MMG Weekly 09/03/14

Guy R. Vetrano NMLS# 183357
Certified Mortgage Planning Specialist
Sun West Mortgage USA, Inc. (FN) NMLS#359295
Phone: 866-924-4616
Mobile: 602-692-7196
License: 866-586-0980
Guy.Vetrano@swmc.com
guyvetrano.sunwestmortgage.com
Labor Day Holiday  
I sincerely hope you have been enjoying your complimentary subscription to the MORTGAGE MARKET GUIDE WEEKLY. As the Labor Day holiday is being observed, your next full issue will arrive “hot off the press” next week. In the meantime, please enjoy the useful information below and share it with anyone who may benefit.

The MORTGAGE MARKET GUIDE WEEKLY is the industry’s leading publication of this type, and I’m pleased to provide this valuable resource to you. If you feel that any of your colleagues or associates would benefit from keeping up-to-date on market and economic trends with this easy-to-read format, please let me know, and I will be happy to add them free of charge.

The Mortgage Market Guide View…  
5 Things You Must Know About Moving
Make sure you entrust your stuff to the good guys.
By Susannah Snider, Kiplinger.com

1. You want a bill, not a ransom note. The Better Business Bureau says it received more than 9,300 complaints about movers in the U.S. in 2013. Common among them: a bait-and-switch scheme in which a mover quotes a price and then holds your possessions hostage unless you pay an unexpected fee, says Katherine Hutt, a spokeswoman for the BBB.

2. Get it in writing. Start by asking for estimates from at least three movers, and be skeptical if one company quotes a much lower rate than the others. Movers should offer to visit your home to assess the job. The cost estimate for an in-state move is usually based on the number of hours it will take. For interstate moves, the cost is likely to be calculated based on weight and distance. “When you contact movers, you want them to seem attentive and fastidious,” says Matt Wixon, president of Bookstore Movers, in Arlington, Va. A mover that doesn’t seem interested in the details could be careless with your stuff, says Wixon. Be wary if the mover requires a large deposit or accepts only cash, which leaves no record of the transaction.

3. Check out the mover’s rep. Don’t rely solely on word of mouth. Go to the BBB’s Web site to see whether there are complaints against the company and whether they’ve been resolved. Interstate movers should be licensed by the Federal Motor Carrier Safety Administration (FMCSA). To search for movers registered with the Department of Transportation, go to www.protectyourmove.gov. Or use the ProMovers search page to get quotes from companies that have passed the American Moving and Storage Association’s background checks and licensing and insurance requirements.

4. Make sure you’re covered. Call your homeowners or renters insurance provider to see whether your policy covers your belongings while they’re in transit. You’ll likely find that your plan covers the same perils during the move as it does at home, says Jeanne Salvatore, a spokeswoman for the Insurance Information Institute. If your moving truck bursts into flames, your policy may reimburse you, but it won’t cover your belongings if they are broken or damaged by the mover. Interstate movers must offer two kinds of supplementary liability insurance. Released value coverage, at no extra cost, insures your belongings at a rate of 60 cents per pound. So if a mover shatters your 30-pound flat-screen TV, you’ll be compensated a measly $18. Or you can buy full value insurance, which will cover repairs or replacement of damaged goods. Rates typically start at about $200 for $100,000 worth of coverage, says Linda Darr, of the American Moving and Storage Association. If you discover while unpacking that something’s broken or scratched, you have nine months to file a claim. The FMCSA requires interstate movers to offer arbitration to help settle disputes.

5. Who you gonna call? If the mover is holding your items hostage, call the FMCSA at 888-368-7238. For all other complaints, contact the National Consumer Complaint Database of the FMCSA. If you have a problem with a local or in-state move, go to www.protectyourmove.gov to find local consumer protection offices.

Reprinted with permission. All Contents ©2014
The Kiplinger Washington Editors. Kiplinger.com.

Economic Calendar for the Week of September 1 – September 5

Date
ET
Economic Report
For
Estimate
Actual
Prior
Impact
Tue. September 02
10:00
ISM Index
Aug
57.1
HIGH
Wed. September 03
02:00
Beige Book
Sep
NA
Moderate
Thu. September 04
08:15
ADP National Employment Report
Aug
218K
HIGH
Thu. September 04
08:30
Jobless Claims (Initial)
08/30
NA
Moderate
Thu. September 04
08:30
Productivity
Q2
2.5%
Moderate
Thu. September 04
10:00
ISM Services Index
Aug
58.7
Moderate
Fri. September 05
08:30
Non-farm Payrolls
Aug
209K
HIGH
Fri. September 05
08:30
Unemployment Rate
Aug
6.2%
HIGH
Fri. September 05
08:30
Hourly Earnings
Aug
0.0%
HIGH
Fri. September 05
08:30
Average Work Week
Aug
34.5
HIGH

All products are subject to credit and property approval. Program terms and conditions are subject to change without prior notice. Not all products are available in all states or for all amounts. Other restrictions and limitations apply. The content in this flyer is for informational purposes only and not meant for legal, tax, or professional accounting advice. Sun West Mortgage Company, Inc. (NMLS ID 3277) in Arizona is licensed as Sun West Mortgage USA, Inc. (FN) and holds a Mortgage Banker License (#0909624), a Mortgage Banker Branch License %u2013 Other Trade Name #1 (#0116436) and for the Scottsdale, AZ Branch Office (NMLS ID 359295), a Mortgage Banker Branch License (#0118060) for the Tempe, AZ Branch Office (NMLS ID 981806), a Mortgage Banker Branch License (#0119120) for the Tacoma, WA Branch Office (NMLS ID 1153767) and a Mortgage Banker Branch License (#0118641) for the Cerritos, CA Branch Office (NMLS ID 1031622) approved by the Arizona Department of Financial Institutions, Phone: (602) 771-2800. Please refer to www.swmc.com and www.nmlsconsumeraccess.org to see where Sun West Mortgage Company, Inc. (NMLS 3277) is a licensed lender and servicer. In all jurisdictions, the principal (Main) licensed location of Sun West Mortgage Company, Inc. is 18000 Studebaker Road, Suite 100 in Cerritos, CA 90703, Phone: (800) 453-7884.