Jen Dollar's Blog: Florida Real Estate News

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08August 2010 - Check out the link to The Southern Regions Newsletter for August!  Enjoy!

Newly released rules apply to mortgage brokers and the companies that employ them, as well as mortgage loan officers employed by depository institutions and other lenders.

It’s common in the industry for Lenders and loan originators to receive more compensation if the borrower accepts an interest rate higher than the rate mandated by the lender (referred to as a “yield spread premium”). With the new rule, the loan originator is not able to receive any payment that is based on the interest rate or other loan terms. This will avert loan originators from increasing their own compensation by raising the consumers’ loan costs, such as by increasing the interest rate or points. Nevertheless, loan originators can carry on receiving compensation based on a percentage of the loan amount – which is a widespread practice.

The Federal Reserve Board announced rules earlier this month to protect homebuyers needing mortgages. These rules will allow them to be able to avoid unfair, abusive, or deceptive lending practices that can arise from loan originator compensation practices. The new rule also prohibits a loan originator that receives compensation directly from the consumer from also receiving compensation from the lender or another party.

The Board found that consumers commonly are not aware of payments lenders make to loan originators and how those payments affect the total loan cost. New rules ensure that consumers who agree to pay the originator directly will not also pay the originator indirectly through a higher interest rate, causing them to indirectly pay more in total compensation than they realize.

Additionally, law prohibits originators from directing a consumer to accept a mortgage loan against there own interest to better compensate the loan officer. The rule is an effort to preserve consumer choice by mandating that consumers get a choice, and that they can choose from loan options that include the loan with the lowest rate and the loan with the least amount of points and origination fees, instead of those that maximize compensation.

The final rules are effective April 1, 2011. The entire Final Rules Document can be found at the Fed Rule Summary Site.

Tim Tebow's Hard Work Pays Off.

I know this isn’t really Real Estate news, but I can’t help myself…  I am so proud of Tim Tebow and all of his accomplishments.  He is a perfect example of where faith, hard work, dedication, and overall character can take you.  Regardless if you are a football player or a Realtor, the principals are the same… Hard Work and Dedication = RESULTS!!  We should all take something away from Tim’s accomplishments and start using them in our lives…  Watch how we prosper!

Hello Friends and Family,

I have been selected as one of the 50 finalists for REALTOR® Magazine’s 2010 class of “30 Under 30”. Only 30 of the 50 Real Estate Professionals listed will be selected and awarded with this designation.  In order for me to be selected, I need YOUR help!  Please click on the link below and select my profile picture from the 50 shown on the website and “VOTE FOR ME”.  Your support is needed and greatly appreciated.  It would be an honor to represent the young leadership of the Central Florida Real Estate Community.

The candidate with the most votes will win the “30 Under 30″ Web Choice Award, an honor to be announced at the Young Professionals Network event at the REALTORS® Conference & Expo in New Orleans this November. Voting will close at midnight on March 28. The 30 honorees will be featured in the June issue of the magazine, which also will commemorate the 10th anniversary of this annual feature!

http://www.realtor.org/rmonews_and_commentary/30under30/2010/3030_2010 

By David Layne

RISMEDIA, January 16, 2009-Having been in real estate for 20+ years, I have been fortunate to be Director of Career Development & Director of Recruiting at two of America’s “Top 100″ billion dollar residential firms. I was at a Top 10 Coldwell Banker and a Top 10 Century 21 broker. And since then I have been further privileged to work with owners, brokers, managers and salespeople scattered throughout the country.

Turning 50 myself this year, two of those I have been lucky enough to be affiliated with are under the age of 30. Jeff Glover’s team closed 100 sales during 2008 in the Detroit market of all places in this economy. There is simply no such thing as “can’t” in Glover’s vocabulary.

Across the country is Jennifer Dollar leading the way north of Orlando with endless enthusiasm, and a tireless passion for bringing the best strategies and ideas in real estate today to the Realtors in her marketplace. Strategies that are working in challenged markets like Florida, Nevada, Arizona, California and Detroit. 

Glover sold $5 million in real estate at the age of 19. By 21 he was managing an office, and then he was a trainer for one of the largest Michigan brokers soon thereafter. He’s now a “seasoned professional” at 25 and has created one of Michigan’s most productive & successful real estate teams.

Dollar is a second generation real estate success story. The first generation focused on development and senior housing. Dollar, on the other hand, is expanding her residential real estate operations when most are contracting, building new offices in Lake Mary where she is attracting everybody from Top Producers who wants independence and low costs, to those newer to real estate-desiring the modeling and mentoring of top producers.

Glover’s team is known for schedule discipline, relentless telemarketing and a can-do attitude.

Dollar started her office by first attracting one of the premier producers in the market, then her own real estate mentor, now ready to mentor others for her, and add to the mix national coaching & recruiting guru Rich Rector’s help.

You wouldn’t know talking to either Glover or Dollar that in a real estate downturn and economic recession you can’t expect the results of easier times. When you refuse to believe that, amazing results are still occurring.

Want to be successful in the 2009 real estate world? Affiliate with an under 30 superstar in your market. They never heard you couldn’t succeed today. They don’t keep repeating efforts on what isn’t working. They find what is working and keep going full steam ahead. In some cases-way past the rest of us.

David Layne is like a “fitness coach” for Realtors contracting and assisting with their growth goals including training & recruiting. He has been a participant in AlignMark’s “ask the expert” series two years running. To reach him, e-mail DavidLayne33@aol.com. For more information on the “ask the expert” series, e-mail mmull@alignmark.com.

In one of the worst Real Estate Markets in my lifetime, I am surprised by all the “opportunities” that exist. 

I know you have heard it before, but it is time to BUY, BUY, BUY!  Financing is still strong.  In fact, there are several counties where buyers can still get 100% financing.  Interest rates are at an all time LOW.  If you have a rate of 6% – you need to refinance.  If you have a “jumbo” loan – consider paying it down to conforming limits and save yourself thousands in interest payments!  Jumbo borrowers also need to consider local, “smaller” banks for financing.  They have creative ways of moving your money around in IRA’s, SEP’s, etc – in order to qualify you at conforming prices.