The PIN Magazine August 2016

August 2016 Vo l . 0 3 | I s s u e 8

IN THIS ISSUE:

• STOP ANSWERING YOUR PHONE! • 10 TIPS TO SELL YOUR HOME FAST

NAREB CONFERENCE AUGUST 12-16TH

We proudly welcome ZipRealty™ and its innovative technology platform to our family of real estate brands!

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ANY OF OUR the PIN magazine THE POWER IS NOW INC. Vol. 03 | Issue 8

Eric Lawrence Frazier, MBA President and CEO Office: (800) 401-8994 Ext. 703 Direct: (714) 361-2105 Eric.Frazier@ThePowerIsNow.com www.thepowerisnow.com www.blogtalkradio.com/thepowerisnow

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EDITORIAL TEAM Eric Lawrence Frazier MBA Editor in Chief (800) 401-8994 Ext. 703 Alexandra Attinger Managing Editor (800) 401-8994 ext. 723 alexandra.attinger@thepowerisnow.com Goldy Ponce Arratia Graphic Artist and Design Manager (800) 401-8994 ext. 711 goldy.ponce@thepowerisnow.com Andrej Jovanovic Graphic Designer (800) 401-8994 ext. 713 andrej.jovanovic@thepowerisnow.com Nicholas Clarkson Director of Technology (800) 401-8994 ext. 704 nicholas.clarkson@thepowerisnow.com Scocrates Ayala Online Radio & Media Manager (800) 401-8994 ext. 709 socrates.ayala@thepowerisnow.com

august 2016

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CEO & Publisher Eric Lawrence Frazier, MBA 3739 6th Street, Riverside, CA 921506 Ph: (800) 401-8994 ext. 703

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24 Diversity and Inclusion in

Losing Your Spouse

Mortgage Banking - Part I

OUR COVER

44 Stop Answering Your Phone Part II

YOU

REAL ESTATE

28 Why Buy in Southern California 32 5 Steps to Buying a Home After

MORTGAGE

Issue...

THE VIP CORNER

In This

FINANCE

38 Droughts, Droughts, Droughts

GREEN

40 Ron Cooper

18

10

Tips to Sell Your Home Fast

18 The Great Recession Consequences Continue

EDITOR’S The 69th Annual NAREB Convention is just around the corner on August 12th to 16th in Long Beach California, and I am very excited about it and happy it is in California. I am confident that it will be the best convention in the history of NAREB, because we all know that California is the pacesetter in just about everything when comes to business and especially real estate. No disrespect to the other states, but I think you know what I am saying. California is a special place and we Californians know how to put on an event. It is the home of Hollywood, the Dodgers, the Angels, the Kings, the Clippers, and now the Rams because miracles do still happen. So the verdict is already in. The convention will be great.

For the last ten years I have been traveling out of state to attend the conference so I know I speak for my fellow Californian Realtists that we are happy to host the convention this year. I want to encourage all OC Realtist members to attend this august 2016

NOTE

very important convention. This will be the first convention for Ron Cooper, our new President of NAREB, and he is off to great start with a great new campaign to increase homeownership of African Americans that started in February of this year. The goal of the campaign to put two million African American into homes in the next five years. This is an aggressive goal and has garnered attention in the media, our political leaders, and community leaders in all communities of color.

For more details about the plan click here.

Homeownership is still the American Dream for everyone, but minorities are not seeing that dream come to reality. A recent report by the Urban Institute states that African Americans will fall further behind all racial groups in homeownership. For at least the next fifteen years, whether the economy grows slowly or quickly, the homeownership rate for African Americans will decrease while the rate for Hispanics will increase. They are also

The Power Is Now MAGAZINE | 8

predicting that by 2030, the homeownership rate for African Americans will be forty percent, a large drop from forty-six percent in 2000, or fifty percent in 2004. The basis for their prediction is that African Americans were hit much harder in the financial crisis than any other racial or ethnic group, and their homeownership rate declined far more than their white and Hispanic counterparts.

African Americans are starting out behind and, absent policy changes, will fall further behind over the next fifteen years.

NAREB’s campaign for two million African American homeowners in the next five years has brought serious attention to the plight of African American homeownership in the community and the government. In fact, the U.S. Secretary of HUD, Julian Castro, will be attending and speaking at the NAREB conference. NAREB is seeking the help of policy makers to remove or ease the barriers to homeowner for African American, but it will not happen overnight and it will be a fight. African American history has already conditioned us to believe that new policies, new legislations or new laws that can solved many of the disparities in the African American Community or end the unfair treatment of African American will not be enacted without a fight in congress or with legislators who are not concerned about the issues that affect African American. We will have to march, protest, conduct town hall meetings and even boycott to get the government to move. This is the template for justice and the history of an oppressed people who want all that America has to offer. But, in spite of the struggle, America is still the greatest country

on earth. We cannot complain about the struggle because complaining never moves you forward and cost time. All we can do is embrace struggle and go to work on achieving the goal.

There are many strategies that if implemented can improve the homeownership rate for African Americans. Here are the big three that I see: The first and most important strategy involves expanding the underwriting standards and making loans easier to obtain with low down payments. I believe that if you can afford to pay rent on time, then you can afford a mortgage payment. I have been a mortgage banker and now mortgage broker for thirty-four years and I know experientially the impact that expanding the underwriting guidelines could have for African American people. African American and other minorities will pay the rent before paying anything else. Family is important to us and it is the number one responsibility of father and mother to keep a roof over their children’s head.

So what does a late payment on credit card (if they have one), or auto loan have to do with a keeping roof over your head? Absolutely nothing to an African American, which is precisely why the payment was late. The rent come first before anything else.

There are other socio-economic factors involved here, so I do not mean to oversimplify the issue, but it is pretty simple. We need to rethink how we are underwriting loans because of the value system, the culture, and other factors. Some cultures do not trust banks and do not have a bank account.

Other do not believe in debt and have no credit debt at all. I have many clients who have very low FICO scores and have been living and renting at

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the same place for five, ten, and fifteen years and have never been late with the rent. Because of the rising cost of housing, and soon interest rates, they will most likely remain a renter for the rest of their lives. That is good news for the landlord whose mortgage will soon be paid off. Vacancies are at an all-time low and rents are increasing at a rate of eight percent a year according to www.rent. com Property Managers survey. Rents who are caught up in this situation are in a crises and are on the pathway to homelessness because eventually their rent increases will outpace their income. It’s happening now for many baby boomers who are retiring in the African American community and have never owned a home.

Secondly, we need to use a different credit scoring model to evaluate credit other than FICO, that may be more accurate and fair, in determining the risk to the bank in lending to an African American borrower. I am skeptical of all the models, because they are inherently flawed. I believe we should eliminate FICO scoring and any credit scoring models and require manual underwriting on all loans, because you cannot program common sense in the software/algorithms that produces the scores from the data provided. august 2016

Credit scores can determine your creditworthiness only, but they cannot determine your credit capacity or ability to make the mortgage payment or if you will make your mortgage payment in a time of crisis. Credit scores do not consider your rent history, education, employment status, income or type of income, debt ratio, net worth, your position in the community, whether you are married and have children or not, your character and references from people in the community, or an explanation that might explain why your scores or low and if the situation that caused the score to drop still exist or not. But most importantly credit scores do not take into consideration that you have been paying rent to same landlord for years and have rarely if ever been late. Now the areas that can be measured are changing but it really does not matter how much they can improve the scoring model we need people and not automated underwriting decision engines and FICO to make loan decisions.

It is because of the limitations of software programing that attempts to solve all of our problems in business, and eliminate jobs at the same time, that we have this issue. The software programmer’s intention is good because as a community do want our banks to make good loans and the loan to be

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repaid. Of course we need our banks to be strong and to be here for us when we need them. But their well-intended attempts to determine the loan risk upfront has had an unintended discriminatory impact on people of color. The most recent HMDA data clearly shows that we are not making conventional loans to African Americans. The loan denial rate is twice the rate of Caucasians.

The banks are making more FHA and USDA loans to African American because of less restrictive government underwriting guidelines but at a very high cost in interest rate, mortgage insurance and loan level price adjustments.

I do not understand why there is not one well financed Fair Housing Agencies, or Civil Rights Organizations, because of their recent lawsuits victories and Federal grants, that have not filed a lawsuit naming all the parties involved to eliminate credit scoring because of it disparate impact. Do they care? It seems ridiculous to me that not one Fair Housing Agency has even attempted to do so.

If anyone knows of any Fair Housing Agency or Civil Rights organization that has filed a lawsuit on this issue, and it is pending in Federal court, I will retract my statement and publish the complaint in the magazine. FICO Scores, Vantage Scores and other credit scoring models used by banks disproportionately affects African American and people of color. This in and of itself is a Civil Rights issue that should be address in Federal court. It is discriminatory and I do not see how anyone can say that it is not.

Finally, eliminating loan level price adjustments that make the cost of borrower higher for African American needs to happen now. The GSEs aka Fannie Mae and Freddie Mac, who are still under conservatorship of the Federal Government, credit pricing includes Loan Level Price Adjustments aka LLPAs and guarantee fees (g-fees). These cost are borne by borrowers as part of their up-front closing costs and/or part of their ongoing monthly payments. LLPAs are

based on loan terms including borrowers’ credit scores, loan-to-value ratios and other risk factors that can total up to 4.0 percent of the loan value for some borrowers. The GSEs’ income has achieved new records and they have unprecedented liquidity provided by the U.S. Treasury Department and Federal Reserve. The Great Financial Crisis is now over and the GSEs are more profitable and stronger than ever. Why are they still under conservatorship and why do the GSE fees and LLPAs still exist?

We need them to be eliminated now.

The impact on these fees is primarily on the low and moderate income borrower and first time homebuyer who can least afford the higher cost and interest rates. NAREB has formally ask that these fees be reduced or be eliminated because the risk to FNMA and FHLMC has significantly reduced due to more restrictive underwriting requirements, full income documentation and the ability to repay rule just to name a few things. Credit requirements are also more stringent for lenders and MI insurers.

Capital requirements for banks are higher. Tougher regulations from the new Consumer Financial Protection Bureau and Dodd Frank Act has turned the mortgage industry negative about lending to Loan to Moderate Income borrowers because it has become too burdensome to make the loans and they are existing FHA and other community lending programs.

The LLPAs and G-fees where necessary at one time but now they are not.

Where is the money going anyway, and how are LLPAs and the G-fees being determined? There is no transparency in how these pricing decision are being made which leads to suspicions of mismanagement and most like the waste of important financial resources that could and should be spent on furthering the goals of home ownership, maintaining a stable housing marketing and the secondary market that are essential to achieving the goals of homeownership for everyone.

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So, can NAREB achieve the goals of this campaign?

According to President Cooper, NAREB can and will achieve the goal if realtists work together and NAREB gets the support of policy makers to eliminate some of the barriers to homeownership.

As the founder of The Power Is Now and a member of NAREB Orange County, I am committed to doing my part as real estate and mortgage broker.

I am conducting educational seminars online and working with churches throughout Orange County and the state of California to empower African American borrowers with information and loan programs that can help them buy a home. I cannot wait to help more and more of my clients to august 2016

achieve their dreams. I can help you today to find your dream home and be able to afford it without sacrificing family or financial security.

Thank you reading The Power Is Now Magazine!

Please share the magazine with your friends, family, and coworkers. We are your resource for all that is real estate, and everyone needs somewhere to live. Your Power Is Now!

The Power Is Now MAGAZINE | 12

Sincerely, Eric Lawrence Frazier, MBA President and CEO The Power Is Now Inc.

VIP Agent PROGRAM BENEFITS AS A VIP AGENT YOU’LL RECEIVE: • • • • • • • • •

Biographical Radio Interview Real Estate Advertising in The Power Is Now Online Radio, Magazine and Online TV Article Writing/Blogging Social Media Customization & Management Business Coaching Business Support, Technology and Marketing services.

Real Estate Marketing Session Networking with Industry Leaders and Top Agents Inclusion in The Power Is Now VIP Agent Mastermind Group

GET STARTED TODAY! Eric Lawrence Frazier MBA Broker | President and CEO CA BRE: 01143484 | NMLS 461807 The Power Is Now Inc. CA BRE: 1980407 | NMLS 1435243

Website: www.thepowerisnow.com Email: eric.frazier@thepowerisnow.com Mobile: 714-361-2105 Office: 800-401-8994 ext. 703 Fax: 800-401-8994

FINANCE

august 2016

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VIP AGENT

10 TIPS FAST

TO $ELL YOUR HOME

There are millions of tips and tricks to get your house sold, but with so many homes sitting on the market it is important to know which tips are for you. These ten tips will get you what you need and fast.

1. PRICE IT RIGHT – If your home is priced too high, you may price yourself right out of selling it. The home has to be priced at a fair market value, and if buyers walk inside and think that it is not worth the asking price, the odds are, they are right on the money! Pricing your home too high will cause your home to stay on the market for a lot longer than necessary. When buyers see that your home has been on the market for too long, all they are thinking is discount, discount. It only brings down the price of the home even further. So price it right to get it into contract quickly.

2. DEPERSONALIZE YOUR HOME – Take down your family photos; pull the magnets off the refrigerator; and put away your sports gear. You need to clean like your mother-in-law is coming to town and staying for a week. Buyers now can take pictures of your home which means that your kids will be in those pictures too. I do not know about you, but I do not want to put my kids on display with strangers. Are you a diehard Raiders fan?

Well your buyers might be 49ers fans, and since the Raiders are their rivals, they do not want to buy a house that supports the Raiders. Everyone has their own individual taste, and you now need to model your home to the general audience of what you think they may like. So take that stuff down, put it in a box, and store it somewhere else.

3. UPDATE YOUR HOME – You should go to a few homes for sale in your neighborhood and see what other sellers have done to their properties. You could also go online or look in Good Housekeeping Magazine and see what the color schemes are and the latest trends. In order to sell your home fast it should be up to date, well kept up, clean, and smelling good. Selling your property as is is ok. However, when it is updated, you tend to get more money for it. The property looks good in pictures and you will have a higher number of showings, which also increases the probability of selling the home.

Typical buyers, especially, first time home buyers do not want to buy a home, then have to fix it up to make it look nice. They want to buy a property that is already updated.

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4. DO TOUCH UP AND REPAIRS – I always tell my clients that we as homeowner occupants, sometimes ignore certain repairs. It is ok for you to deal with that squeaky floorboard, the old cabinets that are scratched and have missing knobs, the loose broken tile on the floor, or a cracked window. We always say, “Oh I will get to that later.” When you are selling your home, you need to do it now! Preferably before the home goes on the market. You have to paint, touch up, and repair everything to get the money you want. Buyers are very picky, and any little thing that is broken, or needs repair, they want a discount. So save yourself the headache and fix it now.

5. MAKE IT EASY TO SHOW – Do not tell the agent they can only show the property from 2-4pm on Tuesday and Thursdays, and no weekends. Don’t tell the agent everyone must give a 24 hour notice. Don’t tell the agent I’m not giving you a key and oh by the way I have to be home for all showings, and I work nights and sleep all day. You need to give the agent the keys, let them put a lockbox on your home, get out of the way and let them do the job that you are paying them for. Most buyers are not going to be available for those two hours. Yes, they want to see the home, but most people get off of work at 5pm. You have to be flexible with the times that you will allow the home to be seen. Of course it is uncomfortable having people come and view your home, but remember this is what you chose to do. You have to do anything to sell your home.

6. TAKE GOOD PICTURES – Make sure that you have the right lighting in your photos, and try to get as much of the room as possible. By de-cluttering and removing unnecessary items from your home it will look and feel so much roomier. Buyers want to walk into each room and envision their own furniture. You want to make the home look clutter free and staged, but if you want to have an empty room, that is ok too. Post the pictures on every webpage and any advertisement that you can think of, from your personal website, Facebook, Twitter, Instagram, Zillow, Craigslist, Backpage, and any other page that comes to mind.

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VIP AGENT

looking house on the block, or is it the eyesore 7. GREAT CURB APPEAL – Curb appeal is the look that all the neighbors despise. That will of the exterior of the home when you first see help you to judge your home and make any it. This is extremely important. I have had adjustments before the buyers see the home. buyers drive up to a property, and due to the exterior upkeep of the home and front yard they did not even want to go inside. They felt 8. CLEAN UP AFTER YOUR PET – I cannot stress this enough. When a buyer walks into your that the home was neglected, so the interior home they should not even smell a hint of must be worse. Who knows, it might have your pet. Your dog or cat should be locked up been better, but they were not even willing and caged, only to be seen and not smelled. to give it a try. Needless to say, they did not Put air fresheners around the home, there are buy that house. When selling your home so many different brands, choose whatever you should walk around the neighborhood you like. Glade Hawaiian Breeze is one of and see how your neighbors are keeping up my favorites, I love the fruity smell. You must their yards. Make a note of the colors that clean up your dog and cat feces on a daily their homes are painted, do they have fences, basis. The buyers should not be able to smell water fountains, park, RV parking? Compare dog poop from the front of your home before the outside of your home to the homes on they enter the home. You wouldn’t want the your block and see if your home is the best last thing for buyers to remember about your home is that they stepped in dog poop, or how your home reeked of stinky cat. This is a quick way to lose out on a potential buyer.

9. TELL EVERYONE THAT YOU KNOW – You just put your home on the market, and hired that wonderful agent. That does not mean that the buyers will come from their advertising efforts only. You can tell your friends, family, dentist, doctor, coworkers, and cashiers in the store, whoever you come into contact with.

When you are listing your home with an agent, you are working as a team. You never know who might be interested in buying your home. I have heard that most people know at least sixteen people who are either interested in buying or selling a home. They just have to dig deep into their computer of a brain.

Buyers come from everywhere, open houses, flyers, online, word of mouth, neighbors, other agents, and sometimes it is just plain

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old luck. So tell everybody: I am selling my home, do not keep it a secret.

10. DO NOT CHEAT YOUR AGENT – Last but not least, we know that sellers want to retain as much money as possible when selling a home. So they try to negotiate down the agent commissions. You would not ask your dentist, doctor, grocery store, gas station attendant to lower the amount that they are charging you, right? So why would you ask your agent to lower their commission? Pay the agents what they are worth. We work hard for our clients. All of my clients can attest to how hard I work for them, especially when they receive emails from me at 1:00am to 5:00am.

I’m still working, while my clients are sleeping. All commissions for the sale of real

estate are negotiable between the principal and the agent.

Sellers, I want you to keep this in mind.

The commission that you are offering to the agent is being split between both the agents that represent the buyer and seller. Without getting into commission percentages, the amount that you are offering to the buyer’s agent, is not only a number, but it is the amount of incentive that you are offering to get them to bring in a qualified buyer to purchase your home. Incentive is the key word. This is how most agents think, why would I bring a client to see a house that is offering a low commission when I can take the client to the house around the corner, and get paid more money. It’s sad to say this, but this is reality.

The more you pay, the more agents you have working to bring you a buyer. It’s simple math, and we all know that money talks.

There you have it, try these ten tips and see how fast your home sells. Some of these may sound like common sense, but you would be surprised how many homes are not sold simply because of little things like these. I am ready to keep selling and buying for my clients, and implementing these tips will help immensely. Give your real estate agent a hand and get ready to sell your home!

Lynell Holden

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www.thepowerisnow.com

MORTGAGE

DIVERSITY AND INCLUSION IN MORTGAGE BANKING - PART 1

By Sharon Bartlett

I

recently attended the inaugural Five Star Diversity & Inclusion Symposium in Dallas, Texas.

The exclusive event was hosted

by The Five Star Institute and focused on advancing the conversation of diversity and inclusion within the mortgage industry.

Sharon Bartlett is the principal consultant and owner of Sharon Bartlett Consulting. Sharon is an expert in default services management and is a frequent speaker at industry conferences.

You can contact Sharon via email at sharon@sharonbartlett.com

The symposium was an opportunity to not only celebrate the progress that has been made towards building a profession that is both diverse and inclusive, but also to acknowledge and discuss the work that is required to achieve

the industry goals of diversity and inclusion.

Many key players in our industry attended the event. Keynote speakers were: Sharron Levine, Director Office of Minority and Women Inclusion, of FHFA; Tujuanna Williams, VP Chief Diversity and Inclusion Officer, of FNMA; and Stuart Ishimaru, Director Office of Minority and Women Inclusion, of CFPB. They each had powerful and thought provoking messages.

Additionally, there were four panel discussions that gave us an opportunity to learn from the experts and engage in critical

dialogue.

lenders, servicers and investors assess the strength and compliance of their diversity So what were my key takeaways from the day? and inclusion initiatives. However, I took the Here are a few: assessment and believe that it would benefit anyone who wants to know where they need to • Diversity and inclusion go hand in hand. improve. You can access the self-assessment at There is no inclusion without diversity. http://vrmuniversity.com/di-selfassessment/.

• You need to constantly assess to know where you need to improve.

I was ecstatic when The Five Star Institute • Tone must be set at the top; leaders need to reached out and invited me to the symposium. make an extra effort.

I looked forward to learning what others are • Connect it to the business (systems, doing to advance their companies in this space functions, processes). and for the candid discussions we would have.

• This is a journey; be willing to open up and In true Five Star form, I was not disappointed! have difficult conversations.

• Remember what it feels like to be outside For those of you that know me, I am very looking in. passionate about and have a commitment • Seek to understand first; be aware of self- for advancing diversity and inclusion in the biases. mortgage banking industry. My passion is driven by my curiosity about the far reaching Vendor Resource Management University implications of diversity and inclusion, and I (VRMU) shared information about the free am committed to helping others see that it is a online self-assessment they developed. The business imperative. It is the right thing to do! comprehensive tool was developed to aid

REAL ESTATE

WHY BUY IN SOUTHERN CALIFORNIA

S

outhern California is expensive and they encounter droughts every summer, so why would anyone want to live there? Why are people flocking to Southern California with their wallets and bank accounts outstretched, ready for a cumbersome mortgage?

within Southern California is a prestige that only few in the nation may boast of. Once you have reached Southern California, Orange County in particular, you have made it. Realtors and realtists in this beautiful area never need to embellish when showing these stunning homes that range from exquisite condos to bountiful There is a reason for the price tag. Southern mansions on the beach.

California is the gem of the nation, providing shelter for those around the nation that would Are you looking for a new dream home, but prefer stunning weather, albeit sometimes dry, you want a quality education for your children? over the snowy conditions of the north. Nestled Southern California boasts of some of the best

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schools in the nation that rival the wonder of the homes.

Besides, your kids will love their close proximity to Disneyland in Anaheim, California. The magic never stops as the park continues to change and build up within the populated metropolis. Are you a fan of the nightlife of California? Lucky for you, Southern California caters to all age groups, embracing those that are never prepared for a quiet night in.

Now, you or your clients may shudder at the price tag of many of these Southern Californian homes. Newport Beach in particular has property values averaging in the millions of dollars, after all. In actuality, there is a hidden gem of Southern California in Orange County. Dana Point, a secluded paradise sees lower property values that are much more affordable than the multimillion dollar estates in Newport Beach.

Dana Point has an array of gated communities, condos, and amazing dream homes ready to

embrace their new owners.

Riverside, California, the home of The Power Is Now Inc. and its founder, is another amazing city to settle down in. Your family will prosper as many have in Southern California with prestigious colleges and universities such as The University of Redlands, the California Southern Law School, California Baptist University, and La Sierra University. Your high school graduate will be able to stay close to home while getting a top notch university.

So yes, conserving water and a higher mortgage may await you in Southern California, but that investment into homeownership will pay off in the end. Everyone who is anyone wants to live in Southern California. If you buy now, think about how much that property will appreciate as your children grow up in this dream home.

By time you go to retire, you will be set to be comfortable in your older years as well as leave an inheritance to your children. Family is everything, and Southern California embraces the accepting family atmosphere. Hurry and jump into Southern California’s real estate before it is too late!

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www.thepowerisnow.com

Home Ownership 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.

By Eric Lawrence Frazier MBA CA BRE 01143484 | NMLS 461807

thepowerisnowmortgage.com/

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5 Steps

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To Buying A Home After Losing Your Spouse

By Sara Bell It goes without saying that losing a spouse is an incredibly difficult part of life. Throughout all of the heartache and the headaches of dealing with everything that needs to be done, you have to figure out what your living arrangements are going to be like following your loss. While many will remain in the home they shared with their significant other, others will look to move on or face the harsh reality that they simply must.

1. Determine If You Really Want To Move As this difficult process begins, the first thing you’ll need to do is decide if you really want to move. Your situation gives you a lot to think about, and there’s no simple answer. If you can’t decide how you want to proceed, seek advice from friends, loved ones, or some kind

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of counselor. Ultimately, the decision should be your own, provided you’re financially and physically able to keep the home, but talking out the pros and cons can help you reach it.

2. Determine If You Really Want To Buy If you’ve given it all the thought you need to and have decided that it will indeed be best to move, you next have to decide if you really want to buy a house or if you want to rent. You may prefer the flexibility of renting at least in the beginning of this new phase of your life. You have enough to get used to with your new life that you may not want to rush into buying a permanent home.

On the other hand, turning around and buying a new home might turn out to be just the thing you need to settle into life after your spouse.

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REAL ESTATE

Having a home of your own may offer you some 5. Make An Offer comfort in an otherwise sorrowful situation.

Other factors like children and jobs may also When you’ve found the home you want to be sway you one way or another. yours, it’s time to make an offer to the seller (your real estate agent will help you with this).

3. Figure Out What You Can Afford Provided an agreement can be reached, you can move on to inspections, closing, and start Once you’ve decided that you want to buy a moving when you’re ready. house, you’ll need to figure out what your price range is. This will be determined in part by your Bonus Tip: Aim For Lower Closing Costs spouse’s assets that have been left to you, the terms of their life insurance policy, etc. If you After the loss of a loved one, it’s likely that you need help figuring out how to deal with power of have enough costs to deal with. If you’re going attorney and related issues, read this. through with buying a new home, there are ways to reduce near-term out-of-pocket expenses.

Start by using a home affordability calculator You may be able to get lower closing costs if and getting pre-approved for a mortgage. This you choose a lender with low fees, don’t pay to will help you look in the right direction when lower your interest rate, or negotiate with the you’re actually seeking out potential homes. seller to get them to pay some or all of the costs.

Many sellers will be willing to do this just to get 4. Look For The Right Home a deal done.

Finally, we get to the part of this that actually lets you have some fun. Go to open houses, search real estate listings, and get a real estate agent who can take you to look at the potential places you might spend your coming years.

Sara Bell grew up in a family of teachers— her dad has taught high school for 30 years and her mom is a university professor. At EducatorLabs, she puts the lessons they instilled in her about the importance of curiosity and learning to great use. When she isn’t working, she enjoys reading, writing, and knitting. sbell@educatorlabs.org

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CALIFORNIA HOUSING ADVOCATES RESPOND TO CFPB’S FINAL MORTGAGE SERVICING RULES WIDOWED HOMEOWNERS WILL BENEFIT, BUT CALIFORNIA SENATE BILL 1150 IS STILL NECESSARY TO ENSURE ACCOUNTABILITY San Francisco, August 4, 2016 - The Consumer Financial Protection Bureau released its final mortgage servicing rule today, with stronger protections to prevent unnecessary foreclosures on successors-in-interest, more commonly known as “widow foreclosures.”

In response, Kevin Stein from the California Reinvestment Coalition (CRC) and Maeve Elise Brown from Housing and Economic Rights Advocates (HERA) issued these statements: “We are glad to see the CFPB issue its much anticipated final rule on mortgage servicing, which clarifies the obligations that mortgage servicers have to work with successors in interest (widows, orphans and similar heirs).

As expected, the rule acknowledges that these successors are confronting a variety of hurdles when trying to work with their mortgage servicer to keep their family home,” explains Stein. “To address this problem, the Bureau’s new rule provides confirmed successors the same rights as all borrowers which is positive. At the same time, it was concerning to see the Bureau chose not to include an accountability mechanism (like a private right of action) to ensure the servicers would follow the new rules.”

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Brown adds: “Fortunately, pending state legislation, Senate Bill 1150 (Leno, Galgiani), includes a private right of action for California successors to ensure that mortgage servicers are held accountable for following the rules. We learned from the Homeowner Bill of Rights that including this mechanism created accountability and forced mortgage servicers and banks to clean up their acts and stop illegal foreclosures.

Senate Bill 1150 would do the same thing for the most vulnerable homeowners in California.”

She adds: “The CFPB’s new rules, coupled with SB1150, would go a long way towards leveling the playing field and helping to preserve the largest asset most Americans will ever own.”

Additional Context: Broad Support for SB1150: SB 1150 is cosponsored by Housing and Economic Rights Advocates (HERA), the California Reinvestment Coalition (CRC), and the California Association for Retired Americans (CARA). SB 1150 is supported by California Attorney General Kamala Harris and over 60 well-known organizations, including AARP California, Courage Campaign, CalPIRG, the Multicultural Real Estate Alliance for Urban Change, the

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National Council of La Raza, National Housing Law Project, Neighborhood Housing Services of Los Angeles County, and more. To see a full list of supporters, visit www.survivorbillofrights. org.

working with successors in interest.

A 2016 white paper by Housing and Economic Rights Advocates gives additional context to this problem and the problems it can trigger for older Americans who want to age in place and Research on problems faced by whose home is their largest asset. Download successors in interest: the paper here: Whose Home Is It Anyway?

How The Modern Mortgage Servicing Industry In 2012, the California Reinvestment Coalition Strips Wealth From Low and Moderate Income and Housing and Economic Rights Advocates Communities In the U.S. And California submitted an in-depth legal analysis of the problem and case studies of homeowners in California experiencing these problems to the CFPB, OCC, and Federal Reserve.

For Immediate Release In a 2014 survey of housing counselors and Contact: Legal Aid attorneys, 87% of respondents said Sean Coffey the “widows issue� was still a problem, despite (415) 864-3980 federal guidance to mortgage servicers about scoffey@calreinvest.org

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www.thepowerisnow.com

GREEN

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THE POWER IS NOW MORTGAGE SERVICES

A Division of The Power Is Now Inc.

ERIC LAWRENCE FRAZIER, MBA MORTGAGE SERVICES

APPLY ONLINE AT WWW.APPLYTOBUYNOW.COM OR CALL 800-261-1634 EXT. 703

Why Work with Eric Lawrence Frazier MBA?

Programs:

• 34 years of experience in helping buyers finance their home • BS in Business Administration and Management and a MBA in Finance • Real Estate Broker CALBRE # 1980407 • Experienced Business Consultant and Life Coach • Eric Frazier will counsel and guide you through the process. He will help you to make difficult decisions and support you until the loan is closed.

• • • • • • • • • •

• Obtain Preapproval online in 48 hours at www.applytobuynow.com • Join the Power Is Now Buyers Club for free at www.neverrentagain.com ERIC LAWRENCE FRAZIER MBA CA BRE: 01143484 | NMLS 461807 The Power Is Now Inc. CA BRE: 1980407 | NMLS 1435243 Website: www.thepowerisnow.com

Grant Funds for Down Payment Assistance 100% FHA Financing Programs Conventional Loans Government Loans Jumbo Loans None Prime Loans Commerical Loans Private Equity Loans Land Loans Note Loans Buy a Home 12 Months After Bankruptcy, Foreclosure and or Short-sale.

Email: eric.frazier@thepowerisnow.com Video Chat: https://zoom.us/j/5443077305 Mobile: 714-361-2105 Office: 800-401-8994 ext. 703 Fax: 800-401-8994

The Power Is Now Inc., is a Mortgage Brokerage Licensed by the State of California CALBRE License #1980407 and is not affiliated with any state or federal agency. Go to www2.dre.ca.gov for verification. The Power Is Now Inc., is also licensed by the NMLS License #1435243. Go to www.nmlsconsumeraccess.org for verification. The Power Is Now Inc., is an equal housing lender. Our corporate office is located at: 379 6th Street Riverside, CA 92501. Telephone and Fax: 800-401-8994. Eric Lawrence Frazier, MBA is a California Licensed Loan Originator NMLS# 461807. This is not a commitment to lend or extend credit. Restrictions may apply. Information and/or data is subject to change without notice. All loans are subject to credit approval. Not all loans or products are available in all states.

Our Cover

RON COOPER Ron Cooper is an African American Real Estate Broker, investor, and entrepreneur. He has become a multimillionaire as a broker and investor, and has built an incredible portfolio of real estate that will financially impact his family for generations to come. He has built a very successful REO business and has commercial accounts with all the major banks, government agencies, and private companies. He has a team of over thirty full time agents and is a recognized name in Los Angeles as a broker, leader, and real estate firm. R.S. Cooper and Associates is a brand and player in the real estate market of Los Angeles, California.

R

on Cooper is also a success story not just for the African American community, but for all Americans who seek the promise of America for the opportunity to pursue your dreams, provide for your family, and to achieve wealth that may change the life of your family for generations.

Ron Cooper’s story is not unique. There are many Ron Coopers in African American communities across the country who have chosen real estate as a profession and have built tremendous wealth. For most of these individuals it started with buying their first home; however, you will not read about African American men like Ron Cooper, especially in the press lately. In addition, men like Ron Cooper do not seek the limelight or fame. Ron Cooper especially loves working behind the scenes building a successful company, mentoring real estate agents, working with community organizations, investing in young people, leading real estate trade organizations, and being a role model for other African American men who have chosen the profession of real estate.

as President of the NAREB (The National Association of Real Estate Brokers). After years of serving the organization and being in the real estate business for more than thirty-three years, he now has earned an opportunity to make a difference as leader in the NAREB. As President of NAREB, Mr. Cooper has the greatest impact on the organization and in the African American community by making advocacy his number one priority. He believes that there are many reasons why advocacy is a priority for his administration.

One reason Mr. Cooper believes that advocacy should be priority is because of the Great Financial Crisis. Everyone was impacted by the Great Financial Crisis, but the African American community was devastated by the crash of the real estate market and the lost thousands of jobs. Now that the country is recovering from the crash and the real estate market is coming back, only 2.2% of all loans are going to African Americans from the most recent data of Freddie Mac. Only 41% of African Americans currently own a home, a significant fall from the still low norm of 48%. To make matters worse, there is Mr. Cooper has achieved many accomplishments a 59% loan denial rate to African Americans in his real estate career such as being inaugurated applying for a mortgage loan.

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OUR COVER

Black Wealth Through Homeownership”, at the helm. From pre-convention events to outstanding leadership presentations to the soulful Long Beach Jazz Festival, you will not be bored.

Bring your laptop and notebook, because these presentations are ready to change your life, your business, and the state of black homeownership.

Every moment of this convention is full of expertise that you will not be able to find anywhere else. NAREB has brought in experts on building that business, becoming a ground shaker, and developing professionally as well as personally for the good of yourself, your family, and this great nation that we call home. Unfortunately, there is a disparity in homeownership that is causing an even larger gap between African Americans, white Americans, and other minorities. We must fix this for the For most Americans, 90% of their wealth is in sake of our children, our grandchildren, and homeownership. There is already a significant every generation after. wealth gap between African American and whites, but the Great Financial Crisis exacerbated the This quote from President Ron Cooper sums situation and has caused a larger wealth gap for up the what this conference addresses in two the African American community. Government sentences: “I’ve worked in real estate for thirty policies in housing and banking, credit overlays years, and I don’t think I’ve ever run into a black in lending, FICO SCORE requirements, and person who did not want to own a house. I’m many other barriers are making it difficult, if not saying that everyone should own a house, not impossible, for African Americans to get but I am saying that this myth that not everyone should be afforded the opportunity to own is back in the housing market. a problem” (Ron Cooper). As professionals Ron Cooper expressed his plan of getting two we need to understand that our clients want to million African Americans into homes in the succeed and that we must educate ourselves to next five years shines through in NAREB’s the fullest in order to allow them to achieve their conference that is just around the corner. From dream, their American Dream. Right now, you August 12th to August 16th the NAREB’s annual need to sign up for this conference. Find the convention will be held at the Westin Long Beach itinerary here for more details. Educate yourself!

Hotel in Long Beach, California. Naturally, we The Power Is Now! Californians are excited. This will, undoubtedly, be the best conference that NAREB has ever had with Ron Cooper and his motto, “Rebuilding

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YOU

Stop Answering Your Phone Part Ii

By Eric Lawrence Frazier MBA

S

o far the feedback I have received from the part I is positive and that they agree with me. I am not surprise that so many people have this problem. Perhaps I should start a 12 step program for people who are struggling in this area. We can meeting monthly and talk about the latest clients we devalued and disrespected. Let me know if you are interested.

I am kidding but then again may I am not. I will get back to you.

name to answer when you should be listening to your client and not hearing anything else. I do not know of anyone who likes being asked “can you wait a minute so I can take this call. It will only be a minute.” Well if it is only a minute then why can’t they leave a message! Of course it is not minute. It is 5 minutes or longer. It really doesn’t matter what it is really. We hate being put on hold or made to wait because someone else is more important. It could be putting in order for pizza or waiting for the doctor to come to the The solution to the problem is really simple and phone. No one likes being people hold or made has been around for a long time. It is something to wait especially when they have a scheduled we all know and have always believed. Here it time to meet with you. is: We must practice the Golden Rule to “do unto others as you would have them do unto Now hate is a strong word but I am trying to you.” I will admit that the things that people do bring this terrible activity to a higher level of that give me the most pain and anger when I see consciousness for me so that I do not do it. I hate it or experience it, I would never do to another being put on hold. I hate when I am speaking person. Think about the things you hate the most to someone and they are not paying attention. I that people do to you or others and how it makes hate when I am speaking to them and they are you feel. You feel so strongly about it that you looking over my shoulder at someone else and know it is an impossibility that you would ever not me. I hate, I hate it, I hate it. It hate most of do the same thing to someone else because you all how it makes me feel and this is something know how it feels. This is what we must do we all need to really think about. How does with this problem. We must raise our level of your client feel about you and the service they consciousness about it and make it personal. I are receiving? In sales we know that most know we can and I know it is hard. The phone decision are emotional decisions. It doesn’t can be like drug to a drug addict calling your matter if the person is buying a car or house. It

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is largely an emotional decision to move forward. The client’s emotional state of mind is priceless and must be respected and nurtured or the sale may be in jeopardy. The client’s experience and emotional state of mine is priority number one.

From the time they visit your website, walk in your office and/or meet with you phone or video, your ability make them feel valued and important to your business at the beginning, middle and end of that meeting will determine your future business relationship. This is the rule and it is why we do not answer our phone in meeting.

I am fully aware of this rule when I am taking care of a personal matter and I want the undivided attention of the person whom I am seeking assistance. When I meet with my doctor, it is just him and I in the room except for maybe a nurse who is just standing there quietly and never interrupts. I have his undivided attention.

When I sit down with my CPA and we are discussing my taxes and getting everything handled for April, he gives me his undivided attention. My CPA and my doctor are able to do this because I must make an appointment with them at a time when they are able to give me their full attention. I cannot just walk into my doctor’s

office or my CPA’s office and start talking. I must set an appointment. This means that I must schedule time out my busy life to meet them. When I arrive I get the respect that comes from a professional who takes his profession very seriously, and is fully prepared to share information and provide me the answers or assistance I requested or need, I feel valued and respected. My Doctor and Accountant both give me their undivided attention. So it is a combination of the Golden Rule and just good old fashion professionalism.

Another solution to this issue is utilizing voice mail and perhaps changing your voicemail message to show how much you value your client and their needs. The voice message should convey to our clients that we are currently engaged in meeting with a client and ask if they would leave a message with a time and date in which

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they would be available to speak to you. This message communicates a level of professionalism that shows you care and that you are giving another client your undivided attention.

The voicemail message goal is to establish clear expectation and guidelines by which you engage your clients and state how important your clients are to you. Here is an example: Thank you for calling. You have reach the office of Eric Lawrence Frazier. I truly appreciate the business and trust that I have with all of my clients and desire to give them all my full attention because of our relationship. I am meeting with a client now so I cannot take your call. Please leave your name and number and My assistant will contact you to determine a time that is most convenient for us to speak by phone or video.

www.thepowerisnow.com

YOU I am looking forward to getting together. Have client of mid level or low producer? The client great day. probably has no idea of the level for production or status of the salesperson and doesn’t care.

I have an assistant. Do you? If not why not? They just want to be served. If the production Having great administrative support and salesperson doesn’t warrant administrative assistance is very important for the customer support then why are they working for the experience. It’s not about ego or recognition company? If you have a training program then from the company for a job well done. It’s not that is different but if you do not it doesn’t about the sales professional at all really. It is make any sense. If you business model for all about the customer and their experience in production and customer service is based on the working with the sales professional and the Pareto principle then know the answer to your company. Anyone in sales needs help managing problems. I need not say anymore. Call me for the leads and business they are originating. We a business consultation. If a salespersons must all need someone who is tracking our emails, prove themselves before the company is willing voice messages and responding to our clients to give them an assistant then they are not the and inquires to buy, sell, obtain a loan or just to salesperson that company should hire. If the get information while we are in meetings with salesperson disagrees then they should find a other equally important clients. The clients company who believes in them and is willing to will know that the message has been received make the investment in an assistant so that they and you are aware that they need to speak to can be a productive sales professional who is you. Depending on the level of support you providing great customer service. By the way have, the assistant can make contact with the Sales and Branch managers are never treated client and obtain detailed information about this way. They get administrative help on their their request so that you are even more prepared first day. Now I know that this deviation from for the meeting or conversation with the client. my main point is really another blog so I will Having strong administrative support is the now move on. But I know you understand what best way to ensure your clients are truly being I am saying whether you agree with me or not. served. Especially if you are concern about the You are going to have wait for part III, so I can customer experience. finish with a bang. I have plan for you. You can do it. The Power to Change is Now! Let me deviate from my main point for a minute.

Most real estate and mortgage companies have a backward philosophy about sales support primarily because they believe that the more agents and loan officer you have the more business you will do. When in reality the more support your agents and loan officers have the more business they will generate and the better service they will provide. In a typical real estate office or mortgage company only the very top producers have an assistant when in reality the company should not have any salespeople who also do not have an assistant. Is the client of a top producer more valuable and important than the

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BUSINESS

Frazier Group Realty, Inc. As you venture into the World of Real Estate, we can help you put the pieces together and Naviagate you into Home Ownership

Ruby L. Frazier President License #01751773

Briana M. Frazier Broker License # 01751473

Jessica E. Frazier License # 01817312

Erica L. Frazier License# 01791095

Frazier Group Realty is the right place. Our Navigators are available to give you personalized service and answer any questions you may have. You can call, email or visit us and we will be there ready to help you every step of the way. Wether you are a first time home buyer or an experienced real estate investor, here at Frazier Group Realty you gain useful information about how to choose the “right” property, and everything involved in making an informed decision in today’s real estate market.

Making Clients for Life

3739 6th Street, Riverside, CA 92501 Office: (951) 686-5261 Fax: (951) 686-5264 www.fraziergrouprealty.com

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Name: Eric Lawrence Frazier MBA CA BRE # 01143484 | NMLS # 461807 Website: www.thepowerisnow.com Call me for details: Website: www.thepowerisnow.com Email: eric.frazier@thepowerisnow.com E-mail: eric.frazier@thepowerisnow.com Video Chat: https://zoom.us/j/5443077305 ERIC LAWRENCE FRAZIER MBA Mobile: 714-361-2105 CA BRE: 01143484 | NMLS 461807 Direct: 714-475-8629 Office: 800-401-8994 ext. 703 The Power Is Now Inc.O: 800-261-1634 x 703 Fax: 800-401-8994 CA BRE: 1980407 | NMLS 1435243 F: 800-261-1634

* Restrictions may apply.

The Power Is Now Inc., is a Mortgage Brokerage Licensed by the State of California CALBRE License #1980407 and is not affiliatedwith any state or federal agency.

Go toiswww2.dre.ca.gov verification.

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