Yesterday the House Republican Party’s “Tax Cuts and Jobs Act” was publicly released and many are wondering what the proposal will actually mean for American homeownership. Here is a summary of what we understand the act to have proposed and what changes could be implemented:

  • Mortgage Interest Deductions: The most dramatic change in the proposal is reducing the allowable mortgage interest deduction cap to $500,000. Currently, homeowners can itemize their mortgage interest as a tax deduction for interest paid on up to $1 million in principal mortgage balance. As proposed, this would primarily affect areas of homes that typically have more than $500,000 borrowed for the mortgages and especially states, such as California, where average home prices are among some of the highest in the nation. Per the reports, the plan will apply to newly purchased homes and will grandfather in current homeowners for the current $1 million maximum.

  • Property Tax Deductions: Another significant element to the proposal is limiting property tax deductions to $10,000. As home prices have increased, we have also seen a rise in property ...


    BankSouth Mortgage Names Alan Kennedy as Vice President

    Kennedy will serve as an officer while continuing to oversee origination efforts from the company’s branch in Athens, Georgia

    ATLANTA (October 25, 2017) – BankSouth Mortgage announced today the designation of Vice President to Alan Kennedy, Producing Branch Manager for Athens, Georgia, and surrounding markets. In his role, Kennedy will serve as an officer for the organization while continuing to oversee the production and origination efforts of the company’s Northeast Georgia team, located in Athens.

    “Alan has been an integral part of the success we've enjoyed in Athens and the surrounding markets for BankSouth and BankSouth Mortgage since he joined the Enterprise in November of 2014,” BankSouth Mortgage CEO Kim Nelson said. “This designation reflects his hard work and dedication to our company. BankSouth Mortgage is committed to providing quality and excellence without compromise, and our Athens team brings these shared values.”


    BankSouth Mortgage Brings Down Payment Protection to the Georgia Market

    New Home Mortgage Program Provides Greater Security to Georgia Homebuyers if They Have to Sell at a Loss, Empowering Them to Buy With Confidence

    ATLANTA, October 4, 2017 BankSouth Mortgage today introduced BankSouth Mortgage +Plus, an innovative product that gives Georgia homebuyers greater control by protecting their down payment against potential future drops in market prices. Included as a feature of BankSouth Mortgage +Plus loans, +Plus SM down payment protection enables homebuyers to buy with confidence knowing that they can recover up to their full original down payment should they need to sell their home in a down market.  

    With BankSouth Mortgage +Plus, if the local real estate market is down when the homeowner needs to sell their home, within 2-7 years, they will still be reimbursed by ValueInsured up to the full amount of their down payment if all program requirements are met.

    “We’re always looking for ways to better meet our customers’ needs and enable them to buy homes in ways that are most rewarding to them,” said Kim Nelson, CEO of BankSouth Mortgage. “With BankSouth Mortgage +Plus, we’re able to provide our customers more security and flexibility when buying their dream home.”

    “As a leading lender in the Georgia market, we’re excited to have BankSouth Mortgage join our ...


    Equifax Breach

    Sep 15
    Category | News

    By now you have likely heard of the reported Equifax breach.  BankSouth is committed to doing everything we can to help our customers address concerns.  While there are still many questions, you as a consumer do have options to help protect your identity.  Below are available resources to help you protect yourself against possible identity fraud.  As always, please contact us if you have any questions. 

    • You can visit the Equifax website to determine if you’ve potentially been impacted and sign up for the free credit monitoring services being offered:


    With Hurricane Irma on its way, we want to remind everyone of the potential impact that storms like this can have on the mortgage process.  BankSouth Mortgage is doing everything we can to make sure our loans close on time, but we cannot predict factors that may extend the loan process due to the storm. If you or one of your clients have an upcoming closing, please read the following carefully, and contact your Mortgage Banker for more information. 

    FEMA declared disaster areas (and surrounding areas) require an additional appraisal inspection to check to see if the home and its value are still intact.  This will add an additional fee of $125, paid by the borrower, and can delay the process further.  In addition, if there is significant damage in the area, it may take more time for appraisers to access certain areas and their services may be in higher demand due to this additional requirement.  Your loan officer will communicate if this requirement applies to you or your client.

    With the threat of potential damage to homes, many insurance providers will cease providing insurance binders until after the storm.  Loans cannot close without the insurance binder, so we are dependent on the insurance companies to remove the hold.  If you or your customer has not finalized their insurance yet, but is still able to do so, we recommend they consider binding that policy if they ...

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