1 Presented By: Pam Marron Sponsored By: Gulf Coast Florida Association of Mortgage Professionals Pinellas REALTOR Organization (PRO)
2 Pam Marron Innovative Mortgage Services, Inc., NMLS# GulfCoast Florida Assoc. of Mortgage Professionals Board Member Florida Loan Originator sing 1985 Developer of HousingCrisisStories.com and Back from the Housing Brink program Worked with National Consumer Reporting Assoc., Consumer Financial Protection Bureau, and U.S. Senator Bill Nelson to get erroneous foreclosure credit code placed on short seller credit fixed. GulfCoastFAMP.com
3 Seriously underwater: Loan to value ratio of 125 percent or above
5 Unique Client Market #2 How To Make A Niche Market Out Of Boomerang Buyers
6 Unique Client Market #3 Q 3 Bank Repossessions 4 th highest in U.S.
8 National and Florida Data 1. How to assist underwater homeowners to stay put and stabilize Florida housing markets 2. When and How to reach Boomerang Buyers, or those with a past short sale or foreclosure, who are now eligible to re-enter the housing market 3. Better way to promote damaged homes with list of repairs, costs and renovation financing UPFRONT
9 David Hoffman Business Development Manager, 1st Alliance Lending, LLC Largest FHA Back to Work lender in U.S.
10 Daren Blomquist Vice President, RealtyTrac With RealtyTrac since 2001, Daren Blomquist is RealtyTrac s primary media spokesperson and resident go-to expert on foreclosure statistics and other real estate trends.
11 WHO are Distressed Homeowners and Boomerang Buyers? WHERE are they located now and where are they moving to? How many and for how long?
12 Homeowners still underwater Homeowners still in a risky loan Homeowners in a lingering foreclosure
13 Still nearly 7 million homeowners nationwide who are underwater, 13 percent of all homeowners with mortgage. Florida has most underwater homeowners of any state, 1.2 million (CA is second with 673,321) Florida has the second highest share of underwater homeowners, 23.2 percent
14 Interactive heat map
15 Major counties with highest share underwater are Hernando (32.1%), Saint Lucie (30.9 %), Marion (30.3 %), Osceola (30.2%), and Pasco (29.6%) Interactive heat map
16 16.9 million bubble loans originated between 2004 and percent of all open loans nationwide. 6.8 million bubble ARM loans originated between 2004 and percent of all open ARM loans nationwide.
17 2.1 million bubble loans originated between 2004 and percent of all open loans in Florida. Nearly 1 million bubble ARM loans originated between 2004 and percent of all open ARM loans in Florida.
18 Florida has highest share with 48% followed by New Jersey, Maryland, Delaware, Ohio, California and Nevada. Interactive heat map
19 There are still 335,000 loans actively in the foreclosure process nationwide. 61 percent of these were originated between 2004 and 2008 There are still 158,000 bank-owned properties nationwide. REOs increased 66 percent from a year ago in Q3 2015, second consecutive quarter with an increase. Q3 REOs took average of 630 days to foreclose.
20 There are still 57,000 loans actively in the foreclosure process in Florida. 57 percent of these were originated between 2004 and 2008 There are still 29,000 bank-owned properties in Florida. REOs increased 34 percent from a year ago in Q3 2015, second consecutive quarter with an increase. Q3 REOs took average of 1,004 days to foreclose.
21 Top are Miami- Dade, Broward, Hillsborough, Palm Beach, Orange, Pinellas, Duval, Pasco, Polk and Volusia. Interactive heat map
22 Many are Gen X or Baby Boomers who lost their home to foreclosure or short sale during the crisis Homeownership rates are still trending downward in these two categories, indicating these boomerang buyers are not yet buying in droves. But we know where they moved during Recession.
23 Biggest pop. Increases in Myrtle Beach, Cape Coral, Port St. Lucie, Sarasota, Naples, and New Orleans. Interactive heat map
24 Unique Client Market #1
25 For Underwater Homeowners Trying to Stay Put NO REFINANCE OPTION conventional non-fannie Mae, non-freddie Mac 1 st mortgage 2 nd mortgage home equity line of credit (HELOC) Modification available AFTER mortgage delinquency proof of hardship
26 What s the positive for realtors who assist Florida s 1.2 MILLION underwater homeowners trying to stay put?
27 Fannie Mae and Freddie Mac conventional 1 st mortgage Must be CURRENT on mortgage payment NO MAXIMUM underwater Loan to Value limit! Current loan amt.: $250,000 Current home value: $160,000 $90,000 negative equity/underwater 30 YR amortized at 6.0% = positive equity at years With Shortened Term: 20 YR amortized at 4.5% = positive equity at 9.41 years 15 YR amortized at 4.0% = positive equity at 6.5 years 10 YR amortized at 3.75% = positive equity at 4.08 years
28 Underwater Florida Homeowners can receive up to $50,000 towards Principal Reduction 2/2010: 7.6 BILLION was allocated to 18 states and the District of Columbia. Florida s share: over $1 Billion! Florida Allocation: $1,057,839,136 Used as of 6/30/15: $520,680,084 (49.22%!) Still available: $537,159,052 Application deadline for homeowners: Dec. 31, 2017 After Dec. 31, 2017, any remaining funds are returned to the U.S. Treasury.
29 *Eligibility Requirement Must be Florida resident Only for primary residence Must owe at least 115% more than current value Must be current on mortgage! All mortgage types available! Challenge 115% LTV max. on 1 st mortgage only Florida has 310,000 underwater resetting interest only home equity lines of credit (HELOC) alone, and HELOCs and 2 nd mortgages have NO REFINANCE OPTION available.
30 Unique Client Market #2 Designate market area Write script for client types to assist 1. Stay Put in underwater home 2. Boomerang Buyer desiring to purchase a home again 3. Help with Better Way to purchase damaged homes Co-brand with realtor and loan originator
31 continued Contact * RealtyTrac and order list for designated market area. Specify: 1. cities you wish to market in 2. names, addresses and where past homeowners have moved to o For those with past short sale, go 4 years back o For those with past foreclosure, go 7 years back Run RealtyTrac list through 7 National Change of Address (NCOA) company to check if last known address on list is still current. Send letter, not postcard, to these prospects
34 Homeowners Distressed Homeowners: STILL Underwater But Staying Put! Boomerang Buyers: Purchase After Short Sale, Foreclosure BORROWER: MAKE CASE FOR EXTENUATING CIRCUMSTANCES WORKSHEET Renovation Financing Loan Originators Dig and Document! Wait Time/All Loans & for Extenuating Circumstances LO:ECONOMIC EVENT WORKSHEET LO: INCOME REDUCTION/DEBT TABLE WORKSHEET Credit Reporting Agencies Foreclosure Code Fixes Develop Niche Market Better Way to Sell Damaged Homes Renovation Financing Realtors Develop Niche Market Better Way to Sell Damaged Homes in Need of Renovation
35 David Hoffman, 1 st Alliance Lending, LLC General Eligibility The borrower must have lost their home and/or filed bankruptcy due to experiencing a financial hardship. Generally defined as a 20% drop in income over a period of at least six months. The borrower must have demonstrated a full recovery from the event. The borrower must have completed HUD approved housing counseling at least 30 days before the application date, but not more than 6 months before the application date.
36 continued Foreclosure/Bankruptcy Foreclosure/DIL/Short Sale A minimum of 12 months must have elapsed since the date of the FC/DIL/SS. Chapter 7 BK A minimum of 12 months must have elapsed since the date of the discharge. Chapter 13 BK File date must be 12 months prior to loan application and all BK payments made on time. Satisfactory Credit Evidence of the borrower s capacity and willingness to make a monthly mortgage payment prior to the hardship must be verified. The borrower must exhibit the ability to maintain and prioritize housing payments, even in times of hardship.
37 continued Reserve Requirements 2 months housing payment if ratios are 32/45 or lower. 3 months housing payment if ratios are greater than 32/45. 6 months housing payment if living rent free. All reserves must be seasoned for 60 days. Hardship Verification Letters of explanation may be obtained to support hardship and loss of income. The underwriter must determine the hardship is unlikely to occur again. Paystubs, tax returns and other income documentation will be gathered to support loss of job or income calculation. Property Type 1-2 unit homes only. Rental income will not be considered for qualifying.
38 Unique Client Market #3 The # influx of bank-owned inventory may be good news for an inventory-challenged housing market, but buyers and investors interested in purchasing these bank-owned homes should understand they tend to be lower-value properties in areas where house values have not recovered as quickly and are more likely to have deferred maintenance issues that will need to be addressed.
39 Retrieve a # Feasibility Report from an # FHA Inspector that can show repairs and estimated costs Used for both FHA 203K and Homestyle conventional mortgage financing Lower cost than full blown home inspection Similar to 203K Consultant Summary Renovation Loans are for both purchase and refinance FHA 203K owner occupied only Homestyle Conventional owner occupied 2 nd home investor Many mortgage lenders are offering both FHA 203K and Homestyle loan at one company.
40 Considerations for Loan Originators & Realtors 1)FHA 203K has 110% tolerance on Value, so if value after repair is close, start with an FHA 203K. 2)FHA appraisal can be used for a conventional loan, but a conventional appraisal cannot be used for an FHA loan. 3)Escrow Repair option available when repairs are under $5000, slightly higher on conventional loans. 4)Renovation loans are not for all buyers. MAKE SURE to let buyers know that these loans require additional time and cost from them and rate is higher. 5)Realtors should allow 60 days for a closing.
41 Contact us at Provide your name, company, contact info., a picture and why you would like to be included. Your information and location will be posted for FREE on the HELP Network map at HousingCrisisStories.com.
42 Contact Pam Marron for more information: Loan Originator, Innovative Mortgage Services, Inc. NMLS# GulfCoast Florida Assoc. of Mortgage Professionals Board Member Developer: Back from the Housing Brink program HousingCrisisStories.com Office: (727) Mobile: (727) Websites:
43 Many Thanks to Daren Blomquist, RealtyTrac Vice President 1 Venture, Irvine, CA 92618; Office: ext For Stats and Trends: For Lists: David Hoffman, 1 st Alliance Lending, LLC Account Executive 111 Founders Plaza; East Hartford, CT Toll Free Direct: (855) Direct: (855) Website: Pinellas REALTOR Organization (PRO) 4590 Ulmerton Rd.; Clearwater, Fl Ph#: Website: GulfCoast Chapter Florida Association of Mortgage Professionals Encompassing Pinellas, Hillsborough, Pasco, Hernando, Citrus and Sumter counties. Ph#: Website:
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