Is there a government mandated home mortgage foreclosure ban on the way? Word is that the Whitehouse is considering banning all foreclosure proceedings that haven’t been reviewed by HAMP (Home Affordable Modification Program). The move would force mortgage lenders to hold off foreclosure until HAMP reviewed the loan and evaluated the borrower and found them ineligible. The plan would stop existing foreclosures that are in a repayment plan. Approximately 89 percent of all residential mortgages are presently covered under the HAMP program. While this is a national initiative it would certainly be of great benefit to New Orleans home mortgagors’ that presentably find themselves in a difficult situation.

Source: Bloomberg

Source: http://neworleanshomemortgage.blogspot.com/2010/03/home-mortgage-foreclosure-ban.html

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• Many LGBT Homeowners Still Underwater
• Wednesday 8AM 03/10/10 Today’s Current …
• HARP and HAMP modify and refinance mortgages
• Mortgage Real Estate …
• Senate Finance begins …

When the warmer weather finally arrives it will usher in the busiest season of the year for marketing and selling real estate, and many LGBT homeowners are eager to list their homes. But despite the fact that the overall real estate market is showing signs of improvement, many LGBT homeowners are still underwater on their loans. Even if they do sell they cannot possibly raise enough cash to pay off their existing mortgages.

California is a textbook example of the troublesome phenomenon plaguing LGBT homeowners across the nation. The state has long been one of the most popular destinations for LGBT homeowners. But it has also been one of the markets hardest hit by the real estate recession, and it continues to rank high in terms of foreclosure volume.

The recent housing crisis taught many homeowners that the bigger they are, the harder they fall. The Golden State was one of the most lucrative states for real estate several years ago, and the median price for a single family home in California climbed to around $550,000. But when the bubble burst prices fell precipitously. Now that median price is below $300,000 and many Californians own property that is worth considerably less than the outstanding balance on their mortgage. In fact, it is not uncommon for owners to owe hundreds of thousands of dollars more than their homes can fetch on the open market.

In order to sell some homes in California the owners have to be willing to take a net loss of $500,000 or more. The only viable solution in this kind of situation where the homeowner is extremely upside down or underwater on a loan is to do a radical mortgage loan modification.

A loan modification is essentially a legal agreement negotiated between the mortgage lender and the homeowner to change the fundamental terms of the mortgage contract. The goal is make it easier for the homeowner to make their monthly payments and avoid foreclosure, which can devastate the homeowner and is also very costly for the lender. Banks and mortgage companies typically lose as much as 50 percent of their investment when they are forced to take back a property through foreclosure, so they have a financial incentive to work with struggling homeowners. The federal government’s Making Home Affordable program also provides some additional cash incentives to banks and other lenders who do successful modifications on qualified loans.

Loan modification can be accomplished in a variety of ways. Some lenders agree to extend amortization or payback periods to stretch out the repayment of loans and lower the monthly payments. They may offer a lower interest rate than the one now attached to the mortgage, to ease the burden of payments and make them more manageable. In rare cases the lender will even forgive a substantial portion of the principal.

But mortgage lenders and banks have been notoriously slow to respond. Many LGBT homeowners have watched their homes go to the auction block while they were waiting for answers from procrastinating lenders. Those LGBT homeowners who are underwater on loans should not give up, though, and should continue to press lenders for answers and action. If possible, borrowers should use a non-profit loan modification advocate or a qualified real estate attorney to help push their cases forward and pressure lenders to be more proactive.

One of the biggest hurdles encountered by mortgage holders is that most lenders will not modify a primary loan if there is a second loan on the property. During the last real estate bull market many homeowners took out second mortgages or home equity lines of credit in order to access their newfound equity. When the economy soured, many of those who could still qualify for home equity loans borrowed them against the value of their homes in order to survive the recession. So now there are millions of homeowners with second mortgages, and unless and until they pay those smaller loans off they cannot refinance or qualify for a loan modification on their larger first mortgages.

The good news for those borrowers is that many banks are currently revisiting their loan modification policies and are even willing to forgive second loans in order to move forward. But keep in mind that in order to qualify for a loan modification, the homeowner must demonstrate financial hardship and also the ability to make payments on time. It is crucial that LGBT homeowners understand that they have to show they can reliably make their monthly payments. Skipping payments or paying late while waiting for a response from the lender regarding loan modification can ruin a homeowner’s chances.

The bottom line is that loan modification to save LGBT homeowners is still possible, but it requires great tenacity. Not everyone will quality. But those who seek professional guidance and take steps to show lenders that they can repay modified loans will definitely improve their chances.

To get expert advice from real estate and mortgage professionals dedicated to active support of the LGBT community, visit http://www.gaymortgageloans.com/ and http://www.gayrealestate.com/, or call toll free 1-888-420-MOVE (6683).

Source: http://thatslifeinthecity.blogspot.com/2010/03/many-lgbt-homeowners-still-underwater.html

Related Posts:

• Home Mortgage Foreclosure Ban
• Wednesday 8AM 03/10/10 Today’s Current …
• HARP and HAMP modify and refinance mortgages
• Mortgage Real Estate …
• Senate Finance begins …

I’m David Beadle. Here’s what’s happening from RateAlertNow.com.

Thirty-year mortgage rates were “down” on Tuesday, after a “successful” auction of $40 billion in U.S. 3-Year Treasury notes.

However, there “are” another $34 billion in IOUs slated for sale today and tomorrow, which has many fixed-income traders behaving in “cautious” fashion.

The national-average 30-year fixed-rate mortgage is now at four-and-three-quarters percent with one and seven-eighths points, down a quarter of a point from Monday, for a savings of $250 on a $100,000 loan.

The five percent rate is at “half” of one point, also down a quarter of one point from a day earlier.

Remember: one point is worth “one percent” of the loan amount. This means “one point” is one-thousand dollars on a one-hundred- thousand dollar loan…and two-thousand dollars on a two-hundred thousand dollar loan.

When it comes to a two-point loan, that represents two percent of the loan amount. This means “two points” is two-thousand dollars on a one-hundred thousand dollar loan…and four-thousand dollars on a two-hundred thousand dollar loan.

The national-average 15-year fixed-rate mortgage was “down as well,” with the four-and-a-quarter percent rate now at one point, down one-eighth of a point from Monday. The four-and-three-eighths percent rate is at “three-eighths” of one point.

In order for you to know “when” to lock your “floating” fixed-rate
mortgage, you have to have “an Early Warning” system with immediate news on changes in current rates & points +before+ they occur throughout every business day. That’s where my “Rate Alert Now” service becomes essential to your “rate lock” strategy. I’ll tell you via regular e-mail and/or mobile “text messaging” when current rates are about to go up, and if you act quickly, you may be able to reach your local mortgage originator by phone to lock your rate +before+ the mortgage company becomes aware of what’s going on, and changes its rates. The cost of my service is less than one dollar a day.

Weekly retail sales “rose” a sharp 2.9 percent in the most recent survey period, after having “fallen” 0.8 percent in the previous week.

Today, we-will-see an update on weekly “crude oil” inventories, which are “expected” to have risen another 2 million barrels on top of the 4 million barrel “increase” of a week earlier.

That’s what’s happening. I’m David Beadle. For full details on my real-time mortgage rate alert service to help you “beat the system,” visit RateAlertNow.com and check back here later today, for my next *free* mortgage rate update.

Source: http://ratealertnow.blogspot.com/2010/03/wednesday-8am-031010-todays-current.html

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• Senate Finance begins …

One of the quotes seeming to run forever is, “Never give a sucker an even break.” Coming from the movie of the same name, starring and written by W.C. Fields, it’s supposed to be a comic line but, first used as an ad-lib by Fields in 1923, it accurately represents the ruthless streak in US business. So, over the last eighteen months or so, banks and finance companies have been playing to packed houses, always trying to portray themselves as caring and sympathetic but, more often than not, coming over as the heartless mortgage-holders in potboiling melodramas who throw the heroine out on the streets when there’s six foot of snow on the ground. The evidence for this? Walk through any suburb or exurb and count the empty properties and their weather-beaten “For sale” signs as the foreclosures cut into the neighborhoods. Property values everywhere have been dropping like stones. We were all suckers, it seems, and no bank is ever going to give us an even break.

One of the “systems” supposed to help us navigate through all this negative equity is the joint package of Home Affordable Refinance Program (HARP) and Home Affordable Modification Program (HAMP). These run through http://makinghomeaffordable.gov/ and they help some people either refinance their existing loans or modify the terms to make them more affordable. If you run through the questionnaires, you can find out whether you are eligible. It would be fair to say this pair of programs has been controversial. With the politics so polarized, you hear whichever song you want to hear. From one side comes the attack that the plans are another example of “big government”. If folks cannot keep their payments up-to-date, that’s their problem. They should not look to the state for handouts. Taxes should not be used to bail out freeloaders. From the other side come the attacks that the programs are drawn up in a way that cuts down the number of eligible people to a minimum. Instead of helping the millions who are underwater with their loans, this is a Band-Aid trying to staunch a major hemorrhage.

In a way, it does not matter which side is right. What matters is whether anyone has been able to get real help. Well, the Bank of America has not been slow in coming forward with numbers. Since HAMP began, it claims to have modified the loans of 700,000 people. So how does this work? The first step is to negotiate and agree a trial modification. If this trial is a success, the bank agrees to make the modification permanent. Obviously, the trials have to run over a period of time to prove the borrowers can afford to pay. That explains why the Bank of America has only made 12,200 modifications permanent. It quickly says it has a further 13,700 loans waiting for the borrowers to sign the permanent agreement. Only 26,000 permanent modifications agreed may not sound many but do not forget the headline that 700,000 were admitted to the trial process. To encourage us, the Bank also says it will negotiate on a second mortgage (2MP). Putting the politics to one side, if you have problems with your home loan and your home is at risk, you should check out whether you are eligible under HARP or HAMP. No-one cares about which side is right about these programs so long as they help you solve your mortgage problems.

Source: http://asepbaihaki.blogspot.com/2010/03/harp-and-hamp-modify-and-refinance.html

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• Home Mortgage Foreclosure Ban
• Many LGBT Homeowners Still Underwater
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Meister, Seelig and Feins Stephen Meister on the new government program to pay homeowners to sell their homes

at a loss.

Source: http://mortgagebubble.blogspot.com/2010/03/government-to-pay-homeowners-for-short.html

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• Home Mortgage Foreclosure Ban
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Yesterday at the Capitol

The Senate Finance committee heard omnibus finance bills, including higher education, yesterday morning. Committee members held off on voting on the higher education bill until further discussions are had with the Office of Higher Education regarding reciprocity with North Dakota. The bill will be before the Finance committee Wednesday morning with an amendment detailing the $1.7 million in savings from the reciprocity program. The committee is expected to pass the bill and roll it into the supplemental budget bill.

Today at the Capitol

Note schedules are changing and will continue to change throughout the week. A new addition to today’s schedule is a meeting of the capital investment working group this evening at 6:00.

8:30 AM
Senate Education
Room: 112 Capitol
Chair: Sen. LeRoy A. Stumpf
Agenda:
MDE Presentation: The ACCESS System: Achieving College and Career Readiness for Every Student’s Success
S.F. 3110-Wiger: High school assessments for college and career readiness determination.
S.F. 2610-Anderson: Graduation required assessment for diploma (GRAD) language arts and reading paper-and-pencil format for retaking test authorization.
S.F. 3045-Wiger: Prekindergarten through grade 12 education policy provisions modifications; general education, education excellence, special programs and early childhood education.

8:30 AM
*Note: The committee will recess at 10:00 AM and reconvene at 6:30 PM in the Basement Hearing Room.
House K-12 Education Policy and Oversight
Room: Basement State Office Building
Chair: Rep. Carlos Mariani
Agenda: HF2986 (Hornstein) Responsible family life and sexuality education program created.
HFXXXX (Doepke) Board of teaching rulemaking authorized.
HF2995 (Tillberry) Diagnosis qualifications of attention deficit disorder or attention deficit hyperactivity disorder expanded.
HF3267 (Newton) Advisory task force established on school desegregation and integration.
HFXXXX (Newton) Clarifying requirements for a conciliation conference; MDE directed to amend two special education rules.
HF2962 (Fritz) Minnesota Academy for the Deaf and Minnesota Academy for the Blind provided trial placement.
HFXXXX (Benson) School district mandates reduced.
Meeting Documents: HFXXXX (Doepke) Board of teaching rulemaking authorized.
HFXXXX (Newton) Clarifying requirements for a conciliation conference

10:30 AM
House Bioscience and Workforce Development Policy and Oversight Division
Room: 200 State Office Building
Chair: Rep. Tim Mahoney
Bill(s) Added
Agenda: HF3216 (Masin) Report required on at-risk businesses and a fast-action economic response team created.
HF3119 (Mullery) Minority Workforce Collaborative funding provided, and money appropriated.
HF3324 (Brynaert) Minnesota investment fund expanded, and construction mitigation pilot program grants restriction removed.

11:00 AM
Senate in Session

12:30 PM
House in Session

12:30 PM
Senate Higher Education Budget and Policy Division
Room: 123 Capitol
Chair: Sen. Sandra L. Pappas
Agenda:
S.F. 2822-Clark: Minnesota state colleges and universities (MnSCU) credits transfer regulation.
S.F. XXXX-Pappas: Office of Higher Education Policy Bill.
Minnesota Home Grown Initiative
S.F. 184-Pappas: Minnesota office of higher education interest rate protection agreements report requirement.

1:00 PM
House Higher Education and Workforce Development Policy and Finance Division
Room: 5 State Office Building
Chair: Rep. Tom Rukavina
Agenda:
Jobs Bills hearing
Central Minnesota Manufacturing Association will present information on the needs of small manufacturing businesses
HF3037 (Rukavina) Manufacturing equipment loan program established for manufacturing businesses in the state, and revenue bonds issued.
HF3228 (Rukavina)Renewable energy source conversion grant program created for municipal utilities and cooperative electric associations, bonds issued, and money appropriated.
HF2837(Knuth) “Green economy” definition amended to include the concept of “green chemistry”.
HF2810 (Rukavina) Mandatory work and meal breaks modified.
HF3448 (Rukavina) Establishing pilot program to move campus reserves at some MnSCU institutions to local community banks

2:45 PM
House Capital Investment Finance Division
Room: Basement State Office Building
Chair: Rep. Alice Hausman
Agenda
HF2182 (Gardner) Rating criteria required for capital project funding requests.
HF2909 (Anderson) State agencies required to track and report on the number of jobs created or retained as a result of capital project funding.
HF 3105 (Downey) Information required to determine return on investment for capital requests.
HF2590 (Hausman) Appropriation and bond authorization for capital investment projects procedures clarified.
HF3492 (Hausman) Higher education asset preservation and replacement funding provided, bonds issued, and money appropriated
Discussion on various bonding policies including provisions in bonding conference committee report as passed on House Floor.

2:45 PM
House K-12 Education Finance Division
Room: 10 State Office Building
Chair: Rep. Mindy Greiling
Agenda: HF3176 (Slocum) Charter school provisions modified, commission created, and charter schools permitted to borrow money.

3:00 PM
Senate Agriculture and Veterans
Room: 107 Capitol
Chair: Sen. Jim Vickerman
Agenda:
S.F. 2927-Doll: Veterans preference provisions modifications.
S.F. 2626-Erickson Ropes: Minnesota state academies bond issue and appropriation.
S.F. 1657-Olson, M.: Environment and natural resources organization advisory committee establishment and task forces; state agencies powers and duties consideration requirements.

4:30 PM
House Higher Education and Workforce Development Policy and Finance Division
Room: 400S State Office Building
Chair: Rep. Tom Rukavina
Agenda: *Note changes*
Workforce bills plus any jobs bills remaining from morning
HF3127 (Davnie) unemployment insurance; modifying administrative, benefit, and tax provisions
HF3517 (Clark) Board of cosmetologists license fees modified and money appropriated
HF2946 (Kalin) Public infrastructure for bioscience businesses expanded to include clean energy businesses.
HF3133 (Loeffler) Workers’ compensation benefits provided for domestic partners, domestic partners of military members in employee leave requirements included, and payment of wages due to a deceased employee to a surviving domestic partner provided.
HF3413 (Gunther) Board of Barber Examiners’ license fees modified, and money appropriated.
HF3048 (Norton) Construction codes and licensing provisions modified, certain notice provisions modified, and criminal penalties imposed
HF3517 (Clark) Board of cosmetologists license fees modified and money appropriate

6:00 PM
Capital Investment Working Group
Room: 200 State Office Building
Chairs: Rep. Alice Hausman, Sen. Keith Langseth
Agenda: HF2700 – Omnibus bonding bill; capital improvement funding provided, previous appropriations modified, bonds issued, and money appropriated.
http://www.house.leg.state.mn.us/bills/billnum.asp?Billnumber=HF2700&ls_year=86&session_year=2010&session_number=0

6:30 PM
House Licensing Division
Room: 500S State Office Building
Chair: Rep. Cy Thao
Agenda: HF3212 (Simon) Continuing education requirements exception provided for
licensed professional counselors.
HF1094 (Abeler) Surgical technologist employment qualifications required.
*Both HF3212 and HF1094 will be reconsidered; no testimony will be taken.
Meeting Documents:
HF3212A1

HF1094A4

Looking Ahead

Wednesday, March 10

8:30 AM
Senate Finance
Room: 123 Capitol
Chair: Sen. Richard J. Cohen
Agenda:
2010 Supplemental Budget
The following articles will be discussed:
Higher Education
Economic Development
State Government
Transportation
Public Safety

12:30 PM
Senate Business, Industry and Jobs
Room: 123 Capitol
Chair: Sen. James P. Metzen
Agenda: *Note change*
S.F. 2758-Bonoff: Minnesota Entrepreneur Resource Virtual Network (MERVN) authorization and appropriation.
S.F. 2911-Berglin: Window fall prevention devices requirements modification.
S.F. 2944-Tomassoni: Contractor continuing education requirements modifications.
S.F. 1524-Scheid: Municipal enforcement of state building code for persons with disabilities provisions modification.
S.F. 2347-Latz: Employer overtime payment obligations modification.
S.F. 2874-Pogemiller: State government streamlining; departments of employment and economic development (DEED) and labor and industry abolishment; commerce department downsizing; task force and employee participation committee establishment.

12:30 PM
Senate State Government Budget Division
Room: 112 Capitol
Chair: Sen. Don Betzold
Agenda:
S.F. 2386-Metzen: Labor agreements and compensation plans ratification.
S.F. 2750-Bonoff: Constitutional amendment for public debt to be incurred for public information technology systems, licenses and infrastructure.
S.F. 2506-Bonoff: Capital project funding report on jobs created or retained.

2:45 PM
House K-12 Education Finance
Room: 10 State Office Building
Chair: Rep. Mindy Greiling
Agenda: HF3219 (Demmer) Independent School District No. 203, Hayfield, fund transfer permitted.
HF3303 (Garofalo) General education aid reduction restored for certain taconite distributions.
HF3342 (Simon) School districts authorized to use operating capital for certain costs associated with closing a school.
HF2813 (Faust) Full-time equivalent definition expanded for the purpose of the safe school levy.
HF3163 Prekindergarten through grade 12 funding provided, including general education, education excellence, special programs, and early childhood education. – fiscally related sections, information only

3:00 PM
Senate State and Local Government Operations and Oversight
Room: 123 Capitol
Chair: Sen. Ann H. Rest
Agenda:
S.F. 2620-Bonoff: Service innovation commission establishment.
S.F. 2496-Rummel: Policy innovation and research legislative commission establishment.
S.F. 2511-Rest: Collaborative governance council establishment.
S.F. 2516-Rest: Minnesota coalition for the innovation and collaboration establishment.
S.F. 1880-Metzen: Innovation board reestablishment; providing for grants and appropriation.
S.F. 2735-Rest: Rehabilitation facilities, extended employment providers and day training and habilitation service programs, service contracts provisions modifications.
S.F. 2809-Higgins: Bond proceeds use by government and entities employment guidance and report requirements.
S.F. 2861-Clark: State government employees, legislators and constitutional officers public money expenditure prohibition to facilities making pornographic performances or images.
S.F. 2835-Sheran: City payments to towns following annexation.

5:30 PM
House Higher Education and Workforce Development Policy and Finance Division
Room: 5 State Office Building
Chair: Rep. Tom Rukavina
Agenda: Higher Education Bills
HF2657 (Rukavina) Revenue bond limit increased for the higher education facilities authority.
HF2766 (Welti) Educational data disclosure clarified.
HF3354 (Nornes Grant eligibility modified, loan limits and terms modified, private institution fees increased, high school-to-college developmental transition program, terms defined, funds transferred, and appropriations modified and reduced.
HFXXXX (McFarlane) OHE policy bill
HFXXXX OHE grant requirements

6:00 PM
Senate Health, Housing and Family Security
Room: 112 Capitol
Chair: Sen. John Marty
Agenda:
Report from the Minnesota Board of Dentistry on Dental Therapist Program(s) and Foreign-Trained Dentists
SF 2912 (Berglin) Children’s mental health policy provisions modifications
SF 2933 (Lourey) Nursing facility level of care criteria, technical changes, home care services providers requirements, home care bill of rights, personal care assistants enrollment option, elderly waiver conversion
SF 3027 (Berglin) Medical assistance eligibility, individualized eudcation plans, state health access program
SF 2974 (Lourey) Electronic health record technology provisions modification

6:00 PM
Senate State and Local Government Operations and Oversight
Room: 123 Capitol
Chair: Sen. Ann H. Rest
Agenda:
S.F. 2950-Sparks: Jobs, family and economic development fund creation; agricultural, rural, early childhood, bioscience, medical technology, economic development, athletic, recreational, extracurricular activities and capital improvements funding mechanisms authorization.

Thursday, March 11

8:30 AM
House K-12 Education Policy and Oversight
Room: Basement State Office Building
Chair: Rep. Carlos Mariani
Agenda: HF3163 (Mariani) Prekindergarten through grade 12 funding provided, including general education, education excellence, special programs, and early childhood education.

1:00 PM
House Higher Education and Workforce Development Policy and Finance Division
Room: 5 State Office Building
Chair: Rep. Tom Rukavina
Omnibus Higher Ed and Workforce bills

2:45 PM
House K-12 Education Finance Division
Room: 10 State Office Building
Chair: Rep. Mindy Greiling
Agenda: TRA pension proposal

Friday, March 12

1:00 PM
House Finance
Room: 200 State Office Building
Chair: Rep. Lyndon Carlson
Agenda: HF1671 (Carlson) Supplemental Budget Bill

Source: http://mnscufan.blogspot.com/2010/03/senate-finance-begins-crafting-budget.html

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• Home Mortgage Foreclosure Ban
• Many LGBT Homeowners Still Underwater
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• HARP and HAMP modify and refinance mortgages
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In Jefferson County, Texas, The Southeast Texas Record reports:

A woman has filed suit against a loan servicing agency and a mortgage company after she claims they have threatened to foreclose on her home. Lisa D. Perkins claims she owns a home [...] in Port Arthur. Defendant Mortgage Electronic Registration Systems currently owns the mortgage on the home and defendant Litton Loan Servicing is the mortgage servicer for Mortgage Electronic, according to the complaint filed Feb. 17 in Jefferson County District Court.

On Aug. 1, 2009, Perkins entered into a loan workout with Litton. Under the plan, Litton promised to modify Perkins’ mortgage as long as she complied with all terms of the plan, the suit states. Perkins has complied with all the plan’s terms, yet Litton still notified her of its intent to foreclose on her home on March 2, the complaint says. “Plaintiff relied on these misrepresentations by Defendants to her detriment,” the suit states. By foreclosing on her home, Perkins claims Litton and Mortgage Electronic violated the Texas Deceptive Trade Practices Act and breached their contract with her.(1)

Source: Woman seeks TRO to stop foreclosure.

(1) Reportedly, Perkins seeks an ex-parte temporary and permanent injunction from the court demanding that Litton and Mortgage Electronic refrain from foreclosing on her home, the suit states. In addition, she seeks actual, consequential and statutory damages, attorney’s fees, costs, pre- and post-judgment interest and other relief to which she may be entitled, the story states.

Source: http://homeequitytheft-cases-articles.blogspot.com/2010/03/another-homeowner-gets-stiffed-on.html

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Source: http://filmferox.blogspot.com/2010/03/mcap-mortgage-rates.html

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• Home Mortgage Foreclosure Ban
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A mortgage banker or broker trade show is usually held over 3-4 days. That’s a lot of time to be away from your business. You may want to attend a show if you thought you could get something valuable for your business. What can you get from a trade show?

My office is located in New Jersey and next week is the 2010 Regional Conference of MBAs (I believe it’s sponsored by the mortgage bankers associations of New Jersey, New York, Pennsylvania, Connecticut, Washington D.C., Maryland, New Hampshire, Massachusetts, and Rhode Island). I’m debating whether to attend this show. Will it provide me with any benefits that I can translate into new business? What would I like to see at a trade show for mortgage bankers or brokers? Obviously, what I would like to get out of a trade show, as a lawyer who works a great deal with the mortgage industry, is different from what you, a mortgage banker or mortgage broker, would want to get out of such a conference.

I’d look at the programming details first to see if there were any sessions that I would want to attend. Lately, there are a lot of regulatory changes that are raising many questions for mortgage brokers and bankers and there should be sessions addressing these questions. Many of you want to know how to survive in this new business climate and there are hopefully sessions that will speak about these issues. If the speakers are listed, are they regulators that you would like to meet or other successful business owners that you’d like to network with? That would be a good reason to attend.

Check the list of exhibitors. Can you find new vendors for your business? Can you find out if they have a solution for your problem or can they save you money over your existing vendors? Can you form a strategic alliance with any of the exhibitors?

Lastly, a trade show can be a great opportunity to meet other mortgage bankers and mortgage brokers. Meeting and talking to some of these people can help you find out what your competition is doing, how they are dealing with the problems that you are facing, and how you can be better than they are. If you are not in competition with them, you can find mortgage bankers and brokers who are licensed in states that you are not, so you can take advantage of leads that you cannot use and vice versa. When you talk with mortgage bankers and brokers who are not in competition with you, they are more likely to open up with their strategies for solving the same problems you are having.

It may be useful to attend a local trade show or conference so that you can limit your costs, both in travel and hotel expenses and the number of days you are away from your business.

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Source: http://mortgagelicensesolution.blogspot.com/2010/03/should-you-attend-mortgage-banker-or.html

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Home Sales in Cache County for February were much improved over January. They weren’t stellar by any means, but they improved compared with February of last year.

52 residential Cache County Homes sold last month as reported on the WFRMLS. This is up by more than 17% compared with February of last year when just 43 residential homes sold. The average price of these properties was $180,232, and the median sales price was at $164,495. This is the highest monthly average for home prices in five months. It is also up by 4% compared with the average sold price in February of last year.

Some positive news is that the amount of new listings in Cache Valley only slightly increased compared with last month. There are currently 752 homes for sale in the Logan Utah area. At February’s home sales pace this represents an absorption rate of a little over 14 months.

Source: http://loganrealestate.blogspot.com/2010/03/february-cache-county-home-sales-up.html

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