Week of 9.20.2018 – North Carolina Hurricane Aftermath – Carson Plans for Housing – Amazon Headquarters DC? – United Wholesale #1
September 20th, 2018
“Everything that irritates us about others can lead us to an understanding of ourselves.”— Carl Jung
Carl Jung writes that “it is a common pratice of projecting ourselves onto others. We both partake in the illusion of moral perfection and justify righteous warfare by any means against others”. Jung continues that “most people are content to be self-righteous and prefer mutual vilification (if nothing worse!) to the recognition of their projections”. We live in a a world split apart on fundamental questions, such as the nature of men and women, the potential justification of abortion and borders, sexual misconduct, gender neturality and topics on which you are certain to never reach consensus or a resolution rather then recongizing this we isolate it and create interpersonal and even global issues.
This projection is also onto political opponents. In international affairs – my own country can do no wrong, it is rather the Russians pulling strings, or the threat of nations like North Korea and Iran. Jung writes that a person who denies their shadow will “change the world into a replica of one’s own unknown face.” The evil that you are capable of, denied, becomes the responsibility exclusively of others. Public thinking becomes little more than a command on others to ally themselves with you, as both George W. Bush and radical interjectionally must believe, “You are either with us or against us.”
Quote I’m pondering — “Gardening is not outcome-oriented. A successful harvest is not the end of a gardener’s existence, but only a phase of it. As any gardener knows, the vitality of a garden does not end with the harvest. It simply takes another form. Gardens do not ‘die’ in the winter but quietly prepare for another season.” James P. Carse, Finite and Infinite Games
My Humility Journey:
At times as a young leader I felt obligated to talk farther than I had walked. I didn’t feel wise enough, strong enough, mature enough, competent enough, confident enough or qualified enough. It was at that time that my deficiencies humbled me and I discovered that God was more than enough. To succeed I needed to be humble before God and authentic with people. I had to be willing to admit wrong and weakness so I could grow and change.
This is what I discovered about myself. My journey from “here to there” was lonely. The reason? I was willing to be wrong and admit wrong so I could grow and change. Growth is a result of bad habits dropped, wrong priorities changed, and new ways of thinking embraced.
It happens only when we question ourselves enough to ask serious questions from others. The people who do not grow are unwilling to ask themselves or others hard questions. They are unwilling to leave what they have known and practiced. They are not willing to be wrong so they can discover what is right!
Therefore, they cling to “right” and their lives turn out wrong. How sad …surrender of being right enables us to ask questions that others can answer and add value to our lives. Surrender of being right is a prerequisite to finding right.
Real Estate News:
Mortgage Applications on the rise for the first time in a long time: Mortgage applications climbed 1.6% from last week, according to data from the MortgageBankers Assoication’s Weekly Mortgage Applications Suvery for the week ending September 14, 2018 Read Full Article
Here’s what Jeff Bezo’s said about locating HQ2 in the Greater Washington area – Never had so many business leaders packed into the massive ballroom at the Washington Hilton on the off chance the tech leader and richest man alive said … something.
United Wholesale Mortgage WM is hte nations No 2. Purchase Lender – What this means for brokers
Looking at second quarter numbers, UWM produced $8.3 billion in purchase loan volume to surge past Bank of America ($7.9 billion), JP Morgan Chase ($7.86 billion) and Quicken Loans ($7.8 billion) to become No. 2, behind Wells Fargo ($15.4 billion). Read Full Article
Mortgage Lenders May Lower Credit Standars if Apps keep falling:
Now, a decade after the crisis, two headwinds are putting pressure on mortgage companies. First, interest rates are going up. Second, the housing supply is constrained, which has resulted in a sharp appreciation in home prices. With mortgage applications declining, executives have a choice to make: Should underwriting standards be lowered? When volume becomes the defining metric for how loan officers and mortgage companies get paid, then loan quality deteriorates — and we’ve seen how that movie ends. We in the industry should be mindful not to take shortcuts or return to suspect practices. Those who managed through the great financial crisis won’t have to think twice about making the right decision. Read Market Watch Article , Read HousingWire Article by Jacob Gaffney
HUD Secretary Ben Carson lays out plans for Housing:
Carson laid out three components of his plan for reforming public housing.
The first is eliminating policies that increase rents as income goes up.
The second is to allow public housing authorities the freedom to implement any of the Choice Rent structures for their properties.
The third aspect of Carson’s plan is to use HUD funds to provide families in public housing with programs and resources that he hopes will help break poverty cycles.
Carson commented on the imbalance between supply and demand in the market and essentially said that private investment through public-private partnerships are the key to addressing the lack of affordable housing in the U.S. According to Carson, only one in four applicants who qualify for HUD assistance get it, and the lack of supply is right at the center of that abysmal rate. Read Full Article by Jeremiah Jensen
All Other Interested Stakeholdersin FHA Transactions
NEWS AND UPDATES
Reminder — Guidance for FHA-Approved Mortgagees and Servicers Regarding Presidentially-Declared Major Disaster Areas
Today, the Federal Housing Administration (FHA) is issuing this reminder to mortgagees about its guidance for originating and/or servicing FHA-insured forward andreverse mortgages in locations in the U.S. and its territories when the President declares it a major disaster area. This declaration is made when natural or other events are of such severity that it is beyond the combined capabilities of state and local governments to respond. The following guidance applies to all areas covered by a Presidentially-Declared Major Disaster Area (PDMDA):
FHA-insured mortgages secured by properties in a PDMDA are subject to a 90-day foreclosure moratorium following the disaster.
FHA-insured reverse mortgages (HECMs) that become due and payable for reasons other than the death of the last surviving borrower and eligible nonborrowing spouse are subject to a 90-day extension of HECM foreclosure timelines.
In PDMDAs only, HUD provides mortgagees an automatic 90-day extension from the date of the foreclosure moratorium expiration date to commence or recommence foreclosure action or evaluate the borrower under HUD’s loss mitigation program.
Mortgagees should review complete servicing guidance in the Single Family Housing Policy Handbook 4000.1 (SF Handbook), Sections III.A.2 and III.A.3.c relating to the servicing of mortgages in PDMDAs.
Mortgagees are reminded that they should begin reaching out to affected borrowers who may require loss mitigation assistance as soon as possible post-disaster. In preparation for assisting homeowners with longer-term recovery efforts, mortgagees should also review:
· FHA’s 203(h) Mortgage Insurance for Disaster Victims requirements in Section II.A.8.b of the SF Handbook. The 203(h) program allows FHA to insure mortgages for victims of a major disaster who have lost their homes and are in the process of rebuilding or buying another home.
· FHA’s 203(k) Rehabilitation Mortgage Insurance Program requirements in Section II.A.8.a of the SF Handbook. The 203(k) program provides mortgage financing or refinancing which includes the cost of home repairs – both structural and non-structural – into the loan amount.
Mortgagees can find more information about the policies referenced above and other FHA PDMDA policies on the FHA Resource Center’s Online Knowledge Base.