Highlights From Today’s Podcast:
Market News
The Look Back Memphis Trivia Contest
Questions answered by Wes Robertson:
- More on solutions for people with student loans
- More on verifying large deposits. (no mattress money)
- Homeowners insurance max deductible allowed. Required coverage amount
- FHA rules on collections / disputes
- More on appraisals
- 6. What makes up FICO scores? New rules on fico? Payment history (35%)
- The importance of having reserve money in the bank after closing
- More on how authorized accounts can affect your credit scores
Questions answered by Jo Garner :
- Talk about some specific ways you help your clients get some points added to their credit scores?
- Talk about places where you help you clients find money to close
- What advice do you give your clients when they come in for the first time?- Talk about financing specific to senior or clients who plan to retire soon.
Real Estate Tip Of The Week
Announcements
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Good morning Memphis! Good morning to you across the country in YOUR fair city. You’re on the Real Estate Mortgage Shoppe program and I’m your host, Jo Garner, Mortgage Professional with Evolve Bank and Trust. Co-hosting today is our star underwriter at Evolve Bank and Trust —Wes Robertson is from the millennial generation but has already achieved certifications earned by underwriters MUCH older than himself. Wes, it’s great to have you back on the show.
(Jo) If you have a mortgage loan in process somewhere or you know someone who does or who is ABOUT to have a mortgage in process, here’s your chance to talk to the underwriter during this Underwriting Power Hour. We’ll talk with you about whatever real estate topic you want to discuss. Our general topic today is “Home Financing Solutions For the Millennial Generation and Beyond” Pull up a chair and join us around the coffee table today by calling us on the air at 901 535-WREC. That’s (901) 535-9732.
Wes, what trends are you seeing behind the underwriting desk this week?
(Jo) Mortgage rates have thumbed their noses at market participants who bet that rates would go up in 2014. Instead, mortgage rates have stayed paradoxically lower and a big reason for that is due to geopolitical events around the world. When there is economic unrest, investors tend to want to fly to the safety of Treasury bonds which back mortgages. Rates are still coming on the 30 yr conventional at around 4.125% – 4.25% on the 30 yr fixed. The 15 year fixed rate is around 3.375% points and the FHA/VA government loan rates for 30 yr are around 3.75%. Not bad if you’re purchasing a home or refinancing one.
Winners in the low rate environment are clearly the refinance borrowers and home buyers. With rates as low as these, in most cases, your house payment is noticeably less than what you would pay in rent and then you can get the tax deduction for mortgage interest and the list of wealth builders keeps growing. IF THE DEAL WORKS FOR YOU TODAY, DO IT TODAY. If you want to crunch the numbers on some home financing and just see what the advantages are, call us right now at 901 535-WREC or 901 535-9732 Or call me directly off the air at 901 482-0354/ That’s 901 482-0354. Or catch us on the blog www.MortgageLoansBlog.com
(Jo) I was reading where Dave Stevens, Mortgage Bankers Association President recently said, “Student loan debt trumps all other consumer debt. It’s going to have an extraordinary dampening effect on young people’s ability to borrow for a home, and that’s going to impact the housing market and the economy at large.”
So the question is, how do lending professionals open the door for first-time homebuyers to own their own homes instead of throwing money into rent to pay for someone else’s properties? Since the biggest deterrent to homeownership seems to be the high balances and payments on students loans, the first place to start is with solutions to refinance or defer these student loans. The other barriers to the millennial generation are, very little savings, high taxes and a not-so-friendly job market. My assistant Susan Belew and I have some real solutions to overcome these common barriers. We also have underwriters like Wes Robertson here who understand the challenges and help us look for ways to help Millennials get into an affordable home of their own.
(Jo) I talked with an airline pilot this week who wanted to buy a home for his son in the college town where his son wants to go to school. He didn’t want to put a lot of money down which he would have had to come up with at least 20% if he was buying as a non-occupying borrower because the property would be considered investment property instead of a primary residence. My client assumed there was no way his son could qualify on the loan since he didn’t have a job. BUT, we were able to do the loan with his son as the primary occupying borrower and my client as a NON-occupying cosigner using the government FHA loan. His son had a credit score from a credit card account he had been using for a short time and of course my client was a very stable borrower. If the sellers on the property agree to pay my clients’ closing costs and prepaid taxes and insurance, my clients get into the property with only 3.5% down payment with a low rate in the low 4’s. His son will be able to rent out some of the rooms to other college friends and keep his monthly payment very much below what it would have cost to stay on campus AND he owns the asset and can use the equity build-up to accumulate some wealth while he is in school What a deal! If you know someone who would like to do this, call me on the air at 901 535-WREC or more directly at 901 482-0354. Or catch me on the blog www.MortgageLoansBlog.com .
(Jo) If you are experiencing some barriers to homeownership or hitting a wall trying to refinance your home, call us right now at 901 535-WREC (901) 535-9732. Or call me directly at 901 482 0354. We want to help. I know places to find the money down for you, I can use the Credit Simulator to try and get your credit scores up on record time and I know where to find income on your tax returns that you may never have realized you had. Call me.
2nd segment after 9:15 break—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 # 24 08/06/14
Shrine Building
Question:
Hint: I was built in Downtown Memphis in 1923.
Hint: I was placed on the National Register of Historic Places in 1979.
Hint: I overlook the Cossitt Library to see the Mississippi River to the west.
Last Hint: My name derives from a charitable organization that helps children nationwide with burns.
Answer: Shrine Building. The Shrine Building in Downtown Memphis, Tennessee was built in 1923 to serve as the headquarters of the Al Chymia Shrine, a group of Shriners. It was listed on the National Register of Historic Places in 1979. It was converted to apartments in 1981 and was converted again in 2005 to house 75 condominium apartments. It was designed by architects Jones & Furbringer.
The lower eight floors contained professional offices and the temple itself began on 9th floor. The 2-story arched windows mark the large auditorium. The Shriners were forced move in 1936 when they were unable to meet their mortgage. Today, the Al Chymia Shriners Temple is located in East Memphis, and Shriners International has 400,000+ members full of fun and fellowship at 193 temples raising money to support 22 hospitals in the care of children with burns, cleft lips and palates, and spinal cord injuries.
Imagine being in the center of downtown, close to everything from restaurants to the river, from shopping to concerts. Well that is what you get at the historic Shrine Building. From efficiencies to penthouses with exceptional river views, the Shrine Building’s amazing list of luxurious amenities provides more to its residents than just the best location in town!
Jimmy Ogle gives free walking tours in Downtown Memphis during the Spring and Autumn, with the Autumn tours beginning September 14 (Bridge Walk) and September 16 (Union Avenue Manhole Cover & History Tour). Go to jimmyogle.com for the 2014 Autumn season schedule and locations.
Shelby County Courthouse: Third Thursday each month at 12:00 noon
BRIDGE WALKS: Memphis & Arkansas Bridge; meet at Crump Park (Exit 12C, Metal Museum Drive)
2:00 p.m. on Sundays – September 14, October 19 and November 9
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:
- More on solutions for people with student loans
- More on verifying large deposits. (no mattress money)
- Homeowners insurance max deductible allowed. Required coverage amount
- FHA rules on collections / disputes
- More on appraisals
- 6. What makes up FICO scores? New rules on fico? Payment history (35%)
- Amounts owed (30%)
- Length of credit history (15%)
- New credit (10%)
- Types of credit used (10%) from Erin Lowry article
- The importance of having reserve money in the bank after closing
- More on how authorized accounts can affect your credit scores
Questions answered by Jo Garner :
- Talk about some specific ways you help your clients get some points added to their credit scores?
- Talk about places where you help you clients find money to close
DPA, gift money from family, borrow against 401k, selling an asset, equity from the sale of a home or cash from a refinance on a home. Cash value in life insurance, and the list goes on and on.
- What advice do you give your clients when they come in for the first time?- don’t change jobs without telling me first and don’t change any form of the way you get paid during the loan process. Don’t add any debt. Don’t open a 12 months same as cash, TALK TO YOUR LOAN OFFICER. We WANT you to get your loan approved at terms that you are out bragging about.
- Talk about financing specific to senior or clients who plan to retire soon.
4th Segment 9:45AM REAL ESTATE TIP OF THE WEEK
- Talk Shoppe offers free networking and education to anyone interested in real estate or business. This Wednesday August 13, 2014 9AM to 10AM The Better Business Bureau of the Mid-South will be showing us “How To Avoid The Latest Business Scams.” 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.
3. The YMCA has their Corporate Games registration deadline on Friday, Aug 15. Companies who want to Play Like a Kid Again and promote their businesses can visit website ycorporategames.org for more information, or contact Shauna Bateman at 901.766.7677.
9:15AM “Brazil” J – Jetfire & Happy Enemies; Ping Pong” – Armin van Buuren (Kryder & Tom Staar Remix) “Zenith” – Dannic
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.