Starting January 1, 2010, the Real estate and Mortgage industry is going to find themselves struggling to digest a new good faith estimate and HUD 1 (closing statement) system. There are three pieces of legislation involved.
1. HOEPA --Home Ownership and Equity Protection Act.
2. HERA -Housing and Economic Recovery Act.
3. SAFE--Secure and Fair Enforcement for Mortgage Licensing ActLater I will address in detail some of changes. In the meantime, here are some of the bullet points.
We as mortgage lenders cannot collect any fees other than credit report fees until the borrower has received their initial disclosures. ( We don't collect the credit report fee up front and we will of course do our best to keep this from impeding loan approval)
No borrower may close until seven business days have passed from receipt of those disclosures.
The homebuyer must receive a copy of the appraisal at least three business days prior to closing. (this can be waived)
The homebuyer must receive a revised Truth in Lending disclosure at least three business days before closing.
An increase of more than .125% in the APR can delay the closing. Unlocked rate, change in loan amount, product change, rate re-lock, change in closing date or changes to fees, inclusive of settlement agent fees are items effecting the APR.
Consumers will have easy access to loan originator's history .
This is not all. So you can see that with all these new things to worry about, it is more important than ever to go to reputable lenders like George's team at MIG so that closings are not delayed.
Thursday, December 17, 2009
Wednesday, December 9, 2009
Planning for 2010
A number of years ago I created and taught a course called "Taking Control of Your Time and Your Life." It was a time management/life management/financial planning/motivational program. I taught one- and two- day versions of the program and often did shorter keynote type addresses to different groups on the content from the course.
I came across this piece recently and it is still great advice, no matter what market conditions exist. Annual business planning should be done in the context of your life plan.
Now is the time to begin the thought process which will lead you through a successful 2010, in both your business and your personal life. It is important to realize that any year is just part of a much bigger picture. Do not short change yourself when it comes to the planning process.
The sooner you begin to think about the process the better, and the less time it will actually take to commit your plans to writing and move into implementation. Give yourself the time you need to plan. Make it a priority. Planning is essential to success. This has been said many ways and two of my favorites are:
"If you don't know where you are going, any road will take you there."
"Not having a plan is planning to fail."
The week between Christmas and New Years Day works well as a planning period for me. Things are usually slow that week and I have time to reflect on the past year while I plan for the New Year.
Planning will give you your best shot at success. Success means different things to different people, so begin your planning process by broadly defining what success means to you and giving thought to your vision of a successful 2010. To some, success will be more income; to others it will be more time spent with family and friends; to others a combination of the two...and to others...well, who knows.
Defining what success is for you and prioritizing your goals requires an examination of your values. How important are the following to you?
· Family
· Charity
· Helping others (Money)
· Helping Others (Deeds)
· Spirituality/Religion
· Wealth and Material Possessions
· Education· Self-improvement
· Security
· Happiness
Planning for the future must be done in the context of the future. You can't effectively plan for the future from the present.
You must first step out "into the future" by developing your vision of the future, and then, "from the future," you will be able to plan your way to THAT future, from the present.
Make sense? Just as we all have 20/20 hindsight and can see the important steps that led to success from our past, those important steps to insure success in the present can be more clearly viewed "from the future."
When considering what you will do each day...as you prioritize your daily tasks, keep in mind that time is a precious commodity, and none of us has enough of it. What you do today must help you achieve what you want to have achieved by the end of the week...and the end of the month...and the end of the year...and each year's accomplishments should contribute to where you want to be in five years, ten years, and ultimately your lifetime.
Your daily decisions should be made with the bigger picture in mind. You need to determine the "long range" as it will have an impact on the choices you make today.
One way we measure our success is by the accomplishment of our goals. Goals give us direction. It is important to set goals. A mistake made by many is setting goals too low. Human beings are capable of great accomplishment; don't sell yourself short. As Bing Crosby sang in the musical A Connecticut Yankee in King Arthur's Court:
"There's nothing to be ashamed of, if you stub your toe on the moon.
" To be effective, goals must be:
1. Written - This will begin the process of making the goal "real." Place your goals in front of you daily.
2. Specific - Specificity will allow you to focus your intent...a key ingredient to success.
3. Measurable - This will help keep the goal "real."
4. Valued - Based on what is important to you, this will allow for the prioritization of your goals.
5. Shared - This will help create the commitment needed to accomplish even the loftiest goal.
Commitment is the secret ingredient. As human beings we are capable of accomplishing whatever we determine is important enough for us to accomplish. Choose your goals and commit to them wisely...because once you truly commit, the accomplishment will follow.
As for your real estate business:
Begin with the dollar amount you wish to earn in 2010. Calculate your average dollar earned per transaction in 2009. Calculate the number of transaction sides required to hit your dollar earned goal for 2010. Based on past experience, determine the number of contacts and calls required to hit your number. Make sure you make that number of contacts, at a minimum, each day.
Think about your goal each day.
It's a grind, but the road to success is usually a grind. Doing what you like to do makes it easier, but there is still a lot of "grunt work" along the way.
By Saul Klein
If you know someone in the market for a new home at the great terms available today please give them my number 777-home (4663) or e-mail george.margrave@migonline.com and we will take care of it.
I came across this piece recently and it is still great advice, no matter what market conditions exist. Annual business planning should be done in the context of your life plan.
Now is the time to begin the thought process which will lead you through a successful 2010, in both your business and your personal life. It is important to realize that any year is just part of a much bigger picture. Do not short change yourself when it comes to the planning process.
The sooner you begin to think about the process the better, and the less time it will actually take to commit your plans to writing and move into implementation. Give yourself the time you need to plan. Make it a priority. Planning is essential to success. This has been said many ways and two of my favorites are:
"If you don't know where you are going, any road will take you there."
"Not having a plan is planning to fail."
The week between Christmas and New Years Day works well as a planning period for me. Things are usually slow that week and I have time to reflect on the past year while I plan for the New Year.
Planning will give you your best shot at success. Success means different things to different people, so begin your planning process by broadly defining what success means to you and giving thought to your vision of a successful 2010. To some, success will be more income; to others it will be more time spent with family and friends; to others a combination of the two...and to others...well, who knows.
Defining what success is for you and prioritizing your goals requires an examination of your values. How important are the following to you?
· Family
· Charity
· Helping others (Money)
· Helping Others (Deeds)
· Spirituality/Religion
· Wealth and Material Possessions
· Education· Self-improvement
· Security
· Happiness
Planning for the future must be done in the context of the future. You can't effectively plan for the future from the present.
You must first step out "into the future" by developing your vision of the future, and then, "from the future," you will be able to plan your way to THAT future, from the present.
Make sense? Just as we all have 20/20 hindsight and can see the important steps that led to success from our past, those important steps to insure success in the present can be more clearly viewed "from the future."
When considering what you will do each day...as you prioritize your daily tasks, keep in mind that time is a precious commodity, and none of us has enough of it. What you do today must help you achieve what you want to have achieved by the end of the week...and the end of the month...and the end of the year...and each year's accomplishments should contribute to where you want to be in five years, ten years, and ultimately your lifetime.
Your daily decisions should be made with the bigger picture in mind. You need to determine the "long range" as it will have an impact on the choices you make today.
One way we measure our success is by the accomplishment of our goals. Goals give us direction. It is important to set goals. A mistake made by many is setting goals too low. Human beings are capable of great accomplishment; don't sell yourself short. As Bing Crosby sang in the musical A Connecticut Yankee in King Arthur's Court:
"There's nothing to be ashamed of, if you stub your toe on the moon.
" To be effective, goals must be:
1. Written - This will begin the process of making the goal "real." Place your goals in front of you daily.
2. Specific - Specificity will allow you to focus your intent...a key ingredient to success.
3. Measurable - This will help keep the goal "real."
4. Valued - Based on what is important to you, this will allow for the prioritization of your goals.
5. Shared - This will help create the commitment needed to accomplish even the loftiest goal.
Commitment is the secret ingredient. As human beings we are capable of accomplishing whatever we determine is important enough for us to accomplish. Choose your goals and commit to them wisely...because once you truly commit, the accomplishment will follow.
As for your real estate business:
Begin with the dollar amount you wish to earn in 2010. Calculate your average dollar earned per transaction in 2009. Calculate the number of transaction sides required to hit your dollar earned goal for 2010. Based on past experience, determine the number of contacts and calls required to hit your number. Make sure you make that number of contacts, at a minimum, each day.
Think about your goal each day.
It's a grind, but the road to success is usually a grind. Doing what you like to do makes it easier, but there is still a lot of "grunt work" along the way.
By Saul Klein
If you know someone in the market for a new home at the great terms available today please give them my number 777-home (4663) or e-mail george.margrave@migonline.com and we will take care of it.
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