Southeast Mortgage of Georgia, Inc.

Monday, November 25, 2013

Most frequently asked MLO questions

Although Southeast Mortgage has been in Georgia since 1993 and employs a full time PR and social media assets, we continue to get the same questions. I thought I would share a few of them and some more common points about one of the oldest Mortgage lenders in Georgia on our 20^th anniversary.

Why is a company the size of Southeast Mortgage Corporate/Operations located at Club Drive rather than a High end Office Building?

Ø SEM has owned the 2 acres on Club Drive since 1997 and currently uses 15,000 square feet for Operations (Processing, Underwriting, Closing, Post Closing, Capital Markets, and Client Relationship Management). SEM is pad ready for another 8,000 square feet when needed.

Ø Having your TEAM at one site builds team work, better communication, and faster response.

How can SEM pay 130 bps to MLOs? Is there a catch?

Ø Because SEM owns 50% of its space and utilizes the best technology in the industry, our overhead is lower which allows us to pay the best MLOs higher rates.

What makes SEM different than other Non-Bank and Bank mortgage competitors?

Ø SEM has been in business for 20 years and holds one of the oldest lender licenses in Georgia.

Ø SEM is a direct lender to GSEs and operates in the broker dealer market which provides us with better market access and the best prices available.

Ø Many of the Senior Leadership at SEM have worked together over 20 years.

Why should I choose SEM?

Ø SEM has flourished in 3 recessions and knows how to adapt.

Ø SEM’s 25 Senior Officers guide our sales and operations efforts allowing for a deep bench and resources.

Ø SEM executes a direct GSE model focused on QRM so we are not dependent on Correspondent, Broker, or Bank boards to dictate our future.

Ø SEM has one of the lowest breakeven points in the industry due to low variable overhead and a vertically integrated operation.

Ø SEM focused on a 7 day high service close since 1998 and now has a 8 day close due to changes in the industry. Fast Service from competent licensed originators has always been our strength.

Ø Longevity, stability, redundancy, and a Great Group of People with one common focus is what makes Southeast Mortgage the Largest Non-Bank Mortgage Lender in Georgia.

www.southeastmortgage.com

770-279-0222

Thursday, November 14, 2013

New Flood Insurance Act could leave a MARK on the Real Estate Industry

Americans that live in designated flood areas should be concerned about a quiet law that is being implemented. The law has the potential to drive property values down and increase defaults for a large number of Americans that are currently required to have Flood Insurance or will have to have Flood Insurance if their property falls in newly designated flood zones.

Some forecast increases up to 9 times current premiums on certain properties.

In 2010, 123.3 million people, or 39 percent of the nation’s population lived in counties directly on the shoreline.

The new law should be on the radar of Real Estate and Mortgage Industry participants. Biggert-Waters Flood Insurance Reform Act of 2012, http://www.fema.gov/flood-insurance-reform-act-2012 , is expected to have a significant impact on properties that require flood insurance and or will be required to have flood insurance after re-mapping.

Links to the timeline and FEMA Maps:
http://www.fema.gov/media-library-data/20130726-1912-25045-8239/bw_timeline_table_04172013.pdf

http://hazards.fema.gov/femaportal/prelimdownload/

http://money.cnn.com/2013/10/21/real_estate/flood-insurance/

www.southeastmortgage.com
770-279-0222

Tuesday, November 12, 2013

The October Cal-Culator Reflects a Month of Housing Decline

Posted on November 11, 2013 by admin

After months of gaining steam toward recovery, the Atlanta residential real estate market has taken a bit of a plunge. The October Cal-Culator ranks a 5.0 after last month’s 5.9. A decrease in mortgage applications, decline in pending home sales, higher mortgage rates and the government shutdown all contributed to this month’s lowered Cal-Culator index.

The October Cal-Culator

The Mortgage Bankers Association’s latest data from September showed mortgage applications for new home sales decreased by 1 percent. The National Association of Realtors reported its Pending Homes Sales index, based on contracts signed last month, sunk 5.6 percent, the largest decline since May 2010 and the lowest level since December 2012. Rates on 30-year fixed-rate mortgages rose to an average of 4.49 percent in September, almost a full percentage point higher from the 3.54 percent average in May, according to Freddie Mac.

The negative news can partially be attributed to how well the housing market was performing earlier in the year. In the first half of the year, the housing market was rebounding with pending home sale numbers the highest they had been in more than two years. Homebuilders took note and more than 72 percent of homebuilders raised their prices by June, many by double digits. Around the same time banks began raising interest rates. As a result, potential homebuyers are submitting far fewer offers, a sign that the hot real estate summer of 2012 is beginning to cool off.

“The problem is that people are just confused. Early last year the real estate market was starting to recover and homes were supposed to be a bargain“, according to an article in The Wall Street Journal, “Home Shoppers Kicking the Tires, But Delaying Deals.” “Then, as if overnight, you couldn’t find a home and boom-time relics like home-flipping and bidding wars were all of a sudden back.”
It’s no surprise that the 16-day government shutdown had a major, negative effect on the housing market. Hopeful homebuyers were unable to gain loan approval as the Internal Revenue Service, Social Security Administration, Federal Housing Administration and other governmental organizations were not in operation, thus unable to provide needed documentation. Mortgage lenders were unable to obtain IRS 4506T documents needed to close most borrowers’ loans. It is estimated that Washington set the real estate market back a minimum of six months.

Despite many factors contributing to a lowered Cal-Culator, there are a few positives from last month in the Atlanta residential real estate realm. According to the National Association of Realtors, the majority of metropolitan areas, including Atlanta, are experiencing strong annual home price growth. In the South, existing home sales prices are up 12.2 percent from the third quarter of 2012. Additionally, Atlanta has seen a huge rebound in the number of home listings, an increase of 14.4 percent compared to a year earlier. The increase in inventory is significantly helping ease Atlanta’s current housing crunch.

The next Cal-Culator will be released Dec. 10 and will hopefully reflect a more positive shift in Atlanta’s housing industry.

Friday, November 8, 2013

Helping Builder and Realtor Partners sell more homes....

Southeast Mortgage's Client Relationship Team, CRM, is our unique and value added benefit to Builder and Realtor Partners that need fast competent service to move inventory....

FREE Marketing material, professional photography, 100 co-marketed contacts with client's over 5-years to retain referrals, hosted open houses at your subdivision or one of our social max centers across Metro Atlanta.

Our focus is helping our Builder and Realtor partners GROW their business and sell homes faster.

Call us today to become a partner .....

www.southeastmortgage.com
770-279-0222

Thursday, November 7, 2013

Greater North Fulton Chamber of Commerce Spends an Evening with Southeast Mortgage - Alpharetta Office

Another fantastic event enjoyed by all. Thank you to the Members and Leadership of The Greater North Fulton Chamber of Commerce for your support and fellowship last night at the Southeast Mortgage Alpharetta Office.