Arizona Association of Mortgage Professionals

Are 30-somethings the sweet spot of the mortgage market?

Arizona Association of Mortgage Brokers - in today's on-line Arizona Republic, the most read article is "Recession offers deals of a lifetime". 

This from the article:

"Early this year, the 30-year-old salesman in Scottsdale shelved expensive meals and vacation plans and threw "every spare dollar" into the stock market. The value of his portfolio has more than tripled as the market has rallied since March." "This is like buying a swimsuit in the fall or a winter jacket in the spring," he said. "Get in while it's a good deal."

And this:

"Only 39 percent of adults younger than 35 are homeowners, compared with 80 percent of those older than 55, according to the U.S. Census Bureau. So the opportunity for those in their 20s and 30s to take advantage of the real-estate crash is greater than for any other age group."

Might this be the sweet spot of the mortgage market?  What are you finding? 

FTC Deadline NOVEMBER 1 - Is your ID Theft "Red Flags" Plan in Place?

 

Arizona Mortgage Brokers Association

On November 1, 2009, the Federal Trade Commission's (FTC) Red Flag Rule goes into mandatory compliance for all Mortgage Brokers.

Do already have your written plan in place? 

It's important to understand that the Red Flag Rule is not a casual suggestion.  On November 1, 2009, it becomes law.  Here are some resources to help you get your program built, if you haven't already:

• Attend a free* 1-hour class at the OCTOBER 20 AAMB CONFERENCE
  
• Federal Trade Commission (FTC) - Fighting Fraud with the Red Flag Rule - A How-To Guide for Business.

Here are the basic four provisions of the statute:

1. Identify Relevant Red Flags - identify the red flags of identity theft you're likely to come across in your business.
2. Detect Red Flags - Set up procedures to detect those red flags in your day-to-day operations.
3. Prevent and Mitigate Identity Theft - If you spot the red flags you've identified, respond appropriately to prevent and mitigate the harm done..
4. Update your Program - the risks of identity theft can change rapidly, so it's important to keep our program current and educate your staff.

Once you have your plan in place, be sure to tell your clients what you've done to help protect their identity from theft and fraud!

*With purchase of full-day conference registration

Marketing Tip: Help your clients earn a Federal Tax Credit for HVAC Home Improvements

Arizona Association of Mortgage Brokers  --  We are all aware that in February President Obama signed The American Recovery and Reinvestment Act of 2009.

What many are not aware of is that this Act provides for a tripling of the tax credits for certain heating and cooling upgrades to their homes!

During times of economic recovery it is typical for homeowners to stay put and make repairs to their existing homes.

It is likely that your mortgage clients are not familiar with this wonderful opportunity. 

Why not partner with a trusted HVAC purveyor in your marketplace, and put together a nice package that will include a special deal on a new HVAC system, a low-interest new mortgage to pay for it, and a special tax credit from Uncle Sam to boot!

It is likely that some of your clients are contemplating this anyway.

Here is a link to the Air-Conditioning, Heating, and Refrigeration Insitutes's website with all the details.

 

New IRS Law Allows Refiling of '08 Tax Returns to get a quick refund for a portion of Net Operating Loss Carrybacks!

Arizona Association of Mortgage Brokers -- One of our member brokers told us how he benefited from a new IRS law.  It allows small business owners to refile their 2008 income tax returns to recapture some of the taxes paid, if they showed a loss on their 2008 tax return.

This particular member was able to recapture $2,300 of taxes paid in previous years with an amended return.

Here is the scoop from the IRS:

"The Internal Revenue Service announced today that small businesses with deductions exceeding their income in 2008 can use a new net operating loss tax provision to get a refund of taxes paid in prior years.

To accommodate the change in tax law, the IRS today updated the instructions for two key forms — Forms 1045 and 1139 — that small businesses can use to make use of the special carryback provision for tax year 2008. These forms are used to accelerate the payment of refunds.

The new provision, enacted as part of the American Recovery and Reinvestment Act of 2009, enables small businesses with a net operating loss (NOL) in 2008 to elect to offset this loss against income earned in up to five prior years. Typically, an NOL can be carried back for only two years. The IRS released legal guidance today in Revenue Procedure 2009-19 (Update: please see superceding Revenue Procedure 2009-26) outlining specific details. Some taxpayers must make the election to use this special carryback by April 17, 2009.

“The new net operating loss provisions could throw a lifeline to struggling businesses, providing them with a quick infusion of cash,” said IRS Commissioner Doug Shulman. “We want to make it as easy as possible for small businesses to take advantage of these key tax benefits.”

With the economic downturn and the new law, the IRS expects record numbers of small businesses to be eligible for the refunds. The IRS is putting in special steps to ensure timely processing of these refunds to help small businesses during this difficult period.

Small businesses with large losses in 2008 may be able to benefit fully from those losses now, rather than waiting until claiming them on future tax returns."

If you happened to show a loss on your 2008 tax return, you may benefit from this new tax law.  Note: this information is not intended as professional tax advice.  Consult your accountant or other tax professional to evaluate your specific situation.

If you've already taken advantage of this tax law change, be sure to share your experience in the "Post a Comment" section below.

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