John David “J.D.” Crowe Promoted to President of Southeast Mortgage of Georgia, Inc.

Southeast Mortgage of Georgia, Inc., SEM, is pleased to announce that John David “J.D.” Crowe has been promoted to President of Southeast Mortgage of Georgia, Inc., SEM, effective January 1, 2014.

JD will be responsible for Licensed Mortgage Originator sales, maintaining SEM’s best in class service standards, and Secondary Operations.  JD will manage the three primary functions required to deliver exceptional mortgage services to our referral partners and clients.

JD is a proven high producing Licensed Mortgage Loan Originator who not only knows how to develop sustained Realtor and referral relationships he also fully understands Direct GSE Lender Operations.  Both skills developed in one individual is rare and a formidable leadership trait in the Mortgage Industry.

JD has owned his own mortgage operation, originated as a broker, originated as a correspondent, originated in a National Bank, and has originated mortgages at a Direct Non-Bank Lender.  JD has experienced all the avenues available to today’s mortgage originators which makes him uniquely qualified to leverage his knowledge of the various channels.

JD has been the Georgia Broker Association President twice with his final tenure responsible for coordinating the merge of the Broker Association with the Georgia Mortgage Bankers Association.  In 2014, JD will be the President of the Georgia Mortgage Bankers Association.

“JD has been a good friend and effective member of our Executive Group for the past 4 years.  He has proven himself as a well-rounded tenacious Executive that can abstractly think and engineer to a desired result.  I am confident as President JD will continue to adapt SEM to serve its Licensed MLOs, Clients, and Referral Partners with innovative strategies to ensure SEM accomplishes its mission to fill the mortgage service provider void in Georgia.”  Cal Haupt, Chief Executive Officer, Southeast Mortgage of Georgia, Inc.

Cal Haupt is the Chief Executive Officer at Southeast Mortgage of Georgia, Inc. with primary responsibility for Organizational Effectiveness, Overall Strategy, Finance / Accounting Oversight, and the long term direction of SEM.

Janice Shell is the Chief Operating Officer at Southeast Mortgage of Georgia, Inc. with primary responsibility for Risk Management and Production.

 

www.southeastmortgage.com

770-279-0222

2014 will be a year of evolution at Southeast Mortgage

Thank you all for the 20 years of great memories and the fulfilling challenge of growing the State's largest Non-bank Lender from one client.

2014 will be a year of evolution at Southeast Mortgage and exciting announcements that give our Mortgage Loan Originators and Referral Partners more resources and a WOW experience.

Left - Beverly Straka Lazar, Cal Haupt, Jan Shell

2014 Senior Officer Group

 

www.southeastmortgage.com

770-279-0222

We wish you and your family a safe and Happy Holiday!

 

www.southeastmortgage.com



 

Fed Taper Signals UP cycle in Real Estate Industry.. Go Economy

While many have made their lists and have checked them twice, my list has had only one item for 2013.  Please let the Fed Start the Taper.......  Today is the day!

Why?  Because a steeper yield curve is required to send the economy into the next phase of the recovery.  Call it Consumer Confidence, Higher Employment, Wealth Effect, Pent up demand; does not matter what label you use the correlation of all the labels creates the next expansion phase of the recovery.  History has proven this relationship over and over.  So buckle up for the next five years and lock em when you have an approval.

Consumers looking for a home don't worry about higher rates because rates, appreciation, and wages are all relative and generally rise together nullifying any dislocation in value.  Buying a home is one of the best investments you can make both financially and in your family.

Cal Haupt
Chief Executive Officer
Southeast Mortgage of Georgia, Inc.
www.southeastmortgage.com

The November Cal-Culator Offers a Bit of Relief for Atlanta Housing Industry

The annual winter slowdown in the residential real estate industry has officially struck Atlanta, but has had a lesser impact than past years. Last month, The Cal-Culator displayed the largest decline and the lowest number since its recent creation. The October Cal-Culator posted a 5.0, a 0.9-drop from the previous month due to the 16-day government shutdown and higher mortgage rates, among other factors.

The November Cal-Culator

The November Cal-Culator ranks a 5.1 due to a number of positive signs in mortgage rates and home prices, combined with multiple paralyzing housing industry factors such as home sales and home inventory.

After last month’s shattering drop, the latest National Association of Realtors’ quarterly report provided data that showed that the winter housing industry has been gaining steam from rising home prices. In the year’s third quarter, the median existing single-family home price increased in 88 percent of measured markets with 33 percent of areas reporting double-digit increases.

Unfortunately, the rise in home prices is a result of the housing crunch that is still plaguing many metropolitan areas, including Atlanta. Realtor.com’s Winter Home Buyer Report revealed that a quarter of winter buyers were still in the market because they were unable to find a home during the last home-buying season.

Though home prices rose, existing home sales fell for the second month in a row. The annual pace of existing home sales fell 3.2 percent to a seasonally adjusted annual rate of 5.12 million in October, down from 5.29 million in September, “Existing Home Sales Fall For 2nd Month In A Row In October, Prices Up As Inventory Stays Tight.”

“The erosion in buying power is dampening home sales,” said Lawrence Yun, chief economist with the NAR. “Moreover, low inventory is holding back sales while at the same time pushing up home prices in most of the country. More new home construction is needed to help relieve the inventory pressure and moderate price gains.”

In more positive news, mortgage rates have been edging lower this winter after a summer of higher rates. The average rate for a 30-year, fixed-rate loan continued to fall to 4.22 percent from the August high of 4.58 percent, according to mortgage buyer Freddie Mac. In comparison, the 30-year-loan averaged 3.34 percent in early 2013.

In November, Atlanta homeowners saw relief in underwater mortgages. The Atlanta Journal Constitution reported that fewer metro Atlanta homeowners owed more on their homes than the properties were worth. The third quarter posted 38 percent of metro homeowners were dealing with negative equity, compared to 44 percent in the second quarter.

Despite the improvements, metro Atlanta still ranks second in the nation among large metropolitan areas (behind Las Vegas) with the highest negative equity rates, reported the Atlanta newspaper. Housing recovery is strongest in Cobb, North Fulton, Cherokee, Forsyth and Gwinnett counties.
The next Cal-Culator will be released Jan. 7 and will hopefully start off 2014 in a positive direction.

Celebrating 20 years - Southeast Mortgage of Georgia, Inc. - Looking forward to the Next 20 years...

Pictured: Cal Haupt, CEO; (right) Jan Shell, COO; (left) Beverly Straka Lazar, COO.  The three original Officers and Shareholders of Southeast Mortgage.

Pictured is the founding Officers and Shareholders of Southeast Mortgage of Georgia, Inc.  Many pictured have worked together for more than 20 years and most more than 13 years.  Team, Loyalty, and a common goal to serve our clients ethically is the bond we share.  Together we lead the 120 plus teammates that keep the promise each day delivering the competent - fast service that has defined our company.

Qualified Mortgages Being Introduced In January to Protect Lenders and Consumers

Starting on Jan. 10, qualified mortgages, sometimes referred to as “Q.M.”, will be introduced as a new way of conducting home mortgage loan origination in accordance with the Dodd-Frank Wall Street Reform and Consumer Protection Act.

Kathy Gyselinck is Executive Vice President for Southeast Mortgage

“A qualified mortgage is a fixed-rate mortgage, with a debt-to-income ratio (including the proposed mortgage payment) that does not exceed 43 percent of the borrower’s gross income,” according to an article on Credit.com, “How Upcoming Mortgage Changes Could Affect You.” A “non-qualified mortgage” is a loan that exceeds 43 percent of the borrower’s income.
Other stipulations include that the loan must be fully paid off with a term not to exceed 30 years. Additionally, points and fees paid by the borrower cannot exceed 3 percent of the total loan amount and lenders must be able to prove the borrower’s ability to repay the loan.
The new procedure helps protect mortgage loan originators more than ever. If a lender meets the conditions and underwriting standards, they are promised amnesty from legal challenges that may arise from those loans. The American Bankers Association is recommending that lenders exhaustively examine all mortgage portfolios to ensure each loan falls with the qualified mortgage guidelines.
“The QM standards include various safe harbor provisions that are likely to mitigate short-term shocks to the real estate lending markets,” according to the ABA. “In crafting these regulations the bureau recognized the need for a safe harbor to prevent a reduction in credit availability and unwarranted lawsuits that ultimately drive up the cost of loans for consumers.”
In other words, the goal is for fewer risky loans to be given, though many lenders believe that most loans given out today already fall under the same rules.
The ABA indicates there could be apprehension that lenders may not be prepared for the changes by January’s implementation. The ABA is urging Congress and the Consumer Financial Protection Bureau to extend a trial period for lenders. Lenders are also concerned that the new regulations are a “narrowly defined box” that consumers must fit in to in order to qualify for a loan­­, limiting consumers’ access to mortgage credit.
“We must get this right for the sake of our customers, our banks’ reputations, and to promote the nascent recovery of the housing market,” said James Gardill, a Virginia bank chairman who testified before the House Financial Intuitions Subcommittee. “For some institutions, stopping any mortgage lending is the answer to this unreasonable deadline because the consequences are too great if the implementation is not done correctly.”