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| Weekly Newsletter | | Wednesday, February 3rd, 2016 |
Groundhog Day
| Well yesterday was Groundhog Day. Hopefully, you are not reliving the same day over and over! But on a serious note, the most important thing is Punxsutawney Phil did NOT see his shadow! "There is no shadow to be cast! An early spring is my forecast. Take your jackets off, you're not going to need them" is the quote from the Groundhog Club emcee. There were several other groundhogs that came to the same conclusion: Shubenacadie Sam in Canada, Staten Island Chuck, and General Beau Lee all concur with Phil. However, there is Milltown Mel, who doesn't agree with his other groundhog family members. According to Mel, there will be six more weeks of winter! Click here for more.
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| FNMA and FHLMC Finalize Rep and Warrants Policies
| Good news from the Federal Housing Finance Agency (FHFA) yesterday, they announced that Fannie Made (FNMA) and Freddie Mac (FHLMC) are changing their loan purchase rules. These changes appear to make it easier for lenders to lend with confidence. Click here to read more.
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| Subprime Loans
| Have you noticed there have been more product choices available lately? I've seen bank statement loans and 1-day out of short sale loans available again. You could say that subprime loans are coming back. While I doubt we will see ALL the products we did before the mortgage collapse, you will see more products being introduced this year. Click here to read more on subprime loans.
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| Flood Insurance
| As you know, on June 22, 2015, the OCC, Federal Reserve, FDIC, and other federal agencies issued the final rule to implement the Biggert-Waters Flood Insurance Reform Act of 2012 and the Homeowners Flood Insurance Affordability Act of 2014 (HFIAA). The Biggert-Waters and the HFIAA amend the Flood Insurance Protection Act of 1973, changing the federal flood insurance regulations that apply to properties that are located in a special flood hazard area. With that said, if you have clients whose home is in a flood zone, they will be required to escrow their flood insurance premiums. This change became effective on January 1, 2016. Click here to read more.
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| Hottest Housing Markets
| I don't know about you, but I love seeing how the housing market is doing and what the best choices available for my borrowers are. So how does California stack up to the rest of the country? It's pretty amazing just how we do! Click here to check it out. You may also be interested in the top 20 safest cities in California.
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| Just for a Chuckle
| I don't know how many of you are fans of Adele, but you have to take a moment to watch (and share with your Realtor Partners) this Hello Realtor parody.
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| NAMB Annual Legislative and Regulatory Conference
| This Conference is important to every originator, mortgage lender, and especially mortgage brokers. We need a large turnout to march on Capitol Hill with an agenda that is good for industry and consumers. No consumer should be forced to pay more for a mortgage simply because of poorly-drafted legislation. The dates are April 09-12, 2016 at the Hyatt Place - Washington, D.C.-National Mall. This is a beautiful, brand new hotel that is convenient to Capitol Hill and federal agencies. Early Bird registration price of $199.00 in effect until February 5th when it increases to $249.00. Make your flight plans and reservations early because this could sell out. You also need to start contacting your member of Congress to get an appointment. Please don't delay, register today. For additional information on this conference, please click here.
For those of you that are considering getting your CMC or CRMS designation, this would be a perfect time to get prepared for the test. There will be a prep class available April 09, 2016, 9:00am to 12:00pm. The cost is $79.00 and can be included with your registration. If you have any questions, please call 972-758-1151 or email namb@namb.org.
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| Upcoming Events
| Silicon Valley Chapter presents How to Create, Enhance, and Profit from your Online Presence on Friday, February 12th from 8:30am-10:00am at Three Flames Restaurant, Banquet Room, 1547 Meridian Avenue, San Jose, CA. Click here to register.
Inland Empire Chapter presents Close More Loans 2016 with DPA! Ann Tramble FHA Direct Endorsement Underwriter from Prospect Mortgage will give you the ins and outs of down payment assistance loans on Wednesday, February 17th from 6:00pm-9:00pm at The Old Spaghetti Factory, 11896 East Foothill Boulevard, Rancho Cucamonga, CA. Click here to register.
San Gabriel Valley Chapter presents Probate Education Seminar on Thursday, February 18th from 8:30am-11:30am at Citrus Valley Association of Realtors, 504 East Route 66, Glendora, CA.
San Francisco Peninsula Chapter presents How Credit Reporting Really Works on Wednesday, February 24th from 4:30pm-7:00pm at Dominic's @ Oyster Point, 360 Oyster Point Boulevard, South San Francisco, CA. Contact Alan Kirth at alank@guaranteemortgage.com or click here to register.
North Bay Chapter presents Credit Education, Know What to Expect - New Scoring Models/DU Policies/Credit Repair on Thursday, February 25th from 11:00am-2:00pm at Petaluma Sheraton, 745 Baywood Drive, Petaluma, CA. Contact Chapter President Rick Reith at rick@amex.net.
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