Where are you going? - 01/31/08 12:25 AM
""Would you tell me, please, which way I ought to go from here?'    'That depends a good deal on where you want to get to,' said the Cat. 'I don't much care where--' said Alice    'Then it doesn't matter which way you go,' said the Cat" -- Alice's Adventures in Wonderland by Lewis Carroll  
The more specific you are about where you want to be, the easier it is to get there. A whole month has gone by and we've all talked about business plans for 2008. How many of you have actually put the pen-to-paper? 
Remember, it's never too late to get … (17 comments)

Less is More - 01/29/08 12:27 AM
In a recent blog post titled "Who Are These People?", Seth Godin writes:
"Many bloggers seem to be on a perpetual hunt for the front page of Digg. Sure, it brings you hordes of eyeballs, but then they turn around and leave. What's the point of that, really?
I think that are plenty of tips you can follow to optimize your offering for this fickle mass group. But it's still a crap shoot. Doesn't it make more sense to incrementally earn the attention of a smaller, less glitzy but far more valuable group of people who actually engage with you? … (22 comments)

Mortgage Insurance Q & A... - 01/27/08 02:04 PM
Here are two articles that you may reference for questions on:
Mortgage Insurance & Tax Deductibility
Main Points:  
Tax Deductibility applies to mortgages closed in 2007The annual household income cannot exceed $100,000This is temporary. The current legislation must be extended to remain in effect for 2008 and beyondYou must itemize deductions in order to qualifyCanceling Mortgage Insurance
As a borrower, you can opt to incur a higher mortgage interest rate in lieu of paying mortgage insurance; typically between .4 - .675% higher than the qualifying interest rate. 
Mortgage Planner
World Wide Credit Corp
(323) 810-2175 | ricardo@ricardobueno.com 
www.twitter.com/industryminute
… (0 comments)

A wise man once said... - 01/26/08 03:35 PM
..."If you think working with a professional is expensive, wait till you see how much an amateur will cost you!" -- Brian B.
So I'll ask you,
Have you heard from your Loan Officer since your last refinance or purchase?
Does your Mortgage Plan or lack thereof have you saying, I
Woulda, Coulda, Shoulda...
… (4 comments)

Soulda, Coulda, Woulda - 01/26/08 03:15 AM
Do you ever stop and think it's just one of those days...I shoulda put gas in the car last night. Now it's early, there's traffic, and I'm gonna be late to work. Uuggghh!!!I shoulda bought milk and creamer from the grocery store, now I'm drinking my coffee black! Eew.. blagh...
If you've been reading the Daily Mortgage Updates over on The Industry Report, you know that rates dipped to a low of 4.875 - 5% on a conforming 30-year fixed rate mortgage early Wednesday morning!
But the low was short-lived! It was a literally a (4) four to (5) five … (3 comments)

What the heck is a Mortgage Rate Lock??? - 01/24/08 08:44 AM
The short answer is:
A contract guaranteeing the current mortgage market rate in the event Stocks rally like they did yesterday. 
For an expanded definition, READ HERE 
… (4 comments)

Daily Mortgage Update: January 24, 2008 - 01/24/08 08:40 AM
The Dow closed at 299 yesterday, up from a 300 loss. Remember what I told you about the Economics of Interest Rates? More money in Bonds translates into lower interest rates!
Well, we're seeing a slight movement back into Stocks translating into a deterioration in mortgage rates. As such, we experienced quite a bit of mortgage re-pricing with the trend in the upward direction!
Yesterday's Lows:
5.00% (5.131% APR) 30-Year Fixed Rate Mortgage(80% LTV & Conforming Loan Amount)Jumbo Mortgage Rates: 5.99% (6.111% APR) 30-Year Fixed Rate Mortgage(80% LTV | Loan amounts $417,000 to $650,000) Contact me for pricing on loan … (3 comments)

I Want You Back! - 01/24/08 12:48 AM
Last year you lost touch with a handful of customers!
Though some of them suffer from the "tomorrow mentality" (in other words, they'll never buy a piece of Real Estate because they're always preaching "tomorrow" will bring a better deal), there are some that you actually truly miss! You have that,
"I want you back!"
feeling.
The First Time Home Buyer: it was a smooth escrow from initial contract to close but for some reason you lost touch. You need them back! For many a first time home buyer, owning their home is a foreign concept for them. Be … (7 comments)

These are the facts! - 01/22/08 07:25 PM

Mortgage rates are low!
Now typically, I'm not one to sell the whole:
"Now is the perfect time!" 
"Rates are at historical lows!" 
But...
Ladies and gentlemen of the jury, these are the facts, READ: Mortgage Rate Update: January 22, 2008 + Emergency Fed Funds Rate Cut
 
… (2 comments)

Emergency Fed Funds Rate Cut: 75 basis points!!! - 01/22/08 09:06 AM
Just when we thought it was going to be a slow week on the Economic Calendar, we get this breaking news... Emergency Fed Funds Rate Cut: 75 Basis Points (a.k.a. .75% down to 3.50%
From MarketWatch:
"The 75 basis-point surprise cut came after global financial markets sold off in dramatic fashion on Monday on fears that bad bets in credit markets could spread further and drive the U.S. economy into recession.   It was the largest cut in the federal funds rate since 1982, after the FOMC had driven rates to 20% to kill inflation.  U.S. stocks opened with huge losses. The Dow Jones … (1 comments)

"Can I call you back in a minute?" - 01/21/08 09:49 PM
How many times have you caught yourself uttering these very words?
The phone rings and almost instinctively you say:
"Hi, who's this? Can I call you back in a minute?"
Let me just issue a very sharp warning...
Today's eager consumer wants answers now! They want solutions now! If they've taken the time to read your website and call you, it signifies a greater degree of commitment. Sure some of these leads will amount to nothing, but others, well...you just never know!
Don't get caught red handed saying "I'll call you back in a minute" only to return their phone call … (19 comments)

Never Talk to Strangers! - 01/20/08 07:45 PM
Remember when you were five-years-old and your mother took you aside, bent over and said
"Sweety...NEVER TALK TO STRANGERS! OK?!"
Well it's sage advice save for the fact that you're in Real Estate now and your business depends on your ability to turn strangers into friends, and friends into clients!
If you already have a large referral based business, more power to you!
For those of you that don't and want business NOW, there's nothing more powerful than shaking hands and meeting new strange faces. If you think blogging is the way to go and writing a Local Niche Blog will have … (18 comments)

What's in your Marketing Agenda? How about a little Seth Godin... - 01/19/08 04:51 AM
Valeria Maltoni at Conversation Agent phrased it so eloquently:  
"What social media does is simply allow you to do one thing: communicate. That's it. Social media is not the conversation. It's the room in which you hold the conversation. It still comes down to saying, doing, or producing something valuable for your customer."We all have the ability to produce "valuable" content; both Lenders and REALTOR®'s alike!
How do we make that content unique? Well, if you're:
A Lender: leverage your experiences and experience in your writing. Cite client examples where appropriate and incite your own opinion when sharing industry or market … (14 comments)

"How do you know whether interest rates will remain low?" - 01/18/08 12:25 AM
"How do you know whether rates will remain low?"A client of mine asked me that earlier today!  It was a great question!
Rates move daily...but here's how it works... 
Stocks and Bonds compete for the same investment dollar. This means that investors can choose to invest their money in the Bond Market or, they can choose to invest their money in the Stock Market.
When the economy is doing bad, it creates negative consumer sentiment; or in this case, negative investor sentiment. So in the face of negative economic news, such as a poor Jobs Report, investors look for a safe harbor; … (7 comments)

You try running the Fed! - 01/16/08 05:55 PM
Whilst Alan Greenspan was our Federal Reserve Chairman, from 1987 to 2006, he was often criticized for having kept rates too low for far too long!
  
Now everyone is criticizing current Fed Chairman Ben Bernanke for stepping in too late to cut rates! A recent poll asked:
"Should the Fed Cut Rates NOW? Or should the Fed wait to cut rates until their next scheduled FOMC Meeting on January 30th?"
54% responded that the Fed should act and cut rates now! Though if this were going to happen it would have happened already. We're going to have to wait for our … (4 comments)

Bank of America IS Buying Out Countrywide: rumors quenched all in a days notice! - 01/11/08 10:53 AM
Now it's official! Bank of America who had previously invested $2 Billion in the struggling mortgage lender has now "officially" announced that they will be acquiring Countrywide for a total $4 Billion dollars!From MarketWatch, Mozillo is quoted for saying:
 
"We believe this is the right decision for our shareholders, customers and employees." -- Mozillo, Chairman and Chief Executive
 
 
 
Though the acquisition/purchase isn't expected to close until the 3rd quarter and though the Countrywide name is expected to stay (this according to a Countrywide employee) the move effectively launches Bank of America into the number (1) one position in mortgage lending! … (7 comments)

The End for Countrywide? - 01/10/08 05:13 PM
And guess who's buying if at all?
BANK OF AMERICA! 
That's right! Bank of America has the "Right of First Refusal" (ROFR) in acquiring Countrywide. In this case, Right of First Refusal means that Countrywide is giving Bank of America the first option on entering into a business transaction with them before any other third party becomes involved. With rumors of advanced talks/negotiations taking place, does this finally mark the end of Countrywide? We'll have to wait and see. But note that Bank of America had already purchased $2 Billion Preferred shares back in August of 2007!From MarketWatch: (Quote)
Countrywide shares traded at … (11 comments)

Marketing in 2008 with Seth Godin! - 01/08/08 04:20 PM
If you're blogging and in Real Estate, you know of, and have read the work of Seth Godin (www.sethgodin.com). Right?Well, we’ll talk about him in just a moment. For now, Valeria Maltoni at Conversation Agent discusses some statistics worth mentioning over at her home blog: www.ConversationAgent.com As you can see be the statistics, advertising online in 2008 and beyond is definitely poised for a jump in advertising dollars spent. Though the statistic covers statistics for large corporate clients and dollars spent, it's still applicable to all of us (Real Estate Agents and Loan Officers alike).
How many of us have jumped … (25 comments)

Weak Jobs Report Means Better Interest Rates: Here's why in a quick explanation... - 01/04/08 06:16 PM
From Bloomberg.com:
Hiring in the U.S. slowed more than forecast in December and unemployment jumped to a two-year high, raising the odds that the Federal Reserve will cut interest rates by half a point this month to ward off a recession.
The jobless rate increased to 5 percent from 4.7 percent in November. -- Quoted from Bloomberg
Further commentary from Barney Frank, Chairman of the House Committee on Financial Services:
"Today's employment numbers unfortunately confirm that the weakness in the economy is getting worse.  These numbers are deeply troubling in themselves because it means more men and women are unemployed in … (0 comments)

Stated Income Loans - 01/04/08 03:28 PM
Some of you have asked about SISA (Stated Income/Stated Asset) loan programs. Let's have a look:
Scenario:
Owner Occupied (O/O), Single Family Residence (SFR) or Condo
FICO = 680 (minimum requirement)
(1) One Loan at 95% Loan-to-Value (LTV)Loan Amount = $396,150
Stated Income/Stated Assets (SISA)
Pricing:
30-Year Fixed
6.375%Payment = $2,471.46
6.519% APR
LPMI (Lender Paid Mortgage Insurance) is included.
5/1 Interest Only
6.5%Payment = $2,145.81
6.645% APR
LPMI (Lender Paid Mortgage Insurance) is included.
With Reference to PMI:
If a borrower should decide that he/she wishes the alternate route of BPMI (Borrower Paid Mortgage Insurance), that … (5 comments)

A New Nationwide Mortgage Licensing System - 01/02/08 10:28 PM
The Mortgage Banker's Association announced the new Nationwide Mortgage Licensing System today; the Conference of State Bank Supervisors (CSBS) and the American Association of Residential Mortgage Regulators (AARMR) are the owners of the new venture. The intended aim?
The NMLS will bring greater uniformity and transparency to the mortgage industry while maintaining and strengthening the ability of state regulators to monitor the industry and protect their citizens. -- (Quoted from www.stateregulatoryregistry.org)
States that are currently participating in the new venture...
                                                                          … (9 comments)

 

Ricardo Bueno

Los Angeles, CA

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Diverse Solutions

Office Phone: (877) 348-7654

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I work for Diverse Solutions, Inc. a real estate technology firm based in Irvine, CA. We offer Mapping IDX Solutions and a WordPress IDX Plugin to make real estate agents more successful. Overall, I'm passionate about marketing and technology for the real estate industry!


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