The Pearls of Online Automated services.

Use Real People as Your Subcontractor and Allow Your Clients The Best Service !

Self-service online mortgage services are all the rage, but this why they don’t quite signal the death knell for traditional originators.

Although they may boast lightning-fast mortgage origination services, they aren’t immune to the same delays as traditional originators, according to one industry veteran.

“The first large-scale lender to have self-service technology is Quicken. Still, Rocket Mortgage has a loan runway which is similar to other mortgage originators and doesn’t take less than 40 days to close even though the application process may be speedy,” Debbie Hoffman, chief legal officer, for Digital Risk, wrote in an email to Mortgage Professional America. “The reason is because Quicken, too, has to comply with regulatory requirements, including TRID, for instance. Reality awaits this potential class of home buyers.”

Launched in November, Rocket Mortgage was launched by Quicken loans with the hope of cutting out loan officer middlemen.

Quicken claims the online application platform allows would-be borrowers can to complete applications in mere minutes. It purports to be more than just an online application service; it also verifies information and provides a conditional approval similar to one provided by a loan officer.

However, while some home buyers may eschew the services of an originator – and the value they add – in the hopes of expediting the mortgage origination process through products such as Rocket Mortgage, they will likely run into the same sort of waiting periods.

Still, there’s no question these online originators will put pressure on originators, according to Hoffman.

After all, the mortgage industry is like any other: Players must adapt or die.

“Self-service technology and the mortgage industry have challenges, but are the growing trend,” Hoffman wrote. “We will see more and more originators who have automated origination and servicing platforms.”

Respectfully,
By MPA

French Dip Sandwiches

Easy French Dip Sandwiches

Roast Beef Sandwich
This is a quick and easy main dish. It’s made with deli roast beef from the grocery store but if you have roast beef left over from Sunday dinner, you can use that. Be sure and slice it thin.

For the meat

2 packets of au jus mix (to make 4 cups)
1 lb sliced deli roast beef
1 teaspoon garlic salt or to taste

In a large skillet, make the au jus according to package directions.
Cut or tear the roast beef into 1-2 inch strips and add to the au jus. Stir the garlic salt into the beef-au jus mixture.
Cook on lowest heat for 10 minutes. When ready to serve, the mixture should be hot but further cooking is not necessary.

For the buns

6 hoagie buns
1/4 cup butter, softened
1 teaspoon garlic salt or to taste

While the meat is heating, prepare the buns by opening all the buns and spreading them face up on a baking sheet. Spread butter on each open side of the buns. Sprinkle garlic salt on each. Toast in the oven on broil for 4-8 minutes or until they are golden.

To Serve

With tongs, remove roast beef from au jus mixture and place a desired amount on each bun. With a ladle, fill small cups with au jus and serve with the sandwiches for dipping.

Home Prices in SF Wired Into Tech Boom

When a new iPhone is released, it doesn’t just signal the introduction of yet another Apple product, it also signals the rise of home prices in areas where the tech giant has offices. Protesters of rising home prices in the San Francisco area are blaming the technology sector, indicating the industry’s high salaries and generous stock options are fueling the increases.

Apple Inc., Google parent Alphabet Inc. and Facebook, Inc. are all concentrated in San Francisco and based near neighborhoods with rising home values. Zillow found Apple workers live in pricier homes than other residents in the region and home values are rising much faster in neighborhoods where Apple workers live. Home values have shot up 11% in San Jose and 14% in San Francisco in the year ending in October, according to real-estate website Trulia.

While cities around the US are looking to attract more tech jobs, there is the concern that the current population will be displaced as affordable places for middle-class families begin to dwindle. The change in home prices as the tech sector flourishes can be dramatic.

In San Francisco and San Jose, Apple employees lived in homes with a median value of $1.1 million as of July 2015. In comparison, the median home value for the entire San Jose metro area was $896,000. In San Francisco it was $757,000, according to Zillow.

Homes occupied by Apple workers are appreciating at 18% a year, compared with 11% for San Francisco as a whole and 12% for San Jose. Since iPhone sales launched in June 2007, the average difference between the median home value of Apple workers and San Jose workers has swelled to 20% from 13%.

Some sellers have decided to cash in on the rise in their homes’ value over the past few years and leave the area. “They realize that the appreciation has been so great that they can sell those places and move onto something different,” Paul Stone, a Redfin agent, said.

Furthermore, because homes are so expensive, many young people must rent. That has created a swell in demand for rentals. New construction has failed to keep pace. The result is that rents also have skyrocketed.

On the other hand, the trend bodes well for longtime residents of the neighborhoods Apple employees favor. Their home values are appreciating, leaving them or their heirs with bigger profits when it comes time to sell.
by RE-Insideron November 10, 2015

Coming Housing Demand

We all know the population will grow and age in the future. The Mortgage Bankers Association (MBA) believes that between 13.9 and 15.9 million additional households will be formed by 2024, making the next decade one of the strongest in US housing history. At the upper end, this results in a growth rate of 1.6 million households per year. Boosted by the aging of the population, the aggregate home ownership rate will rebound to between 65 and 66%. Who will lead the formation of these household is the important part of the story – this will guide agents where to focus their business efforts in the future.

In their new research paper, Housing Demand: Demographics and the Numbers Behind the Coming Multi-Million Increase in Households, the MBA’s researchers conclude that the housing demand surge will be driven by Hispanics, Baby Boomers, and Millennials. Researchers find that growth will be driven by Baby Boomers, with 12.3 to 12.9 million more households age 60 and over in 2024 than there are today.  Millennials will also be a key component of growth raising the ranks of households age 18 to 44 by 4.1 to 5.1 million. The study also details, by race, there will be 5.5 to 5.7 million more Hispanic households in 2024 than in 2014, 3.4 to 5.0 million more non-Hispanic White households, 1.8 to 1.9 million more Asian households, 2.4 million more Black households and 730,000 to 890,000 more “other” households.

Lynn Fisher, MBA’s Vice President of Research and Economics, commented, “Household formation has been depressed in recent years by a long, jobless recovery and by a lull in the growth of the working age population. Improving employment markets will build on major demographic trends – including maturing of Baby Boomers, Hispanics and Millennials – to create strong growth in both owner and rental housing markets over the next decade.” With millennials aging, long-term social trends and demographic trends mixing, and hang-over waning from the Great Recession, the net outcome will be significantly increased demand for housing.

RE Insider

What if the Legacy Your Loved One Leaves Behind is Debt?

By Elsie Romot

Changes in our culture have made it more acceptable to publicly talk about things prior generations would have never considered. You might know all the details of someone’s romantic getaway weekend or get a blow by blow replay of their messy divorce proceedings. Yet, there are still some things that are almost taboo to discuss with almost anyone – even our family.

  • How much credit card debt do you have?
  • Do you have enough, if any, money saved for retirement?
  • How much is left on your mortgage?
  • What does your take-home pay look like?
  • What financial resources do you have in the event of an emergency?

There is still another set of almost taboo questions requiring serious, thoughtful answers: how to handle end of life matters. While some may have discussed ideas about funerals and the arrangements, there is still the matter of the financial fallout for the survivors. At such an emotional time, raising these questions – never mind seeking the answers – has been known to cause lasting and painful family rifts.

  • What financial resources are available for end of life care?
  • What happens if someone dies and still has a mortgage on their house?
  • Who is responsible to pay the credit card or other consumer debt left behind?
  • Who is responsible for paying any medical debts?

For a variety of reasons, if people had more debt during their working years they are likely carrying that debt into retirement. In 2010, senior citizens held an average of $50,000 in debt, with most of that coming from a mortgage or other housing-related debt. According to Bill Emmons, an economist with the St. Louis Federal Reserve, that debt is likely due to homeowners borrowing against their houses through home equity loans, refinancing and taking cash, and also extending mortgage terms.

When it comes to unsecured debt, 2.2 million people aged 60 and over have been the co-signer or co-borrower on student loans for their children or grandchildren and this does not even account for the number of senior citizens using credit cards to help meet their own expenses.

With sobering information such as this, the question of inheriting debt becomes something on people’s minds but not being spoken about and discussed. Jeanne Sahadi, contributor for CNNMoney, tackles this very concern in her article “Can you inherit your dead parent’s debts?” While this is a sensitive subject for many people, Sahadi’s article can be seen as a good starting point for anyone looking for what questions to ask or seeking answers to situations faced for the first time.

The answers to these questions are an important part of planning to take care of one’s own personal expenses over the course of their lifetime. Most of us want more than just comfortable golden years; we want to leave a legacy to our surviving loved ones that is more than just monthly payments.

concern in her article “Can you inherit your dead parent’s debts?” While this is a sensitive subject for many people, Sahadi’s article can be seen as a good starting point for anyone looking for what questions to ask or seeking answers to situations faced for the first time.

The answers to these questions are an important part of planning to take care of one’s own personal expenses over the course of their lifetime. Most of us want more than just comfortable golden years; we want to leave a legacy to our surviving loved ones that is more than just monthly payments.
7/2/2014

A Recovery Tipping Point/ Changing Market

BUILDER

A Recovery Tipping Point

Now, housing’s healing has reached the point where fundamentals and primary residence buyers are driving the market.

It’s official. It took six grueling years since the Great Recession ended, but now, the housing recovery enters the second half of 2015 as a fundamentals-driven rebound.

What does it mean now that housing—and its infinite mosaic of geographical fiefdoms down to the submarket and lot-line level—has healed its gravest wounds? What does it mean to developers and builders that buyers and sellers of home properties are people to people, not desperate people to institutions? What does it mean when we say that a housing cycle’s trajectory has moved decisively from a focus on investors’ resources to an exchange of values from owner-occupier to someone who wants to be an owner-occupier of a primary residence?

As we note from RealtyTrac’s latest U.S. Home & Foreclosure Sales Report for May, all of the benchmarks for abnormal residential real estate behavior—cash sales, distressed sales, bank-owned sales, and in-foreclosure sales—dramatically subsided in the past month and, even more dramatically so in the past 12 months.

Here are a few of the highlights of the RealtyTrac May Foreclosure report, noted by Daren Blomquist, vice president at RealtyTrac.

As distressed and cash sales declines, normalized housing transactions represent a larger share of the market.
  • 24.6 percent of all single family home and condo sales in May were all-cash purchases, down from 28.5 percent in the previous month and down from 30.4 percent a year ago to the lowest level since November 2009
  • The share of distressed sales dropped to a new low of 10.5 percent in May, down from 15.4 percent in April and down from 18.3 percent a year ago
  • Bank-owned sales accounted for 3.9 percent of all residential property sales in May, down from 6.9 percent in the previous month and down from 9.0 percent a year ago

Properties that sold while in the foreclosure process — but not yet bank-owned — accounted for 6.6 percent of all residential property sales in May, down from 8.5 percent the previous month and down from 9.2 percent a year ago

The market has spoken. It’s no longer rewarding investor opportunism, short-term gains for cash-flush buyers, nor quick flippers, nor even global “safe-haven” buyers who buoyed the marketplace as deterioration switched to resilience three years ago.

Owner occupiers, primary residence buyers—perhaps chastened into a mindset that home ownership and a financial investment are two different things, appear to be voting with their feet as to the sustaining values they’re willing to put stock in. They’re affirming, by and large, that livability may trump saleability as a priority.

Stay tuned here, for additions to this column, with our thoughts on what it comes down to for you. This, along with another solid June jobs report this morning from the Labor Department means that you will be dealing with people who want to live in, rather than simply to resell, your homes.

You’ll be talking in the coming months to people who do more than want–desire or prefer–a new home in one of your communities. A fair number of the ones who’ll be visiting your models or showing up at your sales center are people who feel as if they need to be talking with you. They’ll be the ones who’ve done the math on what they’ve got now, and what they can pay each month, and what they can save each year that they move their resources into owning vs. renting.

You’ve already been talking with them, and you know they have a radically different mindset from those on the hunt for a quick appreciation and turn caper. For each option and each upgrade an internal “ability to repay” dialog crops up, and people are looking at such features with a realistic gut-check, rather than a wave of the wand, simply adding the item to the monthly payment.

Changing who you’re building for changes everything, doesn’t it?

Top Reasons People Don’t Plan for Retirement

Using a Reverse Mortgage may be an answer for many who have built up equity in their homes.
Let me know if you know of someone needing counseling in this area.
john

Top Reasons People Don’t Plan for Retirement

January 29th, 2015 | by Jason Oliva Published in News, Retirement, Reverse Mortgage

Reasons for why some people do not plan appropriately for retirement are endless. Whether it is to pay off other debts or use funds toward other goals, a recent survey suggests that saving for retirement is just not a priority for an overwhelming share of adults.

In fact, retirement savings is not a main priority for 81% of working age people, according to those surveyed in an HCBS report released this month titled “The Future of Retirement: A balancing act.”

Based on an online poll conducted in August and September 2014, the HCBS survey reveals concerning figures of American workers’ saving habits and their views toward retirement planning.

Despite reporting a general concern for their retirement finances overall, many people surveyed said that paying off other debts prevent them from adequately preparing for a comfortable retirement.

Over half (51%) said that paying debts—excluding mortgages—is stopped them from preparing adequately, while 25% cited repaying their mortgage as a barrier.

Other priorities that took precedent over retirement preparations included saving for children’s education (8%), saving for a rainy day (8%) or a vacation (6%).

But even with the best intentions, major life events have taken their toll on over three quarters (76%) of pre-retirees’ retirement savings.

While some such events can be planned for, such as purchasing a home or paying a mortgage, unforeseen events like illness, divorce or losing a spouse can also have a profound impact on a person’s financial situation.

As such, nearly twice (33%) as many widowed or divorced retirees say their financial situation is worse than expected, compared with just one in five (18%) of those who are married.

Additionally, more than one in ten (14%) working age people faced an unexpected illness that prevented them or their spouse from working, with a “knock-on effect” on their retirement saving, says HCBS.

Even with the potential threat of having one’s financial situation derailed by the spontaneity of life, still a quarter of pre-retirees said they either are not currently saving for their retirement or do to intend to start.

“This is a concern, as over two in five (42%) retirees who did not prepare adequately for a comfortable retirement say that they did not realize that their preparation had fallen short until it was far too late, at or after they had fully retired,” HCBS said.

Written by Jason Oliva

10 Worst Places to retire !

Bankrate published the 10 worst places to retire,
Guess what the overriding factor was that rose to the top of the list.
Lack of health care.
Retires need quality health care in their aging years. make sure you include that when your making retirement decisions.

 
http://www.bankrate.com/finance/retirement/best-states-for-retirement-1.aspx