csrej - november

Vol.6 No.3 www.csrej.com November 25, 2013

Colorado Western title Anniversary

PAGE 10

Peak Producersluncheon

PAGE 9

Reunion Homes Host Breakfast

PAGE 13 Mob

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PRSRT STDUS POSTAGEPAIDPERMIT 745 COLO SPGS CO

National News ........... Page 2Local News ............... 0On the Move ............. Page 17Local Expert ............. Page 18Around the Corner ...... Page 19

KevinBent

Branch Manager(719) 339-2728

[email protected] #251284

State Lic #100018895

AricUlmer

Loan O� cer(719) 439-7413



TravisHarringtonLoan O� cer

(719) [email protected]

NMLS #956821State Lic #100043506

ShannonLivingstonLoan O� cer


NMLS #1058406State Lic #100045193

ChadDenny

Branch Manager(719) 331-2750



DebbieHavens

Sr. Loan O� cer(719) 380-1778

[email protected] NMLS #653845


TobiMondejarLoan O� cer


NMLS #241570State Lic #100008696

Honest & Ethical Service from People You Know.5333 North Union Blvd. Suite 100, Colorado Springs, CO 80918

HELPFUL TIP: Check the license status of your mortgage broker at the Colorado Division of Real Estate’s website. Regulated by the Colorado Division of Real Estate, Corp NMLS #3113.

Newsweek: Colorado’s top public high schools

Ten tips for a smooth closing

Housing affordability continues to slide in third quarter

By Jon PaukovichEnt—

As we approach the end of the year and prepare to enter a complicated new mortgage lending environment in 2014, the following tips provided by Tony Sloan, our mort-gage production manager, can help minimize the challenges of this transi-tion. Some of these may seem like basic com-mon practices, but not acting upon them could cause a delay in pro-cessing and closing.

1. If the lender has the ability to deliv-er disclosures and communications elec-tronically, the borrowers should take ad-vantage of this option. Th ey might have to set up a user ID and password, but it is well worth a litt le extra eff ort and will improve turn-around times.

2. Th e borrower needs to return any requested documentation, with all ap-plicable pages, as soon as possible. In the post-housing crisis era, documentation requirements are more stringent and it’s

crucial that the underwriter re-view is not delayed.

3. Advise your client to keep all credit cards, auto loans a n d other mortgage payments current. It could aff ect the approval conditions and the pricing of their loan.

4. Let your clients know they should limit the spending on current credit cards as increases in balances will aff ect the underwriting analysis.

5. Th e borrower should be informed not to apply for new credit until aft er the loan has closed. Most lenders are now re-verifying the information on a credit re-port within a week or so of closing. If new inquiries or credit is identifi ed, these will have to be factored into the underwriting

Th is year Newsweek’s ranking highlights the best 2,000 public high schools in the nation—those that have proven to be the most eff ective in turning out college-ready grads. Th e list is based on six components: graduation rate (25 percent), college ac-ceptance rate (25 percent), AP/IB/AICE tests taken per student (25 percent), aver-age SAT/ACT scores (10 percent), average AP/IB/AICE scores (10 percent), and percent of students enrolled in at least one AP/IB/AICE course (5 percent).

We’ve compiled a list of all Colorado public high schools listed in Newsweek’s top 2,000 public schools. Results are below:

#49 Peak to Peak Charter School | Lafayette, CO

#98 Fairview High School | Boulder, CO

#174 D’Evelyn Jr./Sr. High School | Denver, CO

#286 Aspen High School | Aspen, CO

#385 Cherry Creek High School | Greenwood Village, CO

#398 Smoky Hill High School | Aurora, CO

#423 Evergreen High School | Evergreen, CO

#471 Rock Canyon High School | Highlands Ranch, CO

#479 Rampart High School | Colorado Springs, CO

#550 Niwot High School | Niwot, CO

#560 Grandview High School | Aurora, CO

#664 Denver School of the Arts | Denver, CO

#676 Cheyenne Mountain HS | Colorado Springs, CO

#704 Arapahoe High School | Centennial, CO

#747 Thunder Ridge High School | Highlands Ranch, CO

#766 The Classical Academy | Colorado Springs, CO

#768 Lyons High School | Lyons, CO

#771 Monarch High School | Louisville, CO

#782 Lakewood High School | Lakewood, CO

#789 Conifer High School | Conifer, CO

#822 Denver Center for International Studies Denver Public Schools | Denver, CO

#887 Douglas County High School | Castle Rock, CO

#1064 Chaparral High School | Parker, CO

#1066 Frontier Academy Charter School | Greeley, CO

#1078 Air Academy HS | Colorado Springs, CO

#1095 The Vanguard School | Colorado Springs, CO

#1135 Ponderosa High School | Parker, CO

#1204 Silver Creek High School | Longmont, CO

#1209 Highlands Ranch HS | Highlands Ranch, CO

#1242 James Irwin Charter HS | Colorado Springs, CO

#1252 Heritage High School | Littleton, CO

#1363 Legacy High School | Broomfi eld, CO

#1428 Dakota Ridge High School | Littleton, CO

#1482 Martin Luther King, Jr. Early College | Denver, CO

#1531 Eaglecrest High School | Centennial, CO

#1626 Cherokee Trail High School | Aurora, CO

#1867 Overland High School | Aurora, CO

#1965 Littleton High School | Littleton, CO

© Copyright Colorado Association of Realtors. Reprinted with permission. See the full list at newsweek.com

Strengthening house prices and in-creased interest rates in metros across the country contributed to lower housing af-fordability in the third quarter, accord-ing to the National Association of Home Builders/Wells Fargo Housing Opportu-nity Index (HOI), released today.

In all, 64.5 percent of new and exist-ing homes sold between the beginning of July and end of September were aff ord-able to families earning the U.S. median

income of $64,400. Th is is down from the 69.3 percent of homes sold that were aff ordable to median-income earners in the second quarter, and the biggest HOI decline since the second quarter of 2004.

“Housing aff ordability is being nega-tively aff ected by a ‘perfect storm’ sce-nario,” observed NAHB Chairman Rick Judson, a home builder from Charlott e, N.C. “With markets across the country recovering, home values are strength-

ening at the same time that the cost of building homes is rising due to tightened supplies of building materials, develop-able lots and labor.”

“Th e decline in aff ordability is the result of higher mortgage rates and the more than year-long steady increase in home prices,” observed NAHB Chief Economist David Crowe. “While aff ord-ability has come down from the peak in early 2012, the index still means a family

earning a median income can aff ord 65 percent of homes recently sold. Some of the decline in the aff ordability index could be the result of a loss in some more modest priced home sales as tight under-writing standards have limited the pur-chases by moderate income families.”

Indianapolis-Carmel, Ind., and Syra-cuse, N.Y. were tied as the nation’s most

See Smooth Closing | 2

See Affordability | 7

2 www.csrej.com Colorado Springs Real Estate Journal November 25, 2013

Director of AdvertisingRachelle Nardo

[email protected]

Director of PublishingJosh Olson

[email protected]

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.

CSREJ is not responsible for any opinions or facts expressed by non-staff writers. CSREJ shall not be held responsible for any errors in advertising or editorial content.

Realtor® is a registered trade-mark. Sometimes the word Re-altor® or Realtors® will appear without the “®” symbol for the purpose of saving space. The reg-istered trademark should be as-sumed if it is not present.

We welcome the submission of articles, photos and press releases. Please email any considerations to:

[email protected]

• Article SubmissionPlease submit articles no longer than 700 words in a Word document with an accompanying byline and appropriate contact infor-mation. A headshot is also welcomed. Please submit headshot in JPG format.

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Office: 719.439.0773Fax: 719.358.6657

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Not affiliated with The Colorado Springs Business Journal

National News

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.

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and could affect approval or pricing.6. If the borrower needs to apply for

new credit prior to closing, they should advise the mortgage loan officer before submitting their application to see what impact it might have on the loan.

7. Remind clients if they have co-signed a loan for family members or friends, these liabilities will have to be

factored into the underwriting analysis.8. Any large deposits made to the bor-

rower’s bank account will require an ex-planation. It is important to maintain the records that support the deposit.

9. Borrowers should advise their mortgage loan officer of any changes to income or employment status as soon as possible.

10. Ideally, the borrower’s financial situation should be the same at closing as

it was at application. It is exciting to buy a house and have plans to make it your own home. Borrowers should be patient and wait to make new purchases until af-ter the loan has closed.

A mortgage loan officer’s goal is to make a home loan proceed as smooth as possible. Your clients may not be aware that they can, and should, use their mort-gage loan officer’s knowledge and experi-ence to ensure a closing goes as planned.

Smooth Closing from 1

November 25, 2013 Colorado Springs Real Estate Journal www.csrej.com 3

Just in time for Christmas...Incentive is until December 31st...Don’t miss Out!!!

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National News

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In a rare gathering of CEOs and senior executives from the biggest names in mortgage lending, Realtors® were told to expect market growth in 2014 and to pre-pare their buyers for transactions with heavy documen-tation requirements.

NAR President Gary Thomas and CEO Dale Stin-ton moderated the candid discussion this month dur-ing the “Straight from the Top: Insights from Lending Leaders” session at the 2013 Realtors® Conference and

Expo, where the top mortgage industry executives expounded on new regulatory hurdles that could temporarily restrict lending to some buyers, but will likely even out over time.

The Qualified Mortgage, or ability-to-repay rule, will become effective in Janu-

ary 2014 and contains a number of underwriting stan-dards that will constrict mortgage availability and deny

credit to some first-time homebuyers, said Bill Emerson, CEO of Quicken Loans. The QM rule requires signifi-cant documentation from consumers to justify lenders’ underwriting decisions; lenders face strict penalties if a loan is made outside of the specific criteria.

Kevin Watters, CEO of JPMorgan Chase, agreed that lower- and moderate-income buyers, as well as self-employed buyers who don’t have a consistent flow of income, might have a tougher time in the new lending environment. “We need to work together to help first-time buyers into affordable housing options.”

“It’s important for Realtors® to be educated about the new documentation requirements so they can work with buyers and meet lender expectations,” said Matt Vernon, home loan sales executive for Bank of America.

Mike Heid, president of Wells Fargo Home Mort-gage, added that Wells Fargo is using new technologies to create learning tools to help consumers prepare to be homeowners, even before they find the house they love.

The new lending standards and documentation re-quirements are making some potential borrowers anx-ious about competing with cash buyers in the real estate market. Thomas asked the panelists to share their aver-age approval timelines.

Vernon said that in California, Bank of America’s mortgage loan officers can process and approve loans in 16 days and always strive to quickly deliver approvals. He said that the approval process can move more swiftly when borrowers are educated about lender’s application requirements.

“Our mission is to get someone approved. With clar-ity and transparency, buyers will know exactly what is needed of them. We want to do this in a manner that is as stress free as possible for consumers and Realtors®,” said Emerson.

Top lenders forecast housing market gains

Thomas

The QM rule requires significant documentation from consumers to justify lenders’ underwriting decisions; lenders face strict penalties if a loan is made outside of the specific criteria.

See Market Gains | 9


Buyer’s Closing Costs

Seller’s Closing Costs

Seller’s Total Savings: $193.00

$570.00 $100.00 $60.00 $50.00 $60.00 $70.00

$910.00

Title Insurance Closing Fee

Express Fee (x2) Cashier/Wire (x2)

Mail Out Fee (to/from) Payoff Processing (x2)

Total:

Closing Fee Tax Certificate

Loan Package Courier Recording WD + DOT

Bundled Loan Closing Fee (Del. Except. 1-4 —Lender OEC with Plain Language)

Endorsement 100 End. 8.1 Environment

End. 115.2 PUD End. 100.5 Mineral

End. 116 Imp/Address Total:

719-590-1711 • 719-687-3081

www.fntcolorado.com

$597.00 $120.00

Included Included Included Included $717.00

$120.00 Included Included $100.00 $310.00 $60.00

Included Included Included Included Included Included $590.00

$100.00 Included Included $131.00 $310.00 $20.00 $50.00 $50.00 $50.00 $104.00 $104.00 $75.00 $994.00

Buyer’s Total Savings: $404.00

Title insurance costs can be complicated…

The consumer’s agent customarily only inquires about the cost of the: Title insurance premium Closing fee

Unfortunately, this practice FAILS to consider the common

endorsements and typical closing fees needed to close, which can represent

a significant amount of money.

In January 2011 we made it easier by introducing our ‘Bundled’

(all-inclusive) title and settlement fees that include most of the possible

endorsements for residential single family homes.

When ordering title and settlement services for your

clients, make sure you consider all costs associated

with the transaction.

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

© 2013 Fidelity National Title Company, All Rights Reserved Revised 11.14.2013


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National News

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affordable major housing markets as 93.3 percent of all new and existing homes sold in this year’s third quarter were affordable to families earning the areas’ median in-comes of $65,100 and $65,800, respectively. Meanwhile, Kokomo, Ind., claimed the title of most affordable small-er market, with 96.9 percent of homes sold in the third quarter being affordable to those earning the median in-come of $60,100.

Other major U.S. housing markets at the top of the af-fordability chart in the third quarter included Youngstown-Warren-Boardman, Ohio-Pa.; Harrisburg-Carlisle, Pa.; and Buffalo-Niagara Falls, N.Y.; in descending order.

Smaller markets joining Kokomo at the top of the af-fordability chart included Vineland-Millville-Bridgeton, N.J.; Davenport-Moline-Rock Island, Iowa-Ill.; Bay City, Mich.; and Springfield, Ohio.

For a fourth consecutive quarter, San Francisco-San Mateo-Redwood City, Calif. held the lowest spot among major markets on the affordability chart. There, just 16 percent of homes sold in the third quarter were afford-able to families earning the area’s median income of $101,200.

Other major metros at the bottom of the affordability chart included Los Angeles-Long Beach-Glendale, Ca-lif.; Santa Ana-Anaheim-Irvine, Calif.; New York-White Plains-Wayne, N.Y.-N.J.; and San Jose-Sunnyvale-Santa

Clara, Calif.; in descending order.All of the five least affordable small housing markets

were in California in the latest quarter. At the very bot-tom of the affordability chart was Santa Cruz-Watson-ville, where 20.3 percent of all new and existing homes sold were affordable to families earning the area’s medi-an income of $73,800. Other small markets at the lowest end of the affordability scale included San Luis Obispo-Paso Robles, Santa Rosa-Petaluma, Napa and Salinas, respectively.

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

Affordability from 1


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National News

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PEAk PRODuCERS: lunCHEOn AnD COntinuinG EDuCAtiOn

Members of the 2013 Peak Producers enjoyed themselves and increased their marketing knowledge on Th ursday, October 17th. Being one of the fi rst groups to att end a function at the new Pinery at the Hill on E. Bijou St., they were treated to a wonderful lunch before a 4-hour continuing educa-tion class, “Ninja Selling III” taught be Colorado broker and national speaker Larry Kendall.

Heid agreed and said, “Th e way to compete against a cash buyer is to build a process that has no surprises as you go.”

Stinton turned the conversation to the debate over reforming the secondary mort-gage market and asked the lenders whether they fear the risk of mortgage security “put-backs” and how that impacts underwriting. A putback occurs when a bank is liable for misrepresenting the creditworthiness of a borrower to the entity that buys the loan, and the bank is forced to buy back the mortgage.

Watt ers said fears over putbacks are real and Heid agreed. “Th e putback fear is still there and we’re working to put it to rest,” said Heid. “Th e time is right for that. If the government-sponsored enterprises weren’t in conservatorship, the issue of put backs wouldn’t be there. We need a world where everything is more of a natural market and we need competition with Fannie Mae and Freddie Mac. Th e conservatorship should end.”

Th omas followed up by asking whether immediate steps should be taken to reduce the government role in the housing fi nance market. Emerson said that the security of their guarantee needs to stay, not the actual government entities.

“I think if we want the 30-year fi xed-rate mortgage, you need the government guar-antee,” said Watt ers. “Th e 30-year fi xed-rate mortgage needs the government guarantee because not all banks can soak up the size of the market.”

When asked whether private investors are ready to take a bigger role in the second-ary mortgage market as the government’s footprint shrinks, the executives provided varied responses. Heid said that more certainty is needed before taking action.

“We’ve already started to do some private label securities,” said Watt ers. “People are gett ing back into the marketplace, which is a good thing. We might not be ready to take it all on, but we are headed in the right direction.”

Th e lending leaders unanimously agreed that consumers will see a healthy increase in the market next year, keeping pace with gains made in 2013. Mortgage originations will dominate the 2014 housing market as interest rates creep up and refi nancing trends downward.

Heid said that while home values will continue to increase as the market contin-ues to heal, the economy is the wild card and the downturn would be a game changer. “In spite of the economic crisis, Americans still want to be homeowners. Th at hasn’t changed one bit,” he said. “Homeownership is at the heart of what we do and that is worth preserving.”

© Copyright National Association of Realtors. Reprinted with permission.

Market Gains from 4


Local News

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Western Title celebrated their one-year anniversary of their Col-orado Springs offi ce. With offi ces in Cherry Creek and Castle Rock, the Colorado Springs location is the newest Colorado Western Title offi ce in Colorado.

To fi nd out more about Colora-do Western Title, visit our offi ces at 6005 Delmonico or email us at [email protected].

Over 19,000 Coloradans helped by National Foreclosure Mitigation Counseling grant programA recent NeighborWorks America

report showed that 1.5 million home-owners nationwide have received free foreclosure prevention counseling as a result of the National Foreclosure Mitigation Counseling (NFMC) pro-gram authorized by Congress in 2007. In Colorado, nearly 19,000 Colorado homeowners accessed foreclosure prevention counseling as a result of NFMC grant awards provided to the Colorado Housing and Finance Au-thority (CHFA). Since 2008, over $7.1 million has been awarded to CHFA by NeighborWorks America. CHFA distributes the NFMC funds to its net-work of housing counseling sub-grant-ees which allows them to provide free counseling to homeowners who are

having trouble paying their mortgage loans, or who believe that in the near future they will have trouble meeting their mortgage obligations.

“Although the economy is improv-ing, there are still many homeown-ers in need of foreclosure prevention counseling and the NFMC program continues to be an important re-source,” said Cris White, CHFA ex-ecutive director and CEO.

An independent, third-party evalu-ation of loan outcomes of NFMC pro-gram clients served nationwide in 2008 and 2009 conducted by the Urban In-stitute found that homeowners who received NFMC program counseling were nearly twice as likely to obtain a mortgage modifi cation, and 67 percent

more likely to remain current on their mortgage nine months aft er receiving a loan modifi cation.

Th e NeighborWorks America report shows, nationwide, job loss and under-employment remain the main reasons for mortgage default. Nearly 62 per-cent of homeowners who seek NFMC foreclosure prevention counseling re-ported that their mortgage default was due to either reduced income or loss of income, up 41 percent, from October 2008.

Colorado homeowners in need of foreclosure prevention counseling may receive assistance by contacting any of CHFA’s NFMC sub-grantees listed below, or by calling the Colorado Fore-closure Hotline at 1.877.601.HOPE.


NEW HOMESReady To Move In Now at Banning-Lewis Ranch!!

Featuring:NEW LOTS available now!

Ranch and 2-Story Homesfrom the Low $200s!!

Contact us Today at719-559-3770

Or Visit us At7005 Pear Leaf Ct.

Colorado Springs, CO

*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

FinishedBasementsAvailable!

WWW.DRHORTON.COM/COLORADO


Local News

Locally owned CreekStone Homes, hosted nearly 30 homebuyers at their recent Fall Festival at Spring Creek. Organized to announce the availability of their new selec-tion of home sites in Spring Creek, this event was a big hit with those stationed at area military installations due to the communities aff ordability, convenient location, incredible views, and awesome selection of new Creek-Stone Homes and home sites.

“We had a fantastic time showcasing our model home in Spring Creek,” said Jason Rose, Sales Manager of CreekStone Homes. “With views of Pikes Peak, new lots coming on line in the next 60 days, and all the great activi-ties off ered during our Fall Festival, this was a wonderful day for CreekStone Homes and the community!”

To schedule a personal tour of the CreekStone Homes in Spring Creek, please call Jason Rose at 719.593.1515 or send an email to [email protected]

CreekStone Homes celebrates fall and new home sites in Spring Creek

CAR earns RPAC Triple Crown for fi rst time

Keller Williams Realty helps raise $350,000 for Colorado fl ood relief

When Boulder based Elevations Credit Union announced it would match up to $100,000 in donations to area fl ood victims, Keller Williams Realty associates responded enthusiastically. In fact, when the Elevations Foundation quickly reached its goal, KW Cares, a charitable 501 (c)(3) organization funded by Keller Williams agents, decided to double the match. On Th ursday Oct. 10, during Rocky Mountain Flood Relief Day, a volunteer disaster initiative organized by Keller Williams agents, Mary Tennant pre-sented a $100,000 check to Dennis Paul, assistant vice president of business and community development for Elevations Credit Union and vice chair of Elevations Foundation. Th e KW Cares donations brought the total raised from the challenge grant to more than $350,000. In addition to contributing fi nancially, Keller Williams associates in Colorado volunteered their labor. Th ey organized Rocky Mountain Relief, a daylong community service initiative to help the communities hardest hit by recent fl ooding. More than 400 real estate agents from across the state gathered in Longmont, where the need was the greatest and they could make the biggest impact as a volunteer force. Th ey shoveled mud, cleared debris, hauled trash, and helped clean up businesses, homes and parks.

From left to right, National Keller Williams Realty President Mary Tennant, Keller Williams Clients Choice Realty, Colorado Springs owner Joyce Heffner-Williams and Donette Vincent pitch in to help in Longmont, CO.

CENTURY COM

MU

NIT

IESCol

orad

o’s H

omebuilder

Way to go Colorado REALTORS®! For the fi rst time, Colorado has been recog-nized as a Triple Crown Winner, achiev-ing NAR Fair Share goal- Participation goal, Major Investor goal, and President’s Circle goal! During the NAR Conven-tion last week an un-named REALTOR® reminded everyone that “Technology is a cost of doing business. Advocacy is the cost to stay in business!” A job well done and thank you Colorado REALTORS® for supporting RPAC!

© Copyright Colorado Association of Realtors. Reprinted with permission.


© 2013 Cobalt Mortgage, Inc., 11255 Kirkland Way, Suite 100, Kirkland, WA 98033. Toll Free: (877) 220-4663; Fax: (425) 605-3199. NMLS Unique Identifier: 35653. Arizona Mortgage Banker License #0909801. Licensed by the Department of Corporations under the California Residential Mortgage Lending Act #4130455. Licensed by the Colorado Department of Regulatory Agencies in Colorado state. Idaho Mortgage Broker/Lend-er License #MBL-5220. Indiana Mortgage Lending License #17900. Louisiana Residential Mortgage Lending License #35653. Montana Mortgage Lender License #35653. Nebraska Mortgage Banker License #35653. Nevada Mortgage Banker #3723, Nevada Mortgage Broker #3725. New Mexico Mortgage Loan Company License #03587. Ohio Mortgage Broker Act Mortgage Banker Exemption MBMB.850154.000. Oklahoma Mort-gage Broker License #MB002202. Oregon Mortgage Lender License #ML-2991. Texas SML Mortgage Banker Registration. Utah-DRE #8220471. Washington Consumer Loan License #520-CL-48866. Wyoming Mortgage Lender/Broker License #2315. Ticket #2013032110000466

We off er all the mortgage options you’d expect from a large

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working with a local lender.

8610 Explorer Drive, Suite 140 | Colorado Springs, CO 80920 | 719.466.8700© 2013 Cobalt Mortgage, Inc. NMLS-35653

Regulated by the Department of Real Estate.

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COME VISIT OUR NEW CLASSROOMAND GET SOME EXTRA CREDIT

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Owners

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REuniOn HOMES HOStS MERit COMPAny FOR BREAkFASt

Reunion Homes of Colorado was excited to host near thirty agents from Merit Company Real Estate for a privately catered Breakfast with the Builder. The event, quickly becom-ing a popular monthly event hosted by Reunion Homes, offers Colorado Springs Realtors a chance to experi-ence an intimate professionally ca-tered breakfast with cooking demon-

strations by award-winning Colorado Springs chef, Jenna Hines of The Pic-nic Basket.

This month Jenna thrilled the group with decadent smoked salmon crepes and bacon with spinach frittata.

To schedule your team’s private cooking demonstration, contact Reunion Homes at (719) 203-5448


Local News

Coldwell Banker Residential Broker-age, Colorado’s leading real estate ser-vices company, announced today that it has named top local real estate veteran

Tony Rose as manager of the company’s Colorado Springs office. In his new position, Rose will lead a team of more than 50 of the area’s top real estate professionals.

A highly regarded real estate leader, Rose began his career in 1991 and has been continually active in the real estate community. He has served on several committees for the Pikes Peak Associa-tion of REALTORS® (PPAR), acted as 2012 chairman of the PPAR Board of Directors, and was honored as the asso-ciation’s 2013 REALTOR® of the Year. In addition, he received the 2013 Bill Good award from the Colorado Association of REALTORS® – an award that recognizes his political and legislative advocacy for private property rights.

“We’re extremely pleased to welcome Tony to our Colorado Springs leadership team,” said Chris Mygatt, president of Coldwell Banker Residential Brokerage.

“Tony is a seasoned real estate profes-sional who has been working with local buyers and sellers for more than 20 years. He’s had incredible success in his own company, as he’s a natural leader and well respected among his peers, so we look forward to welcoming him to Coldwell Banker Residential Brokerage and offer-ing our agents the opportunity to work with him.”

“I’m looking forward to working with the great group of agents and staff we have at Coldwell Banker Residential Bro-kerage,” said Rose. “The tools, resources, systems and processes we offer our as-sociates are outstanding. The longevity of service to Coldwell Banker from both brokers and staff is rare in the real estate business and it’s a true reflection of the quality of service and the supportive cul-ture of our company.”

Rose grew up in Colorado Springs and earned his bachelor’s and MBA from the University of Colorado at Colorado Springs (UCCS). Beyond real estate, he enjoys anything with wheels, moun-tain biking, hiking, tennis, football and spending time with his wife, Jodie, daughter, Sophia, and son, Owen.

Tony Rose named Manager of Coldwell Banker Residential Brokerage

Meridian Ranch continues its development of estate-sized home sites

Campbell Homes offers new homes sites in Cordera and Meridian Ranch

Locally owned since 1965, Camp-bell Homes is excited to announce the availability of new home sites in two of their most popular new home communities – Cordera and Merid-ian Ranch.

Located in Academy School District 20, new home sites in the award-winning community of Cordera are located on Castlewood Canyon Court, off of Briargate Parkway and Grand Lawn Circle. The home sites, ranging in size from 7200 sq. ft. to over 20,000 sq. ft. will offer new Campbell Homes starting in the mid $300s with an impressive list of includ-ed features including granite countertops, stainless steel appliances, hardwood floors, and more. Cordera community amenities include paved trails, themed neighborhood parks, and a community center with outdoor pool. For additional information on new Campbell Homes’ home sites in Cordera, visit the award-winning model home located at 5215 Mount Cutler Court.

Located in Falcon School District 49, Campbell Homes’ home sites in the golf and recreational community of Meridian Ranch are located in the community’s newest fil-ing northwest of the Meridian Ranch model home center. This new neighborhood of-fers home sites that range from 7500 sq. ft. to 10,000 sq. ft. and home starting in the low $200s. Community amenities of Meridian Ranch include a 30,000 sq. ft. recreation center with outdoor pool (indoor pool coming soon), miles of paved trails, neighbor-hood parks, and the Antler Creek Golf Course with CreekView Grill. For additional information or a tour of new home sites in Meridian Ranch, visit the Campbell Homes model home at 12495 Handles Peak Way.

[email protected]

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Meridian Ranch, a master-planned an-nounces the release of 33 home sites in The Estates Filing No. 2. The home sites range in size from one acre to one and one-half acre and are priced from the low $100,000s.

Home sites are located north of Rex Road and east of Mt Gateway Drive. Many of these prime, estate-sized home sites enjoy views of Pikes Peak and distant prairie views. The home sites are available to home buyers wishing to build their own custom home, to custom home builders and to Meridian Ranch's seven Signature Builders, Campbell Homes, Century Communities, Classic Homes, G. J. Gardner Homes, Majestic Cus-tom Homes, Richmond American Homes and St. Aubyn Homes.


4850 Austin Bluffs Pkwy, Colorado Springs, CO 80918 | Toll Free: 888.966.9790 | Local: 719.266.9780

CampbellHomes.com

AVAI

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Augusta | RanchTotal Sq. Ft. 2,610

12459 Handles Peak WayCall 719-495-6147 or email

[email protected]

Price: $279,970Available NOW!

CORDERA

Emerson | RanchTotal Sq. Ft. 3,453

9131 Lizard Rock TrailCall 719-282-9250 or email

[email protected]


MERIDIAN RANCH

Ouray | Two-StoryTotal Sq. Ft. 2,662

12528 Mount Bross PlaceCall 719-495-6147 or email

[email protected]

Price: $316,627 Available NOW!

CORDERA

Emerson | RanchTotal Sq. Ft. 3,453

9255 Dome Rock PlaceCall 719-282-9250 or email

[email protected]

Price: $438,645 Available NOW!

CORDERA

Heritage | RanchTotal Sq. Ft. 4,031

5216 Mount Cutler CourtCall 719-282-9250 or email

[email protected]


FALCON HILLS

Hawthorne | RanchTotal Sq. Ft. 3,424

9695 Rockingham DriveCall 719-494-8010 or email

[email protected]


ANY WAY YOU WANT IT— THAT’S THE WAY YOU’LL GET IT!NEW HOMES ON SALE NOW AT

CAMPBELL HOMES!

FOR A LIMITED TIME ONLY!Campbell Homes invites you to purchase a new Campbell

Home in any of our Colorado Springs communities and

receive $10,000 to use any way you want it!

Price: $316,627 CORDERA Price: $481,067

Campbell Homes invites you to purchase a new Campbell

Home in any of our Colorado Springs communities and

Disclaimer: Offer subject to change without notice. Offer valid on full price contracts written October 15 – December 31, 2013. Offer not valid on finished inventory homes. Offer may not be combined with any other promotional offer.

SALE

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• Finished Standard Basements

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• Reduce Your Interest Rate

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– toward – FINISHED

STANDARD BASEMENT— or — DESIGNER FEATURES— or —

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Colorado Springs' Oldest Locally Owned Home Building Company. Homes from the Mid $200s.

The only Colorado Springs home builder to be named “Builder of the Year” three times by the Housing and Building

Association of Colorado Springs.


Use your smartphone and a QR Reader application to see an exclusive tour of Meridian Ranch.

Discover Why People Love Living Here.

MODEL HOMES OPEN DAILY

Working out at the 30,000 Working out at the 30,000 sq. ft. recreation centerWorking out at the 30,000 sq. ft. recreation centerWorking out at the 30,000

Outdoor living in elegant new homesOutdoor living in elegant new homesOutdoor living in elegant new homesOutdoor living in elegant new homesOutdoor living in elegant new homesOutdoor living in elegant new homesOutdoor living in elegant new homes

• New Homes available now for immediate move-in

• Homes from the $200s to the $500s

• Innovative Neighborhood Schools

• 30,000 Sq. Ft. Recreation Center & Outdoor Pool

• Indoor Pool Coming Soon

• Antler Creek Golf Course• CreekView Grill• Neighborhood Parks

& Paved Trails• Open Spaces & Views• Minutes to Peterson &

Schriever Air Force Bases• Easy Access to I-25, Hwy. 24

& Colorado Springs Airport

and Love Playing Hereand Love Playing Hereand Love Playing Hereand Love Playing Hereand Love Playing Here

Antler Creek Golf Course Antler Creek Golf Course Antler Creek Golf Course

and CreekView Grilland CreekView Grilland CreekView Grilland CreekView Grilland CreekView GrillAntler Creek Golf Course

and CreekView GrillAntler Creek Golf Course Antler Creek Golf Course

and CreekView GrillAntler Creek Golf Course Antler Creek Golf Course

and CreekView GrillAntler Creek Golf Course


On the Move

Jennifer taylorEnt

Ent is pleased to announce the promo-tion of Jennifer Taylor to supervisor of Ent’s Centennial Service Center.

A Colorado Springs native, Taylor has more than nine years of experience at Ent, most recently as Ent’s Bon Service Center coordinator.

tzitzicas, Palm

Century 21 Curbow RealtyKyle Tzitzicas is a Colorado native

with close to 20 years in the Colorado Springs area and almost 7 years in the Vail Valley. Kyle has a vast knowledge and pas-sion for Colorado. When he is not work-ing hard in the offi ce, he is out playing hard on the river and in the mountains. Kyle is passionate about fl y fi shing, snow-boarding, and of course helping you buy or sell your next home.

Lynn Palm is a native of Colorado. She has lived in “Th e Springs” for about 15 years. Both or her parents live in Canon City, Colorado.

In her spare time, she enjoys taking her two dogs to the dog park. Sasha is a

Siberian Husky and Lucky is a Lab and Rhodesian Ridgeback mix. She also likes swimming, water sports, skiing, watching trilogy movies, travel, horses, camping, hot springs, gardening, garage sales, techie gadgets, and among other things, surfi ng the net.

White, tercero, urbanick, Warrick, Holleran, Bruno,

underwoodKeller Williams Partners

Keller Williams Partners would like to welcome Th omas White to our family. Th omas is retired USAF and has and ex-tensive background in intelligence. Th om-as has called Colorado Springs home for 20 years. His family is important to him and he loves to travel. Th omas is excited for a change in career and can’t wait to help his clients fi nd their dream home.

Cisco Tercero, the newest member of the Keller Williams Partners Family, has lived in Colorado Springs for 10 years. He is passionate about the local real estate market. His outgoing nature and ability to consider and understand the needs of people combine with his love of construc-tion and property management to make him a natural fi t for a career in real estate.

Please join us in welcoming Jessica Urbanick to the Keller Williams Partners Family. Jessica has been a licensed agent for 2 years and has 16 years of experience in construction and development. She loves to volunteer with various positions and is passionate spending outdoor time with her family. Jessica is excited to begin to streamline her business, grow her client base and build her staging business, Colo-rado Staging Solutions.

Keller Williams Partners is happy to have Trey Warrick as part of our family. Trey holds a Bachelors Degree in Psychol-ogy. While att ending college in Orlando, he worked at Walt Disney World. Trey is new to Colorado Springs, but is excited to jump into his real estate career and be his own boss.

Please welcome Patrick Holleran to the Keller Williams Partners family, as part of the Bill Hays Team. Pat retired from a successful career in the Air Force in October 2012 aft er spending 22 years serving this great country. He spends lots of time with his beautiful daughter and is a substitute teacher, elementary school

coach, and community volunteer. He en-tered the real estate world for one simple reason -- he truly enjoys helping and inter-acting with people.

Keller Williams Partners is happy to welcome Michael Bruno as their new-est agent. Michael has lived in Colorado Springs for 14 years. He holds a BS is Inte-rior Design and is an avid Science Fiction fan. Michael has always had an interest in houses and property. He is excited to bring his background of Interior Design into the Real Estate World.

Please help us welcome Tarema Un-derwood as the newest member of the Keller Williams Partners family. Tarema has called Colorado Springs home for the past 8 years. She loves outdoor sports in-cluding rock climbing, snowboarding and white water raft ing. Tarema bought her fi rst home at the age of 21 and since then she has loved all aspects of real estate.

Realtornewoffice?in the office?in the

let us know!See Page 2.

[email protected]


Local Expert

By Bill McAfeeEmpire Title—

Empire Title of Colorado Springs

Empire Title of Woodland Park

♦

♦

♦

♦

♦

QM, QRM and ATRPart two of a three part series

Last month I covered the ability to repay requirements. Th e consumer fi nancial protection bureau, which was created by the Dodd Frank act, is the regulating authority for consumer lend-ing. Under this new regulation there are 3 categories of loans with diff erent protections. Loans which do not fi t in the category of “qualifi ed mortgages” must satisfy the “ability to repay” require-ments. Loans which are deemed to be qualifi ed mortgages give the lender a safe harbor because they are not high interest mort-gage loans. A third category, “qualifi ed residential mortgages” (QRM) are still being debated for fi nal rule. It appears that these may be given a safe harbor, however the borrower will be given more fl exibility to sue the lender. Th is lesser legal protection for the lenders is causing concern in the lending industry. Today we are going to focus on qualifi ed mortgages.

Qualifi ed mortgages do not have to satisfy all of the ability to repay requirements. A qualifi ed mortgage receives a safe harbor if the annual percentage rate (APR) is less than 1.5% points above the average prime off er rate (APOR). In a case as stated above there would be a safe harbor because the consumer’s ability to repay the loan would be irrelevant. What happens if the APR is more than the 1.5% of points above the average prime off er rate? In this case the consumer could “rebut” the presumption of compli-ance. Th e lender is more likely to be sued by the borrower. Th e borrower can have legal action against the lender if he can prove the lender did not make a reasonable and good faith determination of the borrower’s ability to repay. Here are some more limitations that QM loans have.

Th ey must contain certain features mandated by the CFPB, satisfaction of one of two underwriting tests, and satisfy the points and fees limitations. QM’s may not have certain characteristics such as: negative amortization, interest only payments, balloon payments (with some exceptions for small rule lenders), terms exceeding 30 years, or no-doc loans. Th ere are several additional requirements in the underwriting. QM monthly payments must be calculated based on the highest payment including amounts escrowed for taxes and insurance that will apply in the fi rst 5 years of the loan. Th e borrower must have a total debt to income ratio of less than or equal to 43%. If this is not met the loan must pass the federal agency test in which the loan passes as a qualifi ed mortgage. Examples of this would be loans that a government sponsored entity, HUD, VA and Department of Agriculture as it pertains to single family housing. Th ese loans do not have to be purchased or guaranteed by the above named entities. Compensation to the lender is another factor to consider with qualifi ed mortgages. For loans greater than or equal to $100,000 the cap on points and fees is 3% of the total loan amount. Th ere are diff erent formulas for amounts less than $100,000. Certain prepayment penalties are also counted towards the 3% cap. Th ere are certain fees that can be excluded from the points and feeds such as compensation paid from the lender to its loan offi cers.

In summary it is clear that for loans to be designated as a qualifi ed mortgage, the lenders are going to have to follow strict guidelines and procedures. If these guidelines and procedures are followed the lender will receive a safe harbor against claims from borrowers that they were not properly qualifi ed. Th ere will be certain loans that do not meet the qualifi ed mortgage requirements. Some of these loans will fall into the cat-egory of qualifi ed residential mortgage. If I have not given you enough brain damage to this point qualifi ed residential mortgage will be the fi nal part in this series. Stay Tuned!

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Around the Corner

* Events subject to change. Due to space, please check with event/class holders early for more detailed information on cost, CE credits, sponsors and registration dates.

Email your event info to [email protected]

Tuesday, December 3"Help your Buyers but Protect Yourself" Credit Scoring10am – 11am @ Empire [email protected] 719-884-5300

Learn how to Successfully Sell HUD Homes11am – 1pm @ Legacy [email protected]

Wednesday, December 4HBA Holiday Party5pm @ Thirsty Parrotwww.cshba.com

Thursday, December 5 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

2014, The Year of Triumph (Day 1 of a 2 day Business Planning Workshop)9am – 1pm @ Legacy [email protected]

Friday, December 6Monthly Rookie Roundtable9am – 10:30am @ Legacy [email protected]

Saturday, December 7Home Buying (For Clients)10am – 12pm @ Ent (Galley)www.ent.com

Tuesday, December 10Annual Commission Update8:30am – 12pm @ PPARwww.ppar.org

CTM eContracts – Advanced10am – Noon @ Empire [email protected] 719-884-5300

Buyer Mastery Class w/Bruce Gardner9am – 1pm @ Legacy [email protected]

Wednesday, December 11Mandatory Commission Update8:30am – 12:30pm @ Empire [email protected] 719-884-5300

Thursday, December 12Farm and Land8:30am @ Rudy's on 8th StreetGreg Wolff: 719-590-1711

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

Mandatory Commission Update1pm – 5pm @ Empire Title Woodland [email protected] 719-686-9888

2014, The Year of Triumph (Day 2 of a 2 day Business Planning Workshop)9am – 1pm @ Legacy [email protected]

Monday, December 162014 New Contracts and Forms by Oliver Frascona9am – Noon @ Air Academy FCULand Title: 719-381-0242

2013 Mandatory CREC Update by Oliver Frascona1pm – 5pm @ Air Academy FCULand Title: 719-381-0242

Tuesday, December 17NARPM Meeting11am – 1pm @ Clarion Hotel (314 W. Bijou)Alex Yoder, 719-213-9100

Seller Mastery Class w/Bruce Gardner9am – 1pm @ Legacy [email protected]

Wednesday, December 18Mandatory Commission Update8:30am – 12:30pm @ Empire [email protected] 719-884-5300

Friday, December 20Independent Brokers Forum9am – 10:30am @ PPARwww.ppar.org

Annual Commission Update8:30am – 12pm @ PPARwww.ppar.org

Monday, December 232014 Real Estate Contract1pm – 5pm @ Empire Title Woodland [email protected] 719-686-9888

Monday, December 302014 Real Estate Contract1pm – 5pm @ Empire [email protected] 719-884-5300

Please note that by doing so, you give us permission to print the photo in any upcoming issue. CSREJ will never sell your photos or distribute them in any other way besides the printed newspaper and digital online version.

Post it to Instagram or Twitter with #csrej and we could print it in our next issue.

Have a Nice Real Estate-related Photo?

www.ClassicHomes.com/Neighborhoods

�is Holiday Season,Explore All �e AvenuesNovember 29th - December 15th

Get ready for the most festive REALTOR Holiday Tour of the year! Join us for food, fun, holiday gifts, and fabulous prizes. Including the chance to win a dynamic KMC 3 Wireless Music System from HomeRun Electronics when you visit all eight participating model home locations!

Sponsored by

Promontory Pointe719-481-982815530 Short Line Court(80132) Monument

�e Village of Verona at Flying Horse 719-495-72971986 Bent Creek Drive (80921)

�e Village of Messina at Flying Horse719-694-88401155 Old North Gate Road (80921)

Wolf Ranch719-282-16505906 Brave Eagle Drive (80924)

Meridian Ranch719-494-110110274 Mount Lincoln(80831) Falcon

Banning Lewis Ranch719-886-49957163 Cottonwood Tree Drive (80927)

Carriages at Indigo Ranch719-573-20096411 Wind River Point (80923)

Indigo Ranch atStetson Ridge 719-574-66107104 Mustang Rim Drive (80923)

Closed Tue/Wed

Here's How �e Holiday Tour WorksVisit www.classichomes.com/neighborhoods for a map of Classic Communities to plan your tour.

Tour Cards will be available onsite at each model home and will also be mailed to all active licensed Realtors registered with PPAR.

Get Your Tour Card stamped at each of the eight Classic Model Homes listed on this tour card anytime between 11/29/13-12/15/13.

Earn one stamp per model home.

Enjoy a special assortment of holiday treats including festive food, drinks, and complimentary Christmas ornaments (while supplies last).

Upon your final visit, please leave your stamped card with the onsite sales counselor for your chance to win the KMC 3 Wireless Music System Grand Prize! Be sure to complete the registration card. Winner will be announced on Wednesday, December 18th by email, with actual winners being notified by telephone and email.

Prize rules: You must be an active licensed Realtor in the state of Colorado to qualify. Realtors must visit all eight (8) participating model home locations to qualify for the Grand Prize. You must have your invitation/card stamped at each model home you visit. Employees of Classic Homes and Flying Horse Realty are not eligible.

csrej - november

Documents

state lic

new credit

ariculmerloan o cer719

travisharringtonloan

shannonlivingstonloan

tobimondejarloan o cer719

underwriting th

th e borrower