Home » January 1st, 2008
Entries posted on “January, 2008”
If you are a regular subscriber to The Niche Report, you have probably read my column before and I thank you for reading. For the new readership, I welcome you and would like to introduce you to my column. I have focused the column content mostly on marketing tips, productivity tips, and relationship building tips. You, my audience, has responded with great enthusiasm and I have received emails and phone calls from many. As a result, I brainstormed with the publisher and was given a big ?thumbs-up? to try something new.
Starting right now, I want all of you to email or call me and tell me what is on your mind. Here are some suggestions of what to ?shout-out? about:
comments about my previous columns,
customer interaction,
effective marketing techniques,
growing a segment of your business,
how to control a conversation with a client,
closing the deal,
handling rejection,
and sharing successful techniques you have used.
January 1st, 2008 | Posted in Archive,Articles,Tip of the Month | Read More »
Welcome to The Niche Report?s very first ?Company Spotlight?. Company Spotlights will be monthly interview-style articles that allow our readers to gain knowledge and insight into a company that helps us, as mortgage originators, do our job.
This month we are proud to spotlight SearchMyLoan.com, a company that created and hosts an extensive search engine used by loan officers looking to place their loans with a wide variety of wholesale lenders. I met Tom Sato from SearchMyLoan.com at the NAMB West Conference in Las Vegas this past November and I was immediately captivated by his demonstration and expertise of their product. Being an originator, I tried to grill Tom about crazy scenarios all the while peppering him with question after question. I was so impressed by his answers I invited him and SearchMyLoan.com to be our very first Company Spotlight.
So without further adieu?
January 1st, 2008 | Posted in Archive,Articles,Center Stage | Read More »
New predatory lending legislation, HR Bill 3915 entitled ?The Mortgage Reform and Anti-Predatory Lending Act of 2007?, threatens your future by punishing the mortgage industry and Wall Street for causing the subprime meltdown in 2007 and the large number of potential foreclosures in 2008.
Your future may depend upon your understanding of this threat and your actions to eliminate the portions of this Bill that threaten the future of the industry. I will explain to you what the threats are and their impact on the mortgage industry, if enacted.
HR3915 (?HR3915?), which amends the Truth in Lending Act, was passed on November 15, 2007 by the House of Representatives by a vote of 291-127. HR3915 must still pass the US Senate and then be signed by the President before it becomes law.
January 1st, 2008 | Posted in Articles | Read More »
Am I the only guy who knew this wasn?t going to last forever? With 20 years experience in this industry, I?ve seen markets heat and cool with regularity. The only variable has been degree. So, just like the Talking Heads, I ask: ?How did I get here?? and…what next?
First, let?s get one thing straight; there is no single bad guy. Or, more accurately, we?re all to blame. Up and down the food chain, we all contributed to this mess. This downturn in prices would have upset any market, regardless of the existence of neg-am adjustables, or greedy wholesalers, or the EE-VILE mortgage broker (punching bag of the press and general public). Home valuation declines hurt any market; when the value of the collateral declines, the value of the underlying financing declines with it.
January 1st, 2008 | Posted in Archive,Articles,Featured | Read More »
Over the past few years, the luxury market has expanded both geographically and demographically. Twenty years ago, there was a different ethic in borrowing, millionaires were less likely to borrow on their primary residences than they are today. A majority of the affluent paid cash for their homes. Today, superstar athletes and young executives are entering the ranks of the affluent much quicker then ever before and are requesting super jumbo mortgage services early on in their careers. In the professional arena, the rookie athlete or the second year player has a limited amount of income during the early years of their careers- exactly the time when these young millionaires need a Mortgage Broker- before they begin making $9 million to $12 million a year.
January 1st, 2008 | Posted in Archive,Articles,Featured | Read More »
I have a friend who manages 12 apartment complexes. He has tracked the turnover rates of tenants and year in and year out, 62% of the tenants move after one year. Another 28% move out after the 2nd year and the remaining percentage live in the complex 3 years or more. His statistics are backed by a survey conducted by apartment managers all over the US.
One more statistic before I bore you to death?the National Association of Realtors
January 1st, 2008 | Posted in Archive,Articles,What is Your Mortgage IQ? | Read More »
A lot of people don’t...
