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You are here: Home / Real Estate Professionals Blog

Jobs Act Regs Are Coming

January 8, 2016 By Jeff Heib

(As reported by real estate educator Duane Gomer, http://duanegomer.com)

First, the name Jobs Act is misinformation. It has nothing to do with Jobs. The correct title is, “Jumpstart Our Business Startups Act.” It is intended to encourage funding of United States small businesses by easing various securities regulations.

The law was passed on April 5, 2012. The SEC adopted final rules to allow Title III equity crowdfunding on October 30, 2015. The effective date is May 16, 2016.

[Read more…]

Filed Under: Real Estate Professionals Tagged With: AARP, Jobs Act, Jumpstart Our Business Startups Act., Limited Partnerships

A Solution for First-Time Homebuyers: Equity Sharing

January 8, 2016 By Jeff Heib

Real estate professionals: Help Someone Get a Home And Help Yourself

(As reported by real estate educator Duane Gomer, http://duanegomer.com)

Today’s real estate market has many aspects. First-time homebuyers are missing in action. Many people who want homes do not have enough down or cannot qualify for a loan. Unemployment rates have dropped so many people do have jobs. Student debt is everywhere. Some homeowners have extra cash and are not thrilled with the stock market or other “opportunities”.

Solution: Equity Sharing. I have always been puzzled that more people do not consider this technique of home ownership. It is not new it has been around for years and is recognized by the IRS.

You have a young couple who are stable, working, and reliable. We will call them, Rental Partner. There is another couple with some investment cash and who like couple one. We will call them, Investor Partner. Couple one would like to start home ownership, but does not have the down payment or enough income to qualify for a home in their area.

Perfect equity share positioning. They go together and buy a home. To make it feasible they should structure the home as an equity share. First stop is an attorney who knows equity sharing.

Advantages for couple one are they get started on owning a home, building equity, appreciation, get tax deductions, etc. Couple two gets an investment with better loan conditions (probably owner-occupied), equity growth, leverage, appreciation, an investment probably with less maintenance, no vacancies and a strong feeling of helping someone, etc. Win, win.

Disadvantages: there are disadvantages and possible problems in all investments. Nothing is guaranteed in life, but with proper procedures these transactions work

An attorney can draw an agreement to cover all factors; some to consider include, Maximizing Tax Benefits, Calculating Ownership Percentages, Making Equity Shares Work, How to Handle a “Divorce” between the two couples, Moving On-Couple One to Moveup Home and Couple Two in a 1031 Exchange to a Bigger Property, etc.

One good source for information is andysirkin.com. Also, years ago I read an outstanding book on this subject by Diana Bull and Elaine St. James from Santa Barbara. The other day I thought of it so I bought a copy on Amazon. Published in 1990, but everything still applies except the loan tables are 1990. Title: The Equity Sharing Book. Many of you know Diana from her days as President of the California Association of Realtors and many other groups. A true expert and nice person. Check it out.

Study Equity Sharing. Real Estate Agents learn the procedures and sell some houses to couples. Try it, you might like it.  So many agents in my classes complain that they have nothing to do most days. Try this and you could close sales and really help people.

Questions? Please call or email our office:

Call:  800-439-4909
Email: info@DuaneGomer.com

Filed Under: Real Estate Professionals Tagged With: equity sharing

TRID (TILA-RESPA Integrate Disclosure) Update

January 8, 2016 By Jeff Heib

(As reported by real estate educator Duane Gomer, http://duanegomer.com)

TRID (TILA-RESPA Integrate Disclosure) has now been in effect for two months. So what do you think? Has it been the end of the financial world as we know it? Have people been standing in line complaining about the new forms and delays?

From my discussions with MLO’s and Agents, seminars with the California Association of Mortgage Professionals, Expo panels at the National Association of Realtors, discussing the situation with students and our instructors, talking to Consumer Financial Protection Bureau staff, and reading, I have come to one conclusion. Life is going on.

One word that I have heard from many is smooth. Surprised.  About like Y2K. Can it get better? Yes.

One good aspect is that many surveys indicate that people in the field believe that the forms will help consumers understand their loans better, improve communication, and have more transparency in the lending business. Of course, there are many horror stories, but a change like this with so many software changes is going to cause problems. But we were having horror stories with the old forms.

Another comment that I hear from MLO’s to Agents and Refinancers is, “Send in the Intent to Proceed as soon as possible.”  All timing starts with this. It is so important that I will repeat. “Send in the Intent to Proceed as soon as possible.”

CFPB stressed two topics. There is information on their website (cfpb.gov) called the Real Estate Professional Guide. It is outstanding information for everyone including agents, MLO’s and consumers. Get it to the consumer early.

Also, there is the famous Home Loan Tool Kit. It replaces the former Supplemental Booklet. Also, full of information. Priscilla McClung from CFPB gave copies to anyone who stopped by their booth at the NAR Expo. She said that it is strongly recommended that this information be given early to consumers instead of waiting until it is required to be given with the Loan Estimate. If you read it, you will understand why. It answers so many questions before they are asked or even contemplated.

One new idea that CFPB has started. You can go to their web site and click on http://files.consumerfinance.gov/f/201505_cfpb_using-your-logo-with-your-home-loan-toolkit-instructions.pdf.  You can put your own logo on the booklet and print it. An outstanding way to keep your name in front of your consumers for it is believed that it will not be thrown away like so many flyers. You will look an information source.

MLO’s, check out our last minute classes this month for renewal. See you in class. Thanks for all your support. It has been an amazing year for Duane Gomer Education, and we owe it all to you, and we know that to be really true.

Questions? Call or email our office:

Call:  800-439-4909
Email: info@DuaneGomer.com

Filed Under: Real Estate Professionals

Which of the three types of mortgages is best for you?

January 8, 2016 By Jeff Heib

Which Mortgage is for you? Conventional, FHA, VA?

Here is a good article regarding the these 3 major loan types. You should read this article before you go mortgage shopping.  Good information on finding the best mortgage deals in your area, learn more about Debt-to-income ratios and how to save money on closing costs.

http://www.foxbusiness.com/personal-finance/2015/12/01/which-mortgage-is-for-conventional-fha-va/

Filed Under: Real Estate Professionals Tagged With: Conventional loans, fha loans, real estate loans, VA loans

Nuances On Getting A Real Estate Brokers License

January 8, 2016 By Jeff Heib

(As reported by real estate educator Duane Gomer, http://duanegomer.com)

There is much confusion among students when the question of how to get a broker’s license is asked. There are some basic rules, but there are then some little known rules.

[Read more…]

Filed Under: Real Estate Professionals Tagged With: real estate broker license

MORTGAGE e-ALERT: LEGISLATIVE UPDATE EFFECTIVE 2016

January 8, 2016 By Jeff Heib

Here is the latest MORTGAGE e-ALERT (January 1, 2016) from our friends at the Thordsen Law Offices.

LEGISLATIVE UPDATE EFFECTIVE 2016

The following brief legislative summaries are some of the new laws that affect real estate licensees, subdividers, those having Limited Liability Companies and those leaving real property pursuant to a “Transfer on Death” Deed of Trust. [Read more…]

Filed Under: Real Estate Professionals Tagged With: Transfer On Death

MORTGAGE e-ALERT: CONSUMER FINANCIAL PROTECTION BUREAU AUDITS amd more

December 11, 2015 By Jeff Heib

This bulletin courtesy of Thordsen Law Offices:

Issue #1

CONSUMER FINANCIAL PROTECTION BUREAU AUDITS WILL NOW START LOOKING A LOT CLOSER AT FOUR AREAS

FACTS

1.    cfpb examiners will spend “a lot of time” looking at loan officer compensation plans, compliance with ability-to-repay rules and Truth-in-Lending Act/Real Estate Procedure Settlement Act integrated disclosure requirements, as well as the structure of marketing services agreements.
2.    Calvin Hagins, the Consumer Financial Protection Bureau‘s deputy assistant director for originations went on to say: “We’re going to spend a very long time evaluating compensation schemes at every exam at every entity.”
3.    He also said the CFPB has “been informed through various sources” that some mortgage lenders have “folks who perform duties of loan originators” but who may not be licensed. [Read more…]

Filed Under: Real Estate Professionals Tagged With: CFPB Audits, consumer financial protection bureau, Real Estate Procedure Settlement Act, Truth in Lending Act, U.S. Department of Labor

CONSUMER e-ALERT: Contractor liens, Reverse Mortgages and more…

December 1, 2015 By Jeff Heib

Provided by the Thordsen Law Offices:

  1. Check out your contractor BEFORE you sign. The contractor may not even by licensed. Even if licensed remember, the contractor has a lien on YOUR PROPERTY until you get a release and he is paid in full. That includes the people and suppliers that bring materials to the job site.
  2. Are you looking for a Care Facility for a family member. There are ways to check them out. One is to go to the facility and take a tour.  No tour no send family member. Read and learn how to check them out for the safety of your family member.
  3. Warning about some of the dangers of Reverse Mortgages and some of the benefits.
  4. Warning to Washington State residents or property owners paying bi-weekly mortgages. Read carefully to see if you are affected.

[Read more…]

Filed Under: Real Estate Professionals Tagged With: Care Facility, contractor liens, Contractors State License Board, reverse mortgage, Statewide Investigative Fraud Team (SWIFT), Thordsen Law Offices

Home Improvements That Pay Off

December 1, 2015 By Jeff Heib

Here’s a chart from the California Association of Realtors that shows this year’s trends for popular remodeling projects and how these projects retain resale value in the Pacific region of the country for mid-range homes.

HomeImprovementsThatPayOff

Filed Under: Real Estate Professionals Tagged With: home improvements, resale value retention

MLO ALERT: DEADLINES FOR 2015

November 23, 2015 By Jeff Heib

(From Duane Gomer’s Newsletter today (Monday, November 23, 2015))

NMLS recently sent an email listing the deadlines for doing your endorsement for this year.

  • Your SMART deadline is Saturday, December 19th (complete it by this date and you are guaranteed renewal)
  • Your At-Risk-to-Miss Renewal Deadline is Saturday, December 26th (you are now betting on the NMLS staff)
  • Your guaranteed to Miss Renewal Deadline is Thursday, December 31st.

Do it now; remember if you are taking a course after today that you must allow your education company 7 days to “bank” your hours so the true deadline is December 12th. [Read more…]

Filed Under: Real Estate Professionals Tagged With: Duane Gomer, MLO, Mortgage Loan Originator

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Riverside, CA 92506
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Standard Mortgage Financial Services, Inc.
6700 Indiana Avenue Suite 220
Riverside, CA 92506-1827
Phone (951) 686-9639
Toll Free (800) 476-5626
Jeff's Direct Line (562) 806-2921
Fax (951) 686-0361
California BRE #01211863

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