Archive for September, 2011

How To Get Organized In One Week-Part 1

Posted by Joel pate in Auto Loans, Banks, Business, Credit Cards, Credit Repair, Leads, Management, Mortgage Loans, Sales, Uncategorized. Tagged: , , , , , , , , ,

Are you tired of facing organizational crisis? bigstock_Crisis_4188304

Have you missed your last deadline?

Well join the ever growing crowd that is tired of it right along with you.

But here’s the real question: Are you willing to join the ranks of those that need you to do something about it?

It’s time to get organized. Shall I show you were to start?

Time to put first things first!

The first step is to step back from the day to day grind to determine what is actually important in your life. You know we are individuals before we are family of men and women. Yes that’s right, your job or business is not the most important thing in your life. Thus, putting first things first is the only place to start.

What does that mean? The fact is that life is pretty short so do what is important first and continuously.

Do it for yourself. That’s right put you first. At first, this seems selfish. In the wrong context it is selfish. Realize that you can only get organized when YOU take control of what is important. You’ve got to start with you. One example of this is deciding to get into shape physically.

That journey began for me two years ago when I made a ninety day commitment to hire a trainer. What does this have to do with getting organized? It has everything to do with it. I have found that when you organize the basic element of your life, then it centers you; thus empowering you to get focused. But unfortunately it takes more than the physical element.

Next, take time out for those you care about most

The next step is focusing on your family. The key here is to set aside time, time block INTO your day and week, the events that when you look back on your life, you will be proud that you spent that time. And then, get off the damn phone and be in the moment.

Until you accomplish these two critical elements of control, you will always have a mountain of regrets and a pit of unresolved issues to transverse before you can get down to real organization.

Now we can discuss the business. Whether you work in a large organization or you work alone or in a small organization, you are the CEO of your life. In today’s integrated world, even the smallest qink in your “just in time inventory” life style causes disruption. The key to getting and remaining organized is in the selection of vendors, partners, and customers you do business with that become an integral part of your organization and thus play a huge role in determining how “organized” your life can be.

As a former homebuilder I can attest to this fact. No matter how well I planned the schedule, if one person did not show up or complete their part of the project on time, everyone had to be rescheduled. Thus to maintain an appropriate level of organization, I had to build into the schedule the realities of the frailty of mankind and the fact that it rains sometimes.

The cold reality: you still must rely on others

Overtime, I understood that no matter how organized I wanted to be, I relied upon others and their habits, lack of organization, and even worse, the use of wiggle words and even outright lies that they used to “manage “ their organization to get what they wanted.

For example, one dirt contractor when asked would say “yes, the trucks are on the road.” I took that to mean that the trucks I had been waiting on were on the way. The man I was paying to install the dirt could do his job and the plumber could then do his job and the framer who was also on the road heading to my job could do his job. But no. I discovered over time he was essentially lying by telling me that the trucks were on the road. The truth, but they were not heading to my job.

It is impossible to get organized when relying upon vendors like this.

So what is your example? More importantly, are you doing this?

The bedrock material of our life and thus your ability to organize is dependent entirely upon words and agreements and the words and agreements of those around you. The more reliable everyone in your life is to their word the more organized you can become.

Real organization requires that when you commit to something that you have every reasonable expectation of knowing it can be done. If the accomplishment of a certain obligation requires the requisition of various resources beyond your current means, then, be honest with yourself and everyone that relies upon you for this affirmative statement. If manna from heaven is required, and you’ve never seen any manna, ever, then you should disclose this fact to everyone involved, BEFORE THEY RELY UPON YOU.

What does this have to do with organization? Everything.

Saying what you mean and meaning what you say is the bedrock of a solid organization.

It is the foundation of your effort to bring your most precious asset — your time — under control. If you make obligations that cannot be accomplished in the time frame that you establish, and others place reliance upon your claims, your organizations foundation is weakened by every unmet obligation. You can’t build a solid organization on empty promises to others or to yourself.

To build a solid organization and thus be organized, you must wring out of your organization vendors, contributors and participants that do not hold to this same standard of excellence. It is the only way to deliver on your own promises and commitments and thus make the most of your energy and effort.

Always remember that unresolved issues dam up your creative power, your organizational strength and make you ineffective. As a result, you accomplish even less.

Stay tuned for Part 2 next week…

To your success,

Joel

Joel S. Pate, Ox Publishing
Chairman & President

Would you like to receive more information from Joel? www.leadmachinesecrets.com. Joel Pate is an entrepreneur and founder of multiple successful companies in the mortgage, real estate, and derogatory credit industry. For more information on Joel, contact him at joel@oxpublishing.com

Fixation leads to death

Posted by Joel pate in Auto Loans, Banks, Business, Credit Cards, Credit Repair, Leads, Management, Mortgage Loans, Sales, Uncategorized. Tagged: , , , , , , , , ,

bigstock_Doorway_To_Heaven_88666You’ve got to look up and out. That is where you build your business.

According to world renown business management author Peter Drucker, “Growth for any company is found outside of its four walls, not from within.” That is where you will find the business – outside of your four walls.

Regardless of the size of your enterprise, it is easy to find yourself fixated on the details. Now, don’t get me wrong, you’ve got to focus on the details but not to the point that you do not have sufficient outward focus. There is a balance and you must find it. So I’m sure you’re wondering…

“How do I find it?”

Glad you asked. The only way is to time block activities into your day. Again, regardless of the size of your company, you will be required to focus on internal details, Key Performance Indicators as well call them. These KPIs tell you how your business is running. So, part of the day, you’ve got to time block out for review of the KPIs.

The same goes for your focus outside of your business. You need to literally block out appointment time on your calendar a week or more in advance when you will make sales calls, follow up with your existing and past clients, seek referrals, build new marketing campaigns, attend tradeshows, participate in webinars and of course give webinars.

But if you are like just about everyone else, you find yourself fixated (my word) either too much on the details or on the sales. You have a pre-disposition to either be internally focused or externally focused. But you can’t become fixated.

bigstock_Electronic_Altimeter_Close_Up_1571269Fixation for a pilot of an airplane will surely lead to death. A pilot must have a heads up display of multiple instruments-and not become fixated on just the compass for instance. Many pilots have crashed their plane by fixating too intently on the direction they are flying while losing focus on the altitude. They were indeed flying in the proper direction but straight towards the ground.

But as the CEO of your life, your enterprise, your department, to be successful it dictates a multi-faceted approach, a multifaceted approach is what you have to give it.

So, let’s start on Monday. Over the weekend, pull out the old day planner and time block in the things you need to do to grow your business. And of course time block in an appropriate amount of time for the KPI’s of your business. And time block in time for outward focus and for family time and for time for yourself too.

I say time block in because you can’t time block out time. You never started doing a new thing by ceasing to do anything. You must fill your day with activities on purpose in order to obtain the purpose for which the day was planned.

By next week, I promise that if you implement this approach you will have accomplished more and be on the way to making more money and keeping more of it too.

To your success.

Joel

Joel S. Pate

Ox Publishing

Would you like to receive more information from Joel? www.leadmachinesecrets.com

Joel Pate is an entrepreneur and founder of multiple successful companies in the mortgage, real estate, and marketing space. For more information on Joel, contact him at joel@oxpublishing.com

Risk-Based Pricing Guidance in Plain English

Posted by Joel pate in Auto Loans, Banks, Business, Credit Cards, Credit Repair, Leads, Management, Mortgage Loans, Sales, Uncategorized. Tagged: , , , , , , , , ,

bigstock_Law_School_2856177Information. It’s the key to knowledge and to success. I recently received this valuable information from a top law firm and top DC based political consulting firm. After receiving permission, I wanted to share it with you.

Understanding these changes will make you stand out as the expert in your field. Send me a note to let me know how you enjoy it. To your success…

RISK BASED PRICING NOTICES TO CONSUMERS PER DODD-FRANK

FACTS

If a consumer’s credit score is used in setting the material terms of credit, the risk-based pricing notice must provide the credit score and certain related information. These new content requirements also apply if a credit score of the consumer whose extension of credit is under review was used to increase the APR.

The final rule requires the following five (5) additional information to be included in risk-based pricing notices if a credit score of the consumer was used in setting the material terms of credit or in increasing the APR:

(1) the credit score used in making the credit decision;

(2) the range of possible credit scores under the model used to generate the credit score;

(3) all of the key factors that adversely affected the credit score. Note that the risk-based pricing notice generally may not list more than four key factors. However, if one of the key factors is the number of inquiries made with respect to the consumer report, up to five key factors may be used.

(4) the date on which the credit score was created; and

(5) the name of the consumer reporting agency or other person that provided the credit score.

The risk-based pricing notice also must include a statement that a credit score is a number that takes into account information in a consumer report and that a credit score can change over time to reflect changes in the consumer’s credit history. In addition, although the final rule is largely unchanged from the proposed rule, the final rule also requires the risk-based pricing notice to include a statement that the consumer’s credit score was used to set the terms of credit offered.

Credit score” is generally defined under FCRA to mean a numerical value or a categorization derived from a statistical tool or modeling system used by a person who makes or arranges a loan to predict the likelihood of certain credit behaviors, including default. However, the definition of “credit score” expressly excludes any mortgage score or rating of an automated underwriting system that considers one or more factors in addition to credit information, including the LTV ratio, the amount of down payment, or the financial assets of a consumer. Therefore, the final rule notes that some, but not all, proprietary scores would be excluded from the definition of a “credit score” and would not need to be disclosed to the consumer.

The final rule also provides model forms for situations where a credit score and information relating to the credit score must be disclosed. The FIRST NEW MODEL form provides a general risk-based pricing notice when a credit score is used in setting the material terms of credit. The SECOND MODEL FORM provides a risk-based pricing notice in connection with account review if a credit score is used in increasing the APR. The use of the model forms is optional. However, appropriate use of the model forms provides a safe harbor for compliance with the risk-based pricing notice requirements.

If the transaction involves two or more consumers, the lender must provide a separate notice to each consumer. However, if the consumers have the same address, and the notice does not include a credit score, lenders may provide a single notice addressed to both consumers. The final rule also addresses situations when multiple credit scores were obtained by the lender. If a lender obtains multiple credit scores but uses only one of the credit scores in setting the material terms of credit, such credit score that was used must be included in the disclosure. If a lender obtains and uses multiple credit scores (e.g., by computing the average of the credit scores), the final rule requires the lender to disclose any one of such credit scores. However, the lender has the option to include more than one credit score in the disclosure.

The final rule does not change the existing exception under Regulation V from the requirement to provide a risk-based pricing notice to a consumer whose credit score was used in setting the material terms of credit. Such exception continues to be available to lenders who provide a credit score disclosure exception notice to all consumers who apply for credit. (Dodd-Frank Section 1100Fand 15 U.S.C. 1681m)

 

ADVERSE ACTION NOTICE UNDER DODD-FRANK

The second final rule amends the model adverse action notices in Regulation B to satisfy the adverse action notice requirements under FCRA, as amended by the Dodd-Frank Act. Certain model notices in Regulation B include the content required by the adverse action provisions of both ECOA and FCRA so that creditors can use the model notices to comply with both statutes. The Board amended these model notices to include the disclosure of credit scores and related information if a credit score is used in taking adverse action.

FCRA requires a person to provide, in an adverse action notice, information regarding the consumer reporting agency that furnished the consumer report used in taking the adverse action. It also requires a person to disclose that a consumer has a right to a free consumer report and a right to dispute the accuracy or completeness of any information in a consumer report. The final rule applies to any person that (1) is required to provide an adverse action notice to a consumer; and (2) uses a credit score in making the credit decision requiring an adverse action notice.

Creditors also disclose additional information on certain adverse action notices. If a credit score is used in taking an adverse action, a FCRA adverse action notice must include the same information that was added by the Dodd-Frank Act with respect to risk-based pricing notices:

(1) a numerical credit score used in making the credit decision;

(2) the range of possible scores under the model used;

(3) up to four key factors that adversely affected the consumer’s credit score (or up to five factors if the number of inquiries made with respect to that consumer report is a key factor);

(4) the date on which the credit score was created; and

(5) the name of the person or entity that provided the credit score.

The second final rule is largely unchanged from the proposed rule, but the Board made the following clarification changes:

The final rule added optional language in Forms C-1 through C-5 that may be used to direct the consumer to the entity that provided the credit score for any questions about the credit score, along with the entity’s contact information. Creditors may use or not use this additional language without losing the safe harbor, since the language is optional.

On Forms C-1 through C-5, references to “credit report” have been changed to “consumer report”.

Official Staff Comment # 9 to paragraph 9(b)(2) was revised to clarify that FCRA requires a creditor to disclose, in addition to the credit score used in taking adverse action, up to four key factors that adversely affected the consumer’s credit score (or up to five factors if the number of inquiries made with respect to that consumer report is a key factor).

Thank you Weiner, Brodsky and Herman Thordsen for the updates.

To your succes,

Joel

Joel S. Pate

Founder & Chairman

Joel Pate is an entrepreneur and founder of multiple successful companies in the mortgage, real estate, and marketing space. For more information on Joel, contact him at joel@oxpublishing.com