Issuu

OCTOBER 2020 Vol. 07 | Issue 10

Millennials just saved the housing market! Page 16

How the 2020 elections might affect real estate sales Page 42

Emerick A. PeacE

Owner of Keller Williams Preferred Properties Page 36

Have You Read Our Past Issues Yet? the power is now

magazine east coast edition Vol. 07 | Issue 10

Eric Lawrence Frazier, MBA Publisher Office: (800) 401-8994 Ext. 703 Direct: (714) 361-2105 eric.frazier@thepowerisnow.com www.thepowerisnow.com EDITORIAL team Sheila Gilmore Editor in Chief (800) 401-8994 ext. 711 sheila.gilmore@thepowerisnow.com Daniels George Managing Editor (800) 401-8994 ext. 712 daniels.george@thepowerisnow.com Goldy Ponce Arratia Graphic Artist and Design Manager goldy.ponce@thepowerisnow.com

CONTRIBUTORS The Power Is Now Research Team

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contents POWER TECHNOLOGY Pg. 26. Here’s what you need to know about Virtual Property Management Pg. 28. Facebook marketing tips for real estate agents VIP AGENTS Pg. 32. Maryland Real Estate market in Q3 2020

Pg. 36. The Power Is Now Media, Inc. now in the West, East and Central, to make sure you never miss out on anything! Pg. 42. How will the 2020 Presidential Elections affect Real Estate? POWER GREEN Pg. 8. At last the greenest budget ever: House advances a bill that dedicates money to green infrastructure, blocks environmental rollbacks POWER ECONOMICS Pg. 12. Should Californians hope for more Covid cash? Pg. 14. American Dream Downpayment Act: A bill that could potentially revive the American Dream of Homeownership POWER REAL ESTATE Pg. 16. Millennials just saved the housing market! Pg. 20. What most coastal agents do not want to agree: A coastal exodus! POWER LENDING Pg. 24 What if? Just what if Biden wins. What happens to Refi Fee? 4

POWER LEGAL Pg. 46. California’s proposal for its own CFPB back on track Pg. 50. CFPB proposes a new category of qualified mortgages: Seasoned QM POWER MORTGAGE Pg. 52. FHFA extends the foreclosure and eviction moratorium for a thirs time to December 31 Pg. 54. Mortgage rates remain relatively stable despite the FED news. Here’s why POWER COMMUNITY Pg. 56. Fare Thee Well: Former California Assemblymember Gwen Moore passes away POWER HEALTH Pg. 58. How to heal emotional wounds after disaster The Power Is Now Magazine | OCTOBER 2020

UPCOMING EVENTS Every Other Friday

10:00 AM - 11:00 AM

Promote Your Listings Online

UPCOMING EVENTS

Call me for more information Eric Lawrence Frazier MBA (714) 361-2105 eric.frazier@fbol.com www.thepowerisnow.com

Your voice is your brand! Increase lead generation, and give you the POWER to close more deals!

The power is now Events:

nahrep

HOMEBUYER TOWN HALL - 1ST AND 3RD TUESDAY OF THE MONTH 7:00 PM

Profiles in Latino Leadership: The Castillo Connection (Virtual event) October 15, 2020 NAHREP Leadership academy sneak peek (online event) November 9-10, 2020

REAL ESTATE ROUND TABLE - 1ST AND 3RD FRIDAY OF THE MONTH 10:30 AM

National Events: nareb NATIONAL CONVERSATION ON BLACK HOMEOWNERSHIP October 27, 2020 2020 annual national convention (virtual) November 04, 2020 HOMEOWNERSHIP FOR VETERANS November 07, 2020

AREAA 2020 National convention October 14-16, 2020

CAR and NAR REALTORSÂ® Conference & Expo Nov 13-16, 2020

FROM tHE EDITOR

ver the past three months, this is one of the quotes that has been buzzing in my head, and it just can’t seem to stop. I love it because it reminds me that the road ahead is long, and there is still much to be done. Why do I say this? My vision starting out back in 2009 was just to be a ‘real estate company.’ Looking back, wow! What a journey!

“The two most important days in your life are the day you are born, and the day you find out why.” Mark Twain.

Finding your purpose in life, to me, is the most outstanding achievement you could ever accomplish. Have I found mine? I believe I am on my way there, probably halfway there… still marching on! My vision for The Power Is Now Media Inc. has always been a real estate powerhouse and the number one resource for the real estate agent. Each day I rise, I have to remind myself of that vision, which means I have to align myself to meeting and to make that dream a reality. What is your purpose in life? Have you found your purpose? Let me know on our social media handles. I would love to hear it from you. Why am I talking of purpose anyway? And I know some of you might be thinking, “when will he get to this month’s issue?”; but hold on, it will make sense to you. The idea has always been to take The Power Is Now Media to the national level, and that means, in each state, we have an agent or a representative. This month, we are making it happen by introducing The Power Is Now East Coast edition, The Power Is Now West Coast edition, and The Power Is Now Central Edition. Folks, I am so excited by this, and I can’t wait to see what the future holds. Who would have thought that we would be here right now? This, for me, is a dream come true, and when I see something like this, I am reminded that I am truly on the right track towards accomplishing the task you gave me. To be your homeownership ambassador. Speaking of ambassadorship, I am pleased to announce that Yvonne McFadden will be our ambassador on the West Coast and will be the new host of The Power Is Now Homebuyer Townhall on both The Power Is Now TV and Radio Networks, and also the editor in chief of The Power Is Now West Coast edition magazines. On the other hand, Emerick A. Peace will be the new host of The Power Is Now Homebuyer Townhall on both The Power Is Now TV

The Power Is Now Magazine | OCTOBER 2020

and Radio Networks and the editor in chief of The Power Is Now East Coast edition magazines. Lastly, Steve Peterson will lead The Power Is Now Central edition. Folks, it’s about to get exciting, and I hope you are in for an experience like no other. Stay tuned for more updates on the upcoming shows. To learn more about these great agents, flip the pages, and find our cover story for this month as we have detailed each agent quite clearly. This month, we have brought you some interesting news and developments that have been happening throughout the month to keep you informed. Learn about the upcoming elections and what might happen to the REFI Fee if Joe Biden wins the elections. Besides, did millennials help power up a market rebound, months after the COVID-19 fueled market crunch, find out more, and also if there are any hopes for more COVID-19 cash for Californians. In our real estate segment, we have featured the

Arizona, Riverside, and Pasadena Markets. Find out more. Of course, our magazine would not be complete without the nuggets for real estate agents, sellers, and buyers. This issue is filled with tips and tricks and tons of advice from industry experts to ensure that you do not miss out on anything. Please take a moment to read and share this issue. If there is a story you feel has touched you in one way, do let us know, I would love to hear it from you. With this note, I send you sunshine, warmth, and autumn fun for your entire family. Remember, “we are at our best, and we maximize our success when we act now.” The Power Is Now!

Eric Lawrence Frazier, MBA CEO and Founder The Power Is Now Media, Inc.

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6/29/2020 3:03:55 PM

At last, The Greenest budget Ever: House advances a bill that dedicates money to green infrastructure, blocks environmental rollbacks

The environment plays a vital role in sustaining life. All living organisms on the face of the earth need a healthy, clean, and a better environment to boost their adaptability and enhance their chances of survival, human beings included. Having this in mind, it becomes the obligation of every living organism to take care of the environment they live in. Human beings being the ones with the bigger capacity to think, should be at the forefront in conserving the environment.

nfortunately, humansâ€™ tendency to pollute and over-use resources provided by nature never ceases. Humans, the species trusted with conserving the environment, have instead been playing a role in ruining it. In the 21st century, environmental issues have significantly skyrocketed to new heights. This calls for immediate action if we want to increase the human kindâ€™s chances of survival. We often forget that the well-being of the environment affects millions of jobs and the health of people worldwide.

The third-largest country in the world, the U.S.A, has many times emerged among the top contributor and as well victims of environmental pollution. Among the top environmental issues felt in the U.S include; soil pollution, air pollution, waste disposal, deforestation, global warming, depletion of natural resources, ocean acidification, and nano pollution. Despite the threat environmental pollution poses to human societies, solutions are rather being developed at a slower rate, than we would

The Power Is Now Magazine | OCTOBER 2020

Among the key environmental issues covered by the funding bill include: • Emergency funding for many of the infrastructure proposals in the Moving Forward Act (H.R.2). This includes $10.2 billion for the Clean Water and Drinking Water State Revolving Funds. • The bill blocks the administration’s efforts to: »» Open the Tongass National Forest to logging. »» Drill oil in the Arctic Refuge. »» Expand offshore drilling. »» Weaken protections on toxic mercury and arsenic emissions. »» Open the Boundary Waters to toxic pollution from sulfide mining.

like them to. One of the most significant steps in fighting environmental pollution is providing funds to implement safety measures. America is doing it, let’s give credit where credit is due. Recently, the House Appropriations Committee approved funding that was meant for several significant environmental programs on July 10, 2020. These significant environmental programs are part of the FY21 funding bill for the Environmental Protection Agency (EPA) and the Department of the Interior (DOI).

www.tHEPOWERISNOW.com

In a statement, the director of federal government affairs for Environment America, Bart Johnsen-Harris termed the funding bill as the “greenest budget in recent memory,” and applauded the leadership of the House under Chairwoman Nita Lowey and Betty McCollum. The statement added that significant EPA programs and the agency itself have been “chronically underfunded for years.” He added that the budget would make up for the lost time and help in removing the backlogs for clean drinking water and clean water infrastructure. The bill also stretches further to protect the environment by “blocking a number of damaging rollbacks that the administration has been advancing.” “Environment America will fight for this bill to become law. This is the kind of green budget we have been waiting for,” Johnsen says in the statement. This indicates that America should prepare to experience an improved environment in the coming days. Works cited https://environmentamerica.org/news/ame/statementhouse-advances-greenest-budget-recent-memory.

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ore than eight months down the line, the virus is still with us. Meanwhile, reports from WHO continue to indicate that the virus is not going away soon. The stimulus funds from the government have dried up, as the government’s eviction moratoriums expire. The situation seems hopeless. The questions many people are asking right now is whether they should expect any more stimulus funds from the government.

Should Californians hope for more Covid-19 Cash? The government has been doing all it could to cushion its people and the U.S economy all it could. We can applaud them for that. Government stimulus funds came that prevented many businesses from dying, and a significant population was prevented from starving and were able to pay rent. But the persistence of the pandemic is proving all these government efforts futile. 12

However, the situation is not entirely hopeless. The government is debating on how to issue another round of stimulus relief. The next package is estimated to have a $1 trillion plan known as the HEALS Act. The Republicans and Democrats are debating over the shape that the next round of relief should take. The two sides seem to be most divided over what should replace the previous $600 unemployment benefits. The Democrats want the weekly $600 weekly checks extended until at least the end of 2020. On the other hand, Republicans advocate for the weekly benefits to be slashed to $200 through September. After that, states would then use a system in which the state and federal benefits combined would compensate 70% of the worker’s previous income. Until an agreement is reached, Americans who lost their jobs will continue to rely on their state benefits, if there is any. In California, lawmakers are considering establishing their own $600 weekly benefits to its unemployed residents if Congress doesn’t reach an agreement. At the end of July, the federal moratorium on evictions passed in the CARES Act expired. This risks having millions of Americans evicted from their homes and rendered homeless. The Urban Institute estimated that the covered nearly 30% of the country’s rental units. Before the moratorium ended, the White House economic adviser, Larry Kudlow, had said that the moratorium would be extended. The motion on extending the eviction moratorium is before Congress, and still, they have not reached an agreement. Despite all this, there is a clear indication and hope for another round of relief funds from the federal and state governments. Meanwhile, let us continue observing the set public health measure as we hope for a vaccine to be revealed soon. Works Cited https://www.cnbc.com/2020/08/03/600-unemployment-checks-are-gone-soare-eviction-moratoriums-what-relief-could-be-coming-next.html. https://www.cnbc.com/2020/07/24/stimulus-checks-how-soon-to-expect-asecond-round-of-1200-payments.html.

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The American dream of homeownership has never been a walk in the park. Just like other success stories, it comes with its hurdles. One of the cosmic limitations that prevent many people from achieving the American dream of homeownership is down payment. For ages, the down payment requirement has been the difference between owning a home and paying rent.

recent survey by the Urban Institute shows that more than two-thirds of renters termed down payment as the ma jor barrier to owning a home. Saving the money required for the down payment is a hurdle to many low-tomiddle income Americans. However, there is hope! On August 4, 2020, Senators Cory Gardner (R-CO) and Doug Jones (D-AL) introduced the American Dream Down Payment Act of 2020. This bipartisan legislation will significantly help prospective home buyers save for a down payment. The Act would help home buyers save for a 20% down payment by creating special tax-advantaged savings accounts that Americans can use for down payments and other specific housing costs. The accounts would work in the same way as the popular 529 Plan accounts that help people save post-tax money for future educational expenses. “As the coronavirus pandemic continues to devastate our nation’s economy, it is getting even harder for many folks in Alabama and across the country to 14

American Dream Downpayment Act: A Bill that could potentially revive the American Dream of Homeownership put money away in savings and to work toward the American dream of owning a home,” Senator Jones, a member of the Senate Banking & Housing Committee stated. “Down payments are the biggest barrier to homeownership for first-time homebuyers, especially among low-income and minority Americans, and make it harder to build generational wealth that is often tied to homeownership. Our legislation would provide a new path to help make the dream of buying a home a reality by making it easier to save money for down payments and other housing-related costs.” Once passed, the American Dream Down Payment Act would: The Power Is Now Magazine | OCTOBER 2020

• Let individual states establish American Down Payments Accounts, which will be managed the same way as the 529 plan accounts. • Allow Americans looking to become homeowners to save up to 20% of the housing cost today. This amount would be indexed for inflation and used eligibly for down payment and other housing costs. • Encourage long-term savings for the down payment and allow contributions from family and friends. • Allow homebuyers through their American Dream Down Payment Account savings and earnings to use those funds tax-free at withdrawal for eligible expenses. To ensure maximum protection of the American Dream Down Payment Account holders, the Securities and Exchange Commission (SEC) would be required to set standards for the investments of eligible accounts and allowable fees. The Down Payment Act has support from the National Association of Realtors, National Association of Real Estate Brokers, and the Habitat for Humanity. www.tHEPOWERISNOW.com

Significance of the Down Payment Act

Becoming a homeowner is the critical factor in building and passing wealth on to your next of kin. Unfortunately, achieving this has always been a problem for many Americans due to the difficulty in saving for a down payment. With the rapidly rising cost of living, it can take years for a middle-class American to save for a 20% down payment. Due to this, some Americans have resulted in believing that they will never own a home. On the other side, we should not turn a blind eye on the existing racial disparities in homeownership rates. The gap of homeownership among people of color,

especially African-Americans, is significantly wide compared to the whites. However, the American Dream Down Payment Act aims to make homeownership accessible to all Americans, regardless of their race. The saving facilitation from the Act will see many people, especially middle-class Americans, become homeowners within a short period.

Works cited. https://www.jones.senate.gov/ newsroom/press-releases/senatorsdoug-jones-and-cory-gardnerintroduce-the-american-dream-downpayment-act-of-2020.

Millennials just saved the hou sing market! Millennials helped power the market rebound The long-time perennial home renters, who were regarded as reluctant or unable to buy houses, are now resurfacing as the driving force behind the recent U.S housing market recovery. Housing demand from millennials, who are today aged between the mid-20s and late-30s, has had significance to the housing market witnessed since the middle of the last decade. However, more recently, this new category of homebuyers has had more influence in the housing market than older generations.

ccording to Realtor.com, the group first accounted for more than half of all new home loans at the beginning of last year, which they also retained in the first months of this year. Millennials made up 38% of homebuyers in the year that ended July 2019. This number was up from 32% in 2015, according to the National Association of Realtors. Elsewhere, according to data from Pew Research Center, millennials surpassed baby boomers as the largest living adult generation in the U.S last year. According

to per, the largest cohort of millennial births occurred in 1990, meaning that they turn 30 sometime in 2020.

â€œWe anticipate as they turn 31 and 32, weâ€™ll just see home buying demand grow,â€? said Odeta Kushi, deputy chief economist at First American Financial Corp. Kushi also added that millennials are likely to be responsible for at least 15 million home sales in the next decade. The current millennial homeownership trend challenges the years of projection by experts The Power Is Now Magazine | OCTOBER 2020

after the 2007-09 recession. Experts had speculated that millennials would be stuck renting perpetually, impeded by student loans, and careful of the housing market after the foreclosure crisis. The housing growing demand mainly comprises younger millennials, who are now entering 30s and starting to buy homes more actively. This trend is more in line with the ages of the groups that preceded the millennials (the baby boomers and Generation X) began to buy homes.

“Millennials, they’re roaring into homebuying age,” the chief executive of mortgage lender New American Funding, Rick Arvielo said. “What the industry’s been talking about for a decade is whether they’re going to follow their predecessor generations in terms of their desire to own homes,” he stated, adding, “Yeah, they do—they have the same desires.” Home sales remained on the path of recovery in July, facilitated by younger buyers. This saw sales of previously owned homes surge almost 25% in July to their highest seasonally adjusted annual rate since December 2006. Reports from NAR indicated that 34% of sales in July were from first-time homebuyers, up from 32% last year. Demand for homes is growing among Americans of all ages due to low-interest rates, www.tHEPOWERISNOW.com

and the growing desire for more space as the COVID_19 pandemic has compelled more people to spend more time at home. However, many millennials, especially parents of young families, have additional motivating factors. Also, buying a home is cheaper than renting in the long-run in most parts of the U.S. A healthy housing market can be a positive indicator for the economy since home purchases come with increased spending on furniture, appliances, and remodeling or renovations. As the demand is growing, home builders have also responded to it by increasing their activities. Some experts have pointed out that the strengthening housing market is the driving force for the country’s stock market resurgence, despite the continued effects of the pandemic, such as unemployment. Meanwhile, it is not guaranteed that the millennial’s robust demand will last for long. The current recession has served a ma jor financial setback for millions of young workers who lost their jobs amid the pandemic. The significantly high unemployment rate among millennials is a possible cause that could affect their home buying rate in the future. Work cited. https://www.realtor.com/news/trends/ millennials-help-power-this-yearshousing-market-rebound/

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What most Coastal agents

don’t want to agree: A Coastal Exodus!

here is an upcoming thread recently where most San Francisco and Bay Area people are relocating away from the coastal areas to more inland places. This results from the growing need as city dwellers forced to work from home due to the ongoing pandemic are looking for more spacious homes. This movement has posed the question, is this a coastal exodus? However, agents in the San Francisco and Bay Area differ with what we’re seeing. HousingWire approached some agents from the area to speak to them about what they’re experiencing in their respective markets. According to them, there’s no coastal exodus everyone is talking about. A general manager and broker associate at Century 21 Real Estate Alliance, Romeo Aurelio, stated that the exodus is actually in the rental market since San Francisco comprises 70% renters. Aurelio added that July 2020 sales surpassed the July 2019 sales.

“There’s been such a pent up demand here in the Bay Area, where before the pandemic we received 10, 15, 20 offers on properties,” Aurelio said. “Now during the pandemic, things did take a bit of interest because it was such an unknown, but because interest rates have stayed so low and ended up in demand. Even though there’s maybe a little bit more inventory right now it’s actually making our markets even stronger. So on the sales side of things, things are absolutely fantastic.” However, the story is told differently

The Power Is Now Magazine | OCTOBER 2020

on the other side. According to Hanna Ibrahim, an agent specializing in the San Jose and Silicon Valley markets, the number of listings, pending, and escrows give a different indication. “The fact of the matter right now…we have approximately 370 [listings] pending, that’s a huge amount, that’s quite a bit pending,” Ibrahim said.

“It is extremely hot,” Ibrahim said. “There is a lot of purchases going on and offers. Based on the agents that we have and the escrows that we have, [the market] is still going strong, despite the news and negativity we hear about the exodus.” On the other hand, Kate Davey, a leading agent with Century 21 and specializes in San Jose and Silicon Valley, it feels like “la la land” in her market currently as her clients are selling their smaller homes for more spacious ones. She adds that she’s having her best year in the business in five to six years.

“Most of my buyers are just buying in bigger homes and staying local, they just realize they need more of a home and a lot more space so that they can continue to work from home,” Davey says. “But, I noticed there’s this big thing about people wanting to leave California, and that could be true, I’m not seeing it. I’m seeing low inventory, people paying more for homes than what they should, in some cases, especially if they are updated home, and I’m encouraging my potential sellers to update during the shelter-in-place because buyers are looking for homes that are done and they can just move their families into their former home.” Both Davey and Aurelio stated that they’re witnessing bidding wars. Davey says that the homes that got the most offers are “priced right, and have a lot of value in them.”

“They’re not seeing the 30, 40, 50 offers... and that’s mostly because we’re not getting 30, 40, 50 people coming in to see the properties anymore, with all the restrictions on being able to get into property,” Aurelio clarifies. “I would say that the quality of buyer has gone way, way up, and the percentage of buyers that are making offers versus coming to see the properties are way, way up.” Work cited https://www.housingwire.com/articles/a-coastal-exodus-these-century21-san-francisco-agents-dont-think-so/

YOU DESERVE TO LIVE SAFE FROM SEXUAL HARASSMENT.

Sexual harassment by a landlord or anyone related to your housing violates the Fair Housing Act. If you receive unwelcome sexual advances or are threatened with eviction because you refuse to provide sexual favors, you may file a fair housing complaint. To file a complaint, go to

hud.gov/fairhousing or call 1-800-669-9777 If you fear for your safety, call 911.

FAIR HOUSING IS YOUR RIGHT. USE IT. A public service message from the U.S. Department of Housing and Urban Development in cooperation with the National Fair Housing Alliance. The federal Fair Housing Act prohibits discrimination because of race, color, religion, national origin, sex, familial status or disability. For more information, visit www.hud.gov/fairhousing.

he Federal Housing Finance Agency recently postponed the implementation of the new adverse market fee on refinanced mortgages backed by the GSEs after an industry outcry. The implementation of the new Refi fee was pushed to December, which is almost a month after the November 3 presidential election. As we all know, both presidential candidates (Donald Trump and Joe Biden) have distinct policies they plan to implement once elected to office. The distinct policies are likely to have different impacts on the financial sector and the housing market.

Obama-era policies that he championed. In general, Biden wants to “strengthen and protect” Dodd-Frank Act provisions in efforts to ensure American’s finances aren’t harmed during a financial crisis resulting from negligent lending or investing, according to a laundry list of recommendations formed through a “unity taskforce” with Sen. Bernie Sanders of Vermont. Biden also aims to strengthen consumer lending oversight through credit cards and regulate ”usurious” interest rates that may be regarded high for certain regions of the country and borrower demographics. Moreover, he wants to utilize the Consumer

What If?

Just What if Biden wins. What happens to Refi Fee? President Trump has spent a lot of time in office rolling back Obama-era policies and regulations in the banking sector that cracked down on firms since the financial crisis, and policies that the industry regarded as costly and burdensome. Former Vice President Joe Biden plans to undo most of that, backstopping consumers’ finances and rendering depository institutions responsible to prevent the same financial crisis. As much as policies differ between the two candidates, the fact remains that the president cannot control rates. Instead, the market is usually the primary influence over rates, no matter what the president or the Fed wants. Biden’s Agenda Through his campaigns, Joe Biden has promised to reinstate most of the DoddFrank era financial reforms, which are 24

Financial Protection Bureau (CFPB) to curb abusive or deceptive lending practices and make borrowing costs transparent by zip code. Biden is also proposing to update the CRA and extend it to apply to mortgage and insurance companies. If former Vice President Joe Biden wins the elections, “all bets are off,” said Stephen Myrow, managing partner of Beacon Policy Advisors in Washington, D.C. Even if FHFA implements the fee, it could be reversed by a Biden administration, who would likely stop plans to recapitalize and release the two GSEs, Myrow added. Works Cited. https://www.bankrate.com/banking/whatpresidential-election-trump-biden-means-forbanking/. https://truenorthtitle.com/what-happens-to-the-refifee-if-biden-wins/.

The Power Is Now Magazine | OCTOBER 2020

Here’s what you need to know

about Virtual Property Management

echnology is reaching new heights in all types of businesses, especially in the wake of the COVID-19 pandemic. The real estate marketing is feeling the impacts of the technological advancements now more than ever since virtual property management became the new normal. With the implemented public health measures to combat the coronavirus’s spread, such as a ban on travel, and social distancing practices, the real estate market had to adapt the situation. All real estate activities had to be done remotely to keep everyone safe from contracting the virus.

What Virtual Property Management can do 1. Deal with clients Communication with clients is a very crucial aspect of property management. As a property manager, your responsibility is to take care of the property and keeping the owner posted about what is happening. Thanks to the technology behind virtual property management. All interactions with clients can be done remotely using virtual property management software. 2. Dealing with tenants Through virtual property management platforms or software, you can also keep in touch with tenants remotely. Tenants can give their complaints to you remotely, and you can attend to them without having to go there. 3. Regular updates Virtual property management keeps you regularly updated on the following issues: • The current tenants’ situation— if anyone is moving out and whether there are any problems with any tenants. • Invoices for repairs and materials. 26

• Balances in the reserve fund. • Latest news from the other owners in the building or in the neighborhood, such as if someone is selling. • Warning on potential renovations needed before time runs out. • Suitable upgrade ideas to increase the value of the property. 4. Paying bills and taxes With virtual property management, you can settle your bills and taxes through virtual means. You only need to get authorization from the owner and send paperwork for approval where required. 5. Grow your business As a property manager, virtual property management does not limit your business to any physical location. Through virtual means, you can get clients from any state, and this significantly grows your business. Virtual property management property also allows a property manager to easily manage multiple properties at once. 6. Virtual property tours Virtual property management enables virtual open house tours to take place. Agents and buyers don’t need to meet physically to do the house tours. This serves a great advantage to sellers as most buyers nowadays are the younger population who are willing to use virtual means whenever possible. Virtual property management is the future of property management that every property manager should be willing to jump on the train before it is too late. Work cited. https://www.mashvisor.com/blog/virtual-propertymanagement/

The Power Is Now Magazine | OCTOBER 2020

THIS VETERAN HAS EXPERIENCED ENOUGH.

HE SHOULDN’T HAVE TO FIGHT HOUSING DISCRIMINATION BECAUSE OF HIS DISABILITY. Sergio lost his leg and his hearing while serving our country overseas. Now back home, he was ready to start a new chapter in his life. But when he found the perfect apartment, the landlord refused to make a reasonable accommodation to allow his service dog in a “no pets” building. Then Sergio learned that the Fair Housing Act protects people with disabilities. He contacted HUD and filed a complaint. Today, Sergio is feeling right at home. If you believe you’ve experienced housing discrimination, please contact

hud.gov/fairhousing 1-800-669-9777 50 YEARS OF OPENING DOORS. A public service message from the U.S. Department of Housing and Urban Development in cooperation with the National Fair Housing Alliance. The federal Fair Housing Act prohibits discrimination because of race, color, religion, national origin, sex, familial status or disability. For more information, visit www.hud.gov/fairhousing.

Facebook Marketing Tips for Real Estate Agents

Most successful real estate agents can cite the significance of using digital marketing platforms such as Facebook marketing. Facebook marketing can transform your business into a success story when done in the right manner. Below are some Facebook marketing tips that real estate agents can borrow to create an effective marketing plan. 1. Choose the right audience to target. To develop an effective Facebook marketing plan, you have to narrow down your audience as much as possible. Itâ€™s not helpful for thousands of random people to see your advert on Facebook. You have to make sure that the ad gets to the right audience if you want results. The right audience is more likely to click on your ads when they see them, and they could turn into customers. To get to the right audience, ensure you target a location depending on the location where youâ€™re selling the property. Thanks to Facebook, using the Facebook geo-targeting feature, you can target a location by zip code. Also, Facebook allows you to target specific demographics based on income level, homeownership status, and age ranges. Additionally, Facebook also enables behavioral targeting, such as people who are likely to move.

The Power Is Now Magazine | OCTOBER 2020

Using these features, you can generate useful, and quality leads from Facebook. 2. Use the right ad. Once you have set up the appropriate audience, you should then create relevant real estate ads for them. The images and the text you use in your Facebook ad play a significant role in communicating with your audience. Since you’re targeting a diverse audience, ensure you use different language categorically. The language to use on an audience looking for retirement homes is not the same for first-time homebuyers. Also, ensure the ads incorporate image and video icons to give your audience a complete picture of what you’re advertising. 3. Use a clear and compelling call to action. When creating your ad, ensure you include a clear call to action button so that someone knows what you wanted them to do. The most popular CTAs on Facebook include; ‘Contact Us,’ ‘Learn more,’ ‘Call Now,’ ‘Apply Now,’ or ‘Send Message.’ CTAs gives the user the direction to take if they’re interested. 4. Share helpful content. Some homebuyers, especially first-timers, find the home buying process a scary experience to undertake. You can use your business page to generate helpful content such as tips for a less stressful homebuying process that can help such people. Such informational content will promote and boost your credibility and make it easier to connect with prospective homebuyers. 5. Track progress. Facebook ads for realtors are effective only when you monitor and track your performance and progress. Ensure you regularly check your ad’s analytics for impressions, cost-per-click, click-through rate, cost-peraction, and conversion rate. With these insights, you will be able to know what is working and what is not, to know what to improve and where. Facebook marketing in the housing market can be very powerful when carried out appropriately. Generate quality and reliable leads by implementing the tips highlighted above. Work cited. https://www.mashvisor.com/blog/facebook-marketing-for-real-estateagents/.

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Select a VIP Agen Adrian Bates Los Angeles

Ameer Elahee Fontana

Andre Jackson Richmond

Briana Frazier Los Angeles

Charles Reynolds Solano County

Cornelous Jackson Irvine

Danon Burnside San Bernardino

David Trubey Corona

Denise Matthis San Diego

Don Dunbar Oakland

Emerick A. Peace Maryland

Eric Hooks SF Bay Area

Jenny Gonzalez Corona

Jerel Washington New Jersey

Joe L. Fisher Richmond

Johnnie Morine Texas

nt In your area Julius Cartwright Ohio

Kamesha Keesee Corona

Lewis Sanders Bay Area

Ruby Frazier Riverside

Kenneth Session Bay Area

Leon Townsend Los Angeles

Monica Hill Menifee

Peggie Simmons Arizona

Robert Langston Fairfield

Steve Peterson Oakland

Success Money LA Area

Yvonne McFadden Arizona

EMERICK A. PEACE

#320004 240-882-0198 EmerickPeace@KW.com Your #1 Referral Source for Phenomenal Service in Washington, DC & Maryland

Maryland Real Estate Market In Q3 2020

Emerick A. Peace The Maryland real estate market, like every other human activity, was affected by the global pandemic, which led to a notable drop in sales and other real estate activities in the state. The state, One of the richest states in the United States, has an economy that thrives on many industries like bio-health, life sciences, I.T. and cyber-security, manufacturing, in addition to the various aerospace and defence organizations. While not forgetting that the state has over 60 federal agencies located in it and also has the 4th highest percentage of federal workers across the country. What this means is that Maryland is teeming with a population that is always in demand of real estate â€”both residential and commercialâ€” until the virus kicked in.

ecause of the outbreak of the pandemic, the government had to order a lockdown which put enormous pressure on the commercial real estate industry as most of the commercial buildings were either empty or not in use. However, as life is gradually returning to how we know it to be, we can expect the market to pick up from where it left off before the COVID-19 crisis started. The availability of job growth and high-paying positions can lead to a massive increase in the demand for rentals.

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The state has been able to sell more housing units in July, where an increase of 8.1% was recorded when compared to the total number of sales made in the previous year. Presently though, the state unemployment is at 9.7%, but there are signs that the market could be improved due to the economic opportunities that are prevalent in the state. Baltimore, a city in the state, has a strong renters market, and it captures the situation in the state entirely. Apartments in the state

are luxurious high-rise condos that usually cost between $2,000 per month for a small studio and up to $5,000 or more per month for a penthouse. Investors who are looking to earn through rent are strongly advised to look into the Maryland real estate market, which allows them to make a pretty much tremendous amount of profit on their investment. The median property value in Maryland as of July 2020 is $339,900 with Montgomery county selling the most housing units in the month. Maryland real estate market currently offers buyers an opportunity to generate cash flow through its high rent and it also incentives buying with its low mortgage rate that seeks to draw buyers into investing in the state real estate market. Basically, in Maryland real estate market, home prices have kept rising regardless of the effect of the pandemic on the economy. Investors can,

therefore, cash in on this by buying properties and putting it up for rent or flipping it. If what you are seeking is a long term investment, the ideal market to place your investment would be a market that has experienced growth all through the pandemic and appears to be waxing stronger still. That market is the Maryland real estate market. Thus, investors can be satisfied with the output of the Maryland real estate market and be sure that they can acquire more profits in the remaining quarters of the year.

Reference: http://www.mdrealtor.org/Publications/Publications/ Monthly-Housing-Statistics https://www.mashvisor.com/cities/cities-list/md http://www.livebaltimoremaryland.com/baltimore-realestate-market-statistics/

The Power Is Now Magazine | OCTOBER 2020

The Power Is Now Media Inc.

Now In The West, East and Central To Make Sure You Never Miss Out On Anything!

or the past ten years, The Power Is Now Media has impacted millions of Americans and changed people’s view of homeownership for good. Through active advocacy of homeownership, people are now finding it easy to move out of rental homes to becoming owners of even four-unit properties. The wave of influence that we have created around homeownership has been so profound that we are now attracting new real estate agents daily. With the growth, new opportunities, new renters becoming homeowners, and skeptics are becoming believers. Today, through our invite-only membership program, we have over 20 listing agents from various parts across the country. The company’s various ways of advocating and promoting homeownership are through our T.V. network, aired almost every day by the company’s President and founder, Eric Lawrence Frazier. The Power is now T.V. brings you inside scoop from the real estate industry to educate, inform, and inspire. The company has also been producing monthly national magazine and weekly real estate magazines filled with industry insights and important information to help you buy or sell real estate, from first-time homebuyers to seasoned real estate professionals. Lastly, through the company’s radio platform, which was created to empower consumers and educate real estate professionals in Orange County, California, the news about it soon spread worldwide. The Radio Talk Show is supported by National and State real estate associations and minority real estate trade associations throughout the United States. We’ve grown to one million listeners and counting! Over the years, Eric has been interviewing industry leaders to bring you the highest quality information, not to forget that he is a 38-year professional in the real estate industry. And now, we are proud to bring you The Power Is Now East Coast Edition; The Power Is Now West Coast Edition, and The Power Is Now Central Edition. These are an addition to everything that we do and believe in here at The Power Is Now Media Inc. That means each of these editions will be independent sub editions of The Power Is Now Media. Yvonne McFadden will lead the West Coast Edition, and Emerick A. Peace will lead the East Coast edition. Lastly, the Central Edition will be led by Steve Peterson, a powerful triad to ensure that you do not miss out on anything! www.tHEPOWERISNOW.com

West Coast Edition with Yvonne McFadden

Known for her professionalism and her real estate prowess, Yvonne McFadden, is a realtor at DeLex Luxury Realty and a committed V.I.P. Agent with The Power Is Now representing Arizona. Yvonne, a veteran in the real estate industry, has a business that has been extensive for more than 30 years. For the time she has been in the real estate business, Yvonne has served clients a diversified client base constituting clients from all walks of life. Most recently, Yvonne has extended her presence in the foreign market by getting licensed in Dubai. Yvonne’s enthusiasm is evident with every client she meets or transacts with. She loves what she does and always makes the process fun for her clients while helping them make some of the most important decisions of their lives. Working with Yvonne is always satisfactory as she takes time to explain the process involved. You can be sure that Yvonne will guide you through it all and help you make the tough decisions where need be. Going into the future, Yvonne will be the host of The Power Is Now Homebuyer TownHall West Coast Edition on The

Power Is Now T.V. and Radio Network, and the Editor in chief of The Power Is Now Magazine West Coast edition. Yvonne brings a mix of experience and professionalism, given that she has been in the industry long enough, which means she understands the industry’s dynamics. Catch up with Yvonne every first and third Tuesday of the month as she unwraps and brings you the latest real estate developments on the West Coast.

West Coast Edition with EMERICK A. PEACE

Emerick has a signature to his life-a certain style with which he lives. It is to make the most of every chance he gets and help others do the same. It’s a lesson he learned from his mother, and part of the reason his blessings continue to flow. The bottom line for Emerick is the difference he makes with the chance he’s given-and if he’s given the opportunity to be your agent of choice, he’ll work long and hard to make sure your dream happens precisely the way it should happen. When you are in the middle of something as crucial as a real estate transaction, you want professional services every step of the way. For your next real estate venture, “Give Peace a Chance.” Life as an agent Emerick began his real estate career in 1992. He is a certified R.E.O. representative, relocation specialist and received numerous sales awards, including; Rookie of the Year,

New Home Sales Life Time Achievement, Prudential Leading-Edge Society, Coldwell Banker Chairman’s Circle, multiple ReMax and Local Board Platinum awards, Keller Williams Realty Quadruple Gold and 100% Plus Club. Emerick is the President of the Prince Georges County Chapter of the National Association of Real Estate Brokers. He has served on the Board of Directors and Vice President of the 5,000-member Prince George’s County Association of Realtors. Currently, he is a member of the Board of Directors for Housing Options Planning Enterprise, Inc. (HOPE), a local 501(c) (3) H.U.D. Approved housing counseling agency. Additionally, Emerick is one of only 68 real estate professionals ever to be inducted into the Prince George’s County Association of Realtors Hall of Fame. Success is the only option Boasting a background in the real estate industry that stretches more than seventeen years, Emerick understands the value of communicating with and educating the public. “In order to make good decisions, people must be knowledgeable about the process and their options.” Whether people are buying or selling, Emerick remains committed to keeping the communication lines open at all times. His regional expertise and strong customer service orientation allow people to receive the quality service they want and deserve. Emerick’s work ethic and fundamental business principles can be attributed to his 21-year career in the U.S. Air Force and his niche market mastery. Given Emerick’s success in the industry, you’ll agree that he is the right person on the driver’s seat of The Power Is Now Media East Coast Edition. And just like Yvonne McFadden, he will be the host of The Power Is Now Homebuyer TownHall West Coast Edition on The Power Is Now T.V. and Radio Network and the Editor in chief of The Power Is Now Magazine East Coast Edition. Catch up with Emerick every first and third Tuesday of the month as he brings you exciting news updates, interviews, and interesting real estate developments on the East Coast.

The Power Is Now Magazine | OCTOBER 2020

CENTRAL Edition with STEVE PETERSEN

Like the West and East Coast editions, Steve Peterson will be in charge of the Central Edition, mainly overseeing both central related shows and magazines’ production efforts. However, the Central Edition will be different in that much of the shows will focus on Commercial real estate, given Steve’s extensive background in commercial real estate. Steve is the Broker/Owner of Infinity Investments, a commercial real estate brokerage and investment firm based in Oakland, California. His focus and expertise are in apartment buildings, but he has experience in office and retail property and works as both a broker and principal. Steve has been in the commercial real estate business for 15 years, both as an investor and a broker/agent. He started his company Infinity Investments in November 2009 amidst one of the worst real estate & economic downturns in history; however, the company has turned a profit each year. How He Started Out He started in commercial real estate working for an investment firm raising capital towards acquiring large apartment buildings and small N.N.N. leased retail property. Steve has raised over 10 Million dollars of equity capital for projects such as a 336-Unit Luxury apartment building in Houston; TX purchased for $24,000,000, a 248-Unit apartment building in Fort Worth, TX purchased for $5,000,000, a

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4,000 square foot Lyon’s restaurant building in Turlock, CA purchased for $1 million, a $500,000 renovation of a tri-plex in San Jose, CA, a 24-unit building in Columbus, Ohio that required $500,000 towards the acquisition & rehab, a 58-Unit apartment complex being acquired for $1,050,000 in Columbus, Ohio and the acquisition of a Promissory Note from JP Morgan Chase on a 5-Unit building in Oakland, Ca. Steve has also sold several large R.E.O. properties in Oakland, such as an 81-Unit apartment complex from Chase, a 61Unit apartment complex from Chase, a 31-Unit condominium project from Cathay Bank. The Journey So Far Steve has done so primarily by finding quality deals that are usually not listed on the public market and then identifying investors with an appetite for the existing deal. Born and raised in Oakland, CA, and attended San Jose State University from 2000-2004 ma joring in Finance, Steve is a Bay Area native who has clients, colleagues, and associates from the Silicon Valley to the Peninsula, and throughout the East Bay. Steve has earned the CCIM (Certified Commercial Investment Member) designation, which is the highest designation in the commercial real estate field, and served as the President of the NorCal CCIM Chapter in 2018. Steve also became President of the Associated Real Property Brokers (ARPB) from 2015 to 2016, the Oakland REALIST Chapter of NAREB (National Association of Real Estate Brokers), the oldest Minority Trade Association any kind in the United States. Finally, he was also the President of the California Association of Real Estate Brokers (CAREB) in 2017 & 2018. With the addition of these three editions, you can be sure that The Power Is Now is your real estate powerhouse. Stay tuned to find out more and also to be updated about these and many more developments.

Jerel Washington

How Will The 2020 Presidential Election Affect Real Estate?

wo months from now, citizens of the United States of America would be choosing who will be behind the wheels of the affairs of the country for the next four years. And the truth is, no matter how much we try to say the election has no impact on the real estate market, we still have to pay very close attention to the election. This is because election years tend to make investors nervous about investing in dicey political situations since they do not know if the incumbent will retain office and continue with his policies. They’re also unsure if there would be a newly elected president who could change the face of the game with one of his new policies.

It is because of this reason we are going to be examining how this presidential election would be affecting the real estate market. • Uncertainty The first way this presidential election will be affecting the real estate market is by causing uncertainty in the mind of home buyers and other investors in the market. Matt Laricy, the managing broker of The Matt Laricy Group in Chicago, says “presidential elections tend to affect the market more than other elections is simply because people fear change, [and] whenever people get nervous, they don’t make rational decisions. They make emotional decisions.” This uncertainty on the part of the people tends to grow as the year progresses in an election year and it becomes more noticeable during the second half of that year. This is proven by a data analysis carried out by The Real Deal, which showed that real estates sales are 12.7% weaker between June and October in presidential election years. The Power Is Now Magazine | OCTOBER 2020

• Possibility Of New Policies And New Tax Regimes The two leading presidential candidates, Joe Biden and President Donald Trump, have diverging views on policies and tax generally. Joe Biden already proposes a possible change to the current Tax Cuts and Jobs Acts (TCJA) while President Trump keeps making waves with his introduction of opportunity zones. Invariably, if President Trump retains his seat, he is likely to continue at the pace which he is already going. Whereas, if Biden succeeds in assuming the office, the new policies and tax regimes will take the market into a new direction. It is because of this reason, many players in the sector choose to wait out the election year to see if there is any change in the policy or taxes that could affect the market. • More House Sales In The Coming Year Usually, after every election year, players in the market who may have held back from making any activity in the market during the last election year tend to come blazing into the market. This is because they now have an inkling of what the future of the US market holds for them and their property. So, it is quite possible that in the coming year, there could be more demand for real estate as Americans now know what to expect or not expect from the market. They know what the policies are, and they know what the “new” tax regime is and how favourable or unfavourable it could be to them, and their properties. As such, they are either trying to cash out when the profit is high, or they are holding on for a more favourable market response. But mostly, after every election year, there are always more high demands from homebuyers and a high-profit net for sellers too. Reference: https://mattlaricygroup.com/ https://therealdeal.com/2020/02/05/this-is-how-presidentialelections-really-affect-home-sales/ https://www.kiplinger.com/slideshow/taxes/t055-s001-2020-electionjoe-biden-s-tax-plans/index.html?amp https://themreport.com/daily-dose/08-18-2020/the-2020-electionsanticipated-effect-on-housing https://ca.exprealty.com/blog/49685/How+Will+The+Presidential+Ele ction+Affect+Real+Estate

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www.stopHigherPropertytaxes.org

split-roll Property tax Measure Hurts immigrant and Minority communities

Background: Prop 13 Has Helped all californians for More than 40 Years •

For more than 40 years, Prop 13 has provided certainty to homeowners, farmers and businesses that they will be able to afford their property tax bills in the future. Under Prop 13, both residential and business property taxes are calculated based on 1% of their purchase price, and annual increases in property taxes are capped at 2%, which limits increases in property taxes, especially when property values rise quickly.

split-roll Property tax Measure Destroys Prop 13 and Makes our economic crisis Worse •

•

Amid an unprecedented economic crisis, special interests submitted petitions to qualify a measure for the November 2020 statewide ballot that will destroy Prop 13’s property tax protections and will be the largest property tax increase in California history. The measure will raise taxes on commercial and industrial property by requiring reassessment at current market value at least every three years. This type of property tax is known as a “split-roll tax” because it splits the property tax roll, assessing business property differently than residential property. We should reject this measure and maintain Prop 13 protections that have kept property taxes affordable and provided every taxpayer who buys a home or business property with certainty that they can afford their property tax bills in the future. Now is not the time to raise taxes and bring more uncertainty to businesses and all Californians.

Gentrifies our Longtime communities •

A split-roll property tax will provide a huge financial incentive for local governments to approve business projects to replace existing housing so they can receive higher property tax revenue. It will also push small minority- and immigrant-owned businesses out of our communities when they can’t afford the higher property taxes. This unintended consequence will intensify the gentrification already occurring in much of the Bay Area and Southern California coastal counties.

Hurts small Businesses and consumers •

Most small businesses rent the property on which they operate. The measure’s higher property taxes will mean soaring rents at a time when the federal and state government is trying to provide small businesses with rent relief to keep their doors open. Ultimately, the measure’s tax hike on businesses will get passed on to consumers in the form of increased costs on just about everything people buy and use, including groceries, fuel, utilities, day care and health care.

Hits Minority-, immigrant- and Female-owned Businesses the Hardest •

•

Small businesses are already struggling. This measure will make it even more difficult for them to reopen their doors or stay in business as a result of this economic crisis. Increasing property taxes on businesses by up to $12.5 billion a year will hurt female- and minority-owned businesses the most and 120,000 jobs will be lost, according to a Berkeley Research Group study. Voters are being asked to consider a measure that will only increase job losses at a time when millions of Californians are applying for unemployment benefits. According to the latest data from the Harvard Business School, about 42% of new companies are founded by immigrants in California and the most recent 2012 Survey of Business Owners by the Census bureau found that 5% of businesses in the state are owned by African Americans. Additionally, the California Latino Economic Institute found that nearly one-quarter of all businesses in California are owned by Latinos, and they are the fastest-growing component of the state’s economy. Most of these businesses start small and stay small, meaning they often rent their property and are subject to higher rents when property taxes increase. In the most recent 2012 Survey of Business Owners by the Census Bureau, 38% of all non-publicly traded businesses were owned by females and another 9% were owned equally by females and males.

increases the cost of Living for everyone and Makes the Homelessness crisis even Worse • •

In 2019, US Housing & Urban Development data showed California led the nation with more than one-quarter of the country’s homeless population. California’s cost of living is already among the nation’s highest. We shouldn't do anything to make it even more expensive to live here. The split-roll measure will only increase homelessness and make life more difficult for Californians already living paycheck-to-paycheck.

Homeowners are Under attack • If businesses lose their Prop 13 protections, homeowners will be next. Supporters of the measure even admitted

that this initiative was the first step in a plan to end Prop 13, which could mean skyrocketing property tax increases for all California homeowners.

Ad paid for by Californians to Save Prop 13 and Stop Higher Property Taxes, sponsored by California homeowners, taxpayers, and businesses Committee major funding from Western Manufactured Housing Communities Association California Business Roundtable California Taxpayers Association Funding details at www.fppc.ca.gov

A California proposal meant to create a powerful state agency designed after the federal Consumer Financial Protection Bureau (CFPB) has made a comeback but with small businesses and fintech firms’ support. Basically, the proposal wants to achieve expanded consumer protections. The bill was introduced in January by Gov. Gavin Newsom in his plans to expand oversight of all financial service providers in California. The proposal was dropped from a budget bill back in June. However, it has been revived and inserted back into a final budget bill that legislators were required to pass by August 31.

Californi a ’s proposal for it s ow n CFP B back on Track

Gov. Newsom’s plan is meant to replace or remake the state’s existing Department of Business Oversight with a new agency referred to as the Department of Financial Protection and Innovation, with powers similar to those of the CFPB. The bill would authorize the state’s financial regulator to:

• Focus on unregulated products to stamp out predatory practices. • License and examine debt collectors, credit bureaus, and fintech companies. • Conduct research to craft new regulatory policies. • Seek to empower disadvantaged groups in making financial decisions. Opposers

However, the proposal faces a lot of resistance from financial institutions citing the bill would expand the state’s enforcement powers and potentially increase fines and compliance costs. Several bank and financial services trade groups recently were making a last-ditch effort to kill the proposal.

The Power Is Now Magazine | OCTOBER 2020

Financial firms are particularly concerned with a provision in the bill that targets to expand enforcement and imposing administrative penalties for “unfair, deceptive or abusive acts or practices.” “The state is imposing new enforcement requirements that lack clarity and seem to be redundant,” said a lobbyist for the California Financial Services Association, Scott Govenar.

Proposers

On the other, the proposal has already gathered the support of about 47 fintech,

small businesses, and consumer advocacy groups. These groups are advocating for the elimination of unregulated industries— debt collectors, credit reporting agencies, and merchant cash advance lenders that market to small businesses— or for them to be registered and regulated. “It hurts borrowers and lenders alike when responsible companies must compete against actors who find advantage in unfair and deceptive acts,” the director of policy and advocacy at the Responsible Business Lending Coalition, Kim Wilson said. The coalition represents fintech firms, including LendingClub and Funding Circle, and nonprofit community development financial institutions.

Exemptions

Moreover, banks, credit unions, auto, and payday lender trade groups have announced their stand on the matter. They demand existing state licensees and entities operating with a federal license to be exempted entirely from the proposed bill.

“We [The California Credit Union League] believe the governor’s proposal should focus on the unregistered and unregulated entities in the state and leave current licenses out,” the group’s vice president of government affairs, Robert Wilson, said in a statement. Besides that, some financial firms have other concerns. They want limited investigations by multiple agencies, such as the state attorney general, and prevention of duplication of actions. They also object to the bill’s draft language citing that the department could recover legal costs if it successfully sues a firm. Work cited. https://www.americanbanker.com/creditunions/news/ californias-mini-cfpb-plan-is-back-in-play.

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Do you know

Peppermint Ridge? We provide a community of loving homes and empowering support services for individuals with intellectual and developmental disabilities.

support and encourage our residents to live their

lives and fulfill their dreams by fully embracing their indvidual abilities and interests. With 24-hour specialized care and staffing, we provide comfortable, secure homes and recognize that everyone feels a sense of belonging when they have familiar places in which to spend time with family and friends.

There

is a true sense of family at Peppermint Ridge. Of the 94 adults who

live at The Ridge, 38 have lived here for more than 20 years, with 10 of those calling The Ridge home for 40 years or more. Residents have the opportunity to flex their muscles of independence while developing rich lives of their own away from their loved ones. About 30% of our residents have no family, so other Ridgers and our staff have become their family.

Many

caring companies, organizations and individuals in

the community enjoy getting to know The Ridge by helping on small projects, hosting fundraisers, lending a hand at events, volunteering in our office, and assisting residents in activities such as arts and crafts, pool days, horseback riding, music and piano lessons, and exercise classes.

825 Magnolia Ave â€˘ Corona CA 92879 â€˘ 951.273.7320 www.PeppermintRidge.org â€˘ Tax ID: 95-2409851

CFPB proposes a new category of qualified mortgages: Seasoned QM

he Consumer Financial Protection Bureau (CFPB) is advocating for the creation of a new category of loans called Seasoned Qualified Mortgages. The new loan category is meant to protect lenders from legal liability for making risky loans. In the statement, CFPB indicated that they hoped this new loan category would “encourage innovation and help ensure access to responsible, affordable mortgage credit.”

Who qualifies under the proposal?

To qualify as a Seasoned Qualified Mortgage (QM) under the proposal, a loan would have to be firstlien, fixed-rate covered transactions that have met certain performance requirements over a seasoning period of 36 months. On the same, covered transactions would also have to be held on the creditor’s portfolio during the seasoning period, comply 50

with general restrictions on product features, points, and fees, while meeting certain underwriting requirements. Also, for a loan to be eligible to become a Seasoned QM, the proposal requires the creditor to consider and verify the consumer’s debt-to-income ratio (DTI) or residual income at origination. The new loan category would also only be available for covered transactions that do not exceed 30day delinquencies and no delinquencies of 60 or more days at the end of the seasoning period. Additionally, in case of a disaster or pandemic-related national emergency, and as long as certain conditions have been fulfilled, the proposal does not disqualify a loan from becoming a Seasoned QM for the failure to make full contractual payments if the borrower received a temporary payment accommodation.

“Today’s proposal continues the Bureau’s work to encourage safe and responsible innovation in the mortgage origination market,” said Consumer Financial Protection Bureau Director, Kathleen L. Kraninger. “Our goal through our very deliberative rulemaking process is to protect, promote and preserve the financial well-being of American consumers while at the same time offering access to responsible, affordable mortgage credit.”

The Power Is Now Magazine | OCTOBER 2020

Critics

Consumer advocates immediately criticized the proposal, citing it would give lenders the freedom to make high-cost loans with no consequences, and that it contradicts the Dodd-Frank Actâ€™s requirement that lenders make a good faith determination of a borrowerâ€™s ability to repay a loan. Consumer advocates argued that the proposal would be subject to a challenge under the Administrative Procedure Act, which oversees how agencies issue regulations. So far, the CFPB has already issued two other notices of proposed rulemaking this summer. The first notice is about amending the QM definition in Regulation Z that eliminates the debt-to-income ratio limit with a price-based approach. The other one is about extending www.tHEPOWERISNOW.com

the QM Patch. However, the CFPB provided a period of 30 days to receive comments from the public. You can get the whole proposal here: https:// www.consumerfinance.gov/documents/9118/ cfpb_proposed-rule_seasoned-qm-loandefinition_2020-08.pdf.

Works cited. https://www.consumerfinance.gov/about-us/newsroom/ cfpb-proposes-new-category-qualified-mortgagesencourage-access-affordable-mortgage-credit/. https://www.americanbanker.com/news/cfpb-proposesa-new-category-of-seasoned-qualified-mortgages.

FHFA Extends the foreclosure and eviction moratorium for a third time to December 31 Just before the eviction moratorium was almost expiring, the Federal Housing Finance Agency (FHFA) announced that it was extending the moratorium on foreclosures for single-family loans and evictions for real estate-owned (REO) properties until at least December 31. The foreclosure moratorium applies to Enterprise-backed, single-family mortgages only, while the REO eviction moratorium applies to properties acquired by an Enterprise through foreclosure or deed-in-lieu of foreclosure transactions.

reviously, the moratorium backed by the GSEs that is Fannie Mae and Freddie Mac was set to expire on August 31. The latest extension was the third time the agency extended the moratorium. The moratorium was intended to help homeowners and renters during these times of crisis. According to the director of FHFA, Mark Calabria, the extension will protect more than 28 million homeowners with mortgages backed by either of the GSEs. “To help keep borrowers in their homes during the pandemic, FHFA is extending the Enterprises’ foreclosure and eviction moratoriums through the end of 2020,” Calabria said. “This protects more than 28 million homeowners with an Enterprise-backed mortgage.” “With this latest extension of the foreclosure and eviction moratorium, we can continue to help ensure distressed borrowers are able to remain in

their homes during this national emergency,” said Malloy Evans, senior vice president, and singlefamily chief credit officer at Fannie Mae. According to Fannie Mae and Freddie Mac, the extension does not apply to tenants in homes that have not been foreclosed. The FHFA advises those who may be struggling with their mortgages or facing possible foreclosure to review their options as soon as possible. Moreover, homeowners impacted by the COVID-19 pandemic are eligible for a forbearance plan to suspend their mortgage payments for up to 12 months as provided in the CARES Act. Amid the foreclosure moratorium extension, FHFA projects that the GSEs will absorb additional expenses of between $1.1 and $1.7 billion due to the ongoing foreclosure moratorium and its extension. In the meantime, FHFA will continue to monitor the effects of the pandemic on the mortgage industry and amend its policies where needed.

Works cited. https://www.housingwire.com/articles/fhfa-extendsforeclosure-and-eviction-moratorium-for-a-third-time-todec-31/. https://www.fhfa.gov/Media/PublicAffairs/Pages/FHFAExtends-Foreclosure-and-REO-Eviction-Moratoriums. aspx#:~

The Power Is Now Magazine | OCTOBER 2020

Mortgage rates remain relatively stable despite the Fed News. Hereâ€™s why. Since the onset of the COVID-19 pandemic in the U.S, the housing market has been experiencing ups and downs, with the economy hit hard by massive joblessness and recession. At the same time, the housing market has had historically lowinterest rates; a move implemented to curb the impacts of the pandemic in the housing market. Meanwhile, it is important to note that the Federal Reserve does not control mortgage rates, but it does affect them more than any other institution. During these pandemic times, the Fed has bought consumer mortgage rates worth of billions of dollars in efforts to keep the mortgage rates low during these unprecedented times. The efforts of the Fed seem to be working effectively since the mortgage rates have hit record lows nine different times since March 2020. Moreover, the Fedâ€™s position on employment and inflation policy could significantly help the rates remain low for years to come. However, although the Fed doesnâ€™t set or control mortgage rates, it had played a significant role in holding them down during this pandemic times. Through Quantitative Easing (QE), the Fed can directly impact mortgage rates. QE occurs when the Fed injects money into the U.S economy to prevent the rates from skyrocketing, to encourage consumers to keep borrowing money and keep the dollar circulating. This is what happened during the early stages of the pandemic, where the Fed bought consumer mortgages worth billions of dollars on the second marketplace. More capital in the second marketplace translates to lower interest rates for consumers.

Moreover, the Fed, through the Federal Open Market Committee (FOMC) is known worldwide as the keeper of the Federal Funds Rate, which is the prescribed rate at which banks lend money to each other on an overnight basis. The Fed Funds Rate is correlated to Prime rate, which is the lays the basics for most bank lending, including consumer credit cards and business loans. Low Fed Funds Rate indicates that the Fed is trying to promote economic growth. However, the same low Fed Funds rate can bring about wage pressure and promote risk-taking, both of which could easily cause inflation. This explains why the Fed ended scrapped its zerointerest-rate policy in December 2015. Despite the Fed news, mortgage rates have remained relatively stable because mortgage rates are neither set nor established by the Federal Reserve, or any of its members. Rather, the rates are determined by the price of mortgage-backed securities (MBS) sold via Wall Street. Work cited. https://themortgagereports.com/17724/how-mortgagerates-move-when-the-federal-reserve-meets

The Power Is Now Magazine | OCTOBER 2020

Fare Thee Well:

Former California Assemblymember Gwen Moore Passes Away

he family, friends, former colleagues and other loved ones across California were saddened by the demise of former California Assemblymember Gwen Moore on August 19, 2020. Moore first appeared in the state legislature after being elected in 1978 and served Californians for 16 years until 1994. Moore was elected to represent Californiaâ€™s 49th district (restricted and renumbered in 1990 as the 47th district), which currently includes Long Beach, Catalina Island, and parts of Los Angeles and Orange counties. During her service period in the state legislature, Moore introduced over 400 bills that were signed into law. Moreover, she also served as Ma jority Whip and was a member of several other influential committees, including the Assembly Utilities and Commerce Committee. Gwen Moore was also the architect and the force behind California General Order 156; a state supplier diversity program that has strengthened and stabilized several Blackowned, women-owned, and other minorityowned small businesses in California, by helping the land lucrative state contracts. Later on, Moore resigned from the state legislature and decided to run Secretary of State. Although she didnâ€™t secure the position, she pursued other niches outside public offices that significantly influenced state policymaking, impacting lives of many people. Moore also served in several management boards that include; California State Bar of trustees, the California Small Businesses Association, and the national board of the NAACP. Besides that, she also served as the First Vice President of the California State Conference of the NAACP, Vice-Chair of

the California Utility Diversity Council and Chairwoman of the California Black Business Association. Moreover, Moore was the founder and CEO of L.A-based GeM Communications Group. She was also a sought-after consultant who had worked with several prominent clients state-wide. For her impeccable service in California and the whole of the U.S, Moore won numerous national and local awards and recognition including honours from the U.S Department of Commerce and the NAACP Legal Defence Fund. Moore will forever be remembered for her service and the impact she has brought to many Californians and Americans in general, especially the African-Americans and the minority community at large. She indeed left a legacy behind. From The Power Is Now, we give our heartfelt condolences to her friends, family and former colleagues. Fare thee well Hon. Gwen Moore. Work cited. https://sacobserver.com/2020/08/rest-in-peace-formercalifornia-assemblymember-gwen-moore-passes-away/.

The Power Is Now Magazine | OCTOBER 2020

How to Heal Emotional Wounds after Disaster Disasters are distressing. Continued global warming due to human activities keeps adding fuel to the fires, leading to floods, hurricanes, and other natural calamities. The trauma that follows after the disasters strike leaves huge scars to the victims that take long to heal. Here the question arises, what can be done to heal this post-disaster trauma? To answer this question, the Center for Public Integrity and their partners in newsrooms, in conjunction with Columbia Journalism Investigations and California Health Report, conducted a detailed survey on this issue. The team has gathered a lot of insights from asking experts, victims of disasters or witnesses, and professionals who study this or come in to help. From the survey, here are some key takeaway points to note: 1. Be aware. Being aware might seem straightforward, but you’re a step ahead if you’re aware that coming out of a disaster and dealing with the long repercussions can be hard on your mental health. Being aware means keeping an eye on not just obvious symptoms like constant worrying, or short-tempered, but also trouble sleeping, or oversleeping, lack of appetite or overeating, and excessive drinking. It is also crucial to be aware that kids can feel the repercussions too, and might start having trouble in school. The effects could be felt right away or might take a while to come out. In both times, it’s normal and can stay put. 2. Seek support. Most respondents in the survey had not acquired or sort for any mental health support services after coming out of the disaster; some citing they couldn’t afford therapy or other related assistance, others thought they didn’t need it, as others wondered if support would have made the hard times more bearable.

The Power Is Now Magazine | OCTOBER 2020

After surviving a disaster, it is crucial to seek professional support to equip you with the appropriate mindset to face hard times. Affordability is not a justifiable excuse since there are always free government avenues available that can provide you with the support you need. Some of the free avenues you should try include: • The Counselling Assistance and Training Program. • The Federal Disaster Distress Helpline (800-9855990). • The National Alliance on Mental Illness. • The Crisis Text Line. • The Substance Abuse and Mental Health Services Administration. • Community members; family, friends, your religious leader, co-workers, or other disaster survivors. 3. Help others. In times of disasters, some survivors find consolation in offering help to others. Helping others during disaster times as a survivor helps you get back some control in times known to make people feel powerless. “It helped me to keep my sanity,” said Kelley, a restaurateur whose family’s post-disaster efforts included cooking gumbo for people in the community. Solemi Hernandez, a resident form Florida whose employer shuttered after Hurricane Irma in 2017, leaving her to search for weeks for a new job, found peace in volunteer work. “Losing myself in service to others … is a way I became stable and not as depressed,” she stated. 4. Be ready for next time. The survey found that almost all respondents were concerned more that disasters would strike their community again. Also, a lot of survivors in regions struck by multiple floods, hurricanes and wildfires in the last decade, stated that they cope with that distress by getting prepared both mentally and physically for the next disaster.

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As some sort to leave the disaster struck places, others resolve to remain and make some changes. Dr. Irwin Redlener with Columbia University’s National Center for Disaster Preparedness urges communities to get ahead of this. We have to prepare for more dramatic changes,” he stated. “Many places that may be habitable right now may become uninhabitable… We’re just at the beginning of the most serious consequences of unabated climate change.” Work cited. https://publicintegrity.org/environment/hiddenepidemics/how-to-heal-emotional-wounds-afterdisaster/.

Home Ownership by Eric Lawrence Frazier MBA

Home ownership brings stability to individuals and families who have never had a dwelling place that they could call their own. There is something special about owning real estate that is unlike anything else on earth you can own. Real Estate you own is not like cars that decay over time and you have to replace them. Real Estate you own is not like clothes that go out of style and you have to buy new ones. Real Estate you own is not like expensive vacations or experiences that only last a moment in time. Real Estate you own is not like an apartment where the landlord may increase the rent until it’s no longer affordable. Real Estate you own is not like staying at your parents house where you know can’t stay forever. Home ownership is the beginning of wealth that increases over time and becomes your estate & legacy Home ownership is the pride of a mother nurturer and the kitchen her domain Home ownership is the pride of a father provider and protector of his territory and family. Home ownership is the foundation of permanence and the place where life happens, birthdays celebrated, deaths mourned. Home ownership is the place you build memories that can never be taken from you. Memories etched in walls and concrete, experienced in rooms and floors, Memories living in trees and shrubs planted by your hand. Howe ownership is the manifestation of you - your style, your colors, your smell, your stuff, your junk, your memories, your yard and your spaces, your life. It’s the height markers on your first child’s bedroom wall. It’s the hearts drawn in the concrete slabs when you pour your patio floor It’s the birthday parties, and anniversaries in the living room and kitchen. It’s the back yard barbecue with friends, neighbors and family contentions it’s the high school and college graduation, and wedding receptions Its’ the family nights and block parties and the fellowship of family connections Home ownership It’s more than real estate. Land, brick and mortar, wood frame construction and chicken wire. It’s more than money saved, gifts recieved and grants obtained It’s more than the debt you incur to buy it. It’s more than the payments you make to own it. It’s more than the appreciation that comes with keeping it over time. It’s memories, it’s family, and it’s life that can happen in one place Until you say it’s time to move.