David Saks: The Career Institute Weekly Newsletter From My Friend Jim Gibbs

David Saks - Real Estate Broker - The Real Estate Mart of Tennessee, Inc. - 4040 North Watkins-Suite #4 - Memphis, Tennessee 38127 - Phone (901) 357-4663

The Career Institute Weekly Newsletter From My Friend Jim Gibbs

 

WEEKLY  NEWSLETTER     

Monday, October 27, 2014

Realtors Say QRM Rule Will Provide Clarity in Housing Finance Market

NAR applauds the Federal Deposit Insurance Corporation for finalizing the Qualified Residential Mortgage rule today, which includes a broad definition of QRM and aligns with the Qualified Mortgage standard implemented earlier this year.
 
“Realtors® are confident that the new QRM rule will encourage sound and financially prudent mortgage financing by lenders while also ensuring responsible homebuyers have access to safe and affordable credit. The synchronization with the QM rule will provide lenders with much needed clarity and consistency as they apply the new standards to loan applications while also providing a framework to bring more competition to the secondary mortgage market.
 
“The new QRM rule is a healthy step towards a more robust securities market that will reduce the government’s footprint and creates more opportunities for private capital to participate.
 
“Importantly, the final rule relies on sound and responsible underwriting rather than on an onerous downpayment requirement to qualify as a QRM loan. NAR strongly opposed earlier versions of the rule that included 20 and 30 percent downpayment requirements, which would have denied millions of Americans access to the lowest cost and safest mortgages.
 
To mobilize against the proposed QRM rules that would have excluded credit-worthy Americans from the housing market, NAR forged the broad-based Coalition for Sensible Housing Policy, a partnership of approximately 50 consumer organizations, civil rights groups, lenders and real estate professionals united in their opposition to high downpayment requirements.
 
“The QRM rule is a win-win for consumers, Realtors® and the housing finance industry. NAR thanks U.S. Sens. Johnny Isakson, R-Ga., Kay Hagan, D-N.C., and Mary Landrieu, D-La., for their work to craft an effective QRM rule that supports middle-class families and the housing recovery. We look forward to working with regulators and industry stakeholders on the implementation of the new risk-retention standards.


About That FHA Prepayment Penalty
News that FHA will eliminate a prepayment penalty starting next year has been widely reported. It’s a move NAR has been seeking for some time because it will relieve borrowers of a financial hit that’s entirely out of their control and also bring the agency’s policies in line with other federal agencies that backstop mortgages. Perhaps most importantly, it will align the agency’s policies with the qualified mortgage rule (QRM), which defines what the federal government considers a safe home mortgage loan.

What’s being eliminated is an interest-rate charge. For FHA borrowers that pay off their mortgage before the end of the month, the lender is allowed to charge to the borrower the interest rate costs on the loan from the day the loan is retired until the last day of the month. So, if a borrower paid off the loan on Sept. 10, the penalty would be 20 days of interest payments. That can be hundreds of dollars. Once the change takes effect, on Jan. 21, 2015, lenders will no longer be able to apply that interest charge to the borrower.
 
NAR continues to work with FHA on other matters. A big point right now is getting some improvement in FHA’s policies on condominium financing. It’s too difficult for many condo projects to get the stamp of approval that’s needed for people who want to buy a unit in the project to get FHA financing.

Refinance Applications Increase in Latest MBA Weekly Survey

Mortgage applications increased 11.6 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending October 17, 2014.  This week’s results did not include an adjustment for the Columbus Day holiday.

The Market Composite Index, a measure of mortgage loan application volume, increased 11.6 percent on a seasonally adjusted basis from one week earlier.  On an unadjusted basis, the Index increased 12 percent compared with the previous week.  The Refinance Index increased 23 percent from the previous week to the highest level since November 2013.  The seasonally adjusted Purchase Index decreased 5 percent from one week earlier.  The unadjusted Purchase Index decreased 5 percent compared with the previous week and was 9 percent lower than the same week one year ago.

“Continuing concerns about weak economic growth in Europe and a few US economic indicators that came in below expectations caused a flight to quality into US Treasuries last week, leading to sharp drops in interest rates,” said Mike Fratantoni, MBA’s Chief Economist.  “Mortgage rates have fallen close to 30 basis points over the last four weeks.  Refinance application volume reached the highest level since November 2013 as a result, and the average loan balance for refinance applications increased to $306,400, the highest level in the survey’s history.”

The refinance share of mortgage activity increased to 65 percent of total applications, the highest level since December 2013, from 59 percent the previous week.  The adjustable-rate mortgage (ARM) share of activity increased to 9.4 percent of total applications, the highest level since June 2008.

The FHA share of total applications decreased from 9.5 percent last week to 8.3 percent this week.  The VA share of total applications increased from 8.8 percent last week to 9.6 percent this week.  The USDA share of total applications fell from 1.0 percent last week to 0.8 percent this week.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,000 or less) decreased to 4.10 percent, the lowest level since May 2013, from 4.20 percent, with points increasing to 0.21 from  0.17 (including the origination fee) for 80 percent loan-to-value ratio (LTV) loans.  The effective rate decreased from last week.

The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $417,000) decreased to 4.03 percent, the lowest level since May 2013, from 4.14 percent, with points increasing to 0.20 from 0.10 (including the origination fee) for 80 percent LTV loans.  The effective rate decreased from last week.

The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA decreased to 3.81 percent, the lowest level since June 2013, from 3.90 percent, with points decreasing to 0.07 from 0.08 (including the origination fee) for 80 percent LTV loans.  The effective rate decreased from last week.

The average contract interest rate for 15-year fixed-rate mortgages decreased to 3.28 percent, the lowest level since May 2013, from 3.41 percent, with points decreasing to 0.22 from 0.28 (including the origination fee) for 80 percent LTV loans. The effective rate decreased from last week.

The average contract interest rate for 5/1 ARMs decreased to 2.94 percent, the lowest level since June 2013, from 3.05 percent, with points decreasing to 0.37 from 0.38 (including the origination fee) for 80 percent LTV loans.  The effective rate decreased from last week.

If you would like to purchase a subscription of MBA’s Weekly Applications Survey, please visit www.mba.org/WeeklyApps, contact mbaresearch@mba.org or click here.

The survey covers over 75 percent of all U.S. retail residential mortgage applications, and has been conducted weekly since 1990.  Respondents include mortgage bankers, commercial banks and thrifts.  Base period and value for all indexes is March 16, 1990=100.


The Career Institute Correspondence Courses
4  CREDITS $29.95
NICE DIPLOMAS - TREC PAPER WORK - PLUS TRANSCRIPTS UPON REQUEST
 3542   PROPERTY MANAGEMENT AND RISK MANAGEMENT             4 HOURS CE
 3543  INTRODUCTION TO COMMERCIAL REAL ESTATE SALES  4 HOURS CE
 3544  REAL ESTATE FINANCE TODAY  4 HOURS CE
 3545  RED FLAGS PROPERTY INSPECTION GUIDE  4 HOURS CE
 3546  FAIR HOUSING  4 HOURS CE
 3547  ENVIRONMENTAL ISSUES IN YOUR REAL ESTATE PRACTICE  4 HOURS CE
 3548  DIVERSITY & DOING BUSINESS  4 HOURS CE
 3549  RISK MANAGEMENT  4 HOURS CE
 3550  BUYER REPRESENTATION IN REAL ESTATE  4 HOURS CE
 3551  CLIENT ADVOCACY IN THE NEW MARKETPLACE  4 HOURS CE
 3757  R E & TAXES, WHAT EVERY AGENT SHOULD KNOW  4 HOURS CE
 7036  TREC CORE 2013 - 2014  (Required Course)  6 HOURS CE
 4427  ETHICS & PROFESSIONAL CONDUCT  4 HOURS CE
 4537  PROPERTY DISCLOSURES  4 HOURS CE
 

    PLEASE TELL US WHICH COURSES YOU ARE ORDERING
   YOUR NAME (As on your license) YOUR LICENSE NUMBER
YOUR MAILING ADDRESS and YOUR EMAIL ADDRESS

Four Course Package
16-18 hrs $99.95

*30 HOURS $149.95  --  **60 HOURS $285.
AFFORDABLE WAY TO COMPLETE BROKER REQUIREMENTS
WITHOUT LEAVING YOUR OFFICE!!!
 4428  ADVANCED TECHNOLOGY IN REAL ESTATE*  30 HOURS CE
 4507  PROFESSIONAL PROPERTY MANAGEMENT**  60 HOURS CE
 4536  PRACTICAL REAL ESTATE CALCULATIONS    6 HOURS CE
 5445  INSIDE COMMERCIAL REAL ESTATE    (NEW !!!!)  30 HOURS CE
   

Shopping Cart

*60 Hr. Pre-Licensing $285 --  ***30 Hr. New Affiliate  Only $129.95.
NOW BY CORRESPONDENCE
 4425  REAL ESTATE PRACTICES & PRINCIPLES*  60 Hrs. Pre/Lic
 3755  COURSE FOR NEW AFFILIATES***  30 Hrs. Pre/Lic
 4442  BROKER OFFICE MANAGEMENTRequired Course  30 Hrs. Pre/Lic
   

Shopping Cart

ALL COURSES ARE FULLY ACCREDITED BY THE TREC

We accept all major credit cards. Our shopping cart is hosted by PayPal, the worlds largest and most secure online method of handling payments.  It is not necessary to join PayPal as they are just like any other credit card processing company.


PayPal. PayPal is without a doubt the most popular method of making payments online. They will allow you to use a credit card or debit a checking account. PayPal conceals all of your credit and banking information from the seller (me) and the rest of the world. I only see your name, email and mailing address. If you wish to join PayPal, click the link below and follow the directions.

If for any reason you feel uncomfortable entering your credit card information online, CALL ME (615-494-5100) and I'll take it over the phone.

 

Search TREC  ------ Education Records
The following  link is to the State of Tennessee Real Estate Commission license records for brokers & affiliate brokers. Select Real Estate Broker/Affil. The best way to search is by your license number. Once located, then click the button "Check continuing Education"

CLICK HERE FOR TREC LICENSE SEARCH
 

Questions? ------ call me   615-494-5100

Career Institute  TREC #1293
Jim Gibbs, School Director/Instructor

Phone: 1-615-494-5100 (ANYTIME)
email: jimgibbs@careerinstitute.us

 

60 Hour Correspondence Course Available

 Several states require property managers to obtain a special real estate license to practice. While Tennessee does not require special licensing for property managers, the fact that our errors and omission insurance requires an additional $400 fee from those engaged in property management should be enough to alert the cautions broker to the importance of additional knowledge before offering property management services.

 The Career Institute 60 hour correspondence course, Professional Property Management (TREC 4507) utilizes the text book “PROPERTY MANAGEMENT, Seventh Edition” by Robert C. Kyle. The text offers the most current and thorough introduction and overview of the property management profession available on the market today.

 This best-selling text features:

  • New and expanded coverage on managing tenant relationships, generating operational and financial reports, and running a successful property management office.
  • New and expanded coverage on specialized housing topics, including managing cooperatives, condominiums, planned unit developments, and manufactured-home parks.
  • Latest content on key topics including fair housing, security, and environmental issues.
  • Property management trial software that offers users the "real-life" experience of generating and evaluating property management reports and data.

The course is designed to be part of our professional series offering an affordable and convenient means for recently licensed brokers to obtain their 120 hours of continuing education.  To order CLICK HERE


New 30 Hour Course in Commercial Real Estate

The Career Institute has added a new 30 hour course in our professional series of continuing education directed toward brokers to fulfill their 120 hour continuing education requirement. Furthermore, the course is a direct response to your requests for more information on commercial real estate.

Titled "Inside Commercial Real Estate", TREC #5445, the course is perfect for the new principal broker looking to expand a business, or an affiliate broker considering breaking away from the pack. Commercial real estate can seem like a secret society to outsiders. But right now, it is the hottest area in real estate.

This TREC approved course will get you in the club! In an easy-to-follow tone with plenty of examples. The selected text, “The Insider's Guide to Commercial Real Estate” by Cindy S. Chandler, CCIM, CRE, will teach you everything you need to know, from how to speak the language to the ins and outs of commercial contracts and financing. It's the complete guide to your commercial real estate career, and includes:

  • Step-by-step advice for getting started in different commercial real estate careers,
    such as brokerage, investment, development, property management, and more
  • In-depth explanations, examples, and financial calculator keystrokes to walk you through the most common math problems encountered in the field
  • A complete glossary to help familiarize you with commercial property terms.
  • Case studies in each chapter that will allow you to apply your knowledge to real-world scenarios.
  • Handy checklists that you can bring into the field to make sure all facts are covered.

The course is designed to be part of our professional series offering an affordable and convenient means for recently licensed brokers to obtain their 120 hours of continuing education.  To order CLICK HERE  or call Jim Gibbs for more information at 615-494-5100


GREAT PRICE  -- GREAT SERVICE
WHY NOT BOTH? - THE CAREER INSTITUTE
Our customers are our friends and fellow Realtors!

 

Many thanks, Jim.

David Saks

 

 




David Saks



Time&Temp Memphis

Legal Disclaimer
Please be advised that:

 The information and notices contained in this blog are intended to summarize recent developments and news. The posts are presented as general research and information. These posts are not intended, nor should be regarded, as legal advice. Some blog posts concern allegations made in civil lawsuits and in criminal indictments in United States Courts. All persons are presumed innocent until convicted of a crime and proven guilty. Readers who have particular questions or who believe that they need legal counsel should seek the advice of a qualified attorney. It is neither the editor's or author's intention to create a confidential relationship or any broker-client relationship via communication from this site at any time. Please consult with your state real estate board if questions & answers in the education section conflict with the laws of your region or if you need clarification regarding their applicability or how they may govern the services that you provide.

By entering this web site, you understand the following:
When you select a link to an outside Web site, you are subject to the privacy, copyright, security, and information quality policies of that Web site. David Saks:
1.DOES NOT control or guarantee the accuracy, legality, relevance, timeliness, or completeness of information contained on a linked Web site;
2.DOES NOT endorse linked Web sites, the views they express, or the products/services they offer unless linked web sites, the views they express, or the products/services they offer endorse or support David Saks in accordance with the standards of the Tennessee Real Estate Commission and the Federal Government's laws regarding commerce and the application, solicitation and transmission of internet-related concerns, commerce or social networking;
3.CANNOT authorize the use of copyrighted materials contained in linked Web sites;
4.IS NOT responsible for transmissions users receive from linked Web sites;
5. That DavidSaks.Com is biographical & real estate related. Some links within will leave this site.
6. http://activerain.com/profile/davidsaks is internet-compliant & abides by the rules & regulations of the Tennessee Real Estate Commission, Eve Maxwell, Executive Director.
7. Unless indicated otherwise, ActiveRain does offer listings, or IDX and is provided for licensed salespersons, brokers, buyers & sellers of real property as a community & professional service.
8. David Saks is a retired / licensed real estate broker in the State of Tennessee, license #290452, and an independent contractor.
9. Information is believed to be accurate, but not guaranteed, at any realty link or document connected to the World Wide Web & viewable by anyone connected to the internet who has a web browser.
10. Brokers, buyers, sellers, agents & anyone should independently verify any information prior to submitting any offer to purchase goods & services from any link.
11. Please Visit The American Real Estate Alliance or Memphis.8k.Com for additional information regarding property issues for real estate professionals and consumers.

 

Photos © & Licensed by Nova Development

All Content Protected © 
Before you even think about
committing a real estate crime
click this red button.
Real Estate Crimes

© All Rights Reserved.

 

 

 

 

"Information generated by the Department of Justice is in the public domain and may be reproduced, published or otherwise used without the Department’s permission. Citation to the Department of Justice as the source of the information is appreciated, as appropriate."

Department of Justice Legal Policies


 

  Real Estate Crimes

 

Click "HERE" For Today's Question

 

 

TheListen Now!

David Saks Show

Saturday Nite

9pm-12am Central

University of Memphis

WUMR

 

Support
America's Hobby

Click Elvis

Mr.Saks' participation in ActiveRain ended April 13, 2015.

His blog archives will remain online.

May God bless you.

Comment balloon 2 commentsDavid Saks • October 27 2014 01:33AM

Comments

David Saks

That is a lot of great and very interesting info

Posted by Tom Braatz Waukesha County Real Estate 262-377-1459, Waukesha County Realtor Real Estate agent. SOLD! (Coldwell Banker) about 5 years ago

Jim is a real trooper, Tom. Thanks.

Posted by David Saks ((retired)) about 5 years ago

This blog does not allow anonymous comments