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SECRETS
EXPOSED!
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Insights,
Opinions & Commentary
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| Going
Out on my Own! |
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Gosh,
I remember when I first went out on my own, had
big dreams – no way was I going to operate a
one-man company for long, I fancied myself as an
empire builder. Studying and passing the test to
get my own license was first on my list. I
remember speaking with one landlord after
another, to finally find one that would trust be
enough to lease me office space, then I recall
chocking on the reality of being on my own (not
everybody is fit to be self-employed) - and
having to sign a multi-year occupancy space
lease (putting me in debt tens of thousands of
dollars), then the joy of buying or leasing a
$7,500 copier, and because I had no intention of
staying small, lobby furniture, customer water
cooler, coffee service, customer interviewing
table, chairs etc. external & internal
signage, I bought several desks, cement
fire-safe filing cabinets, a telephone
instrument system, office plants, pictures,
chairs, wall clock, staplers, pencils,
paperclips and all the other office supplies I
imagined, fax machine, computers, and swallowing
hard to hire (NON commissioned salaried
personnel) where I got to pay the employer's
share of payroll taxes plus their payroll
whether or not loans were closing, of course
talking real fast to influence wholesalers to
take a chance with an unknown (me) and accept
business from me, several told me nope! It all
was a ‘barrier to entry' I didn't truly
appreciate until years later (and I saw the
riff-raff it kept out) … it all ran me (and
others back then) somewhere between $10,000 and
$30,000 to "go out on my own" and
start my own little company.
Unlike today, where many are working in their
jammies with the attached bunny feet, unshaven
for days on end, out of a furnished 2 bedroom
apartment, dealing with the single largest
financial transaction most Americas ever face,
which was (rightfully) not allowed then –
however, all that jammed a commitment inside my
brain to be a good industry citizen (if for no
other reason but to protect my investment).
Sometimes 'principals' are effected by what you
have committed to an endeavor. CLICK
HERE to tell us your views on our Discussion
Board
Discussion Boards
I spend several hours weekly visiting a handful
of industry discussion boards, and have done so
for a few years now. I go to these 21st Century
versions of the 'local pub' to keep myself up
with what's on the minds of those that post; I
learn a lot about the degree of industry
training and education that's out there! I also
learn from some of the answers that are given;
the replies tell me almost as much as do some of
the questions ... they keep me in-touch.
I receive a half dozen webmaster newsletters
monthly, so I can have a hand into that industry
as well, since websites are so very critical to
our consumer residential real estate mortgage
loan industry. I spotted some stats in one of
them a couple of days ago - about discussion
board visitors. These are the reasons that
newsletter reported about why people frequent
discussion boards: 78% - Meet people 47% - find
entertainment 38% - learn something new 23% -
influence others. Kinda fascinating. CLICK
HERE and talk about this on our Discussion Board
I started a BLOG last Week!
Those activities surrounding the optimization of
our website recently drove me to re-thinking the
concept of setting up a blog. Only had it for
just over a week now, and I can honestly tell
you, it takes a lot of think time to update it
often with interesting and timely info ... well,
maybe not for everybody, but it's been a
challenge to me so far. I'm still working on
it's 'tone', a mix of some personal and some biz
stuff. If you wanna check out my new BLOG, feel
free to PEEK
HERE and see it.
Broker Database Offers Early Default Stats
CoreLogic, a Sacramento, Calif.-based provider
of mortgage risk assessment and fraud prevention
systems, has released findings from its broker
management database indicating that 7% of
brokers account for 63% of early payment
defaults, with the riskiest 0.5% of brokers
accounting for 70% of all losses. CoreLogic said
its broker database tracks more than 38 million
loans and 190,000 brokers and is the engine
powering ThirdParty Scorecard, a Web-based
software tool that helps residential mortgage
lenders evaluate and manage the risk associated
with their broker network. The most recent
statistics illustrate the key role brokers play
in the risk management chain and why broker
monitoring and management tools are critical to
the financial prospects of wholesale
originators, the company said. Core Logic made
the announcement at the Mortgage Bankers
Association's 93rd Annual Conference & Expo
in Chicago. CLICK
HERE and give us your two cents on our
Discussion Board
Mortgage Execs Offer Gloomy Outlook
Fannie Mae's and Freddie Mac's CEOs were among
four panelists who spoke at Mortgage Bankers
Association's 93rd Annual Convention & Expo
last week. "Given what we're going through,
we're all kidding ourselves about what's likely
to ensue when a lot of product rolls over [next
year] and there are questions," declared
Freddie's CEO. Fannie Mae's CEO said this is
"definitely a cooling mortgage
market." CLICK
HERE and tell us what You think on our
Discussion Board
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| OUR
NEWS |
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| Brokers
& The Consumer Credit Protection Act |
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This
landmark Federal legislation, the Consumer
Credit Protection Act, is the cornerstone law in
the industry designed to enhance economic
stabilization and the competition among the
various financial institutions and other firms
engaged in the extension of consumer credit
would be strengthened by the informed use of
credit. The informed use of credit results from
an awareness of the cost thereof by consumers.
It is the purpose of this Act to assure a
meaningful disclosure of credit terms so that
the consumer will be able to compare more
readily the various credit terms available to
him and avoid the uninformed use of credit …
more commonly referred to as The Truth in
Lending Act.
This law not only regulates much of what is
lawful in our consumer residential real estate
mortgage lending industry, but other types of
credit that's extended to the consumer. It's
purpose can be summarized as follows: ‘The
TILA requires full disclosure statements that
outline all credit terms in simple easy-to-read
language.' The Statement of Disclosure (some
call it the "RegZ" others the
"TIL") is the significant cornerstone
of the Act.
As we all know, there's a number of service
providers who supply certain services and
materials to the process of building and
producing an individual loan transaction. The
Flood Certification people have the duty to
provide the Flood Cert, the Appraiser brings the
real property appraisal to the party, the credit
reporting agency's duty is to provide the credit
report, the title people bring the preliminary
title report, and at closing issue the policy of
title insurance, etc. the mortgage broker
provides the RESPA required GFE and brings the
borrower and this assembled paperwork, the
wholesaler brings the money and (to answer a
question I get 3 or fours times a month via our
E-Mail Answers Program) as the
"creditor" (as specifically defined by
this Act) delivers the Statement of Disclosure (RegZ
– TIL) to the borrowers.
Many service providers have an obligation to
fulfill, so the consumers loan transaction will
close smoothly and lawfully. One of them is not
responsible to supply material or a service
that's the obligation of one of the other
parties.
A mortgage broker is not a ‘creditor' within
the definitions set forth in 15 U.S. C. §1602(f)
and 12 C.F.R. §226.2(A)(17). When a
‘creditor' (wholesaler) demands another
service provider (mortgage broker) deliver the
RegZ – TIL – they're creating an agency
relationship as between the two of them, a
situation the mortgage broker surely should
avoid, as should the wholesaler. It's
potentially bad for both of them. CLICK
IT to discuss this item on our Board
Rates Rise
The average 30-year fixed mortgage rate rose
from 6.36% to 6.40% over the seven-day period
ended Oct. 26, according to Freddie Mac's
Primary Mortgage Market Survey.
The average 15-year fixed mortgage rate rose
from 6.06% to 6.10%, the average rate for
five-year Treasury-indexed hybrid
adjustable-rate mortgages climbed from 6.11% to
6.14%, and the average rate for one-year
Treasury-indexed ARMs increased from 5.57% to
5.60%, Freddie Mac reported. Fees and points
averaged 0.4 of a point for fixed-rate
mortgages, 0.6 of a point for hybrid ARMs, and
0.7 of a point for one-year ARMs. "At its
most recent meeting, the Federal Reserve again
declined to raise rates..., citing a slowdown in
the housing market," said Frank Nothaft,
Freddie Mac's chief economist. "For
instance, the median price of both new and
existing homes in September posted significant
decreases." A year ago, the average 30-year
and 15-year fixed rates were 6.15% and 5.69%,
respectively, and the average hybrid and
one-year ARM rates were 5.63% and 4.91%,
respectively, Freddie Mac said. CLICK
HERE and tell us what this means to you
CAMB Targeting Abusive Lending Practices
The California Association of Mortgage Brokers
is promoting what it terms "a comprehensive
solution to curbing abusive lending
practices." The trade group has issued a
"best-practices guide" and conducted a
conference call on the subject. "Mortgage
brokers are the bridge for consumers in the loan
process because they provide loan options that
meet the exact needs of the borrower," said
CAMB president Jack Williams. "Like a fine
tailor, quality mortgage brokers go the extra
mile to find a loan that fits the borrower's
financial needs or objectives." The guide
calls for: uniform licensing standards with
mandatory pre-education, continuing education,
and criminal background checks for all loan
originators; updated information booklets and
key disclosures to address nontraditional
mortgages; the enforcement of existing abusive
lending laws; workplace efforts on integrity and
consumer education; and expanded financial
literacy programs. Michael Faust, the CAMB's
government affairs chairman, said the guide grew
out of the recent dialogue over nontraditional
products and abusive lending practices. But that
dialogue, he said, "has broken down, with
everyone taking their sides and screaming their
interest points as loud as they can,"
affecting the ability to reach a compromise. CLICK
IT and tell us what this means to you
'06 Mortgage Fraud may Reach $2.4 Billion
The greater sophistication of techniques now
used by perpetrators of fraud for profit makes
it harder to detect, explained Jacqueline
Dreyer. She was speaking to attendees of a fraud
session at a MBA's annual Convention & Expo
in Chicago this past week. Dreyer estimates that
fraudulent loans closed this year will have
total losses of $2.4 billion. CLICK
IT and tell us what this means to you
"3rd Annual Halloween CD Lessons
SALE"
BUY TWO GET ONE FREE. The first two years
we had this sale running; Halloween was the
final day of the sale. This year, we thought a
change may be in order, so we started our
training & educational CD Lessons Sale on
Halloween, and it will end two weeks later
November 14th.
Here's how it works, once you've order any two
of our CD Lessons (we have 3 pages of them on
our website); at the time our shipping
department phones you to give you the FedEx
tracking number of your order, you let us know
the free one you would also like included with
your delivery, it's that simple! To take a look
at our selection today,
CLICK HERE
and check it out.
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| Happy
Thanksgiving |
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Secret! University |
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