In an article this past Sunday in the S.A. Express News a headline read, “Who’s afraid of $30 crude?” The article continued to state that Texas has a message for $30 crude doomsayers:  Bring it on!  A handful of shale patches in the state, which would be the world’s sixth-largest oil producer if it were a country, are profitable with crude below $30 a barrel according to Bloomberg Intelligence. “It may be harder to kill many U.S. E&P’s than analysts originally thought,” Bloomberg Intelligence analyst William Foiles said in the a report.  “The wide range of break-evens undermines efforts to come up with a single threshold for U.S. shale producers.  Still, with Iran entering the oil exporting business and the U.S. being allowed to export oil now, for me the just is still out concerning what and how exactly our Texas economy will be affected.  There have been job layoffs, but from what I have read and understand is that those leaving the oil fields are finding their way to construction jobs in Texas.  So, I report again that the Texas economy is doing wonderful in my opinion.

Nationally, weekly job aid rose 8,000 to a seasonally adjusted 285,000, the Labor department said.  The four-week average increased slightly to 284,750.  The number of people collecting job aid has dropped 5.5 percent in the past year.

Better news for homebuyers seeking a mortgage.  Freddie Mac says the average rate on a 30-year fixed-rate mortgage slid to 3.72 percent this past week, down from 3.79 percent the week before.

February has just begun.  We have Super Bowl Sunday  behind us.  Valentine’s Day is coming up. The San Antonio Stock Show and Rodeo is about to kickoff. Winter is in full swing.  However, in Texas, you couldn’t tell that winter is in full swing.  On Groundhog day, Texas Pete didn’t see his shadow (Texas Pete is our own weather forecasting rattlesnake in case you didn’t know). So, if all holds true, we should have an early Spring.  Yes, it has been chili lately but, the sun keeps shining on our state.  The sun keeps shining on our state’s economy and real estate market too.  It is a wonderful time to buy a home in our beautiful state!

Tony Stevenson
 Sr. Loan Officer  |  NMLS# 216213
“Your Local Loan Officer”
Direct: 210.376.6133
Toll-Free: 800.460.6990
Cell: 210.846.4666
Fax: 866.782.9318
www.swbcmortgage.com
 
apply on-line to:  www.swbcmortgage.com/stevenson
 
9311 San Pedro Avenue, Suite 100
San Antonio, Texas 78216

SWBC. All rights reserved. This article is for informational purposes only and not intended for consumer distribution.  Do not use it as financial and/or political advice. The opinions expressed in this article are not necessarily those of SWBC Mortgage, CENTURY 21 The Hills Realty or any of their affiliates.  Information for this article from but, not limited to,  the Wall Street Journal, S.A. Business Journal,  NAMB, Real Estate on-line magazine, S.A. Express News and MBA News Link. To be removed from this email reply “remove” in the subject line. For questions/comments contact Tony Stevenson at 1.800.460.6990 or email tstevenson@swbc.com. Loans are subject to credit and property approval. Other restrictions and conditions may apply. Programs and guidelines are subject to change without notice. Rates are subject to change daily. This email is an advertisement from SWBC Mortgage Corporation, NMLS #9741. Corporate office located at 9311 San Pedro Avenue, Suite 100, San Antonio, TX 78216. 8540-5937 NMLS#9741(www.nmlsconsumeraccess.org) 

The year has started off with a bang or a thud-depending on your perspective. Volatility erupted anew in the financial markets causing anxiety about global growth. Plus, oil prices experienced a week of big declines that showed economic turmoil in China now overshadows tension in the Mideast on trading floors. That’s the bad news.

The good news: “U.S. job market ends 2015 up” was a mini headline in the S.A. Express News last week. The article stated that in an impressive sprint at 2015’s end, employers added 292,000 workers to their payrolls in December, the government said on Friday, punctuating a year of healthy growth. The unemployment rate remained at 5 percent in December and that was because large numbers of people went looking for work. The jobless rate, which has declined since topping 10 percent in October 2009, continues to hover just above what economists consider full employment—the point where further declines could start to push up inflation. Plus, experts are also optimistic about San Antonio in 2016.

Heading into 2016, San Antonio-area real estate agents can expect to eclipse the 24,948 home sales from January to November 2015, the most sold during that period in recent memory, Mark Dotzour a retried economist from the Texas A&M Real Estate Center, told the San Antonio board of Realtors at the organization’s annual housing forecast last week. The question for me is how much longer can the housing market sustain these numbers until inventory becomes a real issue? It is a seller’s market to be sure.

Keep in mind that home buyers have it good too. Still proof home sales will continue their march upward is the fact that mortgage rates remain at historically low levels. Mortgage rates were mixed last week, with the key 30-year rate slipping back under 4 percent to 3.97 percent, according to Freddie Mac. But the average 15-year mortgage rate rose to 3.26 percent from 3.26 percent the week before.

Please remember me to anyone you know that may need a mortgage!

Tony Stevenson,
Sr. Loan Officer | NMLS# 216213
“Your Local Loan Officer”
Direct: 210.376.6133
Toll-Free: 800.460.6990
Cell: 210.846.4666
Fax: 866.782.9318
www.swbcmortgage.com

apply on-line to: www.swbcmortgage.com/stevenson

9311 San Pedro Avenue, Suite 100
San Antonio, Texas 78216f

© 2015 SWBC. All rights reserved. This article is for informational purposes only and not intended for consumer distribution.  Do not use it as financial and/or political advice. The opinions expressed in this article are not necessarily those of SWBC Mortgage, CENTURY 21 The Hills Realty, or any of their affiliates.  Information for this article from but, not limited to,  the Wall Street Journal, S.A. Business Journal,  NAMB, Real Estate on-line magazine, S.A. Express News and MBA News Link. To be removed from this email reply “remove” in the subject line. For questions/comments contact Tony Stevenson at 1.800.460.6990 or email tstevenson@swbc.com. Loans are subject to credit and property approval. Other restrictions and conditions may apply. Programs and guidelines are subject to change without notice. Rates are subject to change daily. This email is an advertisement from SWBC Mortgage Corporation, NMLS #9741. Corporate office located at 9311 San Pedro Avenue, Suite 100, San Antonio, TX 78216. 8540-5937 NMLS#9741(www.nmlsconsumeraccess.org) 

U.S. employers expanded their payrolls at a robust pace in November, the government reported on Friday, all but guaranteeing policymakers at the Federal Reserve will raise interest rates for the first time in nearly a decade when they meet later this month. However, more people applied for U.S. unemployment benefits last week, but the levels remain near historic lows that point toward a healthy job market.

OPEC will keep pumping about 31.5 million barrels of oil a day, the group’s president said. West Texas Intermediate ended the week at $39.97 a barrel. This being said, I expect gasoline prices to get even lower during the Holiday season.

Average long-term mortgage rates edged lower for a third straight week. Freddie Mac said
the average on a 30-year fixed-rate mortgage slipped to 3.93 percent from 3.95 percent the week before. The average rate on the 15-year fixed-rate mortgage eased to 3.16 percent from 3.18 percent.

“Tis the season to give!” Mark Zuckerberg and his wife pledged to give away virtually all of their $45 billion in Facebook Inc. shares, setting a new philanthropic benchmark by committing their massive fortune to charitable causes while still in their early 30s. What a gift!

At last week’s Kerrville Board of Realtors end-of-year Christmas luncheon, I was voted as their “Affiliate of the Year.” I was totally surprised and honored. Somehow, they let my wife know in advance so she could attend (without me even noticing she was there) and she even brought my Mother along as well. How those two were able to keep a secret that long-without me knowing-is beyond me. I felt really honored and blessed to have received this affiliate award. We are ALL in this real estate/mortgage world together and it takes a team of folks working together to help other folks achieve the American dream of homeownership. I really do appreciate all of their friendships and support. My team at SWBC Mortgage makes me look good through all of their hard work as well. I am looking forward to an even better 2016.

Please remember me to anyone you know that may need a mortgage!
Tony Stevenson
Sr. Loan Officer | NMLS# 216213
“Your Local Loan Officer”

Direct: 210.376.6133
Toll-Free: 800.460.6990
Cell: 210.846.4666
Fax: 866.782.9318

www.swbcmortgage.com
apply on-line to: www.swbcmortgage.com/stevenson
9311 San Pedro Avenue, Suite 100
San Antonio, Texas 78216

© 2015 SWBC. All rights reserved. This article is for informational purposes only and not intended for consumer distribution. Do not use it as financial and/or political advice. The opinions expressed in this article are not necessarily those of SWBC Mortgage, CENTURY 21 The Hills Realty or any of their affiliates. Information for this article from but, not limited to, the Wall Street Journal, S.A. Business Journal, NAMB, Real Estate on-line magazine, S.A. Express News and MBA News Link. To be removed from this email reply “remove” in the subject line. For questions/comments contact Tony Stevenson at 1.800.460.6990 or email tstevenson@swbc.com. Loans are subject to credit and property approval. Other restrictions and conditions may apply. Programs and guidelines are subject to change without notice. Rates are subject to change daily. This email is an advertisement from SWBC Mortgage Corporation, NMLS #9741. Corporate office located at 9311 San Pedro Avenue, Suite 100, San Antonio, TX 78216. 8540-5937 NMLS#9741(www.nmlsconsumeraccess.org)

Texas shoppers have another reason to be thankful this Thanksgiving! They will pay slightly less for Thanksgiving dinner than last year, according to the Texas Farm Bureau. The typical dinner will cost $46.48 this year, down 0.66 percent from $46.79 last year. Nearly all Thanksgiving ingredients tracked by the bureau declined in price this year, including stuffing (6% drop), and whole milk (13.3% drop). Even the price of turkey went down in Texas, thanks to lower fuel and grain costs. It makes sense that fuel would help drive costs down as that cost affects all of us-including delivery and commercial truck drivers. As a matter of fact, traders kept oil just above $40 a barrel Friday after an industry report showed yet another drilling slowdown across the U.S.

Mark Dotzour, College Station real estate economist, spoke to a group this past week and said that one sector still has enough gas in the tank to drive economic growth and that is housing construction. Even though Texas’ oil and gas industry is waning, he stated that the length of economic recovery depends on whether “we are building more housing this year, the year after that, and the year after that.” He continued that, “ housing construction is rested, so there are several years of economic growth left.” San Antonio and the rest of Texas is behind demand for housing he added. “We have a huge housing shortage,” citing 8 to 12 percent annual price jumps in houses.

For home buyers seeking a mortgage, the average long term mortgage rates edged slightly lower this past week after two straight weeks of sharp increases. Freddie Mac said the average rate on a 30-year fixed-rate mortgage fell to 3.97 percent from 3.98 percent the week before. Lower mortgage rate is something we all can add to our “things to be thankful for” this week!

Note: I would like to wish my Wife, Gayla Stevenson, a happy birthday today. What is she doing on her birthday? She is taking me to the doctor. Now how special is that? She is what I am thankful for!

Have a Happy Thanksgiving!

Please remember me to anyone you know that may need a mortgage!

Tony Stevenson
Sr. Loan Officer | NMLS# 216213
“Your Local Loan Officer”

Direct: 210.376.6133
Toll-Free: 800.460.6990
Cell: 210.846.4666
Fax: 866.782.9318
apply on-line to: www.swbcmortgage.com/stevenson

9311 San Pedro Avenue, Suite 100

San Antonio, Texas 78216

© 2015 SWBC. All rights reserved. This article is for informational purposes only and not intended for consumer distribution. Do not use it as financial and/or political advice. The opinions expressed in this article are not necessarily those of SWBC Mortgage, CENTURY 21 The Hills Realty, or any of their affiliates. Information for this article from but, not limited to, the Wall Street Journal, S.A. Business Journal, NAMB, Real Estate on-line magazine, S.A. Express News and MBA News Link. To be removed from this email reply “remove” in the subject line. For questions/comments contact Tony Stevenson at 1.800.460.6990 or email tstevenson@swbc.com. Loans are subject to credit and property approval. Other restrictions and conditions may apply. Programs and guidelines are subject to change without notice. Rates are subject to change daily. This email is an advertisement from SWBC Mortgage Corporation, NMLS #9741. Corporate office located at 9311 San Pedro Avenue, Suite 100, San Antonio, TX 78216. 8540-5937 NMLS#9741(www.nmlsconsumeraccess.org)

With a hint at what may be in store for shoppers this holiday season, Macy’s CEO Terry Lundgren said markdowns are likely as falling sales have left the department store with excessive inventory. The opening of the retail earnings seasons began with Macy’s, which dragged shares of almost every retailer sharply lower last Wednesday. “Markdowns” being the key word for me here just says that shoppers will likely benefit by paying lower prices this holiday season. Which to me is a good thing. Paying lower for gasoline per gallon this season as well has added shopping dollars to consumer’s pockets. Again, our economy is consumer based. The more we spend on products and services, the better in my opinion.
“Home sales up 4.5% from Oct. 2014” was a headline in last week’s S.A. Express News. The article continued to state that even though the San Antonio housing market is in its autumn lull, total sales and median price continue their year-over-year climb, according to data released by the San Antonio Board of Realtors. In October, 2,252 homes were sold in the San Antonio area—a 4.5% bump from the previous year. The median sale price of homes settled at $187,20— a 6.4% increase as compared to last year at the same time.
Average long-term mortgage rates last week rose sharply for a second straight week. Freddie Mac said the average rate on a 30-year fixed mortgage jumped to 3.98 percent from 3.87 percent a week earlier. It was the highest level for the 30-year rate since July. Even though rates have risen the past couple of weeks, it is still a very good time to take advantage of the “still” low rate environment in my opinion. I can remember, back in the early 90’s when I paid 9.5% for my first mortgage—and I thought that was good back then. I am not predicting where rates will go after the first of the year but, even if rates went to 5.0%, this mortgage rate still buys more home as compared to the 90’s.
Good news! Blue Bell Ice Cream returns December 14th to the San Antonio market. On Friday, the company announced on Instagram that it will begin phase three of its return to the market, returning its ice cream to a large part of Texas and central and southern Alabama. To complete phase three, Blue Bell is also bringing back 215 employees who were put on paid furlough earlier this year. I would ask the “man in the red suite” for a gallon of Blue Bell Vanilla Bean ice cream for my stocking this year but, that would be kind of messy my wife pointed out.
Please remember me to anyone you know that may need a mortgage!

Tony Stevenson
Sr. Loan Officer | NMLS# 216213
“Your Local Loan Officer”

Direct: 210.376.6133
Toll-Free: 800.460.6990
Cell: 210.846.4666
Fax: 866.782.9318

www.swbcmortgage.com
apply on-line to: www.swbcmortgage.com/stevenson
9311 San Pedro Avenue, Suite 100
San Antonio, Texas 78216

© 2015 SWBC. All rights reserved. This article is for informational purposes only and not intended for consumer distribution. Do not use it as financial and/or political advice. The opinions expressed in this article are not necessarily those of CENTURY 21 The Hills Realty, SWBC Mortgage or any of their affiliates. Information for this article from but, not limited to, the Wall Street Journal, S.A. Business Journal, NAMB, Real Estate on-line magazine, S.A. Express News and MBA News Link. To be removed from this email reply “remove” in the subject line. For questions/comments contact Tony Stevenson at 1.800.460.6990 or email tstevenson@swbc.com. Loans are subject to credit and property approval. Other restrictions and conditions may apply. Programs and guidelines are subject to change without notice. Rates are subject to change daily. This email is an advertisement from SWBC Mortgage Corporation, NMLS #9741. Corporate office located at 9311 San Pedro Avenue, Suite 100, San Antonio, TX 78216. 8540-5937 NMLS#9741(www.nmlsconsumeraccess.org)

“Economy woes don’t deter homebuyers” was a headline in last week’s San Antonio Express News. The article states that Americans snapped up more homes in September, suggesting that the U.S. housing sector remains insulated from global economic turmoil. The National Association of Realtors said Thursday that sales of existing homes jumped 4.7 percent last month, the second-highest level since February 2007, according to Bloomberg. Buying activity rebounded after slipping in August, indicating that demand for housing continues despite a series of recent economic hits: stock market declines, falling factory orders, a slowdown in China, struggles from emerging nations such as Brazil and Turkey, and stagnation in Europe. The Real Estate market appears to have reached a stable plateau in recent months, aided by mortgage rates near historic lows and steady job gains that have reduced the unemployment rate to a healthy 5.1 percent. Yet, first-time home buyers remain scarce and relatively few properties are being listed for sale, capping the potential growth for the sector. “The report adds to evidence that home sales, and housing activity generally are trending up,” Jim O’Sullivan, chief U.S. economist at High Frequency Economics. “The strength in housing has been off-setting weakness in manufacturing.” But any further acceleration in sales will depend on more properties up for sale.

Locally, an article in The S.A. Business Journal pointed out that San Antonio’s economy has been humming along for the past couple of years. A sure sign of the Alamo City’s health is its housing market—which has seen dramatic increases in sales activity and pricing. What tends to get lost in the good news, however, is the fact that a significant portion of our market is in decline—the “affordable housing market.” Now, a mere 2 percent of the market fits this threshold of homes priced under $150,000. Meanwhile, homes one bracket up—priced under $200,000—are on what Jack Inselmann, who heads up the San Antonio office of housing research firm Metrostudy, calls “the endangered species list.” Today, new homes at this price account for 31 percent of the market—down from 80 percent just 12 years ago. “All of this is a function of supply, not demand,.” Inslemann said.

My friends in the Texas Hill Country would probably agree that if they had homes priced in the $150-$200k range, they would sell quickly as well. Supply and demand is what is affecting that market in my opinion.

Please remember me to anyone you know that may need a mortgage!
Tony Stevenson
Sr. Loan Officer | NMLS# 216213
“Your Local Loan Officer”

Direct: 210.376.6133
Toll-Free: 800.460.6990
Cell: 210.846.4666
www.swbcmortgage.com
Apply on-line to: www.swbcmortgage.com/stevenson

9311 San Pedro Avenue, Suite 100
San Antonio, Texas 78216

© 2015 SWBC. All rights reserved. This article is for informational purposes only and not intended for consumer distribution. Do not use it as financial and/or political advice. The opinions expressed in this article are not necessarily those of SWBC Mortgage, CENTURY 21 The Hills Realty, or any of their affiliates. Information for this article from but, not limited to, the Wall Street Journal, S.A. Business Journal, NAMB, Real Estate on-line magazine, S.A. Express News and MBA News Link. To be removed from this email reply “remove” in the subject line. For questions/comments contact Tony Stevenson at 1.800.460.6990 or email tstevenson@swbc.com. Loans are subject to credit and property approval. Other restrictions and conditions may apply. Programs and guidelines are subject to change without notice. Rates are subject to change daily. This email is an advertisement from SWBC Mortgage Corporation, NMLS #9741. Corporate office located at 9311 San Pedro Avenue, Suite 100, San Antonio, TX 78216. 8540-5937 NMLS#9741(www.nmlsconsumeraccess.org)

On November 3rd, Texans have an opportunity to pass a constitutional amendment that will provide a massive benefit to homeowners and the real estate industry. If passed, Proposition 1 will lower property taxes for all Texas homeowners. It will also permanently ban a sales tax on real estate transactions.

Proposition 1 increases the amount of the residence homestead exemption from ad valorem taxation for public school purposes from $15,000 to $25,000, providing for a reduction of the limitation on the total amount of ad valorem taxes that may be imposed for the purposes on the homestead of an elderly or disabled person to reflect the increased exemption amount, authorizing the legislature to prohibit a political subdivision that has adopted an optional residence homestead exemption from ad valorem taxation from reducing the amount of or repealing the exemption, and prohibiting the enactment of a law that imposes a transfer tax on a transaction that conveys fee simple title to real property. “This is a unique marketing opportunity for us to reach out to our clients—they will really benefit from passing Prop 1. Use the resources at: texansforprop1.com/realestate to let your friends, families, and clients know about the importance of Prop 1,” said Al Juardo Jr., chairman of the TAR Political Affairs Committee in an article in Texas Realtor Magazine September/October 2015 edition.

In any election, the most important thing to do is to vote. Go to the polls November 3rd, or vote early beginning October 19-30.
S.A. Home sales were up 7.5% for September compared to the same time period last year. The median home price for September was up 3.6%. In 2014 the median home price was $185,000 compared to September this year at $191,700. In the San Antonio area, inventory remains low at four month—the same amount of time it would take to sell all homes on the market if none were added. So, San Antonio continues to be a seller’s market: 6 1/2 months is considered to be a balanced market by the Texas A&M Real Estate Center.

Please remember me to anyone you know that may need a mortgage!
Tony Stevenson
Sr. Loan Officer | NMLS# 216213
“Your Local Loan Officer”

Direct: 210.376.6133
Toll-Free: 800.460.6990
Cell: 210.846.4666

www.swbcmortgage.com
Apply on-line to: www.swbcmortgage.com/stevenson
9311 San Pedro Avenue, Suite 100
San Antonio, Texas 78216

© 2015 SWBC. All rights reserved. This article is for informational purposes only and not intended for consumer distribution. Do not use it as financial and/or political advice. The opinions expressed in this article are not necessarily those of SWBC Mortgage, CENTURY 21 The Hills Realty, or any of their affiliates. Information for this article from but, not limited to, the Wall Street Journal, S.A. Business Journal, NAMB, Real Estate on-line magazine, S.A. Express News and MBA News Link. To be removed from this email reply “remove” in the subject line. For questions/comments contact Tony Stevenson at 1.800.460.6990 or email tstevenson@swbc.com. Loans are subject to credit and property approval. Other restrictions and conditions may apply. Programs and guidelines are subject to change without notice. Rates are subject to change daily. This email is an advertisement from SWBC Mortgage Corporation, NMLS #9741. Corporate office located at 9311 San Pedro Avenue, Suite 100, San Antonio, TX 78216. 8540-5937 NMLS#9741(www.nmlsconsumeraccess.org)

Last Thursday, Federal Reserve Bank of Dallas economist Keith Phillips said the ripple effect of the drop of crude oil prices will have slowed Texas job growth to about 1 percent in 2015, marking the first time in 13 years that Texas’ growth was slower than the national average. Still, thanks to the state’s diversity of industries and relative immunity to mining sector woes in cities that include San Antonio, Austin, and Dallas, Texas has been weathering the storm better than other oil producing states according to Mr. Phillips.

Last Tuesday U.S. benchmark crude broke free of a month long sideways trading slumber, climbing nearly 5 percent after U.S. data showed domestic crude production has fallen sharply in the wake of cheap oil. “The tide has turned as far as U.S. oil production is concerned,“ said Neil Atkinson, an analyst at Lloyd’s List Intelligence in London. “The feeling is we’ve reached the bottom and prices should be going up—but very gradually.” Still, with gas prices as low as they are now, I expect more cash to be in consumer’s pockets for holiday shopping this year. I paid as low as $1.98 per gallon for gasoline just this past week. I just don’t want to see $3.50 per gallon gasoline again.

In an article last week in the S.A. Express News, Halloween was the topic. Did you know that an estimated 157 Americans are expected to celebrate the holiday this year? It is expected that Americans will spend $6.9 billion celebrating the holiday. Halloween is big business for retailers. Have you noticed that Walmart has Christmas decorations on display already. The holiday season has just begun a little earlier in my opinion and we haven’t even reached Halloween yet. Oh, Happy Columbus Day!

The first week of TRID (TILA-RESPA Integrated Disclosure) has almost come and gone and there have been no fatalities. I say that tongue-in-cheek because I personally do not think there will be a huge problem for Lenders to transform to the changes. Especially, for those Lenders that prepared early on for the changes such as SWBC Mortgage has done. Don’t get me wrong, there will be mistakes as I said last week. We just all need to remember to set realistic expectations up-front for borrowers.

Please remember me to anyone you know that may need a mortgage!
Tony Stevenson
Sr. Loan Officer | NMLS# 216213
“Your Local Loan Officer”

Direct: 210.376.6133
Toll-Free: 800.460.6990
Cell: 210.846.4666
Fax: 866.782.9318
www.swbcmortgage.com
Apply on-line to: www.swbcmortgage.com/stevenson
9311 San Pedro Avenue, Suite 100
San Antonio, Texas 78216

© 2015 SWBC. All rights reserved. This article is for informational purposes only and not intended for consumer distribution. Do not use it as financial and/or political advice. The opinions expressed in this article are not necessarily those of SWBC Mortgage, Century 21 The Hills Realty or any of their affiliates. Information for this article from but, not limited to, the Wall Street Journal, S.A. Business Journal, NAMB, Real Estate on-line magazine, S.A. Express News and MBA News Link. To be removed from this email reply “remove” in the subject line. For questions/comments contact Tony Stevenson at 1.800.460.6990 or email tstevenson@swbc.com. Loans are subject to credit and property approval. Other restrictions and conditions may apply. Programs and guidelines are subject to change without notice. Rates are subject to change daily. This email is an advertisement from SWBC Mortgage Corporation, NMLS #9741. Corporate office located at 9311 San Pedro Avenue, Suite 100, San Antonio, TX 78216. 8540-5937 NMLS#9741(www.nmlsconsumeraccess.org)

TRID is here! The new TILA-RESPA Integrated Disclosures took effect Saturday, October 3rd. The new mortgage Loan Estimate and Closing Disclosure documents will replace RESPA and TILA disclosures. The LE and CD are easier to read, understand, and used to compare offers with other lenders. The Good Faith Estimate and Truth-in-Lending disclosures are a thing of the past. The LE replaces these forms at the beginning of the loan process. Also, gone, is the HUD/Settlement Statement borrowers get at the end of the loan process. The CD replaces these forms as well. Furthermore, there is a 3-day waiting period when a borrower receives the Closing Disclosures before the loan can be consummated. This is not as scary as you may think. In fact, I personally believe consumers will welcome the 3-day waiting period, just so that they can comprehend what they are signing before they enter the closing room.

Will there be bugs? You bet! Lenders, Realtors, and Title companies alike will be testing the new TRID waters in the coming weeks. But, patience should prevail! No finger pointing at Lenders, Realtors, or Title companies when errors happen–because they are going to happen. The thing we all must do is learn from mistakes. Keep in mind that things will get better… and more importantly, we must set correct expectations up-front. The days of “quick” closings are gone (unless buyers are paying cash). Below is my short-list of loan programs and what to expect for closing dates:

1. Conventional= 45 days
2. FHA= 45-60 days.
3. VA and Texas Vet= 60 days
4. USDA= 60days.
5. Jumbo Non-Conforming= 45-60 days.

Keep in mind there could still be delays even if the above is implemented. From additional Underwriting requirements/conditions needed from the borrower to appraisers getting the reports in on time, just to name a couple. They could also close sooner if all goes as intended. Of course, there are many more details to TRID. Too many to go into here. If you have any questions please let me know.

Like I said, “patience should prevail.” If you are using a Lender that is local and offers in-house processing, underwriting, closing, and funding, this will only add to the probability that the loan will close on time. SWBC Mortgage is all of the above! Using a local Realtor is a must in my opinion as well. We still have 3 good months ahead of us. Good selling!

Tony Stevenson
Sr. Loan Officer | NMLS# 216213
“Your Local Loan Officer”

Direct: 210.376.6133
Toll-Free: 800.460.6990
Cell: 210.846.4666
Fax: 866.782.9318
Apply on-line to: www.swbcmortgage.com/stevenson
© 2015 SWBC. All rights reserved. This article is for informational purposes only and not intended for consumer distribution. Do not use it as financial and/or political advice. The opinions expressed in this article are not necessarily those of SWBC Mortgage, Century 21 The Hills Realty, or any of their affiliates. Information for this article from but, not limited to, the Wall Street Journal, S.A. Business Journal, NAMB, Real Estate on-line magazine, S.A. Express News and MBA News Link. To be removed from this email reply “remove” in the subject line. For questions/comments contact Tony Stevenson at 1.800.460.6990 or email tstevenson@swbc.com. Loans are subject to credit and property approval. Other restrictions and conditions may apply. Programs and guidelines are subject to change without notice. Rates are subject to change daily. This email is an advertisement from SWBC Mortgage Corporation, NMLS #9741. Corporate office located at 9311 San Pedro Avenue, Suite 100, San Antonio, TX 78216. 8540-5937 NMLS#9741(www.nmlsconsumeraccess.org)