Posts Tagged ‘loan’

Want to Grow? Learn to Let Go

Posted by Joel pate in Leads, Sales. Tagged: , , , , , , ,

Let me guess, you’d like to make more money in 2014.  Right?  It seems every originator, no matter how successful, is always looking to close more loans and earn more income.

Raising your results from where you are now to where you would like to be (or should be at this stage in your career) is a goal that can be readily achieved.  More sales contacts, more personal marketing, more follow-up and more quality referral partners will generate more leads, more loans and more money for you every month.  But before you start to move forward in that direction, think about what you may need to leave behind.

1. Your loan files.  The first thing you may need to let go of is your love of your loan files.  It is extremely difficult, if not entirely impossible, to originate a large volume of loans every month if you spend the majority of your day working on your loans in process.

Too many originators will never grow their businesses because they spend far too much time babysitting their pipeline or coddling their borrowers during the process.  Their inability to “let go” and trust others to gather documents, clear conditions and manage the specifics of the loan transactions will forever hold them back.

The primary job of a loan originator is to originate loans, not process them.  Control freaks and paper geeks rarely make big money in this business.  Take a clean loan application, set the file up properly, hand it off to your support team, and go meet another customer.

2. Poor quality deals.  If the loan doesn’t close, you don’t get paid.  Added to that piece of profound wisdom, you also don’t get another client for your database, his return business or his referrals.

Working on poor quality deals and “science project” loans will forever inhibit your ability to grow your volume, your income and your career.  Learn to say a polite and professional “no, thank you” to bad deals and quirky situations that have a low probability of funding, and do it as soon in the process as you can.

Your time is money, and to make more money you must spend more of your time working on loans that are likely to close.

3. High-maintenance agents.  Some referral partners (real estate agents, etc.) will accelerate your growth with a steady stream of leads.  They trust you and your expertise, and in doing so, they recommend you to their clients, make the handoff, and step out of the way to allow you to do your job.

Other agents will drive you completely crazy with their endless questions and almost daily requests for status updates on their clients.  If the volume and quality of the business they refer you justifies the time and frustration you experience, so be it.

But if along with their neediness comes little or no real and regular business, it’s time to break free from these restraining relationships.  Go find better people to call your partners.

4. Old habits.  They say that old habits die hard.  While this is often true, it is equally true that your old habits may be impeding your career growth.

Let’s say, for example, you have been originating an average of four to five loans a month and you want to up that to nine or 10 loans a month.  Doubling your results will never happen by accident or if you continue to operate the way you do today.  “I’ll just work smarter,” is a well-intended strategy, but one that simply won’t make any difference.

You may need to change your work routine, the hours you put in every day, your prequalification or pre-approval process, even the way you take your loan applications.  There’s an old saying: If you always do what you’ve always done, you will always get what you’ve always got.  Be open and willing to change how you originate and run your business from start to finish.  Look to those producing more volume than you and mimic their customs and practices.  That’s what you need to be doing, too.

5. Your company.  Perhaps you work for a company that provides all the tools and support you need for success.  Congratulations!

But, if you now work for an outfit that: Does not have the loan products you need to be competitive in your marketplace; places excessive demands on their originators; will not staff the back of the shop to help you deliver smooth and timely closings to meet your contract dates; does not believe in providing its sales force with ongoing training, education and technology tools; and/or is priced out of the market, the thing you may need to let go of is your employer.  Especially if your employer is not willing to make the necessary changes.

It’s a bold move, but I’ve seen many originators over the years exit their current company, move to a new one that provides the environment to succeed, and seen their results soar.  But always make sure the problem is the company, not you, before you make that fateful decision.

6. Your ego.  It may be a big pill to swallow, but you may come to realize the biggest barrier to your growth in this business is you.

Some originators — particularly the most seasoned ones — think they are “too good” to attend a sales seminar or stop by an open house on the weekend.  They feel they shouldn’t have to prospect for customers, ask Realtors for appointments, make phone calls to their database, join local networking groups or ask their borrowers for referrals.  (If this critical comment hits too close to home for you, take notice.)

Understand that this way of thinking will forever hold you back from expanding your knowledge and skills, from meeting more people, finding more loan opportunities, and cashing bigger paychecks.  Perhaps it’s time to get over your own ego and put into practice the daily disciplines of $50 million and $100 million producers.  If they are not “too good” to do these things, neither are you.

Raising your results and increasing your loan production and income starts with leaving behind the things that have been holding you back.  Are you ready to let go?

 

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

10 Easy Health Steps for Agents on the Go

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

The life of a real estate agent can be hectic, especially around the holidays.  In addition to the typical open houses and property tours, you must navigate a slew of holiday parties and errands.  With so much going on, it can be easy to overlook your health.  And it’s safe to say that no salesperson can be at his or her selling best if they are not feeling well.

But maintaining your health is not really that hard.  Staying healthy while “on the go” starts with a series of small, smart decisions.  These fun and easy tips will help you stay on top of your health without missing a beat — and will also help keep you effective in your sales career.

It’s often too cold to chat with clients inside of an unheated property, much less outside!  But think twice before ducking into a coffee shop.  That delicious grande pumpkin spice latte from Starbucks ads 360 calories to your belly; and most scrumptious seasonal offerings are loaded with flavored creams and sweeteners.  So, limit your holiday beverage intake, and opt for traditional coffee or tea instead.

Next, make an appointment with yourself.  Schedule breaks to release stress.  Strive for ten minutes, ideally more, but even a few minutes are better than none.  Relax to your favorite music while you’re in the car, stretch, meditate, or simply sit in silence.  Relaxation exercises can improve your health, even if done in small doses.

And here’s an important one: If you have a workout routine, by all means stick with it!  As busy as the year-end may be, it’s important to make time for your fitness routine.  Slacking off even a day or two makes it harder to get back on track later, thereby encouraging a cycle of inactivity.

Avoid multitasking while you eat.  Multitasking is a distraction from your meal.  You won’t enjoy what you’re eating, nor will you pay attention to when you’re truly full.  So, you’re likely to eat more than you need.  Update your blog and check your emails later — not while eating.

Make time for healthy breakfast.  Don’t leave home without breakfast, which jumpstarts your metabolism.  A healthy meal sets the tone for the rest of your day, providing you with the nutrients and energy needed to stay energetic and focused.  Avoid starchy, greasy meals; they will cause a slump around noon while packing on needless calories.

Got a dozen closings and housewarming parties on your agenda?  A classic trick will help you limit your calorie intake while maintaining a professional demeanor.  For every alcoholic beverage that you consume, have a glass of water.  This ratio will help you stay hydrated (thus avoiding the dreaded morning after) and keep your waistline slim.

Stash healthy snacks in your car or travel bag.  Healthy snacking helps to keep your metabolism churning throughout the day.  Rather than counting calories, focus on foods that are rich in vitamins, minerals, and other nutrients.  Their benefits often outweigh any calorie concerns.

Keep a reusable water bottle with you so that you can stay well hydrated.  Even mild dehydration results in fatigue and diminished concentration.

Eat at least one meal each day at home.  Commit to at least breakfast or dinner at home where you can be fully in control of your dietary options.

Indulge!  Give up the calories that you don’t need in exchange for the ones you truly desire.  This is the trick to making healthy substitution while you’re mobile.  Can’t live without that crème brulee?  Order it, but get veggies instead of mashed potatoes as your side.  Small, smart sacrifices help you stay healthy and happy in the long run.

The golden rule for successful, busy people: Don’t just want time.  Make time!

And when the holidays have passed, why not stick with the above ideas as a way to maintain your health all year long?

 

By: Erica Rascón, www.point2agent.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

Fannie, Freddie Reforms Draw Encouragement, Warnings

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

Five years ago, lawmakers largely agreed that a two-year wind down of Fannie Mae and Freddie Mac would be appropriate given the wave of troubles sweeping through the GSEs and the nation’s housing market at the time.  At least that’s what Sen. Mark Warner, D-Va., remembered when speaking to housing reform advocates during a recent Senate Banking Committee hearing on how to smoothly transition the GSE-dominated market to a housing finance system that protects taxpayers, while offering robust mortgage credit.

But a few years can make a big difference in viewpoints.  Today, everyone wants the GSEs gone.  They just don’t know how to do it without tearing up the one string that is holding the entire U.S. housing market together.  The takeaway from the most recent Senate Banking hearing on the subject is no one likes the GSEs, but everyone admits they’re in control for now and cannot be pitchforked to death with private capital and a structure already in place.

Sen. Warner reminded panelists that the 2008 wind down initiative – which is now deemed impractical – received a great deal of support from both sides of the aisle.  Yet, Sen. Warner asked panelists, “When are you ever going to hit that magical time?  That may be an unobtainable goal,” he told the panel.  ”My point is you have to start this process; waiting for the perfect moment leaves a huge amount of uncertainty over this market that is terribly important to our economy.”

But finding the right plan – one that brings private capital back in without disrupting mortgage credit is difficult and often creates points of differentiation among housing reform experts, the testifying panelists noted.

One of those panelists – James Millstein, CEO of Millstein & Co. and a key player in the 2008 restructuring of AIG – warned panelists about a dramatic wind down of the GSEs.  Millstein said a transition without the supporting entities still functioning in some capacity could curtail mortgage credit, creating a risky proposition for the nation’s housing market and economy.

He noted that without the right supports, “You are depending on tens of thousands of different investment managers, saying they will build this with you.”  He added, if they don’t come, then you’ve essentially shut down your entire mortgage market.

Instead, he recommends a restructuring plan that maintains the core of the agency’s function until private capital can effectively fill in those holes.

Millstein told lawmakers he supports the intent of Senate Bill 1217 – the Housing Reform and Taxpayer Protection Act – but has a few caveats of his own.  One of those being the need to keep Fannie and Freddie operating in some capacity during the transition.  The legislation proposes the creation of the Federal Mortgage Insurance Corp. (FMIC), which would replace Fannie Mae and Freddie Mac, providing a government backstop for investors in mortgages.  However, the backstop would only be triggered after private investors have taken a substantial portion of the first-risk.

Millstein’s not against the plan or private capital, but says in prepared testimony, “the one viable path” includes restructuring, recapitalizing and privatizing the single-family and multifamily guarantee businesses of the GSEs.  He says doing so would ensure a durable layer of private capital before the FMIC backstop takes effect.

Millstein’s plan calls for eliminating the GSEs charters, winding down the portfolios, while allowing them to still facilitate the purchase of mortgage loans from small banks and credit unions and to manage the workout of the troubled loans they guarantee.

He then says to fully privatize the single and multifamily businesses, separately subjecting them to safety and soundness requirements.  “In short, I propose fixing the problems with these businesses and using what remains to bridge to your new system,” he explained.  The idea is to ensure mortgage credit doesn’t contract, that the market is not leaning too heavily on unseen private investors and making sure the Treasury is not saddled with losses from remaining Fannie and Freddie liabilities.

Millstein’s chief concern is that a final plan to move away from the GSEs will remove some of the stability that the current GSEs do offer to today’s market – even if they are not the ideal.  “You should not trash the assets that are currently doing this for the market,” he said.  “That to me is crazy.”

While Millstein is wary of a hard and fast deadline for reform, Mark Zandi, chief economist of Moody’s Analytics, agreed the process should be handled with care, but laments the negative influence a GSE-dominated market can have on housing.  “The longer Fannie and Freddie stay in government hands, the more lawmakers will be tempted to use them for purposes unrelated to housing,” Zandi said.  ”This has already happened.  Last year’s payroll tax holiday was partially paid for by raising the premiums Fannie and Freddie charge homebuyers for providing insurance.”

And while he recognized the transition away from GSE dominance can be tricky, he sees no other solution than to move forward with it.

He warned that policymakers may eventually face the temptation of using the GSEs to lend again to people who cannot afford mortgages, taking the country back to where it was before the housing crash.  He believes the current proposals still need work, saying they “lack a clear plan for getting from the current housing finance system to the future one.”

Still, he concluded his testimony, saying “it is eminently doable.”  He views the GSEs as unfinished business and suggested it’s time to pursue serious reforms.  Despite his eagerness to see reform, Zandi believes it’s critical the GSEs continue operating until a new system is operationally functional.

Yet, John Taylor, president and CEO of the National Community Reinvestment Coalition, responded to the debate in Congress with a warning on how an end to Fannie and Freddie would disrupt the housing finance system as we know it, freezing out low-to-moderate income borrowers and the young homebuyers who essentially provide fuel to the market.

His group has been taking a hard look at a world without Fannie and Freddie — or the affordable housing goals that, he says, have already been lowered by FHFA.  Taylor notes that, historically, many new buyers, and a large part of the entire market, have been served by the GSEs.

“It’s very appalling how little thought has been given to that,” Taylor told HousingWire.  He notes that back in ‘08 and ‘09 the affordable housing goals accounted for $500 billion worth of securitizaton of affordable mortgages, but they have been declining ever since.  Ten years from now, he estimates only $5 billion in loans for this segment will be securitized — a drastic reduction in credit availability.

His concern is that without Fannie and Freddie, affordable housing goals may continue to deteriorate outside the GSE structure.

 

By: Kerri Ann Panchuk, www.housingwire.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

MMRecap for Dec. 2nd

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

The only report last Monday, pending home sales in October, was a big improvement over September’s report, but a disappointment, nevertheless.  Pending sales fell 0.6% when analysts were looking for a 1% or better gain.  In addition, this is the fifth straight month of declines, which brings those sales to their lowest level since last December.  Higher mortgage rates and fewer properties for sale were cited as the culprits.

Treasuries geared up for a round of auctions totaling $96 billion (the 10-year note was not included) last week, which many observers believe is a test to determine demand.  It could provide input as to when the Fed might begin tapering — and by how much.

The yield on the 10-year note, which moves in the opposite direction of price, fell two basis points to 2.73%, but later closed at 2.74%, while stocks made small gains.

Tuesday’s reports focused on housing, and the news was pretty good.  Building permits in September climbed by 50,000 to an annual rate of 974,000.  That was followed by the October report that showed permits breaching the million mark.  They totaled 1.034 million — the most since 2008.  In addition, the Case/Shiller 20-city index on housing prices rose 11% from a year ago — the first double-digit increase since 2006.

On the down side, quarter-over-quarter home prices have slowed to 3% per quarter.  Construction is also down because fewer houses are under water and more homes are for sale.  But most analysts say they don’t expect a housing bubble.  Even though mortgage rates are rising, in the bigger picture they remain near historic lows.  The second part of these reports, housing starts for September and October, were delayed again due to the government shutdown.

A second report on home prices was the monthly release from the Federal Home Finance Agency, which showed September prices rose 0.3%.

November’s consumer confidence report dropped two points to 70.4, which was two or three points below estimates.  However, it pushed the 10-year yield down to 2.70%, where it closed.  The Nasdaq was the only winner in the stock markets.  It rose 0.58%, while the Dow and S&P closed flat.

Wednesday’s reports broke even when weighing good versus not so good.  First-time unemployment claims dropped by 10,000 to 316,000 during the week ended November 23.  This marked the second straight week of declines.  Analysts had predicted 330,000 claimants.  Leading economic indicators in October also moved up 0.2%, boding well for economic conditions over the next six to nine months.  The University of Michigan’s consumer sentiment report for November rose to 75.1 from the October final of 73.2.  This provides hope that the Christmas season may be jollier than previously believed.

Durable goods orders, big ticket items meant to last three or more years, fell 2% in October after climbing 4.1% in September.  Excluding transportation (weak airplane sales), orders fell 1.0%.  The Chicago PMI report on manufacturing conditions in November dropped to 63.0 from 65.9 due to a slowdown in orders and order backlogs.

As a whole, these data left Wall Street unimpressed.  Once again, the Nasdaq made a significant upward move, but the Dow was almost flat and the S&P 500 added 0.11%.

Thanksgiving Day’s early openings at many of the nation’s top retailers proved beneficial to both shoppers and the big chains.  There weren’t as many “incidents” reported, and store managers were pleased with the sales.  It looks like Thanksgiving will never be the same again.

Friday stocks jumped on the news at opening, but the excitement waned.  However, the indices remained in positive territory for part of the morning.  But when the markets closed, the Dow was down 11 points, or 0.07%, the S&P 500 shed 1.4 points, and to no one’s surprise, the Nasdaq closed up 15.14, or 0.37%.

For the week ended Nov. 22, mortgage applications fell for the fourth straight week, according to the Mortgage Bankers Assn.  Mortgage applications for both purchases and refinances are down a total of 7.0% for that period.  Meanwhile, the rate on a conventional 30-year mortgage rose two basis points to 4.48%, while refis were up 0.1%.  The purchase index fell 0.2%.

Today and tomorrow are the calm days before the storm of market-moving economic indicators.  It’s another “catch-up” week, with reports dating as far back as September.  If they all come in as scheduled, we might be closing in on normalcy.

New home sales for September are expected to decrease to an annual rate of 410,000 from 421,000.  Another dip of the same magnitude should follow for October, but new home sales lack the impact of existing home sales.  It will be followed by the ISM index on manufacturing conditions in November, which is forecast to rise to 56. While this is good, it is only a small increase over the previous 55.4, so it shouldn’t impact trading.

The November ISM index on the service sector includes workers in finance, healthcare and hospitality, among others.  It’s expected to dip to 55 from the previous 56.4.  However, any number above 50 indicates jobs were added during the month.

Also due is the trade balance for October, which should fall to -$40.5 billion from the previous -$41 billion reading.  This is guaranteed not to move the markets.

The Fed’s beige book, published about every six weeks, provides an overview of economic conditions in the nation’s 12 federal districts.  This generally has no impact on rates, as it seldom finds significant changes in the economies over such a short period of time.

Thursday is a little lighter regarding reports, but there are two heavyweights: the second revision on 3rd quarter GDP and unemployment claims for the week ended Nov. 30.  While no estimates are available on that report, the GDP should show growth.  Analysts are predicting it will increase to 3.1% from the previous 2.8% mark, which could put some upward pressure on the 10-year yield.  The other report due, factory orders for October, is forecast to drop to -0.7% from 1.7%.  While this is an unwelcome change, it generally has little impact on trading.

Friday we get the granddaddy of all data — the employment report for November.  Analysts are looking at 180,000 jobs added, which would not come close to the increase of 204,000 in October.  This would make no one happy, except mortgage lenders, which could see the 10-year yield drop.  Although the unemployment rate is expected to decline to 7.2% from the current 7.3%, that move would be overshadowed by the predicted decline in jobs.

Personal income/personal spending for October follows.  While income should rise 0.3%, personal spending is expected to hold at 0.2%.  The PCE core rate, a major inflation gauge, should hold at 0.1%.

The final indicator, the University of Michigan’s initial consumer sentiment report for December, is forecast to creep up a couple of points to 77 from the previous 75.1.  One would like to see it higher considering the holidays are here, but up is up.  Maybe sentiment will rise as the month goes on.

 

 

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

Eight Things to Consider When Buying Mortgage Leads

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

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

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

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

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

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

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

Pricing

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

Lead Generation

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

Return Policy

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

Quantity vs. Quality

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

Cherry Picking vs. Filters

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

Customer Service

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

Referrals

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

Exclusive vs. Nonexclusive

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

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

 

By: Jay Conners, www.alamode.com

 

 

About Scoreinc.com

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

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

 

For more details please visit Scoreinc.com

Isn’t it Time You Cloned Yourself?

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

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

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

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

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

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

Right in His Backyard

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

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

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

Determine When It’s Worth It

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

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

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

Leveraging Effective Delegation

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

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

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

Start Slow, Watch the Results Build

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

 

By: Bridget McCrea, www.illinoisrealtor.org

 

 

About Scoreinc.com

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

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

 

 

For more details please visit Scoreinc.com

Are Dated Appraisals Holding Back the Recovery?

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

 

By: Andrew King, www.rismedia.com

 

 

About Scoreinc.com

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

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

 

For more details please visit Scoreinc.com

5 Things To Say In An Interview

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

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

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

Ask Good Questions

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

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

Pines suggests several questions, including:

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

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

What organizational issues should I be aware of?

“I’m flexible.”

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

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

The Company’s Own Words

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

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

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

“That’s a Good Question.”

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

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

Reasons You Want the Job.

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

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

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

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

 

By: Catherine Conlan, www.monster.com

 

 

About Scoreinc.com

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

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

For more details please visit Scoreinc.com

Why Holidays Make Great Occasions to Email Your Prospects

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

 

By: Kendra Lee, www.eyesonsales.com

 

 

About Scoreinc.com

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

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

 

For more details please visit Scoreinc.com

MBA’s Cosgrove Testifies on Housing Finance Reform

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

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

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

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

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

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

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

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

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

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

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

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

Price certainty that represents the risk of the underlying loan;

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

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

Ease of delivery;

And quick funding.

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

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

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

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

 

About Scoreinc.com

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

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

 

For more details please visit Scoreinc.com