HIGHLIGHTS FROM TODAY’S PODCAST:
Market News
Look Back Memphis Trivia Contest
Questions answered by Wes Robertson and Jo Garner :
- What are the new guidelines regarding required reserves for a property you moving out of but not selling?
- What are the steps you need to take to verify the source of large deposits showing up on the bank statements
- Advice on making certain you give accurate numbers to the loan officer concerning your income, assets and credit information.
- Mattress money is not acceptable but here is how you can get the cash “sourced” acceptably.
- How is the best way to approach the house flipping scenario as a seller depending on the loan program your buyer uses.
- How do you get around paying flood insurance if only part of the land is in the flood zone and not the structure?
4th Segment 9:45AM REAL ESTATE TIP OF THE WEEK
Jo’s announcements:
______________________________________________________________________
Good morning Memphis! Good morning across the country on IHEART radio. You’re on the Real Estate Mortgage Shoppe program and I’m your host, Jo Garner, Mortgage Professional with Evolve Bank and Trust. Our co-host today for the Underwriting Power Hour is one of Evolve’s direct endorsement certified underwriters, Wes Robertson. Great having you on the show, Wes. Tell our listeners a little bit about yourself and what you do at Evolve Bank and Trust.
(Jo) We want to talk with you today about your real estate topics or financing topics. Our general topic today is “GETTING YOUR MORTGAGE LOAN APPROVED: TIPS FOR A THUMBS-UP” but call us about whatever real estate topic you want to discuss. (901) 535-WREC (901) 535-9732
(Jo) Wes, What kind of trends are seeing back in the underwriting department? Are we seeing more purchase loans than refinances these days?
(Jo) This week mortgage rates moved downward on geo political news—like the Ukrainian plane crash and the clash in the Middle East. Other not-so-good news shows that the US economy contracted about 3% in this past 2nd quarter 2014, causing some concern among economist that there may be another real estate bubble forming. Part of what is stymying the market is tougher lending guidelines. Other reasons for the pull-back on the housing market is that younger would-be first-time homebuyers are waiting longer before buying a house because of being saddled with excessive student loan debt and higher taxes. Rates ending yesterday afternoon were : 4.125% conv 30 30YR FIXED – 4.125 FHA/VA – 3.75% 15 YEAR FIXED – 3.375% 5 YEAR ARMS – 3.0-3.50% depending on the lender
We have solutions to help would-be homebuyers who feel buried under student loan debt. Wes Robertson, can you speak to some things we can do to help our millennial buyers qualify for their first home?
(ideas: If they are still in school, get student loan deferred for more than a year or consolidate the student loans they currently have and set up an ultra low minimum payment. Start with a smaller house and gradually move up. Keep revolving debt balances under 30% of the credit limits to maintain higher scores…. Other ideas Wes may have to share …..)
(Jo) If you want to brainstorm on how to get to a mortgage approval so you can be paying toward your OWN home instead of paying rent to pay for someone ELSE’S, call us right now on the air at 901 535-WREC (901) 535-9732. Or call my very experienced assistant, Susan Belew and I directly at 901 482 -0354 (901 482-0354 or catch us on our blog www.MortgageLoansBlog.com
(Jo ) If you or someone you know is thinking about refinancing a home or buying a home either to live in it or use as a second home or rental property, here locally or anywhere around the country, Susan Belew and I would like VERY much to talk with you. We can work up the numbers for you on a number of scenarios so that you can make your buying or refinancing decisions based on truer data than just the standard guesstimate. IF THE DEAL WORKS FOR YOU TODAY, DO IT TODAY. As my good friend Richard Scarbrough from Memphis Investor Group always says, “if you want to build wealth, don’t wait to buy real estate. Buy real estate and wait.” You may be looking at an estate situation or perhaps you know someone needing to restructure their mortgage due to divorce or maybe they just want to look at retiring early. You can reach Susan and I right now by calling our on-air number (901) 535-WREC (901) 535-9732 or call us directly at (901) 482-0354 or visit our blog at www.MortgageLoansBlog.com
(Jo) We have solutions to common challenges like needing help with money down—Susan and I can find money you didn’t even know you had—just ask us! We have been able to use our Credit Simulator tools to help our clients boost their credit scores sometimes 10 to 15 to 20 points in just 60 days. We know how to find qualified income for self-employed borrowers to help them qualify that other banks don’t know how to find or don’t want to take the time to find.
(Jo ) Call us and let’s talk about YOUR real estate topics, challenges, successes or just plain conundrums. Our general topic today is “GETTING YOUR MORTGAGE LOAN APPROVED: TIPS FOR A THUMBS-UP” Wes, as an underwriter, what advice can you give someone who is trying to buy a property or refinance one to get them a faster thumbs-up?
2nd segment after 9:15 break—Eric Meyers with the Confectionery Memphis crashes the studio. He has heard that Evolve’s underwriters have been working around the clock to make sure everyone’s loans close on time. He is bringing some breakfast snacks to support the effort. (about 1.5 minutes)
Then we start the Look Back Memphis Trivia Contest: It’s time for the Look Back Memphis Trivia Contest brought to you by notable Memphis historian Jimmy Ogle. Jimmy Ogle gives free walking tours in Downtown Memphis during the Spring and Autumn. Go to jimmyogle.com for the 2014 Spring season schedule and locations. Our Look Back Memphis Trivia Contest SPONSOR is Marlene Foster of ADT Security Services—the number one security system. Give Marlene a call at 901 232-6277. She will take good care of you Marlene is giving away a $25 gift card to the first person who calls with the correct answer to our Trivia Contest. If you know the answer, call us on the air at (901) 535 WREC. (901) 535 9732.
Here’s our trivia question : Who am I? (go to hints)
Garner # 22 07/16/14
Answer: French Fort
Question:
Hint: This subdivision takes on the name of the first European built structure on lands that became Shelby County.
Hint: Houses in the subdivision were built in the post-WW2 era and pre I-55 era.
Hint: Street names include Napoleon, Esplanade and Bourbon!
Last Hint: The name is not British, Spanish, Irish, Italian nor German!
Answer: French Fort Neighborhood
As we all know, Memphis was founded on the fourth Chickasaw Bluff in 1819. But animals, Native-Americans and European explorers “settled” the area in the preceding centuries. At the highest part of the bluff, on Assumption Day, August 15, 1739, Fort Assumption was erected by Sieur de Bienville, French Governor of Louisiana. This was the first structure built by Europeans in Shelby County, and the third such in Tennessee, and the occupation last only a few months.
Fort Pickering was later established on the south bluffs by the expanding United States in the early 1800s, and was occupied by Union troops during the Civil War. A Marine Hosptial was established in 1885, expanded in 1939 and later became a location for the Army Reserve in the 1990s. The first of three strategic bridges was opened in 1892 in this area. In 1887 a public park named Jackson Mounds open on the site of the two ceremonial Chickasaw mounds and in 1913 was renamed DeSoto Park. In 1995, Chickasaw Heritage Park became the name of the park and in 2012, a statue entitled “Legacies” by Vinny Bagwell was dedicated to the Native-American, Hispanic-American and African-American heritage of Memphis. The National Ornamental Metal Museum opened doors in 1979.
The residential subdivision French Fort was established in 1960, but was disconnected from the downtown core during the interstate construction project of the mid-60s. There are about 150 privately owned homes in the neighborhood, with well-manicured lawns and a very quiet environment, to be right in the middle of the I-55, two railroad bridges and Crump Avenue! To access the area, drive west on Crump to Exit 12C (Metal Museum Drive).
Jimmy Ogle, our Look Back Memphis Trivia historian wants to remind everyone that There is a Open House at the Marine Hospital in the French Fort neighborhood this Saturday (July 19) from 3-6pm and Lauren Crews (262-2877) has a Facebook page for it.. Our Look Back Memphis Trivia SPONSOR is Marlene Foster of ADT Security Services—the number one security system. Give Marlene a call at 901 232-6277. She will take good care of you.
Answer: French Fort Neighborhood As we all know, Memphis was founded on the fourth Chickasaw Bluff in 1819. But animals, Native-Americans and European explorers “settled” the area in the preceding centuries. At the highest part of the bluff, on Assumption Day, August 15, 1739, Fort Assumption was erected by Sieur de Bienville, French Governor of Louisiana. This was the first structure built by Europeans in Shelby County, and the third such in Tennessee, and the occupation last only a few months.
Fort Pickering was later established on the south bluffs by the expanding United States in the early 1800s, and was occupied by Union troops during the Civil War. A Marine Hosptial was established in 1885, expanded in 1939 and later became a location for the Army Reserve in the 1990s. The first of three strategic bridges was opened in 1892 in this area. In 1887 a public park named Jackson Mounds open on the site of the two ceremonial Chickasaw mounds and in 1913 was renamed DeSoto Park. In 1995, Chickasaw Heritage Park became the name of the park and in 2012, a statue entitled “Legacies” by Vinny Bagwell was dedicated to the Native-American, Hispanic-American and African-American heritage of Memphis. The National Ornamental Metal Museum opened doors in 1979.
The residential subdivision French Fort was established in 1960, but was disconnected from the downtown core during the interstate construction project of the mid-60s. There are about 150 privately owned homes in the neighborhood, with well-manicured lawns and a very quiet environment, to be right in the middle of the I-55, two railroad bridges and Crump Avenue! To access the area, drive west on Crump to Exit 12C (Metal Museum Drive).
Last Week: The Rivermont. Built in 1964, The Rivermont was a luxury high rise on the south bluffs of Downtown and the Memphis riverfront. The Rivermont Club offered amenities such as tennis, swimming and a dining program. Converted into a Holiday Inn in the late 1960s, it became a place for events, banquets, conventions and meetings of all kinds. In 1971, Elvis Presley was honored as one of the “Outstanding Young Men of America” at a Memphis Jaycees luncheon. The original developers wanted all land from Riverside Drive to the bluffs, but Paul Coppock, reporter for The Commercial Appeal, led a campaign to reserve an easement along the bluff for public access between Martyrs Park and Ashburn Park. The Memphis Park Commission appreciated Mr. Coppock’s efforts and added is name to the little park now known as Ashburn-Coppock Park, just south of Tom Lee Park. The Rivermont was later converted to a Holiday Inn high rise hotel property.
Jimmy Ogle gives free walking tours in Downtown Memphis during the Spring and Autumn.
Go to jimmyogle.com for the 2014 Spring season schedule and locations.
Shelby County Courthouse: Third Thursday each month at 12:00 noon
TUESDAY TOURS: Tuesdays at 11:45 a.m. for about four blocks from a different street corner each week, beginning again on September 16!
Questions answered by Wes Robertson:
- What are the new guidelines regarding required reserves for a property you moving out of but not selling?
- What are the steps you need to take to verify the source of large deposits showing up on the bank statements
- Advice on making certain you give accurate numbers to the loan officer concerning your income, assets and credit information.
- Mattress money is not acceptable but here is how you can get the cash “sourced” acceptably.
- How is the best way to approach the house flipping scenario as a seller depending on the loan program your buyer uses.
- How do you get around paying flood insurance if only part of the land is in the flood zone and not the structure?
4th Segment 9:45AM REAL ESTATE TIP OF THE WEEK
Jo’s announcements:
- Talk Shoppe offers free networking and education to anyone interested in real estate or business. This Wednesday July 23, 2014 9AM to 10AM Bradley Harris of The Good Book Company will be presenting “More Success Through Improving Telephone Skills” Talk Shoppe offers these free events to the public at the YMCA Corporate office 6373 Quail Hollow Rd 2nd floor in Memphis at the corner of Massey Rd and Quail Hollow.
For more information about Talk Shoppe go to www.TalkShoppe.BIZ
- Join us every Saturday on the Real Estate Mortgage Shoppe program. For today’s podcast and others, go to www.MortgageLoansBlog.com We want to hear from you on how we can make our show better. If you have suggestions, call me directly at (901) 482 0354.
- The school year is quickly sneaking up on us. The YMCA offers Before & After School Care on-site for many Mid-South schools. Call your local YMCA to see if your school is part of our school year enrichment program.Registrations for DeSoto County schools’ before & after care is going on now from 9a-Noon at Olive Branch Elementary, Hernando Elementary, and Southaven Intermediate. www.ymcamemphis.org or call (901) 766-7677.
_________________________________________________________________________
Eric Meyers, The Confectionery of Memphis crashed our studio this morning, bringing breakfast snacks for Evolve’s underwriting team who have been working around the clock to make sure our customers’ get their loans closed on time.
After 15 years as a General contractor, I have taken about 3 years to re-evalute where I want to be and decided to focus my efforts on my other passion, cooking. In that direction, I have opened The Confectionery a baking and catering business For The Sweet Times in Your Life.
I have been baking since I was about 8 years old and did make a living at this in the past. I am SUPER excited about this new venture and have been quite gratified at the positive response from family, friends, and business acquaintances.
- The Menu for my new business
- Our Brochure
- Experience
- Originator
- The Confectionery
- October 2013 – Present (10 months)Cordova, TN
- My newest venture is The Confectionery, a baking business. I have baked thank you gifts for business associates and to give to friends and family for many years, so now I have decided to make a living doing something else that I love – Baking. Look for me on FaceBook at The Confectionery Memphis. Let us add the sweetener to your family moments,
Do you know a store that needs fresh breads for their clients, of a company that like to have coffee breaks for their employees? Tell them to call me.
9:15AM “I’m Alright” by Kenny Loggins; 9:30 AM “Money Changes Everything” by Cyndi Lauper; 9:45 AM “Big Time” Peter Gabriel
Co-host:
Wes Robertson, Direct Endorsement Certified Underwriter with Evolve Bank and Trust wrobertson@getevolved.com
I underwrite residential mortgages and also partake in whole loan purchasing and selling via third parties at Evolve Bank & Trust in Memphis, TN. I graduated from the University of Georgia with a B.B.A. in Banking & Finance. If you have any mortgage related questions, I am always open to offering advice on your housing needs! Please feel free to add me to your network.
Direct endorsement underwriter for conventional, FHA, Veteran Affairs, USDA, Jumbos, and other specialty housing agencies.
-Strong acumen in condo project standards for conventional loans financed via FNMA/FHLMC
-Whole loan purchase/selling transactions.
-Help establish systems and practices within loan production division in order to increase production efficiency and also maintain compliance for shifting regulatory requirements.
November 2009 – November 2010 (1 year 1 month)Athens, GA
Control and budget $300,000 annually, allocating funds as needed. Compile financial records and documentation for tax preparation
Work with executive members to update fee system, payment plans and sponsor scholarships. Integrate online billing into fraternity financials. Improve internal controls.
Create monthly reports and financial statements; reconcile all bank accounts and give monthly updates to the Alumni Volunteer Corporation
College of Business: Institute for Leadership Advancement
Selective University of Georgia program established to build new leaders in business and the community
Year long program with classes, leadership retreats, service projects to build leadership potential
Program focuses its values on responsibility, stewardship, excellence, integrity, and purpose
Fixed Income Capital Markets Intern
Gained a general understanding of the sales, trading & research functions for fixed income
Specific time spent on the mortgage, agency and municipal trading desks including one-on-one with traders regarding their markets and risk management
Acquired knowledge of the research function including analytics, strategy and written research and how it supports the sales and trading functions
Rotation included time in the bond accounting and whole loan groups
Exposed to Bloomberg and eFolio, Morgan Keegan’s portfolio management system
Worked with management system DLx to update inventory logistical information
Updated over 1,000 products in the company’s records to be used in other distribution centers
Gained experience in the receiving and returns departments
July 2009 – July 2009 (1 month)Memphis, TN
PARTICIPANT SUMMER 2009
Obtained basic knowledge of all bond areas and eFolio management
Learned of investment opportunities within the fixed income area
Host:
Jo Garner’s Bio
www.MortgageLoansBlog.com www.MoneyShoppe.NET (901) 482 0354 jogarner@mindspring.com
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.BIZ She was also the editor of Power Shoppe, a free weekly ezine designed for real estate professionals and others indirectly connected to the real estate industry and currently publishes on her blog www.MortgageLoansBlog.com .
For real estate financing solutions, plug into the Real Estate Mortgage Shoppe program. You can find mortgage rates, FHA Streamline refinance with no out-of-pocket costs, refinancing options, home purchase loan programs, answers and real estate, money-saving tips and more.