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Showing posts with label #Georgia. Show all posts
Showing posts with label #Georgia. Show all posts
Monday, July 2, 2018
Saturday, April 18, 2015
The true Reward of being in the Georgia Mortgage Industry
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| Southeast Mortgage Exceptional Loan Originator Service |
Many think it is ego, money, or power. The Reality and those at Southeast Mortgage know its because of the passion, sense of accomplishment when we are ahead of the curve, and knowing we are appreciated for the hard smart work we do each day at Southeast Mortgage.
Why are we strong and growing? Our team cares and we believe in 360 Degree Service (Referral Partners - Clients - MLO - Operations).
JD Forwarded the email below to me last night from Pete. This is what reinforces the reality of why MLOs, Realtors, and Builders want to work with our team. When you take a super MLO like Pete Peters and provide him incredible service, he grows his business and accomplishes his career objectives.
_______________________________
Date: April 17, 2015 at 9:49:38 PM EDT
From: Pete Peters (Executive MLO | Sales Manager ) NMLS #245408, GA MLO #25209)
To: "J.D. Crowe" J.D.Crowe@southeastmortgage.com
Cc: Kelly Foltyn Subject: This week
JD I had two tough loans this week that got closed. I could not have done it without the ladies on this email. They are the best I have ever worked with. A great team. Thanks for all of your support. We Can.
Sent from my iPhone
www.southeastmortgage.com
770-279-0222
Thursday, March 12, 2015
Mortgage Lenders Responsible for Vendors - CFPB via Dodd-Frank direct enforcement
In Georgia, only an attorney can close a real estate transaction. The
attorney who closes on a residential mortgage purchase loan is frequently selected
by the real estate agent representing the seller of the home. Many
borrowers do not fully understand that the closing attorney at most real estate
closings (and usually there is only one attorney present) represents the
Mortgage Company, not the buyer/borrower or the seller.
• bring an enforcement action directly against its vendor; and
• bring an enforcement action against the mortgage company if it is found to have knowingly or recklessly provided substantial assistance to the vendor in a practice deemed to be an unfair, deceptive or abusive act.
· The closing attorney has professional liability insurance in place;
· The closing attorney has adequate expertise to close a residential mortgage loan (which will be more critical when the new integrated disclosure rules take effect on August 1, 2015);
· The closing attorney is an authorized agent of the title insurance company used by the lender;
· The closing attorney has an insured escrow account into which funds can be deposited by the lender's bank or source of funds;
· The borrower is not the closing attorney or any partner in the law firm that is closing on the loan (a frequent violation in Georgia), or that there are any other conflicts of interest; and
· The closing attorney has systems and processes in place that enable the required closing documents to be produced.
770-279-0222
The Dodd-Frank Wall Street Reform and Consumer Protection Act, enacted in 2010,
gives the CFPB the ability to supervise a mortgage company’s vendors in the
same manner as a bank regulator. The CFPB may also bring a direct enforcement
action against a mortgage company’s vendors and, if it finds that the vendor
violated federal laws dealing with consumer protection because a mortgage
company did not have adequate oversight, the CFPB can:
• bring an enforcement action directly against its vendor; and
• bring an enforcement action against the mortgage company if it is found to have knowingly or recklessly provided substantial assistance to the vendor in a practice deemed to be an unfair, deceptive or abusive act.
On April 13, 2012 the Consumer Financial Services Protection Bureau (CFPB)
issued Advisory Bulletin 2012-03 addressing vendor/supplier/service providers to
covered companies including state-licensed and regulated finance companies of
all types. Since the Bulletin is based on vendor management rules and
processes used in the banking industry, this new layer of federal oversight is
a major change in compliance for non-bank consumer finance companies, including
mortgage lenders.
As a result of this new regulatory oversight and vendor management
requirements, mortgage lenders are responsible for managing the closing
attorneys that represent the lender at closing. At a minimum, every
lender should ensure (and document) that:
· The closing attorney has professional liability insurance in place;
· The closing attorney has adequate expertise to close a residential mortgage loan (which will be more critical when the new integrated disclosure rules take effect on August 1, 2015);
· The closing attorney is an authorized agent of the title insurance company used by the lender;
· The closing attorney has an insured escrow account into which funds can be deposited by the lender's bank or source of funds;
· The borrower is not the closing attorney or any partner in the law firm that is closing on the loan (a frequent violation in Georgia), or that there are any other conflicts of interest; and
· The closing attorney has systems and processes in place that enable the required closing documents to be produced.
In addition, the mortgage company should have in place a system through which
consumers can register complaints about the closing attorney, and a process for
responding to those complaints.
Under current practice in Georgia, mortgage companies have little control over
the selection of the closing attorney, and allow the real estate agent, the
seller or the borrower to select the closing attorney. The attorney
selected by one of those parties to the transaction may be unknown to the
lender, and the lender will not have conducted any due diligence on the attorney
or the attorney's law firm. The failure to do so would be a violation of the
mandate under the Dodd-Frank Act and the CFPB's Bulletin to adequately manage a
vendor.
With the upcoming changes to the process and time in
which closing documents will be prepared and delivered to borrowers (the HUD-1
Settlement Statement and Final Truth-in-Lending disclosure will be replaced by
a new document called a Closing Disclosure), the interaction between the lender
and the closing attorney will be more critical.
Since the lender will
have liability for any errors on the Closing Disclosure, many lenders will take
over the responsibility for preparing the Closing Disclosure. Also, a
draft of the Closing Disclosure that will be used at closing must be received
by the borrower three business days before closing (no more rush
closings).
If the closing attorney does not have the ability to interact
with the lender though compatible software systems, the possibility of failed,
delayed, or non-compliant closings is greatly increased. Because of this, it is
becoming more and more important that the lender have a well managed
relationship with the closing attorneys it uses to close loans.
The selection of the closing attorney is important to exceptional service and soon will be critical to comply with the pending changes. Adaptation to changes in our industry is key to longevity in the Georgia Mortgage Industry. Given the Attorney represents the Mortgage Company, it makes sense they should be selected by their client.
Wednesday, March 26, 2014
Do Mortgage Rates Matter?
I was scanning through LinkedIn this morning and a chart caught my eye. It was a 200 year US 30 year Mortgage graph.
Over the years, I have seen some Mortgage Originators who watch rates like you would a stock in your portfolio. I see blogs about what rates may be doing. The only thing certain about mortgage rates is they will go up or down and they are a function of other variables. For the consumer, mortgage rates do not matter in that they are relative to the economy.
When mortgage rates are high inflation is generally high along with home prices, wages, employment etc. When mortgage rates are low inflation is generally low along with home prices, wages, employment etc. The most recent recession was caused by an unsustainable product portfolios which required significant monetary policy inputs (QE1, QE2, QE3) to correct which created the artificial lows in mortgage rates we saw in the past year.
The one thing that is always true is markets are rational and always find an equilibrium.
Look at it this way. Does a boat run differently in low tide vs. high tide? http://southeastmortgage.blogspot.com/2011/12/low-country-view-of-recessions-from.html
No it is the same. Does a higher rate matter if the home you are buying is appreciating 7% a year or your families income is increasing 10% a year due to the great economy? Rates do not matter in that they are relative to the surrounding economy and a rate lower than the market generally has a catch since mortgage rates are a commodity. As you require your stock broker to be licensed, be sure your Mortgage Originator is licensed and not just registered. http://southeastmortgage.blogspot.com/2013/09/what-consumers-must-know-about-mortgage.html
What is important to consumers is a home provides security for their family, a hedge against inflation, and potential tax benefits while providing an environment to create memories. As an industry, we should focus on client need today and five years down the road.
Rates are a commodity and are a function of the economy. The consumer is always getting a relatively good deal any day they lock given they economy is the tide in which their boat floats and their boat is always floating the same way in a high tide vs. a low tide.
Cal Haupt
Chief Executive Officer
Southeast Mortgage of Georgia, Inc.
Sunday, March 31, 2013
The Village by Cal Haupt
The Village
There is a quaint little village nestled in a clearing near beautiful trees flanked by a bountiful creek fed by a fresh spring. The village consists of hundreds with varying personalities and agendas. The village’s geographic location has a 9-month springtime and a 3-month winter weather cycle.
Within the village you have experts in hunting, fishing, wood
collection, water collection, cooking, skinning, human medicine, furniture
making, veterinary medicine, security and a mayor to coordinate. During the spring time everyone is happy and
the hunters bring back deer for protein, the fisher’s bring back fish for omega
3 oils, wood collectors warm the cool evenings and cook the food, skinners
prepare the food for cooking, water collectors hydrate the village, doctors
treat the wounds to prevent infection, furniture makers make the chairs and
tables to prepare the food and consume it, the Vet’s keep the horses healthy to
hall the wood so they are more efficient, and the mayor ensures everyone
respects others right to live and be safe.
Hunters can do their job knowing other villagers are executing their unique skill. The hunters drink water, eat, and are warm after hunting due to the water collectors, cookers, and wood collectors doing their duty. Each knows the ramification of their responsibility on other villagers. Together working in harmony, everyone in the village flourishes. Every year spring turns into winter for 2-3 months depending on the village’s relationship to the other planets in its solar system.
Every year the village must be reminded how important everyone’s responsibility is to the village. Without hunters, there is no protein and the village becomes weak and the wood collectors cannot carry wood and the village starves and becomes cold. Without the water collectors, the village becomes dehydrated, the hunters cannot hunt and the cookers cannot cook; therefore, the village becomes weak. Without the cookers, the village does not eat and they starve becoming weak preventing them from hunting for food or collecting wood for heat. Without human medicine, people get sick and the burden shifts to the healthy, which in turn burdens the remaining villagers that ultimately stress them out and make them sick too.
The village can adapt to a fisher person being sick or off their game by moving a hunter into the fishing role. And to replace a hunter, a furniture maker can be taught to hunt and a water collector can be taught to make furniture; however, the remaining water collector has to carry twice the water. The remaining water carrier is ok with this burden since the fisher person is rarely unable to fish. This is part of the life cycle of the village.
If the village loses sight of the common goal of everyone flourishing and being happy, by thinking their part is not important or distractions take them away from their common responsibility, the village slowly suffers. Depending on the size of the village, the village can have 2-5 distracted key people and remain stable; however, if the village gets the 1 additional distracted person, the village weakens and threatens the existence of all.
Every season, the village is reminded that every year 2-3 months requires additional diligence at each important job and that each job is codependent to ensure the village flourishes. Each new season brings the possibility of a bigger fish, a warmer fire, fresher water, or a bigger village. The Village controls its destiny.
The End.
"A company is only as strong as the trust and mutual respect built on the knowledge that we are all dependent on each other to accomplish our common goals. Together many can achieve more than one and together we all flourish"
Cal Haupt, Chairman and CEO, Southeast Mortgage of Georgia, Inc.
www.southeastmortgage.com
770-279-0222
published June 21, 2006
There is a quaint little village nestled in a clearing near beautiful trees flanked by a bountiful creek fed by a fresh spring. The village consists of hundreds with varying personalities and agendas. The village’s geographic location has a 9-month springtime and a 3-month winter weather cycle.
Hunters can do their job knowing other villagers are executing their unique skill. The hunters drink water, eat, and are warm after hunting due to the water collectors, cookers, and wood collectors doing their duty. Each knows the ramification of their responsibility on other villagers. Together working in harmony, everyone in the village flourishes. Every year spring turns into winter for 2-3 months depending on the village’s relationship to the other planets in its solar system.
Every year the village must be reminded how important everyone’s responsibility is to the village. Without hunters, there is no protein and the village becomes weak and the wood collectors cannot carry wood and the village starves and becomes cold. Without the water collectors, the village becomes dehydrated, the hunters cannot hunt and the cookers cannot cook; therefore, the village becomes weak. Without the cookers, the village does not eat and they starve becoming weak preventing them from hunting for food or collecting wood for heat. Without human medicine, people get sick and the burden shifts to the healthy, which in turn burdens the remaining villagers that ultimately stress them out and make them sick too.
The village can adapt to a fisher person being sick or off their game by moving a hunter into the fishing role. And to replace a hunter, a furniture maker can be taught to hunt and a water collector can be taught to make furniture; however, the remaining water collector has to carry twice the water. The remaining water carrier is ok with this burden since the fisher person is rarely unable to fish. This is part of the life cycle of the village.
If the village loses sight of the common goal of everyone flourishing and being happy, by thinking their part is not important or distractions take them away from their common responsibility, the village slowly suffers. Depending on the size of the village, the village can have 2-5 distracted key people and remain stable; however, if the village gets the 1 additional distracted person, the village weakens and threatens the existence of all.
Every season, the village is reminded that every year 2-3 months requires additional diligence at each important job and that each job is codependent to ensure the village flourishes. Each new season brings the possibility of a bigger fish, a warmer fire, fresher water, or a bigger village. The Village controls its destiny.
The End.
"A company is only as strong as the trust and mutual respect built on the knowledge that we are all dependent on each other to accomplish our common goals. Together many can achieve more than one and together we all flourish"
Cal Haupt, Chairman and CEO, Southeast Mortgage of Georgia, Inc.
www.southeastmortgage.com
770-279-0222
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