The PIN Magazine November 2018 by The Power Is Now Media Inc.

NOVEMBER 2018 Vol. 05 | Issue 9

Robert V. “Bobby” McDonald Prop 10

landlords and tenants stuck in a tag of war

Trust or Trash!

Why you need to get your deal in writing

HOME SECURE DOWN PAYMENT ASSISTANCE PROGRAM

Thousands of people each year dream of becoming homeowners. The Home Secure Down Payment Assistance Program may help that dream become reality. • This homebuyer assistance program currently provides low to- moderate income families and individuals with a 3.5% Grant* that does not have to be repaid. The grant can be used towards down payment or closing costs. If their income exceeds 115% of the HUD Area Median Income then a silent second loan will be made instead of a grant that can be forgiven if payments on the 1st mortgage are made on time for 3 years. *Grant approval is determine by many factors including your FICO Score. Minimum FICO score is 620. Silent second loan forgiveness subject to 3 years of on time payments and other program guidelines/ limitations.

• Many times this allows homebuyers to purchase a home much sooner than they thought possible. The Home Secure DPA Program is available for the purchase of an owner-occupied single, duplex, triplex or fourplex family residence, approved condominium, or planned unit development located in the state of California. • The program is available for purchases of both new and existing homes and is NOT limited to first-time homebuyers.

Contact me for more information: ERIC LAWRENCE FRAZIER MBA CA DRE: 01143484 | NMLS 461807 The Power Is Now Inc. CalDRE: 1980407 | NMLS 1435243 Website: www.thepowerisnow.com Email: eric.frazier@thepowerisnow.com Mobile: (714) 361-2105 | Office: (800) 401-8994 ext. 703 The Power Is Now Mortgage Services is a Mortgage Brokerage licensed by the State of California Department of Real Estate (license #1980407) and the National Mortgage License System and Registry (license #1435243), and is a division of The Power Is Now Inc. (license # 01980407). The Power Is Now Inc. is not affiliated with any state or federal agency. The Power Is Now Real Estate Services is also licensed by the State of California Department of Real Estate (licensed #01980407), and is a division of The Power Is Now Inc. The Power Is Now Inc., is an equal housing lender.Our corporate office is located at 3739 6th Street Riverside, CA 92501. Our Telephone and Fax number is 800-401-8994. Eric Lawrence Frazier MBA, is a California licensed Loan Originator (NMLS license # 461807), and a licensed Real Estate Broker (CA Department of Real Estate license #01143484). Restrictions may apply to all loan programs. The Information and/or data is subject to change without notice. All loans are subject to credit approval. The information presented is not a commitment to lend or extend credit. Not all loans or products are available in all states. The Power Is Now Mortgage Services and Real Estate Services are A Division of The Power Is Now Inc., and are only licensed to conduct business in the State of California.

HAVE YOU READ OUR PAST ISSUES YET? the power is now

magazine THE POWER IS NOW INC. Vol. 05 | Issue 9

Eric Lawrence Frazier, MBA President and CEO Office: (800) 401-8994 Ext. 703 Direct: (714) 361-2105 eric.frazier@thepowerisnow.com www.thepowerisnow.com www.blogtalkradio.com/thepowerisnow

EDITORIAL TEAM

Eric Lawrence Frazier MBA Editor in Chief (800) 401-8994 Ext. 703 Daniel Mungai Managing Editor (800) 401-8994 ext. 707 daniel.george@thepowerisnow.com Goldy Ponce Arratia Graphic Artist and Design Manager (800) 401-8994 ext. 711 goldy.ponce@thepowerisnow.com

CONTRIBUTORS The Power Is Now Research Team

The Power Is Now Magazine

November 2018

HEADQUARTERS The Power Is Now Inc. 3739 6th Street Riverside, CA 92501 Ph: (800) 401-8994 | Fax: (800) 401-8994 info@thepowerisnow.com www.thepowerisnow.com www.thepinmagazine.com

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magazine STATEMENT OF COPYRIGHT: The PIN Magazine™ is owned and published electronically by The Power Is Now, Inc. Copyright 2013-2018 The Power Is Now Inc. All rights reserved. “The PIN Magazine” and distinctive logo are trademarks owned by The Power Is Now, Inc. “ThePINMagazine.com”, is a trademark of The Power Is Now, Inc. “Magazine.thepowerisnow.com”, is a trademark of The Power Is Now, Inc. No part of this electronic magazine or website may be reproduced without the written consent of The Power Is Now, Inc. Requests for permission should be directed to: info@thepowerisnow.com

online homebuyer’s seminar • Learn about the state of housing and the Wealth Gap • Learn about Zero Down Payment Home Loans on 1 to 4 units • Learn about Down Payment Assistance Programs with state, county and city • Learn about partnership strategies to buy your first home • Learn how to buy a 4 unit home as a first time home buyer Presented by: Eric Lawrence Frazier, MBA

CalBRE # 01143484 | NMLS # 461807 www.thepowerisnow.com eric.frazier@thepowerisnow.com Ph: 714-475-8629 | F: 800-261-1634

Join us live on Facebook: www.facebook.com/ThePowerIsNow/

on Tuesday Nights from 7:00 to 8:00 PM PST

the power is now

magazine

table of contents 12.

44.

Take time to be thankful this November

14.

quickens in the second quarter

Etiwanda Ridges

18.

Get focussed: course on building success in the 50+ market

48. CFPB ordered to rehab LO Comp rule by the mortgage industry

22.

Home sales in the bay area dropping, as the prices continue to rise

52.

26. Trust or trash! Why you need to get your deal in writing 30.

Robert V. â&#x20AC;&#x153;Bobbyâ&#x20AC;? McDonald

34.

California challenged on using mortgage setlements to pay for housing bonds

36.

The financial crisis may have been a scary time for the mortgage industry

40.

We want total demand! no more hand holding.

The Power Is Now Magazine

Economic growth

Real estate market in the

future will not be needing any appraisers. This is why

56.

Though battle for

Californians: Prop 10 has landlords and tenants stuck in a tug of war

60.

Women in the list: Governor

Brown signs SB 826 requiring corporate boards to include women November 2018

JUMBO LOAN PROGRAM

It’s time for a really big deal! BENEFITS • Loans up to $2,000,000 with 700+ FICO • Very competitively priced jumbo mortgage rates • Significant price improvement for purchase money loans SPECIAL FEATURES • Qualify using primary wage earner’s middle credit score • Non-owner occupied investment properties OK • 100% gift funds for down payment & closing costs OK • Non-permanent resident aliens OK

Call me for details: ERIC LAWRENCE FRAZIER MBA CalDRE: 01143484 | NMLS 461807 The Power Is Now Inc. CA BRE: 1980407 | NMLS 1435243 Website: www.thepowerisnow.com

Email: eric.frazier@thepowerisnow.com Mobile: (714) 475-8629 Office: (800) 401-8994 ext. 703 Fax: (800) 401-8994

The Power Is Now Mortgage Services is a Mortgage Brokerage licensed by the State of California Department of Real Estate (license #1980407) and the National Mortgage License System and Registry (license #1435243), and is a division of The Power Is Now Inc. (license # 01980407). The Power Is Now Inc. is not affiliated with any state or federal agency. The Power Is Now Real Estate Services is also licensed by the State of California Bureau of Real Estate (licensed #01980407), and is a division of The Power Is Now Inc. The Power Is Now Inc., is an equal housing lender.Our corporate office is located at 3739 6th Street Riverside, CA 92501. Our Telephone and Fax number is 800-401-8994. Eric Lawrence Frazier MBA, is a California licensed Loan Originator (NMLS license # 461807), and a licensed Real Estate Broker (CA Department of Real Estate license #01143484). Restrictions may apply to all loan programs. The Information and/or data is subject to change without notice. All loans are subject to credit approval. The information presented is not a commitment to lend or extend credit. Not all loans or products are available in all states. The Power Is Now Mortgage Services and Real Estate Services are A Division of The Power Is Now Inc., and are only licensed to conduct business in the State of California.

Editor’s Letter

ear esteemed readers

Thanksgiving is finally here, and Christmas is nipping at our heels. Here at The Power Is Now, we have a lot to be thankful for, mostly your cooperation and support all through the year. We are excited for what the future holds. I honestly love the holiday season and look forward to spending quality time with family and friends. Each year around this time, I like to give thanks for all the blessings that I have encountered in my life and the people who have made the year a great one for us. For more than a decade now, The Power Is Now wouldn’t be where it is without the efforts of my team and my loyal clients, from the blossom of my heart, I say THANK YOU! The Power Is Now started in 2009 and from then, I knew what I wanted is to make the homeownership dream a reality for possibly everyone. It has been our continuous goal to get the word out there and the American Homeownership Dream lives on. With that said, if you haven’t signed up for one of our many homebuyers workshop, you are missing out alot. The creation of these workshops had the homebuyer in mind. Each event we hold or even sponsor is tailor-made for the homebuyer where you will learn about the down payment assistance, building credit, budgeting and so much more. With the housing crisis in california, homeownership has become so difficult, but it doesn’t have to be that way. It is time to own a home. You want to know how, check out our events and connect with us to see when we are in your city!

The Power Is Now Magazine

November 2018

This month, there will be a lot of event happening. First off, on November 3rd is the 2018 Homeownership for Veterans. An event happening courtesy of the National Association of Real Estate Brokers (NAREB). Be sure to attend this event because you will learn so much as well meet professionals in the real estate field. Also happening this month is ‘The Next Episode Concert Series’ a colorful event going down on November 11th at the Redondo Beach Performing Arts Center. I am excited to bring you another issue of the TPIN Magazine. On our cover this month, we have Robert ‘Bobby’ McDonald, the President and the Executive Director of the Black Chamber of Commerce Orange County. Mr. McDonald is a veteran champion and also the founder of Orange County’s President’s Council and a pioneering member of the Orange County Sport Hall of Fame. This month we cover everything real estate, from legal to the matters affecting our community. Elections are just around the corner, it seems that California voters are stuck in a tug of war! How they vote we don’t know but we’ll tell you why Proposition 10 has landlords and tenants glued in an seemingly endless battle. It looks like there is trouble in paradise, for more than five years now, the LO Compensation Rule has been in place guiding the mortgage industry. But now the unease mortgage industry wants the rule out, find out why! More to that, do you know what consumers in the mortgage industry really want? Total demand! we explain this in details and tell you why we think consumers are leaning more towards technology when it comes to lending. There is a little bit of everything in this issue to entertain, educate and get you on the road to success as an agent or broker. So, dive right in folks! In collaboration with the Inland Valleys Association of Realtors, The Power Is Now will hold a Realtor Seminar in Riverside on November 8th. This is a three session event and Mr Eric Frazier will start off the first session where he will be speaking about how to close more deals with low to no money down. In the second session, Hilda Kennedy, and Brandon Sellers, the founders of Ampac Tristate will be doing a presentation about Small Business lending options. Lastly, Jamar James, the Digital Currency Guy will also be presenting on Bitcoin and its impact on Real Estate. This is an event you surely do not want to miss. Come, learn, interact and enjoy quality time with professionals. The Power Is Now would like to take this moment to thank you for your continued support and readership. Take a moment to share this magazine because there is power in knowledge and the Power Is Now. Have a prosperous month.

Eric Lawrence Frazier, MBA CEO The Power Is Now Inc.

Access The Power Is Now, Inc, Anytime, Any Place

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NEW MARKETING SESSIONS

Your voice is your brand! Increase lead generation, and give you the POWER to close more deals!

Every Thursday 12:30 PM - 1:30 PM

Promote Your Listings Online

â&#x20AC;˘ Streamed live on Facebook, and are â&#x20AC;˘ These sessions provide real estate agents rebroadcast on BlogTalkRadio which is and brokers a powerful marketing syndicated to iTunes, TuneIn and many opportunity to access The Power Is Now other online radio platforms. During the Network of Agents nationwide and our show each agent and their listings are audience of prospective buyers and sellers featured for approximately five minutes that is 1 million strong and growing. to discuss why buyers should consider buying their listing(s). In addition, each agent will be given a post-show opportunity to launch a customized marketing campaign to get additional exposure.

ERIC LAWRENCE FRAZIER MBA CalDRE: 01143484 | NMLS 461807 The Power Is Now Inc. CalDRE: 1980407 | NMLS 1435243

Mobile: (714) 361-2105 Office: (800) 401-8994 ext. 703 Email: eric.frazier@thepowerisnow.com Website: www.thepowerisnow.com

FEATURED STORY

Take Time To Be

Thankful this November By Eric Lawrence Frazier, MBA

ovember is one of my favorite months because it is a month that gives us an opportunity to be abundantly thankful for all the blessings we have and we are about to receive. With all the scary acts, movies and halloween and the leaves changing color, October has its feat which make you want to hang on to it. Well, I also have a ‘thing’ for December, with its hot and chocolate, Christmas and the holiday movies at home with the family, the sensational vibe that comes to mind whenever I imagine December makes me want to race against time. But, nothing beats November, it is a time that we are all reminded to be thankful, a very simple concept yet, very easy to forget. Whenever I think about the month of November, I am reminded of a verse in the Bible 1 Thessalonians 5;18 which states “Give thanks in all circumstances; for this is God’s will for you in Christ Jesus.” This verse is very clear and direct that in all the circumstances, you have to be thankful, it doesn’t matter how the situation may be. So many people are going through tough times. Life is full of challenges and each one of us is going through somethings that we wish we don’t have to go through and it is very easy to get caught up in the mix. November month, the month of Thanksgiving is dedicated to finding joy and finding something GOOD that we have

The Power Is Now Magazine

November 2018

to be thankful for. According to Merriam Webster, being thankful means “glad that something has happened or not happened that something or someone exists, etc. or expressing thanks.” There are so many ways to be thankful this month. First, you have to devote quality time to your family and friends. You have to appreciate the special people in your life by spending time with them. Being close to your family members is a way to show that you care about them. This month, make time for special people in your life. Support your community through volunteering. Supporting a good cause in your community demonstrates that you recognize and appreciate how fortunate you are. It shows that you want to share your time and talents with others in your community. You have to realize that volunteering can be rewarding, helping others in turn help you. Here at The Power Is Now, for this month of November, we challenge everyone to focus on being thankful. It will surely change your life in a whole new perspective and after 30 days of being thankful, we guarantee you that you are going to feel happier. Well, you can do everyday of the month of November or you can simply chose a day to be celebrate the thanksgiving month. Remember that it’s never too early to be thankful.

Helping Families Make the Right Move!

Danon Burnside Cal DRE # 01835853

Real estate Agent

Realtor | San Bernardino O: (800) 401-8994 x 724 D: (951) 205-5796 danon.burnside@thepowerisnow.com www.thepowerisnow.com www.applytobuynow.com

IN REAL ESTATE

Etiwanda Ridges

Pictures from lennar.com

By Danon Burnside Realtor CalBRE # 01835853

The Power Is Now Magazine

November 2018

he Etiwanda Ridges in Fontana California is a perfect match for a family. The overall location of the town is excellent, with a different type of schools, entertainment facilities, and a fantastic shopping experience. The home occupies between 20002600 square feet; it has three baths and up to four bedrooms. It has two garages suitable for a family with multiple vehicles. The Etiwanda ridges have Lennarâ&#x20AC;&#x2122;s system which helps in upgrading systems inside the house from time to time. The home ranges from $400,000 depending on bed and bathrooms. The ridges have a park like the Ontario Mills and the Victoria Gardens where people get to enjoy the best shopping experience. The town has car shows in the Fontana Auto club and also have a golf experience with kids. Around the park, you will find Toto Park, Dog Park, Skate Park and pathway around the park; this makes it. In the marine Center, one can enroll in swimming classes and also enjoy swimming for those who know how to swim. The area has different hospitals which have both inpatient and outpatient services for adults

and children. Etiwanda ridges have different churches where people of different beliefs can go to a worship center where they can fit. There is also a mosque for Muslims. The area has schools such as Falcon ridges Elementary school, summit Intermediary School and Etiwanda High school. Children of different ages can enroll in various schools. The Uplands of Etiwanda has a police station, cable TV, library, electric company, garbage collection, gas and water companies, and also telephone services.

the house from Monday to Friday from 10.00a.m â&#x20AC;&#x201C; 6.00pm. The home is at the Capstone Street. Fontana. Some homes have flowers on the outer part while some have gardens. They are of different colors outside and inside. The house has Alexa services which are wireless; It also has world-class infrastructure regarding design; some of these designs are heat mapping engineering, surge protector, and many others. For solar lovers, one can have their home fully installed with solar panels. Every customer who uses sun street energy gets a discount.

The outward side of each house has a small Etiwanda ridges offer conserved water heaters garden and a small playground for kids; itâ&#x20AC;&#x2122;s has where bathrooms have faucets which adequately pathways between the garden. One can view regulate the flow of water. All floor covers are recyclable, the homes have led lighting all over, and the yard has a programmable irrigation The Etiwanda properties system which automatically activates itself every are good for a person with day. Every room has wired fans which keep every a family and love living in a room cool.

â&#x20AC;&#x153;

place where there are kinds of activities without going miles to find one service.

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The Etiwanda properties are good for a person with a family and love living in a place where there are kinds of activities without going miles to find one service. The Fontana town ensures all services are available at all times. Everyone can fit in these ridges, those who want to start a family and those whose children are grown-ups. All kitchen basins have stainless steel singles, and all bathrooms have excellent fixtures and have a laundry room.

November

realtor seminar

3690 Elizabeth St. Riverside, CA 92506 Ph: 951-684-1221 | Fax: 951-684-0450 www.ivaor.com

Breakfast and Registration 8:30 to 9:30 AM

SESSION I 9:30 - 10:15 ERIC LAWRENCE FRAZIER, MBA, PRESIDENT THE POWER IS NOW INC.

SESSION II 10:30 - 11:15 BRANDON SELLERS, VICE PRESIDENT AMPAC TRI STATE CDC

CLOSE MORE DEALS WITH LOW TO NO MONEY DOWN !

SMALL BUSINESS LENDING OPTIONS

In this session you will learn:

• • • • • • • • •

Fannie Mae and Freddie Mac First Time Homebuyer Programs How and why to finance a four-unit property with only 3.5% to 15% down HUD Approved DPA Programs - Zero Down Payment with 3.5% to 4.5% Grant CalHFA Zero Down Payment Assistance Programs 5% down to 1.5 million Non-Prime Loans No Tax Returns 10% down to 2.5 million Non-Prime Loans No Tax Returns ATR (Ability to Repay) Loans - No Income Documentation to 75% LTV Private Equity Loans for Investors to purchase or refinance One Time Close Construction Loans - FHA, VA, USDA

Be the best at what you do! This is an event you don’t want to miss. Breakfast and lunch will be provided

JOIN US LIVE ON FACEBOOK

In this session you will learn:

• • • • • • • •

Finance & Refinance Commercial Real Estate Equipment & Heavy Duty Mobile Construction Equipment Tenant Improvements Ground Up Construction The Opportunity Preserve Cash – Down Payment as low as 10% Plan Costs-Fixed Monthly Payments – Fixed Interest Rates for the Life of the Loan Low Monthly Payments – Longer Loan Terms - 10 Year, 20 Year or 25 Year (YOUR CHOICE!!)

SESSION III 11:30 - 12:15 JAMAR JAMES, PRESIDENT DIGITAL CURRENCY GUY BITCOIN AND ITS IMPACT ON REAL ESTATE In this session you will learn:

• •

How to Use Crypto Currency to Buy Real Estate Cryptocurrency and The Future of Real Estate

CLICK HERE TO REGISTER ONLINE ERIC LAWRENCE FRAZIER MBA

https://www.facebook.com/thepowerisnow/

President and CEO CalBRE#01143484 | NMLS#461807 Office: 800-401-8994 x 703 Email: eric.frazier@thepowerisnow.com Website: www.thepowerisnow.com

The Power Is Now Mortgage Services is a Mortgage Brokerage licensed by the State of California Bureau of Real Estate (license #1980407) and the National Mortgage License System and Registry (license #1435243), and is a division of The Power Is Now Inc. (license # 01980407). The Power Is Now Inc. is not affiliated with any state or federal agency. The Power Is Now Real Estate Services is also licensed by the State of California Bureau of Real Estate (licensed #01980407), and is a division of The Power Is Now Inc. The Power Is Now Inc., is an equal housing lender.Our corporate office is located at 3739 6th Street Riverside, CA 92501. Our Telephone and Fax number is 800-401-8994. Eric Lawrence Frazier MBA, is a California licensed Loan Originator (NMLS license # 461807), and a licensed Real Estate Broker (CA Bureau of Real Estate license #01143484). Restrictions may apply to all loan programs. The Information and/or data is subject to change without notice. All loans are subject to credit approval. The information presented is not a commitment to lend or extend credit. Not all loans or products are available in all states. The Power Is Now Mortgage Services and Real Estate Services are A Division of The Power Is Now Inc., and are only licensed to conduct business in the State of California.

WANT TO BUY OR SELL?

IF YOU WANT A REALTOR WHO WILL GO ABOVE AND BEYOND FOR YOU WHETHER YOU’RE A BUYER OR SELLER LOOK NO FURTHER. I WORK HARD SO YOU DON’T HAVE TO!

Alexandra Trefry

REALTOR BRE # 01987453 (800) 401-8994 x 753 (707) 494-2028 alexandra.trefry@thepowerisnow.com

w w w . t h e p o w e r i s no w . c o m

IN REAL ESTATE

Get focused: Course on building success

in the 50+ market

emographics are changing. As with most industrialized countries, the population in the US is ageing rapidly. In fact, according to the US census Bureau, by the year 2035 senior citizens will outnumber children for the first time in history. This new milestone will bring great changes to the American way of life, which can even be perceived at the moment. Fifty year+ people are buying homes at higher rates than in the past. If we take into account the 2018 Realtors’® Home Buyer and Seller Generational Trends Report, 50+ homebuyers now represent 38% of the market. With such numbers, many real estate agents have become more interested in catering to older adults. However, many agents are not prepared to meet the needs of this demographic, so certified course may be the best place to start to capture the 50+ market.

The Power Is Now Magazine

November 2018

Senior citizen needs differ from those of a millennial couple searching for their first home. They generally tend to be more conservative in their spending, dedicating their income and savings to health care and retirement . Moreover, in terms of searching for homes, they prefer downsizing and look for places where they can remain closer to family. Agents need to take these into consideration and both the SRES® Designation Course offered by Realtors and CSHP® course by the Seniors Real Estate Institute are a great place to start. The SRES® (Senior Real Estate Specialist) is a designation granted by the National Association of Realtors® designed for agents and brokers who wish learn the skills needed deal with older adults and it counts as part of

Continuing Education. SRES® agents are able to assess the market and determine how attractive it is for 50+ buyers and sellers. They are also knowledgeable about the Housing for Older Persons Act (HOPA); and how pensions, 401k accounts and IRAs affect real estate purchases. SRES® agents capable of understanding how Medicare, Medicaid, and Social Security can be crucial elements when making decisions regarding real estate . In other words, SRES® agents are capable of understanding senior citizens and their needs. They have the tools and expertise to provide their clients with the best options for real estate transactions ranging from downsizing to adult care . If you do not have access to a SRES specialization course, another option is becoming a Certified Senior Housing Professional® (CSHP). The certification is granted by the Senior Real Estate Institute and there are already CSHP members across more than 30 states. Unlike other certifications, the CSHP® stands out by delivering a series of courses designed to help real estate agents become successful in the 50+ market. It is an in-depth course that can be taken in a classroom, a tele-course or an On Demand eCourse. Upon finishing the course, agents can become a Certified Senior Housing Professional by completing a series of requirements in a 12-month period. It stands out from the rest by providing direct contact with senior communities proving to be a unique experience. Of course becoming a SRES or CSHP is just the first step to becoming a successful 50+ agent. It requires a certain kind of empathy and

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understanding to what senior citizen might be going through and the reasons why they are buying and purchasing a home. Every case is different, but with the right tools, it will be possible to carve a niche in the market and a numerous clientele.

Sources: https://www.census.gov/newsroom/press-releases/2018/ cb18-41-population-projections.html https://www.nar.realtor/sites/default/files/documents/2018home-buyers-and-sellers-generational-trends-03-14-2018. pdf https://www.onereversemortgage.com/blog/2016/11/howseniors-spend-their-money/ http://seniorsrealestate.com/earn-sres-designation/sresprogram-information https://www.realtor.com/advice/buy/benefits-workingseniors-real-estate-specialist/ https://www.seniorsrealestateinstitute.com/success_in_ seniors_real_estate

MOVING ON TO YOUR IDEAL PROPERTY?

CALL ME ! U O Y P L E H N I CA NICOLE BURNS Realtor BRE # 01359705 Office: 800-401-8994 x 712 Direct: 323-385-8940 Email: nicole.burns@thepowerisnow.com Website: www.thepowerisnow.com

IN REAL ESTATE

Home Sales in the Bay Area

Dropping as prices

continue to rise A

s we covered in our September issue, the summer of 2018 has seen the most dramatic change in the Bay Area real estate market over the last seven years as homes sales seems to cool down. For example, in July 2018 the homes price increase experienced a slowdown compared to the previous year. While prices still kept climbing, they did so at a 5.3% while they rose at a higher rate during the same period in 2017. It seems then that the soaring prices have finally caught up with homebuyers purchase capacity as August 2018 saw the largest drop in sales over the past 7 years. Corelogic, a company based in Irvine, CA specializing in collecting data, published in their August 2018 report that home sales in the San Francisco Bay area are at their lowest since 2011. The company, which has been collecting data since 1988 explained that for the past

The Power Is Now Magazine

30 years the average number of home sales in August consisted of 9,332. However, the 7,659 units sold this year represent a drop 17.9 compared to last year. In fact, only 7,659 homes were sold in 2011, making this August 2 lowest season in seven years. The drop is even more dramatic by taking into account newly built homes, which saw a decrease of 40% compared with the historical average. Likewise, resales of existing units dropped by 15.2 percent. Andrew LePage, a CoreLogic analyst explained, â&#x20AC;&#x153;Much of the recent slowdown can be attributed to the lack of affordable inventory on the market. Unlike the frenzied market of the mid-2000s, many struggling to buy today donâ&#x20AC;&#x2122;t have the option to stretch financially with the sort of subprime and other risky financing that fueled a lot of home buying late in the last cycle.â&#x20AC;?

November 2018

The combination of high prices and an increase of supply might be behind the drop. According to a recent article published in San Francisco Business Times, the city experienced a 6.6% increase in home listings from August to September 2018. It is the highest increase in home supply in 7 years, correlating heavily with the drop in sales. Taking into consideration these trends, the California Association of Realtors warned about a slow market in 2019 as rising interest, continue home

price increase and low supply will keep many buyers from purchasing homes. Furthermore, considering that CoreLogic calculated that the median home prices peaked in the Bay Area in April 2018 at a staggering $935,000 and that interest rates reached an average of 4.6% in September 2018 for 30-yearfixed rate loan, new homeowners will likely seek homes outside the area, contributing to further traffic congestions. The Real Estate Market in the Bay area has gone through great changes in the summer of 2018. After years of home price increase and dwindling supplies, it seems that it has finally overheated and it has taken a turn to healthier

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and more balanced market. However, the next months will be crucial to determine the behavior of market next year, except for, December home sales typically slow down during winter. With this in mind, it is important to monitor the market closely to foresee any other odd behaviors.

Resources https://www.marketwatch.com/story/the-rampaging-useconomy-is-pushing-unemployment-to-lowest-level-since1960s-2018-09-01 https://www.foxbusiness.com/economy/us-gdp-growthexpected-to-reach-3-5-in-3q-kevin-hassett https://www.frbatlanta.org/-/media/documents/cqer/ researchcq/gdpnow/RealGDPTrackingSlides.pdf

Linda Larson Cal BRE # 01183012

Real estate Agent

Realtor | Clearlake O: 800-401-8994 x 7202 D: 707-257-1288 danon.burnside@thepowerisnow.com www.thepowerisnow.com www.applytobuynow.com

UPCOMING EVENTS

November REALTOR SEMINAR INLAND VALLEYS ASSOCIATION OF REALTORS THURSDAY, NOVEMBER 8 8:30 AM - 1:00 PM 3690 Elizabeth St. Riverside, CA 92506 Click here to register HOMEBUYER SEMINAR DUNBAR REAL ESTATE GROUP WEDNESDAY, NOVEMBER 14 6:00PM - 8:30 PM Fusion Real Estate Network 1709 International Blvd # 209 Oakland, CA 94606 Click here to register HOMEBUYER SEMINAR LIBERTY TAX SERVICE THURSDAY, NOVEMBER 15 6:00 PM - 8:00 PM Liberty Tax Service 131 Sunset Avenue, Suite A2 Suisun City, CA 94585 Click here to register HOMEBUYER SEMINAR CHURCH OF ALL FAITHS SUNDAY, NOVEMBER 18 3:00 PM - 6:00 PM Church of All Faiths 2100 5th Avenue Oakland, Ca. 94606 Click here to register

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THE POWER LUNCH EVERY TUESDAY 12:30 PM TO 1:00 PM https://www.facebook.com/ thepowerisnow

FIRST TIME HOMEBUYER SEMINAR EVERY TUESDAY NIGHT 7:00 PM TO 8:00 PM https://www.facebook.com/ thepowerisnow

IN REAL ESTATE

Trust or Trash! Why you need to get your deal in writing B

uying and selling a home is an act of faith coming from each one involved. From the sellerâ&#x20AC;&#x2122;s perspective, they are giving away a very precious investment, a treasured part of their lives, hoping to receive something of almost equal value in return. From the buyerâ&#x20AC;&#x2122;s point of view, they trust that the brokers handling their case are to protect their interest. Finally, brokers need to trust they will receive the proper payment for their services and that their reputation will not be damaged by ill intention people. In an ideal world, a simple verbal agreement would be enough for all parties to be satisfied, but the truth is that people change their mind constantly. Buyers can be outsold from one moment to the other; sellers can promise to pull out their homes from the market just to find out that the buyer bought another property. This is why proper brokerage in written agreement is important as they protect all parties from unscrupulous deals. This does not mean that verbal agreements are to be completely discouraged. After all, they are often the first contact between the parties and before writing down the contract, there must have been a previous handshake.

The Power Is Now Magazine

November 2018

In the case of brokers and their clients, once a verbal agreement has been reached, the broker can start acting on behalf of the clients . That is, they can start acting as fiduciaries and may carry out initial representation. However, in order to collect their fees, brokers and clients must sign a written agreement. In fact, under the Californiaâ&#x20AC;&#x2122;s Statute of Frauds, found under the California Code of Civil Procedure section 1624, all transactions involving fees or monetary obligations need to be part of a written contract . In other words, if there is no written agreement brokers do not have guarantee that they will receive payment, as there is no proof of a business relationship. There are a few cases where verbal agreements can be legally binding. Californiaâ&#x20AC;&#x2122;s statute also states that all lease agreement exceeding one year must be written. However, in San Francisco, if the lease lasts less than a year verbal agreements can be legally binding and enforced . The problem with verbal agreements is that the cay be easily changed and forgotten and give no real protection from abuse. Even during a short lease, unscrupulous lending practices can happen and problems not covered by the agreement can arise. In conclusion, while some people may feel that uncomfortable with written agreements, as they may be a laborious process that requires much paperwork and time, they are an essential part of the real estate market. Agents, Broker, buyers and sellers should always beware of handshake deals, as they are often broken and leave no protection to any of the parties.

References: http://journal.firsttuesday.us/verbal-agreements-agency-and-fees/36874/ https://www.lexology.com/library/detail.aspx?g=ebf4a2a1-3fe8-4bc6-8a82e8b10a94ffba https://homeguides.sfgate.com/real-estate-contract-writing-58144.html

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BUYING OR SELLING? MEET YOUR NEW REAL ESTATE NEIGHBOR! Laniseâ&#x20AC;&#x2122;s knowledge of the ever-changing real estate market and its technology will provide you with an enjoyable and hassle-free real estate process. She is committed to continuing to build her record of quality service and establish an honest, long-term relationship with each one of her clients.

LANISE SPANN Realtor DRE # 01800507 Office: (800) 401-8994 x 713 Direct: (707) 297-0398 Email: lanise.spann@thepowerisnow.com

STILL

LOOKING LET ME HELP YOU

BUY OR SELL!

SYLVIA YOUNG BROKER DRE # 01039092 O: (800) 401-8994 X 734 | D: (510) 821-2599 SYLVIA.YOUNG@THEPOWERISNOW.COM WWW.THEPOWERISNOW.COM

ON THE COVER:

ROBERT V. “BOBBY” MCDONALD

ROBERT V. “BOBBY” MCDONALD Bobby McDonald is the President and the Executive Director of the Black Chamber of Commerce of Orange County. He is also a founder of the Orange County President’s Council and a Pioneering member of the Orange County Sport Hall of Fame.

LEADERSHIP AT BLACK CHAMBER OF COMMERCE Under his leadership at the Black Chamber of Commerce of Orange County, Bobby has helped organization partner consistently with minority business associations, local chambers an legislators to provide for the county’s many small business owners. Bobby is an effective, personable, business and community leader, accomplished sales marketing and promotional forerunner and a notable speaker, writer, author and historian.

PIONEERING EDUCATIONAL PROGRAMS McDonald developed the Chamber’s educational outreach programs, including the Bricks and Bridges Program and the Martin Luther King Jr. Scholarship Program with the Christ Our Redeemer AME Church in Irvine, Alpha Phi Alpha Fraternity, Inc. and the Volunteer Center of Orange County. The main objective of the program is to provide guidance and educational programs and scholarship to youth of Orange County in order to achieve academic and vocational successes; and to develop and provide educational and scholarship needs for military veterans, with support to achieve academic and vocational successes along with career technical education and business and workforce investment assistance opportunities. The education foundation started by Bobby works with the community leaders and corporate partners to create economic opportunities that build strong nation that embrace diversity, equity and opportunity. Currently, McDonald is a member of the PBS SoCal Board of Trustees. Here, McDonald has assisted with the Historic African American PBS Presentations such as “The March at 50” and “The African Americans, Many Rivers To Cross.”

HIS HONORS AND ACHIEVEMENTS Since his arrival in Orange County, over three decades ago, Bobby has been committed to the values of personal integrity and opportunity. For this, he has

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been recognized and awarded with many honors which include the Human Relations Leadership Award from the Orange County Humans Relations Commission. He has also been named as the Dr. Martin Luther King Jr. Millennial Man of the year and the distinguished Alumnus Award from the Cal State Fullerton, where he has been President of the CSUF Alumni Association.

California Community College Veterans Summit, designed to share information and the best practices for the faculty, administration and staff who work with student veterans on California Community College, California State University, and University of California Campuses.

Mr. McDonald would later serve as the President of the CSU Statewide Alumni Council. He has also been recognized as one of the CSU’s Statewide Outstanding African American Alumni and one of the Cal State Fullerton’s 50th Anniversary prominent alumnus.

CHAMPION TO OTHER VETERANS ADVOCACY EFFORTS

Between 1984 and 1998, Mr. McDonald enjoyed success in the highly competitive sportsmerchandising field. Mr. McDonald’s leadership extends beyond his professionals life. In April 2004, the then-Governor, Mr. Schwarzenegger appointed Bobby to the California Cultural and Historical Endowment Board. And since 2005, Bobby has been on the PBS SoCal Board of Trustees.

ADVOCACY FOR VETERANS McDonald served the country faithfully in the U.S. Navy during the Vietnam War. for this, Bobby has been actively involved in advocacy for the veterans and Small Business Owners for so many years. Mr. McDonald is a member of the Orange County Veterans Advisory Council, appointed by the Supervisor Todd Spitzer. Mr. McDonald has also supported the legislative and regulatory action designed to help many small businesses and through his efforts, he managed to convene an Orange County Veterans Advisory Council ad hoc committee and meeting with local California Disabled Veteran Business Enterprise Alliance members and personnel from the County of Orange Procurement Office regarding Disabled Veterans Business Enterprise (DVBE) procurement opportunities. In 2000, Mr. McDonald and Manuel Baca, a fellow Board Member and Veteran, created the The Power Is Now Magazine

November 2018

He has also contributed to other efforts in veterans community including the implementation of the 211 Orange County veteran Portal, the establishment of the Orange County Veterans and military Families Collaborative, and is on the board of the foundation for the Orange County Fairgrounds Hall of Heroes. For these efforts and many others, Mr. McDonald was recognized to receive the 2016 Veteran Small Business Champion of the Year at the Local Small Business Week Awards program among many other awards.

BLACK BUSINESS AND VETERAN INVOLVEMENT He has improved awareness among veterans’ groups of opportunities in small business ownership through his participation as a motivational speaker, a panelist at the Irvine Valley College Women Veteran Leadership Summit. Previously, McDonald joined Ma jor General (Ret.) Peter Gravett, Secretary, California Department of Veterans Affairs, to headline California’s first Black Veterans Summit Cohosted by the California Department of Veterans Affairs and the Black Chamber of Commerce of Orange County. Mr. McDonald is also a supporter of the Veterans Business Network of Greater Los Angeles which has hosted several networking events designed to help connect younger veterans seeking to enter business community with other veterans currently in business.

Ready to buy or sell?

Let me help you! LEON TOWNSEND III MBA, Green and Notary Public DRE # 01979416 Phone: (800) 401-8994 x 733 Direct: (626) 372-9374 Email: leon.townsend@thepowerisnow.com Website: www.thepowerisnow.com

IN MORTGAGE

CALIFORNIA CHALLENGED ON USING MORTGAGE SETTLEMENTS TO PAY FOR HOUSING BONDS

he United States of America has demanded the departure of $410 million which was for the foreclosure. The Government of the State of California had used $331 million; the money was used by real estate agencies to build new settlements. Homeowners who were affected by foreclosures will get full funding. Organizations such as National Asian American Coalition have allied to help in the money allocation. The money is supposed to help needy families and the less fortunate in society, in building homes which are of good standard. When the cash is back into the account, many people from the State of California will benefit from the funding. The financial department of the state has not declared if the homeowner will use the money or it will remain in the state account. In 2012, the five largest mortgage companies agreed to the settlement; they decided to back the $20 billion bonds in aid of the homeowner settlement. This mortgage plan funds legal assistance, counselor housing, education, and financial investigation. After the project has worked out, the agencies involved will get their share of the remaining balances which was managed by the government. Some lawyers argued that the court did not review the mortgage settlement, but the court had reviewed it before approving it. The court has refused to

The Power Is Now Magazine

November 2018

repay mortgages to those who had received payment earlier. However, the court has ruled misuse of the housing bond especially in some banks which had put up a significant interest rate. Banks that were supposed to pay mortgages had increased their rates to benefit from the bonds. Most banks are currently under investigation due to poor management of the funds and decreased years of holding the plan. The State has since ordered the return of $331 million and be given back to homeowners who had applied for a mortgage before. Some judges in counties like Sacramento feared to order of the return of the bonds; it’s due to rejection by other counties and by other organizations involved. Banks involved in the fraud have received court order to show all the transactions involved in paying of each homeowner. If they fail to show transparency, the government can terminate their license to offer mortgages. All bodies involved in the settlement have received full payment by the government. The financial institution engaged in fraud have not received payment until their cases are fully settled. Vulnerable people in the society who had applied for a mortgage will live up to their dreams.

THE POWER IS NOW LIVE EVENTS

HOMEBUYER SEMINARS Are you on the path to homeownership? Learn all about our Homebuyer programs at our monthly seminars! • Learn about the Housing Crisis in California • Learn about the Wealth Gap for Minorities • Learn about State of California Housing Finance Agency Programs • Learn about Zero Down Payment Programs • Learn about buying land & building a home with zero to low down payment Government financing • Learn how to buy a 4 unit apartment building as a first time home buyer • Learn about partnership strategies to buy your first home with friends and family • Learn about special financing programs for teachers and HUD Home for Sale

Through this measure, most people will benefit and will live in their homes which they had mortgaged years back. The State of California will also benefit from the plan since most homeowners will invest in the state. It will boost economic growth and even infrastructure. Companies can also invest in different services and products in various counties in the State. The State will manage funds directly and will monitor financial institution on how they issue mortgages.

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IN MORTGAGE

THE FINANCIAL CRISIS MAY HAVE BEEN A SCARY TIME FOR THE MORTGAGE INDUSTRY

BUT IT HAS MADE THE INDUSTRY STRONGER

he financial crisis of 2008 is the worst economic disaster since the great depression of 19291 and despite the efforts by the federal reserve2 and the Treasury Department3 to prevent the crisis, it still happened. The aftermath of this horrific time in history produced a loss of a decade for the European economies and helped in the rise of the anti-establishment movements in the united states and abroad. The housing prices fell 31.8 percent a more plunge than the price plunge during the great depression. Two years after the depression, unemployment rate was still above 9 percent, not factoring the discouraged workers who had already lost hope of looking for work opportunities.

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November 2018

Signs leading to financial crisis The first sign indicating a troubled economy was in 2006. The housing prices started plummeting. At first, the realtors applauded and thought that the overheated housing market would make a ma jor comeback and return to a more sustainable level. What most of them didn’t realize is that there were too many homeowners who had questionable credit. Most of the banks had already allowed people to take out loans for 100 percent the value of their homes. Many of them would later blame the Community Reinvestment Act4 which pushed the banks to make investments in the subprime areas. However, that wasn’t the underlying cause.

Ten years after…

confesses to staying in the business and has no regrets whatsoever. If you look at most markets today, the home values have increased above the precrisis peak and the lending activities have remained vibrant.

Did the financial crisis make the industry stronger? A decade after the housing bust, many mortgage experts believe that the mortgage industry is on a shaky ground. Many regulations on banks has fueled an uprise in the nonbank mortgage companies. There has been a rise of independent lenders who are more lightly regulated and hold financial fragility than the banks. Half of the US home mortgages are originated by these lenders yet have a little capital base of their own.

‘The 2008 financial crisis may have been the worst time in the financial market but The financial crisis put the banks on it made the industry stronger’ california a tight leash with the mortgage market mortgage broker, Brandon Moss says. facing the risk of a potentially huge meltdown which could endanger the US Brandon Moss is a mortgage manager economy. The potential threat reflects in the Southern California and remembers the Financial Crisis as a a boom in the nonbank mortgage scary time when the industry fell down companies. to its knees. A period when the subprime mortgage market would spread to the broader economy and lead to a crisis far much worse than the great depression. Even so, Moss said that he was confident that the market would bounce back strongly. Evidently, the home prices have bounced back above the precrisis peak in Southern California Markets such as LA. Brandon Moss says that he always knew that the residential real estate market and the mortgage market would bounce back from the crisis and thus, he

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“If these firms go out of business, the mortgage market shuts down, and that has dire Implications for the overall health of the economy,” says Richard Stanton, professor of finance and Kingsford Capital Management Chair in Business at Haas. Stanton authored the Brookings paper, “Liquidity Crises in the Mortgage Market,” with Nancy Wallace, the Lisle and Roslyn Payne Chair in Real Estate Capital Markets and chair of the Haas Real Estate Group. You Suk Kim, Steven M. Laufer, and Karen Pence of the Federal Reserve Board were coauthors.

Bank regulations led to a rise in nonbank lenders

During the financial crisis, the nonbank lenders failed, the home prices fell and the borrowers stopped making the payments fueling a further wider financial crisis. After the crisis, the banks dramatically cut the home loans giving a room for breach by the nonbank lenders. Today, nonbanks form a larger force in the residential lending than ever. In 2016, the non-bank lenders accounted for almost half of all the mortgages up from 20 percent in 2007. The nonbank lenders are usually regulated by a patchwork of the state and the federal agencies who lack the resources to watch over them adequately. Therefore, it is easy for risk to build up without a check. The federal reserve lends money to the financial institutions in a pinch, it doesn’t do the same for the independent mortgage companies.

price appreciation has stopped dead in its tracks and in many areas of the country it has turned in the wrong direction,” Countrywide’s thenCEO, Angelo Mozilo, told employees in a letter in September 2007. During the financial period, 2007-2008, in the mortgage sector alone, about 125,000 jobs got lost. By the late 2010, the mortgage industry, which had employed roughly 535,000 in 2005, saw a headcount plummet to about 246,000. However, fast forward to June 2018, there was just over 707,000 jobs in the market. Concurrently, ma jor lenders in the market began tightening the home loan requirements in the spring of 2007 as well as scaling back the subprime loans. It may look like the market is getting stronger but the reality is that the federal government needs to realize the risk posed by the rise of the nonbank sector. It looks like most of the policy discussion on preventing yet another housing crash has been streamlined on the banks and other deposit-taking institutions.

Cooling of the overheated market By the wake of 2007, most of the ma jor residential lenders were already in trouble with huge loses as a result of the risky subprime mortgage market. The subprime loans bundled into securities and became toxic assets for the financial institutions as the delinquencies and foreclosures grew in the California and some other superheated markets. “During the past two years the growth in home The Power Is Now Magazine

November 2018

Sources https://www.cnbc.com/2018/09/12/financialcrisis-a-decade-ago-made-mortgage-sectorstronger-says-exec.html https://www.sciencedaily.com/ releases/2018/03/180329190834.htm https://www.curbed.com/2018/8/29/17788844/ financial-crisis-2008-cause-housing-mortgagelending

Loans To Fit

Your Life

A mortgage property tailored to your needs becomes an instrument that enables a whole new life. That’s why we offer a wide array of loan products to fit individual borrower situations, including first-time homebuyers, military families, and rural homebuyers. We also offer national programs for doctors and dentists, and many state housing programs.

Our Loan Programs Include: FHA:

• Credit scores as low as 580 • Manual underwrites • FHA - Approved condos OK

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Credit scores as low as 610 • Down payment assistance Debt-to-income as high as 49.99% • Conforming and High Balance Extended BuilLoan amounts as low as $100K and up to $3M der Rate lock Programs Available Up to 95% loan-to-value • Doctor/Dentist programs for Conforming and Interest-only options Non-Conforming loan amounts • Renovation Products available • Non-warrantable condo options • 80/10/10 Programs ERIC LAWRENCE FRAZIER MBA CalDRE: 01143484 | NMLS 461807 The Power Is Now Inc. CalDRE: 1980407 | NMLS 1435243

Phone: (800) 401-8994 ext. 703 Direct: (714) 475-8629 E-mail: eric.frazier@thepowerisnow.com Website: www.thepowerisnow.com

IN MORTGAGE

We want total demand! No more hand holding consumers demand control of the mortgage processes

ver the last decade, lending has undergone a dramatic transformation. Consumers are getting more and more comfortable with the digital mortgage but still, they need someone to walk them step by step and explain everything they need to know when buying a home. In response to the new regulatory framework, there have been a total shift in consumer expectations leading to a complete overhaul of the financial institutionâ&#x20AC;&#x2122;s approach. Still, that is not enough.

are expecting digital options as part of their loan process. However, another survey by EllieMae2 show that consumers would still like the capability and the flexibility of speaking to a lender when need be.

The survey by EllieMae involved about 3,000 U.S. adults and who are homeowners and renters above the age of 18. EllieMae was particularly interested in learning about the borrower expectations and the experiences with the online components of the mortgage process. Overall findings showed According to a survey conducted last year, that nearly 61% of the respondents expected to it showed that mortgage consumers of all age be able do the mortgage application fully online. demand an online approach. Newer technologies, The survey also showed that 70 percent of the for example online portals, online chats, text millenials use an online application process for all messaging are rapidly changing how the or some of their last mortgage as did 55 percent consumers of all ages approach the mortgage of the Gen-X and 43 percent of the Baby Boomers. process.1 Most mortgage lending companies do not want What mortgage companies are now doing to face the fact that consumers arenâ&#x20AC;&#x2122;t racing is shifting the attention from the interest rates to get themselves into more debt. Nonetheless, and more focus is now on giving the consumers that is exactly what most of these companies more control. Nowadays, banks believe that they are offering. Banks need to evaluate what they cannot compete with the personal or auto loans are offering, beyond instant loan offers and great because the credit unions offer lower interest front end experiences. Instead, these mortgage rates. The interest rates continue to be a primary companies need to take a look at how much factor that consumers look for when shopping control they are giving to consumers to help for loans but, it is no longer the only factor. What them manage their debt. consumers want today is more control over how Does this mean that human touch in the they manage their finances. What the mortgage companies need to realize is that experience is mortgage application process is no longer what drives the consumer emotions and thus needed? Although most of the consumer prefer flexibility and the convenience that comes along consumer choice. with completing a mortgage application process Even so, with control comes the digital online, most other consumers are looking experience. Consumers across all the generations for the human touch in the process. EllieMae

The Power Is Now Magazine

November 2018

survey showed that 57 percent of the respondents prefer to communicate with their lender through the phone or in-person during the mortgage process. Obviously, each generation expects something different from the lending experience. Take an example of the Baby Boomers, the interest rates are a primary factor, however, they do not ignore their experience. Above all other factors, Baby Boomers would rather have interest rates as their key concern. However, theyâ&#x20AC;&#x2122;d still want a good experience which includes unique features which grant them more control in the process. More importantly, Baby Boomers do additional research and take their time before submitting important documents online. still , they appreciate the solid in-branch experience when it comes to borrowing money. On the other hand, to Gen X borrowers, interest rate is not a big factor, though it is a factor along with digital conveniences which means that they enjoy a sleek, digital platform that would enable them to apply online. However, when it comes to loans, they are skeptical. Lastly, millenials need a user-friendly experience. They are different and base most decision including the loans solely on the experience. All these findings point out to one thing; consumers today have a desire for high tech and human touch in the mortgage application experiences. Most of the lenders have realized this and there is still a tremendous opportunity to use technology and data to perform better and facilitate interactions with the borrowers.

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Source: http://www.bankingexchange.com/news-feed/item/7640-do-youknow-what-your-lending-customers-really-want https://www.prnewswire.com/news-releases/new-surveyreveals-mortgage-consumers-of-all-ages-demand-an-onlineapproach-300525338.html https://www.elliemae.com/blog/trends/what-do-consumers-wantout-of-the-mortgage-process-everything http://blog.alta.org/2018/05/what-do-consumers-really-want-fromthe-mortgage-process.html

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1. We pay the Highest Compensation and Marketing � Teams are Welcome and Can Maximize Their Support Package for real estate agents than any Income with Competitive Commission Splits. other real estate firm in California. Our buyers’ agents can make up to 100% of the commission on 3. Free Marketing Support: their transactions. Here are additional benefits: � Social Media Management & Support � Promotional Interviews on BlogTalkRadio � Live Online Homebuyer Seminars & Homebuyer Events � Financial Support for Marketing � Free Listing Sign Post & Business Cards � Online TV & Video Productions 2. Territory Management - Exclusivity: � Live Homebuyer Seminars & Online Resources � Website IDX & CRM Management � Exclusive Areas/Territories for All Agents. � Professional Coaching & Business Planning � Exclusive Broker Management Opportunities & � Lead Management & Follow Up Support compensation. � Unmatched Compensation Model for Managers � Marketing & Branding Graphic Design Support and Directors.

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Please call for more details: ERIC LAWRENCE FRAZIER, MBA President & CEO Direct: (714) 475-8629 Office: (800) 401-8994 ext. 701 eric.frazier@thepowerisnow.com www.thepowerisnow.com The Power Is Now Mortgage Services is a Mortgage Brokerage licensed by the State of California Bureau of Real Estate (license #1980407) and the National Mortgage License System and Registry (license #1435243), and is a division of The Power Is Now Inc. (license # 01980407). The Power Is Now Inc. is not affiliated with any state or federal agency. The Power Is Now Real Estate Services is also licensed by the State of California Bureau of Real Estate (licensed #01980407), and is a division of The Power Is Now Inc. The Power Is Now Inc., is an equal housing lender. Our corporate office is located at 3739 6th Street Riverside, CA 92501. Our Telephone and Fax number is 800-401-8994. Eric Lawrence Frazier MBA, is a California licensed Loan Originator (NMLS license # 461807), and a licensed Real Estate Broker (CA Bureau of Real Estate license #01143484). Restrictions may apply to all loan programs. The Information and/or data is subject to change without notice. All loans are subject to credit approval. The information presented is not a commitment to lend or extend credit. Not all loans or products are available in all states. The Power Is Now Mortgage Services and Real Estate Services are A Division of The Power Is Now Inc., and are only licensed to conduct business in the State of California.

homebuyer’s workshop dunbar real estate group DON DUNBAR, REALTOR ® HOST CALBRE # 01113224 (510) 472-3861 DONDUNBAR322@GMAIL.COM

ERIC LAWRENCE FRAZIER MBA SPEAKER | PRESIDENT & CEO CALBRE # 01143484 | NMLS # 461807 OFFICE: 800-401-8994 X 703 ERIC.FRAZIER@THEPOWERISNOW.COM

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‣‣ Learn about the Housing Crisis in California ‣‣ Learn about the Wealth Gap for Minorities ‣‣ Learn about State of California Housing Finance Agency Programs ‣‣ Learn about Zero Down Payment Programs ‣‣ Learn about buying land & building a home with zero to low down payment Government financing ‣‣ Learn how to buy a 4 unit apartment building as a first time home buyer ‣‣ Learn about partnership strategies to buy your first home with friends and family. ‣‣ Learn about special financing programs for teachers and HUD Home for Sale

WEDNESDAY, NOVEMBER 14

6:00 PM - 8:30 PM

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The Power Is Now Inc., is a Mortgage Brokerage Licensed by the State of California CALBRE License #1980407 and is not affiliated with any state or federal agency. Go to www2.dre.ca.gov for verification. The Power Is Now Inc., is also licensed by the NMLS License #1435243. Go to www.nmlsconsumeraccess.org for verification. The Power Is Now Inc., is an equal housing lender. Our corporate office is located at: 379 6th Street Riverside, CA 92501. Telephone and Fax: 800-401-8994. Eric Lawrence Frazier, MBA is a California Licensed Loan Originator NMLS# 461807. This is not a commitment to lend or extend credit. Restrictions may apply. Information and/or data is subject to change without notice. All loans are subject to credit approval. Not all loans or products are available in all states. © Copyright 2018 The Power Is Now Mortgage Services A Division of The Power Is Now Inc.

IN ECONOMICS

ECONOMIC GROWTH QUICKENS IN THE SECOND QUARTER

ith everything that is happening in the world today, it is time to focus on some good news right here in the home front. Below, we will discuss some of the ma jor improvements that have happened to the U.S. economy in the second half of the year. What are the causes? How can we help maintain the steady growth? The subsequent paragraphs will help answer all these questions.

The Power Is Now Magazine

November 2018

While economic experts expected there to be more growth statistically speaking, most of them are still satisfied with the results of the governmental policy changes and what it brought to the economy in terms of Gross Domestic Product improvement.

THE ECONOMIC IMPROVEMENT According to some news reports, there has been a significant increase in terms of the GDP growth for the U.S. economy in the second quarter of this year. This has been one of the best news that had been released about the Trump administration in the last four years.

THE MAJOR CAUSES This particular increase has been attributed to a variety of factors including regular soybean exports to China as well as some apparent changes in the spending habits of the government itself. Experts say that the Trump administrationâ&#x20AC;&#x2122;s imposed tax cuts amounting to 1.5 trillion U.S. dollars helped give the economy the 3.2% growth that also trickled over to the second half of the year. While economic experts expected there to be more growth statistically speaking, most of them are still satisfied with the results of the governmental policy changes and what it brought to the economy in terms of Gross Domestic Product improvement. It is estimated that if this improvement continues, the Trump administration would continue reaching the target GDP growth of at least 3 to 4% per year. This is something that can surely put the United States back in the forefront of economic development in the coming years.

THE ROLE OF REAL ESTATE In conjunction with the steady rise in economic based income for the country, researchers from Freddie Mac, a real estate company, are also aware of the steady decrease of property investments within the first half of the year. However, real estate experts are still hopeful that the reported stabilization of mortgage prices will offset the downward trend in real estate investments this year. According to Freddie Mac website after a quick run-up earlier this year, mortgage rates inched backward over the summer and have most recently started to trend higher again. The U.S. weekly average mortgage rate reached 4.66 percent in May of this year and was 4.60 percent as of September 13. Looking ahead, we anticipate the 30-year fixed-rate mortgage to gradually increase again, averaging 4.5 percent this year and 5.1 percent in 2019. To combat this issue, real estate prices have also gone down which could convince young couples to invest in their own home right away to take advantage of the low prices. This would result to additional investments and within the country that can help the government bolster the U.S. economic status even further in the next two years.

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HOW CAN WE HELP?

family.

We can help improve the economy even further by making sure that we are able to spend our money wisely. Aside from investing in real estate, families can also start patronizing locally sourced products more regularly. This way, our earnings could go to proper government agencies that can help improve American lives more. Now is the time to unite and help our country even in our own little way. By doing this, we can help make this country even stronger for the next generation.

Do not wait any longer. Take advantage of the currently improving economic status of the country. It will not be a regrettable decision for sure. You will help the economy improve even more by deciding to invest in a residential property right now. Aside from buying real estate, you can also help improve the economy by making sure to pay taxes and buy local products as much as you can. Do not waste a single moment. The country will surely be grateful in the end.

FINAL WORDS As a potential homeowner, one can also take advantage of this particular downward trend. People will be able to get a hold of their dream property at a more affordable price than before. This is why now is the time to buy a house not only for oneself but also for the

The Power Is Now Magazine

November 2018

References http://www.freddiemac.com/research/forecast/20180924_ economic_growth.html http://country.eiu.com/article.aspx?articleid=1817580766&C ountry https://energynow.ca/2018/08/canadas-gdp-growthquickens-to-2-9-in-2nd-quarter-on-exports/

IN LEGAL

CFPB ordered to rehab LO Comp Rule

by the mortgage industry T

he Consumer Financial Protection Bureau has been making numerous efforts to ensure that the consumer has been guaranteed the protection they need from the predatory lending industry. In May, the bureau made a significant breakthrough by eliminating ‘the black hole’ that has for long plagued the mortgage industry. In a welcome development, the Consumer Financial Protection Bureau (CFPB) issued a rulemaking dubbed, “the 2018 rulemaking” amending the TILA/RESPA Integrated Disclosure (TRID) mortgage rule meant to clarify an issue that has vexed the mortgage industry since the promulgation of the TRID2 in 2015. But the real question is, has the CFPB improved the mortgage industry? Well, in an article written in a 2007 Democracy article, Elizabeth Warren wrote the following; “ It is impossible to buy a toaster that has a one-in-five chance of bursting into flames and burning down your house. But it is possible to refinance an existing home with a mortgage that has the same one-in-five chance of putting the family out on the street—and the mortgage won’t even carry a disclosure of that fact to the homeowner,” This called for the need of a consumer Protection agency for its financial products. With that, the Dodd-Frank Wall Street Reform and the Consumer Protection Act actualized the CFPB from an idea into a reality. CFPB was

The Power Is Now Magazine

November 2018

established to protect consumers looking for mortgages, auto loans, and other financial services. Since its inception, CFPB has added layers of protection to improve the quality of mortgage lending, and increase transparency in the mortgage industry for prospective homebuyers. Earlier before CFPB, there were no clear guidelines but today, a consumer gets a loan with clear disclosure of the monthly payments and the potential to change over the lifespan of the loan. Despite setting up clear guidelines to protect the consumers, the bureau has also enforced powers and has secured almost $12 billion in restitution to more than 27 million borrowers victimized by the most abusive policies. Shifting attention to Subtitle A of Title XIV of the Dodd-Frank Wall Street Reform and the Consumer Protection Act, you will realize that there was an amendment done to the Federal Truth-In-Lending Act (TILA) by imposing standards on the residential mortgage loan originators. A ma jority of provisions in the Title focuses on the Mortgage loan originator compensation and steering restrictions. What we have seen from its inception, the CFPB has been making numerous implementations at an unprecedented rate. This new wave of regulation was followed in a quick succession by enforcement actions, mainly, many of them focused on the compensation aspect.

CFPB Public Enforcement These enforcement show that CFPB is particularly concerned with the compensation. The Loan Originator issues also routinely come up during the CFPB examinations, this raises questions where the mortgage industry calls on CFPB to rehab the Loan originator Compensation rule. The industry urges the bureau to revise the LO Comp rule in favor of better protection for consumer and lesser regulatory burdens for the lenders. The Mortgage Bankers Association and some other affiliated groups said that after being under the compensation rule for nearly 5 years, changes to the rule should be among CFPB’s top priorities in its review of the Mortgage rules. “The LO Comp rule, while well-intentioned, is causing serious problems for industry and consumers due to its overly strict prohibitions on adjusting compensation and the amorphous definition of what constitutes a ‘proxy’ for a loan’s terms or conditions,” according to a letter sent to the acting CFPB Director Mick Mulvaney. To support their arguments, the letter further notes that the harms of the rule are felt when the borrowers are not able to obtain lower interest rates from the lender of their choosing when looking for mortgage. This also applies when the lenders are unable to hold the loan officers accountable for errors resulting from the origination process. In addition to that, consumers get harmed when the lenders limit their participation in the special programs that are designed to serve the first-time and the low-to-moderate income borrowers. What MBA is saying is that the Bureau should allow the loan officers to voluntarily lower their compensation in order to pass more savings on to the consumer. However, the letter doesn’t

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provide any suggestion on the measures that should be taken to ensure that such reductions are indeed voluntary and protect the loan officers from being pressured by the employers into taking a lower compensation. The current law suggests that a lender must choose between three options; lowering the interest rates, fees or discount points to match competition or even declining to compete with other mortgage officers. “The requirement to pay the loan originator full compensation for a discounted loan creates a strong economic disincentive for lenders to match interest rates,” the letter said. “For the consumer, the result is a more expensive loan or the inconvenience and expense of switching lenders in the midst of the process.” Revisions to the LO COMP rule would increase competition in the marketplace. Currently, the rule doesn’t allow companies to hold the employees financially accountable for the losses incurred from the errors made on a loan. Further, the rule also prohibits varying compensation for the different types of loans including the HFA loans. What the letter advocates for is that the lenders should be allowed to adjust loan compensation to offer loans made under the state and the local HFA programs.

Sources; h t t p s : // w w w . j d s u p r a . c o m / l e g a l n e w s / c f p b e l i m i n a te s - th e - b l a c k- h o l e - th a t - h a s - 8 24 2 5/ h t t p s : // w w w . j d s u p r a . c o m / l e g a l n e w s / m or t g a g e - l e nd er s - th e - b l a c k- h o l e - h a s - 5 8 6 8 7/ h tt p s : //www. n a t i o n a l m or tg a g e n ews .co m /n ews / m o r t g a g e - i n d u s tr y - ta p s - c f p b - t o - re h a b - l o a n originator-comp-rule

IN TECHNOLOGY

Real Estate Market In The Future Will Not Be Needing Any Appraisers. This Is Why

rospective real estate appraisers may have to check their career choices again as the profession seems to be losing its place in the market. According to the Appraisal Institute, an industry trade group based in Chicago, the number of appraisers nationally has been on a steady decline of about 1% to 2% over the last few years. The fact that close to two-thirds of the total appraisers are 51 years old or more shows that less and less people are coming into a profession that is slowly going extinct.

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November 2018

A real estate appraiser estimates the value of a home or a piece of land by visiting the site, observing the characteristics of the site and its location and then analyses the property compared to other similar ones. They are often hired to appraise a property before it is taxed, mortgaged, sold, insured or developed. Traditionally, real estate appraisers are required by lenders to verify the value of a property before they approve a new loan or refinance. Home buyers also rely on appraisers to give accurate valuations to make sure that they are not overpaying. Despite being a very profitable career choice at one time, things are starting to change and we think we know why. It all started in 2009 when the Federal Government imposed regulations that lead to the creation of appraisal

management companies. These companies act as a firewall between lenders and appraisers so that appraisers are compelled to give an unbiased opinion of a property’s value. They instantly became the popular choice for large banks and mortgage brokers. However, on the side of the appraisers, they caused a bit more than minor discomfort by cutting into appraisers’ compensation. In addition to that streamline approval programs that do not require an appraisal can be obtained from the Department of Housing and Development and the Department of Veterans. Provided your property is already insured by the Federal Housing Administration or the Department of veteran affairs, your mortgage loan can be refinanced without needing an appraiser’s work. The only condition is that your previous payments must have been timely and the refinancing must result in a lower monthly repayment. Now, here comes the big one. In 2017, the country’s two leading mortgages, Fannie Mae and Freddie Mac announced that you may not need an appraisal to get a mortgage. The government sponsored mortgage giants have decided to use proprietary analytics and property data to evaluate the value of houses.

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What this means is that instead of hiring a professional appraiser come out to inspect the home and look at recent sales in the area and perform an analysis to suggest a valuation, they can make use of the data they have as regards a house, its value and what it is sold for to grant a property waiver. Loan applications can now be run through an automated loan approval system that tells the lender the least valuation figure mandatory to support the requested loan. The system then accepts the borrower’s loan application without needing an appraisal. This is referred to as an “appraisal waiver” and means that the lender will accept the seller’s valuation of the property as the “sell price”. However, the appraisal waiver is not available to everyone, only borrowers with good equity can usually get a waiver on their approval. Appraisals cost $400 on the average, this is right around the money you save when you take an “appraisal waiver”, and you might however still be interested in getting one just to be sure of the property valuation. But if you’re a willing buyer at the price and the lender is okay with it, what’s there to lose?

References https://homeguides.sfgate.com/mean-dont-needappraisal-house-99949.html https://www.bloomberg.com/news/articles/2017-07-11/thenext-job-humans-lose-to-robots-real-estate-appraiser https://www.thebalancecareers.com/what-is-a-real-estateappraiser-525677 https://www.marketwatch.com/story/the-number-ofreal-estate-appraisers-is-falling-heres-why-you-shouldcare-2015-11-18

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IN COMMUNITY

TOUGH BATTLE FOR CALIFORNIANS: PROP 10 HAS LANDLORDS AND TENANTS

STUCK IN A TAG OF WAR P

roposition 10 is an initiated state statute that would repeal the Costa-Hawkins rental housing Act, allowing counties and cities to adopt rent control order that regulate how much landlords can charge tenants for any type of rental housing. California housing situation is in a mess, Becoming increasingly unaffordable. Developers and investors argue that rent control is the wrong answer to Californiaâ&#x20AC;&#x2122;s high rent instead local governments should loosen regulations and allow more dense developments in tight markets. We shall be looking at how the situation will look like when proposition 10 will be passed, landlords and tenants will be in an ugly situation.

PROPOSITION 10: RATE CONTROL DEBATE CENTERS AROUND REPEALING COSTA-HAWKINS RENTAL HOUSING ACT WHAT DOES THIS MEAN? The ballot set to be in November would let cities across California expand rent control by overturning the 1995 Costa-hawkins rental housing act. Proposition 10 supporters argue that rent control is important to keep low income Californians in their homes while opponents it will lower real estate values limiting housing supply.

WHAT DOES YOUR VOTE MEAN? A YES vote means; state law will not limit the kind of rent control cities and counties have. A NO vote means; state law will continue to limit the kind of rent control cities and counties have.

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November 2018

WHAT IS THE IMPACT? Depending by actions of local communities, revenue losses could be less or considerably more. In long term will cause potential net reduction in state and local revenues.

PROP 10 BACKING Over $21 million has been contributed by opponents of proposition 10. Western National group a real estate investment firm based in Irvine contributed over $3.7 million, Chicago based equity residential donated about $1.7 million, Essex property trust based in San Mateo donated more than $2.4 million while the California Association of realtors contributed $1.5 million. Housing prices have been rising over a decade. Many of the opposition dollars came from the real estate itself. Brian Shaffer, Managing director and Principal at George Smith partners says that as the cap rates have dropped in California many investors have looked at other states to buy and develop multifamily properties and passing the prop 10 would exacerbate that trend.

â&#x20AC;&#x153;

Without a law in place to honor those contracts of construction, we would see companies completely withdrawing hence not completing projects.

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of the repeal will tell you. To get a clear picture of what it would look like without the CostaHawkins it is better to look at how it was before the CostaHawkins was enacted. In early 1990â&#x20AC;&#x2122;s extreme rent control left tenants and property owners displaced and in poverty moreover the rent control limitations forced property owners to rent at low rates and many could not afford to keep up with maintenance and building code regulations. Much has changed since the Costa-Hawkins enactment: population has grown over 8 million in the past two decades. Without a law in place to honor those contracts of construction, we would see companies completely withdrawing hence not completing projects.

WHATS NEXT? Given the small numbers of California cities that actually impose rent control requirements, they may have a hard time convincing voters outside those cities that they should care. There is an enormous opposition from landlords

HOUSING FREEZE Rent control is meant to address housing problem. Without Costa-Hawkins postgraduate and college students, part time workers would have access to affordable housing with no consequences of new construction or housing market. At least, that is what advocates

References: https://www.ocregister.com https://www.therealdeal.com https://www.latimes.com https://www.ballotpedia.org https://www.sacramento.cbslocal.com

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IN COMMUNITY

WOMEN IN THE LIST: GOVERNOR BROWN SIGNS SB 826

REQUIRING CORPORATE BOARDS TO INCLUDE WOMEN

enate bill 826 promotes equitable and diverse gender representation on corporate boards. The bill requires that every publicly-held corporation in California to have at least one woman on its board of directors by the end of 2019. California would be the first state in the nation with such a requirement. By the end of July 2021, the bill requires a minimum of two women of board with five members and at least three members on board. The bill was authored by Senator Hannah Beth Jackson and Senate Pro Tempore Toni Atkins where it passed a senate 23-9 vote and the State Assembly in a 41-26 vote. â&#x20AC;&#x153;Public corporation make business decisions every day that affect our economy and employees. Adding women board members to our public corporations will help advance family-friendly policies in workplace and bring California one step closer to gender equity,â&#x20AC;? said Anne Staines of Sacramento, statewide president of the National Association of women business owners.

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November 2018

WILL IT STAND UP IN COURT Legal experts say that the measures violate the federal and state constitution, they also say it compels firms to prioritize gender over other aspects of diversity such as race and ethnicity. Federal laws also makes it clear that a company is subjected to rules concerning its internal affairs in the state in which it is incorporated, not the state in which it is headquartered and many California companies are incorporated outside the state particularly in Delaware.

diversity sitting in the boards, according to PwC study. Women were” notably more likely “than men consider different factors that could help recruit more minorities and women.

According to Grundfest research, a company like Apple, chattered in California and headquartered in Cupertino, is the only fortune 500 company that would need to add a woman on its board, by 2021 it would need to add a third party on its already existing two female directors, but Apple declined to comment. Several California trade groups opposed the bill they argued against the bill for singling out gender California chamber of commerce was at the most vocal.

WHAT MAKES A TEAM SMARTER? MORE WOMEN This saying is defended by a Harvard Business Review, “Defend your Research” published by Anita Woolley and Thomas Malone in June 2011. The authors reported there is little correlation between a group’s collective IQ and its individual members but if the team includes more women the IQ level increases. “A woman’s natural aptitude and intuition and value-based decision making are critical to leadership,” writes Dr. Craven. Women tend to be more collaborative and are better at multitasking, the Santa Barbara Democratic said. She also believes having more women could help reduce sexual assault and harassment in workplace. Research shows that female representatives on boards is key for women’s advancement in corporate America. Women may be the most vocal advocates for

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References https://www.latimes.com https://www.huffingtonpost.com https://www.kqed.org https://www.sfchronicle.com https://www.forbes.com

Home Ownership By Eric Lawrence Frazier MBA

Home ownership brings stability to individuals and families who have never had a dwelling place that they could call their own. There is something special about owning real estate that is unlike anything else on earth you can own. Real Estate you own is not like cars that decay over time and you have to replace them. Real Estate you own is not like clothes that go out of style and you have to buy new ones. Real Estate you own is not like expensive vacations or experiences that only last a moment in time. Real Estate you own is not like an apartment where the landlord may increase the rent until it’s no longer affordable. Real Estate you own is not like staying at your parents house where you know can’t stay forever. Home ownership is the beginning of wealth that increases over time and becomes your estate & legacy Home ownership is the pride of a mother nurturer and the kitchen her domain Home ownership is the pride of a father provider and protector of his territory and family. Home ownership is the foundation of permanence and the place where life happens, birthdays celebrated, deaths mourned. Home ownership is the place you build memories that can never be taken from you. Memories etched in walls and concrete, experienced in rooms and floors, Memories living in trees and shrubs planted by your hand. Howe ownership is the manifestation of you - your style, your colors, your smell, your stuff, your junk, your memories, your yard and your spaces, your life. It’s the height markers on your first child’s bedroom wall. It’s the hearts drawn in the concrete slabs when you pour your patio floor It’s the birthday parties, and anniversaries in the living room and kitchen. It’s the back yard barbecue with friends, neighbors and family contentions it’s the high school and college graduation, and wedding receptions Its’ the family nights and block parties and the fellowship of family connections Home ownership It’s more than real estate. Land, brick and mortar, wood frame construction and chicken wire. It’s more than money saved, gifts recieved and grants obtained It’s more than the debt you incur to buy it. It’s more than the payments you make to own it. It’s more than the appreciation that comes with keeping it over time. It’s memories, it’s family, and it’s life that can happen in one place Until you say it’s time to move.

The Power Is Now Magazine

November 2018