Archive for February, 2015

The Top 10 Mortgage Referral Sources for You

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When you think about your mortgage marketing.do you have any type of plan, or do you just sort of wing it? If you want to improve your business this year, it’s time to take massive action with your business — right now!
Here are 10 referral sources that you need to be speaking with every week. Are these totally new, never-heard-of-before ideas? No. Of course not. But the problem with marketing usually isn’t that we don’t know what to do; it’s that we don’t do it — consistently. So, don’t be fooled by these ten items. Utilize them in your marketing every week, and you’ll see a huge difference in your productivity!
1) Real Estate Agents — Obviously, real estate agents are the #1 referral source for most of us. Their entire career is built on finding home buyers; your entire career is built on funding home buyers. The perfect match! There are many approaches you can take with agents to get them in your corner. The most important one: go out there, meet them, and find out how you can help them grow their businesses while you grow yours.
2) Insurance Agents — Approach them, and let them know that refinancing with you is a great way for their clients to review their policies and consider raising coverages, etc., which in turn makes the insurance agent money. Team up with a few in different areas and work hard to send them a lead from time to time.
3) Financial Planners — Influential with their clients’ money, they can be a great source for you, if they trust you. If they don’t trust you then you have no chance. So, share with them your track record of customers you’ve successful helped.
4) Divorce Attorneys — Where there is a divorce there is usually a refinance. Unfortunately, divorce brings along with it the necessity for home owners to split up their belongings — and the house is one of them. There is almost always a settlement agreement that says party X or party Y has responsibility to refinance or sell the house within a certain time frame. If you build a good relationship with an attorney this may also bring about referrals for your Realtor partners, too. Be creative, and consider building a small networking group with like-minded folks who are interested in growing their businesses.
5) Bankruptcy Attorneys — If you are in this business for the long haul, a good working relationship with a BK attorney can allow you to start meeting with clients who want to buy a house in the near future. You can begin to build your pipeline for 2 years from now with FHA buyers who follow your advice on rebuilding their credit and getting their finances back in order. This is a long-term strategy, but if you offer help to people in this situation and stay in touch with them, they will come back to you when the time is right. A steady stream of bankruptcy discharge clients can take your origination numbers to a whole new level.
6) Friends — Keep your friends close, and your friends’ referrals closer! Let your friends know that you would like to work with their circle of influence when it comes to mortgages. Be judicious with this one, but it is ok to mention it from time to time. Just don’t be a nagging pest!
7) Family — If you can’t count on your family for referrals, who can you count on? I put them in the same category as your friends. Work hard to leverage their contacts and always be willing to reciprocate in any way possible.
8) Title Company Agents — I received a mortgage lead from a title person last week, and it was great. The title agent knew that she would get some business if I could get her referral approved. Be nice to your title agent, and you may just see a referral from time to time. If you are the lender who is always rushing them to squeeze your closing in on Christmas eve, or complaining about their settlement fee being $10 more than another company, however, you might want to move on to another referral source.
9) Human Resource professionals with larger companies — These folks always know who is moving to, or leaving, the area for their company. Consider a partnership of some type where you offer a basic relocation special for their employees. Think outside of the box on this, and you may be surprised at the results! It’s been a terrific source of business for many LOs over the years.
10) Past Customers — If you have read any of my articles for very long you know that a solid core of past customers should be in your pipeline every year. I am a huge proponent of marketing to past clients and keeping in touch with them. Don’t assume they are automatically going to come back to you when they need another loan. It is your job to continuously remind them that you are their “LO for life!”
I hope this article helps you decide to take some massive mortgage marketing action and make the next 90 days the best time in the mortgage business that you have ever had.
Happy originating!

By: Nathan Soliday, www.ultimateloanofficer.com

About Scoreinc.com

Scoreinc.com, Inc., headquarter in Mayaguez Puerto Rico USA, with offices in Mobile Alabama, is a leading provider of services to the derogatory credit sector of the financial service industry through its Scoreway® Software Solution and credit report accuracy dispute services. The Scoreway® platform provides an end-to-end management solution that helps the companies that we serve manage the credit review and dispute process and to improve controls and profitability. Scoreinc.com services an ever growing list of mortgage company’s, banks, credit unions, Realtors®, builders and credit service organizations through its innovative technology and credit report accuracy service.

Contact Score for more information at 877-876-5921 or by visiting the following pages:
Credit Repair Merchant Service
Fair Debt Collection Practices-learn to earn from FDCPA
Credit Repair Business Training
Credit Repair Software
Credit Repair Solution

For more details please visit Scoreinc.com

Use These 7 Storytelling Techniques to Market Your Business

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You have an important product or service to sell. You need to reach people to sell your real estate services. You need to break through the noise to get people’s attention, and you need to do it in a way that isn’t annoying so they don’t tune you out.
No pressure, right?
In Rand Fishkin’s “Content Marketing Manifesto” he argues that your content marketing should not be designed: to convert customers directly, to acquire leads directly or to make sales directly. That is the kind of content that gets you ignored or blocked. Instead, your content marketing should focus on building familiarity, likability and trust.
You need to send out great content via email and social media so that you are perceived as a trusted, professional real estate resource by your customers. That means thinking about what others need and want and how you can help fulfill those needs.
Another way to think of it is, as writer Austin Kleon advises, to avoid being “human spam.” You do that by sharing helpful information so that, when you do reach out with your pitch, you’ve built an audience who wants to hear from you.
So let’s assume you’ve built up your audience of goodwill. What now? Well, think of your marketing as a page-turner book or an unforgettable movie. Tell a compelling story by using these storytelling tips to add life to your real estate pitch, whether that’s delivered in a blog post, email or brochure.
1) Ask yourself: Who is your audience? What do they want or need?
When you talk about your company in your marketing, frame the story from your customers’ point of view. What problem are you helping to solve for them? How are you making their lives better, easier or more fun?
You’re a real estate agent, and you want to get more clients. Now, you could send an email with your listings, but that’s the same email that every other agent is sending. Try something different. Sell yourself with a story.
2) We’re all holding out for a hero (or heroine).
Stories work better when we can focus on a character. Give us someone to root for. Chances are your hero is a past client, or it might even be you. Set up your story. A picture and a quote (or a video) make us feel like there’s a real person and real stakes involved.
“Meet Jack and Jill. They’re newlyweds looking for their first house. They have all the details squared away. They’ve been preapproved, they know their budget and what they’re looking for, and they’re ready to act.”
3) Thrill us with plot or “action.”
This is the most straightforward part. What happened? What is the “inciting incident” that led to your hero’s (or heroine’s) problem? Keep it short and sweet. Think of it as leading up to the main point of your story.
“The market is so hot in Austin, it doesn’t matter how quickly we put in an offer. Even if it’s the first day on the market, Jack and Jill are competing with multiple offers, often above asking price. After missing out on four houses, they’re getting frustrated and losing patience.”
4) Climax
This is what you’ve been leading up to, the most exciting part of your story. It’s the fight scene or the moment when boy finally gets girl. Wow us!
“They have good news — they’re expecting a baby. Now the pressure is really on. Jill would like to move into their new home before the baby arrives, and they’ve found the perfect house in their ideal neighborhood. But can we beat the other buyers?”
5) Resolution
How did you and your business solve the problem you’ve set up? Tell us what you did so your clients were able to walk away and live happily ever after.
“We were competing with multiple offers, but ours was one the sellers picked. After meeting Jack and Jill, the sellers were excited about a young family moving into their home. It reminded them of their own journey in the house, and they wanted to share that. The fact that we offered more than anyone else (and asked for less) didn’t hurt. Now Jack and Jill are excited to start their new adventure together. They close later this month.”
6) Credits
Make it really easy for your audience to find you so that when the time is right, they know how to get in touch.
“If you, like Jack and Jill, are ready for your new home, get in touch. I will make your dreams come true. Contact me at 123-000-000 or bill@bigdogrealty.com.”
7) Bonus tip: “Art is never finished, only abandoned.” – Leonardo da Vinci
If da Vinci couldn’t get everything perfect, neither will you. You need to move on to the next thing, so don’t get so focused on a particular blog, email or Tweet that you don’t have time for your follow-up and all of the other things you have to do.
These seven tips can help you create an ongoing narrative with your customers. We recommend sending regular (but not too frequent!) emails, keeping your social media accounts updated and being available to your customers where they already are — online. Think about all of your communications as one long story — how you can help your customers make their dreams come true.

By: Travis Balinas, www.outboundengine.com

About Scoreinc.com

Scoreinc.com, Inc., headquarter in Mayaguez Puerto Rico USA, with offices in Mobile Alabama, is a leading provider of services to the derogatory credit sector of the financial service industry through its Scoreway® Software Solution and credit report accuracy dispute services. The Scoreway® platform provides an end-to-end management solution that helps the companies that we serve manage the credit review and dispute process and to improve controls and profitability. Scoreinc.com services an ever growing list of mortgage company’s, banks, credit unions, Realtors®, builders and credit service organizations through its innovative technology and credit report accuracy service.

Contact Score for more information at 877-876-5921 or by visiting the following pages:
Credit Repair Merchant Service
Fair Debt Collection Practices-learn to earn from FDCPA
Credit Repair Business Training
Credit Repair Software
Credit Repair Solution

For more details please visit Scoreinc.com

Single-Family Home Gain Brightens U.S. Housing Outlook

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Builders broke ground in December on the most single-family homes in almost seven years, propelling an unexpectedly large gain in U.S. housing starts that signals construction will contribute more to economic growth this year. This is yet another piece of good news for those who make their living in a real estate-related industry.
Work began on 728,000 houses at an annual rate, a 7.2 percent increase from November and the most since March 2008, a Commerce Department report showed recently. Total housing starts, which include apartments, climbed 4.4 percent to a 1.09 million pace.
The improvement in single-family construction at year-end signals the industry is beginning to focus on the biggest part of the market, perhaps encouraged by gains in employment and consumer confidence that make Americans more likely to marry and have children. Historically low borrowing costs and more access to credit would raise the odds that a household will decide to buy a property rather than rent.
“The strength is where you’d like to see it, in single-family housing,” said Brian Jones, a senior U.S. economist at Societe Generale in New York, who had forecast starts would rise to 1.07 million. “It bodes well for residential real estate. It’s another thing going in the right direction for the economy.”
Survey Results
The median forecast of 82 economists surveyed by Bloomberg projected total housing starts would rise to a 1.04 million pace in December. Estimates ranged from 950,000 to 1.1 million. The November reading was revised up to a 1.04 million rate from a previously reported 1.03 million.
Permits, a proxy for future construction, declined 1.9 percent in December to a 1.03 million pace. They were depressed by a setback in multifamily projects, which can be volatile from month to month. Applications for single-family homes increased to a seven-year high.
Builders began work on 1.01 million homes in 2014, the most since 2007. The construction boom peaked at a three-decade high of 2.07 million in 2005, before plunging to a record-low 554,000 in 2009.
The rebound in residential real estate since the recession has been mainly driven by gains in multifamily projects, including apartment buildings, as Americans soured on homeownership and opted to rent instead. A more solid recovery in construction of single-family homes would signal the industry is on sounder footing.
Single-Family Share
Single-family houses accounted for 64 percent of all housing starts in 2014, the least since 1985.
“Looking out to 2015, we think that a stronger labor market may support a pickup in household formation, which in turn may underpin further gains in housing construction,” John Ryding, chief economist at RDQ Economics in New York, said in a research note. “We also think that, with housing still relatively affordable and with households increasingly employed and feeling that economic conditions are more normal, single-family housing will carry more of the gains in housing construction in 2015.”
Sentiment in the industry is hovering close to a nine-year high. While the National Association of Home Builders/Wells Fargo builder sentiment gauge fell to 57 in January from 58 the prior month, readings greater than 50 mean more respondents report market conditions are good, according to figures from the Washington-based group on Tuesday.
More Employment
An improving labor market will help lift home sales and underpin building activity. About 3 million more Americans found work in 2014, the most in 15 years, Labor Department figures showed. Payrolls climbed by 252,000 workers in December after a 353,000 gain the previous month, and the jobless rate fell to 5.6 percent, the lowest level since 2008.
Advancing confidence also will help. The University of Michigan preliminary consumer sentiment index rose this month to the highest level since January 2004.
Borrowing costs have retreated, as well.
The outlook for economic growth is encouraging companies such as Wells Fargo & Co. “There have been many signs of strength in the U.S. economy,” Chief Executive Officer John Stumpf said on a mid-January earnings call. “I don’t think this is a breakout, but I think we’re on our front foot.”

By: Shobhana Chandra, www.bloomberg.com

About Scoreinc.com

Scoreinc.com, Inc., headquarter in Mayaguez Puerto Rico USA, with offices in Mobile Alabama, is a leading provider of services to the derogatory credit sector of the financial service industry through its Scoreway® Software Solution and credit report accuracy dispute services. The Scoreway® platform provides an end-to-end management solution that helps the companies that we serve manage the credit review and dispute process and to improve controls and profitability. Scoreinc.com services an ever growing list of mortgage company’s, banks, credit unions, Realtors®, builders and credit service organizations through its innovative technology and credit report accuracy service.

Contact Score for more information at 877-876-5921 or by visiting the following pages:
Credit Repair Merchant Service
Fair Debt Collection Practices-learn to earn from FDCPA
Credit Repair Business Training
Credit Repair Software
Credit Repair Solution

For more details please visit Scoreinc.com

Can You Really Write Off that Donation?

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Making a donation to a charity is a great way to fill up on feel-good energy, but there might be an additional benefit, too: tax savings. Donations made to qualifying charitable organizations can reduce your taxable income, which reduces your overall tax bill. But not all donations can be deducted, and not all charitable organizations qualify.
A qualifying charitable organization is a non-profit group that is approved by the IRS. In most cases, these non-profits are charitable, religious or education organizations, or volunteer groups. If you aren’t sure if the charity qualifies, the IRS has a search tool that allows tax filers to enter the name and location of an organization and see if it makes the cut.
The tax form you need
In order to get the tax deduction, you must give to a qualified organization. Contributions made to specific individuals, political organizations and candidates don’t count. Charitable contributions are filed using form 1040, and you can itemize the deductions on Schedule A. So, if you made three donations that tax year to three separate qualifying charities, you would use the total amount on 1040 and then list them separately on Schedule A.
How to deduct cash donations
Cash donations to a qualifying charity are tax deductible, but if you received a benefit in exchange for your donation, like swag, tickets to an event or other material goods, you have to subtract the fair market value of the benefit from your deduction. There are general rules for determining the fair market value of the benefit, but it is generally the price of the property that would change hands between a willing buyer and a willing seller, neither having to buy or sell, and both having reasonable knowledge of all the relevant facts.
So, let’s say you got a pair of baseball tickets for donating $100 to your favorite charity. And let’s say the tickets normally go for $30 on the street. You would deduct the fair market value of the tickets ($60) from the deduction, which would lower your tax benefit to $40.
How to deduct non-cash donations
Non-cash items are valued at the fair market value of the property. Non-cash property can cover a variety of goods, but any clothing or household items must be in good condition to be deductible. So, you can’t just drop off your old, broken stereo and deduct $200 because that’s what a restored one is selling for online.
How to deduct vehicle donations
Special rules apply to vehicles. Publication 4303 from the IRS provides general guidelines for people who donate their cars to qualifying charities. The maximum amount you can deduct for your donation is the fair market value of the car.
But be careful: The fair market value does not necessarily equal the “blue book” value. A used car guide is a good starting point to determine the value, but the IRS might not agree with what the blue book says. For example, maybe you donated your old car to a local charity and the blue book value says it’s worth $1,500, but it actually needs repairs and the exterior has some damage. After some Internet searching, you find a car just like yours that is selling for $800. That is the fair market value of your car, not $1,500.
What records to keep
To deduct any monetary contribution you must keep records, regardless of the amount. You can use bank or payroll statements or a written communication from the organization that includes the date and amount of the contribution as tax receipts.
For text message cash donations, where you text a specific code to donate to a charity, a telephone bill will meet the recordkeeping requirement as long as it shows the name of the receiving organization, as well as the date and amount of the contribution.
If any cash or property you are donating is worth $250 or more, you will need two documents: 1. a bank or payroll deduction record or a written acknowledgement from the qualifying organization showing the amount of the cash or a description of any property contributed and 2. whether the organization provided any goods or services in exchange for the gift.
If your total deduction for all non-cash contributions is over $500 for the year, you must complete and attach IRS Form 8283 to your return. Taxpayers who have donated more than $5,000 will also have to complete Section B of Form 8293, and might need to secure an appraisal from a qualified professional.
Special rules
There are many special circumstances and rules that apply to tax deductions, and charitable donations are no exception.
For example, donations to public charities, colleges and religious groups can’t exceed 50 percent of your adjusted gross income, and the limits go down for gifts of appreciated property. Additionally, taxpayers who donate to colleges and universities and then receive the right to buy tickets to school athletic events can only deduct 80 percent of their donation.
When in doubt, consult a tax professional to make sure you are following the proper procedures. You don’t want to lose all that feel-good energy to an audit.

By: www.investopedia.com

About Scoreinc.com

Scoreinc.com, Inc., headquarter in Mayaguez Puerto Rico USA, with offices in Mobile Alabama, is a leading provider of services to the derogatory credit sector of the financial service industry through its Scoreway® Software Solution and credit report accuracy dispute services. The Scoreway® platform provides an end-to-end management solution that helps the companies that we serve manage the credit review and dispute process and to improve controls and profitability. Scoreinc.com services an ever growing list of mortgage company’s, banks, credit unions, Realtors®, builders and credit service organizations through its innovative technology and credit report accuracy service.

Contact Score for more information at 877-876-5921 or by visiting the following pages:
Credit Repair Merchant Service
Fair Debt Collection Practices-learn to earn from FDCPA
Credit Repair Business Training
Credit Repair Software
Credit Repair Solution

For more details please visit Scoreinc.com

12 Time Management Tips for Real Estate Agents

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We can all do a better job at managing how we spend our time. So I’m going to help manage yours by skipping a long intro paragraph and getting right into the list of 12 easy and actionable time management tips!
1. Put a Dollar Value on Your Time
This can be tricky, especially in early years, before you know what your commissions are over an extended period. But it’s an essential part of knowing what tasks you should take on yourself, what tasks you can delegate to assistants and staff, and to what tasks and events you should just say “No!”
2. Declutter Your Computer
When most people think of clutter, they think of their desk and their home. But computers can get cluttered too – especially ones that serve both business and personal purposes. Try these three measures to speed up your computer and turn it back into a tool, rather than an obstacle.
Defrag. It’s been a while, hasn’t it?
Delete useless programs. If you haven’t used an application in a year, you don’t need it. Delete it.
Clean up your desktop. Put only essential files on it.
3. Know Your Peak Times
Everyone has certain times of day when they do their best and most productive work. Some people are early morning people. Some people are evening people. Understand what you are, and organize your day to handle your most important tasks when you’re most alert.
4. Train Your Clients
You cannot do your best work if you are constantly returning emails and phone calls for purposes other than showing and selling houses. Tell clients that you set aside weekdays after five to return calls and emails, or mornings before nine – whatever works for you. This is a key element of managing client expectations. You can always make an exception for emergencies, but you need breathing space to do your job. A real estate agent who can always return a client call within one minute is probably not very busy selling homes!
5. Utilize Your Contact Management System
This is a must. If you’ve invested in a top-of-the-line CRM system, make the most out of it. Use it for everything you can. You will find efficiencies you didn’t know you had. Trying to switch back and forth between CRM systems, pipeline listings and spreadsheets, on top of a written appointment book, will sap half your day before you get going, if you aren’t careful.
6. Buy a Slow Cooker and Lots of Tupperware
A slow cooker lets you cook delicious meals in large quantities with little effort. Tupperware lets you not have to worry about cooking for days. That frees up 30 minutes to an hour each night, once you’ve done your base cooking. Set aside Sunday nights or Monday mornings to cook. Throw the ingredients into the slow cooker, and get it going while you make calls, do computer work in your home office, and set up your week.
While you’re at it, maximize use of labor-saving devices such as washers, dryers and dishwashers. Sitting down to make some calls? Have them going while you work or while you’re cooking. This way, you’re multitasking!
7. Eliminate Problem Shoppers and Clients
You don’t have to be rude. Just focus your time on the 20 percent of deals and clients that are most productive. Avoid all those other time-wasters or refer them to another agent in your office.
8. Delegate
You don’t need to have a full-time assistant to benefit from delegation. There are a number of businesses that let you purchase just a few hours of an assistant’s time – or you can pool resources with other agents. Services like vGofer and Zirtual allow you to hire for as much time as you need, based on your budget. What tasks can you delegate? Well, there’s scheduling, direct mail, inputting contacts into a database, email management, book keeping and expense tracking (consider apps like Expensify, as well), presentation prep, event planning, holiday cards and thank you notes.
9. Hire a Housekeeper
You should spend your time selling houses and finding new listings to sell. Every minute you spend in the house on boring, routine stuff that anyone can do, and you don’t even enjoy, is a waste.
10. Stop Trying to Multitask Everything
Almost nobody can multitask well. Focus on the most important task on your list, finish it, and move on.
11. Leverage Time Management Technology
One idea: Try the MyHours app for iPhone or Andoid. It syncs with the Google and Outlook calendars you may already be using.
12. Take Mental Breaks
The Pomodoro technique is a way to intersperse intense mental focus with much needed occasional breaks. Just as a world-class sprinter needs bits of rest between sprints, anyone who uses his or her mind to work also needs little breaks. Failure to take them means the mind will be less focused for the next task.

By: Jason Van Steenwyk, www.trulia.com

About Scoreinc.com

Scoreinc.com, Inc., headquarter in Mayaguez Puerto Rico USA, with offices in Mobile Alabama, is a leading provider of services to the derogatory credit sector of the financial service industry through its Scoreway® Software Solution and credit report accuracy dispute services. The Scoreway® platform provides an end-to-end management solution that helps the companies that we serve manage the credit review and dispute process and to improve controls and profitability. Scoreinc.com services an ever growing list of mortgage company’s, banks, credit unions, Realtors®, builders and credit service organizations through its innovative technology and credit report accuracy service.

Contact Score for more information at 877-876-5921 or by visiting the following pages:
Credit Repair Merchant Service
Fair Debt Collection Practices-learn to earn from FDCPA
Credit Repair Business Training
Credit Repair Software
Credit Repair Solution

For more details please visit Scoreinc.com

New Fannie Mae Program Could Bust Deals, Appraisers Say

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Could a controversial new program set for launch nationwide last month by giant mortgage investor Fannie Mae lead to slower and costlier home sale closings and more disputes over prices between sellers and buyers — busting deals when the appraised value comes in below what the parties agreed to in the contract?
Fannie Mae doesn’t think so, but many appraisers are worried that the new program might mess up the marketplace. Here’s a quick overview of the issue and what it could mean to you as a seller or buyer:
Fannie Mae plans to offer mortgage lenders access to proprietary home valuation databases that they can use to assess the accuracy of and risks posed by the reports submitted by appraisers. The Fannie data will flag possible errors in the appraiser’s work before the lender commits to fund the loan, score the appraisal for overall risk of inaccuracy and may provide as many as 20 alternative “comps” — properties in the area that have sold recently and are roughly comparable to the house the lender is considering approving for financing but were not used by the appraiser.
Lenders can then forward Fannie’s alternative comps and risk scores to the appraiser or the management company that hired the appraiser requesting explanations and changes to the appraisal.
Professional appraisers rely on comps as key indicators for value. If houses “A” and “B” in the neighborhood sold within the last three months for $250,000 and are similar in size and features to the house under consideration by the lender, the appraisal should come in close to that number, absent any dramatic recent marketplace changes.
But if the appraiser values the house at the contract price of $300,000 agreed by the seller and buyer, the valuation may be judged too high. Excessive valuations create the risk of future losses to lenders and investors if the borrower defaults and the house goes to foreclosure.
On its face, the new Fannie program appears unassailable. Lenders and investors have an inherent right to be sure the appraisals they use for their funding decisions are accurate. If Fannie has developed a high-tech tool to help lenders spot risky appraisals upfront, where’s the problem?
Start with delays to closings and higher costs.
Appraisers say if they have to justify piecemeal why they chose the comps for their valuation rather than those selected by Fannie’s computers, it will add days — a week or more in extreme cases — to closing times. Meanwhile, sellers and buyers who had planned on dates for moving may suddenly find themselves knocked off track because the appraisal report was flagged. Realtors’ commission payouts also will be delayed.
Mike Turner, an appraiser in Northridge, told me it will be “an utter waste of time” if he has to explain point by point why he didn’t use the comps supplied by Fannie.
Pat Turner, an appraiser in Richmond, Va., and no relation to Mike, told me appraisers will have to raise their fees to compensate for the additional time.
“You think I’m going to do this for free?” he asked. He predicted that his per-job fee could jump $150 to $200 or more simply because of Fannie’s new program — all paid for by consumers at settlement.
Another problem: Fannie Mae won’t give appraisers access to the “black box” databases it uses to produce risk-rating scores. A national petition sponsored by the Illinois Coalition of Appraisal Professionals is now circulating, demanding transparency.
Critics such as Mike Turner charge that Fannie’s data will not be able to recognize differences between adjacent neighborhoods — a key factor in valuations — because it is based on census tract groupings, which may include mixes of lower-priced and higher-priced homes from different neighborhoods. He believes that the risk-rating system inevitably will be biased toward lower-priced comparables — something he says appraisers “will figure out quickly” — and will therefore reward appraisers who choose less costly properties for their comps.
“Lower-risk comps will tend to kill deals,” he predicts, forcing sellers and buyers into needless disputes when appraisals come in below the agreed contract price.
Fannie says appraisers’ concerns are overblown and that if widespread problems arise it will make adjustments.
Andrew Wilson, a Fannie spokesman, denied that the system will be biased to the downside. “It’s going to flag mistakes,” he said, “and frankly everybody should want that.”

By: Kenneth R. Harney, www.latimes.com

About Scoreinc.com

Scoreinc.com, Inc., headquarter in Mayaguez Puerto Rico USA, with offices in Mobile Alabama, is a leading provider of services to the derogatory credit sector of the financial service industry through its Scoreway® Software Solution and credit report accuracy dispute services. The Scoreway® platform provides an end-to-end management solution that helps the companies that we serve manage the credit review and dispute process and to improve controls and profitability. Scoreinc.com services an ever growing list of mortgage company’s, banks, credit unions, Realtors®, builders and credit service organizations through its innovative technology and credit report accuracy service.

Contact Score for more information at 877-876-5921 or by visiting the following pages:
Credit Repair Merchant Service
Fair Debt Collection Practices-learn to earn from FDCPA
Credit Repair Business Training
Credit Repair Software
Credit Repair Solution

For more details please visit Scoreinc.com

MMRecap for February 9th

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After all the excitement of the Super Bowl last Sunday, Monday turned out to be uneventful. Many of the numbers came in below expectations; but personal income in December was an exception, posting a predicted 0.3% gain. Personal spending fell by 0.3%, a huge departure from the 0.6% increase in November. PCE core prices came in at an expected 0.0% for December, while the ISM index on manufacturing in December dropped to 53.5 from 55.1. Monday’s final report showed a sizable increase in December construction spending, rising by 0.4%. Although this was far below expectations of +0.8% or +0.9%, it was way above the prior reading of -0.2%.
Stocks had a good day Monday. The Dow Jones rose 196.09 points, or 1.14%, while the Nasdaq gained 41.45 points, or 0.89%. The S&P 500 was up by a substantial 25.86 points, or 1.30%. The 10-year Treasury remained unchanged at 1.68%. And the price of oil held below $50 at $49.79 a bbl.
The only report on Tuesday was for factory orders in December. These numbers disappointed big time, coming in at -3.4% — far lower than the estimates of -2.0% and -2.4%. The price of oil rose to more than $50 a barrel.
The markets had a big rally on Tuesday with the Dow closing up 305.36 points, for a gain of 1.76%. Nasdaq gained 51.05 points, or 1.09%, and the S&P 500 posted a gain of 29.18 points, or 1.44%. The 10-year Treasury yield jumped 11 basis points to close at 1.79%.
On Wednesday ADP, the payroll giant, said 213,000 workers were added to payrolls in January. That was about 40K fewer new hires than came aboard in December. The analysts were expecting a number more like 230K to 250K, so this was not great news. The ISM service sector, which is largely made up of bars, restaurants, hotels and venues that provide entertainment, showed a slight increase to 56.7% from 56.5%.
The markets were fairly calm on Wednesday with small losses in the Nasdaq and S&P indices, and a small gain in the Dow. The Dow gained 6.62 points, the Nasdaq closed down 11.03 points and the S&P 500 dropped 8.52 points. The oil market, which never closes, was down to $48.45 a bbl. near the end of the trading day in the Western Hemisphere. The 10-year yield inched up a couple of points to end the day at 1.81%.
Thursday was packed with news, but most of it was anticipating Friday’s release of the employment numbers. Initial jobless claims jumped to 278K from 267K at the end of January. Continuing claims for the week ended 1/24 came in at 2400K — only 6K more than the previous week. The trade deficit, which had been tightening for the past couple of months, expanded in December, rising to $46.6B from $39.8B the previous month.
In spite of this news, when the markets closed on Thursday, all indices were up. The Dow posted a nice gain of 211.86 points, or 1.20%. The Nasdaq added 48.39 points for a gain of 1.03%, and the S&P 500 went up 21.01 points, or 1.03%. The 10-year Treasury yield went up 2 basis points and closed at 1.83%.
Friday showed the unemployment rate had edged up to 5.7% from 5.6%. Hourly earnings were up by 0.5%, and the average work week stayed the same — 34.6 hours per week. The consumer credit report for December is still higher than November, coming in at $14.8B, but it was also lower than the analysts expected.
The markets did a little selling off on Friday with the Dow losing 60.59 points. The Nasdaq closed down 20.70 points, and the S&P 500 finished the day down 7.05 points. The 10-year Treasury yield took a big leap and closed up 12 basis points to finish the week at 1.95%.
The MBA Mortgage Applications Survey for the week ended January 30, 2015 showed that applications increased by 1.3% on a seasonally adjusted basis. The refinance share of mortgage activity fell to 71% of total applications from 72% the previous week. The average contract interest rate for 30-year fixed-rate conforming mortgages decreased to 3.79%, the lowest level since May 2013, down from 3.83%, with points increasing to 0.29 from 0.26 (including the origination fee) for an 80% LTV mortgage. Low interest rates continue to spur the market.
This week has a good mix of important economic reports, along with a couple that can be dismissed. We need a break from “reports overload” once in a while, and today is a perfect example. Wholesale inventories in December are up first, and analysts expect them to come in anywhere between 0.2% and 0.6%. Either prediction would be lower than the previous 0.8%.
There are no market movers on Tuesday or Wednesday, but we get back on track Thursday, as there are reports that could influence trading. They begin with first-time jobless claims for the week ended February 7. The market analysts and the Briefing.com analysts both came up with the same number of 285K. This is slightly up from the 278K from the previous week. Continuing claims could fall by 25K for the week ended January 31.
Thursday we also get the reports on retail sales and retail sales excluding autos for January. The first one might show a little improvement. The predictors are guessing that retail sales might only be down by 0.2% to 0.5% as opposed to the -0.9% for December. Maybe it was all the after-Christmas sales that motivated shoppers to go out and buy things. Retail sales ex-auto could do a little better. One group of analysts is saying they will increase 0.5%, while the other group is predicting a 0.5% decline. Yikes! On the other hand, the report on business inventories for December is expected to remain the same at 0.2%.
Finally, on Friday we will get the consumer sentiment report from the University of Michigan. Its monthly report has been indicating a rise in consumer confidence. Both forecasting groups are extremely optimistic, believing this final report should come in at 100.0 or 98.5.

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