Ryan Smarr's Blog

Insurance Scammers

2012-01-27T13:23:00.001-06:00

Blind to honesty. Kevin Pushia was a Baltimore pastor who befriended a blind, developmentally disabled man named Lemuel Wallace. Pushia secretly took out $1.4 million of life insurance on Wallace, then had him shot in a park bathroom. Pushia even stole $50,000 from his own church to pay the hitmen. He also tellingly scrawled “L.W. project completed” in his datebook. Pushia earned life in prison.

From Insurance Journal

Insurance Scammers

2012-01-27T09:23:00.001-06:00

Fake FBI agent. Bridget Buckner told her employer that her child and husband died suddenly just months apart, the Chicago woman said. She collected $25,000 in life coverage. Her husband was an FBI agent shot in his lung while on duty, she said. Poor guy died awaiting surgery. But the fraud investigator himself was a retired FBI agent who would’ve heard about the death. Buckner’s innocent hubby wasn’t an agent, and her daughter had died several years prior. A spooked Buckner disappeared but was hauled back for a 10-year jail term.

From Insurance Journal

Insurance Scammers

2012-01-26T08:21:00.001-06:00

Cow parts & mannequins. Jean Crump and Faye Shilling took out life insurance on Jim Davis, a fake person they invented. “Davis” later died of a heart attack, the Los Angeles duo said. Crump and Shilling staged his funeral, with fake mourners and a burial. Then they dug up the empty coffin when the life insurer got nosey. They filled it with the mannequin and cow parts to fool workers lugging the box to the crematorium to erase the evidence. Crump awaits sentencing, and Shilling received two years in federal prison.

From Insurance Journal

Insurance Scammers

2012-01-25T16:20:00.001-06:00

Stormy scheme. Lori Sergiacomi was popular Providence, R.I. deejay called “Tanya Cruise,” Sergiacomi had two corrupt politicos bang up her home roof, pool and interior to look like storm damage so insurance would pay for her home remodeling. A crooked adjuster helped grease the claim. But just her luck, one politico spilled the entire scheme while being wiretapped in yet another corruption con. Sergiacomi received four months in a halfway house. Her cronies received varied sentences.

From Insurance Journal

Insurance Scammers

2012-01-25T14:22:00.001-06:00

Bad medicine. Armen Karazianis headed an Armenian-American gang that bilked Medicare out of $163 million in one of the largest Medicare scams ever by one criminal gang. The Los Angeles-area man set up 118 fake medical clinics in 25 states, and stole the identities of doctors and Medicare beneficiaries. Karazianis also recruited Medicare patients for bogus treatments, and staged crashes for false injury claims. Karazianis received three years in federal prison.

From Insurance Journal

Insurance Scammers

2012-01-24T08:16:00.002-06:00

Explosive con. Stuck with a decaying home they couldn’t sell Victor & Olga Barriere hired Thomas Trucios to burn down the Long Beach, Calif. place. But Trucios was an amateur who used too much gasoline. The toxic brew exploded. Flames engulfed Trucios, blew up the house and carved large cracks in the sidewalk. Trucios died from third-degree burns. Victor received 14 years and Olga six years.

From Insurance Journal

Insurance Scammers

2012-01-23T14:14:00.002-06:00

Policing fraud. Los Angeles cop Jeff Stenroos said a man shot him in his protective vest. Hundreds of police were diverted to hunt for the phantom shooter. Thousands of kids were locked in their schools for hours without food, water or toilets. Traffic was snarled. Stenroos had faked a painful injury to score paid time off via his workers comp policy. He received four years in jail.

From Insurance Journal

Insurance Scammers

2012-01-20T13:12:00.001-06:00

Daffy diamond heist. Financially strapped diamond merchants Atul Shah & Haveer Kankariya staged a dopey $9-million diamond heist for insurance money. They hired two thugs to dress as Hassidic Jews in beards and black-brimmed hats, then pretend to rob their Manhattan business. But the merchants’ own security cameras recorded them removing the diamonds themselves. The merchants both received up to four years in prison.

Ryan Smarr

DLSMS Mornings with Merchants

2012-01-19T18:47:00.000-06:00

This morning's first Morning's with Merchants put on by Downtown Lee's Summit Main Street was a great success! The turnout was awesome, and I was able to meet many new people and business owners from Downtown. It was great to meet you all! I am really looking forward to the next one coming up in March!! Nice job done by our host Sarah at Midwest Vacuum and the Downtown staff of Trisha, Sarah, and Stacy!

Ryan Smarr

Insurance Scammers

2012-01-19T16:30:00.002-06:00

I thought the stories, that will be coming over the next few days, to be interesting and entertaining. These came from the Insurance Journal.

Executed scheme. Dogged by debt, William Craig Miller burned down his fancy Scarsdale, Ariz. house for an insurance payday. Miller then executed two witnesses in their home. He also gunned down three kids in the home to keep them quiet. Some were shot at point plank, including a 10-year-old boy. Miller received the death penalty.

Ryan Smarr

Kyle Orton Suing Chicago Law Firm

2012-01-05T08:36:00.000-06:00

This was an interesting piece that crossed my desk the other day and caught my eye because of Kyle Orton's name being attached. The current KC Chief appears to have received some bad advice or info from the Law Firm.

http://www.chicagotribune.com/news/local/chi-ap-fbn-orton-lawsuit,0,2038853.story

Missouri Farm Bureau Takes Over 3 Insurers

2011-12-19T13:26:00.000-06:00

Missouri Farm Bureau has taken over 3 insolvent insurers in Missouri. If you ever wondered about what happens to insurance companies not being able to pay out on their claims you can check out how the process goes here.

Stop Texting While Driving!!

2011-12-13T12:56:00.000-06:00

Seriously people. Not worth killing someone. http://news.yahoo.com/driver-texting-missouri-traffic-pileup-201841737.html

Insurance Companies Are Scouring Social Networks

2011-10-15T07:37:00.001-05:00

Did you know it is becoming common practice for insurance companies to pay attention to their clients social networks like Facebook, Twitter, and LinkedIn? It is very common on the claims side of the business to watch out for fraudulent claims. It is being projected that in a few years, data mined from social networks will play a role in determining your premiums. Be careful what you are posting on your social media sites, once it is on the web it can be out there forever!!

New Chipotle in Lee's Summit

2011-10-13T10:16:00.000-05:00

Check it out, a new Chipotle is in progress at the old McDonald's site in Lee's Summit!! It will be right next door to the UMB on Rice Road. This will be much more convenient than going down to Summit Woods, especially during the holidays! Can't wait!!

Missouri Business Conference, Warrensburg, MO

2011-09-29T10:21:00.000-05:00

I was able to attend the Missouri Business Conference yesterday at UCM in Warrensburg. There were great panelists throughout the day on developing, maintaining, and growing your business. A great place to network as well. I would highly recommend this conference next year for anyone who owns, or is thinking of starting a business. Great job by the University!!

Ryan N. Smarr

New Missouri Insurance Laws

2011-09-19T11:07:00.001-05:00

Here is a quick overview of a couple of new Missouri Insurance laws. Senate Bill 101 will prohibit exterior repair contractors from offering to pay a homeowners deductible in hope of making a sale. It will also prevent repair companies from negotiating with an insurance company on the insured's behalf.

Senate Bill 132 will guarantee insurance companies the ability to set up mobile service centers in storm-damaged areas. This law makes it illegal for cities, counties, or other political subdivisions to restrict the activities of insurance companies establishing temporary operations solely for assisting with customer claims. This will keep companies form being slowed by red tape in areas where they would have to wait on licensing or approval from cities, counties, etc. before they were allowed to start assisting customers.

I think these are great new laws for consumers and insurers alike!

Ryan N. Smarr, CISR

Information from the Missouri Department of Insurance website.

Earthquake Insurance

2011-08-23T16:25:00.000-05:00

Did you know that earthquake coverage is not included in most homeowners policies? You typically need to add it on or have a premium type policy. It is usually pretty inexpensive coverage that has a higher deductible. I have had several calls today due to the east coast earthquake and the Colorado earthquake the other day. Need insurance from a guy who knows his business, call or email me!!

Ryan N. Smarr
RyanS@mkeithins.com

Series 7 Exam

2011-07-08T15:01:00.002-05:00

Series 7 exam passed, now on to the last exam the Series 66. Exam is scheduled for late this month... stay tuned!

2011-07-01T07:13:00.001-05:00

The office will be closed today at 3:00 for the July 4th Holiday weekend. Have a great weekend!!

2011-06-23T17:33:00.001-05:00

Did you know... It takes 30 days for a Flood Insurance Policy to take effect. Need more info, see me.

Flood Insurance, Did You Know

2011-06-23T16:13:00.000-05:00

Did you know that it takes 30 days for a flood insurance policy to go into effect? I was having a conversation with one of my clients recently and of course a big topic right now it the flooding along the Missouri River. He made a comment about the possibility of calling me up in a few days needing flood insurance, and then I told him that would be great but he would be about 3 weeks too late! After I explained that once he purchased the policy it would be 30 days until he would have coverage for flood, he was amazed! Let it be a lesson to you all, the flood insurance program is a national government program, once you purchase a policy you will not have coverage until 30 days after!!

Ryan N. Smarr, CISR

Weather Losses in US Top $15.5 Billion

2011-06-22T13:28:00.000-05:00

If you have been thinking there has been a lot of severe weather this year, you are right on the money! Aon reported recently that losses from weather in the US this year are already topping $15.5 billion, which is 3 times the yearly average of the last 20 years. Hopefully the weather will calm down now that summer is finally here!!

Ryan N. Smarr, CISR

Source: Reuters

2011-05-17T07:51:00.001-05:00

Kansas will no longer have 'crash tax'.... which is nice! http://bit.ly/iRTRGt

Brownback Signs Kansas 'Crash Tax' Bill

2011-05-17T07:44:00.000-05:00

Gov. Brownback signed House Bill 2119 that places restrictions on local governments charging a 'crash tax' fee for emergency response services at the scene of a traffic accident. It will prohibit the fee for accident response, with the exceptions being a technical rescue or a hazardous material spill. Missouri already has this law in place along with 11 other states.

Ryan N. Smarr, CISR

3 on 3 Basketball Tournament Lee's Summit

2011-05-12T13:23:00.000-05:00

We are having a new event this year during Downtown Days this year, a 3 on 3 basketball tournament. Downtown Days is June 3,4,5. Sign up for the tournament is at http://www.yeskidsfitness.com/

Ryan N. Smarr

Dog Bite Claims

2011-05-11T10:36:00.000-05:00

I read an interesting article the other day on dog bite claims. Recently State Farm released its figures on claims from 2010 showing that they paid out $90 million nationwide in 2010 as the result of 3,500 claims, 33 of which resulted in fatalities. And that is just one company! Now if you wonder why your insurance may be higher if you have a dog, you know!

Ryan N. Smarr, CISR
Mike Keith Insurance, Inc.

Kansas Driving Law, "No Pay/No Play"

2011-05-04T11:14:00.000-05:00

Here is an article that makes a lot of sense to me:

The Kansas Legislature has now passed legislation, Senate Bill 136, designed to encourage more drivers to purchase auto insurance as required by law and reduce the number of uninsured motorists on the road, according to the Property Casualty Insurers Association of America (PCI).

The bill would adopt into law a policy initiative known as “No Pay/No Play” intended to reinforce compliance with the state’s motor vehicle financial responsibility law.

No pay/no play laws prohibit recovery of non-economic damages by those who have been injured in an automobile accident but whom themselves do not have personal injury protection coverage. Thus, an uninsured but not at-fault driver is prohibited from suing for pain and suffering because they themselves could not have provided the same benefits to others had they been the at-fault driver.
PCI supports “no pay/no play” laws and considers them an effective way to protect motorists by incentivizing the purchase of auto insurance. The Kansas Electronic Motor Vehicle Financial Security Verification System Task Force — a legislative study group formed to study the uninsured motorist population and possible solutions — included adoption of no pay/no play legislation in its list of recommendations to the legislature in 2009.

Alaska, California, Iowa, Louisiana, Michigan, New Jersey, North Dakota and Oregon all have statutes based on the concept of no pay/no play. In addition to Kansas, Minnesota and Montana also considered no pay/no play legislation this year.

Source: PCI

Ryan N. Smarr, CISR

One In Seven Drivers Is Uninsured

2011-04-21T15:26:00.000-05:00

Here is some interesting data taken from the Insurance Journal.

Across the United States, chances are roughly one in seven that a driver is uninsured.
The estimated percentage of uninsured motorists stood at 13.8 percent in 2009, according to a new study from the Insurance Research Council (IRC). The group said the percentage declined four straight years before rising to 14.3 percent in 2008 and then dropping slightly in 2009.

The five states with the highest uninsured driver estimates are Mississippi (28 percent), New Mexico (26 percent), Tennessee (24 percent), Oklahoma (24 percent), and Florida (24 percent), according to new estimates IRC that are based on 2009 data.
The five states with the lowest uninsured driver estimates are Massachusetts (4.5 percent), Maine (4.5 percent), New York (5 percent), Pennsylvania (7 percent), and Vermont (7 percent).

Ryan N. Smarr, CISR

HomePath Incentives

2011-04-18T15:05:00.001-05:00

Here is some good information on the newest incentive for HomePath properties:

To encourage the purchase of HomePath® properties, closing cost assistance will be available for buyers purchasing a Fannie Mae-owned property. The incentive offers up to 3.5% of the final sales price to be used as closing cost assistance and must be requested with the initial offer. Also, in select states, a bonus to the selling agent (the agent of the buyer) of $500 and $1,000 will be available upon request with the initial offer.

The incentive is only available April 11 through June 30, 2011. No additional incentives can be combined with the closing cost assistance during the incentive time period.

Eligibility

To be eligible for this incentive, the:

Buyer or selling agent must request the incentive upon submission of initial offer.

Initial offer must be submitted on or after April 11, 2011.

Property sale must close on or before June 30, 2011.

Buyer must purchase the property as a primary residence (second homes and investment properties are excluded from this incentive).

Buyer must sign the Owner Occupant Certification Rider to the Real Estate Purchase Addendum.

~ Ryan N. Smarr

Americans Prefer Walking Neighborhoods

2011-04-13T08:45:00.002-05:00

Here is some interesting information I came across from the NAR website, this release was issued April 04, 2011. I thought I was one of the only people who enjoy living within walking distance of shops and restaurants! This is the reason I like living in Downtown Lees Summit.
Americans favor walkable, mixed-use neighborhoods, with 56 percent of respondents preferring smart growth neighborhoods over neighborhoods that require more driving between home, work and recreation. That’s according to a recent study, the Community Preference Survey, by the National Association of REALTORS®.
“REALTORS® care about improving communities through smart growth initiatives,” said NAR President Ron Phipps, broker-president of Phipps Realty in Warwick, R.I. “Our members don’t just sell homes, they sell neighborhoods. REALTORS® understand that different home buyers are looking for all kinds of neighborhood settings and that many home buyers want walkable, transit-accessible communities.”
Walkable communities are defined as those where shops, restaurants, and local businesses are within walking distance from homes. According to the survey, when considering a home purchase, 77 percent of respondents said they would look for neighborhoods with abundant sidewalks and other pedestrian-friendly features, and 50 percent would like to see improvements to existing public transportation rather than initiatives to build new roads and developments.
The survey also revealed that while space is important to home buyers, many are willing to sacrifice square footage for less driving. Eighty percent of those surveyed would prefer to live in a single-family, detached home as long as it didn’t require a longer commute, but nearly three out of five of those surveyed – 59 percent – would choose a smaller home if it meant a commute time of 20 minutes or less.
The survey also found that community characteristics are very important to most people. When considering a home purchase, 88 percent of respondents placed more value on the quality of the neighborhood than the size of the home, and 77 percent of those surveyed want communities with high-quality schools.

Please feel free to share and promote!

Ryan N. Smarr

2011-03-29T17:01:00.001-05:00

Thank you Warrensburg Rotary! It was great to meet you all today!

Auto Insurance Discount Program

2011-03-29T15:19:00.001-05:00

Progressive has rolled out a new program to earn a discount on your auto premium. It is call Snapshot, and it can earn you up to 30% off your auto insurance premiums. You simply put a device in your car that will report how and when you drive. Then after 30 days they will review the data and apply the appropriate discount. Then you send the monitoring device back in after six months. We have set up several people on the program and have been having good luck on hitting the max discount! Give me a call or come see me at the office and we can get you hooked up.

Ryan N. Smarr, CISR

816-699-9880

Check Your Smoke Detectors

2011-03-23T09:07:00.000-05:00

Spring is here! Time to check your smoke and carbon monoxide detectors. A little time may save you and your family!!

Ryan Smarr

Existing Home Sales Down

2011-03-21T09:55:00.001-05:00

NAR reported that existing home sales declined after 3 months of improvements down 9.6%. Typical reasons that have been sighted for the decline is tough underwriting standards along with declining prices. Here in the Midwest, the report shows a sales decline of 12.2%. This indicates to me the real estate market is still in a correction stage. For buyers, a great opportunity; for rates, should be in this range to slightly higher I would expect.

Ryan Smarr

Flood Insurance, Now Is The Time

2011-03-17T08:19:00.000-05:00

As the snows begin to melt further north and the rains of spring are approaching, now is the time to consider purchasing flood coverage. Homeowners policies to do not cover flood damage, and most flood policies do not take effect until 30 days after purchase date. Coverage is pretty inexpensive for most people. Don't wait until it is too late!

Ryan Smarr, CISR
Mike Keith Insurance, Inc.
816-699-9880

FHA Mortgage Insurance Changes

2011-02-17T09:14:00.000-06:00

Changes are coming for FHA Monthly Mortgage Insurance on April 18th. These will be substantial increases, yet again. These changes will make the FHA mortgage less inviting for people with good credit scores. For a 30 year $100k mortgage, will be an additional $25/month or $300/year, for $200k mortgage, will be an additional $50/month or $600/year. Here are the changes:

Annual Mortgage Insurance Premiums

Loan Terms > 15 years

LTV Annual Premium Through 4/17/2011 On/After 4/18/2011

≤ 95.00 percent, Currently 85 bps, will be 110 bps

> 95.00 percent, Currently 90 bps, will be 115 bps

Loan Terms ≤ 15 years

LTV Annual Premium

Through 4/17/2011 On/After 4/18/2011

≤ 90.00 percent, Currently None, will be 25 bps

> 90.00 percent, Currently 25 bps, will be 50 bps

Get your applications is as soon as possible to avoid these charges!!

Ryan Smarr

1031 Exchange Seminar

2011-02-15T14:53:00.000-06:00

The 1031 Exchange Seminar went well today. Some great information was given and some real world examples really helped to convey the message. If you missed out, please feel free to ask questions if you have clients that own investment/income generating property.

Ryan Smarr

1031 Exchange Seminar

2011-02-10T10:59:00.000-06:00

As many of you are aware, I work closely with Lee's Summit Downtown Main Street Organization, and we will be hosting a 1031 Exchange Seminar next Tuesday, February 15th, at the Strother Room in the Lee's Summit City Hall. It will run from 11:30 to 1:00. The seminar will be conducted by our guest speaker Brad Barker with Career Education Systems. The seminar is free, and lunch will be provided! Contact me as soon as possible if you plan to attend.

Ryan Smarr

Market Gains Are Pushing Mortgage Rates

2011-02-09T15:53:00.000-06:00

The recent stretch of positive trading days in the equities market has been pushing mortgage rates higher. We did see a strong 10 year bond auction today which is positive for rates. I believe we have found a level of resistance right here and should keep rates right about here for a little while....

How Much Home Equity Has America Lost?

2011-01-13T09:40:00.000-06:00

Lets take a look. Household equity in Q-1 of 2006 was at $13.5 trillion and in Q-1 of 2009 was at $5.6 trillion, that's a loss of $7.9 trillion in lost equity. Now lets put that into perspective, the wars in Iraq and Afghanistan cost $1.0 trillion, and the National Healthcare Bill has high estimates from the opposition of $2.0 trillion. That makes the $7.9 trillion lost in equity really jump of the page.

Proper planning helps to ease this type of equity loss on your overall financial situation. Please do your homework when making life changing decisions on your investments, mortgage, and insurance. SEEK PROFESSIONAL ADVICE! You don't have to take it, but at least get a second opinion. This is what I do, I help you plan for the future and make good financial decisions. You need to be working with a professional, if not me then at least someone. Call or email me to set up an appointment to get your financial future in order and stay ahead of everyone else!

Ryan Smarr
816-607-1821

Crime Mapping Service

2011-01-05T09:08:00.001-06:00

Here is a great way to stay on top of crime in our community of Lee's Summit, as well as those in Raytown and Shawnee. The website is RAIDSONLINE. It will let you see all the criminal activity in the area by list, map, and also includes statistics. You can sign up to receive updates as often as daily from this website. This is a great tool for those shopping for a home or looking for a place to locate a business. Makes a good tool for realtors as well! Check it out. This link will also be available on my website in the Links section soon.
Ryan Smarr, CISR

Happy New Year

2011-01-03T15:17:00.000-06:00

Happy 2011 to everyone! Lets make this a great year! Please let me know if I can assist you in your financial, insurance, or mortgage decisions.

Mortgage Rates News and Outlook

2010-12-09T15:44:00.000-06:00

This is an email I recently sent and wanted to share it here as well, good info!

Good afternoon! I want to pass along this article from BankRate. It has some good information on the current status of rates and some of the upcoming trends they see. If you have been sitting on the fence trying to decide what to do, it may be time to get off that fence and take some action. Hope the Holiday season is treating you well!
Bank Rate Article

Ryan Smarr

Sr. Loan Consultant
www.capwestmortgage.com/ryansmarr

APPLY NOW!

14231 Metcalf Avenue, Suite 200
Overland Park, KS 66223
Cell: (816) 699-9880
Office: (913) 402-7232 ext. 1706
Fax: (877) 415-8430

Life Insurance DYK

2010-12-08T10:09:00.000-06:00

Did you know, that life insurance policy loans are not taxable while the policy is in force? You can access cash from your policy without paying current income tax. Only when the policy ceases to exist, while you are alive, is income tax due. See me for more details.

Ryan Smarr, CISR
ryans@mkeithins.com

Happy Thanksgiving!

2010-11-24T08:17:00.000-06:00

Have a great Thanksgiving and safe travels to everyone!

-Ryan Smarr

Networking Event in January in Lee's Summit

2010-11-22T09:19:00.000-06:00

Stay tuned, the date will soon be set for the networking event in Lee's Summit for January. We had a good turnout a couple of Fridays ago and are looking forward to growing this group. For more information visit my LinkedIn Page or contact Ryan Smarr at ryans@mkeithins.com.

Ryan Smarr In The News

2010-10-26T16:25:00.003-05:00

Check out the following link for information on the Loft Tour and quotes from me.
http://leessummit.fox4kc.com/content/downtown-lees-summit-loft-tour-showcases-second-floor-spaces

Loft Tour 2010

2010-10-19T16:41:00.001-05:00

HomePath vs. FHA Financing

2010-10-11T09:32:00.000-05:00

Comparison of HomePath vs. FHA

Assuming a purchase price of $150,000

HomePath

3.0% down

Initial loan amount $145,500

No Upfront MIP

Total loan amount $145,500

No monthly MIP

No Appraisal

Interest rate 5.25%

Total Payment $803

FHA

3.5% down

Initial loan amount $144,750

Upfront MIP $1447.50

Total loan amount $146,197.50

Monthly MIP $109

Appraisal $450

Interest rate 4.25%

Total Payment $828

HomePath monthly payment is still less than FHA even with an interest rate 1.0% higher! No appraisal, no mortgage insurance with Homepath.

Ryan Smarr
Sr. Loan Consultant

www.capwestmortgage.com/ryansmarr

APPLY NOW!

14231 Metcalf Avenue, Suite 200
Overland Park, KS 66223
Cell: (816) 699-9880
Office: (913) 402-7232 ext. 1706
Fax: (877) 415-8430

Child Only Health Plans Becoming Scarce

2010-10-08T11:20:00.000-05:00

I have seen most of the companies that we write child-only health plans through eliminate those options. Now most companies will not write a child by themselves, there will need to be a parent along with them on policy. We have one company left that is still writing them, and not sure how long that option will be there. Please call me if you have questions! Many of you have your children on these types of policies due to the cost of adding them to your current policies at work. Be sure you talk to me if you want to make changes!!

Ryan Smarr, CISR
MKI

816-699-9880

Fannie Mae Makes Foreclosure Changes

2010-10-05T10:52:00.000-05:00

The time that a borrower must wait after having a foreclosure to be eligible for a new loan through Fannie Mae has increased. As of October 1, 2010, the waiting period after a foreclosure to be eligible increased from 5 years to 7 years. I know of several clients of mine that were due to become eligible for a loan next year that will now have to wait a few more years.

Ryan Smarr

www.capwestmortgage.com/ryansmarr

APPLY NOW!

FHA Mortgage Insurance Premiums Change

2010-10-04T14:03:00.000-05:00

FHA has changed the required mortgage insurance premiums for their loans. The upfront MIP is now lowered to 100 basis points and the annual is raised to 90 to 85 basis points. Here is a look at how the changes will effect a typical loan:

Purchase Price of $150,000 and 3.5% down, on an FHA 30 year fixed at 4.5%

New Changes
Loan amount: 144,750
With Upfront MIP: 146,197.50
Annual MIP on monthly basis: 108.57
Total payment: 740.76
Total payment: 849.33

Old Version
Loan amount: 144,750
With Upfront MIP: 146,921.25
Annual MIP on monthly basis: 66.34
Principle and interest: 744.43
Total payment: 810.76

As you can see monthly payments will be higher with the new Mortgage Insurance Premiums, and may, in turn, limit some borrowers buying power. For more information contact me, information is below.

Ryan Smarr
Sr. Loan Officer

www.capwestmortgage.com/ryansmarr

APPLY NOW!

14231 Metcalf Avenue, Suite 200
Overland Park, KS 66223
Cell: (816) 699-9880
Office: (913) 402-7232 ext. 1706
Fax: (877) 415-8430

FHA Mortgage Insurance Changes

2010-08-24T11:41:00.000-05:00

Effective on FHA Case numbers that are pulled after October 4th, 2010 there will be changes in the mortgage insurance premiums that are collected. The upfront premium will go from the current 2.25% down to 1.00%, while the monthly MI premiums will increase from the current .55% to .85-.90% on 30 year loans. On 15 year loans the premium will be .50-.55%. Typically, this will increase the total payment for borrowers on 30 year mortgages. If you are thinking of purchasing, or especially refinancing anytime over the next year, it would be prudent to call and discuss your situation and how this may effect your payment and refinancing options. Also, Real
Estate agents, please take note how this may effect currently pre-approved borrowers purchasing power. Call me with any questions!

Ryan Smarr
Sr. Loan Consultant

Office: 913-402-7232 ext. 1706
Cell: 816-699-9880
www.capwestmortgage.com/ryansmarr

Troubled Homeowners Have Options

2010-08-05T15:34:00.000-05:00

For those out there who don't know where to turn for answers or options on a home that is sinking you, here is a great resource for you. Hit this link, KnowYourOptions.com, and you can find the answers to all sorts of different options and some of the ramifications with your decisions. Before you do make a decision, please talk to me so I can let you know what your decisions will due to your future options of owning a home or getting credit extended to you. If not me, please consult a good loan officer about your options and what happens to your credit afterwards. Thanks!

Ryan Smarr

Home Prices Increase From April to May

2010-07-27T09:17:00.000-05:00

Home prices increased from April to May as a nationwide number. This is the second month in a row for the increase. It seems that the tax credit incentives helped push that number higher. The following months figures will be key to watch, seeing how much the tax credits played in getting deals closed and pushing prices higher. Many experts expect housing prices to fall over the rest of the year, as do I on a nationwide basis. Here in the Midwest, I expect the housing prices to to be flat to slightly lower, but less than any nationwide figure. Be sure to plan ahead and understand how these figures can effect your future real estate plans. It is key to be well positioned for your future, call me if you are unsure of your current positioning.

Ryan N. Smarr

Overland Park, Shawnee, Lee's Summit, Blue Springs Make Money Magazine's 100 Best Places To Live

2010-07-12T14:20:00.000-05:00

All of these communities placed in the top 50 on the Money Magazine's 100 Best Places to Live list. Overland Park was #7, Shawnee was #17, Lee's Summit was #27, and Blue Springs came in at #49. You can read more on NBCActionNews.com and at Money Magazine.

Lee's Summit First Time Homebuyer Grants Available

2010-07-07T16:17:00.000-05:00

The City of Lee's Summit now has first time home buyer grants available for the 2010-2011 program year. Grants of up to $3,000 are available to those who qualify. Interested in learning more, call Ryan Smarr at 816-699-9880.

Keep Your Pet's From Going Crazy On The Fourth

2010-07-02T13:37:00.000-05:00

A nice little reminder for those of your with pets that tend to go a little crazy once all the booming starts with the Fourth of July fireworks, especially if they are anything like my dog. Keep them indoors and turn on a radio at regular volume to help drown out the noise. Doesn't work for the big booms, but keeps them from freaking out all night over every little pop and bang. Have a safe and fun Fourth!

Homebuyer Tax Credit Extended

2010-06-30T15:15:00.000-05:00

It looks as though the homebuyer tax credits will be extended through September in combination with another bill that is in Congress. This gives those buyers who completed a contract April 30 or before a chance to get closed on the home. More to come as I learn more...

Homebuyer Tax Credit Extensions

2010-06-24T09:57:00.000-05:00

There is currently a bill in Congress that would extend the homebuyer tax credits out until September. This would give us 3 more months to get deals closed that are taking extra time. No word on when a vote on it could be coming, but hopefully soon!

Ryan Smarr Receives CISR Designation

2010-06-10T15:50:00.000-05:00

Lee’s Summit, MO – June 10, 2010 - The designation of Certified Insurance Service Representative (CISR) has been conferred upon Ryan N. Smarr, Agent of Mike Keith Insurance, Inc, after his successful completion of five, one-day courses covering all areas of insurance risks and exposures, followed by extensive examinations.
The CISR Program, available to insurance professionals in all 50 states and Puerto Rico, is distinguished from other programs of its kind by an annual continuing education requirement, which ensures that designees stay current on the important policy changes and trends within the industry.
Mr. Smarr is to be commended on his dedication to professionalism as evidenced by the completion of the CISR designation and his commitment to continuing education.
The CISR designation is awarded by the Society of CISR, a not-for-profit organization and member of The National Alliance for Insurance Education & Research, the nation’s premier provider of insurance and risk management education. Currently, more than 27,000 individuals hold the CISR designation.

Do You Have Questions?

2010-06-10T15:33:00.000-05:00

Do you have insurance or mortgage questions? Ask them here in the comments section and I will answer them for all to see and learn.

Fun Website

2010-05-12T08:47:00.000-05:00

How rich are you? Find yourself on the global list. Enjoy!

Ryan Smarr

Big Ten looking to add Big 12's Missouri and Nebraska

2010-05-10T15:09:00.000-05:00

It appears that the Big 10 has made an initial offer to Big 12 schools Missouri and Nebraska. To me it sounds like a no brainer for each of them to go. Find more here. What do you think? Comment below.

Ryan Smarr

Did You Know - Life Insurance

2010-05-07T15:17:00.000-05:00

Did you know that Life insurance death benefits are paid income tax free? Learn more about the benefits and powers of life insurance, call Ryan Smarr at 816-699-9880.

Fannie Mae Homepath info

2010-04-28T15:42:00.003-05:00

Here is a quick note from Fannie Mae on the Homepath program. Please see the below info from Fannie Mae. Questions, interest? Call me at 816-699-9880 or drop me a line ryansmarr@gmail.com

3.5% Closing Cost Assistance and Appliance Incentive Extended to June 30, 2010

To encourage the purchase of REO properties, Fannie Mae will extend the 3.5% Closing Cost Assistance and Appliance Incentive through June 30, 2010.

The Incentive:
During the offer and negotiation of an REO property, buyers will continue to be offered an incentive of up to 3.5% of the final sales price to be used towards one of the following:
Closing costs
The purchase of new Whirlpool® appliances
A mix of closing costs and appliances, at the buyer's discretion, up to the maximum 3.5%

Eligibility:
To be eligible for the incentive, the:
Property sale must close on or before June 30, 2010
Buyer must be an owner-occupant (second homes are eligible as long as they are owner-occupied) -- investors are excluded

If a buyer submits an offer after June 1, installing appliances before close may be difficult. On average, the appliance order/install/approval process takes approximately 25 days. As a result, offers received after June 1 will stand a better chance of closing on time if the buyer chooses the closing cost option of the incentive.

Homebuyer Tax Credits

2010-04-28T09:41:00.000-05:00

Time has almost run out on the homebuyer tax credits! You have just a couple of days left to get into a contract. As of now there is no extension of the tax credits, and very little rumblings about an extension. Make your move now! Call me to get pre-approved so there are no hang ups on agreeing on a contract. Ryan, 816-699-9880.

Chiefs Draft Eric Berry

2010-04-22T22:14:00.000-05:00

The KC Chiefs drafted Eric Berry with the 5th overall pick. He is a safety out of Tennessee, and we need the help! He should definitely help the Chiefs move up from the second to worst defense last year! Curious to see where they go for rounds 2 and 3 on Friday...

Royals 2010 Predictions

2010-04-02T10:13:00.000-05:00

Opening day for the Royals is Monday and it is time for some predictions. For those who know me, know I love baseball. Are you in for a little fun? I am picking them to go 80 and 82 this season; yes, I am the eternal optimist, but I actually dialed back my prediction a little bit this year. Add your predictions below in the comments section. If you are coming to the game on Monday, look me up.

Dowtown Lee's Summit St. Patricks Parade

2010-03-12T11:02:00.000-06:00

The St. Pats Parade will be taking place in Downtown Lee's Summit this Saturday. It has grown by leaps and bounds, should be a good time for all. Afterwards there is a pub crawl starting at 3, and I don't think there is any cost! And pub crawl t-shirts are only 10 bucks! No brainer.

Mortgage Rates Remain In The 4's

2010-03-12T08:19:00.000-06:00

Mortgage rates are in the 4's for 30 year fixed rate products and about 4.25% for the 5 and 7 year ARMs. This may be the last time we see them this low for quite some time. Do not miss your opportunity to take advantage of these rates and the government tax credits, which expire in a little over a month. Call Ryan Smarr at 816-699-9880 or email your inquirys to smarr@rhino-llc.com.

Skies Restaurant Review

2010-03-02T16:18:00.002-06:00

My wife and I celebrated our anniversary at Skies last night and had a great experience. When we first sat down, it took a couple of minutes to get acclimated to the turning of the restaurant. I just had to get my mind right. Then it was great! We started with the Spinach and Artichoke Dip which was very good. We followed up with a couple of salads and then on to the main course. I had the KC Strip and she had the Prime Rib, both were very good. I paired the steak with a glass of MacMurray Pinot Noir, which turned out to be a great match, especially with the scallop potatoes. There was a little spice in the potatoes which worked very well with the spice in the MacMurray. And of course, the view was amazing, especially after the sun set and the lights of the city came on. If you have not had the Skies experience yet, I highly recommend it!

74 Days Until Homebuyer Tax Credit Expires

2010-02-23T15:50:00.000-06:00

The title says it all! You have to been in a contract by the end of April to qualify for the Homebuyer Tax Credit at this time. More info here http://rhino-llc.com/links. Look under Lending Links.

FHA Appraisal Changes Coming

2010-02-02T10:27:00.000-06:00

For all FHA case numbers ordered on or after February 15th, appraisals must be ordered through HVCC, the auto assignment program. Meaning you will no longer be allowed to choose your appraiser that will appraise your home. There are more changes that appear to be on the horizon for FHA and I will bring them to you as they come. More info contact Ryan Smarr or my office.

FHA Changes

2010-01-27T14:48:00.000-06:00

I was alerted to some potential changes coming down on FHA loans. These changes are expected to go into effect this spring. Here is what I have gathered so far...

The upfront funding fee will be increasing from 1.75% to 2.25%. They are establishing a minimum credit score of 580, below a 580 you will need 10% down. And the are changing the allowable seller concessions from the old amount of 6% to 3%. Realtors, please take note when negotiation your deals, no more $4,000 in closing costs from the seller on a $100,000 purchase!! Questions, commments, need a loan or insurance? Call or email Ryan Smarr, 816-699-9880. Check the web at www.rhino-llc.com.

Time is Running Out On Homebuyer Tax Credit

2010-01-12T14:11:00.000-06:00

I know it doesn't seem like it, but time is running out on the Federal Housing Tax Credit for firsttime and repeat buyers. You must be in a contract by April 30, 2010 and close by June 30, 2010 to be eligible for the $8,000 and $6,500 tax credits. That means there is about three and a half months left! Do not wait until last minute or you will miss out. Questions, comments, contact Ryan Smarr.

Warning! Rates will be going higher!!

2009-12-28T08:26:00.000-06:00

Hello everyone. I am writing this alert to let you know that there are probably about 4 days of good rates left on the 30 year fixed. The Fed has decided to stop purchasing mortgage backed securities on December 31 of this year. What that means for the consumer is that mortgage rates which have been held low due to the abundance of government purchases on them will stop and allow rates to go to a market driven rate. This should have an immediate effect on mortgage rates, pushing them higher quickly. This could be your last chance to take advantage of these record low rates. Don't say I didn't warn you!

As always, to contact Ryan Smarr shoot me an email or get my contact info from my web page http://www.rhino-llc.com/.

Did You Know, Insurance

2009-12-22T13:56:00.000-06:00

Did you know that many times you must have a rider put on your auto insurance if you want new OEM parts used for replacements? It doesn't always come that way. And is it really necessary to pay extra for the OEM parts coverage? Call Ryan Smarr or inquire here to know what coverage is right for you.

Did you know...

2009-12-07T11:17:00.000-06:00

Did you know that if you sell your home to a family member, they will NOT qualify for the current $8,000 First Time Homebuyer Tax Credit? Want to know more, contact us at info@rhino-llc.com.

Fannie Mae Requiring Higher Credit Scores and Lower DTI

2009-12-02T13:42:00.000-06:00

Fannie Mae recently announced some changes to the automated underwriting system. Borrowers will now be required to have a minimum credit score of 620 up from previously 580 and lower DTI calculations of 45% on the back end. The DTI calculation can be allowed up to 50% in certain instances. This should not make too much of a change to most borrowers, as many of the company overlays would not allow for such a low scored and high DTI borrower to qualify for a loan anyway. For further questions on how this may effect you, contact us at www.rhino-llc.com .

Tax Credit Extended

2009-11-23T14:53:00.000-06:00

The $8,000 first-time homebuyer tax credit has been extended for contracts through April 30th 2010, and now added a $6500 tax credit for buyers who have owned their home for 5 of the last 8 years. Please note that these are the basic qualifying standards, but there are many more hurdles to clear before you can qualify for the tax credit. Please contact me for more information to see if you qualify. Contact Us!

Home Sales Rise, Activity High

2009-08-26T11:03:00.000-05:00

The Commerce Department reported that new home sales rose 9.6% in July. This makes four straight months of increase. Reports also show that inventories are decreasing. Looks like the housing market is getting back on the right track. I am seeing high levels of activity here in Lee's Summit and all around Kansas City. Time is running out on the $8,000 tax credit. 3 months left! Don't miss this opportunity.

Missouri Back To School Sales Tax Holiday

2009-08-04T16:25:00.000-05:00

The school year is fast approaching and the Missouri sales tax holiday is set to kick in this Friday. The holiday will run through the weekend and end on Sunday the 9th.

The sales tax exemption is limited to:
Clothing – any article having a taxable value of $100 or less
School supplies – not to exceed $50 per purchase
Computer software – taxable value of $350 or less
Personal computers – not to exceed $3,500
Computer peripheral devices – not to exceed $3,500

This list was taken from the Missouri Department of Revenue's website. You can find all the details and a list of participating counties there or by clicking over to the Rhino Financial website and choose the Rhino Financial Links page.

2009 First Time Homebuyer Program Starting July 1

2009-07-08T10:30:00.000-05:00

The following information was obtained from the City of Lee's Summit website.

2009 First Time Homebuyer Program Underway Starting July 1 (posted on June 30, 2009 16:34)

The City of Lee's Summit’s Planning & Development Department will begin accepting applications from eligible first-time homebuyers on July 1, 2009 to participate in the City’s 2009 First Time Homebuyer Assistance Program.

The City of Lee’s Summit was designated as an Entitlement Community under the Community Development Block Grant (CDBG) program of the Department of Housing and Urban Development (HUD). Funds must be used to benefit low-to-moderate-income persons, address slums and/or blight or address a particular urgent community need (disaster). The City Council has approved $59,093.00 in grant funds for the First Time Homebuyer Program for the program year beginning July 1, 2009. Grants under the First Time Homebuyer Program will be issued in the maximum amount of $3,000 and will be available to low income households that meet the established income limits to be used for:
Up to 50% of the required down payment
Reasonable closing costs
A combination of the above, not to exceed $3,000.

Grants are awarded on a first-come first-served basis.
If you are interested in applying for the grant funds, you may obtain an application packet from the Planning & Development Department at Lee’s Summit City Hall, 220 SE Green St., or download the program information packet and application forms online at www.lsplanning.net. Click on the First Time Homebuyer Program hyperlink in the shaded box on the right side of the page.

If you have questions about the First Time Homebuyer Program, call the City’s Planning & Development Department Planner Jennifer Thompson at (816) 969-1600.###

You can also contact me at 816-347-4385 or smarr@rhino-llc.com for help with the process.

Fannie Mae To Relax Down Payment Requirements

2008-05-16T09:27:00.000-05:00

In a story released by Reuters today, Fannie Mae is planning to relax their requirements for down payment starting June 1. This is the same time that the rest of the new lending guidelines will go into effect. This is mainly going to effect those markets that are considered declining markets. Starting last year, Fannie made requirements that loans made in declining markets would have about a 5% overall lower LTV tolerance. These new rules will eliminate that going forward.

Lock Your Rate

2008-04-25T10:18:00.000-05:00

What does it mean when my loan is locked? Why can't I change my lock?

These are two questions we have heard a lot lately at Rhino Financial. So lets look at answers to these two questions. When your loan is locked, that means the we have gone to a lender and purchased money to fund your loan at a specific rate. So why can't you change that lock? In certian situations it can be done, but most of the time once it is locked, that is it. You have agreed to accept that rate and we have purchased the money at that rate for you. Think of it like purchasing a stock. If you buy stock at $50 today and by Tuesday it has gone down to $45, you can't call your broker and say you want the stock at $45 instead of the $50 you bought it at the other day. Same goes with your rate, when you agree to lock your rate you are purchasing that amount of money at that interest rate.

Credit Repair

2008-04-15T15:25:00.000-05:00

Now more than ever, your credit score is extremely important. Not only is it looked at when you apply for a loan or a new credit card, but it is used in your auto insurance rating, homeowners insurance rating, and even in some employment. Fannie Mae is introducing risk based pricing that basically raises your rate when you fall into certain credit levels, so managing your credit is very important.

Did you know that you can get late payments removed from your credit report? Did you know that you can even get mortgage late payments removed from your credit report?! We have seen peoples score improve 120 points in a matter of days. This can save you thousands on your home mortgage, not to mention your insurance!! Rhino Financial has a new tool that will allow us to manipulate your credit in the short and long term to show you how changes in your credit will effect your scores. We also have the ability to get those changes made in a matter of days and have that score reflected on your credit. Our experience and resources can make or break your next purchase or refinance. It is typically best not to wait until you are ready to make that purchase or refinance to start working on your credit. You need to get it in order before you even apply to get the best results. Contact Rhino Financial to set up a consultation or to ask questions. info@rhino-llc.com or 816-699-9880.

Down Payment Assistance Remains for FHA

2008-03-20T11:32:00.000-05:00

It looks as though the down payment assistance programs will get to remain in business for use with FHA. This is a handy tool for many first time homebuyers. With the tightening of lenders underwriting guidlines and the gradual disapearance of 100% Purchase programs, down payment assistance will be an extremely useful tool in the near future, when used properly. Give us a call (816) 699-9880 for down payment assistance programs in your area, or send an email to info@rhino-llc.com.

Have You Been Triggered?

2008-03-20T11:18:00.000-05:00

What is Triggering? Triggering is a service that is provided by all three credit bureaus in which they use your credit data to identify you as a possible consumer for solicitation purposes. What happens is that there are certain predetermined parameters set and when your profile meets those criteria, your name and contact info is sent to whatever companies are subscribing to the service under that criteria. The credit bureaus do not provide these companies with your specific credit information, only that you meet the criteria that was placed for that specific companies subscription. Then that company will contact you with their goods or services that someone in your current situation are likely to want or need.
So what can be done about this? If you want to get your name removed from these trigger lists, you can contact the credit bureaus directly and have yourself removed. Also we have a number that you can call that will take care of all of them in one swoop, free of charge. You can also decide to opt back in if you decide to at a later date. Give us a call or shoot us an email for the contact info for the credit bureaus or the single numbers or to find out more on how this works. (816) 699-9880 or info@rhino-llc.com and include Triggering in the subject line.

Subprime Mortgage Bailout Plan

2007-12-07T14:29:00.000-06:00

Yesterday the Bush Administration gave us their plan for bailing out some subprime borrowers. This plan is said to be able to help around 1.2 million homeowners. So what does this mean to borrowers with subprime loans? Lets take a brief look at what the possibilities are. This does not encompass all the ins and outs of this plan, but touches on the main points.

To receive help from this plan you must be in a SUBPRIME loan. Next, you must have a subprime ARM (adjustable rate mortgage) loan. Your rate could be frozen, which would keep it from adjusting for up to 5 years. Additionally, you must not be more than 30 days late on your mortgage, or have been 60 days late in the last 12 months. If you have been late or are currently late, this program will not work for you, but don't quit now. There are many options if you are, or have been, late on your payment. This is best determined on a case by case basis, so please contact me if you have questions, at www.rhino-llc.com.

This plan would be a start to correcting the housing market, but it will by no means fix it. We still have a long way to go to getting this problem under control, and small steps are better than doing nothing. Make sure that you have a plan for your largest investment, for most of us anyway, and that you are properly positioned for this and the changing market. If you don't know if you are properly positioned, or just don't understand, call or email me. I would be glad to show you how to properly position your home.

FHA to ban down payment assistance programs

2007-10-05T14:32:00.000-05:00

Earlier this week the Federal Housing Administration published a new rule that will prohibit buyers from using any seller paid down payment assistance program. This will include programs such as AmeriDream. This rule should take effect 30 days after the publishing date, which was October 1. What does this mean for clients of Rhino Financial?

Not a whole lot will change for clients of Rhino Financial. Most of the down payment assistance that our clients are using are coming from their family, local governments, charitable organizations, and employers. FHA will still allow these forms of down payment assistance since they are truly gifts. The reason, it appears, that FHA is banning the seller paid programs is that it was inflating the value of those homes it was used on, and not truly a gift. Many of the sellers would raise up their price on the sale of the home so that they would net the same amount as if they didn't do the program. So what is actually happening is the price is inflated so that the buyer can basically finance their down payment, but it is viewed as a gift from the seller which FHA used to allow.

Rhino Financial has many alternatives that we participate in, that in my opinion, are much better alternatives for all parties involved in the transaction, and will not artificially inflate the purchase price of the home. To learn more or get information on some of the alternative programs visit our website at www.Rhino-LLC.com.

Ryan Smarr
Rhino Financial, LLC