The Education Advantage - WeMAR · Keeley Garvin, HomeStreet Home Loans 2/9 WCR-Contract Law (CL)...
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9001 West Union Hills Drive, #8 * Peoria, Arizona 85382 623.931.9294 | Fax 623.931.1008 | www.WeMAR.org West Maricopa Association of REALTORS ® WeMAR provides the most relevant professional development opportunities that will have the biggest impact on member’ s lives and careers so they may thrive in any market. The Education Advantage Volume 17 January-March 2017 Buyer Do Not Do List for the Mortgage Process Patrick Ritchie If you have ever felt the slightest touch of stress during a real estate transacƟon due to the mortgage process, read on. How can the REALTOR® and the loan officer keep the buyer on task from start to finish? By informing the client what not to do before and during the process: Do not dispute anything on your credit report. This can potenƟally void your automated underwriƟng approval making the process unnecessarily more difficult. Do not apply for unnecessary credit (hard inquiries). Most importantly, creaƟng more debt is detrimental, but it may also lower your credit score. ExcepƟons are uƟliƟes and insurance (soŌ inquiries). Do not quit your job, change employment, co-sign with anyone on loans or leases. Avoid 30-day late payments, and don’t forget to do your taxes and avoid collecƟons and judgments. Past due taxes (IRS tax liens) and judgments are fine as long as a payment plan has been set up and payment for three months can be documented. If you already have debt that has gone to collecƟons, wait for instrucƟons from your loan officer, otherwise you may inadvertently make things worse off by calling the creditor. MiscommunicaƟon can result in unintended disputes on the credit report, potenƟally making the process more difficult. Paying off collecƟons will not raise your credit score the majority of Ɵme. Wait for instrucƟons. Do not shred anything that may be needed for your file such as statements. Do not deposit cash into your bank account unless it can be sourced. Non-payroll deposits should be documented with a check stub, statement, or picture of the check prior to deposiƟng to document the source. What is a large deposit? For FHA any amount greater than 1% of the bank account balance, for Fannie Mae convenƟonal it is any amount greater than 50% of the monthly gross income. VA will vary based on underwriter discreƟon. Why does the lender even care about this? The short answer is to make sure the money wasn’t borrowed. Do not lend out your money or spend it because it may be needed to qualify, as asset reserves may be part of your approval. This is just as important as maintaining your credit and employment if reserves are needed. Reserves are the amount of money leŌ over aŌer the down payment and closing costs. They are not always needed, but when they are it is criƟcal to maintain. Do not charge your credit cards higher than the current balance at applicaƟon, as this can lower your FICO® credit score and increase your monthly obligaƟon counted in qualifying. Do not switch your income from salary/hourly to 100% commission, etc. or go from being a W2 employee to a 1099 independent contractor, etc. If you are receiving a giŌ or selling anything to raise money for your down payment, ask the lender to review documentaƟon specifics. If you are geƫng married before the close of escrow, tell the lender so they can see if the communi- ty property aspects of marriage have any influence on your approval. It will on FHA, VA and USDA Rural Housing, but it will not on convenƟonal. While this isn’t an all-inclusive list of every speed bump in the process, it covers many of the common issues we can guard against. If you are interested in learning more about this topic, I can send you my 72-page real estate finance workbook. Simply email me , and I will forward you a copy. #### Patrick Ritchie (NMLS ID 276438) is a GRI Finance Instructor for AAR, a Senior Loan Officer at Caliber Home Loans, Inc. NMLS# 15622, and the author of the book The Credit Road Map. Patrick can be reached at [email protected] or 480-203-4641.
Transcript of The Education Advantage - WeMAR · Keeley Garvin, HomeStreet Home Loans 2/9 WCR-Contract Law (CL)...
9001 West Union Hills Drive, #8 * Peoria, Arizona 85382 623.931.9294 | Fax 623.931.1008 | www.WeMAR.org
West Maricopa Association of REALTORS®
WeMAR provides the most relevant professional development opportunities that will have the biggest impact on member’s lives and careers so they may thrive in any market.
The Education Advantage
Volume 17 January-March 2017
Buyer Do Not Do List for the Mortgage Process Patrick Ritchie
If you have ever felt the slightest touch of stress during a real estate transac on due to the mortgage process, read on. How
can the REALTOR® and the loan officer keep the buyer on task from start to finish? By informing the client what not to do before and during the process:
Do not dispute anything on your credit report. This can poten ally void your automated underwri ng approval making the process unnecessarily more difficult.
Do not apply for unnecessary credit (hard inquiries). Most importantly, crea ng more debt is detrimental, but it may also lower your credit score. Excep ons are u li es and insurance (so inquiries).
Do not quit your job, change employment, co-sign with anyone on loans or leases. Avoid 30-day late payments, and don’t forget to do your taxes and avoid collec ons and judgments. Past due taxes (IRS tax liens) and judgments are fine as long as a payment plan has been set up and payment for three months can be documented.
If you already have debt that has gone to collec ons, wait for instruc ons from your loan officer, otherwise you may inadvertently make things worse off by calling the creditor. Miscommunica on can result in unintended disputes on the credit report, poten ally making the process more difficult. Paying off collec ons will not raise your credit score the majority of me. Wait for instruc ons.
Do not shred anything that may be needed for your file such as statements.
Do not deposit cash into your bank account unless it can be sourced. Non-payroll deposits should be documented with a check stub, statement, or picture of the check prior to deposi ng to document the source. What is a large deposit? For FHA any amount greater than 1% of the bank account balance, for Fannie Mae conven onal it is any amount greater than 50% of the monthly gross income. VA will vary based on underwriter discre on. Why does the lender even care about this? The short answer is to make sure the money wasn’t borrowed.
Do not lend out your money or spend it because it may be needed to qualify, as asset reserves may be part of your approval. This is just as important as maintaining your credit and employment if reserves are needed. Reserves are the amount of money le over a er the down payment and closing costs. They are not always needed, but when they are it is cri cal to maintain.
Do not charge your credit cards higher than the current balance at applica on, as this can lower your FICO® credit score and increase your monthly obliga on counted in qualifying.
Do not switch your income from salary/hourly to 100% commission, etc. or go from being a W2 employee to a 1099 independent contractor, etc.
If you are receiving a gi or selling anything to raise money for your down payment, ask the lender to review documenta on specifics.
If you are ge ng married before the close of escrow, tell the lender so they can see if the communi-ty property aspects of marriage have any influence on your approval. It will on FHA, VA and USDA Rural Housing, but it will not on conven onal.
While this isn’t an all-inclusive list of every speed bump in the process, it covers many of the common issues we can guard against. If you are interested in learning more about this topic, I can send you my 72-page real estate finance workbook. Simply email me , and I will forward you a copy.
####
Patrick Ritchie (NMLS ID 276438) is a GRI Finance Instructor for AAR, a Senior Loan Officer at Caliber Home Loans, Inc. NMLS# 15622, and the author of the book The Credit Road Map. Patrick can be reached at [email protected] or 480-203-4641.
January-February Course Calendar
Visit WeMAR.org for addi onal course and registra on informa on
Unless otherwise noted, continuing education credit is issued by the WeMAR School of Real Estate—623.931.9294
Date Course Time Location Cost Sponsor
1/9 Overcoming The Home’s Shortcoming to Close the Deal (D) Cer ficates are issued by Residen al Environmental Services of America 644 E Southern Ave, Mesa, AZ 85204 | 602-230-9500
11:00 AM-2:00 PM WeMAR $0
1/10 Open for Business 9:00 AM-12:00 PM WeMAR $0 Nikkie Byers, AHG Home Warranty Jason Servais, On Q Financial
1/11 CE-2007 AAR Vacant Land/ Lot Purchase (CL) 9:00 AM-12:00 PM WeMAR $0 Ryan Spencer, RedStone Mortgage Billy Wage, The English Inspector
1/11 CE-Agency Facts (AL) 1:00 PM-4:00 PM WeMAR $0 Jenni Vega, Cutco Closing Gi s Todd Marcell, 2-10 Home Warranty
1/13 Ancient Wisdom, Common Sense & the NAR Code of Ethics (CS, COE)
9:00 AM-12:00 PM WeMAR $10 Leo Zuniga, Homeowners Financial Group Sue Gawli a, Old Republic Title Agency
1/17 WCR-Tax Savings for Entrepreneurs 10:30 AM-12: PM WeMAR $10 Ryan Wright, OneGuard Home Warran es
1/19 2017 Economic Summit 8:30 AM-12:30 PM WeMAR $0 Security Title Agency
1/23 New Member Orienta on & NAR Code of Ethics (CS, COE) 8:30 AM-12:30 PM WeMAR $0 Mike Maccagnano, Bank 34 Todd Marcell, 2-10 Home Warranty
1/24 REALTOR® Code of Ethics (CS, COE) 1:30 PM-4:30 PM WeMAR $15 Kimberly Clifford, Vistancia Todd Marcell, 2-10 Home Warranty
1/25 CE-1031 Tax Deferred Exchanges in Today’s Market (RELI) 9:00 AM-12:00 PM WeMAR $0 Brenda Quintana, Security Title Agency Jorge Sandoval, OneAZ Credit Union
1/25 CE-What, When, Where & How to Disclose (D) 1:00 PM-4:00 PM WeMAR $0 Sco Schwartzman, DHI Title Jennifer Gokool, Castle & Cooke Mortgage
1/27 GRI-rCRMS Federal Issues (RELI, FH) Con nuing educa on cer ficates are issued by Arizona Associa on of REALTORS® 255 E Osborn Rd, #200, Phoenix, AZ 85012 | 602.248.7787
9:00 AM-4:15 PM WeMAR
Sherry Olnhausen, WFG Na onal Title William Vascassenno, Sharpline Inspec ons Todd Marcell, 2-10 Home Warranty Patrick Diomede, Homeowners Financial Group
1/30 MSG-FHA/VA Loans: What Agents Need to Know (RELI) Con nuing educa on cer ficates are issued by Arizona Academy of Real Estate 8476 W Thunderbird Rd, #201, Peoria, AZ 85381 | 623-505-5380
9:00 AM-12:00 PM WeMAR $10 WeMAR Motor Sports Group
1/30 MSG-Going Forward with Dodd-Frank & the CFPB (D) Con nuing educa on cer ficates are issued by Arizona Academy of Real Estate 8476 W Thunderbird Rd, #201, Peoria, AZ 85381 | 623-505-5380
1:00 PM-4:00 PM WeMAR $10 WeMAR Motor Sports Group
1/31 Series: Coffee with West Valley Mayors: City of Peoria 9:30-11:00 AM WeMAR $0 Government Affairs & Public Policy Commi ee
1/31 GAPP Lunch & Learn: Can Zoning Override CC&Rs? 11:30 AM-1:00 PM WeMAR $0 Government Affairs & Public Policy Commi ee
2/2 Professional Development Commi ee Mee ng 10:45 AM-12:00 PM WeMAR $0 All members welcome—lunch provided RSVP to [email protected]
2/3 Tax Strategies for 2017 9:00 AM-11:00 AM WeMAR $0 Ryan Wright & Shelley Schroff, OneGuard Warran es Ryan Spencer, RedStone Mortgage
2/6 Damages! How Lawyers Quan fy Them & How to Avoid Them (RELI) Con nuing educa on cer ficates are issued by HomeSmart University, LLC 8388 E Har ord, # 100, Sco sdale, AZ 85255 | 602-230-7600
11:00 AM-2:00 PM WeMAR $0
2/7 New Brokerage Orienta on (CS) 9:00 AM-12:00 PM WeMAR $0 George Hester, G. Hester Insurance Eric Guevara, Landmark Home Warranty
2/7 RPR-REALTORS Property Resource® 1:30 PM-3:30 PM WeMAR $0 Billy Wade, The English Inspector Ma hew Belmont, Primary Residen al Mortgage
2/8 CE-Open Houses & Fair Housing (FH) 9:00 AM-12:00 PM WeMAR $0 Jorge Sandoval, OneAZ Credit Union Sco Schwartzman, DHI Title
2/8 CE-May the Code Be With You (CS, COE) 1:00 PM-4:00 PM WeMAR $0 Brenda Quintana, Security Title Agency Keeley Garvin, HomeStreet Home Loans
2/9 WCR-Contract Law (CL) Con nuing educa on cer ficates are issued by Wes ord College 4425 W Olive Ave, #128, Glendale, AZ 85302 | 602-995-9000
9:00 AM-12:00 PM WeMAR $10 Ryan Wright, OneGuard Home Warran es
Renew Your License Online www.azre.gov
Agency Law Contract Law Commissioner’s Standards Disclosure Law Fair Housing Real Estate Legal Issues General (elec ve) General (elec ve)
24 hours every two years—3 hours each
You may use any of the required categories for General CE credit
without duplica ng the same course number.
License Renewal Requirements
Continuing Education classes are accredited by the WeMAR School of Real Estate—623.931.9294
West Maricopa Associa on of REALTORS® currently offers three convenient and engaging ways to receive educa on credits any me, anywhere! Browse the online course
catalogs accredited by The CE Shop, Desert Sage Seminars, and Hogan School of Real Estate, Inc. Select a course to experience the power of online educa on wherever you are.
Visit www.wemar.org/onlinece.html As a reminder, according to ADRE Code R4-28-402 (C) A person shall not receive credit for more than 9 hours of con nuing educa on classes per day. Remember to be on
me for all CE classes in order to receive credit hours toward your license renewal.
Online Continuing Education Congratulations!
Date Course Time Location Cost Sponsor
2/10 GRI-Pricing Strategies: Mastering the CMA (G) 8:30 AM-4:30 PM WeMAR $99
Brian Jacenko, Academy Mortgage Sarah Geiger, Old Republic Home Warranty Mark Tropper, K. Hovnanian® Homes Sherry Olnhausen, WFG Na onal Title
2/13 MSG-Strategic Financing-What Agents Should Know (G)
9:00 AM-12:00 PM WeMAR $10 WeMAR Motor Sports Group
2/13 MSG-Using Today’s Tools to Gain More Lis ngs (G) Con nuing educa on cer ficates are issued by Arizona Academy of Real Estate 8476 W Thunderbird Rd, #201, Peoria, AZ 85381 | 623-505-5380
1:00 PM-4:00 PM WeMAR $10 WeMAR Motor Sports Group
2/15 PDC Lunch & Learn 11:30 AM-1:00 PM WeMAR $0 Billy Wade, The English Inspector Todd Marcell, 2-10 Home Warranty
2/16 GRI-Agency (AL) Con nuing educa on cer ficates are issued by Arizona Associa on of REALTORS® 255 E Osborn Rd, #200, Phoenix, AZ 85012 | 602.248.7787
8:30 AM-4:30 PM WeMAR $65/$75
William Vascassenno, Sharpline Inspec on Mark Tropper, K. Hovnanian® Homes Jenni Vega, Cutco Closing Gi s Todd Marcell, 2-10 Home Warranty
2/17 Fiduciary: Trust and Care of Real Estate Investors (AL) Con nuing educa on cer ficates are issued by Desert Sage Seminars 15560 N Frank Lloyd Wright Blvd, Suite B4-5185, Sco sdale, AZ 85260 | 602-377-6207
9:00 AM-12:00 PM WeMAR $10 Leo Zuniga, Homeowners Financial Group Sue Gawli a, Old Republic Title Agency
2/21 2017 AAR Contracts & Forms (CL) 9:00 AM-12:00 PM WeMAR $10 Ryan Wright & Shelley Schroff, OneGuard Warran es Imad Hatoum, FirstBank
2/21 Clear & Prominent Dangers in Adver sing (RELI) 1:00 PM-4:00 PM WeMAR $10 Todd Marcell, 2-10 Home Warranty Wendy Mueller & Pa y Carabio, First Arizona Title
2/22 CE-Professional Conduct & the NAR Code of Ethics (CS, COE) 9:00 AM-12:00 PM WeMAR $0 Mike Maccagnano, Bank 34 Don Ferris, BFS Home Warranty
2/22 CE-Agency Law & the NAR Code of Ethics (CS, COE) 1:00 PM-4:00 PM WeMAR $0 Todd Marcell, 2-10 Home Warranty Toni Davies, Liberty Mutual Insurance
2/24 BMC-Broker Management Course #1 Statues and Rules (CS) 8:00-10:45 AM WeMAR $10 Sarah Geiger, Old Republic Home Warranty Ryan Spencer, RedStone Mortgage
2/24 BMC-Broker Management Course #2 Broker Policies (CS) 11:00 AM-1:45 PM WeMAR $10
2/24 BMC-Broker Management Course #3 Supervision (CS) 2:15-5:00 PM WeMAR $10 Ma hew Belmont, Primary Residen al Mortgage Nikkie Byers, AHG Home Warranty
Get the professional edge you need to set yourself apart from the compe on. Take advantage of the educa on you receive by earning designa ons and cer fica ons.
Learn more at: www.realtor.org/designa ons-and-cer fica ons
Sharon Crews George Speros Mandy Neat Betsy Smith
GRI® Graduates
February Visit WeMAR.org for addi onal course and registra on informa on
Course Calendar
9001 West Union Hills Drive, #8, Peoria, Arizona 85382 623.931.9294 | Fax 623.931.1008 | WeMAR.org
March Visit WeMAR.org for addi onal course and registra on informa on
Creating a community of successful REALTORS® dedicated to high standards, to protect private property rights, and to effectively influence public policy.
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Education Partners
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Date Course Time Location Cost Sponsor
2/27 New Member Orienta on & NAR Code of Ethics (CS, COE) 8:30 AM-12:30 PM WeMAR $0 Ryan Wright & Shelley Schroff, OneGuard Warran es Mark Tropper, K. Hovnanian® Homes
3/3 GRI-Military Reloca on Professional (G) 8:30 AM-4:30 PM WeMAR $79
Billy Wade, The English Inspector George Hester, G. Hester Insurance Sherry Olnhausen, WFG Na onal Title Patrick Diomede, Homeowners Financial Group
3/7 Tax Strategies for 2017 9:00 AM-11:30 AM WeMAR $0 Ma hew Belmont, Primary Residen al Mortgage Adam Conroy, Cutco Closing Gi s
3/7 Buying & Selling HUD Homes (CL) 1:00 PM-4:00 PM WeMAR $10 Mike Maccagnano, Bank 34 Don Ferris, BFS Home Warranty
3/8 CE-Agency Law & the Real Estate Agent (AL) 9:00 AM-12:00 PM SW Valley $0 Mike Maccagnano, Bank 34 Sarah Geiger, Old Republic Home Warranty
3/8 CE-How to Master your Real Estate Business (CS) 1:00 PM-4:00 PM SW Valley $0 Billy Wade, The English Inspector Todd Marcell, 2-10 Home Warranty
3/10 Fair Housing & The Arizona Licensee (FH) 9:00 AM-12:00 PM WeMAR $20 Sue Gawli a, Old Republic Title Agency
3/10 Wri ng the AAR Commercial Real Estate Purchase Contract (CL) 1:00 PM-4:00 PM WeMAR $20
3/13 How Much is This House Worth? (G) 9:00 AM-12:00 PM WeMAR $10 Adam Conroy, Cutco Closing Gi s Becky Erickson, Chicago Title Agency
3/13 Wild & Crazy Things Inspectors See (D) 1:00 PM-4:00 PM WeMAR $10 Todd Marcell, 2-10 Home Warranty Wendy Mueller & Pa y Carabio, First Arizona Title
3/15 MSG-Taking Control of Your Credit Score (G) Con nuing educa on cer ficates are issued by Arizona Academy of Real Estate 8476 W Thunderbird Rd, #201, Peoria, AZ 85381 | 623-505-5380
9:00 AM-12:00 PM WeMAR $10 WeMAR Motor Sports Group
3/15 MSG-Using Today’s Tools to Gain More Lis ngs (N/A) 1:00 PM-3:00 PM WeMAR $10 WeMAR Motor Sports Group
3/22 CE-Commission Dilemmas (RELI) 9:00 AM-12:00 PM WeMAR $0 Toni Davies, Liberty Mutual Insurance Brenda Quintana, Security Title Agency
3/22 CE-Professional Conduct (CS, COE)) 1:00 PM-4:00 PM WeMAR $0 Sco Schwartzman, DHI Title Ryan Wright & Shelley Schroff, OneGuard
3/23 3/24
GRI-Contracts (RELI, AL, CL, D) Con nuing educa on cer ficates are issued by Arizona Associa on of REALTORS® 255 E Osborn Rd, #200, Phoenix, AZ 85012 | 602.248.7787
8:30 AM-4:30 PM WeMAR $95/$105
Ryan Wright & Shelley Schroff, OneGuard Warran es Brenda Quintana, Security Title Agency Brian Jacenko, Academy Mortgage Todd Marcell, 2-10 Home Warranty Keeley Garvin, HomeStreet Home Loans William Vascassenno, Sharpline Inspec on Clark Sanchez, State Farm Insurance Sarah Geiger, Old Republic Home Warranty
3/27 New Member Orienta on & NAR Code of Ethics (CS, COE) 8:30 AM-12:30 PM WeMAR $0 Jennifer Gokool, Castle & Cooke Mortgage George Hester, G. Hester Insurance
3/14 Series: Coffee with West Valley Mayors: City of Buckeye 9:30-11:00 AM WeMAR $0 Government Affairs & Public Policy Commi ee
