best practices: Going the Extra Mile
- 07/19/22 04:40 PM
Going the Extra Mile Last Saturday, I was driving into the foothills of Auburn, CA to get in a killer trail run - just before getting to the trail head, my phone rang and it was a past client that I happened to love working with. A DC-area detective, my client had let me know he planned on selling his home that we'd helped financed and would be moving to a more rural area of Virginia to give his kids more space and a quieter, slower lifestyle. They'd be looking into new construction and renting for a year, until, of course, on … (15 comments)
These are some common phrases I hear when a loan goes off the rails. Especially amongst newer loan officers with little experience, but even amongst more experienced loan officers, a loan going sideways and knowing someone's refinance is in jeopardy, or worse, their new home purchase dreams may be falling to pieces.
Buying a home and even refinancing are emotional processes and go far beyond a simple "transaction". While one of our basic needs, shelter, isn't usually at stake in a refinance, few things make people more … (16 comments)
When I first started in the mortgage business in 2006, it was a different world in a lot of ways. I didn't have a 'business', I had leads. 10/day, which turned into 50/week, which turned into 200/month. Leads about as cold as they come. A name, and a phone number, and that's it! All I knew was the people were shopping (potentially, the data wasn't as good back then) for a mortgage.
We didn't have LO compensation rules that forced us to charge the most difficult and easiest file the same price. We didn't have CRMs, data systems, automated systems … (13 comments)
best practices: What Happens AFTER Things Go Wrong
- 10/22/21 12:44 AM
What Happens After Things Go Wrong? $hit happens. There's some controversy around the creation of the phrase. Did Professor Connie Eble bring the phrase to written form for the first time? Was it, in fact, Forrest Gump? While mystery surrounds the phrase, I am near certain that the original use was tied to someone with a real estate license, or a mortgage professional. If you're in the real estate industry long enough, or you're a consumer who has bought and sold enough homes, you know somewhere, somehow, someday, something went wrong. $hit happens, and for thousands of reasons along the way - … (20 comments)
This is a post about referrals. I'm licensed in 20 states, and my team has an additional 3 (Idaho, Hawaii, and Washington). Because of that, we see a lot of referrals from folks that don't cover as wide a range of states. We get a lot of referrals from other loan officers that are licensed in just a state or two, and the referral stream has increased largely due to my company being a California company, and with the state, for the first time in a long time, seeing more people say 'goodbye' than 'hello'. Except for … (20 comments)
I lost a deal recently (or may have, stay tuned) when a repeat customer called me on a Friday afternoon to check to get a preapproval for a home he was going to see the following day. I could do it. But I didn't. Instead, I advised him to call another lender to help. Last month, the same borrower called me on a Friday, explaining he needed a preapproval letter for a home his in-laws were looking at the following Saturday. I helped, but let him know: "I need you to give me some notice when you know someone's … (34 comments)
best practices: When Getting a Mortgage, Do What You're Told
- 02/18/21 02:18 PM
When applying for and having a mortgage loan processed, one of the most important pieces of advice I can offer, is very simple: "Do what you're told". Exactly what you're told. Do not deviate, and do not do what "you thought" would work. Unless of course, you want the process to be prolonged, you have an affinity for migraines, or you're a masochist and making things painful for yourself is just kind of your thing.
The mortgage industry doesn't make sense (to anyone not in the mortgage industry, and even to many who are). But with 15 years of experience helping countless borrowers … (26 comments)
PSA for real estate agents across the country - 45 days is officially your new 30 days. Think it's a benefit to go 30 days? Well, with the yield curve on treasuries officially inverting today, we're officially in a refinance boom. What does that mean? Longer turn times for lenders - literally every lender in the country is experiencing an influx of refinance volume - at levels I've NEVER seen before.
The last time rates were this low, consumers had nowhere near the levels of home equity they currently do. Last time they … (43 comments)
The word script is something that pops up in just about every area of sales, coaching, and training in the real estate industry. Top producers and trainers swear by using scripts for success. Low producing agents are terrified of scripts. What I've found, more than anything else, is that the term "script" is confusing for most people.
When a lot of people hear or see the term "Script", their brains move to place where someone else is taking away their personality and pushing a regurgitated message, verbatim.
The reality, though, is a script is just … (24 comments)
That bridge up there? That's to help you get over it.
Recently, in a few online forums I've seen some outright nastiness as a reaction to an agent's friend/family member/coworker/former middle school classmate choosing a different agent to represent them on a purchase or listing. Like, to the point where the relationship is over because the person chose another professional to help them.
I get it. As a lender, I'm a commissioned worker too. I try to do my very best for my clients. I try to walk the fine line of … (93 comments)
When doing a real estate transaction, my top priority is my borrower. Nearly as important is their agent. Also important to me is my relationship with the listing agent on a purchase transaction. When everyone is on the same team, communicating, and working toward the same goal, things just go better, and business is much more pleasant than when one party is trying to steal the show or is hostile toward other sides.
While I try to accommodate listing agents because I know they've got anxious sellers and sometimes not knowing what's going on with the … (43 comments)
I use the term 'dud' to avoid 4 letter words in a public forum. Before I get too far into why FUD salespeople are basically the scum of the earth, let's discuss FUD.
Fear, Uncertainty, and Doubt. These are 3 factors that drive sales in many cases, and sales people often seize upon these things to pressure customers into purchasing.
Just today (the inspiration for this post), I saw a Realtor post on facebook that "I just heard the FED is going to raise rates!!! Time to buy a house … (11 comments)
best practices: Step Toward Success
- 07/20/16 06:35 AM
Step Toward SuccessEducation and action are key to moving mortgage professionals toward their goals By John Meussner, loan officer, Mason-McDuffie Mortgage | As 2016 continues to unfold, people across the country are obsessed with getting in 10,000-plus steps each day to meet their fitness goals. That challenge is in front of them all day, displayed on their health-tracker smartwatches and wristbands, showing them just how far they are from reaching the mark. When their daily goal is far off, the effort level increases, and when they are closing in on the 10,000 steps, the effort goes through the roof. Many of these 10,000-step devotees are young … (7 comments)
"They're a bull in a china shop, and that's me trying to put it nicely"
That's how a 3rd party in a transaction described the buyer's agent on a recent purchase transaction. In this specific deal, there were numerous delays, all caused by a buyer. First he was busy. Then he was on vacation. Then he was busy again. Then he was going away for a long weekend. Then 30 days passed on a 45 day escrow period and we still hadn't gotten enough documentation to even do a complete pre-approval, let alone get things … (19 comments)
It's been a little while since I've heard the term "refi boom", but that's what's being floated around this week as mortgage rates are once again knock knock knockin' on history's door. With 30 year fixed rates in the mid 3's and 15 year rates in the high 2's for the first time in a long time, the word REFI is popping up everywhere.
For some LO's, "refi booms" are what make their business. They buy leads, work 15 hour days, and try to bang out as much volume as … (31 comments)
Before I dive in, a note on the inspiration for this post. A while ago, I wrote a blog about the importance of vetting buyers as a listing agent. I hold that this practice is incredibly important for listing agents, as it weeds out unqualified buyers and prevents pulling a house from the market, only to put it back on a week, 2, or 3 later.
Eventually, the vetting process should do 2 things - add a valuable service to sellers, and also force loan officers to either start doing pre-approvals the right way, or … (56 comments)
Like many of you probably relate to all too well, the first thing I need to do when I check email each day is sort through the important emails and weed out the crap marketing and spam that my filter didn't catch. More and more these days, there's a lot of it. From Nigerian Princes to company's with a system to net LO's 20+ deals/month! (if they figured that out, why aren't they LO's?), I get all sorts of crap. I also occassionally get legitimate marketing emails from companies that … (38 comments)
Would you? If you were purchasing a new home, would you buy it without having an appraisal completed? I had this conversation with one of my product managers today as I received a PIW (appraisal waiver) on one of my client's purchase applications. To begin with I was shocked, as it's been a long while since I've seen a PIW on anything outside of a HARP refinance loan, but this was a strong buyer buying a home well below what he & his wife could qualify for, and according to Fannie … (44 comments)
"Send us a check, please" - Every NAMB email, ever.
Last week I received an email from NAMB. Without reading the emails or even the subject lines, I always know that the gist of any correspondence is going to be the same; "could you send us a check, please?". This one was a little different though, with the subject line "Are you a Lending Integrity Seal of Approval holder?". Immediately, my gears began to grind.
My opinion of my industry trade group is the same opinion I hold on … (49 comments)
Going the Extra Mile
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