LENDERS Snub New FHA Guidelines
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You could definitely see your skills within the work you write. The world hopes for even more passionate writers like you who are not afraid to say how they believe. All the time follow your heart.
Two thumbs up on that. Zillow knows how to market themselves and that’s it. I’m the same way, if Zillow is mentioned I know the information is flawed and the people that quote them are in the dark and lose all credibility immediately.
I’m confused as to why the Gov is restricting these lower MI rates to those deals that closed prior to 6/1/09. Deals that closed after that have higher MI rates and arguably need the saves all that much more than folks that close before that.
Curious, Cheers,
Joe
I’ve been a Realtor for 34 yrs. My husband & I are relocating back to the Midwest. I go on Trulia to find out what’s going on in the market, who handles what type properties, & do I perhaps know the agents who have the listings. I will not see listings of brokers who do not allow their listings on there. I will definitely be buying something, but since I am 2000 miles away, I won’t be stopping by Edina’s ofc. Another brokerage MANY years ago thought they owned their local market too, and were VERY hard to deal with b/c they wanted to keep the entire commish in house, & they co-broked on 60/40 of 6% (2.4%), NOT on their ‘minimum commission’ which was typically $3000-$5000. So if you sold one of their listings for $30,000 (not atypical), then you just wasted your buyer for a $1200 commission; good luck making a living at that rate. We all knew the commission split was stacked against us, so were always anxious to NOT deal with that ‘bully’ company & would show each others’ listings (small companies) instead. Typically, you have LISTING AGENTS and SELLING AGENTS. Yes, you have to List to Last, but some agents aren’t really good at that, but work with Buyers all day long & have an accumulation of buyers who might be looking for a house just like you just listed! So don’t knock he Buyer’s Agents. They move the sale along, and without Buyers, the Listing Agent won’t get paid. Typically with OPEN HOUSES, the Listing Agent may pick up buyer prospects, but often his focus is on getting more listings, not driving some schlump around in his car looking for the ‘perfect house’ for 6 months! Different skills, both equally necessary. Oh, and Buyers are STILL Liars, and there is no guarantee of a sale either for any number of reasons. Listing agents are more likely to get paid for their efforts than Buyer’s agents.
Hey Steve and PA Joe,
You have ‘opened my eyes’ ! 20 some yrs ago I managed a Re/Max firm, and all the agents in the community thought we were either from Heaven or Hell. Why?
Because it was “NEW” …at least to our area. None the less, we crushed the Market for three years in a row with a yearly average of 3.6 closed Escrows per Agent, per Month….12 out of 12 months per year.
Now the model HAS CHANGED, and all us ol’ timers, plus the newbies, should really get in step with the changes. Even with skewed info, a lead is still a lead. And any agent, if taught how to cultivate REFERRALS, should be able to make a nice living from just ten or so GOOD leads ! And one of the things Steve mentioned is supplying YOUR leads with QUALITY info. Quality of info and KNOWLEDGE of the Mkt = TRUST. TRUST = REFERRALS!
Period. End of story.
Thanx for the “wake-up” call guys, and good luck to both of you!
Gregg
PLEASE STOP OF THE ADVERTISING FLASHING!!!! IT IS MAKING NOT WANTING TO LISTEN TO YOUR SHOW EVERY DAY.
that crap of selling your lead to your competition has been going on for years in the lending business. I pull a credit report and trans union, experian, and equifax sell the fact that my client had there credit pulled by a mortgage person to other mortgage people and no body stops them.
The FHA overlays for score, full credit, etc have been in effect on the wholesale side since everyone got away from the true rules in 2009. Only on a few rare occasions can we offer anything close to a true streamline if it’s same servicer. These “changes” have been how we’ve done these loans for years.
Here in St Paul / Minneapolis, Edina Realty is the big gun… But only because they employ the most Realtors – not because they are the best.. While I have no love loss for them, it is pronounced “E Die Na”… How do you get Edna from Edina??
I am surprised it took so long. I have been against these sites for years. They want to charge me for my leads on my listing that I worked hard to procur? Then they don’t remove the listings once they sell. I got a call about 2 months ago on a house listed on Zillow that I sold in 2006!!!!! The prospect was mad at me for having inaccurate info on the internet and hung up. That just cost me a potential client. I hope these sites go away soon.
Zillow is garbage. It’s a shame how much print they’ve received over the past few years regarding property values. I stop reading any article today that has any mention of “according to Zillow”.
I have said for years that realtor.com, zillow, etc. would not have a business without our listings and I resent them calling and trying to sell them back to me with leads. Zillow called me two weeks ago offering me this GREAT deal which was only going to cost me $2300 for 6 months… I think they are smoking crack over there.
They all have outdated information and cause more problems then sales.
I subscribed to a Zillow leads ad campaign for a particular zip code for 6 months. $600 later, I ended up with 5 leads, who all called on homes that were already under contract. could I convert them? No, they were already working with an agent and they were “helping” their agent find a home for them.
Just had a VA streamline declined by Plaza Home Mortgage, 696 scores due to a CREDIT CARD late within the last 12 months. Best part, the credit card account was paid off and B of A was not sending them statements anymore, Netflix ‘renewed’ to the account and they didn’t get the statement so turned into a 1×30 and 1×60 late. B of A has told them it was their error in not sending statements and that they will correct reporting BUT, of course, they can’t/won’t send them anything in writing so we can rapid rescore
Good times!
Are you still looking for a home for this loan?
Yes, no more stealing from the Realtor going back to basics and giving credit to the those that earn it & know how too!! We have been trying to get rid of those so called smart ones bringing down the market and taking over the business for a long time, take away their livelihood and give us ours back…. Last man standing will be the name of this game for those who have been in the business long enough to know what im talking about.
Finally a real estate company pronounced E-DINE-NA has some common sense to drive business based on the talent of their agents and not the unmonitored inaccurate websites. Those real estate websites like Zillow and Trulio cause more problems for consumers and realtors with misleading value information and recommending inexperienced real estate agents.
Our ‘Streamlines’ are ‘qualifying only’ now.
The only thing ‘streamline’ now is the no appraisal option where you cannot roll in closing costs…. Which I suspect is next.
Guys, it’s pronounced Ee-dye’-nah. Re the national websites, there are also state regulatory issues involved, and all states have different laws. We regularly investigate complaints from consumers and other agents about these sites. For example, an Idaho real estate license is required to market Idaho property or procure buyers for that property. Just sayin’…
you guys are gonna get a lot of these…
It’s pronounced UHD-EYE-NA realty from Edina UH D’EYE’ NA MN
As an agent in Minnesota I want to public thank Edina Realty for their stupidity. Their decision to limit internet exposure on the nations top 3 real estate websites has been a windfall for their competition. Competing for listings against Edina agents is now a slam dunk.
I rarely totally disagree with the editorial comments of Think Big, but here is a case where they are wrong and Steve is right. We are hired to sell any listing we get. The more exposure the better. If you take a listing in order to do both sides of a deal or to troll for buyers, you are breaching your fiduciary duty. The good news of the capturing of all the MLS leads is that you are marketing a property to as many potential buyers as possible at no additional cost. Moreover, the eyes that see the listing are the likely buyers.
The idea is not to do both sides of the transaction. The idea is to have qualified agents represent buyers, and to give accurate information to potential buyers. Many of the websites are still showing listings as active when they are actually sold or contingent with short sales. When a buyer calls on a listing and does not get the listing agent, the agent who answers does not have much of the information needed to accurately portray the property. Many brand new agents buy space on these websites to capture buyers and then have difficulty representing them well because they just do not know how because of their lack of experience. This means the listing agent has to basically do both sides of the transaction anyway. Agents not firmilar with areas buy space for areas and cannot answer questions about the communities they are trying to serve. Here again, the buyer is not well represented by someone who needs to know but doesn’t.
What I’m hearing is that many lenders if they do not already service the loan won’t do the new streamline version. I don’t think anything is ever going to get easier with home financing.
Robby stated “we are just making ourselves look outdated and cheap”. I’d argue that the recommendations of closing “your” feed and the logic behind that is what is making realtors look this way.
RE: FHA streamline. Adam, I hear your pain on the HUD endorsement date issue. I have a very good client who wishes to streamline reif but can’t at the reduced rates. Their mortgage closed in mid May 2009 but did not get HUD endorsed until June 1st. By the way May 31st 2009 was a Sunday so I know they had the file prior to the endorsement date. If anyone has any suggestions/ideas it would be appreciated if you could post.
Same issue here…was set to close and save $370 month. I have been calling everyone. I thinkg I am going to try to get a copy of my finalized HUD-1 and also see when they electronically submitted my MIC.
Oh Steve, you are living in a bubble….. The facts are just not getting in there. First, Keller Williams is a fine company. But they are the Amay of real estate. Lots of selling people to come to work, not real estate. The agents themselves are not very productive and as a result, not the high earners. As for the Internet sites in question, we need to get rid of them all. Bill Gates once said it, “information is the most valuable commodity in the world.” And, here we are letting NAR give it away for free. At least, free from us. To protect our information we need to close the feed to anywhere other than were we want it to go…. Buyers should have to call a licensed Realtor to get the information, not look at some half ass web site. And, Sellers should have to call a licensed Realtor to put their property in the MLS, not some do-it-yourself Internet site. Otherwise on both occasions, we are just making ourselves look out dated and cheap.
Guess Robby did not read the results of the latest RealTrends report on last year’s business and the companies reported with there various sales growth and agent productivity?! Check out the KW office performances.
I do agree that buyers and sellers should call agents first but that is not the current reality and pulling all listings back to a broker site is not the answer. It is somewhere in between and I believe the traditional companies, independents and franchises alike, have to take a hard look at their business models. With information everywhere we cannot solve the problems of today with the thinking of yesterday.
Re: FHA Streamlines. I have been finding very painful the borrowers who closed in Aril and May 2009 but their loans were not Endorsed by HUD until June or July and do not qualify for the reduced MI. Can someone explain how HUD came up with the on or before May 31, 2009 Endorsement date, or was it just to be in synch with HARP?
Also, as this program will be valid for quite some time forward for a while, shouldn’t the Endorsement date required be updated every 3-6 months on both FHA refinances and HARP to reflect seasoning terms of 3 years? In fact, forget updating the May 31, 2009 date. Why not etablish the guideline for HARP and FHA Streamlines that the loans must be seasoned for 36 months (owned by Fannie/Freddie/HUD) to qualify?
I think the 5/31/2009 endorsement date nicely corresponds with the 36 month FHA-to-FHA refinance’s UFMIP rebate. There’s no rebate due to the borrower in these circumstances, so HUD doesn’t have to pay out any UFMIP rebate funds.
And is there anyone out there that really thought they were going to get a free ride from these banks? Not only are all these agencies Private and Government not on the same page but they’re not even reading the same book.
Come on guys, you’re re-hashing the same stuff…this isn’t any help.
Regarding pulling listings from sites such as REALTOR.com, Zillow, Trulia, etc. I believe you guys have it all wrong. Ask any REALTOR who has been around for more than a few years and they will tell you that listings are the name of the game. Years ago states began to allow the consumer to have the agent represent them in the transaction and the business began to swing. Ask the same agents above how many times they find the buyer for their own listing and you will find that it is a small percentage of the time and it is less than prior to buyer representation.
When an agent lists a house it is their job to find a buyer by marketing the property in the best manner. I tell my sellers I will most likely not be the one who sells your house….but I will be the reason it sells! Limiting the sites on which a home appears will hurt the overall marketing effort for the property. Buyers do not want-or need-to go to individual brokerage sites to find homes. Brokerages who limit web site exposure are really doing it to benefit the brokerage and not the seller. They want the leads and frequently sell them back to their agents in the form of a reduced agent commission split if the consumer buys anything listed by any brokerage from the agent to whom they “sold” the lead.
Maybe those brokerages will want to go back to the days of the MLS book? It is not really about the accuracy of the data or selling leads back to agents (they probably fare better than if they “buy” the lead from their own brokerage) but the old fashioned broker knows best and wants to control everything because they have given away too much to their top agents in special commission deals.
Why do you think the Keller Williams business model has become the top franchise in the country? It allows the agent to control their business and ALL LEADS on a property go to the listing agent directly and there is never a reduction in their commission to the broker for the lead. Time for some of the other big guys to make some changes to their business models because consumers know the info is out there and will turn away from brokers who attempt to limit and control internet exposure. That includes sellers and buyers!
Steve – couldn’t agree with you more. Instead of fighting change, embrace it!! Jump on Trulia, Zillow, etc. create your free profile & answer questions. Information is power – so give out info freely & openly. It will come back to you. Isn’t that the point of social media, video marketing, etc?
I remember when we would spend $10k to $12k per month for phone book ads – yes phone book ads. Tons of leads & we made a bunch of money. Guess what – phone books don’t work anymore. We had to change our strategy.
Either you ride the wave of change or get crushed by it. Totally up to you!