGarner.com .
For real estate financing solutions, plug into Real Estate Mortgage Shoppe. You can find mortgage rates, FHA Streamline refinance with no out-of-pocket costs,
REAL ESTATE MORTGAGE SHOPPE –THE PHOTO GALLERY 9-5-15