Archive for January, 2014

Three Steps to Closing Sales Faster

Posted by Joel pate in Uncategorized. Tagged:

We all want to able to close more sales and do it faster. Problem is too many sales people wind up spending all of their time chasing sales that simply take too long to close.
First, only spend time with those people who can buy. Makes sense, but too often salesperson finds out too late that the person with whom they’ve been talking is far from ready or able to buy. Best way around is asking, “How have you bought a home (or and investment property or a condo) before?” Asking this way is non-threatening, and by asking in a non-threatening approach, the customer won’t feel intimidated by the question. And how about it: “Have you talked with a lender yet?” Second, put the element of time into the sales process very early. When we’re talking time, we’re looking at it from both your end as the salesperson and the customer’s end. The easiest manner is again by asking questions to get the customer thinking that buying now or earlier than they initially expected is going to help them.
Once they provide you with a fact, run with it by asking a follow-up question — with the idea to begin magnifying the importance of buying soon. A few sample questions you can ask early might include:
“What is the main reason for you to have this now?”
“If we can get this early, how would it help you with everything else you have going on?”
The same goes for how you express urgency. Don’t hesitate to bring things up such as “homes like these aren’t staying on the market long,” or “we’re in a market now where multiple offers are common for good homes.”
Third, ask for the order now. That’s one of the oldest, most basic principles of selling. But make it simple and easy. Offer the customer the means to step into the buying process in a way that requires minimum risk on their part. After all, buying a home can certainly be perceived as a risky process.
Four Lessons from a Failed Sales Call
Every salesperson knows that not all sales go according to plan. And not all presentations turn into closings.
I will admit I have blown more than my fair share of sales calls and I have learned a few lessons along the way.
Here are four of those lessons:
1. Disastrous sales calls are never as disastrous as we think.
For some reason, each time I’ve blown a sales call, I’m thinking to myself how the customer must think I’m an idiot. No, not really. The vast majority of time, they don’t even have a clue it’s a blown sales call.
2. Just because a customer rejects you doesn’t mean you can’t reach out to them again.
Rejection becomes very personal, and so when a customer rejects you, it feels permanent. No, quite the contrary — if you’re willing to re-engage the customer again.
3. One bad sales call doesn’t mean the next sales call is going to be bad unless you want it to go bad.
Our state of mind is a key part of why we’re successful or not successful.
4. The worst thing we can do is allow a disastrous sales call to become contagious.
If it does, then you really do have a disaster on your hands. So, let it go. Nobody’s perfect.
In the end, the level of confidence you have going into a call is going to determine the level of success you have coming out.
As I look back on the disastrous sales calls I’ve had, the vast majority started out with me thinking they were going to be a disaster. Amazing how accurate we can be in our thinking!
Here’s wishing you a wonderful 2014 filled with success!

By: Mark Hunter, 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

Internet Mortgages are Booming, Lenders Need to Adapt

Posted by Joel pate in Uncategorized. Tagged:

Lenders take note: Digital banking could help put roughly 35% of the mortgage share of traditional banks in North America up for grabs by 2020, according to Accenture Credit Services research. And the digital share of the niche is growing fast. Accenture research shows in 2013 year-over-year Internet-based mortgage sales increased 75% nationally while traditional branch transactions shrank 16%.
The annual mobile mortgage banking volume increased nearly 50% since 2012 as more customers, up to 80% in 2013, engaged in online banking transactions, indicating it is “the single most important area” banks need to invest in and develop in the future, according to Accenture.
Added to the fact that roughly 60% of online banking customers choose a provider other than their primary bank for a home mortgage, these findings also suggest that, unless banks have the right customer-friendly technology in place, their market share will progressively decline instead of increase as more mortgage clients come to the market.
Ghazale Johnston, a managing director with Accenture Credit Services, says untraditional gainers are benefitting from the rapid automation of mortgage lending.
“Leveraging customizable technology” that meets borrower demands and offers user-friendly experience for customers will be crucial for lenders and servicers in 2014, agrees Barry Hays, co-founder and SVP of TeleVoice.
Traditionally, banks look for new ways to grow their business using Internet-based market testing and product comparison, Johnston says. Data show borrowers have become more comfortable with banks pulling their credit information online. “Therefore they’re more likely to initiate loan applications online than they have ever had in the past,” motivating banks to increasingly use these tools.
“First-time homebuyers who are still getting familiar with the mortgage process are more likely to want that person-to-person interaction,” she says, which is an important consideration as the purchase mortgage market picks up. These borrowers “are more concerned with making sure they will get a commitment from the lender about their closing,” and often that level of comfort and confirmation comes from face to face lender-borrower communication.
What may not be that obvious, she says, is that online banking “is actually helping to support that interaction” making it more convenient after the mortgage loan has already been approved and moved on to loan processing. Borrowers become very interested in knowing where their place in the pipeline is and what is expected of them, which is a big opportunity for the lender.” It is the best time to make loan data easily available so customers can review it, add missing information, or continue to communicate live with the bank using electronic channels. It means the lender has to be able to accept and manage that information that way as well.
Competition has driven banks towards “niche lending and specialization that is a bit more strategic” and forward looking, Johnson says, sometime helping losers become gainers and vice versa. The list of top 20 mortgage originators and servicers “keeps evolving and market share continues to disperse, so it will be interesting to see how digital capabilities will be implemented to optimize business growth efforts in 2014.”
Lenders need to have processes for first-time homebuyers who sometimes have different expectations or prefer a different level of lender engagement. “I do not think this means there’s going to be a bunch of niche players to cover this market by any means but more lenders who diversify their services,” she adds. “It will be interesting to see how lenders use their digital capabilities, whether mobile banking or social media, which are bound to become more important to lenders across their entire value chain.”
What is about to happen in 2014, she says, is that these changes will optimize and simplify banking, despite regulation and other challenges. Compliance pressures are an opportunity “to change strategically and in a way that takes the customer experience directly into consideration, looking at it holistically, not necessarily looking at it as a bunch of fixes to meet regulation,” she says, but really doing it within the context of transforming the business process.
Accenture’s market-analysis indicates that by 2020 an estimated 15% of traditional banks’ revenues could shift to online-only players, including branchless banks and new technology entrants. Another 20% could shift to retail-driven players with a mass-market focus — under partnerships between big-box retailers and banks, and potentially independent ventures by retailers.
“Digital technology and rapid changes in customer preferences are threatening full-service banks that do business primarily through branches,” says Wayne Busch, managing director of Accenture’s North America banking practice. “Given the scale of these disruptions, traditional full-service banks, as a group, could lose significant market share by 2020 to banks that reorient around digital technologies and to new entrants from the retail and technology sectors. Our research shows signs of this already occurring.”

By: Amilda Dymi, www.nationalmortgagenews.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 Ways 2014′s Housing Market will be Different

Posted by Joel pate in Uncategorized. Tagged:

The housing market continued its uneven recovery in 2013 and enters 2014 closer to normal than it was a year earlier. Consumer optimism is climbing back: In Trulia’s latest survey, 74 percent of Americans said that homeownership was part of achieving their personal American Dream — the highest level since January 2010. Even among young adults, many of whom struggled through the recession and are still living with their parents, 73 percent said homeownership was part of achieving their personal American Dream, up from 65 percent in August 2011.
Rising prices the past two years have been great news for homeowners, especially for those who had been underwater; the real estate industry has benefited from higher prices and more sales volume.
The effects of the recession and housing bust still sting: the barriers to homeownership remain high, and a few markets still have a foreclosure overhang. The housing recovery itself brings its own challenges, including declining affordability and localized bubble worries.
Barring any economic crises, the housing market should continue to normalize. Here are five ways that the 2014 housing market will be different from 2013.
1. Housing affordability worsens
Buying a home will be more expensive in 2014 than in 2013. Although home-price increases should slow from this year’s unsustainably fast pace, prices will still rise faster than both incomes and rents. Mortgage rates will be higher in 2014, thanks to the strengthening economy and to Fed tapering.
The rising cost of homeownership will add insult to injury in the least affordable markets; in October 2013, for instance, 25 percent or less of the homes listed for sale in San Francisco; Orange County, Calif.; Los Angeles; and New York were affordable to middle-class households. Nonetheless, buying will remain cheaper than renting. As of September, buying was 35 percent cheaper than renting nationally, and buying beat renting in all of the 100 largest metros. However, prices and mortgage rates might rise enough to tip the math in favor of renting in a couple of housing markets.
2. The home buying process gets less frenzied
Homebuyers in 2014 might kick themselves for not buying in 2013 or 2012, when mortgage rates and prices were lower, but they’ll take some comfort in the fact that the process won’t be as frenzied. There will be more inventory this year because of new construction and because higher prices will encourage more homeowners to sell — including those who are no longer underwater.
Also, buyers looking for a home for themselves will face less competition from investors who are scaling back their home purchases.
Finally, mortgages should be easier to get because higher rates have slashed refinancing activity and pushed some banks to ramp up their purchase lending. Moreover, the new mortgage rules taking effect in 2014 will give banks better clarity about the legal and financial risks they face with different types of mortgages, hopefully making them more willing to lend.
3. Repeat buyers take center stage
Last year was the year of the investor; 2014 will be the year of the repeat homebuyer. Investors buy less as prices rise; the return on investment falls, and there’s less room for future appreciation. Who will fill the gap? Not first-time buyers: Saving for a down payment and having a stable job remain significant burdens, and declining affordability is also a big hurdle for first-timers. Who’s left? Repeat buyers. They’re less discouraged by rising prices because the home they already own has also risen in value. Also, the down payment is less of a challenge for repeat buyers if they have equity in their current home.
4. How much prices slow matters less than why and where
Prices won’t rise as much in 2014 as in 2013. The latest Trulia Price Monitor Report showed that asking home prices rose year-over-year 12.1 percent nationally and more than 20 percent in 10 of the 100 largest metros. But it also revealed that these price gains are already slowing sharply in the hottest metros.
How much prices slow matters less than why. If prices are slowing for the right reasons, great. Growing inventory, fading investor activity and rising mortgage rates are all natural price-slowing changes to expect at this stage of the recovery. But prices could slow for unhealthy reasons, too. If we have another government shutdown or more debt-ceiling brinksmanship, a drop in consumer confidence could hurt housing demand and home prices.
Where prices change matters, too. Slowing prices are welcome news in overvalued or unaffordable markets, but markets where prices are significantly undervalued and borrowers are still underwater would be better off with a year or two of unsustainably fast price gains.
5. Rental action swings back toward urban apartments
Throughout the recession and recovery, investors bought homes and rented them out, sometimes to people who lost another home to foreclosure. In fact, the number of rented single-family homes leapt by 32 percent during that period.
Going into 2014, though, investors are buying fewer single-family homes; loosening credit standards might allow more single-family renters to become owners again; and fewer owners are losing homes to foreclosures to begin with — all of which mean that the single-family rental market should cool.
At the same time, multifamily accounts for an unusually high share of new construction, which means more urban apartment rentals should come onto the market in 2014. Urban apartments will be the first stop for many of the young adults who find jobs and move out of their parents’ homes.
Ironically, economic recovery means that the overall homeownership rate will probably decline, as some young adults form their own households as renters. Still, the shift in rental activity from suburban single-family to urban apartments would be yet another sign of housing recovery.
What other reasons will cause 2014 to be different? New local markets will take the spotlight. Trulia’s top 10 markets to watch are entering 2014 with strong fundamentals, including recent job growth and longer-term economic success, as well as recent construction activity typical of vibrant markets.

By: Jed Kolko, www.trulia.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

6 Ways to Thrive after 40

Posted by Joel pate in Uncategorized. Tagged:

Meet the new middle age, as personified by those who are extending the prime of life — with all its rich emotional, intellectual and spiritual potential — way beyond the short horizons that defined their parents’ middle years. Are you among them?
Here are the building blocks of the new middle age — and how to imbue your second act with more personal contentment, joy and vibrancy than you ever thought possible.
A strong heart
It’s the engine that drives an active lifestyle, essential to your ability to maintain healthy muscles and bones, a sharp mind — even an upbeat attitude.
During your parents’ middle age: It was all about cholesterol. If it was normal, they’d ignore it; if it was high, they’d control it with a low-fat diet. But even those with normal cholesterol levels can have heart disease, so talk to your doctor about getting a CT coronary artery scan, says Mehdi Razavi, MD, a heart specialist at the Texas Heart Institute. The test measures calcium accumulation in arteries (a predictor of heart attack risk) and can spot trouble even when other tests are normal.
Embrace the Mediterranean diet, which prevents and even reverses heart disease. Patients whose diets feature monounsaturated fats from olive or canola oil, nuts and fish, along with abundant fruits and vegetables, reduced their recurrence of heart problems by 50 to 70 percent, according to the Lyon Diet Heart Study in France.
Comic relief
A good laugh is one of the easiest and most reliable tools for managing health-debilitating stress.
People used to laugh just when they felt like it. Experts then thought a sense of humor was determined only by your genes — you’re either cheerful or you’re not.
The new middle age: Schedule regular “laughercise.” Loma Linda University researcher Lee Berk, DrPH, has tested the effects of what he calls “mirthful laughter” by asking volunteers to spend time doing nothing more complicated than watching TV comedies. He found that even anticipating a laugh improves function of immune-enhancing hormones. Berk’s study found that over the course of a year, the levels of good HDL cholesterol in volunteers participating in a mirthful-laughter group jumped 26 percent, while their levels of C-reactive proteins, a measure of inflammation linked to both heart disease and diabetes risk, dropped 66 percent.
Stable blood sugar
For most people, type 2 diabetes is preventable — meaning the associated higher risks of heart attack, circulation problems and dementia are, too.
During your parents’ middle age: They tried to eat complex carbs — whole grains, nuts, and vegetables — which studies then suggested was the key to preventing diabetes.
The new middle age: Focus more on total calories. “Losing weight, if you’re overweight, is the single most important thing you can do,” says William C. Knowler, MD, DrPH, a diabetes researcher with the National Institutes of Health. Osama Hamdy, MD, PhD, of the Joslin Diabetes Center in Boston, says overweight people should shoot for losing about 7 percent of their total body weight: “For most people, that’s enough to cut their risk of developing diabetes in half.”
Close friends
They’re not only fun to hang around with; real pals also evoke a host of positive emotions that bolster immunity.
The new middle age: Friends save lives. A Harvard School of Public Health study of more than 2,800 women with breast cancer found that those without close friends were four times more likely to die than women with 10 or more friends. A Swedish study reports that for heart attack prevention, having friendships is second only to not smoking.
In a surprising report, James H. Fowler, PhD, an associate professor of political science at the University of California, San Diego, showed that happiness spreads through social networks, affecting not only friends but also friends of friends. “Our research showed that a person is 15 percent more likely to be happy if a close contact is happy as well,” he explains.
Deft balance
Skiing, tennis, biking, even ballroom dancing all require excellent balance, particularly the ability to recover quickly from an unexpected bump or trip-up. One-third of older adults suffer tumbles, and serious falls can hamper your ability to remain active.
Your parents walked and did light aerobics, believing just staying in reasonably good shape would suffice.
The new middle age: Lift and flex. “Exercises that promote balance, flexibility and strength are equally important,” says Bonita Lynn Beattie, a physical therapist and vice president for injury prevention at the Center for Healthy Aging in Washington, DC. “Dance classes, tai chi and yoga are all great activities for preserving a strong sense of balance.”
Up-to-date vaccinations
Illnesses that can be prevented with vaccines cause almost 50,000 deaths a year in the United States and make many more people needlessly ill. Staying current is a proven lifesaver. According to a survey by the National Foundation for Infectious Diseases, 40 percent of American adults wrongly believe that because they got shots as a child, they don’t need to worry about vaccinations.
The new middle age: Get your shots. Only 42 percent of people ages 50 to 64 typically get yearly flu shots. Shingles, an excruciatingly painful disease caused by the varicella-zoster virus, strikes one in three Americans, yet only 2 percent of those age 60 and older have received the vaccine that can prevent the infection or reduce its painful symptoms. Tetanus-diphtheria boosters are recommended every 10 years — protection many people in middle age neglect. The next time you see your doctor, ask if you’re due for any shots.

By: www.prevention.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

Does ‘Klout’ Matter?

Posted by Joel pate in Uncategorized. Tagged:

Social networks have given us an online voice — a way to tell the world whatever we want in an instant. But, figuring out how to use that voice effectively is key to managing your online brand.
You can post information constantly, but if nobody engages with you, or if nobody cares what you have to say, your efforts won’t amount to much. Perhaps you’ve already experienced that painful reality.
The simple truth is this: you can yell all you want online, but what really matters is who hears you — and whether you’re able to influence them. That brings me to the subject of the Klout Score: a number between 1 and100 that represents one’s level of online influence. Do you know what yours is?
Determining Your Klout
Klout, a website and mobile app that uses analytics to rank the online influence of its users, can determine your personal influence on any given day by monitoring your activity across social networks like Facebook, LinkedIn, Twitter and Instagram, using attributes such as retweets, likes, follows and comments to update your score. Your level of influence (aka your Klout Score) is enhanced through increased online engagement with others via posts and responses. The average Klout Score is 40, and those scoring above 63 represent the top 5 percent of all Klout users. You can find out how you stack up by visiting Klout.com and creating an account. Just link up your social networks, and Klout will begin tracking your influence.
Then monitor what you post and what the reactions are to the content you share on different networks. This will provide useful insight regarding which topics resonate with your online sphere of influence and help you find your voice across the social audiences you want to engage.
You may find that an update on one network creates lots of additional engagement, and yet that same update on another network garners no activity at all. That’s because each network has its own “hot buttons.” Learning what those are will make you a better online communicator and, ultimately, more influential, especially in your business.
Cut through the Noise
It’s easy to say you want to get more people to engage with you online. The tricky part is figuring out how exactly to get — and keep — the attention of those people so that they’ll listen to what you have to say.
Here are three proven strategies to increase online engagement:
1. Know your audience and create content that is interesting to them. Share your real estate expertise by answering common questions or weighing in on hot topics in your industry. Offer tips, post photos and share quotes.
2. Connect with other influencers. Watch what they post, engage with them and be inspired by them.
3. Start and join conversations. Ask questions, join Twitter chats and pay compliments.
All of these activities tend to result in engagement and will help you cut through the online noise.
Take the 90-Day Klout Challenge
Over the next 90 days, I challenge you to monitor your Klout Score regularly, and be strategic about your posts and engagements in an effort to increase your score. Have fun with this new tool and learn from it. It will guide you toward becoming a better content creator. And that will benefit both your online influence and your bottom line. For all of these reasons, Klout definitely matters.

By: Wendy Forsythe, 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

Drivers of Mortgage Choices by Risky Borrowers

Posted by Joel pate in Uncategorized. Tagged:

When the housing market collapsed, mortgage delinquencies and foreclosures swelled. Borrowers with lower credit ratings were hit particularly hard. During the boom, these riskier borrowers were more likely to choose adjustable-rate mortgages than their counterparts with higher credit ratings. Some observers argue that this tendency to choose adjustable-rate financing and the higher default rates show that this group was less financially sophisticated than borrowers with higher credit ratings.
In this Economic Letter, we consider what factors influenced the mortgage choices of lower-credit-rated borrowers. In general, rising house prices made borrowers at all risk levels less sensitive to loan pricing and other interest-rate-related fundamentals. However, even accounting for house price appreciation, we find that lower-rated borrowers were at least as sensitive to changes in fundamentals as higher-rated borrowers, if not more so. This suggests that lower-rated borrowers chose adjustable-rate mortgages for economic reasons, not merely because they may have been less financially sophisticated than other borrowers.
Determinants of mortgage choice
What are the factors that influence mortgage choice? Mortgage pricing and other interest-rate-related fundamentals are key. At the same time, housing market conditions, such as house price volatility and the pace of appreciation, can affect loan decisions. Studies also point to borrower characteristics, such as degree of financial constraint, attitudes towards risk, and mobility. These characteristics explain how interest-rate-related fundamentals can influence borrower mortgage choices. For example, homebuyers who expect to stay in a house a short time tend to prefer ARMs because interest rates tend to be lower in the early years.
Fixed-rate mortgages initially tend to have higher interest rates than ARMs because they are tied to long-term interest rates. For their part, long-term rates are usually higher than short-term rates. If investors expect short-term interest rates to rise, fixed-rate mortgage rates would be pushed above initial ARM rates. Both rates include lender margins, that is, mark-ups reflecting general credit supply conditions, regional economic and housing market conditions, and individual borrower characteristics. Relative shifts in FRM and ARM margins can affect financing choices.
How much risk borrowers are willing to accept can influence mortgage choice. Risk-averse borrowers tend to favor FRMs or option ARMs. While these borrowers might find a basic ARM’s lower initial rate attractive, they prefer to avoid the risk of future sharp rate increases possible with volatile adjustable-rate financing.
Thus, a mortgage choice model should include measures of the term premium, expected short-term interest rates over time, FRM and ARM margins, and interest rate volatility. In general, borrower preference for basic ARMs should increase as the term premium, expected short-term interest rates, and FRM margins rise, and ARM margins and interest rate volatility fall.
House price appreciation
Research shows that the faster house prices are rising, the greater the probability that homebuyers will choose ARMs. In addition, rising house prices can affect the importance of interest-rate-related fundamentals when borrowers choose financing.
One view is that the housing boom was a bubble in which financing decisions for some borrowers were divorced from traditional fundamentals. Another view accepts that borrowers paid less attention to fundamentals during the housing boom, but that such a shift is consistent with rational decision-making models, given expectations of further house price appreciation. According to this view, with little or no change in house prices, homeowner decisions about moving or terminating a mortgage would generally reflect life-cycle events, such as illness, retirement, and job changes.
Rapid house price gains might change that. House price increases may have fed expectations of further appreciation. Homeowners expected to gain equity as prices rose, allowing them to refinance even if they didn’t plan to move. Other buyers expected to flip houses soon after buying them.
Credit ratings and mortgage financing choice
We have noted that borrowers with financial constraints or lower risk aversion tend to favor ARMs. People with lower incomes tend to be more financially constrained and have lower credit ratings. So, borrowers with lower credit ratings are more financially constrained and more likely to choose ARMs.
Borrower risk tolerance can affect sensitivity to loan pricing, income volatility, and affordability in choosing mortgages. Borrowers with low credit ratings may be less sensitive to risk, for instance, because of lower cost of default. Thus, interest-rate-related fundamentals may be relatively less important to them than to higher-rated borrowers.
Borrower financial literacy may also affect mortgage choice. Systematic differences in levels of financial literacy among borrowers at different risk levels could affect sensitivity to fundamentals.
Conclusion
During the housing boom, rising prices dampened the influence of interest rate fundamentals on borrower mortgage choice. That was especially true for borrowers with lower credit ratings, who showed a greater tendency to choose adjustable-rate mortgages. Yet, when house prices rose rapidly, those borrowers responded at least as strongly as higher-rated borrowers to changes in fundamentals. This suggests that the greater propensity of low FICO borrowers to choose ARMs is more consistent with mortgage choice reflecting economic considerations rather than lack of financial sophistication among low FICO borrowers.

By: Fred Furlong, David Lang, and Yelena Takhtamanova, www.frbsf.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

MMRecap for Jan. 20th

Posted by Joel pate in Uncategorized. Tagged:

No economic reports were scheduled for release Monday, but investors appeared to remain a bit intimidated by December’s weak jobs report and leery of economic news that was to begin rolling out on Tuesday. The 10-year Treasury note yield, which moves in the opposite direction of price, fell three basis points to close at 2.83% as money moved to the safety of bonds. That’s its lowest close since Dec. 10 of last year.
Stocks looked a lot better on Tuesday after the December retail data were released. Sales came in better than expected, rising 0.2%. But excluding auto sales they were up 0.7%. That was a sizable increase from the November numbers. The report pushed the 10-year yield up four basis points to 2.87%, where it closed.
Stocks began moving again after a number of the nation’s biggest banks released 4th quarter earnings reports, with many beating expectations. A handful of tech stocks added to the Dow’s good fortune.
The two additional reports had little impact. Export prices (ex-agriculture) in December rose 0.3% from 0.1% the previous month. Import prices (ex-oil) fell -0.1% from 0.0% in November. Separately, business inventories in November were up 0.4% versus a 0.8% increase in October.
When the markets closed, the Dow had added 116 points, or 0.71%. The Nasdaq and S&P 500 did much better, closing up 70 points, or 1.64% and 20 points, or 1.08%, respectively.
Stocks rose again Wednesday thanks to strong quarterly reports from Boeing and Bank of America, and two economic reports showed improved demand for manufactured items. The NY Empire State index on manufacturing conditions in December soared to 12.5 from 2.2. The more-important producer price index, which checks wholesale prices for inflation, showed some improvement. The PPI rose 0.4% vs. the previous -0.1%, indicating positive upward movement in production. The PPI core, a major inflation indicator that eliminates food and energy prices, also rose 0.3% from 0.1%. The Fed should approve of this increase, since it would welcome inflation if demand were stronger.
In the afternoon the Fed released its findings in the Beige Book, which looks at economic conditions in the nation’s 12 federal districts. The report was a little more upbeat than usual, but there was no noticeable increase in the markets after the report was released.
Stocks closed happy. The Dow gained 108 points, or 0.66%, while the S&P rose 9.5 points, or 0.52%. Once again, the Nasdaq led the crowd with 32 additional points, or a gain of 0.75%.
Bonds had a great day Thursday, for a change. Disappointing 3rd quarter corporate reports sent the Dow Jones down 65 points, or -0.39%, while the S&P 500 fell 2.47 points, or -0.13%. Once again the Nasdaq dodged the bullet, adding 3.81 points or 0.09% — enough to make it the highest close since Sept. 1, 2000.
The lack of any sign of inflation, which could expedite the tapering of economic stimulus, dropped the yield on the 10-year note 4 basis points to 2.84% when the markets opened — and it held.
The key harbinger of inflation news was the consumer price index for December, released Thursday. Although it rose 0.3%, when food and energy prices were excluded, the core rate came in at 1.0% versus 0.2% in November. During 2013, inflation climbed only 1.5%, down from 1.7% the previous year. The other reports came in roughly as expected.
First-time jobless claims for the week ended Jan. 11 totaled 326,000 — just 2,000 less than the previous week, but fewer than forecast. Continued claims were down about 2 million from the previous week.
The Philly Fed index on manufacturing conditions rose to a higher-than-forecast 9.4 from 6.4. This bodes well for the Mid-Atlantic States. The final report was the National Association of Home Builders housing market index, which dipped to 56 from 57. Numbers above 50 denote optimism among builders.
Friday provided a batch of mixed reports that sent the indices into negative territory. December housing starts came in at an annual rate of 999,000 units, which was better than expected but far below the 1.107 million posted in November. Bitterly cold temperatures paired with unrelenting snow falls in the Midwest and East are likely the reason for lower numbers. Permits in December also declined, dipping to an annual rate of 999,000 versus 1,107,000 in November.
Industrial production in December took a dive, rising only 0.3% versus November’s 1.0% increase. It met expectations, so that makes it alright. The preliminary consumer sentiment report for December, conducted by the University of Michigan dipped to 80.4 from 82.5 two weeks ago.
When the markets closed, the Dow had added 41.55 points or 0.25%. The Nasdaq and S&P 500 both fell, losing 21.11 points, or -.50%, and 7.19, or -0.39%, respectively.
According to the Mortgage Bankers Association, applications rose 11.9% from the previous week. Refi apps were also up by the same percentage. The purchase index edged up 12% from the previous week, while the percentage of refis dipped to 62% from 63% the previous week. The average contract interest rate for a 30-year conforming loan fell to 4.66% from 4.72%.
We’ve had a lot of weird weeks lately, thanks to the shutdown and holiday closings, but this week wins the prize (if there is one) for the strangest in years. There are four reports due and they all come out Thursday — and that’s it!
As usual, Thursday begins with first-time jobless claims for the week ended January 18. It will be followed by continuing claims. Existing home sales in December will also be reported. Analysts expect 4.95 million homes to have sold — slightly more than the 4.9 million sold in December.
The week ends with December’s leading economic indicators, or LEI. It is expected to repeat November’s 0.8% increase, which was lofty for the LEI. Although this report is way down on the scale of influential information, it sounds encouraging. The report attempts to predict economic conditions for the next six-to-nine months.
It will be followed by the Federal Finance Agency’s house price index for November. The only stat currently available is that home prices have risen 8.2% year-over-year.

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

Relationship Building: Six Powerful Rules

Posted by Joel pate in Uncategorized. Tagged:

Salespeople must be good at relationship building.  That’s pretty obvious to anyone in the business.

The result of your skillful relationship building is that you have earned your customer’s and referral partner’s comfortable preference.  That’s your competitive edge.  All else being equal, you get the business.  In a world where the distinctions between your company and your competitors are growing less and less clear to your customer, your relationship may be your only real competitive edge.

Relationship building, then, is a key competency for success in our difficult economy.  The overriding strategy is to make yourself important to your customers and to your referral partners.  To earn this importance you will have to implement the following six rules for relationship building.

1) Give first

Reciprocity is one of the single-most powerful laws that govern human behavior for sales people.  People will act towards you the way you first act toward them.

In every meeting with a customer or referral partner, try to bring him something of value.  It can be an idea, like what someone else is doing with a product or service you offer.  It can be information about a new program or something you read in an industry journal, or a clipping from a trade journal with an idea your customer can use.  But, try at every meeting to bring something of value.

Your customers and referral partners begin to see you as someone other than “just a sales person.”  Rather, they see you as a valuable associate, someone who really understands their business and has their best interests in mind.

Next, they look forward to your visits, knowing that you’ll bring something of value with you.  After a while, they’ll take your calls graciously, and try to make time to see you.  Never take up their valuable time unless you have a legitimate, valuable item (valuable from their perspective) to discuss.

2) Avoid failure

Enemies don’t buy from you.  So, whatever you do, avoid making enemies.  Do just the opposite — make friends instead.  Making enemies is failure.  Don’t get thrown out.  Don’t aggravate people to the point where you make them an enemy.  Don’t be so strong and so pushy that you make an enemy.

Keep the door open no matter what.  The long-term relationship is always more important than the short-term sale.  No single deal is worth jeopardizing the relationship.

3) Reduce the risk of every decision

The biggest issue in the minds of your customers and prospects is risk.  Whenever you present them with a decision to make, they’re subconsciously thinking about risk.  It’s not just the money; it’s the social, psychological and emotional cost that is also at risk.

To see this issue from your customers’ perspective, you need to calculate the amount of risk that you expect your customers to take when you offer them an opportunity to say “yes” to you.  Then work to reduce that risk.  The lower the risk of the decision, the more likely your customer will say “yes.”

Here’s a simple exercise to help you understand this concept.  Draw a short vertical line.  At the top of the line write the number 100.  At the bottom, write the number zero.  Now on a scale of 0 to 100, where would you put the risk of buying a package of, say, disposable cups?  Close to zero, right?.

At the other end of the scale, when a young lady is in a crisis pregnancy, and she’s making a decision whether or not to release her unborn child for adoption, how big a risk is that for her?  Most people say that’s a 100.  It’s a lifetime of consequences for at least four people.  That’s very high risk.

Each decision you ask of a customer or referral partner carries with it a different degree of risk.  Think of the typical decision you ask of a customer, put yourself in his shoes, and see the situation through his eyes.  On the 0 to 100 scale, how much risk does he accept when he says “yes” to you?

Ask yourself what happens to that individual if you, or your company, messes up.  If the risk to that person is high, you need to work to reduce that risk.  If you want to build relationships, look at every time you offer something to your customer and ask, “How do I reduce the risk?”

4) Be remembered favorably

Try to end every interaction you have with a customer on a positive note.  And, that generally means with some kind of an agreement.  When you get into this mindset it’s not difficult to do.  For example, a customer may call with a documentation problem.  You say you’ll check it out and call back tomorrow.  You ask, “Will that be OK?”  When he says “OK,” you have reached an agreement, and you have ended the interaction favorably.  This constant positive ending is an important factor in building relationships.

5) Keep the relationship process moving forward

Your job, and your objective for every meeting, is to move people ever closer in a relationship with you.  Once you set your mind on the objective of continually moving people closer to you, you’ll find countless ways to do it.

However, if you never crystallize that as an objective, your relationship building will be happenstance rather than directed.

6) Operate with 100% integrity

Complete honesty is not only morally right, it is good business.  People deal with people they trust.  Complete honesty gives people reason to trust you.  Lie to a customer, and they’ll likely never forget it.

Integrity for a sales person also means that you do what you say you’re going to do.  You don’t make promises quickly, you never promise something of which you’re not sure, you never over-promise and you continually under-promise  Integrity means that you never knowingly recommend something to a customer that isn’t right for him.  Remember, the long-term relationship is always more important than the short-term gain from an individual deal.

If you’re going to build solid relationships with your customers, be someone who is worth their trust and their time.  Integrity gives you that standing.

 

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

Still Making Goals and Resolutions? Why?

Posted by Joel pate in Uncategorized. Tagged:

Holy frijoles, 2013 is already over!  How did you do?  How did those resolutions and goals you made at the end of last year work out?

Think about the word resolution — the root word is resolve.  What was your 2013 resolve?  What got in the way of achievement?

Personally, I am against traditional resolutions and goals.  And if my thinking bugs you, don’t be too concerned, you’ll soon be receiving a barrage of offers from various “experts” encouraging you to achieve goals this year and have your “best year ever” — the very same goals you didn’t achieve last year.

Most resolutions and goals set for the New Year are never achieved.  Reason?  They’re set emotionally, and they’re set without an understanding of the circumstances around the goal.  Better stated: Your circumstances.

For your 2014 (and all years to come) I have created an easy-to-understand, “achievement opportunity” formula.  Once you read it and a few of the details, you will at once see where your achievement opportunities are, how they may fit into your life, and how you can use this formula to make this coming year a raging success.

Here’s my formula: Situation + Opportunity + Objective + Why + Plan + Intentions + Responsibility = Favorable Outcome.

Stop Before You Start: Don’t make any resolutions for the future until you have defined your present situation.

Identify Your Big Picture: What’s going on in your life and your career right now?  What’s going on with your family, your money, your health, and your happiness?  Will your present situation help you achieve and encourage you to achieve?  Or will it be a barrier to achievement?  What are you seeking to accomplish in 2014, and what is your real resolve to make it happen?

What Can Be?  Identify, in writing, your opportunities.  Think about the opportunities that might change or enhance your present situation.  What triggers are you hoping to pull this year?  What mountains are you hoping to climb?  What hurdles are you looking to leap over (without knocking them down)?

Look for opportunities in places you may not be thinking about:

Key relationships

New social media strategies

Trends in your business

Technology shifts

Apps

Blogging

I think it’s also important to separate family opportunities from business and career opportunities.  Make sure you have a list for both.

Once you know where you are (situation) and you have identified how you can get from here to there (opportunity), then I recommend you make a 90-day game plan to achieve at least one of your opportunities.  Not a goal, an opportunity.  January, February, March.  Document why you want it, what you have to do to make it happen, and what you’re hoping the outcome of that plan will be.

Here are some details of the achievement plan and process:

Describe what the opportunity is, the objective that the opportunity creates, and why you want to take advantage of it and/or achieve it.

A Note About Your “Why:” All too often “why” you want something is left at a superficial level.  “To make more money” or “to support my family” or “to grow my career” — those are “surface whys” and may not provide enough incentive to achieve.  Once you identify the surface why, ask yourself why again and again until the real why appears.  “Why do I want to make more money?”  “Why do I want to support my family?”  “Why do I want to grow my career?”  Second and third levels of “why” will provide the real incentive to achieve.  Try it.  You’ll be amazed at your own answers.

Write a brief, 90-day plan of action.  It can be a few short paragraphs or even bullet points.  Writing the plan helps clarify your thinking, and solidify your determination to take action.

List and describe your Daily Intentions.  What do you plan to do every day to make this opportunity to achieve a reality?  Beyond resolution, it’s your resolve combined with your hard work.

Figure out the Daily Dose.  What do you have to do each day to keep the momentum rolling?

Come to the realization that in order to achieve, you must take total responsibility for the actions, the results, and the outcome.

Describe the outcome in more detail than you described your 90-day plan.  Make sure the “after achievement” is clear.

And then the hard part — do it!

Here’s my formula again — try it, it works: Situation + Opportunity + Objective + Why + Plan + Intentions + Responsibility = Favorable Outcome.

Follow my formula and my concepts, and you’ll take your achievement to a new level, a success level you’ve never attained before.  I hope you do.

Happy, healthy and wealthy New Year!

 

By: Jeffrey Gitomer, www.salesblog.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

8 Features of 2013′s Top-Selling House Plans

Posted by Joel pate in Uncategorized. Tagged:

There are clear trends in house plans, and they tell as much about new home marketing as they do about design.  Real estate professionals should be aware of these buyer preferences so they can better serve their customers and the new home builders with whom they work.  Here are the leading ones for 2013 based on sales from house plan subsidiaries of Hanley Wood, BUILDER’s parent company.  It’s a safe bet that 2014’s buyers will have similar interests.

1. They’re presented well.  It may seem obvious, but people gravitate toward an attractive presentation.  Sixty percent of the best-selling plans have photography, and the rest have high-quality 3D renderings.  Make sure your marketing materials match your customers’ high expectations.

2. Social media loves them.  The best-selling plans get pinned a lot.  Pinterest is a virtual scrapbook that many potential buyers are using.  If your company doesn’t have a Pinterest page, start a pinboard to showcase your homes’ special features.  Then promote your use of Pinterest to attract tech-savvy purchasers.

3. They’re ready for telecommuting.  Six out of 10 of the most popular plans have an office or a study, while others have living rooms that could easily serve that function.

4. The kitchen is everything.  All of the top plan layouts have kitchens that include islands and are open to the main living space.  It’s all about being social for today’s home buyer.

5. There’s still a place for formal dining.  Rumors of the dining room’s demise have been exaggerated.  The majority of the top-selling home plans — six out of 10 — have a dining room that is separate from the breakfast nook.  Will the space get used much?  Maybe not, but buyers still want it.

6. They’re mainly two stories.  Seven out of the 10 top-selling designs have two stories — a big reversal from last year when 80 percent were single-level designs.  But single-story living remains strong; a look at overall plan sales reveals an almost even split between one- and two-story homes.  And as our population continues to age, one-story homes should retain their popularity.

7. The master bedroom is on the first floor.  Nine out of 10 of these homes have a master suite on the first floor.  Parents with children enjoy the privacy, and empty nesters appreciate the convenience.  Accessibility will continue to gain importance in the coming years, so this trend is likely here to stay.  Consider including a flex room and a full bath near the master suite so parents can keep young children close by.

8. They’re bigger than in 2012.  The top-selling plans average 3,179 square feet, bigger than last year’s average of 2,646 square feet.  But when all plan sales are considered, the average drops to 2,443 square feet.  So what does it mean?  It’s easy to imagine how a slightly bigger home with excellent photography or a 3D rendering (an advantage that many small homes don’t have) can capture a lot of attention, leading to best-seller status even as the overall demand reflects a more modest trend.

Real estate professionals can build their business in 2014 by including new homes sales as a significant part of their sales strategy.  Understanding what new-home buyers want is key to developing and maintaining a strong relationship with local builders.

 

By: John Friesenhahn, www.builderonline.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