Seller, Buyer and Agent all happy! Find out how! - 02/24/11 09:53 PM
Seller nets more, buyer buys more at the same payment and the Realtor makes commission off full asking price.  Sounds great right?  Well it can actually happen like that.
Let me ask you this.  Have you ever had a buyer that really needed just a little more in sales price to get what they needed or the neighborhood they wanted?  This is one way to work it so you can be the hero and get them where they want to be.
Have you ever had the buyer that wants to always offer less then asking.  Show them this and stop that … (1 comments)

Job Loss Not Considered Extenuating Circumstance? - 02/24/11 12:21 PM
SunTrust Mortgage's Credit Management Team decided to follow Fannie Mae's guidance for Conventional and Government (traditionally underwritten and AUS processed) purchase originations, and SunTrust followed HUD's guidance saying that, "Loss of employment due to company closings or reductions in work force is not an extenuating circumstance beyond the borrower's control. Borrowers with Chapter 7 bankruptcies and foreclosures in their credit history are not eligible if their sole extenuating circumstance is loss of employment due to company closings or reductions in work force. Should the borrower lose their employment due to a long-term illness, HUD will make an extenuating circumstance exception. Another … (0 comments)

How 2 Guys Are Having Banks Write Checks To Them - 02/24/11 12:05 PM
For those of you who don't listen to the TBWS daily, they talked about this seminar this morning.  Here's the information on it! I just wanted to pass it on!
This is an invitation only class where you will see how 2 guys are having banks write them checks (big ones). Very clever strategy that is perfect for LOs and Agents, as one of our presenters is a real estate agent. While everybody else is "crying around the watercooler", these guys are cashing some major checks (you will see them on the call) You will exactly how to do this strategy, complete … (0 comments)

First QRM and Now This? Here's another blow to your business! - 02/16/11 01:47 PM
If you didn't get a chance to read my blog about QRM, please check it out.  Seriously folks, this is affecting your clients which in turn affect your business.   The feds are working hard to reduce mortgages to the big 4 banks.  And do you remember when those big banks wanted to sell Real Estate?  Well if don't stop this now you bet that will be back on their agenda again. 
You will also see in this brief video how it is going to affect the consumer (which by the way we are all consumers) and mortgage lenders you currently do … (1 comments)

Sharing Closing Secrets? - 02/15/11 11:10 PM
One of the biggest mistakes in our industry is spending big bucks on advertising to make the phone ring and then blowing it by not fielding the calls well. Usually when the office phone rings, it is answered by someone who has no sales training, no negotiating or telemarketing skills, no incentives, and who is busy doing other office chores. Many times these calls are seen as an annoyance, instead of income. It would be a good idea to make sure the person that answers the phone hands off the leads to a seasoned pro. If you aren't available, make sure … (4 comments)

What is QRM? What you don't know can cost you your job and people you work with! - 02/15/11 12:12 PM
Please take just a short few min to watch this video explaining what the government is doing behind the scenes while no one is watching.   If this takes place you can expect a large number of businesses to close and a lot of people out of a job.  And unfortunately, this will affect a lot of people you do business with right now if not yourself!   And closing a transaction with a loan, I can only imagine how long it will take.  Forget 30 days!  We need to really take an active part and demand our Representatives we vote for … (5 comments)

What is FHA doing now that could impact your buyers and sellers? - 02/14/11 03:09 PM
FHA CHANGE ALERT!!!!!!!!!FHA is at it again. The first change is to the annual MIP. Effective April 18, 2011, FHA will be increasing their annual MIP by .25. So what does this mean to you? This means your buyers payment will increase and they may no longer qualify for the loan they originally were pre-approved for. If you have any buyers sitting on the fence, they need to get that loan application and case number ordered before the change. It will most likely go by case number date and not application or contract date. Make sure your lender's know this!Second change … (2 comments)

Oh the Land of the Unknown! Are your clients ready for April 1? - 02/12/11 01:57 AM
In case your loan officer hasn't complained to you or you haven't heard about it through the grapevine, the government is getting ready to dictate what a loan officer can make and what they can pay.   Frank and Brian did a great little snippit on their video.  It is looking like loan officers will either be directly paid by the borrower/buyer OR they can be paid by the lender but only a certain percentage on each deal.  So what does this mean to you and your clients?  Well, to start,  higher rates , higher closing costs, and the lender can no … (5 comments)

Buyer Wants Reduced Sales Price - Seller Says No Way! - 02/09/11 05:39 PM
There is nothing more frustrating than working with a buyer who insists on writing low ball offers on properties just so they can say they got a great deal.  But are they really?
What about the buyer that really needs to buy just a little more house but just can't afford it?  Or can they?
But let's not forget that seller that has their home priced right and they have either no or a little equity in their property and need to net the most out of their house.  Is that possible?
If you are looking for a new way to motivate your buyers … (0 comments)