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We
all know, our self-image has a major impact on
what we do, how we act, and who we are. This is
a serious business, and as an originator, if you
see yourself as a big-time commissioned
'sales/closer type' than your actions will
generally be self-serving, since that
'commission check' is Number One in the mind of
most sales/closers who sell for a living. It's
now been widely documented, it's that attitude
which produced the run-away train production
frenzy (and now a train-wreck) of STATED Option
ARMs @ 100% LTV's with Huge Margins that
generated large YSP's accompanied by tons of
fraud industry wide the last few years. There's
no longer an argument supporting what's been
going on, had there not been large commissions
available, that mess resulting in today and
tomorrow's nightmare for many American families,
would have never happened.
Plus, that 'sales/closer' mind-set presumes only
super-stars can be good originators, which
simply is untrue from what I have seen in my
long career. What you do as an originator is NOT
selling, it's a function of solving a problem
or helping the customer make a decision! If
you think of yourself as a customer service or
help desk person, YOUR attitude will be
different (and if you're a boss, this is the
type to hire as your next LO, not an experienced
LO or a salesmen resume), plus the credibility
which you hope for from the customer is enhanced
in a big way, since most customers can smell
when they're being 'put together' ... it's that
feeling which lowers their resceptiveness to
you.
Think on this thought as you move forward in
this difficult period in your career, it will
help you, more than you can probably imagine if
this 'sales/closer' mentality is you. CLICK
HERE and tell us what you think on our
Discussion Board
ADVERTISING:
It's that first step in building credibility for
your company inside the mind of potential
applicants, if you're a broker owner/operator.
Although it is YOUR Job, advertising to attract
customers to your firm can be tricky sometimes,
especially during the interesting period you're
faced with today. We have a pretty thorough
Lesson on this subject, that's on our website in
the 'Free Lesson' section ... take a look and click
here ... it will benefit your future
in our industry. CLICK
HERE to give us your opinion of the lesson on
our Discussion Board
CONGRESS Warns Against Subprime
Overreaction
Although subprime defaults are rising in Florida
and the West Coast, a market correction is under
way and Congress should leave it to regulators
and the mortgage industry to help troubled
subprime borrowers, according to a top housing
regulator. "Between the regulators,
financial institutions, mortgage servicers, and
the brokers, I think it can be worked out,"
James Lockhart, director of the Office of
Federal Housing Enterprise Oversight, told
reporters. "There is going to be some
pain." And the correction will be
"drawn out" as the resets on
adjustable-rate subprime mortgages take effect
over the next two years. But the best way to
address this problem is "not to overreact,
and not cause an unnecessary credit crunch that
would end up just hurting the people you are
trying to help," Mr. Lockhart said. Until
recently, subprime defaults were concentrated in
the Rust Belt states and the hurricane-affected
states -- principally Louisiana and Mississippi.
"We are beginning to see rapid growth in
the West Coast and Florida," the OFHEO
director told an Independent Community Bankers
of America meeting in Washington.
CLICK HERE to
give us your viewpoint on our Discussion Board
Dems Demand Ability-to-Pay Subprime
Standard
Democrats on the Senate Banking Committee are
turning up the heat on the Federal Reserve
Board, demanding that it establish an
ability-to-repay standard on subprime mortgages
and designate the failure to escrow homeowners'
insurance and property taxes as a deceptive
lending practice. Under pressure from the
committee, Fed Chairman Ben Bernanke had agreed
to review the board's power under the Home
Ownership and Equity Protection Act. Now the
Democrats are demanding at least some minimum
action. "The Board should create a
presumption that a loan that requires a borrower
to pay more than 50% of his or her income to
cover the cost of principal, interest, taxes,
and insurance is not a sustainable loan"
and fails the repayment test, the 10 Democratic
senators say in a letter to the Fed. The
Democrats also stress that the failure to escrow
taxes and insurance puts homeowners at risk.
"Subprime lenders and brokers seem to
routinely quote monthly payments to prospective
borrowers that do not include taxes and
insurance as a way of deceiving the borrowers
into thinking their monthly obligations will be
lower than their true costs," the April 23
letter says. "This is clearly a deceptive
practice." What
do you think? Tells us HERE.
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