SAFE Act is Good for Consumers - 07/31/10 01:05 PM
I am licensed by the California Department of Real Estate (00979517). Effective January 2011 I will also have an endorsement to that license called a Mortgage Loan Originator. This is under the SAFE Act (Secure and Fair Enforcement for Mortgage Licensing Act) which is part of the Housing and Economic Recovery Act of 2008.
The SAFE Act is designed to enhance consumer protection and reduce fraud by encouraging states to establish minimum standards for the licensing and registration of state-licensed mortgage loan originators.
To qualify for the MLO I had to take two exams; a National exam and a State exam. … (3 comments)

Get the Sale- Give yourself Pep Talks - 07/29/10 04:31 PM
Joe Girard ( Greatest Salesman in the World)  did it, Zig Ziglar did it and Tony Robbins does it. What? They give themselves Pep Talks. Especially in a time of drought the Pep Talk is valuable but it is even valuable during the good times.
When I was a student in the Dale Carnegie Sales Course we would give ourselves 5 Pep Talks a day. We wrote our weekly assignments on a 3 X 5 card and wadded it up and kept it in our pocket. Every time we would reach in our pocket there was the reminder of the assignment.
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Looking for a Lender in Helena Montana - 07/28/10 12:05 PM
Just received a request for a lender in Montana. Here is the email that was sent to me.
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Hi Doug... I have a client in Montana, that has 3 properties; a residence; a second residence; and a rental (2 units) outside of Helena.
 All properties are debt free, but we need to get substantial cash to paydown a business loan.
 Do you have any contacts in Montana...who might be able to do the deal by the end of August?
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Please contact me at dmjmmagic@aol.com
Doug Joneshttp://www.facebook.com/drmoneymagic
 
 
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A CPA Firm wanted a 40% referral fee for Loans! - 07/27/10 07:30 PM
Apparently the word is still not out. One of my loan officers said that a financial planner in a CPA firm approached him today and said they were considering switching lenders. They wanted to dump the lender that they were referring loans to and refer to my loan officer. After talking them for awhile they told him that they are receiving 40% of the commission and that they were not interested in raising the split- only wanted to change lenders.
My loan officer was cool but when he told me I hit the roof. That request is part of the reason … (1 comments)

Tired? Stressed? Problems? Laugh Yourself back to Passion - 07/22/10 02:05 PM
I have read that the average adult laughs 17 times each day and children laugh as much as 400 times a day. I have also read that laughter is good for health and can improve moods. Norman Cousins wrote a book called Anatomy of an Illness and in this book he gives the credit to his healing to Laughter and Mega Doses of Vitamin C.
I don't know if any of theabove is true. But, I do know what laughter has done for me. I know that when there have been times that I have been so stressed and so depressed … (3 comments)

$10 under One Million in Willow Glen (San Jose, Ca) - 07/21/10 07:00 PM
OK, so the title is dumb but the property is well priced and just under $1,000,000 in the Willow Glen area of San Jose. Five bed rooms for the big or growing family with an exercise pool. Check out the Virtual Tour
http://www.tourfactory.com/Inventory/TourSummary.asp?nTourID=611604
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If you boil your sales down to one thing to do- this is it - 07/20/10 06:37 PM
Working and nothing is happening? Getting frustrated? You can read about sales, send letters, post flyers, do everything right and sometimes nothing happens. (It doesn't seem to happen but beneath the surface usually all kinds of exciting things are happening)
If you get stuck this is the ONE sales technique that will get you back in gear.
http://www.youtube.com/watch?v=467ZwqYKkiM
 
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You can attract a LOT of business from your hobby or Passion - 07/19/10 10:03 PM
Play music? On a sports team? Involved with community theater? Like to sign or draw? Do you take any type of classes about the things you enjoy? Then tie them into your business. If you are passionate about your business and passionate about your hobby or avocation then tie them together !
I am a magician. I love magic and I love to entertain. Besides that my magic brings me more than 10 transactions each and every year--sometimes as many as 18. Whatever your passion; use your enthusiasm and tie it all together.
http://www.youtube.com/watch?v=U5gR53QQ7lA   http://www.youtube.com/watch?v=U5gR53QQ7lA
http://www.facebook.com/drmonmeymagic
Doug Jones
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The Sales Triangle - 07/19/10 04:46 PM
I have taught a sales triangle of (1) attitude (2) product knowledge and (3) sales skills. Over the years I have seen sales people be successful with only one strong area of the triangle. But that area has to be superior if the other areas are weak. I actually have seen sales people with no perceptible sales skills and weak product knowledge become very successful because their enthusiasm was sky high. I have also seen those with extraordinary knowledge become very successful even though their attitude was in the tank and their sales skills were not very good. I have people … (0 comments)

$15 and 15 minutes for FHA pre approval - 07/15/10 01:22 PM
Check out the video http://www.youtube.com/watch?v=TCvE6JCFOS8
All I need is $15 and 15 minutes to pre approve your client for an FHA loan (California only)
To check credit I need the clients name, address, birth date and social security number..this is the $15 cost.
Then all I need is how much the client earns on a monthly basis.
Finally, the FHA down payment requirement is only 3.5% and approximately 4% closing costs. The down payment can be gift and the closing costs can be paid for by the seller.
So, $15 and 15 minutes is all it takes to get started.
http://www.mortgagemagic.comdoug@mortgagemagic.com
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Have your Property in Trust? Review It ! - 07/14/10 07:15 PM
I started a Reverse Mortgage a while ago for a client who is 92 years old and his property is in Trust. No problem. I have done lots of loans where the property is in Trust.
Got to the end of the Transaction and the bank called and told us that they could not do the loan the way the Trust was currently. Mrs. passed away 6 years ago and no one took care of the Trust Administration.
So we met with a Trust Adviser and he told us the steps that we have to do to get everything OK. The first thing was that … (0 comments)

Looking for MLO's in Silicon Valley - 07/14/10 01:42 PM
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Reverse Mortgage Information - 07/14/10 01:06 PM
Reverse Mortgages can make a lot of sense for the right borrower. The conditions are simple- be 62 years old and have equity in your home. There are Reverse Mortgage Calculators (go to AARP) that let you know immediately how much a person qualifies for based on the equity. All you need to enter is the approximate value of the home, birthday of the youngest applicant, and the zip code. Some of these calculators don't put in how much is owned on the home. If you use that kind of calculator realize that all loans must be paid in full. So … (0 comments)

"I'm a businessman..I have to be upbeat" - 07/13/10 01:47 PM
These words, "I'm a businessman. I have to be upbeat" are the last words in an article printed in the New York Times by David Streitfeld, Biggest Defaulters on Mortgages Are the Rich.
The article caught my attention because of the title, because of the location that is written about (Los Altos) and because of the statement. That statement describes me so much...Owning several homes and a business that has struggled for three years has caused tremendous stress and all the while I have to do like the fellow who made the statement. Thinking about the statement, I think I like … (1 comments)

FHA still only 3.5% down payment - 07/13/10 12:50 PM
FHA down payment still only 3.5% and it can be gift. The closing costs can also be paid by the seller up to 6% of the closing costs. Credit scores still low at 620 and the debt ratio is very reasonable at 46/56..
The Rates are low. Prices are low. FHA only requires 3.5% down..It IS the time to buy.
FHA video http://www.youtube.com/watch?v=eqt2WMbOblk
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We Promote Good Mortgage Brokers and Realtors - 07/13/10 12:19 PM
Mortgage Magic has had the Mortgage Magic TV show for 5 years and during that time we have had dozens of Realtor guests and even mortgage broker guests appear on the show. Even though the mortgage broker is a competitor or ours we appreciate good people who do a good job and are good for the industry. Our show is on in San Jose and appears on the Internet at http://www.creatvsj.org. Here is our last show with Dave Campangia from a mortgage company here in San Jose discussing FHA loans. http://www.creatvsj.org/Show.aspx?show=7554
 
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FHA loans in San Jose - 07/10/10 10:38 PM
Yes...I write the FHA purchase money loans. Of all the loans I do I really do like the first time home buyers and those who have a little bit of a challenge to get into the home. I am good at explaining all the questions the client SHOULD have- most times they don't know what to ask. So, I make sure that they are comfortable and well educated. Our last TV show was on FHA and here is the opening magic clip to that show. http://www.facebook.com/DrMoneyMagic#!
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Mortgage + Magic = Mortgage Magic - 07/09/10 02:06 PM
WOW ! This trick is called WOW and with good reason. Take a 3 minute break away from the business and worries of the world and enjoy my latest YouTube posting. I encourage you to get your business all over YouTibe- it really has brought a lot of business my way this past year !
Here is the trick http://www.youtube.com/drmoneymagic#p/a/u/0/BwLpBsXpczo
Doug Joneshttp://www.mortgagemagic.com
http://www.facebook.com/drmoneymagic
 
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An Industry of Initials - 07/09/10 01:41 PM
Took my MLO National Exam this week and passed (very high score !) but it hit me that the loan industry is filled with initials. Here are just a few from the exam....HVCC, SAFE Act, HOEPA, ECOA, TILA, RESPA, HMDA, FCRA, FTC, HPA, FFIEC, PMI, CRA, FACTA, GLB, MMI, APR, GFE,USDA, MDIA, DNC, FRB, FHLMC, FNMA, GNMA,
Then there are the letters and numbers  Reg Z, Reg B, Reg C, Section 32, Reg X, Title V, Reg H, Title VIII,
Then there are the dates- but I won't go there. And, I am sure I missed some of the initials and letters … (0 comments)

Same Loan - same rate- different APR - 07/07/10 12:31 PM
The playing field between brokers and banks is still not even in regards to APR...having said that, this blog will not be filled with complicated numbers but just the premise.
This morning a person called me who went to Chase Bank and Chase locked him in at 5.25% and no points. I can do the loan at 4.75% at no points. Now, I say that only to set up the next part of the discussion. I want to establish that I base my rates on the banks and make sure that I beat them.
But, follow this line. Aclient goes to the … (1 comments)

MLO is Good - 07/06/10 01:17 PM
Now that things are clearing up a bit I am seeing that the MLO - Mortgage Loan Originator - requirements are good. I am in California and have had a mortgage company for 21 years but have always been licensed and regulated by the Department of Real Estate. Years ago I met the Commissioner and asked if lenders would ever be removed from his departments jurisdiction and his answer was, "no". The reason being that his department needed the income that was generated by the licensing of lenders. The Commissioner told me that in the California state government he was exposed … (0 comments)

Willow Glen (San Jose) 5 Bedroom for sale - 07/06/10 12:30 PM
This home is right in the heart of the Willow Glen area of San Jose. Willow Glen is a small community that years ago was its own township. My people who live in Willow Glen are 3rd, 4th and 5th generation. The people of the community love it. When you visit the San Jose area go to Willow Glen and you will see why.
http://www.youtube.com/watch?v=ovSSc6JZd3A
 
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