5/02/2023
Accused of Violating Trade Secrets in Mortgage?
4/28/2023
CRE Sotftware
Commercial real estate software options.
With the Commercial Real Estate Market struggles it is vital to choose the best and lowest cost software for reviewing deals, seeing new listings, finding comparable sales, networking with active brokers, and surviving.
There are many different software options available for real estate professionals, each with its own set of features and costs. Some of the most popular options include:
- LoopNet: LoopNet is a leading online marketplace for commercial real estate listings. It offers a wide range of features, including property search, market data, and lead generation tools. LoopNet's pricing starts at $299 per month.
- CoStar: CoStar is another leading provider of commercial real estate data and analytics. It offers a wide range of features, including property search, market data, and valuation tools. CoStar's pricing starts at $1,495 per month.
- Terrax: Terrax is a newer entrant to the commercial real estate market, but it has quickly gained a reputation for providing accurate and up-to-date information. Terrax offers a wide range of features, including property search, market data, and lead generation tools. Terrax's pricing starts at $99 per month.
The best software option for you will depend on your specific needs and budget. If you are looking for a comprehensive solution with a wide range of features, LoopNet or CoStar may be a good option. If you are looking for a more affordable option with accurate and up-to-date information, Terrax may be a good choice.
Here is a more detailed comparison of the three software options:
LoopNet
- Pros:
- Wide range of features
- Large database of listings
- Easy to use
- Mobile app available
- Cons:
- Can be expensive
- Some features may not be relevant to all users
CoStar
- Pros:
- Extensive data and analytics
- Accurate and up-to-date information
- Wide range of reports and tools
- Customizable dashboard
- Cons:
- Can be expensive
- Some features may be too complex for some users
Terrax
- Pros:
- Accurate and up-to-date information
- Affordable pricing
- Easy to use
- Mobile app available
- Cons:
- Limited features
- Smaller database of listings
Ultimately, the best way to choose the right software for you is to try out a few different options and see which one works best for your needs.
Others:
Accurate info
Ten-X
NAI Elliot
Project Queens
And for crowdfunding:
Realty Mogul
Cadre
Fundrise
Realty Shares
Real Crowd
Peer Street
Crowd Street
4/21/2023
Rule Increases mortgage rates for Borrowers with Perfect Credit
Fannie Mae and Freddie Mac increasing the pricing for borrowers with higher
FICO scores to incent or give back an eight in pricing towards interest rates for
the lower end deals (those with low to middle FICO scores).
I answered this on Active Rain which has a rather heated discussion
about how Realtors see this as unfair.
I'm of the belief that like MANY times before our government tried
to help low to moderate income borrowers purchase home that this
plan will not prove the numbers that they want to happen.
Giving an eight or sixteenth in fee towards Borrower deals with
lower FICO score may only bump the number of closings in a
miniscule way. The borrower with a 45 back end ratio needs
more than a half a point to get that debt to income ratio down
to 43.
Mine government decided that based on studies like this
And others
That people with high FICO scores have an unfair advantage in government backed loans. Someone with a 780 FICO has easier access to loans. They also determined that having perfect credit correlates with higher income.
This is the chicken or the egg?
Having a high paying W-2 job could make it easy to pay your bills on time
or
Having perfect credit gets you the high paying job when employer does a background check?
So
In order to level the playing field they added or changed Loan Level Pricing Adjustments (LLPA). LLPA are all the ins and outs that a lender reviews to tell a borrower what rate they get: a cash out refinance, higher loan to value, condo, non owner occupied for example has higher bits of pricing adds than a purchase with lower loan to value on a single family owner occupied. Each of the pieces of information determine the risks of default based on historic calculations of past loans gone bad.
This new concept will cost the perfect credit customer .125%- .25% more in fees (fees go into the mortgage rate) than the middle to lower credit customer.
A borrower might never know the difference. It's a way to bump up the lower end deals to be able to qualify and close.
The difference is tiny but in the overall ocean it will allow more lower FICO borrowers to be able to close.
Here is Fannie Mae's chart of pricing adjustments as they will change.
I know this is lots of numbers and only I love numbers but it gives you the nitty gritty of how this "deal" is supposed to help the lower end deals.
https://reason.com/wp-content/uploads/2023/04/LLPA-Matrix-updated-03-22-23.pdf
Feel free to ask me questions or call me to explain.
It isn't "fair" but there is an argument that credit reporting isn't fair. I agree that FICO or Vantage can be manipulated. Scores can be improved if a person has enough knowledge, access, and help.
The tide of our current administration is to find ways to use Federal money for the lower end. Lower end I mean - lower score, lower income, smaller deals. We are all paid commission on the transaction amount. The Fed can't legally give bonuses to lenders for doing more deals for low to moderate income or Americans who often have little access to buying a home.
Every loan we do is tracked by: FICO, income, location, borrower ethnic/race etc and the numbers show that those with higher FICO in higher cost areas get more Fannie and Freddie loans.
This LLPA is not yet added to USDA and VA but I expect that's the next wave after the administration waits to see if Congresspeople or Senators start yelling and screaming.
I firmly believe the system is rigged towards lenders closing the cream of the crop. A w-2 high wage earner with high FICO who knows how to use technology gets a better deal and is easier to deal with so lenders have a bias not to do the "hard ones" that require more time and work. This is human nature and the system we have which is capitalism.
This experiment was tried in the past. It would not be the way I would organize or provide incentive for all of us to do more small hard deals.
I proudly serve on several MBA committees namely the MBA Legal. Working on a proposal now.
This does not change Jumbo loans.
Multifamily loans also got a perk like this (units more than 5).
Our real estate Q&A site is a place where real estate professionals can ask their peers questions so we can all learn and grow as a community.
Members of our community can ask, answer, like, and subscribe to questions. Visitors to our site can read the questions and answers that were marked as “public” by the author.
- Will you be joining the Weekly AR Zoom Meeting on Tuesday, April 18, 2023?Asked by Kathleen Daniels, Probate & Trust Specialist
- Do you have questions that a home inspector/architect can answer? I will have Joe Brandli of Pillar to Post as a guest on my radio show this Sunday 4/16/23Asked by Margaret Rome Baltimore 410-530-2400
- Have you ever filed for arbitration? This was a question asked a few months back and some suggested the poster to let it go, some said go sell homes, of course, there were some who shared theirAsked by Beth Atalay
https://www.mpamag.com/us/news/general/mba-urges-fhfa-to-remove-dti-ratio-from-gses-loan-pricing-framework/435443
Meanwhile this does not roll to Jumbo or USDA or VA.
Jumbo is a different pool of loan and often not government backed.
An important tide also happening is the pending failure of Community Banks who
have shuddered their lending departments for fear of making any mistake, and the
thousands of mortgage companies who filed for bankruptcy.
Will our government bail out all the banks in this depression?
4/20/2023
Foreign National Loans
Foreign National Loans
Is a Foreign National same as non-permanent resident alien?
a Foreign National is Not a US citizen.
Can't have a w-2 job in the US without work VISA, cannot work under the radar.
A foreign national loan for example:
a Canadian citizen buys
non owner property. Get their bank accounts translated if they are in
French. Canadian revenue taxes are a little different than the IRS so you
wrangle with income, also Canadian credit report not exactly same as our FICO.
They transfer funds from CAD to US Dollars at whatever the exchange rate is of
the day.
Foreign National loan is not for DACA, or people waiting to
get DACA approval.
A foreign national might own a primary residence in their
home country, find out.
Visitors to US from other countries don’t get visiting
VISA’s longer than 90 days.
Foreign national loan therefore is 99% non owner occupied
loans.
No US tax return needed if they don’t already own rentals
here.
They use or file for an ITIN number with the IRS – this is
not a social security number.
|
Ok…all you smart peeps! This is a fuzzy grey area in my mind
with regard to mortgage loans.
Hoping for some education here!
A Foreign National is not always a Non-Permanent Resident…is
that correct?
A Foreign National may be here with a Passport only, not
having any type of Visa…am I still correct?
So…when lenders say they do loans for Foreign
Nationals…will they need a valid Visa?
Deephaven’s Non-QM guidelines on
residency eligibility and everything regarding non-permanent residents requires
a Visa. Can a Foreign National buy here without a VISA?
YES A foreign national (by lender definition) won’t have a
visa. So no visa required…but can only do non-owner occ or 2nd
home.
A student gets a longer VISA like 6 months or a year. They
get a F-1 They can work on campus at a college.
F-2 for spouse or children
F-3 for Canada or Mexico passport holders
There is also a M for vocational schools
and a J-1 for cultural exchanges – teachers/ au-pairs
I-94 form generally can get 6 months then ask for 45 days
extension
Work VISAS they apply with USCIS - employer for a needed rare job can sponsor. I’ve sponsored two people for these and it takes months to get them for a one year period. Someone with special skills that there are few US citizens who can do a job can apply. Think French baker, famous musician, someone who works on a cruise ship (ships rarely are US registered).
Someone in tech may work for a multinational
company that moves them to a US office.
The Department of State does the interview and they do
background checks…
The problem with a work VISA that is short term is
Underwriter will read the date they need to leave the US. Immigration law is
not fast. If they have to leave in the end of the month, they cannot do an
owner occupied loan…
As LO get the copy of their VISA and read it
Department of Homeland Security is at the top.
Identification needs to match.
.
Here are some samples of what the forms look like:
We are really only talking about new customer information.
When loan officer parts ways (in this mortgage environment a million people have been laid off and hundreds of companies BK) never download the 1003's/ or download MISMO files etc as Federal law reaches over this. All CRM platforms can be locked by the lender to prevent downloading. A lender who fails to lock out down-loads acts as if they do not value the list.
I own patents for loan operating software. Mortgage companies use the same tools, there is no secret sauce in LOS or hashtag#fintech software. All LOS operations are generally known. A software developer doesn't own coding language if their employer agreement says so... But we are not talking about software here it is about the names, phone numbers, emails that the lender can use to sell to lead generation companies, big aggregators, or their own future sales force."