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Understanding this Niche Market
The first thing I ever learned in business was this: Niche marketing is powerful. In fact, it?s the only way to go in my opinion. Before entering the mortgage industry, I worked as a top producing Account Executive for a Fortune 500 company. I also have an M.B.A. from one of the top business schools in the world. From all my experience and all my studies, one thing has always rung true about business: Get a ?Niche? and go from there. When I first started in the mortgage business, I didn?t have a clue what I was doing and just like everyone else, I started doing single family home purchases and refinances. After about a year and a half, I wanted to pull my hair out?what was left of it anyway. I kept coming up against way too much competition for each and every lead and each and every referral source.
July 2nd, 2008 | Posted in Articles | Read More »
It hasn?t been that long since the words ?one-stop-shopping? and ?affinity marketing? made their way into the vernacular of the home ownership industry. This was particularly evident with industry giants like Cendant Mobility. The bundling of real estate, mortgage and title services became more of the rule rather than the exception in many sectors of the market as we moved into the twenty-first century.
Interestingly, most companies that adopted this model did so in an attempt to bolster up revenues rather than to create a true benefit to the consumer. Often times there were savings passed on to consumers for using all or a combination of these services particularly when offered through an employer or membership group. Evidence has shown that the mere offering of discounted commissions or reduced fees alone is not enough to capture a greater share of the market.
July 2nd, 2008 | Posted in Archive,Articles,Featured | Read More »
The current state of the mortgage industry means commercial mortgage brokers and their small business customers need a creative approach towards generating new business. Small businesses are impacted because they can?t get loans ? for real estate or anything else. Because of the recent collapse of the sub-prime mortgage market, traditional options may be limited for many small business owners who are already challenged with low credit ratings. Their struggles are then compounded by the fact that those businesses may have only been open for one year or more, lack personal collateral or are in an industry that banks tend to reject.
To fill in the revenue gap, brokers should consider expanding their product set with alternative working capital products. Commercial brokers talk to small and mid-sized business owners all day long. Many of these businesses need working capital, but are having an even harder time getting it. Home equity is tapped out, as are credit card limits. What alternative is out there for these owners to get the money they need to run their business? How can brokers assist their customers during this time?
July 2nd, 2008 | Posted in Articles | Read More »
The purpose of this article is to provide TNR readers with a summary of the NEW Home Valuation Code of Conduct that has been proposed by FNMA and FHLMC. It is scheduled to become effective January 1, 2009 for loans sold to or guaranteed by these two GSE?s. I will address the impact of the new code on the mortgage industry as well as whom, when, and how appraisals must be ordered. Note, the information here is based on current information and these new rules may change prior to the mandatory implementation date.
Code of Conduct Overview
In an agreement between New York Attorney General and FNMA and FHLMC, the New York AG announced that it has terminated it?s inquiry of the GSE?s that began in November 2007 as part of the Attorney General’s complaint against First American Corporation regarding that company’s appraisal practices. As part of the agreement, to be discussed here, FNMA will take steps to assist the regulators in their efforts to enhance the quality and independence of the appraisal process; thus, the creation of the Home Valuation Code of Conduct.
July 2nd, 2008 | Posted in Articles | Read More »
The Niche Report would like to present to you a company that truly needs no introduction – Remington Financial Group, a commercial lending services company with presence and leadership that offers ?seamless financing with terms that are often superior to conventional approaches?. Andy Bogdanoff, the man at the helm, gives us an opportunity to find out more about him and his company.
Andy, How did you get into the commercial lending space?
I worked in a traditional residential shop that occasionally received inquiries for commercial deals. We had previously never done anything with these leads, but the president of the company noticed it as an opportunity. In 1973 he offered me the chance to create a division to focus on commercial requests and to figure out how to generate revenue from them. After that, I was hooked. I?ve worked continuously in the commercial lending space for almost 35 years, in a variety of capacities including starting several commercial mortgage companies. In 1993 I founded Remington Financial Group where I act as the company?s chairman.
July 2nd, 2008 | Posted in Archive,Articles,Center Stage | Read More »
In my May column, I wrote about what I call ?The Formula?; benefit ? cost = value. One reader, who read the column, was inspired to write to me with some very valuable related information on the topic of superior customer service. He stated that:
??marketing customer service is an area where many mortgage companies are deficient. Every day I hear stories about marketing efforts proving to be ineffective?.?
Jim Kirchmeyer is the Vice President of Northeast Operations for Zaio Inc, the North American leader in developing and maintaining a database of photos, valuations and property information of virtually every residential property for entire cities. He knows a thing or two, being in the real estate/appraisal business since 1986.
The questions he wants to ask to you are: How do you measure the results of your marketing campaign? Who is your target audience? Have you performed research prior to launching your campaign? Too often, these questions return a deer-in-the-headlights type look in response.
July 2nd, 2008 | Posted in Articles | Read More »
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