Episode 041 - RESPA & Closings Loan Estimate Form Closing Disclosure Form Your Home Loan Toolkit 3 days to complete A-Ha LINKS Email firstname.lastname@example.org Web www.ahareep.com Facebook https://www.facebook.com/AHA.REEP YouTube https://www.youtube.com/channel/UCrxAjI5Li4Ll3Epwcyc0i6A
On this episode, Editor in Chief Sarah Wheeler talks with Reporter Brooklee Han about the many questions about RESPA compliance, and how real estate and title companies are figuring out how to stay on the right side of regulations. The two also discuss the rebrand and 10M fundraise of Buyside (now Percy) and the latest new home sales report.HW Media Articles related to this episode:Beach trips and other challenges of interpreting RESPAApril new home sales drop 16.6%, pushing up supplyMeet Percy: Buyside announces rebranding
On today's episode, RealTrends Editorial Director Tracey Velt is joined by HousingWire Senior Real Estate Reporter Matthew Blake. They talk about some of the insights gained from Compass' recent first-quarter earnings amid reported losses and leadership shakeups. They also talk about the feasibility of prosecuting RESPA violations and give an update on discount brokerage REX's supposed shut down amid their litigation against the National Association of Realtors. Articles related to this episode:Compass CFO steps down following tough Q1Beach trips and other challenges of interpreting RESPAREX lays off most of its employees, sources sayREX closes brokerage, hires David Boies in Zillow lawsuitHousingWire Daily examines the most compelling articles reported across HW Media. Each afternoon, we provide our listeners with a deeper look into the stories coming across our newsrooms that are helping Move Markets Forward. Hosted by Sarah Wheeler and produced by Elissa Branch.
As a follow-up to our FREE presentation CLE webinar on Prelitigation Strategies and Practices, we offer an open mike Q&A on tonight's show. Please think about your questions in advance and refrain from long monologues about your case. Here is the obvious premise of this work: If as a consumer you have executed a promissory note and mortgage (or deed of trust) and you think that there is a loan account receivable somewhere that is owned and maintained by some lender or creditor, you are most likely incorrect. Most homeowners make the mistake of thinking that the QWR and DVL are simply “form letters.” If that were the case, we would provide you with the template and you could send it out yourself. And back in the old days (pre-1995) that would be entirely appropriate for settling any disputes regarding the proper allocation of payments or any other issues. The statutory foundation for the creation of the QWR and the DVL was designed to resolve potential disputes between the debtor and the creditor. Today, the situation is different. We already know that there is no valid claim against the homeowner and that there is no valid claimant. We also already know that any company that is claimed to be a “servicer” neither has any legal authority to act as such (from anyone) nor does it perform any functions that are normally attributed to a company claiming to be a servicer. So while the legislative intent for providing consumer remedies in RESPA and the FDCPA was designed to resolve disputes, the procedures contained within those statutes are now used by homeowners to start a dispute — because, without a history of disputing the claims made to administer, collect or enforce any alleged obligation due from the homeowner, it is much harder to mount an effective defense.
Co-Managing Partner of Riker Danzig in Morristown, NJ, Mike O'Donnell provides a range of commercial litigation services to clients, particularly title insurance companies and financial institutions. His work includes title disputes, mortgage fraud claims, lender liability claims, loan work-out, commercial foreclosure and evictions, judgment collection, fraud and fraudulent transfer claims, defense against RESPA, TILA and other consumer protection laws and class action defense for the banking and title insurance industries. Mike believes in working with his clients to set end goals at the inception of any matter and striving to get there in the most efficient manner without ever sacrificing flexibility needed for changing circumstances. Mike has represented every major title insurer including Chicago Title Insurance Co., First American Title Insurance Co., Fidelity National Title Insurance Co., Old Republic National Title Insurance Co., Stewart Title Guaranty Company, Westcor Land Title Insurance Co., North American Title Insurance Company, WFG Title Insurance Company and Connecticut Attorneys Title Insurance Co., as well as their insureds. He has served as coverage counsel for title underwriters on numerous wide-ranging real estate frauds, some of which losses exceeded $45 million. Finally, he represents title agencies in similar matters. As to lending clients, Mike has represented most of the major financial institutions such as Wells Fargo, Bank of America, and JP Morgan Chase, as well as smaller regional banks including Investors Bank, Carver Federal Savings Bank, Lakeland Bank and Manasquan Savings Bank. He also represents Simon Property Group in commercial litigation and rent disputes in New Jersey and New York. Mike has tried to verdict a wide range of commercial cases from lender liability claims, boundary-line disputes, to a 31-day dispute among the members of a family-owned real estate business valued at over $50 million. He has also litigated numerous class actions from the overcharging of recordation fees to funds availability practices. When he is not practicing law, Mike is active in the community. He currently is a member of the Board of Directors of Zufall Community Health Centers. He served as Chairman of the Board of Directors for the Colonial Symphony in Morristown, as well as teaching CCD and Pre-Cana classes in his parish. Mike is also Past Chair of the District XB Ethics Committee. Mike is a Life Fellow of the American Bar Foundation. He is a member of the American Bar Association (TIPS Title Insurance Committee), Title Counsel Section of American Land Title Association, the Association of the Federal Bar of New Jersey, New Jersey State Bar (Banking, Real Estate and Federal Bar Sections) and Morris County Bar Association (Financial Services Committee). Finally, Mike had the honor of serving five years in the United States Marine Corps. riker.com Follow us on Instagram: @TheMorningSpotlight Email us at: email@example.com www.themorningspotlight.com For title insurance inquiries contact Mike at firstname.lastname@example.org Buy Mike a Coffee!
For this episode of Houses in Motion, a podcast miniseries that is part of HousingWire Daily, we spoke with Holly Spencer Bunting, who is a compliance attorney at Mayer Brown where she represents mortgage companies. She shares a detailed guide to understanding RESPA, its history, and its current importance amid a surge of new joint ventures.
In this episode of Commitment Matters, Mary speaks with Wayne Stanley, Owner & Chief Inspiration Officer of Bowe Digital. Wayne can be reached via email at: email@example.comDuring their conversation, Wayne or Mary mentioned:How do you fulfill the expectations of your legacy customers and prospects? The biggest challenge in marketing is the constant need to evolve. Find out how to keep your brand consistency while adapting to the changing world of marketing.Avoid making assumptions about your customers' wants and needs. Get feedback from them. Ask questions to better understand your value to them. Learn more about marketing campaigns here and which types suit your business best. Wayne mentions your company website shouldn't be a digital billboard anymore, but rather a digital welcome mat. Here's how you can create a killer site! Wondering if your website is working? Ask your front desk what questions they're asked the most. Those questions are the ones you're not answering well now. Here's some examples of how big brands are handling FAQs. Videos can bump your website up on web searches using search engine optimization (SEO). Looking to attract a target market or demographic? Start building new customer outreach with these steps. Charter Title and Escrow Nebraska illustrates matching the personality of your business with your employees. Just like a health check-up, your marketing often needs a tune-up. Bowe Digital can help. According to Wayne, Twitter has become a big waste of time for marketers. Read more about it's algorithm and how your content may be missed.Here's some of the biggest opportunities to better your marketing right now: For Real Estate companies, use Instagram stories. For Lenders, use LinkedIn. For all business owners, try TikTok.Hootsuite, a social media planning company, breaks down all you need to know about influencer marketing, here.Still sending text-heavy marketing emails? Here's how you can create engaging emails! With the market being so busy right now, many ask why they should even bother with campaigns. Wayne says right now is the best time to work with your budget! Take advantage while you have the resources. Make plans now!How does RESPA interfere in my marketing services? The Consumer Financial Protection Bureau offers some helpful hints on compliance. If you'd like to contact the Commitment Matters podcast, email firstname.lastname@example.org. Don't forget to subscribe, rate, and review this podcast on Apple Podcast, Spotify, or wherever you listen to podcasts, or visit RamQuest.com/podcast to download the latest episode. Lastly, we love to see when and how you're listening. Share our posts, or create your own and tag them: #CommitmentMattersPodcast
How can we stay competitive moving forward in a progressive world? In today's podcast, we're introducing the topic of generating passive income while staying at your brokerage. With major players such as Zillow, OpenDoor, and Redfin offering mortgage and title services, it's time real estate brokers and agents start to think about ways to offer vertically integrated services. In order to stay competitive, we need to think of ways to bundle and save for the consumer. Here are three basic steps to creating passive revenue streams while staying at your brokerage: Review your Independent Contractor Agreement (ICA) Talk with a RESPA attorney (Real Estate Settlement Procedures Act) Get a license(s) for the services you want to offer (such as mortgage) Listen in to hear the full details on how to generate passive income without leaving your brokerage and https://the-solution-podcast.captivate.fm/listen (be sure to subscribe) so you don't miss an episode! The Solution is a Real Estate Podcast by LEOPARD - Real Estate Agents for Consumers. Jeff Sibbach and Phil Sexton share what they see happening in the industry, ways to put the consumer first, and how we can collectively change the industry for the better. Learn more about the Real Estate Agents for Consumers
Today's HousingWire Daily episode features an interview with Shayna Arrington, the Chief Compliance Officer at The Money Source. Arrington sat down with HousingWire assistant editor Jordan White to discuss the current risk and compliance issues facing servicers.Additionally, the pair examine some of the CFPB's changes to Regulation X and discuss the new Fair Debt Collection Practices Act rules that are going into effect in November.
In this episode of Commitment Matters, Mary chats with Loretta Salzano, President at Franzen and Salzano, P.C. Visit Loretta's website or connect with her via email at email@example.com. As a reminder, as with all our podcast episodes, this interview should not be considered as legal advice. During their conversation, Loretta or Mary mentioned:Here's an overview from RESPA News regarding the resurgence of joint ventures. For a deeper dive into ABAs check out this article detailing their evolution.Loretta mentions the importance of a culture of compliance.Here's a look at the three requirements for safe harbor under the law and a glimpse at how the CFPB is widening its RESPA enforcement.Lorretta mentioned HUD's Ten Factor Test for Controlled Business Arrangements in the HUD Statement of Policy 1996-2. RESPA News gives us the Do's and Don't's of MSAs and the CFPB's definition of them. Loretta mentions co-marketing regulations, as well. Here's what the National Association of Realtors suggests.This article highlights the ebb and flow of “cozy marketing arrangements” in the mortgage industry.The CFPB ordered Lighthouse Title to pay $200,000 for illegal quid pro quo referral agreements in an effort to take action against mortgage kickback agreements. The CFPB created this downloadable version of its RESPA FAQs, released in October of 2020.MLinc Solutions can advise and evaluate the fair market value of sponsorships and promotions. Here's a bit more about Pass Through Leases.Loretta talks about Grant Mitchell, who was knowns a Mr. RESPA. She also mentions Mick Mulvaney and Kathy Kraninger – both of whom have led the CFPB in the past.As noted, the acting CFPB director, David Uejio outlined priorities and announced plans for more aggressive enforcement and supervision.MSAs and other arrangements are under FDIC scrutiny. Here's more on the “mini” CFPBs developing in some states.The CFPB is hiring!Mary asked about seasonal gifts. Here's what the CFPB says about RESPA Section 8 and gifts.Learn more about Section 9 of RESPA. You can also watch this RESPA News webinar which explains the differences between sections 8 and 9, where section 9 applies, and expands on the term, “required use.”Here's a look back at a Stewart Title Guaranty Company's blog, offering insights on social media and referrals.Mary and Loretta mention UDAP. Here's the FTC's handbook on the matter.If you'd like to contact the Commitment Matters podcast, email firstname.lastname@example.org. Don't forget to subscribe, rate, and review this podcast on Apple Podcast, Spotify, or wherever you listen to podcasts, or visit RamQuest.com/podcast to download the latest episode. Lastly, we love to see when and how you're listening. Share our posts, or create your own and tag them: #CommitmentMattersPodcast
Curious about how investing in raw land could help you accomplish your financial goals? In this episode, we're talking with Mark Podolsky, The Land Geek, the raw land investor who's completed over 5500 land deals, with an average ROI of over 300% on cash flips, and over 1,000% on the deals he sells with financing terms. https://www.youtube.com/watch?v=AMB7SWZLyn8 So if you want to learn from a raw land investor who's replaced his income and helped many other people do the same … tune in below! Table of contentsHow Do You Invest in Raw Land?Doing Your Due Diligence with Raw LandWhat Happens Next?How to Make Your Offer IrresistibleRaw Land Creates ValueThe Risks of Raw Land InvestmentsPrivatized Banking and Raw LandAbout Mark PodolskyLinks How Do You Invest in Raw Land? In our interview, Mark starts us out with a case study, using Bruce as a hypothetical. In this instance, Bruce lives in St. Louis, yet owns 10 acres of land in Texas. He also owes $200 of back taxes. He's advertising two things here: no emotional attachment to that raw land, and there's some sort of financial distress. You, as the raw land investor, would look at the comparable sales on his 10-acre parcel for the last 12-18 months. Then, you take the lowest comp divided by four, giving you what Warren Buffett would call a 300% margin of safety. Then you'll send an actual offer. Pretend the lowest comp is $10,000. You would send an offer of $2,500. Chances are, Bruce will accept the offer, because it's better than nothing. In Mark's case, 3 out of 5 people typically accept his offers. Then it's time to do his due diligence. Doing Your Due Diligence with Raw Land When Mark Podolsky talks about due diligence, here's what he means: Does “Bruce” still own the property?Are the back taxes only $200?What's the ingress and egress?Are there any breaks in the title's chain?Are there liens or encumbrances?Is there legal access?What are the neighbors doing?How far is the property from other services?What are the roads like?What is compelling about the property? It's crucial that before you make an investment on a property, you know all the important factors. You can also enlist help: Mark himself outsources this step to his team in the Philippines, because they are connected to an American title company. It's not costly either. For larger investments, working with an American title company directly is beneficial. Or you can even outsource through Craigslist. Taking the time or spending the resources to vet your land thoroughly will pay off in the long run. What Happens Next? The trick to raw land investments, after you vet the property, is to sell in 30 days or fewer. Then, you can make it cash flow similarly to a rental property, and be ready to invest in the next plot of land. So who do you sell to? Fortunately, with raw land, you have built-in buyers: the neighbors. Intrinsically, the neighbors are going to have an interest in this land more than anyone else to start. They may want it to protect their privacy, or to build out their estate. Giving them the first pass can often have a huge payout. Should that not pan out, you have several other options to find buyers. Start with your buyer's list, then you can start looking online: CraigslistFacebook Marketplace (or buy/sell groups)Land sale websites How to Make Your Offer Irresistible How you package and sell the land makes the offer irresistible. You ask for a $2,500 down payment and recoup your investment. Then, Mark recommends this: a monthly payment of $449 over 84 months at 9% interest. This way, you have a onetime sale, earn your capital back, and then you have monthly cash flow without renters, renovations, or rehabs. Because you're not dealing with tenants, you're also exempt from Dodd Frank, RESPA, and the SAFE Act. [13:28] “The game we play is, can we create enough of these land notes, where our passive income exceeds our fixed expense,
This is the part III of a V part series with Golden State Finance Authority.GSFA OpenDoors™ Program is designed to increase homeownership opportunities for lowto-moderate income individuals and families in California. DPA Amount: • Up to 7.00% of the First Mortgage Loan amount. DPA Form: • DPA is in the form of a Gift and a deferred 30-year term, non-amortizing loan with no monthly payments DPA General Terms:• Proceeds may be used for down payment and/or closing costs;• There must be no cash back to the borrower from the DPA proceeds;• Note Rate of Second Mortgage is 0%;• Non-amortizing loan with no monthly payments;• Second Mortgage is due and payable upon sale, refinance or payoff of the 1st mortgage;• No subordination allowed;• Lender must conform to federal RESPA and Truth-in-lending laws in disclosing the terms of the Second Mortgage.
Meade Hartfield has represented clients nationwide in a variety of industries, including financial services, drug and medical device, automotive, aviation, industrial equipment, insurance, and environmental. Her financial services practice includes representing financial institutions, auto-finance lenders and mortgage companies in defensive litigation matters throughout the country, including alleged violations of TCPA, TILA, FCRA, FDCPA and state deceptive trade practices laws. She also spearheads regulatory compliance services in response to pending or new legislation. Meade has been admitted to practice before all state and federal courts in Alabama, Mississippi and Tennessee. She is an active member of the Defense Research Institute (DRI), where she serves as Seminar Chair of the Women in the Law Committee, as well as the Women in the Law Liaison to the International Law Committee and the Automotive Section of the Product Liability Committee. Meade also is serving as the inaugural chair of Women in the Law Committee for the Alabama Defense Lawyers Association. Notable Matters Counsel for national mortgage servicers in their multi-state residential mortgage litigation Counsel for captive auto-finance lender in litigation involving consumer protection statutes and dealer finance Counsel in successful defense of mortgage services provider in cases involving alleged RESPA, TCPA, FDCPA, TILA, FCRA, wrongful foreclosure and other state law violations Counsel in successful representation and summary judgment monetary award in favor of financial services provider in invoice factoring case Counsel in successful defense of major automotive manufacturers in product liability and warranty cases --- Support this podcast: https://anchor.fm/freeman-means-business/support
In today's Daily Download episode, HousingWire discusses what several industry veterans believe the mortgage industry will look like in 2021.For some background on the story, here's a summary of the article:As the election creeps ever closer, there are plenty of forecasts about how it could impact housing. HousingWire has reported on both the fate of the GSEs and the nation's economic outlook as a red vs blue battle stirs in Washington. But what about the regulatory bodies that will decide the priorities for enforcement over the next four years?At the HousingWire Annual panel, industry veterans Ed DeMarco, president of the Housing Policy Council, Kris Kully, partner at Mayer Brown, and Richard Andreano, Jr., partner at Ballard Spahr, discussed the future of regulation and enforcement as the industry gears up to run headlong into 2021. Julian Hebron, founder of The Basis Point, moderated the panel.The most notable topic of discussion was the Consumer Financial Protection Bureau's recent rescinding of a 2015 compliance bulletin related to marketing services agreements (MSAs), which the bureau said “does not provide the regulatory clarity needed on how to comply with RESPA and Regulation X.” Alongside the rescinding, the CFPB released an FAQ for guidance on the Real Estate Settlement Procedure Act (RESPA), which many companies have been accused of violating over the years – though several of those cases were thrown out.Following the main story, HousingWire an announcement that lender and servicer Finance of America Capital is slated to go public in the first half of 2021 and discusses Offerpad's partnership with Aires to streamline the relocation process.The Daily Download examines the most compelling articles reported from the HousingWire newsroom. Each afternoon, we provide our listeners with a deeper look into the stories coming across our newsroom that are helping Move Markets Forward. Hosted by the HW team and produced by Alcynna Lloyd and Victoria Wickham.HousingWire articles covered in this episode:What will mortgage regulation and enforcement look like in 2021?Blackstone-owned lender and servicer Finance of America to go public
Our late-breaking edition of FNF Unplugged is ready for download and discourse as the Consumer Finance Protection Bureau scraps the 2015 MSA Memo and issues new guidance. This just in... You can pay for actual, necessary and distinct services provided by a referral source as long as you pay no more than the reasonable value of the services. So, how do you value the services? What does this mean for the relationship between real estate professionals and lenders? Attorney Brian Levy joins FNF's Chuck Cain to break down the FAQ's and discuss how to interpret this guidance.
Is there a tidal wave of evictions and foreclosures coming in Florida? Recently, Florida's Governor DeSantis refused to extend an Executive Order that put a freeze on foreclosures and evictions in Florida, where the payment default was due to a loss of income caused by COVID. What can someone do who is in fear of being able to pay their bills due to a loss of income caused by COVID? This week's guest on the Crushing Debt Podcast is attorney Bryant Dunivan of Owen Dunivan. Bryant focuses his practice primarily in the fields of Debtor’s Rights including Foreclosure Defense, Bankruptcy, Fair Debt Collection violations, Fair Credit Reporting violations, and Credit Card/Debt Negotiations. Bryant and I talk about the various federal laws that exist that provide protection for borrowers, homeowners, tenants and landlords due to the Coronavirus including: Real Estate Settlement Procedures Act (RESPA) Truth In Lending ACT (TIL or TILA) CARES Act CDC Orders & Guidelines For someone afraid of losing their home or being evicted, please reach out to Bryant or to me to understand your rights during this pandemic. Bryant can be reached at www.OwenDunivan.com or BDunivan@OwenDunivan.com. Please also visit our sponsor if you are an attorney or title company who wants a competitive quote on malpractice insurance. Sam@AttorneysFirst.com or www.AttorneysFirst.com. Finally, to find 30+ ideas on how to increase income, decrease expenses, and become debt free, please go to www.ShawnMYesner.com/BecomeDebtFree to get a FREE copy of my newest book - Become Debt Free in Less Than One Hour!
Could things get any crazier? Of course they could- that's the business we're in! After the initial panic, an adverse market refinance fee was postponed until December 1st. And while that bought the industry time to adjust, there's still plenty on our plates with RESPA and MSA's. In this episode, industry expert Brian Levy joins us for an insightful and light-hearted update on the mortgage & real estate markets, straight from his popular blog "Mortgage Musings".
Humans and technology have been forced together like never before this year. Joe Welu and Sue Woodard discuss how work and lives have intermingled as a result of quarantine, creating a whole new intimacy among colleagues and customers. Find out how what to take forward from a time when we've learned more about each other while being apart.
- Hey, everybody, welcome to "Avoiding Real Estate Turbulence" podcast, season two, episode two. This is your pilot, Jon Lafferty, with Century 21 Town & Country.- And copilot Tony Abate, with Ross Mortgage, and we are your real estate pilots. Our job is to be your real estate advocate and also make sure you're educated about the buying and selling process. We'll keep you informed throughout until we get you safely closed.- Today's episode is sponsored by Title One. When you're a seller or buyer, and you're feeling weary or small, with tears in your eyes, Title One will dry them all. They are on your side. If times get rough and friends can't be found, Title One can be your bridge over troubled title issues. You can reach Title One at 734-427-8000, or e-mail them at email@example.com Again, firstname.lastname@example.org- There you go. All right, and a I love the commercial, man. You could go into business and write those taglines, I think. In a real estate transaction there are many reasons why you can encounter turbulence. Today we are going to talk all things title with Ken Taylor from Title One. Welcome back to the jump seat, Ken.- Thank you.- Welcome back, yeah.- Yeah.- Glad you're able to join us for episode two.- Happy to be here.- All right.- In our last episode, we sorta talked a little bit about how you got into title, why you're in title, and some things about it, what a commitment for title insurance is, owner's policy, lender's policy, so I thought maybe what we'd do is, in this episode, maybe just talk a little bit about some general questions that maybe people have of differences between different ways to hold title, and red flags when you're purchasing a property to keep your eyes out for.- Yeah.- Well, first, let's talk about why, in Michigan, we have split title, what's called split title, and is it a benefit? Is it a detriment? If it's a benefit, who does it benefit? And what does split title mean? Split title means that in a real estate transaction, obviously, you have a seller and a buyer taking out a loan. You're gonna be purchasing two policies at a closing. A seller will provide an owner's title policy to the purchaser. The buyer provides a lender's title insurance policy to the lender and mortgage company. What they call RESPA, Real Estate Servicing Protection Act, made a rule that the consumer has the right to choose whoever they want for the service that they pay for, so the seller pays for an owner's policy, so they can choose a title company, whoever they want. Ken TaylorTitle One(734) email@example.com---Avoiding Real Estate Turbulenceinfo@avoidingret.comhttp://www.avoidingret.comFacebook: fb.me/avoidingret
Brian and Shant discuss the following cases: Brown v. Upside Gating: Defendants file an appeal to a judicial order arguing that it was tantamount to an injunction because it required appellants to take affirmative steps to affect invalidation of the releases at issue. The court clarifies that an order is not an injunction and therefore not appealable. Williams v. Impacts Lab, Inc.: Plaintiffs were provided leave to amend their complaint to add a new plaintiff as a class representative. Unfortunately, counsel filed the amended complaint with the same plaintiff and yet again defendant’s motion was granted. In order to apply, an appeal must derive from something dispositive in the case. Death Knell Doctrine – a de-facto final judgment for absent plaintiffs under circumstances whereto the persistence of a viable plaintiff claim creates a risk – no formal final judgment will be entered. In order for the doctrine to apply, all class allegations must be disposed, because a partial rejection of allegations is not enough. Henson v. Fidelity: Plaintiffs filed a class action for RESPA violations involving real estate. The district court judge throws everything out but a sliver of the case making it unappealable. Thereafter, the parties enter into an agreement to dismiss for purposes of preserving an appeal. However, USSC in Microsoft v. Baker ruled that parties cannot stipulate to appellate jurisdiction. Assembly Bill 9: Stop Harassment and Reporting Act (SHARE) extends the statute of limitations exclusively for employment discrimination. A FEHA letter/complaint must be filed within three years, extended from one year, from the incident(s) that is actionable.
Do you work because you want to or have to? Have you ever considered investing in land to generate enough passive income that exceeds your fixed expenses? Today, I am talking to Mark Podolsky of Frontier Equity Properties. Mark’s passion is investing in land, creating wealth efficiently, and helping others develop their inner geeky entrepreneurial spirit. He’s known as, “The Land Geek,” for buying and selling thousands of raw and undeveloped land deals. Also, he’s the author of Dirt Rich, a guide to building a passive income model in land investing. You’ll Learn... [02:40] Beat Friday Blues: How and why Mark became a land investor. [05:40] Breaking Down Passive Income Model: No emotional attachment to land and distressed financially. [07:26] Property Checklist: Due diligence to confirm ownership, back taxes, no title breaks, and no liens. [08:25] Buy the property free and clear, and sell it in 30 days or less. [08:40] Neighbors: Built-in best buyers to protect privacy, views, and expand holdings. [09:09] Other Options: Sites with specialized buyers and sellers of raw and undeveloped land (i.e., Craigslist, Facebook, Land Flip, Land Moto). [10:00] No renters, rehabs, renovations, and rodents; exempt from erroneous real estate legislation. [10:48] Price Point of Fixed Expenses: Typically, $10,000 a month in passive income. [12:05] Operating Entity: Spend a few hours a day on land investing business, and automated software/virtual assistants do the rest. [14:35] How to get started? Everything is hard in the beginning. Embrace the suck. [16:00] What Mark loves about land investing? No physical inventory, no competition, inefficient market, one-time sale, and passive income. Tweetables Core Business Philosophy: Happy customers guaranteed. Raw land is the best passive income. There’s nothing not to love about land investing for passive income. True Wealth: Work where you want, when you want, and with whom you want. Resources The Land Geek Dirt Rich by Mark Podolsky Frontier Equity Properties The Land Geek Podcast Warren Buffett’s Margin of Safety Land Moto Land Flip Dodd-Frank Financial Regulatory Reform Bill Real Estate Settlement Procedures Act (RESPA) S.A.F.E. Act FortuneBuilders Robert Kiyosaki Zig Ziglar GeekPay DoorGrowClub Facebook Group DoorGrowLive DoorGrow on YouTube DoorGrow Website Score Quiz Transcript Jason: Welcome, DoorGrow Hackers, to the DoorGrow Show. If you are a property management entrepreneur that wants to add doors, make a difference, increase revenue, help others, impact lives, and you are interested in growing your business, and life, and you’re open to doing things a bit differently, then you are a DoorGrow Hacker. DoorGrow hackers love the opportunities, daily variety, unique challenges, and freedom that property management brings. Many in real estate think you’re crazy for doing it, you think they’re crazy for not, because you realize that property management is the ultimate, high-trust gateway to real estate deals, relationships, and residual income. At DoorGrow, we are on a mission to transform property management businesses and their owners. We want to transform the industry, eliminate the BS, build awareness, change perception, expand the market, and help the best property management entrepreneurs win. I’m your host, property management growth expert, Jason Hull, the founder and CEO of DoorGrow. Now, let’s get into the show. Today, I am hanging out with Mark Podolsky. Mark, welcome to the show. I’m going to read your bio here because we want to qualify you and then we’ll let you brag a little bit because you got to do a little bit of starting out here. Today’s topic (for those who are just tuning in) is land investing for passive income. We’re going to learn how to use land investing to create a passive income stream. Mark J. Podolsky (AKA The Land Geek), is widely considered the country’s most trusted and foremost authority on buying and selling raw, undeveloped land within the United States for almost two decades. Mark has been actively investing in real estate and raw land and has completed over 5000 unique transactions. Mark’s company, Frontier Equity Properties, LLC, is an A+ rated Better Business Bureau real estate company. Mark has achieved this level of success largely due to his core business philosophy, happy customers guaranteed. Mark is the host of one of the top-rated podcasts in the Investing Category on iTunes, aptly titled The Best Passive Income Model and The Art of Passive Income. He is also the host of The Land Geek podcast: Work Smart. Earn More. Learn How. Mark, there you go. Give us a little bit of background on you and how you got into this land investing. Mark: Let’s rewind to 2000 and imagine me fighting traffic, 45 minutes in the car there and back, micromanaged, stressed out at an investment banking job, working with private equity groups specializing in mergers and acquisitions. Jason, it got so bad for me that I wouldn’t get the Sunday blues anticipating Monday coming around. I’d get the Friday blues anticipating the weekend going by really fast and heading back to work on Monday. My firm hired this guy and he’s telling me that as a side hustle, he’s going to tax deed auctions, he’s buying up raw land pennies on the dollar, he’s flipping them online, and he’s making a 300% return on his investment. Jason, I’m looking at companies all day long and a great company has 15% EBITDA margins or free cash flow. Great company. Average company is 10%. I’m looking at companies all day long, less than 10%. Of course, I’ll believe him. We go to New Mexico. I do exactly what he tells me to do. I’ve got $3000 saved up for car repairs so I can only buy $3000 worth of land. I buy 10 half-acre parcels, an average price of $300 each. I put them up all online and they all sell 30 days later from an average price of $1200 each. It worked. 300%. I took all that money, I went to another auction in Arizona (which is where I live) and again, it’s 2000. There’s no one in the room, there’s no competition, I’m buying up lots, I’m buying up acres for nothing. Over the next six months, I sold all that property and I made over $90,000 cash. I go to my wife, and she’s pregnant. I said, “Honey, I’m going to quit my job. I’m going to become a full-time land investor.” She says, “Absolutely not.” So I worked land investing part-time and it took 18 months for the land investing income to exceed the investment banking income and then, I quit. I’ve been doing it full-time ever since. Jason: It’s so easy, anybody can do it? Mark: Yeah, I wish. I wish it was so easy. It’s a simple model but anything worth doing in life is not easy. What I could do is I could walk you through the model and then, odds are you’ll just stop the podcast and quit doing what you’re doing and start land investing with me, but that’s okay. That happens a lot. You want me to walk you through it? Jason: Yeah. Mark: Jason, where do you live? Jason: I’m in Santa Clarita, California. Mark: Okay. Let’s imagine that you own 10 acres of land in Texas. I go to the county treasurer and I get a list of people that owe back taxes. Sure enough, there’s Jason Hull in Santa Clarita, California, $200 in back taxes on this 10-acre parcel. Jason, you’re advertising two things to me. Number one, you have no emotional attachment to that raw land. You’re in California. The property is located in Texas. Number two, you’re distressed financially in some way. Because when we don’t pay for things, we don’t value them in the same way. And you haven’t paid your property taxes. As a result, the county treasure keeps sending you notices saying that, “Jason, if you don’t pay your taxes, you’re eventually going to lose your 10 acres to a tax deed or tax lien investor. What I will do is I would look at the comparable sales on that 10-acre parcel. I’m going to take the lowest CUP and I’m going to divide by four. That’s going to get me what Warren Buffett calls a 300% margin of safety. I’m going to actually send you an offer of $2500 on that 10-acre parcel assuming that the lowest CUP is $10,000. I send you an offer for $2500. Now, you accept it because for you, $2500 is better than nothing and you haven’t gone out to look at the property. You just don’t care about it anymore. In reality, 3%-5% of people accept my “top dollar offer.” Now that you’ve accepted the offer, I’ve got to go through due diligence or in-depth research. Number one, I got to confirm you still own the property. Number two, I have to confirm the back taxes are only $200. Number three, I have to make sure there have been no breaks in the chain of title. Number four, I have to make sure there are no liens or encumbrances. I have this whole property checklist and it goes on and on and on. If it’s a property deal that’s worth less than $5000, I’ll actually close it directly with my team in the Philippines. We’re hooked up to an American title company. I pay $11 for due diligence. They’ll give me a whole property report. I’ll get the GIS maps, the plat maps, aerial maps. If it’s an area I don’t know, I’ll have somebody go out there, stamp on the property for me, take a video and shoot photos throughout the property checklist. What are the neighbors doing out there, what’s the road like, all these things. Everything checks out and now, I buy the property from you for $2500. You get $2300 of it, $200 goes to the treasurer, and now I have that property free and clear. I’m going to sell this property 30 days or less. The reason I’m going to do this is I have a built-in best buyer. Do you know who it is? Jason: No. Mark: The neighbors. I’m going to sell that to the neighbour saying, “Hey, here’s your opportunity. Protect your privacy, protect your views, expand your holdings, know your neighbour.” Oftentimes, the neighbors will buy it. If they pass, I’ll go to my buyers list. If my buyers list passes, I’ll go to a little website you might not have heard of called Craigslist (10th most traffic website in the United States). I’ll go to an even smaller one. It’s called Facebook buy-and-sell group and marketplace. And then, I’ll go to these platforms that specialize in buying and selling raw land, landmodo.com, landandfarm.com, landsofamerica.com, landflip.com. It goes on and on. Now, the way I’m going to sell it is I’m going to make it irresistible. I’m going to ask for a $2500 down payment. I get my money out on the down, within (let’s say) six months of that. I’m going to get a car payment, let’s say $449 a month, 9% interest over the next 84 months. Essentially, I’ve got a one-time sale, I have passive income of $449 a month, 9% interest over the next 84 months, no renters, no rehabs, no renovations, no rodents. And because I’m not dealing with a tenant, I’m exempt from Dodd-Frank, RESPA, and the SAFE act (this onerous real estate legislation). The game that we play is can we create enough of this land notes where our passive income exceeds our fixed expenses and then we’re working because we want to, not because we have to. The beautiful part about all of this is 90% of it is automated with software virtual assistants. It’s great. Jason: What is the price point of fixed expenses typically? Mark: For most people, after you earn about $10,000 a month in passive income (that’s $120,000 a year), you’re in pretty good shape. Now, we have some clients who are doctors and lawyers. I have a client. He’s been working with us for 10 months. He’s at $15,000 a month passive and he just went from 5 days a week at his law firm to 2 days a week and he’s spending the rest of his time with his dad who needs help working with him and the other two days doing what he wants to do. We have so many clients that once they hit that point, they retire their spouse. They quit their job. They do what they really want to do in life because the whole idea of this is that we can always make more money but we can’t get more time. For me, true wealth means you wake up and you don’t have to be anywhere. You work where you want, when you want, and with whom you want. That’s really the goal of doing all this. Jason: Love that. What else do people typically ask you about this? When you say it, it sounds really easy. It sounds like something that maybe anybody can do, but it’s like starting a part-time job if you start getting into this. Mark: It is. It is an operating entity. We ask our clients to spend about an hour or two a day doing this. That will move the needle because with our virtual assistants and our software, it’s pretty automated. We actually have automation software for marketing. We can automate our craigslist and our Facebook postings with a posting automator. The only two things that (as CEO of your land investing business) you, Jason, actually have to do, is county research because if you get that screwed up, that whole thing falls off the rails, so you have to pick a good county. From there, you’re going to make sure that you get your pricing right, so you might want to work with a VA, train them, and show them, “Hey, look. Here’s our lowest comps dividing by four. We need a response rate of 3%-5%. If it’s under 3%, our offer is too low. If it’s over 5%, let’s get nervous. Why are they selling us their property? We might have to renegotiate.” We have our metrics in there. As far as the rest of the process, you can get virtual assistants to do our due diligence. You can get an intake manager that can actually talk to your sellers (because that’s a big time-suck as well). From there, you can close. We like to use Simplifile accountings, so that we can record our deeds online, so I don’t have to go and do a lot of whole paperwork that way. Once we own it, again, we have an inexpensive virtual assistant getting us through GIS, all the neighbors information, uploading that to our software, sending out our neighbor letters. There’s an API with lob.com, which does our mailings. On the backend of it, we use a software called GeekPay.io that is a set-it-and-forget-it system on collecting our money. We get our down payment via credit card and then we get our monthly payments via ACH. It does all the amortization. It does all the calculations. It charges fees but it does it through notifications. If that ACH bounces, it will charge the credit card on file. We went from an 8% default rate to a 4% default rate. I personally worked two hours a week in Frontier Properties, doing the kind of volume that we do. Jason: Sounds great. That’s pretty incredible. How hard is it for somebody to get started with this that’s new? Mark: It’s like anything in life. Everything is hard in the beginning. You know what’s really hard, Jason? Learning to read. We don’t remember it. We forgot how hard that was in the very beginning but you had a good teacher, they broke it down for you step-by-step, and you are with other people. It was just a thing, like everyone can do this and you’re just expected to do it. It’s the same kind of thing. What happens is we’re so ingrained after all these years of schooling that you have to achieve what you achieve, to go back and embrace beginner’s mind and embrace the suck. It’s hard. If you can do that, if you can be comfortable being uncomfortable and you have some grit, you can be successful in anything in life, whether it’s my land investing niche or growing your doors. It doesn’t matter. Nothing worth doing is easy. Jason: It sure is nothing worth doing is easy. The challenge is if somebody is going to choose into doing this, choose into doing property management, or choose into doing any business, they have to fall in love with this. They have to get excited about this. Help the listeners understand what do you love about doing this? Your clients that get involved in this, what do they love about it that’s different from other entrepreneurial ventures that they get into? Mark: The main reason that people like this model is number one, there’s no physical inventory. Number two, there’s little to no competition. If you go on HGTV or the DIY Network, you’re not going to ever see me on Flip This Land. The before pictures is raw land, the after pictures is raw land. It’s not going to be much fun to watch me in front of a computer. If you go to [...] meeting and there are 100 people in that room, 99 of them are house flippers, landlords, or wholesalers. You and I are the only land guys. Number three, you have an inefficient market. I’ve got a hedge fund manager that loves this business because he’s like, “Mark, there are very few inefficient markets left out there. Nobody knows the value of raw land.” Now, that can be very frustrating in the beginning, but it’s also very exciting once you get your arms around it. No physical inventory, no competition, inefficient, and then you have the fact that it’s a one-time sale and then the passive income versus let’s say I flip a house. I make $20,000 on a flip. I have a new problem. What do I do with my $20,000? I can’t put it in the bank. It’s not going to earn anything. I have to keep redeploying that capital. Once we get to let’s say $10,000 a month of passive income, what our net worth? How long would it take you to have an investment of $120,000 a year at say 2% interest in the bank? That’s over $3 million you and I would have to save. How long, Jason, would it take for you to save $3 million? How long would it take anybody to save $3 million? Jason: I probably would never do it. Mark: Yeah. 12-36 months, you can have that kind of cash flow and then your bankers are really happy with you because your net worth is over $3 million. The fact that—I’m not proud of it—I can’t even screw in a light bulb. I tried to flip a house once. I am not interested in physical things so the subs come out there. I meet the subs. They don’t show up. Just the capital outlay, I started with $3000. My buddy, [...], started at $800. You’re not going to ever get knocked out of the game in this niche. The dollars are just too small. If you go into multifamily housing, you do one bad deal and you’re done for 10 years. You’re BK or you’re just a pariah in the investment community because you lost all your investors money. This is not like that at all. You have an easy entry point, you have no physical inventory, you have no competition. You have a one-time sale on passive income. You have an inefficient market. There’s nothing not to like about it. I think what’s interesting is if you go to a party and you tell people you’re a land investor, they’ll yawn. It’s not sexy. Definitely not sexy. Maybe you lie and say you’re in multifamily housing. Jason: I don’t know if that’s super sexy sometimes either, but yeah. Mark: I mean it depends who you’re talking to. Jason: How do people get started in this? It sounds interesting. My interest is piqued. I’m sure some people listening are interested. How do they get started with this because I’m sure there’s a fairly steep learning curve? There’s got to be a reason why everybody isn’t doing it. How saturated is this? Mark: It’s not saturated at all because again, it’s just not sexy. It’s not conventional. The marketing budgets of the people that are in the house flipping world like Robert Kiyosaki or FortuneBuilders, that’s really where people thought to. Land investing, you have a mental hurdle for people where they think, “Well, I’ve never bought land.” We all know everyone needs a place to live. Nobody needs raw land. You don’t wake up today and say, “Boy, I really got to own 10 acres today.” Jason: That land that nobody is using and nobody seems to want. That land. Mark: Right. It’s a marketing business. You have to interrupt somebody’s day, pique their interest, and make it irresistible. I’ll tell you, after over 5200 deals, I’ve never been stuck with a piece of land. You buy any asset, 25–30 cents on the dollar, there’s someone else on the other end of that deal. Whether it be a piece of land, a car, a trinket, it doesn’t matter. The market is the market. So to get started, I would say you’ve got to learn from somebody who’s done in. For example, let’s say you and I are going to go to Mount Everest together. We’re going to climb this big mountain. Jason: We’re not just going to wing it. Mark: Yeah. You’re going to someone who’s done it a million times and they can tell you the best routes quickly, efficiently, and safely to do it. That’s what you want to do. You can start with that. In fact, for the listeners, I would say that I have a $97 course that I’d love to offer them for free. If they just go to thelandgeek.com/launchkit, they can go ahead and get that course for free. Start there and then see if they like it or not. Jason: Their time investment is 1-2 hours a day? Mark: If that, yeah. It depends if they’re using tools or not. It also depends if they have a scarcity mentality or abundance mentality. A lot of people, when they start doing this, they think they can penny-pinch their way to wealth. They don’t want to use the tools that are out there. Jason: “No, I’ll do it myself. I’ll watch 120 Youtube videos and figure out how to do it myself.” Mark: Yeah, and you can do that. But again, my whole philosophy is that I can always make more money. I can’t get more time. So, anything that’ll save you time, I’ll invest in. Jason: I say something very similar to my clients. That makes sense. Anything else anybody should know before we wrap this up and how can they get in touch with you? Mark: If you have that mindset that Zig Ziglar says, “If you'll do for the next 3–5 years what other people won't do, you’ll be able to do for the rest of your life what other people can’t do.” You’ve got to get your reps in and you have to embrace the suck. Again, nothing worth doing in life is easy. It might be a simple model, but it’s not easy. You have to take action at some point Again, the best way to get a hold of me is thelandgeek.com. I’ve got an audio book. I’ve got a book on Amazon called Dirt Rich if you want to just read about it and hear my story as well. It got really good reviews. People seem to like it. It’s not because I’m such a good writer. It’s just that they like it. Jason: Nice. Perfect. Look for the book, Dirt Rich, or check out thelandgeek.com. Mark, this is interesting. I think it’s a new idea that people certainly haven’t heard of this before on the DoorGrow Show. I appreciate you coming on and hanging out here with me. Mark: Jason, thank you so much. Again, I apologize if you’re just going to quit your business and go [...] with me. Jason: I love what I do so. Mark: See? There you go. You can do both. Jason: Both. All right. Maybe I’ll get a few people from this show that are wanting to do both. There you go. Mark, thanks again for coming on the show. We’ll let you go. Mark: Thanks, Jason. I appreciate it. Jason: If you are a property management entrepreneur and you enjoy the show, be sure to like and subscribe. If you’re watching this on Youtube or on Facebook, be sure to share it if you would. We would appreciate that. If you’re in some property management groups, we’d love to see your comments. And if you’re on iTunes, give us a review. We would really love to get that feedback. We’re putting out this content for free. We would love a little reciprocity, people. That would be really sweet of you. I would appreciate it greatly. It helps us get the word out and make a difference in this industry. If you are a property management entrepreneur that wants to grow your business, add doors, you’re struggling, you’re feeling that there’s a scarcity in the industry, there’s no scarcity in property management right now. 70% are self-managing. There’s plenty of opportunity. Reach out, talk to us, and let us help you see how you can align your business towards more warm leads and stop spending so much time trying to go with cold leads, time keepers, and time wasters. The people that are at the very end of the sales cycle are the coldest, crappiest, most price-sensitive. Those are the people searching online. They’re the leftovers that fall off the word-of-mouth table. Come sit at the table with us. We’re DoorGrow. We’ll talk to you soon. Check us out at doorgrow.com. Bye everyone. Until next time, to our mutual growth.
BE SURE TO SEE THE SHOWNOTES AND LISTEN TO THIS EPISODE HERE. Eve Picker: Hey, everyone, this is Eve Picker, and if you listen to this podcast series, you're going to learn how to make some change. Eve Picker: Hi, there. Thanks so much for joining me today for the latest episode of Impact Real Estate Investing. Eve Picker: My guest today is Jorge Newbery, founder and CEO of American Home Owner Preservation and AHP Servicing. Jorge is also CEO of Debt Cleanse Group Legal Services. AHP crowdfunds the purchase of non-performing mortgages from banks at big discounts, then shares the discounts with struggling homeowners. Jorge is on a mission to help Americans crushed by unaffordable debts. Eve Picker: A 2004 natural disaster triggered the financial collapse of Jorge's former business, leaving him with $26 million in debts he could not pay. Jorge rebuilt himself through AHP, sharing what he learned from his own challenges to help families at risk of foreclosure stay in their homes. Jorge has also found the time to write a few books, Burn Zones, Playing Life's Bad Hands, Debt Cleanse, How to Settle Your Unaffordable Debts for Pennies on the Dollar, and Stories of the Indebted. Eve Picker: Be sure to go to EvePicker.com to find out more about Jorge on the Shownotes page for this episode and be sure to sign up for my newsletter so you can access information about impact real estate investing and get the latest news about the exciting projects on my crowdfunding platform, Small Change. Eve Picker: Welcome, Jorge. Thanks very much for joining me. It's really nice to reconnect. Jorge Newbery: Likewise, Eve. Always a pleasure. Eve Picker: Yeah, we haven't talked for a while, but still, I know that you're a man with a mission, and the mission that I know about is to help keep Americans in their homes. I think a more recent one is to help Americans crushed by unaffordable debt. I'd love to talk to you about how you're tackling these two missions. Jorge Newbery: Sure. They're very interrelated. I'll go back a little bit in history, about 15 years ago; 15 years ago, next month, was a day that kind of changed my life. At the time, I owned about 4,000 apartments across the country, had a very significant net worth. A ice storm hit my largest holding on Christmas Eve 2004. That holding was 1,100 units in Columbus, Ohio. It was just devastated by this natural disaster, and it triggered this extraordinary sequence of events in which I lost everything and ended up $26 million in debt. Eve Picker: Whoa! That's a really big number. Jorge Newbery: Yeah. It created some extraordinary challenges, as you can imagine. As I regained- came back to life, I realized that I'd become good at one thing through that experience. I never filed bankruptcy, but instead, I was able to work with my creditors, or somehow, sometimes, go on the offensive against my creditors, in order to settle those debts at significant discounts and, in some cases, not pay them at all. Jorge Newbery: By 2008, I realized millions of families across our country are suffering the same experience. They're at risk of losing everything. They're ending up losing their homes, losing whatever property they had, and in significant debt, and maybe my experience could be put to good use to help them. So, I started American Homeowner Preservation in 2008, and the goal was- the mission was, and still is, to keep families at risk of foreclosure in their homes. Jorge Newbery: Originally, we were a nonprofit. We were able to get our 501(c)(3) designation from the IRS. But over time, we realized that we could be a lot more effective as a for-profit, and we started buying defaulted mortgages from banks at big discounts. Then, once we owned the mortgage, we could do whatever we wanted with it, which could include cutting principal, forgiving delinquency, and reducing payments in order to keep these families in their homes. Eve Picker: So, the second mission ... I think you started a second company recently, right? Jorge Newbery: I did. What would happen is, over the years, we would help a family, and they would say, "Wow, this is ..." Oftentimes, people say this is too good to be true. They owe $100,000, and the home is only worth $50,000. They hadn't paid in three years. They owed $20,000 to the bank. Here we come along, and buy the mortgage, and say, "Hey, give us $2,000. We'll forgive the delinquency, so you're up to date. Your payment was $800; now it's $500." They say, "Great!" They'd tell their friends and family, and the friends and family will call us and say, "Hey, you helped my cousin with his mortgage, my co-workers on their mortgage. Can you buy my mortgage?" Jorge Newbery: The reality is, I can't go to Chase, or Wells, or any of the big banks, or other lenders, and say, "Hey, sell me this one mortgage." They basically decide what loans they want to sell, and I can't make special requests. Neither can anybody. So, what do we tell these people? We started giving them some tips as to what they could do to maximize the likelihood that they could stay in their home an extended period, and somebody would buy their loan at a discount and give them a more favorable deal. That eventually became a book, which is called Debt Cleanse - How to Settle Your Unaffordable Debts for Pennies on the Dollar. Jorge Newbery: Through life, you find that, as you solve one problem, you create another. So, now, people would read the book, and they'd say, "Hey, I'm following the steps in the book ..." They'd reach out on social media, and by email, and they'd say, "I'm following the steps in the book, but I need an attorney. Do you know any attorneys who can help me?" I knew from my experience when I was in a lot of debt that a lot of attorneys ... Some attorneys can be very helpful, but a lot of attorneys aren't that helpful; don't have that much experience in being ... Outside of law school, there's a lot of things you can do if you can't afford your debts that can be used to your advantage. Most attorneys aren't familiar with the tactics. So, what do I do? What do I tell these people to do? I can't tell them just to google 'attorneys in my area.'. Jorge Newbery: Over time, we realized that what could work here is a legal plan, where consumers struggling with their debts paid a $99 enrollment fee and $29 a month, and we'd give them access to attorneys in their area. Those attorneys, as part of the plan, agree that, "For that $29 dollars a month, I'm going to give this member half an hour of my time at no extra cost." They're going to get half an hour with their attorney every month. Jorge Newbery: Not only that, when they first enroll, these attorneys will send letters to their creditors saying that, "This member is represented by our law firm. Please cease communication with a member and direct all future correspondence to us." That has been very effective for members at stopping the phone calls, stopping the letters, which oftentimes create a lot of anxiety, so it's a big relief when that happens. Jorge Newbery: That's what we've done, and these attorneys ... The goal is they look for violations. It happens all the time, millions and millions of times a year, where there'd be live violations of the Fair Debt Collections Practices Act, the Fair Credit Reporting Act, TCPA, RESPA. When they can find these violations, they use those as leverage to get the debts settled at big discounts, not get paid at all and sometimes, in some cases, they'll sometimes even get the creditor to pay the member a statutory penalty, plus pay the attorney's legal fees. Most of the attorneys work on contingency, so they're not looking to get paid by the member; they're looking to get paid by the creditors. Eve Picker: I want to go back to AHP Servicing and what you've done there. I haven't talked to you in a few years, but I know you were buying large blocks of foreclosed homes and trying to keep people in them. That was really your first goal. I'm wondering how many people you've impacted by now. How big has this become? Where does everything stand? Jorge Newbery: I think we've bought, over the years, about 10,000 mortgages, so it's ... We bought a lot of mortgages. We've helped thousands of families stay in their homes with long-term sustainable modifications. Others, they don't want their homes. We've been able to give them cash; in exchange for the deed to the property, we forgive the debt and then, we sell the property. So, we get these vacant homes, which are oftentimes pock-marking low-, and moderate-income neighborhoods, and we get those back into service and occupied. Someone's taking care of them, paying taxes on them, and whatnot. So, between the two, one is keep the family in the home if they want to stay. Number one, that's the goal; but if not, the second thing is to help those communities by getting these vacant homes back into service. Eve Picker: Let's talk also about how you fund this, because that's how you and I [crosstalk] together, right? That's probably the most interesting part of the story, or very interesting. Jorge Newbery: Yeah, that's how our paths intersected. So, in 2013, September, we were one of the first crowdfunding offerings under 506(c). Before that, we raised money initially from friends and family; then from private investors who we knew; then accredited investors only, into a hedge fund. But then we heard about crowdfunding. So, September 2013, we offered, under 506(c) ... It was still accredited investors only, but we made it more accessible. It was a $10,000 minimum, which, at the time, was pretty low. I think our first offering raised about $4.5 million or so, and we bought a considerable number of loans. I forget how many, but it was quite a few; probably close to 1,000. Jorge Newbery: It worked. It made it more accessible. It was still accredited investors only, but it made it more accessible to a wider audience. I remember being really shocked, early on, when people would go online, go through the process, make an investment, and we had never talked to them. I was really astounded by that, because previously, as a hedge fund, we had to talk to people, and explain things, and send out these private placement memorandums that were numbered. So, it really was- seemed to be a lot ... It was just a lot more streamlined. Jorge Newbery: What was exciting is we did two more 506(c) offerings. All went well, but then, when we heard about Regulation A+, because now it was crowdfunding, but we could accept investments from both accredited investors and non-accredited investors. For me, that was exciting because it really ... We had homeowners, at times, who we helped them out of their predicament, and they'd say, "Hey, I have some extra money I'd like to invest, or my friend, or family member would." I can't tell you how many times we had to tell people, "We'd love to have you participate, but you can't. You're not worth enough, or you don't earn enough, so we can't accept your investment." It seemed [crosstalk] Eve Picker: -you're part of the 97 percent of the population that's not permitted to invest, right? Jorge Newbery: Exactly! It didn't feel right. So, when I heard about Regulation A+ [inaudible] accredited investors- I mean, non-accredited investors can invest, that was exciting. We were one of the first Regulation A+ offerings in 2016, and to make it as accessible as possible to anyone, we made our minimum investment $100, which I think is still amongst the lowest, if not the lowest of the major ones. Eve Picker: Be sure to go to EvePicker.com and sign up for my free educational newsletter about impact real estate investing. You'll be among the first to hear about new projects you can invest in. That's EvePicker.com. Thanks so much. Eve Picker: I think it's probably the lowest, although there's some pretty low ones in Reg CF, but it's pretty low. Jorge Newbery: Yeah, it's pretty low. People will say, "Why are you doing that? You don't need to be that low!" The reality is, we don't need to be that low, but it did make it ... People would- it caught people ... It was almost a marketing strategy, but we've kept it because many people have started out with $100, just saying, "Well, what is this? It looks curious. Oh, it's only $100. I'll try it." Eve Picker: Yes. Jorge Newbery: Now, though, now they're an investor with us; they get our emails; they see that they get the returns; and they keep up with our news. Then, over time, they increase- the vast majority increase their investments and then, they tell their friends and family. So, definitely, the $100, I think, is a winner. I think we'll do it forever. It's a great way to start a relationship, and that's grown. Jorge Newbery: Now, our first Reg A fund, we raised $40 million and now, we're working on our second. Our goal probably would be to get to around $65 million. Then, our third fund, which'll come out sometime in 2020, we expect- our goal is to do the full $100 million. Regulation A+, we actually now realize that vision of having homeowners who we helped out of their predicament and now, they've turned around and been investors, and I think that's just- it just feels right- Eve Picker: That's pretty fabulous. Jorge Newbery: It is. Socially, it seems right, and it feels good. That's along with a lot of other ... We have a lot of accredited investors that participate, but alongside the non-accredited. We've had people invest very substantial sums, several hundred thousand dollars at a time, and they've asked, "Hey, can I get a better deal, or can I get a little bit extra, or something like that?" We always say no. Again, it plays to kind of the- Eve Picker: Because everyone's money is the same, right? Jorge Newbery: It is. Exactly- Eve Picker: It's a great democratization of investment. Jorge Newbery: It truly is. The person who puts in $100 and the person who puts in $600, they're getting the exact same terms, and I'm talking $600,000 ... It's fair, it's transparent, and that's the way things should be. I know, in Wall Street, it often isn't the case, so it feels good. Eve Picker: Yeah. While you've been helping people save their homes and taking people's money to make that happen, how much have you been returning to investors? Jorge Newbery: I'll tell you what we did in our first fund, because it's kind of a ... You'll see the progression. In our very first 506(c) offering, we said, "Hey, if you invest your money for five years, you earn 12 percent. If you invest your money for two years, you earn roughly 10 percent. If you invest your money for one year, you earn nine percent." That was our first offering, and that's what we did. Then, in our first Regulation A+ offering, we said, "Let's make this simpler. Let's just pay everybody 12 percent, but if they need the money early on, they can ask us for it, and we'll undertake our best efforts to return the money. If they need it back ..." I think we did ... Currently, if they needed it back early, then they'd get a slightly reduced return. Jorge Newbery: That's evolved into today's fund, where we pay- the first 10 percent of what we earn, that's what we pay to investors. Anything over that is what we keep, and-. Eve Picker: So, that's pretty motivating for you. Jorge Newbery: Yeah, it's very motivating to hit big targets. Again, there's a tension between you want to make money, but you also want to deliver a very favorable resolution to the homeowners. We make everything formulaic, so I think our returns don't come from ... They come from creating efficiencies in resolving these, and speed/urgency in resolving these, and trying to minimize legal fees, and other expenses in getting these resolved. When we do that, that's when we generate the big returns. Eve Picker: Wow! That's quite a story. So, by the time you've raised all three funds, how many mortgages will you have purchased? Jorge Newbery: That's a good question. Right now, I think we're right around 10,000. I think we will certainly ... If we do all three funds, it should hit 30,000-plus. Of the current funds- I mean, in future funds, and our current fund, our AHP Servicing Fund, we can buy mortgage-servicing rights. We haven't done that yet, partially because we're still waiting on getting our government approval for our service. We did get, recently, approval from the Veteran's Administration to service VA loans. We're working on getting our FHA, Fannie Mae, and Freddie Mac approvals. Jorge Newbery: Once we have those, we can buy mortgage-servicing rights, which actually, we'd spend a lot less money per loan, for the ability to service that loan. But then, we can service it with our homeowner-friendly strategies, which will, I think, touch a lot more homeowners, so we will ... Actually, the amount of loans that we will own, or service will expand- it could be much, much more than that. I don't have a number yet, but I think, as we start seeing- buying those rights, and then, also, we're servicing now for third parties, so other people that own mortgages that- Eve Picker: Oh, really? Jorge Newbery: Yeah. We see that as another way we can impact a lot of homeowners and do what we've been doing, but for other people who own mortgages and are also kind of ... See, it's funny, and I think you may have experienced this in your undertakings, as well. Oftentimes, people interpret socially responsible, or social impact as meaning, "Okay, I get the benefit of doing something good for society, but I have to take a lower financial return." I think, at least in our business, we've demonstrated that you can actually achieve both a solid, oftentimes above-market financial return, and you're also doing the right thing. They're not mutually exclusive. I think other investors now see that, that own these loans, and we can help them in their interactions with the homeowners if they service with us. Eve Picker: So, then, do you believe that most of your investors are investing because they're making an impact or because of your solid returns? Jorge Newbery: That's a really good question. I think it's a mix. There's definitely people who are attracted by the financial returns, but there's others who are investing ... The draw is the social impact. Since we've been able to marry the two, I think it's been a ... They don't have to compromise their ... I think, so many times, social impact investors feel the need, upon occasion, to compromise their financial returns because it has a good result. That's certainly understandable, but when you can deliver both, I think that makes it very compelling. Eve Picker: That's pretty fabulous. Going back to the beginning of this story, I'm just wondering if you could have built this business with bank loans instead of crowdfunding investment? Jorge Newbery: I don't think so. We're still doing it. I think we qualified for some ... We financed. We've done some financing here and there. Usually it's only for a short term, like we committed to a deal that's bigger than we have- that we're raising capital, and we need to close it by year end, or month end, or something like that- Eve Picker: A bridge loan, right? Jorge Newbery: Yeah. We'll borrow, but it hasn't been for long periods yet. Over time ... We've talked to Wall Street investors, or I should say not ... Wall Street institutional potential partners and, for this space, for non-performing loans, they're most interested when the scale is bigger, and we're talking $100 million. We're just not there yet. Over time, I think we will have more institutional capital in here, and we blend that with the equity that we've- Eve Picker: But Jorge, by then, maybe you'll have such a big crowd of investors, you still won't need them. Jorge Newbery: Ha. Maybe. We'll see. I guess the attraction is we can get institutional money. Sometimes, you can get it at even lower returns than what we're paying our investors. So, maybe ... It'll make us more competitive on some of the larger transactions, but you're right. Eve Picker: Yeah, yeah. That's what I hope for. Going back even further, you had this portfolio that was hit by an ice storm, but what's your background? What got you into all of this? Jorge Newbery: I started as a loan officer almost ... In 1990, so, a long time ago, my first job was answering phones for a loan originator, and I had- that was my first exposure to real estate. Before that, I raced bicycles, and I had a GED, so my options were limited ... I was 25, and my main source of revenue was bike racing, so I needed to get a real job. One of my teammate's girlfriends helped me get the job at the loan company, and that was kind of the start. Jorge Newbery: A couple years later, I started my own mortgage company, and then I started buying properties. It kind of evolved into buying and doing ... I'll share a strategy, though, that's been a consistent, as I've learned, and it's still what we do today. I always buy what other people don't want. When I first started in real estate, we would do loans that other people wouldn't make. Then, I started buying properties that others didn't want. These would be mostly because they were in less desirable areas, neighborhoods; maybe challenged properties that were maybe the target of- had been vandalized or were a blight on the community. Jorge Newbery: I found that you could achieve a good social impact, when you remedied whatever the problems were, and you could also make money doing it, and that was rewarding to me. I always like a challenge ... The bigger the challenge, some people say, "Oh, this can't be done," and it's kind of like, "Okay, well, I've got to prove them wrong." Even today, Wall Street does not like to buy the loans that we like to buy, which is those secure- in low-, to moderate-income neighborhoods. Our average home value that we buy is $40-some-000, and that's just Wall Street ... They'll say, "Hey, congratulations, Jorge, you just made $6,000 on that deal." It doesn't mean anything to them, but for us, we make $6,000 on 100 loans or 1,000 loans, and it's like, wait, now we have a business. We buy what others don't want, and that's, I think, where there's some success. Jorge Newbery: Today, we're working on a deal right now to buy the debt on three churches. These are three churches in kind of low- serving low-, to moderate-income neighborhoods. It's another opportunity for us to buy the debt. No one wants to foreclose on a church, including us, so our goal will be to make those loans affordable for the churches so they can continue operating. 90-percent-plus of what we buy is loans secured by homes, but when we see these opportunities ... No one wants to buy that stuff, so we'll buy it. We'll buy it at a substantial discount, and we can add value by working directly with the church to get the loans back on track. Eve Picker: I think, as I'm listening to you, I'm realizing this is like ... I've been talking to a lot of different people about different ploys around how to fix the affordable housing crisis. This is such an effective one because it's keeping affordable housing; actually making it more affordable for people who really need it without actually building anything. Pretty dramatic impact, I would say. Jorge Newbery: Yeah, the housing is there; it's just making it affordable and keeping people in it. So many people in the last housing boom, you know, in the early 2000s, took out big loans. Then, when the values crashed ... Unfortunately, these neighborhoods have not recovered. To a large extent, whereas the rest of the country has recovered, the only segment of the market where values have continued to deteriorate is those secured- those mortgages, or those homes whose values are $50,000 and less. Jorge Newbery: There's a number of reasons for it. A primary one is Dodd-Frank. Dodd-Frank was a well-intentioned bill, but it really strangled new-mortgage capital from going into these neighborhoods, which basically, they made they made some very tight constraints on what could be charged to originate a loan in these neighborhoods, or everywhere. But, when you get a loan of $50,000 and you can only charge five percent, and that includes a lot of the fixed costs, it's just no loan agent, no mortgage company [crosstalk] No one wants to do it. You're working for very little, so why not spend your time on a higher-value mortgage? Jorge Newbery: That's made it so that most of the properties that are sold in these lower-value neighborhoods get sold for cash. Most owner-occupants don't have cash, so then, you end up being sold to investors who rent them out and then, it's majority rentals. Then, the banks ... A lot of mortgage holders say, "Hey, it's not even worth it to foreclose," and then you have all these homes that are sitting there with $100,000 mortgages that are vacant, getting vandalized, and deteriorated, and are now only worth $10,000 or $20,000, which eventually, they get foreclosed on; they get sold to investors. It's really left behind a whole segment of our population, at least real estate-wise, and, I think, a driver in the widening wealth and income gaps in our country. Eve Picker: So, in the work that you do, you're working in neighborhoods where people must be pretty angry. I'm wondering what sort of community engagement tools work for you? Jorge Newbery: You know, we have a very simple one, which we started in ... Eight years ago. Especially at this point, so many of these ... To your point, so many families who are struggling in these neighborhoods have already had overtures from Bank of America, Chase; whoever has owned their mortgage before us. They've said, "Oh, we could do a modification. We can do this. We can do that." Then, when they go through the process, they're oftentimes left disappointed. Bank of America will want the last year's tax returns, bank statements, paycheck stubs [crosstalk] all this stuff. Sometimes, people are working, you know, doing babysitting, or helping ... Their income is untraditional, in some cases. That goes for all segments of society, but for some of these families, where, "Hey, I run daycare," but, "Oh, we need your daycare license." "Well, I take care of friends' and family's kids ..." There's things- they just don't qualify, and there's no real ... Jorge Newbery: With these families, now they come to us, and they explain what the situation is. It makes sense to us, and we do it. It's not like- we're not bound by some criteria that a lot of the big banks are, and I think that's given us a big advantage. But to reach them ... Now, we own their mortgage, so, of course, they're thinking we're the bad guy. But we send a letter - one-page letter - that says, "We just bought your mortgage. Great news. Here are three options. If you want to stay in your home, we will accept $2,000 to satisfy your delinquency," which oftentimes is $20,000 or $30,000. "You pay us $2,000, you're completely up to date. Your existing mortgage payment is, for instance, $800. We will drop it to $500." That's option number one. That's a modification. Jorge Newbery: Number two, "If you don't want to stay in your home, or you've already moved out, we will pay you $1,000, and you sign a deed in lieu to us, and we'll forgive the rest of the mortgage." The third option is, "If you want to settle your loan for a lump sum, then we will accept this amount," and we give them the actual amount. So, let's say they owe $100,000; the property's worth $50,000, and we bought the loan for $20,000 or $25,000. We'll probably say we'll settle it for $45,000. Jorge Newbery: Those are the three options. It's very simple. If you call, and you say, "I want to do any of these options," we're bound to it. We're going to take it. We have people ... It's so simple. We're not asking for tax returns, bank statements, any of that kind of stuff. People literally call in and say, "Yeah, I got your letter. I want to do option number two." They've already decided that this is [crosstalk] Eve Picker: I would've thought you'd need someone answering the phone to questions, like, "Is this for real?" Jorge Newbery: Yeah, well, that ... After, we get over that ... Sometimes, then, we do get those questions, definitely. "Is this for real? Is this a scam?" We get all those questions. [inaudible] we have to give them the assignment that we got from their lender, but oftentimes, we would direct them online. They can Google us and see that we're really who we say we are. Yeah, it works ... I mean, it's so simple, and it's funny, we've been doing this for years, and no one else is still ... I thought, "Oh, this is our secret sauce. Someone else is going to steal it," but no one's stolen it ... They're all so rigid, the other lenders, and they're set in their ways. It's amazing that this is such a ... You can simplify things. I imagine it'll work for all stratas. We primarily do loans in low-, to moderate-income neighborhoods. That's what we buy in those neighborhoods, but in higher-income neighborhoods, I imagine they would also appreciate the simplicity, but still, everybody else still does it ... "We want tax returns, bank statements, all that stuff." That's just- it's a hassle. It's like a big block [crosstalk] Eve Picker: It's a lot of work- Jorge Newbery: It is. Eve Picker: I mean, if someone's got two or three jobs to make ends meet, they're just not going to get it together-. Jorge Newbery: Exactly. Eve Picker: Yeah. I can barely get it together. Jorge Newbery: I know! Whenever somebody asks for my tax ... It's not that tough to get it, but it's like, "Aww, okay, let me dig them out." Then you send them, and then, "Oh, I want a paycheck stub," and then you want this and that ... It's crazy. The banks will actually ask these families who've been struggling, they'll say, "Oh, we need a hardship letter to say why you fell behind on your mortgage." Then, it's like you're getting graded on this thing. Just, just ... They're behind. I mean, they lost their job; there was a divorce; a death in the family; an unexpected medical expense; any of these reasons. But does it really matter? They're behind ... People don't fall behind. No one wants that. Everyone wants to pay their bills, and be on time, and not have- to go on and focus on other parts of their lives. They don't want to fall behind, so you don't have to shame them. I feel like some of the banks almost ... The process they go through, it's almost like they shame them for falling behind. It wasn't something people wanted to do. Eve Picker: Yeah. Wow! So, you found this little corner here; actually, a really big corner. What's next? I'm sure you're ... I've gotta believe you're thinking about other things. Jorge Newbery: Two years ago, we started our AHP Servicing, and it actually went operational just over a year ago. Now, we service our own loans. That's new. We always used to have to rely on a servicer. We're doing a couple of things now that ... That's, I think, our big step forward. What we want to do is to get government approval to service government-backed loans. That's a market that we haven't had too much exposure to, but we think we could do a lot of good. A lot of people, the VA and FHA loans, for instance, are oftentimes in our target neighborhoods, and they're struggling, so we think we can help a lot of these families once we have those designations. Eve Picker: Is that hard to get that approval? Jorge Newbery: It's a little bit of work. It feels like applying for a modification at a bank. No offense to FHA and VA, but it does. They're asking for all these documents; these explanations ... We're getting through it. We got VA done, and now, we're working on FHA. But, yeah, it is a lot of work. I guess it's, they want to know who you are. They want to make sure you have all your licenses, and all your credentials, and all your bonds, and everything like that - everything lined up. So, totally understandable, but it does ... It's not the funnest process. Eve Picker: Okay, well, I'm going to go back to big picture a little bit and just to ask you, where do you think the future of real estate impact investing lies? Jorge Newbery: Well, I know where the need is, so I guess the future will lie in solving the need. But, as you and I have talked before, housing is as unaffordable for a huge chunk of America, and that has to ... We have to remedy that. I don't know if ... There's all kinds of remedies for that, but that needs to be fixed, and we can't ... In these low-, to moderate-income neighborhoods, and I can think of locally- I'm in Chicago, so South Side Chicago, West Side Chicago, there's definitely some of those communities in those areas need help; and East Cleveland needs help. Jorge Newbery: There's homes out there selling for $20,000, which seems ... Well, that could be affordable. If someone had a mortgage on a $20,000 home, that payment's going to be a couple hundred dollars or something like that; very, very affordable. But no one's providing financing for those loans. Then, investors come in. They buy them, they do a little fix up, and they rent them out. That's not rebuilding the community. It's helpful that somebody is at least occupying the home, but it would be nice if you'd get more homeowners into, through financing, to stay, and move into, and own homes in these lower-income neighborhoods. That has to happen. It can't stay as is. It's just going to get worse. Jorge Newbery: This is what happens right now is somebody who decides, "I want to buy a home," and they go to a loan officer; "Hey, I want to buy this $40,000 home." The loan officers say, "I just can't finance it. Why don't you buy a home that's maybe $80,000 in this slightly more expensive neighborhood, and we can finance that?" Then, the people that can buy homes, now they're buying homes in the slightly more expensive neighborhoods, and these really affordable neighborhoods are just getting more and more abandoned. That has to stop. Jorge Newbery: We're doing what we can because we're buying a lot ... A lot of our loans are secured by homes in those areas. But there needs to be a solution to that - the inability, or unwillingness, or really the legislation that created the inability for, or the undesirability for lenders to loan in low-, to moderate-income neighborhoods. It's almost redlining, except, it isn't redlining. It's just, "Hey, we don't make any money doing it, so we're not going to do it." I guess it's hard to argue with that, but that has to change. Eve Picker: Interesting. Yeah, it does have to change. That's really interesting. I wonder if you could do a huge Reg A raise and simply provide mortgages- Jorge Newbery: Believe me, it's crossed my mind. I mean, the thing is, we have to ... We'd have to do a Reg A that would be ... Then, you want to provide the rate; you want to provide really affordable rates, or at least market rates - five percent or something like that. So, you'd have to pay the investors- Eve Picker: Less. I've thought about this- Jorge Newbery: Yes, and that becomes less desirable. Eve Picker: I've thought about this a lot too, because we see on Small Change, a lot of people coming to us with new, larger affordable housing projects. Of course, to keep them affordable means that they're subsidized and that they really can't provide much in the way of return. I've thought a lot about who's out there who would invest in that? There would have to be people who invest in that. The interesting thing to me was the little project L.A. Bungalow Gardens that was on our site, which is only eight- actually eight units for formerly homeless people, raised money faster than anything else on our site did. I'm pretty sure it wasn't because of the return. So, someone has to have the guts to test it. Jorge Newbery: Yeah. Out of curiosity, what was the return? Eve Picker: They actually offered nine percent, which was very nice [crosstalk] Jorge Newbery: Yeah, that is- Eve Picker: -because they're keeping it ... The asset value is not going to increase. It is going to be set as affordable housing for the next 15 years. So, it's really- its preferred return is almost like an interest on debt. You and I should talk about this offline. Jorge Newbery: Yeah, agreed. It's a problem that needs to be solved ... I guess that would test the willingness for ... You're going to pull out the ... The investors who are investing in some of these crowdfunding opportunities that both of us are involved in, purely for the financial returns, would probably fall to the wayside. So, it's going to really test the ones that are really socially driven and are willing to take a reduced financial return. Can that be done on that scale? I don't know. Eve Picker: Yeah, and that's going ... Someone has to test that, and ... Let's talk. Jorge Newbery: Yeah ... Think about that. Just [inaudible] gives us an interesting challenge. If you did a Regulation A+, it's going to $75,000 in legal fees, and accounting to get there. Then, you go to market, and oops ... I go into market at three percent and it just wasn't- the market wasn't there. That would be challenging. So, I don't know. It would be nice to do it on- test on a small scale and see [crosstalk] Eve Picker: Isn't there an attorney out there who's listening who would do this pro bono for us? [crosstalk] Jorge Newbery: Maybe. Let's hope so. Eve Picker: -there's enough who would help us do this offering pro bono, and then we could all take a deferred payment later, when we're successful. Jorge Newbery: That may be the case, or maybe that's necessary. Eve Picker: I've got a platform. Jorge Newbery: Yeah, exactly. Eve Picker: Let's talk about it. Jorge Newbery: Yeah, absolutely. It's an interesting ... Certainly, any of your listenership if you have ideas, contact Eve! Eve Picker: Yeah. So, now, I'm completely derailed ... I do have a couple of wrap-up questions for you and then, and then we'll all wrap up. What do you think is the key factor that makes a real estate project impactful just to you? Jorge Newbery: Has to solve a real problem and a real need. I think that's the key factor. In any business, in any undertaking, it needs to be a real problem that you're solving, and there's plenty of problems in this country to solve. Eve Picker: Okay, and the second question, because I ask everyone these three questions, is how can involving investors through crowdfunding benefit a real estate developer beyond just raising money for them? Jorge Newbery: You get a lot of people rooting for you that now have a financial interest. So, now, they want to see you perform. They want to see you succeed. It's not just you, or you, and your bank, or you, and your one big investor. Now, there's a whole crowd saying, "I want Small Change to win. I want this project to win. I want this project that I invested $500 hours in that's helping the homeless in L.A. that you mentioned, I want that project to win." You have a lot of community members and just people that are out there cheering for you ... They've done it with their money, but they're out there on the sidelines rooting for you. I think that's helpful. Certainly, if you were to ask investors ... Our investors will sometimes volunteer, "Hey, what about this? What about that? Have you thought about this?" They're doing that ... Some of them would probably do it just because they want to be helpful, but because they have a vested interest in your success, I think you get more of that. Eve Picker: Yes. Finally, if there was one thing that you would improve about real estate in the U.S., what would that be? Jorge Newbery: We touched on it - the affordability for the every man, and especially those that are of modest means. That has to change. I drive through ... I was in Austin a few weeks ago; a massive number of homeless. I think it has the third largest homeless population in the country. Eve Picker: Oh, really? Jorge Newbery: Austin, L.A., San Francisco. Chicago, for that matter. It's really cold right now, so, if I were homeless, I'd have probably migrated out of Chicago because it's just so cold sometimes, but .... Some of those, Texas, California ... I'm sure it's everywhere, but that ... To be as powerful and wealthy of a nation as we are and have so many people on the fringes who are not surviving, that's not ... I don't look at it as their fault. I think that's our fault. That's society's fault. We need to build a better society so that doesn't happen. Eve Picker: Yes, I agree. So, on that note, we're going to say goodbye and thank you very much for joining me. Jorge Newbery: Thanks, Eve. Eve Picker: That was Jorge Newbery. If anyone else is trying to recover from a $26 million loss, they'll likely get a few pointers from Jorge. He did not file for bankruptcy when financial disaster struck. Instead, he painstakingly worked his way through resolving his debt. Then, he rebuilt his life on what he learned. To date, 10,000 homeowners have benefited from Jorge's life lessons and his good heart. You can find out more about impact real estate investing and access the show notes for today's episode at my website, EvePicker.com. While you're there, sign up for my newsletter to find out more about how to make money in real estate while building better cities. Thank you so much for spending your time with me today, and thank you, Jorge, for sharing your thoughts with us. We'll talk again soon, but for now, this is Eve Picker signing off to go make some change.
What is RESPA? What is a closing disclosure?TJ discusses the lender's responsibilities to you and some things to look for as you get closer to the closing date.Learn more at www.knowbeforeyoubuyrealestate.com
The Land Geek Mark Podolsky shares his method for turning unwanted dirt and "rock farms" (aka raw land) into cash. Plus, can you aggregate rental properties into an LLC to take advantage of the qualified business income deduction? And can you avoid state taxation on your required minimum distributions (RMDs) if you move to a state that doesn’t tax retirement accounts? Transcript & show notes: http://bit.ly/YMYW-225
Today's Show involves two important topics: 1. First Circuit US Court of Appeals case, Thompson v. Chase, in which the appellate court reversed the lower district court, essentially strictly construing the Mass. judicial foreclosure statutory framework. 2. Real Estate brokers are being used as institutional stand-ins for certain evidentiary purposes, particularly in non-judicial foreclosure states like California. Bill Paatalo has a great blog item about this issue, on his blog, from May 17, 2019. Gives the apperance of real estate brokers paying illegal referral fees to sub-servicers, in violation of the Real Estate Settlement & Procedures Act (RESPA). Details to follow on today's Show.
Episode 153 (Season 2, Episode 9) Seller Systems (Pre-Listing) “You list, you last!” You may have heard that before and the adage is true. The more listings you have, the more likely you'll be able to squeeze them for additional leads that a buyer wouldn't bring you. With that, your focus should be to obtain listings first, then let the rest fall into place. In this episode, the Boom Team focuses on just that topic—systems you should have to win that listing! And, as the cherry on top, they also introduce America's newest and bestest game show, “Admit it, you're crazy!” Enjoy listening as the team explains the ins and outs of being a top-notch listing agent, as well as a peek behind the curtain as to why their closest friends and family would call them crazy! SHOW NOTES Producer Christian's Tip of the Day: Warm your nut butter packet with body heat. [1:41] Terry learns to make mayo…sort of [03:27] Todd introduces his game of the day: “Admit it, you're crazy!” [06:07] It all starts with the lead…(Positive Roy makes a return on his horse!) [08:30] “Are you in Carl's Jr. country or Hardees country?” [11:38] What to do when prepping for a listing appointment [13:46] How taxes work [17:01] “Admit it, you're crazy!” - Todd's Turn [17:31] Todd has issues with dishwashers…and his mother-in-law [18:31] What to do immediately after the listing appointment [21:21] Terry is riddled with guilt [23:03] “Admit it, you're crazy!” - Megan's Turn [24:23] Megan admits she eats brownie mix [25:25] “Admit it, you're crazy!” - Jordy's Turn [28:01] “Admit it, you're crazy!” - Producer Christian's Turn [29:23] Hot seller tips with Megan! [30:23] “Admit it, you're crazy!” - Assistant Holly's Turn [31:46] “Admit it, you're crazy!” - Terry's Turn [32:13] SHOW LINKS Justin's Peanut Butter: http://justins.com/ How to make mayo: http://dish.allrecipes.com/making-mayonnaise/ Excited about reading all about RESPA?: https://www.fdic.gov/regulations/compliance/manual/5/v-3.1.pdf Survey Monkey: https://www.fdic.gov/regulations/compliance/manual/5/v-3.1.pdf Carl's Jr: https://www.carlsjr.com/ Hardees: https://www.hardees.com/ Ten Tips for Getting Along with Your Mother-in-Law: https://www.psychologytoday.com/us/blog/the-happiness-project/200909/ten-tips-getting-along-your-mother-in-law “Thinking of Selling” survey: https://www.surveymonkey.com/r/ThinkingOfSelling “Getting to Know You” survey: https://www.surveymonkey.com/r/PersonalAndFamilyProfile Proper Way to Load a Dishwasher: https://www.youtube.com/watch?v=c_1rD2AhmkY Martha Stewart explains how to load a dishwasher: https://www.marthastewart.com/266481/load-a-dishwasher 7 Signs your Lip Balm Use is Just a Bad Habit: https://health.clevelandclinic.org/7-signs-your-lip-balm-use-is-just-a-bad-habit/ BOOM LINKS Email: firstname.lastname@example.org Web: www.boomrealestatepodcast.com Facebook: https://www.facebook.com/boomrealestatepodcast Instagram: https://instagram.com/boompodcast/ Youtube: https://www.youtube.com/channel/UCt1P-rEDZ1h2UYT20EN4mYQ Real Estate On Purpose: http://reonpurpose.com/ 30-Day Jumpstart: http://boom30.com/
Remember in the movie "The Firm" with Tom Cruise when he said "it's not sexy but it has teeth"? That is administrative law. The character Cruise played was talking about mail fraud. It worked. Playing your administrative cards right you could end up with a mail fraud case to be brought against the servicers and pretender lenders, but you will almost certainly end up with more and better defined defenses than you otherwise would have. In 42 years of practicing trial law, I practiced in admin law for many years. And believe me it has teeth. Ask any lawyer or doctor who has a complaint to which they must respond. Government agencies are scary. That is why consumers should use some of the easier processes available. You get to smoke out the servicers and pretenders "on the cheap." In administrative procedures and proceedings, people save or lose business and professional licenses, get fined, pay restitution and all sorts of things. And administrative decisions are required to be given deference in courts of law. It's far less expensive than litigation and could greatly reduce the cost of litigation so why wouldn't you use the administrative strategy first?
Carlos brings a wealth of knowledge to the podcast, he shares how his journey led him into title, some of the things he has seen change in the industry over the years, we also talk about RESPA violations and some simple ways agents can use to detect, whether the thing a title company is offering is legal or not.
Last month, after more than three years of urging by the industry to provide written guidance, the CFPB issued four FAQs on its TILA/RESPA Integrated Disclosure (TRID) Rule. In this podcast, we take a close look at the FAQs and what they tell creditors, particularly its guidance on when a corrected Closing Disclosure and new three-day waiting period are required (with a caution for those selling to investors) and the safe harbor for using a model form.
Today's guest is Abhijit Dasgupta, PhD. Dr. Abhijit Dasgupta is Co-Founder and Chief Data Scientist at Zansors. After completing his PhD in Biostatistics at the University of Washington, Dr. Dasgupta trained in genetic epidemiology and biostatistics at the National Cancer Institute, then joined the faculty of Thomas Jefferson University in Philadelphia where he led the biostatistical analysis of genomic experiments. Returning to the Washington DC area, Dr. Dasgupta is also a consultant for the National Institute of Arthritis, Musculoskeletal and Skin Disorders, part of the NIH, and also serves on several review committees for the NIH. He is affiliate faculty in the Department of Systems Biology at George Mason University, and co-organizes the Statistical Programming DC meetup, part of Data Community DC. Dr. Dasgupta's main interests are in translating biological signals to actionable information through modern data science. For more information on the crowd funding campaign see RESPA by Zansors. For additional information on Zansor's innovation see a series of15 short videos by Zansors about Respa about Why Respa,
This week, the Virginia REALTORS® legal team completes a two-part series on RESPA by discussing kickbacks and referrals. Jon and Erin talk about the six forms of permissible compensation under RESPA, and how the Prospect Mortgage case has changed the regulatory landscape. They also answer some legal hotline questions, such as “Can I offer to contribute money to a charity of the person’s choosing if they refer me clients?”. Finally, they tell you how to best limit your risk when it comes to RESPA.
This week, the Virginia REALTORS® legal team discusses affiliated businesses and how they work in the context of RESPA. Laura and Jon examine how Congress carved out an exception to RESPA for these business arrangements, provided that they meet a three-part test. They also answer Legal Hotline questions, including the disclosures a broker must make when she owns a percentage of a title insurance agency.
This week, Virginia REALTORS®’s legal team takes another look at the Real Estate Settlement Procedures Act, or RESPA, by focusing on co-marketing agreements. Erin and Jon discuss what exactly co-marketing agreements are and how RESPA treats these types of agreements. They answer some legal hotline questions, such as “I have a co-marketing agreement with a settlement company. I typically pay for all the marketing and have the settlement company reimburse me for half, but it varies depending on the number of referrals that we receive from the settlement company. Is this problematic?” Finally, Erin and Jon review some ways to limit your risk when engaging in co-marketing agreements.
Virginia REALTORS®’s legal team discusses the Real Estate Settlement Procedures Act, or RESPA. Cate and Laura review the main provisions of RESPA, and discuss how it is applicable to brokers and real estate licensees. They answer some legal hotline questions, such as “I am going to host an open house for other agents. A local title company wants to reimburse me for the cost of food but does not want to do any marketing at the event. Would this be okay because I am not promoting the title company?” Finally, Cate and Laura review some ways to limit your risk to ensure that you do not violate any provisions of RESPA.
Mark Podolsky elaborates on why land investors don't necessarily have as much stress associated with their deals as they aren't having to deal with tenants, rodents, Dodd Frank, Maintenance, etc. Try out our FlipNerd Elite Membership for $1 for 7-days! Learn more about our premium training HERE!
Mark Podolsky elaborates on why land investors don't necessarily have as much stress associated with their deals as they aren't having to deal with tenants, rodents, Dodd Frank, Maintenance, etc. Try out our FlipNerd Elite Membership for $1 for 7-days! Learn more about our premium training HERE!
Many people dream of achieving financial freedom, but how many actually get there? Today on The Secrets to Real Estate Investing with Hard Hat Holly, you’ll meet one man who is achieving just that. Mark Podolsky started his working career as an investment banker, a job that he loathed that had a soulless environment and a long commute. Annoyed with being micromanaged and growing tired of catching the “Friday blues,” this talented man knew there had to be a better way. Mark luckily discovered, through a co-worker, the beauty that is raw land investing. This exciting niche hasn’t yet been discussed on our podcast so get ready to dive deep with Mark on this strategy that consists of one-time sales with recurring passive income. Imagine investing without the headaches of tenants, contractors, toilets, termites, RESPA or Dodd Frank, and working minimal hours per week! This is a truly passive investment model. If you are looking to achieve financial freedom with very little upfront capital, this podcast is one you don’t want to miss! In this episode, you’ll learn about… Mark’s proven passive income model Systems, automation, and virtual assistant teams The dangers of solo economic dependency Land contracts and deeds of trust Tax deed sales Mark’s letter writing campaign Dual closings for infinite ROI! How to contact Mark Podolsky: Website: www.TheLandGeek.com Email: support@TheLandGeek.com Free Download: For our free download of the week, Mark has generously given our listeners a PDF entitled, “The Passive Income Blueprint,” which outlines a roadmap for this particular strategy of financial freedom through raw land investing. Also, if you go to Mark’s website, www.thelandgeek.com/secretstorealestate/ , he is also offering his Income Launch Kit for free! This has a value of $97 so take advantage of this unique opportunity! Thanks so much for sharing, Mark! Listen to the podcast here at … www.hardhatholly.com/73 As always, text “hardhat” to 38470 to receive this free download as well as past downloads and to get weekly notifications of upcoming podcasts. I'd LOVE for you to listen in today and write an iTunes rating and review letting me know what you think of the podcast – What was your biggest takeaway from the first episode you listened to? What do you love most about the episodes? What would you like to hear more about? Please share with us! And thanks for listening! Join Holly’s Facebook private gr
JPMorgan Chase has been accused of creating a “racketeering enterprise” whose purpose was to evade legal duties owed to investors and borrowers and to appropriately service federally regulated mortgage loans. JPMorgan Chase failed to provide documentations to investors that purchased loans from them (likely because all documentation was intentionally destroyed). The loans are void and uncollectable without the proper documentation. JPMorgan Chase also uses entities like Nationwide Title Clearing to create false title and paperwork necessary to foreclose (notes, assignments, reconveyances). This blockbuster lawsuit illuminates the fact that JPMorgan Chase was selling thousands of loans it didn't own including loans it had previously sold to other MBS trusts! Chase likely transferred these defective “loans” in order to avoid non-reimbursable advances and expenses. JPMorgan Chase failed to service loans in a manner consistent with its legal obligations under: RESPA, TILA, FTC violations, the FDCPA, The Dodd Frank Wall Street Reform act, the Equal Credit Opportunity Act, the Fair Housing Act; and other applicable state and federal usury, consumer credit protection and privacy, predatory and abusive lending laws. It is likely that this is not an isolated incident, but JPMorgan Chase's standard operating procedure. It is alleged that JPMC failed to comply with the costly and time consuming legal obligations it faced under the Acts, and instead warehoused loans in a database of charged-off loans known as RCV1 and intentionally and recklessly sold these liabilities to unaware buyers such as the Plaintiffs. For a copy of the lawsuit and additional information please go to LivingLies.
At the end of 2016 HAMP expired. Now it is more difficult for homeowners to get financial relief from their mortgage company. By using the Real Estate Settlement Procedures Act ("RESPA") homeowners can obtain crucial information, level the playing field, increase their bargaining power and make sure they are treated fairly.
This past week, oral arguments were made on the first ever lawsuit that effectively challenges the constitutinoality of the Consumer Financial Protection Bureau (CFPB) authority. These arguments were made in the case of PHH Corp. v. CFPB that was heard in the U.S. Appeals Court for the District of Columbia. The outcome of this case could have far reaching implications. Our guest on today's program is MITCH KIDER, Chairman & Managing Partner at Weiner, Brodsky, Kider, PC who has been the attorney representing PHH Corp. in this case. We have asked Mitch to join us today to discuss the following: Provide an overview of this case and why it is so important to the industry. What is the status of where this case stands now that the oral arguments have been made? Depending upon the outcome of this case, what are the possible outcomes? Could this case provide some clarity to RESPA?When we can expect a decision? We say this about most all our programs, but THIS program is a MUST LISTEN TO program if there ever was one. As normal, the first half of the program will feature, Joe Farr of MBSQuoteline providing a rate & market update, Alice Alvey of Indecomm Global Services providing a regulatory & legislative update as well as Paul Muolo of IMF News & Sam Garcia of Mortgage Daily giving us a quick overview of the latest news stories impacting out industry. Please tell others about this program and take a minute to share a link to this program with your friends and associates in the mortgage industry. Thank you, David Lykken
This past week, oral arguments were made on the first ever lawsuit that effectively challenges the constitutinoality of the Consumer Financial Protection Bureau (CFPB) authority. These arguments were made in the case of PHH Corp. v. CFPB that was heard in the U.S. Appeals Court for the District of Columbia. The outcome of this case could have far reaching implications. Our guest on today's program is MITCH KIDER, Chairman & Managing Partner at Weiner, Brodsky, Kider, PC who has been the attorney representing PHH Corp. in this case. We have asked Mitch to join us today to discuss the following: Provide an overview of this case and why it is so important to the industry. What is the status of where this case stands now that the oral arguments have been made? Depending upon the outcome of this case, what are the possible outcomes? Could this case provide some clarity to RESPA?When we can expect a decision? We say this about most all our programs, but THIS program is a MUST LISTEN TO program if there ever was one. As normal, the first half of the program will feature, Joe Farr of MBSQuoteline providing a rate & market update, Alice Alvey of Indecomm Global Services providing a regulatory & legislative update as well as Paul Muolo of IMF News & Sam Garcia of Mortgage Daily giving us a quick overview of the latest news stories impacting out industry. Please tell others about this program and take a minute to share a link to this program with your friends and associates in the mortgage industry. Thank you, David Lykken This past week, oral arguments were made on the first ever lawsuit that effectively challenges the constitutinoality of the Consumer Financial Protection Bureau (CFPB) authority. These arguments were made in the case of PHH Corp. v. CFPB that was heard in the U.S. Appeals Court for the District of Columbia. The outcome of this case could have far reaching implications. Our guest on today's program is MITCH KIDER, Chairman & Managing Partner at Weiner, Brodsky, Kider, PC who has been the attorney representing PHH Corp. in this case. We have asked Mitch to join us today to discuss the following: Provide an overview of this case and why it is so important to the industry. What is the status of where this case stands now that the oral arguments have been made? Depending upon the outcome of this case, what are the possible outcomes? Could this case provide some clarity to RESPA?When we can expect a decision? We say this about most all our programs, but THIS program is a MUST LISTEN TO program if there ever was one. As normal, the first half of the program will feature, Joe Farr of MBSQuoteline providing a rate & market update, Alice Alvey of Indecomm Global Services providing a regulatory & legislative update as well as Paul Muolo of IMF News & Sam Garcia of Mortgage Daily giving us a quick overview of the latest news stories impacting out industry. Please tell others about this program and take a minute to share a link to this program with your friends and associates in the mortgage industry. Thank you, David Lykken
Mitch Kider was our special guest at the MMLA conference this year. I just want to say thank you to Mitch for spending sometime with me. (I apologize for the lighting.) Mitch Kider Interview, Edited for read ability Dave: Hello everyone Dave Sullivan here for the MMLA membership committee with… Mitch: Mitch Kider with The WBK law firm located in Washington D.C. Dave: Thank you for coming out to northern Michigan. This is a beautiful part of the state. We certainly like to have you out here. The October third TRID implementation date is coming up, what kind of things can we anticipate whenTRID comes to fruition? Mitch: TRID comes to fruition October third, lenders need to be ready for it. I think that it will take some time to get used to it, quite frankly but I think the regulators atThe CFPB as long as the lender is acting in good faith, and making good faith effort, I think they will be fine. I think it will be quite some time before the CFPB begins to really scrutinize it and audit for it. Dave: What advice would you give mortgage lenders to survive this craziness that is going on with the CFPB? Mitch: There is a lot of craziness going on with the CFPB. They certainly have a bent that leans away from lenders they think that mortgage servicers for example are not fully doing their job and originators have some origination problems as well. To survive in today’s environment you have to have an excellent compliance management system and you need to make compliance your number one priority. Dave: It really comes back to how much of an effort, how much time and resources lenders are dedicating to their compliance effort. Mitch: That’s absolutely right, it is the effort, the resources. It is making sure that everyone in the company is a part of that as well. Dave: I think many times as lenders go through their day they forget that everyone in the organization needs to know what the compliance policies are. Mitch: That’s absolutely right, but believe me when the CFPB does a supervisory examination, they talk to everyone from the top to the bottom. They need to be sure everyone understand their role in compliance. Dave: One of the things we talked about today was the RESPA interpretation by the CFPB and their interpretation the 40 year old RESPA laws. What should lenders be concerned about? Mitch: It comes down to this, for a period of 40 years RESPA section 8 has been interpreted the same way. That is 8c especially 8c2 is an exemption to 8a, as long as you are paying someone that is referring business to you. If you are paying them for the value of other goods or facilities or if you are paying them for bonafide compensation for services they provide, then you are ok. The CFPB says no. If in fact you are getting referrals the CFPB says that you cannot be in a business relationship with that party. One has to tread very lightly over here, and recognize that the CFPB believes that any payments you make, even if they are legitimate payments, for other services rendered that they are being made to parties that are referring business to you, it violates section 8 of RESPA. Dave: Thank you for coming out Mitch, how can people reach out to you or follow you? Mitch: I would love for people to follow me, you can go to my websitewww.thewbkfirm.com or email at email@example.com Dave: Are you on Twitter? Mitch: I am on twitter, my handle is @mitchkider Dave: Thank you.
Join real estate influencer and leader Vija Williams and her husband co-host Ben Williams for Real Estate radio via Vija. This week they talk to Cody Touchette, of Caliber Home Loans, about the new TILA RESPA Integrated Disclosure Rule, which went into effect August 1, 2015. Cody will talk about the important changes, their impact on future transacations and what you need to know to be sure your closings happen on time and glitch free.This is a weekly show where we talk about what's buzzing in the Puget Sound real estate market and across the nation. Vija Williams is a well known real estate agent in the Seattle area and her husband co-host is also a Realtor in Seattle. Vija and Ben discuss consumer and industry related topics in a fast-paced, witty and entertaining way.
Join real estate influencer and leader Vija Williams and her husband co-host Ben Williams for Real Estate radio via Vija. This week they talk to Cody Touchette, of Caliber Home Loans, about the new TILA RESPA Integrated Disclosure Rule, which went into effect August 1, 2015. Cody will talk about the important changes, their impact on future transacations and what you need to know to be sure your closings happen on time and glitch free.This is a weekly show where we talk about what's buzzing in the Puget Sound real estate market and across the nation. Vija Williams is a well known real estate agent in the Seattle area and her husband co-host is also a Realtor in Seattle. Vija and Ben discuss consumer and industry related topics in a fast-paced, witty and entertaining way.
Is YOUR company going to be ready in August for the TILA-RESPA Integrated Disclosure (TRID) rule? If your company is counting on your LOS technology vendor to have you ready, you may be in for a surprise. This week's program we have as our special guest Jason Roth, Co-Founder & Senior Vice President, Product Development & Engineering of ComplianceEase. Alice Alvey, CMB will be guiding the discussion with Jason to find out how TRID will impact state laws and regulations? Is there technology that can be leveraged from the RESPA 2010 amendments? What options do we have for advanced testing and best practices for testing? And, what can he share about CSBS and AARMR? Don't miss this broadcast. Created BY mortgage professional FOR mortgage professionals, Lykken on Lending is a weekly 60-minute radio program hosted by mortgage veteran, David Lykken. Joining the program each week is Joe Farr with a MARKET UPDATE, Alice Alvey providing a LEGISLATIVE UPDATE, Paul Muolo of IMFnews.com giving a quick MTG NEWS HEADLINES update, Andy Schell (a/k/a "The Profit Doctor") providing tips on FINANCIAL MANAGEMENT and Tony Garritano providing a TECHNOLOGY UPDATE. This is followed by the HOT TOPIC segment, which is an in depth discussion about one of the hottest topics related to the mortgage industry.
Is YOUR company going to be ready in August for the TILA-RESPA Integrated Disclosure (TRID) rule? If your company is counting on your LOS technology vendor to have you ready, you may be in for a surprise. This week's program we have as our special guest Jason Roth, Co-Founder & Senior Vice President, Product Development & Engineering of ComplianceEase. Alice Alvey, CMB will be guiding the discussion with Jason to find out how TRID will impact state laws and regulations? Is there technology that can be leveraged from the RESPA 2010 amendments? What options do we have for advanced testing and best practices for testing? And, what can he share about CSBS and AARMR? Don't miss this broadcast. Created BY mortgage professional FOR mortgage professionals, Lykken on Lending is a weekly 60-minute radio program hosted by mortgage veteran, David Lykken. Joining the program each week is Joe Farr with a MARKET UPDATE, Alice Alvey providing a LEGISLATIVE UPDATE, Paul Muolo of IMFnews.com giving a quick MTG NEWS HEADLINES update, Andy Schell (a/k/a "The Profit Doctor") providing tips on FINANCIAL MANAGEMENT and Tony Garritano providing a TECHNOLOGY UPDATE. This is followed by the HOT TOPIC segment, which is an in depth discussion about one of the hottest topics related to the mortgage industry. Is YOUR company going to be ready in August for the TILA-RESPA Integrated Disclosure (TRID) rule? If your company is counting on your LOS technology vendor to have you ready, you may be in for a surprise. This week's program we have as our special guest Jason Roth, Co-Founder & Senior Vice President, Product Development & Engineering of ComplianceEase. Alice Alvey, CMB will be guiding the discussion with Jason to find out how TRID will impact state laws and regulations? Is there technology that can be leveraged from the RESPA 2010 amendments? What options do we have for advanced testing and best practices for testing? And, what can he share about CSBS and AARMR? Don't miss this broadcast. Created BY mortgage professional FOR mortgage professionals, Lykken on Lending is a weekly 60-minute radio program hosted by mortgage veteran, David Lykken. Joining the program each week is Joe Farr with a MARKET UPDATE, Alice Alvey providing a LEGISLATIVE UPDATE, Paul Muolo of IMFnews.com giving a quick MTG NEWS HEADLINES update, Andy Schell (a/k/a "The Profit Doctor") providing tips on FINANCIAL MANAGEMENT and Tony Garritano providing a TECHNOLOGY UPDATE. This is followed by the HOT TOPIC segment, which is an in depth discussion about one of the hottest topics related to the mortgage industry.
Kill That Robot Grabado el 23 de Julio de 2014. ¡Buenos / as días / tardes / noches amigos y amigas! En pleno verano muchos se van de vacaciones, pero aún a riesgo de que los micrófonos se nos derritan por culpa del mortífero calor que hace, en Kill That Robot nos hemos armado de valor y refrescos con mucho hielo para grabar y traeros nuestro podcast número catorce. Contamos la verdad y también muchas gilipolleces, pero os traemos contenidos tan interesantes como estos: El verano es tiempo de jugar, pero el verano de 2014 es sin lugar a dudas el verano del hype por Destiny. Hemos probado la beta y os contamos nuestras opiniones del esperado juego. Analizamos Watch_Dogs en profundidad. ¿Vale la pena comprar el polémico juego de Ubisoft? Nuestro apartado de cine se centra en la crítica de El Amanecer del Planeta de los Simios, una de las visitas al cine imprescindibles de este verano. Muchas risas es lo que encontraréis en nuestras secciones de Noticias y Lo Mejor y lo Peor de la Semana, que se centran en esta ocasión en los retrasos de Battlefield Hardline y Dragon Age Inquisition, los problemas de Video Games Live y el último campeonato internacional de DOTA 2 entre otras. Recordad que nos podéis encontrar en: - Twitter: @KillThatRobot - Facebook: /KillThatRobot - Instagram: @KillThatRobot - Tumblr: killthatrobot.tumblr.com Como siempre estamos abiertos a todo tipo de comentarios y sugerencias, y podéis poneros en contacto con nosotros a través de las redes sociales o de nuestro correo. ¡Feliz verano y hasta la semana que viene!