Texas

The best place to flip a house is, to borrow a lyric from a classic Marty Robbins tune, down in the West Texas town of El Paso
The best place to flip a house is, to borrow a lyric from a classic Marty Robbins tune, down in the West Texas town of El Paso.
 
In a new study released by WalletHub, El Paso was named the best market for house flipping. Sioux Falls, S.D., placed second on the list, followed by Fort Wayne, Ind., Peoria, Ariz., and Oklahoma City. At the other end of the spectrum, Oakland placed last among the 150 metro areas analyzed for the study, which number crunched such factors as median purchase price, average full home remodeling costs and the local housing-market health index.
 
Among the specific criteria in the study, Pittsburgh recorded the highest average gross return on investment at 130 percent, while San Jose had the lowest at 22 percent. But Pittsburgh had the lowest share of home flips at 3.03 percent, while Memphis had the highest at 11.67 percent. Cleveland had the lowest median purchase price, $46,250, while San Jose had the highest at $654,250. And Seattle has the highest housing-market health index, 9.833, which is 50 times greater than New Orleans, the city with the lowest at 0.197.

 
Susie Stringer is a Senior Loan Officer at SecurityNational Mortgage Inc. in Round Rock, Texas, and President of the Central Texas Association of Mortgage Professionals (CTAMP)
Susie Stringer is a Senior Loan Officer at SecurityNational Mortgage Inc. in Round Rock, Texas, and President of the Central Texas Association of Mortgage Professionals Susie Stringer is a Senior Loan Officer at SecurityNational Mortgage Inc. in Round Rock, Texas, and President of the Central Texas Association of Mortgage Professionals (CTAMP). National Mortgage Professional Magazine recently had the chance to chat with Susie regarding her involvement with CTAMP and the state of the housing market in the Lone Star State.
 
How and why did you get involved with the Central Texas Association of Mortgage Professionals? Can you share the track within the association that led to your current leadership role?
Having been in the mortgage industry for more than 20 years, I was introduced to the CTAMP Board of Directors through an associate. Once I met this group, I realized what their goals were and what an amazing group of people they are, donating their time and energy for our association. It was an effortless transition to get involved and to share what I could of myself.
 
Why do you feel members of the mortgage profession in your state should join CTAMP?
Knowledge is power. We are a local chapter of NAMB—The Association of Mortgage Professionals, and they support and provide information and representation to the industry. We focus on teaching, while working to keep individuals informed on changes in the industry.
 
What role does CTAMP play in the federal and state legislative and regulatory environments?
As a trade organization, we are involved in both state and federal legislative issues, and we send our representatives to lobby each year. It is a very exciting time to be in this industry.
 
What do you see as your most significant accomplishments with the association?
While expanding our membership, we have been able to provide an extremely robust education program that addresses the day-to-day concerns of mortgage professionals. Our motto is: “Don't Wait, Educate!”
 
What is the synergy between CTAMP and NAMB?
We are a local chapter in the state of Texas, working with NAMB, and we have a fluid connection with them.
 
In your opinion, what can be done to bring more young people into mortgage careers?
This is still a tricky one, but I do believe it is an important subject. Young people need to have a way of integrating themselves into the mortgage field. Because the industry stepped away from paid mentoring programs as a result of heavy regulations, this may be a good time to revisit and revise that idea in order to attract a new wave of young mortgage professionals.
 
How would you define your state's housing market?
Very strong, steady and robust. 
Phil Hall is managing editor of National Mortgage Professional Magazine. He may be reached by e-mail at PhilH@MortgageNewsNetwork.com.
Susie Stringer is a Senior Loan Officer at SecurityNational Mortgage Inc. in Round Rock, Texas, and President of the Central Texas Association of Mortgage Professionals
Newcomers to the housing market will find more financially favorable opportunities in Texas and much, much fewer in California, according to new data from WalletHub
Newcomers to the housing market will find more financially favorable opportunities in Texas and much, much fewer in California, according to new data from WalletHub.
 
In an analysis of 300 cities using criteria ranging from housing affordability to real-estate tax rate to property-crime rate, WalletHub found the Lone Star State was home to four of the top 10 markets for first-time homebuyers: McKinney (number one), Frisco (number two), Allen (number three) and Richardson (number seven); another Texas metro market, Laredo, scored as the lowest cost-of-living index among the markets analyzed. Fourth-place Cary, N.C., was the sole coastal market in the top 10, while another North Carolina city, Fayetteville, had the most affordable housing options available.
 
At the other end of the spectrum, California dominated the list with seven of the 10 worst places for first-time homebuyers, with Santa Barbara taking the unhappy honors at the top of this sorry list. Santa Barbara also offered least affordable housing options (it was 12.7 times more expensive than Fayetteville) while Sunnyvale, Calif., had both the highest cost-of-living index (2.9 times higher than Laredo) and the lowest rent-to-price ratio (7.3 times lower than Detroit).
 
Honolulu straddled the best and worst lists with the lowest real-estate tax rate, 0.29 percent and the highest average energy cost per household, $455.51.

 
Half of the 10 fastest-growing cities in the U.S. can be found in Texas, according to a recent report from the U.S. Census Bureau
Half of the 10 fastest-growing cities in the U.S. can be found in Texas, according to a recent report from the U.S. Census Bureau.
 
In an analysis of the populations of cities with at least 50,000 residents between July 1, 2015, and July 1, 2016, the Houston suburb of Conroe, Texas, was crowned the nation’s fastest-growing city, with a 7.8 percent growth spurt. In comparison, the national average for population growth during that 12-month period was a mere 0.7 percent. Other Texas cities experiencing rapid growth are second-place Frisco (6.2 percent), third-place McKinney (5.9 percent), fifth-place Georgetown (5.5 percent) and ninth-place New Braunfels (4.7 percent).
 
The remainder of the top 10 list were either in the South or the West: fourth-place Greenville, S.C. (5.5 percent), fifth-place Bend, Ore. (4.9 percent), sixth-place Buckeye, Ariz. (4.8 percent), seventh-place Bonita Springs, Fla. (4.8 percent) and tenth-place Murfreesboro, Tenn. (4.7 percent).

 
Texas Capital Bank has announced that Gary Ort, president of its Mortgage Finance Division, is retiring at the end of June and will be succeeded by Director of Correspondent Lending Jack Nunnery
Texas Capital Bank has announced that Gary Ort, president of its Mortgage Finance Division, is retiring at the end of June and will be succeeded by Director of Correspondent Lending Jack Nunnery.
 
“Gary has been a key architect in the growth and success of Texas Capital Bank,” said Texas Capital Bank President and CEO Keith Cargill. “We owe him a tremendous amount of gratitude. Jack Nunnery has been at Gary’s side the whole way and brings to the role not only a deep knowledge of the business and its past but also a clear vision for its future. And both Gary and Jack understand the important role our clients have played in our success, and how Texas Capital Bank wouldn’t be here without them.”
 
Under Ort, who served Texas Capital for the past decade, the bank built its Mortgage Warehouse unit into one of the largest providers of mortgage warehouse credit facilities in the country. He also presided over the newly launched Correspondent Lending business and expanded Texas Capital Bank’s credit offering to mortgage lenders to include lines of credit secured by mortgage servicing rights, also one of the nation’s largest businesses of its kind.
 
“I’ve been privileged to be with an organization like Texas Capital Bank, which deeply values entrepreneurial thinking,” said Ort. “We’ve built a robust mortgage finance business, and I can’t think of a better person to grow it than Jack Nunnery.”
 
Nunnery has broad experience in the mortgage industry in a variety of roles, including counterparty risk management, mortgage technology, underwriting, post production and secondary marketing. At Texas Capital Bank he oversaw the creation of the Correspondent Lending business, which launched in 2016, helping to introduce cutting edge technology and product innovation to the industry. 

 

The Texas Mortgage Bankers Association (TMBA) has announced the location and dates of its 101st Annual Convention. This year’s conference, “Defining Our Future,” will be held at the Hyatt Regency Hill Country Resort and Spa in San Antonio, Texas, Sunday-Tuesday, May 21-23, 2017. TMBA is expecting record attendance of more than 1,000 registrants.
 
The three-day agenda was developed to offer attendees new information, guidance, trends, insight, and emerging strategies in in the mortgage industry. Notable topics include: Conversation with the Honorable George W. Bush; How Changes in Washington D.C Will Affect the Mortgage Industry; Changes to HMDA and Fair Lending Implications; How the Best Originators in the Country Build Predictable Cash Flow; Technology and our Next 100 Years; Leadership Lessons From Ritz Carlton and Disney; Best Use of Social Media to Grow Your Business; and more.
 
“As an industry, we are operating in an ever-changing, compliance intensive business landscape with a significant degree of uncertainty on the horizon,” said TMBA President Mary Pirrello. “This year’s conference will provide mortgage bankers with invaluable information on new tactics and strategies to help navigate through industry changes and achieve ongoing success and sustainability.”  
 
Keynote speakers include:
 
►George W. Bush—43rd President of the United States and Founder of the George W. Bush Presidential Center
►Bill Hart—Executive Coach, Building Champions
►David Horne—Lobbyist and Consultant, David L. Horne, LLC
►J. David Motley, CMB—Chairman-Elect, Mortgage Bankers Association
►Mark K. Updegrove—CEO, National Medal of Honor Museum
 
Click here for more information, call (512) 480-8622 or e-mail info@texasmba.org.

 
Motto Mortgage, a member of the RE/MAX Holdings Inc. family of brands, has now included mortgage brokerage franchise opportunities in Georgia, Illinois, Louisiana, Nebraska and New Hampshire
Motto Mortgage, a member of the RE/MAX Holdings family of brands, has a new franchisee in the Lone Star State, as Freddy Rodriguez, broker/owner of RE/MAX Inner Loop in Houston, has purchased the first Motto Mortgage franchise in Texas.
 
“Increasing mortgage rates are getting more buyers off the fence and into the home buying game,” said Rodriguez. “I am a true believer in the American Dream and my hope is that the addition of a Motto Mortgage franchise in the area will help more people become homeowners.”
 
Rodriguez’s Motto Mortgage location is expected to open this spring.
 
“The addition of a Motto Mortgage franchise will offer Houston-area homebuyers more lending options,” said Motto Mortgage President Ward Morrison. “Thanks in a large part to Freddy’s leadership, RE/MAX Inner Loop has seen impressive growth in the last three years and we expect the same success with this new endeavor.”
For those who view Texas as a land of plenty, there is one thing that the Lone Star State is lacking: Starter houses
For those who view Texas as a land of plenty, there is one thing that the Lone Star State is lacking: Starter houses.
 
In a new data report from Trulia, Texas metros made up four of the top 10 “mismatched markets” when it comes to people looking for starter houses and the available inventory of such properties. Dallas was top of the list, with 18.1 percent of all home searches aimed at these introductory properties and 6.2 percent of these homes listed for sale. Houston placed second on the list, with a 17 percent-to-5.7 percent imbalance, while Fort Worth was fifth (19.5 percent-to-9.6 percent) and San Antonio was ninth (12.2 percent-to-5.8 percent).
 
Other states with multiple metros on the “mismatched markets” list were North Carolina (with third ranking Charlotte and fourth ranking Raleigh) and Florida (with sixth ranking Daytona Beach and tenth ranking Tampa-St. Petersburg).
 
“Nationally, the average market mismatch score across the starter, trade-up, and premium price tiers rose 1.8 percentage points to 7.4 percentage points during the fourth quarter 2016—with most shoppers searching for starter and trade-up homes but most listings being premium homes,” said Felipe Chacon, housing data analyst for Trulia's Housing Economics Research Team. “The widening gap between listings and searches underscores the difficulty home buyers face in locating an affordable home they like. More than half of Americans who had been in the market to buy a home during the past two years (58.5 percent) said the process was either somewhat or very competitive. This compares with 37.8 percent of those who were exclusively in the market for a rental during the same time period.”
Fannie Mae is being questioned by a prominent U.S. senators regarding the costs of its new regional headquarters in Plano, Texas

Fannie Mae is being questioned by a prominent U.S. senators regarding the costs of its new regional headquarters in Plano, Texas.

According to a Dallas Morning News report, Sen. Chuck Grassley (R-IA) is questioning the expenses related to the 10-story, 330,000-square-foot building leased for 15 years by Fannie Mae last year. In a letter to Federal Housing Finance Agency (FHFA) Director Mel Watt, Grassely charged that the site represents "$24.2 million in excessive costs," and he questioned the judgment in locating the offices in that particular area.

"Choosing an area of Dallas known as the 'platinum corridor' makes me wonder who's minding the store," Grassley said. "It is inexcusable that neither Fannie Mae nor FHFA have conducted an appropriate review to determine the reasonableness of the lease or the budgeted build-out costs for this project. As an agency charged with oversight of the mortgage market, Fannie Mae has an even greater responsibility to effectively manage its own real estate project(s) and to do so in a manner that is not wasteful of taxpayer dollars."

Grassley further demanded that the FHFA produce a detailed accounting of its decision to choose the Plano location and an analysis of the costs related to this decision.

FHFA Deputy Director Bob Ryan responded on behalf of Watt, stating in a letter that "Fannie Mae's new Dallas office space, which is expected to provide a significant reduction in square footage from the current leased space, have fewer offices, add resiliency operations and have a much higher density design than the space Fannie Mae currently occupies."

Connecticut-based VA mortgage lender Military Direct Mortgage has announced its expansion into Texas and has appointed Alex Halisky as branch manager of the new Dallas office

Connecticut-based VA mortgage lender Military Direct Mortgage has announced its expansion into Texas and has appointed Alex Halisky as branch manager of the new Dallas office. Halisky is a seasoned direct-to-consumer mortgage professional with more than 18 years of experience in the mortgage banking industry. He will lead a team of licensed VA loan specialists to provide veterans and active duty military with home purchase and refinance options.

“After the start of our Avon, Conn. location, we quickly saw the need for a presence in other regions of the country. We are very happy and fortunate to have Alex run our Dallas branch” said Patti White, president of Military Direct Mortgage. “Alex has the knowledge and experience in the industry to guide a team of dedicated professionals to carry out our mission of ensuring that as many veterans as possible are aware of and can implement the benefits they so rightfully deserve.”