Stop Procrastinating Mortgage Brokers!!

Stop Procrastinating and sign up for Praedo Institute's 3-hour SAFE preparation course that will count for 3 hours of mortgage continuing education and will help loan originators prepare for the SAFE exam. The course will be held at the Salt Lake Community College Miller Campus at 9750 South 300 West in Sandy from 9 am -12 pm on September 16. There are still seats available, but they are going quick!! Sign up today!

Foreclosures . . . By Your HOA

Foreclosures by your HOA. It hasn't been a common topic that has gotten much media attention, but it is happening. As many homeowners are struggling to keep up with their mortgage payments, many have elected to stop paying their HOA in order to put as much money into their home as they can. This has pushed many homeowner associations to get desperate. They certainly have a duty to fulfill to the other home owners, but many who have fallen victim are outraged.

34 states allow for judicial foreclosures by home owner associations. Most states have a long redemption period so homeowners have the option of paying off their debt to the HOA. The redemption period is the time period that the homeowner has to pay back the HOA and reclaim their house after the Home Owner's Association has taken title. Some states have very short redemption periods that hardly give the home owner the option to get to the bank before their house is gone forever. Florida's redemption period, for example, is ten days.

While this may never affect someone you know, it is happening and it is a stark reminder to mortgage brokers and real estate agents to advise their clients of ALL the costs of home ownership.

Mortgage Applications Are Way Down

Mortgage applications have dropped considerably since the expiration of the $8,000 home buyer tax credit. On an annual basis, the mortgage applications were down last week 43%.

Rates have not been this low for a long time but the lower rates don't seem to be helping anything. There is also a lower number of mortgage brokers and loan officers across the nation. While there is a large number of Americans who are apprehensive about jumping head first into purchasing a home, there is still a lot of opportunity in the market. It is a good time to go back to the marketing basics and update your clients. Yes, closing deals is more difficult these days, but those who market themselves well in this industry and perform a good service will thrive. Acknowledge opportunity for what it really is.

Failing Wait Times & Deadlines

Failing wait times and deadlines are brewing to be a perfect storm for many mortgage brokers this year. Testing Centers are filling up around the country. As the wait times get pushed back further and further to get a seat, it is only a matter of time before available times are past state-mandated deadlines. The testing centers can't do anything, it is out of the jurisdiction of state agencies, and NMLS simply doesn't care.

The other part of the perfect storm is the failing wait time. If you fail one of the exams, you have to wait 30 days in order to take it again. However, if you fail a test 4 times, you have to wait six months. Federal bureaucracy at it's finest.

So don't wait and register for your tests today. As always, online and live SAFE prep is available through the Praedo Institute.

On the Road Back to Recovery

If you follow the news as closely as I do, you are starting to hear some good outlooks for the US economy. Despite global fears and a shaky European economy, things are looking up. Chairman and Chief Investment Officer of T. Rowe Price, Brian Rogers recently told Fortune magazine "We're on the long and winding road of economic recovery. I think the markets have moved faster than the global economy, yet the global economy has shown some pretty good signs of progress."

Notwithstanding the hurdles and nasty parts of the road that are yet ahead of us, no one can complain that most signs of the economy are saying that we are on the road back. Things are still fragile, but at least they are not declining. It is a good time to judge where we, and our investments for that matter, are. What did we learn? What can we do to take advantage of the present economy? As real estate agents and loan originators, what can we do to better understand the financial situations of our clients so that we can help them make more financially sound decisions? As agents and mortgage brokers, we help our clients make some of the most important financial decisions of their lives, are we properly equipped to do so?

Testing Centers Are Filling Up Fast

With SAFE testing deadlines starting to hit around the nation, mortgage brokers around the country are scrambling to register to take national and state exams. What they're coming to find out is that . . . testing centers are filled up. Usually the wait is only for a couple of days or weeks but some are finding out that if they don't want to wait a couple of months, they will have to make the drive, or even flight. Similar problems have arose in the past as students try to meet required deadlines and quickly find that testing centers are filled up in their area. They must to choose to drive to a different location (sometimes in a different state) or stop working until they can meet deadlines.

However, the situation that we currently are in is even more particular. As many states have similar deadlines, traveling to a different location (even in another state) may not be possible as many test centers may be booked past the required deadlines. If deadlines are not met, some loan originators may be forced to stop originating until they meet the deadlines. Do not wait. Register today! If you need help preparing for the test, contact us for SAFE prep materials!

Hot off the press . . . California Manuals

California state review manuals will begin shipping this Friday, May 21. Many mortgage brokers in California have tested poorly on California's state portion of the SAFE test. This manual prepares students for that portion of the test by covering all of the California laws that the 20-hour national SAFE course does not. If you have any questions or would like help ordering a California review manual, please contact us by clicking HERE.

Praedo on YouTube

Praedo Institute on YouTube. No that was not a typo. With all of the changes happening in the real estate and mortgage industries this year, we have extended our Praedo YouTube channel with the Praedo Video Series. This will allow mortgage brokers, agents, brokers, and managers alike stay on top of the changes that are affecting our industry.

Check it out today!! YouTube Channel

If you have a question that you would like us to address on the channel to use in your own training, send us an email at support@praedo.com

St. George SAFE Prep This Thursday!!

St. George mortgage brokers wait no longer!! We are teaching a three hour mortgage SAFE prep course this Thursday, May 6. Sign up now so you can avoid the drive up to Salt Lake or down to Las Vegas. This three-hour preparation course will be your most important tool in passing the NMLS national and state exam. Sign up today as seats are going fast!!

SIGN UP HERE

We will see you there!!

New Home Sales Up 27% - That's Good For Everyone

New Home Sales were up last month 27%. It was the fastest single-month jump in 47 years. Many skeptics are saying that it was just the market trying to do a last minute reaction to the new homebuyer tax credit that ends next week. Others are predicting sales later in the summer will drop. Others are saying that it is the economy recovering and people feel more secure about their jobs and are restoring their faith in the real estate economy.

My wisdom points me to believe that the future is difficult to predict. But I will say that people are getting loans and they are buying homes. Transactions are being closed and deals are being done. That is a huge improvement from where we were just one year ago when even large lenders were making program changes on an almost weekly basis. Sometimes this industry has to weather the storm. My thoughts are that things are getting better and that is a good thing. If you or someone you know wants to get into the real estate or mortgage industry, it's a good time to turn to the experts at the Praedo Institute. We will help you hit the ground running. Mortgage brokers and real estate agents who need continuing education can also take advantage of our summer discounts.

Praedo: Your Source For SAFE Information

Mortgage brokers across the country are just trying to keep their heads above water. The bursting of the housing bubble delivered a tough blow to loan originators last year. And now with Congress pointing the cause of the bubble burst on mortgage brokers and lenders, and the deputizing of the NMLS (Nationwide Mortgage Licensing System) to police the mortgage industry, there is more red tape and a lot more restrictions that loan officers must abide by. Staying on top of all of these state and federal laws can be agonizing, so who best to turn to for up-to-date SAFE questions than the Praedo Institute. Between blogging, YouTube, Twitter, Facebook, email blasts, our informative website, and our knowledgeable staff, we can help you stay on top of everything you need and more.

Need Mortgage Brokers? Praedo Can Help

Are you trying to recruit mortgage brokers? Whether you're starting a new venture or trying to expand your company, we can help. Managers and owners alike can contact us order to join our third party employment page. Here you and your company can have access to thousands of SAFE licensed loan originators who are looking for work. Owners should also be aware that Praedo offers corporate discounts to our already competitive pricing for qualified companies. If you are interested in participating in our third party employment pages, please contact us at support@praedo.com.

Have other ideas on how we can help your company, let us know!!

California Mortgage Brokers: The Clock is Ticking

As of January 4, 2010 all mortgage brokers who fall under the supervision of the California Department of Corporations are required to take 20 hours of SAFE-approved education by July 31, 2010. So if you do fall under the DOC's supervision, the sandglass has been officially flipped over. Once you have taken your 20 hours of SAFE-approved education you can go and take your state and federal exams.

Please DO NOT FORGET that if you do not pass the exam, you must wait 30 days before retesting. After the third attempt, you must wait 6 months. Make sure you are taking your education from a quality school with high pass rates, from a school like the Praedo Institute. www.praedo.com