View Video "Happy Friday 2-8"

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Click on the film strip or text link above and turn up your volume to view your video email from Jeff Pickering.

Friday's bond market has opened in positive territory despite the lack of economic data being released. The stock markets are mixed with the Dow down 29 points and the NASDAQ up 13 points. The bond market is currently up 20/32, but we will still see a small increase in this morning's mortgage rates due to noticeable weakness in bonds late yesterday.

The bond markets fell during late trading yesterday after the 30-year Bond auction was met with lackluster demand from investors. This led to afternoon selling in bonds and some mortgage lenders to revise rates higher late yesterday. Just how much of a difference in this morning's rates will be seen depends if your lender revised higher yesterday. Overall, I am expecting to see rates move higher by approximately .125 - .250 of a discount point over yesterday's morning rates.

There is no relevant economic news scheduled for release today. Accordingly, there is nothing to indicate that we could see the bond market give up this morning's gains. Because of this, I am shifting to a float recommendation across the board, at least temporarily. Next week's data is not of much concern to me with only a couple of important reports due out.

The first relevant report of the week doesn't come until Wednesday morning when we will see January's Retail Sales figures. This could mean that today's buying in bonds may carry into early next week. But, look for more details on next week's events in Sunday's weekly preview.  

 Cautiously Float if my closing was taking place within 7 days, 

 Cautiously Float if my closing was taking place between 8 and 20 days, 

 Cautiously Float if my closing was taking place between 21 and 60 days, 

 Cautiously Float if my closing was taking place over 60 days from now,

This is only my opinion of what I would do if I were financing a home. It is only an opinion and cannot be guaranteed to be in the best interest of all/any other borrowers.

Fannie Mae has announced that in 2008 they will be implementing price overlays for all loan products with FICO's under 680 and LTVs > 70%, as well as loans with subordinate financing and 2 unit properties. These changes could literally pop up on the rate matrix anytime between now and then with no warning, so floating a rate, even if the bond market is down 20 basis points could prove to be very costly. Any borrower on the fence with a FICO 70%

FICO 680+ No adjustment

FICO 660 - 679 -0.750

FICO 640 - 659 -1.25

FICO 620 - 639 -1.75

FICO < 620 -2.00

BUSINESS REFERRAL: JUNK EVICTION(TM)  602.989.1763   www.junkeviction.com   BULK TRASH REMOVAL SERVICE & CARPET CLEANING  PHOENIX, ARIZONA

I have been making phone calls on FSBO's for a few of my Realtor clients, and have to say it is not going well.  I will be the first to admit that I am the cold call king.  I can walk into any place or call anyone without hesitation. 

I have had quite a bit of success with cold calls, but I am getting shot down offering fianncing option flyers and pre-qual assistance with potential buyers that might visit the FSBO.  Obviously, I am calling the owners themselves....I am given lists from agents that they have paid for.  Maybe these lists have too many people calling them.

I also know that there are a million books that discuss FSBO's as a valid marketing angle.  I am starting to think that 1) these people are already hostile to people in the real estate industry and 2) they get called on way too many times.  AND there is the do not call registry.

How many of these folks are on the do not call registry but they have run a FSBO ad.  Doesn't this ad throw the whole do not call fiasco out the window? 

So, please give me your quick thoughts on this marketing strategy.

Jess Rankin

http://www.pickeringgroup.com/

Lender in all 50 States

BUSINESS REFERRAL: Junk Eviction   602.989.1763    www.junkeviction    Bulk Trash Removal Service

Hello!

My wife and I have the greatest news.  We are expecting our second child due October 1st!  We are, obviously, very excited as we have been "practicing" for the last 2.5 years.  I am darn near an expert now...wow!  just kidding-

Anyways, due to issues the last round...we are keeping are prayers out there for a healthy pregnancy and a healthy Mom and baby.  Any prayers you can send up to the big man in the sky for me...I would appreciate it.  We are hoping for a little girl even though i grumble about having to pay for a wedding someday.

I called up one of my buddies the other day to tell him the good news.  He has been married for 6 years, and kids are in their plans but not just yet.  I joked with him that if we were playing P-I-G out on the driveway shotting hoops...he would have P-I and I would have nil....I told him he needed to catch up...I am woopin' him!

So, that is the good news....I will keep you posted.

Jess Rankin

A great friend of mine has a business doing promotional products strictly for the Real Estate Industry.  I, myself, used to own a commercial printing company, and i can tell you that having an expert to help you choose products is the way to go.  Did you know that there are over 800,000 promotional products to choose from?

   <<<<<<<click here for link to Jim's website  (http://www.northstaridentity.com/)

Here in Phoenix, I can't tell you how many agents i know that work with Jim and comment how he is very reliable.   I do know that Jim has clients from all around the country....it is easy to know, like and trust him.

My final thought is that you need to do something to brand yourself, and i think many people are surprised how inexpensively they can create a marketing campaign with promotional products.

 Jess Rankin, Pickering Group

http://www.pickeringgroup.com/  Lender in all 50 States

I am writing this quick blog to plug a service that I have used recently.  The company is called Junk Eviction.  They say that what they do is help people evict the junk from their home or business.

 So, I started thinking about this service, and I realized that people tend to cart a boat laod of junk around with them.  Sometimes, if they got real with themselves they would see they have a ton of junk they really don't need.

The guys at Junk Eviction are very professional.  They are insured.  And they have sense of humor.  A great example is there profile they put on here at my encouraging.  They joke about how junk is like squatters who don't pay rent....THEY'RE RIGHT!  They even say they have caring junk eviction counselors waiting to help you if you'll call...very funny.  Although, they may be on to something...maybe you need someone to counsel you into parting with that old chair with the duct tape holding it together...yes you had soe amazing parties in the 80's that included that chair....it's time to say goodbye (and that was the longest sentence in the history of blogs).

Anyways, they have told me that they are availbale for move ins and move outs.  They have done work for aprtments, homes and offices.  They do bulk items incluidng debris and dirt.

One other unique special they offer is CARPET CLEANING.  Their special is a $15 per room carpet cleaning with every bulk trash removal service....you have to get them while they're there.  That is a killer deal.

OK...I like to plug companies I am happy with...JUNK EVICTION   602.989.1763

Jess Rankin

History has a way of repeating itself.  On Tuesday afternoon when Mortgage Bonds were trading 53bp higher, our alert to float also discussed what happened back on September 18th, the last time the Fed surprisingly cut rates by .50%.  On the day of the cut, Mortgage Bonds had traded nicely higher, but on the next day, and after a higher open, Bonds went tumbling lower.  This is exactly what happened again yesterday as Mortgage Bonds opened 38bp higher and then suddenly reversed 94bp  lower on the dramatic recovery in the Stock market.   Take a look at the chart below and be sure to share this with the clients and relationship partners you protected over the past two days.  

(couldn't get charts to post...sorry)

In this morning's economic news, Initial Jobless Claims were reported at 301,000, which was below expectations of 320,000 and represented it's fourth consecutive weekly decline.  Meanwhile, the widely watched four-week moving average of Initial Jobless Claims also declined with 14,000 fewer claims to a level of 314,750.  The better than expected results added some more selling pressure to the Bond market.  

Existing Homes Sales for December were reported at 4.89 Million, which was just slightly below expectations of 4.95 Million.  The monthly inventory of unsold homes fell to a 9.6 month reading from November's reading of 10.1.  For all of 2007, existing home prices fell 1.8% and represented the first nationwide decline in houses since the Realtors started tracking this data over 40 years ago.  But think of this, we have experienced historic gains of over 100% in the past several years in many parts of the country, so how bad is a 1.8% year over year decline.  If the Stock market doubled in the past three years and the market then declined 1.8% - would it even make the headlines?  Think about this and be sure to share it with your clients and relationship partners the great opportunity upon us.  We are seeing a buyers real estate market along with mortgage rates at three year lows. 

Speaking of opportunity.  We are hearing rumors that the conforming limit may be raised on a somewhat temporary basis from $417,000 to $625,500, like it already exists in Alaska, Hawaii, Guam and the Virgin Islands.  We have been beating the drum on this for some time and I have been on CNBC and Fox about it and many of you have taken the material and letters that we have provided on the MMG site and contacted your State representative requesting this important change.  You all deserve credit as it appears that our efforts are not falling on deaf ears.  Now remember, this is still just a possibility and it may not even happen, but we have to be ready.  We strongly recommend you start lining up all your Jumbo and ARM clients as this opportunity would in essence represent a 1% reduction in interest rates.

Hopefully, you have acted on our recent advice and protected your entire pipeline.  But even on new transactions we are going to keep our bias towards locking as the Bond has some more room to fall as the next clear floor of support lies at the 25-day Moving Average, presently around 80bp lower than current levels.  

BUSINESS REFERRAL: junk eviction   602.989.1763   Bulk Trash Removal Service   Move ins & Move outs      Valleywide service   Professional & Insured    $85 min. charge

View Video "Fed cut Rate by .75%"

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Click on the film strip or text link above and turn up your volume to view your video email from Jeff Pickering.

In a surprise move this morning - The Fed cut the Fed Funds Rate by .75%, lowering it to 3.50%.  The Fed decided to hold a special meeting last night as US Stock futures were trading significantly lower and Stocks around the world sold off sharply yesterday and this morning as foreign countries fear a US recession.  This morning's Fed cut was the first intermeeting Fed action since September 17, 2001, and the deepest one day Fed Cut since 1984.  It should also be noted that the vote to cut wasn't unanimous as St.Louis Fed President Poole dissented against the cut and preferred waiting until next week at the normal scheduled meeting.

Here's the brief statement the Fed delivered this morning with the Cut:

The Federal Open Market Committee has decided to lower its target for the federal funds rate 75 basis points to 3-1/2 percent.  The Committee took this action in view of a weakening of the economic outlook and increasing downside risks to growth.  While strains in short-term funding markets have eased somewhat, broader financial market conditions have continued to deteriorate and credit has tightened further for some businesses and households.  Moreover, incoming information indicates a deepening of the housing contraction as well as some softening in labor markets.  The Committee expects inflation to moderate in coming quarters, but it will be necessary to continue to monitor inflation developments carefully.  Appreciable downside risks to growth remain.  The Committee will continue to assess the effects of financial and other developments on economic prospects and will act in a timely manner as needed to address those risks.

In addition to cutting the Fed Funds Rate, the Fed also cut the Discount Rate, the rate member banks can borrow directly from the Federal Reserve, to 4.0%.  This move should provide further stimulus to the credit markets.

The Fed Funds Futures are still fully pricing in another 50bp cut at next week's meeting, which would lower the Fed Funds Rate to 3%.  This is interesting with inflation still a concern.

Stocks took a beating at the open this morning, and at one point traded at the worst levels since January 2000.  But the selloff would likely have been far worse if the Fed had not stepped in.  You may recall the Stock chart we included in last Friday's update, which highlighted the Up Escalator Stocks have been riding on for three years.  Stocks have fallen beneath this important level of support this morning, however Stock prices are attempting to rebound and are well above their worst levels of the day.   

This morning's stock selloff has caused Mortgage Bonds to rally higher with prices at the best levels since June of 2005.  Additionally, LIBOR which was 5.15% just a few weeks ago, is now 3.71%.  In this sea of fear, this is some good news to share with your clients and relationship partners.

Treasury Secretary Hank Paulson is also in the news this morning saying he, and his team at the US Treasury, has been monitoring the global sell-off in stocks.  Perhaps in an effort to stem the global panic selling that has been taking place and to restore confidence in the US economy, Paulson said he will move to carry out an economic stimulus plan "as soon as possible."  Paulson stated he is optimistic a plan can be implemented with Congressional approval "long before winter turns to spring." 

We will continue to Float, but we need to be prepared to lock should things change.  Stocks are very volatile and any further improvement could be at the expense of Bonds.

business referral: JUNK EVICTION  602.989.1763  bulk trash removal service  you got junk. they got people.  Phoenix, AZ and Valleywide

About Us:

I am truly passionate about my profession, and the result is that nearly 100% of my business is by referral from satisfied clients, trusted financial advisors and the most experienced realtors. I have closed loans across the United States, and most of my business is in Arizona, but I am licensed in all 50 States and the District of Columbia.

My mission is to guide you through the entire home loan process so that you feel confident about and knowledgeable of the choices you make and the options available for your financing strategy. With many years and a wide range of experience in the mortgage industry, my dedicated team and I am ready and willing to guide you each and every step of the way.

We understand that this decision is not about any house, it is about your home.

You only think about home financing a few times in your life, we think about it every single day. It's your home and your future. It's our profession and our passion. We're ready to work for your best interest.

Financing your home is one of the largest financial commitments that you will make in your life. Many people view that as meaning just another monthly payment. We can help you realize that your home is truly a valuable financial tool, and will help you achieve the dreams and plans you envision for your future. Let me help you, with my knowledge, experience and passion.

OUR MISSION:
For our staff to show up big each day by loving the environment we create for our clients and employees through world-class service, from management to employees and employees to clients in every conversation and action we do.

VISION:
To become an elite mortgage company that does not depend on advertising, or a rewarding economy, but rather depends on referrals from clients who love and trust us enough with their biggest investment, shown by them recommending us with passion to their friends, family and co-workers.

Click on the 'PG' button below to listen to:
Sales Training Boot Camp Title: Perfect Outcome

Reticular Activator

Fred The Head

Your Reticular Activator is the part of your brain that heightens your awareness of certain things. Do you remember the last time you bought a new car? Do you remember how as soon as you bought it you started seeing cars just like yours all over the road? This is your Reticular Activator System (RAS) at work.

You may wonder why I ask you about this phenomenon. Well, until we applied it to our business, we just thought that as our client (current or past) you would naturally notice anyone with a real estate financing need & would think to refer them.

We've learned that without a direct and conscious message to the brain, you are not particularly likely to notice people around you that are buying or refinancing homes. In fact, chances are that a number of your friends or associates have probably already bought or sold houses since we first spoke.

This year, my goal is to spend more time serving my current clients and less time pursuing brand new clients. We would much rather be serving you, and others like you, than advertising to the general public for new business.

Would you like your friends and family to receive great service and remember that you were the one who made it possible? Please turn on your Reticular Activator so that when you hear conversations about "Mortgages", "Real Estate" or "Financing", you automatically think of me and have those people call me.

Steps involved in a typical loan

Steps involved in a typical loan

1. Apply for the Loan
2. IndyMac Bank Processes your application and documentation
3. Obtain Credit Approval (We do this for you)
4. Conditions from your investor (Items we need from you)
5. Find a home (This step is not necessary if you are refinancing)
6. Appraisal
7. Submit loan conditions
8. Receive formal approval
9. Request loan documents
10. Sign loan documents
11. Fund and record the loan

As you can see, the basic loan has about 11 steps. Three to four people will be involved with each process of your loan and over a dozen people can work on your transaction in all. We are not saying that everyone is going to look at your personal information, in fact, only two or three people will see your documention such as bank statements and credit report. What we are saying is that the entire loan process depends on cooperation from many different people and excellent coordination. You need someone you can trust, someone who will be honest and someone who will be your advocate to help your loan move along as smoothly as possible. That's why The Pickering Group is the right choice for you.

ZOOM Visual Media has 1000 full color business cards for $59.85 at http://www.zoomvisual.net/ !

JUNK EVICTION bulk trash & debris removal services  602.989.1763  Valleywide Phoenix, AZ

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Turn up the volume and Click on the blue text link above to view your video e-mail from Jess Rankin.

Click here to join:  http://phxzoom.ning.com/?xgi=cRO8Jtf

PREZOOM is the Phoenix Real Estate ZOOM; a networking group for the real estate industry in the Phoenix area.  Your FREE memebership includes: create a profile for your business, add photos, add video, write a blog, promote your listings, network with other agents,  drive traffic to your website and get noticed.  We will also be adding information about education, training and technology.  The more you post...the more you will get noticed.  Please, pass the word on to others!   Thank you! 

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All The Best in 2008,

Jess Rankin

602.405.6878

Business Referral: JUNK EVICTION  602-989-1763  Bulk Trash Removal Service  Whatever junk you can think of...we want to help you evict it!  Phoenix metro area

Happy Monday!

It's time for your weekly BUSINESS BOOSTER! You can look forward to receiving this E-mail every week. We hope you will find this information valuable for you and your clients. 

Business Booster can be sent as a .PDF file for printing.

Please call or E-mail if there is anything else we can do for you now or in the future.

"Just leave me a Loan"®

Thank You,

Jess Rankin

Most of us are sales people when you get right down to it. Our job is to sell our

services - and ourselves - as we strive to add more clients to our existing

book of business. The unfortunate fact is that most of us are in such a hurry to

sell our services that, in the process, we forget to do the most important thing

relative to sales.

Remember the quote from Bill Gates? The most important thing we can do is

gather as much information as possible and understand what our customers

need. From there, we can construct a presentation that has a high probability

of giving them exactly what they want and hitting the bull's eye.

We've all heard of The Golden Rule, "Do unto others as you would have them

do unto you."

           I prefer to consider The Platinum Rule^TM* which states, "Do unto others the way they would want you to do unto them."

           The only way to accomplish this is by asking intelligent questions up front when speaking to clients and making a better effort to understand them. Here are some examples of questions you should be asking clients at your first meeting:

What are your hobbies?

Do you have a clearly defined investment strategy?

Would you consider your investment strategy to be conservative, moderate, or aggressive?

How old do you want to be when you are financially independent and completely debt free?

Do you currently have a college fund set up for your children?

What is most important to you about the relationship you are seeking with someone in my profession?

What is your preferred form of communication during this process?

            If you had honest answers to all of the questions listed above, on every one of your clients, wouldn't you stand a bett chance of being able to provide them with what they need, thereby ensuring they will be clients for life? Wouldn't they also refer more of their family, friends, and co-workers to you?

* The Platinum Rule^TM is a registered trademark of Dr. Tony Alessandra.

BUSINESS REFERRAL: JUNK EVICTION  602.989.1763   Bulk trash and junk removal service in the Phoenix metro area  ....current special:   $15 per room carpet cleaning with bulk junk pick-up order.  Call Today!