America's #1 Mortgage Broker

LinkedIN: Who's On Linked In?

America's #1 Mortgage Broker — Wed, 16 Jul 2008 01:16:43 -0500

I'm a serial user of LinkedIn; I've been on it since late 2003. It's been my oldest, most trusted, and most effective social networking site. I received an e-mail from a connection who informed me that I was close to the 500 connections mark. The urban legend is that lots of doors open up when you hit 500+ connections so I'm going for it.

Would you help me?

Please connect with me on LinkedIn if you have a moment.

UPDATE:

It took all of about 15 minutes thanks to the generosity of a few folks on Active Rain. Thank you. Now it's my turn to share with you why LinkedIN is so powerful:

Here you see statistics about your network, including how many users you can reach through your connections. Your network grows every time you add a connection - invite connections now.

Your Network of Trusted Professionals

You are at the center of your network. Your connections can introduce you to 4,664,100+ professionals - here's how your network breaks down:
Your Connections Your trusted friends and colleagues	502
Two degrees away Friends of friends; each connected to one of your connections	80,500+
Three degrees away Reach these users through a friend and one of their friends	4,583,100+
Total users you can contact through an Introduction	4,664,100+

66,594 new people in your network since July 14

As you can see, I can never use the excuse, "I don't know WHOM to call"

Here is a question I asked, in the LinkedIN Q &A section, about how to more effectively cement the relationship of your LinkedIn contacts:

Who is actively integrating offline contacts from connections they've made on LinkedIn ?

I"m curious to see how salespeople or marketers are using LinkedIn. Is anyone following up with a phone call from an introduction that was facilitated through Linked In or just "accepting" connection requests?

I have no agenda here other than to define best practices of the community

posted 22 hours ago in Lead Generation | Clarify my question

Answers (2)

Greg Pyper

Vice-President at CPC Inc.

see all my answers

Best Answers in: Sales Techniques (1)

I've made new contact efforts over LinkedIn with past customers / suppliers that may have "gone cold". Perhaps we haven't been able to get any business going for a while, and a know angle is needed to start a fresh new dialog with an older customer/supplier.
I've also contacted some top-level executives that have left the company I'm doing business with, to go on their own, or to a competitor... LinkedIn is a great way to maintain contact with important people that you might otherwise lose track of.
I hope that answers your question!

Messages from Greg Pyper (1):

RE: Who is actively integrating offline contacts from connections they've made on LinkedIn ?

posted 8 hours ago | Reply to Greg Pyper | Flag answer as...

Shailesh Ghimire

Director of Interactive Marketing at AIR Marketing

see all my answers

I did follow up with a phone call on an introduction from here, but my call was not returned. It was not a sales call either - just a desire to understand eachothers business and explore any room for collaboration.

Messages from Shailesh Ghimire (1):

RE: Who is actively integrating offline contacts from connections they've made on LinkedIn ?

posted 4 hours ago | Reply to Shailesh Ghimire | Flag answer as...

America's #1 Mortgage Rates Report: July 14, 2008

America's #1 Mortgage Broker — Mon, 14 Jul 2008 12:54:51 -0500

Mortgage rates for July 14, 2008. Loan amounts up to $417,000:

3/1 ARM 5.125%

5/1 ARM 5.250%

7/1 ARM 5.625%

10/1 ARM 5.750%

30 Yr Fixed 6.000%

All rates offered to the borrower with 1 point cost. Rate quotes assume a purchase transaction with a 20% down payment, 720 credit score, and full income qualification. Rates are subject to fluctuation. Custom rate quotes and rate lock advice are available by calling at the number below..

MORTGAGE RATE TREND:

Next 7 days: Neutral

Next 30 days: Higher

Next 3 months: Higher

Last week was a scary one if you've been following the mortgage industry:

Senator Schumer (NY) caused an old-fashioned bank run when he wrote a letter to the San Francisco Fed President concerned about IndyMac Bank's ability to weather the storm....then, he made that letter public. IndyMac Bank ceased new loan operations, in an effort to manage the loans they have on their books, on Monday. On GFriday, the Feds closed IndyMac Bank down.

This was political grandstanding at its worst:

Sen. Schumer rejected that, saying that, while banking regulators do their work in private, lawmakers typically do theirs in public. Sen. Schumer, the head of Senate Democrats' re-election effort, threw in a political jab as well. "Clearly what was happened here was the OTS, having the second-biggest bank failure on their watch, sought to blame the messenger. In sum, it's sort of classically what this administration does. Blame the fire on the guy who called 911."

The New York Times asked if Fannie Mae and Freddie Mac were insolvent and Wall Street went nuts. Treasury Secretary Paulson stepped in and offered government support SHOULD the big mortgage guarantors fail. Are Fannie and Freddie too big to fail? Well, they insure almost half of this nation's $12 trillion worth of mortgage debt. A failure would be a major disruption to housing capital and drive mortgage rates to the a MUCH higher level.

Mc Cain offered that this disruption in capital would be a blow to our economy:

Fannie Mae and Freddie Mac ``are vital to Americans' ability to own their own homes,'' McCain said in response to a reporter's question during a campaign stop at a diner in Livonia, Michigan. ``They will not fail; we cannot allow them to fail.''

Obama was somewhat tenuous about Federal intervention:

But Obama advisor Jason Furman issued a statement that Obama believes "the challenges facing Fannie and Freddie are part of the broader weakness in our economy." He blamed President Bush, saying "willful neglect" by the White House of trouble in the housing market and other sectors of the economy let the problems fester to crisis stage. Then he pushed Obama's call for immediate congressional action to help homeowners caught in the bind, and at risk of foreclosure.

Ya following this? Rather than address the problem with potential solutions, Obama's busy pointing fingers. By discrediting Bush and continuing this credit crunch, the Democrats position themselves uniquely as the "savior" this November. A few more public letters from Friends of Obama (FOO) and you've got a Depression-like crisis on your hands.

Was it all Alan Greenspan's fault? He's predicting a recession in his retirement. Greenspan is the Fed Chairman who adopted the "easy money" policy after 9/11/2001. This inflated the housing market and caused Wall Street to reach for yield through acquisition of risky mortgages. Those loans defaulted and the balance sheets of Wall Street firms and mortgage lenders have imploded.

Alan's buddy, Fed President Bill Poole, thinks we ought to nationalize Fannie and Freddie because it's inevitable. This former Fed official is pontificating from the faculty of the University of Delaware.

Ben Bernanke, George Bush, and Hank Paulson are the ones trying to clean up this mess. As much as I want to levy the blame on Greenspan and Co., I can't. I wish Alan and Bill would shut up and stop the Monday morning quarterbacking but I still won't point the finger at them.

So...who's to blame for this financial mess?

Osama bin Laden is. More on that some other day. Today, consider the mortgage you have and ask yourself if you can live with it for five years. If it works, stay put. If you think you'll need more liquidity or a different type of loan, call me. I believe the window of opportunity is open until the end of the summer at best.

America's #1 Mortgage Rates Report: July 11, 2008

America's #1 Mortgage Broker — Fri, 11 Jul 2008 10:28:29 -0500

Mortgage rates for July 11, 2008. Loan amounts up to $417,000:

3/1 ARM 5.125%

5/1 ARM 5.375%

7/1 ARM 5.750%

10/1 ARM 5.875%

30 Yr Fixed 6.000%

MORTGAGE RATE TREND:

Next 7 days: Neutral

Next 30 days: Neutral

Next 3 months: Higher

Brian Brady
(858)-777-9751
Apply for a loan online

Localism. com Explained On BloodhoundBlog Radio: Brian Brady Interviews Jonathan Washburn and Bob Stewart

America's #1 Mortgage Broker — Fri, 11 Jul 2008 03:40:01 -0500

Jonathan Washburn and Bob Stewart were my guests on a 45 minute interview about the new Localism.com:

Bob Stewart gave us an overview of the new Localism site and described its stated purpose.

Jon Washburn explained the history of the Localism portal and how polling the Active Rain community led to the decision to repurpose the portal as a hyper-local community interest site.

Opportunities for community evangelism were discussed along with practical ideas about how existing Active Rain members might benefit.

The sponsored community issue as well as “Top Neighbors” placement were explained.
Jon Washburn explained basic SEO strategy.

Bob Stewart discussed how the SEO strategy will be coupled with search engine marketing to draw consumers to the site.

Jon Washburn answered the BIG question; “Will he sell Localism or Active Rain ?”

The interview is about 45 minutes long and is perfect to download to your iPod, for your evening workout.

Download/Listen to the Localism.com interview here

(link opens in a new window so that you can take notes while listening)

America's #1 Mortgage Rates Report: July 10, 2008

America's #1 Mortgage Broker — Thu, 10 Jul 2008 17:13:03 -0500

Mortgage rates for July 10, 2008. Loan amounts up to $417,000:

(Be sure to watch the video commentary, directly below)

3/1 ARM 5.125%

5/1 ARM 5.375%

7/1 ARM 5.625%

10/1 ARM 6.000%

30 Yr Fixed 6.125%

MORTGAGE RATE TREND:

Next 7 days: Lower

Next 30 days: Slightly Lower

Next 3 months: Higher

America's #1 Mortgage Rates Report: July 10, 2008 (Video Commentary)

America's #1 Mortgage Broker — Thu, 10 Jul 2008 17:09:22 -0500

Zillow Shares The Limelight With Its Members (How They Shoved the Trulia No-Follow Tags In Trulia's Face)

America's #1 Mortgage Broker — Wed, 09 Jul 2008 23:35:59 -0500

Zillow.com announces that it offers a "co-branding" link strategy for users :

What is it?

If you place a Zillow URL on your Web site or blog with special coding, and it's clicked, your photo, contact info and link to your Web site appear at the top of each Zillow page they see.

You can see when you click the link that a "banner ad" hovers with the user as he/she navigates the Zillow site, reminding him/her of the origination. At any time during the navigation of Zillow, the user can instantly click back to your home page.

Why Use it?

Co-branding boosts your visibility among the visitors you send from your Web site to Zillow.com.
Your contact information follows visitors throughout their session on Zillow.
Simply add the parameter "scrnnm=zillowscreenname" to the end of any URL that links to Zillow.com, and substitute your Zillow account screen name for "zillowscreenname." If you don't know your screen name, you can find it by clicking on My Zillow.
If you have spaces in your screen name, replace them with dashes when appending this code to your links.

For example:

Zillow screen name: Joe Smith
Co-Branding code: ?scrnnm=Joe-Smith
For example, to link to the Zillow home page: http://www.zillow.com/?scrnnm=Joe-Smith

There really is no down side to using this new feature. If you plan to link to Zillow, add the code to ensure that a reader will keep you "top of mind". While Zillow already has a tremendous amount of traffic, it is nice to see a realty.bot that treats its professional partners like partners.

Unlike SOME realty.bots dressed up as "friends".

ADDED BONUS: Listen to this 8 minute interview with Zillow's Drew Meyers about the "co-branding" policy

That's How Winnin' Is Done

America's #1 Mortgage Broker — Wed, 09 Jul 2008 00:01:54 -0500

Find out How Winnin' Is Done

Loss Mitigation For Mortgage Professionals

America's #1 Mortgage Broker — Mon, 07 Jul 2008 17:09:32 -0500

Matheno Howell-Bey called me today to discuss his loss mitigation practice. It was so refreshing to be called by someone who was polite, respectful of my time, and direct in his approach to request loss mitigation referrals.

I can't vouch for his company's performace yet but I can vouch for his approach. I didn't feel like I was being hustled (like the countless money merge calls I receive). Matheno has experience in our industry and has opted to specialize on this one area.

I passed some Active Rain mortgage professionals' names to him. Matheno doesn't need my endorsement but he has it. A conversation with him is worthy of 5 minutes of your time.

America's #1 Mortgage Rates Report: July 7, 2008

America's #1 Mortgage Broker — Mon, 07 Jul 2008 11:02:43 -0500

Mortgage rates for July 7, 2008. Loan amounts up to $417,000:

3/1 ARM 5.250%

5/1 ARM 5.500%

7/1 ARM 5.750%

10/1 ARM 6.000%

30 Yr Fixed 6.375%

MORTGAGE RATE TREND:

Next 7 days: Lower

Next 30 days: Slightly Lower

Next 3 months: Higher

I Want YOU To Declare Your Independence...THIS Weekend

America's #1 Mortgage Broker — Thu, 03 Jul 2008 21:33:12 -0500

“It’s deja-vu all over again,” said Yogi Berra.

Yogi was referring to the multiple World Series rings he collected as a Yankee. For me, deja-vu is the grassroots campaign to kick-off the next BloodhoundBlog Unchained Social Media Marketing Conference, on November 7, 2008, in Orlando, FL.

Like Yogi, I take particular delight in this challenge. Unchained Phoenix was our first World Series victory. Many Unchained graduates tell us it was a four-game sweep. Our challenge now is to RETAIN the championship. The road to victory starts tonight.

What might you expect from the BloodhoundBlog Unchained Social Media Marketing Conference in Orlando? Ask our newly commissioned guerrillas, on the front lines, if what they learned in Phoenix is working.

Here’s Christine Beaur-Mortezaie’s take:

For the last couple of months I’ve enjoyed being a BloodHoundBlog spectator. Just keeping up with these prolific and interesting writers is a job, rewarding, but quite a job. I still can’t figure out how to carve out time for web 2.o. I have been way too busy harnessing time for deals that are generating income now but BHB and all its talented contributors have brought a breath of fresh air to my stale world.

I’ve been in real estate for 5 years and no one, except for Laurie Manny, whom I had the good fortune to meet recently in the Long Beach office, has ever challenged me to think beyond the tip of my nose. So break the mold! What a far-fetched idea! The modus operandi had been “Do as I have ALWAYS done and YOU TOO will be successful” and YOU TOO will be at the same place… chained in 20 years…

I had to attend BHB Unchained in Phoenix. Lucky me! At Unchained was the most phenomenal group of people, with such diverse personalities, talents and experiences. What made the conference so fabulous, beyond the presentations, was the continual sharing and exchange between presenters and attendees, table partners and neighbors, lunch companions and the water cooler cohorts. There was no right or wrong, just opinions - sometimes strong, and opportunities to share and learn. Quite different from what I had experienced in my real estate world. BHB Unchained opened the gate, my gate to sanity.

So be sane. Don’t miss out on the next BHB Unchained session. You owe it to yourself to learn and know what’s beyond the gate. Don’t settle for the status quo. Go and Unchain your mind and your business.

Yes, Go to Unchained! In Orlando or in Pascagoula (I always loved that name) or in Petaouchnoc (the french version of every/any town). Walk to Orlando if you have to.

P.S. It looks like getting a new place in Orlando might be a challenge. The Heard Museum in Phoenix might have had some issues, but what a wonderful venue. I could have spent many more hours and evenings in BHB Unchained sessions, but what a great opportunity it was to walk to the other side of the building and visit this treasure of a museum every night after the sessions. This was an unanticipated treat. Thank you Greg and Brian.

Thank you, Christine for attending and, more importantly, practicing what you’ve learned by being found everywhere. Our mission will be complete when we drive the bums out of the business. Christine is doing that on the Western Front.

Nestled in the foothills of Northeast San Diego County resides another Unchained operative, Don Reedy. Faced with the challenge of affordability problems, Don came up with a solution designed to Keep Our Kids in California. He sets traps in every backyard, in San Diego.

Check out this report from the desert battleground of Phoenix, AZ, by Patrick Mahony:

CONTINUED

America's #1 Mortgage Rates Report: July 3, 2008

America's #1 Mortgage Broker — Thu, 03 Jul 2008 16:06:02 -0500

Mortgage rates for July 3, 2008. Loan amounts up to $417,000:

3/1 ARM             5.250%
5/1 ARM             5.500%
7/1 ARM             5.625%
10/1 ARM          6.000%

All rates offered to the borrower with 1 point cost. Rate quotes assume a purchase transaction with a 20% down payment, 720 credit score, and full income qualification. Rates are subject to fluctuation. Custom rate quotes and fixed rate mortgages are available by calling at the number below..

AMERICA's MORTGAGE RATE TREND:

Next 7 days: Slightly Lower

Next 30 days: Neutral

Next 3 months: Higher

Brian Brady
(858)-777-9751
Apply for a loan online

America's #1 Mortgage Rates Report: July 2, 2008

America's #1 Mortgage Broker — Wed, 02 Jul 2008 12:06:51 -0500

Mortgage rates for July 2, 2008. Loan amounts up to $417,000:

3/1 ARM             5.250%
5/1 ARM             5.500%
7/1 ARM             5.625%
10/1 ARM          6.000%

All rates offered to the borrower with 1 point cost. Rate quotes assume a purchase transaction with a 20% down payment, 720 credit score, and full income qualification. Rates are subject to fluctuation. Custom rate quotes and fixed rate mortgages are available by calling at the number below..

AMERICA's MORTGAGE RATE TREND:

Next 7 days: Slightly Lower

Next 30 days: Neutral

Next 3 months: Higher

Brian Brady
(858)-777-9751
Apply for a loan online

America's #1 Mortgage Rates Report: July 1, 2008

America's #1 Mortgage Broker — Tue, 01 Jul 2008 09:43:07 -0500

Mortgage rates for July 1, 2008. Loan amounts up to $417,000:

3/1 ARM             5.250%
5/1 ARM             5.500%
7/1 ARM             5.750%
10/1 ARM          5.875%

All rates offered to the borrower with 1 point cost. Rate quotes assume a purchase transaction with a 20% down payment, 720 credit score, and full income qualification. Rates are subject to fluctuation. Custom rate quotes and fixed rate mortgages are available by calling at the number below..

AMERICA'S MORTGAGE RATE TREND:

Next 7 days: Slightly Lower

Next 30 days: Slightly Higher

Next 3 months: Higher

Brian Brady
(858)-777-9751
Apply for a loan online

America's #1 Mortgage Rates Report: June 30, 2008

America's #1 Mortgage Broker — Mon, 30 Jun 2008 15:57:36 -0500

Mortgage rates in San Diego for June 30, 2008. Loan amounts up to $417,000:

3/1 ARM             5.250%
5/1 ARM             5.500%
7/1 ARM             5.750%
10/1 ARM          5.875%

All rates offered to the borrower with 1 point cost. Rate quotes assume a purchase transaction with a 20% down payment, 720 credit score, and full income qualification. Rates are subject to fluctuation. Custom rate quotes and fixed rate mortgages are available by calling the number below.

AMERICA's MORTGAGE RATE TREND:

Next 7 days: Slightly Lower

Next 30 days: Slightly Higher

Next 3 months: Higher

Brian Brady
(858)-777-9751
Apply for a loan online

America's #1 Mortgage Rates Report: June 25, 2008

America's #1 Mortgage Broker — Wed, 25 Jun 2008 11:24:07 -0500

No recommendation until tomorrow. All eyes are on the Federal Reserve Open Market Committee today. At 2:15PM (EDT), 11:15 (PDT), they will release their interest rate decision and statement. The fixed income securities market believe there is a 43% chance that the Fed will RAISE rates, to stifle inflation, in August and that there is a 61% chance that the hike will come in November.

The eyes will be on the Fed's commentary, though:

"We expect the Fed to keep the funds rate at 2% today but to shift to a more hawkish statement by placing more emphasis on inflation over growth risks," strategists at Credit Suisse wrote in a research report. "The Fed will likely use this meeting as an opportunity to set the stage for a potential rate rise in August."

If the Fed signals that rates could rise as early as August, expect mortgage rates to jump .25% higher, from today's 6.375% 30 year fixed rate, over the next few weeks. If the Fed signals rate hikes are "possible" as a way to fight inflation, expect rates to stay level through in July (6.25% to 6.5%). Finally, if the Fed shifts back to its anti-recessinary talk, we could see rates drop down to 6%.

As you can see, there are a lot of "ifs". This is why today's Fed commentary is all important. The Fed's ambiguity has traders convinced that higher rates are a foregone conclusion. Here's the silver lining hidden in this dark cloud; mortgage rates are equal to what they were in July, 2007. The Fed Funds rate was at 5.25%, then. Today, the Fed funds rate is at 2.25%. What that means is that mortgage rates SHOULD be able to withstand some 5-6 rate hikes and stay under 7%.

Alas, markets are discounting mechanisms. We still think there is a lot of risk to higher mortgage rates until the commodities bubble bursts.

Oceanside Real Estate Investments: Consider the "Hard Working" 92057 Zip Code

America's #1 Mortgage Broker — Tue, 24 Jun 2008 22:28:16 -0500

Have you considered the 92057 zip code in Oceanside for your next investment property? We think there is a compelling argument for the long-term property investor. Consider this question on Trulia Voices:

How is San Diego market doing now? Is it good time to buy investment/rental properties?
Which zip codes have best potential if I plan to keep the properties for long term (5/10 years)?

I said:

Do a home search for properties in the 92057 Zip code, on Trulia- keep it to under $225,000. Most of these properties sold north of $400K, in 2005. While that was overblown, you can see that there is a lot of room there for growth over a 5-10 year period. They were once valued that high, now they're about half of the 2005 values. Now, click this link- Marine Corps NCOs receive about $1,500-$1700/month for housing (and they spend it).

$20% down on a $200,000 home will have a PITI of about $1,550.

That's positive cash flow, ladies and gentlemen. The challenge for this investor will be that most of the homes were built in the 1970's so he can't get a newer home. He will be able to avoid the Mello-Roos tax so that will make his cash-flow all the more juicy.

Will the property rise to its 2005 values? It may take ten years, like the recovery from the last distression, or longer. However, a down payment and closing costs would be about $45,000 to own this home. The rents will cover the payments and a depreciation tax break wil be available to the owner.

How will the investor receive a 10% return, over a ten-year period? The Rule of 72 says that if the $45,000 doubles, to $90,000, in 7 years, the return will be a skosh over 10%. This means that a sales price of $275,000, by 2015, will get the investor a 10% return. Admittedly, 5.2% appreciation is a healthy return but we think an investor is buying the property right, at these prices.

Positive cash-flow mitigates a helluva lot of risk.

Are Lead Vendors a Bunch Of Tools?

America's #1 Mortgage Broker — Mon, 23 Jun 2008 23:28:23 -0500

I think a little bit differently about marketing than Greg Swann does. Not much, but we’re of slightly different mindsets. I’m not scared to call a name a lead, a voice on the phone a prospect, a loan applicant a borrower, and a funded loan recipient a client. I KNOW they’re people because I’ve always treated them as people. I don’t need a rip off of a Nike ad to tell me that. Ain’t nuttin’ original about treating people who inquire about your services with respect; Sister Brigid taught me that back in 1972.

Greg and I think a bit differently about vendors, also. While Greg envisions a world without vendors, I see them as a necessary evil. My goal is to maximize the necessary (efficacy) while reducing the evil (money paid). The problem with the whole vendor/practitioner relationship is that practitioners are looking for the little purple pill; the shortcut. That’s what the charlatans prey upon.

We talked about this at Unchained. Mary McKnight taught us how the fish can find your bait, Louis Cammarosano gave us a demonstration about how to cast our nets, Steve Hundley taught us how to hook them, and Ron Cates taught us how to prepare them so that they’re edible. Moreover, David Gibbons taught us where the schools of fish are swimming so that you’re better prepared for the next big expedition.

All of them…”vendors”. Vendors inasmuch as they insert themselves in between the practitioner and the customer and get paid for it. They get paid for it because they deliver hungry people to your restaurant for less money than it would cost to do yourself.

Should Greg’s utopian prayer of zero acquisition cost be a virtue? Of course. We should all strive for utopia. His message, if I’m not mistaken, is that the brave new world is building pressure behind the dammed chokepoints so that the chokepoints have to evaluate their efficacy. The smart ones are evolving their models to increase their efficacy while the irrelevant proclaim that we practitioners are all idiots.

Wanna know how I know this? I watched them call you “glorified delivery people, gatherers and order takers“….unless you submit to their idea of how the customer/practitioner relationship should be. Now, the slight was meant for Greg as retribution for exposing their unoriginal thought but if you examine the content judiciously, you’ll discover that they perceive themselves to be the show- you’re just…a functionary. Kinda like the umpires who think they’re bigger than the players.

They threaten you with a “life relegated to cold calling and door knocking” if they didn’t exist. I submit (though it’s probably Inmanically Incorrect) that it would be well for you to do more of those activities, in this market, rather than to buy the next purple pill peddled by pernicuous pedagogues.

What I’m saying is that agents and originators are the craftsman and that vendors are (literally) tools. It was like that in Fred Flinstone’s day and it will be like that in George Jetson’s. Vendors are levers so pick them carefully. The good ones will help you get what you’ve always wanted; more money in less time. The dimmed watts will try to intimidate you with the threat of extinction.

Will we continue to expose these charlatans for what they are? Ya damn skippy, we will. We’re interested in helping people like us; grunts on the front lines. We want to help you serve more people, make more money, and have more free time. If you’re an agent or originator, we’ll give you the straight poop about vendors. If you’re a vendor, come on in and demonstrate your value- if you have it, we’ll do the selling for you.

Comments enabled by the author in a new window.

Who Wants To be a Better Blogger?

America's #1 Mortgage Broker — Sun, 22 Jun 2008 22:48:07 -0500

Last year, Active Rain sponsored a contest called Project Blogger. It was a fantastic idea where the A-list bloggers tutored some of the newer bloggers. A competition was held and the winner was given a check for $5,000 to give to her charity. Mary Pope-Handy was awarded that prize; a worthy champion indeed. Ever the gracious winner, Mary shared an analysis of her experience with the community last April.

I mentioned that Greg Swann was looking for his apprentice, and Teri Lussier jumped at the chance. Project Bloodhound focused on building a weblog for Teri and "The Brick Ranch" was created. Simultaneously, Greg enrolled Teri on the contributors' bar at Bloodhound Blog, a popular online edition of what REALTOR magazine might look like if the agents were in charge. Teri turned into a fabulous blogger, alternating her warm commentary about life in Huber Heights, Ohio, on The Brick Ranch, with hard-hitting critical thought on Bloodhound Blog. Teri was most recently featured with Laurie Manny at the Bloodhound Blog Unchained Social Media Marketing Conference for excellence in hyper-local weblogging. That original contest spawned our collaborative project, Real Estate Weblogging 101, an online "book about real estate blogging.

Project Blogger was perhaps the greatest gift Active Rain gave the real estate 2.0 community. It was accomplished real estate professionals sharing their expertise, for free, with other real estate professionals. That success caused the folks at Bloodhound to wonder when it was going to be offered again. In true Bloodhound fashion, if Mohammed won't come to the mountain, we bring the mountain to Mohammed. Teri Lussier wanted to give something back to the Active Rain community, so in the absence of Project Blogger...

Project Bloodhound is (re) born.

Greg Swann answering a question about what we're doing:

One or more hyperlocal weblogs for people relatively new to our world, along with all the other aspects of a well-rounded Social Media presence. The original Project Blogger was a contents pitting teams of mentors and proteges against each other. We’re talking about doing something similar, but with a cooperative, shared-learning focus.

Da Blogmutha, Cheryl Johnson offers her expertise:

I could cover some “HTML Basics and Photoshop for Beginners” angles.

Cheryl explains the stated purpose for our project:

Just what is the difference between the previous Project Blogger and the upcoming Project Bloodhound II

1. In Project Bloodhound II, there are no winners or losers. Excellence is its own reward.

2. Project Blogger was based on one coach - one apprentice. Project Bloodhound II will be based on the "It Takes a Village to Grow a Weblogger" approach. Several members of the Bloodhound community have volunteered to share their particular knowledge and skills from design, programming and photography, to social media networking, to philosophy and history with any and all apprentices.

Eric Blackwell will be offering SEO advice:

I will gladly dump some time into helping folks get hooked up. Pay it forward is how I roll. Greg- you know my skillsets and abilities…I don’t have a ton of time, but will gladly help where I can.

Always happy to make new friends and have new fun- and learn new stuff along the way.

Teri Lussier wants to give back:

Anyone who commented here has something valuable to offer and while Greg might not cotton to collective think, I’ve seen it happen as one idea sparks another, and another, and it builds, sometimes that’s not a good thing, but here, with you all? It’s definitely a shot at brilliance.

All I’m asking (if I may) is that you keep your mind open to learning and also sharing. If you try something, whether it works or not, share it in a comment thread. There are no judges this time around, no popular vote to woo, just us, paying it forward because that’s how we roll, as Eric says. back at ya, Eric.

I'll try to direct folks how to use social platforms and utilities to promote your local blog and connect with members of your community.

We're trying to kick the bums out of the business while making the good people better, through online interactive marketing. Blogging is a key component of your online marketing efforts so it behooves you to perfect the craft. If you're interested, we'd love to have you. Contact Teri Lussier to join the fun.

PS: In Cheryl's post, "It Takes A Village To Grow A Weblogger" a prominent real estate blogger (and former Project Blogger coach) offered that her post "read like a commercial" which, indeed it does. However, since the offer "don't cost nuttin", it would be more accurately described as a "public service announcement".

We thought Project Blogger was a great idea and intend to continue the tradition of paying it forward...

...with or without the spotlight.

PPS: If you have an interest in participating, the work will be hard. Greg Swann is a brilliant writer and expects excellence. Teri Lussier literally rewrote the manual for upstart blogging with her contributions to Real Estate Weblogging 101. Cheryl Johnson is a detailed task master as is evidenced by her painfully detailed instructional posts on Da Blogmother. I evangelize the gospel of ubiquity in my social media efforts, and Eric Blackwell knows how to make posts jump in SERPs. It's free but it won't be easy..

Contact Teri to be considered for an apprenticeship.

No Fee Mortgage PLUS Points

America's #1 Mortgage Broker — Sat, 21 Jun 2008 13:15:02 -0500

I actually went into the bank lobby yesterday and noticed an advertisement for a "No Fee Plus Mortgage". After reading the terms and conditions of the offering, I realized that it was no great bargain but a pretty smart marketing ploy. Here's what I saw (the date was partially cut off but it was June 20, 2008):

This means that the bank is absorbing some $3,500 in costs, on a $320,000 loan but charging a discount fee of 1.312 % (or in this case, some $4198.40). So, the total charges for the bank's "no fee mortgage plus", at 6.5%, would be $4,198. I would offer the same loan terms for the $3,500 in costs.

Advantage: Brady by about $700 for the 30 year fixed rate loan at 6.5%.

On the 5/1 ARM example, at $320,000, I would charge the $3,500 in fees plus 1.25% for a discount fee, totaling $7,500 in costs. The bank offering absorbs the $3,500 in costs but charges the borrower a discount fee of 2.228 % or $7296.

Advantage: The Bank by about $300 for the 5/1 ARM at 5.5 %.

It's just prestidigitation and the mortgage industry is famous for it. Banks, brokers, we all go to the same place for funding (Wall Street).

America's #1 Mortgage Rates Report: June 19, 2008

America's #1 Mortgage Broker — Thu, 19 Jun 2008 16:54:23 -0500

We're still advising all borrowers to lock all mortgage rates at application. The risk of the Fed raising rates far exceeds the opportunity for lower term rates. Watch this one minute video to understand what exactly has been happening in the mortgage markets, since May 2, 2008 and what I think WILL happen in the near term future. Brian Brady Mortgage Planner 858-777-9751

Redfin Projected To Be Profitable This Year

America's #1 Mortgage Broker — Thu, 19 Jun 2008 00:45:55 -0500

Glenn Kelman, Redin CEO, likened what Redfin is doing in real estate brokerage to what Amazon did in book retailing in a USA Today article, published earlier today. The Seattle-based company has attracted some $20 million in venture capital and projects itself to be profitable in all of the markets it serves.

Founded six years ago, Redfin rattled traditional brokers' cages when it hired Glenn Kelman as CEO. Glenn adopted a "maverick" posture, debating Move.com's Allen Dalton and appearing on TV program 60 Minutes. I met the man last summer, in the speakers' lounge at the Inman Connect San Francisco conference; he was the featured speaker at Bloggers Connect. My first thought was that Glenn was quite likable. I couldn't understand why he was "crying victim" to traditional real estate brokers. The fact that Redfin agents are REALTORs led me to query why he didn't temper his victimization and just sell real estate.

Glenn acknowledges that he "broke a few eggs" in the USA Today article:

All has not been rosy, though. Early on, Redfin alienated many in real estate by attacking business as usual in the field.

During a 60 Minutes TV interview last year, Kelman called real estate "the most-screwed-up industry in America," which led to harsh criticism from brokers in blogs and at real estate conferences.

"We saw ourselves as a crusader for consumers, but we poked fingers in the eyes of the traditional real estate industry," Kelman admits. Now, Kelman says, he's more diplomatic, learning "to be an advocate for consumers and still work closely with other brokers."

Last fall, we saw a much different Glenn Kelman:

1-Long criticized by Greg Swann on BloodhoundBlog, Glenn wondered if Greg would collaborate on some ideas with him. I commented about the 180 degree turnaround at World Wide Wealth Advisors:

The answer? Both Glenn and Greg share a common philosophy that real estate brokerage, as is practiced today, is broken. While their respective approaches to the problem differ, they do agree on that one thing.

2- Glenn willingly opened his kimono on Guy Kawasaki's blog and outlined the challenges Redfin was facing on the road to profitability. Score another point for Glenn for acknowledging the problem Redfin was having.

3-Redfin added a service that had them acting more like a full-service brokerage then an alternative compensation model, was criticized, then fired Carol Hian, a San Diego-based Redfin Blogger, for violating its culture of respect. A responsible move, indeed.

4- Recently, Glenn Kelman delivered the keynote address at the BloodhoundBlog Unchained Social Media Marketing Conference, sponsored by Zillow.com. He gave a two-hour presentation about the Redfin business model for all agents and brokers to see. It was nothing short of excellent! What I found to be most interesting was that broker/owners lined up to speak with him after his keynote; clearly, the broker/owners were interested in maintaining profitability.

Now, Glenn's a Bloodhound and I'm laughing my ass off in delight. I've come to like, respect, admire and never underestimate Glenn Kelman; neither should you.

I met a young real estate agent today to discuss working with his buyer clients to obtain real estate financing. A sharp young man less than six years out of the Naval Academy, he admitted that the Redfin website offered him better search tools than the Sandicor MLS. He described how he used it for his investor clients. This astounding revelation confirmed what the USA Today article revealed- young folks like to use Redfin. That is bad news for the 50-something real estate brokerage community.

I have no doubt that their existence stokes the ire of traditional real estate agents. Lenders like me just don't understand this. We compete on price every day. While solid advice and superior execution are qualities that distinguish lenders, price, nonetheless, is an issue for many consumers.

Disarm a customer with a value proposition that diffuses the Redfin claim of superior negotiating skills. This shouldn't affect you. Rather than banding together "as an industry" to criticize the Redfin model, compete against them by carefully demonstrating that your negotiation skills are far superior to theirs (stop lumping yourself in with everyone else) and develop on-line customer-facing technology that rivals Redfin's. The consumer of tomorrow wants the best real estate agent for her! If you can demonstrate that you are that agent, rather than Redfin, you'll limit their market share to "geeks with nice homes" (Glenn Kelman's quote).

So...what's it all mean? It looks like Redfin is here to stay. Their superior website search is something that the fragmented real estate brokerage community has not been able to emulate. Their task-oriented employees are projecting superiority of performance to the clients. Most importantly, they're attracting the home buyers of the future.

Glenn ain't going away.

America's #1 Mortgage Rates Report: June 12, 2008

America's #1 Mortgage Broker — Thu, 12 Jun 2008 08:44:50 -0500

Mortgage rates are headed higher. Lock all rates at application, regardless of closing date.

The trend is clear; the Fed believes it has done all it can to stave off the banking crises and is now focusing its efforts on inflation. This morning, retail sales were up and the dollar is strengthening. If stagflation is the fear, the current strategy of targeting core inflation may be abandoned for the more radical Paul Volcker-style approach to tame inflation.

While I believe the higher mortgage rate cycle will be shorter than the 80-s style interest rate hikes, it's clear to me that Bernanke is talking differently than he did in 2006 and 2007. The effect? We could see mortgage rates rise as much as 2% in the next two years. I still believe that a five year ARM will offer the best solution because interest rates move in cycles; I think we'll see mortgage rates under 6% again in 2011. Today? The trend looks like we're headed higher.

What then, should be your strategy?

1- If you were thinking of refinancing your home loan, apply now. There will be little periods of weakness in rates this year and you should jump on any chance you have to get a 5/1 ARM under 6% or a 30 year fixed rate under 6.5%.

2- If you can't get the home loan you want today, get your documentation to me anyway. Secure an approval that is good for 90 days and wait for those periods of weakness to lock in the right rate.

3- If you were thinking of buying a home, mortgage rates are about as good as they'll get for the next two years. Get pre-approved, contact your REALTOR and start looking.

Brian Brady

(858)-777-9751

brian(at) californialoanconnection (dot) com

For faster service, apply online, fax your most recent paystub, 2007 and 2006 W-2 form, and most recent bank statement to 858-605-4230, and call me immediately.

America's #1 Mortgage Rates Report: June 9, 2008

America's #1 Mortgage Broker — Mon, 09 Jun 2008 17:40:59 -0500

America's mortgage rates are behaving exactly as I expected they would when I reissued my lock recommendation on May 29, 2008. What then for June, 2008 mortgage rates?

Expect more volatility. The Fed's in a weird spot. The economy is tanking under the pressure of high gas prices and the real estate recession. The tax rebates are mailed and that money's been spent. Gasoline is at $4.00/gallon. Food costs are spiraling from the dumb ethanol energy policy. Ben Bernanke doesn't know if he should be fighting inflation on Monday or preventing a depression on Tuesday. His mixed signals are being perceived as a potential rate hike which has kept America's mortgage rates above 6% these past two weeks.

A thirty-year fixed rate loan is at 6.375% now. The 5/1 ARM I loved so much at 5.375% has risen to 5.5%. I'm not certain that we'll see those rates come down this month. If you have a June or early July closing, lock your mortgage rate now. I do, however see the weak economy outweighing the inflationary fear. The Saudis are attempting to increase production which leads me to believe that they think the bull market in oil is over. If you have a closing in July, or are considering a refinance, I think you can float your rate until mortgage rates drop below 6%.

If you're thinking of refinancing, it makes complete sense to start the process now by applying for a home loan. I expect credit guidelines to tighten throughout the summer. While I think you can hold off on your mortgage rate lock, you should get the documentation in so that the loan can be underwritten in June. Loan approvals are usually good for 60 days so you can lock and close when rates come back down.

In summary: Lock all loans closing within 30 days, float the rest.

PS: This could change daily. Market volatility is such that I could move to an "all float" recommendation if the reaction to the Saudis summit is positive. If oil gets down below $120/barrel, The Fed won't worry so much about inflation. As always, keep checking back or subscribe to my RSS feed.

Will Canada's Housing Market Crash?

America's #1 Mortgage Broker — Sat, 07 Jun 2008 23:42:08 -0500

Yesterday, I wrote about the possibility of a Canadian mortgage crisis akin to the American mortgage crisis. It would have been less controversial to side with the CBC decision to cancel its renewal of "Hockey Night In Canada" theme song. To my brothers and sisters in The Great North: It was a warning, not a criticism.

I'm not alone in my warning. Here are some articles offering caution:

The Canada Mortgage and Housing Corporation (CMHC) warns of slowed housing starts:

"Strong economic fundamentals such as continuing high employment levels, rising incomes and low mortgage rates will provide a solid foundation for healthy housing markets this year," said Bob Dugan, Chief Economist for CMHC. "Most of the pent-up demand that built up during the 1990s has now been fulfilled and residential construction activity will gradually move in line with Canadian demographic fundamentals. These factors will continue to exert downward pressure on housing starts, which will decline to 199,900 units in 2009."

Michael Shapcott at the Wellesley Institute notes the housing affordability problem in Canada:

The housing affordability gap the difference between actual incomes and the incomes required to afford a private rental unit is growing. And, as the affordability gap grows, renter households have less money to pay for other necessities such as energy, food, medicine, transportation and clothing.

Mark Argentino from the Mississauga Real Estate Blog, reported that the CMHC expects demand for housing to put downward pressure on prices.

Garth Turner documents the decreased housing resale volume and excessive leverage carried by Canadian homeowners on Greater Fool.

HouseHuntVictoria pleads with the CMHC to boost reserves for impending foreclosures:

One fact remains undeniable: never before has the Canadian taxpayer been more exposed to private lending practices than it is today. And as the real estate market winds down and inevitably contracts from its unprecedented expansion, Canadian taxpayers may well end up "insuring" the bad lending practices of banks, private mortgage lenders, the speculative buying activities of would-be real estate investors and the poor insurance decisions of CMHC who agreed to back them.

Does any of this sound like America in 2005? This is a warning Canadian investors not a prophecy. If you're heavily invested in Canadian real estate, it may make sense to diversify and take advantage of the currency disparity by investing in an already decreased asset.

America's #1 Mortgage Broker

LinkedIN: Who's On Linked In?

Who is actively integrating offline contacts from connections they've made on LinkedIn ?

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Greg Pyper

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