SAFEST & FASTEST ROUTE FOR HOMEBUYERS, LENDERS & REALTORS –UNDER OCT 3RD ‘KNOW BEFORE YOU OWE TRID REGULATIONS
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MARKET NEWS
LOOK BACK MEMPHIS TRIVIA CONTEST
QUESTIONS ANSWERED BY JOE ROJAS
QUESTIONS ANSWERED BY JO GARNER
REAL ESTATE TIP OF THE WEEK
ANNOUNCEMENTS
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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, about your mortgage needs, by calling me personally at (901) 482-0354 or if it’s more convenient, connect with me by going to www.Jogarner.com. If you have any questions or comments regarding today’s topic call us on the air Saturday September 26th, 2015, call the studio at 901 535-9732 or toll free (800) 474-9732. Follow me on Twitter @JoGarner. Use #JoGarner in your tweets during this live broadcast. Our general today is “SAFEST & FASTEST ROUTE FOR HOMEBUYERS, LENDERS & REALTORS –UNDER OCT 3RD ‘KNOW BEFORE YOU OWE TRID REGULATIONS.”
Joe Rojas, experienced closing title expert and I will be explaining a little about the 3 big sections of the new real estate and lending regulations about to go into effect across America on October 3rd, 2015. I am the first one to tell you, that I am not an expert yet on interpreting the new rules, but my personal team and I have been studying them for months and we are all going to be developing best practices as we move through the changes. Later in the show we want to go over some best practices that YOU the BORROWER can use to make your route to closing on your home loan go as quickly and safely as possible.
Joe Rojas, it’s great having you back on Real Estate Mortgage Shoppe. Tell our listeners a little bit about yourself and what you do on the real estate title side of the industry. <Joe Rojas talks for about a minute or so about himself and what he does in the title industry>
(Jo) Taking just a moment to give our mortgage market news for the week ending September 25th, 2015, investors were tired of staying the safe road and wanted some adventure, moving some the money back into the riskier stock market which affected the bond market a little bit and the prices on mortgage rates—tied to the 10-year bond yield, went up slightly yesterday morning. Conventional 30 year fixed rates are still around 3.875% to 4% no points in most cases, the conventional 15 year came in around the low to mid 3’s. FHA, VA and Rural Housing government loan rates were coming in around the same range. You can still get a jumbo loan –over $417K–fixed for 5 years at 3.875%. MAKE YOUR PLAN. WORK YOUR PLAN. IF THE DEAL WORKS FOR YOU TODAY, DO IT TODAY. Whatever you’re looking for on your mortgage terms for a primary residence, second home or investment property in the Memphis area or in ANY of the 50 states, I would like to work with you personally. But, you have to call me personally after the show at 901 482-0354 or connect with me at www.192.232.195.219 If you are planning on buying a house or refinancing one after October 3rd, 2015—definitely work with real estate professionals who have studied how to navigate the new Know Before You Owe guidelines taking affect across the country. Your realtor, your lender and your closing title agency are three key players that can save you time and money.
<JOE ROJAS COMMENTS – Joe Rojas’ thoughts about the upcoming Real Estate Regulations coming effective October 3rd, 2015
(Jo) Just recapping expounding on what we’ve talked about so far on the new Know Before You Owe real estate and lending guidelines about to take effect October 3rd, 2015
What is TRID Know Before You Owe regs? There are 3 basic categories of TRID Know Before You Owe regulations-One is a tightening of rules regarding business agreements between realtors and lenders, builders and other real estate professionals. For instance, mortgage loan officers are no longer allowed to bring donuts or even small snacks to an open house or model home. The 2nd category prohibits lenders from requiring asset and income documents BEFORE an actual property address has been determined. Call me if you want to talk about this rule because it affects families who want to get firm preapproval letters. The third category involves mandatory wait periods for clients to review documents. These are guidelines created by the Consumer Financial Protection Bureau to force mandatory waiting periods after the initial loan documents have been delivered to the borrower, another wait after the borrower receives the appraisal, and now a 3 business day wait period after the final closing statement is delivered to the borrower from the closing title agent. If you use snail mail for delivery back and forth for these documents you can add SEVERAL days to the mandatory wait time to account for 3 days for the documents to be physically delivered. So scanning the documents and e-signing documents using email can make your loan process faster. If you don’t have an email find a family or friend that will help you create a free email address to use during the loan process . The new TRID –rules affect borrowers buying or refinancing a primary residence in the US. These rules affect real estate professionals too—realtors, lenders, title companies, and more. Joe Rojas, how is the new Know Before You Owe regulations affecting title agencies and what are some things you suggest to make the change easier for your customers?
<Joe launches his topic.>
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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 (901) 754-7474 the Lawhon’s can help you plan your landscaping even if you’re on a budget –even if you have a BIG, BIG project. 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.
Our Trivia Question: WHO AM I?
Garner # 60 09/24/15
Liberty Bowl memorial Stadium
Question: I have witness firsts and lasts on the gridiron. Who am I?
Hint: When I first opened in 1965, my design was called “an inverted, hyperbolic parabloid”.
Hint: Or, I was called a sombrero!
Hint: Memphis was originally in my name.
Final Hint: A part of me is over 100 years old, has been on three different roof tops in Memphis, has electrical moving – and still works!!!!!
Answer: Liberty Bowl Memorial Stadium. Opened as Memphis Memorial Stadium on September 18, 1965 with a football game between Ole Miss and Memphis State University, the stadium has witnessed numerous football games and concerts over the past 50 years. In 1965, the first AutoZone Liberty Bowl game in Memphis was played between Ole Miss and Auburn and the stadium’s name was changed to Liberty Bowl Memorial Stadium in 1977. Legendary Paul “Bear” Bryant coached his last game in the 1982 Liberty Bowl. Two Heisman Trophy winners have played in the Memphis Liberty Bowl game, Doug Flutie of Boston College and Bo Jackson of Auburn.
The Rolling Stones have played two concerts in the Liberty Bowl, as well as Paul McCartney and U2. Although not having a powerhouse football program, the University of Memphis is currently enjoying an eleven game winning streak, the fourth longest current streak in the NCAA. The Tigers are now 4-0 to start the season, the first time since 1961. The stadium seats 61,008 fans.
The 12’ X 14’ metal, lighted flag on the roof of the west Press Box was first displayed in 1907 on the roof of The Commercial Appeal at Second and Court; moved to 495 Union Avenue when the CA moved there; and then donated to the City of Memphis in 1977 for the Liberty Bowl. It has 277 light bulbs (102 red, 112 white and only 45 blue, as the USA had only 45 states in 1907!), and is over 100 years old, has been on three different roof tops in Memphis, has electrical moving – and still works!!!!!
Last Week: 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”.
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].
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 29 (Pinch District) and the next Bridge Walk being October 18. All new this year is the “10-Hour Tour” on Saturday, October 10 stepping off from Beale Street Landing at 10:10am, walking all thorough Downtown Memphis and the Riverfront, then winding up at Westy’s in the Pinch district at 8:00pm! 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, October 22
QUESTIONS ANSWERED BY JOE ROJAS:
- What are the positives about the upcoming Real Estate Regulations coming effective October 3rd, 2015? Already covered in first segment
- 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 you, Joe Rojas, will be implementing to make closing as smooth and on-time as possible after Oct 3rd?
- What about domino closings?
- Scenario on finding and filing release of old lien
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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 on the fast track?
- Lenders need to be able to scan documents to you via email and get your signature electronically also without having 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 an email address everyday and respond immediately.
- 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. If the seller of a home has already had a professional home inspector make a report, then he and the agent probably know fairly well which repairs will be required to be completed by the appraiser when the appraiser goes out. It would be a time-saver if the seller already knows what repairs he will pay to have done before the closing. Unfortunately, what happens a lot today is that the buyer turns in a contract, locks their mortgage terms, then waits 3 or 4 days for a professional home inspector to inspect the property and then, once the report is in, they call me at the mortgage office and put the appraiser on hold for a week or more until they can decide who is going to pay for which repairs. If possible this needs to be worked out at the beginning of the process.
- If the buyer, later in the loan process, decides to pay 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 should 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 and sometimes Saturdays) 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. This can shorten the time it takes to get required documentation into the file –even if our borrower is out of town on a business trip or on vacation. 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 are your personal thoughts about the regulation changes?
I think about some back-to-basics business practices I have learned over the years. One of those lessons learned was how to deal with challenges. Kind of like a surprise rain storm coming across the river straight for your outdoor wedding party. You try and view every aspect of the challenge, examining it from all sides—why are we experiencing the challenge, who does it affect, how does it affect me and my clients, what can I do to get positive results—working through various components of the challenge or avoiding the challenge altogether. Here’s where I see my clients –homebuyers or refinancing borrowers with the new Know Before You Owe TRID regulations—we can’t AVOID the new regulations, but we can do things like using electronic delivery of documents and signatures instead of snail mail that can eliminate a significant number of mandatory days that you would otherwise have to wait before proceeding to the next step in the loan process. You can also use every tool available to be able to get supporting documents back to the lender within 24 to 48 hours. Once we get accustomed to working with the new regulations, lenders across the country will be discovering and implementing new best practices to making the process smoother.
REAL ESTATE TIP OF THE WEEK: (Joe Rojas offers a practical, time-saving, money-saving tip)
Announcements: Talk Shoppe offers free education and networking to anyone interested in real estate or business. This Wednesday September 30th, 2015 Talk Shoppe will hold their monthly Mastermind Principle-based on the book Think and Grow Rich by Napoleon Hill. Come prepared to give and receive ideas, resources, referrals and encouragement from fellow business people in a small group. Talk Shoppe meets at the 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
Thank you to Nick Barnes of Test Video Studios, a free-lance videographer who specializes in editing and consumer level online broadcasting. Contact Nick at testvideostudios@gmail.com
“MAKE YOUR PLAN, WORK YOUR PLAN. IF THE DEAL WORKS FOR YOU TODAY, DO IT TODAY.”
QUOTE CORNER:
“Adventure is worthwhile in itself.” – Amelia Earhart
“Our happiest moments as tourists always seem to come when we stumble upon one thing while in pursuit of something else.” – Lawrence Block
“Kilometers are shorter than miles. Save gas, take your next trip in kilometers.” – George Carlin
“Stop worrying about the potholes in the road and celebrate the journey.” – Fitzhugh Mullan
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Transitional Music: “Route 66” by John Mayer; “Convoy” by McCall; “ On My Way” Phil Collins; “Memphis” Johnny Rivers for Look Back Trivia Contest
Nick Barnes-Videographer
Test Video Studios is a freelance videography studio that specializes in editing and consumer level online broadcasting. Test Video Studios also provides editing services for the local videography business, Storytellers. email is testvideostudios@gmail
ABOUT JOE ROJAS, CLOSING TITLE SPECIALIST
(901) 289-5821
Joe Rojas has been in the title company business for over 15 years and has helped hundreds of clients have a smooth closing over the years.
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ABOUT JO GARNER:
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.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.
PHOTO GALLERY 9-26-15