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Insights,
Opinions & Commentary
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Dead Aim on an Easier Way |
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Industry
experts have been warning originators for months
that in order to survive in this business over
the next year or two you need to target Realtors
and purchase money loans; I disagree with that
thinking completely. Those of you, who were
trained as I was, realize there's a significant
difference between making loans to solve
customer problems, and financing the acquisition
of something. People need money for all sorts of
reasons, month in and month out; house buying
isn't as frequent, and is far more anxiety
filled too!
Financing the purchase of real property, with
all its moving parts, ample extra opportunities
for things to go wrong, and then there's those
real estate agent personality issues that arise
from time to time. Historically it has been a
roller coaster ride, not necessarily consistent
all year long like lending money is. Purchase
transactions have always been best in steady or
rising home value markets, along with stable or
falling interest rates - neither of those
conditions are anticipated anytime soon for our
industry.
Given the seemingly destined collapse (or at a
minimum a significant slide) of property values
in countless areas all across the Country, and a
high foreclosure rate which many are expecting
this year, a focus on purchase transactions
seems to be illogical. Possible those
"industry experts," have little
concrete experience actually origination
transactions during periods when staying in
business is challenging, instead of the easy-street
way things have been the past six to 8 years.
My suggestion is for you to put on your
marketing hat and advertise so new customers
will bring their money needs to the party, and you'll
actually bring the money!
Give us your
thoughts on our Discussion Board - CLICK HERE
Stated Income = Stated Fraud?
On the 1003 on the bottom of page 4 it says:
"I/We fully understand that it is a Federal
crime punishable by fine or imprisonment, or
both, to knowingly make false statements
concerning any of the above facts as applicable
under the provisions of Title 18, United State
Code, Section 1001, et seq." That's
serious!
Besides the ethical, moral and DTI/foreclosure
issues here, understand more and more regulatory
agencies are focusing on these Stated loans and
holding Brokers and Loan Officers responsible.
If you know the income is wrong, you are aiding
and abetting criminal fraud and the risk is not
worth the Big Fat Commission, just because you flipped
it to Stated.
The purpose of 'Stated' is for documentation
relief, not to inflate income. If you suggest,
alter, or change the income, you are committing
fraud.> Add
Your 2 Cents on our Discussion Board - CLICK
HERE
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| Getting
More Done - 4 Productivity Tips for Mortgage
Professionals |
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As
we start the New Year, it is only natural to
reflect on the past and resolve to do things
better. If one of your goals is to "get
organized," try these tips.
Tip 1 – Channel "Dr. Phil"
One of Dr. Phil's favorite phrases is:
"How's that workin' for ya?" Realize
that what works for others may not work for you.
Before you attempt to "get organized,"
take a look around. Ask yourself what's working
and keep doing it, no matter how strange it
seems to others.
When I help a client get organized, I make sure
the system matches their personality and work
habits. For example, some clients can't focus
unless their desk is a clean slate. They are
able to maintain a traditional filing system.
Others are like me – they need to be able to
see their papers. Traditional filing systems
won't work for us, instead, we need open
bookshelves and transparent or glass filing
cabinets.
Tip 2 - Don't rely on your memory -- write it
down
Yes, I know you've heard it before, but it
works. People who write things down are 25% more
productive than those who don't. Keep track of
your obligations on a things to-do list and
review it consistently.
Having trouble keeping up with your to-do list?
Perhaps it's not the right size or structure. I
spent 15 years and hundreds of dollars on system
after system, to no avail. For the past five
years, I've used a steno pad that I customize
with tabs – it works beautifully. If you don't
like writing, try recording your tasks on
audiotape instead.
Tip 3 - Don't Fight Your Internal Clock
The book "Ops Time" introduced me to
this concept and changed my life! Are you a
morning person or a night owl? Whenever
possible, schedule your high energy tasks for
your high energy times.
What are examples of high energy activities?
High energy activities include researching loan
programs for a client or reviewing HUD-1
statements. Low energy activities include
checking email or filing.
Tip 4 - Know when good enough is good enough
If I had to choose one tip, this would be it.
The people who get things done are able to focus
with laser-like precision on the real goal. They
know when good enough is good enough.
This does not mean they embrace mediocrity or
ignore details -- far from it. Instead, since
they know the real goal, they are able to
quickly take action and spend their resources in
the areas with the biggest pay off.
Here's an idea for putting this tip into action:
Do you need marketing materials but can't afford
full color glossy brochures? Create a
well-written, attractively designed, black and
white brochure instead. Use the proceeds from
the clients you attract to upgrade to full
color.
Try these productivity tips, and make this the
year you get organized – for good! Article
by Jackie Kadii's of www.close-more-loans.com
Something
to add? CLICK HERE
HIGHLIGHT: Mentor Program - Help You Focus
2006
Everybody says this is going to be a turbulent
year for our industry, that's what I've been
seeing the last couple of months - and I agree.
Our one-on-one personalized Mentor Program can
help you better focus on your 2006 game plan!
We've got several very capable faculty members
available to help you. Find the one that's
already done what you want to accomplish, and
that's the one you should select. Check out
their backgrounds by CLICKING
HERE
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| Happy
New Year |
| support@americasmoneycenter.com •
Secret! University |
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