Jan 16, 2009

Industry Clean-Up, Part 2

Even More!

Hello Neighbors,

More good news. This cleanup announcement is intended to help revise mortgage lending.

This note just in from our friend Jeff at Comstock Mortgage:

Here is an announcement from the Federal Housing Finance Board (Fannie and Freddie’s Regulator). Starting January 1, 2010 requiring at the loan level both agencies to obtain information on the originator (both at the loan officer level as well as the company level), appraiser and appraising supervisor. This will go a long way to quickly identifying those “bad apples” in our business and allow the tracking of delinquency and loan quality at the originator level both company and individual loan officers/consultants as well as appraisal issues. While it will not be required until January 1, 2010 I would expect to see implementation by Q4 of this year.

Thanks for sharing Jeff.

- Jim


Industry Clean-Up, Part 1


Hello Neighbors,

More cleanup activities in the works. This time, Title Company changes. This just in from our friend Eden at Stewart Title:

As you may know Governor Arnold Schwarzenegger recently signed into law legislation that gives the Department of Insurance significant new power to regulate practices in the title insurance industry, including the first program in the country to register and regulate sales representatives. This legislation will have a dramatic affect on how business will be done in the future. As part of the SB-133 regulations, we are no longer able to distribute foreclosure data. As of January 1st, 2009 we will be unable to provide you with the Notice of Default, Trustee Sales, and REO information.

The premise of new regulations such as SB133 has always revolved around consumer protection. More importantly, it creates an environment of choice based on Service, Knowledge and Experience. The Real Estate Industry will continue to go through changes…Together, we will get through them.

Those of us still doing this business well, WELCOME the changes and the continued increase in regulation.

There is nothing more heartbreaking than hearing the stories we do about foreclosure, bad loans, and families falling apart from financial stress.

Thanks for sharing Eden.

- Jim


Jan 14, 2009

Bay Area - See You on January 22nd

Hello new Neighbors,

Neighborly Realty has been asked to present to a company in the Bay Area on the 22nd of January. This company is going through a large relocation effort, and will be moving folks from the Bay Area to the Placer County and Sacramento County Areas.

We are honored to be asked, and will do our very best to help you all with this transition.

PLEASE feel free to email or call if you have any questions. We are hear to help. We've been in your positions too - in our corporate (pre real estate) careers. We sympathize, and will do our very best to get you the information you need - as quickly as you need.

We are clients of your company. We've been members since 1992. You've served us well over the last 17 years, and we would like to repay you by doing our very best to help your families.

We look forward to our sessions on the 22nd, and thank you again for this opportunity to help,

- Jim


Wonderful Neighborly News !!

Hello Neighbors,

VERY good news to share, and wonderfully exciting – a fine young lady has joined the Neighborly Realty Team!

Her name is Denise Fogel.

Denise comes to us with tons of experience. She had done commercial, residential, BPOs, REO listings, and a wide variety of real estate activities. She is an investor too, which we like! More importantly – she’s into old cars. The perfect Neighborly fit!

Denise is absolutely "service" oriented, and very much into this business for the right reasons. We are thrilled to have her on board - and promise to do everything we can to help her grow her business.

Please welcome Denise to the team. Wee are very happy (and proud) to have her in the Neighborly Family!

- Jim


Jan 2, 2009

How to Buy with "Nothing Down"

Hello Neighbors,

I just dug up an old email from September / October. It's from a lender partner of ours with some very good insight.

He was asked to come up with the remaining ways to buy with nothing down. His list is below.

Keep in mind that this segment of the market is changing so rapidly that we can't keep up! The consumer has to be a diligent shopper to watch what is best for themselves. Here's the list:

CalPERS FHA 97% with 3% member Personal Loan
CalPers Conventional 95% w/5% Member Personal Loan
FHA w/Neighborworks proprietary $10,000 2nd
FHA w/Neighborworks CalHome
FHA w/ SAR HELP program
Conventional w/Neighborworks CalHome
FHA w/SHRA CalHome
Conventional w/SHRA CalHome
FHA w/SHRA Target Area Homebuyer Program
FHA w/CalHFA CHDAP Program
Conventional CalHFA w/CHAP & CHDAP
FHA w/Gift Funds
FHA w/401K loan
Access Conventional (reduced to 7%) w/CalHFA CHDAP
FHA w/NHF 1st House Grant
FHA w/NHF 1st House 2nd Loan
USDA Rural Housing
FHA w/Employer Assisted Housing Program
Numerous city programs i.e. West Sacramento, Citrus Heights, Rocklin, Roseville, etc.

The funding on some of these programs is intermittent. Not all of them have funding right at this time. They all have restrictions. some are based on income, geographic locations, 1st time buyer status, employers, and other things.

MANY sincere thanks to Jeff for putting this list together.

- Jim