Breaking News Concerning Interest Rates

We are sending out our Friday update early due to BREAKING NEWS concerning Interest Rates. Please also read below for information concerning USDA changes as well as a great "Did You Know" concerning Short Sales. Have a blessed rest of the week and weekend..... we so appreciate your trust in referring your clients, friends and family to us and look forward to a continuing strong partnership. Linda BREAKING NEWS- Interest Rates ......... "Will rates stay where they are for a few hours or a few days? I'm not sure yet. I do know the time is to act now- whether it is to purchase or refinance." What effect does the $750 billion to Mortgage Backed Securities mean..... read below and forward on to your clients, friends and family. If you had asked me what rates are going to do in February, I would have said "rates are great but I don't know if we're early in the game with the market heating up or if we're in the fourth quarter with the clock ticking down." Since that time rates deteriorated some, but overall have remained at/near historic lows. Yesterday the Federal Open Markets Committee (FMOC aka "The Fed") kept rates the same as anticipated - however they increased their commitment to buy mortgage backed securities and will begin buying long-term treasury bonds. This resulted in a rally in mortgage backed securities (MBS) and in treasury bonds. The historic low mortgage rates we have been enjoying are a result of two things: the rally was sparked by the Fed's commitment to buy $500 billion in MBS and they have continued to stay low as they are buying $20 billion to $30 billion per week of MBS. Some people would call this market manipulation they call it "Government Support." Yesterday, the Fed committed an additional $750 billion to MBS purchases; bringing the total to a staggering $1.25 trillion*. The $300 billion commitment to buy long-term treasury bonds is a great move a treasury bonds are considered one of the safest investments in the world. If MBS get pushed lower but treasury bonds stay higher; no one will buy MBS and rates will go up. If the Fed pushes treasury bond rates lower as well then MBS will remain an attractive investment and mortgage rates will remain low. Now you're asking, "what is the bottom line? Are we early in the came or are we in the fourth quarter with the clock ticking down?" Rates are back almost to the lows we saw in January. Will they get there? I'm not sure yet. Will they stay where they are for a few hours or a few days? I'm not sure yet. I do know the time is to act now- whether it is to purchase or refinance. If you or someone you know has been waiting, act now. Due to strain on the market we can only lock rates for loans that are in process with complete packages. I know the only way to ensure you get today's rates or are ready for tomorrow's rates is to start moving forward immediately. The strategies my team has been executing have proven to be the right strategies for this market. Loans are taking longer, underwriters are asking for more documentation, and the process often times feels more painful than going to the dentist. That said, we are successfully delivering the best rate and fee scenarios available in the market place. As always I would sincerely appreciate it if you would forward this on to your database of clients, friends and family. We continue to be overwhelmed with stories of lenders taking advantage of people, over promising and under delivering, and letting rate locks expire. Please don't let that happen to some you know. We are committed to fulfilling our promises. Side note: The Obama administration admitted yesterday that lenders are not ready for the modification initiative and that people should be patient as they gear up. They are expecting nine million households to qualify and I believe they really are trying to gear up for the volume so rest assured your servicer will address your situation soon. Thank you for your trust. Linda

$7500 Tax Credit Refund for First Time Home Buyers

In our continual commitment to excellence, we wanted to give you Frequently Asked Questions concerning the $7500 Tax Credit. Please find below information that you will find helpful. When we can be of assistance, simply call us at 972-278-3400. 1. Who is eligible to claim the $7,500 tax credit? First time home buyers purchasing any kind of home—new or resale—are eligible for the tax credit. To qualify for the tax credit, a home purchase must occur on or after April 9, 2008 and before July 1, 2009. For the purposes of the tax credit, the purchase date is the date when closing occurs. 2. What is the definition of a first-time home buyer? The law defines "first-time home buyer" as a buyer who has not owned a principal residence during the three-year period prior to the purchase. For married taxpayers, the law tests the homeownership history of both the home buyer and his/her spouse. For example, if you have not owned a home in the past three years but your spouse has owned a principal residence, neither you nor your spouse qualifies for the first-time home buyer tax credit. Ownership of a vacation home or rental property not used as a principal residence does not disqualify a buyer as a first-time home buyer. 3. How do I claim the tax credit? Do I need to complete a form or application? Participating in the tax credit program is easy. You claim the tax credit on your federal income tax return. No other applications or forms are required. No pre-approval is necessary; however, prospective home buyers will want to be sure they qualify for the credit under the income limits and first-time home buyer tests. 4. What types of homes will qualify for the tax credit? Any home purchased by an eligible first-time home buyer will qualify for the credit, provided that the home will be used as a principal residence and the buyer has not owned a home in the previous three years. This includes single-family detached homes, attached homes like townhouses and condominiums, manufactured homes (also known as mobile homes) and houseboats. 5. Instead of buying a new home from a home builder, I have hired a contractor to construct a home on a lot that I already own. Do I still qualify for the tax credit? Yes. For the purposes of the home buyer tax credit, a principal residence that is constructed by the home owner is treated by the tax code as having been "purchased" on the date the owner first occupies the house. In this situation, the date of first occupancy must be on or after April 9, 2008 and before July 1, 2009. In contrast, for newly-constructed homes bought from a home builder, eligibility for the tax credit is determined by the settlement date. 6. What is "modified adjusted gross income"? Modified adjusted gross income or MAGI is defined by the IRS. To find it, a taxpayer must first determine "adjusted gross income" or AGI. AGI is total income for a year minus certain deductions (known as "adjustments" or "above-the-line deductions"), but before itemized deductions from Schedule A or personal exemptions are subtracted. On Forms 1040 and 1040A, AGI is the last number on page 1 and first number on page 2 of the form. For Form 1040-EZ, AGI appears on line 4 (as of 2007). Note that AGI includes all forms of income including wages, salaries, interest income, dividends and capital gains. To determine modified adjusted gross income (MAGI), add to AGI certain amounts such as foreign income, foreign-housing deductions, student-loan deductions, IRA-contribution deductions and deductions for higher-education costs. 7. If my modified adjusted gross income (MAGI) is above the limit, do I qualify for any tax credit? Possibly. It depends on your income. Partial credits of less than $7,500 are available for some taxpayers whose MAGI exceeds the phase out limits. The credit becomes totally unavailable for individual taxpayers with a modified adjusted gross income of more than $95,000 and for married taxpayers filing joint returns with an AGI of more than $170,000. 8. Can you give me an example of how the partial tax credit is determined? Just as an example, assume that a married couple has a modified adjusted gross income of $160,000. The applicable phase out to qualify for the tax credit is $150,000, and the couple is $10,000 over this amount. Dividing $10,000 by $20,000 yields 0.5. When you subtract 0.5 from 1.0, the result is 0.5. To determine the amount of the partial first-time home buyer tax credit that is available to this couple, multiply $7,500 by 0.5. The result is $3,750. Here’s another example: assume that an individual home buyer has a modified adjusted gross income of $88,000. The buyer’s income exceeds $75,000 by $13,000. Dividing $13,000 by $20,000 yields 0.65. When you subtract 0.65 from 1.0, the result is 0.35. Multiplying $7,500 by 0.35 shows that the buyer is eligible for a partial tax credit of $2,625. Please remember that these examples are intended to provide a general idea of how the tax credit might be applied in different circumstances. You should always consult your tax advisor for information relating to your specific circumstances. 9. Does the credit amount differ based on tax filing status? No. The credit is in general equal to $7,500 for a qualified home purchase, whether the home buyer files taxes as a single or married taxpayer. However, if a household files their taxes as "married filing separately" (in effect, filing two returns), then the credit of $7,500 is claimed as a $3,750 credit on each of the two returns. 10. Are there any circumstances for which buyers whose incomes are at or below the $75,000 limit for singles or the $150,000 limit for married taxpayers might not be able to claim the full $7,500 tax credit? In general, the tax credit is equal to 10% of the qualified home purchase price, but the credit amount is capped or limited at $7,500. For most first-time home buyers, this means the credit will equal $7,500. For home buyers purchasing a home priced less than $75,000, the credit will equal 10% of the purchase price. 11. I heard that the tax credit is refundable. What does that mean? The fact that the credit is refundable means that the home buyer credit can be claimed even if the taxpayer has little or no federal income tax liability to offset. Typically this involves the government sending the taxpayer a check for a portion or even all of the amount of the refundable tax credit. For example, if a qualified home buyer expected, notwithstanding the tax credit, federal income tax liability of $5,000 and had tax withholding of $4,000 for the year, then without the tax credit the taxpayer would owe the IRS $1,000 on April 15th. Suppose now that taxpayer qualified for the $7,500 home buyer tax credit. As a result, the taxpayer would receive a check for $6,500 ($7,500 minus the $1,000 owed). 12. What is the difference between a tax credit and a tax deduction? A tax credit is a dollar-for-dollar reduction in what the taxpayer owes. That means that a taxpayer who owes $7,500 in income taxes and who receives a $7,500 tax credit would owe nothing to the IRS. A tax deduction is subtracted from the amount of income that is taxed. Using the same example, assume the taxpayer is in the 15 percent tax bracket and owes $7,500 in income taxes. If the taxpayer receives a $7,500 deduction, the taxpayer’s tax liability would be reduced by $1,125 (15 percent of $7,500), or lowered from $7,500 to $6,375. 13. Can I claim the tax credit if I finance the purchase of my home under a mortgage revenue bond (MRB) program? No. The tax credit cannot be combined with the MRB home buyer program. 14. I live in the District of Columbia. Can I claim both the DC first-time home buyer credit and this new credit? No. You can claim only one. 15. I am not a U.S. citizen. Can I claim the tax credit? Maybe. Anyone who is not a nonresident alien (as defined by the IRS), who has not owned a principal residence in the previous three years and who meets the income limits test may claim the tax credit for a qualified home purchase. The IRS provides a definition of "nonresident alien" in IRS Publication 519. 16. Does the credit have to be paid back to the government? If so, what are the payback provisions? Yes, the tax credit must be repaid. Home buyers will be required to repay the credit to the government, without interest, over 15 years or when they sell the house, if there is sufficient capital gain from the sale. For example, a home buyer claiming a $7,500 credit would repay the credit at $500 per year. The home owner does not have to begin making repayments on the credit until two years after the credit is claimed. So if the tax credit is claimed on the 2008 tax return, a $500 payment is not due until the 2010 tax return is filed. If the home owner sold the home, then the remaining credit amount would be due from the profit on the home sale. If there was insufficient profit, then the remaining credit payback would be forgiven. 17. Why must the money be repaid? Congress’s intent was to provide as large a financial resource as possible for home buyers in the year that they purchase a home. In addition to helping first-time home buyers, this will maximize the stimulus for the housing market and the economy, will help stabilize home prices, and will increase home sales. The repayment requirement reduces the effect on the Federal Treasury and assumes that home buyers will benefit from stabilized and, eventually, increasing future housing prices. 18. Because the money must be repaid, isn’t the first-time home buyer program really a zero-interest loan rather than a traditional tax credit? Yes. Because the tax credit must be repaid, it operates like a zero-interest loan. Assuming an interest rate of 7%, that means the home owner saves up to $4,200 in interest payments over the 15-year repayment period. Compared to $7,500 financed through a 30-year mortgage with a 7% interest rate, the home buyer tax credit saves home buyers over $8,100 in interest payments. The program is called a tax credit because it operates through the tax code and is administered by the IRS. Also like a tax credit, it provides a reduction in tax liability in the year it is claimed. 19. If I’m qualified for the tax credit and buy a home in 2009, can I apply the tax credit against my 2008 tax return? Yes. The law allows taxpayers to choose ("elect") to treat qualified home purchases in 2009 as if the purchase occurred on December 31, 2008. This means that the 2008 income limit (MAGI) applies and the election accelerates when the credit can be claimed (tax filing for 2008 returns instead of for 2009 returns). A benefit of this election is that a home buyer in 2009 will know their 2008 MAGI with certainty, thereby helping the buyer know whether the income limit will reduce their credit amount. 20. For a home purchase in 2009, can I choose whether to treat the purchase as occurring in 2008 or 2009, depending on in which year my credit amount is the largest? Yes. If the applicable income phase out would reduce your home buyer tax credit amount in 2009 and a larger credit would be available using the 2008 MAGI amounts, then you can choose the year that yields the largest credit amount. 21. Is there any way for a home buyer to access the money allocable to the credit sooner than waiting to file their 2008 tax return? Yes. Prospective home buyers who believe they qualify for the tax credit are permitted to reduce their income tax withholding. Reducing tax withholding (up to the amount of the credit) will enable the future home buyer to accumulate cash by raising his/her take home pay. This money can then be applied to the down payment. Buyers should adjust their withholding amount on their W-4 via their employer or through their quarterly estimated tax payment. IRS Publication 919 contains rules and guidelines for income tax withholding. Prospective home buyers should note that if income tax withholding is reduced and the tax credit qualified purchase does not occur, then the individual would be liable for repayment to the IRS of income tax and possible interest charges and penalties. Note: Other information can be found at the following websites: www.federalhousingtaxcredit.com or www.realtor.org (click on buyers and sellers)

Reverse Purchase Mortgages begin Jan 1, Market Report, Last Chance for 2.25 Downpayment for FHA, Happy New Year!

I hope that your Christmas was blessed and that you had a joyous day. The new year of 2009 is upon us this week. The year of 2008 held for us a lot of changes, uncertainity, challenges, and determination. But I have a decided heart that we will continue to challenge ourselves in 2009 to be the best that we can be, to persevere through a tough economy and come out stronger than ever. In 2009, we will have 31,536,000 seconds of opportunity. Don’t miss “teachable moments” professionally and personally. Make it a habit to intentionally be a habitual learner this next year. Here’s to learning and growing together. Linda Last Chance!!!!! FHA Case Numbers- Reminder that we will need to order case numbers by 5:00 PM on Wednesday in order for your buyers to get the 2.25% down payment on FHA loans (verse the 3.5% down payment as of 1/1/09)- See below for more information. Also, beginning 1/1/09, seniors (62+) can purchase a home using a Reverse Purchase Mortgage. We will be talking about this program over the course of the next few weeks- I really think that it will be a big part of our market’s book of business so it is important that you understand it for your senior clients. We also have the update on the market report- see below. Important FHA Reminder- Last Chance!!!!!!! FHA down payment increases as of 1/1/09 from 2.25% to 3.5%. This is a 55% increase! IF you have a buyer that has a contract written before the end of this month but will be closing in 2009, call our office and let us order a case number. As long as the case number is ordered by 12/31/09, then we can still close with a 2.25 down payment verses 3.5%! Call us today at 972-278-3400 for more information. We will need to know address, full legal names and social security numbers in order to secure the case number. Reverse Purchase Mortgages According to AARP, there are over 250,000 people over the age of 62 in Dallas County. As of 1/1/09, seniors (62+) can purchase a home using an FHA HECM mortgage. This opens up a whole new market to realtors to market. Let’s discuss some examples: • An 86 year old widow in Monroe, Louisiana wants to relocate to Lancaster, Texas to be near her sister. She plans to sell her home in Louisiana and purchase a home in Texas using a Reverse Mortgage. She will net about $75,000 from the sale, and is looking for something in the $200,000 range. Based on her age, she will need to put about $65,000 down on the purchase, plus closing costs. It will be close, and she may have to scale back to something in the $180-190,000 range, but it is a workable deal, and she can accomplish her goal without dipping into savings, and she will never have a payment as long as she lives in her new home. • Rosie is 62 and needing to downsize from her $300,000 home in which she will net $150,000. She does not want a payment as she is now alone and does not want to have that monthly expense and also wants reserves. She began to look at $100,000 homes and had almost decided to not purchase as she cannot find anything in that price range that she is comfortable living in. After finding out about the new Purchase Reverse Mortgages, she has decided to purchase a $200,000 home, put $100,000 down, saving $50,000 for her emergencies and taxes and insurance and never make a payment as long as she lives in the home as her primary residence. What is your story? What is your senior client’s story? This is an unexplored market ready to explode! What you need to know on Purchase Reverse Mortgages:  NO INCOME VERIFICATION! NO Ratios of Income vs Expenses!  NO CREDIT CHECK- NO Minimum Credit Score!  Seller cannot pay any closing costs  All persons on loan (and warranty deed*) must be 62+  Downpayment required will depend on age of buyer (see below).  LTV is based on the youngest age of those on the loan (and warranty deed*)  Loan limit is based off a max of $417,000 (!)  Highly recommend a 45 day closing (at least for the first six months)  Use Standard TREC contract  FHA loan (FHA property condition apply) Age Approx LTV Approx Down Payment 62 51% 49% 70 56% 44% 80 66% 34% 90 76% 24% 100 81% 19% We will continue to explore this hot new market over the next few weeks. Do you have a senior client that could benefit from purchasing a home and NEVER having a monthly payment? Call us at 972-278-3400 and ask for our Reverse Mortgage Director, David White. Market Report The material contained below is provided by a third party to real estate, financial services and other professionals only for their use and the use of their clients. The material provided is for informational and educational purposes only and should not be construed as investment and/or mortgage advice. Although the material is deemed to be accurate and reliable, we do not make any representations as to its accuracy or completeness and as a result, there is no guarantee it is not without errors. The following is from the mortgage industry training company in which I train with/for in the last 10 years. A lot of my market knowledge has come from this company and it is now a pleasure to be able to reciprocate and teach for them. Below you will find a link for a 10 minute video for a little talked about “Mark To Market”- thought by many economic specialists as the real reason behind the economic crisis. If you would rather read it than listen to the link, visit my blog at http://lindadavidsonmortgage.blogspot.com and click on “Mark To Market Accounting”. The knowledge will be huge and I think you will find it amazing! The Real Reason Behind the Economic Crisis The current economic crisis is the top news story for nearly every media outlet. But, somehow, one of the most important factors that led to this challenging market is also one of the least discussed. The crisis in the financial markets seems to be the top story on every news channel. But many of the reporters and so-called pundits don't understand what really happened...and what may happen next. I'm pleased to share with you a short video and article that were created to put an end to the confusion once and for all! In these easy-to-understand resources, Barry Habib, Founder of the Mortgage Market Guide and Chairman of the Board for Mortgage Success Source, explains in layman's terms exactly what caused the current financial crisis - and what to be watching for in the near future. Please take a moment to access these resources here...the few minutes you spend will open your eyes to what very few "experts" truly understand. If you would rather read it than listen to the link, visit my blog at http://lindadavidsonmortgage.blogspot.com and click on “Mark To Market And as your trusted advisor, I'm committed to doing whatever I can to help you understand what the current economic situation means for you going forward in 2009. Wishing You And Yours A Happy New Year and A Blessed 2009! We are here when you need us- simply call us at 972-278-3400. Happy New Year! Linda

Mark to Market Accounting

Mark to Market Accounting By Barry Habib Chairman of the Board, Mortgage Success Source The financial crisis we are in today was not caused by mortgages or housing, although they were both catalysts. The real reason was an accounting rule called "Mark to Market" (also known as FASB 157). Few people have a strong grasp of this rule, and even those who do have a tough time explaining it on air due to time restrictions. So let’s take a few minutes to break it down, so you can have the inside track on this very important concept and understand why it represents some great opportunities. Why does ‘Mark to Market’ exist? Let’s go back to the stock market crash, which occurred between 2000 and 2002. With the S&P down 49% and the NASDAQ down 71%, many people lost much of their life savings and they were very angry. Companies like Enron and Arthur Andersen were able to find ways to make their books looks more attractive, which was reflected in an artificially inflated stock price. Both the public and Congress had a call for more transparency in business and hastened the passage of “Mark to Market” accounting. This is the notion that all assets should be valued as if they were sold on a daily basis. Under the letter of the law, failure to do this conservatively can now result in jail time. So what’s the problem? Before we get into what this means for banks, let me make a quick analogy using a scenario that should make perfect sense to you and your clients. Let’s imagine that you own a house in a neighborhood where all of the houses are priced at around $300,000. Unfortunately, your neighbor, who owns his home free and clear, falls ill and needs emergency cash quickly. Because he is under duress, he must sell the home for $200,000 in order to get the cash he needs right away, even though the home is worth considerably more. Now would this mean that your home is now worth the same $200,000 that your neighbor sold his for? Of course not, because you are not forced to sell under duress. It just means that your new neighbor got a great deal. However, if you were a publicly traded company and had to abide by Mark to Market account rules, you and the rest of your neighbors would now have to say, by law, that your home was worth only $200,000 – not the $300,000 you would get for it if you actually sold. So what's the big deal? Read on. So how does this principle apply to banks? Let's say we decide to start a bank . . . call it XYZ Bank. We raise $2 Million to open our doors. Remember that our capital account is $2 Million. Banks make money by taking in deposits and paying low rates of interest to those depositors (maybe throw in a toaster too). We then take that money and make loans with it at higher rates. We keep the difference. So, we turn that money into $30 Million worth of loans. This puts our ratio of loans to capital (our Capital Ratio) at 15:1 ($15 Million in Loans to $1 Million in Capital). This level is acceptable, as long as we can shoulder some losses and recover. Because we are very conservative here at XYZ Bank, the loans we make require a minimum down payment of 30%, a credit score of 800 or better (that’s nearly an 850 which is perfect), proof of income and assets, a reserve of at least two years of mortgage payments (normal is two months) and income requirements that only allow 10% of monthly income to cover all expenses (normal is 40%). We do this and our loans perform perfectly. We make lots of money. Nobody is paying late and our clients are sending us holiday cards. They love us . . . it's a party. You and I are celebrating as we see our stock price soar. But real estate values decline and, even though all of our loans are paying perfectly, we must re-assess the loan portfolio to account for the decline in real estate values, which leaves us with less of an equity cushion. We had a minimum 30% down payment, which means the loans were 70% of the value of our assets – until we account for the decline in the market. Now, our position goes from 70% to 90%. That's riskier and, therefore, worth less than when our loans had a 70% safety position. Our accountants tell us that we must “Mark to Market” or risk jail. They say our value is now reduced by $1 Million. Whoa! We must take (or write down) this loss against our capital account. It is a paper loss – we don't write a check, we have no late payers, no defaults, no bad business decisions. Still, we must reflect this $1 Million paper loss in our Capital Account, which drops from a $2 Million to $1 Million in value. Here’s where things get problematic. At this level, with $30 Million in loans outstanding, we now have a capital ratio of 30:1. At this level of leverage, alarms begin to sound. Our ratios are out of the safe zone; we could go under with just a few losses, deposits are in jeopardy. Hello FDIC examiner, we are on the watch list, the Securities and Exchange Commission (SEC) is asking questions and our stock starts to tumble. The business networks are showing coverage of our now troubled bank. We are in big trouble. The problem, we are "over leveraged". The solution? We have to “de-lever” . . . and do so quickly. But there are only two ways to do that, and one of them isn’t really an option. The first way is to raise capital, but that’s not going to happen when our ratios are out of whack and we are in serious trouble as well as on the FDIC watch list. It is unlikely that anyone will be willing to invest cash in XYZ Bank. The other option is that we can sell assets, like the outstanding loans, which are increasing our capital ratio. Like your neighbor, who owned his home outright but needed cash for medical bills, we are now under duress. The paper we are holding has a lot of value, but we have to sell it quickly and, because of that, cheaply. So, we offload the loans at a loss, which exacerbates the problem because those losses further reduce our capital account. Very quickly, like a flushing toilet, things start to spiral – we are going down. The problem multiplies The problem doesn’t stop there. The fire sale we just had on our loans makes things worse – even for the banks that bought them up and thought they were getting a great deal. Under Mark to Market, the loans we just sold must be included in the comparables that other financial institutions use to value their assets. This is how the problem spread and got so bad so fast. Other good institutions, with good loans, have to mark down. Just like us, they become over-leveraged. It’s a chain reaction, all triggered by a well intentioned, but over-reaching accounting rule. Financial institutions fold, sell, or freeze. Credit - the life blood of our economy - is cut off at the source. Because of a lack of available credit, home sales and refinances crawl, auto sales drop and jobs are lost. Additionally, the economy enters a recession. During the last recession in 2001, the economy recovered relatively quickly thanks to $3 Trillion worth of home equity withdrawals. But, more restrictive programs, a lack of available credit, and lower home values will make it difficult for us to use home equity to help pull us out of a recession this time around. Fixing the problem The Federal Reserve has passed a rescue plan, which, over time, will provide some level of help. Some banks will get money to infuse into their capital accounts. Others can sell some assets to the government in an effort to “de-lever”. But, the big thing that is not talked about, not well understood, is the part of the rescue plan that traces this financial crisis back to the source. The US Congress has given the SEC its blessing to modify “Mark to Market” accounting. And by January 2, SEC Chairman, Chris Cox has to get back to Congress with ideas, if any, on how to fix Mark to Market accounting. It won't be eliminated, as we will not want to go back to the Enron days. But he is likely to adjust the Mark to Market provisions. Here’s one potential solution - even rental or commercial real estate properties can be valued two ways: 1. The comparable sales method, which determines the value based on what other assets have sold for, which is the way Mark to Market work currently. 2. A cash flow method, which values the property based upon cash coming in. If we see Mark to Market modified to use cash flow to value assets, without requiring a large percentage discounting mechanism - wow! What a shot in the arm that would be. We’d likely see the stock market rally, with financial stocks leading the uphill charge. Consider that, in today’s market, fund managers are holding 27% of their assets in cash, compared with just 3% they held in cash when the stock market peaked in October of 2007. That means there is a lot of money on the sidelines that can push stock prices higher. Additionally, think about the redemptions from hedge funds that eventually need to be put back to work. That’s another reason to be optimistic about stocks in the first quarter of 2009 – provided that Chairman Cox modifies Mark to Market accounting in a meaningful way. And a good stock market helps individuals feel better about purchasing homes. Additionally, stronger balance sheets for financial institutions will allow them to lend more money. The bottom line With some potentially very good news around the corner, there might be reason for optimism as we head into 2009. ABOUT MORTGAGE SUCCESS SOURCE Mortgage Success Source (MSS) is the strategic alliance of Mortgage Market Guide, LoanToolbox and The Duncan Group. Featuring the talents of industry leaders Barry Habib, Sue Woodard, Greg Frost, Todd Duncan, Linda Davidson and Jim McMahan, MSS provides money-making training and resources to more than 40,000 loan originators nationwide. MSS is the one-stop-shop for loan originators looking to achieve higher levels of success. All MSS products and technologies feature proven systems that are easy to implement and generate increased loan volume.

The Lists Day- Updated FTHB Programs in D/FW List, 3rd Quarter Zillow Apprec/Deprec List, Store Closing List, Market Update

You will find that today’s update is the... Lists Day. It was not intentional- just a lot of information to get out to you! We have the “new and improved” updated list for the First Time Home Buyer Programs available in Dallas/ Fort Worth; We have the 2008- 3rd Quarter Zillow Appreciation/ Depreciation List for our area; and we have the dreadful list of stores that are closing and information about gift cards that I would highly recommend that you send out to your clients (as their trusted advisor). In addition to “the lists”, you will find below the market update… and boy was it an interesting one last week. But before we start “The Lists”, I hope that you have enjoyed our continuation on The Law of The Harvest and have found it beneficial and encouraging. As we have said before, we always want to be your information source, but we also love to reap our harvest and appreciate you having us be your mortgage lender of choice. Our team is knowledgeable, experienced and all have their underwriting certifications so there are no surprises at the end- let us know when we can be of assistance to you and your buyer. We can be reached at 972-278-3400, email at ldavidson@servicefirstmtg.com or our website at www.davidsongroup.net. Top 5 Innovative Ways to Jump Start Your 2009 I will be joining North American Title on Friday, December 5th in a presentation of “Top 5 Innovative Ways to Jump Start Your 2009”. This will be a fun, fast and informative talk on how to make 2009 start strong and I am so excited to present this- I have lots of fun surprises and cant wait to share! Hope to see you at one or all of these events on 12/5. See below for more information. Note that all address below are for North American Title (NAT) Where Address Time Food Served NAT Mesquite 2424 Gus Thomasson Rd, Mesquite, TX (972) 270-2488 12/5- 9 AM- 11 AM Breakfast NAT Garland 5435 N Garland Ave, Garland, TX (214) 703-9607 12/5- 12 Noon- 2 PM Lunch NAT Rockwall 3007 Ridge Rd, Rockwall, TX (972) 771-0667 12/5- 3 PM- 5 PM Wine & Cheese LEARN The Top 5 Innovative Ways to Jump Start Your 2009, EAT lots of food, NETWORK and WIN door prizes and give aways. Come to one or come to all…..We just would love to see you there! Looking for monies for your First Time Home Buyer? Dallas County Money- $7500 towards Down payment, Closing Cost and Prepaids: These cities only: Balch Springs Cedar Hill (Dallas County Part) Cockrell Hill Coppell (Dallas County Part) Desoto Farmers Branch Glenn Heights (Dallas County Part) Hutchins Lancaster Rowlett (Dallas County Part) Sachse Seagoville Wilmer City of Dallas Money- $10,000 towards Down payment, Closing Cost and Prepaids City of Garland Money- $10,000 towards Down payment, Closing Cost and Prepaids City of Terrell Money- $10,000 towards Down payment, Closing Cost and Prepaids City of Plano Money- $5,000 towards Down payment, Closing Cost and Prepaids City of Arlington Money- $10,000 towards Down payment, Closing Cost and Prepaids City of Denton Money- up to $14,900 towards Down payment, Closing Cost and Prepaids City of Irving Money- up to $10,000 (for existing) and up to $30,000 (for new construction) towards Down payment, Closing Cost and Prepaids City of Fort Worth- up to $14,999 towards Down payment, Closing Cost and Prepaids We are still anticipating bond monies for Texas but have still not heard of the release date (most likely by the end of the year). We are also anticipating $20,000 in Fort Worth funds for foreclosed properties, but those funds will probably not be released until next year (around March (ish)). Remember that each program has their own restrictions and stipulations so it is important that you talk to a mortgage professional that understands these programs (that would be us :)). We can be reached at 972-278-3400. Zillow Real Estate Market Reports Third Quarter: July-September 2008 U.S. home values continued to slide for the seventh consecutive quarter, declining 9.7 percent from a year ago, and falling 12.8 percent since the market peak in 2006. This is also the first quarter a significant number of markets show flat or negative five-year annualized change. Additionally, one-third of homes sold in the past 12 months sold for a loss, and 14.3 percent of all homeowners have negative equity. Zillow Q3 Real Estate Market Reports track 163 metropolitan statistical areas (MSAs) throughout the U.S., identifying market trends including, but not limited to: five and 10-year annualized change, homes selling for a loss, negative equity and foreclosure transactions. We have listed below the home values (per Zillow) for the Third Quarter (July- September 2008) City +/- Allen 1.3 Arlington -2.0 Balch Springs -4.1 Bedford 0.2 Colleyville -4.6 Coppell 2.8 Dallas -3.3 Duncanville -0.7 Euless 0.8 Fairview -3.7 Farmersville 2.6 Flower Mound 2.9 Forney -9.1 Frisco -1.2 Garland -3.2 Grand Prairie -1.1 Grapevine 3.3 Highland Village 1.1 Irving -3.0 Lewisville 3.0 Mesquite -3.7 Murphy -5.1 Nevada -2.2 Plano 2.5 Princeton 3.0 Richardson -0.1 Rockwall 1.5 Rowlett 5.5 Royce City 0.6 Sachse 1.1 Seagoville -1.6 Southlake 0.0 Terrell 6.1 The Colony -1.6 Wylie 1.0 The following list was sent to me. This would be great information to forward to your clients as their trusted advisor. Note that I have verified the information against www.snoopes.com. Also see more information below from an article last Sunday in the Dallas Morning News. Watch those store money cards and gift cards.. and credit slips! Stores that informed the Security Exchange of closing plans between October 2008 and January 2009. Circuit City stores... filed BK- will be closing multiple stores Ann Taylor- 117 stores nationwide are to be shuttered Lane Bryant,, Fashion Bug ,and Catherine's to close 150 store nationwide Eddie Bauer to close stores 27 stores and more after January Cache will close 20-23 stores Talbots closing down all kids and men stores and 22 of the women stores GAP closing 85 stores Footlocker closing more stores- so far 334 stores have been closed Wickes Furniture closing down Levitz closing down remaining stores Bombay closing remaining stores Zales closing 105 stores Piercing Pagoda closing all stores Disney closing 98 stores Home Depot closing 15 stores Macys to close 9 stores after January Linens and Things closing all stores Movie Galley closing 160 stores Pacific Sunware closing 153 stores Pep Boys Closing 31 stores Sprint/ Nextel closing 125 stores JC Penney closing some stores after January Ethan Allen closing down 12 stores. Wilson Leather closing down 188 stores Sharper Image closing down 90 stores K B Toys closing 356 stores Pier 1 Imports will be closing an unspecified number of stores Friedman Jewelers will be closing an unspecified number of stores Kirkland’s to close 40-130 stores Dillard's to close some stores According to the Dallas Morning News, shoppers sent an estimated 26.3 billion on gift cards at retailers last Christmas season, compared with $24.8 billion in 2006 and $18.5 billion in 2005 (using data from the National Retail Federation). Consumers Union said that when Sharper Image filed for bankruptcy protection this year, it left an estimated $20 million on unused gift cards and maybe as much as $40 million when merchandise certificates and related promotional cards where included. In August, home-furnishing retailer Bombay Co., which closed 388 stores, won approval from a U.S. bankruptcy judge to pay off gift card holders at 25 cents on the dollar. It is said that gift card holders could lose more than $75 million just from store and restaurant closings in 2008 (per Tower Group, a consulting company). Consumer Reports offers the following tips to gift card givers and recipients: GIVERS 1) Think Twice About Bank Cards. While bank cards can generally be used at more retailers than store cards, they are often loaded with fees and restrictions. 2) Check the Merchant’s Prices. It’s annoying to get a $25 gift certificate for a store that sells little at that price. When selecting a store-issued card, find out how much things generally cost and get a card with a least that value. 3) Send Along The Receipt. Some issuers required the original receipt to replace a lost, stolen or damaged card. RECIPIENTS 1) Register It. Some cards must be registered with the issuer, especially if the card is used for purchases made online or by phone. 2) Spend It Quickly. Use the card as soon as possible, especially if it expires or has a monthly maintenance fee. 3) Spend It To The Last Penny. If the card balance gets so low that there’s nothing to buy, ask a merchant to do a split-tender transaction. That involves using the remaining card balance for part of the transaction and another form of payment for the rest. 4) Hold On To It. Don’t throw out the card when the balance is zero. Some merchants require it for returns. Market Update The material below has been prepared by an independent third-party provider- Mortgage Market Guide. The content is provided for use by real estate, financial services and other professionals only and is not intended for consumer distribution. The material provided is for informational and educational purposes only and should not be construed as investment and/or mortgage advice. Although the material is deemed to be accurate and reliable, there is no guarantee it is not without errors Last Week in Review "THE IMPORTANT THING IN THIS WORLD IS NOT SO MUCH WHERE WE STAND, AS IN WHAT DIRECTION WE ARE MOVING." Oliver Wendell Holmes. And when it comes to the direction our economy may be moving, there was some surprising news from the Fed last week that the "Minutes" from their October meeting revealed. After years of being concerned about inflation, the Fed is now concerned about deflation. So what exactly is deflation? Deflation is when prices drop, which generally is due to lack of demand, and therefore lack of pricing power. With the economy slowing down, we are hearing economists forecast that we may be in for a deflationary recession. In a deflationary environment, investors flee into fixed instruments like Bonds, because the fixed payment received would actually buy them more goods and services over time as prices decline. So what does this mean for home loan rates? Remember, home loan rates improve as Bond pricing moves higher - and more demand for Bonds would mean higher prices for Bonds. In the spring of 2003, when Alan Greenspan uttered the "D" word, deflation, Bonds rallied 400bp in just a few weeks, bringing a significant drop in home loan rates. Of course, the economy is different right now, but as more money may be headed towards Bonds in a deflationary environment, we could again see a significant improvement in home loan rates down the road. On the inflation front, last week's Producer Price Index indicated that wholesale inflation plummeted last month - by the most since records began in 1947 - largely due to declines in energy prices. In addition, the Consumer Price Index showed that inflation at the consumer level fell by a record 1.0%, thanks again to lower costs of energy. When it comes to the direction the economy is heading, the week did end with some hopeful news. Federal Reserve President Jeffrey Lacker said that an economic recovery could begin in 2009 as low interest rates, low energy prices, and less drag from the housing sector may shore up spending. In the meantime, Bonds and home loan rates spent much of last week trading near a key level of technical support called the 200-Day Moving Average, finally moving and staying above this level on Friday. As a result, Bonds and home loan rates ended the week unchanged than where they began. WHEN IT COMES TO CREDIT SCORES, IT'S MORE IMPORTANT THAN EVER TO DO ALL YOU CAN TO KEEP YOUR SCORE MOVING IN THE RIGHT DIRECTION! CHECK OUT THIS WEEK'S MORTGAGE MARKET VIEW FOR HOLIDAY SHOPPING TIPS THAT WILL HELP KEEP YOUR CREDIT SCORE ON THE UP AND UP. Forecast for the Week It will be a holiday shortened week in the markets as Thanksgiving is celebrated, but there are several important reports that could determine which direction Bonds and home loan rates move. On Tuesday, the Gross Domestic Product (GDP) Report will be released, and on Wednesday we will get the details on the Fed's favorite gauge of inflation, the Core Personal Consumption Expenditure (PCE) data, from the Personal Income report. Given the Fed's recent talk of deflation, it will be important to see what these reports reveal. Also on Wednesday, we'll get a read on consumer and business consumption and buying behavior from the Durable Goods Report. Durable goods are items that are non-disposable, like cars, furniture, appliances, games, cameras, business equipment, etc. In addition, we'll get a read on the housing market with Monday's Existing Home Sales Report and Wednesday's New Home Sales Report. Stocks hit some important technical support last week, and bounced higher on Friday, with the rally being boosted by the appointment of incoming Treasury Secretary Timothy Geitner. Some follow through to the upside in Stocks could pull money out of Bonds and cause some short term worsening of home loan rates...but if deflation starts grabbing more headlines, smart money will be headed towards Bonds, which will help home loan rates improve. Keep an eye out for words from SEC Chairman Chris Cox, who must comment on some potential easing to "mark-to-market" accounting before January 2nd. If there is indeed some easing in mark-to-market accounting - which accelerated the financial crisis - it could set off a significant...perhaps very significant...rally in Stocks, which may temporarily hurt Bonds and home loan rates. The Bond market will be closed on Thursday in honor of Thanksgiving, and will also be closing early at 2:00pm ET on both Wednesday and Friday. The Mortgage Market View... (This is a Great Article to Cut and Paste for Your Clients) Save on Your Credit Score this Holiday Season With the economy slowing and holidays just around the corner, many consumers may be looking to credit cards to help them get through the heavy shopping season. While that may be a good short-term solution, you want to make sure you don't overlook the long-term impact on your credit rating. After all, the actions you take today could hang over your head for years to come--and may make it tough for you to get the home loan or car loan you want in the future. To help you make sure you manage your credit cards--and your credit score--during the upcoming holiday spending season, follow these steps: Double-check your card limits. Many credit card companies today have started lowering credit limits. That means you have less credit available, but it also may mean that your credit score is about to take a hit. That's because approximately 30% of your credit score is based on the amount you owe in relation to your available credit. So, if a credit card company cuts back your limit, you may find that you're suddenly almost maxed out. That's not a good sign for your long-term credit score rating. Ask, pay down, or move around. If some of your credit limits have changed or are nearly maxed out, you can take a few steps to help alleviate the problem. First, consider simply asking for a higher limit to your card...not necessarily to use up with spending, but to allow more unused credit line to be available and therefore boost your credit score. You can also pay more money to the cards that are near the credit limit, if you can. Or, if you have cards with little to no remaining credit line, transfer some of the larger balances onto the cards with lower balances. That'll give you a more... well... balanced financial picture. Leave home without it. One of the best tips for the holiday season is to: make a budget, identify specific items, and then leave home without your credit card. Instead, bring just enough cash to purchase the items on your list. That will help you resist the urge to impulse buy, and keep your credit card balances lower. Pick a card... not just any card. If you can't bring cash, make a credit card plan. Identify specific items that you'll pay for on specific cards. By making a plan and spreading your purchases to different cards, you won't overspend and you won't risk running up one or two cards that are near the credit limit, which will hurt your credit rating. Resist card offers at the counter. Retailers are famous for offering "savings" when you open a credit card. But those savings often don't outweigh the long- and short-term negatives. For one thing, opening a new account--or multiple accounts in a short period of time--can negatively impact your credit score. In addition, consumers often spend more than planned when a new card is suddenly available. So this holiday season, resist the temptation. Stay active. If you have older cards that you don't use, make sure you keep them active. For one thing, some of those older cards help establish a longer history of positive credit. For another, the available credit on those older cards can help keep your credit score higher because it improves your overall debt-to-credit ratio. To keep those cards active, make sure you charge one or two items on them throughout the year... like, say, when you go shopping for the holidays. Then, pay them off when the bill comes in. Always pay on time. Your payment record is a very large part of your credit score, so it's crucial that you have an idea how your holiday shopping will impact your credit card bills and that you make a plan to pay those bills on time. If you have trouble for any reason, contact your card companies right away to work out a plan that helps you pay down your debt... and save your credit rating from a huge hit. The Week's Economic Indicator Calendar Remember, as a general rule, weaker than expected economic data is good for rates, while positive data causes rates to rise. Economic Calendar for the Week of November 24 – November 28 Date ET Economic Report For Estimate Actual Prior Impact Mon. November 24 10:00 Existing Home Sales Oct 5.05M 5.18M Moderate Tue. November 25 08:30 GDP Chain Deflator Q3 4.2% 4.2% Moderate Tue. November 25 08:30 Gross Domestic Product (GDP) Q3 -0.6% -0.3% Moderate Tue. November 25 10:00 Consumer Confidence Nov 39.5 38.0 Moderate Wed. November 26 10:00 Consumer Sentiment Index (UoM) Nov 58.0 57.9 Moderate Wed. November 26 09:45 Chicago PMI Nov 38.5 27.8 Moderate Wed. November 26 08:30 Personal Consumption Expenditures and Core PCE YOY NA 2.2% HIGH Wed. November 26 08:30 Personal Consumption Expenditures and Core PCE Oct NA 0.2% HIGH Wed. November 26 08:30 Personal Spending Oct -0.7% -0.3% Moderate Wed. November 26 08:30 Personal Income Oct 0.1% 0.2% Moderate Wed. November 26 08:30 Jobless Claims (Initial) 11/22 NA 542K Moderate Wed. November 26 08:30 Durable Goods Orders Oct -2.5% 0.8% Moderate Wed. November 26 10:00 New Home Sales Oct 450K 464K Moderate Wishing you and your family a Joyous and Wonderful Thanksgiving. I am so thankful for our amazing and resilient Referring Partners and I just wanted you to know how much we appreciate you. We will be available on Friday and on the weekend at 972-278-3400 or email ldavidson@servicefirstmtg.com if you need us for your clients. Happy Thanksgiving! Linda

Reflections of Beginnings, Did You Knows, Declutter Your Email Tips, Another Great Tip to Copy/Paste for Your Clients, Jump Start Your 2009!

My friend and mentor Todd Duncan spoke at the conference I was in last week and gave one of the most inspirational speeches I've ever heard. His wife is battling stage 4 cancer and is not doing well at all. She insisted that he stay the course and be at the conference (which he hosted) and practice what he teaches to his students, which is to "Finish Strong." Todd shared the following poem with the group and I would highly recommend that you take “down-time” for a moment and reflect on it. In our continuation of The Law of The Harvest, this is a great one to keep in front of you. As we have said before, we always want to be your information source, but we also love to reap our harvest and appreciate you having us be your mortgage lender of choice. Our team is knowledgeable, experienced and all have their underwriting certifications so there are no surprises at the end- let us know when we can be of assistance to you and your buyer. We can be reached at 972-278-3400, email at ldavidson@servicefirstmtg.com or our website at www.davidsongroup.net Linda "Beginnings" Endings are the seeds to beginnings Tomorrow will come in time Even in hopelessness lies a seed of hope And even a small seed can climb But the little seed has to give up its past On its voyage to the sprouting tree Didn’t you ever transcend your life, Previous visions of who you could be? Every cloud opens up to the smiling sun, And the low will soon reach high tide, Exits and entrances are at the same gate Moving through is your ticket to pride And two triangles have to surrender themselves To ever become a square And every simple discovery in life Makes you give up something you thought was there Caterpillars will butterfly off the ground Give up your past to be king. Horses run best when not looking back Let go to reach higher things. You have to give up your discomforts to ever soar in flight But isn't the end of something that's wrong The beginning of something that's right? So, you stand at the spot where endings begin, Handcuffed by the past or freed. One path will take you to where you've been, The other will set you free. So pick yourself up like the rising sun, like the wind lifting the silent sea. Plant a hope in your heart like a seedling in spring And step forward to your new destiny." Anonymous Jump Start Your 2009 I will be joining North American Title on Friday, December 5th in a presentation of “Top 5 Innovative Ways to Jump Start Your 2009”. This will be a fun, fast and informative talk on how to make 2009 start strong and I am so excited to present this- I have lots of fun surprises and cant wait to share! Note that all address below are for North American Title (NAT) Where Address Time Food Served NAT Mesquite 2424 Gus Thomasson Rd, Mesquite, TX (972) 270-2488 12/5- 9 AM- 11 AM Breakfast NAT Garland 5435 N Garland Ave, Garland, TX (214) 703-9607 12/5- 12 Noon- 2 PM Lunch NAT Rockwall 3007 Ridge Rd, Rockwall, TX (972) 771-0667 12/5- 3 PM- 5 PM Wine & Cheese LEARN The Top 5 Innovative Ways to Jump Start Your 2009, EAT lots of food, NETWORK and WIN door prizes and give aways. Come to one or come to all…..We just would love to see you there! With the auto industry looking for a hand-out, I thought you would find these numbers very interesting. Did you know….. • One out of every 10 U.S. jobs is auto-related, supporting approximately 5 million jobs across all 50 states. • Dealerships employ 740,000 people with a total payroll of $35 billion a year. • The auto industry purchases $156 billion in raw materials annually and is the largest purchaser of U.S. steel, aluminum, iron, copper, plastics, rubber and electronic and computer chips. • Autos account for $690 billion, or about 20 percent of all U.S. retail sales. • Four percent of U.S. gross domestic product is auto-related and represents 10 percent of U.S. industrial production by value. • Auto sales generate more than $10 billion dollars of annual tax revenue • The domestic auto industry has invested nearly a quarter of a trillion dollars in the United States, including $10 billion alone last year. • U.S.-based carmakers have 105 plants in 20 states, including California, Texas, Kansas, Louisiana and Maryland. • The auto companies provide pensions for 775,000 and health care benefits for 2 million. The following was written by a friend of mine who writes periodically for a number of industry magazines. I thought you would love the time saving tips! In Brief: Declutter Your E-mail By Jason W. Womack and Jodi Womack Your e-mail inbox most likely contains a collection of old and new messages of varying priorities. You may even go back and mark old e-mails “unread” or add “!” to make them urgent. The following tips will radically cut down on inbox clutter. Change the subject lines of the e-mails you receive to the action you need to take with them. To ensure you’ve chosen your very next action, use a verb to start off the new subject line. Think of the actual activity you need to do. Also, ask yourself what other relevant data you need: who, what, and by when? You can make subject line changes in Microsoft Outlook and Lotus Notes by editing the message (ALT+E in Outlook, CTRL+E in Lotus Notes), and then typing the new action steps into the subject line. If you need to, you can type in front of the original subject to keep the "search-ability" of the message. The following is a list of sample subject lines that demonstrate how to transform your e-mail inbox from a random list to an actionable To Do List: Before changing the subject line: Re: budget meeting Wilson project Seminar Newsletter After changing the subject line: Draft agenda by 11/21/08 re: budget meeting. Fax Kira (415) 236-6045 signed contract: Wilson project Call Jason (805) 640-6401 to schedule Q1 ‘09 Seminar E-mail Sales team revised edits to Newsletter by 11/14/08 Which list will help you follow through with more e-mails? When you edit the subject line you will spend much less time opening, reviewing and closing e-mails later. Warning: Watch out for verbs that are too vague to be real action tasks such as: “Make time to…,” “Set a meeting with…,” and “Follow up with…” If you get stuck with these seemingly next steps, ask yourself, “How exactly do I make time/set a meeting/follow up?” Do you need to meet with someone in person? Can you make a phone call to get the info you need? Or can you quickly create an e-mail to request the information? The key is to pick one and type that action into the subject line. When you use this technique, as you create new e-mails to your coworkers and clients, you’ll be amazed at how much faster they reply! As you look through your inbox, you are now able to tell “at-a-glance” the steps you need to take instead of opening and rereading the same messages over and over again. By appropriately identifying the action that each e-mail requires, you can purge, sort and organize much of your inbox, cleaning the clutter and making it easier to get work done. *** JASON W. WOMACK, MEd, MA and JODI WOMACK, MA founded a professional development company that enhances organizational performance through customized training and individual coaching. Another Great Article to Copy and Paste for Your Newsletters and/or to Send to your Farming Area or Clients Tips for Finding a Job in Tough Markets Finding a job during tough economic times doesn't have to be tough...if you know which strategies work. Here are some tips for beating the odds: Take Networking to the Next Level: Networking is always a great job strategy, but in the current economic climate, you need to go a step beyond letting your contacts know you are looking for a job, since many other people may be doing the same thing. Instead, develop a compelling business idea for your field or the field you would like to enter. Then, when you call or email your contacts, let them know you are researching your idea and would like to meet with industry insiders to discuss its viability. With this strategy, people will see you as someone with something to offer them, rather than as someone who needs something. And if the people you meet with like your idea, your meetings could lead to a job offer even though you never asked for a job. Focus on Sectors That Are Hiring: No matter what industry your background is in, the skills or experience you possess may qualify you for a position in a new field. For instance, sales and customer relations are skills needed in a variety of industries. To begin, make a list of your experiences and skills that could help you find a job in a sector that is currently hiring. Then, gear your resume and cover letter to focus on these particular skills and experiences. Aim for Your Dream Job: Many job seekers begin to panic and apply for any job that's available. This is a mistake for several reasons. First, passion and enthusiasm are your best weapons for succeeding in your job search. Employers can tell the difference between someone who really wants to work for them...and someone who will take any job. Second, when you are focused on finding a specific job versus any job, you make it easier for friends and colleagues to help you because they will have a clearer idea of who they could contact for you. Third, if you're in the middle of a job transition, why not use the opportunity to enter the profession you have always wanted to try? Be Creative About How You Start: During tough markets, many businesses are hesitant to add new employees and increase their level of fixed costs. You can offer to begin as an independent contractor for a period of time before receiving a review and possibly a future permanent job. This would give you a chance to earn an income while demonstrating your skills and value to the company. In turn, it lets the company evaluate your performance in a less costly way, because you would not receive benefits during this time; and with less risk for the company than having to make the decision to hire a permanent employee. You could also volunteer your way to a paid job. Many nonprofit organizations have powerful executives on their boards. By demonstrating your skills and work ethic as a volunteer, you could meet important connections that could lead to your next position. The bottom line is this: Losing a job is tough during any market, but finding a job doesn't have to be tough when you are willing to be creative and use strategies that work! Have a blessed weekend. Remember that we are open on Saturday from 12:00-5:00 PM and are also available on weekends for prequals- just call our office at 972-278-3400. Linda

A Month of Harvest; Great Change for Reverse Mortgages; Market Report; Stats for Underwater HomeOwners and Credit Card Use

With this being the first week of November (which is Thankful Month), I want to thank you for your referrals. We always want to be your information source, but we also love to reap our harvest and appreciate you having us be your mortgage lender of choice. Our team is knowledgeable, experienced and all have their underwriting certifications so there are no surprises at the end. We can be reached Monday-Saturday at 972-278-3400 (and after hours if you need us) or email us a ldavidson@servicefirstmtg.com. Thanks, Linda Another volatile week with an incredible Fed Fund cut to 1.00 and a Discount Rate cut to 1.25. We are truly in historical times. After the cuts, we saw was is the typical overreaction, especially in the mortgage bonds and rates ended with an increase of around .50 from the Friday before. My prediction on this is that it was an overreaction and so it will be interesting to see how much ground we gain back this week in the bonds (hopefully a lot :)). See market report below. Below also we have given you information on the stats of "underwater borrowers" as well as the mind blowing numbers on the increase use of credit cards. We also are sending out the exciting news about our senior buyers being able to purchase with a Reverse Mortgage (!) as of 1/1/09 and remind you of our last Training Class of the Year on This Tuesday as we continue to work to be great at communicating (as it IS Communication Week!). Interesting Numbers for those Short Sales NEW YORK (CNNMoney.com) - According to a report by First American CoreLogic, at least 7.5 million American homeowners are "underwater borrowers," meaning they owe more on their mortgages than their homes are currently worth. This is called negative equity, and the report shows an additional 2.1 million people are on the brink of falling into it. Their homes are worth less than 5 percent more than the mortgages they''re paying on them. The report''s 7.5 million estimate is a conservative number. Some organizations, including Moody''s Economy.com, estimate that as many as 12 million borrowers may be underwater. In Texas, 16.6 percent of homeowners have negative equity, caused by a recent influx of people who bought homes and did not have enough time to build up equity before prices began to fall. Nevada is home to the highest number of underwater borrowers, with 48 percent of homeowners having negative equity. Michigan follows with 39 percent. New York is faring best at 4.4 percent. Use of Credit Cards (this one is really mind blowing!) Credit Card Loans, 10 months Sep07-thru-Jul-08 ... $29.1 billion Credit Card Loans, 10 weeks Aug-08-to-mid-Oct-08 ... $32.3 billion "In other words, Commercial Bank ''exposure'' via the total amount of Credit Card ''loans'' outstanding has risen MORE in the last ten WEEKS, than it did in the previous ten MONTHS COMBINED !!! What consumer spending there is has been fueled in part by credit card. The second largest "merchant-vendor" for credit card use is now McDonalds. This suggests that many consumers are in serious distress when they need to get their $4 Big Mac and fries with a credit card. This is a problem facing the economy next year. Credit card growth like we have seen in the last few months has never been sustained at such a level, and is unlikely to be this time either. For more information on this, go to our blog at lindadavidsonmortgage.blogspot.com and go to Electing the Janitor -In-Chief editorial. Exciting New Change for Reverse Mortgages! As of January 1, 2009 buyers that are 62+ of age and older can now purchase a home using a HECM* Reverse Mortgage. What does this mean to your senior buyers? They can use the HECM* Program to purchase and never have a payment on the mortgage for as long as they occupy their property as their primary residence. We will be sending more information out in December so that you can forward this information to your senior buyers that are looking to purchase a home and would like to look at this great option. *HECM (Home Equity Conversion Mortgage) which is FHA''s version of Reverse Mortgage. Over 90% of all Reverse Mortgages are currently HECMs for refinancing so this is really big news! The terms, interest, etc is much better on HECMS than what we have had in the past for purchase Reverse Mortgages. Market Report Last Week in Review "TAKE TIME TO DELIBERATE; BUT WHEN THE TIME FOR ACTION ARRIVES...STOP THINKING AND GO IN." Napoleon Bonaparte. And taking action after deliberating was exactly what the Fed did last week, when they cut the Fed Funds Rate by .50%, lowering it to 1.00%. Why did the Fed take action last week, after it had already lowered the Fed Funds Rate by .50% on October 8 in a coordinated effort with other central banks? To continue to help ease the credit crisis, and prevent a long and severe global recession. In fact, several foreign central banks followed the Fed''s lead again last week, with Hong Kong cutting their lending rate by .50%, Taiwan cutting by .25%, and Japan cutting by .20%. This is important because cuts by other nations help stabilize the US Dollar, which typically loses ground after our Fed cuts rates, because of the lower yield offered comparatively offered in the US. Another interesting point to note: since oil is Dollar denominated, the price per barrel typically jumps after our Fed cuts rates, because of the decline in the value of the Dollar. The cuts by other central banks should keep oil...and gas prices, in turn...from skyrocketing again. Another reason the Fed took action: The Fed''s statement discounted threats of inflation, saying that slowing economic growth should lower inflation pressures over time, but added that downside risks to economic growth remain. And last week''s negative Gross Domestic Product reading is confirmation that things have slowed quite a bit. Although experts have speculated that the US may already be in a recession, the first hardcore signs appeared when the Third Quarter Advance GDP report showed that consumer spending declined at the fastest pace in 28 years. The report also reflected the largest quarterly decline since the end of the last recession in 2001. So what did all of this mean for Bonds and home loan rates last week? After worsening early in the week, Bonds and home loan rates attempted to stabilize by week end. And while it was a treat that Bonds did bounce off an important level of technical support, home loan rates still ended the week nearly .50% worse than where they began. Forecast for the Week The excitement continues, as the heavyweight Jobs Report is scheduled for release this Friday, which will show the number of jobs lost or gained in October. Remember that the Department of Labor averages their numbers, and part of each month''s report includes "revisions" to the several prior months'' numbers. Last month, the Labor Department reported that 159,000 jobs were lost in September, which was worse than the 105,000 lost jobs that economists were expecting. As of last month''s report, the US has lost 760,000 jobs so far in 2008. And the news for October is not expected to be any better. A negative report could be bad news for Stocks and good news for Bonds and Home loan rates, as bad economic news typically causes money to flow from Stocks and into Bonds. But as has been noted in recent weeks, things are anything but typical at the moment. Bottom line: count on me to be watching closely to see how the markets react to this report and all the other news of the week...and feel free to call me anytime at 972-278-3400.

FAQs for the 100% Conventional Financing +Marketing Material to Swipe and Adapt, This Friday is the Halloween Breakfast (and flu shots), Market Report

The first part of last week turned out to be better for the bonds although we lost almost everything Friday we gained earlier in the week. For more on the market report, see below. Don't forget our Halloween Breakfast (with or without the flu shot :)) from 8-9 AM this Friday 10/31. Also, we have had a lot of calls since Friday's announcement of the 100% Conventional Financing so I have given you below the Frequently Asked Questions as well as Marketing Material that you can "Swipe and Adapt" to use for your buyers and database (and could use on your listing material also!). Let us know when we can be of assistance to you and your buyers. Linda Reminder: Halloween Breakfast and Flu Shots- THIS FRIDAY!!!!!!!! It is fitting that we will hold our annual flu shot clinic here at the office (3200 Broadway Blvd in Garland) on Halloween morning- I think that they are pretty scary- don't you :) although I do get one every year myself. We will have a nurse at our office from 8-9 AM for flu shots on October 31 if you would like one. I do need an RSVP for the flu shots by 10/29 so that the nurse knows how many shots to bring. The flu shot cost is $25 per person. So, to make it fun (and we are always looking for a reason to throw a party), we will be serving breakfast at the same time (Friday morning, October 31 from 8:00-9:00 AM). We will have scrambled "brains" :) (eggs) with tortillas with all the trimmings and homemade pico made by Chef David (my husband) who most of you know is an excellent cook. So whether or not you are getting a shot, come on by for food, fun and prizes. We look forward to seeing you here! Did you know....... Did you know that this week is Hero Awareness Week? Let someone in your life that you admire and look up to know how much they mean to you. It will make their day (and they probably need to hear it also!). Frequently Asked Questions on the 100% Conventional Financing How does the 100% Financing Work? The loan is 100% financing with no Down Payment required. We can work the program on a 97/3* however we would typically find that the 95/5* would work better in interest rate pricing and PMI factors. *The first lien (in the case of the 95/5) is a standard conventional loan and the 5% is financing is paid by a Community Second that we have available and ready! Because the Community Second is NOT set to a bond program, we don't have to wait until "funds are available"- they are ready now. In addition, we do not have to ask the seller for the 5%- it comes directly from us through a Community Second lien. What is the seller allowed to pay? The seller is allowed (not required :)) to pay up to 3% of the sales price toward the buyer's closing cost and prepaids (i.e., if the sales price is $100,000, then the seller can pay $3000). Is there a minimum out of pocket for the buyer No, there is no minimum out of pocket for the buyer. However, keep in mind that although there is no down payment, the seller is allowed to only pay 3% of the sales price towards the buyers cost. If the 3% does not cover the closing cost and prepaids, the buyer will need to be out of pocket the remaining (or get a gift- restrictions apply- ask us for details) Is there PMI on the loan? Depending on Sales Price and Credit Score, there is possibly no Private Mortgage Insurance (PMI)! Ask us for details on this. Make certain that you do not promise your buyer that there is no PMI until we have talked to them and know the specifics. We will let you know if we can offer this option to your client. Is this a First Time Home Buyer Program? No, this is not a First Time Homebuyer Program. However, the buyer cannot own a home at time of closing. Note: They can do a simultaneous close in which they sell their current (and only) property and purchase another one and still use this program. What do the Credit Scores need to be? Credit scores must be 620+ (and must run through automation underwriting, i.e., DU or LP). We will take the lowest middle score of the buyer(s). For example, if the buyer has a 620, 640 and 660 and the co-borrower has a 680, 690 and 700- we will use 640 as the lowest middle score. Note that there are NO exceptions on the 620+ credit score. It is important also to note again that the loan must run through automation in order to qualify. How high can the household income be and still qualify for this program? Buyer's income can go up to $90,000. Note also (unlike many other programs), if we don't put a specific buyer on the loan, we do not have to count their income in the max household income limitations. So for example, if the husband makes $50,000 per year and the wife makes $60000 per year, if only the wife is on the loan, only her income is counted in the max household income (but obviously she must qualify for the house payment + her debt vs. her income). What is the minimum and maximum sales price on this program? There is not a minimum or maximum sales price on the program; however, it is important to remember that the qualifying income cannot be more than $90,000. Note that a $90,000 income would qualify for approximately a $250,000 home (assuming low revolving and installment debt). What are the terms of the loan with the program? This is a primary residence, single family or duplex (buyer must be living on at least one side), full doc, 30 year fixed mortgage. It cannot be used for investment properties and/or with stated income and it also must be a Conventional loan. What do I need to do if I have a buyer that I think would qualify for this program? Great question :). Give us a call at 972-278-3400 or email us at ldavidson@serviefirstmtg.com and we will be glad to speak to the buyer to see if they qualify. We will also discuss other options (i.e., FHA, Freddie/Fannie and possible USDA and/or VA if applicable) so that the buyer understands all their options and the pro/cons of each loan. It is our goal to look at the short and long term needs and goals of the buyer to determine what mortgage product is best for them. What happens if a buyer cannot purchase a home right now due to credit or other issues? Another great question! We have a detailed "Don't Give Up (DGU) - Get Mortgage Ready" program that we will put the buyer on giving them specific action plans and time table. In addition, we will stay in touch with the buyer over the course of the time needed to qualify as part of our exclusive DGU program. Once the buyer is "Mortgage Ready" then we will complete the loan approval and refer the buyer back to you. Marketing Material to "Swipe and Adapt" for Your Clients and Database A lot of potential buyers are now feeling as if they can't buy a home until they save money for a large down payment. This is not always the case and if buyers want to purchase a primary home, there are ways that are still available to get 0-3% down financing. These programs do require that the buyer qualify for the house, which is a good thing as it won't put people in homes that they can't afford. The credit history does not have to have been perfect; financing for homes can be obtained for people with credit scores of 580 and higher, as long as they can show a good rental payment history. It is important to understand also that a buyer does not have to be a first-time homebuyer to get 100% financing. However, as a first-time buyer (haven't owned real estate for the last 3 years), they may qualify for a $7,500 tax credit on the Federal Tax Returns this year (made possible by the Housing Bill 3221), making purchasing now even more attractive with interest rates low and inventory high. I can give you further information on the $7500 Tax Credit if you would like- just give us a call. In the meantime, here are some ways to purchase a primary home with 0-3% down: I have access to a 100% (no money down) Conventional loan with a credit score of 620+. This is an exclusive program and possibly could be without PMI (depending on the credit score and sales price). The lender that I work with is only one of three lenders in this area that has this select program and I am excited to be able to offer it to my clients. FHA mortgage allows a gift or loan from a family member - A family member can loan or gift the 3% down payment required (also note that there are actually 22 ways in which FHA allows a buyer to come up with the 3% down payment required!). FHA loan limit has increased to $271,050 making it a very attractive loan in Dallas/Fort Worth. There are First Time Home Buyer Bond Programs available. Many of these programs are getting their new allotment of funds this month, so it is a great time to look at this. Zero down VA loans are available for those who have eligibility for having served in the military. In addition, using the VA in conjunction with the Texas Veterans Land Board program (TVLB) could give a buyer a 30 year fixed interest rate down to 4.75 fixed (restrictions apply)! USDA Rural Housing loan - this program actually has the ability to include closing costs in the mortgage as well as no down payment and no monthly mortgage insurance! There are income and location limitations but many people are surprised to see exactly what areas do qualify (i.e., Rockwall, Wylie, Forney, Little Elm and Azle, just to name a few). Interest rates are still low, and buyers can purchase a home with a lower payment. It is a great time to purchase a home. Training Class in November- "Rescuing the American Dream" Due to a lot of calls, we are going to teach one last class in November which is "Rescuing the American Dream". This will be a 90 minute class with quick overviews of what type of financing can be done now, how to market the changes to your clients, as well as a quick overview of short sales and foreclosures and the new housing bill HR 3221. It will be fast, fun and will equip you with knowledge that you can use to market this knowledge to your clients. The class will be held in my office (3200 Broadway Blvd, Suite 120, Garland) on Tuesday, November 4 from 1 PM- 2:30 PM. This will be the last class of the year that we will hold here at the office. Note, however, that I am available for classes in individual offices/ meetings. To RSVP for the 11/4 class, simply call 972-278-3400 or email us at ldavidson@servicefirstmtg.com.

Happy Halloween! Great Talking Points, Weekend Hours, Move Your Clocks, New Change for VA Refis, Reminder FHA Downpayment moves to 3.5 as of 1/1/09

Happy Halloween! Hope that your day is blessed with lots of treats and no tricks :). As you know, the Feds cut the Fed Funds* and Discount** Rate on Wednesday. So what does it mean? Well, it depends (sounds like mom doesn’t it). Depending on the reaction of the market will depend on whether we see interest rates go up or down. We always first see an over-reaction (it always happens :)), which is what we are seeing where bonds are falling (not good for long term mortgage rates) and stocks are rallying (good for your 401K) and then visa versa, but we will need to give it a few days in order to see the true effect. Stay tune to Monday’s report for more information. Fed Funds and Discount Funds (the two factors that were cut Wednesday) are 1) Fed Funds*- The rate in which the banks borrow from each other over night and 2) Discount Rate**- The rate in which the banks borrow overnight from the Fed. In putting Wednesday in historical numbers, the Fed Fund has only been 1.00% only one other time for the past 20 years, so this is pretty big. This weekend is the end of Daylight Savings time. On November 1st be sure you change your clocks back an hour before you go to bed. Daylight Savings ends on November 2nd at 2:00 AM. Week End Hours…….Did You Know We Are Available? Did you know that we are available on the weekend? Our office is open Saturday from 12:00 noon- 5:00 PM. In addition, if you have an urgent need (like a prequal J), then our office number gives out the phone number to the Underwriter on the Team who is on call. Our office can be reached at 972-278-3400. Linda Did You Know- Great Talking Points · The annual gift exclusion rises to $13,000 in calendar year 2009, an increase of $1,000 from this year. All US citizens can make gifts of cash or other property worth up to $13,000 in 2009 to an unlimited number of people without gift tax consequences (source: IRS). · There are 14 individuals on the official presidential ballot other than Republican John McCain and Democrat Barack Obama (source: Official Ballot for General Election). · The national average price of gasoline peaked on 7/16/08 at $4.11 a gallon. By last Friday (10/24/08), the national average price of gasoline had fallen to $2.78, a drop of $1.33 a gallon. Since every 1 cent reduction in the price of gasoline saves Americans $3.4 million a day, a drop of $1.33 a gallon equates to a $447 million daily savings for US consumers (source: AAA, Wall Street Journal, Fortune). VA Guideline Change- Good News! Did you know that VA will now allow an LTV of up to 100% on a VA Refi based on the current appraised value? This is a 10% increase from the previous threshold of 90%. So what does this mean? If you or one of your clients have a VA or FHA or Conventional loan that you would like to refinance to a VA loan (must be a veteran), we can refi it with the loan amount equal to the appraisal. In the past the loan could not be more than 90% of the appraised value. Reminder of FHA Down Payment going to 3.5 (from 2.25%) as of January 1 2009. A great marketing piece and/or reminder to send out to your buyers is that FHA’s required down payment requirement will go from 2.25% to 3.5% as of 1/1/09. On a $150,000 house, this is an additional $1875 in total funds needed. Until 1/1/08, FHA’s required down payment is 2.25% + .75% of their closing cost (for a total of 3% total required investment). After 1/1/09, the buyer will need a minimum of 3.5% required investment. Remember that there are 22 ways in which a buyer can obtain their funds to close. If you would like a copy of that list, send us an email and we will be glad to forward it to you. Words of Wisdom I attended a conference the end of last week. The venue was religious in nature and the subject was “Prosperity with a Purpose”. I wanted to share some of “nuggets” that I walked away with…. It was an awesome conference and I came away with assurance that despite our economy, God is in control! Note that it is not my intent to offend anyone with different religious views, but for those whose faith has wavered in this time, this is from my heart: · God does not change His purpose because of the economy. · An expert woodcarver always sharpens his axe before he starts on a masterpiece. A wise person does not feel as though he is wasting time sharpening his axe. What do we need to do to make certain that we are purposely sharpening our axe? · Two ways to get wisdom- Mistakes or mentors. If you want to be better than you are, then there is a wisdom shortage. Question: What, where, is there a wisdom shortage in my life and business and what do I need to do about it? The difference between winners and losers is information and acting on that information. · During times of down economy it is especially important to remain spiritually sensitive and listen for God’s direction. What He is speaking now may not be the same as in the past. He is the God of the now. Be careful that I do not box God in and limit God. God is bigger than my box. · The greatest danger will be the temptation and tendency to fall away from God’s guidance. We have the tendency to device our own plans and not wait or listen to God and the Holy Spirit for guidance. Don’t make moves out of fear. Don’t be fearful that God will not come through for us and make bad decisions and have wrong actions. In addition, don’t compromise biblical principles. · We must be consistent with our sowing because we cannot reap if we do not sow. · Call clients personally and ask for business. Leverage relationships and stay in touch. · Pray for favor (Proverbs 4:7)- Wisdom is the principal thing. 8 Points to Remember 1) God first! 2) Don’t Give Up- Proverbs 21:5 Never quit. 3) Watch the attitude- Stay positive, but be transparent. 4) Watch Your Confession- Make it positive with team and partners- Proverbs 18:21- Death and Life are in the power of the tongue. Our tongue is creative or destructive. Speak blessings over your business every day. Realize the power of the tongue. 5) Be a good steward. Don’t let money control me- I need to control it. Pray for wisdom in efficiencies in personal and business. Be a good example to those I lead in managing money. Work to be out of debt. 6) Stay with your gifting. The temptation will be to go outside my gifting but don’t do that. 7) Think bigger! Romans 12:2- Lord give me a bigger vision and direct me on how to make it happen! 8) Sow seeds- don’t let the economy direct my giving. · Anytime fear is tolerated, faith is contaminated. · Find the wisdom in my difference. What sets me apart? · At some point, we are going to have to do something, take some action, step out, and get serious about exercising our faith. Batteries not included. Some obedience is required! · Prepare and work like it all depends on me. Pray like it all depends on God. Have a blessed weekend. When we can be of assistance to you and your buyers, call us at 972-278-3400. Linda

Exclusive 100% Conventional Loan rolls out today!, Halloween and Flu Shots and last Training Class of 2008 on 11/4

As promised, we are excited about rolling out our exclusive 100% Conventional loan. When we can be of assistance to you and your buyers, call us at 972-278-3400. Here are the details: · 95/5 Financing (the 5% down payment is paid by a Community Second that we have available and ready)! · Seller is allowed to pay up to 3% toward buyer’s closing cost and pre-paids. · No minimum out of pocket required for buyer! · Depending on Sales Price and Credit Score, possibly no Private Mortgage Insurance (PMI)! · Not a First Time Homebuyer Program (but buyer cannot own a home at time of closing- can do a simultaneous close). · Credit scores must be 620+ (and must run through automation underwriting, i.e., DU or LP). · Household income can go up to $90,000. · Max DTI (Debt to Income) is 45%. Call us at 972-278-3400 to talk to your buyers to see if it is the right mortgage for them! Reminder of other 100% Loans Still Available: · VA (No down payment, No Monthly MI, Seller is allowed to pay all reasonable and customary cost) · USDA (No down payment, No Monthly MI, Seller is allowed to pay all reasonable and customary cost). Area and Income Specific- call or email us for details. Reminder of 97% Loans (3% Requirement) Still Available: · FHA (2.25* Down payment + .75 in Closing Cost; Seller is allowed to pay closing cost and pre-paids up to 6% of sales price provided that buyer has 3%** contribution into the home) · Freddie/Fannie Conventional Loans- 3% Down payment; Seller is allowed to pay closing cost and pre-paids up to 3% of the sales price) *Downpayment on FHA changes to 3.5% as a 1/1/09 **There are 22 Ways in which a buyer can obtain their funds to close- ask us if you have any questions. Make a Difference Day- Did you know that today is “Make a Difference Day”? Let’s do it! Reminder: Halloween Breakfast and Flu Shots- It is fitting that we will hold our annual flu shot clinic here at the office (3200 Broadway Blvd in Garland) on Halloween morning- I think that they are pretty scary- don't you :) although I do get one every year myself. We will have a nurse at our office from 8-9 AM for flu shots on October 31 if you would like one. I do need an RSVP for the flu shots by 10/29 so that the nurse knows how many shots to bring. The flu shot cost is $25 per person. So, to make it fun (and we are always looking for a reason to throw a party), we will be serving breakfast at the same time (Friday morning, October 31 from 8:00-9:00 AM). We will have scrambled "brains" :) (eggs) with tortillas with all the trimmings and homemade pico made by Chef David (my husband) who most of you know is an excellent cook. So whether or not you are getting a shot, come on by for food, fun and prizes. We look forward to seeing you here! Training Class in November- "Rescuing the American Dream" Due to a lot of calls, we are going to teach one last class in November which is "Rescuing the American Dream". This will be a 90 minute class with quick overviews of what type of financing can be done now, how to market the changes to your clients, as well as a quick overview of short sales and foreclosures and the new housing bill HR 3221. It will be fast, fun and will equip you with knowledge that you can use to market this knowledge to your clients. The class will be held in my office (3200 Broadway Blvd, Suite 120, Garland) on Tuesday, November 4 from 1 PM- 2:30 PM. This will be the last class of the year that we will hold here at the office. Note, however, that I am available for classes in individual offices/ meetings. To RSVP for the 11/4 class, simply call 972-278-3400 or email us at ldavidson@servicefirstmtg.com. Have a blessed weekend. When we can be of assistance to you and your buyers, please call us at 972-278-3400 or email us at ldavidson@servicefirstmtg.com. Linda Davidson, Senior Loan Officer, DE Underwriter Service First Mortgage 972-278-3400 office 972-497-6452 fax 1-866-963-3777 Toll Free www.davidsongroup.net Check out our blog: http://lindadavidsonmortgage.blogspot.com