Mortgagism: 2010

Tuesday, November 16, 2010

Consumers drive the housing market

Consumers drive the housing market. So when we see improvement in consumer behavior, it paints a prettier picture for housing.

Retail Sales rose more than expected in October to post their largest gain in seven months. The Commerce Department reported that total Retail Sales increased 1.2% which is the biggest increase since March. They also upwardly revised last month's data.

This report follows the much better than expected Consumer Sentiment report published by Reuters/University of Michigan. They reported that their preliminary consumer sentiment index jumped to a reading of 69.3 in November compared to 67.7 the month prior, putting in on track to be the best results since June. The release beat out analysts´expectations of 69.0.

Both of these reports show that consumers are back on track and coupled with very low mortgage rates could lead to more demand in housing.

That said, count on increased interest rate volatility as the economy improves.

What Happened to Rates Last Week:

rates 11-15-2010

Mortgage backed securities (MBS) lost -147 basis points last week causing 30 year fixed rates to increase from the previous week. The sell-off in mortgage backed securities started with much weaker than anticipated demand for the U.S. 10 year and 30 year Treasury auction. We had our second straight week of positive economic data with stronger than expected Initial Jobless Claims, Consumer Sentiment and Wholesale Inventories which also pressured MBS pricing.

What to Watch Out For This Week:
The following are the major economic reports that will hit the market this week. They each have the ability to affect the pricing of Mortgage Backed Securities and therefore, interest rates for Government and Conventional mortgages. I will be watching these reports closely for you and let you know if there are any big surprises:

Date ET Release For
15-Nov 8:30 Retail Sales Oct
15-Nov 8:30 Retail Sales ex-auto Oct
15-Nov 8:30 Empire Manufacturing Index Nov
15-Nov 10:00 Business Inventories Sep
16-Nov 8:30 PPI Oct
16-Nov 8:30 Core PPI Oct
16-Nov 9:00 Net Long-Term TIC Flows Aug
16-Nov 9:15 Industrial Production Oct
16-Nov 9:15 Capacity Utilization Oct
16-Nov 10:00 NAHB Market Housing Index Nov
17-Nov 7:00 MBA Mortgage Applications 12-Nov
17-Nov 8:30 CPI Oct
17-Nov 8:30 Core CPI Oct
17-Nov 8:30 Housing Starts Oct
17-Nov 8:30 Building Permits Oct
17-Nov 10:30 Crude Inventories 13-Nov
18-Nov 8:30 Initial Claims 13-Nov
18-Nov 8:30 Continuing Claims 6-Nov
18-Nov 10:00 Leading Indicators Oct
18-Nov 10:00 Philadelphia Fed Nov

Today's picture is from the HAR website. Consider this exhibit A supporting the need to become an FHA expert, and know our FNMA Homepath / Homepath Renovation / and Homestyle Renovation products.

har 11-15-2010

har2 11-15-2010

Thank you for choosing Southwest Funding, LP

The Watson Summers Group!

Robert B. Summers
Senior Originator

www.branch777.com

www.swf777.com

NMLS ID: 231330
Southwest Funding, LP Branch 777
2105 N. Meridian St. Suite 101
Indianapolis, IN 46202
317-925-1877 Office
317-229-6430 Fax

Southwest Funding, LP - NMLS ID: 32139 - 2105 N. Meridian Street, Suite 101, Indianapolis, IN 46202, United States. This is not a loan commitment. Programs are subject to change without notice and are only available to qualified borrowers. Underwriting terms and some restrictions may apply.

Monday, November 1, 2010

4 Everyday Positivity Practices

Friday, August 6, 2010

Forthcoming FHA Changes

Summary

FHA will be lowering the UFMIP and increasing the monthly MIP.

Industry Advisories provide our lending partners with information about forthcoming FHA, VA, FNMA or regulatory changes. Home Savings Lending Policy changes that may occur as a result of these changes will be published separately.

Detailed Changes

Yesterday FHA announced their intention to substantially alter the MIP requirements, with the goal of implementing the changes effective with FHA case numbers assigned on and after September 7, 2010. A Mortgagee Letter will be forthcoming once President Obama signs the bill into law.

As soon as the changes become final, Lenders will incorporate them into policies and communicate the changes out.

The anticipated MIP changes are as follows:

Saturday, June 26, 2010

Watson Summers Group Indianapolis Favorite Place For Mortgages

Dear Business Owner,

Congratulations! You're a Favorite Place on Google. Between December 1 and February 28, Watson Summers Group of Southwest Funding, LP was one of the most popular local businesses on Google, as measured by how many times people found your business listing, and clicked on it for more information.

You're one of less than 250,000 businesses in the U.S. to receive this recognition; that's less than 1% of all U.S. businesses.

Congratulations on your popularity on Google. We're looking forward to providing you with more and better ways to grow your business.

Sincerely,

Ryan Hayward

The Google Places Team

Friday, June 25, 2010

What’s Stopping You? | Better Closer

Saturday, June 5, 2010

Homebuyers tap Watson Summers Group To Provide Financing for White River Greenway Homes

Indiana Neighborhoods

Homebuyers tap Watson Summers Group To Provide Financing for White River Greenway Homes

Southwest Funding, LP the Watson Summers Group Preferred source of FHA and Conventional financing for many real estate agents and consumers.

Home shoppers looking to buy homes in theWhite River Greenway area which is walking distance from Broad Ripple neighborhood are stopping by 2105 N. Meridian to talk with Southwest Funding's- Watson Summers Group, to get qualified. Watson Summers Group, is known for giving solid pre-approval letters and hassle free closings.

"Homebuyers will always need talented, intelligent originators to explain the loan options available to them – even if they have the information right in front of them", said Disa Watson; "most people simply don’t feel comfortable making the single-largest purchase of their lives without the reassurance and guidance of a professional to show them the way."

About Watson Summers Group As a mortgage banker and mortgage broker, Watson Summers Group a branch of Southwest Funding, LP maintains the ultimate in flexible financing terms. With billions of dollars available to lend, the company maintains a competitive edge in the industry. Southwest Funding, LP works closely with several local and national, builders, realtors, and financial planners to provide the best advice possible in real estate finance to our customers.

Real Estate Agents and consumers flock to Watson Summers Group because of; fast, consistent credit decisions; and 24/7 information access thru StatusCheck a patented online client-update tool powered by Google. For more information please contact Southwest Funding at 877.423.0777

Indianapolis Mortgage Examiner

Real Estate Agents Proper Care of a Good Loan Originator

Originators are something complex to say the least. The most successful real estate agents – the true Realtor® – works in a team effort, to attract and retain the right client base. And this starts with building the right team. And the right team starts with a great Originator that can help you achieve goals, strengthen relationships, and you can support each other’s efforts. But first you must learn the Proper Care of a Good Loan Originator:

Proper Care of a Good Loan Originator:Make him or her feel like part of the team.
Proper Care of a Good Loan Originator:Emphasize the importance of his or her originations of your buyers' home loan.
Proper Care of a Good Loan Originator:Share a variety of learning experiences about your side of the industry.
Proper Care of a Good Loan Originator:Take originator on buyer meetings keep he or she involved from contract to closing.
Proper Care of a Good Loan Originator:Set closing goals with your originator partner and track progress.
Proper Care of a Good Loan Originator:Show how he or she is positively affecting your real estate practice and is viable to the team.
Proper Care of a Good Loan Originator:Give constant feedback.

“Productivity is never an accident. It is always the result of a commitment to excellence, intelligent planning, and focused effort.”

Robert B. Summers “Originator”

We are always looking to build high performance teams with real estate agents, ninety-five percent of our business is home purchases. Want you help us make it 100%.

Contact Us @ weloveagents@swf777.com

Thursday, June 3, 2010

Facebook | Watson Summers Group: Scenario of the day 06/02/2010

Sunday, May 23, 2010

Mapping the right experience for your Buyers

Seeing Your Strategic Lending Partner through the Eyes of Your Buyers

What does your strategic partner look like from the outside? When your buyers call them, what do they experience? When they apply for credit, what information, support and follow-up do they get? And when they have a problem, how do they get it resolved to their satisfaction? Does this leave them wanting to do business with you in the future, or vowing never to buy a home from you again?

The chances are you know part of the answer to these questions. But dealing with large mortgage shops, the full picture may be scattered across from the originator to the processor to the loan set-up department and amongst various members of your team. What's more, your buyer' real experience may not be anything like as good as you think it is.

If you want to know exactly how customers experience your real estate business, Mapping The Right Experience For Your Buyers (also called Buyer Mortgage Mapping) is a powerful tool. Tactically, it's a great technique to help you improve buyer service processes and resolve referral buyer complaints. Strategically, it helps you build a better real estate selling product, service or brand, thereby helping you win repeat business.

Many real estate agents are surprised when they look at their strategic lending partner through the eyes of the buyer. Yet the mere fact of doing so, can double the wallet share of an agent and keep your pocket book or wallet full. After all, most agents lending partners have been optimized for themselves rather than what the buyer is looking for.

By formally mapping the buyer experience, Watson Summers Group of Southwest Funding can help you:

develop a picture of what your buyer really experiences as he/she interacts with your strategic lending partners business and mortgage products

understand the reason behind the choice of loan product your buyer was placed in, lock recommendations and insights that come into play at each step of the home buyer journey

develop a plan to reverse farm information that was extracted from your buyers experience and how to map that profile to like minded buyers

In the process we can help you develop the measures, methods and strategies that allow you as an Realtor to structurally act on this knowledge.

We are interested in interviewing specific Real Estate Agents to determine if they would have interest and commitment in developing a “strategic partnership” to work together in offering more mutually beneficial services to home buyers. We know that by creating this expanded service platform, we can offer clients a higher level of service and begin building a solid relationship that builds trust and creates true repeat business.

Watson Summers Group

317-925-1877

Give your buyers the best home-buying experience ever!

Friday, May 21, 2010

Strategic Lending Partner

Picking the right team for the right job

Two days before closing, Norma Andersen called the title company to schedule closing for her client, doing this would secure a time for her buyers that met the needs of all parties. The closing agent wanted to be sure that they would have the closing package on time, so she called the mortgage company to make sure the closing package would arrive at least 24 hours in advanced so all the documents can be checked and the closing statements can be sent out and signed off on.

Unfortunately, the loan officer stated he was waiting on loan conditions from the underwriter and he did not think the closing was going to happen. The 24 hour package delivery did not happen, the closing that was to happen in two days passed, and the underwriter sent a denial letter to the buyer that said unfortunately your loan has been declined you do not qualify for the program entered.

Same scenario

Two days before closing, Eric Straighan called the title company to schedule closing for his client, doing this would secure a time for his buyers that met the needs of all parties. The closing agent wanted to be sure that they would have the closing package on time, so she opened her email from Watson Summers Group of Southwest Funding and notice that loan was Cleared to Close and the closing and that the loan officer was simply awaiting instruction on where to send the closing package.

Eric had already received the Clear to Close from the team over at Watson Summers Group 24 hours prior.

In a strategic partnership between real estate agents and mortgage originators, a lot of time is spent choosing the one who will be best to represent the buyers interest in a mortgage transaction. The business relationship becomes strategic when there's a level of mutual dependency, and when the alliance itself is what creates increased capabilities and opportunities.

Agents need to select the right originators for the right buyers, and refer the buyers that fit with the originator skills and proficiencies. This provides structure.

So how do you do this? To field a match-winning team, first you need to understand that just because a retail loan officer might work for a big company doesn’t mean that originator is going to do a good job for you and your buyer, you are best to work with a smaller team like Southwest Funding’s, Watson Summers Group who has the skills and abilities required to meet different buyer needs: There’s no point asking a soccer team to play baseball if you want to win in the real estate game.

You think it is mere common sense, that if you work with the bigger you would sell and close more buyers, you would think – but then, as the old quip goes, “common sense is often quite uncommon”.

Watson Summers Group

Monday, May 17, 2010

Mortgages - A Tough Time for Self-Employed Borrowers - NYTimes.com

Friday, May 7, 2010

7 Tips To Raise Your Credit Score Before You Apply For A Mortgage

7 Tips To Raise Your Credit Score Before You Apply For A Mortgage: Brought To You By Your Most Enthusiastic Cheerleads.

The job of a cheerleader is to deliver the "sis boom bah," to psych up the team. The job of the mortgage professional and the real estate agent is to also be the protagonist of the potential homebuyer. We are to motivate you and give you the tools and tips to have a successful home buying experience. Properly prepared homebuyers don’t have loan approval issues, borrowers feel confident in any situation, and are able to think on their feet because your “Cheerleaders” have prepared you well for the game.

Tips From Your Greatest Cheerleaders:

Keep revolving balances below 50%
Don’t open new accounts
Don’t pay off older liens or judgments' wait until your loan officer has reviewed your credit.
Bring past due balances current
Avoid any late payments
Keep a mix of revolving and installment accounts and use them regularly
Don’t buy cars, furniture or other items on credit before closing

Now go out there and get in the GAME! Contact your preferred mortgage person and contact a Realtor, now you have the tools the tips and the team, check back regularly for more tested mortgage and credit related advice.

Join us on Facebook

Robert B. Summers

317-925-1877

Thursday, May 6, 2010

The Top 3 Things Not To Do When Applying For A Mortgage In 2010

One of my favorite quotes I have read is by William Ward, who explained the roots of being prepared with his memorable motto: "The mediocre teacher tells. The good teacher explains. The superior teacher demonstrates. The great teacher inspires." The home-buyer is fortunate today to be surrounded by competent Mortgage Professionals and Realtors^® as teachers who have the skills to translate the complex home buying process into something easy. These three important steps are always explained during the home buying process when dealing with seasoned and tested mortgage and real estate professionals and will ensure you have a smooth home buying transaction.

Take Careful Note:

Any of the following actions will change your loan approval criteria. In some cases, the change could nullify your loan approval.

Do not apply to other creditors (including automotive, credit card, department store, leasing companies) during the processing of your loan.
Do not make large purchases on your credit cards or other credit lines.
Do not make large deposits to your checking or savings without an explanation and verification of the source of the deposit.

When dealing with mortgage or real estate professionals be sure you are dealing with one who has a history of delivering product knowledge and has a tact for educating their customers. Never choose a loan officer or agent simply because they have a “Big Corporate National Name” behind them, remember that name represents the company it shows nothing for there individual merits.

Robert B. Summers

Sunday, May 2, 2010

Homebuyers tap Watson Summers Group to Provide FHA 203k Financing for Homes in need of repair.

Homebuyers tap Watson Summers Group to Provide Financing for Crooked Creek Homes

Homebuyers tap Watson Summers Group to Provide Financing for Butler-Tarkington Homes

Sunday, April 18, 2010

Watson Summers Group | Facebook

Sunday, April 11, 2010

ALERT! You have 18 days left!

ALERT! Since Your Last Visit (April 11, 2010): You now have 18 days left to take advantage of the tax credit. Qualified home buyers have until April 30th to take advantage of the tax credit of up to $8,000.

You need to get preapproved find a home and get under contract all in the next “18 days”.

Note: In order to receive the tax credit you must close on your home loan by June 30th, 2010.

First-time home buyers purchasing any kind of home—new or resale—are eligible for the tax credit. The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000. So if you buy a $40,000 house you will get back $4,000.00.

Buyer traffic this weekend has been moving at a vigorous pace as buyers look to lock in deals within the next 18 days.

Remember, “A loan is a loan; the term does not make the difference, it is and always will be the way you package it”. Work with a lender who can present your loan in the best light for the best approval.

Join us on facebook at http://facebook.com/indyhomeloans

Robert Summers

All views expressed on this page and on third party websites to which posts here may refer are personal and do not reflect those of Southwest Funding, LP or its affiliates.

Wednesday, March 31, 2010