Lenders Sniff Out Borrowers’ ‘White Lies’

Oh – I had to share this article from Daily Real Estate News. Β Honesty is always the Β best policy!

Lenders Sniff Out Borrowers’ ‘White Lies’

 

Borrowers who aren’t as forthcoming on their loan applications on certain items – such as occupancy status – may feel like it’s harmless, but lenders say such “white lies” constitute fraud.

Occupancy fraud is one of the most common lies from borrowers on mortgage applications. Lenders want to know if borrowers intend to actually live in the house they’re purchasing or whether it’s a primary, second, or investment property. If the home isn’t a primary residence, the person’s chance of default tends to be higher.

Borrowers who are dishonest are committing occupancy fraud.

“People will try to get an owner-occupied loan as opposed to an investment property loan because you can get a higher loan-to-value, meaning a lower down payment, on a primary,” says John T. Walsh, the president of Total Mortgage Services in Milford, Conn. “And you’re going to get a better interest rate on an owner-occupied.”

For example, a down payment on a primary residence could be as low as 3 percent while a loan for a single-family investment property could be at least a 15 percent down payment, Walsh says. What’s more, the interest rate could be as much as half a percentage higher, he notes.

Occupancy fraud comprised 19 percent of all mortgage misrepresentation on loans backed by Fannie Mae in 2013, the latest data available.

“Occupancy fraud is costly to lenders because it can raise the default rate and the risk that, if a fraudulent loan is exposed, the loan investor (like Fannie Mae) could require the lender to buy back the loan,” The New York Times reports.

Lenders are getting better at catching false occupancy claims, looking for such red flags as borrowers who have mortgage applications pending elsewhere or who have an unusually long commuting distance between their property and place of employment.

Many people think lying about occupancy is “the white lie of mortgage fraud,” Tim Coyle, the senior director for financial services at LexisNexis Risk Solutions, which develops risk mitigation tools for banks. “But it’s extremely costly to the banks and financial institutions.”

Source: “White Lies’ on Mortgage Applications Are Costly to Lenders,” The New York Times (June 5, 2015)

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I read this article at: http://realtormag.realtor.org/daily-news/2015/06/12/lenders-sniff-out-borrowers-white-lies?om_rid=AACmlZ&om_mid=_BVex4kB9Cpzh$V&om_ntype=RMODaily

Remember to follow our Blog at: https://therealestatebeat.wordpress.com/

Got Questions? – The Caton Team is here to help. Β 

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Call us at: 650-568-5522

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Connect with us professionally at LinkedIn: http://www.linkedin.com/profile/view?id=6588013&trk=tab_pro

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Thanks for reading – Sabrina

The Caton Team – Susan & Sabrina – A Family of Realtors

Berkshire Hathaway HomeServices – Drysdale Properties

Sabrina BRE# 01413526 / Susan BRE #01238225 / Team BRE# 70000218/ Office BRE #01499008

 

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REAL EATS The beat on where to eat! – CHAPTER 2 – Bravas!

REAL EATS

The beat on where to eat!

 

Hello! Thank you for reading REAL EATS, the beat on where to eat. I thought I’d combine my love of good food with my passion for Real Estate and blog about local restaurants. I enjoy on sharing my favorite spots up and down the San Francisco Peninsula and beyond. I hope you have a chance to enjoy the amazing food our communities have to offer.

I’ve bookmarked all these restaurants (and more) on my Yelp page, please feel free to visit:

http://www.yelp.com/user_details?userid=gpbsls-_RLpPiE9bv3Zygw

Curious how much properties are going for in Healdsburg California – click:

http://www.realtor.com/realestateandhomes-search/Healdsburg_CA

Check out my iphone snaps at: https://instagram.com/thecatonteam

 

Chapter 2 – Bravas – Bar de Tapas – 420 Center Street, Healdsburg, Ca

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For my second entry – I ventured away from the Bay Area. And I hope you do too! My husband and I were enjoying the Wine Country for a little get-a-way and house hunting when we came upon Bravas. We used Yelp to help us narrow down the search close to our hotel. There were so many choices but for some reason I was drawn to Bravas. With a click we made a reservation and little did I know the experience would last me a lifetime.

I love tapas, little plates of goodness and a nice cocktail. Well, Bravas offered this and so much more. Nestled in a craftsman home converted into this restaurant – I instantly loved the dΓ©cor and mixed home and bar feel. It was like hanging out in your friends really cool home. Β With a bar at the center, an awesome remodel Β of modern mixed with rustic. I truly enjoyed it the moment we walked in.

Where to begin! We started with sliders – the Duck Boccadillo (meatball) and Pork Cheek Bocca. Wow! The duck was tender and well seasoned. The savory sauce it was serviced with, tomato sofrito and green olive purΓ©e was excellent. The pork cheek was a new experience for me – I’d never had it before. Wonderful portion of pork cheek, dripping with flavor and served salsa verde and pequillo pepper.

Next we had the Creamy Chicken, Ham & Gruyere Cheese Croquetas. Oh My God. Little bites of fried heaven. I really cannot say enough. We savored these! Then we had a little vegetable intermission – the grilled Asparagus served with aioli and sprinkled with cheese.

On to the Skirt Steak, served with red onion marmalade and valdeΓ³n cheese – was a delicious! I truly enjoyed the marmalade; it was a nice surprise, meat cooked perfectly. And then, we had the Octopus! This by far was my most favorite dish in taste and presentation. Served with smoked paprika and olives was amazing. The seasoning spot on and the Octopus grilled perfectly!

And when we didn’t think we had any more room – we had to try the Cider Braised Chorizo served with fried Shishito Peppers. What a delight. The peppers were fresh and crispy, the chorizo had a good spice!

Now doesn’t that sound delicious! We coupled our dinner with Mojitos, laughter and good fun. One of my best nights with my man! A wonderful food experience! So if you find yourself in Healdsburg – make sure to detour over to Bravas!

My review of BRAVAS on Yelp:

http://www.yelp.com/review_share/jaX7ZGvnZyLQ-geFtTCcIw/review/FjQHolg0qyWlSB62ZigbEg?fsid=-J_OO14PC7ZKe1yelUA4AQ

Find BRAVAS on YELP: http://www.yelp.com/biz/bravas-healdsburg-2

~*~

Head over to my Instagram page THECATONTEAM where I share some delicious photots! #onlyinhealdsburg: https://instagram.com/thecatonteam

~*~

Please to follow my Real Estate Blog – The Real Beat – Keeping a Pulse on the SF Peninsula Market at: https://therealestatebeat.wordpress.com/

Got Questions? – The Caton Team is here to help. Β 

Email Sabrina & Susan at: Info@TheCatonTeam.com

Call us at: 650-568-5522

Want Real Estate Info on the Go? Download our FREE Real Estate App:

http://thecatonteam.com/mobileapp

Visit our Website where you can search for property at:Β Β  http://thecatonteam.com/

VISIT OUR NEW INSTAGRAM PAGE: http://instagram.com/thecatonteam

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Yelp The Caton Team business page with testimonials at: http://www.yelp.com/biz/the-caton-team-realtors-sabrina-caton-and-susan-caton-redwood-city

Or Yelp Sabrina Caton: http://www.yelp.com/user_details_thanx?userid=gpbsls-_RLpPiE9bv3Zygw

Connect with us professionally at LinkedIn: http://www.linkedin.com/profile/view?id=6588013&trk=tab_pro

Please enjoy my personal journey through homeownership at:

http://ajourneythroughhomeownership.wordpress.com

 

Thanks for reading – Sabrina

 

The Caton Team – Susan & Sabrina – A Family of Realtors

Berkshire Hathaway HomeServices – Drysdale Properties

Β 

Sabrina BRE# 01413526 / Susan BRE #01238225 / Team BRE# 70000218/ Office BRE #01499008

 

All restaurant reviews are unsolicited and unpaid. Photos of dishes are my own iphone snaps.

Mortgage Rates Set New High for 2015

Mortgage Rates Set New High for 2015

Fixed-rate mortgages were back on the rise again this week, with the 30-year fixed-rate mortgage rising above the 4 percent average for the first time in nearly a year, Freddie Mac reports in its weekly mortgage market survey.

 

“Mortgage rates rose above 4 percent for the first time since November 2014 as Treasury yields surged,” says Len Kiefer, deputy chief economist at Freddie Mac. “Markets are responding to strong employment data. In May, the U.S. economy added 280,000 jobs. Moreover, job openings surged to 5.4 million in April, up over 20 percent from a year ago.”

Freddie Mac reports the following national averages with mortgage rates for the week ending June 11:

  • 30-year fixed-rate mortgages: averaged 4.04 percent, with an average 0.6 point, rising from last week’s 3.87 percent average. Last year at this time, 30-year rates averaged 4.20 percent.
  • 15-year fixed-rate mortgages: averaged 3.25 percent, with an average 0.6 point, rising from last week’s 3.08 percent average. A year ago, 15-year rates averaged 3.31 percent.
  • 5-year hybrid adjustable-rate mortgages: averaged 3.01 percent, with an average 0.4 point, rising from last week’s 2.96 percent average. Last year at this time, 5-year ARMs averaged 3.05 percent.
  • 1-year ARMs: averaged 2.53 percent, with an average 0.2 point, dropping from last week’s 2.59 percent average. A year ago, 1-year ARMs averaged 2.40 percent.

Source: Freddie Mac

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I read this article at: http://realtormag.realtor.org/daily-news/2015/06/12/mortgage-rates-set-new-high-for-2015?om_rid=AACmlZ&om_mid=_BVex4kB9Cpzh$V&om_ntype=RMODaily

Remember to follow our Blog at: https://therealestatebeat.wordpress.com/

Got Questions? – The Caton Team is here to help. Β 

Email Sabrina & Susan at: Info@TheCatonTeam.com

Call us at: 650-568-5522

Want Real Estate Info on the Go? Download our FREE Real Estate App:Β Β http://thecatonteam.com/mobileapp

Visit our Website at:Β Β  http://thecatonteam.com/

VISIT OUR INSTAGRAM PAGE: http://instagram.com/thecatonteam

Visit us on Facebook: Β Β http://www.facebook.com/pages/Sabrina-Susan-The-Caton-Team-Realtors/294970377834

Yelp us at: http://www.yelp.com/biz/the-caton-team-realtors-sabrina-caton-and-susan-caton-redwood-city

Or Yelp me: http://www.yelp.com/user_details_thanx?userid=gpbsls-_RLpPiE9bv3Zygw

Connect with us professionally at LinkedIn: http://www.linkedin.com/profile/view?id=6588013&trk=tab_pro

Please enjoy my personal journey through homeownership at:

http://ajourneythroughhomeownership.wordpress.com

Thanks for reading – Sabrina

The Caton Team – Susan & Sabrina – A Family of Realtors

Berkshire Hathaway HomeServices – Drysdale Properties

Sabrina BRE# 01413526 / Susan BRE #01238225 / Team BRE# 70000218/ Office BRE #01499008

Will Lenders Need a Week to Get Closing Docs In?

HAPPY 4TH OF JULY!

 

Changes are coming in lending for Real Estate – thought I would share this article from Daily Real Estate News

Will Lenders Need a Week to Get Closing Docs In?

 

Big changes to the process and forms used in real estate closings are coming August 1 and many real estate professionals are wondering what it will take to ensure closings go smoothly in the new environment.

It falls to lenders to get a new closing disclosure form to buyers within a three-day time frame required by the Consumer Financial protection Bureau, which developed the new procedures and forms. But practitioners will play a key role in ensuring everyone is in communication toΒ  make the process go smoothly. Phil Schulman of K&L Gates in Washington, an expert on federal closing rules, says lenders will likely have to put the closing disclosure form into the mail at least a week before settlement to help ensure the three-day deadline is met. If that’s the case, all the information that goes into the closing disclosure, which replaces the HUD-1 settlement form, will have to be finalized more than a week before settlement, he says. Because lenders will have to use the U.S. Postal Service date stamp as verification of when they sent the form to the buyer.

You can learn more about the issue in NAR’s latest news video, The Voice for Real Estate, which released yesterday.

The video covers other key news events, including NAR’s latest pending home sales release, which says closings are at their highest level in nine years. NAR Chief Economist Lawrence Yun says the trend in pending sales indicates a strong year for sales even though interest rates are likely to tick up this fall. He says the increase in rates should be modest, so sales shouldn’t be impacted much.

Also, NAR just released its 2015 Member Profile, which looks at how real estate professionals are doing, where they get their business, and other trends of interest to the real estate industry. Among other things, the report found the typical real estate professional doing 11 transactions last year, down from 12 the previous year. It also found practitioners jumping into social media in a big way, with almost two-thirds using social media, twice as many from just a few years ago. And among younger real estate pros, social media use is up to 80 percent.

 

 

I read this article at: http://realtormag.realtor.org/daily-news/2015/06/12/will-lenders-need-week-get-closing-docs-in?om_rid=AACmlZ&om_mid=_BVex4kB9Cpzh$V&om_ntype=RMODaily

Remember to follow our Blog at: https://therealestatebeat.wordpress.com/

Got Questions? – The Caton Team is here to help. Β 

Email Sabrina & Susan at: Info@TheCatonTeam.com

Call us at: 650-568-5522

Want Real Estate Info on the Go? Download our FREE Real Estate App:Β Β http://thecatonteam.com/mobileapp

Visit our Website at:Β Β  http://thecatonteam.com/

VISIT OUR INSTAGRAM PAGE: http://instagram.com/thecatonteam

Visit us on Facebook: Β Β http://www.facebook.com/pages/Sabrina-Susan-The-Caton-Team-Realtors/294970377834

Yelp us at: http://www.yelp.com/biz/the-caton-team-realtors-sabrina-caton-and-susan-caton-redwood-city

Or Yelp me: http://www.yelp.com/user_details_thanx?userid=gpbsls-_RLpPiE9bv3Zygw

Connect with us professionally at LinkedIn: http://www.linkedin.com/profile/view?id=6588013&trk=tab_pro

Please enjoy my personal journey through homeownership at:

http://ajourneythroughhomeownership.wordpress.com

Thanks for reading – Sabrina

The Caton Team – Susan & Sabrina – A Family of Realtors

Berkshire Hathaway HomeServices – Drysdale Properties

Sabrina BRE# 01413526 / Susan BRE #01238225 / Team BRE# 70000218/ Office BRE #01499008

Top Reasons People Want to Move

Top Reasons People Want to Move

DAILY REAL ESTATE NEWS |

One in three U.S. households say they plan to move in the next five years, according to a survey conducted by the Demand Institute of 10,000 households’ current living situations. And it’s the location of the home that will be driving most of those moving decisions β€” more so than the physical home itself.

Seventy-five percent of the households surveyed cited one or more location-related reasons for why they were moving. The top reasons were the desire for a safer neighborhood (30%); being closer to family (27%); a change of climate (26%); being closer to work (25%), and moving for a new job (23%).

More than half β€” 59 percent β€” of households say they don’t plan to go too far, with most indicating a move within 30 miles of their current home.

For those seeking a location for climate reasons, the Western and Southern U.S. continue to be the top destinations.

The following were the top location characteristics identified as β€œvery important” by those surveyed:

  • Amenities/services in walking distance (39%)
  • Good school district (34%)
  • Close to work (32%)
  • Diverse neighborhood (26%)
  • Near public transit (25%)

Many movers say they’re eyeing more walkable communities. Indeed, walkable communities have been reporting stronger home-price growth compared to less walkable communities, according to the Demand Institute’s report. Those who reside in walkable communities also are more likely to report that their quality of life has improved in the past few years due to their change in residence.

As such, Americans are desiring more amenities near them. Of those surveyed, the following places were identified as what home buyers would most like to have near their future home:

  • Grocery stores (63% say short drive OK; 22% want it within walking distance)
  • Restaurants and cafes (56% short drive; 20% walking distance)
  • Parks and green space (40% short drive; 35% walking distance)
  • Healthcare services (62% short drive; 10% walking distance)

Retail (57% short drive; 12% walking distance)

 

I read this article at: http://realtormag.realtor.org/daily-news/2015/02/25/top-reasons-people-want-move?om_rid=AACmlZ&om_mid=_BU7kXlB8-nKOr6&om_ntype=RMODaily

Remember to follow our Blog at: https://therealestatebeat.wordpress.com/

Got Questions? – The Caton Team is here to help. Β 

Email Sabrina & Susan at: Info@TheCatonTeam.com

Call us at: 650-568-5522

Want Real Estate Info on the Go? Download our FREE Real Estate App:Β Β http://thecatonteam.com/mobileapp

Visit our Website at:Β Β  http://thecatonteam.com/

VISIT OUR NEW INSTAGRAM PAGE: http://instagram.com/thecatonteam

Visit us on Facebook: Β Β http://www.facebook.com/pages/Sabrina-Susan-The-Caton-Team-Realtors/294970377834

Yelp us at: http://www.yelp.com/biz/the-caton-team-realtors-sabrina-caton-and-susan-caton-redwood-city

Or Yelp me: http://www.yelp.com/user_details_thanx?userid=gpbsls-_RLpPiE9bv3Zygw

Connect with us professionally at LinkedIn: http://www.linkedin.com/profile/view?id=6588013&trk=tab_pro

Please enjoy my personal journey through homeownership at:

http://ajourneythroughhomeownership.wordpress.com

Thanks for reading – Sabrina

The Caton Team – Susan & Sabrina – A Family of Realtors

Berkshire Hathaway HomeServices – Drysdale Properties

Sabrina BRE# 01413526 / Susan BRE #01238225 / Team BRE# 70000218/ Office BRE #01499008

 

Designer Living At Its Best!

For Sale – Stunning Atrium Style Condo in San Mateo

OPEN HOUSE – Saturday 6/20 from 1:30-4:00pm

Are you looking for a place to call home? Come visit The Caton Teams newest listing at 1919 Alameda de las Pulgas, Unit 144 in San Mateo. This stunning home is move-in ready. Featuring 2 bedrooms and 1 bath on a ground floor, atrium style condo. The kitchen as been beautifully updated with granite countertops, quartz tile backsplash and stainless steel appliances that overlooks the atrium courtyard. This unit also has inside laundry with the washer and dryer in the kitchen. The bath has updated with designer touches, glass tile backsplash, newer fixtures, mirrors and medicine cabinet. The master bedroom (currently used as the office) has a private entrance to the bath, while the second bedroom has glass sliding doors to the atrium. The atrium has a lovely tree planted at the heart of the space, a small water fountain and tiled flooring with drain. The afternoon light is divine, trickling through the tree. The atrium courtyard is private, with access from only the bedroom and living room and is a private space. This condo has dual paned windows, sliding doors, crown molding, laminate flooring in the living and dining room, tile in the kitchen, vinyl flooring in the bath, wall to wall carpeting in both bedrooms and designer lighting fixtures throughout. The Gardens condo complex has easy access to Highways 92/101/280, Silicon Valley and SFO. The Gardens is a gated community and its amenities include, lush landscaped common areas, 2 swimming pools (one indoor and one outdoor), exercise & community rooms. This unit is divine and a must see. If you cannot make our open house this weekend, we will also be open on Sunday 6/28 from 1:30-4:00 unless we get a spectacular offer. For a private showing, more information or questions please call Susan Caton at 650.568.5539 or email us at Info@TheCatonTeam.com

See more at: http://thecatonteam.com/IDX/1919-Alameda-De-Las-Pulgas-144-SAN-MATEO-CA-94403/81470710_REIL/0004010#sthash.Uuv2242w.dpuf

 

Remember to follow our Blog at: https://therealestatebeat.wordpress.com/

Got Questions? – The Caton Team is here to help. Β 

Email Sabrina & Susan at: Info@TheCatonTeam.com

Call us at: 650-568-5522

Want Real Estate Info on the Go? Download our FREE Real Estate App:Β Β http://thecatonteam.com/mobileapp

Visit our Website at:Β Β  http://thecatonteam.com/

VISIT OUR INSTAGRAM PAGE: http://instagram.com/thecatonteam

Visit us on Facebook: Β Β http://www.facebook.com/pages/Sabrina-Susan-The-Caton-Team-Realtors/294970377834

Yelp us at: http://www.yelp.com/biz/the-caton-team-realtors-sabrina-caton-and-susan-caton-redwood-city

Or Yelp me: http://www.yelp.com/user_details_thanx?userid=gpbsls-_RLpPiE9bv3Zygw

Connect with us professionally at LinkedIn: http://www.linkedin.com/profile/view?id=6588013&trk=tab_pro

Please enjoy my personal journey through homeownership at:

http://ajourneythroughhomeownership.wordpress.com

Thanks for reading – Sabrina

The Caton Team – Susan & Sabrina – A Family of Realtors

Berkshire Hathaway HomeServices – Drysdale Properties

Sabrina BRE# 01413526 / Susan BRE #01238225 / Team BRE# 70000218/ Office BRE #01499008

Open House for our Rental on McLellan in San Mateo

Open House Saturday 6/13 from 1-3pm

Look no further. Β This charming two-bedroom detached house is perfectly situated in a cute San Mateo Village neighborhood. Β Walk to CalTrain, Hillsdale Mall and Bay Meadows area restaurants and shopping. Β Easy access to Hwy 101. Β A commuter’s dream location. Β The house has beautiful hardwood floors throughout the living areas and wall to wall carpet in the bedrooms and hallway. Β There is a spacious updated bath with shower over tub and large vanity. Β The kitchen features plenty of counter space, cabinets and newer appliances. Β A small family room adjoins the kitchen. Β An enclosed patio with laundry area expands the living space considerably. Β The extra large yard is perfect for summer fun and entertaining. Β A large detached storage building is available for all your extra storage needs. Β Newly painted inside. Β All new double pane windows. Β Gardener included. Β Tenant pays all utilities. Β No Pets. No Smoking or Drugs. Β Must have excellent credit.

Visit our website for photos:

http://thecatonteam.com/IDX/McLellan-San-Mateo-CA-940/2107728917/0004010

Remember to follow our Blog at: https://therealestatebeat.wordpress.com/

Got Questions? – The Caton Team is here to help. Β 

Email Sabrina & Susan at: Info@TheCatonTeam.com

Call us at: 650-568-5522

Want Real Estate Info on the Go? Download our FREE Real Estate App:Β Β http://thecatonteam.com/mobileapp

Visit our Website at:Β Β  http://thecatonteam.com/

VISIT OUR INSTAGRAM PAGE: http://instagram.com/thecatonteam

Visit us on Facebook: Β Β http://www.facebook.com/pages/Sabrina-Susan-The-Caton-Team-Realtors/294970377834

Yelp us at: http://www.yelp.com/biz/the-caton-team-realtors-sabrina-caton-and-susan-caton-redwood-city

Or Yelp me: http://www.yelp.com/user_details_thanx?userid=gpbsls-_RLpPiE9bv3Zygw

Connect with us professionally at LinkedIn: http://www.linkedin.com/profile/view?id=6588013&trk=tab_pro

Please enjoy my personal journey through homeownership at:

http://ajourneythroughhomeownership.wordpress.com

Thanks for reading – Sabrina

The Caton Team – Susan & Sabrina – A Family of Realtors

Berkshire Hathaway HomeServices – Drysdale Properties

Sabrina BRE# 01413526 / Susan BRE #01238225 / Team BRE# 70000218/ Office BRE #01499008