A bit about buying via blockchain

Posted by at 12:20 pm

Though Bitcoin still hogs most of the blockchain headlines, it’s only the tip of the iceberg in terms of applications likely to be affected by this burgeoning technology. However, Bitcoin does provide a simple way to illustrate how many different blockchain transactions might be conducted in the future. As a publicly-accessible ledger, blockchain record-keeping is far more efficient and secure than traditional central-server transactions. When a Bitcoin sales transaction occurs, imagine the users of the blockchain as members of a large audience. The seller and buyer are on a digital “stage,” in front of thousands, or millions, of “people.” In front of all those people, the seller transfers an item to the purchaser, and the purchaser hands over the Bitcoin. Thousands of witnesses can now vouch that the buyer owns the item, and the seller received payment. Since all the...
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Lending in the gig economy

Posted by at 12:20 pm

Plans are underway at Fannie Mae and Freddie Mac to make home loan qualification easier for people earning money in the “gig” economy. For those not familiar, the “gig” economy refers to the pursuit of flexible, freelance employment instead of full-time work on a traditional career path. In today’s ever-changing economy, finding stable, salaried positions that cover the bills isn’t always so easy. Other people simply find working as an independent contractor better fits their lifestyle. Workers in the gig economy often make similar income to salaried positions. Arguably, their income is more dependable than that of salaried employees, whose jobs are closely tied to the success of their employer and stability of their field. But in many cases, gig earnings don’t qualify as income under existing mortgage-industry guidelines. Typical mortgages tend to require W-2 forms and IRS information going...
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Report: Sacramento is hot!

Posted by at 12:08 pm

Sacramento, home of one of the newest branches of Bay Equity Home Loans, was lauded as one of California’s hottest housing markets in the May 25, 2017 issue of The Wall Street Journal. Though it’s the state capital, Sacramento had taken a bit longer to emerge from the Housing Crisis slump while the rest of the state surged. Led by an aggressive downtown renewal plan, many of Sacramento’s most desirable neighborhoods are cropping up in the urban core – a shift from its past developments featuring gated suburban communities. Among the standout downtown projects are Downtown Commons, a vacant mall converted into a two-level outdoor mixed-use entertainment and shopping complex. Condominiums with city and river views, as well as room service and concierge, are breaking new ground in luxury living. Other features include new artist lofts, warehouses renovated for unique retail and office...
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Bay Equity joins Hispanic groups advocating housing sustainability

Posted by at 1:54 pm

Bay Equity Home Loans representatives joined the National Association of Hispanic Real Estate Professionals (NAHREP) on Capitol Hill recently, advocating for legislation supporting the sustainability of successful home-buying for the growing Latino community. According to the 2016 State of Hispanic Homeownership Report, the Hispanic population is steering and shaping new household formation and homeownership in the United States. Produced annually by NAHREP in collaboration with the Hispanic Wealth Project, the study found Hispanic homeownership increased by 209,000 since 2015, an astonishing 74.9 percent of the nation’s overall net growth. While overall homeownership rates hovered around a 50-year low of 63.4 percent in 2016, the rate among Latinos actually increased slightly– from 45.6 to 46 percent. With greater Latino labor force participation fueling increased purchasing power, steady growth is likely to continue unabated. “These are numbers you simply cannot look away from,”...
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Trump trumps FHA insurance premium cut

Posted by at 4:44 pm

The Donald Trump administration quickly reversed a planned cut in FHA annual premiums about an hour after the new president took the oath of office Jan. 20. Due to have taken effect Jan. 27, the planned reduction of 25 basis points was announced Jan. 9 by Julian Castro, the Secretary of Housing and Urban Development under former President Barack Obama. FHA loans are popular among young and modest-income home buyers because they allow down payments of as little as 3.5 percent. However, FHA borrowers must pay for mortgage insurance to guard against the possibility of default. The cut from .85 to .60 percent of the total loan would have saved the average borrower about $500 a year. Trump and his team said it was too soon to make the cuts without further investigating the effects. Some Congressional Republicans say taxpayers already face...
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November 15th, 2016

Lessons for Loans and Life

Posted by at 2:28 pm

  Bay Equity Senior Loan Officer Laura Gonzalez draws on her professional and personal experience as a volunteer instructor for the Montebello Housing Development Corporation (MHDC), assisting low- to moderate-income families in Los Angeles County. One of MHDC’s most popular programs is “CalHome Second Mortgage Loan Program,” a state-funded deferred loan that helps fill the gap between home prices and a borrower’s buying power. Successful applicants must have FICO credit scores of at least 620, and take required homeowner education classes. Through years of experience, she’s learned all the roadblocks to affordable housing and her partnership with the program has helped 12 families realize the American dream. For Gonzalez, it’s a personal commitment. Aside from teaching them the ins and outs of home lending, she takes the time to interview each of the families to determine where they are financially to...
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February 29th, 2016

Bay Equity Home Loans Originators Rank in America’s Top 1 Percent

Posted by at 12:09 pm

  Sixteen Bay Equity Loan Officers are listed by Mortgage Executive Magazine as being in the Top 1 Percent of Mortgage Originators in America for 2015. Bay Equity’s top two producers – James Pulsipher out of Grand Junction, CO and Ali Ghaziani from San Jose, CA – rank in the elite Top 200 Mortgage Originators in the United States. The other 14 joining the Top 1 Percent are George Adair II, Frank Blakeley, Ray Ferguson, Jonathan Hallstead, April Janas, Rick Jones, Curt Kravitz, Hajir Nejati, Kathryn Pedersen, Ed Quinby, Mike Rafii, Liliana Riquer, Steven Vella and Ben Zitting. Bay Equity was the #34 largest producing mortgage bank in the country in 2015, a significant leap from #48 in 2014. Bay Equity President Casey McGovern says the record-setting success stems from a commitment to share Bay Equity’s proven Best Practices with all the company’s loan officers...
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October 23rd, 2015

Bay makes a big impression at NAHREP

Posted by at 11:15 am

  Bay Equity Home Loans had a strong opening act at the 2015 National Association of Hispanic Real Estate Professionals (NAHREP) convention in Chicago. Hispanics accounted for 320,000 of household formations in 2014, a full 40 percent of the U.S. total, and part of Bay Equity’s Core Values is a commitment to understand the communities it serves, said Raul Espinoza, Senior Vice President of Sales for Bay Equity’s Private Client Group. Espinoza, who also serves on the board of governors for NAHREP, sat on a panel discussion on best practices for engaging the Hispanic community through outreach and education. “Our partnership with NAHREP has been invaluable in understanding the Hispanic homebuyer and will continue to lead us to great opportunities in new markets,” Espinoza said. “The U.S. Hispanic population has the purchasing power of $1.5 trillion – roughly equal to...
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June 20th, 2014

Don Emerson Named Divisional Vice President of Bay Equity Home Loans

Posted by at 3:45 pm

San Francisco, California – June 16th, 2014 San Francisco based Bay Equity Home Loans announces industry veteran Don M. Emerson has joined the Bay Equity Team as California Divisional Vice President. In his new role, Mr. Emerson will oversee 13 company branches in California as well as the expansion of Bay Equity in his division. Bay Equity Chief Production Officer Casey McGovern said, “The hiring of Don Emerson reflects our commitment to hire only the best. Don was repeatedly ranked the #1 Account Manager at one of the nation’s largest lenders. Plus, he has trained, mentored and worked beside more than 2,500 loan officers, account managers and mortgage brokers in retail and wholesale lending in California, Arizona, Texas, Oregon and Washington.” “We are thrilled to add Don Emerson to our team,” added President and Chief Executive Officer Brett McGovern, “Don...
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