Ever wonder what Secretary of Transportation Thinks About Bicycles?

I was happy to read an article on their web site as a follow up to a talk that Ray LaHood, the Secretary of Transportation gave at the National Bike Summit.  Points like; “Cyclists are important users of America’s transportation systems,” and ” Earth Day is today, but we’ll need the sustained engagement of bicycle commuters and their advocates in the weeks and months to come to help keep the wheels of bicycle-friendly legislation on the road.”  Please read more here about his ideas of how States and Cities should begin using Federal monies for their local bicycle projects.  Heck- with all the good work we have done here is Frisco, maybe it is time we hire a person to be the City’s bicycle coordinator?  Might be time for a lunch with Pippa Couvillion, Frisco’s Environmental Services Manager.  Hers is a great story, moved to Frisco and wanted the City to do a better job with recycling.  Instead of just complaining about it, she offered solutions and here we sit today- one of the State and Countries leaders in City recycling programs.
 
The State of Texas is close to making history- giving cyclist a mandatory 3 feet of room when passing on the roadways.  Read more about that Bill here and maybe connect with your representative with your support!

Frisco Early Voting

Monday May 4th and 5th- 7am – 7pm

Election Day

May 9th – 7am to 7pm

Today We Vote

From today until May 5th the City of Frisco has early voting locations up and running.  Right before I sent this Weekly I was out in the rain to cast mine.  I hope you will join me and vote early. If you wait until Election Day, May 9th, something might come up and you may miss your opportunity to be counted.  Please join me and pull the lever for both Pat Fallon and Bob Allen to become our next two City Councilmen.  They are ready, able and qualified for service on Council.  If you have yet to meet Pat- view one of the short video’s he did.

Frisco Early Voting

Monday April 27th – Tuesday May 5th.  All Days- 8am-5pm until May 4th and 5th- 7am – 7pm

 

Election day- May 9th – 7am to 7pm

Frisco Chamber of Commerce Candidate Forum

April 20th, 6 – 9 pm at the Collin County Community College Event Center.  Hear from both Lewisville and Frisco ISD candidate and Frisco City Council candidates.

Campaign Signs are My Business- Need One?

It is election time again here in Frisco; this time it is for two City Council seats.  Frisco is an open district so every resident votes for each place.  I openly support Bob Allen in Place 1 and Pat Fallon for Place 3.  Pat Fallon and I are friends and I was proud to see that he was the first to file to run for Place 3.   I quickly offered up my services to help, as he does for me on many of my cycling or Rotary projects (Pat is a member of the Frisco Cycling Club and a Frisco Rotarian).  What did I volunteer for? I am proud to serve on the signage committee, fearlessly delivering signs to supporters and posting signs around town in an appropriate place. If you have any questions you would like to direct towards either of my candidates, please email me your questions and I will forward it along to Pat or Bob. You can check-out their websites online: Pat Fallon and Bob Allen.

My State of the Industry Views

Many of you have watched me and my life changes over the years.  And I bet a few of you were surprised 8 years ago when I decided to change from fun loving bicycle guy to pencil pushing mortgage guy to 2 years ago opening my own Mortgage Company.  I sure was.  Over that time I have engrossed myself into this industry and it amazes me when I see huge changes like we have coming ahead of us.  Simply put- because of the actions of a few greedy individuals- the housing industry will change and not for the better.
 
There are 2 worlds in mortgage lending- Retail and Wholesale.  I am a Mortgage Broker and work out of the Wholesale channel.  We all deliver our loans to the same place for the most part in Retail and Wholesale- the large lenders that set their standards of underwriting and products via the guidelines of Fannie Mae and Freddy Mac.  Be it Wells Fargo, CitiMortgage, Chase or Bank of America- they all carry the same products and after closing, the loans, for the most part turn into a commodity that can be traded and sold without too much affect on us the home owners.
 
Since home values have dropped in many States- those commodities were not generating the same profit and when you don’t show a profit- folks start asking to see your books.  Hence- where we are today- bad books and deception.  Then came the finger pointing, “it wasn’t us, it was them.”  Sort of reminds me of Adam and Eve in the beginning- if only they would have 1. Stayed away from the darn tree and 2. Owned up for their actions instead of placing blame down the line.  Well- us Brokers are the ones that most have decided can’t defend themselves as well and therefore must be the root of all the problems we have.  Hard for me to understand that- if I am simply approving folks on guidelines for products that Fannie and Freddy created and that the Banks then underwrite and approve- how am I the bad guy again?
 
To save us- the Government has created many committees and they have started to put in place new laws and guidelines that Fannie and Freddy should follow and in turn- so must the Banks.  Potential borrowers are seeing new credit and appraisal actions start to take affect and both are stopping folks from that home loan transaction.
 
Credit:  The other day I was working up a refinance scenario for a friend of mine who we had just closed on their home loan a year ago- let’s call that Before Fallout, BF.  So a year ago this person with a credit score of near 689 was, in the Banks and Guidelines views- A Paper loan without any adjustments to their rate.  Today- After Fallout, AF- they are well below that A paper (with the same rate mind you as BF) and if the market rate for perfect credit was 4.875% that day- they would have gotten a 6.25% rate, after factoring in all the adjustments for risk.  Granted- we need to get the ropes pulled tight- but this is just silly.  It is them making up for past mistakes and looking to gain back as much income (risk) as they can and Mark my Words- this will hinder lending going forward.
 
Appraisals:  Soon I won’t be able to 1. Pick the appraiser to use on your transaction and 2. Have any communication with the appraiser that is picked.  The belief here is when Mortgage Brokers pick and speak with appraisers- we manipulate the market and push the values to what is most needed to make that loan work.  On my web site I list a few trusted appraisers that I have worked with for years, want a challenge? – call any of them and see if you can “manipulate” them into getting you the value you want for your home.  Can’t be done- these guys have licenses and risk all if even one appraisal comes back from a 3rd party reviewer and can either lose their license or go to jail.
 
I want this not to be a grim picture of the 2009 home buying and refinance season- just my views as to what I have been watching.  My belief is that many in power view Mortgage Brokers so poorly- they are looking for any and all ways to make us appear less attractive and to encourage the client straight to the Retail side of the banks.  Currently I am in a great place and have more business than I can keep up with and hope that those oh so powerful folks don’t look for more ways to change that.  Thanks for reading-

My friend Alan, far right, after a bike ride in Plano last week with former President Bush

Fallon for Frisco

Fallon for Frisco at Bonnie Ruth’s February 24th at 7pm.