Green Bay plans 1% interest, 20-year fixed mortgages for college graduates

GREEN BAY – Green Bay’s mayor says he has big plans for college graduates looking to buy a house in the city.

Mayor Jim Schmitt talked about his plan Tuesday night during his state of the city address.

Schmitt’s plan would use millions of dollars in expected excess stadium sales tax revenue. However, current law states that money must sit in a fund until 2031.

Schmitt is calling his plan the GRAND program. It stands for Graduate Recruitment and Neighborhood Development.

“This program will work to elevate higher education, energize our talented workforce, reinvest in our neighborhoods, and encourage hundreds of perspective homeowners,” said Schmitt.

Schmitt’s preliminary plan would let someone who graduated college within five years eligible to receive a one percent, 20-year fixed mortgage to buy a house. There would be no closing costs. Eligible homes would be in city limits and at least 50 years old.

“Neighbors and neighborhoods located next to college graduates tend to do better from an appreciation standpoint and a maintenance standpoint,” said Eric Witczak, executive vice president of Nicolet National Bank.

Nicolet National Bank would partner on the program.

The bank used a $109,900 Kellogg Street home as an example to show the potential value of the program. This example uses the minimum 10 percent down payment.

With the GRAND Program, payments over 20 years would be about $454 a month. Under a conventional 30-year mortgage, at 4 percent interest, monthly payments would be about $520.

Nicolet estimates the five-year value of buying the home under the GRAND program would be $19,164. After 10 years, the value would be $35,614.

City Council President Tom De Wane says the mayor’s plan is premature, considering a plan hasn’t been finalized for the excess sales tax revenue.

“That hasn’t passed, so you can’t put it into one category or can’t promise it to one group until it passes,” said De Wane.

more of this at: http://fox11online.com/2015/05/27/green-bay-plans-1-interest-20-year-fixed-mortgages-for-college-graduates/

Higher interest rates send mortgage applications tumbling again

An increase in mortgage and Treasury rates pushed mortgage applications lower again last week.

 

Data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey show applications were down 1.5% in the week ending May 15 -- the fourth consective decline.

 

“Mortgage rates increased last week, and Treasury rates increased to a recent high at mid week before falling at the end of the week,” said Mike Fratantoni, MBA’s Chief Economist. “Overall purchase activity fell for the week, along with conventional refinance volume, but government refinance volume increased. The level of purchase applications remained 11% higher than the same week last year, but the drop this week may indicate borrowers being wary of the recent run up in mortgage rates.”

 

The Refinance Index increased 0.3%, sending the refinance share of mortgage activity up to 52% of total applications from 51% the previous week. The adjustable-rate mortgage (ARM) share of activity increased to 6.4% of total applications.

Contract interest rates

    The average contract interest rate for 30-year fixed-rate mortgages (FRMs) with conforming loan balances ($417,000 or less) rose 4 basis points -- from 4.00% to 4.04%, its highest level since December 2014, with points decreasing to 0.32 from 0.36 (including the origination fee) for 80% loan-to-value ratio (LTV) loans. The effective rate increased from last week.

    The average contract interest rate for 30-year FRMs with jumbo loan balances (greater than $417,000) increased to 4.04% from 3.99%, with points dropping to 0.25 from 0.33 (including the origination fee) for 80% LTV loans. The effective rate increased from last week.

    The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA was up 4 basis points 3.80%, with points decreasing to 0.06 from 0.14 (including the origination fee) for 80% LTV loans. The effective rate increased from last week.

    The average contract interest rate for 15-year fixed-rate mortgages inched up to 3.26% from 3.23%, with points slipping to 0.30 from 0.40 (including the origination fee) for 80% LTV loans. The effective rate was unchanged from last week.

    The average contract interest rate for 5/1 ARMs dipped 1 basis point to 2.99%, with points decreasing to 0.45 from 0.46 (including the origination fee) for 80% LTV loans. The effective rate decreased from last week.

The survey covers over 75% of all U.S. retail residential mortgage applications.

see more: http://www.consumeraffairs.com/news/higher-interest-rates-send-mortgage-applications-tumbling-again-052015.html

Cody Consulting Adds Vice President, Technology to Growing Team

Yavorsky will be responsible for Cody's use of technology internally, for the technology used for software products including Cody's proprietary software CodySoft®, and for advising Cody's corporate senior management on all technology issues. His role will be cross-functional and will include both IT and Management responsibilities.

"Brian joining our team adds to the accelerated growth that we are now experiencing," said Ted Quesnette, COO for Cody Consulting. "With an in-depth knowledge of automated document composition systems, print and fulfillment, and software-based services for health plans, Brian's experience is a perfect fit for the Cody team."

A technology and consulting firm, Cody Consulting works with health plans throughout the country to maximize efficiencies and cut costs in the areas of marketing communications, compliance, business process outsourcing and executive search/organizational development. The organization's proprietary CodySoft® suite of software programs revolutionize the way health plans operate by simplifying:

• Complex project management or member and provider marketing collateral
• Regulatory compliance for the ANOCs, EOCs and other marketing collateral
• Investigation issues for compliance departments
• Risk management throughout the organization

Prior to joining Cody Consulting, Yavorsky served as the vice president of client strategies for Standard Register where he was dedicated to driving product development, program management and innovation of current and emerging technology solutions. He has also served in a variety of product management and IT delivery roles for the organization, where he designed and developed software applications for a variety of industries, including finance and managed care.

"As a progressive technology and consulting company in the managed care market, I've long admired Cody's approach, methodology and, especially, their software products," said Yavorsky. "Cody is addressing a critical need in the marketplace, and I am looking forward to bringing these offers to customers and helping the organization take their software to the next level."

In addition to hiring Yavorsky, Cody also recently filled positions for Manager, CodySoft® and Director, Executive Search.

 

read more:  http://www.prnewswire.com/news-releases/cody-consulting-adds-vice-president-technology-to-growing-team-300085347.html

oday, interRel Consulting announced it acquired Niche Technologists Inc., a staffing provider focused on the Oracle/Hyperion technologies. The acquisition brings staffing services to interRel’s offerings.
The transaction was completed in February but announced today. Terms were not disclosed.
“Finding qualified [business intelligence] and [enterprise performance management] professionals has long been a struggle as the demand for resources far outweighs the available supply,” said interRel CEO Edward Roske. “All of our clients need, at one time or another, to hire additional BI/EPM resources to increase their full-time staff. We also find people who are looking to move on from their current positions and want help finding a new company who needs their unique skills.”
 Daniel Barber, founder and president of Niche Technologists, will retire.
“I’ve known and worked with Edward Roske prior to and since his founding of interRel and, in fact, have placed several Oracle/Hyperion professionals with him over the years,” Barber said. “Edward has proven to be an honest and trustworthy colleague and friend, someone I can trust to do what he says he will do.”
Founded in 1997, interRel Consulting is the longest-standing Hyperion partner dedicated solely to implementing Oracle enterprise performance management and business intelligence solutions for Fortune 500 and mid-size companies.
- See more at: http://www.staffingindustry.com/Research-Publications/Daily-News/Consulting-firm-buys-IT-staffing-provider-34117#sthash.Bc5nrlsA.dpuf

oday, interRel Consulting announced it acquired Niche Technologists Inc., a staffing provider focused on the Oracle/Hyperion technologies. The acquisition brings staffing services to interRel’s offerings.
The transaction was completed in February but announced today. Terms were not disclosed.
“Finding qualified [business intelligence] and [enterprise performance management] professionals has long been a struggle as the demand for resources far outweighs the available supply,” said interRel CEO Edward Roske. “All of our clients need, at one time or another, to hire additional BI/EPM resources to increase their full-time staff. We also find people who are looking to move on from their current positions and want help finding a new company who needs their unique skills.”
 Daniel Barber, founder and president of Niche Technologists, will retire.
“I’ve known and worked with Edward Roske prior to and since his founding of interRel and, in fact, have placed several Oracle/Hyperion professionals with him over the years,” Barber said. “Edward has proven to be an honest and trustworthy colleague and friend, someone I can trust to do what he says he will do.”
Founded in 1997, interRel Consulting is the longest-standing Hyperion partner dedicated solely to implementing Oracle enterprise performance management and business intelligence solutions for Fortune 500 and mid-size companies.
- See more at: http://www.staffingindustry.com/Research-Publications/Daily-News/Consulting-firm-buys-IT-staffing-provider-34117#sthash.Bc5nrlsA.dpuf

oday, interRel Consulting announced it acquired Niche Technologists Inc., a staffing provider focused on the Oracle/Hyperion technologies. The acquisition brings staffing services to interRel’s offerings.
The transaction was completed in February but announced today. Terms were not disclosed.
“Finding qualified [business intelligence] and [enterprise performance management] professionals has long been a struggle as the demand for resources far outweighs the available supply,” said interRel CEO Edward Roske. “All of our clients need, at one time or another, to hire additional BI/EPM resources to increase their full-time staff. We also find people who are looking to move on from their current positions and want help finding a new company who needs their unique skills.”
 Daniel Barber, founder and president of Niche Technologists, will retire.
“I’ve known and worked with Edward Roske prior to and since his founding of interRel and, in fact, have placed several Oracle/Hyperion professionals with him over the years,” Barber said. “Edward has proven to be an honest and trustworthy colleague and friend, someone I can trust to do what he says he will do.”
Founded in 1997, interRel Consulting is the longest-standing Hyperion partner dedicated solely to implementing Oracle enterprise performance management and business intelligence solutions for Fortune 500 and mid-size companies.
- See more at: http://www.staffingindustry.com/Research-Publications/Daily-News/Consulting-firm-buys-IT-staffing-provider-34117#sthash.Bc5nrlsA.dpuf

oday, interRel Consulting announced it acquired Niche Technologists Inc., a staffing provider focused on the Oracle/Hyperion technologies. The acquisition brings staffing services to interRel’s offerings.
The transaction was completed in February but announced today. Terms were not disclosed.
“Finding qualified [business intelligence] and [enterprise performance management] professionals has long been a struggle as the demand for resources far outweighs the available supply,” said interRel CEO Edward Roske. “All of our clients need, at one time or another, to hire additional BI/EPM resources to increase their full-time staff. We also find people who are looking to move on from their current positions and want help finding a new company who needs their unique skills.”
 Daniel Barber, founder and president of Niche Technologists, will retire.
“I’ve known and worked with Edward Roske prior to and since his founding of interRel and, in fact, have placed several Oracle/Hyperion professionals with him over the years,” Barber said. “Edward has proven to be an honest and trustworthy colleague and friend, someone I can trust to do what he says he will do.”
Founded in 1997, interRel Consulting is the longest-standing Hyperion partner dedicated solely to implementing Oracle enterprise performance management and business intelligence solutions for Fortune 500 and mid-size companies.
- See more at: http://www.staffingindustry.com/Research-Publications/Daily-News/Consulting-firm-buys-IT-staffing-provider-34117#sthash.Bc5nrlsA.dpuf

oday, interRel Consulting announced it acquired Niche Technologists Inc., a staffing provider focused on the Oracle/Hyperion technologies. The acquisition brings staffing services to interRel’s offerings.
The transaction was completed in February but announced today. Terms were not disclosed.
“Finding qualified [business intelligence] and [enterprise performance management] professionals has long been a struggle as the demand for resources far outweighs the available supply,” said interRel CEO Edward Roske. “All of our clients need, at one time or another, to hire additional BI/EPM resources to increase their full-time staff. We also find people who are looking to move on from their current positions and want help finding a new company who needs their unique skills.”
 Daniel Barber, founder and president of Niche Technologists, will retire.
“I’ve known and worked with Edward Roske prior to and since his founding of interRel and, in fact, have placed several Oracle/Hyperion professionals with him over the years,” Barber said. “Edward has proven to be an honest and trustworthy colleague and friend, someone I can trust to do what he says he will do.”
Founded in 1997, interRel Consulting is the longest-standing Hyperion partner dedicated solely to implementing Oracle enterprise performance management and business intelligence solutions for Fortune 500 and mid-size companies.
- See more at: http://www.staffingindustry.com/Research-Publications/Daily-News/Consulting-firm-buys-IT-staffing-provider-34117#sthash.Bc5nrlsA.dpuf

3 things every real estate agent should know about mortgages

Unless all your clients are cash buyers, mortgages are an integral part of any real estate agent’s business. Knowing some basics about mortgages will make you a better adviser to your clients and a more effective businessperson. Although it is by no means necessary to become a mortgage expert, the following three mortgage insights will increase your value as a real estate professional.

1. Condos have special underwriting requirements.

If you’re working on a condo deal, it is in your and your client’s best interest to work closely with the mortgage loan officer to make sure the property meets the lender’s underwriting criteria. This is typically done through a condo questionnaire the lender will provide you.

Among other things, they will be looking out for things such as pending litigation against the condo association, the percentage of units that are owner-occupied and whether any part of the building is used for commercial activity. Many condo transactions are either seriously delayed or completely derailed by last-minute surprises that should have been discovered early in the process.

2. The minimum down payment is not 20 percent.

The 20 percent down is the amount necessary for a buyer to avoid paying private mortgage insurance (referred to as PMI) on the loan, but most loan programs require as little as 5 percent down. For first-time homebuyers, recent conventional (nongovernment) loan programs introduced to the market allow buyers to get a loan with only 3 percent down. If you work primarily with first-time homebuyers, you should also be aware of down payment assistance programs offered by local governments and municipalities.

3. Shopping around for a mortgage will not hurt your credit score.

Shopping around for a mortgage with multiple lenders is highly recommended, and even though credit inquiries do impact your credit score, there is an exception when it comes to credit inquiries from mortgage lenders. All such inquiries made in the 30-day period prior to scoring your credit are usually ignored. Furthermore, inquiries outside of that 30-day period that fall within a typical shopping period are counted as only one inquiry.

read more: http://www.inman.com/2015/05/14/3-things-every-real-estate-agent-should-know-about-mortgages/

Tired Murray pulls out of Rome Masters

ROME (Reuters) - Britain's Andy Murray pulled out of the Rome Masters on Thursday ahead of his third-round match against Belgian David Goffin.

"I felt tired this morning," Murray told a news conference. "I practiced 40 minutes and felt pretty exhausted.

"It didn't make sense for me to keep going because when you feel like this it becomes a risk to play."

Murray recently won back-to-back tournaments in Munich and Madrid, the first claycourt titles of his career.

"They've been three very long weeks for me," Murray added. "The longest on clay in my career."

World number three Murray will now rest and in preparation for the French Open, which starts on May 24.

source:  http://www.thestar.com.my/Sport/Tennis/2015/05/14/Tired-Murray-pulls-out-of-Rome-Masters/

Nomura found liable for selling toxic mortgages to Fannie, Freddie

 A federal judge ruled Monday that Nomura Holdings (NMR) misled Fannie Mae and Freddie Mac made false representations about the quality of mortgages that were used to back $2 billion securities it sold to the GSEs.

According to court records, U.S. District Judge Denise Cote found Nomura liable when he ruled for the Federal Housing Finance Agency, which acts as conservator for the GSEs, after overseeing the non-jury trial.

"The offering documents did not correctly describe the mortgage loans," the judge said in his lengthy, 361-page decision. "The magnitude of falsity, conservatively measured, is enormous."

The FHA has taken two of the world’s biggest banks to trial in an attempt to recoup more than $1 billion over the $2 billion in mortgage bonds sold to Fannie and Freddie.

The FHFA is also suing the Royal Bank of Scotland (RBS), which served as the underwriter, for selling the mortgages into the secondary markets. Nomura and RBS were the first to stand up to the FHFA; several other banks have settled.

The trial is the first to come from some 18 lawsuits by FHFA back in 2011. The Federal regulator wants to recover some losses on some $200 billion in mortgage bonds the GSEs bought.

The FHFA is suing various big financial firms for the alleged misselling of toxic mortgages to Fannie Mae and Freddie Mac during the housing boom. The FHFA says the mortgages defaulted in large numbers, requiring default on the Fannie and Freddie bonds and led the bailout and conservatorship of the government-sponsored entities.

The FHFA said in its filing that 68% of a sample of the loans were not underwritten in accordance with underwriting guidelines and that appraised values were inflated on average by 11.1%.

Nomura and RBS denied the FHFA’s allegations.

“FHFA is pleased with the Court's decision and we are reviewing the various elements of this important ruling,” said FHFA General Counsel Alfred Pollard.  “It is clear the Court found that the facts presented by FHFA were convincing.  FHFA looks forward to submitting proposed damages calculated under the formulae applied in the Court's Opinion.”

If Nomura and RBS are ordered to pay damages, they would in turn receive the mortgage bonds, which are valued at just under $500 million.

see more: http://www.housingwire.com/articles/33855-nomura-found-liable-for-selling-toxic-mortgages-to-fannie-freddie

Ethics controversy over Macon-Bibb pension consultants

There is ethics controversy between Macon-Bibb commissioners over how the consultants who handle county retirement money were chosen.
Several officials complained during an open meeting Tuesday night that the bid process that led to selecting the company was "unethical" and designed to favor Independent Portfolio Consultants, a Florida-based consultant group.
Macon-Bibb commissioners voted 7 to 2 last fall to hire IPC as the pension fund managers, after a bid process and after county manager Dale Walker recommended the company for the job.
Commissioner Larry Schlesinger told 13WMAZ Tuesday that Walker should have disclosed that he previously worked with IPC's senior consultant, Cheryl Underwood.
Dale Walker previously served as Chairman of the Board of Directors for the Municipal Employees' Retirement System of Michigan at the same time Underwood previously worked as a consultant there.
"Our county manager, Dale Walker, very consciously designed and orchestrated a selection process that had the sole aim of engaging Independent Portfolio Consultants (IPC) to manage these funds going forward," Schlesinger told fellow officials and the public Tuesday night. "His indecorous action goes well beyond the crony capitalism that it so flagrantly is."
Two weeks ago, Mayor Robert Reichert vetoed a resolution that would have started another bid process for investment consultants for the county's pension funds. He said he felt that would create a negative impression to retirees and to the finance market. He also said he believes the company is doing "exceptional" work.
County spokesman Chris Floore says IPC added more than $10.5 million to the county's three pension funds in the past three months.
So far, the county has paid more than $570,000 for IPC's services.
At Tuesday's meeting, Commissioner Larry Schlesinger, along with Commissioners Gary Bechtel, Bert Bivins, and Virgil Watkins, voted to override the Mayor's veto. That ultimately failed, as the five other commissioners voted to sustain the Mayor's veto.
"I was misled by the county manager to think this was an objective, fair search to find a worthy successor to Merrill Lynch," Schlesinger said. "It's not really IPC that we have a problem with. It's the process that led up to the selection of IPC, which was orchestrated by our county manager, Dale Walker."
Commissioner Elaine Lucas told the Mayor although she was "tempted" to override his veto, she would listen to retirees who said they did not want the change.
Commissioner Mallory Jones argues it was the commission's decision and that it's not unethical for Walker to recommend a company he has a strong professional relationship with.
"We deal with people we know and trust. We recommend a movie, a restaurant, because we've had a good experience there. So Mr. Walker had a good professional experience with people who he knew were proven professionals," Jones said. "[Walker] recommended them but the commission voted 7-2 to hire them. So if you're saying it was unethical, we'd be talking about ourselves!"
Jones said he asked his brother, a longtime Wall Street executive, for an independent analysis of IPC's work. He says his brother is not familiar with the company.
"He was very impressed," Jones said. "He said we'd be foolish to not continue with [IPC]. It all ought to be about what's best for the retirees, and that's what's best for the retirees."

see more at: http://www.13wmaz.com/story/news/local/macon/2015/05/05/ethics-controversy-macon-bibb-pension/26957925/

What Is a Reverse Mortgage?

A reverse mortgage is a type of home loan that doesn't require any payments until after you die, as long as you continue living in your home. If you move out or decide to sell your house while still alive, the reverse mortgage comes due immediately. You can receive the loan proceeds in one lump sum or in monthly income payments.

Who Can Benefit From a Reverse Mortgage?

It's important to be aware of the age restrictions for reverse mortgages: Everyone listed on the deed of the house, even if they don't sign the loan, must be at least 62 years old for the house to qualify for a reverse mortgage. Also, reverse mortgages aren't useful if you still owe a lot on your regular mortgage. For example, if you owe $100,000 on your house, and you get a reverse mortgage for $125,000, you would only receive $25,000. The rest of the reverse mortgage proceeds would be immediately applied to your regular mortgage. Here is a more in-depth explanation of how reverse mortgages work.

The main pros and cons of reverse mortgages are:

Pros of Reverse Mortgage

    One big advantage to reverse mortgages is that credit checks are minimal. Since you don't have to make loan payments during your lifetime, your credit score or monthly income are mostly irrelevant. However, new laws require lenders to set aside a certain amount of the loan funds if it looks like you won't be able to afford property taxes, home repairs or mortgage insurance premiums.

    The value of your home may have risen dramatically since you bought it. Reverse mortgages give you access to this profit while allowing you to remain in your home.

    If you have limited income, a reverse mortgage can provide you with greater self-sufficiency and comfort.

Cons of Reverse Mortgage

    You (or your spouse, if he or she also signed the loan) must be living in your home to keep the reverse mortgage in place. You can't be absent for longer than 12 months, even if you have to go into a long-term care facility or move away to care for a family member. Longer absences result in the termination of the loan, and any money you received must be repaid immediately, with interest.

    You must commit to maintaining your home and to keeping property tax and insurance payments up to date. Before the loan closes, the house is inspected, and you must sign a binding agreement to complete all recommended repairs by a specified date. The bank inspects your home to certify that you have completed these repairs as agreed.

    A reverse mortgage usually makes it impossible to leave your house to your children. When all borrowers have passed away, the reverse mortgage must be repaid in full. In most cases, this requires the sale of the house. The only way to avoid this is if your heirs have enough personal wealth to pay off the reverse mortgage without needing to sell the house.

read more: http://www.huffingtonpost.com/simple-thrifty-living/what-is-a-reverse-mortgag_b_7200038.html