Archive for November, 2013

Eight Things to Consider When Buying Mortgage Leads

Posted by Joel pate in Uncategorized. Tagged: , , , , , , , , ,

So the time has come to invest in lead companies.  But how do you know which one is the right one for you?

When I was a new loan officer, finding a lead company was not easy.  I can remember logging onto Yahoo, typing in the search phrase “mortgage leads” and being bombarded with links to lead companies all claiming, of course, to have the best leads and the best deal for me.

But what was the best deal for me?  Well, what I was looking for?  Taking my time, I began to write down exactly what it was I was looking for.  Did I want refis, purchases, or both?  Did I want leads from several states or just one?  How much could I afford to spend?

Before I invested any of my money, I decided to do my homework.  I read the companies’ terms and conditions.  I spoke with their customer service reps and asked a lot of questions.  I read reviews on the Web to see what kind of experience other loan officers had had with the companies I was considering.

One thing to keep in mind: No lead company can guarantee you a 100 percent closure rate, and they should be very up front about that.  If that is what you are looking for, you can end your search now.

Still with me?  Good!  Let’s get to the heart of the matter.  Here are a few things to consider before committing:

Pricing

If you are on a tight budget, and have, let’s say, $100 to spend, you will have to narrow your search to the lead companies that accept a $100 or a lower minimum, or will meet whatever spending limit you have set for yourself.  Some companies have deposit requirements, not allowing you to spend less than $500.

Lead Generation

Find out where the company is getting their leads.  Some companies recycle their leads and sell them many times over.  They also buy their leads in bulk from other companies and resell them.  So, make sure you ask this very important question up front.

Return Policy

Look for a company with a liberal return policy.  The best way to find out this information is through lead site reviews.  If you receive a lead with bogus contact information, you should get your money back.

Quantity vs. Quality

Be careful when you buy in bulk.  When you can spend $100 and receive 50 leads, chances are the leads are old and are being recycled.  So the closing ratio, naturally, isn’t so good.  If you can spend $100 and receive five to 10 fresh leads, you may have a better closure ratio.  Each lead is more expensive, but it’s also worth more.

Cherry Picking vs. Filters

Cherry picking is a nice feature, and a very popular one.  It allows you to go into a site and view a lead before you purchase it.  Some sites even let you know how many times it has been sold.  Filters are also very nice features.  They allow you to predetermine what kind of lead you want.  When a lead comes in matching your filter criteria, it is sent directly to you via e-mail or fax.

Customer Service

As in all businesses, customer service is key, and the way they handle themselves on the phone is a pretty good indication as to how they run their company.  If you are struggling to get someone on the phone, they are most likely not worth your business.

Referrals

One of the best ways to find a mortgage lead company is to seek co-worker referrals.  Ask around and see what you can come up with.  Rest assured you won’t be the first one in your sphere of influence to have tried purchased leads.

Exclusive vs. Nonexclusive

If you want to receive leads exclusively, you will pay a steeper price.  However, this lead will be sold to you only, doing away with your competition.  Nonexclusive leads are sold, on average, three to five times.  Non-exclusive leads will cost roughly half as much; but keep in mind, you are now competing with other loan officers.  You get what you pay for.

One last thing:  By considering these eight features of mortgage lead companies, you are well on your way to choosing the best lead company for you.  But don’t stop here; continue to gather as much information as you can before you invest.  I can’t stress enough just how valuable lead review sites are.  Check them out; they’re well worth your time.

 

By: Jay Conners, www.alamode.com

 

 

About Scoreinc.com

Scoreinc.com, Inc., headquarter in Mayaguez Puerto Rico USA, with offices in Mobile Alabama, is a leading provider of services to the derogatory credit sector of the financial service industry through its Scoreway® Software Solution and credit report accuracy dispute services. The Scoreway® platform provides an end-to-end management solution that helps the companies that we serve manage the credit review and dispute process and to improve controls and profitability. Scoreinc.com services an ever growing list of mortgage company’s, banks, credit unions, Realtors®, builders and credit service organizations through its innovative technology and credit report accuracy service.

Contact Score for more information at 877-876-5921 or by visiting the following pages:
Credit Repair Merchant Service
Fair Debt Collection Practices-learn to earn from FDCPA
Credit Repair Business Training
Credit Repair Software
Credit Repair Solution

 

For more details please visit Scoreinc.com

Isn’t it Time You Cloned Yourself?

Posted by Joel pate in Uncategorized. Tagged: , , , , , , , ,

Like many real estate agents, Jason Bacza came into the industry assuming he’d have enough time, energy, and drive to handle all of the tasks related to his new business.  Licensed since 2005, this broker-associate with Realty Executives Elite in Lemont soon saw how easy it was to get bogged down by day-to-day tasks that didn’t really lend themselves to business growth and more frequent commission checks.

Bacza waited seven years before hiring his first assistant in late-2012.  The tipping point came when Bacza started missing out on leads he simply didn’t have the time to pursue and caught onto the fact that the hours spent inputting listing data into the MLS could be put to better use.

After reviewing the possible part-time, full-time, and virtual assistant options available, Bacza hired full-time administrative help.  Using the $3 million to $4 million annual sales threshold as a benchmark, he reasoned out the financial side of the equation by looking at the time he’d save by not having to answer calls and input computer data.

“I knew that in order to elevate myself in this industry I would have to get help on a daily basis,” said Bacza, “and not just on a virtual or part-time arrangement.”  When assessing whether to hire a licensed or unlicensed assistant, Bacza says a look at the piles of paper in his office told him that there was “enough marketing, office, and secretarial work to keep an unlicensed assistant very busy.”

Intent on getting to the “next level” without having to work 24/7, a good number of Illinois REALTORS® have started thinking about their first — or subsequent — assistants.  Some have found success working with one or more licensed or unlicensed assistants who work part time or full time.  Others turn to virtual assistants or independent contractors who work offsite handling transaction management and marketing coordination.

Right in His Backyard

Bacza didn’t have to look far for a good candidate.  When a staff member in his office left for the construction field, Bacza approached her assistant about the job.  The candidate already had three years of real estate office experience, solid communication skills, and “knew how to put out fires,” says Bacza.  “I’d seen her in action many times in the past.”

Some of her tasks include ensuring seller disclosures are signed and filed, setting up appointments with inspectors, service providers and other agents.  With administrative tasks off his plate, Bacza is free to do what he does best: sell homes.  He’s increased his weekly listing presentations, schedules more face-time with clients and spends more time developing marketing campaigns.

Bacza’s assistant is also more organized than he’d ever hope to be — making her a perfect fit for his growing business.  Within six weeks of hiring his assistant, Bacza says he had more listings than he’d ever had at any point in his career.  “I completely attribute that to my hiring her,” says Bacza.

Determine When It’s Worth It

Chandra Hall, a REALTOR®, real estate coach, and owner of Chandra Hall Seminars in Colorado Springs, says one of the best ways to determine whether now is the time to start hiring help is by calculating how much money you’re making on an hourly basis.  If, for example, your time is worth $100 per hour — and if you could free up even more time (read: make more money) by offloading mundane tasks at $20 per hour — then the latter should be a no-brainer.

“For REALTORS®, the most important money-producing activities take place in front of buyers and sellers,” says Hall.  “When you get caught up in the administrative details and start spending too much time at a desk, then you wind up missing out on opportunities.”

Start thinking of yourself as the rainmaker or the quarterback — and not as the person who has to cover all of the bases.  “Quarterbacks don’t receive passes, they don’t kick the ball, and they don’t run with the ball unless it’s absolutely necessary,” says Jackie Leavenworth, president of Jackie Leavenworth Seminars in Cleveland.  “They only get paid for what they do best; the team does the rest.”

Leveraging Effective Delegation

Round out your team by coming up with detailed “task lists” associated with the various aspects of your business.  Leavenworth says develop lists for buyers, listings, marketing, administrative duties, and any others that make sense.  Highlight the tasks that you love doing in one color, and those that you must do yourself in another color.  When you’re finished, everything that’s not highlighted becomes a job description for your new assistant.

“If the entire sheet is highlighted in pink or yellow you’re probably a control freak who will never grow your business to its potential,” says Leavenworth, laughing.  “There’s really no hope of making that quantum leap if you’re not leveraging yourself and working on your delegation skills.”  Leavenworth sees delegation skills as a critical component for any REALTOR® looking to clone themselves in today’s real estate market.

In return, Leavenworth says agents can not only expect to see sales and productivity rise, but they can also anticipate a better quality of life and even some previously unattainable harmony.  “If you do it right, you’ll wind up only doing the things that you love,” says Leavenworth, “while freeing up time and energy to spend with your families, friends, and /or children.  That’s invaluable.”

Start Slow, Watch the Results Build

The hiring and delegating strategies have certainly paid off for Bacza, who has seen his sales jump 85 percent higher than they were for the whole of 2012.  He’s now thinking of adding another administrative position to his team.  To agents who may not want to hire someone full-time, he suggests kicking off the relationship with 15-20 hours of work a week and growing from there.

 

By: Bridget McCrea, www.illinoisrealtor.org

 

 

About Scoreinc.com

Scoreinc.com, Inc., headquarter in Mayaguez Puerto Rico USA, with offices in Mobile Alabama, is a leading provider of services to the derogatory credit sector of the financial service industry through its Scoreway® Software Solution and credit report accuracy dispute services. The Scoreway® platform provides an end-to-end management solution that helps the companies that we serve manage the credit review and dispute process and to improve controls and profitability. Scoreinc.com services an ever growing list of mortgage company’s, banks, credit unions, Realtors®, builders and credit service organizations through its innovative technology and credit report accuracy service.

Contact Score for more information at 877-876-5921 or by visiting the following pages:
Credit Repair Merchant Service
Fair Debt Collection Practices-learn to earn from FDCPA
Credit Repair Business Training
Credit Repair Software
Credit Repair Solution

 

 

For more details please visit Scoreinc.com

Are Dated Appraisals Holding Back the Recovery?

Posted by Joel pate in Uncategorized. Tagged: , , , , , , , ,

Some of the most beaten down real estate markets are finally experiencing that long-awaited bounce back from the crash.  Cash offers are yielding more sales.  Pent-up demand is driving prices higher.  But something’s missing.

Brokers in the faster markets, such as Nevada, California and Florida — where the soaring prices almost defied gravity leading up to the crash five years ago — are finding it hard to move all these homes, even though there are plenty of willing buyers.  While the homes are available, the mortgages are not.  More specifically, they say, the appraisals are not.

While a would-be buyer could be more than qualified to pay back a $1 million loan for an Arizona McMansion, in many cases, the banks can’t sell them that mortgage — even if the loan officer wants to — because the appraiser won’t sign off on that $1 million valuation.

“It happens a lot in an escalating market,” says Gino Blefari, president and CEO of a brokerage in the red-hot San Francisco Bay area.  “You have to go back to the appraiser and say, ‘look, there were 27 offers on the property.  Now that we’re having more sales, we’re better.’”

It’s becoming a heated issue across the country as low appraisals continue to squash real estate deals that already have the blessing of would-be buyers, sellers and banks.

At the heart of all the tension are the comparable properties, or “comps,” that appraisers use to base their valuation.  The system is designed to keep everything fair and square for the buyer and seller while limiting the banks’ risk.  However, conservative appraisals based on the most recent sales — deals made prior to the bounce — can inadvertently stall an otherwise healthy recovery.

To get around these appraisals, more and more buyers are using cash for the purchase and paying more than what they could have gotten with a mortgage.  The practice has caught on so drastically — with cash deals accounting for 40 percent of all sales — that the latest national data shows a major reversal in the price of cash deals as they relate to mortgages.

This influx of cash deals, however, doesn’t always make it into an appraiser’s comp pool, skewing market realities and becoming a point of controversy.

“Cash investors are very aggressive,” says Mark Stark, CEO of a real estate group that has seen a huge increase in all-cash deals in Arizona and Nevada.  While all-cash deals have usually comprised 7-10 percent of his business, he says that over the last 18 months, they have grown to 21.5 percent.  A lot of this, he says, is due to institutional investors who have come into the market to take advantage of the low prices.

Speculation, bidding wars and rising home prices are generally seen as signs of a healthy economy, but Stark thinks that too many borrowers are being left out of the market due to overly conservative appraisals.  The problem, he says, is that many appraisers are not taking these cash deals into account when they determine the value of a property — even though they are perfectly valid comps.

Appraisers will often throw out unrealistically low sale prices, such as those that result from a foreclosure or a non-arm’s-length transaction, when conducting an appraisal.  They also throw out prices that are unrealistically high.  But many real estate agents don’t think this should include cash deals from institutional investors.

John Brenan, director of appraisal issues at The Appraisal Foundation, a private nonprofit recognized by the government as the source for appraisal standards and recommendations, says that while the appraisal industry is regulated, there are still a lot of gray areas when it comes to comps.

He says that high comps should be thrown out only if they don’t truly reflect fair market value.  An institutional investor should not be disqualified as a comp just because they’re a fund or someone who is looking to lease or flip the property.  Brenan says an unusually high cash sale would get thrown out if someone paid significantly higher than what others recently paid for surrounding properties without a good reason.

“If someone paid an extra $50,000 on a property because it’s the exact color they wanted,” says Brenan, “that would not be a realistic example of the market and shouldn’t be counted as a comparable property in the appraisal.”

On the other hand, appraisers shouldn’t be using foreclosures or REO properties as comps either, Brenan says.  Still, a block full of short sales can’t just be ignored when gauging the marketplace.

“That bad sale in and of itself does not make a market, but it does play a role,” explains Brenan.

Brenan adds that appraisers should be looking at the most recent data available, but that might not necessarily include current events.  Part of the tension has to do with the fact that appraisals represent a fixed point in time — what a house is worth on a particular day.  It doesn’t always leave room for the greater economic trend.

“The appraiser is working off historical data,” Blefari says.  “If it’s a cash deal, they should use it as a comp.”

Blefari emphasizes that the market has so much pent-up demand right now that it will drive prices higher through the end of the year and beyond.  He says the recovery is completely genuine and appraisals need to reflect that.

 

By: Andrew King, www.rismedia.com

 

 

About Scoreinc.com

Scoreinc.com, Inc., headquarter in Mayaguez Puerto Rico USA, with offices in Mobile Alabama, is a leading provider of services to the derogatory credit sector of the financial service industry through its Scoreway® Software Solution and credit report accuracy dispute services. The Scoreway® platform provides an end-to-end management solution that helps the companies that we serve manage the credit review and dispute process and to improve controls and profitability. Scoreinc.com services an ever growing list of mortgage company’s, banks, credit unions, Realtors®, builders and credit service organizations through its innovative technology and credit report accuracy service.

Contact Score for more information at 877-876-5921 or by visiting the following pages:
Credit Repair Merchant Service
Fair Debt Collection Practices-learn to earn from FDCPA
Credit Repair Business Training
Credit Repair Software
Credit Repair Solution

 

For more details please visit Scoreinc.com

5 Things To Say In An Interview

Posted by Joel pate in Uncategorized. Tagged: , , , , , , , , ,

It’s no secret that we live in a challenged economy, so it’s possible that at some time in the future you’ll be sitting down for a job interview — whether for a new full-time position or an additional part-time one.

The best things you can say in an interview won’t necessarily get you the job on their own, but they can certainly pave the way and make you appear to be a good candidate for the position.  Keep these five things in mind as you go through the interviewing process to give yourself the best chance at landing the job.

Ask Good Questions

According to Howard Pines, founder and CEO of BeamPines, “the best thing a candidate can do at an interview is ask good questions.”

Doing so shows that you are thoughtful and interested in understanding the company.  There’s usually a chance to ask questions at the end of your interview, so be ready with questions that show you’re engaged in the process.

Pines suggests several questions, including:

What are the biggest short- and long-term issues I would need to focus on in this position?

What would I need to focus on differently than the previous person in this position?

What organizational issues should I be aware of?

“I’m flexible.”

Whether it’s about possible job duties, a potential start date or simply timing for the second interview, stressing your flexibility makes you easy to get along with.

Hiring managers don’t like complications, and having to coordinate complicated schedules or haggle over a job description eventually just makes you look difficult.  While you certainly don’t want to be a pushover — and “flexible” shouldn’t define your salary negotiation — show your potential employer that you’re interested in results that work for everyone.

The Company’s Own Words

Before your interview, become familiar with the company’s website and literature.  Pay attention to the words used — what’s important to the organization.

“In your interview, hit key words that appeared on the company website or brochure,” says Olivia Ford of Adeptio.  “These key words might include team, leadership, service, culture or growth.”

Mixing these keywords into your answers can provide a subtle hint that you are plugged into what the organization is looking for.

“That’s a Good Question.”

Use this phrase instead of blurting out “I don’t know” if the interviewer stumps you with a surprise question.  It can give you a few moments to come up with an answer and, in the meantime, strokes the interviewer’s ego a little bit, too.

Avoid the “I don’t know” answer when possible, but of course don’t lie about your experience or training.

Reasons You Want the Job.

Knowing a job prospect’s motivations is important for managers who are hiring.

During your interview, talk about how this position fits into your future plans and the ideas you have about your career, how it fits with your values, and what you would like to learn from it.  Talk about how you see yourself in relation to the company and what you believe you can bring to the position.

These kinds of thoughts show who you are as a person, and go a long way toward giving the hiring manager an idea about how you might fit in the company’s culture and values.

Remember these five things the next time you’re vying for a position; they could help make the difference for you.

 

By: Catherine Conlan, www.monster.com

 

 

About Scoreinc.com

Scoreinc.com, Inc., headquarter in Mayaguez Puerto Rico USA, with offices in Mobile Alabama, is a leading provider of services to the derogatory credit sector of the financial service industry through its Scoreway® Software Solution and credit report accuracy dispute services. The Scoreway® platform provides an end-to-end management solution that helps the companies that we serve manage the credit review and dispute process and to improve controls and profitability. Scoreinc.com services an ever growing list of mortgage company’s, banks, credit unions, Realtors®, builders and credit service organizations through its innovative technology and credit report accuracy service.

Contact Score for more information at 877-876-5921 or by visiting the following pages:
Credit Repair Merchant Service
Fair Debt Collection Practices-learn to earn from FDCPA
Credit Repair Business Training
Credit Repair Software
Credit Repair Solution

For more details please visit Scoreinc.com

Why Holidays Make Great Occasions to Email Your Prospects

Posted by Joel pate in Uncategorized. Tagged: , , , , , , , , ,

Smart salespeople can use holidays as perfect occasions to reach out to their prospects via email, especially to those contacts who have been hard to reach in the past.

What makes a holiday such a great time to check in?  For one thing, they’re events that we all know, recognize, and celebrate, so you can start off on obvious common ground.  At the same time they’re more festive and perhaps more personal than other days.

They also give you an easy reason to reach out in a personalized, non-sales approach to contact those elusive prospects on your list.

Here are just a few good holidays to consider emailing your prospects:

The Fourth of July — Why not wish your customers and prospects freedom from stress and worry over their long weekend?

Thanksgiving — In the same way, why not get in touch just before Thanksgiving to let everyone on your list know that you are thankful for them, and to wish them all a happy day of celebration?  And remember that the Canadian Thanksgiving is in October!

Christmas, Chanukah, and New Years — The December holiday season is the perfect time to thank people for their business, wish them a safe and happy new year, and mention that you’d love to get the chance to work with them in the future.

Valentine’s Day — You don’t have to send anything romantic to let your prospects know that they are “special” to you.

Their birthday, or your own — If you can keep track of your clients’ and prospects’ birthdays (and you really should), that makes it a perfect time to get in touch with them.  I also like to email contacts on my own birthday, to let them know that I’m celebrating and to wish them a great day as well.

International holidays — If you have international clients (or clients who originally came from another country), try to remember their special days.  Prospects in the UK, for example, might be impressed if you remembered Guy Fawkes Day.  The reverse is also true.  Make sure you don’t send emails about North American holidays to prospects overseas, as it creates a bad impression and could damage the relationship.  We celebrate Memorial Day in May, for example, or Independence Day on July 4th; but our international customers probably don’t.

Use resources like Chase’s Calendar of Events for a list of both international and quirky events, like Chinese New Year or National Ice Cream Day.  These are fun opportunities to make a contact that your clients are probably not expecting.

The reason these emails work so well is that they’re enjoyable, festive, and we’re not asking prospects to do anything.

All we’re trying to do is let them know that we’re thinking about them on a particular special day.  These simple emails open up the conversation from an amusing and non-threatening perspective.  We aren’t giving them any kind of hard sell.

Remember that, as you put together your holiday emails, you shouldn’t be looking to gather leads or opportunities in any straightforward or obvious way.  In fact, when you do receive responses from prospective clients, my advice would be to keep things light, and just remind them that you’d love to get together to catch up.

When they respond to that, then you can move to set a time for the appointment.

The whole point is that the exchange has moved along organically, without being forced or having some kind of ulterior sales motive other than to wish them a happy holiday.

One other thing to keep in mind: don’t overdo it.  Holiday greetings sent out by you every week could easily lose their appeal.

Because people tend to be in a better mood around a holiday, and because everyone likes to get a personal note wishing them well, holiday emails tend to garner a much higher response rate than your “normal” prospecting methods.  That means as much as 50 to 75% of the people on your list are likely to respond.

Make sure that you have time to follow up on all the responses you do get.

Reaching out via email during any holiday is a great way to connect with prospects you haven’t been able to get ahold of, or who haven’t responded to your other approaches.  Just remember to keep things fun and light, and let the conversation unfold naturally.

Do that, and it won’t be long before you have even more to celebrate!

 

By: Kendra Lee, www.eyesonsales.com

 

 

About Scoreinc.com

Scoreinc.com, Inc., headquarter in Mayaguez Puerto Rico USA, with offices in Mobile Alabama, is a leading provider of services to the derogatory credit sector of the financial service industry through its Scoreway® Software Solution and credit report accuracy dispute services. The Scoreway® platform provides an end-to-end management solution that helps the companies that we serve manage the credit review and dispute process and to improve controls and profitability. Scoreinc.com services an ever growing list of mortgage company’s, banks, credit unions, Realtors®, builders and credit service organizations through its innovative technology and credit report accuracy service.

Contact Score for more information at 877-876-5921 or by visiting the following pages:
Credit Repair Merchant Service
Fair Debt Collection Practices-learn to earn from FDCPA
Credit Repair Business Training
Credit Repair Software
Credit Repair Solution

 

For more details please visit Scoreinc.com

MBA’s Cosgrove Testifies on Housing Finance Reform

Posted by Joel pate in Uncategorized. Tagged: , , , , , , , , ,

Bill Cosgrove, CEO of Union Home Mortgage Corp. and Chairman-Elect of the Mortgage Bankers Association (MBA), testified recently before the U.S. Senate Committee on Banking, Housing and Urban Affairs at a hearing titled, “Housing Finance Reform: Protecting Small Lenders Access to the Secondary Market.”

Below is a copy of Mr. Cosgrove’s oral testimony, as prepared for delivery.

“Chairman Johnson, Ranking Member Crapo and members of the committee, my name is Bill Cosgrove and I am a Certified Mortgage Banker.  I have 28 years of experience as a mortgage banking professional.

“I am the Chairman-Elect of the Mortgage Bankers Association.  Our family-owned business employs 278 individuals, and we are very proud that since 1999 we have helped more than 50,000 homebuyers finance and refinance their homes and achieve their dreams of homeownership.

“Small and midsize lenders play a crucial role in the American housing finance system.  7,400 lenders originated mortgages in 2012.  Fannie Mae and Freddie Mac each report that roughly 1,000 lenders are direct sellers to the GSEs, and Ginnie Mae currently has more than 250 issuers.

“The vast majority of these lenders are smaller independent mortgage bankers and community banks.  In fact, according to the most recent HMDA data, independent mortgage bankers represent 11% of all lenders nationwide, yet they originated 40% of all purchase money mortgages in 2012.

“Over the course of the next year, small lenders will become increasingly important as we transition from a predominately refinance market to a purchase market.

“It is important to recognize that not all small lenders have the same needs when it comes to accessing the capital markets for mortgages.

“Lenders with the skills and the capital should be in a position to make their own choices about how, when, where, and to whom to sell their production, based on their core competencies and other strategic objectives.

“As policymakers consider both transitional and end-state reforms, the future secondary market needs to provide direct access, on competitive terms, for those lenders who can take on the requisite responsibilities.

“In particular, smaller lenders need a secondary market system that delivers:

Price certainty that represents the risk of the underlying loan;

Execution for both servicing-retained and servicing-released loans;

Single loan and/or small pool executions with a low minimum pool size;

Ease of delivery;

And quick funding.

“Single-family lenders should be able to utilize familiar credit enhancement options, such as mortgage insurance, to facilitate secondary market transactions in a timely and orderly way.  Key functions present in today’s secondary market system should be preserved, while allowing new forms of private credit enhancement to develop over time.

“Congress should give serious consideration to expanding Federal Home Loan Bank membership eligibility to include access for non-depository mortgage lenders.  These lenders are often smaller, community-based mortgage bankers or servicers focused on providing mainstream mortgage products and services to consumers.

“S. 1217 proposes a system that is closer in many respects to the Ginnie Mae model.  Lenders are issuers and are responsible for obtaining private credit enhancement before delivering pools of loans to the central securitization platform for the government guaranty.  This approach may work for some lenders, but may be too operationally difficult for many smaller lenders.

“S. 1217 provides an alternative for smaller lenders in the form of a mutual securitization company, a cooperative that takes the role of aggregator and issuer.  S. 1217 also provides for the FHLB system to be aggregators for smaller lenders.  Regardless, broad standards for a mutual should ensure a fair governance process that does not advantage one class of mutual shareholders over another.  It’s equally important to ensure that end state reforms address the variety of ways that small lenders

 

About Scoreinc.com

Scoreinc.com, Inc., headquarter in Mayaguez Puerto Rico USA, with offices in Mobile Alabama, is a leading provider of services to the derogatory credit sector of the financial service industry through its Scoreway® Software Solution and credit report accuracy dispute services. The Scoreway® platform provides an end-to-end management solution that helps the companies that we serve manage the credit review and dispute process and to improve controls and profitability. Scoreinc.com services an ever growing list of mortgage company’s, banks, credit unions, Realtors®, builders and credit service organizations through its innovative technology and credit report accuracy service.

Contact Score for more information at 877-876-5921 or by visiting the following pages:
Credit Repair Merchant Service
Fair Debt Collection Practices-learn to earn from FDCPA
Credit Repair Business Training
Credit Repair Software
Credit Repair Solution

 

For more details please visit Scoreinc.com

Learning from Failure

Posted by Joel pate in Uncategorized. Tagged:

Remember John Delorean?  He was the superstar General Motors executive who started the Delorean Motor Company.  When the company began to falter, he was arrested and charged with complicity in a drug deal that some speculated was an attempt to raise money to prop up the company.

All of this was big news in Detroit, where I was living at the time.  One particularly insightful article in the Detroit News theorized that he had been supremely successful his whole life and thus never learned to deal with failure.  His development was stunted by a lack of failure in his life.  Faced with the pending failure of his company, he had nothing to lean upon and lost his moral compass.  A long string of successes had not developed his character.

There is one thing for certain, regardless of the individual circumstances for Mr. DeLorean.  If we chose to, we learn more from our failures than we do from our successes.  Within every failure there is the seed of a lesson well learned, of a solid character trait emerging.  It is our failures that contribute most intensely to our development.

To this day, I can recall with vivid detail the events of my most humiliating failure as a salesperson.  It was early in my career, about three decades ago, and I had made the mistake of speaking badly about the competition to a customer.  The customer was a personal friend of the competitive salesperson and was personally offended by my comment.  The dressing down that I received at the hands of that customer remains painfully with me today.  I don’t believe that I have ever made that mistake since.

Our failures are often far more intensely painful than the corresponding highs we get when we succeed.  Since the pain is far more intense, the lessons stay with us.  Or, they should, if we recognize the part that our behavior played in the failure.

That’s a key part of learning from our failures: recognizing the role that we played in bringing them about.  Of course, sometimes we are innocent victims of chance or someone else’s misbehavior.  But more often than not, we had a hand in the sequence of events which resulted in a painful loss to us.

In almost every career and personal failure in my life, I was, at least in part, a contributor to the chaos that erupted.  Once I realize that I am not a victim but a partial contributor, the way is clear for me to assess my role, and to determine never to make that mistake again.

As long as I refuse to acknowledge my role, I remain a helpless victim, forever chained to the negative consequences of the failure, and powerless to do anything about it.

Failure then, when our attitude is right, provides fertile ground for the sewing of life lessons which often sprout into solid character traits.  In many ways, we become that which we learned from our failures.  Show me a man of solid, substantial character, and I’ll show you someone with a list of failures in his background.

Failure humbles us.  That is one specific character trait that often sprouts from the fertile ground of multiple failures.  It is hard to remain proud or arrogant when faced with the truth of several failures.

Maybe that’s why the most common defense trait of proud people is denial.  One of the most arrogant people I have ever dealt with spent most of his time denying his culpability in even the smallest business errors.  Quick to point out errors in his customers, he never once said, “I’m sorry.  It’s our fault.”  His arrogance, untouched by the reality that he kept at arms-length, grew so insufferable that people could no longer stand to do business with him.

The opposite of denial is, of course, the acceptance of personal responsibility.  And it is personal responsibility, coupled with the consequences of our less-than-perfect actions, that help build humility.

While no one should strive to fail, if we look at every instance of our own failures as opportunities to learn and grow, and if we objectively search to identify our role in that failure, we’ll come out of each better and stronger.

Here’s a step-by-step process to use to turn failure into growth:

1. Objectively analyze your role in bringing about the failure.  What did you do?

2. Now, imagine what would have happened if you had done something differently.  Is it possible that the sequence of events that brought about that failure could have been avoided if you had done something differently?

3. Uncover what prompted you to do that.  What was the precursor?  What prompted you to act the way that you did?

4. Now, decide that, when it happens again, you will do something differently.  Describe what it is you will do — as specifically and graphically as possible.  Decide to change your behavior.

Using this simple process you’ll be able to turn even your most intense failures into stepping stones for your growth and development, both personally and professionally.

 

By: Dave Kahle, www.salesopedia.com

 

 

About Scoreinc.com

Scoreinc.com, Inc., headquarter in Mayaguez Puerto Rico USA, with offices in Mobile Alabama, is a leading provider of services to the derogatory credit sector of the financial service industry through its Scoreway® Software Solution and credit report accuracy dispute services. The Scoreway® platform provides an end-to-end management solution that helps the companies that we serve manage the credit review and dispute process and to improve controls and profitability. Scoreinc.com services an ever growing list of mortgage company’s, banks, credit unions, Realtors®, builders and credit service organizations through its innovative technology and credit report accuracy service.

Contact Score for more information at 877-876-5921 or by visiting the following pages:
Credit Repair Merchant Service
Fair Debt Collection Practices-learn to earn from FDCPA
Credit Repair Business Training
Credit Repair Software
Credit Repair Solution
For more details please visit Scoreinc.com

Marketing Your Listings to Agents — How to Maximize This Goldmine

Posted by Joel pate in Uncategorized. Tagged:

When you meet with sellers and tell them all the things you will do for them to get their home sold, the majority of time is typically spent showing them how you market to the public and little or no time on how you will market to the other agents.

Who do you think is the most important marketing target for a listing agent?  Is it the public or is it the other real estate agents?

Personally, I believe the marketing and targeting of your sellers’ home to your fellow agents is the most important strategy in today’s market.  After all, other agents are actively working with the most qualified buyers.  You need to get them excited about your listing first so they, in turn, will get their buyer excited to buy your listing.

How much time, therefore, do you spend with sellers showing them your strategy to market to other agents?  What systems do you have in place to get the word out and get your fellow agents excited about your listings?

Take the time with sellers to educate them that buyers seek out a real estate professional to represent them in their purchase for the following reasons:

Buyer agents and their firms have access to all inventory on and off the MLS system.

Buyer agents will protect and guide them in their purchase.

It doesn’t cost buyers to use an agent to represent them.

So, naturally, buyers gravitate to agents and their firms to get all these benefits.  In turn, it is the listing agent’s job to get your home in front of all these agents as quickly as possible so they show your home to their buyers.

20 Top Ideas for Marketing Listings to Your Fellow Agents

Ensure that your listing data is accurate and detailed and that every piece of information the agent and their buyer need are readily available to them in the listing.

Your listing is exposed to every licensed agent in your network.

Posted on your local board.  Your listing is again exposed to all the local agents in the network.

Posted on your corporate site which reaches hundreds or perhaps thousands of agents coast-to-coast that work within your corporate brand.

Posted on your company site to reach all the agents in your own company.

Posted on your office Intranet site (internal company communication site) that reaches all the agents in your company.

Office tour.  Have all your fellow office agents come through your listing to see, touch and feel your listing so they can share their enthusiasm with their buyers.

MLS tour.  Invite all the local agents from other companies to come through your listing and view and share what they saw with their potential buyers.

ESP Tour.  I like gathering (and buying coffee after) for a small group of seasoned, producing agents from my office that attend tour regularly and know their pricing well.  I invite them to tour my listing in a private group and write on their business card for my seller their thoughts on price.

Office flyers and postcards.  Have professional flyers or postcards printed and delivered to all the offices and placed in agents’ mailboxes.

Agent email databases.  Collect all your fellow agents’ email addresses and, with permission, send professional marketing emails of your sellers homes to them.  Use something like Constant Contact.

Try something new like the RESASS system our firm just launched. RESASS is a social media platform similar to Facebook, Linkedin and Twitter but is only for agents and designed for peer-to-peer marketing to fellow agents your needs, wants, and trades.

Post on social media sites.  I think you should create Facebook, Linkedin and Twitter sections just for your “agent-to-agent” marketing.  Seek out all the other agents in other firms in a separate spot.  Share needs and wants, and trade with them.

Show up to your weekly office meetings and create opportunities with your sellers’ homes.  Share your listings with your fellow agents face-to-face.  You just never know what might happen.

Offer higher selling compensation.  Offer more on the selling side.  The fastest way to a fellow agent selling your listing is by showing them the money!

Agent lunches, wine and cheese or small events hosted for agents to attend at your listing.  Another way to their hearts is with food and beverage.

Marketing incentives like bonuses, trips, prizes for the fellow agents who sell your sellers’ home.

Networking lunches with other top producing agents from other firms.  Meeting once a month and sharing with other top producers what you all want or need — and maybe trade.

Pick up the phone and call all the agents who have listings around your sellers’ home; share with them your listing and ask more about theirs.

Call all the listing and selling agents involved in a sale of a home around your listing in the last six months and ask them if they might have a prospect that would want to buy your listing.  They may have had potential buyers who wanted a home in the area but haven’t purchased yet.

Imagine what your seller will think when you show them a system like this.  What would it do for your chances of selling your listing?

Why not try taking your “agent-to-agent” marketing to another level?

 

By: Wade Webb, www.agentsboost.com

 

 

About Scoreinc.com

Scoreinc.com, Inc., headquarter in Mayaguez Puerto Rico USA, with offices in Mobile Alabama, is a leading provider of services to the derogatory credit sector of the financial service industry through its Scoreway® Software Solution and credit report accuracy dispute services. The Scoreway® platform provides an end-to-end management solution that helps the companies that we serve manage the credit review and dispute process and to improve controls and profitability. Scoreinc.com services an ever growing list of mortgage company’s, banks, credit unions, Realtors®, builders and credit service organizations through its innovative technology and credit report accuracy service.

Contact Score for more information at 877-876-5921 or by visiting the following pages:
Credit Repair Merchant Service
Fair Debt Collection Practices-learn to earn from FDCPA
Credit Repair Business Training
Credit Repair Software
Credit Repair Solution
For more details please visit Scoreinc.com

Forget Affordability — Housing’s Trends Signal a Bright Future

Posted by Joel pate in Uncategorized. Tagged:

It seems that whenever something happens in the housing market, a flock of articles pop up explaining why the signs are ominous and housing is destined to flounder.  To me, the oddest one has to do with existing home sales this year.  Prices have risen, and the inventory of homes for sale has fallen.  This happy concurrence has been met with tsk-tsking that both changes will harm the recovery.

The rationale is that the shrinking inventory is causing the house price rise, making homes less affordable and undercutting the buying needed to sustain the recovery.  However, these shifts are actually welcome signs — proof that housing is finally shaking off both the Great Recession and the excesses of the preceding housing bubble.  Let’s consider three key measures: Existing home sales, inventory and the ratio of the two.

The 2001 recession following the Internet bubble-burst had little effect on house sales and inventory. The ratio of sales to inventory held steady around 2.5.

Then the housing bubble took hold, driving sales up.  Inventory also rose, but at a slower pace, pushing the ratio up to a peak of over 3.

In late-2005, early-2006 the reversal in the housing market took hold.  Inventory jumped both because of the natural buildup of unsold homes amid falling sales and because of speculators deciding to sell properties.  These contrary moves (sales down, inventory up) produced a sharp drop in the ratio to a low of only 1.2.

In 2008 and 2009 the Great Recession and housing bubble-burst kept the ratio low as sales remained down and financial strains kept the listing coming.

Then, beginning in 2010, sales began their steady rise eating into the inventory, producing a fast rise in the sales-to-inventory ratio.

This year the moves have taken us back to what Realtor.com calls “equilibrium.”  Sales, inventory and the ratio have all completed their recovery to pre-bubble levels

That last observation deserves emphasis: The existing house sales, the for-sale listings and the ratio between the two are back to the healthy levels that existed prior to the housing bubble and the subsequent Great Recession and bubble-burst.  In addition, Realtor.com’s recent press release states the quality of listings is up, as shown by the “median days on the market” declining 10% since last year to 93.  Moreover, the sales/inventory/price improvements are occurring virtually everywhere, even those markets previously hardest hit.

So what about “too-high” price rises harming affordability?

Price recovery is beneficial, not harmful, for a number of reasons.  Before discussing them, it’s important to remember that the commonly tracked and analyzed pricing is for the “median” house — i.e., the sale price of the house in the exact middle of all the sales that take place.  This statistic is unaffected by the skewed nature of sales prices (from the bunched-up lower-priced houses to the spread-out $1+ million homes).  However, it has been affected by the large volume of low-priced foreclosure sales and short sales.

So, let’s put new home pricing into the picture.  It is a cost-basis indicator that is typically more influenced by the types of houses being bought (e.g., McMansions vs. down-sized homes) than by supply shortage/excess.  Therefore, the rise of new home prices above those in the housing bubble is not a sign of excess, but a reflection of building costs (inflation effect) and the desire for, perhaps, more upscale houses with the latest bells and whistles.

Now let’s look at the existing house sales price pattern.  The rise that began in 2012 reflects the improved sales/inventory picture we saw before.  Also, as the percent of forced sales declines, the median price is more reflective of a normal market, although it remains below the bubble peak.  As a result, the ratio of new-to-existing home prices remains at a low level compared to the “normal” pre-bubble period, indicating further rises in the existing home prices are likely in store.

The price rises offer a number of beneficial signs:

The first good news is that we’re seeing the result of declining sales volume for the typically lower quality houses in the must-sell category.

The second benefit is to homeowners, for two reasons:

1. Higher house values have been shown to create higher confidence and spending.

2. Equity (i.e., price less mortgage) is low or negative for many homeowners, so even relatively small price rises can have a significant effect on equity.  This from the 9/30 Barron’s:

“A recent Ned Davis Research report says rising home prices have helped home equity advance for the sixth straight quarter, up 6.5% in the second quarter.  Home equity is effectively equal to mortgage debt for the first time since the third quarter of 2007.  Continued gains in house prices should improve homeowner solvency and reduce the number of underwater mortgages.”

The third benefit is to mortgage lenders and holders of mortgage-backed securities.  Price increases improve the quality of holdings and the desirability of new loans/securities.

Fourth, price gains benefit buyers.  Yes, this may seem wrong because “affordability” apparently takes a hit.  However, price rises actually enhance buying in three ways:

Mortgage lending is more attainable, with less stringent credit requirements, more down payment flexibility and better appraisals.

For homeowners wanting to move, there is a better market (price and speed) to sell into.

Increased confidence of buyers.  Rising prices encourage people to consider buying houses, especially after suffering through a housing slump.  The higher prices mitigate doubts and worries about jumping in at the wrong time.  For renters, price gains resurrect the compelling, competitive view of a home being a good investment.

Bottom line: The decrease in existing for-sale housing inventory and the increase in sales and prices are neither abnormal nor ominous.  Rather, the housing market is emerging fully from its bubble-and-bust period with regained health.  Inventory levels, sales and prices also set the stage for continued improvement.  Therefore, we can expect to see more good news coming — most likely when the 2014 spring/summer selling season emerges.  It looks as though 2013 could be the pivotal year needed to produce a bright future in housing.

 

By: John S. Tobey, www.forbes.com

 

 

About Scoreinc.com

Scoreinc.com, Inc., headquarter in Mayaguez Puerto Rico USA, with offices in Mobile Alabama, is a leading provider of services to the derogatory credit sector of the financial service industry through its Scoreway® Software Solution and credit report accuracy dispute services. The Scoreway® platform provides an end-to-end management solution that helps the companies that we serve manage the credit review and dispute process and to improve controls and profitability. Scoreinc.com services an ever growing list of mortgage company’s, banks, credit unions, Realtors®, builders and credit service organizations through its innovative technology and credit report accuracy service.

Contact Score for more information at 877-876-5921 or by visiting the following pages:
Credit Repair Merchant Service
Fair Debt Collection Practices-learn to earn from FDCPA
Credit Repair Business Training
Credit Repair Software
Credit Repair Solution
For more details please visit Scoreinc.com

Homeowners Insurance: Claims on Small Losses Can Carry Big Costs

Posted by Joel pate in Uncategorized. Tagged:

You buy homeowners insurance hoping you’ll never need to use it.  Then something happens.  It’s not a big loss — maybe the neighbor’s kid throws a ball through a window or a falling branch damages the rain gutter.  You think of filing a claim.  After all, that’s why you’ve paid the premiums all these years.  But filing has consequences you should consider.

“Don’t make claims on small losses,” said Laura Adams, senior insurance analyst at Insurance Quotes.com.  ”If it will only cost you several hundred dollars out of pocket, it’s probably better to pay for the repair yourself instead of filing a formal claim with your insurance company.”

The average rate hike for a family filing a homeowner’s claim is about 9 percent, or $150 a year, according to a new study by Insurance Quotes.  But in some states, that single claim could result in a price hike significantly higher than the national average.  ”Where you live plays a really big role in whether you should file a claim and the financial consequences you might see as a result of making the claim,” Adams said.

The five states where the premium increases would be the highest for a single claim are:

Minnesota: 21 percent.

Connecticut: 21 percent.

Maryland: 19 percent.

California: 18 percent.

Oregon: 17 percent.

The five states where the premium increase would be the smallest are:

Texas: 0 percent.

New York: 1 percent.

Florida: 2 percent.

Vermont: 2 percent.

Massachusetts: 2 percent.

For this study, Insurance Quotes calculated rates for six large insurers based on a single-family residence insured for $144,000 with the initial claim of up to $30,000.  Click here to view all states:

http://www.insurancequotes.com/Media/Default/images/home-claim-increase-table.png

Why such a disparity?  Insurance is regulated at the state level, and the report said that differences were due to variations in state law and the occurrence of natural disasters.  In Texas, for example, companies are not allowed to boost homeowner premiums based on a single claim.

Also, insurers know their risk is higher in natural disaster zones, so policies are priced higher in states that have hurricanes, tornadoes, floods and earthquakes.  The Insurance Information Institute said the price spike in Minnesota is largely related to the “frequency and severity” of unexpected disasters there in recent years.  (The number of tornadoes has been well above historical norms.)

“To get dinged on one claim is inappropriate,” said Robert Hunter, director of insurance at the Consumer Federation of America and former Texas Insurance Commissioner.  ”If something is clearly your fault and it happens more than once, they should be allowed to boost your rates.  But it should never happen with a weather-related claim.”

Is this really the way it’s supposed to work?  We need to look at insurance differently than we did in the past, because the marketplace has changed.

“It’s always a good idea to weigh how bad the damage is to your property before filing a claim,” said Michael Barry at the Insurance Information Institute.  ”Is this loss of such a magnitude that filing a claim is the prudent financial decision?  If the loss is only $1,000 or $2,000 above your deductible, you may be better off paying for the repairs out of pocket.”

“It’s completely ridiculous and totally unfair,” said Amy Bach, executive director of United Policyholders, a San Francisco-based nonprofit group.  ”I think it’s outrageous that you can use your insurance and have your premium jacked up.”  But that’s the reality.  And that’s why consumer advocates recommend considering homeowners insurance protection against a loss that you couldn’t afford to handle by yourself, based on your savings and income.

“Take the largest deductible you can stomach,” said Kevin Brasler, executive editor at Checkbook.org.  ”With a high deductible, your rates will be lower, and you’re less likely to make a small claim that can be more costly than what you get out of it.”

 

By: Herb Weisbaum, www.cnbc.com

 

About Scoreinc.com

Scoreinc.com, Inc., headquarter in Mayaguez Puerto Rico USA, with offices in Mobile Alabama, is a leading provider of services to the derogatory credit sector of the financial service industry through its Scoreway® Software Solution and credit report accuracy dispute services. The Scoreway® platform provides an end-to-end management solution that helps the companies that we serve manage the credit review and dispute process and to improve controls and profitability. Scoreinc.com services an ever growing list of mortgage company’s, banks, credit unions, Realtors®, builders and credit service organizations through its innovative technology and credit report accuracy service.

Contact Score for more information at 877-876-5921 or by visiting the following pages:
Credit Repair Merchant Service
Fair Debt Collection Practices-learn to earn from FDCPA
Credit Repair Business Training
Credit Repair Software
Credit Repair Solution
For more details please visit Scoreinc.com