The Mortgage Daily

Did you know that Google offers a quick-and-easy text message search service? Even if you have a smart phone with a web browser, you might find Google's SMS search handy. For one, it's incredibly fast-- no clicking of links or searching through results or squinting at your mobile browser. For another, you can use special keywords to get immediate access to information.
For example, just text "weather 72712" to 466453 (GOOGLE) and you'll instantly receive the current weather in Bentonville, along with a three day forecast. It works with any zip code.
Need movie times? It works the same way. Just text "movies" plus the zip code, and results will come back, along with options to view more films, more theater times, addresses and phone numbers. You can also have step-by-step driving directions texted to you simply by texting "directions [start address] to [destination address]." Need a quick definition? Just text "define [word]" to 466453.
With over 22 "hot search keywords" you can often get your hands on information faster than searching yourself. To check out a demo along with all of the search features (and instructions on how to use them), check out the Google SMS page: http://www.google.com/mobile/products/sms.html

We had a great time last Saturday at the Texas Land Board Fair in Kennedale, Texas. They had a Parade, live band, and inside and outside booths.  The crowd was down a little because of the weather, it was COLD and rainy with 30 to 40 mile an hour winds. It almost blew the tents away but we still had a great time!  Jeff Ivy was the winner of our drawing for the Sony Micro-Stereo System!  Congratulations to him.

Well folks, we are approaching the holiday season and once you've passed Halloween, it's only a skip, hop and a jump and you're facing a new year!

Debt Collectors, Insider Secrets On Your Legal Rights

There are times in our lives when circumstances may prevent us from paying our bills. Divorce, loss of job, medical bills or even the loss of a loved one can start a chain reaction that is difficult to stop. Bills mount, debts go unpaid and you get further and further behind. You owe money, but you just can't pay. And then the phone calls start. Debt collectors are hired to recover money that creditors have lost and they use endless phone calls and/or threatening letters to contact you.

There are ways to deal with collection agencies, and if you want the incessant phone calls to stop, you need to know them. It can be quite taxing to deal with the problems associated with debt collectors, but if you remain calm and follow these guidelines, the stress can be reduced:

1) When speaking to collection agencies, make sure you know your legal rights.

* One of your rights is that your privacy must be respected and you should be dealt with fairly. Request that they not contact you at inconvenient times, such as when you are at work.

* The debt collectors should treat you respectfully; they must not abuse or threaten you, publish your name, or speak to you in an obscene manner.

* They should not do the following when collecting your payments: imply falsely that you have committed a crime, that they are attorneys or representatives of the government or that they work for a credit bureau.

* When collecting payments for your debts, the agency should not engage in unfair practices.

2) Keep very detailed records. When speaking with a representative of a collection agency, make sure you write down their information.

* You should ask for the following: the caller's name, his/her agency's name, the agency's address and fax number as well and the lender's name and the amount of money they say you owe.

* Keep a record of who you spoke with, their title, and a brief summary of your conversation. Unless you inform your caller, you are not allowed to tape the conversations you have. When conducting physical communications, make sure that you retain all copies sent or received.

* Write everything down. You'll need to draw up a letter to send to the collection agency if you wish to dispute a debt or of you simply want to request that they stop calling you. Make sure any additional requests you make are also documented in writing.

3) If you owe any debts, pay them off. There is no other way that would be more effective for handling collection agencies. Once you have cleaned up your account, you should not hear from the collection agent again. If you are currently unable to meet your financial obligations, contact the agency to which you are in debt and explain the reason for your hardship.

4) Ask the agency if they will refrain from adding any more negative marks on your credit report if you make new payment arrangements. You can do so by making sure that the agency has reported all of your payments to the credit bureaus, and if not, keep reminding them until they do so. You have the right to request that the creditor give you any terms for payment in writing.

While facing debt can be extremely scary, it must be done, especially for those with large amounts of debt. Having the knowledge about your rights can be your best weapon. It's not difficult to deal with collection agencies as long as you are aware of all of your rights. You and your family can stay sheltered from unnecessary harassments if you stay informed.

This just in from the Reverse Mortgage Guide:

Critics of reverse mortgages continue to issue warnings that these loans are likely to be at the center of the next financial crisis. But elderly homeowners have flocked to these loans in larger numbers as they have struggled to make ends meet during this recession. For people considering borrowing with a reverse mortgage, here are some things to understand about what these loans can and can’t do.

What Reverse Mortgages Can Do

1. Reverse mortgages can convert home equity into cash. This can give senior citizens another source of income to pay medical bills, fix up their homes, or retire debts.

2. Reverse home loans can allow you to avoid foreclosure and stay in your home.

3. These loans can allow you to reduce your living expenses if you previously made monthly payments on a mortgage.

4. Reverse mortgages can cut into the amount of inheritance left for your kids.

What Reverse Mortgages Can’t Do

1. These loans can’t get you out of paying home owner’s insurance and property taxes. If you stop paying on these items, the reverse mortgage lender could call in your loan.

2. Reverse home loans can’t be obtained by people under 62 years old.

3. A reverse mortgage can’t fix any problems you have with overspending. If you have trouble managing your money and carry a lot of debt, consider talking with a credit counselor.

A reverse mortgage counselor can provide more information about these loans, such as what kind of fees are involved, and how the money is paid out. You can also get free reverse mortgage loan quotes from reputable lenders. No one should sign up for a reverse loan without gathering as much information as possible.

• Rates rise for the first time in 4 weeks!  Expectations are that rates will rise further next week.
• Freddie Mac jumps into the beleagured warehouse lending to offer support.
• Home Sales are rising in some sectors of the country significantly...Alberquerque, NM has 30% more home sales than this time last year!

As many of you know, the "exemption" of the anti-flipping provision regarding foreclosure properties was set to expire next month. It has been extended - and corrected as follows:

"Federal Housing Commissioner Brian D. Montgomery has extended the temporary property flipping waiver to May 10, 2010. Under the waiver, homes that were foreclosed on and are being sold by the mortgagee or on its behalf may be purchased by FHA borrowers without regard to the 90-day seasoning period. The waiver does not apply to entities that purchase foreclosures either singly or in bulk for resale. Subsequent sales of such properties will continue to be subject to the standard regulatory requirements.

The waiver expires for all loans for which the sales agreements were signed by the seller and buyer on or before May 10, 2010. "

NOTE: This exemption does NOT apply to foreclosure properties that are being sold by private individuals or investment companies! This has tripped some of you up...

If you have a buyer that is purchasing a foreclosure, unless it is being sold by a bank or lender - you have to WAIT 90 DAYS before it will be eligible! Sorry, no exceptions, and we have confirmed this numerous times with HUD.

Chip Cummings-FHA Update - FHA Lending

Most of us have come to the solid conclusion that networking is essential to the health of our business.  But according to Brad Finkelstein networking isn't all about the numbers. Many people believe the more networking they do, the more business they will bring into their office. This belief applies both in the physical and social media realms.

But according to one expert, it is time for a "networking reality check," because the quality of the people you network is more important than the size of your network.

"A network of 10 people who continuously work on our behalf, giving us business leads and career help, is far more valuable than 1,000 people who won't return our calls" says Randall Craig, author and president of Pinetree Advisors, Toronto. "Networking is more than just collecting business cards, adding new LinkedIn Connections or Facebook friends."

He provided some tips on building the quality of your network. First, " Fish where the fish are: Improve the quality of your network by attending events where you will find people who can help you. It could even be at children's soccer games or neighborhood BBQs."

Second, is to ask people you are just meeting for the first time open-ended questions. This, he said, helps you to understand their needs and to find out if you can create a mutually beneficial relationship. Also, ask people you know at the event to introduce you to the people that they know. "An introduction is an implicit endorsement, and highly valuable."

Finally, Mr. Craig said, "Within your network, add the most value to those who could help you the most. This could be done by sending them news clippings, introducing them to people in your network, or giving them business referrals; anything, so long as it is valuable to them. The more you deposit into your network bank, the more you can withdraw later."

It's hard to imagine life without email. How did we do business before? But you have to admit that wading through the "junk" that's mixed in with the valued and important can be a daunting task, and much of that "junk" comes from our friends and co-workers.  It's time we had a "Miss Manners" of email Netiquette.  Over the next few days I'm going to share some ways we can make sure that we are not part of the problem.

Courtesy of PC Magazine:

1. Beware of hoaxes
People have the best intentions when forwarding dire warnings about the latest computer virus, telemarketer con jobs, extreme gas prices, and whatever chicanery the current political administration is trying to pull. The problem: The vast majority of e-mail about such topics is utter fiction.

We implore you: Whenever the opportunity strikes to pass on some juicy tale of woe that has hit your inbox, first visit Snopes.com. This is the Internet's master repository of what is a hoax and what isn't. Bookmark the site. Visit it and do a search. Whatever outrageous message you just received may, in fact, be only an urban legend. Other sites to check: The AFU & Urban Legends Archive and The Straight Dope.

2. Don't perpetuate pointlessness
Here's news you may not believe: Most people don't necessarily share your sense of humor. Or your belief in chain letters that can cause bad luck involving your reproductive organs.

Your friends and family are too polite to ask you to stop, and everyone else is far too busy dealing with important messages to want to wade through that nonsense. They all know to hit the delete key, but that doesn't mean receiving these messages isn't annoying. At the very least, ask your recepients - they may love the latest and greatest joke - but they may be happy to say "please stop."  Give them the option.

Tomorrow I'll have more .....

Legislative update--

• Yes, Congress is preparing to have hearings on issues that include originator compensation and restrictions on the use of Yield Spread Premiums. Stay tuned on that one.
• FHA has announced that they will be swooping in with SWAT teams to audit problem lenders. Make sure you are in compliance!
• The President has promised further enhancements to the Government's conforming refinance program.
• The NAMB has withdrawn their suit against the new appraisal process. We get the impression that the new administration is reviewing this policy.

Compliance –

Yes, FHA will be auditing lenders vigorously, but what about personal compliance for branches and individual loan officers? We can and should take very seriously, security around our handling of clients' personal information. Here are a few things to check.

• Never leave client files or worksheets on your desk where a casual observer can see or take that information. Have a drawer with a lock and use it when you walk away from your desk.
• Have a "strong" password on your computer(s). Those are passwords that contain letters, numbers and symbols. Don't use your birthday, wife's or children's names, etc. These can be guessed quite easily.
• If you carry information around on a portable "jump drive" make sure that you have encryption enabled. You could compromise everyone in your database without proper security.
• Use a shredder. When a file is complete and the home office has the final package. Go through all paper documents and shred those with personal or identifying information.
• And most importantly (and most overlooked) Do not discuss clients outside the office where conversations may be overheard.
• Being a loan officer puts you in a position of trust. Treat that trust with extreme care. You have your clients life in your hands!

This in today courtesy of PC World.  Very good information.

Looks like cybercriminals have turned social networking into a minefield of threats where one wrong move may have very serious consequences. Long gone are the days when you could avoid being scammed simply by using antivirus software. The more aware we are the harder bad guys are working on fooling us. And let me tell you, their techniques are getting more and more sophisticated! Have a look at some examples of the latest cyber criminals’ creations and how to avoid them.

1. Koobface (social networking worm). It gains access to Facebook profile pages and directs you to view a video that then encourages you to update your Flash player. Malicious files such as flash_update.exe and bloivar29.exe are being downloaded and installed which results in a range of visible problems, including modifications to your Facebook profile, with the immediate result being an error message to contact support. There is also the very real potential for your identity and finances to be compromised!
   
   
2. Picture files carrying malware are "planted" on social networking websites and instant messaging programs. Hackers try to convince you that your friend has sent you a message or IM to view pictures. Legitimate looking URL when clicked on sends you to an illegitimate website hosting malicious files and executables, which have been modified to appear to be genuine picture files (jpg, gif or bmp). When you download and open those "pictures"; the malware unknowingly runs on your computer. It allows hacker to take control over your operating system as well as the information in it and exposes you to identity fraud and financial loss!
   
   
3. UPS Delivery Threat, also known as Zbot. It delivers an illegitimate file when you are visiting a counterfeit UPS delivery site. Zbot has been known to distribute via email phishing and instant messenger.  Upon informing you that you have missed a UPS delivery, the message urges you to view the invoice online, which in fact sends you to the counterfeit website which downloads a malicious program designed to bypass the firewall and then steal banking and personal information.

So how do we protect ourselves against all this and more?

1. Be wary of unexpected IM messages and emails urging you to open or run an attachment or download
2. Run up-to-date anti-virus and anti-spyware software with behavioural protection – such as Spyware Doctor with AntiVirus. Keep it running in the background at all times.
3. Ensure you run Smart Updates and Microsoft updates regularly.
4. If you are asked to update to a new version of a flash player or any other program go to producers’ website and download the update directly from it.
5. Organisations usually contact you by phone or mail, so when you get an email call them back instead of clicking on any links or attachments.
6. Never let your guard down, it’s better to be too cautious then sorry.

This in today from HUD....

Homeowners NEVER have to pay to participate in the President’s Making Home Affordable program. I encourage anyone trying to modify or refinance their loans to a monthly mortgage payment that is affordable to visit the Making Home Affordable website at makinghomeaffordable.gov. Homeowners can also call the Homeowner’s HOPE Hotline at 1-888-995-HOPE for free foreclosure counseling assistance.

April is National Fair Housing Month. It’s important, in that context, to recognize that the economic and housing crises, including foreclosure scams, have disproportionately impacted minority populations across the country. Unscrupulous financial institutions, brokers, and others have broken their trust as lenders, cheating and lying to families fighting to make their way through this crisis. I will renew our commitment at HUD to fair housing enforcement, particularly for lending violations that target minority communities. As part of our broader effort to combat abuse and fraud, HUD is using new tools, including the SAFE Act and RESPA, to protect American families. We at HUD will ensure that all Americans, particularly those in areas previously victimized by unscrupulous practices, are protected and will enforce our laws against those who prey upon them.

Signed – Shaun Donovan, Secretary