SFEPD SAP CE - 4.11.25

Estimated read time: 1:20

Summary

The SFEPD SAP CE meeting for the spring 2025 semester brought together student ambassadors from various universities to share what they are grateful for, discuss ongoing competitions, and reflect on recent events. Participants expressed gratitude for diverse aspects of their lives, including personal growth and new achievements. The meeting highlighted an impactful panel participation by Nathaniel Hill on combating misinformation, and discussed comprehensive support for financial literacy and personal finance initiatives. Guest speakers from Freddie Mac provided insights into home buying and becoming a realtor, enriching the students' understanding of these essential topics.

Highlights

The meeting started with a question about gratitude, leading to powerful personal stories from student ambassadors. 🌟
Nathaniel Hill’s participation in the Jumpstart Coalition panel showcased the importance of proper financial information. 💪
Financial literacy competitions offer exciting prizes like Apple devices, encouraging student engagement. 🎉
A comprehensive overview of home buying and the realtor profession was provided by guest speakers from Freddie Mac. 🏡
The importance of continuous financial education and career planning was emphasized throughout the meeting. 📚

Key Takeaways

Embrace gratitude: Student ambassadors shared personal stories of gratitude, highlighting diverse ways to appreciate life. 🙌
Competitive spirit: Exciting prizes are up for grabs in the SFEPD competitions, motivating student participation. 🏆
Financial literacy rocks: Comprehensive support is available to enhance students' financial knowledge through workshops and events. 💡
Nathaniel on fire: Nathaniel Hill shone on a panel about combating misinformation, showing the importance of informed discourse. 🔥
Freddie Mac insights: Guest speakers provided valuable advice on home buying and real estate careers. 🏠

Overview

The SFEPD SAP CE meeting was a vibrant gathering of student ambassadors from various campuses, kicking off with reflections on personal gratitude. Each participant shared stories, some humorous and others heartfelt, about what they appreciate most in their lives. This exercise set a positive tone for the session, reinforcing the meeting's theme of growth and learning.

The session provided updates on competitions and opportunities that encourage active involvement in financial literacy projects. Nathaniel Hill's role in a recent financial literacy panel was especially lauded, demonstrating the critical role young voices play in combating misinformation.

Highlighting the meeting was the guest talk by representatives from Freddie Mac, who demystified the home buying process and introduced students to real estate careers. Their advice was invaluable for students considering future steps in financial planning, emphasizing both the economic impact and the empowerment that comes from informed home ownership decisions.

Chapters

00:00 - 06:00: Introduction and Icebreaker The chapter 'Introduction and Icebreaker' opens with greetings from the speaker to the audience, acknowledging the mix-up between morning and afternoon time zones. The speaker indicates that this meeting marks the final gathering for the spring 2025 semester. The speaker expresses hope for a strong finish to the semester and opens the floor to questions or suggestions regarding activities on the audience's respective campuses.
06:00 - 30:00: Student Ambassador Introductions The chapter focuses on student ambassador introductions, starting with a question of the day to encourage engagement. Each student is asked to state their name, the university or college they attend, and their role, before sharing something they are grateful for about themselves and explaining why. This structure allows for both personal reflection and community building among the participants.
30:00 - 52:00: SFEPD Team Updates The chapter titled 'SFEPD Team Updates' begins with Sheldon Lamkin introducing himself as a returning student ambassador at Southern University in Animal College. Sheldon is a junior, double majoring in accounting and finance, and is overseen by Professor Thelma Jones. The chapter reflects on personal gratitudes, particularly highlighting Sheldon's appreciation for an unnamed personal quality or achievement.
52:00 - 72:00: Financial Education and Competitions The chapter opens with the speaker expressing gratitude for having the time to wash their hair, an activity that can often take an entire day for those with natural hair. The speaker happily shares that they managed to complete it in less than an hour, just in time for their travel plans for spring break.
72:00 - 83:00: Job Opportunities and Coach Experiences The chapter opens with introductions, as Elijah Wilkins, a senior student ambassador from Cheney University, expresses gratitude for life and acknowledges his oversight professor, Dr. Crystal Peters. The atmosphere is one of thankfulness and community, underscored by a moment of music before transitioning to another speaker, Denanisha.
83:00 - 102:00: Presentation Expectations and Evaluations The chapter begins with a presentation by Denanisha Stockdale who is affiliated with Taliga College. Her presentation is overseen by Dr. Ginger Stewart. Denanisha expresses gratitude for being able to maintain her composure amidst various opportunities and programs she engages in. Her introduction is well-received. Following this, a second speaker, Annayia Williams, is introduced, although her presentation content is not detailed in the current transcript.
102:00 - 117:00: Guest Speaker Introductions The chapter, titled 'Guest Speaker Introductions,' involves a segment where a junior student at Miles College, who is also a first-semester student ambassador, introduces herself. She mentions Dr. White as her oversight professor and expresses gratitude for her ability to grow and grasp knowledge. The chapter captures this personal introduction and appreciation of self-improvement.
117:00 - 135:00: Freddy Mac Overview and Credit Education This chapter provides an overview of Freddie Mac, including its role in the housing market and its initiatives for credit education. The chapter features a transcript of a session where different participants, including students and a professor, discuss the importance of financial education. One student from Gring State University, who is set to graduate, shares her gratitude for securing a job post-graduation. The dialogue highlights personal achievements and gratitude, setting a positive tone for the roles education and Freddie Mac initiatives play in facilitating personal and professional growth.
135:00 - 156:00: Home Ownership Benefits and Buying Process This chapter discusses the benefits of home ownership and the process of buying a home. Unfortunately, the transcript provided is incomplete, with segments like 'headed...','Putin...','Claire...','innocent young...','Ernston Young...' which do not convey the intended content of the chapter. As such, the chapter summary for 'Home Ownership Benefits and Buying Process' cannot be accurately generated from the given transcript as it lacks coherent content relevant to the title.
156:00 - 181:00: Realtor Career Path The chapter features Noel, a returning student ambassador from the University of the District of Columbia. Noel's oversight professor is Malay. Noel shares a personal achievement of being elected as the new SGA treasurer for the 2025-2026 school year and expresses gratitude for this accomplishment.
181:00 - 190:00: Questions and Closing Remarks In this chapter titled 'Questions and Closing Remarks,' the speaker, Gabrielle Kelly, introduces herself to the audience. She mentions that she is from Southern University in Baton Rouge, Louisiana, and is a returning student ambassador currently in her junior year. Her oversight professor is Miss Jones. Gabrielle expresses gratitude for her determination and communication skills, which she believes have opened many doors and provided numerous opportunities, emphasizing the importance of networking.

SFEPD SAP CE - 4.11.25 Transcription

00:00 - 00:30 Okay, good morning everyone and happy for Good afternoon. Oh, good afternoon. That's right. I'm in still in the morning mode. Um, but good afternoon everyone. Uh, this is our last meeting for the spring 2025 semester. Um I hope everyone's going to finish um strong and you know again if you all have any questions you need suggestions for what you're doing on your respective campuses
00:30 - 01:00 please reach out to us. Um so we are going to start this meeting uh with the question of the day. Um the question of the day um is going to be what is something you are grateful for about yourself and why? But before you give me that answer, make sure you state your name, the university and college university or college that you attend, your role with the uh with the
01:00 - 01:30 organization, your class classification, and who your oversight professor is. So, I'm going to take volunteers right now. I'd like to start off. My name is Sheldon Lamkin. I am a returning student ambassador at Southern University in Animal College. I'm currently a junior, double majoring in accounting and finance. And my oversight professor is Miss Thelma Jones. Something I'm grateful for about myself is that I had
01:30 - 02:00 the chance to actually wash my hair this morning. any natural hair people out there, you know, a wash day could take up your entire day and I actually had the time to get it underneath an hour and be ready to travel for spring break. So, that's something I'm grateful for. Praise God. That's great. And where are you going for spring break? I'm returning home. I'm actually from the DMV area and I um am just going home for the break. Oh, good. Good. Are good. Okay.
02:00 - 02:30 Thank you. All right. Yeah, Elijah, go ahead. Hi. How y'all doing? My name is Elijah Wilkins. I go to Cheney University. I am a new student ambassador and my classification is a senior. My oversight professor is Dr. Crystal Peters. And something I'm grateful for is to be alive that God bless me with another day. Amen. [Music] Thank you, Elijah. I can go. Go ahead, Denanisha. Good. Um,
02:30 - 03:00 good afternoon everyone. My name is Denanisha Stockdale and I attend Taliga College where my oversight professor is Dr. Ginger Stewart. And one thing that I'm grateful for is being able to ma maintain a level head throughout all the opportunities and programs that I um am a part of. Excellent. Thank you. Very good. Go for it. Hello, I'm Annayia Williams.
03:00 - 03:30 I am a junior at Miles College. This is my first seme as a student ambassador and my oversight professor is Dr. White. One thing I'm grateful um about myself is my ability to grow and I think that's great. You kind of cut off Annayia. What what did you say? I said one thing myself is my ability to grasp knowledge. Great. That's awesome. Thank you. Who
03:30 - 04:00 else? Claire, go for it. Hi everyone. Um, I go to Gring State University and um, sorry. I'm a returning student ambassador and my oversight professor is Dr. Hajj. And something that I'm grateful for is that I'm graduating this May and I was able to get a job right after Um, I graduate. Excellent. Congratulations to you. Where you
04:00 - 04:30 headed? I'm going to be Putin. Claire, I'm sorry. Where you headed? Um, innocent young. Ernston Young. Okay. Excellent. Thank you. All right. Congratulations to you. All right. Who else is here? Id like to go. Go ahead. Go ahead. Uh my
04:30 - 05:00 name is Noel. I'm from the University of the District of Columbia. Uh I am a returning student ambassador. My oversight professor is Malay. Um something I'm grateful about myself is I've recently been elected as the new SGA treasurer for the school year 2025 2026. So that's one thing I'm grateful about myself. Yeah. Kudos to you. Great job. Thank you. Congratulations. That's good.
05:00 - 05:30 Hi. I'd like to go. Sure. Go ahead. Okay. Hi everybody. My name is Gabrielle Kelly and I attend Southern University in Baton Rouge, Louisiana. Um I'm a returning student ambassador. I'm a junior here and our oversight professor is Miss Jones. Um so one something I'm grateful for about myself, I would have to say, is my determination. I think it's opened a lot of doors for me and given me a lot of opportunities as well as um my ability to communicate um because I think networking is very
05:30 - 06:00 important and so when I go to different rooms I think I'm pretty decent at um talking to people. So that's Thank you. Awesome. Thank you for sharing. All right. Give us some new some some more new student ambassadors. Noel.
06:00 - 06:30 Noel just went. Okay. All right. There you go. Oh, we got some returning student ambassadors. Go for it. That's fine. Go for it. Me. So, sorry. I saw Javon at Tallaladega, but go for it. Well, how you doing? My name is Javon. Um, I'm a returning student ambassador. Um, I attend Tallaladega College. My
06:30 - 07:00 oversight professor is Dr. um, Ginger Stewart. And something I'm grateful about myself is um, just my ability to see um, other perspectives of people and being able to take take in and learn from what um, other individuals thought processes or how they view the world and um, their lenses. Awesome. All right. Thank you for sharing. Uh hello, my name is Herman Sto and I'm a international student from Allen University. I'm a returning student ambassador and I've been for three
07:00 - 07:30 semesters now. Uh my oversight professor is Mr. Jacubic. You know, he's a great guy. And something that I'm grateful about myself is uh you know just being able to be here being just a kid from Spain being able to study in the United States is you know I'm very grateful about that. So yeah, thank you guys. Thank you for sharing. That's awesome. I live in Spain. Yeah, you should come visit. Yeah, let's do that. I like that.
07:30 - 08:00 All right. Who else? Anybody else? All right, Miss Una. Okay. So, we'll we'll move forward. You can advance the slide. Okay. So, yesterday was a very exciting day. So, um, the SFPD team attended the Jumpstart Coalition for Personal
08:00 - 08:30 Financial Literacy Generals General Partners meeting yesterday in DC. Um, and they asked us if we had a student that would be willing to sit on one of their panels. Um, and the panel was called combating misinformation from social media influencers. So, uh, Nathaniel Hill from Howard University served on this panel and he was a complete rock star. I think everyone started asking
08:30 - 09:00 him questions. But, you know, at this time, I saw Nathaniel, I know that you're on. Can you share uh with um everyone uh the questions that you were asked and the information that you shared on the panel yesterday? Yeah. Hi, my name is Nathaniel Hill. I'm a junior finance major from Antaronda County, Maryland, currently attending How University. And um a lot of the questions they asked were professionals
09:00 - 09:30 really trying to understand what uh this generation coming up is looking for when it comes to financial literacy as well as some of the threats when it comes to financial literacy. when it comes to um influencers giving out wrongful information as well as like AI and wrong information when it comes to that. So, it was a really interesting uh conversation to have. Excellent. And Nathaniel did a fantastic
09:30 - 10:00 job like Miss Una said uh at the end when they did the Q&A, everybody just wanted to ask him all the questions. So, he did a really good job of answering. Yeah. Great job, Nathaniel. We appreciate you and and for representing SFPD as well as a student ambassador. Fantastic job. Thank you for your willingness to join us. Yeah. And these are a few uh few more pictures of the SFPPD team and our um oversight professor was there as well. Um
10:00 - 10:30 Professor Penum, he was also um in attendance at the function. All right. And then you know uh Mr. Daniels do you want to talk a little bit you know where why you're at Morgan State University today? Yes, I'm uh here visiting Morgan State University for their um financial I'm sorry finally consumer sciences uh conference
10:30 - 11:00 and I had an opportunity to speak to the audience this morning about um uh the importance of personal personal finance and financial along with financial literacy. So it was a great it was a great uh session and very informative uh uh uh they have been very informative presentations today and I got a chance to visit the new facility here at Morgan State University and just fabulous things I never seen before in terms of uh family and consumer sciences uh fashion design and just on and on in
11:00 - 11:30 terms of the resources they have here for the students. So it's been a great visit. Okay. And you also had a chance to see Morgan State University um student ambassadors present as well. Exactly. Yeah. The student ambassador presented to today and they were just outstanding. You know, they were very well equipped. Uh the the people they were people engaged because uh they they knew that they knew the material and uh I was they
11:30 - 12:00 very impress they they very they were very impressive uh today. Yes. saw them saw them in action on and saw them in action with my own eyes. So, it's good. Okay. Thank you. So, uh now we'll move I'm sorry. Go ahead, Mr. Daniels. Oh, that was it. Thank you. Okay. So, now we'll move on to our SFPD
12:00 - 12:30 competitions. So, as as you're aware, um the above and beyond uh competition has been going on throughout the semester. So, um the top three prizes uh will be the you have your selection of the Apple Watch, the HP Envy touchscreen laptop or the Apple iPad. And I know Dr. Murray, this is your area. I'll let you continue to talk. Sure. Right. So, we're uh very excited about those who are uploading uh
12:30 - 13:00 their points and and doing all of the things um that have been uh you know have been offered to you guys. We're going to finish at the uh April the 25th. Uh so, we will continue to have additional opportunities, but uh as mentioned in prior meetings, we'll have our top three um who will win these prizes. We'll have our next top three who will then be eligible for a $50 gift card. Um, and then we'll figure out where that threshold is um to where we'll have potentially another eight to
13:00 - 13:30 10 uh individuals or how however the numbers look um who will receive um a $10 gift card. So, we want you guys to continue to participate. Um we're hopeful that all of these things are are great opportunities for you guys. Um and then of course you get points uh for doing it. So, um just want to let you guys know um on on my last email and and again, don't don't forget to read my emails. I send them every Monday at 2 o'clock. Uh you don't have to read it every Monday at 2, but try to get it uh
13:30 - 14:00 read before the end of the week. But um I I just uh sent in my last email uh the brand ambassador promo. So that's a new one that's out there. Uh it is for 10 points. Um so we're looking forward to seeing uh those um those videos come through. Um and the instructions are in Blackboard. So just wanted to let you know that. Um, if you haven't gotten a a coaching session, uh, please feel free to do so before the end of the semester. They will end, uh, on April the 24th.
14:00 - 14:30 Uh, so just letting you guys know that. That's for five points. Uh, we had a quarterly talk with, uh, with Ted or Mr. Daniels um, this past March the 27th. So for those who participated, they received some points for the time um, that they were on. But we also have a recording for those who would like to watch um and get points for for doing that. Uh, of course, we also also uh send out the social media post every week and then Ethelbert post uh a ban uh post uh every week as well. So, we've
14:30 - 15:00 still got a few points uh to to uh throw out there for the rest of the semester. Uh along that line, uh we've got financial literacy week coming up next week. We want to thank those who um participated or who volunteered uh in the last meeting uh to participate in uh our social media videos. Well, we've got five spots um that are still open. So, you know, whether you want points or not, uh we would appreciate it uh if we got some volunteers uh to uh ensure that
15:00 - 15:30 we get all of our videos done. So, I want to ask you guys to uh put your names in the chat or just say yes uh in the chat if you wouldn't mind helping us out with videos. And again, that could be if you want points or not, but uh we're still offering those for uh five points. So, uh please uh input your name in the in the chat or I'm sorry, just say yes in the chat. And then also um they'll they will be a ve a very quick turnaround. So, if you are saying yes,
15:30 - 16:00 um I'm going to send you this information as soon as possible. So, be on the lookout for our emails. We'll need those um those videos uh back as soon as um as soon as you can. So, I'll send that information. Of course, the scripts and stuff that's already written um so you guys just uh need to turn it back in. So, we've got that going on. Uh we also have the most active student ambassador prize. So, um, again, we'll be on social media at
16:00 - 16:30 SFPDSA. Um, and so we just encourage you guys to like, share, tag your friends on giveaway post, comment if you'd like. Um, and the most active student ambassador will win a $25 Chick-fil-A gift card. So, we're really excited about that. So, please uh participate and again tell your friends. Uh, we'll have giveaways each day, so especially tell your friends about those. Um and and um again, we're just encouraging you guys to join us. Um and then of course, we want to see what you guys do next
16:30 - 17:00 week as well, which we'll talk through um with your financial literacy weeks. Uh yeah, we are financial literacy week. Um we also have Go ahead. I'm sorry. Oh, by the way, uh, next week, uh, you mentioned maybe this made me think about next week I'll be, uh, there on the campus of Delaware State University with student ambassadors and the following week with with the student ambassadors at Southern University. So, I'll see you all soon. Okay, great. Awesome. All right, we also have uh some
17:00 - 17:30 job opportunities available. Um, so I sent on the email uh this past Wednesday opportunities to become a camp counselor. Uh, we have, I believe, two of our prior camp counselors here, uh, both from Tallaladega College. Um, they served as we have a virtual uh, financial literacy uh, camp for high school students. Um, and we would love for you guys to participate. So, um, I sent the information in the email. Looking forward to your applications. I
17:30 - 18:00 think we've already received a few. um those will be due April the 21st. So, we want to go ahead and knock those um knock those interviews out and get that get that out of the way. Um we'll also have uh job opportunities next semester for coaches. Um so, we have a few coaches who are graduating um and we need to fill those roles and then of course we also have um some coaches who will be uh with us next semester. So, um if you guys are interested, I will I'm
18:00 - 18:30 going to send that information um on the email uh in this upcoming Monday. Uh if I if you don't mind, um can I get a coach or two to just kind of talk? No, of course, you know, confidentiality, no client names or anything, but just can I get your uh one or two coaches to just talk about your experience thus far? Oh, I can go. Okay. And then I think I saw Charice and uh Brian, you guys jump
18:30 - 19:00 out there as well. Go ahead, Denanisha. Okay, so first I like it's fun. I recommend like if you have free time in your schedule, this is a good opportunity and not only teaching about financial literacy, you have the opportunity to connect with people and network. Like my LinkedIn account, I've built so many connections with a lot of the clients that I've coached. And lastly, it's like a challenge. You get to see how well you know the material and then sometimes you may not know. So
19:00 - 19:30 then it make you want to learn more about the topics that you're teaching. But I suggest if you have free time in your schedule, do it. It's so fun. Awesome. Thank you. Yeah, I'll share as well. Kind of just underscoring all that was mentioned. Um definitely an opportunity to connect with fellow H.B.CU CU students and again just kind of honing in on your financial skills and also your people skills. So it's our sessions are sort of conducted in a way where we're not solely um like
19:30 - 20:00 just jumping into finances at the start of our sessions. So we spend time just having conversations with the clients. um we take that time to relate with them, just discuss their their career experiences, their college experiences, things they're interested in, their job, and then we sort of get into the finances. But with that, you sort of are encouraged to um master those skills. So, you spend a bit more time making sure you're comfortable with those things just because you know that you're
20:00 - 20:30 going to be teaching others. So, you don't want to give out the wrong information. So, um, you kind of just feel more inclined to, uh, better those skills that you have and I think that's ultimately a reward for both you and the client. Excellent. Thank you. Any other coach before we move on? Okay. So, you do we do training of course to make sure that um, you know, you get the proper information prior to having your sessions. We do mock
20:30 - 21:00 sessions. Just want to make sure that you're comfortable. So, you do get paid for the training. You also get paid uh to be a coach uh bi-weekly throughout the semester. So, again, great opportunity if you're interested in, you know, taking those presentation skills that you have, learning a few more skills uh to be able to offer uh your your peers the opportunity to take their finances uh to the next level and actually do something with the information that they've learned. So again, uh that information will come out
21:00 - 21:30 to you guys uh in next week's email. I just want to remind you guys uh about uh the expectations. We're closing out the semester. Um thank you guys for joining us today. If you had did not make a prior meeting, don't forget that everything is recorded. Uh so please uh make sure you write your one-page review after um watching the videos and get those submitted before April the 25th. Um, we've got some boothing pictures and we we're uh looking forward to seeing
21:30 - 22:00 your April boothing as well. Got Alabama&M and Allen uh uh pictured here. Uh Alabama State University, Fort Valley State University, and these are not all of the pictures. These are just a few that we grabbed just to kind of share with you guys. Uh we've got Grampling State and Livingstone College. Um Morehouse College, Tallaladega College, Tuskegee University. We've got Southern University and College uh the University of the District of Columbia and W
22:00 - 22:30 Winston Salem State University. So again, we're very encouraged uh seeing your your boothing um and all of the things that you guys are doing on your respective campuses. All right. So that kind of covers the attendance portion. Uh now we'll talk briefly about the financial education presentations. So just as a reminder to complete your friends and family presentations uh to get your onampus and your community presentations and to ensure that cumulatively
22:30 - 23:00 uh as a group uh each campus is working towards uh getting those minimum number of students um over the course of the semester. So, don't forget to work with your oversight professors to close out the semester to get uh your sessions booked. Uh practice, practice, practice. Don't forget about the pre and the p post surveys. Uh as a reminder, the speaker notes uh are available in every single PowerPoint. So, please uh review those. We also have them in PDF format um in the supple supplemental
23:00 - 23:30 information folder. So, just check that out. And don't forget about your attire. So, making sure that you're wearing your polo, some nice slacks, um nice shoes, no holes, um but and and getting those pictures um as well so that our partners can see those. Uh these are due April the 25th and we're going to have um Ethberg talk to you, excuse me, Ethberg talk to you guys about um making sure that you're turning in the right information. All right, good afternoon everybody. My name is Ether Anam. Good
23:30 - 24:00 morning for anybody on the west coast which I doubt but good morning to you if you're on the west coast. So for the financial education presentations which some of you all are submitting like pictures or things of that sort but what we actually want for these for example the onampus or community presentation you're supposed to coordinate with your oversight professors so they they are knowledgeable of when your presentation is. So after you you complete your presentation they will they will complete the post training form. after they have complete that post training form, they will forward you that email
24:00 - 24:30 and then we want you all to submit that to Blackboard. So that is why some people might have received zeros on your pres on your presentations is because you might have submitted pictures or you might submit just a screenshot of something else. So ensure that you're submitting that post training form from your over professor and ensure it's actually the one that your professor is filling out cuz uh some students are are also submitting a screenshot I believe of themselves completing the form. We want to make sure it's ask your oversight professor completing so we understand that you and the oversight
24:30 - 25:00 professors are working hand in hand to coordinate the presentations and make sure that it it's sufficient for what SAPD wants. As you can see here some of the videos for example the virtual we want you to submit a 10 10 to 15 minute video with um at least three to five members of your family or friends online virtually. Submit that to Blackboard and we'll get your credit there. And these are just some of the other videos that we want you all to complete, right? Um and if you haven't done your friends and family, that's uh any personal finance
25:00 - 25:30 topic, but from our PowerPoints. Okay? Just making sure that that's clear. There are some additional um uh instructions in your training manual and also on Blackboard. So again, just making sure that you guys um see that. Um are there any questions before we move forward? Okay. Also under the financial uh education uh umbrella or modules uh you
25:30 - 26:00 guys uh should also be completing your life sense evaluation. Um so that uh link is also on Blackboard. Um, and there's also some screenshots um a PDF um uh PowerPoint of how to go about submitting your um life sense evaluation. Okay. So, you will similar returning student ambassadors similar to last semester what you guys did new student ambassadors you'll go in and you'll uh input your information um and
26:00 - 26:30 again follow the instructions. What we are looking for you guys to upload is the actual email confirmation received um that you completed your uh your portion of the evaluation. So it will have your name on it. So if you guys can see here it says nice work Tiffany, right? So we want to make sure that everybody um is uploading that actual email to confirm completion because if you do it too soon um you know you might submit something else. So again, there
26:30 - 27:00 are instructions in Blackboard um and just want to make sure you guys uh complete that because that's also an item um that needs to be completed under financial education. Are there any questions about the LSense evaluation? All right. Well, without further ado, uh I will introduce our guest speakers uh for today. Uh first uh both of these indiv
27:00 - 27:30 individuals are from Freddy Mack. Uh but first we have uh Miss Lata Gonzalez. Uh Miss Gonzalez is a housing outreach manager in the single family mission and community engagement division. Uh she supports nonprofits and partners nationwide to develop uh and execute community outreach, education, and affordable lending to overcome barriers to home ownership. Miss Gonzalez has 20 years of experience in the mortgage industry and joined Freddy Mack as a
27:30 - 28:00 fellow working with Enterprise Community Partners. Uh she's worked at uh Georgia's own credit union in the mortgage department and consulted on financial education and foreclosure prevention initiatives. Uh she returned to Freddy Mack in 2018 to focus on multicultural and low to moderate income segments. Uh, Miss Gonzalez holds a BS from Howard University and an MPA from American University, uh, and recently,
28:00 - 28:30 uh, completed her AFC exam and passed. So, uh, we'll have Miss, uh, Gonzalez, uh, oh, sorry about that. Uh, come on shortly. Uh, we also have Miss Manda Webb. Uh, she is an affordable lending manager with Mission and Community Engagement, uh, in the Freddy Mack single family acquisitions division. Uh she manages Freddy Mack HUD approved housing counseling agencies as well as realtor trade associations. Uh with Freddy Mack uh she's been with Freddy
28:30 - 29:00 Mack since 2022 and she's uh has over 25 years of mortgage finance industry experiences that span uh the residential, primary, and secondary markets. She's a licensed real estate agent. Um, she worked as a senior trainer and marketing communications manager for Wells Fargo Home Mortgage and worked as a technical writer and marketing and communications manager at Fanny May. Uh, she's also worked with nonprofits such as Neighbor Works and
29:00 - 29:30 the home ownership uh, preservation exchange. Uh, with her unique perspective on the industry, uh, she organically relates to the consumer in all of us. Miss Webb holds a bachelor of arts in broadcast journalism from the University of Rhode Island. Uh so without further ado, let's give uh both of them a virtual uh hand clap as they come up to present to us today. Hello, hello, hello. I'm happy to see
29:30 - 30:00 those on camera. Thank you, Denanisha. Thank you, Ethelbert. Anybody else want to come on camera? We definitely invite you. I see some of my bisons out there. Manda, would you like to say hello? Hey. Uh, we know we don't have a lot of time with you today, so we do have a packed agenda. We're going to go through
30:00 - 30:30 who is Freddy Mack, a brief overview on our company, um home buying benefits, the process. We want you to start thinking like a lender so you will know how you are assessed when you are ready to buy a home and then the role of the realtor, how you select a realtor, you know, the role they'll play in the home buying process. And Manda is a realtor herself and a realist will tell you a little bit more what that means to be a
30:30 - 31:00 realist and she can talk to you about how to become a realtor and then we'll open it up for Q&A. Not sure how you normally do it, but I am always open to interruptions and please feel free to use the chat, use the reaction buttons so that we can have a dialogue today. All right, we can go to the next one. All right, this is our corporate speech. Who is Freddy Mack? Let me know
31:00 - 31:30 in the chat how many of you have already researched us. You know everything about Freddy Mack and we can breeze through this slide. Anybody? Anybody? I'm checking the chat you guys because I said I want this to be a dialogue. Okay. All right. Well, if you don't know, the mortgage industry has a primary market and a secondary mortgage market. Okay? Freddy Mack was started in
31:30 - 32:00 1970. That was one year before I was born. Why did they need to do this? because we had to have a system whereby people who I don't know about you guys, but if you look at the average price of a home, I just can't go into my checking account and purchase a home with my own liquid cash. So, in some cases, I need to go to the primary market and get a mortgage to assist me
32:00 - 32:30 in purchasing the home. All of those companies like you see your banks, your credit unions, they sit on the primary level of mortgage. So you go to the bank, you get your mortgage for them. That's the primary. They can keep those mortgages in their portfolio and they can go ahead and service that portfolio. meaning that they are going to collect the money from you every month in your payment or by the creation
32:30 - 33:00 of having a Freddy Mack and a Fanny May on the secondary market, we're able to actually purchase that home loan mortgage that you made at the bank and give that bank or that credit union the liquid cash to then make more I would say mortgages. And now think about it as do you really want to hold an entire neighborhood of mortgages or would you
33:00 - 33:30 rather go ahead and sell off half of them so that you can make more so you could go beyond that neighborhood? Mhm. Do you want to add anything to that? No, you're doing a great job. Manda is short and sweet. In addition to the fact that we purchase loans from the primary market, we also do financial literacy and we also have mortgage products that are available. Any position you can think of such as
33:30 - 34:00 marketing, such as human resources, technology, hedging, different loans, Wall Street, you can find that in a company like Freddy Mack. So, as you guys are thinking about your future plans, I want you to consider these government sponsored enterprises. That's what we're known as, the GSC's. There is a role whereby we want to make more homes available to all
34:00 - 34:30 communities. So, as you're thinking, I might want to go ahead and be, you know, a marketing expert. You can market, you know, different mortgage products. You're thinking about um cyber security. We have to figure out how fraud is being conducted in the mortgage industry. But like I said, in addition, our bread and butter is purchasing loans. But in addition to that, financial literacy and working with organizations like you guys have a part of. That is really what we
34:30 - 35:00 enjoy doing on a community aspect. So I'd go to the next slide so that you could see a real person and his experience. It's not true that people don't want to buy homes. It's not true that people don't want to be homeowners. It's true that people are scared of it. I grew up watching the people here genuinely struggle a little bit. So staying in the Memphis community was important to me because there are a lot
35:00 - 35:30 of uh people who genuinely need someone to support them and I'm a supporter. My name is Nicholas Whiteside. I'm 22 years old and I was born and raised here in Memphis, Tennessee. For my mom, buying a house in 2008, it was a second sense of freedom. What's up, mom? I think she wanted something better for her kids than she had for herself. She had to go through hoops and bounds before she even had the opportunity to um get to the closing table. And so, I appreciate her for
35:30 - 36:00 going through that process because it started to spark for me. As I started getting older, I realized how important it was because that asset wasn't going anywhere. My process, I feel, was smooth and easy. Freddy Mack started this program called Credit Smart. I was able to get my down payment and closing cost certificate through their home buyer program. For $0, I was able to do something that helped me save $12,000 on my house when I purchased it. You don't need all the resources in
36:00 - 36:30 the world. You can come straight out of college. You can be 22 years old and you can buy a house and say, "Hey, we're going to get it going." [Music] Miss Gonzalez, did you need me to go back to the prior slide to talk through anything? Nope. We can go to the next one on credit. Now, Tiffany tells me you guys know everything about credit. So, I'm not going to take too long on this credit slide, but I want you to just really
36:30 - 37:00 know once you are borrowing money from someone else, there will be interest applied to that. And we always have to look at that as debt. I'm not saying it's positive or negative, but it is something that's owed. So, let's go to the next slide and you guys tell me if it's in slideshow mode, correct? We're going to look at these as myths or facts and you got to let me know in the chat. All right, let's see what the first one is. All right, everybody. There is one
37:00 - 37:30 FICO score used in the industry. And when I say the industry, I'm referring to the mortgage industry. But we also know that your credit is weighed in many different areas. Like if you're going to purchase a car, if you are even renting an apartment, someone will look at your credit. So, is that a myth or a fact? All right, I see a couple. Thank you, Ethelbert. Anybody else? All right, it is definitely next
37:30 - 38:00 one. Tiffany a myth. Now you have Vantage scores in the market. You have FICO scores in the market. Primarily we have used FICO. Now the industry is moving towards using Vantage scores. You also have, you know, credit karma. I look at that more as an education device. It is not always what your lender will use, but if you want to learn more about your credit,
38:00 - 38:30 that would be probably, I would say, an educational way. All right, let's look at the next one. Pulling your credit report frequently can help you spot fraud. Let's see what the chat says. Is this a myth or a fact? That's right. Thank you. Thank you. Thank you. Next one is definitely a fact. We want to make sure no one else is using our credit. We want to be very vigilant in, you know, assessing our
38:30 - 39:00 credit. All right. What's the next one, Tiffany? Credit scores aren't the only deciding factors for lending decisions. Is that a fact or a myth? Thank you, Megan. Thank you, Eth. Thank you so much, Megan. I see you there. All right. This is true. This is a fact. Why? Because there are always compensating factors that can assess your credit profile. Because we know credit is a moving target. It is a
39:00 - 39:30 snapshot in time that they are taking. There are other items that a lender will use to see not just that score, but in some cases you'll have reserves that they may rely upon. So, let's go to number four. Cancelling an old credit card is always good for your credit score. Okay, let's see what you guys think here. Is that a myth or a fact? I really want someone to come off camera and tell me why. But let's go
39:30 - 40:00 ahead and see the answer. Tiffany, that is a myth. And we are going to look on the next slide as to why that's a myth. Because there's something called age. I like to say it's time in the game. You have to have time in this game. Okay, the next one. This is our last one. Thank you so much for participating. I see you there, Andrea. Thank you, Denanisha. The more credit cards you have, the better it is for your credit history. Now, what do you guys think here? Will a 100 credit cards
40:00 - 40:30 help you in the long run? That is extremely a myth. So, why do we care about all of this? Because if we look at the next slide, I want you guys to remember this term pyami. It is a ridiculous word, isn't it? Pyami, but it's going to help you remember what they're looking at in your credit score. The biggest thing is that payment history. That's about 35%.
40:30 - 41:00 The next is utilization. That's where that U comes in. How much are you utilizing of the credit they have given you? If you had that hundred 100 credit cards and you had $5,000 on each of them and you were to spend all of them, how much would you be utilizing? One, we don't want to have a hundred. I think you guys know that. But I want you to look at it is if you have, let's give an example. You have a credit
41:00 - 41:30 card that is $10,000. How much are you owing on that $10,000? If you constantly know that you are going to spend $9,000 a month, your utilization rate is pretty high. We want to stay as low as possible. Before we would say under 30%, I'm probably going to say even lower these days. Now, let's look at the a the age, the length of your credit history. That's 15%. But
41:30 - 42:00 when we ask the question about whether or not you should close those credit cards, we want to keep our credit cards open. However, if you know that this is not a credit card you need to use, there's a simple way. Just put it in the drawer. Some people back in the day used to freeze their credit cards because they could not control themselves. They didn't have that kind of self-control. Now, once again, don't forget Puyami. So the M, what is your credit mix? What
42:00 - 42:30 types of credit cards? This is something that they look at too. What type of credit? I'm sorry, not credit cards, credit are you using? Is it mortgage credit? Is it student loans? Is it a home? I mean, I'm sorry. Is it a car? So, let's look at the different types of credit. And then the I inquiries. How many new inquiries do you have? When I used to go to school, which I'm hoping they don't have or they don't allow any longer, we had tables of people issuing
42:30 - 43:00 credit cards and they would give us t-shirts, free water bottles, and before I knew it, I came out with four credit cards that I probably didn't need. So, that in a simple way is just the credit factors. I know you guys know this, so thanks for playing along with me. Now, I want to bring Manda up to talk to you about why it is important for you to consider home ownership. Thanks, Latana. Hi, everybody. And I I
43:00 - 43:30 do want to thank uh Tiffany and Miss Una and Mr. Ted for inviting us to speak to you today. Um you are just so blessed. I'm sure you know it, but I'm going to reiterate it to have an organization like SFAPD to teach you the things that life taught me at a much later age. So, you get a you're getting a head start and um I'm just so impressed with uh your participation and with you know the credit thing. They
43:30 - 44:00 ready Lata you know hashtag they ready. So that you know that just goes to speak of the excellent job that you are doing. already told me that they know credit, they know how to do, you know, underwriting already. I was like, I love it. Yeah, it's it's a big deal. Um, and I just want So, you know, I just want to talk a little bit about the benefits of home ownership and um, we want to chat it up with you for any questions that you you all may have towards the end. So, I'm not going to take a lot of time, but in your you can use the chat. Um, if
44:00 - 44:30 you're feeling if you're feeling froggy, I want you to jump go ahead and put in that chat why you think it's important to own a home or what do you what do you think you would get when you own a home? So, um, this is, you know, this cutesy little infographic that I use, but um, from a happiness perspective, I grew up um, product of a single mom who worked most of the time and I was what they call a latch key kid. So, you know, I
44:30 - 45:00 come home from school, I'm 10, 11, make my little meal, you know, might be up prepared, but I could put it in the oven and do my homework. Um, we lived in a one-bedroom apartment. My mother slept on a sofa. So, as a younger person, um, to to be in that situation and then to see other people who had homes, um, you know, you can't help but compare and it kind of makes you feel away. So it was um as I matured to become you know an adult and an adult because I bought in my 30s um to have the confidence to do
45:00 - 45:30 so um it was there was a basis for it and so um I finally was able to purchase my first home. I was so excited about it. It was a foreclosure I bought for 165 back in the day here in the what we call the DMV for some of you all in other states in DC, Maryland, and Virginia after losing out to eight after being outbid eight other times, you know, and and this was in 2003. So, the market was super hot and
45:30 - 46:00 it was extremely competitive. Um, so I get in and I I wanted to paint my walls yellow. Had to have yellow walls. And I was there just a few months before we had like a really heavy snowstorm and the roof fell in. And so as someone who who didn't know much about being a homeowner, that was a really quick and fast way to learn, you know, from insurance and more, you know, how to be able to manage when there are
46:00 - 46:30 emergencies, you know. So we talk about putting money aside from her. It's a real thing. Um, but it did bring me the ultimate happiness to be able to say, "This is mine. This is my own home." You know, yes, I still had a mortgage, but it was mine. Um, as far as tax savings, being able to write the interest off every year and get that money back is a plus. Um, housing appreciation nationwide, homes appreciate, meaning they gain in value um about three, I think it's three to 5% annually.
46:30 - 47:00 here in the district. Just last year alone, housing prices went up 6.7%. And the average over a 10-year period, the the the average appreciation for a home in DC, Maryland, Virginia, um went up uh was 4.6%. So, that's at the higher end of the average. Um which is fantastic, right? Um the equity you have in a home, that that first townhouse I talked about, I use the equity. I mean, and I gained equity. equity relatively
47:00 - 47:30 quickly. I bought a car just outright because I hate car notes. And um two years later, I was able to and I got a a heliloc home equity line of credit to purchase a car um with a very low interest rate. And then two years after that, I moved to a single family, which I thought was going to be my forever home as we talk about roots. and uh was able to not have to really pay that heliloc at all because everything with the purchase was taken care of. Right.
47:30 - 48:00 Yes. Is it Eth? You have a question, sweetheart? Uh yes, Ethelbert. So my question is when you first bought that town home, was your initial plan to like live in it for a year, then buy the single family? Was that the plan from the start or you just kind of kind how life took you? No, I was so happy to be there. I didn't that the plan was just to be there, right? But what had happened was in that community um there was a plan to bring what we call the intercounting connector and it was going to come through the
48:00 - 48:30 community and I just didn't think, you know, I didn't want to have to deal with the with the construction, the noise, and I'm like, "Oh, you know, I think with what I'm making with my salary and as a real estate agent, you know, that I can move up." Um, bad decision. Who knew then what was going to happen to the mortgage market in 2008 2009? We didn't know. But uh but yeah, no, it was just to to to get in there and and to make it my own. That was my just original, you know, and again, I mean,
48:30 - 49:00 broadcast journalism, what did I know about finance? I just knew what I wanted, right? And I just wanted to to be able to work for it. So, um in order can I add something? Absolutely. When I purchased my first condo, it was across the street from the Pentagon and it was in a prime location in Crystal City, right next to the highway. Then what happened you guys? September 11th.
49:00 - 49:30 [Music] Okay, so for those of you that, you know, may not remember that actually is my was my first wedding anniversary. We experienced 911. So my then um fiance, you know, I mean he became my husband then. He was terrified of staying there. But the plan changed because we had thought we would have kept that condo, rented it out and then moved to a single family. But given what had occurred in
49:30 - 50:00 losing friends in 911, we decided to move to Maryland and we took all of our, you know, equity that we gained and then we moved it over to the single family house. So, Ethelberg, the plan can change, but I like the fact that you are thinking in that aspect because that's how you should start. Um, what do you plan to use this for? And it is an asset and like Manda said, she wanted to make it her own. She wanted to put down some
50:00 - 50:30 roots. So these are all different ways as you start to build your financial strategy to think about where do you want to live, what the neighborhood, you know, is going to look like. Manda made a good point of she researched to figure out what did you call it? The interconnector. Yes. Exactly. So to figure out what will this neighborhood look like in five years? How will it appreciate? And one additional thing, the net worth of
50:30 - 51:00 homeowners is 40% higher than the net worth of renters. When I figured that out, that's all I needed to know. I was going to gain a property. So, I just wanted to add that to go ahead. Thank you. Much appreciated. And and I I I put in the piece about the roof falling in because, you know, it's one thing to get a home, right? But it's another thing to maintain it. And part of that maintaining is having an education as well, right? To so that you understand
51:00 - 51:30 what your options are. Um just like once you, you know, get a car, you know, if you get into an accident, do you sit there like a deer in headlights or do you say, "Oh, let me, you know, if you're fortunate enough to walk out and get the information, let me get this other person's information. Let me share insurance. Let me know what my rights are." So on and so forth. Sometimes it only comes once it happens. But with home ownership, you can do a lot of your research um ahead of time, right? So, um just so I just wanted to add that part.
51:30 - 52:00 Okay. So, we can go to the next slide. And putting down roots speaks for itself, right? If you want if you're looking to raise a family, which goes back to Ethelbert's question, you know, what was your primary purpose? Now, um here uh for the buyer's road map, this is just an infographic to kind of show you the journey. Um, if you're looking to purchase a home now, they they you know, they say meet up with the real estate professional, get preapproved, search for homes, make an offer, negotiations
52:00 - 52:30 and contract in escrow, final details and closing. So, I'm going to switch it up a little bit because I've been selling houses for 23 years. Uh, and and a lot of the industry has changed. You know, a a lot they used to have contracts that weren't digital. So, you know, you have to write through several pages. They used to have interest rates that were in 18 to 20 and 21%. So, things have changed. Um, but it
52:30 - 53:00 is important to get someone who can best represent you. And, uh, meeting with the real estate professional, you have a right to interview and get the best agent that's going to do the best for you. I mean in this area you can throw a rock and hit a realtor or real test and I'll talk about that a little later when we get to the career aspect but that realtor or real test will have networks people they like
53:00 - 53:30 to work with it it's is as in any industry folks like who they like for I'mma get the job done I can have constant communication I know this person I can trust him implicitly so if you came to me I would recommend a lender or two you know two or three so that you interview and see if if the vibe is right. The the um second they talk about getting preapproved and I'm sure you all have talked about the difference between a pre-qualification as opposed to a pre-approval, right?
53:30 - 54:00 And but I suggest speaking going to a housing counseling agency, a HUD approved housing counseling agency and meeting with a counselor and that counselor with your intake will be able to identify when you're ready to buy. So you may think you're ready to buy, but once they go over budget and you know what they call your your DTI, your debt to income ratio and all these things, they might say, "Oh, maybe you're three months away or maybe you're six months away." but they can put you on a plan towards
54:00 - 54:30 purchase, right? Um and so uh then you'll speak with the lender and um get either pre-qualified where they just kind of look at some of your documents, W2s if you're working, um or if you've had a history of working, but I understand out of school you all can actually get a home. You just it's a different process, right? Because you don't have two years of a working history. But anything can happen. um get your pre-qualification or your pre-approval and then begin to search
54:30 - 55:00 for homes. So, um there are several little hacks that you can also use, especially in a competitive market. So, when we talk about making an offer, generally it's highest and best, but a lot of people like to try to negotiate. Now, they talk about buyers and sellers market. It's been a sellers market for years, and it will continue to stay a sellers market. I'm going to tell you why. housing supply. There's more demand for housing than there is housing. And when we talk about
55:00 - 55:30 affordable, I'm not going to say it's an oxymoron, but when built was especially especially now with builders, you know, they wanted the builders and developers in this business to make money. So the materials, wood, stone, granite, all these things are going up and they have been since co and you know you there is a there has been a trend towards um they call LVP or luxury vinyl um vinyl plate
55:30 - 56:00 uh which is you know not wood but it may look like wood. It may look like something cute and oh your pets and it's easy to clean but they've done that because the cost of wood is so high. you know, you might have had row iron stairs in a home and now it'll be some other material. Um, even with the decks, you have the TX decks. So, things change, but it's important that, you know, you kind of pay attention to know what's going on because these cost the the cost of of whatever is changing is going to be passed down to the buyer, right? So,
56:00 - 56:30 if you are in a competitive environment, um, and you know that there's going to be an inspected, right? Right? You got to know what you're getting into. Now, often times we may do an inspection, what we call for information purposes only, so that you don't go back and ask the seller to do 30 different things cuz trust and believe there's someone that's not going to ask that seller to do those things and the seller is probably going to go with what's easiest. But you can take your inspector with you uh to look
56:30 - 57:00 at the home if you if you know it's something that, oh, this is it. I got to have this home, right? But it's just bricks and mortar, right? when it's all said and done, it's bricks and mortar that you make a home. So, it's good to be able to to work with someone who's experienced and kind of help you with and help guide you um with your decision- making as well as um the process to get into a home. It should not be difficult. It should be actually fun. And so, I try to make it my goal so
57:00 - 57:30 that people don't experience that. Oh god, I got to turn in all this paperwork. Oh, they asked me that 12 different times. Well, if you understand the process, you know that this may occur, but at the same time, your job is to know I'm going to have to pay for the appraisal and I'm going to have to pay for the inspection and you know, and then whatever per state rules are different, but overall the pro home buying process is the home buying process and hopefully you can work with a real estate professional that can make it easier for you. Um, okay. So we can
57:30 - 58:00 go on to the next slide. And Manda, I just want to, you know, stress what you said about negotiation. Don't feel like you have to negotiate on your own. Your realtor is there to help you write that contract and give you, I would say, tips and clues on how to negotiate for the sale. Yeah, thanks Natanya for saying that because let me just say some people negotiate over pennies and they don't
58:00 - 58:30 realize it. So, say the cost of a house is, you know, 200,000 and you're like, well, I want to um come in at 175 and then so generally if it's 200, you want to come in at 175. The sellers, depends on, you know, what the seller's dealing with. They can say, "Okay, we'll meet you halfway. We'll go for like, you know, 185." And then sometimes buyers are digging their hill and say, "No, I don't want to go for 177." Well, that's just numbers. the difference
58:30 - 59:00 between they don't th those numbers don't really matter as much because in in a in a in a manner of $10,000 you're only going to be paying depending on your interest rate about a $70 difference in in in your mortgage payment. So if it's 200 and you're saying 175 then you could go up to 185 and and more or less pay the same mortgage amount. So, so again, we're talking about an education process that you're not, you know, you're not
59:00 - 59:30 squabbbling up over pennies. So, make it make sense, right? Um, yes. Okay. So, Lata, I'm I'm gonna pass the mic back to you unless they have any immediate questions and then we can, you know, and I I don't know what's next. I'm just following your lead. I'll keep checking the chat. Okay. Um, what we've done right here is pretty much distilled an eight hour class into a 30 minute talk. So, what you're seeing here are five
59:30 - 60:00 steps. Yes, there are, you know, substeps under each of these. But the first one, I want you to ask yourself, am I ready to buy? Do I have the right mentors or, you know, people in my life? What has been my history with seeing? And when I say seeing, I mean what's the model been? Um Manda, you know, gave a great, you know, story of how she grew up. We both grew up as renters. So, we want it. We knew at a
60:00 - 60:30 certain point we were going to have to, you know, do it on our own. So, we purchased our own houses. But there's a couple of questions I want you to consider. Do I have reliable income? Can I afford this mortgage payment? and other household, you know, expenses in my budget because I don't want you to get into a position where you're house poor. Have you considered that perhaps I should have some roommates so that I can, you know, make this mortgage
60:30 - 61:00 payment? Or have I considered that maybe I should do multigenerational housing where perhaps a grandparent, perhaps an aunt, an uncle, someone else may need to be a part of this mortgage process with you to make it affordable. Um, do I have reasonably good credits? Good credit score. credit history will come into play. Do I have enough money saved to cover a down payment, closing costs, moving expenses, and like Manda said,
61:00 - 61:30 there's some upfront costs that your realtor will give you a list so you know, am I paying for the appraiser or not? How much of a down payment is there any local down payment that I can access? And then we'll go through that a little bit later. And then, do I have time and money to maintain a home? That's the big one because Manda, I don't know how you felt about the roof falling in, but I just replaced my roof
61:30 - 62:00 and it there was not a storm. So, I could not go to my insurance company and have them supplement the cost of it. I had to look in my budget and say, do I want to pay 16,000? Do I want to pay 20,000 for a new roof? And I have to consider how long am I going to keep this property because I may not put that 20,000 as an investment if I know that I'm going to sell this asset in two years. But if I know like I've decided
62:00 - 62:30 I'm going to keep this home for my 20 yearear-old child. Oh, I'm going to pay a little bit more on that roof so that it lasts longer. Let's look at the next slide. So that's step one. Step two, prepare yourself. Like Manda said, before you even think about going through neighborhoods, shopping, please sit down with a HUD certified housing counselor. Tiffany is an AFC, an accredited financial coach. Find someone
62:30 - 63:00 with the credentials to help you with this process because you want to know your financial picture before you start on this investment path. You can check with your local banks. I love credit unions. I love the fact that banks, local governments, um even at times, you know, Fanny and Freddy, we will actually supply a subsidy. You want to utilize any additional financing that's free.
63:00 - 63:30 Some of the down payment assistance will be in the form of a grant, meaning that you don't have to pay it back. Some will require you to live in the home for a period of time and then perhaps when you go sell the home they may recapture some of that money. There's a lot of different things out there. Our company offers you credit smart home buyer you. So if you have time about three hours I would say to go through the whole thing. I invite you to just find out as much as
63:30 - 64:00 you can so that you can make sure you're looking at your I mean I would say your financial picture and saying how much of my money am I going to put into this deal? How much money is available to me as a firsttime home buyer? How much money is available to me if I live in a certain neighborhood in the District of Columbia and in Baltimore? There are certain neighborhoods targeted for, you know, revitalization where you can get
64:00 - 64:30 additional funding. So, let's look at the next one. Step three, h finalize your finances. Manda told you that they are going to collect paperwork from you. They have to understand your income, your credit report, what debt do you have, and this is your time to start doing your research on that down payment assistance. As far as paperwork back in the day, and I'm going go ahead and date
64:30 - 65:00 myself, we used to carry around files of our W2s, all of our assets, whether or not you had investment accounts. We would literally print this stuff out and I'd be walking around with my whole credit, you know, report just to show them any type of information they needed. I had it a hard copy. But Manda, please tell them the difference now because I'm happy to see all the innovation in the market. That that's just uh that's when fax
65:00 - 65:30 machines were king. So, but now but now um you know Lata talked about Vantage and FICO scores with the credit a little earlier. Now lenders are um are looking at um several different ways to qualify you for a home. I mean the basics are the basics. Um but but it is the the aspect of digital everything being digital. You're not even having to be in person to close. Um it's it's it's a beautiful
65:30 - 66:00 thing. But you still have several hundred people touching your file in this process. You know, a lot of it is just behind the scenes. But with, you know, you they have encrypted when you're working with the lender. Um, and with the underwriter, they have encrypted emails so you can send information back and forth. Um, it's it's just lovely. You can really go the whole process electronic from soup to nuts. um really without having to fax anything or put anything in a mail or stop by a physical location for
66:00 - 66:30 paperwork. Um so they have streamlined that process and and it's it it just makes a heck of a difference. The one thing I liked my um processor, my loan processor, the person that collected the documentation from me, she would actually text messages when things were not there. And this was probably like with my second home. While I went from a very paper inensive one, now it's a whole lot more streamlined and it's nice
66:30 - 67:00 because it's digital. When you're doing your shopping, try to stay within a 45day window. You want to make sure that your credit is not impacted. So the credit bureaus are going to look at it and they're going to say, "Okay, I've seen, you know, a blip here, a blip there. This person is going to different mortgage companies, different agencies. looking for lending. So, we're not going to, you know, give them a negative report because they're constantly, you know, accessing their credit. We know
67:00 - 67:30 within this 45day window, they're looking for a home. Something very similar occurs when they're also look when you're looking for a car. And then keep your financial status as stable as possible. We're going to go through quickly the four C's. what this means and they have always said it when you are shopping for for a home this is not the time to start shopping for your you know I would say furniture this is not the time to purchase a new car only in
67:30 - 68:00 the event that you cannot get to your income your job and you have to buy this car because I know life happens however they will be looking at your credit profile up to what is it about 3 days before you close, Manda? Yeah. So, did they have to get a clear to close? So, yes, that that they would they're going to and they're going to check again. They're going to check your credit for proof of income and proof of employment. So,
68:00 - 68:30 don't think you're in the you know, you hit a home run up until you sign that paperwork in prison digitally. So, yeah. Very good. So, let's go to the next slide so we can just let you know how your lender is looking at this. I'm sure you guys have seen this before, so I'm not going to take a long time, but we have four C's for lending. Capacity, capital, credit, and collateral. Let's go to the first one. All right, capacity. Do you have the ability to repay this income? We've talked about
68:30 - 69:00 how you can actually I think Manda, you said there's a different process for um not having to do the two years if you're a student. Yeah, I don't have all the details on it, but I know that it's possible. But typically, yeah, at least you're 18. At least be 18, right? You break down into being a salaried employee or commission or self-employed. The gig economy is huge. Now, they're going to look at your debt to income and they're going to make sure you're able to handle this
69:00 - 69:30 obligation. Let's go to the next one. Let's see what the next C is. Capital. how much you have in cash assets. What I like to tell people is make sure you have a buffer within your finances. Um, some programs are free for you to go through the home buyer counselor that's free, but sometimes you can enter into a program and that might be say $50. If you do not have an
69:30 - 70:00 initial investment of $50 for education, you may want to rethink, do I have resources? Do I have reserves? And why would I need them? Because we don't want that roof to fall in on you. And I'm going to keep on using that, Manda. I love that you shared that with us. So, your capital is important because I want you one, I want you to have money market funds. I want you to find different ways to diversify your income. How many people right now already are bringing
70:00 - 70:30 income in? Do you have any scholarships? Do you have an onampus job? I heard Tiffany show you that there were different ways for you to make money. We have to learn how to take portions of that money and just squirrel it away. put it aside because this builds all of your assets. So, let's look at the next one. And that's your credit. We're not
70:30 - 71:00 going to talk about credit anymore. Um, I usually play the credit, another credit game, but we don't have time today. So, let's go to the next one. Collateral. This asset that you're pledging, you know, to the lender. In the event that you're able you're not able to repay this loan, they will look at the asset and that's the collateral that you're using to say please lend me this money money so that in the event I can't
71:00 - 71:30 pay for it, you will then have that asset to show for it so that they can collect upon it in another way. And in the event you guys get your first home and you experience a time when you are unable to pay, please contact your lender immediately. There are programs available to you. There are forbearances that are available. They can recast the loan. There are different ways to keep you in the home. There are also programs
71:30 - 72:00 where if you have missed a few payments, they can actually supplement those payments for you. Um, but hopefully that won't happen because you guys are all going to have an emergency fund for your maintenance. You're going to have your vacation funds and you're going to also have a just in case fund. And then Manda has talked about shopping around. That would be step four. I want you guys to think about the neighborhoods that you're looking at. There's always a
72:00 - 72:30 dream neighborhood. There's always a desired place. I want you to expand that search. Right now, I want you to go and see different neighborhoods. And I want you to ask your realtors to expand. Where should I be looking? If I can't afford X neighborhood, what's the next upand cominging neighborhood? What's going on with my city government? Where are they going to make investments in neighborhoods that are potentially on the tipping point of having new
72:30 - 73:00 amenities come to them? So, we've talked about finding an agent. I'm gonna turn this over to you, Manda, and you can take it away. Okay, Tiffany, can you go to the next slide? Next slide. Oh, okay. So, I'm I'm now we're just gonna chop it up because that's we want to end with that video. Um was becoming an agent. Uh for those of you all who and again becoming a real estate
73:00 - 73:30 agent is something that in the past couple of years with um with your organization and others, young people are starting to look into it like, "Oh, maybe this is something I can do." I got into the industry in 2003 because I was a contractor at Fanny May and every month they were renewing my contract. And I was like, "This doesn't make for stability cuz one day they're going to be like, "No, we don't need you anymore." So, I'm like, "Let me get a backup." And um I started studying for my real estate license. So, I got my
73:30 - 74:00 license in the state of Maryland. Um and it was 60 hours worth of class work, of course work. I went to class, but I did it in the evenings. Some people go straight through and it's not a lot. I mean, it takes more to become a barber or, you know, a hairdresser uh than to get your to then to become a licensed agent. But, um, you then and and you can take classes anywhere. I mean, they have a lot of them online. You can take them at a local brokerage. Um, you know, I took mine at Long then Long and Foster
74:00 - 74:30 and they want you to be able to hang your license there after you take the classes. So, you know, it's like a little carrot. Well, we're teaching you, but you do have a a choice um once you get your license. And then you have to take a a a test to pass with that particular um for the course you're taking and then you have to take and pass the state test which is broken up into two parts. Um you have your legal questions, there's roughly I think about 30 questions and then you have regular
74:30 - 75:00 questions, you know, um about real estate. And for me, I was freaked out because I'm not that good at math, I'm tell you all. But you know, um I I I got through it. And you know, one thing it's one thing to and I I ended up hanging my license with the realtor who actually sold me my house with that foreclosure. Um I wanted to make everyone's experiences as seamless as that one had been with her. And she said, "Well, just get your license, you know." Um but I
75:00 - 75:30 got my license the same day Fanny May offered me a position. So, I have been a dual agent um since 2003. Um and I was at Fanny May for 15 years. What what it did for me is help me to um especially when it comes to my approach and and um with with buyers specifically. I love working with buyers and um you know what you learn just as you just as you're learning in school. It's great, but it's practicum. is actually getting out there and doing the
75:30 - 76:00 work that makes you, you know, the bomb agent, so to speak. And um I'll never forget my my first case uh once I got my license was an allcash buyer and I'm jumping for joy. This little lady from India and that lady gave me the blues. Um I went so you know, we put in an offer on a condo less than asking and she wanted me to come and speak with her sister about it um and go over the go over the offer. And I did. I went to their house and they served me tea and
76:00 - 76:30 they like milk in their tea. I like my tea black. But guess what? I drank milk in my tea that day. So, you know, had a little tea and then after that she said, "Well, I want you to speak to my sponsor." What? It was like like I bumped into the DJ booth. What? So her sponsor um went to his house, talked to him for like two, three hours and he was a former real estate agent and he was an older white male. So it was
76:30 - 77:00 like my and my broker just threw me in there trial by fire. Figure it out. You you took the classes some kind of what you M real quick. Can we go back two slides, Tiffany? Because you just mentioned about to connect some dots. I know how you work. Yes. Okay. So, we talked about, you know, shopping around. We decided on, you know, the type of neighborhood we want to go ahead. We found our real estate agent. We're walking through the process. What you're
77:00 - 77:30 talking about is that purchase offer. Yes, ma'am. Okay. So, talk a little bit more about what happened there and then how do you finalize that to get to the application? So wait, you talking about the application for to How did you finalize the purchase offer? Oh. Oh, all Yeah. All parties have to agree and sign pretty much and then it becomes an an actual contract. So the offer is what you're offering versus the contract which is actual, you know, you know,
77:30 - 78:00 before you before you buy is what everyone gets, right? The lender gets it. Um then they start the underwriting process and the um appraiser gets it and title company gets it. all these different parties that have to go through this purchase process. Um but yeah, so that was an experience that I will never forget. We got the place um and and I was off to the races. But um there are um you know in terms of the
78:00 - 78:30 career aspect of it um at the time as a realtor uh realtors are just members of one of the largest the largest uh trade organization for real estate professionals which is a national association of realtors. It was founded in 1908 and back then people who look like us were not allowed to become realtors. We weren't even allowed to buy houses. So, in 1947, an organization was formed, and I got my little t-shirt on. You can see
78:30 - 79:00 NREV, the National Association of Real Estate Brokers, and we call ourselves Real Tist because we advocate um for um um home ownership and even um and wealth building and and multigenerational wealth building for people of color. And anyone any any professional industry professional can join and become a realist again whether you're in insurance whether you're in titles whether you're in appraisal and but there are dues there are dues for everything. Um but the the
79:00 - 79:30 National Association of Realtors when you deal with a realtor it is a brand that shows that you're dealing with someone who has accepted ethics and they have a certain code of conduct by which they are uh obliged to to act by. Right. So um let me see. So I I hope that's helpful. Let's go to the next slide so you can talk about the final walkth through and closing. Talk to them about that process. Okay. All right.
79:30 - 80:00 So once you and I talked about and I know we have six minutes left so I want to try and truncate this and make this as quick as possible. earlier when I talked about the hacks of taking an inspector um with you so that you can get your inspection report and make an educated offer so that you don't extend the timeline. Um when you're in a competitive situation, often that helps, but you have to understand or your or your uh real estate professional can let you can let you know what is that seller's paying. What is it? Do they
80:00 - 80:30 have to sell quickly or is this you know, are they military? are they whatever the situation is, if you got a good realtor, they're going to find out why they're selling that house and then kind of craft your offer to speak to the the easiest way for that for that deal to be made. So, you'll have your um inspection and then um depending by state, there may be radon. Uh here in Maryland, it is it is it is u mandated that radon inspections be held. Um, and right before you settle, you want to
80:30 - 81:00 have your walk through to make sure that nothing is different than from the when you first looked at the home and um, and and wrote your contract. Um, and then you'll go to settlement, which could take anywhere from 45 minutes to an hour. Um, and get your keys and maybe some click click pictures, social media. Yay, got my first home. Um, but, uh, pay to negotiate nowadays. And I do want to talk about I want to take one minute like two minutes to talk about um the recent most recent changes in the industry which was a lawsuit a
81:00 - 81:30 multi-class lawsuit that was filed against the National Association of Realtors because of alleged um um anti- being able to compete anti-competitive um practices when it came to a commission. So, as an agent, I can go on a a multilisting um service database or MLS database and and look at a property and say, "Oh, okay. Ethber and I are going out. This this pays 3% commission." Oh, yeah. But if there was
81:30 - 82:00 a property that Ethberg like and it only paid 1% commission, some agents weren't necessarily going to show them that property, right? And so, um, what NAR did is is say, okay, you know, yeah, they got 400 and something billion to pay back, but what they're what they did is say, don't put what the cost of what the commission cost is in the notes. Like agents have notes they can look at. So, we have no idea if there's going to be what they call a co-op. So, now
82:00 - 82:30 because we are professionals, buyers generally didn't have to pay anything. the seller will pay the the commission for the agents, but nowadays that's not necessarily the case. So, the buyer and the agent have to come to an agreement, you know, what they're going to pay for their services regardless if there's a co-op or not. And that can be negotiated. There's no set price. Normally, realtors are used to making 3%. It could be two and a half. It could be two, right? Because the seller may still offer some concessions, but it's
82:30 - 83:00 not guaranteed. So that that's a big difference. And and and so the agent should explain to you and talk to you about, you know, again, why you should work with me? What's my value prep? I mean, my value proposition, why would you want to work with me? So we we need to So we have to be sharper in our game because we're asking buyers now to pay primarily to pay our commissions. Um but as a buyer, you can say, I would like to see how much the seller is going to offer and then I'll make up that difference. So they have different um
83:00 - 83:30 there there different ways that you can compensate. uh if you're going to compensate at all with the requisite paperwork. So, I just want I know it's kind of like uh what's that all about? But it's important that you know that that lawsuit happened, you know, because it's made a difference, somewhat of a difference in how we operate. We have enough time for the video, Tiffany, or How long is it? It should be two minutes. Okay. You want to do that or do you want to try try questions?
83:30 - 84:00 Let's What do you think, Manda? video or questions? I think questions they can. Let's get questions, guys. We can always give you the link after you can help. Right. All right. Right. So, we'll open it up for questions. You can put them in the chat or just um raise your hand or come on camera. Um and thank you so much uh for this presentation. Uh this is something that the student ambassadors asked for uh home ownership and learning about how to be a realtor. So, if any of you guys have questions uh please throw those out
84:00 - 84:30 there right now. And we are always available after if you can't think of your question today, feel free to just email them to Tiffany and Una, you know, and we will definitely respond to you. And one extra thing I want to add, when you guys close on your home, start thinking of your legacy. Start thinking of an estate plan. I don't care how old you are. If you have a bank account, you have an estate. That
84:30 - 85:00 means that you have worked very hard for the things you've gained. You want it to go to the right people. Um, and when I say the right people, your right family members versus having the court systems, which is called probate, decide where your assets should go because that system is different nationwide. I just had a conversation with Manda about the land that she owes. Um, and I'm I'm happy to say that land
85:00 - 85:30 has probably been in your family couple of generations and I want you to hold on to it. So, thank you Andrea. I see your comment. We enjoy sharing with you. Um, Tiffany, anyone else? Okay. So, at this point, we are at time. Uh, again, just want to thank our guest speakers. We are going to play the video. So, I do want you guys to hold on for give us two minutes. uh watch this video um and then we'll come back and
85:30 - 86:00 close it out. [Music] Fishing has always been a great thing for our family. Hearing my mom and aunts talk about it, fishing was kind of like a glue that kept them together. Their father taught them how to fish. And as I got older, I was more like, I want to learn. Teach me. As you sit on the pier waiting for that fish to bite, you get to hear the stories. You get to hear the memories. It brought me and my family together. But my mom didn't want to just
86:00 - 86:30 leave a fishing legacy. All my life, my mom was a renter and she wanted to become a homeowner. The physical legacy of having a home, but also something that was an asset for us. My mom was nervous because she didn't have the knowledge. It was a daunting task for her. So, I felt the best thing for me to do was to educate myself. In my junior year in college, I ran across a program called the Center for Financial Advancement, which was supported by
86:30 - 87:00 Freddy Mack. I learned everything from credit to saving and budgeting. And I was able to learn about their program for home ownership. And so I told my mom about it and I sat with her every step of the way because having four eyes are better than two. She had the vision and I was lucky enough to find a resource that helped us and I got to see my mom really blossom and that was a beautiful thing. You ready?
87:00 - 87:30 This is my mother's house. She bought it. She wants me to stay here as long as I can, but I have my own dreams and that's becoming a homeowner myself. I'm not ready just yet, but when that day does come, I'll have the tools that I need to be able to own my own home. Knowledge that can be passed down, no matter if that's my little cousin or my child. This has changed the trajectory of my whole family for generations to come.
87:30 - 88:00 All right. Well, thank you uh again uh Miss Lata and Miss Manda. You guys give them a virtual hand clap for the the knowledge that they provided for you guys today. Um again, we greatly appreciate you guys and and student ambassadors, if you have questions, um please send those to me or Miss Una and we'll get those um to our guest. Uh again, thank you guys uh so much. We're looking forward to your financial literacy week uh pictures and
88:00 - 88:30 presentations and events and chat and choose and movie nights. Um all of the above. Um I'll reach out to those who uh volunteer for videos um shortly. Uh and then want you guys to close out very very strong, not only of course with the student ambassador program, um but with your studies, right? Make sure you're doing great on your final exam. So we'll see you guys. Uh have a great rest of your day and a great weekend. Um and and look out for my email on uh Monday. Talk to you guys later. All right. Thank you
88:30 - 89:00 for your presentation today. All right. Thank you so much, Miss Daniels. Thank you. That's great. It's really great. You guys have a blessed day. Thank you again. You too.