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atlnewhomesguy
Dyn-o-mite!


Joined: 01 Apr 2008
Posts: 480
Location: Atlanta, GA

Re: TOO MUCH DOOM AND GLOOM ON THIS SITE
PostPosted: Thu Aug 07, 2008 9:15 pm Reply with quoteBack to top

First time homebuyer seminars work great. I have run a few (and am getting ready to run another shortly). I am an on site sales agent for a homebuilder, so I generally have a loan officer come in and explain what to expect during the application process, and I have a credit specialist come in and explain to them a little about how credit scoring works. Generally, about 75% of people that attend will let you run their credit, and the credit reporting company that my lender uses has a "what-if" calculator that can help to tell the customers what they need to do in order to get there score up to qualify for the loan. Not only are you building a pipeline, but you will get referrals from these customers whom you help raise there credit score 80 points, even if it takes 6 months, and eventually get them into their new home. I also like to invite other realtors, because they usually have no clue about how the process works, and I become a trusted source of information for them as well.
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atlnewhomesguy
Dyn-o-mite!


Joined: 01 Apr 2008
Posts: 480
Location: Atlanta, GA

Re: TOO MUCH DOOM AND GLOOM ON THIS SITE
PostPosted: Thu Aug 07, 2008 9:22 pm Reply with quoteBack to top

I did them when I was an LO also, it works a bit better because you can retain the customer regardless of WHERE they buy, but even if they don't buy in my neighborhood, they may refer someone to me because I took the time to explain the process and map out how they can achieve their goal.
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bigappraiser
Flash in the pan


Joined: 11 Apr 2007
Posts: 64

Re: TOO MUCH DOOM AND GLOOM ON THIS SITE
PostPosted: Thu Aug 07, 2008 9:55 pm Reply with quoteBack to top

I'm sorry I did not respond soon I was working.

Look there is in my opinon a couple of things that have to happen for the mortgage industry and the real estate business to start opening up.

I think Indiana has a good idea in there approach to mortgage brokers with regard to a super agent in each office who is responsible for knowing whats right and wrong. I think loan brokers and officers need some type of enforcement also.

The banks and lending institutions need to loosen the money up so loans can be made, not the requirements just make more money available, right now banks can't make up there mind to loan money.

I know we can't so much about these two things but these things need to happen before we see a change in our industry that will work, until some sharpy comes along and figures how to take advantage again.

Until then we need to do old fashion solicitation and servicing to make our existing customers happy to work with us.
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MortgageMan85
Wrecking crew


Joined: 10 Dec 2007
Posts: 1665
Location: Dallas

Re: TOO MUCH DOOM AND GLOOM ON THIS SITE
PostPosted: Thu Aug 07, 2008 10:09 pm Reply with quoteBack to top

appraiser,

Good to hear about indiana, but I would like to inform you that there is plenty of money to lend out there and the terms are more than favorable.

Now, if you have 3 pages of charge off on your credit report, better stick to renting. New Century is gone.

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brokerjohn
Schumpeter Reincarnate


Joined: 11 Dec 2007
Posts: 4761

Re: TOO MUCH DOOM AND GLOOM ON THIS SITE
PostPosted: Thu Aug 07, 2008 10:15 pm Reply with quoteBack to top

Has anyone here had trouble getting qualified deals funded?

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angryvoodoo
Demolition Man


Joined: 20 Nov 2007
Posts: 2110
Location: ny

Re: TOO MUCH DOOM AND GLOOM ON THIS SITE
PostPosted: Thu Aug 07, 2008 10:18 pm Reply with quoteBack to top

trojan49 wrote:
Unfortunately, forums like this by their very nature attract the "World Is Ending" types, conspiracy theorists, or the all-around hack intellectuals.

If you attempt to be positive, you're labeled a Sunshine Pumper or Delusional.

However, I'll play along. What would be the first change you would make if you had carte blanche to change the industry?

Fight On!!



sounds a little negative. hypocrite.

: )

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title_gal
Demolition Man


Joined: 13 Dec 2007
Posts: 2417

Re: TOO MUCH DOOM AND GLOOM ON THIS SITE
PostPosted: Thu Aug 07, 2008 10:30 pm Reply with quoteBack to top

Underwriter wrote:
I shy away from the Main page for the most part because there IS too much doom and gloom posted here. And, there are some who like nothing better than to start tearing down anyone who dares to be positive.

I'll be happy to participate; however, it is going to require the assistance of a Moderator or Admin who will commit to deleting any/all negative posts from this thread in order for it to survive. For someone WILL slam us for being positive thinkers and then the ranting and raving will begin.



It goes against everything this site was built on for them to delete posts. Free speech rules here and it will on this thread also.

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"Since the general civilization of mankind, I believe there are more instances of the abridgement of the freedom of the people by gradual and silent encroachments of those in power than by violent and sudden usurpations." - James Madison - 1788

Last edited by title_gal on Thu Aug 07, 2008 10:33 pm; edited 2 times in total
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Rio
Dud?


Joined: 06 Aug 2008
Posts: 6

Re: TOO MUCH DOOM AND GLOOM ON THIS SITE
PostPosted: Thu Aug 07, 2008 10:31 pm Reply with quoteBack to top

lendergirl wrote:
Ok...here's a little positive feedback. Rates are still good if you look back at the average interest rate for the last 20 or so years. But the consumer has been spoiled by the lower rates these last 6 years or so. So, we need to go get the loans where rate isn't the main factor.

Example 1: Divorce attorneys- people who are getting divorced have to do one of two things, sell their house and split the equity which means a new purchase (thats where we come in) or they have to refinance their ex spouse off the mortgage due to a court order (again, that's where we come in). These people are not going to be focusing on just the rates.

Example 2: Bankruptcy attorneys-FHA can refinance a customer and pay off their Chapter 13 (as long as they have a good payment history with the chapter 13). If you have a good attorney, they will advise the customer to refinance or take out a home equity IF that is the best option for them versus BK.

Example 3: Realtors. Yes, the market is slow due to the fact that a lot of people don't qualify to purchase a home anymore due to credit or lack of down payment. Again, that's where we come in. Instead of saying,"Sorry, we can't help you." We should be saying, "Sorry, you don't qualify right now, but let's take a look at your situation to see what you need to do to qualify in the next 6 to 12 months." That's where plenty of LO's are missing the boat. The day of the customer coming in and getting approved for a mortgage the first time are few and far between. So we don't have a loan today, but we might have one a few months down the road that we wouldn't have had if we just said "NO."

Just some examples of what is working for me. Very Happy


You rock - this is how brokers have to think nowadays. My L.O. needs to get this creative.
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lendergirl
Nitroglycerin


Joined: 16 Apr 2007
Posts: 501
Location: United States

Re: TOO MUCH DOOM AND GLOOM ON THIS SITE
PostPosted: Thu Aug 07, 2008 10:57 pm Reply with quoteBack to top

A few more ideas.

Example 1- There's a company here called American General Finance that does mortgage loans along with personal loans. How it used to be, you had to have excellent credit to get a decent rate. They weren't on a traditional scoring system, but from what I found out, if you're credit score was under a 680 (equal to their tier1), you would get a rate in the double digits. So, I went to the courthouse and started pulling all the recorded mortgages for American General. Then I started calling these people one by one. The one's I couldn't get a hold of, got mailed a flyer.This was before the DO NOT CALL lists came out. 9 times out of 10 I could beat their rate. They also do not have FHA so most people who are in the double digits, qualify for FHA. I paid so many of them off that now the manager refers me loans that he can't do.

Example 2- Most Credit Unions (at least around here) do not have FHA or fixed rate pricing. Everything is a balloon. So, if you're a broker, the credit unions would be a great place to get business since they really couldn't call you competition since you're not a bank that could steal their deposit accounts.

Example 3- Last one, I promise. Insurance comanies. What kind of customers do these companies mostly deal with.....HOMEOWNERS. It's a win win situation. You have new homeowners that need insurance and they have homeowners that have mortgages. Ask them if you can put your card on their desk and in return, you'll have their cards at your desk.
Also, invite them to a Homebuyers seminar and ask them if they can mail invitations to all their current renters that have renters insurance. This introduces both of you to new possible clients.
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mahalo guy
Demolition Man


Joined: 28 Jun 2008
Posts: 2082
Location: Honolulu

Re: TOO MUCH DOOM AND GLOOM ON THIS SITE
PostPosted: Thu Aug 07, 2008 11:21 pm Reply with quoteBack to top

Too much Doom and Gloom? Maybe not.

This guy manages 1 trillion dollar's. See what he said today.

http://articles.moneycentral.m.....risis.aspx
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