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Entries posted on “August, 2008”
Remember the ?good times? in this industry? Remember when getting a loan was as easy as picking up the phone faster than the other Loan Officers in your group? Now, most of the other LO?s in your office are not even in the industry and the phone is dead. The days when the phone rang off the hook with borrowers calling, literally begging you to help them with the refinance or purchase of their home, are in the past.
Have you noticed the one loan officer in your office or across town who is incredibly busy in this market? Have you stopped to ask yourself why that loan officer is getting business and you are not? Chances are, he or she does not think of himself or herself as a Loan Officer, but rather as a sales person. Chances are, that person is a talented sales person. Learning sales as a skill is tough. Selling, according to my friend Tom Ward at Majestic Consulting, is ?The ability to get somebody to do something that, if left up to that person, would not otherwise get done.? It?s learning to ask leading questions, knowing when to talk and when to be quiet, and molding conversations to help people to adopt your opinions as their own.
August 1st, 2008 | Posted in Articles | Read More »
As a follow-up to my previous article regarding the Future of Mortgage Broker Licensing, this article is intended to focus on the long term survival of the mortgage broker.
IS THE MORTGAGE BROKER UNFAIRLY BEING TARGETED?
As we all know the mortgage broker has been the key focus for state and federal legislation with a significant concentration on licensing and education. I am all for consumer protection, so having some controls and regulations to monitor the industry is not necessarily a bad thing. However, I feel that whatever is put in place needs to be applied equally to all parties in the lending industry who have direct consumer contact.
As new legislation is being implemented, the focus is on the individual mortgage broker. What about the loan officer with less then a year of experience who was just hired by a bank or credit union to originate loans through a retail channel? Is that loan officer going to be required to go through the same education requirements or be licensed? The answer appears to be no, because by virtue of a bank or credit unions exemption status, that bank or credit union loan officer will not need to meet the same requirements as a mortgage broker with 20 years of experience.
August 1st, 2008 | Posted in Articles | Read More »
University enrollment is currently at an all-time high as the children of the Baby Boomers, (the Echo Boomers) search for their ideal college experience. Student enrollment is expected to jump 11% over the next decade, outpacing the amount of on-campus housing options currently available. As a result, student housing has become increasingly attractive to developers and investors for the short term and long term returns depending upon the transaction.
Upscale living
The student housing market, unlike other sectors, remains relatively unaffected by today?s tough economy, creating an overflow of students on campus and increase in demand for appropriate living accommodations. To sustain increased enrollment and make up for the lack of funding for on campus housing facilities, many schools are looking to private developers to develop amenity-rich student housing that will meet the needs of the students, parents and the university. Universities know that to recruit and retain the growing student population, they must offer modern housing options that appeal to today?s sophisticated student consumer who demand advanced technology, private baths, and resort-style amenities.
August 1st, 2008 | Posted in Articles | Read More »
You finally got the opportunity to meet with John, a top Realtor. You share all of the different loan programs you have available, the great staff you have, and that you are committed to excellence. You mention that you are available to do pre-qualifications over the weekends and you?ll do finance flyers for the agent?s open house. You pull out some of the open house flyers that you?ve done for some of the other agents and the agent is impressed. The meeting goes well. You leave some of the flyers and your card and promise to follow up with the agent the next week.
The next week you leave a message, then another message a couple of days later, then one on Friday to remind the agent that you are available that weekend if any needs come up. After attempting another couple of times to get hold of the agent, the agent finally calls you and says that he is happy with the current lender that he is working with and if anything changes, he will call you. What just happened?
August 1st, 2008 | Posted in Articles | Read More »
The National Leader in Mortgage Education
By The Niche Report
Introduction
Since the year 2000, at least two states every year have enacted legislation requiring mortgage training for their loan officers, mortgage brokers, and/or mortgage lenders. Only three states had adopted such requirements eight years ago, and today, more than 34 states have joined the mortgage education initiative that is sweeping the nation.
One company has successfully managed to support and lead the mortgage industry through this dramatic integration of mortgage training with licensing requirements. Setting industry standards along the way, TrainingPro not only provides the state-approved mortgage training, it has positioned itself as a resource and partner for companies large and small through an active legislative tracking program, license management software, and professional development training.
August 1st, 2008 | Posted in Archive,Articles,Center Stage | Read More »
Version 3.0 features a customizable dashboard, support for FHA risk-based premiums and
other enhancements
KIRKLAND, WA ? Byte Software, a leading provider of software for banks, credit unions and
mortgage brokers, has released version 3.0 of BytePro, its flagship loan origination software.
Version 3.0 contains a customizable dashboard, automatic calculations for FHA risk-based
premiums, the new FHA loan transmittal form (92900-LT), a dozen new partner interfaces and
enhanced validation rules.
The customizable dashboard in BytePro 3.0 keeps pipeline and other loan information at
the fingertips of managers and other software users. The dashboard is completely customizable
and can display not only grids of data, charts and graphs, but Web sites as well. Up to ten
dashboard items can be set up in advance and up to four items can be displayed side-by-side.
The dashboard items are customizable on a user-by-user basis so that different types of users
can view the information that is most important to them. For instance, a branch manager may
want to see a pipeline report broken out by loan officer, while a loan processor can set up a
processing report showing order outs, verifications and other documents that are past due.
BytePro version 3.0 is fully compliant with recent FHA changes. The software
August 1st, 2008 | Posted in Uncategorized | Read More »
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