Phoenix’s highest residential structure is about so start selling units again according to my sources.  44 Monroe will be releasing units for sale in the near future and it is estimated that buying a unit there will be much cheaper than it was only a year ago.

From Wikipedia:

Construction on the tower began in November 2005. On April 16, 2006, Grace communities hosted a “Going Vertical” party signaling the tower’s foundation was complete and construction would now be above ground. In the summer of 2007, 44 Monroe topped out. Fall 2008 saw the completion of 44 Monroe.

As of August 2009, the completed project was 5% occupied[1]. In September 2009, its primary lender, Corus Bank based in Chicago, was taken over by the FDIC, and in January 2010 the project was headed for a trustees’ sale and likely foreclosure

Construction on the tower began in November 2005. On April 16, 2006, Grace communities hosted a “Going Vertical” party signaling the tower’s foundation was complete and construction would now be above ground. In the summer of 2007, 44 Monroe topped out. Fall 2008 saw the completion of 44 Monroe.As of August 2009, the completed project was 5% occupied[1]. In September 2009, its primary lender, Corus Bank based in Chicago, was taken over by the FDIC, and in January 2010 the project was headed for a trustees’ sale and likely foreclosure.

And now, coming out of the financial problems of the past — 44 Monroe is about to start selling units again.

But for a lot less than they used to sell for.

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And now, from On Q Financial right here in Arizona… meet our newest mortgage expert — Amy Simmons!

Amy has managed to consistently provide top notch service for OnQ and become known across the valley as one of the best loan officers Arizona has.

How do I know this?

Because I lost more than just one loan last to year to On Q and  I used to sit back and scratch my head wondering how-in-the-world-they-picked-her-over-me.

But rather than just sit back and hate her for being a better loan officer than I was, I figured I would help get the word out that I wasn’t the only great loan officer in town.

So now, in addition to the other great loan officers that we have from many different companies who contribute to this blog, give a warm welcome to Amy!

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On Saturday, March 20, 2010 from 10am to 4pm, the Arizona State Escrow Association in conjunction with the Better Business Bureau, Arizona Department of Financial Institutions and the Arizona Mortgage Lenders’ Association will host the Homeowners’ Survival Event at the Steele Indian School Park / Memorial Hall at 300 East Indian School Road, Phoenix, AZ 85012

Attendance at this community assistance event is FREE. Throughout the day there will be mini sessions on adjustable rate loans, foreclosure/homeowner eviction, short sales, scams, tax implications and second mortgages/credit impact.

Attendees who would like to meet with a counselor from Take Charge America are encouraged to bring copies of their current loan documents, e.g., Note, Truth-in-Lending Statement, etc.

For more information click here

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For many, 2010 will undoubtedly prove to be one of the toughest years in the mortgage industry. The underwriting guidelines still continue to change daily, government regulation and intervention is at an all-time high, legislation is being proposed to change compensation models for Loan Originators, more fraud verification policies are being put in place to protect lenders adding confusion, borrowers are forced to jump through ridiculous hoops and great mortgage professionals are exiting our industry in droves. Let me repeat that…. “Great” mortgage professionals are exiting our industry, not “Good”, but “Great”.

I’m sure you know how we got where we are at, but do you really know where we are at? Everyday I speak with my friends from markets across the United States that are considering changing careers. The same questions come up, “How is it possible to create a great experience for a borrower with this environment?” I don’t pretend to know the answer because, in my opinion, there isn’t one.

• Telling your borrower three months after closing they need to provide proof they’ve personally paid a credit card on their credit report for 12 months, showing their bank statements for the last 12 months. How and why would they have trust and confidence to refer their friends and family?
• When you receive a loan approval with 45 prior to doc conditions, then it takes 45 minutes to explain why so much documentation is needed. How are your clients to have the trust and confidence to refer their friends and family?
• Loan guidelines forcing Mortgage Professionals to order two appraisals on a property, after one has already been received $14,000 above selling price. How are today’s clients to have trust and confidence to refer their friends and family when they feel they’ve been mistreated and forced to pay excessive costs?

When this happens over and over and over on every transaction, why would Real Estate Professionals continue to refer their clients? It’s simple… they don’t. They move on to the next Loan Officer. Your past clients don’t refer you anymore. You soon realize you don’t have a passion for this industry anymore and “Even Great Warriors Die In Battle.”

For those that make it through this, we are the survivors, we are the fighters and we are the ones who will shape the perception of this industry so many love. Live the Dream – Carpe diem quam minime credula postero!

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There is a new mortgage office in town.

Let’s give a warm valley-of-the-sun welcome to Sunstreet Mortgage in Mesa. They have recently announced that their office is open for business and they are in the process of getting ramped up and planning a grand opening party.

My personal favorite loan officer at Sunstreet is Christoph Schweiger who I have known for years and I think is great. Coming from the Real Estate side and having recently made the move to the lending side, Christoph will surely be a breath of fresh air for agents looking for someone who understands their world.

And if you are a buyer, who better to work with that understands the Realtor’s needs regarding your transaction as well as the lending requirements?

According to Christoph, Sunstreet Mortgage highlights include:

• The three principal partners of Sunstreet Mortgage have over 56 years of originating loans and over 20 years of experience in running a mortgage banking operation
• 2 Managers: Gary Miljour and Kim Chartier
• Sunstreet Mortgage is based in Tucson with branch offices in Nogales, Arizona and Albuquerque, New Mexico
• Was founded by John E. Capp, Sarah J. Roads and Patrick W. Sniezek

And maybe the best part…

They are planning on having a grand opening party after they have into the new space – but if you want a pre-party sneak peek — you can stop by anytime to see them in action.

You can find the Sunstreet Mortgage office in the Stapley Corporate Center , 1910 S Stapley Dr., Suite 202, Mesa, Arizona 85204

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Golf and sun might attract people to Arizona, but the state is also becoming a hot spot for identity-theft.  For the second year in a row, Arizona topped the Federal Trade Commission’s list of states with the most identity-theft complaints.

It’s more based on demographics, than geography.

Arizona official’s attribute their perch at the top to a couple of key demographic trends: a large elderly population that isn’t always aware of the latest identity-theft tactics, and high methamphetamine use.  Of course, those two key demographic points aren’t necessarily related to each other.  I’m not saying that Arizona has a large demographic of elderly meth-addicts that aren’t up to date on identity theft trends.  I promise, I’m not saying that.

Soooo…

One insurance remedy to this serious problem is Identity Shield Coverage added to your homeowners insurance policy.  This is a comprehensive solution to manage your identity. This coverage will monitor, insure and restore your identity.

What does it provide?

Loss Coverage

• Coverage up to $28,500 in expenses and $1,500 indemnity.

Credit Monitoring

• Continuous monitoring of credit files, as well as, publicly accessible records for fraudulent activity for two people.
• Annual identity report with details of the customer’s credit file and public records.
• Victims of identity theft, or those who suspect they may be victims, receive:
  • Identity resolution services for the entire household
  • Access to an advocate who will guide the victim through the identity recovery process 24 hours a day, seven days a week
  • Preparation of correspondence necessary to notify all relevant parties of the fraud (credit bureaus, financial institutions, etc.)
  • Assistance in placing fraud alerts and security freezes with credit bureaus

Identity theft is a growing concern throughout the United States, and it’s a threat from which no one is immune.  It has become so prevalent that most people, if not victims themselves, know someone who has been a victim.  The crime can be devastating, and is often costly and time-consuming to resolve.

You can add this coverage for around $65.00 per year.  A small price to pay for piece of mind.

If you have any questions, or would like to discuss this further, please feel free to contact me.

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Wondering who the largest mortgage lenders are in Maricopa county?

The usual suspects round out much of the top 10 — all companies that you have heard of.

Wells Fargo led the pack.

Then Bank of America.

In third place?

Academy Mortgage – home of the Ten Day Close.

But perhaps the fact that Academy is number three isn’t all that amazing — until you realize that there are really only two Academy Mortgage offices in Maricopa County.

I guess people really have started to spread the word:

Speed and Service is worth it.

And we don’t just say that we can get your loans closed in Ten Days — we guarantee it.

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Can the ten day close be trusted?

Recently an agent asked a very good question about our 10 day close program for Arizona home buyers?

“Are you sure that a ten day loan can be trusted? One of the things about loans is that they have to be done right, and someone who is trying to close you in ten days might be rushing through the important parts and costing you more money.”

Here are some points to consider:

Does closing a loan in 10 days require “rushing through the important parts”?

No, it doesn’t.

With every loan that we close we

• obtain and review supporting documentation,
• independently verify income, employment and assets,
• review credit for compliance with conventional or FHA guidelines,
• obtain written statements that no new credit has been obtained that is not on the credit report,
• obtain an independent appraisal according to HVCC or FHA standards,
• obtain copies of tax transcripts directly from the IRS
• and compare to documents provided, and review the purchase contract for nuances and pitfalls.

Then it is submitted to a DE underwriter who carefully reviews and recalculates the information in detail.

So, how long should it take to close a loan?

It doesn’t take more than a few days to actually perform the review as listed above. Therefore, the question is how efficient are a company’s logistics and communication related to gathering the required information to underwrite the file, move the file from processing to underwriting, and then move the file from underwriting to closing?

I can tell you that it makes it a lot easier and faster when my processor sits across the hall and my underwriter and closer are down the hall.

How we close loans in ten days?

• Our bank has a clean record with its investors, so we have limited “investor overlays”. This is very important and is a result of a history of “not rushing through the important parts”.
• My bank does not have problems obtaining the funds needed to actually close the loan.
• We have senior management that will accept nothing less than excellence and hold each person accountable for achieving the goal of a ten day close each and every time.
• My entire office has a sense of urgency from start to finish.
• My processor, underwriter and closer is all located under one roof – in my office.
• We have the best technology to speed up logistics and communication.

Will closing a loan in ten days put the borrower at risk?

If I overlook something and close a loan that should not have closed, what are the consequences?

• The loan becomes uninsurable by FHA (if an FHA loan)
• The loan becomes unsalable to an investor
• I am not compensated for my work
• My company incurs losses from the unsalable or non-performing loan.
• I lose my job and/or my credibility.

So, we are at risk, not the borrower.

Steve Lines

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Is your loan officer telling you that it will take longer to close your loan than ten days?

Call us.

Thanks to Dean Ouellette for letting us get his client’s loan closed. Dean, we are looking forward to many more ten day closes in the future.

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I suspect that 2010 is going to be a big year for short sales.

One common question that I have gotten lately is:

Can I just do a short refinance? Meaning, rather than short sell my house to someone else, can I just do a short refinance?

And the answer is: maybe.

But before you pick up the phone and call me, you need to do something first — call your current lender and ask them if  they will accept a short payoff.

Under some circumstances, they will accept a short payoff (the situations are far to numerous to go into detail here) so if you are interested in doing a short refinance, the first step is to get on the phone with your current lender and negotiate a short payoff.

Now, as you can imagine, it is not going to be easy, but did you really expect it to be? Do you think your lender is going to be happy about accepting a short payoff just because?

There are various strategies that you can use to get your lender to accept a short payoff – but it is really in essence going to come down to two things:

1. Your ability to negotiate
2. A healthy dose of luck

Although it isn’t easy — if you do manage to get a short payoff from your existing lender, you may be eligible to do a short refinance and fix your “negative equity” problem.

A short refinance isn’t for everyone… but it is possible.

Oh, and don’t call me until you have a short payoff agreement from your lender!

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