Real Estate Home Loans in Boise Idaho, Benchmark Mortgage - Prime Equity Group: February 2010

News for Boise Idaho First Time Homebuyers, Realtors and issues facing consumers looking for real estate loans. (FHA, IHFA, Idaho Housing, VA Conventional, Jumbo, ARMs, Tax Credit Updates, First Time Homebuyers)

Waterstone Mortgage brings Rene Rodriguez's "Designing Your Best Year Ever!" workshop to Realtors in Boise Idaho

By Dean Tucker, Idaho Regional Manager, Waterstone Mortgage - Prime Equity Group

Waterstone Mortgage is bringing nationally acclaimed speaker Rene Rodriguez to Boise Idaho. Rene's workshop event is specifically designed to assist our Realtor partners in achieving their best year ever! Rene works with companies the likes of Coke-A-Cola and Microsoft. We are very excited to bring a workshop of this caliber to our Realtor referral partners. (This is an invite only event.) We are very much looking forward to  the event on March 24th 2010. For more information please contact Dean Tucker at 208-388-0500.

 

Benchmark Mortgage Boise Idaho

 

 

 

 

Call us with any questions you have relating to residential mortgages (208) 287-1717, we are always very happy to help. We specialize in home loans for first time home buyers, move up buyers, second home purchases, and resort lending. The loan products available to my clients include FHA, IHFA, VA, Conforming Conventional, Jumbo and Super Jumbo Portfolio.

Our primary markets are Ada County (Boise, Eagle, Meridian, Kuna, Star), Canyon County (Nampa, Caldwell, Middleton), and Valley County (Cascade, Donnelly. Tamarack, McCall).

0 commentsDean Tucker (Mortgage Banker) • February 24 2010 02:39PM

Fantastic feedback from some of Boise's best Realtors.

By Dean Tucker, Waterstone Mortgage - Prime Equity Group in Boise Idaho

Friday's "Hope is not a Strategy: A Business Planning Workshop"was probably one of our very best. Fantastic feedback from some of Boise's best Realtors.

"The content was excellent, the tools from this course will help me devise a clear and concise plan for 2010."

"I was in the process of revamping my business plan from last year, I liked your steps to help me accomplish my goals."

"What a practical way to develope a Business Plan! Excellent resource list, great suggestions."

"You totally got me thinking and remembering that it is ACTION activities that attracts the good stuff."

"Action Item examples were great! You make it very simple to identify and prioritize."

"How simple and do-able. I really enjoyed this class. Now I'm excited to go and execute. Thank you!!"

We look forward to seeing more Boise Realtors in one of our upcomming workshops. for more information call Shanna Wroten-Tucker, Idaho Regional Manager, Waterstone Mortgage at 208-388-0500

Benchmark Mortgage Boise Idaho

 

 

 

 

Call us with any questions you have relating to residential mortgages (208) 287-1717, we are always very happy to help. We specialize in home loans for first time home buyers, move up buyers, second home purchases, and resort lending. The loan products available to my clients include FHA, IHFA, VA, Conforming Conventional, Jumbo and Super Jumbo Portfolio.

Our primary markets are Ada County (Boise, Eagle, Meridian, Kuna, Star), Canyon County (Nampa, Caldwell, Middleton), and Valley County (Cascade, Donnelly. Tamarack, McCall).

0 commentsDean Tucker (Mortgage Banker) • February 16 2010 12:25PM

Special Event for Boise Idaho’s Best Realtors on February 12, 2010 Please RSVP!

My name is Shanna Wroten-Tucker.  I'm from Boise and I am active with ACAR and the Women's Council of Realtors. If you have a reputation of being one of Boise's Best Realtors... please keep reading! 

I believe successful people attract into their lives the people and tools they need to further their success.  And I believe you would find significant value in an upcoming FREE workshop that I'm hosting this Friday, February 12th at 10 am at Pioneer Title:

Hope is Not a Strategy:  A Business Planning Workshop

I also believe in being 100% transparent with no surprises at the workshop.  This seminar is truly FREE and here are my three promises to you:

PROMISE #1:

I know your time is valuable... And so, I promise not to waste it.  The workshop is only two hours and you will leave with a revolutionary way of thinking about business planning.

   • This is not a one-size-fits-all program, this workshop is tailor-made and full of ideas for Real Estate Professionals.

   •  You will leave with specific and proven money making action steps scheduled on your calendar... customized to your personal values and strengths.

   •  I will also share the secrets of breaking your past records with a self directed accountability system that is easy to implement and has worked for top executives across the country. Powerful stuff.

I know business planning sounds cliché, but rest assured that we cut to the chase quickly and this is not "pie in the sky" hypothetical goal setting rah-rah stuff. You will leave with solid ideas that will make a difference in your business, your income and your success.

PROMISE #2:

Nothing is being sold at the workshop. In fact, quite the opposite - I will be giving away valuable success tools including a workbook designed specifically for Idaho Real Estate Professionals which includes literally thousands of specific and targeted ideas to help you succeed.

PROMISE #3:

I know you probably have a favorite lender. I too am a lender, but please rest assured that I respect that relationship and I'm NOT trying to replace your lender.

SO, WHY AM I DOING THIS?

My only goal is that you would consider me when and IF your existing lender relationship doesn't work out... or as your "Plan B" if for some reason your current lender cannot get a loan approved. (Heaven knows underwriting can be a challenge in these interesting times.)

Here's what a few Boise attendees have said about my workshop:

"Shanna, thank you! I've been to many business planning workshops, but this is the first one that I really feel comfortable with.  I love all of the great ideas, the flexibility, and the guidance." ~ Carey at Group One

"Thank YOU for presenting unquestionably the very best business plan I have ever been introduced to. Not only did you create materials that were industry-specific but the entire plan is organized in an easy-to-follow and easy-to-customize format. This is a plan that every agent... should put to use to fulfill their performance goal!!" ~ Shelley Lund

I believe all successful relationships are "win-win... win"

YOU WIN: My goal - and I am very serious about this, is to increase your business and your income this year. I will do this by providing two key things:

   •  Business Planning and success tools that are specific and targeted that will help you generate more business and more income.

   •  Lending options that will get more transactions closed for you (I'm talking about only those that your favorite lender cannot close, of course).  At Waterstone Mortgage, we have some unique offerings that might just help you get some additional transactions closed that you might not otherwise close.  I will spend less than 10 minutes during the seminar educating you about these options.

YOUR CLIENTS WIN: I'm also very committed to making sure that your clients feel like they "win" too... (I could go on for hours about this topic!)

   •  I have received many awards in my career... but none that I'm more proud of than being a 2008 honoree for the BBB Integrity Counts! Award. 

   •  With the power of a Mortgage Bank... you can rest assured the wire will show up at the closing table - and on time!

   •  And the flexibility of a Mortgage Broker.  Our real-time rate search technology platform allows us to confidently quote your clients extremely competitive rates from both Waterstone Mortgage and over 12 of the Nation's other leading Mortgage Banks.   More lending options also means more avenues for loan approvals.

And I WIN:  As your "Plan B Lender", I hope to generate one referral from you in 2010... but if-and-only-if, I help you generate one extra transaction for yourself AND if we mutually agree that our business styles are a fit.

Please RSVP today!

My two hour "Hope is Not a Strategy: A Business Planning Workshop" is completely FREE.  The workshop is tailor-made and full of proven ideas for Boise Real Estate Professionals. You will leave with specific money making action steps scheduled on your calendar... customized to your personal values and strengths.

I truly hope that you decide to join us. The workshop is being held at Pioneer Title (on Rifleman) this coming Friday from 10am to noon.  This is two hours that I promise will be well spent. Simply give me a call and let me know that you plan to attend by calling my direct line at 287-1707.

Best regards,

Shanna Wroten-Tucker

(pronounced Shauna Roe-ten Tucker)

P.S.         Curious about Waterstone Mortgage?  We are owned by $1.9 Billion Bank.  We have three branches and 30 loan officers in the Boise area. We underwrite a wide variety of loan products for over 12 of the country's largest mortgage lenders - the "who's who" in mortgage banking.

P.P.S.      Our real-time rate search technology platform allows us to confidently quote your clients extremely competitive rates while simultaneously cross-checking against the most current underwriting guidelines. 

P.P.P.S.  We have in-house Processing, in-house HVCC Appraisal Management (this is a HUGE competitive advantage), in-house Underwriting, In-house Doc Drawing, and in-house Funding. We control our entire Lending Process to insure smooth closing for both you and your client.

Benchmark Mortgage Boise Idaho

 

 

 

 

Call us with any questions you have relating to residential mortgages (208) 287-1717, we are always very happy to help. We specialize in home loans for first time home buyers, move up buyers, second home purchases, and resort lending. The loan products available to my clients include FHA, IHFA, VA, Conforming Conventional, Jumbo and Super Jumbo Portfolio.

Our primary markets are Ada County (Boise, Eagle, Meridian, Kuna, Star), Canyon County (Nampa, Caldwell, Middleton), and Valley County (Cascade, Donnelly. Tamarack, McCall).

2 commentsDean Tucker (Mortgage Banker) • February 09 2010 05:22PM

Is The FDIC Killing Short Sales?

Is The FDIC Killing Short Sales?

Via Robert G Hertzog (Summit Home Consultants):

Is The FDIC Killing Short Sales?

As some of you already know, I blogged recently about being interviewed recently by our local NBC news affiliate.  To read the blog, click here.  Basically, IndyMac Bank (now OneWest Bank), is holding one of my clients hostage, demanding a $75k promissory note, or they will proceed to foreclosure.  For the life of me, I couldn't figure out why they were doing this.  The BPO came in at the contract price of $275k, with a net to IndyMac of $241k.  What advantage could there possibly be for them to proceed to foreclosure?

Yesterday, I figured it out.  You see, IndyMac was taken over by the FDIC and sold to OneWest Bank in March/2009.  Guess who the investors are behind OneWest?  George Soros, Michael Dell, Steve Mnuchin (former Goldman Sachs executive), and John Paulson (hedge-fund billionaire).  

Now, listen to the deal they got from the FDIC....

Basically, they purchased all current residential mortgages at 70% of par value (70% of the outstanding loan amounts).  They purchased all current HELOCS at 58% of Par Value!!!

Next, in order to "sweeten the pot", the FDIC stepped in and guaranteed the following:  For any residential mortgages where OneWest experiences a loss, the FDIC will step in and cover anywhere from 80%-95% of the loss.  The loss is calculated using the ORIGINAL LOAN BALANCE, not the amount that OneWest paid for the loan.  Let's use my clients situation as an example:

Loan Amount is $478,000, plus 6 months of missed payments, for a grand total of $485,200

OneWest pays $334,600 for the loan

We have an all cash offer of $241,000, net to OneWest.

So, let's do the math, shall we?  The net loss, according to the FDIC formula is the ORIGINAL LOAN AMOUNT minus the amount of the offer.  In this case, $485,200-$241,000, or $244,200.  Next, the FDIC, according to their Loss Share Agreement, writes a check to OneWest for 80% of the so-called "net loss".  So, in this case, OneWest gets a check from Uncle Sam for $195,360 (.80 X $244,200).

Add the $195,360 to the sales price of $241,000, and you get a grand total of $436,360.  Remember, OneWest paid $334,600 for the loan.  So, OneWest puts $101,760 in their pocket, thanks to the FDIC.  Folks, that is over $100k of our hard-earned tax dollars!

So, you ask...Why does this program hurt short sales?  Because, our brilliant government offers this SAME PROGRAM FOR FORECLOSURES!  The only difference is, the government picks up 80% of the tab on all of the extra costs associated with a foreclosure (BPO's, upkeep, utilities/maintenance, legal fees, etc.)

So, If I'm OneWest, why would I want to waste my time negotiating through a Short Sale, when I can make the same amount of money (if not more) by just letting it go to foreclosure?  And we wonder why nobody can get a Loan Modification?  Why would OneWest approve a loan modification for this guy, when they can foreclose and make over $100k?  And, to add injury to insult, they have held this loan for 6 months!  Not a bad ROI, huh?

What infuriates me the most is that in my particular case mentioned above, they have the guts to hold my client hostage for a $75k promissory note, after they are already making more than $100k on the sale!!! This is his primary residence, 1st Position loan, and OneWest has NO RECOURSE!  Imagine if they could make $100k, then get a deficiency judgement!  Talk about making some big bucks!

Can you say "GREED"?

The scary thing is that over 50 banks have Shared Loss Agreements in place with the FDIC.  Some of them include:  Bank of America (go figure), CitiMortgage, Wells Fargo, etc.  

This entire agreement between the FDIC and OneWest can be found here, on the FDIC website.  It's all there, for the world to see!  They have it all layed out.  All of the formulas, worksheets, etc.  

Now, it's up to us to bring it to the attention of our elected officials and the media.  Enough is Enough!

UPDATE 9/18/09:  I JUST READ AN AWESOME ARTICLE ON THIS, THAT GOES INTO WAY MORE DETAIL THAN MY BLOG ABOVE.  TAKE THE TIME TO READ IT WHEN YOU GET A CHANCE! CLICK HERE TO READ IT.

Wait, it gets better...The FDIC just announced that it needs to start borrowing money from the U.S. Treasure in order to replenish it's deposit insurance fund (the same fund being used to pay all of these banks in the Loss Share Agreements).  Go Figure!  Click Here to read it.

Robert G. Hertzog

Phoenix Real Estate Consultant

www.phxshortsalehelp.com

summit logo

 

 

Benchmark Mortgage Boise Idaho

 

 

 

 

Call us with any questions you have relating to residential mortgages (208) 287-1717, we are always very happy to help. We specialize in home loans for first time home buyers, move up buyers, second home purchases, and resort lending. The loan products available to my clients include FHA, IHFA, VA, Conforming Conventional, Jumbo and Super Jumbo Portfolio.

Our primary markets are Ada County (Boise, Eagle, Meridian, Kuna, Star), Canyon County (Nampa, Caldwell, Middleton), and Valley County (Cascade, Donnelly. Tamarack, McCall).

0 commentsDean Tucker (Mortgage Banker) • February 09 2010 04:56PM