Have you heard this before? "So what's the big deal with me learning about my industry? As a new owner of my own shop I know it's all about Production – making bank deposits in my company checkbook, because I bring in customers and closing them – so that's where I focus all my attention! How to find customers, sell them & close them – is all that matters to me!"

That's actually a common thought, and the absolutely wrong one to focus on. That's our opinion on that limited thinking about staying in business over any length of time.

Our industry is in the middle of several significant changes. Rising rates, lowering property values, loan officers changing careers since the 8 years of easy money is passing and the party's over, wholesalers starting to significantly consolidate or close down. For those wholesalers sticking around, every day brings tighter program guidelines. And, as all those ARM's adjust (the latest trick-phrase is 'reset') and they all will sooner or later, we're in for a tidal wave of foreclosures in many areas of the Country ... so what are you gonna do about it?

It's long past time to cut back on any extravagant expenses or overhead, the next 2 years won't be anything at all like that last 24 months – there's going to be far less income available, so reducing your outgo is smart thinking.

Next, we suggest you get to know all the programs your wholesalers have available, and stop your concentration on only a handful of loan product types which you have favored in the past (since many of those more aggressive ones will disappear). You'll be facing more and more customers who are in serious trouble, and your center of attention needs to be on helping them stay in their homes, by trying to undo the mistake the last originator made by putting them in the loan they're buried in now. That's your new audience, and if you don't, you'll be working where you worked before you entered the mortgage business. Just look around right now, you see this happening all around you everyday.

To get through the times immediately ahead, you need to go through a significant transformation on how you think and how you chose to do business. Time to pump-up your knowledge, and not just your closing skills.

The industry tends to go through periods of major transformation (have seen it several times before); only those with the knowledge and skill set to adapt will make it to 2008. You need to be one of them, so get smart! Discuss this article on our Discussion Board - CLICK HERE







Montgomery County, Maryland Ordinance
It's all about discriminatory and predatory lending activities which have increased the last few years - frequently resulting in exorbitant and unnecessary fees, which looks to be at the core of this newly amended County ordinance. It becomes effective March 8th. So far I think most wholesalers have pulled out entirely, due to some of it's more restrictive new requirements. Your area could be next! We need to stop all the lip service about 'self-policing' and just do it! Or, we'll be ordinanced right out of business!

As I read through the language, two particular items leaped out at me. Apparently there can be no more Stated, NIV, or NoDoc type loans. Do you think big-commissioned LO's, Brokers & AE's brought this on themselves through abusive practices, turning document relief programs into 'Liar Loans' (while knowing customers cannot afford the new loan) or have these legislators simply gone too far? Page 8 (2c) looks to be saying no more compensation can be paid to any mortgage broker!? Come read the entire 13 page pdf file for yourself and Give us your 2 cents on our Discussion Board - CLICK HERE

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Our Master Seminar. You're invited to join us for an all day Live chat, a Conversation with Secret! "Learn easier ways to operate your business™" Sat. March 25th in So Calif. to RSVP Click Here!

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Our Mentor Program will keep you from taking that painful step. Check out our faculty and give yourself a new direction. Click Here to get started.

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The next class is March 26th, make it a two day session with us, come to our 'chat' plus this class. Even if you have a website now, you need this class. Click Here and register for our live Website & Internet Originations class now.

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Yes we've all heard you can even sell a bucket of rocks! Our CD Lessons, titled Secrets of the Mortgage Industry™ cover many issues - there's lots more to it than 'selling' Click Here and see our full list. We've got a Money Back Guarantee, and a 99.692% customer satisfaction ranking too.

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You a work at home originator and need support sometimes? Our all new E-Mail Answers Program might be just what you need. Click Here and check it out.

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Do you frequently need to stay in touch with your own widespread (net branch type) group? Motivate them, provide updates, answer questions, etc? If that's you then look into our new Communication Center concept! See how this new area we have available, can help you Click Here

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The origination practices of Brokers and their Loan Officers are starting to fall under the microscope of various State's Attorneys General, as well as the FBI white collar division, who says this is "the decade of mortgage fraud" all across the Country.

I spent a great part of this past weekend reading the dead-tree issues of the last three weekly National Mortgage News newspapers I hadn't gotten to, the February issue of the Broker Magazine, the Origination News, and the latest Scotsman Guide. And, I saw article after article on this subject again and again. Based upon what I have seen, and what I read on various industry discussion boards on the Internet; plus dialogue I have with potential students - I think it's seriously time to double check your compliance with the various laws that regulate how business is done.

Even though I don't have a magic crystal ball, in light of that understanding I have, plus the more than one dozen on-line news and fraud blog I see, I've got a pretty good idea what they're probably looking at.

Here's a few suggested areas to concentrate on: Loan officers who constantly look to doing 'Stated' type loans with the intent in mind to pump-up the applicants income to qualify, instead of seeing that loan product simply as a document collection relief product, and not a Liar's Loan. Those who inappropriately place a much too large percentage of their applicants into the Option Arm & IO products so they can earn a 3 to five point YSP, with little regard as to its suitability for those customers. Those work-at home originators, who have no, or nearly no supervision and are loose canons focusing on their own commission checks as their number one priority; frequently with GFE's that seem to commonly miss the YSP line getting completed. Those originators who come across applicants in far-away States and use/rent the license of another Broker where the customer lives, and violates RESPA Section 8 by paying an unlawful kick-back merely for using the other broker's license. Property flips and straw-buyer loans are back in vogue again, be sure the people who handle those transactions have significant experience in the industry to spot the tell-tale signs of fraud, and not get carried away with their potential commission check in the forefront of their thoughts.

By no means is this definitive listing of the wrong-doing that's so rampant in the industry, but easily some of the more egregious examples. Give us your thoughts on our Discussion Board - CLICK HERE








HIGHLIGHT: Our Latest CD Lesson
This past month we added a new educational and training CD Lesson to our catalog. It's titled Working at Home Originators 101 and it explores the positive and negative sides of working in a home office; along with some compliance issue recommendations and other suggestions.

If you're thinking about maybe working from the house, this CD is definitely for you! Take a look at those we have available CLICKING HERE. To pick up this particular one, it's located on the third page of the CD Lessons.