Meet Your Team!

Meet Your Team!!



· Linda Davidson is the Loan Officer and Team Manager. She handles referring partners and clients daily questions as well as pre-qualifications, applications and reviewing the strategy of the loan structure. Linda is also an FHA underwriter and is passionate about training, learning and being the best every day!



· J ennifer Aleman assists Linda upfront in pre-qualifications, applications and reviewing the strategy of the loan structure and is also the specialist in the team for First Time Home Buyer programs. She loves working with buyers and referral partners, is an SMU graduate and holds her FHA underwriting designation .



· Candy Moye sets up all files (i.e., ordering appraisal, title work, verifications, etc, etc) and manages the flow to make certain we are on track so that each and every deadline is met (this cuts down the stress level for sure and keeps us on task). Candy also has her FHA underwriting designation.



· Paola (pronounced Paula) Niglio is our team’s processor and is committed to our goal of Never Closing Late or Ugly (she also works magic behind the scenes!). Paola holds her FHA underwriting designation and is excellent in what she does.





· Amanda Campbell is our Team Assistant and is the friendly voice that you hear when you call in. She helps with scheduling prequalifications and loan applications with Jennifer and Linda as well as assists Linda in marketing duties.





· David White runs our Reverse Mortgage Division. He is also Linda’s father and we love having him part of the team!

Foreclosure Freeze

More updates on the Foreclosure Freeze (Source: Rob Chrisman)

Aren't you glad that you don't head up the servicing division of a large bank who has not published a moratorium? How many times do you think they're asked by the CEO, "Are you sure everything's fine?" The latest news comes from Washington DC, where President Barack Obama vetoed a foreclosure-related bill, thus making it make it more difficult for banks to complete paperwork and speed the foreclosure process, and could give homeowners more time to rework loans. And news broke last Friday that Bank of America would immediately halt foreclosure sales in all 50 states, a development that for the first time impacts California (CA has a nonjudicial foreclosure process). Other large servicers have frozen foreclosures "only" in the 23 states that have a "judicial foreclosure'' process, citing concerns about how legal documents were processed. And in Houston, Litton Loan Servicing, owned by Goldman Sachs, halted some foreclosures and evictions so it can review its process for handling foreclosures.

One reader wrote, "The borrowers were either making their payments or they weren't. What difference does a form, or a signature, make?" (One could answer that it makes a difference whether or not the bank actually owns the mortgage!) What if there was a nationwide freeze on foreclosure sales and new evictions by all servicers? Most believe that this only delays the inevitable sale of these foreclosed properties, giving the press and the markets something to talk about in the mean time. Whether the servicers clear this up in a few weeks, or a few months, ultimately these foreclosed properties will hit the market some six to twelve months from now and further add to the inventory of unsold homes.

640 is the NEW 620

Breaking News



As you know, I am committed to bring you the most- updated, must-know information on mortgage and industry changes. I have hesitated in sending the following news as it is not “set in stone” yet. However, in having conversations with many of our referring partners I think that we need to let you know the latest:

There are five major servicers in the Industry (along with a number of minor players). Typically in our market and the time we are in, the five major players set the rules and the rest follow suite. In the past few months two of the major servicers have increased the minimum FHA credit score from 620 to 640. As of Monday, Bank of America (obviously one of the five) announced that they, too, will increase to a minimum of 640 effective 10/4/2010. We have two of the major servicers still holding at 620 but our sources are telling us that they could go to 640 within the next few weeks.

What does it mean to you? Right now we are still at 620, but there is a very good possibility that 640 will become the new 620 in the weeks to come (and probably sooner than later) for FHA. So this is a Call To Action - Your current buyers that have lower credit scores (between 620-639) need to look at purchasing NOW. This change could take them out of the market in the near future to be able to purchase a home unless they can increase their credit scores to 640.

Get the word out, send this to your clients, call everyone you know- this IS Breaking News and we owe it to our buyers to let them know. With historically low interest rates, 620+ credit scores allowed, and great inventory- NOW is the time to purchase!

As always, we would love to hear from you this week and are never too busy for your calls and questions! Simply contact us at 972-278-3400 or email us at ldavidson@servicefirstmtg.com . Have a blessed rest of week! Remember that we are open on Saturdays from 10:00 AM -4:00 PM for your prequals.



Don’t forget to call us this week so we can obtain the FHA case number by Friday 10/1 at 5 PM for any FHA contracts!

The Davidson Group has placed #1 in Reader's Choice

Exciting News - We received word that The Davidson Group has placed #1 in Reader's Choice for Mesquite AND Rowlett AND Plano AND Frisco Newspapers. Wow... what an honor to be chosen by the newspaper readers in each of these areas! Our McKinney office (Go CJ!) also placed #1 for McKinney. Go Team and let's keep making Raving Fans!

A Did You Know for FHA….

One of the questions that we are asked over and over again is when can a buyer have two FHA mortgages at the same time. In our quest to always be THE source of mortgage information for you… here is the answer:



A buyer cannot have two FHA loans at the same time unless:

1) The second FHA loan is for a primary residence and the old home which has the current FHA financing is not in a "reasonable driving distance to the first one" from the new one. An example would be: First home with FHA financing is in New Mexico and they are being transferred here with their company. Since the first home with FHA financing is not in a "reasonable driving distance" from the next home, the buyer can obtain another FHA loan. Note that they would have to qualify for both payments or a properly executed lease agreement (i.e., a lease signed by the homebuyer and the lessee) of at least one year’s duration after the loan is closed is required. FHA recommends that underwriters also obtain evidence of the security deposit and/or evidence the first month’s rent was paid to the homeowner.



2 ) The second exception of when a buyer can have a second FHA mortgage has two parts (and both parts must be satisfied): A) Current home with FHA must have 25% equity into the home (as per an appraisal) AND (not OR) B) must be able to prove increase of family size (i.e., births of additional children) so that the current home does not now adequately fit the family needs. Note that they would have to qualify for both payments or a properly executed lease agreement (i.e., a lease signed by the homebuyer and the lessee) of at least one year’s duration after the loan is closed is required. FHA recommends that underwriters also obtain evidence of the security deposit and/or evidence the first month’s rent was paid to the homeowner.



3 ) And third exception of when a buyer can have a second FHA mortgage at the same time is if they are non-occupying co-signing for someone. If the non-occupying co-signer already had an FHA loan on their current property and they are Non-Occupying co-signing, that is OK.



4 ) The forth exception would be if a husband and wife are on an FHA mortgage and they get a divorce. The divorce decree specifically awards the home to one spouse. This would release the other spouse (the one not awarded the original home) to obtain their own FHA financing on another home. Note that both parties are responsible to make certain that the payments were made on time up to the time of the legal separation or legal divorce is final.



Obviously in any situation, if a buyer has FHA financing on their current home and it is sold, then that would release them to obtain an FHA loan again.

My Mortgage Guru, Linda Davidson: Easy Pay Program!!

My Mortgage Guru, Linda Davidson: Easy Pay Program!!: "How many times have you heard (or said)…. Nothing is easy right now in our industry? We are soooo excited to introduce our exclusive Easy ..."

Easy Pay Program!!

How many times have you heard (or said)…. Nothing is easy right now in our industry? We are soooo excited to introduce our exclusive Easy Pay program today- it has been in the works for several weeks (and I have been just bursting to tell you) and I am thrilled that we can finally make the announcement!!!!!

Our Easy Pay loan can help make a home purchase affordable and easy as 1-2-3 with lower payments for the first three months!
1) Minimum payments only are due for the first 3 months
2) 3.5% down payment is required (gifts allowed).
3) Seller contribution is required. Max contribution from seller is 6% of sales price.

How it works….
~ FHA loans only, 3.50% down (in 3A)
~Seller pays the interest up front at closing for the buyer’s first three month’s house payment

(must be part of the FHA max allowed contribution of 6% in 12A1B of contract)
~ Buyer must qualify for PITI.

~Single Family, Townhome or Condo (as long as it can go FHA financing)
~Buyer has more money for the first three months of payments to do ALL those extra things that seem to come with moving into a new home!

Realtors- We are so excited about our new EASY PAY and know that your buyers will be also! To get the word out, we have the following:
~*~ Two (2) Ready-to-Use Flyers Ready for Printing (front and back)- Just email us at ldavidson@servicefirstmtg.com, put please send flyers in the subject line and we will forward to you immediately

The LAST full week of August

The last full week of August….and only four months till Christmas… WOW…. Where did the time go? It’s my Birthday this week… hitting the 49 (really)- there was a time when 49 was “really old”- now… not so much J. If you will let me ramble for a moment- 49 is a special year for me because my mom died at that age of ovarian cancer. Some people know that I grew up in government housing and my passion of my clients owning a home is driven by that one thing- I understand what the pride of homeownership can do for a family. So I am looking forward to another great year in being able to assist hundreds of families in achieving that goal! I appreciate your trust in your referrals and it is never taken for granted!

Thank you!

Breaking FHA NEWS!!!

Breaking FHA News! We have breaking news concerning FHA MIP so I thought that I would go ahead and send out the market report today instead of Sunday night. This news is VERY important and needs to get out to your buyers- especially those that are sitting on the fence to purchase. See below for information.


We also have for you today 5 Important Reminders for you and a Survey/ Comment Opportunity from one of our Congressman about the expiration of a Tax Relief. Feel free to have your voice heard!


Since we are not sending this out on Sunday night this time, check out the Economic Market Report on our face book page (mymortgageguru Linda Davidson) on Monday. We post regularly to always keep you in the know!


Reminder that we are open on Saturday from 10:00- 3:00 for your prequals and questions. Simply call us then (or anytime) at 972-278-3400 or email us at ldavidson@servicefirstmtg.com. We are NEVER too busy for you and always look forward to hearing from you. Have a blessed weekend and next week! Linda






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Five (5) Important Reminders


1- The Davidson Group/Service First Mortgage still guarantees their Red Hot Service- 25 Day Closings*! Let our in-house processing, underwriting and closing make it happen for YOU!
As in all things, here are the exclusions :): Does not apply to specialty programs (i.e., Bonds, USDA, TVLB, TDHCA, MAP, UPCAP, etc). Does not apply to foreclosed properties or short sales. Contract must be executed and in our office for the 25 days to start and the appraisal must be able to be ordered by day three of the executed contract. Buyer must also have 100% of their "home"work list to us by day three of the 25 days and furnish all underwriting conditions within 7 days of closing. Issues beyond our control (i.e., appraisal, title work, buyer misrepresentation


2- Remember we also have the exciting 1,000 Ways That I Can Support Your Selling Efforts. Don’t forget- Your five certificates are available- all you have to do is email us at ldavidson@servicefirstmtg.com and put 1,000 Ways in the subject line- We will send immediately for you to print! They will apply for new applications from June 9 through the end of Labor day (one per new loan, please). The only caution: we would like to know this certificate will be used well before the loan gets to the closing table. Missed the email about the 1000 Ways?…. Here you go….. http://ictemplates.advancedaccess.com/eCard/Templates/599/Template.aspx?SentID=11857393



3- We HAVE USDA money and we ARE the expert! (see link below)

http://ictemplates.advancedaccess.com/eCard/Templates/599/Template.aspx?SentID=11857394





4-Military & Certain Federal Employees Get Home Buyer Tax Credits Until 2011
http://ictemplates.advancedaccess.com/eCard/Templates/599/Template.aspx?SentID=11856339
More information:
http://www.irs.gov/pub/irs-pdf/i5405.pdf (go to Page 3- Instructions)

http://www.irs.gov/pub/irs-pdf/f5405.pdf


5-Sales Tax Holiday/ Tax Free (Next Weekend)- Reminder Your Clients
http://www.window.state.tx.us/taxinfo/taxpubs/tx98_490/tx98_490.html


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Breaking FHA News!
Yesterday Congress passed H.R. 5981 which will give FHA the authority to change their annual and monthly mortgage insurance premiums. The bill passed very quickly and the changes that are going to take place will be implemented on September 7th with all new case numbers pulled on and after that date. Please take note that the September 7th date correlates to pulling a FHA case number, not contract dates.

Want to read more:
http://www.washingtonpost.com/wp-dyn/content/article/2010/08/05/AR2010080506663.html


The changes are as follows: FHA will be decreasing the Upfront Mortgage Insurance Premium from 2.25% to 1.00%. They will also be increasing their monthly mortgage insurance premium from .50-55% to .85-.90% depending on the combined loan to value (LTV’s <=95% will increase to .85 and LTV > 95% will increase to .90).



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Economic Market Report
Since we are not sending this out on Sunday night this time, check out the Economic Market Report on our face book page (mymortgageguru Linda Davidson) on Monday. We post regularly to always keep you in the know!


Reminder that we are open on Saturday from 10:00 AM- 3:00 PM for your prequals and questions. Simply call us then (or anytime) at 972-278-3400 or email us at ldavidson@servicefirstmtg.com. We are NEVER too busy for you and always look forward to hearing from you. Have a blessed weekend and next week! Linda

Simplify Your Life Week, Appraisals and The 10 Things You Need to Know, Questions About Interest Rates, Good News on Foreclosures, Market Report

Click here to view in color and highlighted http://tinyurl.com/August-2-2010

DID you know that this is Simplify Your Life Week ? It really is. My Pastor spoke this Sunday morning on when you know your purpose, your life is simplified. It got me thinking what my purpose is....What is my purpose in the Mortgage industry? My purpose is "To Fulfill The Dream of Homeownership". I LOVE that I have placed in our industry to fulfill that purpose and it is what drives us to 1) Know the Guidelines well (and have our Underwriting designation so that we know what to look for upfront) 2) Never over-promise 3) Never close late or ugly. This is what I and my team strive for daily!



So what do we have for you this week.... A recap of the 10 Things You Need to Know about Appraisals (lots of questions this week on appraisals), an interesting Dallas Morning News article on foreclosures and Two Questions About These Historically Low Rates (and of course the Market Report).



The first week of August- wow how has the year flown! It has been sooo much fun talking to our buyers this week and helping them fulfill their homeownership dream. Let our experience and knowledge fulfill YOUR client's dream! We look forward to hearing from you for your prequals and questions and are NEVER too busy for you (972-278-3400 or ldavidson@servicefirstmtg.com)! Have a blessed week! Linda

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Two Questions About These Historically Low Rates
Interest Rates are "crazy low" and just is such an amazing time to look at purchase (or perhaps refinancing). Below you will see two questions that we are asked a lot about interest rates- I think you will find the information interesting!

http://tinyurl.com/QuestionsaboutRates



Bottom Line #1: It has never been a better time to buy a home!

Bottom Line #2: It has never been a better time to look to see if refinancing is right!


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Back by Popular Demand- 10 Things You Need to Know About Appraisals - Feel Free to Forward On!
Lots (and lots) of questions last week about appraisals. It is soooo important that you understand why (and how) HVCC is affecting the real estate industry. I especially want to discuss points #4 and #9- If you are the listing or the selling agent, you ARE allowed to speak to the appraiser (just the loan officer and/or their commissioned staff is not). In addition, appraisers ARE really open to getting your comps upfront- they are NOT there to kill the deal; however, if you cannot find comps, neither can they! I WOULD highly recommend that you 1) either present your comps upfront to the lender to upload in the appraisal ordering system (if the lender will allow it) or 2) have comps at the home marked and available for the appraiser to review BEFORE the appraisal is completed. This is NOT against HVCC guidelines as long as the appraiser does not feel that undue duress was given in order to make value. Address these areas upfront and it could make the difference in the deal closing!

Need more information on the 10 Things You Need To Know About Appraisals? Click on the link below....

http://tinyurl.com/Top10ThingsKnowAboutAppraisals






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Good News- Dallas-Fort Worth home foreclosure filings drop 12%
http://www.dallasnews.com/sharedcontent/dws/classifieds/news/homecenter/realestate/stories/041610dnbusforeclosures.24e7135ee.html




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MARKET REPORT (Source: Mortgage Market Guide)

Last Week In Review
THEY SAY IT TAKES TWO TO TANGO... And the relationship we see in the markets between Stocks and Bonds is a dance of its own, as one often improves at the expense of the other... while one kicks higher, the other often dips lower. But why... and how does this impact home loan rates? Here's what you need to know.

http://tinyurl.com/MarketReportAug2-6-2010



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Let our experience and knowledge fulfill YOUR client's dream! We look forward to hearing from you for your prequals and questions and are NEVER too busy for you (972-278-3400 or ldavidson@servicefirstmtg.com)! Have a blessed week! Linda

Market Report for July 11-17 2010

Looking forward to a great week! Market Report for this Week- Lots of Economic Numbers- Should be Interesting! Stay tune!

http://bit.ly/aFxqR3



MORTGAGES ARE STILL BEING DONE!
FHA is still at 3.5% down payment and seller can still pay 6% toward closing cost/prepaids!

USDA is still at 0 down payment and seller can still pay 6% toward closing cost/prepaids!

VA is still at 0 down payment and seller can still pay all closing cost/prepaids!

Experience Counts!

Over the past months, I have received numerous “save the day” calls. Other lenders have had difficulties delivering on their promises and commitments, and fortunately if we are able to help out we are happy to do so.

As I hear the stories, there seems to be one common theme: all lenders are not alike. It makes me grateful for the experience I have. In addition, we are honored to be entrusted in your commission check and we understand the trust that you place in us!

Promises from un-experienced lenders are not panning out for whatever reason. On the other hand, my team and I – having been in the business for many, many years – have a high conversion rate and are closing loans. Period. We invite you to come back to the roots of our relationship and trust us to assist you and your clients with the highest possible success rate that is available in the industry. Borrower are not just a number or commission to us. WE CARE deeply about relationships with our clients and strategic partners and have an experienced, professional team to help guide all parties through all the ins and outs of our business.

The Davidson Group has been committed to a value oriented system that is built with a vision and purpose—this is what has allowed us to achieve the results we have been able to over the years and achieve a status in the top 1% of all mortgage originators in the United States. We could not have done it without your continued support and confidence (thank you!!).

At any time you have questions on a new loan, please be sure to call us directly. While we don’t mind “saving the day,” it creates less heart palpitations for everyone involved when we start right from the beginning. Don’t let a less experienced person “practice” on your borrowers. EXPERIENCE and KNOWLEDGE COUNTS. We know what we are doing, can spot issues early in the process, meet deadlines and close on time (we even close early). Simply contact us at 972-278-3400 or email us at ldavidson@servicefirstmtg.com. Have a blessed week! Linda

we are here for you

BREAKING NEWS….. We have USDA Money!!!!!!!!
Beginning Monday June 28, we are participating in a program that will allow us to close USDA loans! We are sooooooo excited about this and the opportunity that it gives our buyers! Because USDA technically still does not have funds (and will probably not for a while), we have a much larger risk in this program, but feel so strongly that our market/buyers needs it. It is still a ZERO down, NO monthly MI and the guarantee fee is 3.5% (which is rolled into the note). We are typically going to ask for a 640+ credit score with ratios no more than 29/41 (will look at exceptions on a case by case depending on the situation). Please give us 45 days to close USDA loans (as they have to be underwritten twice-once by us and then by USDA). Very few lenders are participating in this program and we are proud to be one of them!

Below are the areas/income limits. IMPORTANT NOTE: Some cities have been removed (marked through below) by USDA in anticipation of the upcoming census numbers- More cities could be removed- subject to change- ask me specifically an address and we can verify.

Also, I have 13 signs left that say “ZERO DOWN” for your listings- first come first serve :). As you know, we are a National Trainer for USDA and know this product well- don’t let others practice on your buyers. We ARE the USDA experts …. And we have USDA MONEY!


For Income Limits in other areas: http://eligibility.sc.egov.usda.gov/eligibility




No Down Payment to Qualified Borrowers
$0 Move-In Possible for Qualified Borrowers
No Monthly Mortgage Insurance
No Cash Reserve Requirements
Must Purchase in an Eligible Rural Area*

Seller can pay up to 6% of closing costs and prepaids!


*Eligible Rural Areas by County (List NOT inclusive). Contact our office for Individual Eligible Areas:

DALLAS
Seagoville
Combine




ROCKWALL
Rockwall
Royse City
Fate
Heath


COLLIN
Princeton
Farmersville
Nevada
Lavon
Prosper
Celina

Anna
Melissa
Westminster
Wylie


KAUFMAN*
Combine
Cottonwood
Crandall
Forney/ Heartland
Kaufman
Oak Grove

Oak Ridge
Talty
Mabank
Kemp
Grays Prairie
Rosser
HUNT
Quinlan
W. Tawakoni
Celeste
Commerce
Campbell
Long Oak

Caddo Mills





WOOD
Alba
Hawkins
Mineola
Quitman
Winnsboro
Yantis
ELLIS
Midlothian
Palmer
Bardwell
Red Oak
Ferris
Ovilla

Glen Heights
Italy
Milford



DENTON
Aubrey
Corinth
Little Elm
Justin
Roanoke
Krum

Highland Village
Lake Dallas
Ponder
Sanger
Pilot Point

TARRANT
Avondale
Azle
Blue Mound
Briar
Center Point
Crowley

Haslet
Lakeview
Oak Grove
Pelican Bay
Saginaw
Wheatland
VAN ZANDT
Canton
Edgewood
Edom
Fruitvale
Grand Saline
Van

Wills Point





HENDERSON
Athens
Berryville
Brownsboro
Caney City
Chandler
Coffee City

Eustace
Gun Barrel City
Log Cabin
Mabank
Malakoff
Murchison

Paynes Springs
Poynor
Seven Points
Trinidad


*Note Kaufman County- Outside city limits of Terrell is also included


CALL TODAY! (972) 278-3400


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8 Clever Ways to Land More Clients (Source: Realtor Mag)
Thought you would enjoy this. The last one is my favorite- great ideas!
http://www.realtor.org/rmosales_and_marketing/articles/2010/1007_selling_bestprospectingideas


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Appreciative Inquiry
I was talking to another mortgage professional in our industry and she said that she always starts her conversation with an Appreciative Inquiry. So for example “How long have you been so good at golf” or “How did you learn to be so organized” or “When did you realize that being a __________ was your gift”? I loved the idea and have tried to emulate it when speaking to others. For more information, see below…..

http://appreciativeinquiry.case.edu/intro/definition.cfm







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A Safe and Ticket-Free Summer
In just a few short days, drivers across the country will hit the road to celebrate the Fourth of July with friends and family. If you’re heading down the road this coming weekend, remember that it’s never a good idea to speed – both for safety and financial reasons. After all, an accident or ticket can ruin your holiday weekend.
So make sure you have plenty of time and that you plan the most effective route. And...you may even want to take a minute to find out if there are any speed traps on your route that you should know about. Thanks to the website speedtrap.org, you can easily read about speed traps in communities across the country.
Simply visit speedtrap.org and click on the state and then the cities that you’ll be driving through. You can even add a speed trap you know about, so others can benefit from your knowledge.
Whether you’re traveling a few miles or a few hundred, have a safe and ticket-free Fourth of July!

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Have a blessed week. Rates are incredibly low, it is a great time to purchase- Let us use our underwriting knowledge upfront to make your closings smooth and easy! Simply contact us at 972-278-3400 or email us at ldavidson@servicefirstmtg.com

We are never to busy for your questions and your clients and look forward to hearing from you!