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SECRETS
EXPOSED!
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Insights,
Opinions & Commentary
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| A
Shift In Methodology |
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It's
been about one year since I started to notice
more and more Loan Scenarios being posted on
mortgage discussion boards; in fact a couple of
the larger ones are almost full of nothing but
Loan Scenario requests!
Why is it that LO's spend so much time trying to
hunt down funding sources for their
transactions? Since every LO I have spoken with
in the last year or two believes they are
individually the best 'salesman' on planet Earth
... then why is it they spend a third (or more)
of their time looking for wholesalers? I see
LO's post one Loan Scenario after another
wishing the magical wholesale AE of their dreams
will see it, do everything STATED (of course),
pay them 4 YSP, and then easily and smoothly
fund their loans in 24 hours! It's a nice
wish-list, but probably not reality.
Considering they feel the position of being an
LO is a sales job (which I happen to personally
disagree with BTW - it's really more like a customer
service help desk position), how come they
don't spend all their time selling instead
(since all that hunting is a clerical function
anyway)?
It's pure mathematics, if you look at a few
hundred posted Loan Scenarios, you'll actually
see very few replies to most of the requests, so
I'm puzzled why they continue to do it? Yes, I
realize there's hundreds of wholesalers and
literally thousands of loan programs available,
don't you think there's something like an Excel
spreadsheet published somewhere, where their
processors could look it up? Or maybe a
directory of the various niche players online
someplace? Surely either of those would be
easier, quicker, and far more dependable then
relying on the dream AE to stumble over their
Loan Scenario on a website somewhere, and save
their commission!
Because I know of such an Excel spreedsheet type
publication, and a reliable online resource as
well, why won't their employer's tell them? They
gotta know themselves, right? CLICK
HERE to give us your two cents
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| Frothy
Mortgage Market |
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You've
been hearing for several months about a housing
value collapse in many areas all across the
Country; rising mortgage interest rates - The
End is Near!
So what are you going to do about it? You just
gonna sit there and let the obvious end of the
'good times' come crashing down on your career,
or are you getting prepared?
Prepared how you may ask? Start off my realizing
values customers give you from now on my be
high, and understand rewriting their loan, which
lowers their rate will become more and more
unlikely as time goes on. Start looking around
for reliable second mortgage lenders to place
your customers into their products, or you might
think about sending them on to their local Bank
if they insist on a line of credit (HELOC) where
they're typically are no points or closing
costs. You'll look like a hero and may get a
referral from them ... someday.
Learn how to think more in terms of loan Benefits
to the customer - like lower overall monthly
payments, and probably a lower weighted average
rate for them (when you do a new first mortgage
bill consolidation that may increase their
interest rate) instead of selling Features,
like interest rate and other 'numbers.' Remove
YSP from your brain, as it will contribute to
the new rate shock they'll be facing, and you'll
see more No Sales or cancellations if you don't.
Concentrate on those fundings for home
improvements, to sustain property values (as
they may be falling), and to enhance future
equity so you can help them in the future.
On the other side of that coin, start to bone-up
on the foreclosure bail out wholesaler programs
available, since you'll be seeing more of that
type of a customer. Learn now, what you have to
do (from a packaging and processing viewpoint)
to get the proper paperwork all together when a
customer is in a Chapter XIII, and you need to
payoff the trustee to get them out and make your
new loan (because you can't do your new loan
unless you do). Understand how to thoroughly
read a credit report, where there's a
forbearance situation and how that effects rated
mortgage lates on the report, and how your
wholesalers will see/judge them (like maybe
somebody who takes bank statements and ignores
mortgage lates, etc. could be a good idea).
These two issues can be particularly tricky and
create last minute hang-ups on fundings.
CLICK
HERE to tell us your views on our Discussion
Board
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