A federal jury’s landmark ruling could upend how Americans buy & sell homes. This is an interesting ruling that was just handed down after a Missouri jury found The NAR (National Association of Realtors) and others guilty of collusion to maintain commissions.

PLEASE READ THIS ARTICLE AND RESPOND IN THIS FORUM.

https://www.mpamag.com/us/news/general/nars-commission-collusion-case-rattles-real-estate-industry/465340

mpamag.com

NAR’s commission collusion case rattles real estate industry

Missouri verdict opens Pandora's box of lawsuits and potential overhaul in how homes are sold

As a multi-state licensed MLO, I have been pleased with what Tennessee has to offer an MLO. Home values have been climbing for several years now, and it looks like values are going to hold and increase over the next ten years. This means the availability of homeowners who have had mortgages for over 10 to 15 years have abundant equity in their most valuable asset, their home. The opportunity for large cash-out refinances, R&T refinances, and possible HELOCs is very high.

Another advantage for an MLO in Tennessee is a low inventory with an abundance of land with landowners ready to sell to the highest homebuilder bidders.
Now is a good time to begin developing relationships with local real estate agents to prepare for the future homebuilding boom in Tennessee.

Let’s Make Your Mortgage Work For You!

This is a quick synopsis of what you absolutely need for and manufactured, mobile, or modular home purchase or refinance.
1. Freddie Mac, Fannie Mae, FHA, VA: The manufactured home must have been built on or after June 15, 1976. For single-wide & double-wide manufactured homes.

2. It must be Real property (A clear chain of tile) The home cannot reside in a mobile home or RV park. It must be fixed to a concrete slab (slab on grade) by hurricane straps or wire ties. If fixed to pylons, you must ensure the appraiser notes how the home is fixed.

3. Engineering Certification. This must have been completed by the original owner or any previous owner. If there is no engineering certification, this will need to be done before closing. Schedule this at the same time you schedule the 1004C appraisal.

4. Make sure the realtor, homeowner, or appraiser locates the data plate from the manufacturer. This is crucial. If this cannot be found the homeowner should have a copy of the original closing docs, which will likely have the data plate serial number. If not, check with the title company, they may be able to locate it through title records. If that does not work , your last hope is with the county records.

4. All manufactured, mobile or modular homes can only be approved with a 20-year term. NO EXCEPTIONS! When entering data into your LOS, you set the term as custom (20 years).

Modular Homes: Modular homes must have an additional egress (Exit) other than the stairway if the home has a basement. The modular home must sit on a seal plate.

If you have all of these must-haves accounted for, you will have a much better chance to get a CTC.

Let’s Make Your Mortgage Work For You!

• This discussion was modified 2 weeks, 1 day ago by  Sapna Sharma.

https://www.linkedin.com/pulse/foreclosure-numbers-fall-july-starts-decrease-nationalmortgagenews/

linkedin.com

Foreclosure numbers fall in July as starts decrease

Foreclosure starts dropped for the first time in three months, although repossessions ticked up, as rising property values may be easing some difficulties facing struggling homeowners, according to a report from Attom. The number of overall foreclosure filings, consisting of … Continue reading

As a Utah resident and licensed in the surrounding states. I would not suggest Idaho as an option to get your MLO license. Unless you have solid connections with real estate agents from several regions throughout the state. I have only found success as an MLO in the state of Idaho due to targeting real estate investment groups outside the state. Rental properties are a good opportunity near the Air Force base in Mountain Home Idaho. Obviously, anything near Sun Valley will do well, but most of that property was swallowed up over a decade ago. Idaho Falls is seeing a huge influx of non-residents due to the recently built U.S. Government laboratories just outside of Idaho Falls. But the residents of Idaho Falls, Pocatello, and other small communities along the I-15 corridor are NOT excited about the expansion and are actively not selling their homes to investors.

Make sure you take a hard look at what Idaho has to offer you before you make the jump into that market.

As a resident of Utah and licensed as an MLO in the surrounding states, I am writing this as an update on what is happening in Colorado as far as real estate.

The average Median home price in 2023 is $575,000. That is down 2.6% YOY (Year Over Year).
The list price received is dropping monthly by approximately 0.5%.
On average, residential homes are on the market for 40+ days. That is up almost 82%.
Closed deals are down almost 24%.
Pending Sales are down 18.5% YOY (Year Over Year).
Supply is up 42.9%.
New listings dropped by 22.5%.

Are these numbers telling us seller optimism is down? Or are buyers seeing a balancing of the market?

https://www.linkedin.com/pulse/confidence-rises-equipment-financing%3FtrackingId=nzVCNxs3Rp2BktR9sWqGbg%253D%253D/?trackingId=nzVCNxs3Rp2BktR9sWqGbg%3D%3D

As a multi-state MLO based in Utah, I am always looking for indicators in other states to predict what may be around the corner and what states I should focus my ad dollars in. Florida has been a great revenue generator for me over the past three years. I feel Florida will be a great place to stay focused in the next five years. That is why I hired my first MLO to the F1 Mortgage Team in Florida. FOMO (Fear of Losing Out) seems to be motivating out-of-state buyers to take a hard look at income properties in the state as well as people moving from other states to get in on the relative “good deals” in Florida as new residents of the Sunshine state. Employment opportunities in the state and work-from-home scenarios are making Florida very attractive to people who would never have looked at the state as a possible home 10 years ago.

If you are an MLO looking for new ground, I would suggest Florida. The state of Florida is massive and can benefit from quality MLOs looking to plant their MLO flag in the state. If you speak Spanish, the further South you prospect, the better.