HIGHLIGHTS FROM THE REAL ESTATE MORTGAGE SHOPPE 8-22-15
Welcome! Thank you for connecting to the Real Estate Mortgage Shoppe where we offer solutions to your real estate scenarios. I hope the information on our blog posts gives you something that you can use or that can save you some money.
If you are looking for information or help in areas that do not seem to be covered on this blog posts or my other posts, please feel free to call me at (901) 482-0354 or email me at jo@192.232.195.219 or make comments on Twitter at #JoGarner
MARKET NEWS
LOOK BACK MEMPHIS TRIVIA CONTEST
QUESTIONS ANSWERED BY ATTORNEY MARX STERBCOW-
What are some of the rules that will be put in place and enforced ?
- What specifically are some of the new rules regarding relationships between a lender and realtor or other real estate vendor?
- How will the new integrated regulations affect how long it takes a real estate transaction with a traditional government loan to close?
- How will the new regulations affect someone who would like to get preapproved up to a certain mortgage amount BEFORE they have found a house?
- Why were the new RESPA rules put in place and WHO put them in place?
- Why did the Consumer Financial Protection Bureau create these new rules? What are some of the new guidelines?
Who has to follow these rules and who will enforce them?
When do they go into effect?
How do the new rules affect someone buying or selling a home? How does the new KNOW BEFORE YOU OWE rules affect real estate and lending professionals?
QUESTIONS ANSWERED BY PAT GOLDSTEIN, CRYE-LEIKE:
What advice are you giving your clients to smooth their buying or selling process after the new regulation system is put in place?
QUESTION ANSWERED BY JO GARNER:
- What advice are you giving your clients to make the loan process smoother under the new guidelines?
REAL ESTATE TIP OF THE WEEK:
ANNOUNCEMENTS
____________________________________________________________________Good morning, Memphis! Good morning to those of you listening on internet radio across the 50 states. You’re on the Real Estate Mortgage Shoppe program and I’m your host, Jo Garner, Mortgage Loan Officer. Connect with me by calling me personally at (901) 482-0354 or if it’s more convenient, email me at jo@192.232.195.219 or if you’re on twitter send me your comments or questions to #JoGarner. You can find all kinds of ways to connect with me by going to www.Jogarner.com. If there is any way I can help you solve a problem, or answer a question regarding your real estate or real estate financing contact us in the studio while we are on the air Saturday morning August 29th, 2015 at 901 535-9732 or outside the Memphis area (800) 474-9732. Today’s general topic is going to reach out and touch anyone who is a lender, a realtor, a real estate investor or a homebuyer or seller. “Ask The Expert—How The New Real Estate Lending Guidelines Affect YOU?“
Sitting around the coffee table this morning we have Pat Goldstein, a realtor with Crye-Leike. Pat has accumulated many awards over her 28 years in the real estate business. She has been in meetings with the advisory board for making sure our Tennessee Association of Realtors real estate contracts are updated to work under these upcoming new real estate guidelines we’re about to discuss. . <Pat Goldstein introduces herself and talks about what she does>
On the studio hotline from New Orleans, Lousiana, we are honored to have an attorney who is nationally recognized as being an expert on the new Know Before Your Owe real estate and lending regulations that are about to take place across the country on October 3rd, 2015. Attorney Marx Sterbcow owns and operates the New Orleans based law firm Sterbcow Law Group, Marx Sterbcow, I am honored to have you as my guest on the Real Estate Mortgage Shoppe. Please tell our listeners a little bit about yourself and what you do at the with the Sterbcow Law Group. (Marx introduces himself and what he does)
(Jo) The big regulation changes, we call in the real estate and lending industy, The TILA-RESPA INTEGRATED DISCLOSURES OR TRID RULE that goes into effect for lenders throughout the 50 states on October 3rd, 2015. Lots of changes that is what is coming that will effect realtors, lenders, real estate investors and other homebuyers and sellers. I am an active mortgage loan officer and to be the best loan officer for my clients, who are buying houses or refinancing homes across the 50 states, it is important to watch the mortgage market. Over the last 25 years I’ve observed that the only thing that doesn’t change– is that everything changes. The market has definitely been volatile over the last few days with the Chinese economy in Asia and the Greek situation causing uncertainty in Europe. Our mortgage rates have stayed around the 3.875% to 4% range on the conventional 30 year fixed program. The 15 year conventional rates closed the day in the 3.125% to 3.25% range. These are general rates at market without requiring extra money to buy the rate below market. Lots of different factors like credit scores, loan amount or type affect what specific rate would be quoted. Please call me if you want to find out what terms YOU can get for a loan to buy a primary residence or second home or investment property or what the terms would be on a refinance on your property in the Memphis area are anywhere in the 50 states. But you have to talk with me personally. If you have not talked with me about your loan personally, you are not working with me. I WANT to work with YOU, so call me directly at 901 482-0354, or email me at jo@192.232.195.219 or connect with me at www.JoGarner.com You and I can compare financing scenarios to see which one fits your comfort level and your future plans. MAKE YOUR PLAN. WORK YOUR PLAN. IF THE DEAL WORKS FOR YOU TODAY, DO IT TODAY.
(Jo) Marx Sterbcow, before we go to break, can you begin telling our listeners—Why did the Consumer Financial Protection Bureau create these new rules? What are some of the new guidelines? Who has to follow these rules and who will enforce them? When do they go into effect? How do the new rules affect someone buying or selling a home? How does the new TRID rules affect real estate and lending professionals? (Marx starts launching his topic. We pick up the rest after 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 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.
Our Trivia Question: WHO AM I?
Garner # 59 08/28/15
We do not read all of the trivia—some of this is for blog purposes only.
Memphis Music Hall of Fame
Question: I am long overdue and share an address with two other iconic musical attractions. Who am I?
Hint: I have many “stars” in my galleries.
Hint: I am only four years old, but my members date back almost 90 years.
Hint: My subject is known around the world!
Final Hint: My “sister” museum is located two blocks away near FedExForum.
Answer: 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”.
More than a century ago, music began pouring into Memphis, Tennessee. Musicians of all races and backgrounds came together and, for the love of music, created a sound that changed the cultural complexion of the world forever. America’s music exploded out of Memphis. Today, the Memphis Music hall of Fame honors many of the greatest musicians of all time, who created this city’s musical legacy, and who shook our planet to the core! Each year, deliberations consider musical performers, producers, engineers & studio recording industry professionals, writers, promoters and radio professionals. Being considered are the group or individual’s relationship with Memphis, including the extent of recording projects, musical impact within Memphis, city residency, and exceptional involvement within and/or influences drawn from the Memphis music industry.
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].
Last Week: Elvis Top Ten Trivia!
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 15 (The Great Union Avenue Manhole Cover & History Tour) and the next Bridge Walk being September 20. 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, September 17.
QUESTIONS FOR ATTORNEY MARX STERBCOW:
- What are some of the rules that will be put in place and enforced ?
- What specifically are some of the new rules regarding relationships between a lender and realtor or other real estate vendor?
- How will the new integrated regulations affect how long it takes a real estate transaction with a traditional government loan to close?
- How will the new regulations affect someone who would like to get preapproved up to a certain mortgage amount BEFORE they have found a house?
- Why were the new RESPA rules put in place and WHO put them in place?
- Why did the Consumer Financial Protection Bureau create these new rules? What are some of the new guidelines?
Who has to follow these rules and who will enforce them?
When do they go into effect?
How do the new rules affect someone buying or selling a home? How does the new TRID rules affect real estate and lending professionals?
QUESTIONS ANSWERED BY PAT GOLDSTEIN, CRYE-LEIKE REALTORS-
- What advice are you giving your clients to smooth their buying or selling process after the new regulation system is put in place?
2.
3.
QUESTIONS ANSWERED BY JO GARNER:
- What advice are you giving your clients to make the loan process smoother under the new guidelines?
- 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.
(Jo to briefly go over the solutions to the 4 common barriers)
________________________________________________________________
REAL ESTATE TIP OF THE WEEK: When your loans are in process, get your supporting documents to the lender the same day or in less than 48 hours to cut off time that will be needed due to delays in the mandatory disclosure times as a result of the Know Before You Owe rules.
______________________________________________________________________________
- Jo’s announcements : Jo’s announcements:
- Talk Shoppe offers free education and networking to anyone interested in real estate or in business. Coming up Wednesday September 2nd , 2015 join us. Mary Lou Nowak of Home Helpers presents“Practical and Financial Options For Elderly Loved Ones To Remain In Their Homes.” Talk Shoppe events are free at the The University of Phoenix 65 Germantown Court 1st floor Memphis (across from The Ag Center) 9A to 10A Wednesday. For more information go to TalkShoppe.com This March Memphis Campus is hosting
a complimentary event to give you the resources to do more – Learn
- To hear today’s podcast of the Real Estate Mortgage Shoppe and others, go to JoGarner.com
- ENDING— MAKE YOUR PLAN, WORK YOUR PLAN. IF THE DEAL WORKS FOR YOU TODAY, DO IT TODAY.
- Transitional Music: “Brand New Day” by Sting; “Everything Has Changed” by Taylor Swift;
- “Changes” by David Bowie
- “Memphis” by Johnny Rivers for the Look Back Memphis Trivia contest
- _________________________________________________________________________________
- QUOTE CORNER:
- “You can’t stop the future
You can’t rewind the past
The only way to learn the secret
…is to press play.”
― Jay Asher, Thirteen Reasons Why - “They always say time changes things, but you actually have to change them yourself.”
― Andy Warhol, The Philosophy of Andy Warhol - “Stepping onto a brand-new path is difficult, but not more difficult than remaining in a situation, which is not nurturing to the whole woman.”
― Maya Angelou
_____________________________________________________________
ABOUT ATTORNEY MARX STERBCOW
Marx David Sterbcow
marx@yourrealestatelawyer.com
Toll Free: 877-854-2182
Local: 504-523-4930
Fax: 888-241-6248
1734 Prytania St
New Orleans, Louisiana 70130
Sterbcow Law Group is owned and operated by Marx David Sterbcow, one of the country’s leading RESPA attorneys and Managing Attorney of the New Orleans based law firm Sterbcow Law Group, LLC, a full service real estate and RESPA law firm that focuses its practice on areas of real estate law impacting large local, national, and international real estate development projects, mortgage fraud, RESPA, Truth In Lending Act (TILA), federal and state mortgage lending and consumer credit compliance issues, real estate brokerage programs, affiliated business arrangements, marketing and promotional programs, licensing, commercial financing, and transactional matters. Marx has handled over 400 commercial and residential real estate transactions. He also represents clients in connection with predatory lending, RESPA, TILA, and other administrative enforcement actions.
Mr. Sterbcow is the only attorney in the State of Louisiana to have earned an L.L.M. in Real Estate law from the highly acclaimed John Marshall Law School’s Center for Real Estate Law in Chicago. He is one of fewer than 150 attorneys in the United States to have earned a Master’s Degree in Real Estate Law. Mr. Sterbcow was recently named as one of the top ten people to watch in Louisiana by Southern Woman Magazine and Greater New Orleans Living Magazine and is widely quoted by both local, national and international newspapers and magazines on national real estate industry issues.
New Orleans City Business named Mr. Sterbcow one of the Top Fifty attorneys in Louisiana in 2007. He was also named as one of the “Top 40 Under 40” in the United States Real Estate Industry by October Research Corporatåion’s The Title Report, The Legal Description, Real Estate Technology Insight, RESPA News, Valuation Review, Broker Newswire, and Real Law Central.
In addition, Marx is a frequent speaker on RESPA and was selected by October Research Corporation to be one of six regular contributing attorneys nationwide on the RESPA News’ Question and Answer attorney panel. He was most recently named as an Advisory Board Member by October Research Corporation for The Legal Description and RESPA News publications. He is also on the Board of Directors for the Real Estate Settlement Providers Organization (RESPRO) and serves on RESPRO’s Policy Committee. He was selected as the Legal Expert for the 2007-2008 National Real Estate Licensee & Broker Exams by the Association of Real Estate License Law Officials (ARELLO) to help write and evaluate all test questions for real estate licensees. He has also conducted educational seminars for ARELLO officials from across the country.
Education
L.L.M. ( (Masters Degree of Law), John Marshall Law School’s Center for Real Estate Law, 2002
Lambda Alpha—Honorary Real Estate Economics Society (Kravotil Chapter)
J.D. (Juris Doctorate), Gonzaga University School of Law, 2001
Barbara Helen Perry Scholarship
Phi Delta Phi International Legal Fraternity
Semi-finals: Gonzaga Negotiations Competition & James Gillespie Trial Advocacy Competition
B.A. (Bachelor of Arts), Tulane University, 1995
Sigma Alpha Epsilon
Jurisdictions Admitted to Practice
Louisiana, 2003
United States District Court for the Eastern District of Louisiana
Professional & Bar Association Memberships
New Orleans Bar Association
Committee on Real Property Law
Louisiana State Bar Association
Trust, Estates, Probate and Immovable Law Section
American Bar Association
Real Property, Probate and Trust Law Section:
Planning Board 2005; Section on Hospitality,
Community Recreation and Common Interest Developments.
Committees on Timesharing and Interval Use Law;
Brokers and Brokerage; Hotels,
Resorts and Tourism; Purchase and Sale in 2005; and International Investment in Real Estate in 2004.
Group on Hospitality, Community Recreation and Common Interest Developments;
Committee on Timesharing and Interval Use Law; and International Investment in Real Estate.
Group on Special Investors and Investment Structures.
Section of Litigation: Real Estate and Probate and Leader in Litigation Award.
General Practice, Solo and Small Firm Section: Real Estate Group.
Young Lawyers Section: Real Property, Probate and Trust Law.
Federal Bar Association (FBA)
Real Estate Settlement Procedures Organization (RESPRO)
Board of Directors
Urban Land Institute (ULI)
International Association of Attorneys and Executives in Corporate Real Estate (AECRE)
The Realty Alliance
The Title Alliance
Young Leadership Council (YLC)
Strathmore’s Who’s Who for 2005
American Real Estate and Urban Economics Association (AREUEA)
Lambda Alpha–Honorary Real Estate Economics Society (Kravotil Chapter)
Louisiana Land Title Association (LLTA)
American Trial Lawyers Association (ATLA)
Louisiana Mortgage Lenders Association (LMLA)
National Association of Mortgage Brokers (NAMB)
American Real Estate Society
Fellow
Professional
Louisiana licensed title insurance agent for LandAmerica’s Commonwealth Title Insurance.
Licensed Louisiana Notary.
(Note from Jo Garner—Evolve Bank and Trust uses Marx Sterbcow as RESPA advisor )
ABOUT PAT GOLDSTEIN, REALTOR CRYE-LEIKE, INC· (901) 606-2000
2006 MAAR Realtor Associate of the Year 2005 MAAR Presidential Award Recipient TAR Leadership Graduate Member National Association of Realtors
- Life Member of the Multi-Million Dollar Club. Toastmasters Division Governor CBS (Certified Builder Specialist)
- CRA (Certified Relocation Associate)
- CRS (Certified Residential Specialist)
- GREEN (Green Agent)
- GRI (Graduate, Realtors Institute)
- MMDC (Crye-Leike Multi-Million Dollar Club)
- SRES (Seniors Real Estate Specialist)
- SRS (Seller Representative Specialist)
- Vice-President (Circle of Excellence)
ABOUT JO GARNER-MORTGAGE LOAN OFFICER:
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.com 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,