csrej - october

Vol.6 No.2 www.csrej.com October 28, 2013

Creekstone Homes Hosts Realtors

Empire title 10 Year anniversary

north american title open House

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PRSRT STDUS POSTAGEPAIDPERMIT 745 COLO SPGS CO

National News ........... page 5Local News ............... page 10On the Move ............. page 16Local Expert ............. page 18Around the Corner ...... page 19

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Existing-home sales down in September but prices rise

The next generation of home buyers: How student loan debt impacts qualifying for a mortgage

As we look at the long term health of the hous-ing market, it’s important to ana-lyze the fi nancial wherewithal of the future buyers’ pool. Th at pool could become shallower among younger home buyers who have recently gradu-ated from college or will do so in the near future. Th is group commonly shares one fi nancial burden that could have dramat-ic implications on the housing market. Th at burden is student loans. Americans currently owe over $1 trillion in student loan debt, which is approximately $200 million more than the nation’s credit card debt.

It’s no secret that the cost of higher ed-ucation has far exceeded infl ation. Th is has required more and more individuals to rely on loans to fund their education. Combine this with slower job growth and underemployment for recent col-lege graduates and the result is a debt burden that will make it more diffi cult for these younger buyers to qualify for mortgage loans that allow them to pur-chase homes.

By educating consumers on how stu-dent loan debt is evaluated during loan underwriting, which varies depending on the type of loan being considered, we as an industry can help these gradu-

ates achieve their dream of home own-ership while also supporting the hous-ing market. Here are four high level scenarios that illustrate the diff erent ways student loan debt impacts mort-gage underwriting:

1. Th e borrower already has an established mortgage payment.

Th is scenario is very straightfor-ward. Whether the existing loan is a conventional, FHA or VA, the current monthly student loan payment is used.

2. Th e potential homebuyer is scheduled to graduate/begin making student loan payments within the next twelve months.

In this scenario the lender must include the anticipated monthly student loan ob-ligation in the underwriting analysis.

3. A homebuyer’s student loan payments are deferred.

If the borrower has been able to get the debt deferred, how the debt will be calculated depends on whether the mortgage they are considering is a gov-ernment loan or a conventional loan. For FHA and VA mortgage loans, if there is documented proof that payment has been deferred for 13 months or longer, the student loan debt does not need to be included in the analysis. However, for most conventional loans, even when there is proof of deferment, the lender

must include two percent of the outstanding student loan balance as an upfront payment at closing. If the deferred student loan’s monthly payment is more than two per-cent of the total student loan balance, the monthly payment to total debt ratio must be used to calculate the upfront payment.

4. Th e graduate’s student loan debts, and resulting student loan payments, have been reduced.

In this case, the borrower will need to provide documentation to verify the debt reduction.

While student loan debt will con-tinue to be a factor in qualifying for mortgage loans, we can help advise these new homebuyers on the types of mortgage loans they could consider in order to soft en the impact of their stu-dent loan debt.

How student loan debt impacts qualifying for a mortgage

By Jon paukovichEnt—

Aft er hitt ing the highest level in nearly four years, existing-home sales declined in September, but limited inventory conditions continued to pressure home prices in much of the country, according

to the National Association of Realtors®.Total existing-home sales, which are

completed transactions that include single-family homes, townhomes, con-dominiums and co-ops, declined 1.9

percent to a seasonally adjusted annual rate of 5.29 million in September from a downwardly revised 5.39 million in Au-gust, but are 10.7 percent above the 4.78 million-unit pace in September 2012.

Sales have remained above year-ago lev-els for the past 27 months.

Lawrence Yun, NAR chief economist, said a decline was expected. “Aff ordabil-ity has fallen to a fi ve-year low as home price increases easily outpaced income growth,” he said. “Expected rising mort-gage interest rates will fur-ther lower aff ordability in upcoming months. Next month we may see some delays associated with the government shutdown.”

According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fi xed-

rate mortgage rose to 4.49 percent in September from 4.46 percent in August, and is the highest since July 2011 when it was 4.55 percent; the rate was 3.47 percent in September

2012.Th e national median existing-

home price for all housing types was $199,200 in September, up

11.7 percent from September 2012. Th is is the 10th consecutive month of double-digit year-over-year increases.

Distressed homes – foreclosures and short sales – accounted for 14 percent of September sales, up from 12 percent in August, which was the lowest share since monthly tracking began in Octo-ber 2008; they were 24 percent in Sep-tember 2012. Lower levels in the share of distressed sales account for some of the growth in median price.

Nine percent of September sales were foreclosures, and 5 percent were short sales. Foreclosures sold for an average discount of 16 percent below market val-ue in September, while short sales were discounted 12 percent.

Data from realtor.com, NAR’s listing site, show some of the strongest increases

See Prices Rise | 6

2 www.csrej.com Colorado Springs Real Estate Journal October 28, 2013

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Colorado Springs Real Estate Journal LLC (CSREJ) is locally owned and operated out of Colo-rado Springs, Colorado. CSREJ is published once a month and dis-tributed through US Mail to nearly all members of The Pikes Peak Association of Realtors® and The Colorado Springs Housing & Build-ing Association and many other industry-related professionals.

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October 28, 2013 Colorado Springs Real Estate Journal www.csrej.com 3

El Paso County Rates based on a purchase price of $240,000 with a reissue rate, assuming seller had two DOTs to be paid off.

Other fees may apply. Rates are subject to change. Premiums Effective: September 2011

Settlement Fee Effective: January 2012 Underwritten by Fidelity National Title Insurance Company

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Title insurance costs can be complicated…

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EmpiRE titlE'S 10-YEaR annivERSaRY

National News

This summer Empire Title of Colorado Springs celebrated 10 years in business. So, with diamonds representing a tenth-year anniversary, Empire celebrated with an ex-clusive “Diamonds Are Forever” event in September at the Mining Exchange down-town, where guests and Associates dressed in formal wear or as their favorite James Bond character. The festivities left no one shaken, but definitely stirred.

Builder confidence in the market for newly built, single-family homes fell two points in October from a downwardly revised reading in the previous month to a level of 55 on the National Association of Home Builders/Wells Fargo Housing Market Index (HMI) released this month.

“Builder optimism remains above 50 and we are still seeing signs of pent-up demand in many markets across the country,” said NAHB Chairman Rick Judson, a

home builder from Charlotte, N.C. “This slight dip in builder sentiment is the result of continuing challenges in the marketplace with regard to the cost and availabil-ity of labor and lots and uncertainty in Washington”

“A spike in mortgage interest rates along with the pa-ralysis in Washington that led to the government shut-down and uncertainty regarding the nation’s debt limit have caused builders and consumers to take pause,” said NAHB Chief Economist David Crowe. “However,

interest rates remain near historic lows and we don’t expect the level of rates to have a major impact on sales and starts going forward. Once this government impasse is resolved, we expect builder and consumer optimism will bounce back.”

Derived from a monthly survey that NAHB has been conducting for 25 years, the NAHB/Wells Fargo

Builder confidence down in Oct.; estimated 900K starts

See Builder Confidence | 9


National News

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in listing price from a year ago are in the Detroit area, up 44.6 percent; Las Vegas, up 30.7 percent; and Sacramento, up 28.9 percent.

Total housing inventory at the end of September was unchanged at 2.21 mil-lion existing homes available for sale, which represents a 5.0-month supply at the current sales pace, compared with a 4.9-month supply in August. Unsold in-

ventory is 1.8 percent above a year ago, when there was a 5.4-month supply.

NAR President Gary Th omas, broker-owner of Evergreen Realty in Villa Park, Calif., said there are far-ranging conse-quences from the repeating stalemates in Washington. “Just one impact of the recent government shutdown – delays in tax transcripts needed for approval of mortgage loans – put a monkey wrench in the transaction process and could negatively impact sales closings in next

month’s report,” he said.Th omas said fl ood insurance also is a

concern. “Realtors® report that approxi-mately 10 percent of transactions in Sep-tember were located in fl ood zones, and that nearly one out of 10 of those trans-actions were delayed or canceled due to concerns over rising insurance rates.” Notably higher fl ood insurance rates went into eff ect on October 1, and could impact future sales in fl ood zones.

Th e median time on market for all

homes was 50 days in September, up from 43 days in August, but much faster than the 70 days on market in September 2012. Short sales were on the market for a median of 93 days, while foreclosures typically sold in 43 days, and non-dis-tressed homes took 49 days. Th irty-nine percent of homes sold in September were on the market for less than a month.

First-time buyers accounted for 28 percent of purchases in September, un-changed from August, but down from 32 percent in September 2012.

All-cash sales comprised 33 percent of transactions in September, up from 32 percent in August, and 28 percent in Sep-tember 2012. Individual investors, who account for many cash sales, purchased 19 percent of homes in September, up from 17 percent in August, and 18 per-cent in September 2012. Last month, 74 percent of investors paid cash.

Single-family home sales slipped 1.5 percent to a seasonally adjusted annual rate of 4.68 million in September from 4.75 million in August, but are 10.9 per-cent above the 4.22 million-unit pace in September 2012. Th e median existing single-family home price was $199,300 in September, which is 11.4 percent higher than a year ago.

Existing condominium and co-op sales fell 4.7 percent to an annual rate of 610,000 units in September from 640,000 in August, but are 8.9 percent above the 560,000-unit level a year ago. Th e median existing condo price was $198,600 in September, up 14.2 percent from September 2012.

Regionally, existing-home sales in the Northeast declined 2.8 percent to an an-nual rate of 690,000 in September, but are 15.0 percent above September 2012. Th e median price in the Northeast was $240,900, up 2.3 percent from a year ago.

Existing-home sales in the Midwest fell 5.3 percent in September to a pace of 1.25 million, but are 12.6 percent higher than a year ago. Th e median price in the Midwest was $158,400, which is 9.0 per-cent above September 2012.

In the South, existing-home sales de-clined 1.4 percent to an annual level of 2.10 million in September, but are 9.9 percent above September 2012. Th e me-dian price in the South was $171,600, up 13.9 percent from a year ago.

Existing-home sales in the West rose 1.6 percent to a pace of 1.25 million in September, and are 7.8 percent higher than a year ago. With ongoing inventory restrictions, the median price in the West rose to $286,300, which is 16.8 percent above September 2012.

© Copyright National Association of Realtors. Reprinted with permission.

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Prices Rise from 1


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Locally owned CreekStone Homes, hosted a group of nearly fifty Realtors at the celebration event of their Kissing Camels demonstration home. With an excellent selection of premium home sites, new CreekStone Homes are now available in this exclusive community.

“We had a great time tonight showcasing The Nicholas, a luxurious new demonstration home in the exclusive Kissing Camels Estates neighborhood,” said Rhonda McDonald, President of CreekStone Homes. “With views of the golf course, wonderful live music, art by watercolorist Eric Fetsch, and yummy treats by The Picnic Basket, a great time was had by all who attended this special celebration!”

Housing Market Index gauges builder perceptions of current single-family home sales and sales expectations for the next six months as “good,” “fair” or “poor.” The survey also asks builders to rate traffic of prospective buyers as “high to very high,” “average” or “low to very low.” Scores from each component are then used to calcu-late a seasonally adjusted index where any number over 50 indicates that more build-ers view conditions as good than poor.

All of the HMI’s three components each fell two points in October. The compo-nent gauging current sales conditions registered 58, while the component gauging sales expectations in the next six months posted a reading of 62 and the component gauging traffic of prospective buyers was 44.

Looking at the three-month moving averages for regional HMI scores, the South held steady at 56, the West declined a single point to 60 and the Northeast fell three points to 38. The Midwest posted a one-point gain to 64.

NAHB Estimates Housing Starts Approach 900,000 Units in September** With the partial shutdown of the federal government preventing the U.S. Cen-

sus Bureau from releasing a housing starts estimate for September, NAHB has pre-pared its own.

NAHB estimates that the seasonally adjusted annual rate of construction for sin-gle-family homes was between 620,000 and 630,000 units in September.

NAHB estimates that the pace of construction of multifamily units was an ad-ditional 255,000 to 270,000, bringing the anticipated pace of total housing starts in September to between 875,000 and 900,000 units.

“The NAHB estimate of 875,000 to 900,000 total housing starts is based on con-tinuing improvement in single-family starts and ongoing volatility in multifamily construction,” said Crowe.

“Single-family starts dipped in July but rebounded in August, and we expect con-tinued strength in September,” Crowe added. “The Fed meeting in mid-September provided additional relief to builders and buyers that interest rates would remain near historic lows for the immediate future, encouraging consumers back into the housing market.

“Meanwhile, multifamily starts have been unusually volatile since the beginning of the year, swinging between 250,000 and 400,000 units from month-to-month. We expect some bounce back from the August pace of 263,000 as multifamily starts con-tinue to trend around 300,000 units.”

Editor’s Note: The NAHB/Wells Fargo Housing Market Index is strictly the prod-uct of NAHB Economics, and is not seen or influenced by any outside party prior to being released to the public. HMI tables can be found at nahb.org/hmi. More infor-mation on housing statistics is also available at housingeconomics.com.

The above article has been provided to you compliments of the National Association of Home Builders.

Builder Confidence from 5


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By DEREK CAMUNEZ | CO. Association of Realtors® 2013 Convention Chair

To quote our Keynote Speaker Bill Rancic, “Improve on a proven strategy.” Th at was certainly the thought

process behind this year’s CAR Convention. Taking the elements from the event that were proven to be suc-cessful, we modifi ed and changed where we could to im-prove the experience of not only our members, but our exhibitors and sponsors as well.

Th is year’s event saw the introduction of a dinner show, coupled with the Inauguration of Jolon Ruch and her Leadership team. Face, Denver’s A-List number one vocal rock band provided the entertainment for a very memorable evening. With the sold out crowd on its feet, the evening’s celebration, hosted by comedian Sam Ad-ams, was a proper kick off to the next few days.

Monday began with the continuation of the popular Town Hall meetings, this year featuring NAR President Gary Th omas, economic forecaster, Patt y Silverstein and DIA visionary, Kim Day. Th e vision of today as well as tomorrow was extraordinary. Monday also saw a new addition to the lineup in the form of the “Power Talks” luncheon. Four dynamic and diverse speakers from the national speaking circuit each gave the audi-ence an 18 minute teaser on their topic. Aft er hearing all four speakers, members were allowed to then take a class with the speaker they preferred. Jared James, Crystal Washington, Jason Pantano and Erika Napo-letano provided much information in a short span of time! A dynamic and full range of classes was also of-fered throughout the day.

Th e opening of the Expo hall with a bold new layout, and fresh look brought many members in for a closer look. We are very thankful to the many sponsors and exhibitors who helped to make the Expo hall a huge success. Th e evening was rounded out with the Spirit of Colorado Reception, a beer tasting / food tasting at Rock Bott om Brewery. Participants networked, danced and all received a commemorative beer pint glass and bott le opener!

YPNers had a strong showing at this year’s Convention, and their networking reception on Monday night at Jazz @Jack’s was a huge success! CYPN hopes to grow their presence in coming years at Convention with a reception fully incorporated into the registration system for next year’s event.

Tuesday saw the addition of another new event, the “Breakfast of Champions” hosted by comedian Robby Wagner. Th e breakfast served as an opportunity to fully recognize our outstanding members and the accomplish-ments and talent they bring to the table. Tuesday also saw a sold out crowd att end our Keynote luncheon with Bill Rancic, who brought a unique and heartfelt message to all of the att endees. Mr. Rancic also was part of a meet and greet, where he signed copies of his book, “You’re Hired.” Another day of training and education sessions was also available to the att endees.

In short, this year’s convention added many new ele-ments, and refi ned the existing ones, improving upon a proven event. Looking ahead, we want to continue this trend, and build upon the member experience as much as possible. Feedback, and ideas are always welcome, as it is through this approach that we can make the experience enjoyable for all.

A huge thank you to our members, sponsors and ex-hibitors, as well as CAR Leadership for pointing us in the right direction! I hope that your experience at this year’s “Power Up and Connect” convention was time well spent.

© Copyright Colorado Association of Realtors. Reprinted with permission.

2013 Colorado Association of Realtors Convention wrap-up

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Local News

Now open in Colorado Springs - Stop by and meet our team!

Regulated by the Division of Real Estate. Not a commitment to lend. Borrower must meet qualification criteria.

We offer FHA, VA, CHFA, Conventional and Jumbo loan programs paired with top-notch customer service.

719.749.7040 • www.Colorado-Cornerstone.com8610 Explorer Drive, Suite 100 • Colorado Springs, Colorado 80920

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Owners

Matt HallAshley BushPatti Walter

The Pikes Peak Association of REAL-TORS® (PPAR) celebrated the installa-tion of the 2014 Board of Directors at a formal dinner at The Briarhurst on Fri-day, September 27, 2013.

PPAR welcomes Jack Beuse, Para-digm Real Estate, as the Chairman of the Board and Cheri Fischer, Real Liv-ing – Select Properties, as the Chair-Elect. Joining the leadership team are immediate Past-Chair Hank Poburka, The Platinum Group, Todd McLain, The Platinum Group, Kevin Butcher, Cam-eron Butcher Company, Tony Clement,

RE/MAX Properties, Inc., Donna Major, RE/MAX Advantage, J.P. Speers, Pru-dential Rocky Mountain, John Walker, Walker Asset Management Realty, Inc., Charles G. D'Alessio, Synergy Realty

Group, Inc., Kathy Tutko, Real Living – Select Properties, and Darrell Wass, RE/MAX Advantage.

Installed as Colorado Association of REALTORS® (CAR) Directors:• LindaRichie,

RE/MAX Properties, Inc.

• WynnePalermo,WYNNE Realty, Ltd.

• BarbAsbury, Peak Realty and Consulting, LLC

• LoriVanDerWege, Keller Williams Client’s Choice

Installed as a National Association of REALTORS® (NAR) Director:• AlanLovitt,

RE/MAX Advantage

Rounding the evening’s celebration, PPAR named Tony Rose as “REAL-TOR® of the Year,” the Association’s highest honor.

Rose, managing broker and owner of Rose Real Estate LLC, was presented the award for demonstrating outstand-ing loyalty and dedicated service to the Association and Industry. The achieve-ment embodies truthfulness, prof-es-sionalism in business, and contribution to the community.

Rose, a long-standing member of the Association since 1991, has served in vari-ous leadership positions including Chair-man of the Board in 2012 and currently serving as the South District VP for the Colorado Association of REALTORS®.

PPAR also pre-sented the “Extra Mile Award” for excellence, ser-vice and dedica-tion to the real estate industry to Joy Block (right)

and Susan Muldoon (below).Block was the long term contractor for

MLS photos. Her staff took pictures of nearly every home listed in the MLS for almost two decades. RSC ended their contract with Joy in 2013 after many years of dedicated service to PPAR.

Susan Mul-doon, of Muldoon and Associates, has been a mem-ber since 2003. She has continu-ally supported the Community Relations Thanksgiving Baskets, which provides a complete Thanksgiving meal to a single parent family that is staying off of wel-fare, and Kids Crossing, which provides Christmas presents to foster children in El Paso County.

PPAR was founded in 1902 and currently rep-resents nearly 3,000 REALTORS® and affiliates in the Pikes Peak Region. For more information about PPAR visit www.ppar.com.

PPAR® installs new leadership and honors two members

Griffis/Blessing Inc is excited to an-nounce their selection by Fountain Rock, LLC to provide comprehensive manage-ment services for the medical office build-ing on 2504 East Pikes Peak Ave in Colo-rado Springs. The three-story property is 35,629 square feet with parking under the main level and is 100% occupied by Dr. Slack DDS and IntelliTec College Medical School, who occupies 90% of the build-ing. The daily operations will be overseen by the management team of Liz Seeger, Senior Portfolio Manager, Stacie Gray, Portfolio Assistant, Chad Achterhof, Property Accountant and Bobby Black, Maintenance Technician.

"We are thrilled with the opportunity as it demonstrates our growing expertise in medical office management," says Se-nior Vice President Richard Davidson, CPM®. "As the largest medical office management firm in Southern Colorado, with the exception of hospitals, we look forward to enhancing the service and ex-perience for our tenants, their clients and the students."

Griffis/Blessing to Manage home of IntelliTec College Medical School


All inventory pricing and availability subject to change.*iPad Mini® promotion is valid on contracts written 9/28-12/31/2013 and will be presented upon closing of the home. Inventory home pricing, availability and promotional o�ers subject to change.

The builders at Promontory Pointe are sponsoring a special fall promotion.

One that puts a shiny new iPad Mini* into the excited hands of all new homebuyers.

Not only that, but we’ll put one in the hands of their licensed Realtor (that's you), too, just for showing them the way to Promontory Pointe.

Terms of the promotion? Simple.

New Homes From Classic Homes and Vantage Homes. Priced from the upper $290s

Sales contract must be written with Classic Homes or Vantage Homes, in Promontory Pointe, between now and December 31, 2013, and must close to qualify.

It’s that easy! But hey, don’t lose time waiting around. Because while we’re clearly in the spirit of giving, this promotion, like the holidays themselves, will be over before you know it.

Promontory Pointe in Monument, Colorado. Spectacular properties at sensational prices.

Featured Inventory

The Windsor................15676 Transcontinental Dr..........2-Story....... ..$402,584 ............Ready November...............MLS# 782502The Dynasty ..............15815 Transcontinental Dr ....... 2-Story.........$517,208 ...........Ready December .......................................The Paradise...............15726 Transcontinental Dr...........Ranch..........$459,957 ............Ready January................... MLS #742872

Classic Homes – Stephanie Davis/Craig Esterle (719) 481-9828Model Location: 15530 Short Line Court (80132)

The Willowood II.......15615 Transcontinental Dr..........2-Story.......$408,835. ..............Ready October ..................MLS #742872The Appaloosa II ......15677 Old Post Dr .........................Ranch.........$378,377 ................Ready November............ MLS #764941The Massey.................15685 Transcontinental................Ranch.........$403,888...............Ready November............. MLS #742291

Vantage Homes – Jan Childs (719) 494-8112Model Location: 15542 Short Line Court (80132)

Priced from the upper $300s

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Local News

ERA Shields Real Estate raises over $45,000 for MDAAlways willing to support a worthy

cause, members of ERA Shields Real Es-tate recently raised over $45,000 during the 7th annual “The Arts” Downtown MDA Banquet and Art Show to benefit the Muscular Dystrophy Association.

Held on September 20, 2013 at its new location, the Pikes Peak Center in Down-town Colorado Springs, the fundraiser featured its first banquet, a nationally-recognized performance speed painter, the event’s largest art show to date, the ever popular wine pull, live and silent auction and more. Over 300 people at-tended this year’s event and several hun-dred more donated to the cause.

Tim Decker, nationally recognized speed-painting artist, was the special guest performer for the evening and was a huge contributor to the evening’s suc-cess. Decker has performed live at nu-merous national events and television shows on FOX, ABC, CBS and NBC.

Known for his unique artistic capabili-ties and style, Decker created three origi-nal paintings for the event, from start to finish, in less than five minutes a piece in front of an enthusiastic audience. Decker then donated his work which was then auctioned off to the appreciative crowd adding to the fund-raising success of the event. His appearance at the MDA ban-quet and show was his first in Colorado Springs, CO.

“Thank you to Eric Estrada and the staff at MDA for a wonderful event. To-gether we raised much needed money for a worthy cause,” said Cathi Sullivan, Vice President of Operations and Finance at ERA Shields Real Estate.

This year’s event ranked among the cities top events for that evening by Huge City West on social media.

MDA is the nonprofit health agency dedicated to curing muscular dystro-phy, ALS (Lou Gherig’s Disease) and related neuromuscular diseases by fund-ing worldwide research. The Association also provides comprehensive health care and support services, advocacy and edu-cation.

The funds raised at the event ben-efit the areas mentioned above, and will help send local kids to the annual MDA camp next summer. According to one local MDA camper, “MDA Camp is bet-ter than Christmas”, which describes the joy and hope this camp brings to their lives. It also provides a welcome respite to the parents and families who typically are the care-givers for these deserving youngsters 24/7 every day of the year

"The improvements to this year’s event are making headways in our local community. The tremendous amount of positive feedback received to date is an indication that our event is alive, well

and headed in the right direction ," said Eric Estrada, Director of Business Devel-opment and Marketing for ERA Shields Real Estate and Chair for this year’s event. "It's because of the support from our agents, staff, sponsors and communi-ty that this event has become so success-ful each and every year. A fun evening for

everyone to support the kids of MDA."All would not be possible without

the support of ERA Shields Real Estate agents, staff, their family, friends and our local Colorado Springs community. A special thank you to the major spon-sors of this year’s event: ERA Mort-gage, American Home Shield, Colorado

Mountain Brewery, Unified Title Com-pany, V.I.P Mortgage Inc. and ANB Bank.

Plans for next years event will start to develop in upcoming months so be sure to visit www.MDAartshow.com for up-to-date information or visit the events Facebook page at www.facebook.com/ERAShieldsMDA


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Local News

The Women’s Council of Realtors thanked their outgoing 2013 Board and installed the incoming 2014 Board of Directors at their annual meeting on Oc-tober 17 at the IvyWild School.

The 2013 Board consisted of Re-nate Carrier (President), Dawn White (President-elect), Kathy Tutko (Vice President of Membership), Lisa Vargas (Treasurer), and Shelley La Judice (Sec-retary).

The 2014 Board includes Donna Ma-jor (President), Kathy Tutko (President-elect), Dawn Grubbs (Vice President of Membership), Sterling Campbell (Trea-surer), and Sarah Stowell (Secretary).

Additional highlights of the luncheon included presentation of Realtor Mem-ber of the Year to Renate Carrier and Af-filiate Member of the Year to Shelley La Judice.

WCR installs new Board


Prices, specifications, availability, and rewards program are subject to change without notice.

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On the Move

kelly ashcroftCherry Creek Mortgage Company

Cherry Creek Mortgage Company, a Colorado based privately owned and operated full-service mortgage banking company, has hired Kelly Ashcroft to join their team at the Colorado Springs branch which is located at 6265 Lehman Drive.

“Kelly has joined us as a Production Manager and as a licensed Loan Origina-tor. Her years of experience in the build-ing industry and of course, knowledge of loan origination, regulations and op-erations makes her a valuable asset to our Team. Kelly’s stellar reputation amongst our local Builders, Realtors and Title rep-resentatives for gett ing the job done while being an advocate for our customers is what makes her a perfect fi t for Cherry Creek Mortgage”, said Bob Manderfi eld, Colorado Springs Branch Manager.

truelove, grandy, gauch

Chicago Title of ColoradoChicago Title of Colorado is proud to

announce a new member in their Colo-rado Springs title operation. Shannon Truelove has joined us with 21 years ex-perience in the title insurance industry all in the Colorado Springs market place. People that work with Shannon describe him as the consummate title insurance professional.

Chicago Title of Colorado is proud to announce a new member in their Colo-rado Springs title operation. Norell Grandy joined us with over 30 years clos-ing and escrow experience. Norell started her career in San Francisco, CA and came to the Colorado Springs community 25 years ago. Norell prides herself in creating a seamless title and closing experience by providing att ention to every detail of the transaction.

Chicago Title of Colorado is proud to announce a new member in their Colo-rado Springs title operation. Cindy Gauch joins the team and brings over 16 years title insurance sales experience. Cindy’s expertise is in providing excep-

tional customer service. Cindy cares about every aspect of the real estate sale and purchase. She makes sure all par-ties to the transaction have her personal touch and att ention.

lauhee, giralt, Sloan, gipson

Keller Williams PartnersKeller Williams Partners would like to

welcome Walter Lauhee to our family. Walter comes to KWP with over 14 years of real estate experience. He has many years of military experience as well, but has always loved real estate. He enjoys helping people fi nd their dream home and is excited to embark on this journey in beautiful Colorado Springs.

Please join us in welcoming Jacque-line Giralt to the Keller Williams Part-ners family. She was born in Station Rota, Spain and grew up traveling around the world with her military family. Jacqueline has extensive education in Television and Radio Broadcasting and holds a Bachelors Degree in Communication. She loves connecting with the public and is excited to begin her real estate career. Jacqueline comes from a family of realtors and can’t wait to pursue her passion!

Sharon Sloan, the newest member of our Keller Williams Partners family, has called Colorado Springs home for the last 15 years. She spent over 20 years in medi-cal soft ware sales before deciding to begin her post retirement career in real estate. Sharon specializes in vacation rentals and is an experienced real estate investor. She also serves as the Vice President of Pine Creek HOA and is a board member of Miller’s Crossing HOA.

Help us welcome Tika Gipson to the Keller Williams Partners Family. Tika comes to us from the legal fi eld, where she worked for the City of Colorado Springs,

City Att orney’s offi ce. Although she is a native of Colorado, Tika is not an avid outdoorsman and tries to avoid bugs, snakes and other wildlife. She is excited to begin her career in real estate as she loves meeting new people and is intrigued by the beauty of homes.

Rosales, predmorePlatinum Group Realtors

Brenna Rosales: I'm a proud mother of 4 who was born and raised in South-ern Arizona. My family lived the military life for many years so it's no surprise I'm devoted to helping military families re-locate as well as helping with fi rst time home buyers. I fell in love with Colorado Springs years ago and making the choice to relocate and raise my kids here is one of the best decisions I ever made. Colorado Springs has so much to off er and there is always something to do!

Sellers face a challenging market these days. I work side by side with my Sellers to best prepare them for these challenges and position their homes to stand out in the market. We want to structure your listing and do the things that will allow you to net the most money in the sale of your home. Having all the necessary in-formation upfront can be the diff erence of having your home listed or having your home SOLD!

Whether Buying or Selling you need all your information from a real estate expert. One who will be invested in your needs. I am that professional. Call me today to an-swer any of your real estate questions. I'm more than happy to help to you.

It is an honor for Debbie Reardon to welcome Bre� Predmore to the Reardon Partner Real Estate Team at Th e Plati-num Group due to his shared business values, integrity and strong work ethic. As a native of Colorado Springs and cur-rent resident of Woodland Park, Brett ’s clients benefi t from his knowledge of the Pikes Peak Region. Brett ’s professional experience within Real Estate Sales, Ap-praisal and Development has provided him with the expertise to assist you with nearly every real estate need that you may have. Brett ’s clients and peers consider

him to be a hard worker who is person-able, professional, assertive, and focused on customer service. Furthermore, they appreciate his consistent, clear and open communication and the fact that he is thorough and always focused on att ention to detail.

Zambrana, BellNorth American Title Company

Carmen Zambrana, born and raised in Villalba, Puerto Rico; where she att ended school from primary all the way through college. She traveled the world with her husband and three children during his military career, due to that fact, she had the opportunity to work for the US gov-ernment in Korea and as a Defense con-tractor for an international company in Germany among other exciting positions.

Twelve years ago she moved to Colo-rado Springs were she began my career as the assistant manager/transaction coordi-nator for a real estate company. She refo-cused her career to the title industry and has 10+ years of experience in Escrow and as a Bilingual Specialist.

Carmen is excited to be now a member of the North American Title family, utiliz-ing her bilingual skills, experience, as well as a deep sense of responsibility and mo-tivation.

North American Title Co. has ap-pointed Michael Bell a Business Devel-opment Representative, for Southern Colorado. Originally from Litt le Rock, Arkansas, he has emerged into the com-munity of El Paso County, where he has served the local real estate community for 2 years, and is a Navy Veteran. In this new position, Bell will be responsible for acquiring new opportunities for generat-ing further growth at North American Title Company.

See Page 2 for details

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*Prices, included features, availability and delivery dates are subject to change without notice or obligation. Measurements are approximate. Exterior elevations shown may vary from elevation built. See salesperson for details. Terms and conditions subject to credit approval, market changes and availability. © D.R. Horton, America’s Builder, Inc. 2013

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Local Expert

By Bill mcafeeEmpire Title—

Empire Title of Colorado Springs

Empire Title of Woodland Park

QM, QRM and ATRPart one of a three part series

Th ese are not diseases, these are terms that borrows will be-come aware of in 2014.

Borrows will be learning some new terms on January 10th, 2014. Th ree that come to mind are Qualifi ed Mortgage (QM), Qualifi ed Residential Mortgage (QRM) and Ability to Repay (ATR) are terms that were created because of the Dodd-Frank act. Th is act created the Consumer Financial Protection Bureau (CFPB) which was charged with regulating the lending industry. Today we will talk about the Ability to Repay (ATR).

Ability to Repay (ATR) is a defense that borrowers will use against lenders. Th is defense will be used when the borrower does not feel like they were properly qualifi ed for the loan they received. Th ese areas are payment underwriting, income and assets, employment status, simultaneous loans, debt, alimony, child support, debt to income, and credit history. One category, the debt to income, must be 43% or less. Th e lender must be able to prove that they have qualifi ed the borrower in all of these areas.

Two areas that tie together are payment underwriting and mortgage related obliga-tions. Th e borrower must be able to prove that he can make the payments for a speci-fi ed number of years with his current debt to income ratio. In addition all income and assets must be verifi ed.

Verifi cation of employment status and consideration for any simultaneous loans must take place. Other debt to consider would be alimony and child support. All of these factors must be taken into consideration. A credit history must also be pulled to confi rm information on the borrower’s loan application.

Lenders who cannot prove that they did all these things can be subject to large fi nes and possibly lose the ability to foreclose. Non-paying borrowers may stay in the house for an extended period of time because under ATP rules the lender cannot foreclose.

We are waiting for fi nalization of these rules as the CFPB continues to release regula-tions on a weekly/monthly basis. Borrowers should be aware that these regulations at this time are for conventional loans which make up about 30-40% of the loans in our market. Th ese new regulations may have an impact on how long and how diffi cult it is for borrowers to get fi nancing. Th e one thing that we know for sure is that this regula-tion will take eff ect and lenders are trying to navigate this new landscape. My next article will deal with two possible scenarios that the lenders will likely use to create a safe harbor for themselves.

ppaR Young pRofESSionalS nEtWoRkOctober 10, 2013


Around the Corner

Wednesday, October 30Military Speakers Luncheon11:30am – 1pm @ Pinery at the Hillwww.csrba.com

Friday, November 1Monthly Broker Roundtable9am – 10:30am @ Legacy [email protected]

Saturday, November 2Home Buying (For Clients)10am – 12pm @ Ent (Campus Dr)www.ent.com

Monday, November 4Cultural Factors in Real Estate Negotiations & Negotiating Across Generations by Bruce Dunning9am – 4pm @ Air Academy FCULand Title: 719-381-0242

Tuesday, November 5Advanced Negotiation Techniques for Listing Agents by Oliver Frascona9am – 4pm @ Air Academy FCULand Title: 719-381-0242

Renav: Finding Deals Before, At & After Foreclosure AuctionNoon – 2pm @ Empire [email protected] 719-884-5300

Wednesday, November 6Conventional Financing9:30am – 12:45pm @ Legacy [email protected]

The HUD & GFE2pm – 4pm @ Empire [email protected] 719-884-5300

Thursday, November 7 Masterminds Networking Group7:30am – 9am @ Canon National BankRSVP to David Alley, 719-632-3526 [email protected]

B.L.E.E.P. (Black Forest & Eastern Marketing Group)8:30am – 10am @ The Grill at Latigo Trail Equestrian Center. Roxene, 495-6213

Commission Update8:30am – 12:30pm @ Empire [email protected] 719-884-5300

Building your Business for Success9am – 10am @ North American TitleRSVP to [email protected]

Tuesday, November 12CTM eContracts - Beginners10am – Noon @ North American TitleRSVP to [email protected]

Wednesday, November 13Jay Gupta: Successfully Selling HUD Homes1pm – 3pm @ Empire [email protected] 719-884-5300

Thursday, November 14Farm and Land8:30am @ The Peak GrilleGreg Wolff: 719-590-1711

Women's Council of Realtors11am – 1pm @ Ivywild SchoolMichele: 719-633-7718

CTM eContracts - Intermediate10am – Noon @ Empire [email protected] 719-884-5300

Title Commitment10a – Noon @ Empire Title Woodland [email protected] 719-686-9888

Friday, November 15Independent Brokers Forum9am – 10:30am @ PPARwww.ppar.org

Monthly Rookie Roundtable9am – 10:30am @ Legacy [email protected]

Monday, November 182013 CREC Update with Doug Barber8am – Noon @ Legacy [email protected]

Tuesday, November 19NARPM Meeting11am – 1pm @ Clarion Hotel (314 W. Bijou)Alex Yoder, 719-213-9100

Military Relocation Certifi cation Core Course8am – 4pm @ Empire [email protected] 719-884-5300

Wednesday, November 20HUD & GFE10a – Noon @ Empire Title Woodland [email protected] 719-686-9888

Achieve 2014 Workshop by Bruce Gardner9am – Noon @ Legacy [email protected]

Thursday, November 21Contract to Buy & Sell Real Estate8:30am – 12:30pm @ Empire [email protected] 719-884-5300

Restoration Drying for Water Damage11am – 1pm @ Legacy [email protected]

7680 Goddard Street, Suite 120 | Colorado Springs, CO 80920719-593-1661

90 South Cascade Avenue, Suite 950 | Colorado Springs, CO 80903719-471-1058

www.ChicagoTitleColorado.com

You can request it on the contract,

“ The buyer is requesting the title insurance policy from Chicago Title

of Colorado. However, the buyer will accept any title insurance

underwriter with a claim reserve of 1 billion dollars or more. ”

Chicago Title of Colorado- A National Title Company with Local Expertise!Get the power and financial strength of Chicago Title of Colorado behind your next transaction.

Did You Know As A Buyer’s AgentYour Client Has A Choice for Title?

For more information, call or visit our website at www.chicagotitlecolorado.com TODAY!

Make the decision as a Buyer’s Agent to use the title company that you and your clients can trust.

Chicago Title of Colorado, the strength behind our brand will protect you and your client throughout the entire real estate transaction now and in the future.

1.9 Billion Claims Reserves

35% National Overall Market Share

651,100 Direct Orders Opened

409,500 Direct Orders Closed

*1st quarter 2012 results

Commission?AnglingThe “Hooked on Classic” Realtor Recognition Program is back by popular demand! And that means we’ll be paying out more than line when we say thanks to all of our hard-working sales partners out there for promoting our properties!

With each qualified closing, we’ll be handing out cash. Cold hard cash, along with a handsome 4% commission. And as your closings increase, so will your bonuses—from $1,000 to $3,000!

The catch? You have to qualify to participate.

So don’t wait. Call or visit your nearest Classic Homes Sales Model today and get outfitted for the biggest adventure ever.

Here’s how it works—by the numbers…

The 2013 Hooked on Classic program applies to all sales and closings for Classic Homes new construction and speculative inventory. Qualifying Realtors will have a chance at other special prizes throughout the year!

Announcing the 2013 Hooked on Classic Realtor Recognition Program.

The catch? You have to qualify to participate.

Program Terms and Conditions:

1) Hooked on Classic 2013 Bonus Incentives will be paid on all contracts originated between 1/1/2013 and 12/31/2013. Contracts must close to receive bonus. 2) You must be an active Colorado licensed real estate agent and must

have actively participated in the sale, to include being present at the initial client meeting, contract signing, and other relevant homebuyer/builder meetings. 3)

All bonus commissions will be paid at closing. 4) Employees of Classic Companies and Flying Horse Realty are not eligible for this program. 5) Bonus commissions

are earned on an individual REALTOR basis, team sales are not cumulative. 6) Bonus incentives will be awarded to the individual agent listed on the

contract. 7) Program subject to change without notice.

1st Closing4% commission on base price and qualify for the Hooked on Classic Program.

2nd Closing4% commission on base price + $1,000 Bonus

3rd Closing4% commission on base price + $2,000 Bonus

4th Closing (and beyond)4% commission on base price + $3,000 Bonus

www.ClassicHomes.com/Hooked

With each qualified closing, we’ll be handing out cash. Cold hard cash, along with a handsome 4% commission.

today and get outfitted for the biggest adventure ever.

1) Hooked on Classic 2013 Bonus Incentives will be paid on all contracts originated between 1/1/2013 and 12/31/2013. Contracts must close to receive

FeaturedInventoryALL ReadyFor QuickMove-in!

For a Big

*Pricing, availability, and program terms subject to change.

NORTHPROMONTORY POINTECall 719-481-9828

15737 Old Post Dr$422,996, 4 bed w/study, 3 bath, 3 car gar. 3,602 sq.ft. Ranch, MLS #737645

FLYING HORSECall 719-495-7297 The Village of Messina1155 Old North Gate Road $714,435 – 5 bed, 4.5 bath, 3 car gar., 4,507 sq.ft.MLS #731261

The Village of Messina1529 Yellow Tail Drive$422,895 - 4 bed + loft,2.5 bath, 3 car gar.,4,546 sq.ft., 2-story,MLS #774213

The Village of Verona1986 Bent Creek View$539,518 - 3 bed +loft, 2.5bath, 3 car gar., 3,996 sq.ft., 2-story - MLS #761201

WOLF RANCHCall 719-282-1650

6223 Leon Young Dr - $369,2934 bed plus study, 2.5 bath, 3 car gar., 3,840 sq.ft., 2-story MLS #712584

EASTINDIGO RANCH AT STETSON RIDGE Call 719-574-6610

6583 Diamond Hitch Drive - $336,823

5 bed, 3 bath, 3 car gar 3,248 sq.ft.

Ranch, MLS #794141

CARRIAGES AT INDIGO RANCHCall 719-573-2009

7691 Wichita Ridge Point - $276,722

4 bed, 3 bath, 2 car gar., 2,852 sq.ft.,

Ranch

BANNING LEWIS RANCHCall 719-886-4995

8089 Hollygrape Lane - $289,700

3 bed plus loft, 2.5 bath, 2 car gar.,

2,770 sq.ft., 2-Story, MLS #792575

MERIDIAN RANCHCall 719-494-1101

13008 Mt Harvard Drive - $311,400

4 bed, 2.5 bath, 3 car gar 3,932 sq.ft.,

2-Story, MLS #798516

SOUTHLORSON RANCHCall 719-390-6200

6854 Alliance Loop – $269,000

Ready Now! 4 bed, 3 bath, 2 car gar.,

3,176 sq.ft. Ranch, MLS #787585

6885 Alliance Loop - $254,000

4 bed, 2.5 bath, 2 car gar.,

2,770 sq.ft. 2-Story, MLS #742530

6878 Alliance Loop - $275,000

3 bed, 2.5 bath, 2 car gar., 3,010 sq.ft.

2-story, MLS #779765

SOLD

csrej - october

Documents

state lic

loan underwriting

existing loan

student loan payments

type of loan

student loan debt

debt burden

student loans