Maui Archives - Page 2 of 7 - Hanover Mortgages

Apache is functioning normally

August 24, 2023 by Brett Tams

Two weeks since the first report of a wildfire in Lahaina, Hawaii, the scope of the tragedy is coming into focus.

Search teams looked through every single-story residence in the disaster area and found the remains of 115 people. The death toll is likely to grow as teams now look through multi-story residences and commercial properties.

As of Aug. 21, the fire, which began on Aug. 8, was considered 90% contained and has burned through more than 2,100 acres, according to Maui County.

More than 2,000 buildings in Lahaina were destroyed or damaged by the blaze, according to an artificial intelligence model compiled by Esri, a geographic information system software provider.

The AI model reviewed satellite photos of Lahaina before and after the fire and estimated on Aug. 11 that 2,088 structures – about 63% of all structures in the examined area – had been destroyed or damaged.

Most buildings were homes. The Federal Emergency Management Agency estimated on Aug. 12 that the fire had destroyed 1,466 houses; 85% of all structures that were assessed were destroyed.

Based on Esri’s estimates of damaged structures and building types provided by USA Structures, nearly 1,800 residential structures were damaged in the fire. USA Structures is a dataset maintained by the Department of Homeland Security, the Federal Insurance and Mitigation Administration, FEMA, Oak Ridge National Laboratory and the U.S. Geological Survey.

The financial toll of the damage is vast for a town of about 12,000 people. Rebuilding costs could total more than $450 million for residential structures alone, based on Esri’s damage assessment and Maui tax roll data.

That includes $242.1 million in total building value for owner-occupied homes, $136.1 million for non-owner occupied homes, $40.7 million for short-term rentals and $23.2 million for long-term rentals, based on the building values of parcels that overlap Esri’s assessed damaged buildings.

The median residence assessed damaged by the fire was a 62-year-old, three-bedroom, two-bath structure valued at $242,700, excluding land value.

The damage also complicates hundreds of millions of dollars’ worth of mortgages. Lenders originated more than $670 million in mortgages for borrowers to purchase, improve or refinance single-family dwellings in the census tracts covering Lahaina in 2018-2022, the most recent Home Mortgage Disclosure Act data available.

Lenders originated more than 1,200 such loans over that period, led by Bank of Hawaii with 525, First Hawaiian Bank with 490 and HighTechLending Inc. with 470.

Many of the loans loans originated by these lenders were then purchased by Fannie Mae and Freddie Mac.

The Department of Housing and Urban Development has granted homeowners with Home Equity Conversion Mortgages or mortgages insured by the Federal Housing Administration a 90-day moratorium on foreclosures. HUD also announced a package of regulatory and administrative waivers for further assistance to those in the disaster area.

Homeowners may also borrow up to $500,000 to repair or replace their homes in a low-interest disaster loan from the Small Business Administration. Real estate professionals, too, have provided relief funds.

Officials’ primary efforts are still directed towards meeting the immediate needs of people in the disaster area; a full assessment of the damage and what rebuilding will cost will come later.

So far, FEMA has approved more than $5.6 million in assistance to nearly 2,000 households, including more than $2.3 million in initial rental assistance. Maui County officials estimate about 1,900 people are currently sheltered in hotels. The Environmental Protection Agency and Army Corps of Engineers have started debris collection.

Beyond the need for rebuilding, the wildfire’s long-term impact on insurance and affordable housing remain to be seen.

Hawaii is one of several states recently affected by natural disasters, including wildfires.

Will Robinson is a data journalist at HW Media.

Source: housingwire.com

Apache is functioning normally

August 21, 2023 by Brett Tams

A wide array of U.S. federal agencies are descending on the Hawaiian island of Maui as relief begins pouring in following a devastating set of wildfires that completely destroyed the popular coastal town of Lahaina, displaced thousands of local residents and killed at least 111 people, according to the most recent information.

The Department of Housing and Urban Development (HUD) has instituted a 90-day moratorium on foreclosures of mortgages insured by the Federal Housing Administration (FHA), as well as a pause on foreclosures of mortgages in the Indian Home Loan Guarantee program.

Borrowers at or over the age of 62 who are engaged in a Home Equity Conversion Mortgage (HECM) have also been given a 90-day extension. All relief measures are effective as of the official disaster declaration issued by President Joe Biden on August 10.

HUD also detailed the availability of additional housing assistance for individuals upon request, including FHA insurance to disaster victims; HUD’s Section 203(k) loan program that allows the finance of a purchase or refinance of a house along with its repair through a single mortgage; flexibility to Community Planning and Development grantees, Public Housing Agencies and Tribes; and the availability of HUD-approved housing counseling agencies.

Hundreds of personnel from FEMA have been deployed to the disaster area, while the USDA is deploying food assistance programs for displaced residents. The State Department has also granted a fee waiver for people who lost their U.S. passport book or passport card as a result of the wildfires. The U.S. Army Corps of Engineers has also been deployed to clear roads and bolster electric service, while the Environmental Protection Agency is on-site to assist with household hazardous waste removal that will be “essential to begin recovery work in the impacted areas.”

But there are other issues that could present problems for the area as rebuilding begins, particularly with regard to homeowners insurance, according to recent coverage by the New York Times.

The status quo of relatively low home insurance rates — solidified by a general lack of natural disasters striking the islands — could be upset by the fires, which may exacerbate other issues impacting Hawaiian housing such as gentrification.

When Hurricane Iniki devastated the island of Kauai in 1992, Hawaii’s state legislature established a fund to provide hurricane insurance for homeowners. That program was dissolved in 2002, however, since the private insurance market was built back to “full strength,” according to the Times. While wildfires have not been a major problem for Hawaii in the past, this latest disaster could signal to insurance carriers that they could become more of an issue in the future.

“I think insurers are going to start factoring in the increased frequency and severity of wildfires,” David Marlett, a professor of risk management at Appalachian State University told the New York Times. “You’ve already seen that in California.”

With the increasing prevalence of natural disasters across the U.S. and the world, insurance companies have reacted by pulling back coverage in habitually-impacted areas. Recent data from Redfin showed that housing markets with flood and wildfire risk are booming since that additional climate risk has translated into lower costs in certain areas.

But insurance carriers themselves are pulling back or leaving, notably in California and Florida, and they’re citing climate risk as a primary driver.

Source: housingwire.com

Apache is functioning normally

August 19, 2023 by Brett Tams

The U.S. Department of Housing and Urban Development (HUD) this week announced a package of regulatory and administrative waivers that will allow the use of HUD funding to assist with the recovery of Maui after the island endured a series of devastating wildfires. The waivers come as thousands of government-backed mortgages on the island have been impacted by the disaster, according to data released by the office of Hawaii Gov. Josh Green (D).

Based on the data, 5,200 mortgages serviced by Freddie Mac, 9,800 mortgages serviced by Fannie Mae and 2,400 mortgages serviced by Ginnie Mae on Maui have all been impacted by the fires. Additionally, 1,300 Federal Housing Administration (FHA) mortgages including two public housing and two senior living buildings have been impacted, as well as 927 U.S. Department of Veterans Affairs (VA) mortgages.

However, this data only provides a partial picture. The governor’s office said that the Lāhainā and Kula areas are “still being assessed.” Lāhainā, a popular tourist destination on the island, was the town most affected by the spread of the wildfires. Most of the structures in the town were destroyed.

HUD’s waiver package aims to accomplish five key goals in assistance for Maui, including suspending the community development block grant (CDBG) public services cap to provide additional support services related to the effects of the disaster on individuals and families, which will allow for HUD funds to pay for food, water and “other emergency needs,” HUD said.

The funds will also allow for new housing construction with CDBG funding in declared-disaster areas, and provide flexibility in HOME tenant-based rental assistance requirements “to reduce burden for those seeking assistance.” The HOME local matching contribution requirements will also be waived in an effort to provide “greater flexibility in the entities that can expeditiously provide housing to displaced persons and repair properties damaged by the disaster.”

Finally, the waivers will allow for an extension of time so that “individuals can receive temporary assistance, including CDBG emergency grant payments and ESG rental assistance.”

The Consumer Financial Protection Bureau (CFPB) has also been active in the conversation since Americans will typically aim to find ways to donate money, clothing or other materials to the disaster area in the immediate aftermath and beyond. CFPB warns that some bad actors typically aim to take advantage of these inclinations.

“It’s natural to want to lend a hand to others who have been affected by an emergency,” CFPB said in an announcement distributed on Friday. “You can share our tips for sending financial support to others, including fast facts about mobile apps. And, refer to our tips for avoiding scams and fraud that can entrap people trying to help.”

Source: housingwire.com

Apache is functioning normally

August 17, 2023 by Brett Tams

Completed homes fell 11.8% from the prior month and were 5.4% below the July 2022 level. The pace of single-family home completions picked up from the prior month, boosted by gains in the Midwest and West.

Meanwhile, there are just over one million multifamily units under construction, a record.

Still, it’s a good, not great report, economists said. Housing starts have been down for 13 of the last 15 months on a year over year basis. And the NAHB/Wells Fargo builder confidence index also fell in August, the first decline in 2023.

Declines in the current pace of sales and the next six months pushed the index down, said George Ratiu, chief economist at Keeping Current Matters.

In spite of the affordability challenges, homebuyers remain eager to buy. Developers and construction companies seem to “have come to terms with the affordability challenge and have been erecting smaller homes at more approachable prices this year,” said Ratiu.

Though there are near-term and medium-term challenges with mortgage rates and waning affordability, the fundamentals still look good, economists said.

“Higher mortgage rates threaten affordability and builder supply-side challenges remain, but the housing market remains fundamentally underbuilt and existing homeowners aren’t moving,” said Odeta Kushi, deputy chief economist at First American. “While builders can’t make existing homeowners move, they can add more new homes to the housing stock.”

Completions were down in July, but that is about one year after permits and starts began to decline, leaving fewer homes in the pipeline and thus dampening completions, said Nicole Bachaud, an economist at Zillow.

“New construction remains a vital source of new inventory in this market, with many builders still offering incentives that allow for more buyers to find opportunities in the new homes market, so continuing to build is important to the overall health of this market,” she said.

There are other challenges for prospective homebuyers to overcome, said Travis Hodges, a managing director at insurance brokerage VIU by HUB. It’s become much more difficult to secure homeowners insurance in several markets, and rising costs are a big concern.

“With insurance premiums expected to be up 7% this year on average, finding coverage at a reasonable price is key for new home buyers to carry a mortgage,” Hodges said.

States like California and Florida, which are both prone to extreme weather events, are now facing issues of multiple carriers leaving the market. A similar situation might happen in Maui after catastrophic wildfires destroyed parts of the island.

Source: housingwire.com

Apache is functioning normally

August 16, 2023 by Brett Tams

The devastation wrought by wildfires is exacerbating a long-running housing crisis on the island of Maui, pitting locals and Native Hawaiians — many of whom rent — against billionaires and real estate developers, the Washington Post reported Monday.

The future of Lahaina, an island community that is a spiritual and cultural capital, is of concern for many locals who are uncomfortable with the encroachment of wealthy outsiders. Tamara Paltin, who represents the area on the Maui County Council, said the crisis may accelerate a process where wealthy outsiders squeeze out locals by snapping up properties.

“If all those people from outside with a lot of resources come in and rebuild Lahaina the way they want it to be, it won’t be Lahaina anymore,” Paltin told the Post. “We don’t want to make it like Anywhere Else, USA.”

Last Tuesday and Wednesday, the fires destroyed approximately 3,000 structures, with Lahaina most acutely devastated by the disaster. As of late Monday night local time, the death toll stands at 99, but officials expect the figure to rise as searches continue.

Some locals are reluctant to talk to opportunistic real estate agents offering to buy fire-affected properties, the report said. Even before the crisis, rising property prices risked displacing locals and Native Hawiaiians, with Hawaii having the highest cost of living across U.S. states. A family of four earning less than $93,000, for example, would be considered low income.

“We want to make sure that we’re able to keep Lahaina Lahaina, and Lahaina strong,” Archie Kalepa, a Native Hawaiian community leader, told the Post. “We don’t want it to be Lahaina was.”

The Federal Emergency Management Agency (FEMA) has activated its disaster relief housing programs, which include providing funds for displaced residents to temporarily stay in hotels. A local real estate agent organization is also seeking out vacant vacation homes to lodge survivors.

FEMA Administrator Deanne Criswell, pledged to be “very creative” in the way the agency will exert its authority, acknowledging that disaster relief approaches on the U.S. mainland may not work in Hawaii. Bringing tiny homes or other transitional housing units to the island are on the table, but such relief isn’t likely to resolve longstanding housing problems.

As mega-fires continue to threaten communities amid climate change, the gap between rich and poor is expected to get wider, the report said. Native Hawaiian families whose houses were passed down through generations could experience significant financial strain: Many of these properties don’t have mortgages and thus aren’t required to have insurance.

The community is pulling together to combat changes that may affect their future on the island.

“When it’s time, we will all rebuild one day at a time,” said Doreen Buenconsejo, a Maui local whose parents lost their home, to the Post. “I know our community is so strong that we will pull together and help each other to clean up our lands.”

Source: housingwire.com

Apache is functioning normally

August 13, 2023 by Brett Tams

Manufactured, HELOC, Automation, Home Insurance Products; Wholesaler Earnings and News; Inflation and Rates

This website requires Javascrip to run properly.

Manufactured, HELOC, Automation, Home Insurance Products; Wholesaler Earnings and News; Inflation and Rates

By:
Rob Chrisman

Thu, Aug 10 2023, 10:02 AM

A general discussion topic of those here at the MMLA conference in Michigan is the ups and downs we’re all facing. While mortgage applications drift down, and industry headcounts go down, and towns on Maui like Lahaina burn down, here’s something that isn’t going down: credit card debt. Talk to any underwriter or loan officer and they will tell you that loans have become more difficult, in part because of borrower debt loads, and sure enough credit card balances hit $1.03 trillion in the second quarter. And it ain’t going down. The number is up 4.6 percent from $986 billion in the preceding three-month period. For some good economist’s perspectives and interest rates in general, and one capital markets guy’s, tune in to “Unparalleled Insights into Trends and Bold Predictions” with Selma Hepp (CoreLogic’s Chief Economist), Michael Fratantoni (MBA’s chief economist), and Rob Chrisman” on Wednesday August 16th at 1PM ET/10AM PT, sponsored by TrustEngine. (Today’s podcast can be found here and is sponsored by SimpleNexus, an nCino Company, developer of mortgage technology uniting the people, systems, and stages of the mortgage process into one seamless, end-to-end solution. Hear an interview SimpleNexus’ Jay Arneja on closing technology initiatives, standardization, and digital transformation impacting the industry at the moment.)

Lender and Broker Software, Products, and Services

Mortgage leaders: The home insurance market is facing unprecedented volatility with carriers declining new business and increasing premiums to an all-time high. This can delay closings and even lead to DTI exceeding acceptable limits once accurate insurance costs are factored in. Matic, a home insurance marketplace built for the mortgage industry, helps borrowers save time by shopping multiple A-rated carriers at once and providing transparent pricing and coverage options. With flexible integration options for your company, Matic adds visibility and control, allowing lenders to foresee potential issues that could result in delayed closings. To learn how mortgage enterprises can gain efficiencies and add a new source of revenue with Matic, book a demo today. For more strategies on how to navigate the next phase of the housing market, get Matic’s latest report.

While free origination tools are tempting, they can come with hidden costs, including slowing down the mortgage process, increasing turn times, and halting productivity. Blend’s robust, comprehensive features, intuitive personalization, and automated workflows have proven results: 37% increase in transaction speed, 7 days cut from the loan lifecycle and 34% increase in pull-through. Click here to find out how Blend’s Mortgage Suite helps deliver value during every step of the process.

Problem! Your employees are wasting valuable time on tasks that aren’t generating your business revenue! Solution! Automate the time-consuming parts of the mortgage origination process with Velma Connector! Connector is an easy-to-use, rules-based automation tool that enhances your LOS! Need to put your ECOA process on autopilot? Connector takes the human element out of it. Want to know which loans need attention before it’s too late? Connector will send you the report. Want to automate borrower communications and info collection? Connector hits the send button for you. Stop wasting time and money on manual processes! Get Velma Connector today!

“Turn fixed costs into variable costs on a dime. When the market zigs, lenders need the flexibility to zag. Richey May Advisory brings the mortgage industry expertise and agility you need to convert fixed costs into variable costs. Our difference maker is your ability to outsource services to highly trained experts in a model that fits your needs. Whether that means loan-level accounting, advisory, business intelligence, compliance support, cyber services, internal audits, or underwriting automation, we have the tools, knowledge, and experience to deliver value and improve your financial performance unlike any competitor, anywhere. You’ll feel it almost immediately in your day-to-day operations. Even better, you’ll notice the difference in your bottom line. Reach out or visit our website to learn more about how we can help your operation.”

TPO Programs for Brokers and Correspondents

“Going to California MBA’s 2023 Western Secondary conference? Let’s get together and innovate! Deepen your product lineup with Planet’s Renovation and Manufactured Housing loan programs. Help your clients address today’s housing challenges by adding buydowns and USDA loans to your product mix. We make it easy and profitable to offer niche products. Reach out to Regional Sales Managers Tiffany Ta / 714-376-3214 or Jennifer Salsbury Caldwell / 909-225-8444 to explore new products to build your sales.”

Looking to gain a competitive advantage in today’s tough market? Lenders across the industry are catching wind of HELOC benefits and leveraging this tool to increase their book of business. Let us help you get a leg-up on the growing competition. Symmetry’s Piggyback, Post-close, and Stand-alone HELOCs are unlike any other HELOCs on the market, offering service, speed, simplicity, and pricing that stands up against the competition. Here are just five of the ways Symmetry’s HELOC solutions can help you win and keep more borrower business: cash for borrowers, jumbo avoidance, more second home business, increased condo business and client retention. Symmetry is ready to help you build a strong, resilient growth strategy: Contact your area manager or email us to get started!

Wholesaler Earnings and TPO News

Someone in residential lending is making some coin besides Freddie Mac and Fannie Mae ($2.9 and $5.0 billion respectively in the 2nd quarter).

Last week we learned that Rocket Companies (which, as the name implies, contains several companies) generated total revenue, net of $1.236 billion and net income of $139 million. “Generated total adjusted revenue of $1.002 billion and adjusted net loss of $33 million, or an adjusted loss of $0.02 cents per diluted share.”

Focusing on mortgage banking, “Rocket Mortgage generated $22 billion in mortgage origination closed loan volume with a gain on sale margin of 2.67 percent. Rocket gained purchase market share in the quarter, both year-over-year and quarter-over-quarter. Servicing book unpaid principal balance, which includes subserviced loans, was $504 billion on June 30, 2023. As of June 30, 2023, our servicing portfolio includes 2.4 million loans serviced. The portfolio generates approximately $1.4 billion of recurring servicing fee income on an annualized basis.”

Yesterday United Wholesale reported second quarter earnings with origination volume climbing to $31.8 billion, was up 43% compared to the first quarter and up 6.4% compared to a year ago. “Gain on sale margin compressed to 88 basis points in Q2 compared to 92 in Q1 and 99 a year ago. Purchase volume was 88% of total volume. UWM is guiding for third quarter volume to come in between $26 and $33 billion, and gain on sale to range between 75 and 100 basis points. Adjusted earnings per share came in at $0.11, which covers the $0.10 dividend. At current levels, the stock has a dividend yield of 6%.”

Speaking of UWM, “spec pools” are indeed a thing as certain investors pay up for certain loan attributes that the investor desires. In this case, UWM announced “sharper pricing on loans under $200,000, in addition to major enhancements to its Control Your Price program on non-agency Jumbo loans… UWM has removed loan-size pricing adjustments on loans under $100K and will be paying up premiums for market-based pay-ups on 30-year fixed conventional loans $200K and below.”

“UWM also announced it has increased the number of Control Your Price basis points brokers can apply to Jumbo loans, up to 40 basis points. UWM will also double or triple the Control Your Price basis points brokers apply on all non-agency Jumbo loans, up to 120 basis points.”

The FHFA, which is the conservator of Freddie and Fannie? FHFA Working Paper 23-04: How Do Students Value an Elite Education? Evidence on Residential Location and Applications to NYC Specialized Schools.

Pennymac is aligning with the adoption of Fannie Mae/Freddie Mac Form 1103, Supplemental Consumer Information Form (SCIF) as announced in FHA ML 2023-13. Use of the form is effective with FHA loan applications dated on or after 8/28/2023. View Pennymac Announcement 23-51 – FHA Mortgagee Letter 2023-13 SCIF for details.

CBC Mortgage Agency (CBCMA), a Native American wholly owned and federally chartered housing finance agency, has been approved by the U.S. Department of Agriculture to provide 30-year mortgage loans for borrowers outside of urban and suburban areas. Because the USDA loan program offers 100% financing, CBCMA enables correspondent lenders to help low- to moderate-income families in rural areas achieve homeownership. USDA loans provide low- and moderate-income borrowers with “the opportunity to own adequate, modest, decent, safe and sanitary dwellings as their primary residence in eligible rural areas,” according to the agency. Up to 90% of the original principal amount of USDA-based 30-year notes are guaranteed by the agency.

AmeriHome Mortgage Announcement 20230707-CL summarizes previously published changes made during July, additional changes made with this announcement, and recent Agency and regulatory news.

Recently, the GSEs announced updated policies addressing critical repairs, deferred maintenance, and special assessments in projects with five or more attached units effective for loan applications dated on or after September 18, 2023. View AmeriHome Correspondent Product Announcement 20230801-CL for additional information.

PRMG Product Update 23-36 includes clarifications regarding FHA Standard and High Balance cash out transactions on Manufactured Homes, borrowers living rent free requirements on Investor Solution, self-employment verifications requirements of Ruby Jumbo and Express Jumbo. Additional updates and clarifications for Ruby Express and Onyx Jumbo.

Capital Markets

A slide in big tech equities yesterday due to President Biden’s Executive Order announcement prohibiting investment in certain Chinese technologies, as well as higher energy prices, helped mortgage-backed security “sentiment” and further flattened the yield curve, which at this point is to say it increased in inversion: “bear flattening.” Fortunately, MBS prices were not very reactive to the initial selloff in Treasuries which tightened spreads further. Investors squared positions ahead of today’s Consumer Price Index inflation data that will help shape the outlook for the Fed’s next steps.

What was the result of all this noise? The U.S. 10-year note and the 30-year bond prices, along with them MBS, pushed to fresh highs in the afternoon after the completion of the day’s solid $38 billion 10-year note offering while 5-year notes and shorter tenor prices slipped to fresh lows as the market prepared for July CPI. Some movement was driven by European equities rebounding after Italy walked back Tuesday’s windfall tax announcement, saying the tax would be capped at 0.1 percent of assets.

Today brings the CPI report for July, as expected. Headline CPI increased .2 month-over-month and () year-over-year when it was expected to increase 0.2 percent month-over-month and 3.3 percent year-over-year compared with 0.2 percent and 3.0 percent in June. The core reading, ex-food and energy, was .2, as expected, and 4.7 percent year over year versus 4.8 percent previously. Weekly jobless claims have also been released: 248k, higher than expected, 1.684 million continuing claims. Later today brings a Treasury auction of $23 billion 30-year bonds, and remarks from Atlanta Fed President Bostic and Philadelphia Fed President Harker. We begin the day with Agency MBS prices better by .125-.250 and the 10-year yielding 3.96 after closing yesterday at 4.01 percent after the inflation data.

Employment and Transitions

“Attention homebuilders and other potential joint venture partners! In today’s volatile market, a reliable lending partner is non-negotiable. Enter PrimeLending, backed by the strength of Hilltop Holdings and PlainsCapital Bank. We’re not just surviving; we’re thriving. With over 37 years in the mortgage industry, we bring more than stability and experience. We bring game-changing insight to boost your revenue. Join us at PrimeLending Ventures Management, LLC. Our proven track record, streamlined operations, and cutting-edge technology speak for themselves. Imagine this: together, we’re not just about making profits, but about evolving your brand. What are you waiting for? Reach out to Mike Matthews today to talk about a partnership built on shared success.”

Mortgage Capital Trading, Inc. (MCT®), the de facto leader in innovative mortgage capital markets technology, today announced the appointment of Steve Pawlowski as Managing Director, Head of Technology Solutions. Mr. Pawlowski will be responsible for expanding upon MCT’s proven record of driving efficiency and liquidity in the secondary market. “MCT was the fastest and most comprehensive technology partner I worked with on API development while at Fannie Mae,” said Steve Pawlowski, Managing Director, Head of Technology Solutions at MCT. “I couldn’t be more excited to apply my institutional expertise to this agile and committed technology development team.” Mr. Pawlowski will provide leadership on all MCT technology development. He brings extensive industry experience to MCT, including 30+ years with Fannie Mae’s Capital Markets and Single-Family Digital Products and Services organizations. Read the full press release or join MCT’s newsletter to stay up to date on recent news and educational content.

Download our mobile app to get alerts for Rob Chrisman’s Commentary.

Source: mortgagenewsdaily.com

Apache is functioning normally

August 11, 2023 by Brett Tams

After years of discussion, the U.S. Treasury Department is expected to propose a rule that would effectively end anonymous luxury home purchases in the coming weeks, according to the Financial Crimes Enforcement Network’s (FinCEN) regulatory agenda.

The rule, which department officials first said they planned to implement in 2021, would require real estate professionals, such as title insurers, to report the identities of beneficial owners buying real estate in cash to FinCEN. The department believes the proposed rule will close a loophole that allows corrupt oligarchs, terrorists and criminals to hide illegally obtained funds in U.S. real estate.

According to a state from Treasury Secretary Janet Yellen in March, as much as $2.3 billion was laundered through U.S. real estate between 2015 and 2020, a trend that she said has been going on for decades.

The new rule would replace FinCEN’s current reporting system known as the Geographic Targeting Orders (GTOs).

The GTOs require title companies to identify the people behind shell companies used in all-cash purchases of residential real estate.

As of mid-August 2023, 34 cities and counties throughout the U.S., including Litchfield and Fairfield Counties in Connecticut; Adams, Arapahoe, Clear Creek, Denver, Douglas, Eagle, Elbert, El Paso, Fremont, Jefferson, Mesa, Pitkin, Pueblo, and Summit counties in Colorado; Boston; Chicago; Dallas-Fort Worth; Las Vegas; Los Angeles; Miami; New York City; San Antonio; San Diego; San Francisco; Seattle; Washington, D.C.; Northern Virginia and Maryland (DMV) area; the city and county of Baltimore; the Hawaiian Islands of Honolulu, Maui, Hawaii and Kauai; and Houston and Laredo, Texas.

In all of these GTOs, except for the city and county of Baltimore, which has a threshold of $50,000, all cash purchases of $300,000 or more must reported to FinCEN.

Officials have also been working on implanting a related rule that would force real estate professionals to report the identities of shell company owners who purchase real estate in cash through their shell company. While the American Land Title Association has expressed support of the new rule, it has also stated that its implementation should be delayed until the shell company rule is also complete.

The proposed rule will be open to public and industry feedback once it is announced

Source: housingwire.com

Apache is functioning normally

August 8, 2023 by Brett Tams

While many agents start small, there’s no limit to what you can do in real estate. Today’s guest, Blake Hill, was working toward closing a $5 million deal before he had access to the MLS! Hear how Blake hustled as a newly licensed agent and made major moves for his first client. Blake also shares some of his favorite moments from the show, offers advice on accomplishing goals, and gives valuable tips on finding clients.

Listen to today’s show and learn:

Aaron and Blake’s bet [1:40]
The Maui real estate market [2:54]
Short-term rental restrictions in Hawaii [3:58]
How to work with a varied clientele [8:00]
Blake’s start in real estate [10:56]
Blake’s first real estate deal [15:15]
Planting seeds with potential clients as a new agent [16:02]
Keeping the client in focus and closing the deal [20:18]
Some of Blake’s favorite parts from the podcast [23:09]
Meditating on gratitude for success [25:23]
Advice on accomplishing your goals with visualization [29:15]
How Blake got on Real Estate Rockstars [37:35]
Blake’s plans for 2022 [42:39]
How to connect with Blake Hill [44:26]

Blake Hill

Blake Hill is often thought of as a quiet person. Put a strong cup of good coffee in him and he becomes a chatter box. Although quiet on the surface his brain is always engaged and bounces from thought to thought. If you ask him his greatest accomplishment in life. It would be his role as Dad. Blake has two amazing children. He has spent countless hours flying on airplanes and traveling the world with his pro-surfer son. They have chased waves from California to Europe, Mexico, Indonesia, Japan, Australia and countless other destinations. He’s the proud dad of a daughter who’s strong and independent with a passion for dance.
Blake’s professional life began in the movie business doing lighting for movies and TV shows. During this time period he would balance working on set with cultivating his passion for writing. His day would typically begin at 3am. He honed his craft for writing screenplays while also working on the set of movies. Over the years he amassed a collection of ten screenplays and a children’s book along with having his poetry published many times.

Once his children were born he chose to quit the movie business and focus on his kids. This was truly an amazing time in his life and a true gift from the universe. He is truly grateful to have had so much time with his children while they were growing up.

There’s an adventurous spirit that lives within his soul. He’s been riding motorcycles since he could walk. He’s raced motocross, hare n’ hounds and spent days riding across the Mojave Desert and camping under the stars. His rides across the USA have taken him through blizzards, tornadoes, and across the Arctic circle.

His passion for life was dimmed one day when he encountered a stroke. It was as if a light switch had been turned off. This experience was beyond humbling and fueled his passion for living even more. He’s not only physically strong but he’s mentally fit. The stroke tested his will and mental fortitude. He kept the event private with only a few friends knowing about his mental capacity. He was challenged by the everlasting question of; how are you feeling? His focus was on healing and getting his memory back. He didn’t want the constant reminder of what had happened. His physical self is truly one hundred percent. His mental self is challenged occasionally with loss of memory. He is extremely grateful to be where he is today on a physical, emotional and spiritual level.

Blake’s typical day begins at 4am with an awesome cup of coffee, splashed with cream while spending some quiet time with his two dogs. He works out with free weights, resistance bands, hikes with his dogs and tries to surf every day. He believes that keeping active mentally and physically is the key to happiness. He’s 55 years old and with each and every wave he surfs, he strives to ride the next one better than the last. He truly feels blessed for his amazing life.

Related Links and Resources:

Thank You Rockstars!
It might go without saying, but I’m going to say it anyway: We really value listeners like you. We’re constantly working to improve the show, so why not leave us a review? If you love the content and can’t stand the thought of missing the nuggets our Rockstar guests share every week, please subscribe; it’ll get you instant access to our latest episodes and is the best way to support your favorite real estate podcast. Have questions? Suggestions? Want to say hi? Shoot me a message via Twitter, Instagram, Facebook, or Email.
-Aaron Amuchastegui

Source: hibandigital.com

Here is what to buy and skip in September 2023

Craig Melvin helps Rutgers freshman move into his dorm

Pentagon unveils ‘one-stop shop’ site for non-classified UFO docs

85,000+ TOMY highchairs recalled over possible fall hazard

Manhunt underway for murderer who escaped Pennsylvania prison

Doorbell notification has dad returning home to give daughter hug

Grief author accused of poisoning husband to due back in court

Dust storm known as a haboob rolls through Tempe, Arizona

US Capitol doctor clears Mitch McConnell to work after health scare

Idalia aftermath: New video shows extent of devastation

Donald Trump’s election fraud case in Georgia set to be televised

How will the weather be for Labor Day weekend?

Rip current concerns could dampen some Labor Day plans

Labor Day weekend: Here are the best times to travel

Why figuring out your tech personality can improve how you use it

TODAY celebrates 100th birthdays: Aug. 31, 2023

How a Long Island community is giving a boost to oyster population

Watch: Man pulled over for driving with bull riding shotgun

Ford recalls 42,000 trucks over potentially defective rear axle shaft

Oprah, Dwayne Johnson to help Maui residents affected by wildfire

Here is what to buy and skip in September 2023

Craig Melvin helps Rutgers freshman move into his dorm

Pentagon unveils ‘one-stop shop’ site for non-classified UFO docs

85,000+ TOMY highchairs recalled over possible fall hazard

Manhunt underway for murderer who escaped Pennsylvania prison

Doorbell notification has dad returning home to give daughter hug

Grief author accused of poisoning husband to due back in court

Dust storm known as a haboob rolls through Tempe, Arizona

US Capitol doctor clears Mitch McConnell to work after health scare

Idalia aftermath: New video shows extent of devastation

Donald Trump’s election fraud case in Georgia set to be televised

How will the weather be for Labor Day weekend?

Rip current concerns could dampen some Labor Day plans

Labor Day weekend: Here are the best times to travel

Why figuring out your tech personality can improve how you use it

TODAY celebrates 100th birthdays: Aug. 31, 2023

How a Long Island community is giving a boost to oyster population

Watch: Man pulled over for driving with bull riding shotgun

Ford recalls 42,000 trucks over potentially defective rear axle shaft

Oprah, Dwayne Johnson to help Maui residents affected by wildfire

1. Trump

2. Maui

3. Power outages

4. Mortgage rates

5. Russia

BREAKFAST BROWSE

QUIZ TIME

TODAY’S NUMBER

TODAY’S QUOTE

TODAY’S WEATHER

AND FINALLY …

Manufactured, HELOC, Automation, Home Insurance Products; Wholesaler Earnings and News; Inflation and Rates

Option 1: Copy and send this link