FHA insured loan criteria is about to get a little tighter, but it could have been worse. At a time when a housing recovery is needed, it seems odd to make it tougher to qualify, but that will be the result of Congress recently passing HR 5981. This new law puts the authority to changes [...]

Our current economic crisis has been analogized as a “Financial Tsunami” because of the devastation of force and the uniformity of destruction regardless of your position in the financial landscape. The analogy sends a clear message that this event is not a normal cyclical storm, but one of great and rare magnitude that requires an [...]

Loan Originator licensing took affect in Arizona on July 1. This is a HUGE change for the consumers in Arizona and a change much welcomed by the industry. In fact, the mortgage industry has been trying to institute a license for over 10 years. The financial crisis gave us the impetus to finally get the [...]

Fannie Mae is stepping up lender responsibilities on conventional loans. Known as the “Loan Quality Initiative” (LQI), the new policies will change the mortgage lending process. Two of the biggest changes include re-verifying borrower’s debt prior to closing and ensuring that no members of the transaction are on a “exclusionary list.” These federal lists cover [...]

If you were not aware, loan originators working for Arizona regulated institutions will have to be licensed by June 30, 2010. Licensing was an issue that many individuals, myself included, and trade associations thought was critical from increasing the level of professionalism in the lending industry. For years, we tried to get licensing laws passed [...]

Recently, I asked Lisa Burns of Fidelity Home Warranty why agents should be concerned with the buyers decision to purchase a home warranty. To be clear, I believe a home warranty is a great investment for most home buyers, especially those that use a large amount of their savings as a down payment. The little [...]

As many were lobbying Congress for an extension to the 2009 tax credit, I was silent.  In fact, I argued that extending it through 2010 would slow our recovery.  Now that the 2010 credit has expired, should we be concerned about home sales.  I don’t think so? The positive elements for a buyer are still [...]

Over the last 4 years, The Tucson Association of REALTORS® Habitat for Humanity Committee has raised over $100,000 to support the Tucson effort.  They do this with a variety of fund raisers like golf tournaments and auctions.  Last year they hosted the inaugural At Bat for Habitat charity softball tournament.  Now in it’s second year, At [...]

Having gone through legislative and regulatory changes that made it difficult to remain an independent mortgage broker, I see similar writing on the wall for small mortgage banks. The rhetoric of financial reform is centered on eliminating institutions that are too big to fail”, yet the results of proposed language could reduce mortgage banking to [...]

The state’s budget crisis has brought an unusual coalition of forces campaigning for a temporary tax increase.  Many business organizations are supporting Proposition 100. A “yes” vote shall have the effect of temporarily adding one cent to the transaction privilege (sales) and use tax that begins on July 1, 2010 and ends May 31, 2013 [...]