Archive for December, 2014

Build a Plan to Reach Your Goals

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This is the season when mortgage loan originators around the country focus on their goals for next year. If you are one of those originators, keep this absolute truth in mind: A goal without a plan is just a dream. Simply stating you want to produce $10 million in volume next year or $20 million or $50 million isn’t going to get you there. You must have a plan for the 12-month journey ahead of you. Your must detail the steps you need to take and the changes you need to make to reach your goals.
Did you meet or exceed your 2014 loan production goal? If the answer is no, I’ll bet you a dime to a dollar you didn’t have, or haven’t been following, any type of plan.
Of all the workshops I deliver, none is more important than the “Planning for Success” sessions I facilitate with groups of loan originators between November and January each year. We invest three solid hours dissecting each originator’s annual production goal and formulating a step-by-step plan for how they intend to achieve it. Participants walk away with a four-page game plan that includes 10 major elements of an effective loan production plan wrapped around their goal. More than that, originators in attendance fully realize the importance of a written business plan and that moving from a reactive and reactionary role to a more premeditated and proactive role can make all the difference in the world.
One of the most critical steps in that business plan is the first one: “Chunking down” their annual production goal into monthly (even weekly) lead- and prospect-generating activities. We call this “eating the elephant one bite at a time.” Here is a brief tutorial on how that works:
Step 1: Set your annual loan production goal. Consider what you originated during the past three years, work out an average, and look at the market opportunities and forecasts for the coming calendar year. What do you feel would be a realistic, yet somewhat challenging, goal to set for yourself to achieve in 2015? Don’t just pick a number out of the air or put down a figure that looks good on paper; choose a goal that is practical. Let’s assume you arrived at a 2015 loan production goal of $16 million.
Step 2: Discover your average loan amount. While you likely originated transactions at various loan amounts throughout this year, look at your company’s production reports or divide your year-to-date closed loan volume by your total units closed to get that number. Don’t guess! Precise numbers throughout this exercise mean an accurate answer at the end. Suppose you learn your average loan amount is currently running around $200,000.
Step 3: Calculate your unit goal. This is simple math. Divide your 2015 loan production goal by your average loan amount. In our example, if you set a goal of $16 million with a $200,000 average loan amount, you’ll need to fund 80 loans next year.
Step 4: Determine your conversion rate. Conversion rate measures how many loan applications you take and register as “real deals” that actually reach the closing table. No originator has a 100% conversion rate; everybody experiences some fallout. Again, it’s highly likely you or your company keeps a report on this. Add up how many loans you’ve closed year-to-date (along with those deals cleared to close before year’s end) and tally the total number or loan apps you’ve taken. Divide the closed loans by your loan applications. That’s your conversion rate. Let’s say you find you’ve taken 75 loan apps this year and closed 60. Your conversion rate is 80%. So, to close 80 loans in 2015 you’ll need to take 100 loan applications.
Step 5: Conclude your capture rate. Capture rate measures how many pre-qualifications or pre-approvals you execute that move forward into real loan applications. We know that some borrowers don’t qualify, some aren’t ready to buy, and others end up going elsewhere for their home loan. Since it’s required that you run a credit check to perform any legitimate pre-qualification or pre-approval, study your 2014 records and reports to see how many times you’ve pulled credit this year. Imagine you verify that you’ve pulled credit 150 times this year to net your 75 loan applications. That’s a 50% overall capture rate. Considering your 2015 plan to take 100 loan applications with a 50% capture rate, you must pull credit for a pre-qualification or pre-approval a total of 200 times.
Step 6: Realize your monthly (or weekly) goal. Completing this example, if you need to conduct 200 pre-qualifications or pre-approvals next year, you’ll need to run 16 to 17 prequals a month (200 divided by 12). That means you’ll need to generate 16 to 17 prospects consistently every month — or if you choose to break that down even further, four to five prospects each week, or about one prospect per day.
When you come to work every Monday morning, don’t dwell on funding $16 million or closing 80 loans or taking 100 loan applications. Focus instead on your weekly goal of four to five prospects. If you land four to five potential borrower prospects a week, you’ll reach or exceed your goal of $16 million. That’s how the numbers work and how you eat the elephant one bite at a time.
When you are finished with this exercise, you’ll clearly see what it’s going to take to reach your 2015 production goal. If you recognize that your weekly or monthly prospect number is completely unattainable, ratchet down your annual production goal and work the numbers again. It makes absolutely no sense to start out the year with a goal you don’t have the ability to achieve. Goals should challenge you, but they should be realistically reachable in the end.
A new year is right around the corner. Do you know where you are going? Do you know what it will take to get there? Smart, successful and forward-thinking loan originators do.

By: Douglas Smith, 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

Top Real Estate Banner Advertising Dos and Don’ts

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Over the years, I have seen hundreds of slogans, catchphrases, “me, me, mes” thrown on shopping carts, billboards, business cards and now websites. They offer “branding,” they “get your name out there” — sure, I agree. But do they get results? Do they make your phone ring?
Dare I say, the typical broker/agent banner leaves a lot to be desired; it is easily ignored by today’s savvy online consumer and bored GenX/GenY web shopper. Therefore, I have come up with a few ideas on how you can improve your ads.
Look, I know it is tough to believe; I mean what consumer does not want a “Platinum Award Winner?” What consumer would not want “an agent to ‘b’ trusted” (I swear it was spelled that way)?
So let’s first look at the five things you should not incorporate into your advertising.
Top 5 Online Banner Advertising No-Nos:
1. “I am number one” — or any variation thereof. Who care? It means nothing because, among other reasons, there is no context. Sure, other agents may know, but are you number one in the county, the city, the state or number one in selling single family ranch homes over 200 acres? It means nothing; you need something concrete, something that will compel the consumer to think you are different. Everybody is number one in something, so change the tune!
2. Reelly bad speling — Please have others read your ad, your tag line, etc. If you can’t write a proper tag line, how can you be expected to provide proper care and consideration when dealing with your clients’ most important decision of their entire lives?
3. High school graduation photos — or photos not from the last decade. I mean, do you really think your client believes that the suit you have on is from 2005, not 1975? Please! If you must use a photo, make it recent. But even using a photo is sort of optional in my personal opinion.
4. “Because we REALLY care” — or other similar slogans that just mean nothing. Use a phrase that has some oomph, that means something. Generic marketing terms are DONE. Gen X/ Gen Y just do not care.
5. My photo is bigger than your house — Sure, personal branding is important, but nothing makes the phone ring like a well-priced house. Think how much more you could put in the ad if you took your photo out, or made it smaller, and made the property or your message more compelling. Hey, how about using a listing as your banner ad?
Now, let’s take a look at five good ideas when developing your banner ads.
Top 5 Online Banner Advertising Tips:
1. “I helped 30 families in Clarkstown find their home in 2007; can I help you?” — Nuff said! It is concrete, means something, is tangible and verifiable.
2. Keep it short and sweet — You have a limited amount of space, so make the most of it; less is more.
3. Proof of your recent success — Photo of your clients, and their home, maybe a closing date? Your last deal?
4. Experiment with geography — Mix and match the city, zip code and neighborhoods. This way you can adjust your strategy based on the metrics.
5. Slogans that aren’t all fluff — have a call to action:
Results, GUARANTEED! Click here to learn about our sellers’ guarantee.
Do you want your home sold? Or do you want it bought? Learn the difference; click here.
Have your home found online, offline and everywhere in between with our marketing system; click here to learn how.
The web is not print; the conversation can continue. You do not need to say it all in the advertisement. Create curiosity, drive the consumer to your site and please have something to offer them when they get there, other than a sign-up form. The banner unit is not merely meant to sell you, or to just get your name out there, as much as it is there to drive targeted future clients to your site. So ask yourself “What can I say or show to my target consumer to have them come to my site and learn more about me”?
I hope 2015 is a great year for your marketing and your production!
By: Pierre A Calzadilla, 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

HUD Secretary Julián Castro at C.A.R.’s Inaugural Real Estate Summit

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An audience of nearly 300 real estate executives and practitioners, industry stakeholders, economists, and policymakers gathered this month in Los Angeles for the inaugural Real Estate Summit: Partnering for Change in California, which featured a keynote speech from U.S. Secretary of Housing and Urban Development Julián Castro. Convened by the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.), Secretary Castro, along with other industry thought leaders, exchanged ideas and solutions about housing affordability, California’s infrastructure, consumer trends, and foreign investment challenges.
Notably, Secretary Castro’s speech signaled a shift in tone at HUD about opening the doors of homeownership to every American who’s responsible and ready to buy following a period of constrained access in response to the financial crisis. Castro and other speakers at the invitation-only event directly addressed a variety of pressing issues related to real estate, homeownership, and the economy.
“While we are considered the ‘golden state,’ our state of affairs is facing many challenges,” expressed C.A.R. President Chris Kutzkey. “Having Secretary Castro shed light on the U.S. housing situation created a forum that allowed the top economists in our state, along with policy makers and CEOs to share ideas, exchange viewpoints, and challenge possible solutions with the goal of moving the needle to solving some of these issues.”
Castro’s remarks were the centerpiece of a variety of viewpoints offered by dozens of influential policymakers, business leaders, and top real estate economists from partner institutions.
Castro addressed the need for housing finance reform and expanding access to credit, particularly for communities of color because lending to minorities is at a 14-year low after they were the hardest hit by the economic crisis. He added that it’s time to remove the stigma from promoting homeownership and wants to make helping responsible people buy their first home one of his top priorities. “The pendulum has swung too far in the other direction, and now we’ve got to move the market back to a point that balances opportunity with responsibility,” Castro said.
“When I talk about helping more responsible borrowers access credit, it doesn’t mean returning to the lending abuses of the past. We are talking about helping families who are recovering from the great recession — and doing everything right — rebuild the American dream.”
“One of the factors holding back the market is that many folks are feeling unsure about their financial security,” said Castro. “Young people today are using their money to pay off loans rather than save for a down payment. If we help them prosper, our housing market will prosper.”
Castro continued to emphasize the challenges and possible solutions in lending practices toward minorities, President Obama’s housing agenda, the Federal Housing Administration, and housing finance reform.
C.A.R. Chief Executive Officer Joel Singer set the stage for the day with a brief discussion about the state of California’s housing market, saying that in 1976 California was more affordable than the nation as whole, but in the past 20 years, affordability has dropped more steeply than the nation. “The housing market has slowed down in areas where we saw a strong recovery, and even with interest rates around 4 percent, the demand for housing is less than we anticipated due to diminished housing affordability,” said Singer.
In four separate panel discussions, top real estate leaders and economists also addressed four key subjects, including housing financing and homeownership; the impact of foreign investment; changing demographics; and the state’s aging infrastructure.
Key to the homeownership discussion was the impact of the younger millennial generation — members of which are delaying marriage, preferring the flexibility of renting and who no longer see homeownership as a primary aspiration. “We have to offer a cautionary note about homeownership,” Stuart Gabriel, director of UCLA’s Ziman Center for Real Estate said. “We have a lot of recent evidence that low down payment mortgages won’t work well. We want mortgages and a housing finance system that perform.”
Foreign investment panel discussants agreed that the influx of foreign capital is one the strongest drivers of real estate. “While many of us here see our market as soft, from an international perspective, we have a very strong marketplace. As a result, international investors — such as those from Canada a year ago and more recently Chinese investors, who in the past year have invested $22 billion into our housing market — see the U.S. as a strong, stable, and in fact, undervalued market,” said Richard Green, director of USC’s Lusk Center for Real Estate. “As a result, they see it as a safe place to invest their money.”
To view video of Castro’s full remarks as well as each of the day’s four panels, visit the Real Estate Summit website at: http://centerforcaliforniarealestate.org/events/summit.html

By: www.car.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

5 Common Mistakes to Avoid after Hospitalization

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You’ve done everything you can to make sure someone you love gets the best possible care in the hospital. But once he or she is ready to be discharged, your duties aren’t over. In fact, you may find they’re just beginning.
Whether your loved one’s care takes place at home or in a rehabilitation or skilled nursing facility, there are many, many decisions to make, both in the beginning and as time goes on. And how you handle post-hospital care can make an enormous difference in your loved one’s long-term recovery — and in whether or not he or she ends up having to return to the hospital. “A high percentage of people discharged are readmitted within 30 days,” says geriatric care manager Kay Paggi. “Often it’s because they don’t read the discharge instructions, don’t understand them, or can’t comply with them.” Here, the 5 most common pitfalls, and how to avoid them.
Mistake 1: Underestimating How Long Recovery Will Take
When it comes to health issues, we tend to be overly optimistic, experts say. As we get older, we don’t recover from illness and injury as quickly. There also tends to be an assumption that recovery means getting back to exactly how we were before. But that’s not necessarily the case, at least not right away. For certain conditions, rehabilitation can take much longer than either patients or their caregivers may expect.
Mistake 2: Overestimating Your Ability to Care for Your Loved One Yourself
When you feel a strong sense of dedication to someone else’s well-being, it’s natural to feel called upon to care for them yourself. But overestimating what you’re capable of can actually hurt your loved one’s chances of making a full recovery. Ask yourself these questions:
Are you — or is someone you trust — available to be with your loved one all or most of the time for the first few weeks after recovery, and possibly longer? Even someone who seems fairly strong and independent will be safest with constant supervision, at least for a week or two.
What are your other responsibilities (work, children, etc.)? Can you manage caregiving without neglecting other essential tasks?
Can you manage all facets of caregiving, or will you need help?
If you’re going to need help, do you have someone you trust — who’s truly available?
How are your own health and strength? Can you manage caregiving without ending up in the doctor’s office yourself?
Mistake #3: Choosing to Recover at Home When it’s Not Safe
There are a host of issues to look at if your loved one hopes to return home to recover. Review discharge instructions carefully to see if you need special equipment, such as oxygen or a bed that can be raised and lowered. If your house has more than one floor, you may need to reconfigure furniture so your recovering loved one can sleep and use the bathroom on the ground floor. Bathrooms may need rails and other safety equipment, and you may need to reorganize the kitchen so she can reach food and utensils. If your loved one’s illness has left her weak or vision-impaired, you’ll need to reconfigure the house to remove excess furniture and rugs to decrease falling risk.
Mistake #4: Expecting Too Much Independence
After any type of physical injury or surgery, there may be a great many tasks someone can’t do for themselves, from buttoning clothes and opening cans to getting in and out of bed safely. If an illness or injury has left your loved one weak, simply getting around can be a challenge. Many medications prescribed post-hospitalization may cause dizziness, increasing the risk of falling. And if driving and using public transportation are out, someone can become isolated, lonely, and depressed.
We lose body strength with every day of immobilization, so someone who’s been hospitalized for more than a few days may need time to regain strength. And for older patients, this process may be very slow. “If an elder is in the hospital three days or more, they lose the majority of their ability to function,” says Paggi. She also points out that Medicare will pay for rehab if you’ve been in the hospital for three nights or more, which is one more reason to make sure you or your loved one isn’t discharged too early.
Mistake 5: Not Following Through on Rehabilitation
Your goal is for your loved one’s discharge to be permanent; often that’s contingent upon getting all the care they need — including some type of rehabilitation. But not carefully heeding discharge instructions is more common than not, experts say. It can be hard to get to follow-up appointments and to keep track of required tests. And while physical therapy is essential for full recovery from many illnesses and injuries, the majority of patients fail to fully follow through. According to one study, more than 70 percent of patients fail to follow recovery plans if they’re “complex or require lifestyle changes and the modification of existing habits.” That means only 30 percent of patients actually fully comply with doctor’s orders.
It’s all too common for patients and family members to focus on “getting back to normal” when that’s not a realistic goal, or at least not for a long while. “People tend to assume the cause of the hospitalization is fixed or cured, meaning they can go back to the way things were before,” Paggi points out. But in many cases there remains a chronic underlying health condition that has to be managed. “Frail elders rarely return from a long hospital stay or illness back to the same health they had before it,” she says.
So what to do? Take it slowly, be realistic in your planning and expectations, and get the best possible care you can. If you’re over 65, the good news is that Medicare covers inpatient rehabilitative care as prescribed by your doctor if it involves at least three hours of therapy a day. Medicare also covers rehabilitation on an outpatient basis, including physical therapy, speech, and occupational therapy.

By: Melanie Haiken, www.caring.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

A Good Reason To Laugh

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Neighboring graveyards aren’t always viewed as a selling point by most buyers. But Mary Shelsby, a real estate professional with RE/MAX Realty Group in Pittsford, N.Y., promoted it on a For Sale sign rider. The sign read: “Quiet neighbors across the street!” “The buyers bought the house specifically because of the cemetery — it’s now their favorite place to walk their dog,” Shelsby says.
Research has shown that one of the best ways to improve customer relationships is to get ’em to laugh. Customers are more likely to want to work with a real estate professional with a good sense of humor, according to a study by Baylor University’s Keller Center. The study also found that a good sense of humor can be a boon for your reputation.
According to author Karyn Buxman, “humor can be really helpful in making sales and developing relationships.” Buxman speaks to businesspeople in many industries, including real estate, about the benefits of humor in the workplace. “But you can’t just let humor happen by chance. Be strategic. Think of humor as a resource in your toolbox, not one that accidentally falls out every once in a while.”
Buxman says humor has been shown to deflate stress, ease tension, create more memorable marketing messages, and improve rapport. It can also help diffuse a difficult client by getting them off balance for a moment while you regroup to address their needs or concerns.
But is Real Estate Actually Funny?
Relationships can get tense in the home-buying and home-selling processes. Clients are often stressed and frustrated. But is laughter really the best medicine?
Real estate broker Herman Chan with Sotheby’s International Realty’s LuxSFHomes.com in the San Francisco Bay Area promotes his business as “real estate with a punch line.” He created a video blog about real estate and home design called “Habitat for Hermanity,” which pokes fun at the real estate business while empowering buyers and sellers with real estate tips. The humor-laced messages helped Chan become a real estate personality who writes columns for media outlets like the San Francisco Chronicle and has been featured on HGTV’s “House Hunters” and “My House is Worth What?”
“Consumers nowadays are socialized to receive information with humor.” Chan says having a sense of humor is especially important for blogging and social media strategy. He has more than 35,000 Facebook and Twitter followers.
Some real estate pros take an offbeat approach to differentiate themselves in a packed field. For example, a video ad from the Harris Group in Vancouver, B.C., featured a fictitious agent named Gary Schlitz, ostensibly the worst real estate agent ever. In the video, Schlitz shares one of his best ways to promote his real estate business: “Ever hear about whisper marketing? I go around to high-market areas and whisper my name, Gary Schlitz, to passersby on the street. That generates a lot of hits every once in a while. And once I get a phone that will work out a lot better.”
The take-home message at the end of the video: Don’t get stuck with that guy. The Harris Group will connect you to a real professional.
Shelsby says humor is an important trait to have in interactions with customers, too. “Everyone knows how stressful buying or selling a property can be. So I will crack a joke, be a little silly, or do whatever it takes to get a smile and a deep breath out of my clients. People make better decisions when they are relaxed, and what is more relaxing than a good giggle?”
Can I Be Funny?
You might think you don’t have anything funny to say, or that by cracking a joke you’ll run the risk of looking unprofessional. Or maybe you just don’t see the humor in your local market. But you don’t have to be David Letterman to be successful at adding humor in professional interactions, Buxman says. “The strategic use of humor means more than cracking a few jokes. It’s a systematic way to approach every single aspect of your career. Learning how to identify the lighter side, and using humor to bolster your emotional reserves, will make you happier, too.”
Buxman says the first step is to change the way you filter your experiences, and start seeing the humor you might be missing all around you. “Part of discovering humor is playing with your mind-set,” she says. One of the most overlooked places for humor is pain or stress. Next time you’re having a tough day, ask yourself, “How could this be worse?” In order to answer the question, you may find you need to exaggerate the situation to the point of absurdity. That can both bring you humor and help put things in proper perspective, Buxman says.
Overcoming Fear of Humor
Whether you’re a comedic genius or a joke-cracking novice, the worry that no one will laugh at your punch line is universal. Thankfully, there are a few ways to lower the pressure.
First, keep your jokes short. Buxman says one-line jokes get a chuckle more easily and people are more quickly satisfied. If you tell a five-minute story, there’s more expectation for an epically funny pay-off.
Always avoid race-, religion-, or gender-based jokes and any humor that makes light of serious violence. Also, you should always carefully consider your relationship with the recipient of your humor to decide whether it’s appropriate. If someone you’ve been working with for years ends up not finding your attempt at humor funny, they’ll probably get over it. But, “if you’re meeting a customer for the first time, using humor inappropriately will likely damage or ruin that relationship,” Buxman says. “The stronger the relationship, the riskier the humor can be.”
“When you poke fun at yourself, you show yourself as more human, so the listener often feels safer to share and develop a rapport that strengthens your relationship,” Buxman says. “The humor diminishes any perceived hierarchy, and the client feels more open to participate in the fun.”

By: Melissa Dittmann Tracey, www.realtormag.realtor.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

Republicans Expected to Use New Majority Power to Push for CFPB Overhaul

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The U.S. Midterm Elections have been over for more than a month now, and Democrats are circling the wagons to protect what will certainly be a top priority on the Republicans’ list of changes to make — the Consumer Financial Protection Bureau (CFPB).
Republicans have hinted, some not-so-subtly, that the Bureau is in need of reform, and they intend to do just that now that they have a majority in both the House and the Senate. It is widely speculated that financial regulation overhaul, which includes the CFPB and the Dodd-Frank Wall Street Reform and Consumer Protection Act, along with Obamacare will be two issues Senate Majority Leader Mitch McConnell (R-Kentucky) and Senate Banking Committee Chair Richard Shelby (R-Alabama) will go after first when they take their new seats in January.
The CFPB was created in 2011 from the controversial Dodd-Frank Act, which was passed by the Obama administration in 2010. The Bureau’s stated mission is to “make markets for consumer financial products and services work for Americans — whether they are applying for a mortgage, choosing among credit cards, or using any number of other consumer financial products.” In carrying out this mission, the CFPB has penalized financial institutions to the tune of millions and millions of dollars, including levying a $37.5 million fine to Michigan-based bank Flagstar in September and a $2 billion penalty against mortgage servicer Ocwen in late 2013.
Penalties like these and CFPB Director Richard Cordray’s declaration that the Bureau will “vigorously enforce” new mortgage servicing rules have caused many Republicans to believe the Bureau embodies overreaching bureaucracy — too powerful because it is not accountable to Congress.
In an editorial in the Wall Street Journal in July, Senator Richard Shelby (R-Alabama) lamented what he believed to be a lack of accountability on the part of the CFPB, openly questioning why a single director heads the bureau when the Federal Reserve, the FDIC, and the Securities and Exchange Commission are all led by boards. Congressman Jeb Hensarling (R-Texas), Chair of the House Financial Services Committee, expressed his disdain for the CFPB in an interview with the Wall Street Journal shortly before the recent election. Hensarling called the CFPB an “unaccountable federal leviathan” in the interview and wondered why the Bureau is not accountable to Congress or any government agency despite being funded by the Federal Reserve. And, Hensarling added, only the president can remove the Bureau’s director — and even the U.S. Supreme Court has to defer to the CFPB’s decisions.
Republicans know that making significant changes to the CFPB will be a difficult measure. The politics of restructuring an authority with the words “consumer” and “protection” in the title are tough if not handled correctly. Barney Frank, one of the chief architects of the Dodd-Frank Act, recently told MSNBC’s Chris Matthews that he sincerely hoped that the Republicans would “come after” the CFPB because doing so would certainly mean a backlash from the American people. The campaign commercials with big bank CEOs lighting their cigars with $100 bills write themselves.
The reforms proposed now are aimed at curtailing the Bureau’s power by replacing Cordray, the Bureau’s director, with a five-member board and giving Congress control of the Bureau’s funding. The key for McConnell, Shelby, and Hensarling, and the rest of the Republican caucus will be to make the case that the administration has over corrected and gain bipartisan support.
It has been widely speculated that GSE reform will also be near the top of the Republicans’ to-do list. But if the Republicans want changes, they will need some Democrats to get on board in order to achieve the 67 votes that will override a possible presidential veto.

By: Brian Honea, www.dsnews.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

Pipeline or Pipe Dream? Building a Referral-Based Business

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The road to a larger pipeline — more business, more referrals and more money — is paved with hard work. This includes being friendly, looking out for your clients’ best interests and not your own, marketing constantly and always asking for referrals.
Think about when you got into the mortgage business. What did you know then versus what you know now? What did you do to get business then versus what you do now? Surprisingly, many originators struggle to answer these questions.
Below is a simple roadmap that you can follow to build your business one step at a time. It makes no difference whether you are a 20-year veteran or just a beginner: To build a bigger pipeline, you have to start with a plan and develop your knowledge.
Learn the ropes
First, you need to learn what makes a good loan — that is, how to put one together and get it successfully through your system. So, read your company’s guidelines. Know if your client fits within the box of the type of lender or loan you can work with. The more loans you work on, the more you’ll learn what can or can’t be done, and the better you will get.
Second, always look for ways to really help your clients. They may not be able to get exactly what they want, but if you can find some type of financing that will get them from where they are to where they want to be you will have a client for life. That’s what you are after: Clients who rave about you and would refer you anytime to anyone.
Can you help everyone today? No, of course not. Sometimes the best answer you can give your clients is to stick with what they have, even if it’s just for now. Guide them through the basics and show them that, if they do X they can get Y, and then the end of the road often becomes visible. Build trust by listening, empathizing and caring about those who are entrusting you with something nearly as important to them as their very lives.
Watch, listen and learn
In many businesses there’s an old adage that says: “The harder you work, the more you make.” In the mortgage business, however, a better adage would be: “The more people you help, the more you make.” It’s not about the money; it’s about having heart and empathy. It’s about helping others.
The money comes with it, of course, but the goal of our industry is to help people. Help your clients get into that house of their dreams. Help them refinance to save money or pay for college or get through that divorce. Find their story and help them get to the end of their road, wherever that may be.
The biggest key to success in the mortgage business — and in many others– is to answer every phone call and try to help your clients, if at all possible. If a loan has merit, work it and don’t take “no” for an answer. If you care more about the end result for your client than counting the dollars of your commission, you will be successful in this business for a long time.
To get clients through the maze we call lending, you’ll need the help of a great support team, time-management skills, reliable database management and constant contact with your team, your clients and your third-party service providers. Once you come out on the other side of that maze, you’ll have bonded with your clients and become friends. In this business, the more friends you have, the more successful you will be. You can ask friends for referrals because friends help friends.
Build a referral-based business
A referral-based business is worth the time it takes to build. Would you rather buy a list of anonymous names, cold call your way through some old database and spend days knocking on doors, or would you rather stay in touch with people you’ve helped and try to help their friends?
This may sound easy, but most people don’t keep good track of their clients. Why? Because it takes time, effort and work. If building a referral-based business were easy, everyone would do it. Along the way, you will fail, but failure leads to learning, and learning leads to success. You can become an expert in any field as long as you learn from your failures.
At the end of the road, you can open your e-mail in the mornings and already have clients waiting for you — referrals from past clients asking you to help them. That is how referral-based business works.
Turning your pipe dream into your pipeline takes knowledge of what you can and cannot do, good communication skills (watch, listen and learn), and the ability to turn clients into friends and friends into referrals. So, put together a good team, devise a plan and learn how to market yourself; soon you’ll be on the road to the pipeline of your dreams.

By: Karen Cimera, www.scotsmanguide.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

I Feel Your Pain

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If you’ve ever witnessed two people commiserating over a shared situation, you probably noticed the immediate bond this can create. It’s why mothers love to share pregnancy stories with each other or quips about how bad their babies slept. It creates a sense of relief. Remember the old “misery loves company” saying?
It should come as no surprise then that pain — or more specifically, recognizing and empathizing with pain — is a common way to connect with your customers and prospects.
But it’s really quite rare to see a brokerage address the common pain points or worries of buyers and sellers in their marketing materials or on their websites. For instance:
Am I pricing my home too high or too low?
How do I figure out everything I need to know about mortgages, insurance and closing?
I don’t want to get ripped off.
I’m anxious and worried about moving — and so is my family.
Real estate marketing rarely exhibits empathy that directly addresses consumer pain, yet real estate transactions are wrought with it. Why is that?
Now that listings information is ubiquitous, addressing and alleviating pain in the process should be a big part of the industry value proposition. Yet, when we do see declarative headlines on brokerage websites, for example, they tend to address only home search. “Find your next home;” “Search all the homes in Los Angeles;” etc.
This is a missed opportunity for brokerages to connect with buyers and sellers in a way that is uniquely theirs. Granted, the search portals and MLSs are places to find homes, but the brokerage is a place to get help owning that home. It’s an important distinction in the value chain.
What could that look like in the headline of a website or an ad? Here are a couple of examples:
“No pressure. No surprises. We’re here for the hard stuff.”
“Drama-free home buying and selling — it’s our specialty.”
Of course, these are each a bit generic in their own right. But you get the point.
Even better would be to use an actual statistic that helps to address these pain points. For example, maybe you or your brokerage have a superior list-to-sale price ratio. Or maybe 95% of your transactions close on time. Maybe 100% of your customers come back to you for their next move.
Brokerages could also use this approach when writing copy for their agents. Think about their pain points around leads, marketing and broker value and address them with friendly copy or hard statistics.
Good copy matters in business
OK, but why? A line of copy may not seem like it’s make-or-break, but when done right it can enhance your brand and help your market clearly understand what makes you different and what’s in it for them.
Copy can also increase your conversions by enticing visitors to take action.
If you can show your prospects that you understand where they’re coming from, that you are sympathetic to the pains they have when it comes to buying and selling homes, you’ll start them off with a good feeling. That good feeling is where trust begins. And trust earns business.
Next time you’re redesigning your home page, working on a marketing piece or writing an ad, think about this: Buying and selling a house can be painful. It’s time-consuming. You don’t really know, going in, exactly how it’s going to turn out. You could lose money. The loan process and closing are confusing and sometimes frustrating. Moving sucks. And few people fully trust their lender and agent at the beginning.
Show them you get it. Show them you feel their pain.

By Jessica Swesey, www.1000watt.net

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

Moving The Homeownership Needle

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As someone who has long believed in the power of homeownership both as a wealth-building tool for families and as a way to strengthen our nation’s communities, the latest homeownership figures from the U.S. Census Bureau were a bit of a jolt.
According to the Census, the national homeownership rate now stands at 64.4 percent, the lowest level in more than 19 years. Continuing to fall were the homeownership rates for African-American and Hispanic households (now at 42.9 percent and 45.6 percent, respectively) as well as the rate (now at just 59.1 percent) for those households headed by someone between the ages of 35 and 44.
More unsettling news came when the NAR reported that, in 2014, the share of total home purchases by first-time homebuyers fell to 33 percent, the lowest level since 1987. The Realtors cited student loan debt, tight credit conditions, high mortgage insurance premiums, and lack of affordable inventory as obstacles facing those entering the ownership market for the first time.
Some observers speculate the homeownership rate will continue to decline for the foreseeable future and reach a “new normal” — perhaps as low as 60 percent. Others insist the decline will bottom out shortly.
For me, the most important question is not whether and when the homeownership rate will find its equilibrium, but rather what steps are necessary to make sustainable homeownership more broadly available.
Of course, the most effective way to support homeownership is with a strong economy that produces plenty of good-paying jobs. Greater employment opportunities and rising incomes will allow would-be homeowners to more easily accumulate cash for a down payment and meet today’s tougher underwriting standards.
With the elections now over, it is critical that Congress and the administration work together to implement pro-growth economic policies. Reform of the federal tax code would be a good place to start, and it appears there is bipartisan interest in Congress to take on this challenging task.
Fortunately, there are other, perhaps more easily achievable, steps available to help move the homeownership needle.
First, the Federal Housing Administration (FHA) should assess whether to reduce its up-front and monthly mortgage insurance premiums. Understandably, these premiums were raised several times from 2008 to 2013 in response to the precarious financial condition of the FHA single-family insurance fund. For the typical mortgage, however, these actions have resulted in thousands of dollars in additional fees that have priced many creditworthy families out of homeownership. In addition, HUD has extended the insurance premium requirements to the entire life of an FHA-insured loan, even when the loan-to-value ratio has dropped significantly. In light of the latest actuarial report showing an improvement in the insurance fund’s financial condition, the FHA should evaluate its current premium requirements to see whether any changes are in order.
Second, as explained in a previous post by my BPC colleague Henry Cisneros, the Federal Housing Finance Agency has recently proposed new reforms to the Representation and Warranty Framework governing mortgage “put backs” by the GSEs. The FHA is also in the process of clarifying the circumstances under which it will pursue indemnification claims. Concern about the meaning and application of these rules has encouraged many lenders to impose “credit overlays” that have made it tougher to qualify for a mortgage. The actions by the two federal agencies have real credit-easing potential. The key will be to ensure that the momentum continues.
Third, we need a better understanding of the impact of student loan debt on the homeownership prospects of younger adults. From 2005 to 2013, the average student loan debt carried by those under age 30 rose by 60 percent. During this same period, the homeownership rate among younger adults dropped significantly. What is the correlation between these two trends and what corrective actions can be taken?
Fourth, in communities throughout the country, “hybrid” homeownership models, including shared equity approaches involving the use of land trusts, have safely opened the door to homeownership for lower-income Americans. Greater attention should be given to these success stories with an eye to replicating them elsewhere.
Fifth, a growing body of research, most recently a study by the Federal Reserve Bank of Philadelphia, shows that pre-purchase housing counseling can help improve borrower creditworthiness and reduce delinquencies. While housing counseling alone will not solve the access problem, it does enhance the sustainability of homeownership, benefiting borrowers and lenders alike.
And, finally, let’s not forget that regulatory uncertainty continues to plague the mortgage market. While federal regulators took a step in the right direction by aligning the “qualified residential mortgage” rule with the “qualified mortgage” rule, many unanswered questions remain — most notably, the status of the GSEs and the future architecture of our nation’s housing finance system.
As generations of Americans can attest, homeownership, when responsibly undertaken, can be a powerful wealth-building and community-strengthening tool. As we move from recession to recovery, supporting the homeownership aspirations of the American people should be an important objective of our nation’s public policy.

By: Mel Martinez, www.bipartisanpolicy.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

Get Ready For High Deductible Homeowner’s Insurance

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Two years after Superstorm Sandy, State Farm agent Jen Dunn is busy explaining new insurance math to her customers in upstate New York. Instead of the dollar-amount deductibles they have been used to for years, she is now writing their policies based on percentages. For many, it means turning the typical $500 deductible into 1 percent of the insured value — for a $250,000 house, that means a gasp-producing $2,500.
“My clients who have been offered this initially say, ‘I don’t like this,’” Dunn says. But then she explains that the higher amount is usually offset by a lower annual premium. If they go years without a claim, they can save in the meantime.
Jason Corbett, 39, who lives in central Georgia, is using a 1 percent deductible. Because Corbett’s rural home is valued at slightly less than $200,000, it was a better deal than a flat $1,000 deductible. The difference between the two deductibles was only a couple of hundred dollars. However, he saved money by lowering his premium, so over time the difference in his out-of-pocket costs will be negligible.
State Farm, the largest U.S. property and casualty insurance company by market share, says a “significant” number of its policies now have percentage deductibles. Other carriers, like Allstate Corp, USAA and Nationwide, also offer the option to consumers in certain states, but the prevalence is not yet tracked nationwide. The practice is near-universal in Texas at this point, according to that state’s insurance office.
Here are seven things you need to know about a percentage deductible policy:
1. Do not be afraid of high deductibles
You might be used to $500, but a higher deductible could actually be better for you.
“It’s a very smart move to buy high deductibles if you can afford it,” advises J. Robert Hunter, director of insurance for the Consumer Federation of America.
The main reason? Every claim you make against your homeowners insurance can raise your rates. One claim pushes it up an average of 9 percent and two claims will raise it by 20 percent, according to a recent study by InsuranceQuotes.com. So you want to pay out of pocket for small claims anyway.
2. The 1 percent deductible is not a percentage of your loss
The new terminology makes people think of health insurance, but homeowner claims do not work that way, says Jim Gavin, director of insurance information services for the Independent Insurance Agents of Texas trade group. Rather, the out-of-pocket deductible you have to pay before the company will cover any claims is based on a percentage of the insured value of your home — which is not the market value or the appraised value, but the cost of replacing your home should it burn to the ground and need to be rebuilt.
For example: if a kitchen fire damaged your $250,000 home with a 1 percent deductible, and it cost $5,000 to repair the damage, you would receive a check from the insurance company for $2,500 after paying the other half yourself.
3. Your out-of-pocket costs will regularly increase
Your $500 deductible stays flat forever, but a percentage deductible will go up incrementally over time as the insured value of your home rises.
Some homeowners may not even notice this, like Will Harvey, 34, of Tyler, Texas, who is five years into a 1 percent policy on his home. “If it went up, it wasn’t enough for me to remember it,” he says.
4. You will still have other deductibles on top of the basic rate
Many homeowners have add-on clauses like a 5 percent hurricane deductible that is common in coastal areas, or 2 percent for wind and hail damage. Many states require separate coverage for earthquakes and floods.
Those all still apply on top of the basic coverage for fire and theft. So if you have any damage that is caused by a specified risk, you will have to pay out of pocket first for that.
5. Your might be able to pay down your percentile
If 1 percent is too much for you, you may have the option to accept a higher premium to lower out-of-pocket costs — going from 1 percent to half a percent or some other fraction. The value to you depends on how much your house is worth and how much you can afford to pay out of your savings if something goes wrong, says State Farm’s Dunn.
6. You can still shop around
Some carriers still do things the traditional way. Texas insurance agent Criss Sudduth says the customers who might benefit more from a flat-fee policy are those whose premiums do not actually go down despite the percentage policy — either because the weather risks are too high or because their personal credit is bad.
7. You should still figure out your dollar amount
After years of hearing complaints from consumers who are confused, the Texas legislature passed a bill recently requiring carriers to explain what the percentage deductible translates into, in dollars.
In other states, if your carrier does not do this, you should find out the information yourself and write it on your declarations page.

By: Beth Pinsker, www.reuters.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