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July 2006

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Saturday, July 29, 2006 - Finance Commission: Home Equity Laws Refined

The Finance Commission made an update to clarify some of the language regarding Texas Home Equity Laws. 

08-11-06  *NEW*  The amendment was re-opened at the Finance Commission meeting today to correct one grammatical error and will be posted to the register soon.

The attached document will show the actual section of the Texas Register dealing with the update.  I have highlighted some of the areas to make it easier to read.

Attachment: Texas State Register June 2006 (Home Equity Lending)

As always, please feel free to comment!
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Tuesday, July 25, 2006 - San Antonio Missing Out on Home Loan Aid

Jennifer Hiller - San Antonio Express-News Business Writer       

Web Posted: 07/24/2006 09:52 PM CDT

San Antonio's first-time home buyers are missing out on millions of dollars in state assistance, and those millions are going fast. The Texas Department of Housing and Community Affairs recently released $255 million to help people buy homes. Already, all but $65 million has been used or earmarked for specific regions and projects.

That $65 million is open to all of Texas, but few San Antonians have applied for a share. Area residents have gotten only $1.1 million of the available funds so far.  Most of the money instead has gone to Central Texas and Dallas-area home buyers, along with people in the upper Gulf Coast region that was hit by Hurricane Rita last year.

Every year, the TDHCA releases funds to help lower-income families get low-interest mortgage loans, pay closing costs and make a down payment.  To participate, home buyers must meet income requirements and cannot have owned a home in the past three years.

The program offers buyers two loan programs and interest rates below market rate: 5.625 percent interest for buyers who have saved their down payment and closing costs; 6.125 percent for people who also receive a 5 percent grant to help with the down payment and closing. Both loans are for 30-year, fixed-rate mortgages.

A lack of San Antonio-area participation is one reason the TDHCA is working to drum up interest among residents, Gerber said. English- and Spanish-language radio commercials will start airing in the region this week.

Paul Schwab, president of McAllen-based Valley Mortgage Company Inc., said the loans do not take longer to process than other types of mortgages.  In San Antonio, 16 mortgage companies are participating in the program. Statewide, about 45 companies offer the loans.
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Thursday, July 20, 2006 - TEXAS hit the best places to live list... BIG TIME!!!

In a report put out by Money magazine, TEXAS did very well in the rankings of best places to live.

Check out the article at http://money.cnn.com/magazines/moneymag/bplive/2006/


Texas scored big with ten spots on Money magazine’s list of "Best Places to Live."

Austin
placed second on the best big cities list while Sugar Land ranked third on the best places to live list. 

Other suburbs making the list were No. 11 ranked Plano; Richardson No. 15; Carrollton, No. 19; Round Rock, No. 48; Denton, No. 58; North Richland Hills, No. 62; League City, No. 65; and The Woodlands, No. 73.

Money magazine chose the ten winners and 100 finalists for their list based on quality of life, housing, health, education, financials, leisure activities, weather and neighbors.

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- Electronic Disclosures

I get a lot of students that ask me where to get the electronic copies of the disclosure booklets.  Now you can have them too!  Here you go!  Now you can download them and create your own e-booklets.  You can also add these links to your website for additional disclosure.

~ Rachel


FEDERAL DISCLOSURES

1.  All Purchases Invovling 1-4 Family Residential Properties with 1st Liens

HUD Booklet 
PDF DOWNLOAD or
WORD DOWNLOAD   
     

2.  All Adjustable Rate Mortgages - NEW VERSION AS OF DEC 2006

CHARM Booklet "Consumer Handbook on Adjustable Rate Mortgages" 
DOWNLOAD HERE

3.  All Interest Only Mortgages

"Interest Only Mortgage Payments and Payment Option ARMS: Are They for You?" 
DOWNLOAD HERE

4.  Home Equity Loans and Home Equity Lines of Credit (HELOC)

"When Your Home is On the Line" by DOWNLOAD HERE

5.  Fair Housing Poster (for wall)

6.  Advice Booklet for Borrowers regarding Affordability of Loans

TEXAS DISCLOSURES

1.  Homestead Cash-Out Equity Loans
"Notice Concerning Extensions of Credit" disclosure a.k.a. the "12 day letter"
CLICK HERE FOR NEW VERSION EFF. 12-04-07
CLICKING HERE FOR OLD VERSION
2.  Pre-Qual Letter (Required Format)

3.  Mortgage Broker Recovery Fund Notice (For Wall & Website) - put Broker name on it.

4.  Multiple Roles Disclosure

5. Anti-Fraud Disclosure - Completed AT CLOSING!   Eff. 09/01/07

6. SML Prepaid Finance Charge Chart


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- Equal Housing Graphics for Printing or Websites

Make sure that you are in compliance and everyone knows you are are promoting equal housing and fair lending practices! 

The following logos were created at 300 dpi. Choose the size you need. 

To download a copy using Netscape, Shift-left click on the desired size and file type. A Save As window will appear. Save the file to the directory and folder of your choice.

To download a copy using Internet Explorer, right click on the link. Left click on Save Target As in the dialog box. A Save As window will appear. Save the file to the directory and folder of your choice.

[0.5 inch Equal Housing Opportunity Logo]              [0.75 inch Equal Housing Opportunity Logo]              [1.0 inch Equal Housing Opportunity Logo]              [1.25 inch Equal Housing Opportunity Logo]
[1.5 inch Equal Housing Opportunity Logo]             [1.75 inch Equal Housing Opportunity Logo]            [2.0 inch Equal Housing Opportunity Logo]



These can also be found on the HUD website at:
http://www.hud.gov/library/bookshelf11/hudgraphics/fheologo.cfm
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- What is an RSS Feed?

Alliance Academy - News & Reviews now offers RSS feeds
To view RSS, you'll need a program called a news reader (also called a news aggregator). These programs read the RSS feeds you have subscribed to and display them on your computer.
Conditions
If you use the feeds publicly -- meaning, where anyone but yourself will read them, please credit Allinace Academy. You may post the headline and the brief description, not the entire story. You may give attribution as text (news.allianceacademy.org is our site name).

Alliance Academy reserves the right to require you to cease posting the News & Reveiws links at any time for any reason.
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Thursday, July 13, 2006 - Fannie & Freddie's Potential Disaster Averted

Potential disaster averted by regulators on Fannie Mae, Freddie Mac, new agency head says
By MARCY GORDON , Associated Press writer
Date of Publication: July 10, 2006                                                        (Selected Excerpts from the Article)

WASHINGTON — A potential financial disaster that could have shaken the housing market was averted because regulators discovered accounting failures at Fannie Mae and Freddie Mac, the new head of the agency that oversees the mortgage giants said yesterday.

The government-sponsored organizations appear to have gotten the message that they need to reform, but it still will take years to repair their internal problems, James B. Lockhart said in an interview with The Associated Press.

Problems were averted, he said, because the regulators acted to identify and order corrections at Fannie Mae and Freddie Mac, which together stand behind some 40 percent of the $8 trillion U.S. home-mortgage market.

"The good news is that it was caught in time and the remedies are starting to be in place, so that there was no major problem for the average American," Lockhart said.  
Like the White House and many lawmakers, he believes the mortgage holdings of Fannie Mae and Freddie Mac — totaling more than $1 trillion — should be reduced. He called legislation pending in the Senate "a very good starting point."

Fannie Mae, the second-largest U.S. financial institution after Citigroup Inc. and the second-biggest borrower after the federal government, is restating its earnings back to 2001 — a correction expected to reach at least $11 billion. The company was fined $400 million in a settlement in May with OFHEO and the Securities and Exchange Commission, one of the largest civil penalties ever in an accounting fraud case.

The accounting failures and earnings manipulation at Washington-based Fannie Mae became known in September 2004 after the OFHEO regulators discovered them in a special review. No. 2 rival Freddie Mac had its own accounting crisis in mid-2003, when the company disclosed that it had misstated earnings by some $5 billion — mostly underreported — for 2000-2002 and ousted its top executives. Similarly, it was fined $125 million by OFHEO and ordered to make changes.

OFHEO's review found that current and former executives of Fannie Mae reaped hundreds of millions of dollars in bonuses in a deceptive accounting scheme from 1998 to 2004. Employees are said to have manipulated accounting to hit quarterly earnings targets so senior executives could pocket the bonus money.
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- The Rutledge Report

The Rutledge Report is where our very own Jerry Rutledge injects his insight on current events that affect your business.

Jerry Rutledge DREI, CREI, President of Alliance Academy

Jerry Rutledge has been involved with real estate, finance, development and education for more than 35 years.  He is a Real Estate Broker licensed with the Texas Real Estate Commission and a Mortgage Broker licensed by the Texas Department of Savings and Mortgage Lending.  Jerry has been awarded the Texas Real Estate Teachers Association “Certified Real Estate Instructor” (CREI) designation and the International Real Estate Educators Association “Distinguished Real Estate Instructor” (DREI) designation.  He served as director of Education for the North Texas Commercial Association of Realtors, and is owner/operator of Alliance Academy, a TREC, TSML, State Bar of Texas, and State Board of Accountancy Approved Provider School.



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- Are we getting caught in your Spam Filter?

Are we getting caught in your spam filter?

Check out this post for how to easily create rules to keep important messages out of your spam filter.

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- Whitelists and Spam Filters

Make Sure You Get Your News & Reviews

Unsolicited, unwanted advertising e-mail, commonly known as "spam", has become a big problem. It's reached such proportions that most e-mail services and Internet Service Providers (ISPs) have put some sort of blocking or filtering system in place or begun relying on self-proclaimed blacklists to tell the good guys from the bad. 

We at News & Reviews applaud their intention to protect you from spam, but everyone agrees that the current systems for stopping spam are far from a perfect solution. They often block e-mail that you've requested, but that fits somebody's idea of what spam looks like. The more responsible anti-spam activists are working hard to cut down on these "false positives", but in the mean time, you might unexpectedly find you're not getting your News & Reviews every day...

As it happens, there's something you can do to keep your News & Reviews from falling into the false positive trap. You can fight the blacklists with a "white-list". White-list us now, before your delivery is interrupted.

Of course, every e-mail system is different. Below are instructions for some of the more popular ones. If yours isn't here, please contact your ISP's customer service folks for their instructions. (Forward the answer to us, and we might add it!) If you're using some sort of spam filtering or blocking software yourself (in addition to what your ISP provides), we've also listed instructions on how to exempt your News & Reviews from some of the more popular of those programs.

To find instructions for your e-mail provider or software, scroll down or use the handy menu below.

Thank you for white-listing News & Reviews now!

One thing you can do no matter what e-mail system you're using is add the address in the "From" line of your most recent News & Reviews to your address book.

Rachel@AllianceAcademy.org

 AOL        Yahoo!       Hotmail        Outlook 2003        Earthlink           MSN            Verizon        SpamCop

SpamAssassin         Spamkiller        Mailblocks           MailShield        MailWasher        CleanMyMailbox

Oddpost         Spam Inspector        Spam Interceptor        Spam Sleuth        SpamButcher       

Spameater     SpamNet        SpamPal        Miscellaneous Others


 

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AOL

For AOL version 9.0: you can ensure that your News & Reviews is delivered to your Inbox by adding our sending address to your "People I Know" list.

  • Open your latest News & Reviews e-mail.
  • Click the Add Address button (over on the right) to add News & Reviews to your "People I Know" list.

Alternatively, you can just send an e-mail to the News & Reviews "From" address, and that will add us to your "People I Know" list automatically.

  • Open your latest News & Reviews e-mail.
  • Copy the address in the "From" line.
  • Click the Reply button (it's in the top right corner).
  • A new email window opens with an address pre-filled in the "Send To" box.
  • Replace the address in the Send To box with the one you copied out of the From line.
  • Click Send Now (it's in the top right corner).

Even if the e-mail you send doesn't get through to us (for whatever reason), the act of sending it does the job of putting News & Reviews into your "People I Know" list--and that's what counts.

If you're using an earlier version of AOL, you'll need to set your Mail Controls instead. Here's how:

  • Go to Keyword Mail Controls.
  • Select the screen name we're sending your News & Reviews to.
  • Click Customize Mail Controls For This Screen Name.

For AOL version 8.0: Select Allow email from all AOL members, email addresses and domains.

  • Click Next until the Save button shows up at the bottom.
  • Click Save.

For AOL version 7.0: In the section for "exclusion and inclusion parameters", include these domains:

allianceacademy.org
allianceacademy.realtownblogs.com


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Yahoo!

To ensure that your News & Reviews is delivered to your Yahoo Inbox (not the Bulk Mail folder), you can instruct Yahoo to filter it to your Inbox. Here's how:

  • Open your Yahoo mailbox.
  • Click Mail Options.
  • Click Filters.
  • Next, click Add Filter.
  • In the top row, labeled From header:, make sure contains is selected in the pull-down menu.
  • Click in the text box next to that pull-down menu, then enter the address in the "From" line of your most recent News & Reviews.
  • At the bottom, where it says Move the message, select Inbox from the pull-down menu.
  • Click the Add Filter button again.

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Hotmail

If you're using Hotmail, you can ensure that your News & Reviews is delivered to your Inbox by adding our "From" address to your Safe List. Here's how:

  • Log on and click the Mail tab to get into your mailbox.
  • Click Options (it's over at the top right, next to Help).
  • Click Junk e-Mail Protection.
  • Select Safe List.
  • In the space provided, enter the address in the "From" line of your most recent News & Reviews.
  • Click Add.
  • When you see the address you entered in the Safe List box, click OK.

Alternatively, you can add the News & Reviews "From" address to your Contacts list:

  • Open your latest issue of News & Reviews.
  • Click the Save Address button. (It's over to the right in the line of options just above the e-mail.)
  • Click OK.


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Outlook 2003

If you're using Outlook 2003 for your e-mail, you can make sure your News & Reviews is delivered to your Inbox by letting Outlook know you consider it safe. There are a few ways you can do this:

  • Open any News & Reviews e-mail, then add the sender or the sender's domain to your Safe List.
  • Find the address in the "From" line of your most recent News & Reviews and add it to Personal Contacts in your Outlook Address Book.
  • Open any News & Reviews e-mail, then select Mark as Not Junk.


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Earthlink

If you're using Earthlink, you can make sure your News & Reviews is delivered to your Inbox by adding our sending address to your Address Book. Here's how:

  • Open your latest News & Reviews e-mail.
  • Copy the address in the "From" line.
  • Click on Address Book (it's over on the left, below your Folders).
  • When your Address Book opens, click the Add button.
  • On the Add Contact screen, find the Internet Information box.
  • Enter the address you copied from the "From" line into the top Email box.
  • Click Save.


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MSN

If you're using MSN version 9 for your e-mail, you can make sure your News & Reviews is delivered to your Inbox by adding our sending address to your Safe List. Here's how:

  • Open your latest News & Reviews e-mail.
  • Copy the address in the "From" line.
  • Click on Settings: E-mail | Junk e-mail (it's at the bottom left of the screen, just above Calendar).
  • On the E-mail settings screen, click Junk E-Mail Guard.
  • Select Safe List.
  • In the space provided under "Add people to the safe list", enter the address you copied from the "From" line.
  • Click Add.

For older versions of MSN , you add our sending address to your Safe List like this:

  • Open your latest News & Reviews e-mail.
  • Copy the address in the "From" line.
  • Click on E-mail settings (it's at the bottom left of the screen, just above Calendar).
  • On the E-mail settings screen, click Junk Mail.
  • Select Safe List.
  • Click Add an item to this list.
  • When the Add To Safe List box appears, enter the address you copied from the "From" line into the space provided.
  • Click Add.


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Verizon

If you're using Verizon for e-mail, you can ensure that your News & Reviews is delivered to your Inbox by adding our "From" address to your Safe List. Here's how:

  • Go to your Verizon Inbox.
  • Click Options.
  • Select the Block Senders tab (near the top of the screen).
  • On the Block Senders screen, you'll see both a "Block Sender List" and a "Safe List". In the space where it says, "Enter e-mail address or sub domain to always accept even if the domain is blocked", enter the address in the "From" line of your most recent News & Reviews.


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SpamCop

If you're using SpamCop to filter your incoming e-mail, you can exempt your News & Reviews from the filtering process by adding our "From" address to your Whitelist. Here's how:

  • Open your browser and go to this page: http://webmail.spamcop.net/
  • Log into your SpamCop account.
  • Click on the Options icon in the toolbar.
  • Under Mail Management (in the middle), click SpamCop Tools.
  • Select Manage your personal whitelist.
  • Near the bottom, where it reads "Click here to add to your whitelist", click on Click here.
  • Enter the address in the "From" line of your most recent News & Reviews in the first empty slot.
  • Click Submit.


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SpamAssassin

If you're using Spam Assassin to filter your incoming e-mail, you can exempt your News & Reviews from the filtering process by adding our "From" address to the Whitelist in your User Preferences. Here's how:

  • Search your hard drive for the spamassassin folder, then open it.
  • In that folder should be a file named user_prefs. Open it with a text editor (Notepad, for example). If there is no such file, you can create it. The detailed instructions are at http://spamassassin.taint.org/doc/Mail_SpamAssassin_Conf.html.
  • Make a new(blank) line in the file. On that line, enter whitelist_from, followed by the address in the "From" line of your most recent News & Reviews.
  • Save the file and close it.


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Spamkiller

If you're using McAfee's Spamkiller to filter your incoming e-mail, you can exempt your News & Reviews from the filtering process by adding our "From" address to your list of Friends. Here's how:

  • On the Spamkiller sidebar, click Friends.
  • Click Add.
  • Enter the address in the "From" line of your most recent News & Reviews and click the OK button.


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Mailblocks

If you're using Mailblocks to filter your incoming e-mail, you can exempt your News & Reviews from the filtering process by adding our "From" address to your "Accept Mail From" list of addresses. Here's how:

  • In Mailblocks, click the Addresses tab.
  • Select New.
  • Enter the address in the "From" line of your most recent News & Reviews.
  • In the Receiving Options, select Accept Mail From This Address.
  • In the Other Options, make sure Display in People Picker is not selected.
  • Click Submit.
  • Click OK.


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MailShield

If you're using MailShield to filter your incoming e-mail, you can exempt your News & Reviews from the filtering process by adding our "From" address to your list of Friends. Here's how:

  • On the MailShield toolbar, click Friends.
  • Click Add.
  • Enter the address in the "From" line of your most recent News & Reviews and click the OK button.


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MailWasher

If you're using MailWasher to filter your incoming e-mail, you can exempt your News & Reviews from the filtering process by adding our "From" address to your list of Friends. Here's how:

  • In MailWasher, select Tools.
  • Select Blacklist & Friends.
  • On the right-hand side is the "Friends" list. Click the Friends Add button.
  • Select Plain email address.
  • Enter the address in the "From" line of your most recent News & Reviews, then click OK.
  • Click OK again.


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CleanMyMailbox

If you're using CleanMyMailbox to filter your incoming e-mail, you can exempt your News & Reviews from the filtering process by adding our "From" address to your Whitelist. Here's how:

  • Click the Whitelist button.
  • Add the address in the "From" line of your most recent News & Reviews to the list.
  • Click the Submit List button.


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Oddpost

If you're using Oddpost to filter your incoming e-mail, you can exempt your News & Reviews from the filtering process by marking it as "Not Spam"--but only if it has been incorrectly identified as spam in the first place. Here's what to d

  • Find any News & Reviews e-mail that's in your Probably Spam folder.
  • Click on that e-mail to select it.
  • Click the Move to Inbox and Mark as Not Spam button.


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Spam Inspector

If you're using Spam Inspector to filter your incoming e-mail, you can exempt your News & Reviews from the filtering process by adding our "From" address to your list of Friends. Here's how:

  • Open Outlook.
  • On the Spam Inspector menu or toolbar, find and select Manage Friends List .
  • In the Add a New Friend area, select E-mail .
  • Enter the address in the "From" line of your most recent News & Reviews .
  • Click the >> (add) button.
  • Click Close .


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Spam Interceptor

If you're using Spam Interceptor to filter your incoming e-mail, you can exempt your News & Reviews from the filtering process by adding our "From" address to your list of Trusted senders. Here's how:

  • Open Spam Interceptor and select Authentication Lists .
  • Click Trusted .
  • Enter the address in the "From" line of your most recent News & Reviews .
  • Click Add .


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Spam Sleuth

If you're using Spam Sleuth to filter your incoming e-mail, you can exempt your News & Reviews from the filtering process by adding our "From" address to your list of Friends. Here's how:

  • Open Spam Sleuth.
  • From the File menu, select Configure .
  • In the Friends category, make sure Active is selected.
  • In the space provided for the list, make a new (blank) line and on it enter the address in the "From" line of your most recent News & Reviews .
  • Click OK .


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SpamButcher

If you're using Spam Butcher to filter your incoming e-mail, you can exempt your News & Reviews from the filtering process by adding our "From" address to your Know Senders list. Here's how:

  • Open Spam Butcher and click the Configure button.
  • Select the Known Senders tab.
  • Under Known Good Senders and Recipients, click Add .
  • Enter the address in the "From" line of your most recent News & Reviews and click OK .
  • Click OK .


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Spameater

If you're using Spameater to filter your incoming e-mail, you can exempt your News & Reviews from the filtering process by adding our "From" address to your list of Approved Senders. Here's how:

  • On the Spameater sidebar, click Filters .
  • Select the Approved Senders tab.
  • Click Add Filter .
  • In the Address space, enter the address in the "From" line of your most recent News & Reviews.
  • For Address Type, select Full Email Address .
  • Click OK .


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SpamNet

If you're using Cloudmark's SpamNet to filter your incoming e-mail, you can exempt your News & Reviews from the filtering process by adding our "From" address to your Whitelist. Here's how:

  • Open your Outlook Inbox.
  • On the Cloudmark SpamNet toolbar, click Options .
  • Click Advanced .
  • Select the Whitelist tab.
  • Click the Add button.
  • Enter the address in the "From" line of your most recent News & Reviews and click the OK button.
  • Click OK again, then Yes, then OK one last time.


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SpamPal

If you're using SpamPal to filter your incoming e-mail, you can exempt your News & Reviews from the filtering process by adding our "From" address to your Whitelist. Here's how:

  • When SpamPal is running, find the SpamPal icon in your Windows system tray and right-click on it.
  • Select Add to Whitelist .
  • Enter the address in the "From" line of your most recent News & Reviews .
  • Click Add .


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Miscellaneous Others

Many popular e-mail programs, including older versions of  Outlook, Outlook Express, Eudora, and Netscape Mail, don't provide a convenient way for you to white-list the folks you want to receive e-mail from. If you're using this sort of e-mail system and you either aren't getting your News & Reviews or want to make sure you continue to receive your updates in the future, you can do something about it.

Contact the customer service people or the Postmaster at the company that provides your e-mail or Internet connection (your ISP). Explain to them that News & Reviews is e-mail that you asked for and value. Ask them if they can white-list the newsletter. (Unfortunately, some e-mail systems don't allow white-listing.) If they do white-list, they'll probably ask you for some information about us. Here's what to tell them:

  • Sending Address: If they ask for our address, give them the address in the "From" line of your most recent News & Reviews.
  • Domain: If they need to know the domain we're mailing from, tell them both of these:

allianceacademy.org
allianceacademy.realtownblogs.com



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