Today’s first speaker was Denise Wing with Academy National Mortgage, her talk today was about some of the changes and new regulations in the mortgage industry. The state of Colorado, in an attempt to stop the huge amount of mortgage fraud and bad lending practices the state 4 years ago created the Mortgage Lender Registration – requiring all independent mortgage brokers to be registered. The last year year they started testing and licensing independent brokers, in light of the Colorado went from 10,000 independent brokers to 6000 independent mortgage brokers. Also something to keep in mind is that mortgage brokers working within a bank (Wells Fargo, US Bank, etc.) do not have to go through the same testing and licensing as independent mortgage brokers – the state figures since the bank is bonded and registered with the federal government they are covered. Another caution from Denise is the mortgage brokers who are essentially working under the table, working with a licensed office – yet not licensed themselves, Denise has had calls from brokers that want to work with her in this manner. One of the major changes in mortgage lending in the Home Valuation Code of Conduct Appraisal Regulation or HVCC – setup last year for conventional loans and as of February 1st for FHA – this regulation was designed to help prevent appraisal fraud by making the appraisers independent from the realtor and mortgage broker. Therefore not allowing the broker or realtor to use an appraiser that they know and trust, the appraisal is sent to an Appraisal Management Company, adding layer of bureaucracy that tends to slows down the loan process, decreases customer service and creates an increased potential for miscommunication. July 30, 2009 – some of the provisions of the Mortgage Disclosure Improvement Act of 2008 (MDIA) went into effect changing the way the closing process works, creating  the 3/7/3 Rule requiring a seven day waiting period once the initial disclosure is provided before closing a home loan. What this means is that you must receive the initial Good Faith Estimate (GFE) and initial TIL statement disclosing the final Annual Percentage Rate (APR) seven days prior to closing and if the final APR is off by more than .125% from the initial Good Faith Estimate then your mortgage broker must re-disclose and then wait three more days prior to closing. So it is now more important than ever for your mortgage broker is on top of your loan.  Another major change that came into effect in January 2010 was the makeover of the Real Estate Settlement Procedures Act or RESPA which was designed to protect consumers in the process of purchasing a home.  Two of the biggest changes you will notice is that the Good Faith Estimate has gone from one page to 3 pages and has a worksheet that the borrower can make notes and compare offers from up to 3 different lenders. Although the changes are intended to protect consumers, the debate within the mortgage industry is about whether the new rules, will actually accomplish those goals. If you need a Mortgage Broker that will walk you through all of the new rules and regulations give Denise Wing of Academy National Mortgage a call!

Denise Wing  * Academy National Mortgage * 303.987.0622 * dwing@academynational.net

Ginger Kaiser of Willows Floral, spoke second today and talked about the value and pleasure of bring green plants into your home during this time of years. It is a reminder that spring will eventually arrive. By having living plants in your house you can reduce your stress level and reduce allergens and dust by 20%. Ginger went to her supplier last week and was surprised by the amount of succulents they had in stock. It seems that succulents are making a comeback, like the ever favorite Aloe plant or the Rubber Tree plant are two of the most common types. Ginger brought in a couple of different ones that are not as common – such as the Jade-that has bubble type leaves, where it stores water, the Ice Plant-which grows very low to the ground and flowers with beautiful pink, purple and orange flowers and the Panda Plant which has fine white hairs on its leaves – a very hardy plant. The next plant was a Bromeliad, not a succulent, but a wonderful flowering plant that if treated right can live forever., just remember to water it in it’s center cone. Ginger also brought in two different colors of Flowering or Ornamental Kale – which looks  like cabbage – because it is but not edible. It is a hardy ground cover that you can start inside and move outdoors after the last frost and it will bring color all summer and late into fall. Ginger also brought in a product that she found at O’ Tooles Garden Center for gnats, when one has a lot of indoor house plants – gnats can by a big problem. Green Light Many Purpose Dust is great for getting rid of the gnats in the soil in your pots. You simply sprinkle it on the soil and water in, the gnats will be gone!! If you need to get a handle on your indoor plants or want a bouquet for a special occasion call Ginger Kaiser of Willows Floral a call!!

Ginger Kaiser * Willows Floral * 303.989.6446 * flower_queen@comcast.net