It is no secret that I have been focusing on getting to that “Next” Level this year. I have read several books recently from management to marketing , but without the right attitude no amount of knowledge can get you past whatever is blocking you from your goals. Recently I was discussing this with Ryan Lowe and shared my desire to write a blog on the subject, my problem was I am no expert on the matter nor do I wish to research it and take away from my current focus. “Just use my Blog posts”, was his answer. Hopefully his generosity is reciprocated in the additional exposure to his website and upcoming book. Ryan is an inspiration to all that know him which is only topped by his charisma and willingness to help a friend. Thank you Ryan for your help.
Archive for March, 2010
Don’t Let Negative Attitude Block You from Your Success
Friday, March 26th, 2010Blatantly Stolen By Gareth Beale 03/25/2010 (with permission)
One of things you can do is write down the top five people you surround yourself with. Ask yourself, are they bringing a positive effect and bringing joy to your life and are you doing the same for them? Also, you must ask yourself, “Are these individuals people that you can trust and are they people you wan to help achieve success their own lives?” This will be one of the most important things you do to help yourself achieve and maintain positive attitude.
New RESPA Guidelines to change REO Procedures???
Friday, March 12th, 2010RESPA Section 9 covers the rights of the buyer to choose the title company in a purchase transaction. Sec. 2608 of
RESPA under the heading of Title companies; liability of seller states:
(a) No seller of property that will be purchased with the assistance of a federally related mortgage loan shall require directly or indirectly, as a condition to selling the property, that title insurance covering the property be purchased by the buyer from any particular title company.
(b) Any seller who violates the provisions of subsection (a) of this section shall be liable to the buyer in an amount equal to three times all charges made for such title insurance.
Now ask any realtor, banker, or asset manager and this is not the way the REO market has been run. In fact it was the complete opposite, statements like “seller to choose closing attorney”, or “title company seller’s preference” is not only the norm but expected. The original idea was that systems and tools could be put in place to handle large volumes of closings. RESPA obviously saw some risk for corruption, or at the very least, dealings that may not serve the consumer.
The Federal National Mortgage Association (FNMA) must have finally heard this loud and clear because they have now made a dramatic change to their REO addendum on Section 2B, page 1 line 4 to state, “The closing shall be held at a place so designated and approved by the Purchaser.” I would imagine we will start to see many banks follow FNMA’s lead in the future. We’ll see…
For more information on REO Properties go to our Closing 101 section or contact Gareth.





