Scotsman Guide - September 2009 Residential Edition

Articles
RESIDENTIAL EDITION VOLUME 16 ISSUE 9 SEPTEMBER 2009

DEPARTMENTS

12 | From the Editor

Plus: News from the past month

14 | Spotlight on Austin, Texas

Plus: Q&A with the head of Texas’ broker association

LEAD ARTICLE

17 | How to Survive the Legal Carnival

BY CHRISTOPHER E. THORSEN, BRADLEY ARANT BOULT CUMMINGS LLP In some cases, borrowers file lawsuits as a last-ditch attempt to stave off foreclosure — and at times, they name their brokers in the suit. Looking for ways out of this litigation? Consider these five steps.

17

ARTICLES

20 | Adjusting to New Valuation Climate Brokers can look beyond appraisals when seeking to apply worth to home investments BY RICHARD H. ZAHM, SECOND ANGEL BANCORP

22 | Flood Insurance: What You Should Know As hurricane season nears its peak, ensure your borrowers are prepared for flood risks BY EDWARD L. CONNER, FEDERAL EMERGENCY MANAGEMENT AGENCY MITIGATION DIRECTORATE

23 | How to Build Financial Literacy The onus is on brokers to educate borrowers before, during and after the transaction BY PAUL WYLIE

24 | Guess What? Regulation Z Already Changed Brokers must know the critical amendments, which took effect two months sooner than expected

BY LAURA MARQUEZ-GARRETT AND MIRIAM CHO, FOSTER PEPPER PLLC

28 | Guiding Loan-Mod Clients: 11 Tips Loan-modification waters can be choppy for borrowers — but you could show the way BY RAY WILLIAMS, GREENWAY CAPITAL MANAGEMENT

29 | Be Ready for Short-Sale Shortcomings Understanding common glitches marks the first step toward closing these deals BY ALEX CHARFEN, DISTRESSED PROPERTY INSTITUTE

30 | Formulating Brokerage Success Don’t just count on automated calculations — understand the math behind mortgages BY GARY OPPER, APPROVED FINANCIAL CORP.

TOOLS & TIPS

32 | Opportunities for Referrals Abound If you keep real estate agents in the loop, you can increase openings for new business BY RICH RANDALL, RICHRANDALL.COM

36 | 5 Strategies for Coping with Tough Times Industry leaders should step up their communication in this economic downturn BY DONNA DE ST. AUBIN, ST. AUBIN, HAGGERTY & ASSOCIATES INC.

37 | Building Business in a Tough Market Focus on four key areas to nurture relationships with lenders BY ROB KATZ, DEL MAR DATATRAC

38 | 3 Ways to Pitch Your Niche

Gain a steady stream of clients by establishing and announcing your expertise BY TIM DAVIS, TITAN HOME LOANS

40 | Updating Your Business Plan: 3 Tips Changing times mean changing needs, and your company must set a path for coping BY DAVID LYKKEN, MORTGAGE BANKING SOLUTIONS

CORRECTION: This past July 29, the Federal Trade Commission delayed the enforcement date of the Fair and Accurate Credit Transactions Act’s Red Flags Rule from Aug. 1 to Nov. 1. This change occurred after publication of August’s Scotsman Guide — thus, information within the article “Red Flags Rule: A 3-Hour Cure” was not updated on Page 22 of the print residential edition.