Category Archives: North Carolina

Essential Information about the Appraisal Process

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starkey mortgage

Since the 2008 housing crisis, current 30 year mortgage rates are still below average according to Freddie Mac and as a result, many homeowners may save thousands of dollars per year when buying a new home. And while the housing upturn has left buyers hopeful, the National Association of Home Builders (NAHB) explained in an article recently, “NAHB has made it a priority to enact major reforms so that appraisals reflect accurate home values and do not needlessly kill home sales.”

Starkey Mortgage (WR Starkey Mortgage, LLP NMLSR# 2146) has a few helpful tips on what builders can do to assist appraisers with the appraisal process.

  1. Staging and Curb Appeal – First impressions matter in every industry, and new homes set the standard. Prepare for an appraiser with the same attention to detail that you would for prospective buyers: clean, clutter-free spaces and outstanding curb appeal.
  2. Share Information with the Appraiser – Builders should be eager to share all pertinent, objective information with the appraiser including plans and specifications for the property, details and warranties on chosen materials and any comparable, recent sales information. While builders cannot discuss the cost or value of a home, they can provide factual information and documentation.
  3. Be Available During Inspection – Have knowledgeable staff available to answer any appraisers’ questions or requests. However, it is important to remember that the appraisal process is an independent valuation of the property, and any discussion or influence of the value outcome of the report is strictly prohibited.
  4. Document your Communications – Keep detailed records of the communication you have with the appraiser, as well as the information you supply them.

Starkey Mortgage provides in-house processing and underwriting and prides itself on timely closings and competitive rates. Starkey exercises controlled growth and works closely with home buyers and new home builders to give them an assured experience.

For more information on financing your home or for additional tips on preparing for your appraisal, please contact North Carolina’s Senior Vice President and Regional Manager, Debra Watt (NMLSR #346277, NC License #I-149994) at dwatt@starkeymtg.com or call 704-246-0132.

For more information on Starkey Mortgage’s Builder Services, East Region, please contact Amy Slack at aslack@starkeymtg.com, call 404.406.7841 or visit www.starkeybuilderservices.com.

Equal Housing Lender. WR Starkey Mortgage, LLP NMLSR# 2146, 10800 Sikes Place, Suite 110, Charlotte, NC 28277, Branch Phone: 704.849.2125, Branch NMLSR#93518, Branch License #L-112550-102, SC License #MLB-93518.

Luxury Home Market Expanding for Mortgage Lenders

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new construction home

It is still a buyer’s market in the luxury home market per the Institute for Luxury Home Marketing (ILHM), with a Market Action Index (MAI) at 28. The MAI measures available supply relative to the current level of demand. However, the current index is very close to 30, which is considered a seller’s market. As reported by the IHLM on Nov. 10, 2013, home prices have remained stable over the last few weeks with a median price of $1.27 million, which represents close to a 10 percent increase since the beginning of 2013. These statistics support upward pressure in this market as house prices rebound and buyers and sellers are reevaluating their goals.

The jumbo market may also expand in volume if Fannie Mae and Freddie Mac reduce the loan maximums from the current level of $417,000. This has been suggested by Edward DeMarco, acting director of the Federal Housing Finance Agency, as part of a strategy to lessen federal involvement in mortgage lending.

Overall, Starkey Mortgage sees the jumbo market consisting of financially-savvy borrowers who expect full service at the lowest cost. Generally, these borrowers do not pay cash because the cost of funds is still lower than what they earn on their investments. A smart marketing strategy for listing and buyer’s agents is to align with lenders, such as Starkey Mortgage, who offer a full array of jumbo products and understand how the mortgage fits into an individual’s financial plan. With the luxury market expanding, lenders are expanding their product diversity to accommodate this growth.

Starkey Mortgage is a strong jumbo lender with programs that cover lending for unique properties, accommodate complex income scenarios and offer asset-based lending. Asset-based lending includes pledged assets as collateral and asset depletion is used in income calculations. In addition to product diversity, lenders must possess the ability to offer exception underwriting, which is often referred to as “common sense lending”. It is important that today’s jumbo borrowers understand there are more viable options in the marketplace for them to accomplish their goals.

Starkey Mortgage provides in-house processing and underwriting and prides itself on timely closings and competitive rates. Starkey exercises controlled growth and works closely with home buyers and builders to give them an assured experience.

For more information on Starkey’s East Region Builder Services Division, please contact North Carolina’s senior vice president and regional manager, Debra Watt, at dwatt@starkeymtg.com, 704-246-0132 or visit www.starkeybuilderservices.com.

Equal Housing Lender. WR Starkey Mortgage, LLP NMLSR# 2146, 10800 Sikes Place, Suite 110, Charlotte, NC 28277. Branch NMLSR #93518, Branch License #L-112550-102, SC License #MLB-93518. Phone: 704.849.2125.

How the Shutdown Affects the Mortgage Industry

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Starkey LogoAccording to industry officials, the mortgage industry isn’t likely to face drastic, immediate repercussions because of the government shutdown. However, if the shutdown were to last longer than two weeks, the industry can expect to see more of an impact.

The vast majority of home loans are processed through Fannie Mae or Freddie Mac, both of which are federally supported, but neither company is diminished by the shutdown. The Federal Housing Administration (FHA), however, is a government agency and while still processing loans, they are working with a substantially reduced staff, which could lead to delays.

The biggest shutdown hiccup for North Carolina mortgages is the IRS, which isn’t currently issuing either tax transcripts or Form 4506-T, a form most lenders use to verify a borrower’s income. This isn’t really an issue for homes closing in the next week or two, as those forms have likely already been ordered. But, should the shutdown last longer than two weeks, home buyers may begin to see the real and lasting effects.

Generally speaking, it’s business as usual for lending companies. Just because the government has shut down doesn’t mean your loan has to. North Carolina home loans continue to be processed, and at Starkey Mortgage (WR Starkey Mortgage, LLP NMLSR #2146), we are continuing to submit paperwork on the borrower’s behalf for standard loans. We do not expect a short government shutdown to have lasting effects on the housing market.

At Starkey Mortgage, we provide in-house processing and underwriting, and pride ourselves on timely closings and competitive rates. Starkey exercises controlled growth and works closely with home buyers and builders to give them an assured experience.

For more information on Starkey’s East Region Builder Services Division, please contact North Carolina’s senior vice president and regional manager, Debra Watt at dwatt@starkeymtg.com, 704-246-0132 or by visiting www.starkeybuilderservices.com.

Equal Housing Lender. 10800 Sikes Place, Suite 110, Charlotte, NC 28277. Branch NMLSR #93518, Branch License #L-112550-102, SC License #MLB-93518. Phone: 704.849.2125.

New Midtown Apartment Complex Construction Underway

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uptown charlotte

Lennar has begun construction on a new apartment complex located in midtown Charlotte. The new mixed-use development will feature 261 units and approximately 7,700 square feet of retail space.

Lennar Multifamily Investors, the apartment division of Lennar Corporation, is constructing the new complex on South Kings Drive across from the Metropolitan development. The 2.5-acre site, which is bounded by South Kings Drive, Charlottetown Avenue, Cherry Street and East Third Street, was purchased last year for $8.25 million.

The complex will wrap around a five-story parking deck and feature five levels of residential living along the East Third Street side. On the Charlottetown Avenue side, there will be six levels with the bottom level consisting of retail shops.

With its location near uptown, two major hospitals and the Metropolitan, Lennar is gearing the floor plans in the complex towards the expected market. One bedroom and studio units will make up 70 percent of the apartments in the new, as-yet unnamed building.

“We think having a grocery and a variety of dining and shopping across the street is one of the most exciting things about the location,” says John Gray, director of Lennar Multifamily Investors in Charlotte.

The luxury apartments will include granite countertops and stainless steel appliances, and the outstanding amenities that will be available to residents will consist of a pool, yoga room, fitness center, spin room, dog spa and a coffee-shop area for residents who work from home.

The first units in the new complex are expected to be delivered in the fourth quarter of 2014.

Starkey Mortgage Launches New National Builder Division with Great Success

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Starkey LogoWhile new home sales and buyer confidence begin to rise again after the market downturn, Starkey Mortgage (WR Starkey Mortgage, LLP NMLSR# 2146) has created a new division devoted entirely to helping home builders drive traffic to their communities by utilizing the most successful marketing, advertising and promotions.

The Texas-based mortgage company has aligned with community home builders and homebuyers through the economic downfall and understands that many home builders do not have the in-house resources or marketing departments required to help them effectively market their communities. Starkey Mortgage’s southeastern U.S. division developed the unique and innovative Builder Services program in response to this unfulfilled niche, which offers professional marketing assistance to small to mid-sized builders.

As a mortgage banker, Starkey Mortgage originates, processes, underwrites, closes and funds residential mortgage loans in the Starkey Mortgage name. This is an advantage over mortgage brokers who must rely on their investors to underwrite and close loans. Another benefit is the operations and underwriting is located in the branches with the loan officers. This “in-house” authority provides the company with increased control over the mortgage process, which results in superior customer service.

Debra Watt, Senior Vice President and East Regional Manager, explained, “The extensive support from the Builder Services Division allows our loan officers to focus on the homebuyers, resulting in a smoother sales cycle and a positive partnership between all parties for the long term.”

After a successful first year in the southeast region, the Builder Services Division has expanded nationally, developing and servicing relationships in North and South Carolina, Virginia, Colorado, Texas, Oklahoma and Louisiana.

Randee Black with Starkey Mortgage

To spearhead this division, the company recruited Randee Black in early summer 2012. With a background in marketing, graphic design and social media, paired with her mortgage-business expertise, she has been a tremendous asset to Starkey Mortgage’s success. “Being able to offer the tools and resources needed to successfully market to home builders allows us to become a part of the builder’s sales force through customized, co-branded solutions, on-site coverage and training to help generate traffic to the new home communities we service,” said Black. The Builder Services division has since grown, and provides full, in-house graphic design, communications and social media support.

With branch offices across multiple regions, the National Builder Division is able to facilitate clients locally, providing regional depth, area knowledge and consistent availability. With the uptick in housing starts, home values and employment growth, the Builder Services team continues to focus its efforts in North and South Carolina, and has built strong relationships with several builders primarily within the Triad, Raleigh, Charlotte, Columbia and Charleston markets.

Through the use of effective social media, digital and print marketing efforts, the National Builder Division strives to capture the builder’s message and help to transform it into a clear, concise message to homebuyers and real estate agents. Services include marketing, brand strategy, digital/online presence, media and press campaigns and marketing collateral with financing scenarios.

For more information on Starkey Mortgage’s Builder Services Division, please contact Randee Black at rblack@starkeymtg.com, 678-350-9041 or visit www.starkeybuilderservices.com.

Equal Housing Lender. Georgia Residential Mortgage Licensee. 7000 Central Pkwy. NE, Suite 1440, Atlanta, GA 30328.