Thanks to Regina for handling our meeting this morning while Linda is on vacation. She discussed what she learned from the CE class last week about Springfield Twsp. Did you know the population of Springfield Twsp. is 39,755 people? That it covers 16-1/2 square miles, it has 12 neighbor parks plus Winton Woods, that it is in 7 different school districts, it has 3 different business districts, and many different communities within the township. Springfield Twsp is having a township wide open house on Sunday Sept. 20 from 1-4 and asking as many realtors as possible to hold their listings in the township open. They will be wrapping up the event that day at Parky’s Farm in Winton Woods with a free dinner, hayride, gift bags & door prizes.
Chris w/CB Mortgage was here to talk about the new rules that took effect 8/1. A truth in Lending (TIL) must be sent out within 3 business days, borrower is not permitted to close until 7 days after the initial TIL was sent out so that means no closing before 10 days. A new updated TIL must be sent out 3 days before closing if the APR changes more than an 1/8th of a percentage. What can affect the APR? Renegotiations after inspection, changes in purchase price, change in fees such as adding an owners policy of title insurance after initial application or requirement of a second FHA appraisal that have sold within a year. More new changes are coming like lenders will have to notify borrowers of payment changes 60 days before hand on a mortgage, 45 days on a home equity line. Hud is definitely making changes to the condo approval process also.
Before Linda left she put out a training calendar for August. There will be a call nite every Monday evening at 6PM, a twilight training class every Tuesday at 6PM starting Aug. 11, starting Aug. 13 there will be a Frog class every Thursday at 1PM, starting Aug. 14 there will be new agent training at 10AM and if you hold open a house every Sunday in August your name will go in a drawing for a prize.
Wednesday, August 5, 2009
Tuesday, July 28, 2009
Back to Business for August; Listen up!
Greetings All:
We are getting back on track (since knee injury.) August is a critical production month because it sets up business for the remainder of the year. A few things I want to mention for August:
1. Anyone holding at least one open house per week (5 weeks) will be eligible for drawing.
2. Call Nite will be every Monday evening at 6:00 -- the month of August
a. If you have no business – you must commit to being here – use your script books
3. After Tuesday sales meeting (8/11) - we will have ListersLunch – stay tuned for more details – it will be good.
4. Tuesday evening 6:00-7:00 Twilight Training for ALL those unable to attend weekday training/meetings –
a. It is expected you attend if you are unable to attend during the day
5. Every Thursday (8/13 start) at 1:00 we will have FROG Workshop – all are welcome to attend
6. Friday morning (8/14) at 10:00 is NAP – New Agent Training – for all those newly licensed
We have 8 people that will be joining our office as soon as they pass their state examination – pls welcome them.
I appreciate all you do for our office. Please plan on attending August training.
We are getting back on track (since knee injury.) August is a critical production month because it sets up business for the remainder of the year. A few things I want to mention for August:
1. Anyone holding at least one open house per week (5 weeks) will be eligible for drawing.
2. Call Nite will be every Monday evening at 6:00 -- the month of August
a. If you have no business – you must commit to being here – use your script books
3. After Tuesday sales meeting (8/11) - we will have ListersLunch – stay tuned for more details – it will be good.
4. Tuesday evening 6:00-7:00 Twilight Training for ALL those unable to attend weekday training/meetings –
a. It is expected you attend if you are unable to attend during the day
5. Every Thursday (8/13 start) at 1:00 we will have FROG Workshop – all are welcome to attend
6. Friday morning (8/14) at 10:00 is NAP – New Agent Training – for all those newly licensed
We have 8 people that will be joining our office as soon as they pass their state examination – pls welcome them.
I appreciate all you do for our office. Please plan on attending August training.
7/28 Office Meeting Notes
Using your Sixth Sense. The objective is taking care of your senses. We become what we think about. 6 positive sales senses are confidence, achievement, winning & success. 2 of the hardest things to handle are failure & success. There are 9 negative senses, fear, rejection, nervousness, procrastination, reluctance, justification, self doubt, doom and unlucky. If you don’t think you are the greatest agent then you need an attitude adjustment.
Happy birthday to our August birthdays: Al, Linda Tooson and Tim Duncan.
New home sales rose the highest since Nov. 2008. Existing homes rose for the 3rd consecutive month. Most of the credit goes to the first time buyer tax credit. Chuck Barnes (CB Mortgage) thinks that the interest rate will stay stable or maybe go down a little. Housing inventory fell .07% in June. Hopefully housing prices should stabilize by end of the year. First time buyers were 29% of all transactions in June. The first time buyer tax credit is helping with the overall stimulus package.
The best places for you to go for answers to your questions are: cbwswy.blogspot.com which is our office blog. There you will find things discussed at our office meetings, information on the new programs, easy to click on websites of interest, etc. or you could use cbws.com for mortgage info, how to figure title insurance, community guide etc. or use cbworks.coldwellbanker.com to find how to market yourself, do listing presentations, flyers, get statistics, etc.
Jennifer w/Residential Title was here to talk about Bank of America (Countrywide) that will be starting probably in Sept. a new website where you can down load all paperwork for sales on their properties. Right now they are having a 60-70% fall out rate and only 30 to 40% actually go to closing. This new website should help keep the paperwork at their fingertips. She also talked about the new Mortgage disclosure act going in effect. Upon making application a borrower is provided a Truth in Lending statement detailing to the total expected costs that could be incurred over the life of the loan. Should anything change in the loan application that could change the APR by more than .125% a new TIL must be reissued to the borrower a min. of 3 business days before closing. Items impacting the APR could include a borrower accepting a higher interest rate that initially qualified by floating their rate at application, a change to the loan amount, a change in produce, a change in closing date and any changes to fees. You will need to allow for more time in your contracts to close. The usual 30 days is not enough now days. Allow 45-60 days to close. Better to be safe. Also keep in mind that a FHA or VA appraisal is good for 6 months and work orders stick with the appraisal. Even if it goes conventional financing later you still need to disclose the work orders.Please give Chris (CB Mortgage) a chance to help your customer with financing. Call her direct and she will take the loan application personally and follow thru to the very end on that loan. She will get it packaged right so it goes thru.
Happy birthday to our August birthdays: Al, Linda Tooson and Tim Duncan.
New home sales rose the highest since Nov. 2008. Existing homes rose for the 3rd consecutive month. Most of the credit goes to the first time buyer tax credit. Chuck Barnes (CB Mortgage) thinks that the interest rate will stay stable or maybe go down a little. Housing inventory fell .07% in June. Hopefully housing prices should stabilize by end of the year. First time buyers were 29% of all transactions in June. The first time buyer tax credit is helping with the overall stimulus package.
The best places for you to go for answers to your questions are: cbwswy.blogspot.com which is our office blog. There you will find things discussed at our office meetings, information on the new programs, easy to click on websites of interest, etc. or you could use cbws.com for mortgage info, how to figure title insurance, community guide etc. or use cbworks.coldwellbanker.com to find how to market yourself, do listing presentations, flyers, get statistics, etc.
Jennifer w/Residential Title was here to talk about Bank of America (Countrywide) that will be starting probably in Sept. a new website where you can down load all paperwork for sales on their properties. Right now they are having a 60-70% fall out rate and only 30 to 40% actually go to closing. This new website should help keep the paperwork at their fingertips. She also talked about the new Mortgage disclosure act going in effect. Upon making application a borrower is provided a Truth in Lending statement detailing to the total expected costs that could be incurred over the life of the loan. Should anything change in the loan application that could change the APR by more than .125% a new TIL must be reissued to the borrower a min. of 3 business days before closing. Items impacting the APR could include a borrower accepting a higher interest rate that initially qualified by floating their rate at application, a change to the loan amount, a change in produce, a change in closing date and any changes to fees. You will need to allow for more time in your contracts to close. The usual 30 days is not enough now days. Allow 45-60 days to close. Better to be safe. Also keep in mind that a FHA or VA appraisal is good for 6 months and work orders stick with the appraisal. Even if it goes conventional financing later you still need to disclose the work orders.Please give Chris (CB Mortgage) a chance to help your customer with financing. Call her direct and she will take the loan application personally and follow thru to the very end on that loan. She will get it packaged right so it goes thru.
Tim Duncan update
A lot of you have been asking about Tim so I called and talked to both Tim and his wife. He did not have his surgery yet. He was scheduled last week but before they could do it he got an infection which they had to clear up first. They sent him home from the hospital about 10 days ago with a prescription to clear up the infection. When they went to the drug store to fill that prescription it was $2200.00 for a 2 weeks supply. (They since found out that their insurance will cover $1600. of it). He will be taking the last of the prescription this coming weekend and it is looking good that it is clearing up. He goes back to the doctor next week and his wife thinks that if everything is cleared up they will get him in surgery right away before something else happens. Please keep him in your prayers.
Monday, July 20, 2009
Texting to your phone FAQ
I’ve heard from a few people that when they attempt to send a text to themselves to test whether or not the tour/text feature is working that they are receiving either an invalid message or no text message and they are concerned because they assume it’s because they don’t have a “smart” phone. If you’ve gotten a new phone in the past 5 years, the chances are that it is capable of sending and receiving text messages.
If you’re experiencing this problem, first make sure that your cell phone is “text-enabled.” Some people believe that they will never send a text message nor do they wish to pay for any sent to their phones so make sure that feature isn’t blocked on your phone. The next thing to check is to make sure that you checked or clicked the SMS button which activates the texting option when you created your tour (or edited it to activate the texting feature). If after ensuring you’ve done the above and you continue to have problems, please contact me with the tour number and address and we’ll trouble shoot it to see if there is a problem with the system. Our goal is to make sure you understand how to create and distribute the tours so that potential buyers can access tours, send text messages and that you receive the contact information.
Thank you! Have a great week!
rw
Randy Wax Field Marketing
If you’re experiencing this problem, first make sure that your cell phone is “text-enabled.” Some people believe that they will never send a text message nor do they wish to pay for any sent to their phones so make sure that feature isn’t blocked on your phone. The next thing to check is to make sure that you checked or clicked the SMS button which activates the texting option when you created your tour (or edited it to activate the texting feature). If after ensuring you’ve done the above and you continue to have problems, please contact me with the tour number and address and we’ll trouble shoot it to see if there is a problem with the system. Our goal is to make sure you understand how to create and distribute the tours so that potential buyers can access tours, send text messages and that you receive the contact information.
Thank you! Have a great week!
rw
Randy Wax Field Marketing
ProRealtour texting client presentation
This link down loads a Power Point for ProRealtour client texting for listing prenenations
http://www.box.net/shared/ac01xrbylj
http://www.box.net/shared/ac01xrbylj
Saturday, July 18, 2009
Mortgage changes
More Change Coming
It's no secret that many facets of lending and real estate have changed as a result of the credit crisis. In addition to tightened lending practices that resulted from rising mortgage delinquencies, Washington has been heavily involved in altering the way lenders do business today.
Two individual pieces of legislation impacting our business need to be taken into account when determining closing dates for purchase transactions.
Home Valuation Code of Conduct – The Home Valuation Code of Conduct (HVCC) went into effect May 1, 2009. Intended to shield appraisers from undue influence from loan officers and lenders, this legislation installed a "firewall" between those individuals directly involved in the origination of the loan from the selection of and contact with appraisers.
HVCC also requires that borrowers receive a copy of the appraisal a minimum of three days in advance of closing. Part of the kicker here is that "received" is considered, in effect, three business days after the appraisal has been mailed to the borrower.As HVCC requires a firewall between the originator and the appraiser, the time to receive an appraisal has increased, in some cases by as much as two weeks or more. While this may not always be the case, it is important to take into consideration when considering closing dates. Today, conservative closing dates are mandatory to properly manage expectations of all parties.
Housing and Economic Recovery Act – The Housing and Economic Recovery Act (HERA) amends and impacts several aspects of obtaining a mortgage, the disclosures required for borrowers, and the timing of their delivery. This impacts the minimum time required to close, and should any changes be made to a loan application that could impact the Annual Percentage Rate (APR), this could impact the closing date.
Other than paying for a credit report, lenders may not accept any additional fees from a borrower until four business days after disclosures have been provided to or mailed to a borrower. This has the potential to delay several aspects of the application process.
Finally, upon making application, a borrower is provided a Truth in Lending (TIL) statement, detailing the total expected costs that could be incurred over the life of the loan. Should anything change in the loan application that could change the APR by more than .125%, a new TIL must be reissued to the borrower a minimum of 3 business days before closing. Items impacting the APR could include a borrower accepting a higher interest rate than initially qualified by floating their rate at application, a change to the loan amount, a change in product, a change in closing date, and any changes to fees.
What Now? – While there is more we can discuss on the specifics of these legislative implications, I felt it important enough to let you know now that I would not recommend you write purchase contracts with short closing time frames.
We will be preparing additional information you can provide both your buyers and sellers to help explain the rationale behind not scheduling closing dates in advance of 30 days at a minimum and ideally not less than 45 days. We are also preparing a CBOLT session to go over the changes in the next few days. Thank you again for your business and if you have any questions, please pick up the phone and call us.
Sincerely,Chuck Barnes
Regional Sales ManagerMortgage Services
It's no secret that many facets of lending and real estate have changed as a result of the credit crisis. In addition to tightened lending practices that resulted from rising mortgage delinquencies, Washington has been heavily involved in altering the way lenders do business today.
Two individual pieces of legislation impacting our business need to be taken into account when determining closing dates for purchase transactions.
Home Valuation Code of Conduct – The Home Valuation Code of Conduct (HVCC) went into effect May 1, 2009. Intended to shield appraisers from undue influence from loan officers and lenders, this legislation installed a "firewall" between those individuals directly involved in the origination of the loan from the selection of and contact with appraisers.
HVCC also requires that borrowers receive a copy of the appraisal a minimum of three days in advance of closing. Part of the kicker here is that "received" is considered, in effect, three business days after the appraisal has been mailed to the borrower.As HVCC requires a firewall between the originator and the appraiser, the time to receive an appraisal has increased, in some cases by as much as two weeks or more. While this may not always be the case, it is important to take into consideration when considering closing dates. Today, conservative closing dates are mandatory to properly manage expectations of all parties.
Housing and Economic Recovery Act – The Housing and Economic Recovery Act (HERA) amends and impacts several aspects of obtaining a mortgage, the disclosures required for borrowers, and the timing of their delivery. This impacts the minimum time required to close, and should any changes be made to a loan application that could impact the Annual Percentage Rate (APR), this could impact the closing date.
Other than paying for a credit report, lenders may not accept any additional fees from a borrower until four business days after disclosures have been provided to or mailed to a borrower. This has the potential to delay several aspects of the application process.
Finally, upon making application, a borrower is provided a Truth in Lending (TIL) statement, detailing the total expected costs that could be incurred over the life of the loan. Should anything change in the loan application that could change the APR by more than .125%, a new TIL must be reissued to the borrower a minimum of 3 business days before closing. Items impacting the APR could include a borrower accepting a higher interest rate than initially qualified by floating their rate at application, a change to the loan amount, a change in product, a change in closing date, and any changes to fees.
What Now? – While there is more we can discuss on the specifics of these legislative implications, I felt it important enough to let you know now that I would not recommend you write purchase contracts with short closing time frames.
We will be preparing additional information you can provide both your buyers and sellers to help explain the rationale behind not scheduling closing dates in advance of 30 days at a minimum and ideally not less than 45 days. We are also preparing a CBOLT session to go over the changes in the next few days. Thank you again for your business and if you have any questions, please pick up the phone and call us.
Sincerely,Chuck Barnes
Regional Sales ManagerMortgage Services
Invitation for Agents of CBWS Wyoming
Happy Friday Greetings:
You are cordially invited to happy hour with Chris, Chuck and me next Wednesday – July 22nd – 4:00 to 6:00 pm -- Gabby’s Café on Wyoming Avenue. We will have drinks and light appetizers. Hope you can make it!
Linda Wilson
You are cordially invited to happy hour with Chris, Chuck and me next Wednesday – July 22nd – 4:00 to 6:00 pm -- Gabby’s Café on Wyoming Avenue. We will have drinks and light appetizers. Hope you can make it!
Linda Wilson
Thursday, July 16, 2009
7/14 meeting notes
ProRealtour’s lead generation tool is the latest improvement to the virtual tour. This upgrade will enable CBWS agents to provide their clients outstanding virtual tours on the web as well as deliver that experience curbside. With the addition of our texting solution agents will now be able to be notified, either via email or text that someone has inquired about a specific property. This feature enables CBWS agents to quickly follow up with their prospects and qualify their interest. People today expect instant service and agents who do get the sale. Put the tour on your facebook account. Mike will be doing a class after the meeting next week to help answer all the questions you might have in regards to ProRealtour.
Our office lost a lead over the weekend because everyone’s Lead Router was in the red and we were unable to capture that lead. Please check your Lead Router on a regular basis and keep your account in the green.
Someone suggested to Linda that we start our sales meeting at 10AM in the future. After some discussion it was agreed to keep it at 9AM. At 10AM they agreed that it would shoot the day by starting late.
There was some discussion about the shortage of homes in the $120,000-130,000 price range for buyers looking to use the $8000. tax credit. Linda suggested that you call areas of interest for those buyers and ask if people thought about selling their home.
Everyone also needs to be doing open houses to pick up buyers and making those 5 calls a day 5 days a week.
CABR is holding another mock trial on short sales on Thurs. July 16 at the Crossroads at 3500 Madison Rd. Good for 4 hrs of CE credit. Short sale transactions can be confusing to everyone if the process is not understood and explained well. This program is designed to give you the education and tools that you need to understand short sales better. Call board to register. $20. for CABR members/$30. for non-members.
Our office lost a lead over the weekend because everyone’s Lead Router was in the red and we were unable to capture that lead. Please check your Lead Router on a regular basis and keep your account in the green.
Someone suggested to Linda that we start our sales meeting at 10AM in the future. After some discussion it was agreed to keep it at 9AM. At 10AM they agreed that it would shoot the day by starting late.
There was some discussion about the shortage of homes in the $120,000-130,000 price range for buyers looking to use the $8000. tax credit. Linda suggested that you call areas of interest for those buyers and ask if people thought about selling their home.
Everyone also needs to be doing open houses to pick up buyers and making those 5 calls a day 5 days a week.
CABR is holding another mock trial on short sales on Thurs. July 16 at the Crossroads at 3500 Madison Rd. Good for 4 hrs of CE credit. Short sale transactions can be confusing to everyone if the process is not understood and explained well. This program is designed to give you the education and tools that you need to understand short sales better. Call board to register. $20. for CABR members/$30. for non-members.
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