We are in a world of variance. The natural byproduct of variation is deviance, because there is difference where there is variation and therefore a deviational measure. There are two forms of the definition of deviance. One definition is, deviance describes actions or behaviors that violate cultural norms etc... The other is used in statistics and relates to the difference between one variable or a group of variables to another...usually in measuring similar profiles against one another but not limited to that.
I was inspired by a message today from a Christian writer named Dr. James Denison. The message was titled The Noble Peace Prize and the Topic was The Peace of Christmas. Click Here for the link. Every spiritual person in America is not Christian, but all the good religions in the world teach a common good. You see, the humans on Earth come in a large variety of ethnic and culture groups, and the religions of the world come also in a large variety. We may all pass judgment upon our opposite spiritual beliefs, but I believe the deviation between each of the people from one religion to the next measures greater than the all out difference between what teachings each religion teaches from one to the next. Meaning, we the people of the religions make our selves more different by our free will to judge one another than the spiritual text that defines us. Obama has the ability to pioneer a road that has never been traveled, and unless we all join together and make the best of the trip, the road traveled will be bumpy whether it should be or not, and the ability to maximize the hopeful positive outcome if it does turn out good is limited by the negative resistance America's deviance has on it. As a whole, lets not be deviant to eachother and all work positively to a common interest.
Note: What I chose to write about in this blog was not intended to reflect the purpose of the message I was inspired by. It was just an angle of life that has weighed heavy on my mind recently and I took away another meaning in addition to what was shared.
Call for mortgage quote, Brad Lynch-469-450-2723
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Showing posts with label Christian Mortgage Company. Show all posts
Showing posts with label Christian Mortgage Company. Show all posts
Thursday, December 10, 2009
Wednesday, June 10, 2009
Renting a Home vs. Buying a Home...things that make you go, HUH
Here’s a quick note to let you know how I can help you or anyone you feel comfortable introducing me to, in making the decision whether they should stop renting and buy now, or stay where they are at.
If you are like me, you know at least one or two people who are renting an apartment and you have probably wondered, "why do they not own, I know they both or he/she has a decent job." Sometimes there are legitimate reasons for renting, and sometimes people can buy and either don't know they can, or just have put it off for so long, they need a friend or family member to help them bring it back to their consciousness...but most of the time when people find out that in today’s economy they can buy a home for 30 percent less than they could a year or two ago – they get excited!
The next time you’re in a conversation with a friend, family member or neighbor and they mention that they’d love to take advantage of this buyers’ market and buy a home that’s selling for 30 percent less than it may have been selling for a year or two ago, would you stop, take out your cell phone, look up my number (469-450-2723) and call me immediately? I’ll send you our free report, How to Stop Spending Money on Rent and Own a Home Instead, because it will give them all the answers they need now to make a smart decision about what to do next.
If you are like me, you know at least one or two people who are renting an apartment and you have probably wondered, "why do they not own, I know they both or he/she has a decent job." Sometimes there are legitimate reasons for renting, and sometimes people can buy and either don't know they can, or just have put it off for so long, they need a friend or family member to help them bring it back to their consciousness...but most of the time when people find out that in today’s economy they can buy a home for 30 percent less than they could a year or two ago – they get excited!
The next time you’re in a conversation with a friend, family member or neighbor and they mention that they’d love to take advantage of this buyers’ market and buy a home that’s selling for 30 percent less than it may have been selling for a year or two ago, would you stop, take out your cell phone, look up my number (469-450-2723) and call me immediately? I’ll send you our free report, How to Stop Spending Money on Rent and Own a Home Instead, because it will give them all the answers they need now to make a smart decision about what to do next.
Tuesday, December 16, 2008
Builders In House Mortgage Relationships Soon To Be Changed
Builders have been a big problem over the years with dangling incentives for potential buyers to use their affiliated mortgage company. Nothing was more aggervating than to lose a loan after I have been working with a buyer for months, because some builder claims to be giving some sort of incentive to use thier affilated mortgage company. We all know what was going on behind the scenes within the mortgage industry. I have been saying for years that builders need more regulation. Looks like it finally happened.
Ken Harney made note of some changes to come, and said the following.
One of the less-discussed provisions of the Department of Housing and Urban Development's controversial rule on mortgage fees and disclosures is expected to profoundly change lenders' relationships with builders next year.
The rule, which HUD finalized last month after years of revisions, stops, and starts, will overhaul how the Real Estate Settlement Procedures Act is enforced.
Most of the debate about the 86-page rule has focused on the standardized good-faith estimate lenders will have to start providing mortgage applicants in 2010. The industry is expected to spend millions next year preparing for that part of the rule.
Several other provisions will take effect Jan. 16. What many observers called the most significant one would bar builders from offering homebuyers discounts that require them to use an affiliated mortgage, title, or settlement company. The ban will remove a competitive advantage for the joint ventures many builders have with lenders like Wells Fargo & Co., JPMorgan Chase & Co., and Countrywide Financial Corp., now a unit of Bank of America Corp. Some observers said the rule could spell the end of such partnerships.
Also on Jan. 16, lenders will be allowed to charge borrowers the average fee for certain types of settlement services purchased on their behalf, rather than the actual fee the lender paid the service provider. Some consumer advocates said this provision could help lenders skirt other consumer protection laws.
One thing that is clear: a good deal of compliance work lies ahead. "The industry has been digesting this huge, complicated, massive rule, and we're only now coming to the stage of implementation," said Sue Johnson, the president of the Real Estate Services Providers Council Inc.
Mitchel Kider, a managing member at Weiner Brodsky Sidman Kider PC, said builder-affiliated mortgage entities "worked off the synergy that exists" because discounts and incentives are available. "What this rule does is make it difficult from a business perspective to run your operation. It changes the business model of affiliations."
Brian Levy, a senior vice president and general counsel at the $1.5 billion-asset Guaranty Bank in Milwaukee, whose Shelter Mortgage Co. LLC has partnerships with builders, said, "We're going to see less production from that source and lower revenue."
It will be hard to gauge how much of the drop will come from the rule and how much will come from the recession and housing slump, Mr. Levy said. (In October, the most recent month for which data is available, sales of new homes dropped 5.3% from September and 40% from a year earlier, to an annual rate of 433,000, according to the Census Bureau.)
After mid-January, Mr. Levy said, lenders will monitor capture rates - how much of a builder's business their joint ventures get - to measure the rule's effect.
Gina Harris, the president of Builder's Affiliated Mortgage Services, a Tampa correspondent lender, said she expects to gain more business after being shut out from competing for the business of home builders that had ventures with mortgage companies.
"The joint ventures with builders may not be as profitable anymore, and they may decide that they don't want to have them," she said. "And that's probably going to be a decision that the large mortgage companies doing the joint ventures are going to have to make."
Lenders that have mortgage officers working at builders' offices may continue to work with the builders but probably will bring their loan officers in-house as part of their retail staff, Ms. Harris said.
David Stevens, a former executive at Wells and Freddie Mac and now the president and chief operating officer of the Chantilly, Va., real estate brokerage Long & Foster Cos., said the real estate law does not prohibit companies from offering "a bona fide discount," but it must be one that any competitor could match. The problem is when "the only way you get the discount to the home is to use the affiliated business."
At the peak of the housing market, builders typically told customers that they could get $10,000 of upgrades or a bigger lot if they used a mortgage or title company affiliated with the builder, he said. "They basically cross-subsidized it" with revenue from the affiliate.
William Renner, the director of single-family finance at the National Association of Home Builders, said some builder-affiliated mortgage companies may still maintain "fairly high capture rates" next year, because not all builders offered incentives in exchange for using a certain service. But he conceded that the builders with affiliated mortgage companies "would in many cases have to change their marketing agreements."
Debora Blume, a spokeswoman for Wells' home mortgage unit, said many of the builders that have ventures with the lender "do not offer financing incentives, which have actually been a recent phenomenon."
Builders form such ventures because they "want to feel confident their customers are connected with a strong, stable mortgage provider able to make sure deals close on time and meet customers' expectations," Ms. Blume said. "And customers want the convenience of one-stop shopping with mortgage, title, and insurance services under one roof."
The right to charge an average fee at closing for things like credit reports, appraisals, and recordings is meant to make it easier for lenders to adhere to the three-page good-faith estimate they will have to provide beginning in 2010. Under the rule, actual charges at the closing table will not be allowed to exceed 10% of the estimate.
(Lenders currently must provide some sort of good-faith estimate to applicants, but there is no standard form for doing so. Many lenders use a one-page document. Charges at closing can vary widely from the estimate, creating the potential for unpleasant surprises for consumers and making it harder for them to compare loan offers.)
Rebecca Borne, a policy counsel at the Center for Responsible Lending, said settlement fees "are used to calculate the finance charge under the Truth-in-Lending Act and to determine if a loan has 'high-cost' loan status, which often subjects it to more protective standards under federal and many state laws."
Allowing lenders to charge average fees creates the danger that the triggers under those laws will be hit less frequently, Ms. Borne said.
The rule forbids the use of average charges for fees that are based on the loan amount or property value, such as transfer taxes, daily interest, reserves, escrow, and insurance.
Though full Respa reform implementation is more than a year off, some lenders are anticipating the impact of the expanded good-faith estimate, which will include details about whether the interest rate can change, the existence of prepayment penalties, and total closing costs.
The new disclosures "are all going to require extensive systems work, and you have to completely reprogram your settlement systems and up-front disclosure systems, which will affect lenders, third-party service providers, and settlement companies," Mr. Stevens said. "There are definitely costs involved."
Mr. Levy said wholesale lenders are concerned about shouldering the liability of a binding good-faith estimate submitted by mortgage brokers.
Often a borrower will change the details of a loan "as they're headed towards closing" - switching from a fixed rate to an adjustable one, for example, he said.
Whether lenders will be held to their original estimate in such cases is unclear, Mr. Levy said. "Almost every loan on average has a change where it needs to be locked in a second time, and that's normal for a loan to be changed, so would you run the risk that your original GFE is wrong? Will regulators be looking at GFEs and hold ... [lenders] accountable on a compliance issue?"
Ken Harney made note of some changes to come, and said the following.
One of the less-discussed provisions of the Department of Housing and Urban Development's controversial rule on mortgage fees and disclosures is expected to profoundly change lenders' relationships with builders next year.
The rule, which HUD finalized last month after years of revisions, stops, and starts, will overhaul how the Real Estate Settlement Procedures Act is enforced.
Most of the debate about the 86-page rule has focused on the standardized good-faith estimate lenders will have to start providing mortgage applicants in 2010. The industry is expected to spend millions next year preparing for that part of the rule.
Several other provisions will take effect Jan. 16. What many observers called the most significant one would bar builders from offering homebuyers discounts that require them to use an affiliated mortgage, title, or settlement company. The ban will remove a competitive advantage for the joint ventures many builders have with lenders like Wells Fargo & Co., JPMorgan Chase & Co., and Countrywide Financial Corp., now a unit of Bank of America Corp. Some observers said the rule could spell the end of such partnerships.
Also on Jan. 16, lenders will be allowed to charge borrowers the average fee for certain types of settlement services purchased on their behalf, rather than the actual fee the lender paid the service provider. Some consumer advocates said this provision could help lenders skirt other consumer protection laws.
One thing that is clear: a good deal of compliance work lies ahead. "The industry has been digesting this huge, complicated, massive rule, and we're only now coming to the stage of implementation," said Sue Johnson, the president of the Real Estate Services Providers Council Inc.
Mitchel Kider, a managing member at Weiner Brodsky Sidman Kider PC, said builder-affiliated mortgage entities "worked off the synergy that exists" because discounts and incentives are available. "What this rule does is make it difficult from a business perspective to run your operation. It changes the business model of affiliations."
Brian Levy, a senior vice president and general counsel at the $1.5 billion-asset Guaranty Bank in Milwaukee, whose Shelter Mortgage Co. LLC has partnerships with builders, said, "We're going to see less production from that source and lower revenue."
It will be hard to gauge how much of the drop will come from the rule and how much will come from the recession and housing slump, Mr. Levy said. (In October, the most recent month for which data is available, sales of new homes dropped 5.3% from September and 40% from a year earlier, to an annual rate of 433,000, according to the Census Bureau.)
After mid-January, Mr. Levy said, lenders will monitor capture rates - how much of a builder's business their joint ventures get - to measure the rule's effect.
Gina Harris, the president of Builder's Affiliated Mortgage Services, a Tampa correspondent lender, said she expects to gain more business after being shut out from competing for the business of home builders that had ventures with mortgage companies.
"The joint ventures with builders may not be as profitable anymore, and they may decide that they don't want to have them," she said. "And that's probably going to be a decision that the large mortgage companies doing the joint ventures are going to have to make."
Lenders that have mortgage officers working at builders' offices may continue to work with the builders but probably will bring their loan officers in-house as part of their retail staff, Ms. Harris said.
David Stevens, a former executive at Wells and Freddie Mac and now the president and chief operating officer of the Chantilly, Va., real estate brokerage Long & Foster Cos., said the real estate law does not prohibit companies from offering "a bona fide discount," but it must be one that any competitor could match. The problem is when "the only way you get the discount to the home is to use the affiliated business."
At the peak of the housing market, builders typically told customers that they could get $10,000 of upgrades or a bigger lot if they used a mortgage or title company affiliated with the builder, he said. "They basically cross-subsidized it" with revenue from the affiliate.
William Renner, the director of single-family finance at the National Association of Home Builders, said some builder-affiliated mortgage companies may still maintain "fairly high capture rates" next year, because not all builders offered incentives in exchange for using a certain service. But he conceded that the builders with affiliated mortgage companies "would in many cases have to change their marketing agreements."
Debora Blume, a spokeswoman for Wells' home mortgage unit, said many of the builders that have ventures with the lender "do not offer financing incentives, which have actually been a recent phenomenon."
Builders form such ventures because they "want to feel confident their customers are connected with a strong, stable mortgage provider able to make sure deals close on time and meet customers' expectations," Ms. Blume said. "And customers want the convenience of one-stop shopping with mortgage, title, and insurance services under one roof."
The right to charge an average fee at closing for things like credit reports, appraisals, and recordings is meant to make it easier for lenders to adhere to the three-page good-faith estimate they will have to provide beginning in 2010. Under the rule, actual charges at the closing table will not be allowed to exceed 10% of the estimate.
(Lenders currently must provide some sort of good-faith estimate to applicants, but there is no standard form for doing so. Many lenders use a one-page document. Charges at closing can vary widely from the estimate, creating the potential for unpleasant surprises for consumers and making it harder for them to compare loan offers.)
Rebecca Borne, a policy counsel at the Center for Responsible Lending, said settlement fees "are used to calculate the finance charge under the Truth-in-Lending Act and to determine if a loan has 'high-cost' loan status, which often subjects it to more protective standards under federal and many state laws."
Allowing lenders to charge average fees creates the danger that the triggers under those laws will be hit less frequently, Ms. Borne said.
The rule forbids the use of average charges for fees that are based on the loan amount or property value, such as transfer taxes, daily interest, reserves, escrow, and insurance.
Though full Respa reform implementation is more than a year off, some lenders are anticipating the impact of the expanded good-faith estimate, which will include details about whether the interest rate can change, the existence of prepayment penalties, and total closing costs.
The new disclosures "are all going to require extensive systems work, and you have to completely reprogram your settlement systems and up-front disclosure systems, which will affect lenders, third-party service providers, and settlement companies," Mr. Stevens said. "There are definitely costs involved."
Mr. Levy said wholesale lenders are concerned about shouldering the liability of a binding good-faith estimate submitted by mortgage brokers.
Often a borrower will change the details of a loan "as they're headed towards closing" - switching from a fixed rate to an adjustable one, for example, he said.
Whether lenders will be held to their original estimate in such cases is unclear, Mr. Levy said. "Almost every loan on average has a change where it needs to be locked in a second time, and that's normal for a loan to be changed, so would you run the risk that your original GFE is wrong? Will regulators be looking at GFEs and hold ... [lenders] accountable on a compliance issue?"
Thursday, December 11, 2008
Home Investor Group/Club/Networking
During the past couple years as loan programs for investor loans began to diminish, numerous investor clients have called a halt to the hustle and bustle of buying new investment homes and cashing out current ones to buy new ones. In the meanwhile, I can just picture them in my head sitting around twiddling their thumbs and because so many of them are high energy people by nature, I figure they have learned to twiddle thumbs at back breaking speeds...if you know exactly the personality that comes with the "get'r done" type I am familiar with. (:
I would like to get involved in a Home Investor Group or Club and understand that there are some spread out through the DFW. If anyone is familiar with an Investor Club/Group/Networking organization, please let me know so I can refer my "thumb twiddlers" there until they figure out what to do next.
Best wishes to all for the Holidays and may God help play a part in it. Lets keep Christ in Christmas.
I would like to get involved in a Home Investor Group or Club and understand that there are some spread out through the DFW. If anyone is familiar with an Investor Club/Group/Networking organization, please let me know so I can refer my "thumb twiddlers" there until they figure out what to do next.
Best wishes to all for the Holidays and may God help play a part in it. Lets keep Christ in Christmas.
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Testimonials & About Me
- Brad Lynch
- Frisco, Texas, United States
- In 2002, Brad Lynch began energetically consulting families in finding the right mortgage plan for their needs. In the beginning years, he was trained by a mentor who led by example, and this example was the epitome of integrity. Brad learned in the beginning by his mentor that many prospects may not consciously see what good intentions he has for them, do to the “wrap” many have caused w/in this industry, but always do what is right for the customer and in the end it will payoff. Integrity coupled with an energetic nature to nurture relationships, Brad has created clients for life. Through these clients for life, referrals have become the lifeblood of his business.
