Real Estate attorneys Rob Draughon andShelley Rothman of Griffin, Clift, Everton and Maschmeyer will giveyou some great advice to take you to the head of the class.

Whatdo YOU want to accomplish with YOUR mortgage? Let’s stayconnected! Subscribe to get Real Estate Mortgage Shoppe weeklypodcast with show notes at www.TNRDHomeLoans.com Call and let’s explore some ways to get you from where you are towhere you want to be.

ToYour Success,

TNRDHomeLoans, Mortgage Loan Officer NMLS# 757308 (615) 924-6215This email address is being protected from spambots. You need JavaScript enabled to view it.

LET’S GET THIS CLASSSTARTED…

Good morning, Memphis! Welcome to our internet listeners and podcast listeners across the 50states! You’re on Real Estate Mortgage Shoppe. I’m your host, TNRDHomeLoans, Mortgage Loan Officer. You can connect with me atwww.TNRDHomeLoans.com. Ourgeneral topic isABC’sFor A Trouble-Free Mortgage & Real Estate Closing. Subscribeto get Real Estate Mortgage Shoppe podcasts with show notes atwww.TNRDHomeLoans.com Call uswhile we’re live today August 22nd, 2020 at (901)535-9732.

Back in the Real EstateMortgage Shoppe studio we have attorneys Rob Draughon and ShelleyRothman of Griffin, Clift, Everton and Maschmeyer Law Firm. Rob andShelley have been working almost around the clock making sure theirclients close on time, while enjoying a smooth closing. Rob Draughon,please take a moment and tell our listeners a little bit aboutyourself and what you do for your clients. (Robintroduces himself and talks about the services he offers hisclients)

(Jo) Also, gracing ourstudio this morning is real estate attorney Shelley Rothman. Shelleyyou have been serving your real estate closing clients for manyyears. I have heard a great number of your past real estate clientstalk about what a great job you did with their real estate closing.Please take a moment and tell our listeners a little bit aboutyourself and what you do for your closing clients. (Shelleyintros herself and describes some of the services she offers.. )

(Jo)When we talk aboutABC’s, I think about building blocks and the letter “C.” Let’stalk about the 4 C’s of getting home loan approved.

1^stCapital –Cash is king. The more money you have to put down onyour home and the more money showing left over after the closing incase of emergencies, the better lenders like you. Don’t make themistake of running out and paying off a bunch of debt before talkingwith your loan officer. Lenders put a higher priority on showingmoney available in the bank.

2^ndCharacter-your credit reputation. The higher your credit scores, thelower interest rates you get to enjoy. The lower your credit scores,the higher price you pay for credit. 780 is a great credit score. But scores in the 600’s can cost you a lot more for credit. I haveseen some mortgage clients take 1 or 2 simple, inexpensive moves tomake some quick improvements for the credit scores

3^rd.Collateral- The house needs to appraise for enough value to do whatyou want to do with your mortgage. Unless you are doing a renovationrepair loan, the home has to be in good condition too.

4^thCapacity- You need to make sure you can verify enough stable incometo quality for the loan terms you need.

CherylSchaffer’s story–Cheryl enjoyed working as a graphic designer inher own business. She had tried to refinance her home for a lowerinterest rate a few years ago and her own bank turned her downbecause she did not show enough income on her taxes. “I justaccepted the fact that I couldn’t get a loan,” she told me.

Ayear ago, when Cheryl least expected it, two family tragedies forceCheryl to split her time between her business and taking care of hermother. Cheryl needed a bigger house closer to town to properly carefor her elderly mother. She pushed herself outside her comfortlevel and went again to apply for a mortgage. Instead of trying toget all her bills paid first, she consulted with her mortgage officerfirst.

Whenshe came to see me, I suggested to her, “Let’s start at the backof your tax returnand see what expense amounts can be added to qualifying income.”Some of the expenses could be added back to Cheryl’s income, butonly with certain documentation. Cheryl was quick and thorough inproviding just what was needed, so now her qualified income washigher. Instead of trying to pay off a bunch of debt, instead, sheshowed extra money available in savings in case of emergencies. Herloan was approved!

Areyou self-employed like Cheryl? Do youhave good credit,and want to buy a home or refinance one but flunked the income testfrom your bank because they said, “You just don’t show enoughincome here on the front page of your tax return.” MAKE YOURPLAN. LET’S WORK YOUR PLAN. IF THE DEAL WORKS FOR YOU TODAY, LET’SDO IT TODAY. Connect with me at www.TNRDHomeLoans.com or just call me at (615) 924-6215.

(Jo)Real Estateattorneys, Rob Draughon and Shelley Rothman, can you jump in and giveus some ABC’s for a trouble-free real estate closing? (Roband Shelley start into their content until 9:15 break)

You’reon Real Estate Mortgage Shoppe. I’m your host, McKenzie Mortgage RD Loans, MortgageLoan Officer. What do YOU want to accomplish with your mortgage?Make your plan. Let’s work your plan if the deal works for youtoday, let’s do it today. When we come back real estate attorneysRob Draughon and Shelley Rothman will be sharing some great advice. See you back in just a moment.

THELOOK BACK MEMPHIS TRIVIA CONTEST

^2ndsegment after 9:15 break:OurLook Back Memphis Trivia Contest is brought to you by notableMemphis historian, Jimmy Ogle.Twelve of his Memphis History lectures entitled MakingMemphis – Storytelling by Jimmy Oglemay be viewed by Googling “JIMMY OGLE PINK PALACE”. View atJimmyOgle.com.. The Look Back Memphis Trivia Contest is sponsored by John andJennifer Lawhon of Lawhon Landscape (901) 754-7474 the Lawhon’s canhelp you plan your landscaping if you have a BIG, BIG project or asmaller project or you can do the big project in phases . The Lawhonsare giving away a $25 gift card to the first person with the correcttrivia answer. If you know the answer to our trivia question, callus at 901 535 WREC 901 535-9732.

Garner# 184 * 08/15/20

BobbyBlue Bland

Question: I have a statue on the campus of Memphis Light, Gas & Water inDowntown Memphis. Who am I?

Hint: No. . . I am not Elvis Presley – but Happy Elvis Tribute Week anywaythis week at Graceland!

Hint: I was born in Barretville, Tennessee in northeast Shelby County.

Hint:Asa teenager at the Barret Cotton Gin, I sang for tips from the driversbringing in the cotton.

FinalHint: Iwas one of the originals in rhythm & blues on Beale Street in theearly 1950s.

Answer:BobbyBlue Bland. RobertCalvin Bland (knownprofessionally as Bobby“Blue” Bland),was an American blues singerthat developed a sound that mixed gospel withthe blues and R&B.
Blandgrew up in Barretville in northeast Shelby County. As a youngster inthe 1940s, Bland sang country songs for cotton wagon drivers at theBarret Company Gin in exchange for spare change. His career took offafter he focused on the blues, going on to perform throughout theworld and make highly-acclaimed recordings.

Hewas described as “among the great storytellers of blues and soulmusic… [who] created tempestuous arias of love, betrayal andresignation, set against roiling, dramatic orchestrations, and leftthe listener drained but awed.” He was sometimes referred to asthe “Lion of the Blues” and as the “Sinatra of theBlues”.^{Hismusic was also influenced by NatKing Cole.}

Bland’sfirst chart success came in 1957 with “FartherUp the Road“, which reached number 1 on the R&Bchart and number 43 on the Billboard Hot100.It was followed by a series of hits on the R&B chart, including“Little Boy Blue” (1958). He also recorded an albumwith Parker, BluesConsolidated,in 1958. Bland’s craft was most clearly heard on a series ofearly-1960s releases, including “Cry Cry Cry”, “IPity the Fool” (number 1 on the R&B chart in 1961) and“TurnOn Your Love Light“, which became a much-covered standard bymany bands. His last record to reach

Blandwas inducted into the BluesHall of Fame in 1981, the Rockand Roll Hall of Fame in 1992, and the MemphisMusic Hall of Fame in 2012. He received the GrammyLifetime Achievement Award in 1997. The Rock and RollHall of Fame described him as “second in stature only to B.B.King as a product of Memphis‘s BealeStreet blues scene”.

Bonus:Jimmy Ogle’s four distinct tours of Elmwood Cemetery that werescheduled for Saturday, April 25 are postponed until Autumn. For moreinformation, call 901-774-3212 or go to elmwoodcemetery.org.

JimmyOgle has retired from walking tours in Memphis. Twelve of hisMemphis History lectures from the Pink Palace entitled MakingMemphis – Storytelling by Jimmy Ogle,andnow more than ten hours Downtown Walking Tours are FREE on theinternet at . . . YouTube Jimmy Ogle.

View JimmyOgle.comfor more info!

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(2^ndsegment between 9:15 and 9:30 break after Trivia Contest)TOPICSCOVERED BY ATTORNEYS ROB DRAUGHON & SHELLEY ROTHMAN OF GRIFFIN,CLIFT, EVERTON, & MASCHMEYER

6489Quail Hollow Rd Memphis, TN 38120

(901)752-1133 www.gcemlaw.com

ABC’sof Trouble Free Mortgage Approval and loan closings

Inorder to ensure a smooth loan closing:

1. If a refinance, be sure to know who all holds title to the property (husband and wife, individually, or maybe with a family member etc.) any one is title is going to have to close and if a purchase make sure that you know who all will be going on the title because all on the title will need to attend closing and sign at least some documents even if they are not a borrower on the loan.
2. Be sure to check your calendar before you sign a contract with a set closing date to make sure that you are going to be able to attend the closing. We are able to handle a closing for someone out of town, so if that is going to be the case, be sure to let your closing attorney know several weeks ahead of time so that they can be prepared.
3. Good funds law – if you are going to have to bring money to closing whether its for the downpayment or if you are refinancing and have to bring money, you will be required to bring “Good Funds” which means either a cashier’s check or a wire transfer directly from your bank to your closing attorney’s escrow account. We have run into many situations where a client called their bank only to find out that they must go to a branch to get these done, and then realize that they do not have a branch in town. If you find this out the day before closing, it can delay the closing. So, even before you know the final figure, go ahead and reach out to your bank well ahead of closing to make sure that you know their procedures for obtaining a cashier’s check or a wire transfer. This can prevent you from possibly having to drive several hours away to find a branch in time for closing. It is also a good idea to talk to your closing attorney about their requirements for funds. Some will require a wire if the amount needed is over a certain amount like $5,000. You also want to discuss their procedures for sending out wiring instructions to make sure your funds are safe.
4. Several days prior to closing, you should receive a closing disclosure from your lender or your closing attorney which gives you a pretty accurate figure for what you will need to bring to closing. This document also includes your payment amount and many terms of your loan. Be sure to review this when you receive it, this allows you a few days to ask any questions to your lender about the terms.
5. What to expect at the closing – Whether you are purchasing a new property or obtaining a refinance, you should expect the closing to last about an hour that way you have plenty of time to ask any questions about the closing or the documents you are signing. Be sure to bring 2 forms of valid and current ID with you to closing.
6. After closing – After the docs are signed, there is still a lot of work that has to be done prior to disbursing funds and more importantly giving possession to the property. In many cases we have to obtain funding approval from your lender and we will also swap with the sellers attorney. This means that after we have your funds and your lenders funds, we will verify that the sellers have signed and once that happens we will coordinate with the sellers attorney and they will deliver the deed to us and we will deliver the funds to them. Only at this point does the buyer become the owner and have the ability to take possession of the property. So, it is very important to schedule the movers accordingly. It is not a good idea to schedule closing for late on a Friday afternoon if you expect to move in over the weekend. We always suggest if possible to close early in the day and even before the end of the week to allow for plenty of time to finish everything to allow for funding and possession.

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(3^rdsegment after 9:30 break)TOPICS COVERED BY JO GARNER, MORTGAGE LOANOFFICER

1. Let’s talk about the 4 Crucial C’s to getting you’re your mortgage approved. (shared in the first segment of the show with Cheryl Schaffer’s story)

1. Talk about some of the Do’s and Don’ts Tips For A Smooth Closing that you cover with your clients?

1. Make sure you electronically sign the e-consent forms sent to you at the beginning of the loan process. This allows the lender to use your email to send time sensitive information instead of having to wait on snail mail through the postal service. Within 3 days of an official loan request, you should get your official Loan Estimate through your email address. It is important to e-sign this right away so that your loan process can get into full swing. When your loan is approved, you will receive an official Closing Disclosure to electronically sign which will start the government mandated 3-day delay to give you time to review your numbers before closing on your loan.
2. Be prepared to give your lender copies of W2s, 1099s and latest paystub. Sometimes all pages of your tax return is required, but be ready to produce both of them. Be prepared to send over all pages of your last 2 months bank statements. If there are large deposits appearing on the bank statements, be prepared to have your bank send over an image deposit of the amount that was deposited into your account. You can write the reason for the deposit and send to your lender. Funds that are borrowed unsecured cannot be used in the real estate transaction.
3. Please do not make any changes to your income or manner of payment from income from your business or employment. Even if your income is increasing, under current loan guidelines some methods of income payment are not allowed to be counted as qualifying income so it is important to let your loan officer know of upcoming changes right away to make sure the type payment of income is acceptable for loan qualification purposes. If you own 25% or more of a business, please send all pages of the business tax returns for the past 2 years also. Watch out for side businesses showing a loss on the tax return In some cases the amount of these losses could be subtracted from your regular income.

1. If you are legally married, and buying or refinancing a primary residence, even if your spouse is not on the loan nor on the title, your spouse will be required to sign a few key documents to keep your title clean under the state law. Change in marital status could cause problems on title.
2. Do not open any new credit accounts (and especially not a 12-months-same-as-cash account.) Do not add balances to any existing credit accounts. Do not apply for any new credit during the loan process. Do not make any changes on your credit status.
3. TIMOTHY TRICKSTER’S STORY

Don’tbe like one of my nightmare clients a few years ago who promised ushe would have the money to close even though it was not in his bankaccount. All the parties to the contract knew we could not verify anyfunds from the borrower, but everyone chose to hang in there and seeif his income would truly cover what was needed at the end of themonth as the borrower promised. It was the first week of thefollowing month-only a few days away from closing and his old creditreport had expired. We pulled an updated credit report and discoveredthe source of his extra funds—he just didn’t make the payments onany of his bills and assumed he could use this money to pay down onhis new home. Don’t do this. By letting his bills go over 30 dayslate that last month, it dropped his credit scores by over 100 pointsand he no longer qualified for the mortgage to purchase his home. Make sure you pay your bills on time every month.

1. If there will be a full appraisal on the property you are financing, please inspect the subject property for repairs that may be required prior to closing by the appraiser. Some common required repairs are leaky roof, rotted wood, peeling paint, torn flooring, broken tile, non-functional plumbing, electrical or HVAC systems, drainage problems, holes in sheetrock, broken windows, foundational problems, termite damage, hazardous waste on property, etc.

If the property is in a floodzone, flood insurance will be required. Appraisal values aredetermined by the assigned appraiser. Comparable property sales overthe last 6 months to a year on houses like the subject property inthe subject property neighborhood are used to determine the officialvalue used by the mortgage company. Government guidelines requirethe mortgage company to order an appraisal and have the appraiser tobe assigned to the property by a third-party, government approvedorder agency separate from the mortgage company.

The mortgage company mustorder the appraisal from the approved agency. Appraisals from othermortgage companies and appraisals ordered by anyone else, are notqualified to be used under current loan regulations.

1. Use funds for closing DIRECTLY from the account where we have verified your funds. If funds come from a different account, it can delay or jeopardize your closing . Also do not move money from the account where funds were verified to another account to access for closing. Funds must come DIRECTLY from the account where funds were verified and not moved to a different account for any reason. Earnest money must come from the account that you will be fully documenting.

REMEMBER, AT CLOSING THE FUNDSWILL NEED TO BE IN THE FORM OF A CASHIER’S CHECK AND/OR WIREPAYABLE TO THE CLOSING AGENT. You will need 2 forms of ID at closingincluding drivers license. All borrowers and interested parties willneed this documentation at closing.

Due to a rising number ofincidences of hackers redirecting wired closing funds, please doNOT have any funds wired before verifying the wiring information withyour loan officer and the attorney’s office. There may beadditional steps to take to ensure your money is wired to the correctaccount.

4^thsegment (after 9:45Am break) REAL ESTATE TIP OF THE WEEK (Rob andShelley, real estate attorneys, share a real estate tip.) Ifyou are thinking about refinancing your house, reach out to Jo assoon as possible. She will explain all of your options, keep hereyes on the rates for you and save you as much money as possible.

(Jo’stip—take advantage of the lowest rates in history on a refinance orhome purchase. Competition is high when you are trying to buy ahome, but we have some clever winning plays that will make the househunt fun)

ANNOUNCEMENTS:

TalkShoppe offers free networking & education to anyone interested inreal estate or in business. Go to www.TalkShoppe.comand click on Upcoming Events Tab for virtual meeting location websiteaddress. Talk Shoppe meets every Wednesday 9A-10A CT This WednesdayAugust26, 2020 9A join us for “The Mastermind Principle-based on the bookThinkAnd Grow Richby Napoleon Hill.”

Thankyou to Mary Lou Nowak, owner of Mid-South Home Helpers, forfinancially supporting Talk Shoppe’s free education and networkingfor our local community. Do you or a family member need good qualitynon-medical assistance in your home? Mary Lou knows what to do whenit comes to helping your handicapped or aging loved one remain safelyand comfortably in their own home. (901) 414-9696.

Didyou know that 91% of consumers listen to radio? Let’s explore someaffordable radio packages through Talk Shoppe to help get YOU andYOUR business message out to your target market. Call me and let’sexplore the right stations and time of day to reach your audience. (615) 924-6215 This email address is being protected from spambots. You need JavaScript enabled to view it.

2. Let’s support our local family businesses. Why not order out fromyour favorite family-owned restaurant? Is there something you needto buy today for your house? Your car? Your lawn? Why not buy itfrom a local business?

4.Subscribe at www.TNRDHomeLoans.comand you can get our weekly blog posts with podcasts conveniently inyour inbox.

5. Real Estate Mortgage Shoppe reminds you to MAKE YOUR PLAN. LET’SWORK YOUR PLAN. IF THE DEAL WORKS FOR YOU TODAY, DO IT TODAY.

SPECIALNOTE: REAL ESTATE MORTGAGE SHOPPE RECOMMENDS THAT YOU CONSULT WITHA FINANCIAL, LEGAL OR OTHER CERTIFIED, LICENSED PROFESSIONAL BEFOREACTING OR INVESTING ON ANYTHING YOU HEAR OR SEE FROM THE CONTENT ONTHIS SHOW OR BLOG POSTS. THE INFORMATION WE SHARE ON REAL ESTATEMORTGAGE SHOPPE IS GENERAL IN NATURE MEANT FOR GENERAL EDUCATIONALPURPOSES ONLY. ALL EXAMPLES GIVEN FOR ILLUSTRATION PURPOSES ON REALESTATE MORTGAGE SHOPPE AND ARE BASED ON TRUE STORIES BUT WE USEFICTIONAL CHARACTERS AND DO NOT DIRECTLY REFLECT REAL PEOPLE OR EXACTDETAILS IN ANY OF THE SITUATIONS.

QUOTECORNER:

Pinterest“Those blocks on your life journey can either be road blocks orbuilding blocks. Its up to you to choose.”

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REJOINDERS:

1. Don Hutson, National Speaker and Author www.donhutson.com
2. Rejoinder Bernice Ross, Inman News Austin, TEXAS
3. Terri Murphy, Real Estate and Mortgage Coach www.murphyonrealestate.com

TransitionalMusic: “Schools Days” Chuck Berry; ““ABC” The JacksonFive; “Back To School” from Grease soundtrack; “Memphis” byJohnny Rivers for the Look Back Memphis Trivia Contest.

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ABOUT REAL ESTATE ATTORNEYS- SHELLY ROTHMAN AND ROB DRAUGHON -GRIFFIN, CLIFT, EVERTON & MASCHMEYER

ABOUTJO GARNER-MORTGAGE LOAN OFFICER:

WHATDO YOUWANT TO ACCOMPLISH WITH YOUR MORTGAGE?

www.TNRDHomeLoans.com (901) 482 0354 This email address is being protected from spambots. You need JavaScript enabled to view it. twitter @jogarner NMLS# 757308 (currently working with SierraPacific Mortgage, Inc)

“WhateverYOUR personal priorities are, my job is to help you get the mortgageterms that will give you bragging rights when you talk about it andhelp you score on hitting your goals .”

Asa mortgage loan officer, my job is to help you get to the benefitsyou want from your financing terms. What is most important to you? Ican help you find the financing terms that will help you get to whatyou want. What is your comfort level on a house payment? How muchare you comfortable paying down,? What type of financing do you needto get the house you want to buy or refinance?

Different clients have different prioritiesin life—some are buying their first home with very little downpayment funds. Some are recovering from medical challenges, divorcesor preparing to send children to college and some are embarking on along term goal of buying properties to build rental income.”

McKenzie Mortgage RD Loans is a mortgage officer withextensive knowledge in tailoring mortgages to her customers who arerefinancing or purchasing homes all over the country. She offersconventional, FHA, VA or other loan programs for refinancing andpurchases.

Jocan help you look at rent vs buy, when it makes sense to refinance,how to get the best deal on your home purchase financing.

TNRDHomeLoans has been in the real estate/financing business for over 25years. She got her start in Portland, Maine where she firstbegan her real estate career. She received her real estate educationfrom the University of Southern Maine and was personallymentored in San Diego, California by Robert G. Allen, author ofNothing Down,Creating WealthandTheChallenge.

Onmoving back to West Tennessee in 1987, she went into business buyingand selling discounted owner-financed notes secured on real estate. In 1990 Jo went to work for a residential mortgage company and hasbeen a mortgage loan officer for over 25 years. Her goal is tooffer excellent, affordable service to her customers, tailoring theloan programs to the specific needs of her clients.

In addition to her work in the mortgagefield, McKenzie Mortgage RD Loans is the primary sponsor and founderof Talk Shoppe in Memphis. www.TalkShoppe.com McKenzie Mortgage RD Loans also host the radio show Real Estate Mortgage Shoppeairing on News Radio AM 600 WREC and iHeart Radio with podcasts andshow notes published on www.TNRDHomeLoans.com

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