Real Estate Radio Saturday, November 27 Welcomes Cuzzin Tim from Canada

What a great time of the year!  Here at United Lending, the DMC Mortgage Team and Real Estate Radio we are all very thankful.  For you – our clients and listeners, past customers and friends, our Realtors.  We are also thankful for the country we live in and the economy as it continues on the road to recovery.

Still lots changes continue in my industry, minimum credit scores for most investors on FHA loans are now 640 – but, YTD at United Lending 95% of our FHA loans had scores over 640 so that shouldn’t be too big of an impact.  Appraisal rule changes are still settling in, and the Dodd/Frank financial reform bill is just around the corner taking effect 4/1/11.  That will have one of the biggest impacts in the way we do things of all the changes.  Most importantly (to us anyway) it regulates how a loan originator is compensated.  Right now a loan officer is generally paid more the higher the interest rate (sometimes that extra money is used to pay for closing costs or “hits” for such things as a lower credit score or an investment property, sometimes the originator keeps it as higher commission), but now they’ll have to be paid the same regardless of the terms of the loan.  This is to discourage the loan officer from “steering” a client to a higher rate.  In the past free market and competition took care of assuring a borrower got the best deal.  We’ll see how it works with the government stepping in.  Still lots of questions…

On this weekend’s Real Estate Radio show we’ll have a lot of fun.  We’ll talk about all this and more.  Calling in from Canada we’ll also have my old buddy, attorney (or Barrister & Solicitor as they’re known in the north ) and returning guest Cuzzin’ Tim from Canada to talk about his clients new book entitled ‘Twas the Night Before Christmas: 21^st Century Edition’.  It’s a satire about the over-commercialization of Christmas, in which the North Pole toy shop / whole Santa thing is taken over by a multi-national corporation.  The text is a re-jigged wording of the famous ‘Night Before Christmas’ poem, with fake emails, photos, letters, newspaper articles, etc. inserted throughout in the book.

It’s kinda corny (OK, more than kinda), but at $9.99 it would make a good adult stocking-stuffer or gag gift.  You can pick up a copy here. http://tinyurl.com/2a5mfdw

So please let me know if I can help with a home purchase or a refinance and tune in this Saturday at noon on 590 KLBJ AM for what is sure to be a great show!