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Author: Bob Williamson Title: The Difference Between Hype and Performance (part 1) Excerpt: ...used effort, you could actually deliver on a promise big enough to convince most serious prospects that you are unquestionably the best lender for them! In my opinion, the most crucial market segment for a mortgage lender is Prospective Homebuyers. These are the people who have not yet signed a purchase agreement but who will be buying a home (new or resale) some time in the next 12 months. (If you reach these people soon enough, you can usually refer the Buyer to a Realtor of your choice.) When I first started coaching loan originators, the "Prequal" (using only b... Search Again
Author: Karen Deis Title: Business Card Marketing, Internet Spiders and Post Card Marketing Excerpt: ... Part II of Bob Williamson's Article: The Difference Between Hype and Performance--How to Help Your Client Negotiate the Lowest Possible Price for the Home They Buy,", will be published in the October 1, 2002 issue. You will learn how to completely outmaneuver your competition for the purchase market business by focusing on showing your home buying client how to save thousands of dollars on the "sales price" of the home--instead of focusing on loan programs and interest rates. Bob's article is not to be missed! If you want to comment on any of the ... Search Again
Author: Bob Williamson Title: How to Help Your Clients Negotiate the Lowest Possible Price for the Home They Buy Excerpt: ... quite well for Sellers and to complain about it is pointless. Instead, I'd like to draw your attention to the opportunity for the enterprising mortgage lender to fill the void left by the fact that no one is truly representing the Buyer's interests in the price-negotiating aspect of the home purchase process. If you can fill that void, you will be giving your homebuyer prospects an absolutely compelling reason to do business with you - and even if your competitors down the street have better loan pricing, they're still not going to be able to match the bottom-... Search Again
Author: Karen Deis Title: A Tribute to My Sister-A True Guerrilla Marketer! Excerpt: ... are one! Establishing the all important media contacts is the first step in getting recognized as the mortgage expert in your community. In this article, Brian will show you how it's done. Brian's best selling system, "How To Close More Loans, Make More Money and Have A Life" can be purchased CLICK HERE for only $297.00. ...and one more thing! Turn On Your Million Dollar Brain III Workshop CLICK HERE plans have been completed. The workshop theme this year is CREATIVITY and begins with a 3-hour workshop on how to jump-start your creative brain to i... Search Again
Author: Karen Deis Title: What do newspapers, doctors, nurses and free reports have in common? Guerrilla Marketing Excerpt: ...h managers, company owners-the "feet on the street" originators-the ones who bring in the business. In this issue, part two of Bob Williamson's article "How to Help Your Client Negotiate the Lowest Possible Price for the Home They Buy" creates a huge paradigm shift for loan officers. You can purchase the 12 page report by clicking here. Speaking of paradigms, I have worked with Barry Habib, GMAC Mortgage, over the past few years. The number of phone calls and the amount of work that he is able to accomplish has always amazed me. In a special interview, "Time... Search Again
Author: Karen Deis Title: The Power of Pictures Excerpt: ...cally, buy a Polaroid-type camera with film that develops instantly. The people posing in the picture should be: 1. Your Clients (and their children if present) 2. The real estate agent or builder 3. The closing agent or attorney 4. You (if you are present) 5. The Sellers (if a purchase transaction, and the buyer and seller are on speaking terms) All parties should be in the same picture. Take 4 or 5 pictures. I suggest that you take the pictures BEFORE the closing ritual begins. It may be the only time you will have their undivided attentio... Search Again
Author: Mike Moffitt Title: Forget The Donuts! Here's A Program that EARNS Your Realtor's™ Business Excerpt: ...By Michael P. Moffitt (Mike is a Senior Loan Officer with US Bank Home Mortgage, Minneapolis, MN. He specializes in the first time homebuyer market. Mike has closed $51 million YTD with $25 million of that in the purchase business. If you have questions about his system, please email us.) In my travels around the country speaking to groups of loan officers, I always ask the question, "How many of you like real estate agents?" Guess what? It is rare, indeed, for a loan officer to raise his hand. I always follow up with, "How many of you have worked with an a... Search Again
Author: Karen Deis Title: The Mortgage Business is the Best Job on Earth! Excerpt: ... Mike Moffitt, Mortgage Resource Group of US Home Mortgage (Mike is a Senior Loan Officer with the Resource Mortgage Group, a division of US Bank Home Mortgage, Minneapolis, MN. He specializes in the first time homebuyer market. Mike has closed $51 million YTD with $25 million of that in the purchase business.) has created a Realtor™ Referral Program. In his article "Forget the Donuts! Here's a Program That EARNS your Realtor's™ Business," Mike tells you why real estate agents (sometimes) treat you like dirt and how you can turn the tables on them by ... Search Again
Author: Tom Ward Title: The Dot.com Challenge and How To Sell Against the APR! Excerpt: ...rketing provides profitability, operational and marketing consulting to mortgage originators, bankers and brokers. [Email Us] I just heard a commercial this morning by one of the Dot.com companies where they claimed to have the lowest rates because they have no middleman. They do refinances, purchases, second homes and home equity loans. But what REALLY got me mad (I know, I'm supposed to say "angry" instead) is they also made the statement that "even if you have applied somewhere else for a loan, you should apply with them." At Majestic Mortgage, we have bee... Search Again
Author: Barry Habib Title: Locked, Re-locked and Loaded Excerpt: ...a lower interest rate. If they don't get the lower rate, they threaten to go to another lender. Consider the following: The lender processing the application is at a disadvantage because they paid to protect the rate from going higher. It's just like purchasing life insurance. If you purchased life insurance but do not die-you can't go back and ask for a refund! This now has to be considered as part of the cost of the loan and may make it more difficult for that lender to reduce the rate. Now, let's break down the numbers. In the scenario above, a 1/... Search Again
Author: Karen Deis Title: It Takes Courage to Change Excerpt: ... consultants, have you ever thought of offering an annual FINANCIAL PHYSICAL as part of an overall financial-health plan? It's only 60 days to the end of the year and tax time is around the corner. NOW is the time to send your clients a Financial Physical Form and cover letter (CLICK HERE to purchase for $59.00). Here's the great part-those who return the form or request a free copy of their credit report have "identified themselves" as your future clients. "Commitment Is A Two Way Street," by Tom Ward is a BOLD, and very smart technique requiring clients gi... Search Again
Author: Karen Deis Title: Is There A (Financial) Doctor In the House? Excerpt: ...y of your credit report?" "Are you thinking of making a move within the next 12 months?" There are a few more questions on the form. It is a series of questions to help you determine if it is in your clients best interest to refinance or get pre-approved for another mortgage. (CLICK HERE to purchase the Financial Fitness Marketing System for $59.00.) In addition to the FINANCIAL FITNESS FORM, you have offered them something FREE-a copy of their credit report. A one-merged with one credit score will be adequate and your client's will see a real value in the ... Search Again
Author: Karen Deis Title: Get People to Remember You Excerpt: ...k group) is to get thousands of these things distributed to people in your community. The shelf life is enormous and just like videos and tapes they get passed around to family and friends. Remember the article in the last issue on giving your clients a "Financial Physical"? (CLICK HERE to purchase marketing letter and forms) One of the recommendations that we made to was provide your clients with an annual (like in physical), free copy of their credit report. Mari Gottdiener, an attorney and credit counselor, has written one of the best articles we have ever... Search Again
Author: Sue Woodard Title: Knock, Knock! Who’s There? Are You Forgetting Someone? Excerpt: ...sing agents are being asked questions by their neighbors, friends, and family that need to be referred to a mortgage professional. That "referral" could be you! Most consumers really do not know specific differences between each of the positions in our industry, so when it is time to consider a purchase or refinance, they generally will turn first to any person who they know has some kind of knowledge of the business. Instead of the underwriter or closer responding to these questions by simply stating that they are, "not a Loan Officer" we should position ourselves... Search Again
Author: LoanOfficerMagazine Staff Title: A Gift for Your Clients-and Even You! Excerpt: ...es a personalized, self-inking stamp built into the pen. This device saves time and energy by letting the Stamp-Pen personalize envelopes, brochures, checks, raffle tickets and just about anything else you can think of. This makes a great gift for clients! Give it to those clients who just purchased a home, Real Estate agents and builders, financial planners, attorneys, insurance agents, family, personal friends or just about anyone you conduct business with. This also makes a great gift to….yourself! Use it to complete the 1003 and stamp your information... Search Again
Author: Karen Deis Title: An Easy "Corporate Referral" System That is Guaranteed To Get You Business Regardless Of Interest Rates! Excerpt: ...(The Corporate Benefits Program accounted for 26% of my business when I originated mortgages. You can develop your own system or purchase my system. (CLICK HERE to purchase.) Details can be found at the end of this article.) Just when you thought you had refinanced everyone in the world—you now have even more business than you can say "grace" over! Low rates, increased home values, high levels of credit card debt have kept you busy—closing your guts out. Consider yourself LUCKY if by the end of the day you only have 55 phone message... Search Again
Author: Dave Udy and Karen Deis Title: Take Me Off Your Calling List! Excerpt: ...Credit bureaus make a lot of money providing credit reporting services to lenders. However, they make TONS of money selling "lists" to telephone solicitors! This is how telephone solicitors develop their lists of qualified people that they think can purchase their products. The solicitor provides the credit bureau with a list of criteria—like income, credit ratings, list of credit cards or total amount of debt and even mortgage balances. (Yes, even when you buy lists from sellers who would provide you with mortgage leads, they are getting the information from cred... Search Again
Author: Karen Deis and Bill Dallas Title: Using a Financial Life-Events Timeline Chart To Predict Your Client’s Future Financial Needs Excerpt: ... Financial Life-Events Time Line AGE 0-10 10-20 20-30 30-40 40-50 50-60 60+ Allowance First Car Marriage Divorce Re-Marriage Divorce Retirement First Computer 1st Major Car Repairs Start Family Start Business Purchase Investment Property Sale of Business Pay Off Debts Buys 1st Toys Off to College Purchase Home / Mortgage Move/Relocate Purchase Another Home Children in College Health Problems ... Search Again
Author: Mike Baker Title: Do You Stand Out From The Herd? Excerpt: ...By Mike Baker (Mike Baker is CEO of The Mortgage Coach as well as a mortgage industry speaker and author. He has two published books, Mortgage Power and Loan Officer Recruiting. Purchase his books online at www.MortgageSpeakersBureau.com.He can be reached at 800-499-2242 or email him at mbaker@mortgagecoach.com.) A potential borrower asks, "Why should I do business with you?" A potential referral based client asks, "Why should I refer business to you?" What's your answer? Separating yourself from the average loan officer will make a huge difference in how they v... Search Again
Author: Karen Deis Title: What Is The Difference Between Direct Marketing, Advertising, PR and Branding? Excerpt: ... see a couple across the room. They immediately walk up to you and say, "Hi, I hear you are a great loan officer." This is an example of branding! Several loan officers have developed the "branding" genre. Greg Frost of Frost Mortgage created billboards, radio advertising and even purchased a limo (with his name on it, of course) to take clients and Realtors® to closings. Even though Greg has not used the limo for several years, when he meets someone at a party, they always say, "Oh, you’re the guy with the limo." Dan Smith, Republic Bank, is known... Search Again
Author: Bryan Farrish Title: The Basics of Radio Interviews Excerpt: ...eal estate agents and vendors (they loved the publicity)! Best of all, when all was said and done, we received a tape of our program that we could duplicate and send out to our clients—especially on a subject that applied to them. Personal service…Publicity…Vested Partnerships…You can’t even purchase a newspaper ad for $600.00 any more! APPROXIMATE NUMBER OF RADIO STATIONS IN THE US AND CANADA: 2,400 Country (All Styles) 2,070 Oldies (1920’s to 1980’s; All Styles) 1,910 Religious (Including Christian, Gospel & Ministry) 2,000 News/Talk/Sports 1,709 ... Search Again
Author: Karen Deis Title: Winners and Contest Entries for Mortgage Titles and Job Descriptions Excerpt: ...e Loan Facilitator Loan Mediator Loan Officer of the - -Residentially Challenged Loan Specialist Loan Specialist of the- -Credit Challenged Loan-a-Ranger Loan-a-Ranger Local Mortgage Expert Lonna The Loan Officer M.O.R.O.N. - Mortgage- -Originator- -Refi's or Newpurchase Mortgage Credit Counselor Mortgage Engineer Mortgage Financial Engineer Mortgage Guru Mortgage Guru Mortgage House Mouse Mortgage Maestro Mortgage Maestro Mortgage Manager Mortgage Matcher Mortgage Maven Mortgage Mouse Mortgage Practicioner Mortgagemada... Search Again
Author: Karen Deis Title: Provide Added Value To Clients and Real Estate Agents Using A Simple Market Analysis Excerpt: ...l estate partners to do the work, that is a huge part of their job anyway. Here’s a step-by-step plan for implementing: Arrange a meeting with a few, selected real estate agents and share your idea with them. Explain that you will be sending a market analysis to the clients who have purchased or refinanced a home with you. The reason you are doing this is to keep your clients informed about the value of their property on an annual basis. The reason the real estate agents would want to do this (for you) is that the National Association of Realtors (in... Search Again
Author: Bryan Farrish Title: Radio Interviews Can Work For YOU (Part 2) Excerpt: ...ill be competing with companies who are willing to pay top dollar for advertising because of the market share they own. Although morning shows are great on these stations, advertising is not recommended because it will be the most expensive and the listeners may be too young to be making home purchases Urban (300 stations): These stations play mostly rap and hip-hop. As you might guess, unless you are appealing directly to the urban community you will not be able to be interviewed on these types of morning shows. These stations also have commercial advertis... Search Again
Author: Karen Deis Title: What the Heck is "Page 5 of the 1003"? Excerpt: ...By: Karen Deis, Publisher (as told by Tim Braheem at the TURN ON YOUR MILLION DOLLAR BRAIN Workshop in Delray Beach Florida. Tim is President of First Rate Financial and creator of LoanToolBox.com) You can purchase a ready-to-use copy of PAGE 5 of the 1003 for only $29.00 CLICK HERE You might be saying to yourself, "What is Page 5 of the 1003?" According to Tim Braheem, he and his clients complete a "questionnaire" that he calls PAGE 5 OF THE LOAN APPLICATION. This powerful tool has shifted his business from GOOD to GREAT! (The more you know about your cl... Search Again
Author: Karen Deis Title: A Free Report for LoanOfficerMagazine.Com Subscribers…and More! Excerpt: ...he marketing ideas will be published in future issues of this magazine. In fact, in this issue, you will find the questions (and the reasons behind asking the questions) from Tim Braheem’s "Page 5 of the 1003 (Loan Application Form)". If you don’t want to make this form up yourself, you can purchase the PDF version for only $29.00. CLICK HERE to purchase. As a special thank you to all of our subscribers, we are GIVING YOU a FREE REPORT on "identity theft" that you can include in your newsletters, give to clients at the time of loan a... Search Again
Author: Mari Gottdiener Title: Identity Theft Information Flyer You May Copy and Use With Your Clients! Excerpt: ...the "identity theft" in the first place is becoming a very real and prevalent problem in our society. When you check a credit report and the client says, "that’s not my account", there are several possibilities—one of which may be identity theft. It’s a huge problem—so large in fact, you can purchase "Identity Theft" insurance separately or add an "endorsement" to your current homeowner’s insurance policy. As a mortgage originator and trusted advisor, it is in the best interest of you and your client's that you provide them with information about this type o... Search Again
Author: Karen Deis Title: Working with Latino Homebuyers: An Untapped Source of Mortgage Loans! Excerpt: ...ns. You may get referrals because people know that you have a bi-lingual application form. I did some research on LOS systems and found that Calyx Point did have Spanish forms within their system. I could not find any similar forms in Genesis and Byte. There is a simple solution however. Purchase a software program called Translator Pro (Office Max) or similar software. It allows you to type in the words in English and it prints out in Spanish. This would be a huge addition to your forms arsenal—especially for the standard forms like the credit authorizati... Search Again
Author: Karen Deis and Dave Kuiper Title: Your Picture Is Worth A Thousand Words (and Maybe a Life Long Cient)! Excerpt: ...nt develops the film, a picture of Dave and his staff become part of the client’s photo memories. Based on our research, we recommend the following: The best one-time use camera is one that takes "indoor/outdoor" pictures. It comes complete with flash and automatic focus features. You can purchase it in either 12 or 27 exposures but the best price we found on the web was $16.49 for a 2-pack and 27 exposures—or $8.25 per camera. We found it at www.drugstore.com. However Costco, Sam’s Club or large wholesale outlets in your area may even have better prices. D... Search Again
Author: Karen Deis Title: Marketing to Divorce Attorneys: Excerpt: ...d the other hopes to recover some of the equity and move on to their new lives after the divorce, they can avoid the hassles of selling their home—because of this unique mortgage program. Or, it just may be a matter of refinancing to release the other spouse of financial liability so they can purchase another home! Just because the courts award real property to one of the parties does not release them from the original financial obligation. If you know of anyone who might need this type of service, I would appreciate your giving him or her my business card! ... Search Again
Author: LoanOfficerMagazine Staff Title: Personalized Stationery Is a Great Closing Gift! Excerpt: ...Closing gifts have a huge impact on future referrals! Closing baskets, gift certificates for dinners, to hardware stores or to the movies are all great gifts to give. However, when you have handled a purchase transaction where your client changes their address, personalized stationery is inexpensive and memorable. You can use this closing gift as a stand-alone gift or include it with your gift basket. In fact, you could send it as a follow up gift to increase the "referral factor". I hope I have your attention, because this is one of the "easiest" gifts yo... Search Again
Author: Karen Deis Title: Don’t Sell TO Her--Sell WITH Her! Excerpt: ... (This is part two of a three part series on being sensitive to women consumers. See part I in the issue dated March 20, 2003 or CLICK HERE to purchase it for $10.00 if not a current subscriber.). In this article we will explore "the selling process" with women consumers.) If you have read Part I of Marketing Mortgages to Women, we suggested that you keep track of the number of phone calls you receive every day from women versus men. We strongly believe that your tally will show that over 70% of the phone calls asking about rates, mortgage programs, etc are ini... Search Again
Author: Karen Deis Title: The REVISED Outlook for Mortgage Lending 2003…I Wish I Knew A One-Armed Economist! Excerpt: ...ings for sure—history will repeat itself." I recently attended the Mississippi Annual Convention of Mortgage Bankers and heard David Berson, Chief Economist for FannieMae talk about the REVISED forecast for the housing market and mortgage finance markets. The original forecast was that purchase transactions would remain steady—but loan origination activity would DECREASE by over 30%. But, "on the other hand…" FannieMae is saying that loan originations will INCREASE approximately 19% (from 2002 levels) to a total of $3.2 Trillion in mortgage loans for 2... Search Again
Author: John Klassen Title: Marketing to Unions—A Niche Market to Consider Excerpt: ...e do they get their business? How can you get to the clients before they do? To this end, it is important to choose a niche market. One of the markets we have chosen is UNIONS. This is not a new concept by any stretch, but it is one that is forgotten in the flurry of refinances and new home purchases when rates are down. We have loan officers in our company that have established relationships with local unions. These include the CSEA (County and Municipal Employees-3,500 members), local PBA (Police Officers-2,800 members), and CWA (Communication Workers-2,50... Search Again
Author: Karen Deis Title: Women Consumers: Knowing How to Push All the Right Buttons Excerpt: ...es on marketing to women consumers. In our last issue, we discussed the differences in how women make purchasing decisions, how they develop relationships and how they want to be treated as a consumer. We also gave you "the selling process.") Statistics indicate that women make 81% of all purchase decisions! The marketing you develop in the form of printed ads, or TV and radio spots is to convince her to do business with you and is a strategic part of your overall marketing plan. According to Lance G. Hanish, there are some REAL facts to pay particular att... Search Again
Author: Karen Deis Title: An Easy Method to Obtain Apartment Complex Addresses Without Costing You Thousands of Dollars Excerpt: ... All first-time homebuyers do not live in apartment complexes—but a majority of them do. The question posed most often by loan officers is, "Where can I get apartment leads?" Most loan officers feel that they have to purchase the leads from lead generation companies or credit bureaus. Not so! I want to share with you an easy way to target first-time homebuyers and identify which complexes are worth your marketing effort. Here’s a startling statistic—most apartment managers will tell you that there is a 65% to 75% turnover rate each year. That means th... Search Again
Author: Karen Deis Title: Using the Mailman as Your Marketing Assistant Excerpt: ... By: Karen Deis (Purchase an Apartment Complex Marketing Kit for only $159.00. The kit includes an audio CD explaining EVERYTHING and a CD Rom with ALL the forms on it so you can edit and duplicate. When you purchase the kit, you also receive 1 hour of free coaching. The entire kit will be mailed to you. CLICK HERE.) In the last issue of the ezine, we talked about an easy method to develop an apartment complex database—a list that, once you have established it, will make you money and provide you with an endless source of leads (... Search Again
Author: Karen Deis Title: News for Your Newsletters Excerpt: ...my permission to copy these FREE articles and use them in your newsletters or follow-up letters to your clients.) We have all heard that we need to keep in touch with our clients on a regular basis. We should be sending them newsletters, post cards, financial fitness forms ( CLICK HERE to purchase through LOM). There are many companies out there who provide these types of services for you. However, what I have found through my experience is that the "contents" of many of the "canned" newsletters, cards or post cards are irrelevant. They contain old new... Search Again
Author: Chip Cummings Title: Automate Your Marketing to First-time Homebuyers Excerpt: ...is mortgage company in 2000, but still originates both residential and small commercial mortgages. He can be reached at (866) 977-7900, or via e-mail at chipcummings@northwindfinancial.com (For a complete copy of these auto-responder messages and my 7 specialized customer reports, click here to purchase for only $49.) When the refinance market starts to disappear, it’s important to start working on extended marketing strategies that target specific demographics. First-time homebuyers present one of the most profitable, yet under-marketed opportunities for loan off... Search Again
Author: LoanOfficerMagazine Staff Title: Cool Mortgage and Real Estate Jewelry! Excerpt: ...hat you can give as gifts. While not everyone wears "pins" these days, they can be pinned to a bulletin board, placed on the inside of a portfolio or hung on a chain. Here are some examples of pins you can use for your internal network (including your real estate agents) and the website to purchase these pins (which, by the way, are on sale right now): (Scarf) To view the selection of loan & mortgage pins, visit this link: http://www.crystalpersuasions.com/loanmortgage.html There are also a few pins you can pur Search Again
Author: Karen Deis Title: Buying Mortgage Leads—Think Twice (Maybe 3 Times) Before Spending Your Money! Excerpt: ... and really did not know what to say. I asked about closing costs, points, how long it would take to refinance (you know, the usual stuff) and asked for a good faith estimate to be faxed to me. Within the next 2 weeks, I received no fewer than 8 telephone calls from loan officers who purchased the same lead from the list company. A handful of these loan officers were brand new to the business and really did not have a clue that they were about the 5th person to call me. What I found interesting is that the very FIRST loan officer to call me was from o... Search Again
Author: Karen Deis Title: Positioning Yourself To Work With Realtors (AGAIN)! Excerpt: ...clear messgae was conveyed - they are concerned about the future of their business when the refinances dry up and blow away like a tumble weed! Some of the speakers talked about building your database; some spoke about customer referrals; and quite a few talked about how to get back into the "purchase market" mindset - which means, working with RealtorsTM. Some of you might be saying to yourself - I'd rather eat worms than work with real estate agents again. Some of you have never worked with RealtorsTM (just refinancing your guts out), but some of you have be... Search Again
Author: Karen Deis Title: Free 1^st Year's Homeowners Insurance! Excerpt: ... I travel throughout the country, I make it a point to read "homes and land" type magazines to see what unique offers loan officers use to attract business. Adrian Cortes, Mortgage Villa Investors (www.MortgageVilla.com) advertises "Free 1st Year's Homeowner's Insurance" as a way to encourage purchase business and truly establish an affinity partnership with an insurance agent. While many loan officers have an established "referral system" where they simply refer clients to their preferred insurance agent, Adrian and the insurance agent actually PAY the client'... Search Again
Author: Karen Deis Title: News For Your Newsletter Excerpt: ...By: Karen Deis If you don't currently subscribe to the magazine, but would like to sign up today, CLICK HERE. You can subscribe NOW and receive free access to the 3 marketing pieces, or purchase the 3 marketing pieces in a word document format for only $49. To order this package, CLICK HERE. On June 27, 2003, the National Do-Not-Call Registry went LIVE on the Internet! What this means is that, signing up for the federal government's national "do-not-call list", people can block a large percentage of telemarketing calls they receive. Calls from politi... Search Again
Author: Karen Deis Title: The Power of Your Voice - Via the Internet Excerpt: ... E-Newsletters With your E-Newsletters, I would suggest that you include your picture and the "play" buttons too. Since your e-newsletter may be directed to past customers, this would be a good opportunity to mention your "Financial Check Up" that you offer. (Financial Check-Up Forms can be purchased here for only $59. CLICK HERE.) Here's another script: "Hi, this is Karen Deis and I wanted to thank you for your referrals. I wanted to take a minute of your time to remind you that whenever you would like a copy of your credit report, call me and I will send... Search Again
Author: Tom Ward Title: Determining Lead Value Excerpt: ... have inquired about a mortgage in your market, to one of their harvesting websites. As Karen pointed out, the marketing ploy to get these people into the harvesting website can be problematic if it is a promise of a ridiculously low rate. But going deeper than the quality and exclusivity of purchased leads, originators often overlook the hidden math on list acquisition - the return on investment. The most frequent response to our question about return on investment is: "If you get just one more loan, that will pay for this service." I had one list service re... Search Again
Author: Brian Peart Title: Navagating Around RESPA's (Proposed) Guaranteed Mortgage Package Agreement Excerpt: ...the legitimate low cost option in the market place. THEY CAN'T COMPETE! You have now knocked them out of your marketplace! GAME OVER! Of course, these are some of the concerns that will likely get addressed in the final ruling. It is near impossible to quote escrows exactly on purchases and pre-approvals. Additionally, and most importantly, under this proposed law, the brokers would need the lender to sign this after the customer signs it. You may not even know who the end lender is going to be. This would need to be worked out in a manner that ... Search Again
Author: Karen Deis Title: How Do You Treat Your "Paycheck"? Excerpt: ... but "WOW" them as well. Need some additional help? Bill Hogarty, President of Olympic Funding, gave a present... Search Again
Author: Karen Deis Title: The Secrets of "Free Report" Marketing Excerpt: ...Written By: Karen Deis Next to the fear of public speaking and death, people fear making mistakes. You have probably seen these types of ads everywhere - "Call for a copy of my free report about the mistakes people make when..." they purchase anything these days. Free reports from dentists, plumbers, carpet cleaning companies and of course, real estate agents and mortgage lenders are common. Some people think "free report marketing" is hokey! That's OK! But before you pass judgement on free reports, I'm going to be very blunt with you. It doesn't make any... Search Again
Author: Used With Permission By: Robert Heady Title: News For Your Client Newsletter - "Test Your Credit IQ With This Quiz". Excerpt: ...mail, one is for 3.9% - if you transfer your old balance to their new card by July 1. What is the gimmick here? A. It will hurt your credit score because credit bureaus will frown at your piling more debt on one card. B. The 3.9% will only apply to the transferred balances - not any new purchases made with the new card. C. After July, your rate on the transferred amount might shoot up to 17.5% or higher. Card outfits use different formulas to calculate the interest you pay. Which method is best for you? A. "Adjusted Balances" because it's deter... Search Again
Author: Barry Weiss Title: A Cure For The Common "Hold"! Excerpt: ...nds" types of commercials, here are some examples of unique scripts and the psychology behind each recording. Script One (Emphasizing a niche market) "Purchasing a home can be a complicated process. However, you have come to the right mortgage company because we specialize in helping your purchase transaction go smoothly. We work with many of the top real estate agents, title companies and insurance agents in the city. If you don't have a real estate agent yet, please let us know and we will be happy to refer one to you." (The psychology behind this "scri... Search Again
Author: Karen Deis Title: First Year Anniversary Reflections! Excerpt: ...and awarded valuable prizes worth thousands of dollars. Audio has been added to the site. We have provided LIVE links to important websites, so you can click thru and research while reading one of our marketing articles. And, we have added inexpensive sales and marketing systems you can purchase -along with the article explaining how to use them effectively. As a special bonus with our anniversary edition, we would like to reprint the top 5 rated articles - articles that may not have been as important when they were first published, but may have a signifi... Search Again
Author: Karen Deis Title: Email Marketing To Real Estate Agents Excerpt: ...Written By: Karen Deis Product Review The long-term key to success in the mortgage business is not by riding high on the crest of the refinance market wave. Long-term success in this business relies on "purchase business" and from nurturing their referrals source, namely RealtorsTM. To survive the refinance booms and busts, it's important to create an ongoing system to build purchase business. One of the most effective, and inexpensive ways, is email marketing to your referral network. If you have not called on real estate office... Search Again
Author: Michael A Covino Title: Fishing for Whales: How To Find Millionaire Clients Excerpt: ...By: Michael A. Covino, President of LUMAC/Covino & Company, which specializes in JUMBO loan financing. Email Michael at mcovino@lumac.com, phone him at (914) 703-6400 ext. 310, or visit his website at www.luxmac.com. The affluent mortgage borrower, who needs to borrow a large sum for a purchase or refinance, should be easy to "catch" if you plan and prepare properly. Fishing off the dock using breadcrumbs, you are likely to catch an abundance of little sunfish. To catch the large fish, you row your boat out to the middle of the lake where the water is deep. T... Search Again
Author: Karen Deis Title: How To Hold A New Construction Seminar Excerpt: ...r new construction seminar. Finding Seminar Attendees Finding people, who would be interested in attending a seminar about building a new home, is fairly easy. Here are some suggestions: Ask your title company rep to provide you with the names and addresses of lot owners who have purchased lots in various subdivisions - but have not yet built a home. Many people purchase lots in hopes of building one or two years down the road. Place a seminar ad in your local real estate magazine and new construction section of your newsp... Search Again
Author: Bob Williamson Title: Back to the Purchase Market: Creating Satisfying, Productive Relationships with Realtors^TM Excerpt: ...or the bears, they just waddle off to hibernate for the winter. Loan originators don't have that luxury. If you've been filling your pipeline with refis for the last year or so, perhaps thankful that you didn't have to go searching for the roots and berries of dealing with RealtorsTM and their purchase transactions, it's time to face reality: Salmon season is over. If you want to still be in this business a year from now, you will almost certainly have to generate business from the purchase market. And for most of you, that means work... Search Again
Author: Karen Deis Title: Different Is - As Different Does! Excerpt: ...ess since 1983. I enjoy sharing the knowledge I have gained over the years and being able to see many happy satisfied customers. It has bee... Search Again
Author: Roxanne Andler Title: Half-Empty or Half-Full? Excerpt: ...mmission pie? With the recent surge in mortgage rates, many originators are questioning where their next sale is coming from and specifically - when the next client will appear. Scarcity may be what best describes the mortgage business right now. There are less people out there that need to purchase or refinance - right? If you are thinking this very thought, you may be experiencing "scarcity mentality." People with scarcity mentality view a glass of water as being half empty, rather than half full. They also consider that there is only one pie from whi... Search Again
Author: Jillayne Schlicke Title: Internet Security Essentials: What Would Someone Know About You If Your Laptop Was Stolen Today? Excerpt: ...on for the real estate and mortgage industries on topics ranging from Emerging Technologies, Internet Privacy, Internet Security, Contact Management Systems, PDA's, and Wireless Technologies. The author is not a reseller of any product referred to in this article. Any software mentioned can be purchased from your favorite online or retail software vendor, or directly from the software developer. Jillayne can be reached at www.Schlicke.com. Three frequently used advertising themes are: sex, death, and fear. Of these, "fear" sells more products. Forrester Consu... Search Again
Author: Boni Lonnsburry Title: The First Time Homebuyer Seminar: Maximizing the Potential Excerpt: ...help when the time is right. Don't get discouraged because the process of working with a first time homebuyer is longer. Consider those clients "trailblazers". That is, once they have gone thru the process of buying their first home, it will take their friends less time to purchase a home because they have known someone who has done so. If you were ever going to ask for referrals - your first time homebuyer clients will be the MOST likely to refer you. (Editors Note) Remember why you do this. - Being able to help people buy a home ... Search Again
Author: Karen Deis Title: Net Worth Client Campaign System Excerpt: ...Written By: Karen Deis As a subscriber to www.LoanOfficerMagazine.com, you have complete access to all marketing documents to create your own NET WORTH CLIENT CAMPAIGN, absolutely FREE. If you are not a subscriber, you can purchase all three marketing pieces, including a copy of the entire article for $79, CLICK HERE TO PURchase or subscribe HERE for only $129 per year (24 Issues). It's the downhill side to the end of the year. Being in this business 28 years, traditionally you will have some downtime in November and December (well... Search Again
Author: Karen Deis Title: Power Words Excerpt: ... Headlines or story lines are used to get prospects to qualify themselves - that is, they will call for a free report or more information if the headline applies to them. For example, a 1ST time homebuyer will not call for information on the headline that says, "Don't sell your home or purchase another one..." Here are some time-tested headlines and storylines you might want to use: Don't sell your home or purchase another one until you read this FREE REPORT on how to save thousands of dollars when you choose the right mor... Search Again
Author: Jordan Wexler Title: Where Have All My Leads Gone? Excerpt: ...ave incorporated these innovative toll free numbers, call-capture services and fax on demand capabilities and instant notification to dramatically increase their business, cement the relationship with the top real estate agents in their marketplace, guarantee their loyalty, and secure all of the purchase money loans for years to come! Definition of Services: Innovative toll free numbers give you the ability to provide free 24 hour recorded information, directly connect to you (and/or whoever you like). Call capture services allow you to instant... Search Again
Author: Karen Deis (with information from the NAR) Title: NAR Study Reveals Buyer's Profiles for 2004, and How You Can Use These Statistics In Developing Your Mortgage Business. Excerpt: ...d 20 percent of that total. The type of house they prefer has a significant impact too. The NAR says that first-time homebuyers were more likely to prefer townhomes and condos instead of single-family, detached housing. Baby boomers (who once owned single family homes) were more likely to purchase a condo or a unit in a multi-family structure due to costs, security and maintenance. This is huge. Homebuyers were more likely to purchase new construction in 2003 than in previous years with 28% newly constructed homes being sold in 2... Search Again
Author: Karen Deis Title: Where To Find Great Content For Your Client Newsletters Excerpt: ... topics you could ask them to write about. Title Reps - write about a new law affecting real estate in your area of the county. Real Estate Attorneys - The biggest mistakes people make in transferring title to real estate. Financial Planners - Using a home equity loan for college or major purchases. Appraisers - What does "market value" REALLY mean? Home Inspectors - Information on Radon and Mold problems. Real Estate Agent - How to spruce up your home for the best resale price. In creating newsletters for your real estate agents and builders, there ar... Search Again
Author: Karen Deis Title: Page E of the 1003 Excerpt: ...Rating 74 Property & Casualty Rating 77 Life Insurance Rating 79 Commercial Banks 74 Healthcare Insurance 69 Mortgage Lending 69 A verbal survey was taken of 379 recent mortgage customers asking them to answer 40 questions. All areas of the country and both purchases and refinances were rated. I personally think it’s unfair to compare the mortgage lending process to the insurance industry and commercial banking because people have contact with the companies on a regular basis. People go thru the lending process maybe 5 to 15... Search Again
Author: Steve Probst Title: Whatcha Gonna Do When They DON'T Come To You? Excerpt: ... have had the opportunity to speak to many mortgage originators. You can see and hear the concern in many of them as they try to determine what the next year will be like in a substantially declining market. The refinance boom has ended and loan officers will be clawing for a limited amount of purchase business. The competition will be fierce! So what is a mortgage originator to do? Quit? Run and hide? Stand and fight? In my opinion, in order to survive and grow your business in a changing market, there are some basic principles and daily disciplines that... Search Again
Author: Sue Woodard Title: Your Database: An Army of One! Excerpt: ... be much less tedious when working with you again. It is also vitally important to know the source of all of your leads. Consider another true story - the names have been changed to protect the innocent. Lola, the Loan Officer, received a referral from a past client, a young family ready to purchase their first home. Because Lola did not keep a database, she did not recall that the past client who had made the referral, was originally sent to her by Rick the Realtor. Lola referred out the young family to another Realtor she worked with. Word got back to Rick,... Search Again
Author: Karen Deis Title: Automobile University Excerpt: ...age, teacher, philosopher and guru ever wrote or spoke regarding the conduct of life. The result? The one thread that ties together these oftentimes - divergent voices over many different times... Search Again
Author: Karen Deis Title: Mortgage Marketing Minder^TM January 2004 Excerpt: ... set up meetings with real estate companies and give them the low-down on how the changes will affect them as well. Or, hold a meeting inviting your best real estate agents to your office for the latest FHA updates. January 23rd - Send a 9-Volt Battery to all of your clients who have PURchaseD a home within the last year, with a letter or postcard. Here's what you might say: I hope you are enjoying your new home, and I wanted to thank you for working with me. I have enclosed a 9-Volt battery for your smoke detector, just to make sur... Search Again
Author: Don Lanman Title: How To Waste Your Marketing Dollars In 6 Easy Steps Excerpt: ...ng, with the mortgage industry as one of his niche markets. He has offices in West Palm Beach, New York and San Francisco, and can be reached via email at IMC4U@aol.com. Step 1: Some of This, Some of That...Oh and Some of the Other Stuff! Never Plan! Base all marketing decisions or media purchases on what your spouse thinks; copying the competition or the latest call from an AD salesperson with that "special deal". Buying shotgun advertising in multiple magazines or newspapers, generalized direct mail, ad-hoc online promotions, Ego Ads or non-targeted ... Search Again
Author: Karen Deis Title: How To Make Money With Second Mortgages! Excerpt: ...k at the time it takes to do a home equity loan or 2nd mortgage. Look at the commission you could make simply by asking your past clients if they would like a home equity loan. You might discover that the dollar amount you make per hour is higher in the home equity-lending arena, than refis or purchase money mortgages. (Some of the loan officers I spoke with made $50,000 to $80,000 in ADDITIONAL income just because they asked for the home equity business as well.) Wayne’s business focuses on the high LTV and lower credit scores—the types of 2nd’s that bank... Search Again
Author: Karen Deis Title: Concierge Marketing and the Next Economy Excerpt: ...? You are telling the client that you are not afraid of the competition, that maybe it’s in their best interest to apply for a loan at a competing company and you have done the shopping for them to save them time and money. Fearlessness instills trust. www.Amazon.com: When you make purchases on this website, your preferences are cached. When you log onto the site again, they have not only created a special page for you showing what you have purchased in the past, but also provide you with a list of “related” products that you... Search Again
Author: Karen Deis Title: Mortgage Marketing Minder^TM January 2004 Excerpt: ... set up meetings with real estate companies and give them the low-down on how the changes will affect them as well. Or, hold a meeting inviting your best real estate agents to your office for the latest FHA updates. January 23rd - Send a 9-Volt Battery to all of your clients who have PURchaseD a home within the last year, with a letter or postcard. Here's what you might say: I hope you are enjoying your new home, and I wanted to thank you for working with me. I have enclosed a 9-Volt battery for your smoke detector, just to make sur... Search Again
Author: Jay Conrad Levinson Title: Guerilla Marketing Myths Excerpt: ... Truth: Marketing is successful if it moves your product or service at a profit. Memorability has nothing to do with it. Studies continue to prove that these is no relationship between remembering your marketing and buying your offering. All that matters is if people are motivated to make a purchase. So, don’t aim for memorability as much as desirability because that leads to profitability. Myth: Bad publicity is better than no publicity at all. Truth: Bad publicity is bad for your business. No publicity is a lot healthier for you. People just love to... Search Again
Author: Karen Deis Title: Financial Education for Children Excerpt: ...s of articles and some are as complicated as holding seminars. The Internet (Google.com) lists over 8 million links to “teaching-children-money”. There are many free articles you can download and print—or email to your client database. “All About My Money Kit” is a kit that can be purchase at www.allaboutmymoney.com which is personalized with the child’s name and includes coins, paper bills, fake credit cards, pads of checks and a parent’s guide on how to teach their children about money. It’s only $13.90 and includes shipping. Books Rich Da... Search Again
Author: Jenna Bennett Title: Shopping for a Mortgage - My First-Person Account! Excerpt: ...t my experience in calling loan originators in the Minneapolis area. I thought, "How hard can this be?" My "control" outline (with each company) was: I called mortgage companies from the yellow pages. I was purchasing my first home. I did not want to put any money down. I wanted to purchase a townhome or a condo. I could afford a home priced around $150,000. I asked each company to send me information in the mail. I left my phone number for each loan officer to call me back. I chose 6 mortgage companies (randomly) and started out by telling the ... Search Again
Author: John Santorineos Title: Why Hire An Assistant? Excerpt: ...ion. I became a believer - a believer in the power of an assistant. My volume increased from $12 million in 1996 to $24 million in 1997. How glad I am that I decided to hire an assistant back in 1997? I ended up closing $112 million in 2003. And a large percentage of that business was purchase transactions. I could have never accomplished those numbers without my incredible team. No team, no dream! My team has grown to my very own personal processor, my personal Operations Manager, my Closing Coordinator/Executive Assistant and a part-time marketing ass... Search Again
Author: Don Lanman Title: Going Into Business For Yourself? Don't Make These 7 Deadly Mistakes! Excerpt: ...Written By: Don Lanman Don Lanman is the President of Integrated Marketing Communications specializing in mortgage company marketing and advertising. Don can be reached at 561-845-1295 or imc4u1@aol.com. How hard can it be to start your own mortgage company? After all, you’re a great loan originator right? The answer is — not very hard at all! Apply for a license. Install QuickBooks and an LOS system. Line up a few banks and investors and you are on your way. Well, not so fast! I’m sure you realize that there is MUCH MORE TO IT than that. However, I want to share with you s... Search Again
Author: Brian Farley Title: The Second Home - A Profitable Niche! Excerpt: ...Written By: Brian Farley Brian Farley is the President of Pride Mortgage, an east coast based mortgage lender. Brian has been ranked in national industry periodicals among the Top 200 loan officers over the past several years. Purchase loan business dominates his personal origination, which exceeded $90,000,000 in 2003. He serves as an advisory board member of Loan Officer Magazine and an active member of the Mortgage Speakers Bureau. Brian can be reached at brian@pridemortgage.com. We all know that two heads are better than one - but how about two houses?... Search Again
Author: Karen Deis Title: Closing Gift Quick Tip Excerpt: ...s cards with instructions on what to do with them. Step 3: Deliver closings gifts personally to both the borrower and co-borrower's place of employment. Include an envelope with 10 business cards and ask them to distribute if they know of anyone who might need a mortgage, either purchase or refinance. Bring plenty of business cards yourself, just in case someone right then and there, asks you for information. If your client works in a factory, still make the telephone call to your client, (usually at home) and see if you can meet with them in... Search Again
Author: Karen Deis Title: Building Your Business...One Brain Cell at a Time! Excerpt: ...essing financing issues facing the Hispanic homebuyers and single women. Chris Vinson - A "Realtor Survival Kit" that he delivers to Realtors at open houses. It's presented in a bag with instructions on how to use the contents. The contents are: Car Wash Certificate; note pad; pen to write purchase agreements; a package of M&M's for instant energy; gum to freshen their breath; stress-squeaky shaped like a house; and his business card with the instructions to give to clients when they need financing. Sheila Smith - Multimedia business card which is a customiz... Search Again
Author: Karen Deis Title: Mortgage Marketing Minder^TM - March 2004 Excerpt: ...alTradingCompany.com and order an "Irish Blessing Pin & Bookmark Set" which sells for $5.95 per dozen. So, for about $25, you can order 48 sets, which can be easily mailed to your favorite clients and referral sources. It can be mailed in a regular envelope (however, I would recommend that you purchase green-colored envelopes) and the postage would be $.60 per envelope. An Irish Blessing (as found on the bookmark) May the road rise up to meet you, May the wind be always at your back, May the sun shine warm upon your face, And the rains fall soft up... Search Again
Author: Dan Poulos Title: The Power of the Advertorial Excerpt: ...los, President, Home Loan Funding, Florida. Home Loan Funding is a small mortgage brokerage firm with a superhero image achieved through the use of advertorials. In this article, subscribers can view a sample advertorial to use in their own business. For both subscribers and non-subscribers, purchase 17 advertorials for only $119. (Click here to purchase.) Feel free to email me with any questions. djpoulos@fdn.com"If any of the advertorials refer to products or services you do not currently have available please email Danny at DJPoul... Search Again
Author: Copyright Robert Bruss. Reprinted with Permission Title: What Is Tax Deductible? Excerpt: ...This article provides 9 of the most common tax deductions for clients who have purchased or refinanced a home in 2003. Not only are these deductions outlined, but as a subscriber, you can download and print (free) a document you can either give to your clients at application or include in a client newsletter. Many times, our clients ask us, "What part of the closing costs and interest are tax deductible?" While it is extremely important that you refer them back to their accountant or tax preparer, you as a loan originator, need (at the very least) a working kn... Search Again
Author: Kim Toland Title: How I Became a Mortgage Celebrity on the Radio: An Interview Excerpt: ... Thursdays, which is 8 times per month. In addition, once a month, I have a full 30-minutes to go deep with a topic - which is also a call-in format. The $1,600 also buys 2 radio commercials about my mortgage company per day (40 commercials) and if they have commercial spots that have not been purchased, my commercials play again at no additional charge. And, one more thing - I am listed on Ruth's website (www.RuthRadio.com) with a link to my website. Karen: How has that increased your business? Kim: I don't call on real estate agents - in fact, most of my... Search Again
Author: Karen Deis Title: Automobile University Excerpt: ...ttes - $69.95 6 CD's - $79.95 These programs will serve as a "how to" manual to develop un... Search Again
Author: Karen Deis Title: Mortgage Marketing Minder ^TM April 2004 Excerpt: ...es "Crunch" Bar - because it's crunch time) Fruit Popcorn Cheese Sticks Crakers Cookies Life Savers Pencils Pencil sharpener (like used in grade school) And, if you really want to add something special, include a plastic visor thru the Oriental Trading Company, where you can purchase 12 of them for only $6.95. Include your business card and a short note thanking them for their business, and you were thinking about them on their biggest day of the year! Maybe this would be a good time to ask for home equity loan referrals - for clients who owe... Search Again
Author: Karen Deis Title: RESPA Cracking Down On Kickbacks and Referral Gifts Excerpt: ...eges illegal kickbacks to lenders. Specifically, the lawsuit alleges that the companies provided mortgage lenders with products and services, such as pool policy coverage and underwriting, at below market price. Pool policy coverage is a type of insurance that mortgage companies are required to purchase to help safeguard the pool of loans they make. Tuesday morning, as many as 20 federal agents from HUD and the U.S. Postal Inspector raided the home office of Titleserv Inc., at Plainview (Long Island), New York. The action was pursuant to a search warrant acc... Search Again
Author: Karen Deis Title: Is 'Second Place' Really the 'First Loser'? Excerpt: ...her and dryer? Get them thinking about what they could do with the money? Does a no-cost mortgage make more sense for you? Same scenario as the above question, however, the rate would be a little bit higher to cover the closing costs as well. Here's a twist - if they are in the market to purchase a home, advise them to ask the seller to pay part of their closing costs. Are you better off with an adjustable or fixed rate? Show them a side-by-side comparison of the two programs and have them decide. Did your lender show you how to save thousands of dolla... Search Again
Author: Karen Deis Title: Mortgage Marketing Minder ^TM April 2004 Excerpt: ...es "Crunch" Bar - because it's crunch time) Fruit Popcorn Cheese Sticks Crakers Cookies Life Savers Pencils Pencil sharpener (like used in grade school) And, if you really want to add something special, include a plastic visor thru the Oriental Trading Company, where you can purchase 12 of them for only $6.95. Include your business card and a short note thanking them for their business, and you were thinking about them on their biggest day of the year! Maybe this would be a good time to ask for home equity loan referrals - for clients who owe... Search Again
Author: Karen Deis Title: Buying Leads - Part 2: Another True Story! Excerpt: ...ifferent loan originators within the same company! My point with the first two examples stated, is that someone (my guess is the company) paid for the lead and gave it to an inexperienced loan officer who did not know the answers to most of the questions. Secondly, it's a waste of money to purchase a lead and not have an effective system to follow up with prospects. Unless you have a systematic, step-by-step plan on how you are going to call, market to and follow up, you are throwing money down a black hole. More importantly, when you pur Search Again
Author: Karen Deis & 3 Loan Originators Title: Assistant's Compensation & Job Description Revealed! Excerpt: ...we developed. This way the assistant can pre-screen calls, get preliminary credit reports, and set up appointments for me. Yes, I meet with all of my clients face to face, but not until I'm confident (because of the pre-screening process) that it will result in business. With loans that are purchase transactions, his other responsibility is to follow up with both the listing agent and selling agent once per week and let them know where we are at in the process. If I have not done business with them before, he attempts to set up a face-to-face appointment so I c... Search Again
Author: Karen Deis Title: Mortgage Marketing Minder^TM - May 2004 Excerpt: ...he nursery to your clients. Lets say that you have a database of 500 past clients. We recommend that you send a coupon for a free flat of flowers to all the homeowners in your database. You need demonstrate why this is a Win-Win for both of you. The clients who visit the nursery would also purchase more flowers, shrubs and landscaping items on the same trip. (The nursery has a pretty good idea of what customers purchase in addition to flowers.) Ask to partner with them to get your clients in their door and all you ask that they prov... Search Again
Author: Karen Deis Title: Lead Generation Editorial - Readers' Comment! Excerpt: ...rience I ever had buying leads was from a salesperson that claimed that they were a fellow broker selling their excess leads. It turned out that in reality, this slime bucket did have a license to broker, but never did one origination due to poor sales skills and lack of ethics. All he did was purchase crappy bogus leads from other vendors and resell them to unsuspecting customers." LoanOfficerMagazine.com strives to provide methods and systems that you can use day-in and day-out; year-in and year-out to generate good, quality business. Yes, it does cost mo... Search Again
Author: Karen Deis Title: Mortgage Marketing Minder^TM - May 2004 Excerpt: ...he nursery to your clients. Lets say that you have a database of 500 past clients. We recommend that you send a coupon for a free flat of flowers to all the homeowners in your database. You need demonstrate why this is a Win-Win for both of you. The clients who visit the nursery would also purchase more flowers, shrubs and landscaping items on the same trip. (The nursery has a pretty good idea of what customers purchase in addition to flowers.) Ask to partner with them to get your clients in their door and all you ask that they prov... Search Again
Author: Karen Deis Title: Realtor Newsletter - FREE for All Subscribers! Excerpt: ...s) and to teach them how to generate more business. Check out www.LoanOfficerSeminars.com and an online seminar being held Wednesday, May 19, called "Building Business Relationships with Call Capture and Voice Broadcast Technology". CD Replays of past real estate training sessions available to purchase are: Success in the KEY of “E” – How to Double your Profits without Doubling your Workload! - Presented By: Terri Murphy Listing Your Way to Success - Presented By: Linda McKissack The attached article has been created for you in a Word documen... Search Again
Author: Karen Deis Title: Quick Tips^TM - Follow-up With Home Sellers! Excerpt: ...Written By: Karen Deis Are you communicating to the home seller when processing a purchase transaction? The National Association of RealtorsTM says only 60% of home sellers will use the same real estate agent to BUY their next home. The remaining 40% will use ANOTHER real estate agent. With every purchase transaction, you usually have all the information you need to contact the seller of the property. Their name, address and phone number are provided - and it will be one of the easiest phone calls you will ever make. We s... Search Again
Author: Karen Deis Title: Mortgage Marketing Minder^TM - June 2004 Excerpt: ...e marketing piece, we would recommend that if you are going to send something by mail, that it be sent on Monday, June 7. If you are going to personally deliver to your real estate agents and business partners, then June 14 would have the biggest impact. Here are some suggestions on where to purchase "flags" and recommendations on different items you could purchase. www.OrientalTrading.com is an excellent resource for finding inexpensive, yet meaningful gifts for your clients. Here are some of the flag-related products that we found... Search Again
Author: Steve Probst Title: The Lion's View of Mortgage Production! Excerpt: ...ure that your name is synonymous with the word "mortgage". If the word "mortgage" is mentioned in any conversation with one of your relationships, your name should immediately come to their minds. They become your raving fan club! The scavenger mentality of the unprepared loan officer is to purchase internet leads that have been sold to other competitors as well. These loan officers wonder why they can not succeed in this difficult and competitive business. They use heavy bait and switch advertising or cold calling. They will close in on your customers and pr... Search Again
Author: Karen Deis Title: Building a Working Data Base - Part One Excerpt: ...Written By: Karen Deis, with contributing data from Cindy Douglas, President of the CD Consulting Group (email Cindy at cindy@cd-consultinggroup.com) and David Jaffe, Loan Originator, chase Manhattan Mortgage, (email David at david@jaffeteam.com). We recently held a web cast (www.LoanOfficerSeminars.com) with David Jaffe and Cindy Douglas on building an effective, working database that literally becomes your virtual assistant. You can purchase a CD Replay of this presentation NOW for only $99! David Jaffe averages $200M per year in ... Search Again
Author: Karen Deis and Dan Poulos Title: 'Til Debts Do Us Part - Marketing to Divorcing Couples Excerpt: ...e Loan Funding Home Loan Funding is a small mortgage brokerage firm with a "superhero image" achieved through the use of advertorials. In this article, subscribers can view (and download for free) a sample advertorial to use in their own business. For both subscribers and non-subscribers, purchase all 17 of Danny's advertorials for only $119. (Click here to purchase.) Feel free to email Danny with any questions. djpoulos@fdn.com If any of the advertorials refer to products or services you do not currently have available please em... Search Again
Author: Karen Deis Title: Building a Working Database - Part Two Excerpt: ...Written By: Karen Deis, with contributing data from Cindy Douglas, President of the CD Consulting Group (email Cindy at cindy@cd-consultinggroup.com) and David Jaffe, Loan Originator, chase Manhattan Mortgage, (email David at david@jaffeteam.com). This is the second article in a 3-part series (click here to read the first article) on how to build a working database. The first article shared actual database screens that David uses to get a snapshot of past activities and conversations he has had. The screens we will share with you in this issue are called "Title... Search Again
Author: Karen Deis Title: Mortgage Marketing Minder^TM - June 2004 Excerpt: ...e marketing piece, we would recommend that if you are going to send something by mail, that it be sent on Monday, June 7. If you are going to personally deliver to your real estate agents and business partners, then June 14 would have the biggest impact. Here are some suggestions on where to purchase "flags" and recommendations on different items you could purchase. www.OrientalTrading.com is an excellent resource for finding inexpensive, yet meaningful gifts for your clients. Here are some of the flag-related products that we found... Search Again
Author: Karen Deis Title: Database Templates: Part 3 of 3 Excerpt: ...Written By: Karen Deis, with contributing data from Cindy Douglas, President of the CD Consulting Group (email Cindy at cindy@cd-consultinggroup.com) and David Jaffe, Loan Originator, chase Manhattan Mortgage, (email David at david@jaffeteam.com). David has created a "crash course" on database marketing, which is available on CD Replay (both audio and PowerPoint presentation). For more information, CLICK HERE NOW. This is the 3rd and final installment in this 3-part series showing you real database templates and fields that are absolutely critical when developi... Search Again
Author: Karen Deis Title: Are You Losing Business to Competitors You Don't Even Know About? Excerpt: ...company: They are getting wiser! It used to be that RealtorsTM would "suggest" that HOME BUYERS use the in-house mortgage company. Now, when a home is listed for sale, HOME SELLERS are being directed to use the on-site loan officer. After all, these people are the MOST likely candidates to purchase another home and need a mortgage. It makes sense to introduce them to a loan officer (who works for a real estate company) early in the process. Your clients are being solicited for a mortgage at the listing presentation. Car Dealers: Because of name recognit... Search Again
Author: Karen Deis Title: Mortgage Marketing Minder^TM July 2004 Excerpt: ...d zip code are marketing gold to retail stores and advertising agencies. Paying for your goods shouldn’t be a trying experience. The store clearly wants to sell you something. By standing in the checkout lane, you have agreed upon the price. Shouldn’t there be fewer barriers to make a simple purchase? But, there is a hidden agenda—and it’s called “information”. Knowing your zip code will help the company’s marketing efforts with direct mail marketing and telemarketing efforts (unless you are listed on the Do-Not-Call List). So, what can you do the next time... Search Again
Author: Karen Deis Title: What Type of Salesperson are You? Excerpt: ...th & Tony Rutigliano, there is NO right or wrong way to sell. The important thing is to discover your selling style and use it to its best advantage. In this editorial, I paraphrased the 34 sales strengths that Smith has outlined in his book. However, I encourage you to buy the book. (Purchase this book from Amazon.com now!) You don’t even have to read the whole book, but on page 76 he provides you with a website where you can take a quick sales assessment test which will provide you with your top 5 strengths. On the inside cover of the book, you will fin... Search Again
Author: Karen Deis Title: Killer Advertising (That Really Works) to Attract Renters! Excerpt: ...Written By: Karen Deis The National Association of Realtors reports that within the next 5 years, over 30 percent of all home purchases will be from 1st time homebuyers. In addition, 22% (of the 30%) will rent an apartment FIRST, before purchasing a home of their own. Advertising executives are paid millions of dollars to attract 1st time buyers of their products in hopes of keeping them as loyal customers throughout their lifetime. Think about ads created for children and teens. Companies like Nike, Kellogg's, Dell and MTV have created exclusive ad cam... Search Again
Author: Edward Jamison Title: Let the Games Begin - The Big 3 Versus Fair Issac! Excerpt: ...in the data itself will still cause scores to vary. Vantage Score will return credit scores on consumers with limited credit histories more so than the Classic FICO model that may return a zero if the credit file is too thin or lacks recent activity. Let’s cut to the chase! Shall we? While Fair Isaac’s Classic FICO was developed using 3 million credit reports (1 million from each bureau), the Vantage Score model was developed from a national sample of 15 million consumer credit profiles (five million from each credit bureau).... Search Again
Author: Karen Deis Title: Mortgage Marketing Minder^TM July 2004 Excerpt: ...d zip code are marketing gold to retail stores and advertising agencies. Paying for your goods shouldn’t be a trying experience. The store clearly wants to sell you something. By standing in the checkout lane, you have agreed upon the price. Shouldn’t there be fewer barriers to make a simple purchase? But, there is a hidden agenda—and it’s called “information”. Knowing your zip code will help the company’s marketing efforts with direct mail marketing and telemarketing efforts (unless you are listed on the Do-Not-Call List). So, what can you do the next time... Search Again
Author: Karen Deis Title: Teach a Realtor® to Fish...A Step-By-Step New Agent Training Program Excerpt: ...able in working with your company.) Lunch suggestions - Pizza; Salad and Breadsticks (Olive Garden); Sub-sandwiches. Sales Training - Tips (1 hour) on how they can generate leads and more business. There are literally hundreds of training videos and audiotapes that you can purchase. Play a tape or video. www.LoanOfficerSeminars.com has some great CD Replays given by Superstar Realtors you can use. They are: "Listing Your Way to Success" - Linda McKissack, Top Listing Agent, Keller Williams Realty "Success in the KEY of E - How to Dou... Search Again
Author: Karen Deis Title: Mortgage Marketing Minder^TM August 2004 Excerpt: ...ghts) and dust chandeliers and light bulbs to brighten up the home. Disguise What is Ugly - Sometimes a room faces an ugly view or building. Suggest a few strategically placed plants, candles or latticework to hide the view from the window. Ugly furniture? Suggest that the sellers purchase slipcovers or throws to give the sofa or chair a fresh look. Another inexpensive way to give the furniture some pizzazz is to add some pillows in different shapes and sizes. Weird Colors - Properties with strange colored rugs, carpet or paint often sit on th... Search Again
Author: Karen Deis Title: Protecting Your Clients' Privacy: How Safe Are Your Records? Excerpt: ...ers, credit card numbers and assets. A thief looking to steal a classic car or jewelry (assets section) or credit card information only needs to look in the trash bin. Closing agents - Many states require that the buyer and seller of real estate list their social security number on the purchase agreement. If that document gets into the wrong hands (maybe even the courier service employee), they not only have the buyer's information, but the seller's information as well. While there are many federal and state laws regarding the customers' Right of Privac... Search Again
Author: Karen Deis Title: 5 Notes a Day... Keeps the Comeptitors Away Excerpt: ...and guess what? It's the handwritten note that usually gets opened first! "Little things can make the big difference" and in this article, we will share with you how just 5 handwritten notes per day can make not only a big, but a huge impact on your business. Notecards and envelopes: Purchase (classy) note cards from a stationery store, maybe with the intial of your last name. The quality of the paper does make a difference. Include your business card. Or Create postcards with your picture on the front and a place to write a note and address on ... Search Again
Author: Karen Deis Title: Mortgage Marketing Minder^TM August 2004 Excerpt: ...ghts) and dust chandeliers and light bulbs to brighten up the home. Disguise What is Ugly - Sometimes a room faces an ugly view or building. Suggest a few strategically placed plants, candles or latticework to hide the view from the window. Ugly furniture? Suggest that the sellers purchase slipcovers or throws to give the sofa or chair a fresh look. Another inexpensive way to give the furniture some pizzazz is to add some pillows in different shapes and sizes. Weird Colors - Properties with strange colored rugs, carpet or paint often sit on th... Search Again
Author: Karen Deis Title: Is It Just Me - Or Are Lead Generation Companies Changing the Way They Do Business! Excerpt: ... a novel trend developing among lead generation companies. And maybe the trend is a good thing! At least it might be a step in the right direction. It's the trend towards niche marketing and specialization. Mortgage originators from throughout the country have told me that when they have purchased leads in the past, that it was like a box of chocolates - you never know what you are going to get. It could be A paper; BC credit with a 1st, 2nd and 3rd mortgage; sometimes even a commercial building. A new approach to lead generation is "market segmentation."... Search Again
Author: Joseph Gross Title: Wait, Don't Hang Up! Excerpt: ... We love to hear from subscribers who have successfully used some of the ideas to create more business and additional income. In this article, Joe Gross gives you blow-by-blow details on how he has incorporated the system into his marketing and EXACTLY what he says (his script) when calling purchased, Internet leads. Recently I came across an article written by Karen Deis entitled, "Giving a Second Opinion" (read in Broker magazine). Instead of hanging up when a potential borrower tells you they are already working with someone - you offer to give them a... Search Again
Author: Karen Deis Title: Random Notes - Brand Identification and Name Recognition Excerpt: ...g more about Dave's online seminar, please visit us at www.LoanOfficerSeminars.com. Create a Fax Cover Page... (Download a sample "Quote of the Day" Fax Cover Sheet) Create a fax cover page that people look forward to receiving. To take a simple fax cover page to the next level, Dave purchased a book of 10,000 Quotes and everyday, changes the quote on the cover page when he faxes loan approvals or loan updates to his real estate agents and builders. You don't have to go thru the pain of typing up a new cover sheet each and every day. We recommend that... Search Again
Author: Steve Kropper Title: Let Them Eat Dough. Excerpt: ...s at 10-20% for mortgage brokers. If one in ten off-line leads is a winner, why buy web leads that take thirty calls before closing one deal? In 1993, at my first company we thought we were selling bread, but we were selling warm dough. We faxed leads to top lenders (GMAC, BoA, Countrywide and chase) that resulted in closed loans at a $600 acquisition cost. That was about half of their cost. But the conversion rate was just 3%. That was not compatible with the consumer direct operations of these top lenders. My leads converted at 3%, but lender practices wer... Search Again
Author: Karen Deis Title: Creating More Business from Realtors^TM and Builders Using Temporary Buydowns (Part One) Excerpt: ... you will need to use the same calculations that you would use for your fixed-rate mortgage product. However, you would need to add the following: 1st Year Payment = $1,031.37; 2nd Year Payment = $1,135.58; 3-30 Year Payment = $1,264.14. Eligible Loan Programs for Fannie and Freddie would be purchase transactions and no-cash out refinances. (Investment properties or cash-out refis are ineligible.) Check with your sub-prime lender for program requirements. Caution! Property taxes may increase after the home has been purchased. The... Search Again
Author: Karen Deis Title: Mortgage Marketing Minder^TM September 2004: Maintenance Checklist Excerpt: ...se cardstock (64# or more) Laminate (if you can fit into your budget) Date performed section is for the client to write down the dates they have checked each item so they have an ongoing record Include a cover letter Send in 9" X 12" Envelope If you laminate the checklist, suggest that they purchase a felt-tip pen or include one in your envelope Download a copy of the cover letter. Download a copy of the Homeowner Maintenance Checklist. Sample Cover Letter Enclosed, you will find a Homeowner Maintenance Checklist and I want you to... Search Again
Author: Karen Deis, with contributing ideas from Dan Moralez and Ed Conarchy Title: Creating More Business from Realtors and Builders Using Temporary Buy Downs - Part 2 Excerpt: ...nt and escrow work. (See 9-5-04 article link here.) This article focuses on how to market and sell the program to buyers, sellers, Realtors and homebuilders. This unique mortgage program can be basically used 2 ways: #1 - to offer a low, initial monthly payment or #2 - allows the buyer to purchase a higher-priced home. The absolute best comparison you can make with your clients - is that it's kind of like buying a new car. The dealer offers 3 options: Low monthly payments. Cash back. Low interest rate financing. However, the car dealer allo... Search Again
Author: Karen Deis Title: Is Consumer-Direct Marketing Back? Excerpt: ... referrals to YOUR preferred RealtorsTM, title companies and insurance agents. I encourage... Search Again
Author: Karen Deis Title: Apply for Scholarships & Free Coaching: Turn On Your Million Dollar Brain Workshops Excerpt: ... Mike Moffitt, Tom Ward, Mike Baker, Sue Woodard, Brian Farley, Amy Tierce, David Kuiper and Denny Andrews (for more information on these individuals, visit www.MortgageSpeakersBureau.com). These coaching sessions would be valued at tens of thousands of dollars if you were to hire each coach or purchase each product individually. Not only that, but the scholarship winners (including loan officers and managers) will receive a complete set of 36 CD Replays of online seminar given by the top loan officers and trainers in the industry on topics ranging from new const... Search Again
Author: Karen Deis Title: Become Famous! 10 Steps to More Powerful Speeches Excerpt: ...spirit show. Stick to what you know is true. If your seminar is for 1st time homebuyers, you might want to give them some statistics about 1st time homebuyers. Tell some personal stories that have a direct relationship to your overall theme. A great story might be how you helped a family purchase a home — even if they had some challenges to overcome. Structure your speech into smaller "sound bites". The average attention span of an adult is 6 minutes. So, think of presenting each of your ideas in 6-minute increments. If you are using a power point pre... Search Again
Author: Karen Deis Title: Mortgage Marketing Minder^TM November 2004 Client Newsletter Excerpt: ...e Up Short with your Homeowner's Insurance Policy" (Include names of insurance agents you would recommend.) "Have you seen your credit report lately? Free for past clients!" (Past customers who will call you for a copy of their credit report are usually planning on making a large purchase - and maybe need a loan. Maybe it's a new car? College funds? Ask if you can refinance their mortgage (or a 2nd mortgage) to give them the cash they need.) Here's an added Bonus: Because your referral partners' names are mentioned in your newsletter, give them c... Search Again
Author: Karen Deis Title: Mortgage Marketing Minder^TM November 2004 - Client Newsletter Excerpt: ...e Up Short with your Homeowner's Insurance Policy" (Include names of insurance agents you would recommend.) "Have you seen your credit report lately? Free for past clients!" (Past customers who will call you for a copy of their credit report are usually planning on making a large purchase - and maybe need a loan. Maybe it's a new car? College funds? Ask if you can refinance their mortgage (or a 2nd mortgage) to give them the cash they need.) Here's an added Bonus: Because your referral partners' names are mentioned in your newsletter, give them c... Search Again
Author: Bob Williamson Title: What It Takes to Succeed in Sales Excerpt: ...w to buy a home for the lowest possible price. Further information from Bob Williamson can be found in the following: Article: "How to Help Your Clients Negotiate the Lowest Possible Price for the Home They Buy." Article: "The Difference Between Hype and Performance." Purchase his Free Report ($49): "Ten Things You Need to Know Before You Buy a Home." Try interviewing your past clients about the entire home buying experience with an eye toward identifying a common problem you can help solve. Interview your Realtor partners about ... Search Again
Author: Karen Deis Title: Is Procrastination a Monkey on Your Back? Excerpt: ...ontained in your closed loan files. I personally had 3 years’ worth of closed loans, but elected to start by only entering those that closed within the last 12 months. Determine what you want to know about your past customers. Begin with name, address, loan amount, loan type, interest rate, purchase or refinance, name of Realtor, name of appraiser. All of this information can be found on either the 1003 and the HUD 1. Copy the 1003 and the HUD 1. Enter the information into an excel spreadsheet. Keep it simple. You can always download the information easil... Search Again
Author: Roger Dawson Title: Basic Principles Make You a Smarter Negotiator Excerpt: ...and they will also buy better quality merchandise than a cash customer. Our motiviation wasn't entirely financial in pushing credit cards. We also knew that because credit card customers would buy better quality merchandise, it would satisfy them more, and they would be more pleased with their purchases. So, when you're negotiating breaks the investment down to the ridiculous becuase it does sound like less money, but learn to think in real money terms. Don't let people use the Funny Money Gambit on you. Stay tuned to the December 5th issue of LoanOfficerMag... Search Again
Author: Karen Deis Title: How to Write a Great Thank You Note Excerpt: ...Note Paper (3" x 5" or 4" x 6") Envelopes or Post cards Ink Pen (blue-black ink is recommended by the experts) Supply of 1st class stamps Mail It! Timing is important here. Write and mail the thank you note within 24 hours of the favor. For closed loans, mail within 30 days. On purchase transactions, it gives your client time to move into the home and get their address changed to the new address. For refinance deals, anytime within the 30-days will work. Use 1st class stamps and not the postage meter. One of the reasons we resist sending thank ... Search Again
Author: Karen Deis Title: Are Real Estate Agents the Next Endangered Species? Excerpt: ...rket. And best of all, the Home Depots and FSBO websites of the world are doing it for us. Factoid: The most likely person to BUY a home - is the person who is SELLING one. After all, they have put a FSBO sign in their yard letting the world (and you) know that they may be in the market to purchase another home. And, best of all, these may just be the easiest deals you will ever close. They have been thru the mortgage process before. They usually have equity to pay off debts (if needed) and money for a down payment. Since they don't have a real estate age... Search Again
Author: Karen Deis Title: Know the Odds! Refinance Regret Factors Revealed! Excerpt: ...Written By: Karen Deis and contributions by Jack Guttentag, Professor of Finance Emeritus at Wharton School of the University of Pennsylvania (www.mtgprofessor.com) Unfortunately, we have all had loans cancel for one reason or another. In my experience, the lowest fallout ratios occur on purchase transactions. The highest fallout occurs with refinance transactions. Jack Guttentag has done a subjective study on the probability of certain refinance transactions canceling, has rated the different kinds of deals and the likelihood it will not close. He calls ... Search Again
Author: Karen Deis Title: What Would You Say - Answers Construction Loan Scenario Excerpt: ...dditional .75% boost to the rate is paying back about 4% rebate. This builder has a joint venture and has written the contract to read, "In the event that the buyer elects NOT to utilize the lender designated in Paragraph 4(a), then this line item, if any, shall automatically be deleted and the purchase price will be adjusted upward accordingly." Submitted by: Brad Davis - Federal Funding, Virginia Suggestion: It is certainly hard to beat in-house financing. However, you may want to at least offer to look at the deal for people. By insuring that they a... Search Again
Author: Karen Deis Title: What Would You Say? Voice Mail Message - Is Yours Pathetic? Excerpt: ... "I'm just one little loan officer in the big mortgage business and right now, I'm away from the phone, providing mortgage loans for everyone in the world." Record a testimonial from one of your customers. Example: "Hi, this is Dave Smith and I am one of Karen Deis' raving fans. I have purchased 2 homes and refinanced 3 times and it's been the best experience of my life. Please let her help you too." You can subscribe to the testimonial voice mail service by Audio Generator at www.AudioGenerator.com Record something off the wall. Example: "Yo... Search Again
Author: Karen Deis Title: Keep Mortgage Companies from Contacting Your Past Clients with Credit Bureau Opt-Out Forms! Excerpt: ...an additional "client touch" that you can use to start your relationship building. What you have done for your client is to stop the junk mail solicitations. What you have done for yourself is to effectively STOP other mortgage companies from soliciting your past clients from lists they have purchased thru the credit bureau. A loan officer that I know (who is also a mortgage broker) includes a short "blurb" in her newsletters that says: If you receive a letter or telephone call from another mortgage company to refinance your home, listen to what they have t... Search Again
Author: Karen Deis Title: Mortgage Marketing Minder^TM - January 2005 Excerpt: ...nd picture, print and go. The titles and articles in this issue are: Title: An Urban Legend - The Patron Saint of Home Selling Read the story behind the St. Joseph Statue and its success in selling houses. For added impact, include a small statue with each newsletter you deliver. You can purchase at a religious store (they are very inexpensive). Title: 10 Tips on How to Target High-End Real Estate Clients Real estate agents dream of the day when they list and sell those million-dollar-plus homes. Give them some marketing hints on how to attract high-end,... Search Again
Author: Karen Deis Title: Scholarship Winners - Turn On Your Million Dollar Brain 5th Annual Mortgage Workshop Excerpt: ...t, Tom Ward, Mike Baker, Mike White, Sue Woodard, Brian Farley, Amy Tierce, David Kuiper and Denny Andrews (for more information on these individuals, visit www.MortgageSpeakersBureau.com). These coaching sessions would be valued at tens of thousands of dollars if you were to hire each coach or purchase each product individually. Not only that, but the scholarship winners (including loan officers and managers) will be receiving a complete set of 25+ CD Replays of online seminar given by the top loan officers and trainers in the industry on topics ranging from new... Search Again
Author: Karen Deis Title: Kickback Violations - A Few Examples! Excerpt: ...ull details at www.RespaReform.com, although you must be a paid subscriber to access the article.) He also sold materials through his website instructing loan officers to pay referral fees. Sacks agreed to pay $1,500 in fines to the US Department of Treasury and send a notice to anyone who has purchased or received his materials. Example of Free Virtual Home Tours. Two Coldwell Banker offices in Austin, Texas accepted free, virtual home tours from title companies. HUD stated that they received the free tours in exchange for referral business and in violation... Search Again
Author: Cindy Allen Title: Get Thousands of Leads from Bridal Fairs Excerpt: ...MN Cindy Allen's special niche is working with 1st time homebuyers. View Cindy’s hour-long web cast, with step-by-step details on how to attract a huge number of qualified leads by participating in trade shows at www.LoanOfficerSeminars.com or if you choose, you can find out information (or purchase) her trade show tool kit at www.MortgageSpeakersBureau.com. Imagine being one of the ONLY loan officers in a “sea” of potential “homebuyers”. That is exactly what happens when you participate in your local trade shows. My niche market is unique. I h... Search Again
Author: Karen Deis Title: Mortgage Marketing Minder^TM - January 2005 Excerpt: ...nd picture, print and go. The titles and articles in this issue are: Title: An Urban Legend - The Patron Saint of Home Selling Read the story behind the St. Joseph Statue and its success in selling houses. For added impact, include a small statue with each newsletter you deliver. You can purchase at a religious store (they are very inexpensive). Title: 10 Tips on How to Target High-End Real Estate Clients Real estate agents dream of the day when they list and sell those million-dollar-plus homes. Give them some marketing hints on how to attract high-end,... Search Again
Author: Karen Deis Title: No Brag - Just Fact! Excerpt: ...howed me how to save thousands of dollars over the life of the loan.” A testimonial should reinforce a claim. “When I refinanced my home, I was able to get the money I needed to pay for my kid’s college tuition.” A testimonial should have a happy ending. “I needed to close on the purchase of my new home in a hurry and Karen Deis was the one who pulled it off for me.” How do you get them? The unspoken secret of getting testimonials is the same as it is for referrals—YOU HAVE TO EARN THEM. After you earned their business—you have to ASK for t... Search Again
Author: Karen Deis Title: The Spam Scan and Lead Generation Connection Excerpt: ...Written By: Karen Deis If you are one of the thousands of loan originators who purchase mortgage leads - listen up! Recently, a FOX news anchor (in the Minneapolis area) decided to do a report on spam and junk e-mail. They started with a "clean" new computer (no cookies), a fake email address. They answered junk and spam emails, and traced where their name ended up. You will be shocked and appalled where their e-mail journey took them - and you may never buy another lead again. It all started with a click to a link that took them to a webpage offering ... Search Again
Author: Karen Deis Title: Keep Your Clients Safe From Your Competitors Excerpt: ...Written By: Karen Deis Did you know that once your client's mortgage has been recorded - once it's reported to the credit bureau - that your client is fair game for other mortgage companies to solicit them to refinance or offer a 2nd mortgage? While your competitors would have to purchase lists from the credit bureau, the recorded mortgage is PUBLIC information and anyone (and we mean anyone) has access to it. Unless you have taken the steps to have your clients complete and file an "Opt-Out" Credit Form (read the related article, "Keep Mortgage Compani... Search Again
Author: Jack Long Title: How to Sell Lender Paid MI: Don't Recommend Piggybacks Until You Do the Math! Excerpt: ... that for those who qualify, the MI costs 60% less than the traditional MI insurance, plus, by increasing the rate to cover the premium amount, it can now be consider as a tax deduction by your clients. Barry Habib, in a recent interview on CNBC, stated, “almost 50% of all home purchases are done with less than 20% down payment. That means that mortgage insurance is required. Over the past few years, avoiding the cost of MI has been a hot topic. The way to do this is with a “piggyback” strategy—also known as a 80-10-10…this has been an interestin... Search Again
Author: Karen Deis Title: Last Chance to Register for BRAIN workshop - Santa Monica March 2-5, 2005! Excerpt: ...ar from some of the industries top-speakers, and learn the secrets of Power Negotiating with Roger Dawson, how to tactfully and "shamlessly" self-promote yourself with Debbie Allen, and the list goes on. The line-up of speakers and their topics include: Tim Braheem: Critical Laws of the Purchase Market Roger Dawson: The Secrets of Power Negotiating Debbie Allen: Shameless Self-Promotion! Terri Murphy: Bridging the Gap Between RealtorsTM and Originators David Kuiper: You Never Get a Second Chance to Make a First Impression Danielle Kennedy: Grow You... Search Again
Author: Karen Deis and David Kuiper Title: Seven Seconds to Mortgage Fame! Excerpt: ...-Office/Out-of-Office Idea: Send a bag of popcorn (or other small gift) in the mail immediately after the application. In-Office/Out-of-Office Idea: Send a gift card to a movie rental store, along with the popcorn. In-Office/Out-of-Office Idea: Post-closing for purchase transactions - pick up free from the post office, and send in the mail. In-Office/Out-of-Office Idea: Post closing - Give people an order form with the choice of 4 books, and have them mail back or fax with updated information (new phone number, etc.)... Search Again
Author: Dan Itkis Title: What's the Buzz about Customer Relationship Management Systems? Excerpt: ...up to speed with technology and 60 hours per week to spend, it's a challenge to make all those pieces work together. Let's say you wanted to implement a system that goes something like this: A new lead/prospect appears. You send them an introduction letter. If they are a purchase, you set them up on an informational drip campaign until they are ready for underwriting. You want to send the referral source an email/fax/letter thanking them for the referral. At the pre-approval stage you want to send your lender account reps loa... Search Again
Author: Karen Deis Title: Mortgage Marketing Minder ^TM - April 2005: Realtor^® Newsletter Excerpt: ...llars of his business that he has developed over the last few years and shares some of his secrets with you. There are 3 time-periods in which most EXPIRED's will re-list: Immediately. This group feels the urgency to sell. They have financial problems, have been transferred or recently purchased another home. Within 6 months. This group has had their home on the market for a long time. They are burned out and need a break from the sales process. Within 1 Year. This group thinks by sitting out the market for a year those things will change. ... Search Again
Author: Karen Deis Title: 11 Frequently Asked Questions about RESPA and Kickbacks! Excerpt: ...nything listed on a HUD-1 form could be a settlement service and the company providing it a settlement service provider. Is a home warranty company a settlement service provider? Answer: As noted above, a settlement service provider is one who provides services in connection with the purchase/sale of a property that are paid for, directly or indirectly, out of the funds at settlement. Most home warranties are sold in connection with a property sale and therefore, the company selling the warranty would be a settlement service provider. If a title/mortg... Search Again
Author: Chad Weber Title: The Power of Guarantees Excerpt: ...Loan Officer Marketing Lab is a powerful membership site designed to grow your business quickly and efficiently. New stuff! Excuse the vague and incomplete sentence there, but when I think about the billions upon billions spent each year on consumer goods, it seems that most of these purchases can be lumped into the category of "new stuff". What does this have to do with originating loans? Give me just another moment here, and you will see how powerful this is. In America alone, consumers spend hundreds of billions of dollars buying new cars, rec... Search Again
Author: Karen Deis Title: Avery's House-Warming Party: An Interview. Excerpt: ...The Turn On Your Million Dollar Brain workshop featured Debbie Allen and her topic, “Shameless-Self Promotion”. In addition to the hundreds of ideas she shared, Debbie talked about a loan originator (she has done business with) who gave a “house-warming party” for his clients who purchased a home. Well, we tracked him down and wanted to share with you his fantastic idea of not only thanking his clients for doing business with him—but accumulating thousands of future leads from his past clients. In fact, he is able to get 1 to 2 closed loans from each and ever... Search Again
Author: Karen Deis Title: Is Your Marketing Female Friendly? Excerpt: ...A woman friend of mine called me a few weeks ago and was totally frustrated in her quest to find a mortgage for the home she wanted to purchase. Shopping on the phone, loan officers quoted the normal rate, points and closing cost stuff—but when she wanted to ask questions—it seemed that all they wanted to do was get the face-to-face appointment or send her information in the mail. Same thing happened to her online. In searching for information, there were only a few websites that specifically provided information that “inquiring (women) minds” wanted to know. ... Search Again
Author: Karen Deis Title: What has HUD been Hearing about Kickbacks? The RESPA Hotline Report! Excerpt: ...pring Conference in a Q&A session for real estate agents, title agents and home warranty reps. There, she highlighted two specific areas that she would be looking at: Internet real estate agent referral programs where agents put up $2500+ for lead referrals. Relocation companies forcing purchasers to use particular title agents in order to close. New Hampshire A mortgage professional reports that all of the Realtors® who have in-house lenders are telling their agents that they have to refer business to the in-house lender, who then compensates them f... Search Again
Author: Karen Deis Title: Mortgage Marketing Minder^TM - Free Report on What Clients Need to Know about Their Appraisal! Excerpt: ...e lender determine the value based upon other sales in the area, the condition of the property, and if it’s an investment property, the highest and best use of the real estate. What are “comparables”? The “comparison approach” is looking at the prices paid for similar properties and what a purchaser is willing to pay for it. While not all homes are “exactly” alike, values are given to each comparable property based upon location, square footage, lot size, the age of the home, market conditions (are values rising or falling), construction quality, and other thi... Search Again
Author: LoanOfficerMagazine Staff Title: Million Dollar Brain DVD's are Finally Ready! Excerpt: ...perstar Real Estate Agent who shares the Realtor's point of view and how loan officers and agents can work together without violating RESPA. Use the DVD's in your sales meetings. Add to... Search Again
Author: Tom Ward Title: What does a Wedding Rehearsal have to do with your Mortgage Business? Excerpt: ... Part one of a two-part series by Tom Ward, President, Majestic Mortgage from his new book entitled, "The Empathy Effect". It's all about his real-life experiences in the mortgage business and how he built a successful company with "empathy" as the cornerstone. Purchase his book at www.TheEmpathyEffect.com. Stayed tuned for Part II, "The Autopsy of a Loan". Rehearsal (re-hur-sel): 1) the act or process of practicing in preparation for a performance, especially for a public performance. 2) verbal repetition or recital. One Friday evening, I'm g... Search Again
Author: Karen Deis Title: Mortgage Marketing Minder^TM - Free Report on What Clients Need to Know about Their Appraisal! Excerpt: ...e lender determine the value based upon other sales in the area, the condition of the property, and if it’s an investment property, the highest and best use of the real estate. What are “comparables”? The “comparison approach” is looking at the prices paid for similar properties and what a purchaser is willing to pay for it. While not all homes are “exactly” alike, values are given to each comparable property based upon location, square footage, lot size, the age of the home, market conditions (are values rising or falling), construction quality, and other thi... Search Again
Author: Tom Ward Title: The Autopsy of a Loan File Excerpt: ... Part two of a two-part series by Tom Ward, President, Majestic Mortgage from his new book entitled, "The Empathy Effect". It's all about his real-life experiences in the mortgage business and how he built a successful company with "empathy" as the cornerstone. Purchase his book at www.TheEmpathyEffect.com. Read part one of Tom's series, entitled "What does a Wedding Rehearsal have to do with your Mortgage Business?" now. Autopsy (au-top-sey): 1) an examination to determine the cause of death/ In order to be a part of a successful mortgage company or ... Search Again
Author: Karen Deis Title: What Else can you do to Get Business from Apartment Complexes? Excerpt: ... What I found out was the complex offered government subsidized housing and no way were any of the tenants ever going to buy a home anytime soon for the same payment they were making now. Before you buy ANY list, do your research upfront! First some horror stories! A loan officer had purchased a list and been mailing to an apartment complex for about a year and received no response only to find out that the apartment complex burned down a year earlier. A real estate agent bought a list only to find out that the complex was being renovated. Because the u... Search Again
Author: Karen Deis Title: Mortgage Marketing Minder^TM - July 2005: Client Newsletter Excerpt: ...ts like tuna, chicken and hash will keep for up to 2 years past the sell-by date. Just to clarify, the "best if used by" date is NOT the same as the "sell-by" date. "Best if used by" referred to the peak point that the quality or texture of the food begins to decline. They are not safety or purchase dates. Recommended Reading... 50 Ways to Paint a Wall: The Easy Step-by-Step Way to Decorator Looks. Did you ever wonder how those home shows, magazines and model homes create those stylish walls? Selling at $16.95, this book is a goldmine of ideas to transfo... Search Again
Author: Karen Deis Title: Mortgage Marketing Minder^TM - July 2005: Client Newsletter Excerpt: ...ts like tuna, chicken and hash will keep for up to 2 years past the sell-by date. Just to clarify, the "best if used by" date is NOT the same as the "sell-by" date. "Best if used by" referred to the peak point that the quality or texture of the food begins to decline. They are not safety or purchase dates. Recommended Reading... 50 Ways to Paint a Wall: The Easy Step-by-Step Way to Decorator Looks. Did you ever wonder how those home shows, magazines and model homes create those stylish walls? Selling at $16.95, this book is a goldmine of ideas to transfo... Search Again
Author: Karen Deis Title: An Interview with Mike Smela - The Physician Lender! Excerpt: ...ly a very conservative group so fixed rate programs may be your best bet. Find a lender with better-than-average fixed rates or offer a 25-year versus 30-year term. Marketing strategies? Approach engineering companies and offer a corporate savings program (Corporate Benefits Marketing Kit - purchase for only $179); establish a website and be prepared to provide plenty of information. Customer Service? Be sure you have a system - engineers like systems and knowing what to expect up front. Your follow up system? This group relies heavily on referrals so ma... Search Again
Author: Karen Deis Title: How to Get Clients' Email Addresses 98.5% of the Time! Excerpt: ...n does not close with you? It falls thru? They go to another lender? Well, you still have the permission slip and can continue to email to them - until they opt out. I'll bet you that the lender they ended up with will not email to them on a regular basis a... Search Again
Author: Bliss Sawyer Title: Easy Ways to Use Your Phone as Your Personal Marketing Assistant. Excerpt: ...ue twist to what clients hear when put on hold. By using verbiage that is more personal they portray themselves as a company that is hardworking, knowledgeable and caring. This approach has three parts. First they highlight actual mortgage success stories, such as a couple who was able to purchase the home of their dreams for a lower payment then anticipated or the borrower that purchased a home for his daughter to live in during college. The second part states their company philosophy of working on referrals stating, "Referrals a... Search Again
Author: Karen Deis Title: Mortgage Marketing Minder^TM - August 2005: Realtor® Newsletter Excerpt: ...just a few of the hot-buttons for women.) Underwriting issues when applying for a mortgage. (How child support, social security income, part-time income is counted; cash needed to close; credit issues from ex-husbands should be covered.) Things to consider when writing an offer to purchase. Spend 15 minutes on each topic and you will have an hour's worth of material. Bring in a policewoman, a loan originator, to discuss some of the issues - with you as the expert in finding them the RIGHT home. If your marketing plans include "being different ... Search Again
Author: Karen Deis Title: 6 Questions Trump Asks Everyday! Excerpt: ...purposes and I think they should be re-arranged in this order when creating a sales or marketing initiative: Who Why What How Where When The bottom line is that each marketing piece that you create - to be effective - must have a specific, niche market in mind. Since 40% of all purchase transactions (for the last 10 years) have been made by 1st time homebuyers, let's tak a few minutes to answer each question above, using the 1st time homebuyers as the target market. Who? First-time homebuyers! According to the NAR's report called "Profile of ... Search Again
Author: Karen Deis Title: Community Hero's Program - REVISITED! Excerpt: ...Options for borrowers with non-traditional credit. One month's cash reserve can be a gift. Housing Ratio Underwritten at Temporary bought-down rate. Can be manually underwritten with total-debt-to-income ratio being 45%. Loan Eligibility 100% LTV and 105% LTV for 1-Unit Properties. Purchase & No-Cash-Out Refinance. Fixed rate and 7/1 and 10/1 ARM Programs. Temporary by-downs allowed. One more thing - Don't waste your time going to each fire station or each school or every hospital with your Community Hero's Program. Most of these groups are member... Search Again
Author: Karen Deis Title: Mortgage Marketing Minder^TM - August 2005: Realtor® Newsletter Excerpt: ...just a few of the hot-buttons for women.) Underwriting issues when applying for a mortgage. (How child support, social security income, part-time income is counted; cash needed to close; credit issues from ex-husbands should be covered.) Things to consider when writing an offer to purchase. Spend 15 minutes on each topic and you will have an hour's worth of material. Bring in a policewoman, a loan originator, to discuss some of the issues - with you as the expert in finding them the RIGHT home. If your marketing plans include "being different ... Search Again
Author: Karen Deis Title: Websites You Should Look Into! Excerpt: ...ck out www.RapidFunding.com. It's a private money source to help your clients buy property, fix them up and sell them within a 12-month time period. They call it Fix & Flip and here are a few of the features: Minimum Loan: $50,000 Minimum Credit Score: 610 (all 3 bureaus) Lends 80% of purchase price AND 80% of re-hab budget No appraisal required if under $250,000 Points and closing costs may be added to the loan Broker points added to HUD No Pre-payment penalty after 3 months No limit on the number of properties LLC's, Partnerships & Corporations OK ... Search Again
Author: Dr. Gary Lacefield Title: Ask the RESPA Doctor. Excerpt: ...regarding RESPA and Fair Housing. Fair Lending Training DVD with testing capability available. Click here for more information. This monthly column is published on the 20th of each month. Please submit your questions and/or comments here, for the RESPA expert. Question #1: I recently purchased a program that is used as an incentive for realtors to send me their clients. It is a 7-year follow-up mail campaign to the clients on the realtors behalf. Once the Realtor refers a client and they close their loan with me, I mail their client 9 greeting cards per... Search Again
Author: Karen Deis with excerpts from Seth Godin's book All Marketers Are Liars. Title: Storytelling & Marketing! What's Your Story? Excerpt: ...le that you are the only one in the world who can help them. Read The "Secrets" of Free Report Marketing by Karen Deis. Subscribers can download a free, 2-page copy of a sample "free" report. You may also want to consider learning more about the "Free Report Marketing System", where you can purchase a free report for only $19.95. Do you have a story to tell your clients? Read Seth Godin's outline on how to tell a great story. After you read about the basics, read the story about how one loan originator's passion (story) allowed him t... Search Again
Author: Karen Deis Title: Loans Stolen From Right Under Your Nose? Excerpt: ...market for a mortgage. While not knowing which type of mortgage loan your clients have applied for, they do have the advantage of knowing that the client has applied for a mortgage and may offer them a better deal. Is it legal? Yes! Is it fair? Could be that you are one of the lenders who purchases ProspectTrigger(SM) leads! However, YOU can STOP it from happening to you by simply having the client complete a little known form called an Opt-Out Credit Form as "part of your loan application process". The credit bureaus don't want to tell you about it an... Search Again
Author: Karen Deis Title: Who Was Your Favorite Teacher? Excerpt: ...e their IRA’s to invest in real estate (as opposed to traditional stocks, bonds, or mutual funds). The benefit to the real estate agent is that a client with substantial IRA assets may ALWAYS be in the market to buy real estate. Or better yet, why not use their (the real estate agent) IRA’s to purchase real estate for themselves? He provides them with a link to his website www.EliteLending.biz and click on IRA Wealth Building Secrets and they can order a free CD from a financial planner. Not very many financial planners or stockbrokers are educated enough to t... Search Again
Author: Karen Deis Title: Meet Jeff Hoffman! (Working the Credit-Challenged Niche.) Excerpt: ...y 4 areas exceed the minimum A-paper requirement of 680. Karen: There are many loan originators throughout the country who work in the sub-prime market. Would you share with us what criteria you use to identify your ideal niche market? Jeff: My company is located in California and I purchase lists from lead companies. The parameters I use are: People with a lot of credit and/or homeowners with $250,000 loan amount (or higher) with a FICO sore of 580-640. I spend about $2,000 per month purchasing leads. Karen: What companies do you buy your leads f... Search Again
Author: Karen Deis Title: Mortgage Marketing Minder^TM - October 2005: ARM Refi Solicitation Postcard Excerpt: ... two or three more refinances every month? This marketing minder contains 2 postcards to solicit refinances from people who have an adjustable rate mortgage. They fall into 2 categories: Past clients who currently have an adjustable rate mortgage and you were the original lender. Purchased lists of borrowers who have an ARM and closed with your competitors. Loan officers may feel they have to wait until a month or so before the loan is ready to adjust to give their clients a call. It may already be too late because the law requires borrowers... Search Again
Author: Karen Deis Title: Mortgage Marketing Minder^TM - October 2005: ARM Refi Solicitation Postcard Excerpt: ... two or three more refinances every month? This marketing minder contains 2 postcards to solicit refinances from people who have an adjustable rate mortgage. They fall into 2 categories: Past clients who currently have an adjustable rate mortgage and you were the original lender. Purchased lists of borrowers who have an ARM and closed with your competitors. Loan officers may feel they have to wait until a month or so before the loan is ready to adjust to give their clients a call. It may already be too late because the law requires borrowers... Search Again
Author: Karen Deis Title: Marketing After the Closing - The Closing Booklet! Excerpt: ... at the end of this article. The 4 most important documents they need to refer to time and time again are: HUD 1 Copy of Note Copy of Appraisal Amortization Schedule Here are the reasons why you only need to provide these 4 documents: HUD 1 - If the mortgage transaction was to purchase a home, it establishes the sales price. If it's a refinance, it provides the details of the refi, including the mortgage payoff, point paid, etc. All the financial details are right there - on 2 sheets of paper. Copy of Note - The Note is the document that gives... Search Again
Author: Karen Deis Title: Real Estate Investing is Not for Late-Night TV Anymore! Excerpt: ...No more late-night informercials on how to get rich in real estate! Real estate investing has gone mainstream and it's a legitimate niche in the mortgage industry today. Why would a loan originator want to get involved? Because, unlike typical residential property, real estate investors purchase anywhere between 2 to 200 units per year. Having one or two investors in your hip pocket is all you need to make a decent living in the mortgage business today. Donald Trump and The Learning Annex are holding mega-seminars (about real estate investing) in maj... Search Again
Author: Karen Deis Title: Just Keep Swimming! Just Keep Swimming! Excerpt: ...the "results" in mind. Who will you market to? If you can, name names of people here. Maybe the name of a subdivision, a club or association, or niche, like new construction lending. How will you compile the lists/database? If you don't have a database system, we suggest that you either purchase one or setup something where you can systematically market to the niche you have chosen. It's especially important when you create 2 or more so you can personalize each marketing piece. What will you say? Great rates and service don't cut it anymore. You will n... Search Again
Author: Karen Deis Title: Famous Headlines and How They Can Be Re-Written to Get Purchase-Money Leads in Your Door! Excerpt: ...en if you have a zero down mortgage program, people perceive more value when they have some money invested into the deal. Maybe they don't have $1,000 but only you will be able to show them where to get the money needed. The headline addresses buying a home and is created to generate leads for purchase transactions. Consider the headlines as the teaser to get people to read the rest of your ad. Your ad must go on to tell a short story and why you are the only person in the world that can help them solve the problem or achieve their goals. Sampl... Search Again
Author: Karen Deis Title: How to Get Builders (and Realtors®) to Meet with You! Excerpt: ...o setup joint ventures and builders. On-line Training Course View this online seminar entitled, "Getting Your Foot in the Door with Builders" with Ken Pederson. Visit the website to view a portion of this 75-minute online seminar, to read up on what you will learn, or to purchase for your training library. If you have been thinking about working with builders, here are some facts to consider: Baby Boomers are driving the new home building craze - which is expected to be sustained for the next 10 years or so. ... Search Again
Author: Karen Deis Title: Is There a (Financial) Doctor in the House? Excerpt: ...y of your credit report?" "Are you thinking of making a move within the next 12 months?" There are a few more questions on the form. It is a series of questions to help you determine if it is in your clients best interest to refinance or get pre-approved for another mortgage. (CLICK HERE to purchase the Financial Fitness Marketing System for $59.00.) In addition to the FINANCIAL FITNESS FORM, you have offered them something FREE-a copy of their credit report. A one-merged with one credit score will be adequate and your client's will see a real value in the ... Search Again
Author: Debbie Allen Title: Tips on How to Handle Objections with Confidence Excerpt: ...what you have to sell. Assess the value of what you have to offer and effectively communicate it to them." One last word. Follow up and follow through is essential when trying to establish yourself as someone wh... Search Again
Author: Karen Deis Title: Mortgage Marketing Minder^TM - February 2006: Realtor Newsletter Excerpt: ...Written By: Karen Deis It's time again to send out a Realtor® (and builder) newsletter. This newsletter covers: Marketing to 1st Time Homebuyers - This segment represents 40% of all home purchases and tells real estate agents and builders why they should work with you (the loan originator) to create a consistent marketing campaign to apartment complexes. While the website to obtain apartment addresses is www.ApartmentToolKit.com, it is NOT disclosed in the newsletter, it encourages them to contact and work with you and develop a marketing plan to consist... Search Again
Author: Karen Deis Title: How to Turn a Postage Rate Increase into a Marketing Opportunity Excerpt: ...nclosing ten $.02 cent stamps because I do not want our American economy to go in a tailspin over this seemingly innocuous increase. Have you considered the actual financial impact of the $.02 increase to our American Economy? I have. Let's assume 10 million Americans make a special trip to purchase $.02 stamps, taking an average of 30 minutes round trip. Let's assume the hourly value of their time is $12 per hour. In this projection, the cost/time vaule of 10 Million Americans buying $.02 stamps is SIXTY MILLION DOLLARS! Wow! I take comfort in the fact that... Search Again
Author: Karen Deis Title: Second Homes - The Next Big Thing in Real Estate! Excerpt: ...home in Tulsa. I asked why he wanted to buy a 2nd home in Oklahoma - the answer was because his daughter lived there and he wanted to be close to the grandchildren. Within 24 hours, another friend called and wanted to buy a home in Little Rock. Same reason. My point is - that a second home purchase does not have to be in a resort, vacation or retirement community. Second homes are becoming the norm for not only millions of baby-boomers, but also those who feel that real esatate is their best investment alternative due to low stock market returns and larger inc... Search Again
Author: Karen Deis Title: The Anatomy of an Infomercial! Excerpt: ... to market to - and at a fraction of the cost. Your costs are reduced because most of the writing has already been created. Here are a few examples of some of the segments they offer: ARM vs. Fixed Rates Home Buying Seminars Rates Low Right Now Pick-a-Pay Module Real Estate Investors Purchase Segments Refinance Segments Bankruptcy Segment Employment opportunities Matt says you can produce a 20-minute show, in about 2 weeks for about $2,500 because the scripts have already been written for you. They can help you do your research and negotiate medi... Search Again
Author: Karen Deis Title: Mortgage Marketing Minder^TM - February 2006: Realtor Newsletter Excerpt: ...Written By: Karen Deis It's time again to send out a Realtor® (and builder) newsletter. This newsletter covers: Marketing to 1st Time Homebuyers - This segment represents 40% of all home purchases and tells real estate agents and builders why they should work with you (the loan originator) to create a consistent marketing campaign to apartment complexes. While the website to obtain apartment addresses is www.ApartmentToolKit.com, it is NOT disclosed in the newsletter, it encourages them to contact and work with you and develop a marketing plan to consist... Search Again
Author: Karen Deis Title: Brainiacs Share Their Best! Excerpt: ...the reality is the rate is bumped up to cover the closing costs. Danny's pitch is his "No Suprises Guarantee". Click here to listen to the "Elite Hustle" commercial. Click here to listen to the "Elite Circus" commercial. Read an article by Danny entitled, The Power of the Advertorial. Purchase 12 of Danny's best advertorials now for only $99. How would you rate this idea? (5 being the best) 1 3 5 Ask a Question/Comments on Idea Closing Documents CD Denny Andrews (President ... Search Again
Author: Karen Deis Title: 13 Questions to Ask When Placing Ads in Real Estate Magazines Excerpt: ...how to make an educated decision on which real estate-related booklets are best for you to advertise in. Even if you have an ad running right now, you may want to re-think which magazines you advertise in - especilly after you have read this article. Your target market - people who plan to purchase a home - will pick up a real estate magazine first - even before they decide to call a Realtor®. In fact, even if they have talked to a real estate agent, the first thing the agent will do is give them a copy of a real estate magazine. They have a longer shelf life... Search Again
Author: Karen Deis Title: Realtor® Newsletter - April 2008 Excerpt: ...ggest benefits for 2008. You could earn substantial, long-term dividends and reduced taxes along the way. Recession-Proof Your Practice by Working with Investors The one niche market, that has remained steady over the last 10 years, has been working with real estate investors. They purchase real estate in both good times and bad. With real estate values decreasing and foreclosures at an all time high, real estate investors are back in the market in full force! Here are some tips in working with real estate investors! Do your homework. Meet w... Search Again
Author: Jim Enright Title: A Picture is Worth a Thousand Words: Technology Breakthru for Loan Originators - Part I Excerpt: ...ead these words, be afraid - by very afraid! The nations largest loan-servicing companies are researching ways to integrate "Virtual Mortgage Meetings" into their call centers to lessen portfolio runoff and retain YOUR clients. "If lenders want better results in the smaller purchase money market, they should focus their strategic tech spending on the the borrower experience rather than back office efficiencies." William Newman, President ABN Amro (aka Interfirst), Origination News, January 2005, page 6 and 54. There ... Search Again
Author: Karen Deis Title: The Extreme Bedroom Makeover - An Interview with Chris Vinson! Excerpt: ...ge group of kids, who were asked to submit entries, was K-5th grade. According to Bill Dallas and his Life-Time Events calendar, it's one of the time lines that families decide to buy their next home - when their children reach age 5 to 10 years old - our move-up buyer. Karen: Let's cut to the chase, and take us through your planning process. Chris: I started contacting the newspaper, TV, radio stations and real estate magazines and met with each one individually. I roughly outlined my plan for the extreme bedroom makeover and how we would award some lucky ... Search Again
Author: Mike Scalise Title: How to Motivate FSBO Sellers to Work With You! Excerpt: ...th. Explain to your Realtor® that you are including their information in a letter and that they may be getting a call with questions. Week 6: Send a letter that explains the Appraisal/Home Inspection Process. You may want to explain to them that most homes regardless of the agreed amount purchase price, must appraise out and that in some cases it may be a good idea for a seller to get an appraisal before they set their purchase price. Week 7: Send a letter explaining why they should get a home inspection done BEFORE they sell ... Search Again
Author: Karen Deis Title: Mortgage Marketing Minder^TM - May 2006: Realtor® Newsletter Excerpt: ...organized. Tax Deductions - The IRS will let you deduct expenses only related to that part of your home that you use exclusively for your regular business. This incl... Search Again
Author: Doug Smith Title: The Traveling Massage Excerpt: ...day (or make it a day that they hold their sales meeting so you have the highest number of people in the office) a personal masseuse and I will be visiting your office offering free stress relief gifts and a complimentary 5-minute massage. Look for us on Tuesday (indicate the date and time). Purchase fifty stress balls or novelty mood-rings from your local dollar store. You'll make a positive impression and enjoy a day in your clients' office while making friends and having fun. The cost of the masseuse and 50 novelty gifts is about $550. Here's a link to ge... Search Again
Author: Karen Deis Title: Mortgage Marketing Minder^TM - May 2006: Realtor® Newsletter Excerpt: ...organized. Tax Deductions - The IRS will let you deduct expenses only related to that part of your home that you use exclusively for your regular business. This incl... Search Again
Author: Karen Deis Title: The Road Less Traveled: An Interview with Mike Moffitt! Excerpt: ...Mike Moffitt, US Bank Home Mortgage, says that if you are hurting for business and are not working with first-time homebuyers—“you are missing the boat”! 1st timers made 40% of all purchases over the last ten years. So, if you are not working with this group of people, you are instantly eliminating 4 out of 10 home buying clients. Hey, maybe you want to compete with everyone else for the other 6 clients. But then again, you may want to take the road less traveled. Read Mike’s Interview for Why loan officers don’t like to work with 1st tim... Search Again
Author: Karen Deis Title: Mortgage Marketing Minder - June 2006 - Client Newsletter Excerpt: ...With investment property and second homes making up 38% of all purchases last year, you are missing a chunk of the business if you are not letting everyone know that you can help them buy this type of real estate. Each article in this newsletter is designed to appeal to the majority of your clients; regardless of what area of the country you are located. As always, there is space for you to write your own personal comments. Here are some suggestions on what to write: Commentary about the market, the local real estate market, reasons to refinance Personal... Search Again
Author: Ralph Roberts Title: The Flipping Fad: 5 Business-Boosting Strategies for Loan Officers to Share with Agents Excerpt: ...nt with a perfect opportunity to network. You too should join and attend meetings. That way, you know what goes on at the meetings and can tell agents what to expect when they attend meetings with you. Encourage agents to steer investors to lenders like yourself. Investors need cash to purchase and renovate properties. By leading prospective clients to sources of cash, the agent enables them to buy more properties, and they prove they are dedicated to their success. The next time the investor buys a property; they're more likely to buy it through the agent.... Search Again
Author: Karen Deis Title: Mortgage Marketing Minder - June 2006 - Client Newsletter Excerpt: ...With investment property and second homes making up 38% of all purchases last year, you are missing a chunk of the business if you are not letting everyone know that you can help them buy this type of real estate. Each article in this newsletter is designed to appeal to the majority of your clients; regardless of what area of the country you are located. As always, there is space for you to write your own personal comments. Here are some suggestions on what to write: Commentary about the market, the local real estate market, reasons to refinance Personal... Search Again
Author: Karen Deis Title: Is the New Mortgage Program from Australia For You? Excerpt: ...ome Equity Line of Credit Only Program Free Check Book (or wire transfers) 30-year loan Interest only (1st 10 years) then amortize remaining 20 years No maximum number of transactions No MI insurance 100% LTV No escrow accounts Monthly Payment: Either Automatic Draft or Manual Check Purchase Rate/Term/Cash Out Refinance Primary Resident Second Homes Investment Properties Credit Score Determines LTV Ratio Full Doc 90% LTV - 660 FICO 100% LTV - 700 FICO (Co-Borrower Minimum 620) Stated Income - 740 FICO No Income - No Asset (NINA) - 750 FI... Search Again
Author: Karen Deis Title: Apartment Complex Marketing Tip Excerpt: ...I was coaching a loan officer who had purchased a list of apartment complex addresses. She diligently did her research on the dollar amount of rent paid, the number of units and proximity to her office. However, she also researched a couple of websites; www.ApartmentRatings.com and www.ApartmentReviews.net and the complexes she choose made a huge difference in her response ratios. The websites were created for tenants to "rate" the apartment complexes they live in and post comments. (We recommend that you evaluate both sites because not all complexes are on... Search Again
Author: Steve Harney Title: How to Become a Revenue Driver Excerpt: ...wer each other to find the solutions. If you help facilitate that meeting and help g... Search Again
Author: Karen Deis Title: The Envelope - Please! Excerpt: ...der. The size, the color, the texture, the label - all play an important part in the envelope you choose to use. Be creative. Here are some cheap ideas on what you can do! Oversized Envelopes - 6" X 9", 9" X 12", or 10" X 13" Colored Envelopes - Both #10 and Oversized Envelopes can be purchased in a variety of colors. Handwrite the address - Use colored ink instead of black or blue Include your picture - Print your picture on either the back or front by running the envelope thru your personal printer. Print your picture on an over-sized mailing label U... Search Again
Author: Karen Deis Title: Quarterly Client Newsletter Excerpt: ... small decorative touches, rearranging or deleting furniture to make your home more appealing to potential home buyers. While you can hire someone to help you, here are a couple of do’s and don’ts to consider. By the way, if you are looking for a real estate agent to either list your home or purchase another one, be sure to call me first. I know most of the agents in your area and will refer 3 for you to interview. DO: Pick up a couple of home decorating magazines and get up to speed on current decorating trends. Look at the low-cost ideas that you can ... Search Again
Author: Karen Deis Title: Your Personal Shopper: NAMB 2006 Convention Vendors Recommendations! Excerpt: ... cheaper than starting from scratch. Depending upon your area of the country, it could run between $700 to $1,500 per month. www.Arates.com - Apartment Lending Group provides mortgage brokers with... Search Again
Author: Karen Deis Title: Quarterly Client Newsletter Excerpt: ... small decorative touches, rearranging or deleting furniture to make your home more appealing to potential home buyers. While you can hire someone to help you, here are a couple of do’s and don’ts to consider. By the way, if you are looking for a real estate agent to either list your home or purchase another one, be sure to call me first. I know most of the agents in your area and will refer 3 for you to interview. DO: Pick up a couple of home decorating magazines and get up to speed on current decorating trends. Look at the low-cost ideas that you can ... Search Again
Author: Karen Deis & Craig Strent Title: Working the Divorce Attorney Angle - Interview with Craig Strent Excerpt: ...rces of referrals. Karen: What did you send them? Craig: I sent them a letter telling them that I specialize in working with divorcing individuals and enclosed a brochure called "Mortgage Solutions for Separated and Divorced Individuals". (Download a free copy of the 1st letter here and purchase the entire "Marketing to Divorce Attorney Campaign System" for $69 here.) Karen: Did you send them just one letter? Craig: No, it was a series of letters that I had created along with an article called "When a Marriage Ends, Tax Planning Doesn't" by Benny Ka... Search Again
Author: Karen Deis & Craig Strent Title: Working the Divorce Attorney Angle - Interview with Craig Strent Excerpt: ...rces of referrals. Karen: What did you send them? Craig: I sent them a letter telling them that I specialize in working with divorcing individuals and enclosed a brochure called "Mortgage Solutions for Separated and Divorced Individuals". (Download a free copy of the 1st letter here and purchase the entire "Marketing to Divorce Attorney Campaign System" for $69 here.) Karen: Did you send them just one letter? Craig: No, it was a series of letters that I had created along with an article called "When a Marriage Ends, Tax Planning Doesn't" by Benny Ka... Search Again
Author: Jeff Solomon & Doug Davis Title: How to Use Lead Management Software: The 5 Features You Need to Have Excerpt: ...es tools to track the lead process--both positive and negative—and provides percentages of how many leads are converted to closed loans. Ratios of 15% conversion rates or lower indicate that loan officers might need more sales training. Use Lead Management Software for... Purchased Leads FSBO Leads Incoming Phone Leads Internet Leads The Top 5 Lead Management Features To Consider If LMS is starting to sound like a miracle, you can be sure that it is not. Although the software is designed to increase your e... Search Again
Author: Mike Kortas Title: Why Realtors® Beg to do Business with Me! Excerpt: ...tas@1stMetro.net. Before you read this article, you need to understand one simple truth—Realtors® control leads—and loan officers do not! The simple reason is they control the “listings” in this country. Think about it. They have control of the listing and buyers must go thru them to purchase the home. Once the home is sold, the seller usually buys another house and guess who they turn to? How would you like to control the leads instead? Realtor® after Realtor® wants to do business with me. Why? Because I provide them with something that very fe... Search Again
Author: Karen Deis Title: Crumpled Letter System Excerpt: ...te agents or builders to meet with you to explore the possi... Search Again
Author: Karen Deis & Tyler Ford Title: The 12-Letter Realtor® Marketing System: An Interview with Tyler Ford! Excerpt: ... I originally sent a "Dynamite Letter", which was a mailing tube, wrapped with red paper, with the letter stuffed inside, but it was too time consuming to make up so I switched to the firecracker pencil which is easier to mail and just as effective. (These inexpensive firecracker pencils can be purchased from www.OrientalTrading.com.) I call them after the Cookie Letter to make sure they received it and ask for an appointment for a job interview. Karen: How did you pick which agents to send letters to? Tyler: I started out with the newer agents - since I ... Search Again
Author: Karen Deis Title: Fashion Show for Charity Excerpt: ...epartment store is the ideal person to moderate by introducing the models and describing the outfits. They want the exposure too and it's an inexpensive way for them to advertise (versus the cost of newspaper and TV ads). They want to sell clothing. Experience has shown that the models will purchase at least one of the outfits they have modeled. It's a no-brainer for you because they run the whole show. Enlist both men and women should be models. Picking a Charity While there are many wonderful charities and associations to embrace, I recommend that yo... Search Again
Author: Sue Haviland Title: Want to Originate Reverse Mortgages? What's Holding You Back? Part I Excerpt: ... world, presented a stumbling block for some originators. I got back to the office and started to consider what she said and how I could use this insight to help others overcome this obstacle. The analytical side of my brain took over and I identified several components that go into the typical purchase or refinance transaction- rates, points, income, credit score, payment, ratios. These are all numbers….all represent pieces of the puzzle that we use to qualify a borrower. But what about when the qualifying “puzzle piece” is not a number… …What if it’s how a produ... Search Again
Author: Karen Deis & Tyler Ford Title: The 12-Letter Realtor® Marketing System: An Interview with Tyler Ford! Excerpt: ... I originally sent a "Dynamite Letter", which was a mailing tube, wrapped with red paper, with the letter stuffed inside, but it was too time consuming to make up so I switched to the firecracker pencil which is easier to mail and just as effective. (These inexpensive firecracker pencils can be purchased from www.OrientalTrading.com.) I call them after the Cookie Letter to make sure they received it and ask for an appointment for a job interview. Karen: How did you pick which agents to send letters to? Tyler: I started out with the newer agents - since I ... Search Again
Author: Karen Deis Title: 5 Things to Do Right Now to Get Business Next Year! Excerpt: ...things unless your database is up to date. Gather all your closed loan files and make sure you not only have the names and addresses updated, but also the loan type, interest rate, term of the loan, appraisal value, name of the lender (if the loan has been sold), names of real estate agents (if purchase), appraiser and insurance agent. If you don't have the time, hire a high school or college student to enter the data for you. Even if you have to use Outlook or Excel for now - you have got to start sometime and both formats will easily import to database systems. ... Search Again
Author: Karen Deis Title: Realtor® Newsletter - Tips on How They Can Increase Their Business Excerpt: ... newsletter contains 3 different ideas, consider emailing one idea per week. What about holding a sales meeting—using this newsletter as the basis of your presentation? In a previous article, we wrote about the Crumpled Letter System (link to the article here) and where you could purchase it for less than $20 bucks. Why not purchase and use it to demonstrate how agents can use it in their business? The newsletter includes a quiz they can take to attract better clients, and excerpts from author Will Dylan who wrote the bo... Search Again
Author: Karen Deis Title: Why It Pays to Be Choosey When Marketing to Apartment Complexes! Excerpt: ... 3 years or more. His statistics are backed by a survey conducted by apartment managers all over the U.S. One more statistic before I bore you to death...the National Association of Realtors® in their annual report called Profile of Home Buyers and Home Sellers says that over 40% of all home purchases over the last ten years have been made by first-time home buyers. What's more, almost 70% of them RENTED before buying their first home. Bottom line: If you want to get your share of the first-time homebuyer purchase business - apartm... Search Again
Author: Karen Deis Title: Realtor® Newsletter - Tips on How They Can Increase Their Business Excerpt: ... newsletter contains 3 different ideas, consider emailing one idea per week. What about holding a sales meeting—using this newsletter as the basis of your presentation? In a previous article, we wrote about the Crumpled Letter System (link to the article here) and where you could purchase it for less than $20 bucks. Why not purchase and use it to demonstrate how agents can use it in their business? The newsletter includes a quiz they can take to attract better clients, and excerpts from author Will Dylan who wrote the bo... Search Again
Author: Cyndi Maxey and Rob Maxey Title: Present Like a Pro...Tips for Your Next Stellar Sales Meeting Excerpt: ...respect them and want to inspire them. Here are some ways successful consultants perk interest: In casual conversation at open houses and closings, mention your upcoming workshop with a special benefit statement such as, “ We are excited about the new programs that are coming out for jumbo purchases; you should come and see how they can help you close more deals”. Invite your client to bring along a new associate. This conveys that you see the Realtor as a seasoned professional who influences less experienced colleagues in the office. Send a regular mail... Search Again
Author: Karen Deis Title: The Art of the Deal: Strategies to Help Real Estate Agents (and Builders) Sell More Homes. Excerpt: ...d Trump says that the sales price he pays for property is less important than the “terms” in any contract negotiation. The very first thing agents (and you) may not realize is that EVERYTHING is negotiable. Just because the standard sales contract contains standard clauses written in the MLS purchase agreements, doesn’t mean that they can’t be crossed off, modified and changed. And, if you have any personal experiences you would like to share on some innovate ways you have seen purchase agreements written; we’d love to ... Search Again
Author: Tom Ninness Title: Are Your Clients JUST Satisfied? Excerpt: ... is Worthless…, it has changed how I look at my clients. Tupper Briggs, one of the most dynamic real estate agents in the country, has had up to 73% of the listings in the town of Evergreen, Colorado at any given time. So, I want you to pretend that you’re a Realtor® and your client has just purchased one of Tupper’s listings. You, as the selling agent, did a wonderful job. At the closing, you hand over the keys to your clients, congratulate them and then you passively mention for them to send you some referrals. Well, Tupper knows an interesting fact: 80% of... Search Again
Author: Edward Jamison Title: Trigger Leads & Anti-Trust Violations & The Big 3 - Oh My! Excerpt: ...dit bureaus sell to other mortgage companies. They obtain the leads every time you run credit on a borrower since you are using their service to pull the credit report. The credit bureaus make your borrowers information available 24 hours after you pull the report. The mortgage companies that purchase these leads can get access to your borrower’s information the very next day. These are HOT leads because every lead is a person getting a mortgage inquiry, talk about targeted! In addition to the federal government, most states have antitrust laws too. There ar... Search Again
Author: Karen Deis Title: The Art of the Deal: Strategies to Help Real Estate Agents (and Builders) Sell More Homes. Excerpt: ...d Trump says that the sales price he pays for property is less important than the “terms” in any contract negotiation. The very first thing agents (and you) may not realize is that EVERYTHING is negotiable. Just because the standard sales contract contains standard clauses written in the MLS purchase agreements, doesn’t mean that they can’t be crossed off, modified and changed. And, if you have any personal experiences you would like to share on some innovate ways you have seen purchase agreements written; we’d love to ... Search Again
Author: Karen Deis Title: Successful Home Improvement Seminars - It's Easy Business! Excerpt: ... some ideas on speakers and content. Cost versus Value of Home Improvement Projects (flyer) Subscribers can download a copy with general costs versus value of home improvement projects (see Cost vs. Value of Home Improvement Projects - Client Flyer article in this issue). Or purchase information on your specific city by clicking here. In addition, John Stearns and Dan Casper with Robbins & Lloyd Mortgage Company have piggybacked on this idea with their Home Equity Seminar! If you need a refresher with tips on how to ho... Search Again
Author: Karen Deis Title: Keep Your Hands Off of My Clients! Excerpt: ...Written By: Karen Deis, with an interview with Danny Poulos, Elite Lending, Florida who is considered the expert in advertorial marketing. Subscribers can download, free, Danny’s latest advertorial “Mortgage Trolling: Don’t Get Caught”. Purchase 12 Advertorials for $99 Here. Are you sick and tired of your past customers calling you about the letters, emails and ads promising 1% interest rates? Or how about your NEW clients who get phone calls from other lenders right AFTER you have ordered their credit report? It’s happening to everyone and, well, Danny Po... Search Again
Author: Karen Deis Title: Million Dollar Marketing on a Tiny Budget (E-Book) Excerpt: ...ors. Authors provide their email address so you can contact them directly. Best of all, you get the estimated cost for each marketing campaign. To download your free copy (for subscribers only), click on the Free E-Book icon on the left-hand side of the website. Non-subscribers can purchase the e-book for only $27 at www.LoanOfficerTraining.com and it'll be delivered to you via email. Really, we have no hidden agenda! Nothing to buy! No strings attached! It's our thanks to you for subscribing. P.S. If you ever feel the urge to write for us or ... Search Again
Author: Karen Deis Title: NAR Survey 2006 - Surprising Data. Excerpt: ...36%. The reason given is the housing prices have been increasing so fast that it is pushing potential homebuyers out of the market. With housing prices decreasing, more homes on the market and rents increasing from 5% to 14% (See USA Today article), 2007 will show a substantial increase in home purchases by first-time homebuyers. 1st Time Homebuyers Demographics: 49% 11% 27% 11% Married Couples Single Males Single Females Unmarried Couples $66,200 Median Income $56,800 Median Income $43,300 Median Income $63,600 Median Inc... Search Again
Author: Karen Deis Title: Million Dollar Marketing on a Tiny Budget (E-Book) Excerpt: ...ors. Authors provide their email address so you can contact them directly. Best of all, you get the estimated cost for each marketing campaign. To download your free copy (for subscribers only), click on the Free E-Book icon on the left-hand side of the website. Non-subscribers can purchase the e-book for only $27 at www.LoanOfficerTraining.com and it'll be delivered to you via email. Table of Contents Networking In a Nutshell - Create Million $$ Connections Get Tons of Publicity by Winning Awards Networking is a Marathon Sport... Search Again
Author: Tim Davis Title: How to Answer the Most Common Mortgage Questions (Part 3 of 3) Excerpt: ...at time frame, CALL THEM WITHIN THE TIME FRAME YOU PROMISED and tell them you DON’T have an answer and the reason why. You need a calm customer who doesn’t run around asking non-mortgage people questions. Question: Can you explain the appraisal report to me? Answer: Regardless if it’s a purchase transaction or a refinance, people want to know how to interpret the appraisal report. Most loan officers say that the appraisal looks great and will be submitted to underwriting. So, here’s what I say! “Let’s say you go to the grocery store to buy some ap... Search Again
Author: Karen Deis Title: Million Dollar Marketing on a Tiny Budget (E-Book) Excerpt: ...ors. Authors provide their email address so you can contact them directly. Best of all, you get the estimated cost for each marketing campaign. To download your free copy (for subscribers only), click on the Free E-Book icon on the left-hand side of the website. Non-subscribers can purchase the e-book for only $27 at www.LoanOfficerTraining.com and it'll be delivered to you via email. Table of Contents Networking In a Nutshell - Create Million $$ Connections Get Tons of Publicity by Winning Awards Networking is a Marathon Sport... Search Again
Author: Karen Deis Title: Client Newsletter - April 2007 Excerpt: ...to be replaced. "Mark it in some way," suggests Nerad, while the mechanic isn't looking. If that seems pretty much impossible, take the car home before agreeing to the work. Try a dot of White-Out correction fluid or a swipe of chalk. Then, post-repair, ask to see the old part and the shop's purchase order for its replacement. You'll know your old part by its identifying mark, and the new one from the dated receipt. Accelerated Maintenance When it comes to regularly scheduled maintenance, your vehicle manufacturer and your mechanic agree on just one th... Search Again
Author: Karen Deis Title: Should I Lock or Float? An Interview with Aaron Freedman, The Freedman Report Excerpt: ...r money into the bond market and I predict that rates will be at the 2003 refinance levels. Housing prices will soften. Sales prices and values will decrease but this a huge opportunity for loan officers. With prices going down in conjunction with interest rates, you will see a new surge in purchase business. Homebuyers in the 21 to 28 years old range will be your new market because this will be a new opportunity for them to get into a home. Small Refi-Boom will occur. People will attempt to qualify for a lower interest rate because their rates are adjustin... Search Again
Author: Karen Deis Title: Client Newsletter - April 2007 Excerpt: ...to be replaced. "Mark it in some way," suggests Nerad, while the mechanic isn't looking. If that seems pretty much impossible, take the car home before agreeing to the work. Try a dot of White-Out correction fluid or a swipe of chalk. Then, post-repair, ask to see the old part and the shop's purchase order for its replacement. You'll know your old part by its identifying mark, and the new one from the dated receipt. Accelerated Maintenance When it comes to regularly scheduled maintenance, your vehicle manufacturer and your mechanic agree on just one th... Search Again
Author: Lee Gilbert Title: How to Get Your Mailing Pieces Opened Excerpt: ... they say it doesn't work and isn't worth the bother and the expense. The marketing time on a mortgage is probably a few years! I mean it's a mortgage not a pizza! I can only say that even with the disjointed approach that I have, the people that I have done multiple refinances and multiple purchase loans for are proof that it works and that it's important to do. Please let me tell you how I put this little marketing piece together but you need to use the "Stamp Letter". Now might be the last time you can do it. I just got finished putting the April newsl... Search Again
Author: Karen Deis Title: Follow Up with ARM Clients Before It's Too Late. Excerpt: ...Check out www.VistaPrints.com. They will create postcard text for you online - for free - and the price for 1,000 oversized cards (full color front, 1-color back) is about $200 plus shipping. Consider this as one of your on-going marketing programs. Send the postcard to your pas... Search Again
Author: Karen Deis Title: Book Review: Your Successful Career as a Mortgage Broker (By David Reed) Excerpt: ... Mortgage Loan Officer Appendix C - Ten Steps to Becoming a Megaproducer ($250,0... Search Again
Author: Tom Ninness Title: Real Estate Investors Forums (REIF) Success - Getting the Word Out! Excerpt: ...Written By: Tom Ninness, Vice President with Cherry Creek Mortgage and President of Summit Champions. Tom is also the creator of the Real Estate Investor's Forum. You can purchase his entire system (Real Estate Investors Forum Kit) for which he also provides free coaching to insure your success. So you've made the decision to create a Real Estate Investors Forum in your area. You've heard the success stories and you know that the formula is proven. The question is, "How do you create a successful turn-out every time?" I can assure you that you will h... Search Again
Author: Karen Deis Title: Client Newsletter - July 2007 Excerpt: ...-digit security code on the back of your credit card and they use this scam to get that number. It works like this: The person calling says: “This is (name), and I’m calling from the Security & Fraud Department of VISA. My badge number is 12335 and your card has been flagged for an unusual purchase and I’m calling to verify if you purchased an Anti-Telemarketing Device for $497.99 from a company based in (names a state)?" When you say “no”, the caller says, “Then we will be issuing you a credit on your account. This is a company we ... Search Again
Author: Edward Jamison Title: Fair Isaac's Credit Scoring Change Will Affect Millions...Some Good...Some Bad! Excerpt: ...l cost them to give a loan to a person based on the applicant's credit score. When the Banks are armed with the statistical knowledge of whether a loan will go into default based on a particular credit score, the banks can then crunch numbers even further and determine how much it cost them to chase the defaulted borrower to collect the money. This is exactly why loan rates vary by credit score range. To explain this even further and put things in context, if you were a landlord that rented a cottage to people during the weekend, and one out of eight people th... Search Again
Author: Karen Deis Title: Client Newsletter - July 2007 Excerpt: ...-digit security code on the back of your credit card and they use this scam to get that number. It works like this: The person calling says: “This is (name), and I’m calling from the Security & Fraud Department of VISA. My badge number is 12335 and your card has been flagged for an unusual purchase and I’m calling to verify if you purchased an Anti-Telemarketing Device for $497.99 from a company based in (names a state)?" When you say “no”, the caller says, “Then we will be issuing you a credit on your account. This is a company we ... Search Again
Author: Mike Smela Title: The HELOC: A Powerful Financial Tool When Used with Money Merge Account. Excerpt: ...your principal contribution grows by a whopping $1.00. Over the live of your 30-year mortgage, you will pay a total of $231,682 in interest charges to your lender in addition to the $200,000 you originally borrowed. That brings your total payments to $431,682. Mortgage Fun Fact #1 If you purchased your home in 1986 and took out a 30-year fixed mortgage at 6%, here is what you have accomplished over 21 years: Balance at the end of 21 years = $99,877.76 (Yes, you are finally at your 1/2 way point.) Total principal paid over 21 years = $100,122.22 Total I... Search Again
Author: Louise G. Thaxton Title: Having a Star Spangled H.E.A.R.T. to Serve Those Who Serve! Excerpt: ...m is played - I still get misty eyed when Lee Greenwood sings "God Bless the U.S.A.". And so it was only natural that I would consider it one of the greatest honors of my life, to have the opportunity to serve the men and women of the United States Military by assisting these individuals in the purchase of a home. These men and women are the true HEROES of our nation and at the core, the H.E.A.R.T., of who we are at Team Thaxton, and what we do, is serving those who serve. One of my key offices is located in a small town just south of a military installation. A... Search Again
Author: Michael Soon Lee Title: Ten Myths About Multicultural Real Estate Clients Excerpt: ...member that people in the United States have beliefs that often baffle outsiders such as the fact that black cats, walking under ladders and the number thirteen are unlucky. Most other cultures have their own beliefs that are just different. Many cultural beliefs happen to directly affect the purchase of real estate such as the date on which you close, direction a home faces or the numbers in the loan amount. Many Asians believe that the number four is unlucky because when pronounced in Japanese or Chinese it sounds very similar to those cultures’ word for “death”... Search Again
Author: Karen Deis Title: Refinance Business Using Postcard Marketing! Excerpt: ...ng for refinances 60 to 90 days before the adjustment, your competitors (and servicing companies) are way ahead of you. People who have an adjustable rate mortgage fall into 2 categories: Past clients who currently have an adjustable rate mortgage and you were the original lender. Purchased lists of borrowers who have an ARM and closed with your competitors. There is no need to wait to solicit refinances from ARM borrowers. They know they have an adjustable rate mortgage. They know it will adjust in the future. And believe me...they know th... Search Again
Author: Karen Deis Title: Finding Valuable Leads for Free Excerpt: ...ck, www.PopulationEducation.org)? In 2005, there were 2,230,000 U.S. marriages and 3.6 divorces per 1,000 people. (National Center for Health Statistics: www.cdc.gov). These life changing events often include modifications in housing. For example, a couple expecting a baby may be looking to purchase a bigger home. A wedding means that two people are moving in together and may need to purchase a home or refinance. A business promotion could translate into a second home or home improvements. There are a lot of events that can make som... Search Again
Author: Karen Deis Title: The Do Not Call 5-Year Relief is About to End Excerpt: ...3, the Federal Trade Commission’s Do Not Call Registry only allowed a 5-year reprieve from most telemarketing calls. The exceptions to the law were charitable organizations, political survey work and companies that have established a business relationship may call up to 18 months after the last purchase, payment or delivery. What does that mean to you as a mortgage professional? With all the ARM loans out there, and the ease of searching public records to find those people with payments ready to adjust, it’s almost guaranteed that your past clients will be ge... Search Again
Author: Karen Deis Title: Just Pick a Horse and Ride it! Excerpt: ...eral mastermind groups and have developed a great respect for anyone who has been successful in working directly with consumers. Client for Life Concept - As part of your overall plan, create a system that allows you to keep your name (and expertise) in front of your client's eyes. David Jaffe, chase Manhattan Mortgage, told me a story recently about when he moved into his first home, he hired someone to re-do some wood floors in the home. When he purchased another home, the wood floor problem came up again - but he just couldn't remem... Search Again
Author: Karen Deis Title: Is Second Place REALLY the First Loser? Excerpt: ...washer and dryer? Get them thinking about what they could do with the money. Does a no-cost mortgage make more sense for you? Same scenario as the above question, however, the rate would be a little bit higher to cover the closing costs as well. Here’s a twist—if they are in the market to purchase a home, advise them to ask the seller to pay part of their closing costs. Are you better off with an adjustable or fixed rate? Show them a side-by-side comparison of the two programs and have them decide. Did your lender show you how to save thousands of do... Search Again
Author: Esperanza Creeger Title: How to Explain Federal Recapture Taxes on Mortgage Bond Programs Excerpt: ... Tax Disclosure Form' and she refuses to sign it. What should I do?" Yes, the oh so threatening sounding FEDERAL RECAPTURE TAX is not the big scary monster lurking in the shadows to swallow you, your family, dog and cat in one fell swoop if you could sell your home within nine years from the purchase date. Not even close. In fact, it is more likely a spaceship manned by little grey men will land in your front yard and throw a barbeque kegger before any punishment is meted out by way of federal recapture tax provisions associated with public benefit subsidy prog... Search Again
Author: Karen Deis Title: Realtor® Newsletter - Helping THEM Helping YOU Get More Business! Excerpt: ...andscaping, patio, privacy fence, etc. If you have listed a condo or townhome, feature the pool, workout room or community center. Take at least 5 pictures of each room and choose the best one. It's a mistake to take only one or two pictures and have to choose from the best of the worst. Purchase a tripod. You will eliminate motion and your pictures will be sharp and in focus. This cozy 14' x 18' living room with wood burning fireplace, is just the place for your family holiday gatherings, chatting with friends or just your personal space to read ... Search Again
Author: Karen Deis Title: Increase Your Income Just By What You Wear! Excerpt: ...our clothes do not look worn out (i.e. no holes, tears, stains, hanging threads, etc.) or out of style. Your clothing should always be cleaned and pressed, no exceptions. You may consider storing a portable steamer in your desk to take the wrinkles out of your clothes before seeing a client or purchase a bottle of wrinkle-free spray. Bauer believes that you can increase your income just by choosing appropriate clothing, including cut, fabric, and colors. For men and women, a blazer is a must. It is suggested that women wear skirts instead of pants. The reason... Search Again
Author: Karen Deis Title: Becoming Famous in Your Corner of the World! Excerpt: ...mall fee. The FCC requires cable operators, like Cox, Comcast and Time Warner, to provide leased access airtime on at least one of their cable channels. What's great about leased access channels is that cable operators cannot charge more than a maximum price set by the FCC, which allows you to purchase airtime cheap. For example, you may be able to purchase a full hour of airtime for $100 or less. Call your local cable operator and ask how to get your program on the leased access channel. If there is not a lot of ideal airtime to cho... Search Again
Author: Karen Deis Title: Realtor® Newsletter - Helping THEM Helping YOU Get More Business! Excerpt: ...andscaping, patio, privacy fence, etc. If you have listed a condo or townhome, feature the pool, workout room or community center. Take at least 5 pictures of each room and choose the best one. It's a mistake to take only one or two pictures and have to choose from the best of the worst. Purchase a tripod. You will eliminate motion and your pictures will be sharp and in focus. This cozy 14' x 18' living room with wood burning fireplace, is just the place for your family holiday gatherings, chatting with friends or just your personal space to read ... Search Again
Author: Geoff Zimpfer Title: Digging for Oil Wells Excerpt: ...Written By: Geoff Zimpfer, is a Loan Officer with 78% of his business in purchase money loans, which are referred to him by real estate agents. He is also the creator of Speed MarketingTM for Loan Officers - How to Get Maximum Realtors® in Minimum Time. Get the Report "7 Steps to Doubling Your Realtor® Referrals in 90 Days" by emailing Geoff at Info@SpeedMarketingSystem.com. How would you like to own six, seven or even ten oil wells that consistently spew rivers of "black gold" from the ground and all you have to do is hold your bucket out to catch enough oi... Search Again
Author: Karen Deis Title: Talking Greeting Cards Excerpt: ...an re-record as many times as you like—until you are satisfied with the audio. It was as easy as recording a voice mail message. While I am using it for Holiday cards, here are some ideas for using it in your mortgage practice. Thanking someone for a referral. Send to a client who just purchased a home (a picture of their home, a picture of you and your audio message wishing them the best in their new home). Send to a real estate agent or builder you WANT to do business with. Send to FSBO sellers asking if you can pre-approve them for their next home. Se... Search Again
Author: Karen Deis & Terry Clemans Title: Are You Ready for Pay-Per-View Credit Reporting? Excerpt: ... to let their clients know about the possibility of additional credit reporting fees. I know that the National Association of Mortgage Brokers has recently drafted a letter, with a position paper, to the Federal Trade Commission, outlining why this is entirely unfair to the consumer. When they purchase a credit report, it should be good for the WHOLE transaction. I know there’s one lawsuit between CBC and Novis where the judge asked if this was an “intellectual property issue”. They said it was not! The case is still pending waiting for the judge’s final decisio... Search Again
Author: Karen Deis Title: I Gave a Seminar...And No One Showed Up! Excerpt: ...s will think of you as their favorite teacher—only you would be their teacher and the subject would be how to buy real estate and apply for a mortgage. People want education and information on buying real estate. They want to avoid mistakes. They want you to make it easy for them to purchase a home or investment property. One of the best ways to get leads and turn them into buyers is by holding seminars. I’ve heard it before…”I tried to give a seminar and no one showed up”. Just placing an ad in the local homes magazine is not a game plan. ... Search Again
Author: Brian Larrabee Title: How to Respond to Today's Top Ten Objections to Buying Real Estate Excerpt: ...f it. Legitimate difficulties cannot be erased but working with a credit counselor can help to improve your credit score where erroneous problems exist or by simply restructuring the way you manage and service your debts. If you know you can handle the payments, doing whatever you can to purchase a home can actually be one of the best things you can do to improve your credit. The timely payment of a mortgage loan is one of the highest achievements you can make credit wise. Once you have a track record of that, refinancing the original loan at any point where ... Search Again
Author: Karen Deis Title: 3 Seminars for First Time Homebuyers Excerpt: ...n ends up going to another company with your information. It’s a way of managing you... Search Again
Author: Karen Deis Title: Client Newsletter - January 2008 Excerpt: ...es from advertisers. Bad news creates more viewers/listeners and sells more advertising. You’ve probably heard the news that foreclosures are at an all time high. However, the bulk of foreclosures are limited to a handful of states. That’s exactly why this could be one of the best times to purchase real estate or investment property. Yes, it could get worse, but the real estate market is driven by the job market, population growth, and availability. The newscaster reads off the teleprompter in an attempt to scare you into sticking around to hear the doom and ... Search Again
Author: Karen Deis Title: Lead Generation Brokers: Waste of Money or Worthy Investment? Excerpt: ...ousands of dollars on worthless leads. There are countless stories of individuals who were charged for leads that were inaccurate or out of date. On the other hand, there are many people who are huge fans of lead generation companies and have had tremendous success with the batches of leads purchased. So is it worth the risk? After some extensive research, we have compiled information that you need to know before signing up with a lead broker. How They Get Their Leads To Sell To You Lead generation companies obtain their leads from cold calling, emai... Search Again
Author: Karen Deis Title: Client Newsletter - January 2008 Excerpt: ...es from advertisers. Bad news creates more viewers/listeners and sells more advertising. You’ve probably heard the news that foreclosures are at an all time high. However, the bulk of foreclosures are limited to a handful of states. That’s exactly why this could be one of the best times to purchase real estate or investment property. Yes, it could get worse, but the real estate market is driven by the job market, population growth, and availability. The newscaster reads off the teleprompter in an attempt to scare you into sticking around to hear the doom and ... Search Again
Author: Leslie Petersen Title: How Incentives & Contributions to Borrowers Affect Your Conforming Loans! Excerpt: ...t ANY incentive or contribution by interested parties in the transactions—including real estate commissions paid back to the buyer. While the percentages remain the same, FannieMae has defined some of the incentives more clearly than ever before. Any time that a party with an interest in a purchase transaction contributes something to the borrower as an incentive to purchase, it is considered an Interested Party Contribution (IPC). IPCs are either financing concessions or sales concessions. Financing concessions are allowable up to ... Search Again
Author: Karen Deis Title: 14 Low Budget Marketing Ideas Excerpt: ...ost people like working with a company located in their area. Create an online presence: If your mortgage company does not have a website, consider setting up an inexpensive or free one through www.GeoCities.com or www.FreeWebsites.com. Depending on which provider you choose, you may need to purchase your own domain name, which will cost about $10.00 a year. When you meet people and are talking with prospects, you can refer them to your website to read more about you and your services. Post messages on community websites: Many communities have websites where ... Search Again
Author: Karen Deis Title: New Selling for 2008 and Beyond! Excerpt: ...inted article by Roy Williams, Wizard of Ads. Subscribe to his newsletter, www.MondayMorningMemo.com. Roy Williams, known as the Wizard of Ads, says that 2008 (and beyond) is transitioning into a new type of selling. Gone are the big mortgage super bowl ads, the consumer-direct mailings purchased from credit bureau lists, and spending big bucks buying leads from lead-generation companies. Williams says here's what you need to change when selling in 2008 and for years to come: Efficiency is the new Service. Your customer is saying, "Quality and price... Search Again
Author: Karen Deis Title: FSB-Buyer Marketing: A Brand New Category to Consider! Excerpt: ... a home directly from the seller. Real estate agents will swear that buyers will ONLY get the best deal if they work with them. However, according to the National Association of Realtors Annual survey called “Profiles of Home Buyers and Sellers", over the past 3 years, 23% of home buyers purchased their home directly from the seller (and did not use a real estate agent). They are the group who have made up their minds that buying a home directly from the seller is in their best interest, regardless of the constant propaganda from the National Association of ... Search Again
Author: Karen Deis Title: Capture Calls from Clients Whose Mortgage Company No Longer Exists. Excerpt: ...s—directly to her! Hey, their old mortgage company is no longer in business. The defunct company’s loan officers are scattered with the wind. So, now is a great time to take advantage of the situation because I’m going to reveal to you the steps that she had taken to get those refinance and purchase calls transferred to her. I have shared this info with several loan officers. Some said they would never consider doing what she has done. Other loan officers, who have been in the business for a number of years, secretly revealed that they have been doing this... Search Again
Author: Jay Conrad Levinson Title: The 37 Magic Selling Questions Excerpt: ... 10 tells you what they're buying, from whom, and for how much, revealing both the need and the budget. Question 11 gives you their critical buying criteria. A replacement vendor must be equivalent in these areas to even be considered. This also tells you the thought process they went through to purchase last time. Question 12 tells you where the competitor is vulnerable. If you can offer them everything they like most and fix the things they like least, they now have a justification to change. If you could have things any way you wanted, what would you chan... Search Again
Author: Karen Deis Title: How to Set Up an Urgent Care Division! Excerpt: ...questions. It’s not your typical, taking a loan application that you’d normally do. We have many questions: what went wrong, what’s the reason. We get all of their additional information over the phone when we initially talk with them. The Realtor has to be on board too because most of these are purchases. We need to have the appraisal, the title, and the earnest money over as soon as we can because a lot of the issues are with the appraisal. So then, if we need to get a different appraisal, because sometimes it’s the appraiser’s work that’s the issue, not necessaril... Search Again
Author: Karen Deis Title: Realtor® Newsletter - April 2008 Excerpt: ...ggest benefits for 2008. You could earn substantial, long-term dividends and reduced taxes along the way. Recession-Proof Your Practice by Working with Investors The one niche market, that has remained steady over the last 10 years, has been working with real estate investors. They purchase real estate in both good times and bad. With real estate values decreasing and foreclosures at an all time high, real estate investors are back in the market in full force! Here are some tips in working with real estate investors! Do your homework. Meet w... Search Again
Author: Leslie Petersen Title: FHA Payment Abatement Rules Excerpt: ...l estate agents sell more homes. Read the rules and the formula on how to compute the acceptable dollar amount the seller can contribute. OF SPECIAL INTEREST: The portion contributed by the lender (SRP) is NOT counted towards the maximum concessions - which is good news if you are going after purchase deals and FSBO business! Question: Have you ever heard of a FHA loan that would allow the seller to pay the interest portion of the payment for up to six months out of the seller contributions? ~ Vicki Williams, Montgomery, AL Answer: Yes, this is an acceptab... Search Again
Author: Louise Thaxton Title: Recalculating Your Course Excerpt: ...the owner of the business, a branch manager or a loan officer—is this the business you love? Are you passionate about helping people now, more than ever? The word “mortgage” seems to be the new obscene eight letter word. But the bottom line is that people still need long-term financing to purchase a home for their families. Are you clear that it is still your purpose to serve people by planning their mortgage? Do you have a clear vision, a clear picture of your destination? And why you are going? It has been said that your “why” can help you handle any “... Search Again
Author: Karen Deis Title: The Urban Legend - Selling Homes with a Little Home from Joe! Excerpt: ... on a pre-approval and the progress of the sale of their home. In working with FSBOs you have only 2 goals— You want them to apply for a loan with you; When their home sells, you want to refer them to a real estate agent of YOUR choice to buy their next home. Where to Purchase! Buy St. Joseph Statues in bulk thru your local religious store and create your own instruction page on exactly what home sellers should do to insure a successful home sale. St. Joseph Statue kits can be found at the following website, including a Spanish versi... Search Again
Author: Karen Deis Title: First-Time Home Buyers: NAR Survey of Home Buyers & Home Sellers 2007 Excerpt: ...usively for subscribers. White Paper: What You Need to Know When Working with First Time Homebuyers (2007 NAR Survey Results) Download a copy of the White Paper now (in word document). Over the past twelve years, first time homebuyers were responsible for buying 42% of all the homes purchased in the US. In 2006 that number dipped to 36% but in 2007 it again increased to 39%. Overall, 12% of first time buyers were NOT born in the United States, versus 8% of repeat buyers. And 70% bought a home because they wanted to own real estate and establish a hous... Search Again
Author: Karen Deis Title: Spouses Doing Mortgages! An Interview with Gary & Jamie Lau Excerpt: ...ything marketing related. We also did a DISC profile test. I was more Dominant (and Social) and Gary was more Social (and Analytical). Karen: Do you have a niche market? Gary: Over 50% of my clients are Hispanic and I have a guy who translates for me. A majority of our business is the purchase market and working with Realtors®. Karen: What database system do you use? Jamie: We use ACT! and a template for the mortgage industry created by Cindy Douglas. Our database has 1,300 clients in it. Karen: Have you created a marketing calendar? Jamie:... Search Again
Author: Karen Deis Title: Investigative Report - Zillow.com Mortgage Site Excerpt: ...Written By: Karen Deis Zillow.com has had a real estate website for many years but just about a month ago, they created a site where lenders can pay a one-time fee of $25 and are fed anonymous leads. These leads could either be purchase or refinance quotes where Zillow asks about dozen basic questions, including City, State and Zip Code. The loan officer is notified that someone is looking for a quote in his or her area. The loan officer fills out a form provided on Zillow, has the ability to type in comments about the quote, all with the hope that the consume... Search Again
Author: Karen Deis Title: White Paper - What You Need to Know When Working with Repeat Home Buyers (2007 NAR Survey Results) Excerpt: ...officers. This is where your database, and a consistent and targeted contact management system, will help increase your odds of getting repeat clients and referrals. Repeat homebuyers are defined as buyers who previously owned residential real estate. With almost 60 percent of all the home purchases being made by repeat buyers, the dilemma for loan officers and real estate agents is that after a home has been sold, an average of 10% will wait approximately two years to buy another home. There are several reasons for this. First, some of the sellers had to sel... Search Again
Author: Karen Deis Title: FSBO Sellers: NAR Survey Results Excerpt: ...ance of a real estate agent. However, what we do know (but we have no statistics on) is that a significantly higher number of sellers ATTEMPT to sell their home themselves—but only for 3 to 4 weeks. They give up and list it with a real estate agent. Repeat Buyers Make Up 60% of All Home Purchases FSBO sellers will usually purchase another home. While there are many articles and websites available to help them sell their home, stay away from becoming their marketing guru. You’ll spend an awful amount of time on helping them “se... Search Again
Author: Karen Deis Title: Zillow Answers Some Important Questions! Excerpt: ... around our rich content. Today, we have both a national advertising platform, as well as a local self-service advertising product, called EZ Ads. Both of these options provide advertisers interested in reaching Zillow’s audience exposure to our users. With this feature, professionals can purchase ads at the ZIP code level on the site, starting at just $10 per 1,000 impressions. For $100, you are correct that the ad will be seen a total of 10,000 times. You can buy any amount you choose, as long as we have the inventory to sell. The time frame in which thes... Search Again
Author: Karen Deis Title: Client Newsletter - June 2008 Excerpt: ...tions, visit www.GetHuman.com and click on the database link. Consider book marking this site because companies are constantly changing their phone number. Just Can't Seem to Save Enough Money? “Why did I buy THAT thing?” Walking around your house, have you ever looked at an item you purchased and wished you would have put the money in the bank instead? It’s no secret that our spending habits are driven in part by the crowd we hang around with. But there’s more than envy and status involved here. Most of us don’t like to do the math and even fewer ... Search Again
Author: Brett Grendahl Title: It's 1998 All Over Again! Excerpt: ...mortgage lenders have closed up shop. This has had the effect of putting my company out of the second mortgage business. Declining property values are shrinking the pool of loans that can qualify for rate & term and cash-out refinances. The rapid decline in property values has also caused the purchase market to slow down to a snails pace. On top of that, with ARM rates barely a nudge below that of the 30 year fixed rate program, I really only have one loan program as the “solution” to my clients financing needs. Ugh! While my local market has become one of en... Search Again
Author: Linda Ferrari Title: Foreclosure vs. Short Sale? Can't Refinance It, Can't Sell It, and Can't Afford It. Excerpt: ...with residential mortgages. If so, the lender may not go after borrower's personal assets to recoup additional loss. The lender's ability to pursue a deficiency judgment can be restricted by state laws. In California and some other states, original mortgages (the ones taken out at the time of purchase) are typically non-recourse loans, however, refinanced loans and home equity lines of credit are not. If the lender chooses not to pursue deficiency judgment-or can't because the mortgage is non-recourse-and writes off the loss, the borrower may have to pay income... Search Again
Author: Karen Deis Title: Client Newsletter - June 2008 Excerpt: ...tions, visit www.GetHuman.com and click on the database link. Consider book marking this site because companies are constantly changing their phone number. Just Can't Seem to Save Enough Money? “Why did I buy THAT thing?” Walking around your house, have you ever looked at an item you purchased and wished you would have put the money in the bank instead? It’s no secret that our spending habits are driven in part by the crowd we hang around with. But there’s more than envy and status involved here. Most of us don’t like to do the math and even fewer ... Search Again
Author: Linda Ferrari Title: Credit Myths - Why Our Work is Never Done! Excerpt: ...e your credit cards, you will be rated. Revolving accounts become unrated due to the lack of use, not whether or not there is a balance. So, if you have credit cards, it's best not to allow them to become dormant. Try to use two to three of your major credit cards at least once a month for small purchases. This keeps your accounts active and your credit score is rated based on that usage. Myth 5 - It's Okay If You Go Over Your Credit Card Limit Because The Credit Card Company Authorized The Purchase Nothing is further from the truth. ... Search Again
Author: Karen Deis Title: Realtor® Newsletter - July 2008 Excerpt: ...t to come up with a down payment. Mortgage rules and regulations are in a constant state of flux—changing every month, and credit scores are an issue as well. As a real estate professional, it’s critical that you become their “teacher” and teach them about the options they have available to purchase their first home—but using technology as the “school”. YouTube.com – Create a series of short videos addressing some of the issues and how you can help them buy a home. For example, gifts for the down payment, from parents or relatives are acceptable. Yo... Search Again
Author: Karen Deis Title: Random Notes - Condo Lender Resource Guide - Over 20 Different Lending Sources Excerpt: ...ng and shipping store? It's no accident. People are purchasing convenience. People are reducing the distance they have to travel. Want proof? Check out City Center, located in Las Vegas. Visit the website and it will make your jaw drop. Today, condo hotels account for 10% of all condo purchases. If you haven't come across these types of loans, or if you want to specialize in this little-known niche, here is the book/guide for you. Comprehensive Condo Hotel and Resort Condo Financing Resource for Mortgage and Real Estate Professionals, by Craig Flahert... Search Again
Author: Craig Flaherty Title: Mortgage Planners: Why They May Need a Reality Check Excerpt: ...lete the one day conference, as graduates. But no where in his literature does he mention any of the following terms: exam, pass, fail, application process, evaluation process, accreditation, compliance procedures, re-certification, course completion, etc. He does however advertise that if you purchase the VIP attendance package, and I am quoting here, you "Get Certified for Free!" There are other organizations, such as The CMPS® Institute, which also provides a mortgage planner certification. The CMPS Institute® provides a designation known as Certified Mortgage... Search Again
Author: Leslie Petersen Title: New Rules if Client Does Not Sell Current Home Before Buying Another One! Effective 8-1-2008 Excerpt: ... payment is being counted on the 1003 and in DU. You can do this by entering -0- in the rental income. Underwriter Interpretation In the “Existing Home Pending Sale, Not Closed” version, I checked the Announcement and both references in the Selling Guide. There is no requirement for a purchase agreement showing a “pending sale,” or any other similar reference. If Fannie’s not asking for it, then I sure wouldn’t. I may want evidence that the house is listed, or otherwise pending sale. Fannie acknowledged that all of these guidelines must be manually ap... Search Again
Author: Karen Deis Title: Realtor® Newsletter - July 2008 Excerpt: ...t to come up with a down payment. Mortgage rules and regulations are in a constant state of flux—changing every month, and credit scores are an issue as well. As a real estate professional, it’s critical that you become their “teacher” and teach them about the options they have available to purchase their first home—but using technology as the “school”. YouTube.com – Create a series of short videos addressing some of the issues and how you can help them buy a home. For example, gifts for the down payment, from parents or relatives are acceptable. Yo... Search Again
Author: Karen Deis Title: Real Estate Agent Round Tables - 6 Mastermind Ideas Excerpt: ... is done.) Top Real Estate Agent Round Table – Invite a top real estate agent to give a talk about how to give a great listing presentation. OR, it could be as simple as going around the table and each person asking the superstar Realtor® their most pressing question. (The Extra Mile Tip: Purchase the book, Billion Dollar Agent-Lessons Learned, by Steven Kantor and give as a gift for attending. If you can’t find an agent in your own back yard, consider asking someone from another town who would not be in direct competition with your group.) Home Stager Rou... Search Again
Author: Karen Deis Title: Client Newsletter - August 2008 Excerpt: ...g new credit accounts b) Spreading debt over many credit cards c) Not missing payments d) Keep balances low on credit cards Answer: c) Not missing payments For which of the following purposes can you withdraw money without penalty from your Roth IRA retirement account? a) First home purchase b) Retirement spending c) Education d) All of the above Answer: d) All of the above What percentage of credit reports contain errors? a) 10% b) 30% c) 60% d) 80% Answer: d) 80% Check out Econ4U.org and would love to hear your thoughts about t... Search Again
Author: Karen Deis Title: Client Newsletter - September 2008 Excerpt: ...g new credit accounts b) Spreading debt over many credit cards c) Not missing payments d) Keep balances low on credit cards Answer: c) Not missing payments For which of the following purposes can you withdraw money without penalty from your Roth IRA retirement account? a) First home purchase b) Retirement spending c) Education d) All of the above Answer: d) All of the above What percentage of credit reports contain errors? a) 10% b) 30% c) 60% d) 80% Answer: d) 80% Check out Econ4U.org and would love to hear your thoughts about t... Search Again
Author: Karen Deis Title: The 10-10-10 Loan File Business Plan PLUS 10%^TM Excerpt: ...oan File Business Plan PLUS 10%TM and here’s how it works: First, review the last 10 closed loan files. Ask yourself these questions: Where did the leads come from? What do the loan files have in common? (i.e. – type of loan; same “type” of occupation; purchase or refi) What was your income from each loan? For example, let’s say that you are spending $400 per month advertising in your local homes magazine, but not even one of those closed loan files were a direct result of those ads. STOP ADVERT... Search Again
Author: Wannasiri Chompoopet Title: Short Sale and Foreclosure Overview Excerpt: ...esponses. Here is an overview of what the responses indicated: (copyright, NAR 2008) Why is this survey important? Because over 40 percent of all real estate sales involved a “short sale”. Learning the ins and outs of a short sale will help you and your real estate agents close more purchase money deals and set you apart from your competitors. A great reference tool is Linda Ferrari’s article called Foreclosure vs. Short Sale? Can't Refinance It, Can't Sell It, and Can't Afford It! SHORT SALES: Realtors® indicated that overall 40 percent of ... Search Again
Author: Karen Deis Title: Quarterly Client Newsletter - October 2008 Excerpt: ...statements are accurate monthly. (10 points) Each of these questions represents a possible avenue for an identity thief. Understanding Your Score: 100+ points – Recent surveys indicate that 8-9 million people are victims of ID theft each year. You are at high risk. We recommend you purchase a crosscut paper shredder, become more security-aware in document handling, and start to question why people need your personal data. 50-99 points – Your odds of being victimized are about average. 0-49 points – Congratulations. You have a high “IQ”. Keep up ... Search Again
Author: Karen Deis Title: Quarterly Client Newsletter - October 2008 Excerpt: ...statements are accurate monthly. (10 points) Each of these questions represents a possible avenue for an identity thief. Understanding Your Score: 100+ points – Recent surveys indicate that 8-9 million people are victims of ID theft each year. You are at high risk. We recommend you purchase a crosscut paper shredder, become more security-aware in document handling, and start to question why people need your personal data. 50-99 points – Your odds of being victimized are about average. 0-49 points – Congratulations. You have a high “IQ”. Keep up ... Search Again
Author: Karen Deis Title: What is the Punctual Payment Program®? Excerpt: ...lt of their own) during the first 12 months of their loan, up to 6 months of the mortgage payments would be paid ($1800 month maximum). This is covered by a separate insurance policy and is NOT deducted from their PPP reserve fund. H.E.L.P. (Homeowner Education & Loan Protection Program): Pre-purchase counseling covering not only all aspects of home ownership, but financial counseling. (However, pre-purchased counseling is NOT mandatory but HIHGLY suggested.) After the home has been purchased, a HELP counselo... Search Again
Author: Karen Deis Title: Why Marketing to First-Time Homebuyers IS the PERFECT STORM! Excerpt: ...the entire amount is paid the 1st year. If the buyers receive a refund each year from the IRS, the $500 tax credit pay back will be deducted from the refund. My suggestion would be to hold a FTHB seminar with a tax advisor, and JUST cover this topic ONLY. Since the tax credit covers homes purchased between April 9, 2008 and July 1, 2009, review your database of closed loans to first-time homebuyers and invite them to the seminar, too. Ask them to bring a friend, who has not owned a home within the last 3 years, along with them to learn about this huge benefit... Search Again
Author: Rob Lawrence Title: 9 Ways to Survive and Prosper in a Down Mortgage Market Excerpt: ...d write all your mistakes down. And I’ve done a lot of the work for you!) Remember, if you can save just 1 extra deal per month from dying somewhere during the loan process, that’s an immediate $2,000 to $3,000 extra per month in your pocket. Cha-ching! Another instant pay raise. Focus on Purchase Money Loans. I would give up on the refinance market unless you are going after sub-prime loans or debt consolidation cash-outs. The interest rates just aren’t there and it won’t make sense for your prospects. The days of 5% on a 30-year fixed are over. Don’t was... Search Again
Author: Karen Deis Title: HUD Homes: What You and Your Real Estate Agents Need to Know! Excerpt: ... sales took over where traditional sales left off. In fact, not only did it keep my family "fed", I had more business than I could say grace over because I was known as the HUD Home Specialist in my area. What FHA has done now was to extend the $100-down repo program that allows borrowers to purchase HUD-owned properties. In fact, some of the properties offer financing of up to 100% of the loan amount, which could include repairs up to $5,000. In some markets, there are additional "incentives" to borrowers, with up to $2500 in paid closing costs and an addition... Search Again
Author: Karen Deis Title: Going, Going, Gone! What Loan Officers Should Know About Auctions! Excerpt: ...Written By: Karen Deis A hot, desirable property has just been listed. Several buyers come out of the woodwork with their perspective real estate agents to bid on the home. It sells for $20,000 over the listing price. The difference between this scenario and a real estate auction is there is a real estate agent representing the seller and the seller pays the real estate commission. Whereas an auctioneer represents the seller and the buyer pays the auctioneers commission. Unfortunately, foreclosures are at an all time high. Listings are glutting the market. In an economy like t... Search Again
Author: Karen Deis with Toni Honer Title: Interview: Loan Officer Buys Homes Thru Real Estate Auctions! Excerpt: ... a lake home valued at $1.2 million, but was located about 60 miles south, so we decided to “attend” the auction via the phone. We won the bid at $580,000 but then found out that the home had over $1million in liens. In hindsight, we should have done a title search ahead of time. Our third purchase was an estate sale—with no reserve. We paid $35,000 UNDER the appraisal value. With our past auction experience, we (the buyers) pay the selling commission to the auctioneer. With REDC it was 5%. What we did not realize was that the selling commission on this hou... Search Again
Author: Karen Deis Title: Everything You Need to Know About Rural Housing Guaranteed Loans Excerpt: ...erves after all closing costs are paid. Compensation or income not reflected in repayment income but indirectly supports the ability to pay the mortgage, food stamps and other similar public benefits. Substantial non-taxable income not previously accounted for in the ratios. The home is being purchased as the result of relocation of the primary wage-earner and the secondary wage-earner has an established history of employment, is expected to return to work, and there are reasonable prospects for securing employment in a similar occupation in the new area. The und... Search Again
Author: Karen Deis Title: Client Newsletter - December 2008 Excerpt: ... store and the limited-time-offer product has been sold out, this is when the sales person might try to sell you a similar product at a higher price. The Monthly Payment Offer – Stores advertising monthly payments merely disguise the true cost of the product. If you plan to make a big-ticket purchase, tell them you plan to pay cash and negotiate the best sales price first. Then, and only then, should you discuss payment options. Buy-One-Get-One-Free Offers/Buy 2 for $5 Offers - Check the small print to see if you can buy just one for half the promo price. Kno... Search Again
Author: Karen Deis & Danny Poulos Title: Real Estate Road Kill: What a Brilliant Idea! Excerpt: ...Written By: Karen Deis & Danny Poulos, President, Elite Lending Has this happened to you? You have a purchase transaction in your pipeline. The deal is a short sale. You and the Realtor® have been negotiating with the lender for oh, say, four or five months now. The lender finally decides to sell at a lower price. The buyer cancels the deal. Right now, most MLS systems have a method to report “short-sale listings” BUT do not have a way to sort out which ones have already been negotiated with the lender. Enter Danny Poulos! He literally had hundr... Search Again
Author: Cindy Douglas Title: Are You in the Running or Is Your Customer Leaving You in the Dust? Excerpt: ...omated marketing. The beauty of this aspect of the software program is it provides the sales team with a tool that aligns marketing efforts with a customer’s core needs, wants and desires. This includes, but is certainly not limited to touching base with the customer during the lead, prospect, purchase transaction / refinance and closing stages. To set up a long-term marketing program, it is essential for you to be aware of events in your client’s life that trigger a need for liquid cash. These include, but certainly are not limited to: Starting a new bu... Search Again
Author: MortgageCurrentcy.com Staff Title: Fannie Establishes Additional Requirements and New Appraisal Addendum (Form MC1004) - Mortgage Talking Points^TM Flyer Included Excerpt: ...ns for the Addendum, and they legitimately need it. I can almost guarantee that none of your appraisers have actually read this Announcement. Updates, Sale Contract to Appraiser – Effective January 1, 2009? I could have sworn that Fannie always required the appraiser to have a copy of the purchase contract?! I think most everyone is pretty good at giving him/her the actual contract, but please make sure you send all follow-up changes and addenda. Clarifications – Again, the effective date for the Clarifications is January 1, 2009, but think about this for ... Search Again
Author: Karen Deis Title: A Survey: Commission Splits Earned by Other Loan Officers Excerpt: ...Written By: Karen Deis - Thanks to all the loan officers who shared their unique commission split structures. If you want to keep the conversation going, please email me your commission structure - Karen@LoanOfficerMagazine.com. I recently read an article about a “network” of people (within the same industries) who consistently share their income, negotiating strategies, bonuses, benefits, incentives, and commission splits with each other. But here’s the astounding part…one of the groups (whose income was earned thru commissions) earned an average of $200,000 (each) more in income... Search Again
Author: Leslie Petersen Title: All You Need to Know About FHA Streamlined Refinances! Excerpt: ...2 employee of an FHA approved company. Pretty big catches. What Are Streamlined Refinances? The premise of streamlined refinances is to originate a new mortgage with minimum qualifications that place the borrower and HUD in a better position. Take Danny Homeowner, for instance, who purchased his home with an FHA insured mortgage. The FHA insurance means that HUD is already on the hook if Danny’s home were to be foreclosed (an unfortunately common occurrence lately). To mitigate this possibility, HUD is willing to insure a new streamlined refinance mor... Search Again
Author: Dan Moralez Title: Fannie Mae: MyCommunityMortgage® Refinance - Best Kept Secret Excerpt: ...ow levels, refis are booming and so are the problems with FICO score adjustments and appraisals that are coming in low. So what does this have to do with Fannie’s MyCommunityMortgage®? MCM allows for Limited Cash out Refinance Transactions. In other words, this product can be used not only to purchase but to refinance. Consider the following: MCM loans are NOT subject to most LLPAs. No LPPA/LTV Adjustments for credit scores MCM loans that are A/E, EA-I, II or III all get the same rate! Up to 97% LTV on 1 or 2 unit properties – 95% LTV on 3 to 4 unit ... Search Again
Author: Karen Deis Title: Vacation Homes are Back in Style Excerpt: ...ey buying second homes? Eighty-four percent of those surveyed wanted a vacation home or a family retreat, and 30% plan to make it a primary residence in the future. Gas prices reaching an all time high contributed to vacation homebuyers staying a little closer to home, which led to vacation home purchases typically taking place within 287 miles of their primary residence. With homes priced at bargain discounts, it comes down to simple economics—now is the time to buy. Second home purchases took place in almost every state, but the most p... Search Again
Author: Karen Deis Title: First-Time Homebuyers: Realtors® Survey 2008 Excerpt: ... the survey stats for the NAR’s Profile of Home Buyers & Home Sellers, but interprets them for you so you can identify trends and more importantly, where you should spend your time and your money—if one of your niche markets are first-time home buyers! Overall, FTHB represent 41% of all home purchases. This is an increase of 2% over last year’s survey. But what has really changed is the method being used to find their first home, their first real estate agent and their lender! Yep, you guessed it — it's online and social networking sites. FTHB are 20% MOR... Search Again
Author: Karen Deis Title: Realtor® Newsletter - February 2009 Excerpt: ...tter Now! What You Need to Know About First Time Homebuyers: 2008 NAR Survey Results! With rates low and housing prices falling, more lenders are offering fixed rate conventional, FHA and VA loans. Right now, it's the PERFECT STORM for you to get your share of the first time homebuyer purchase market. Here are the results from the National Association of Realtors® Survey of Home Buyers & Home Sellers 2008. First Time Homebuyers Made Up 41% of All Home Purchases Living Arrangements Prior to Buying Their First Home 75% ... Search Again
Author: Karen Deis Title: Neighborhood Assistance Corporation of America (NACA): The Good, The Bad and The Ugly! Excerpt: ...ith NACA’s unresponsiveness to interview requests, loan officers, attorneys, and real estate agents that have worked with NACA stepped up to the plate to share their own experiences with working with the organization. Responses ranged from having great experiences to helping clients finance home purchases to it being a complete nightmare, where NACA was “unresponsive” and had no regard for abiding by the terms of the contract. Some of this goes with the territory. Any service is going to have happy clients and ones that are not so thrilled with the service they ... Search Again
Author: Karen Deis Title: Realtor® Newsletter - February 2009 Excerpt: ...tter Now! What You Need to Know About First Time Homebuyers: 2008 NAR Survey Results! With rates low and housing prices falling, more lenders are offering fixed rate conventional, FHA and VA loans. Right now, it's the PERFECT STORM for you to get your share of the first time homebuyer purchase market. Here are the results from the National Association of Realtors® Survey of Home Buyers & Home Sellers 2008. First Time Homebuyers Made Up 41% of All Home Purchases Living Arrangements Prior to Buying Their First Home 75% ... Search Again
Author: Dan Moralez Title: Time to Trade? What You Need to Know About Trade-Equity Rules (Fannie & Freddie) Excerpt: ...shows that this creative concept has momentum! As home trading gains steam in the market place, it is a good idea to understand how a house trade works when it comes to the world of mortgage finance. Like most transactions, it involves a buyer with a home to sell. You will typically have a purchase agreement for the home being sold as well as the home being purchased. Even though the properties are being traded, they are still two separate transactions. You will have a closing for each of the properties and likely a mortgage for... Search Again
Author: Karen Deis Title: First-Time Homebuyer Tax Credit: Comparing $7500 to $8000! Excerpt: ...Written By: Karen Deis While there are still a lot of questions out there regarding the $7500 tax credit versus the $8000 tax credit, here is a chart from the NAR and other sources comparing both tax credits. $7500 - 1st time buyers who purchased homes from April 9, 2008 to January 1, 2009 $8000 - 1st time buyers who purchased homes from January 1, 2009 to November 30, 2009 MortgageCurrentcy.com has created a free article entitled, (Talking Points - $8000 Home Buyer Tax Credit Basics. Topics covered are: Definition of... Search Again
Author: Karen Deis Title: Client Newsletter - March 2009 Excerpt: .... What You Need to Know About the $8000 Tax Credit Maybe you don’t qualify for the new, first-time homebuyer tax credit, but I’ll bet that you probably know someone who does! A friend? Relative? Someone at work? Here’s the shortened version of who qualifies. First time homebuyers who purchase a home between January 1 and December 1, 2009, can file for a tax credit of up to $8000*. It’s a true tax credit (with no repayment) and the money will be given in the form of a refund check from the IRS. While I always advise my clients to check with their tax adv... Search Again
Author: Danny Poulos Title: Real Estate Road Kill USA: My Story Excerpt: ...resident, Elite Lending, Florida. Email Danny - djpoulos@elitelending.biz. Where it all began... Despite having spent the last 22 years in the mortgage business, I have never seen a time where such a high percentage of transactions where “negative equity” sales ~ either short sales or purchases of bank-owned real estate. The most successful real estate agents are clearly those who have become experts at short sale negotiating or have contracted with experienced, professional negotiators. Granted, the process is time-consuming and sometimes frustrating, b... Search Again
Author: Kim Payne Title: Underwriting Rules for Rent-to-Own or Contract-for-Deed Excerpt: ...et to find buyers. The owner can open the door to other types of buyers by offering a lease option method of buying. He is now looking for a tenant, not a buyer (for now) and offers to lease the property for a specific period of time (generally 3 to 5 years) and the lease includes an option to purchase the property at an agreed upon price. This price would apply at the time the option is exercised. The advantage to the seller of the property is that he finds a tenant who wants to own this property. But who would lease when they are looking to buy a home? Here... Search Again
Author: Tracey Rumsey Title: How to Become a VA Lender: It's Not Rocket Science! Excerpt: ... They may require you to fulfill their own Broker Application requirements and/or want your employees to complete training, but it’s worth it if you want to get into the VA loan market. In case you are wondering why you should consider originating VA loans; here are ... Search Again
Author: Dan Moralez Title: Fannie Mae DU Refi Plus - Is it Enough to Help Struggling Homeowners? Excerpt: ...xible Mortgage Insurance Rules Occupancy Available for OO/2nd/NOO – can go OO to NOO, etc (LLPA apply) LTV - Subordinate Financing Max LTV of 105%. No max TLTV/HTLTV ratios! Cannot payoff subordinate financing, must be re-subordinated (even if second mortgage was used for the purchase of the home). No new subordinate financing Mortgage Insurance If original loan LTV was 80 or lower, PMI is not required on new loan regardless of the new LTV. If the loan had MI originally, the new loan must also have MI at the same percentage of coverage ... Search Again
Author: Karen Deis Title: Client Newsletter - March 2009 Excerpt: .... What You Need to Know About the $8000 Tax Credit Maybe you don’t qualify for the new, first-time homebuyer tax credit, but I’ll bet that you probably know someone who does! A friend? Relative? Someone at work? Here’s the shortened version of who qualifies. First time homebuyers who purchase a home between January 1 and December 1, 2009, can file for a tax credit of up to $8000*. It’s a true tax credit (with no repayment) and the money will be given in the form of a refund check from the IRS. While I always advise my clients to check with their tax adv... Search Again
Author: Karen Deis Title: Realtor® Newsletter - April 2009 Excerpt: ...eople Who Hate to Network (Tips on how to network) Make Every Marketing Dollar Count (How to invest more “time” than “money”) Download your copy of the Realtor® Newsletter now. Rules When A Client Buys a Home Without Selling Current One! What do you do when a client wants to purchase a home—but has not sold their other one? If they are applying for a conventional loan, Fannie Mae requires that they either have 30 percent equity in their CURRENT residence OR 6 months cash reserves for BOTH homes. 3 Home Buying Scenarios Current Home... Search Again
Author: Karen Deis Title: Realtor® Newsletter - April 2009 Excerpt: ...eople Who Hate to Network (Tips on how to network) Make Every Marketing Dollar Count (How to invest more “time” than “money”) Download your copy of the Realtor® Newsletter now. Rules When A Client Buys a Home Without Selling Current One! What do you do when a client wants to purchase a home—but has not sold their other one? If they are applying for a conventional loan, Fannie Mae requires that they either have 30 percent equity in their CURRENT residence OR 6 months cash reserves for BOTH homes. 3 Home Buying Scenarios Current Home... Search Again
Author: Karen Deis Title: Working with First Time Homebuyers: The New Reality! Excerpt: ...wnership among first time homebuyers. But, things have changed! Forget about what you’ve known about working with first time homebuyers. There is a new reality—not only in how they view homeownership, but in getting them approved and how to market to them. In 2008, 41% of all home purchases where made by first time homebuyers. In the first quarter of 2009, that number was 53% (according to the NAR). First the good news: It’s a First-Timer Nirvana! First Time Homebuyer tax credits Lower housing prices Even lower interest rates Increas... Search Again
Author: Karen Deis Title: How to Hold a Successful Seller Seminar: Interview with Chris Hutchens Excerpt: ...le background on you please? Chris: I’ve been with Alpha Mortgage for 12 years. It’s a joint venture with Coldwell Banker and I spend half of my week in an office we rent from CB. The other half is generating business elsewhere. During the first quarter of 2009, I closed 111 loans, with 56 purchases. Karen: Why did you decide to hold a Seller’s Seminar? Chris: What we were finding is that sellers did not totally understand what was going on in this market. Yeah, they’ve heard what’s happening nationally, but not on a local level. Nor did they underst... Search Again
Author: Karen Deis Title: Client Newsletter - May 2009 Excerpt: ... than those being offered by your local merchants. A national quick oil-change company advertised a 25% discount, but online you could print a coupon for 50% off an oil change. Additionally, the buy-one-get-one-free offer might be a good deal, but online, you may be able to get the entire purchase free, without having to buy anything. For example, Dunkin’ Donuts had a promo to get a free sample of their new coffee. Kashi offered a coupon for a free frozen entrée. Coupons can be found online for a variety of products and services, ranging from golf clubs... Search Again
Author: Tracey Rumsey Title: FHA Minimum Standards for Existing Property Excerpt: ...Written By: Tracey Rumsey, Staff Writer, MortgageCurrentcy.com. Foreclosed homes pose a special problem when purchased and sold using FHA financing. While there are no "minimum property standards" in the true sense of the word, there are some guidelines that FHA appraisers use. Most of the guidelines are "common sense" requirements - having to do with the health and safety of the FHA homebuyer. Subscribers can download the checklist and distribute to your real estate agnets - regardless if you offer FHA loans or not! Download the FHA Existing Propert... Search Again
Author: Karen Deis Title: Scam or Creative Financing? The Metro Buyers Group Down Payment Program. Excerpt: ...paid part of their funds when the buyer gets their tax credit refund check. In anticipation of the FTHB filing an amended return and assigning their refund back to Metro Buyers Group, MBG cashes the buyer’s tax refund check and pays back the seller (less $500 fee) and refunds the balance to the purchasers (less $125 fee). But wait! There are more fees even before it gets to this stage of the game. They claim it only works on FHA loans due to the fact that the tax return is a “loan against a secured asset”. In FHA underwriting circles, this seems to be okay.... Search Again
Author: Dan Moralez Title: Fannie Mae’s New Selling Guide: The Good, Bad & The Ugly! Excerpt: ...the agencies guidelines. If you have read the agencies guidelines in any detail in the past, you know like I do that they are difficult to read, understand and interpret. In addition, they often times reference other sections of the selling guide so you feel like you are going on a wild goose chase. Both agencies provide free online access to sources such as AllRegs in an attempt to make it easier for partners to find information. Truth be told, the agencies and AllRegs have done such a great job. However, there is a need for a publication such as Mortgage ... Search Again
Author: Karen Deis Title: Client Newsletter - May 2009 Excerpt: ... than those being offered by your local merchants. A national quick oil-change company advertised a 25% discount, but online you could print a coupon for 50% off an oil change. Additionally, the buy-one-get-one-free offer might be a good deal, but online, you may be able to get the entire purchase free, without having to buy anything. For example, Dunkin’ Donuts had a promo to get a free sample of their new coffee. Kashi offered a coupon for a free frozen entrée. Coupons can be found online for a variety of products and services, ranging from golf clubs... Search Again
Author: Karen Deis Title: Realtor® Newsletter - June 2009 Excerpt: ... Newsletter now. The New Reality of Working with First Time Homebuyers Forget about what you’ve known about working with first time homebuyers. There is a new reality—not only on how they view homeownership, but getting them approved and how to market them. In 2008, 41% of all home purchases where made by first time homebuyers. In the first quarter of 2009, that number was 53% (according to the NAR). First the good news: It’s a First-Timer Nirvana! First-Time Home buyer tax credits Lower housing prices Even lower interest rates Increased nu... Search Again
Author: Karen Deis Title: Realtor® Newsletter - June 2009 Excerpt: ... Newsletter now. The New Reality of Working with First Time Homebuyers Forget about what you’ve known about working with first time homebuyers. There is a new reality—not only on how they view homeownership, but getting them approved and how to market them. In 2008, 41% of all home purchases where made by first time homebuyers. In the first quarter of 2009, that number was 53% (according to the NAR). First the good news: It’s a First-Timer Nirvana! First-Time Home buyer tax credits Lower housing prices Even lower interest rates Increased nu... Search Again
Author: Karen Deis Title: Tips from the Experts (Part 1) - What You Can Do Right Now to Build Your Business! Excerpt: ...etropolitan Mortgage (FPhillips@1stMetro.net) Recession Proof Your Business! It has been tempting for loan officer to rely on the recent refi markets for the long haul. Yeah, rates are low, but keep it balanced with refi’s making up to 50% of your business. The other 50% needs to come from purchase business. Yes, I too gained from the refi boom last month, with almost 85% of my February-April business in refi’s, but I will be focusing on purchase transactions for the remainder of the year. Market, market, market. Supply, su... Search Again
Author: Brian T. Larrabee Title: Is This Really Inflation or Just a Fire Drill? Excerpt: ...sing Pause? I'm still more bullish on housing than I am on stocks and the "V" shaped recovery we've seen in the S&P can still become a W. If that happens, then we may very well see a renewed flight to safety, lower bond yields, the continuance if not the further expansion of the Treasury MBS purchase program and don't say it too loudly - lower mortgage rates. Are these necessary for ultimate recovery? NO. Would they help further the nascent stabilization we've begun to witness with sometimes deeply discounted homes going to truly qualified buyers? YES. ... Search Again
Author: Karen Deis Title: How to Market to First Time Homebuyers - Without a FTHB Marketing List! Excerpt: ... don't think FHA even considered that angle. Probably because getting money from family has always been okay. However, because they specifically outline the parties allowed to do secondary financing (and family isn't listed) I'd steer clear of that option. The other option where someone "purchases" the tax credit is the only option I'd try with family because technically I think you could win the argument that it's okay. But I can see an underwriter turning it down because the purchase of the tax credit by family isn't specifically... Search Again
Author: Karen Deis Title: Client Newsletter - July 2009 Excerpt: ...s (from them) instead of making a huge monetary investment. Turn Down Your Water Heater – Most water heater thermostats are set for 125 degrees F. Turning it down to 100 F can save you $30 a month on your electric bill. Use a Cash-Back Credit Card – Even if you use it only for gasoline purchases, these cards will give you 5% cash back. At $3 per gallon, the real cost is $2.85 per gallon - saving $3 bucks for each 20-gallon fill up. Hide Your $5 Bills – Every night, check your wallet for five-dollar bills. Put them in an envelope or piggy bank and at th... Search Again
Author: Karen Deis Title: Client Newsletter - July 2009 Excerpt: ...s (from them) instead of making a huge monetary investment. Turn Down Your Water Heater – Most water heater thermostats are set for 125 degrees F. Turning it down to 100 F can save you $30 a month on your electric bill. Use a Cash-Back Credit Card – Even if you use it only for gasoline purchases, these cards will give you 5% cash back. At $3 per gallon, the real cost is $2.85 per gallon - saving $3 bucks for each 20-gallon fill up. Hide Your $5 Bills – Every night, check your wallet for five-dollar bills. Put them in an envelope or piggy bank and at th... Search Again
Author: Catherine Hall Title: FHA 203(k)...The Process, The Players, The Possibilities (Part 1 - The Process) Excerpt: ...l role in the process. PART I- THE PROCESS What is a 203(k) mortgage? The FHA 203(k) product/program provides a buyer with the ability to buy a home that is in need of significant repairs with an FHA insured loan and get the repairs completed after closing. When a homebuyer wants to purchase a house in need of repair or modernization, the homebuyer usually has to obtain financing first to purchase the dwelling; additional financing to do the rehabilitation construction; and a permanent mortgage when the work is completed to pay... Search Again
Author: Karen Deis Title: Prepare Your RE Agents on What to Expect: The New Rules Excerpt: ... of the loan change, the closing costs change, the annual percentage rate changes (by more than 1/8%) lenders MUST re-disclose and wait ANOTHER 3 days. Now let’s talk about the term “lender”. They may not be the ones issuing the disclosure, but coming from the investor, such as Bank America or chase. It will be coming from THEM, so expect delays there, too. Bottom line, allow enough time when negotiating your sales contracts to allow for these rules changes because I can assure you, MDIA rules are written in such a way that it’s virtually impossible to get a... Search Again
Author: Karen Deis Title: Client Newsletter - August 2009 Excerpt: ...umers must be notified 45 days before a rate increase (used to be 15 days) February 2010 Mandates No rate increase on “existing balances” unless payment is 60 days late or was a teaser rate with an expiration date Teaser rates must be in effect for a minimum of 6 months The rate on new purchases cannot be increased in the first year you sign up for the card Payments in excess of the minimum required payment must FIRST be applied to the balance with the highest rate, and then other balances (with lower rates) in descending order. Over-limit fees cannot be... Search Again
Author: Karen Deis Title: Client Newsletter - September 2009 Excerpt: ...umers must be notified 45 days before a rate increase (used to be 15 days) February 2010 Mandates No rate increase on “existing balances” unless payment is 60 days late or was a teaser rate with an expiration date Teaser rates must be in effect for a minimum of 6 months The rate on new purchases cannot be increased in the first year you sign up for the card Payments in excess of the minimum required payment must FIRST be applied to the balance with the highest rate, and then other balances (with lower rates) in descending order. Over-limit fees cannot be... Search Again
Author: Diann Patton Title: Men Versus Women: Who Makes the Home Buying & Mortgage Decisions? Excerpt: ...Written By: Diann Patton, Consumer Expert, Coldwell Banker, Parsippany, NJ It often seems as though men and women are from different planets, but every day millions of couples navigate through day-to-day and even life-altering decisions. Because a home is the biggest purchase most people will make in their lifetime, we surveyed 1,000 individuals to discover how much men and women differ in the homebuying process. The real estate company engaged a third-party research firm, International Communications Research (ICR), to delve into the inner psyche of men and w... Search Again
Author: Dan Moralez Title: Fannie's Conventional Alternative to the FHA 203k Program - HomeStyle® Renovation Program Excerpt: ...n a 203k loan. This is a great alternative for homebuyers purchasing a home. If you are doing the remodel of an existing home, the LTV calculations are far less favorable. With all of the foreclosures, there has definitely been a demand for rehabilitation loans to help homeowners not only purchase but make improvements to the home they are purchasing. Many have turned to the FHA 203k program. However, the 203k program has limitations not found with Fannie Mae's HomeStyle® Renovation loan. Fannie's HomeStyle® Renovation product is available on a neg... Search Again
Author: Karen Deis Title: Realtor® Newsletter - October 2009 Excerpt: ...ys ago may not fly because the rules are changing so fast and furious that sometimes it’s tough for me to keep up with them. However, I would like to share with you a couple of things that I have observed in this new real estate market. Don’t assume ANYTHING! Call me when writing your purchase agreement to make sure that any unusual conditions or addendums will get thru underwriting. Attend the pre-approval loan application appointment! Ask for permission, but most clients won’t mind at all. If they have seen a home out of their price range or one th... Search Again
Author: Karen Deis Title: Realtor® Newsletter - October 2009 Excerpt: ...ys ago may not fly because the rules are changing so fast and furious that sometimes it’s tough for me to keep up with them. However, I would like to share with you a couple of things that I have observed in this new real estate market. Don’t assume ANYTHING! Call me when writing your purchase agreement to make sure that any unusual conditions or addendums will get thru underwriting. Attend the pre-approval loan application appointment! Ask for permission, but most clients won’t mind at all. If they have seen a home out of their price range or one th... Search Again
Author: Pat Earnhardt Title: Pre-Business Planning Guide for Loan Originators & Your Real Estate Agents Excerpt: ...ecialize in a certain type of loan program or client; you work too many hours; things are perfect, etc.) _________________________________________________ _________________________________________________ _________________________________________________ My business breakdown is ____% Purchases ___% Refis ____%Other (“Other” might include HELOCs, Construction loans, Reverse Mortgages) My average loan amount is $__________. My average income per loan is $_____________. My average number of closings per month is ___________. My average marketin... Search Again
Author: Karen Deis Title: Single Property Website Strategies: An Interview with Marcy Briggs and Danielle Miller Excerpt: ...Written By: Karen Deis, an interview with Marcy Briggs (Nova Home Loans) and Danielle Miller (Amerifirst Mortgage). Admit it! You’ve purchased a system or a marketing program that you thought was going to revolutionize your business—only to find that it was so complicated that you simply gave up and never looked at it again. Yeah, I’ve been there, too! However, I have to tell you that if I were in the mortgage business today, single property websites and co-branding with real estate agents would be the main focus of my lead generation. All the market... Search Again
Author: Karen Deis Title: 5 Ways to Save on Business Expenses Excerpt: ...r marketing to attract real estate agents. As for home buying seminars, get your local title company to provide space in exchange for one of their reps making a short presentation (2-3 minutes at the most) at your event. If you hold regular sales meetings in real estate offices and have purchased food for those events, think differently. There are a lot of “prepared food” options, like cookie dough (just cut and bake), whole fruit (in season) or create a basket of different healthy snacks like granola bars, fruit roll ups, (which you can buy in bulk) and mi... Search Again
Author: Karen Deis Title: Realtor® Newsletter (Nov/Dec 2009) Excerpt: ...ted Gross Income (MAGI) – can earn up to $20,000 more than income limits and still get a partial tax credit Age Limit: 18 Years old on Date of Closing If married, ... Search Again
Author: Catherine Hall Title: HUDs Good Neighbor Next Door Homebuying Program - FHA Offers Half-Priced Homes Excerpt: ...or a non-GNND buyer. For example, if they are qualified for an FHA-insured mortgage they may be able to get the home with the $100 down payment program and have all closing costs financed as well. Also, any state or local homebuyer program incentives are also permitted along with the discounted purchase. No, I am not making this stuff up, really! Oh, and let’s not forget the $8000 tax credit that has been extended until April 2010. The homeowner who is buying with the GNND program would get a “silent” second mortgage for the discounted amount – interest and paym... Search Again
Author: Karen Deis Title: How Your Credit Score Will Affect Your Mortgage License: An Interview with Linda Ferrari Excerpt: ...d to determine the premium you will be paying to obtain your bond, too. Read the interview with Linda Ferrari on what she has learned so far — and why it’s critical that you start right now to get your credit score increased—or you just may be out of a job as a mortgage loan originator. Purchase a Comprehensive Online Seminar entitled Your Credit Score & S.A.F.E. Act: How Your Credit May Impact Your License!. (Includes S.A.F.E. Act - Federal Register & Summary Version - Downloads) $59. Karen: I understand that one of the requirements of the S.A.F.E. Act... Search Again
Author: Karen Deis Title: Realtor® Newsletter (Nov/Dec 2009) Excerpt: ...ted Gross Income (MAGI) – can earn up to $20,000 more than income limits and still get a partial tax credit Age Limit: 18 Years old on Date of Closing If married, ... Search Again
Author: Karen Deis Title: The Moth Story: Timing is Everything! Excerpt: ...s AND income add-backs that determine which income will be used to obtain the maximum tax credit. In addition, even if your prospects income EXCEEDS the amounts above, they still might be entitled to a partial tax credit. Step #3 – Scrub Your Database for Move-up Buyers. Who in your database purchased a home in 2001 (or early 2002) or before? They must have OWNED a home for 8 years and considered it a principal residence for 5 (continuous) years out of the total 8 years to qualify for a tax credit. Since the income limits have increased, more first-time homebu... Search Again
Author: Karen Deis Title: A CPA Shares Little-Known Facts About the 2009 Homebuyer Tax Credit Extension Excerpt: ...ng software” now to “catch” previous homeowners who are trying to claim a FTHB tax credit. Secondly, the IRS now requires that the HUD 1 or closing statement be attached to the 5405 form (and that cannot be attached electronically). Third, speaking about the 5405 form…unless the home was purchased on or before November 6, 2009, currently there is NO FORM on the IRS website to file the amended return. Here’s the wording that you will find when you get to the IRS website and try to download the form: Changes have been made to the first-time ho... Search Again
Author: Karen Deis Title: Client Newsletter - Dec/Jan 2010 Excerpt: ... are creative, competitive, and extroverted—they work hard and play harder and money for them is an emotional release. They prefer to risk their assets rather than sit back and be bored by financial security. Hunters – Usually highly educated, average to above-average income earners who make purchase decisions with their hearts rather than their heads. They have a strong work ethic, but attribute their success to “luck” versus ability and judgment. They lack confidence when it comes to making good decisions about money. Money Masters – They are the number o... Search Again
Author: Pat Earnhardt Title: Why Not Put Your Mouth Where Your Money Is? Excerpt: ... well). Well-publicized means all the free or low cost publicity you can get or provide including flyers made by you (don’t forget to post flyers on bulletin boards in public places). In order to prevent even the appearance of red lining, the workshop must be free and open to all. Give your purchase borrowers a little something extra; for instance: 25 to 50 tasteful postcards with their name and new home address that they can mail out to friends, family, and businesses. You can buy the blank cards at many office supply stores and print them out on your computer... Search Again
Author: Karen Deis Title: How to Use HUD Settlement Cost Booklet as a Sales Tool Excerpt: ...require disclosures and we believe that they renamed the booklet “Shopping for Your Home Loan…” for a reason! HUD released new Settlement Cost Booklet called “Shopping for Your Home Loan”. Give to clients on January 1, 2010. Give to clients for the following loan transactions: Purchase – Primary & 2nd Homes, Condos, Townhomes No-cost loans Construction/End Loans Refinance of primary & 2nd home Closed End HELOCs Time Shares Manufacture Homes/Mobile Homes on Real Property Mortgage Assumptions (if loan terms change from original mortgage) Reve... Search Again
Author: Karen Deis Title: Client Newsletter - Dec/Jan 2010 Excerpt: ... are creative, competitive, and extroverted—they work hard and play harder and money for them is an emotional release. They prefer to risk their assets rather than sit back and be bored by financial security. Hunters – Usually highly educated, average to above-average income earners who make purchase decisions with their hearts rather than their heads. They have a strong work ethic, but attribute their success to “luck” versus ability and judgment. They lack confidence when it comes to making good decisions about money. Money Masters – They are the number o... Search Again
Author: Karen Deis Title: Corporate Employee Benefits System: Back to Basics Excerpt: ...o will pay $500 in closing costs for clients you refer to them. This is not a RESPA violation and best of all, they pay nothing until the deal closes because it’s deducted from their commission (and given as a credit to the buyer) at the time of closing. The dollar amount can apply either to a purchase or sale of a home! So what if the client is not able to use the entire $1000 discount (like a refinance) but you have still put together a “package of discounts” worth $1000+. Target Companies You Want to Do Business With – This is where your closed loans com... Search Again
Author: Karen Deis Title: NAR Survey Results 2009: What You Need to Know About First-Time Buyers Excerpt: ...y of Home Buyers and Home Sellers has just been released! While it contains a wealth of information and stats about home buyers, seller, FSBOs, 2nd homes (you name it), this article extracts what you need to know about First Time Home Buyers—who have accounted for almost half of all the homes purchased in 2009. We have highlighted some of the stats below. We have also interpreted the “who, what, where and how” you could use this info to develop a marketing plan, generate first time buyer leads and save a ton of money in the process—because all of the research ... Search Again
Author: Karen Deis Title: Realtor® Newsletter/Email: Jan/Feb 2010 Excerpt: ...n this newsletter: NAR Reports Stats About First-Time Home Buyers Does Your Blog Help or Hurt Your Business? Is Clutter Making You Crazy? Your Personal Message Download your copy of the Realtor® Newsletter now. Does Your Blog Help or Hurt Your Business? Let’s cut right to the chase—setting up a blog (even a website) is not an easy thing to do—especially if you’re over the age of 30! But even if you’ve gotten over that hurdle, how do you know if your blog posts are increasing your business or if your commentary is turning people off. Or... Search Again
Author: Karen Deis Title: Realtor® Newsletter/Email: Jan/Feb 2010 Excerpt: ...n this newsletter: NAR Reports Stats About First-Time Home Buyers Does Your Blog Help or Hurt Your Business? Is Clutter Making You Crazy? Your Personal Message Download your copy of the Realtor® Newsletter now. Does Your Blog Help or Hurt Your Business? Let’s cut right to the chase—setting up a blog (even a website) is not an easy thing to do—especially if you’re over the age of 30! But even if you’ve gotten over that hurdle, how do you know if your blog posts are increasing your business or if your commentary is turning people off. Or... Search Again
Author: Francis Phillips Title: If You Survived 2009 - You CAN Thrive in 2010! Excerpt: ...tions for consumers and B2B partners being sent out to your database partners of Realtors, clients and prospects each week from you? Do you have automated systems such as Pre-Quals in a Flash, 24/7, where Realtors and Clients can receive Fast Track Pre Qualifications from you for proposed home purchases? Unique Products and Marketing to stand out from the rest can help grow your market share for 2010! HVCC – Local, Fast Track Loans, Common Sense Lending, First Time Home Buyer Programs and Government Bail Out Loans were 2009 themes that allowed our branch t... Search Again
Author: Karen Deis Title: Repeat Homebuyer Stats - 2009 NAR Survey Results & White Paper Excerpt: ...Written By: Karen Deis In the 1-20-10 issue, we dissected the 2009 NAR survey stats about 1st time home buyers. With 47% of all home purchases being made by 1st timers, it means that 53% previously owned a home. That’s a decrease of 7% over last year. The Internet & yard signs are the most significant method that buyers and sellers used to find a home and also choose a real estate agent (check out KarensUnfairAdvantage.com to see how you can offer individual property listing sites to real estate agents—including yard signs). Don’t spend your money on homes... Search Again
Author: Christine K. Clifford Title: Are You Memorable? Excerpt: ... alone. Everywhere we look, two heads are better than one. Mortgage banking is a forum where partnerships flower, where tips and hints can be shared, where advice and counsel are appreciated, and on and on. I can name my mortgage banker: Hugh Gustafson, Burnet Home Loans, perhaps because I purchased my home two years ago. One month after I purchased my previous home, I couldn’t have told you who my loan officer was. Why? Because they weren’t memorable. Hugh picked up that I collected rabbits. With over 3,000, I have the world... Search Again
Author: Karen Deis Title: Realtor® Newsletter/Email: Feb/March 2010 Excerpt: ...or their mortgage BEFORE buying a home. (Switching lenders starts the disclosure (and waiting periods) all over again) Review “good faith WORKSHEET” (not the uniform GFE) with your clients Read the HUD Settlement Cost Booklet (first pages describe the role of real estate agents) Add clause to purchase agreement with “automatic extension” due to RESPA/GFE delays Make sure clients get a REAL pre-approval Ask Title Company to Provide “mock” HUD1 at least 10 days before closing What You Need to Know About Repeat Buyers - NAR 2009 Survey Results With 47%... Search Again
Author: Karen Deis Title: Realtor® Newsletter/Email: Feb/March 2010 Excerpt: ...or their mortgage BEFORE buying a home. (Switching lenders starts the disclosure (and waiting periods) all over again) Review “good faith WORKSHEET” (not the uniform GFE) with your clients Read the HUD Settlement Cost Booklet (first pages describe the role of real estate agents) Add clause to purchase agreement with “automatic extension” due to RESPA/GFE delays Make sure clients get a REAL pre-approval Ask Title Company to Provide “mock” HUD1 at least 10 days before closing What You Need to Know About Repeat Buyers - NAR 2009 Survey Results With 47%... Search Again
Author: Eric Kates Title: Buying Mortgage Leads: What You Need to Know! Excerpt: ...cant component, of lead conversion. When trying to analyze the likelihood of whether or not a mortgage lead or other type of business lead will turn into a closed deal, depends on both the quality of the lead (how it was generated by the lead company) as well as how the lead is processed once purchased (in other words, the scripts & your selling ability). Leads360, a top lead management company, conducted an extensive study on what it takes to increase your chances of turning a lead into a loan application. According to the Leads360 study from November 2009, b... Search Again
Author: Karen Deis Title: Client Newsletter March/April 2010 Excerpt: ... Give 45 Days Notice Before Raising Your Interest Rate – This includes changes to fees, credit limits or cash advances. Must apply any amount paid — beyond the minimum payment made by you — to the highest interest rate balance first – Your credit card may have different interest rates for purchases versus cash advances. Any dollar amount you pay over and above your minimum payment must be applied to reduce the balance on the highest interest rate first. Credit Cards Bills Must Be Mailed to You 21 Days in Advance — before your payment is due. Due Dates M... Search Again
Author: Karen Deis Title: Client Newsletter March/April 2010 Excerpt: ... Give 45 Days Notice Before Raising Your Interest Rate – This includes changes to fees, credit limits or cash advances. Must apply any amount paid — beyond the minimum payment made by you — to the highest interest rate balance first – Your credit card may have different interest rates for purchases versus cash advances. Any dollar amount you pay over and above your minimum payment must be applied to reduce the balance on the highest interest rate first. Credit Cards Bills Must Be Mailed to You 21 Days in Advance — before your payment is due. Due Dates M... Search Again
Author: Karen Deis & Doug Geissler Title: CPA Explains Home Buyer Tax Credit Extension for Military Excerpt: ...or a minimum of 3 years from the date of closing. If you sell the home, or rent it out before the 3 years are up, you have to pay back the entire refund to the federal government. However, this special rule called credit repayment (recapture) is retroactive…meaning that it applies for homes purchased (by first time buyers and repeat buyers) from January 1, 2009 to April 30, 2010. Example - let's say that a National Guard Member (who is either first time or repeat homebuyer) bought a home on July 1, 2009. On Jan 1, 2010 the person received orders to go overse... Search Again
Author: Karen Deis Title: Video Marketing: It's Come a Long Way Baby! An Interview with Ralph Watkins Excerpt: ...ts and real estate agents. Or they can record their own videos/webinars and we will host them on the site for them. Just small samples of some of the webinars are: 10 Ways to Sell Your Home in a Slow Market 5 Secrets to Negotiating a Real Estate Contract First Time Home Buyers: How to Purchase Your First Home Credit Scoring Tips Top 10 Things You Need to Know About VA Loans. (and the list goes on). Karen: Would you give me an example of how loan officers might use video to market themselves to real estate agents? Ralph: I started out by recording... Search Again
Author: Carl White Title: Become A Celebrity and Write More Loans Using Video Marketing Excerpt: ...interesting or humorous, then turn on the camera and tell it to us for about 60 to 90 seconds. Then spend about 30 seconds doing a call to action where you tell the viewers why they should work with you. Never do a video with just a “call to action”. The average homeowner is only looking to purchase a home or do a refinance every 5 years at best. So if you send emails and / or videos that speak of nothing but mortgages, they will opt out faster than a bunch of rock and roll teenagers at a Glenn Miller Orchestra concert! It’s the “interesting or strange but tru... Search Again
Author: Pat Earnhardt Title: 7-Step System to Build Customer Service Into Every Loan Transaction! Excerpt: ...gage transaction even bothered to say thank you for their business. Thank you, two simple little words that can make all the difference in getting and retaining a customer for life or having a one shot deal. Here are 7 easy steps for you to build into every mortgage transaction, either a purchase or a refinance (works for both). Build these into your “Marketing Through The Process” customer relations program and your Customer Service will pass any spotlight inspection: Always say thank you in writing to your borrower at least two times. Send a brief tw... Search Again
Author: Karen Deis Title: New Construction Boot Camp for Real Estate Agents Excerpt: ...t Camp Outline Builder #1 Finding the Land – Subdivision Lots – Pros & Cons Association Dues Vacant Land – What to watch out for Well & Septic Suitable Acreage – Appraisal/Value Issues Excessive Acreage Water – Flood Zone/Wet Lands Problems to Overcome Construction Contracts vs. Purchase Agreements (May want to provide sample Contract) Builder #2 What to look for when choosing a builder Permits & Inspection Process Effective communication with builder Subcontractor – Do’s & Don’ts Stages of Construction Construction Timelines What co... Search Again
Author: Cassandra Rabena Title: Build Your Customer Base with Wine Tastings Excerpt: ...loving friends to their home, provides some recommended cheeses & chocolates for pairing, and voila! We have a wine tasting party! I come as the “entertainment”. It couldn’t be any easier to get people together for a unique, enjoyable evening! At the end, there is opportunity for the guests to purchase their favorites from the winery, either from the wines we tasted or from any of our other hand crafted artisan wines. They can also join the wine club, send the wine club as a gift, host their own party, or get more information on becoming a wine consultant. (... Search Again
Author: Kelly McGuinness Title: My $100K Marathon - First Sprint - 11 Loans in 60 Days! Excerpt: ...y first article I published my income and production goals and factored a 25% lead-to-loan conversion rate. My actual conversion ratio this month was 85%. So I am really excited to say the least and my confidence is bursting! I wonder…Is it rates? Is it me? Five of the eleven transactions are purchases. The business has flowed from personal referrals, previous customers and professional sources. Of course interest rates and media attention are having an impact but I also really believe that my commitment and new enthusiasm have opened some really important door... Search Again
Author: Karen Deis Title: Realtor® Newsletter: August/September 2010 Excerpt: ...y want to include a Google Map, including distance to the airport or train station. School District Information - Print public information about the local school district, the location of the schools and the distance from the house. Recent Upgrades – If new appliances have been recently purchased or there has been any recent remodeling or significant repairs, include copies of paid receipts showing the work that has been done. Photographs – Pictures of the home and how it looks during all 4 seasons are a great addition—especially if the prospects are vie... Search Again
Author: Karen Deis Title: Confessions of a Trigger Lead Loan Officer: An Interview with Carl White Excerpt: ...eads. Here's the link to listen to the entire workshop after you've read the article. Q.) What's the cost to buy the leads? A.) I pay a $1,000 "deposit" and then as I buy the leads, the cost is deducted from my deposit. I can buy 20 leads for $10. Q.) Do you know if it's a refi or purchase? Do you know the credit score? A.) I don't know if it's a refi or purchase, nor do I know the credit score. All I know is that they applied for a mortgage. I could purchase the leads, based on the credit sco... Search Again
Author: Karen Deis Title: Realtor® Newsletter: August/September 2010 Excerpt: ...y want to include a Google Map, including distance to the airport or train station. School District Information - Print public information about the local school district, the location of the schools and the distance from the house. Recent Upgrades – If new appliances have been recently purchased or there has been any recent remodeling or significant repairs, include copies of paid receipts showing the work that has been done. Photographs – Pictures of the home and how it looks during all 4 seasons are a great addition—especially if the prospects are vie... Search Again

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