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For the Real Estate Professional

This site is dedicated to informing the Real Estate Professional. I Blog each Friday, to keep you informed of upcoming changes, statistics, rates and lending news.  There is also links to program brochures on the right, as well as charts and news to keep informed.

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1st Choice Mortgage Company, LLC BBB Business Review, boise, nampa, caldwell, kuna, eagle

Mortgage Loan rates improve, Insurance CLUE report

In this Blog:

  • -Mortgage rates improve, a little.
  • -Realtors & CLUE List.
  • -FREE Appraisal report

Rates

With the stock market tanking, we have finally seen some relief in rates, but not as much as you would think.  Rates have improved over the last week by .125%, which is a nice relief.   We are still definitely in a “step up” on rates.  And if the stock market wasn’t tanking so much today, rates would probably have moved even high, as GDP came out this morning and was HOT @ 3.5%, a pretty huge number.

A GDP data of 3.5%, even with all of the tariffs and issue with China, is a pretty amazing number, and should of sent people flying from bonds and into stocks.  But there is some weakness in key stocks, like Amazon and other Tech stocks.  Potentially showing some weakness in the economy.

Basically, the news today balanced each other out and rates are improving.  But most investors are thinking this is temporary dip in rates as the GDP number is showing inflation, and inflation is bad for mortgage rates.

We are still in a locking bias.

CLUE Report

Have you heard of a CLUE report, do you as a Realtor have experience with a CLUE report?  If not, your time is coming!

CLUE stands for Comprehensive Loss Underwriting Exchange, basically a database across the US of all homeowner’s claims filed. 

When a new homeowner applies for a new home insurance policy, their insurance agent will pull a CLUE report.

A CLUE report provides an insurance agent with:

-Property Address
-Any Claim Number
-Insurance Company that filed the Claim
-Dates of the Claim
-Type of Loss
-How much the loss was for
-If the claim was approved or denied
-If it was Weather Related, Fire, Theft, Vandalism, Water, Hurricane, Tornado
How does a CLUE affect YOU?  As a Realtor, not directly but… lets go over both sides:

-Listing Agent, a CLUE report can tell you if the house has had any claims against it that maybe the sellers did not know about or conveniently “forgot” about.  That way in your listing, you can be aware of any flood damage to the kitchen, or fire damage when the Christmas Tree caught fire.

-Buyer’s Agent, this is a little more important, because when you buyers apply for hazard insurance, and the home they are purchasing is on the CLUE report, it could cause their home insurance to double or even triple (as I just found out on one).  Which then causes their Monthly PITI payment to go higher, and if you had clients that were on the fence post for qualifying for the mortgage anyways, this could cause an underwriting issue.

Also, if the seller were unaware or didn’t disclose, say hail damage on the roof, the buyer’s insurance may not cover the roof.

How do you prepare for this, knowledge!

A homeowner can request 1 free CLUE report per year from LexisNexis, the link is here:

Give it a try on your home, and tell me what you find?

FYI, homes are only on the CLUE report for 7 years.

Another FREE Report

Have a listing that you just can’t get the CMA right on, or are on a fence post about listing price.  Or just want a 2nd opinion, unbiased.

Give 1st Choice a Call, we can provide you a FREE AVM or Automated Value Model Appraisal.  This is a computer generate appraisal, based on AI and data publicly available.

Now this isn’t always accurate, but it is a GREAT Guidance, and best of all it is FREE!  free appraisal mortgage home loan

And how can I give it to you for FREE and still be RESPA Section 8 compliant (The report is actually around a $50 report), because I have a lender giving it to me for FREE!

Call us today, with the address, it is a 9 page report, with tons of details, it is pretty impressive to have your CMA and this AVM when doing a listing presentation for a potential client!!!

Posted by 375loan at 10/27/2018 12:46:00 AM
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