Mar 4, 2015 | Uncategorized
Realtors®, Mortgage Lenders, Loan Officers and Agents register for access to our fee quote service.
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Oct 22, 2014 | Uncategorized
By Amy Tierce
Good salespeople are always trying to improve their game, to up the ante and grow. Many salespeople get sucked into the ‘shiny-new-object’ trap. They’re looking for the next big thing to implement: a strategy, an app, a new program or campaign. They ask themselves, “What’s the next breakthrough product that will take my career to a higher level?”
I’m in the process of building a whole new business and all day long I’m engaged in networking with salespeople, referral partners and business leaders as we grow our presence in New England. As I was struggling to lay out a business plan, I finally asked myself an important question “You’ve done this before. What worked then, will it work today, and why aren’t you doing it?” At that moment, I realized that I didn’t need to create a new strategy – I needed to review my past success and replicate the actions that got me there. Perhaps I could add a tweak or two for the times, but don’t mess with what’s worked.
I counsel you to ask yourself those same questions.
We’re frequently chasing the next new thing when we already have all the tools, ideas and action plans necessary to achieve our present goals. Much like Dorothy in The Wizard of Oz – the power was always there, but her thoughts prevented her from seeing it.
Try to recall the best professional week – or month, or quarter, or year, or any period of time – that you’ve experienced in your career. What were you doing? What was working for you? Where did the energy come from? What made that period feel good? What made that a successful time for you?
Figure that out – then do it again, and repeat!
Instead of looking for the next big thing, dig deep and look at what actions have been a big thing in your career. Then consider how to recreate them, or continue doing them with greater consistency!
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Amy Tierce is Regional is Vice President at Winturst Mortgage
She can be reached at: (781) 453-8900
atierce@wintrustmortgage.com
Aug 20, 2014 | Uncategorized
By Locke Haman
Realtors, have you ever been out on the road with clients and had to scan a document to send to another real estate agent? Well, it used to be that you had to run to the real estate office or home to find a scanner. But with this great app you can turn any mobile device into a high quality scanner. This app is called Cam Scanner, and it will save Realtors time and help get more done on the go.
Locke Haman is a Real Estate with Exit New Options Real Estate agent who writes techKNOWLEDGEable agent with the aim of helping real estate agents everywhere reach the goal of less stress, more success.
Jun 3, 2014 | Uncategorized
Real estate in Massachusetts is conveyed by a written document known as a deed. The deed must be signed by the seller or owner of the property, who is referred to in the deed as the grantor. The buyer, or person acquiring the real estate, is known as the grantee. The grantor transfers their right of ownership using one of three types of deeds. Each type of deed provides a different level of promises or covenants to the grantee. These promises were once meant to offer protection and guarantees against flaws in the grantors chain (or right) of ownership of the real estate. Grantors typically make the same promises or covenants to their buyer as they received from their seller when the real estate was granted to them.
The three types of deeds in Massachusetts are:
Warranty Deeds. A warranty deed provided the most assurances to the grantee, it includes four basic promises to the grantee. The first promise is that the seller of the real estate owns the real estate in fee simple, and that the grantor has absolute ownership of the property. The second promise is that the property is free from any encumbrances, liens or defects which would limit the grantees interest in the real estate, with exception to limits specifically stated in the deed. Third, the warranty deed guarantees that the grantor has the legal right to sell or transfer the property to grantee. Fourth the grantor promises to defend against any legal claims of ownership against the grantee that arose during the grantor’s ownership or prior to the grantor’s ownership. (See M.G.L. Chapter 183, Section 10 and 16.)
Quitclaim Deeds. The assurances of a quitclaim deed are more limited. The first promise is similar to the second guarantee of the warranty deed, which states that the grantor has not caused any encumbrances on the property other than those specifically listed in the deed. Unlike a warranty deed, however, the quitclaim only covers encumbrances made by the grantor and does not cover any preexisting encumbrances, restrictions or defects.. In addition to the first assurance, the quitclaim deed guarantees that the grantor will defend against any legal claims regarding problems with the title that arose during the grantor’s ownership period but not prior to the grantor’s ownership. Essentially a quitclaim provides the same protections as a warranty deed except it limits how far back in time the grantor is liable for any problems resulting from the title. (See M.G.L. Chapter 183, Section 11 and 17.)
Release Deeds. A release deed offers the least amount of protection to a grantee. It does not guarantee anything and serves only to transfer a title with whatever right the grantor may have to the property. With a release deed the grantor does not make any assurances o promises that the title is valid. A “Fiduciary Deed” is a Release Deed and is generally used by a grantor who is an Executor or Administrator of an estate to convey the decedent’s property. It is also used by a Trustee of a Testamentary Trust, a Guardian, or Conservator. The Fiduciary must have power to convey title either through a will or trust document.
If you have specific questions about the conveyance of title or about deeds in Massachusetts please contact our office.
May 28, 2014 | Uncategorized
April’s meeting of the Fed’s Federal Open Market Committee was held along with the Board of Governors of the Federal Reserve System.
Meeting minutes released Wednesday indicated the committee’s interest in “normalizing” its monetary policy. This included the FOMC’s ongoing commitment to tapering its asset purchases under its quantitative easing program.
The committee agreed to taper the Fed’s monthly asset purchases by $10 billion to $45 billion per month. Committee members discussed raising the target federal funds rate, which now stands at 0.00 to 0.25 percent, but the minutes clearly stated that this topic was undertaken as part of “prudent planning, and did not indicate that normalization would necessarily begin sometime soon.”
The FOMC minutes reflected the committee’s concern with achieving a balance between normalizing the Fed’s monetary policy and keeping short-term interest rates under control.
Meeting attendees considered methods for managing interest rates and considered potential impact of each method discussed on overall financial stability.
Importance Of Early Communication
Meeting participants discussed the importance of early communication of pending changes to the Fed’s monetary policy, and agreed that advising the public “well before the first steps in normalizing policy become appropriate.”
Early communication to the public of planned changes was viewed as a means of providing clarity and credibility to FOMC policy decisions and help FOMC achieve its statutory goals of maximum employment, stable pricing and moderate long term interest rates.
Potential Impact Of Achieving Normalcy
FOMC members discussed the possible impact of tools considered for use in normalizing the economy on the following:
- Fed control over short-term interest rates
- The Fed’s balance sheet and Treasury remittances
- Functionality of Federal Funds Market
- Financial stability in normal times and times of stress
The minutes noted that the Fed has never used any of the methods discussed while the Fed held a large balance sheet, and recommended that flexibility in using tools for achieving normal fiscal policy.
No decision was made about normalizing current monetary policy; FOMC and Fed Board members agreed that further study and analysis were needed before any decisions would be made.
Fed: Mortgage And Refinance Applications “Tepid”
The FOMC minutes characterized the level of mortgage and refinance applications through March as tepid, due to increasing mortgage rates and home prices.
While a survey of senior loan officers revealed that mortgage credit had been loosened for applicants with prime credit, mortgage credit remained tight for those with less than excellent credit.
The unemployment rate held steady at 6.70 percent and remained above the FOMC’s benchmark of 6.50 percent. There was some good news as the workforce expanded and the ranks of the long-term unemployed decreased.
Stable employment is important to potential home buyers; if unemployment levels continue to fall, numbers of home buyers are likely to increase.
May 27, 2014 | Uncategorized
Last week’s economic news was dominated by speeches given by Federal Reserve presidents, the minutes from April’s FOMC meeting and commencement address given by Fed Chair Janet Yellen. The latest readings for new and existing home sales were also released.
Federal Reserve Speeches Suggest Concerns Over Monetary Policy Dependence, Low Inflation
Here are highlights of comments made by each of the Fed presidents’ speeches. Richard Fisher, president of the Dallas Fed, and John Williams, President of the San Francisco Fed, spoke at a conference held at the Bush Institute.
Mr. Fisher said that 98 percent of jobs lost during the recession had been recovered, and that other jobs had been added. He also cited “bad fiscal policies,” and said he is worried about dependence on the Fed’s monetary policy when “Congress and the Executive Branch have put on the brakes.”
John Williams, president of the San Francisco Fed, said that he was concerned about slowing momentum in housing markets, although he noted that housing had driven economic recovery in the aftermath of the recession.
The inflation rate has remained well below the Federal Reserve’s target rate of 2.00 percent, and Mr. Williams said that the Fed is paying close attention to this. His remarks were supported in Wednesday’s release of the FOMC minutes of its April meeting.
Charles Plosser, the Philadelphia Fed’s president, took an optimistic tone at a speech given before the Women in Housing Foundation on Tuesday. He said that the national unemployment rate could fall below 6.00 percent by the end of 2014 and that he expects the housing market to bounce back as well.
This makes sense, as strong labor markets are known to influence consumer decisions to buy a home.
New York Fed President William Dudley spoke before the New York Association for Business Economics, and said that there would be “a considerable period of time” between when the current asset purchase program ends and the first Fed rate hike would occur.
He also indicated that he expected longer-term interest rates (which include mortgage rates) to be “well below” a historical average of 4.25 percent.
Minneapolis Fed President Narayana Kocherlakota said that the Fed should consider targeting price levels rather than the current policy of targeting the inflation rate. He said that this was not likely to occur any time soon, but noted that current Fed policy is “undershooting” the central bank’s goals for unemployment and inflation.
Fed Chair Janet Yellen cited her predecessor, Ben Bernanke as a positive example when she spoke at New York University’s commencement. She noted that he took “courageous actions unprecedented in ambition and scope” and that his “grit willingness to take a stand” had directed his decisions during the recession.
Mortgage Rates Down, Existing Home Sales Up
Freddie Mac reported that average mortgage rates dropped last week. The average rate for a 30-year fixed rate mortgage fell to 4.14 percent, a drop of six basis points. The rate for a 15-year fixed rate mortgage fell by four basis points to 3.25 percent.
The average rate for a 5/1 adjustable rate mortgage dropped by five basis points to 2.96 percent. Discounts were unchanged at 0.60 percent for 30-year mortgages and 0.40 for 5/1 adjustable rate mortgages, but dropped to 0.50 percent for 15-year mortgages.
Sales of existing homes rose to their highest level in four months according to the NAR. Month-to-month sales of previously-owned homes rose by 1.63 percent in April to a seasonally adjusted annual rate of 4.65 million sales as compared to March’s reading of 4.59 million sales. This was the first rise in sales of existing homes in 2014, and nearly met expectations of 4.66 million sales.
This Week
After the Memorial Day holiday, this week’s economic news includes the Case-Shiller Home Price Index, FHFA’s house price index and consumer confidence index.
Pending home sales, jobless claims and Freddie Mac’s mortgage rates report along with the University of Michigan consumer sentiment index round out the week’s scheduled events.
