HOW TO HAVE A SMOOTH FLIGHT THROUGH THE UPCOMING REAL ESTATE REGULATION TURBULENCE
HIGHLIGHTS FROM TODAY’S PODCAST:
MARKET NEWS
LOOK BACK MEMPHIS TRIVIA CONTEST
QUESTIONS ANSWERED BY JOE ROJAS:
- What are the positives about the upcoming Real Estate Regulations coming effective August 1st, 2015?
- Talk about how the new real estate regulations will affect people trying to get their home sold and closed simultaneously with purchasing and closing on another home?
- Talk about the important of having real estate professionals who know the process on your team.
- What some practices Alliance Title will be implementing to make closing as smooth and on-time as possible after Aug 1st?
___________________________________________________________
QUESTIONS ANSWERED BY JO GARNER:
- What are some of the suggestions you have for homebuyers and homeowners refinancing a mortgage or buying a home to keep the process a smooth one?
- What are some tools that you and Susan already have in place to help your clients and your realtors get as quickly and smoothly through the process as possible?
- What do you see happening in the case of domino-closings?
- Caller asked about if it makes sense to buy a condo for her daughter instead of renting while she is in college. Jo covered three questions to help determine the best decision.
REAL ESTATE TIP OF THE WEEK: (practical, money-saving, time-saving real estate related tip by Joe Rojas
Announcements:
________________________________________________________________
Good morning, Memphis! Good morning across the country on iHeart Radio and BOCI Radio! You’re on the Real Estate Mortgage Shoppe program and I’m your host, Jo Garner, Mortgage Officer with Evolve Bank and Trust. Let’s talk about your real estate or your financing or even your plans for the FUTURE when it comes to buying a home or refinancing. Want to convert bad debt to good debt? Call us on the air at 901 535 WREC 901 535-9732. Today our general topic is “HOW TO HAVE A SMOOTH FLIGHT THROUGH THE UPCOMING REAL ESTATE REGULATION TURBULENCE” Joining us around the table today is Joe Rojas, owner of Alliance Title and Escrow right here in Memphis. Joe Rojas has had MANY years of experience in the mortgage lending and title industries. And a lot of what we learned many years ago is ABOUT TO CHANGE! Joe, please tell our audience a little about yourself and what you do at Alliance Title and Escrow. <Joe Rojas introduces himself and Alliance Title and Escrow—>
(Jo) Today Joe Rojas and I are dressed up in vintage aviator gear. You can see us in the studio converted to a cockpit later on JOGarner.com I look like Phoebe Omlie, the mid-century female stunt pilot and Joe Rojas looks like Charles Lindbergh—well, we KIND OF look like Phoebe and Charles, but take a look and YOU decide what you think.
- I haven’t quite decided what I think about the mortgage market this week, Joe. Mortgage rates started driving upwards this week along with the yields on our bonds. Rates got a little better yesterday and some of the economic gurus are suggesting the investors over-corrected and MIGHT price a little better on Monday. 30YR FIXED – 3.75%; FHA/VA – 3.375-3.5; 15 YEAR FIXED – 3.00-3.125
But the Federal Reserve speech is Wednesday and then pricing on mortgages could head up OR down—who knows yet. MAKE YOUR PLAN, WORK YOUR PLAN, IF THE DEAL WORKS FOR YOU TODAY, DO IT TODAY! Just like making a flight plan, my assistant Susan Belew and I would like very much to go over your numbers with you and see if we can help you convert bad debt to SMART debt or just restructure you financing scenario keep a chunk of your dollars in the bank. Call me at 901 482-0354 or connect with me at JOGarner.com If you want to talk right now, call us at 901 535-WREC.
<Joe Rojas makes comments here—>
(Jo) Not only are Susan and I spending time going over this scenario or THAT scenario for our clients, but we have been studying solutions to the new REAL ESTATE REGULATION storm that is about to hit effective August 1st 2015. If you or someone you know is planning to Buy house or Refinance one anytime on or after August 1st, you and I need to talk. Joe Rojas with Alliance Title and I have studied the new real estate loan and closing procedures and we would like very much to help you fly safely and smoothly through your real estate closing. The government’s Consumer Financial Protection Bureau has purposely designed some delays in order to give consumers more time to consider the numbers, and the risk and advantages of a loan product. It is estimated that a typical 30 day closing with no hiccups will fly through in about 45 days. If the loan has some hiccups or complications , it could take 60 days to close on what would today take less than 30 days. I have some bullet points on things you can do to AVOID hiccups on the loan or closing process. Call me at 901 535-WREC. Let’s talk about his!
<Joe Rojas makes comments>
(Jo) In talking about the upcoming Real Estate Regulation Storm effective August 1st, my assistant and I have a check list that we work from to help you stay on track with what you need to do along the way while your loan is processing. When you get a contract on a house to buy or when you lock the new terms on a refinance mortgage loan you WANT to close, the lender is required to send to you bonfide closing costs and payment statements and some disclosures explaining the loan process. You need to sign those and return them in person or by email to the lender the same day or at least within 48 hours of receiving them. In fact, ANY SUPPORTING DOCUMENTS the lender ask of you, it will be IMPERATIVE that you get them back to the lender in less than 48 hours. Our government has imposed wait times throughout the loan process that, if you wait an extra day or two to get it to the lender, you could be holding up your closing date for WEEKS. NUMBER ONE PRIORITY NOW IS TO GET REQUESTED DOCUMENTS BACK TO THE LENDER WITHIN LESS THAN 48 HOURS The good news if you are working with an EXPERIENCED loan officer, an EXPERIENCED realtor who knows the new process and an experienced closing office like Alliance Title and Escrow and you are getting the lender what they need in LESS than 48 hours, your journey will be a lot smoother than the person who procrastinates. Susan and I would like VERY much to help you through the mortgage process. Call us on the air at 901 535 WREC or directly 901 482-0354 901 482-0354 or connect with me today at JOGarner.com.
(Jo) Joe, what are some ideas you and Alliance Title and Escrow have to help make the journey smoother for clients buying a house or refinancing a mortgage? <Joe launches his topic>
2nd segment after 9:15 break—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 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 WREC 901 535-9732.
1) In 1927, when Charles Lindbergh flew across the Atlantic Ocean, how did he return to America? Aboard the USS MEMPHIS!
2) In 1927, when Charles Lindbergh visited Memphis on his cross country barnstorming tour, what high-rise building in Downtown Memphis did he “buzz” as a promotional stunt? Somewhere on Court St Lincoln-American Tower on Main Street
3) In 1927, what hotel in Downtown Memphis was Charles Lindbergh feted out? The Peabody Hotel
4) One of the most famous female aviators in history, the Air Traffic Control Tower at Memphis International Airport is named for this person? Earhart? Phoebe Omlie – she was also a stunt pilot and one of the first wing walkers in American aviation!
5) What Memphian received a C- on a term paper at Yale for the idea of overnight package delivery by air? Fred Smith
6) Within 1,000 employees, how many employees does FedEx have in the Memphis area? 32,000, and over 300,000 worldwide
7) This famous Memphis architect design the “martini glass” terminal for the Memphis airport? Roy Harrover Roy Harrover
8) In June, 2012 the FAA dedicated a plaque for the first African-American Air Traffic Controller at the Memphis Airport. He was also a Tuskegee Airman. Who is he? Luke Weathers, Jr.
9) What year did the Memphis Airport receive the Memphis International Airport status? 1969
10) What country has the only airport in the world that handles more daily cargo than Memphis International Airport? Hong Kong
11) What year was Memphis Municipal Airport opened? June 14, 1929
Jimmy Ogle gives free walking tours in Downtown Memphis during the Spring and Autumn, with the Spring, 2015 tours with the next Bridge Walk being April 12, then May 17 and the next TUESDAY TOUR being April 14 (Cotton Row). Go to jimmyogle.com for the 2015 Spring season schedule and locations.
Shelby County Courthouse: Third Thursday each month at 12:00 noon – next is Thursday, April 16 and May 21.
QUESTIONS ANSWERED BY JOE ROJAS:
- What are the positives about the upcoming Real Estate Regulations coming effective August 1st, 2015?
- Talk about how the new real estate regulations will affect people trying to get their home sold and closed simultaneously with purchasing and closing on another home?
- Talk about the important of having real estate professionals who know the process on your team.
- What some practices Alliance Title will be implementing to make closing as smooth and on-time as possible after Aug 1st?
___________________________________________________________
QUESTIONS ANSWERED BY JO GARNER:
- What are some of the suggestions you have for homebuyers and homeowners refinancing a mortgage or buying a home to keep the process a smooth one?
- Lenders need to be able to scan documents to youyou’re your signature by email 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
- What are some tools that you and Susan already have in place to help your clients and your realtors get as quickly and smoothly through the process as possible?
- My assistant and I have a calendar for each client’s file. We use this to inform our client and the realtors who serve them when documents are sent for signature and deadline dates for when the supporting documents need to be delivered back to us—the lender. Susan and I have drafted our own disclosure that we go over with our borrowers explaining the calendar and tips on how to streamline the process –for instance by using email instead of snail mail through the postage system. We have tips on the steps to take to delegate some of the support document gathering to third parties like their bankers and certified public accountants and others. Call me and we can talk about how we can specifically help YOU or someone you know about to embark on the mortgage journey. (901) 482-0354 (901) 482-0354 JOGarner.com
- What do you see happening in the case of domino-closings?
- Domino closings are when you are selling your house to Joe Smoe, but Joe Smoe can’t close on buying your house until HIS home is sold. The person contracted to by Joe Smoe’s house can’t close on Joe Smoe’s house until they sell THEIR house and it is like standing dominos up –one next to the other in a line. If one of the houses doesn’t close that day , the ones scheduled to close behind can’t close either. If you were trying to fly from A to B in this scenario, you will definitely need some alternative flight plans in hand in case your house transaction does not get to close right away. You will possibly want to work out alternative plans with moving companies—perhaps having your belongings packed into a pod that can be stored without being unpacked and without tying up a truck for awhile—and there is moving in with you in-laws—maybe we should talk about other options… It is not all bleak though. We are still uncovering sheltering circumstances from the regulatory storm. I am sure we will be able to pull quite a few more solutions out of the hat once we get more and more transactions closed under the new guidelines.
- Caller asked about if it makes sense to buy a condo for her daughter instead of renting while she is in college. Jo covered three questions to help determine the best decision.
- Key questions are 1. Will your daughter be living there for over 2-3 years? 2.
- What does the market look like where she will be buying?
- Compare what she would pay per month in rent for the same set of amenties and what you would get in amenities for buying the house?
REAL ESTATE TIP OF THE WEEK: (practical, money-saving, time-saving real estate related tip by Joe Rojas and Jo Garner . About 1.5 minutes)
Announcements: Talk Shoppe offers free education and networking to anyone interested in real estate or business. This Wednesday April 29TH, 2015 9A-10A the Mastermind Principle based on the book Think and Grow Rich by Napoleon Hill at University of Phoenix 65 Germantown Court 1st floor Cordova, TN 38018. For more information about Talk Shoppe, go to www.TalkShoppe.com
- To hear today’s podcast of the Real Estate Mortgage Shoppe and others, go to JoGarner.com
<when you are going off the air while the music is playing, say, “MAKE YOUR PLAN, WORK YOUR PLAN. IF THE DEAL WORKS FOR YOU TODAY, DO IT TODAY.”
Transitional Music: from soundtrack Chronicles of Narnia –bombing and evacuation of London; Soundtrack from Black Sheep Squadron Intro / Birds of Steel Mix; Charles Lindbergh – A Flight Simulator X Film- Artifice Studio Production; “Memphis” by Johnny Rivers for Look Back Memphis Trivia Contest
- SPECIAL THANKS TO LINCOLN’S COSTUME SHOP 29 Florence St, Memphis, TN 38104
Phone:(901) 726-6084
www.Lincolncostumes.com for costumes for the post-show promo pictures
- SPECIAL THANKS TO ANNETTE GAVIN, MASTERS IN MARKETING GRADUATE FROM UNIVERSITY OF PHOENIX IN MEMPHIS 47gavin@yahoo.com FOR TWEETING AND OTHER MARKETING SPECIALTIES
- Special Thanks To Mark van Stolk, my business coach with Calaveras Coaching and Lise van Stolk, Dutch, German and French language teacher for interpretation of the German background language in the transitional music from Chronicles of Narnia soundtrack and good advice on overall presentation. (also thank you for always being available to offer your wisdom and encouragement too.)
- Thank you Sherry, our awesome, outstanding, creative, multi-tasking producer! Thank you also to the brilliant Brian Jay—technical guru and jack of all trades- all things radio
ABOUT JOE ROJAS:
Alliance Title and Escrow, LLC is a real estate title and closing firm located in Memphis. They are licensed in TN and MS. Liz Cayce and Joe Rojas are partners who started the firm in 2007. They offer competitive pricing, great service, and flexibility. Their motto to great service is Communication. We hope you give Joe and Alliance Title the opportunity to work on your next closing and make your life a little easier.
Joe Rojas, Principal Partner (901) 289-5821 tele office (901) 333-7999 fax is 901 333-7990
ABOUT JO GARNER:
www.JoGarner.com (901) 482 0354 jo@192.232.195.219 @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.BIZ 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 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.