FNMA Changes Self Employed And Student Loan Payment Calculation

December 20th, 2014   •   no comments   

Recently FNMA issued a number of clarifications to their seller servicer guidelines. Below are the two that caught my attention:

1. An analysis of self-employed income is not required if borrower is using salaried income to qualify for the loan. This remains in affect even if the secondary self-employment income is reflecting a loss on the tax return(s).

2. Student loans that are in deferment to be calculated at 1% instead of 2% of the loan balance or the documented payment whichever is greater.

These updates are in effect as of 12/16/2014 ~ they become mandatory on 04/01/2015.

Click here to read the full announcement. 

Have a fantastic day!Click to

It’s Almost Law – Tax Bill With Major Mortgage Deductions Passes Senate and House of Representatives

December 19th, 2014   •   no comments   

Good Morning, H.R. 5771 passed with overwhelming success in both the House of Representatives (387-46) and the Senate (76-16) as reported in MPA this morning. All that is needed to pass this legislation into law is President Obama’s signature. Below are the deductions as they relate to qualified mortgage deductions.

“The tax exclusion of imputed income from the discharge of indebtedness for a principal residence;

The tax deduction of mortgage insurance premiums AND

The tax deduction of contributions of real property interests for conservation purposes.”

The bill is retroactive for all tax provisions that are listed in H.R. 5771 that are set to expire 12/30/2014. This will be good news for tax payers that qualify for these write-offs on their 2014 taxes next year. 

As always it is recommended your borrowers seek counsel from their tax advisor on these matters. The purpose of this message is to educate not advise.Click to read more...

Relieve Stress Be Kind

December 16th, 2014   •   no comments   

Good Morning, I received this article from Jinny Ditzler this morning talking about the gift of kindness. I really love the embodiment of this message particularly these 3 bullet points:

1. Be kind to yourself: I could not agree more it’s okay to say “no.” Sometimes in the quest to please others we take on too much at the expense to ourselves. It will be hard to be kind to others if you don’t show yourself the same compassion.

2. Speak from the heart: This involves leaving judgement and opinions out of your conversation. Concentration on providing support, nurturing and a safe spot to air what is bothering your family member, friend and/or colleague is an immeasurable gift.

3. Be interested not interesting: Instead of thinking about a “come back” statement really listen and observe. We are in an environment where the human touch has been diluted with email and Click to read more...

The Secret – What Great Leaders Know and Do

October 6th, 2014   •   no comments   

Good Afternoon, Over the weekend I received a newsletter from my friend and colleague Tom Ninness founder of Summit Champions. Tom’s message centered around Ken Blanchard & Mark Miller’s book “The Secret – What Great Leaders Know and Do.” The central character Debbie Brewster asks her mentor this very same question; according to Tom and the authors the answer is “Great leaders Serve.” Through out the book the acronym “serve” is used to illustrate this principle. Tom and I have weighed in with our thoughts and feelings around this topic. My thoughts are below, to gain Tom’s insight: Summit Champions Weekly eCoaching.

S: See the future ~ what is your vision? I wrote about the importance of this a little over a week ago. First visualize how you see yourself both personally and professionally a year, five-years, ten-years, twenty-years, fifty-years from now. Then be in the moment. Write out your … Click to read more...

The Importance of Content

September 26th, 2014   •   no comments   

Good Afternoon, I am writing to you from Boise, Idaho where I spent an amazing morning and afternoon. I was blessed to be a key note speaker for a group of entrepreneurs. My topic centered around results based marketing and how to avoid the 10 biggest mistakes associated with this topic. I promise to share tomorrow,

For today I made an in flight correction after receiving an email from Kim Clausen of Ready To Go Marketing Solutions this morning. Kim’s emphasized the importance of content and I could not agree more. Relevancy is the number reason our client base connects with us. The bond we create together or level of engagement is the glue that keeps us together when the competition comes knocking. Coincidentally this is exactly what my message concentrated on this morning. Here is Kim’s missive:

“Two of the quickest ways to lose favor with your prospects and … Click to read more...

Borrowers Who Are Relocating May Benefit From This IRS Tip

September 10th, 2014   •   no comments   
Borrowers Who Are Relocating May Benefit From This IRS Tip

Good Afternoon, I received this tip from the IRS the other day. Did you know if your clients move because of their job, they may be able to deduct the cost of the move on their tax return. The IRS offers the following tips about moving expenses and your tax return. In order to deduct moving expenses, your move must meet three requirements:

1. The move must closely relate to the start of work: Generally, consider moving expenses can be considered if they occur within one year of the date you start work at a new job location. Additional rules apply to this requirement.

2. The distance test must be met: The new main job location must be at least 50 miles farther from the previous residence plus the mileage difference to the previous job location. For example, if the borrower’s old job was three miles from their old home, … Click to read more...