Under the qualified mortgage rule, from the Dodd- Frank legislation, mortgage lenders face greater legal liability if they make loans without ensuring the borrowers’ ability to repay.  Mortgage lenders who originate “qualified mortgages” enjoy greater legal protections should those mortgages default.
Fannie Mae and Freddie Mac are already requiring more documentation of income and credit history of our borrowers due to the pressure of the pending QM.  Bottom line, if the lender closes a loan that falls outside the parameters of QM, they are left with no protection from Fannie Mae or Freddie Mac.
A few examples of the pending changes for QM:
-     Loans cannot exceed 43% debt to income ratio (this effects how we calculate income)
-    Loans must be fully

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According to CoreLogic, home prices rose 3.3% statewide compared to 2012. This trend continued across the state with a few exceptions during the month of September. Prices fell in Mobile along with four other metro areas that include Tuscaloosa, Huntsville, Aurburn-Opelika and Dothan.

Distressed sales and foreclosures are dragging prices down in these areas, with the exception of Aurburn. In Mobile, Huntsville, Tuscaloosa and Dothan home prices would have increased if these short sales and foreclosures would have been excluded from the analysis.

According to Grayson Glaze, the executive director of the Alabama Center for Real Estate, he is optimistic regarding the home prices. He states “overall fundamentals in that market remain resilient,” with the

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After another record-breaking season of fun in the sun both guests and residents prompted the powers to approve a $48 million budget.  The plans include investing more in recreational facilities, strengthening public safety and provides a three percent cost-of-living raise to all city employees.

From the projected $48 million, $3 million is carried over from last year's budget, $25 million the city intends to draw, with $23 million carrying over from 2012.  Orange Beach expects to have a $4.5 million surplus for 2013 - $2.5 million more than expected - on December 31st.

"We had a huge surplus," Mayor Tony Kennon said.  "But you never know what next year brings, so, you know, make hay while the sun shines."  Total expenses in 2014 are expected to

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Airbus' 153 orders for aircraft in the month of October provide the ifo to headquarters in Toulouse, France.  Airbus figures to have outsold Boeing by approximately 30% year to date.  Airbus officials confirmed 2013 orders of 1,215 aircraft through Oct. 31, compared with 955 orders Boeing booked between Jan 1 and October 29.  The company is building a $600 million assembly line, the company's first on U.S. soil, at Mobile's Brookley Aeroplex;  Airbus' gross aircraft orders for the first 10 months of 2013 total 1,265.

In 2009, Austal USA, located on Mobile's waterfront, set a goal to create 4,000 jobs for its U.S. base of operations.  The goal is on pace for realization by the end of 2013 according to representatives from the Australian ship builder.  When met, this will make Austal the largest private sector employer in Mobile County. "Our game plan is to level our to support both of our programs going forward," said president Craig Perciavalle, discussing the two different classes of ships currently being assembled at the sprawling facility on the waters of Mobile Bay. The employment figures are approximately five times higher than the 800 of the initial year in 2009.  Austal made a commitment to double its workforce in a two year window to facilitate the…

The Highlands of Spanish Fort is a large development project spanning over 11,000 acres between Spanish Fort and Bay Minette, AL.  The land is separated in to 54 tracts and being development in conjunction with the city of Spanish Fort.  The tracts are comprised of residential, commercial, multi family, a village center, school sites, institutional sites, parks and municipal services.  The city council members approved an amended conceptual master plan and standards for design back in August at the most recent public hearing.

"We've definitely seen an increase in queries from regional to national developers and local home builders within the last six months," said Bill Schroeder, developing partner of Rock Creek Capital, which owns the land.  The Rock

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After three straight years of increases in the numbers of visitors and the economical benefits associated, Baldwin County is obviously gaining in popularity.  More people are visiting and spending more while they're here.

Over five million people visited the Alabama Gulf Coast in 2012 and spent $2.9 billion while visiting Baldwin County.  That's an increase of over 4 million visitors and over $100 million since 2011;  this year (2013) is slated to break these number and establish new record marks.

It's estimated the coastal cities of Orange Beach and Gulf Shores, AL will generate an estimated $343 million in rentals this year, an increase  from $323 million in 2012 and $280 million in 2011.  These numbers were based from the Gulf Shores and Orange

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Local tourism officials expect the flights to boost the economy and none as much as the Alabama / Florida beaches along the Alabama Gulf Coast.  The trip to the beautiful white-sandy beaches of Gulf Shores, Orange Beach and Perdido Key, FL will be be much more accessible and from a variety of new locations with fewer lay overs for those flying in to the area.  The city of Pensacola is only 45 minutes East of Gulf Shores, closer still to Orange Beach and a mere 20 minutes to Perdido Key, Florida.  Mobile, AL is approximately an hour from Pensacola International Airport.  City officials from the beaches of Alabama are excited about the new option for people to reach their vacation destination.   Southwest is now offering twice-daily nonstop service…

Spanish Fort, AL Siren System

Spanish Fort, AL will be the first city in Baldwin County to install a siren system to act as an early warning alert system with the tornado portion beginning very soon.  "We'll probably go to bid on the tornado sirens in the next two months," said the mayor.  It is amazing to me that we'll be the first city in Baldwin County to have it."  The mayor explained the positioning of the sirens as being distributed from Mobile, East in to Spanish Fort in five locations.

"They go from one end of the city to the other," McMilan said.  "We're working with our grant-writing team and with Bruce Renkert to decide on a plan."  Renkert works as the building and zoning official in Spanish Fort.  Another important detail was the mayor

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Perdido Key, FL Stuff

Perdido Key FL Songwriter's Festival (Nov. 7th - Nov. 17th)

Over 200 songwriters and musicians should visit Perdido Key, FL to participate in one of the oldest traditions on the key.  Perdido Key, FL is home to some of the nicest beaches along the Southwestern Gulf Coast and home to a yearly musical treat;  the Frank Brown International Songwriters Festival.  As usual, the event is held at the world-famous Flora Bama Lounge and Package Store.  The event will begin November 7th and the music continues for 17 days.  On the 13th of the month, Lulu's Homeport at the North base of the bridge on the canal, will host the songwriters for the evening.

The Frank Brown festival brings in a surprisingly talented group of entertainers

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