Yes to GETTING RID OF 2/28 ARM

Active Rain I am hyped that all of the lenders today are getting rid of the 2/28, I have never really pushed this product in the first place because what can you really do in 2 years to get a better deal? Most of the time they don't get the value anymore, credit gets worst and everything just goes down the drain. I have called everyone I know to make sure they are not on an adjustable rate mortgage.

Does anyone really see a good side to a 2/28 mortgage?

 Thanks so much!

Ben

Stated Anything Might be NO MORE

How many times have you had a client that just doesn't fit in the DTI going full doc but has the score to go Stated and Boom you get the deal done? Well that just might not happen anymore for alot of lenders if not all of them. I have been noticing alot of conforming lenders getting rid of the Stated income, No Doc, Stated everything. Does anyone have a good idea on what might be causing this? Is it because of the first sentence I said and that they don't really need that big of house?

Thanks so much

Ben

Bond Market 4.6%????

Ladies and Gentleman it just could happen. If we reach the 4.6% in the bond 10 year market we could see the 5% fixed rate range again. I was really happy when I first started that it was down in the low 4's high 3's and you could get UNREAL Rates. Does anybody have a good website or a good blog that can give me an idea on what might happen in todays market.

 Thanks so much!

Ben

2nd Mortgages are going bust with Confroming Lenders

If you are anytype of a mortgage professional you would know that most if not ALL of the conforming lenders are getting away from doing 2nd Mortgages. Now I don't have the exact answer for this but my guess is the employement numbers that came out and everyone is just gearing up for what is about to happen. Here is an email from Michigan Mutual:

Announcement ........................#07-26 August 3, 2007

To: All Approved Brokers

Re: Urgent MMI Product Change Notice

Date: August 3, 2007

Due to changes in the Secondary Markets, Michigan Mutual, Inc. (MMI) is temporarily suspending the

Second Mortgage/Lien (Fixed Rate Home Equity Loan) program until further notice.

Loans with rate locks prior to 08/03/07 will be honored.

Please contact your Account Executive or Client Relations with any questions you may have.

Michigan Mutual, Inc.

248-203-1340

Looks like everyone is going to have to work alot harder

Accredited Home Lenders

I just wanted to share this news cap that came over my desk about one of my favorite lenders.

Accredited Says It May Not Survive
Accredited Home Lenders, San Diego, said Thursday that it may not continue to operate as a "going concern," sending its stock price down 25% to just over $6 a share. According to the Quarterly Data Report, Accredited is the nation's 18th-largest subprime funder. The company cited deteriorating conditions in the market, including rising delinquencies and early payment defaults. During the first five months of the year it repurchased $152 million in loans and paid out an additional $39 million in cash to investors to settle loan repurchase-related demands. In June Accredited agreed to be acquired by private equity firm Lone Star for $400 million in a transaction that valued the company at $15.10 a share. There is now speculation that Lone Star will try to greatly reduce the price it will have to pay for the lender.

 One of my favorite and good friends is a AE for them. I have been trying to tell him that its not going to happen anymore and that he needs to get out but I think he is finally seeing the light I told him four months ago

 Ben

Back In Action

GOOD MORNING ACTIVE RAINERS!!

 Sorry for the delay but Ben has been really busy with work and finishing up school. I noticed there are alot of new faces and a couple of new updates done to the website. I am really excited about what has been happening. One I was able to meet a realor off of Active Rain and start to build a relationship with her. It has been very nice to have someone that wants to work as hard as you do.

But I wanted to say Hi to and thank you to all the people that emailed me and called me asking about me.

Thanks!~

Ben

Just ONE MORE Please~

When I start to work on a new client that needs financing for a mortgage I always give them about 5-8 business cards a letter and send the person that referred them to me a thank you card. Depending on where they work or what they do is how many cards I give them.

First I make sure everyone is at ease with what I am trying todo for them, Second we go over the credit report, Third we attack the credit report, and fourth I ask them to write down three people they can think of that could use my services.

I do it like it is apart of the program and they don't think twice about it. I don't tell them they have to fill it out I just say if you know anyone that could benefit from my services please write there name down.

I learned this from my father which is not in the mortgage business but knows how to network. He tells me if you start early on a new person instead of waiting till the closing to ask you are 60% more likely to get a referral than asking at the table to pass your cards around.

Does anyone else have this good of a turn out or do you have any other ideas on how to get your clients to use word of mouth for you?

Thanks for everything

Your Favorite Loan Officer

Ben

The Most Important Thing YOU Need in Your Pocket~

What is so special about a business card that people these days are going all out on them? From full color to calenders on the back of them, yesterday I had a friend give me one that had the loan process on the back, Now that was genius. But when I went to re-do mind from the plain white old fashion business cards to this new flashy blue card I have had more calls. I don't really know if it was the new cards or the design that has gotten me the phone calls but since changing to them I feel like a new man when handing out my cards at seminars, groups and anyone I know because of the great reaction I get from them. Here's a few basic cards but the new one I have is gorgeous. I feel very proud of it.

What is your take on business cards, should they be flashy, old fashion, Colorful, Plain, Detailed?

Thank you very much

Your Favorite Loan Officer

Ben

Calling All Active Rain Bloggers~

Dear Active Rain

For quiet some time now I have been in the mortgage business. I started out like most loan officers do by making calls after calls on lead provided by the company. Well after a couple months into it I thought to myself there has to be a better way. So I started making cold calls on Realtors and Builders to draw up some business so I would not have to stay ever night till 8.

So here is are questions for you Realtors/Builders/Home Improvement what is the best and easiest way to get your business? 

What do you want out of a Mortgage Broker?

Should it be a Two Way Street, meaning a lead for a lead? (Or can it be as soon as I get a client looking to purchase to swing it your way)

 I am doing a survey and taking everyones opinions on what to do to make it the easiest I can for a real estate contact to work with me.

Thanks so much for everything

Your Favorite Loan Officer

Ben

Two Way Street

In your best opinion what is the best way to earn a Realtor or Builders Business? I have tried going door to door, Emailing, Calling, Lunch, Coffee, Seminars. You name it I have done it. Yes I know I have about 5 Realtors now but I want 10 that are bringing me leads left and right. HOW do I get the top producers to even look at me? I am not new to the business and I know what I am talking about but they don't get me the time of the day. I don't talk about rates or thing like that. My MAIN Goal is to build a relationship with the Realtor or builder. I am getting anywhere from 5-30 leads a month that are purchase ready and I try to tell them about that and most are like no. SO maybe I am coming off wrong to whatnot but I think its a number game.

What do you think is the best way?