Lending and everything Midwest - Larry's blog

Speechless Sundays - Enough Said - Dad's Treasures

Larry Bettag - Cherry Creek Mortgage — Sun, 22 Nov 2009 22:11:24 -0600

Larry Bettag - Regional Vice President, Midwest Region

Illinois FHA Specialist

630-417-7172

An Illinois Residential Mortgage Licensee

Why Don't Lender "Partners" help Build Realtor's Business?

Larry Bettag - Cherry Creek Mortgage — Sat, 21 Nov 2009 09:22:29 -0600

I run a region, run a branch and yes, I originate loans as well. I spend a lot of time recruiting on top of that. I'm amazed at what I hear from lenders. Realtors want loan officers to help them build their business. They don't want them to create their business. If lenders could do that they'd be realtors, but we've been called into lending and not real estate sales.

I've interviewed well over 200 lenders since I began recruiting folks a few years ago and am amazed that there is such a disparity in lender capabilities. As individuals, there are just some people that don't belong in this business. Not a knock on them. They're good people, but the DNA that they possess is really geared for some other type of profession. Some of the lenders have all the skills, but they still can't conquer the business. In my business, I'm so sick of lenders who buy leads. I hate that. I despise it. For those folks, they can't make a sale unless they buy leads. In other words, they can't build and establish relatinships with realtors, so they get transactional instead of relational. Wow....that leads me to this...

Lenders Need to Add Value to their referral partners!

Good lenders know how to do that. I have to admit when I first got in the business my M.O. was...

"Hey, I'm Larry Bettag, I'm a good guy, I have good rates and I'd like to help your clients. Call me if you need me."

I had a good boss who gave me materials and some good coaching that enabled me to grow. Plus, fortunately, I had the desire to be the best. I wanted to lay it all out on the line. I grew and grew and finally learned a few secrets that have enabled me to work with the top agents in Northern Illinois.

So, What's the Problem?

Mortgage companies don't teach loan officers how to add value to realtors. They don't teach loan officers how to add value to realtors. They don't teach loan officers how to refer contracts, YES CONTRACTS, to realtors.

I'm a substantial part of my realtor partner's income!

In 2007, I referred 22 contracts to my realtor partners.
In 2008, I only referred 12 contracts, but they were greatly appreciated.
YTD in 2009 I've referred 14 contracts.

Pretty huge stuff! We have our ups and downs. Client's come with their own set of issues, but I'm adding value to them. Once I was able to learn how to refer clients to my realtor partners, life became so much more enjoyable for each of us. It's important to me to have good realtors to refer my clients to.

Great Mortgage Companies Need to Help Loan Officers Grow!

Mortgage Companies need to invest in their loan officers. Sure some have better pay plans or some have a great "new" and "niche" product. Even if a loan officer gets paid some ridiculous commission split, but they don't know how to get business, what's the use? Seriously....I'd rather get paid some fair commission and close 10-20 loans per month than get paid 100% and just close a deal here and there.

Until mortgage companies know that they need to invest in the loan officer through coaching, teaching and mentoring, lenders will be all about trinkets, goodies and transactions. Once a loan officer can refer to a realtor, can coach a realtor and can help a realtor become accountable for the things that are important to the realtor, then that loan officer can be on the road to a great and prosperous relationship with their clients and their referral partners.

Larry Bettag - Regional Vice President, Midwest Region

Illinois FHA Specialist

630-417-7172

An Illinois Residential Mortgage Licensee

Fun Week Ahead - - - Family Time Starting with the Packers

Larry Bettag - Cherry Creek Mortgage — Fri, 20 Nov 2009 09:17:06 -0600

Leaving in just a bit. Have a lot to do and I'm picking up the kids after school. We're heading to the farm up in Wisconsin this afternoon. A friend of mine gave me tickets to the Green Bay Packers and San Francisco 49ers Game for this Sunday up in Green Bay. I'm taking my wife and two oldest boys up to the game.

It'll be a lot of fun. I love going to a place where I get absolutely zero cell phone reception and I can just be dad and husband. This will be a great way to start the Thanksgiving week off.

My kids will have a hard time focusing at school today. But by 3:00 pm, we'll be well on the road with all 5 of them. This week we get to leave the dog at home and see him Sunday night.

Have an awesome Thanksgiving. I'm starting mine in a few hours.

Larry Bettag - Regional Vice President, Midwest Region

Illinois FHA Specialist

630-417-7172

An Illinois Residential Mortgage Licensee

Be Cautious About Giving Info to Census Workers

Larry Bettag - Cherry Creek Mortgage — Thu, 19 Nov 2009 22:08:40 -0600

With the U.S. Census process beginning, the Better Business Bureau (BBB) advises people to be cautious. The major concern is that individuals don't become a victim of fraud or identity theft.

The first phase of the 2010 U.S. Census is under way as workers have begun verifying the addresses of households across the country. Eventually, more than 140,000 U.S. Census workers will count every person in the United States and will gather information about every person living at each address including name, age, gender, race, and other relevant data.

The big question is - how do you tell the difference between a U.S. Census worker and a con artist? BBB offers the following advice:

** If a U.S. Census worker knocks on your door, they will have a badge, a handheld device, a Census Bureau canvas bag, and a confidentiality notice. Ask to see their identification and their badge before answering their questions. However, you should never invite anyone you don't know into your home.

** Census workers are currently only knocking on doors to verify address information. Do not give your Social Security number, cre dit card or banking information to anyone, even if they claim they need it for the U.S. Census. While the Census Bureau might ask for basic financial information, such as a salary range, the Census Bureau will not ask for Social Security, bank account, or credit card numbers nor will employees solicit donations.

Eventually, Census workers may contact you by telephone, mail, or in person at home. However, the Census Bureau will not contact you by Email, so be on the lookout for Email scams impersonating the Census.

Never click on a link or open any attachments in an Email that are supposedly from the U.S. Census Bureau.

For more advice on avoiding identity theft and fraud, visit http://www.bbb.org/.

Larry Bettag - Regional Vice President, Midwest Region

Illinois FHA Specialist

630-417-7172

An Illinois Residential Mortgage Licensee

Wordless Wednesdays - Boys will be Boys

Larry Bettag - Cherry Creek Mortgage — Wed, 18 Nov 2009 21:22:00 -0600

Larry Bettag - Regional Vice President, Midwest Region

Illinois FHA Specialist

630-417-7172

An Illinois Residential Mortgage Licensee

Campton Hills - The Devil is in Their Details

Larry Bettag - Cherry Creek Mortgage — Tue, 17 Nov 2009 21:53:19 -0600

Got this from a leader who took notes and observed more ridiculousness from "Campton" bureaucrats (My comments are in parens or italics):

If you were wondering what went on last night at the Planning Commission hearing, the Community Center was full (not standing room only, but a crowd). After an hour of planning commission business including re-hash regarding Norton Lakes Subdivision the Public hearing was held.

Big thanks to unincorporated La Fox and Elburn residents who showed up and voiced their opposition to the annexation and zoning changes. The planning commission heard from 5 different people, all saying the same thing. We don't want Campton Hills to annex the land. Drew Frasz stated that .....we had a handshake deal with Preserve Campton not to go further South than Route 38...... first it was Mongerson Park, now this one, what's next?...... He stated that he had heard that there are at least 5 properties talking with the Village that are South of 38.

He was reminding that this hearing is on the zoning change not the annexation.

Another speaker said that they feel like they did with Elgin . . with Campton Hills looking to annex and rezone farmland into PUDs. The Planning Commission didn't like hearing that.

SAY WHAT???? MORE OF THE SAME. CAMPTON HAS BECOME THE ENEMY THAT THEY HATED

Unfortunately, the legal annexation case (09 MR 0531) has already quietly had it's public hearing in court early in November, before any of us knew what was going on.

The residents of La Fox/Elburn were basically saying the same thing, . . . we are happy with what we have, we want to be unincorporated, we want the county and the Sheriff. We want our to preserve our rural way of life, we want it to keep farmland not residences. (This has been my biggest beef all along. I moved to the country to stay out of the city. These A-holes said we're better to determine how you should use your property than you, the property owner. This just pisses me off at their arrogance)

That is except for the petitioner Stephen Ciampi, who wants the services provided by the Campton Hills Police Department, he wants someone to slow down the traffic on Harley, and to be there for him. He mentioned he pursued the Village not the other way around, although he did note that when the road was being worked on by Campton Township earlier this year, one of the guys working on the road and culvert told him he should look into becoming part of the Village. (Hey....it's a free country....he may not be smart, but he has his rights).

Background: A little over 5 years ago Mr. Ciampi bought this property and requested a zoning change from Kane County from F to F1 so he could build his residence on 3.75 acre parcel. Now he is looking to Annex into Campton Hills and receive PUD zoning for up to 6 additional lots on 25 acres. Contrary to Campton Hill's Comp plan, which shows this area as agriculture which is the same classification as Kane County's 2030 plan. (Oh...wait...he is smart. He's gone to bed with the enemy and wants to develop land....hmmmmmmm. I thought that Campton hated developers and developments....it's a little more clear now).

The Planning Commission did not make any recommendations to the Village Board regarding the rezoning of this piece of land, since they had received a 28 page land use opinion report late yesterday, just before the hearing. What will the Village board do without receiving a recommendation when considering the annexation?

It was mentioned by Village Attorney Braithwaite that the Public Hearing on the annexation will be December 1 at the Village Board meeting. Please mark your calendars, if you oppose what Campton Hills is trying to do, you need to show up and voice your opinion.

Please Please Please show up on December 1 and let them know.

Larry Bettag - Regional Vice President, Midwest Region

Illinois FHA Specialist

630-417-7172

An Illinois Residential Mortgage Licensee

Active Rain....I need just one more Active Rain Referral....to hit 50!

Larry Bettag - Cherry Creek Mortgage — Tue, 17 Nov 2009 08:37:06 -0600

A couple of astounding things here happened to me this past weekend on Active Rain. I write a post this weekend that was action packed. For the first time ever, the post gets over 158 comments. Just ridiculous. It also sets another personal best and gets re-posted 12 times. My post? We Received Your Payments On Time but are Foreclosing Anyway! It's a true, sad story about a consumer totally getting ripped off by a major mortgage company. Unfortunately, I didn't get a feature (after all the comments started to roll in, I knew that I had found paradise, but no....it was just a just a good post that failed to hit the feature criteria).

What was so cool is that I had over 6 people e-mail me from realtors to consumers asking for my advice on X, Y and Z. Six Times on 1 Post saying "You've been contacted by..."

I also got two referrals that should lead into deals from the post as well. I've never had such success from one post. To add to the gluttonness pleasures of a successful Active Rain Post, I had over 20 people who I don't know add me as a friend on Facebook.

What you Talking about Willis?

Active Rain did What???

Plus....to top it off, I had 13 new add ons from Twitter as well.

What amazes me most, is that the post got me to referral number 49 from Active Rain. I've closed about one third of the the Active Rain Referrals. I was able to refer the another referral out today that I received today. That's Right 49 Referrals from Active Rain!

OK, OK, OK....It was a lesson well learned. Quite honestly, it had been over two months since my last referral from Active Rain. I want to be swimming in the rain. I must say towards the end of the summer I was on the road a lot recruiting as well as taking my last summer flings with the family.

Active Rain...yes....passion...no! When Active Rain becomes a burden or a job, it's time for me to take a break or get out. I can say that when the passion is gone, the writings don't come well either....bottom line is that a post needs to emanate from within.

So, Thanks to Active Rain!

I've said this before, but I'll say it again to you Active Rain. You've weaseled your way into becoming a part of my business plan. 49 referrals? I can't wait for the 50th. It's my plan to hit the half century for Active Rain Referrals sometime in November. What makes this so great is that I can start building on completing my century ride in 2010. Thanks Active Rain!

Is it too early to say Welcome 2010????

Larry Bettag - Regional Vice President, Midwest Region

Illinois FHA Specialist

630-417-7172

An Illinois Residential Mortgage Licensee

Fannie Announces New Loan Limits

Larry Bettag - Cherry Creek Mortgage — Mon, 16 Nov 2009 11:35:31 -0600

Fannie Mae has issued Announcement 09-34, Confirmation of Conventional Loan Limits for 2010, to provide notification of our 2010 conforming loan limits. As in 2009, both the general loan limits and the high-cost area loan limits are provided by our regulator, the Federal Housing Finance Agency (FHFA).

There will be no changes to the general loan limits or the high-cost area limits for loans originated in 2010.

2010 Conforming Loan Limits (maximum original principal balance for first liens)

Units	Contiguous States, District of Columbia, and Puerto Rico	Alaska, Guam, Hawaii, and the U.S. Virgin Islands
	General	High-Cost Areas*	General	High-Cost Areas*
One	$417,000	$729,750	$625,500	$938,250
Two	$533,850	$934,200	$800,775	$1,201,150
Three	$645,300	$1,129,250	$967,950	$1,451,925
Four	$801,950	$1,403,400	$1,202,925	$1,804,375

*The chart indicates the maximum loan limit for high-cost areas - note that each geographic area has its own specific high-cost area loan limit (refer to FHFA's News Release for details).

Loan Limit Resources

Fannie Mae provides two resources to assist in determining the loan limit for a specific area or address:

1. The Loan Limit Lookup Table shows the loan limits by state, county, and ZIP code.

2. The Loan Limit Geocoder^TM provides loan limit information for specific addresses; the user can enter a single address or a batch file.

Note: These tools will be updated for 2010 by year end.

For more details, read Announcement 09-34: Confirmation of Conventional Loan Limits for 2010 or FHFA's News Release.

Larry Bettag - Regional Vice President, Midwest Region

Illinois FHA Specialist

630-417-7172

An Illinois Residential Mortgage Licensee

A Client Wants to Fire a Relationship and You're in the Middle!!!!

Larry Bettag - Cherry Creek Mortgage — Mon, 16 Nov 2009 09:34:35 -0600

A couple of years ago, I was fortunate enough to have a one on one session with Brian Buffini....not with a Buffini coach, but with Brian Buffini himself. He was pointed, kind, humble, gracious and knowledgable. How I was blessed to recieve this is another story itself for another post. We talked about this, spoke about that, but he gave me some great guidance.....Specifically, he said one thing that resonates with me to this date. He said to me:

"I am only the hammer, when the hammer starts acting like its the carpenter, the carpenter will put the hammer down and pick up a new hammer. He continued...I've been humbled twice before. There won't be a third time."

I've since heard this in Christian cirlces. Basically when the hammer becomes the carpenter, the carpenter moves on. When you think that you can do it alone or on your own power....God moves to another tool. Pretty rough, but a good call to humility.

There's a great analogy that I see all too frequently in real estate, with lenders as well as realtors. In truth, All Real Estate Professionals are Supposed to be the Hammer that's being utilized by the consumer.

Often times, that isn't what's happening. I had a client today askiing for a new realtor referral because they felt that the realtor was trying to get them in House #1 when the buyers liked House #1 a lot, but weren't ready to commit to that house. No they wanted to see more. Invariably, the buyer asks me for a referral to a different realtor. Nothing better than I enjoy than referring a client to a realtor. In fact I've given a lot of contracts out to my referral partner. But I like giving someone who isn't attached to a realtor. I don't like saying OK...fine....

When you dump Your Realtor I'll get you a good one!!!!

I always try to encourage the clients to go back to your realtor and tell them what the issue is. Sometimes they do. Often times they say, "we have, but I'm tired of fighting. I thought that she'd want to earn commission. So.....it seems that the client is out. The client says, I don't want the the realtor and I don't want my realtor to earn a dime off of me. I've been so clear, but the realtor won't listen.

The Carpenter Put the Hammer down and is now off to pick up another!!!!!! Really sad. I see the same thing with Loan Officers. I pick up deals because other loan officers won't listen or they push their own agenda. Much to my own shame, in my early years, I never pushed a client, but I didn't listen to a client. Pretty harsh to hear that my borrowers are now gong to closing, but with a different lender.

Your real estate professional should help you reach your goals!!!

Let's be honest. If you help one person across the finish line, then everyone will know it and you'll get paid to help others across the finish line.

If you push your client across the finish line....EVERYONE WILL KNOW IT.....but your referrals will be few and far between.

I want to be a hammer that gets passed from one carpenter to the next.

Larry Bettag - Regional Vice President, Midwest Region

Illinois FHA Specialist

630-417-7172

An Illinois Residential Mortgage Licensee

Urgent for Citzens of Campton Hills

Larry Bettag - Cherry Creek Mortgage — Sun, 15 Nov 2009 20:38:09 -0600

I'm sure VCH hopes no one notices this Public hearing set for:

TOMORROW, NOVEMBER 16TH, 2009 AT 6:30 at the COMMUNITY CENTER.

Pay Attention to the Actions of the Campton Officials (I can't use the word "leaders" becase they're anything but that)!!!!

There's a zoning change request from a current land owner regarding annexation into the village.

The property is located at 2N190 Harley Road. (what it doesn't say is that for it to be contiguous to the Village, the property must start at 38 and extend down the west side of Harley to that address and maybe even further down Harley)

The Agenda also does not state the original zoning and what the change is being requested. Maybe they don't want the citizens of Campton What the F____ Hills to know. There are assumptions that it's to change the zoning from Farming to some type of PUD/ Residential. HOW COOL IS THAT? Gotta love the Campton leaders here.

This may be your only chance to speak about this change before it happens!!!

This appears to conflict with Campton's own Comprehensive Plan for the Area. Check out... http://www.villageofcamptonhills.org/images/Campton%20Hills%20Comp%20Plan%20HR%201.pdf

The village is looking to grow (this time south of 38) and needs to agree to change zoning to meet with the owners request for annexation. ISN'T THIS WHAT ELGIN DID? Annexed unincorporated land and changed the zoning to residential? Look out LaFox big bad Campton is coming.

Please get the word out, don't be fooled again.

Larry Bettag - Regional Vice President, Midwest Region

Illinois FHA Specialist

630-417-7172

An Illinois Residential Mortgage Licensee

Wordless Wednesday

Larry Bettag - Cherry Creek Mortgage — Sun, 15 Nov 2009 20:25:51 -0600

Larry Bettag - Regional Vice President, Midwest Region

Illinois FHA Specialist

630-417-7172

An Illinois Residential Mortgage Licensee

Fighting Irish seem to be done fighting.

Larry Bettag - Cherry Creek Mortgage — Sat, 14 Nov 2009 23:07:17 -0600

Very short post here. I was bummed out and a bit disgusted here. I really wanted Notre Dame to do well this year. I'm not much of a Charlie Weiss fan, but I really felth that someting extraordinary would happen to get the Notrel Dame football team around. Here it is, not too much longer after he was hired and it appears that he's on his way out the door after loosing to Pittsburgh Panthers this evening. Unfortunately, the hot seat has been cranked up. I'm afraid that it's just a matter of time.

Larry Bettag - Regional Vice President, Midwest Region

Illinois FHA Specialist

630-417-7172

An Illinois Residential Mortgage Licensee

Donna Kelly for 2nd Appellate Court Judge!!!!

Larry Bettag - Cherry Creek Mortgage — Sat, 14 Nov 2009 22:58:09 -0600

"Bout time" is all I can say. Donna Kelly is running for Appellate Court Judge for the 2nd Appellate Court. I had the fortunate priviledge of attending Law School with Donna when we both went to Northern Illinois University School of Law. Lest this post seem like that of bias, I can assure you that I'm not on her committee nor I have contributed to her campaign as of today. I've done a vast amount of research on the candidates, but this post is not a slam post. I'm not there to bash the opponent. This post is 100% about Donna Kelly.

I haven't hung out with Donna since law school, but I did come to know Donna quite well during my three years of law school. This is important. I think that there's really no better candidate to serve the people of Illinois because of her qualities. Donna is smart and ethical, two things that has been lacking for the citizens of Illinois for quite some time now.

I will say that in many ways she's the opposite of what Illinois has seen from it's leaders (and I use that loosely) lately. Unlike some of our past governors from both parties, Donna bleeds integrity. I mean it. She's persistent, diligent, but fair and ethical. I think that what I admire most about Donna is that she'll do the right thing even if that means that others push back on her unfairly and pressure her to do the "easy thing."

I've known Donna long enough to determine that she's fair and reasonable and, mostly, that the people of Illinois will be placing integrity on the bench if she were to be elected. I would stake my reputation on that.

For more information and to find out what you can do to support Donna, check out:

www.electdonnakelly.com!!!!

Without sounding like a political commercial, I feel that it's time the residents of Illinois stand up and vote for a hard working blue collar judge who understands hard work and ethics. It'd be the breath of fresh air that the citizens of Illinois need. If you want the best of the best serving and leading us....at least check out her website. Illinois needs a great servant leader.

Larry Bettag - Regional Vice President, Midwest Region

Illinois FHA Specialist

630-417-7172

An Illinois Residential Mortgage Licensee

We Received Your Payments On Time but are Foreclosing Anyway!

Larry Bettag - Cherry Creek Mortgage — Sat, 14 Nov 2009 15:46:03 -0600

I'm really seeing something wierd going on here:

Mortgage Compaines blowing up.
Mortgage companies thriving.

Clients are making the shift. Big box lenders are so big that they're collapsing on top of their own clients.

I'm dealing with a top three lender rignt now...

As an Attorney!

I've been contacted by the client. The lender had been accepting the mortgage payments, cashing them in and, oh yes.....reporting to the credit bureaus that they hadn't made a payment for nine months and therefore the big box lender began the foreclosure process.

I've spent hours upon hours with the client getting disconnected repeatedly. I'm an attorney looking to help my client, but many disconnections....we called again and again and the bank representative gave us their name and number. Each time we'd call back and invariably each extension was invalid, or surprisingly enough, "Crystal doesn't work at this extension."....can you say....

C'mon now!!!!

I call the president of our company and told him of the fiasco. He found a high up contact in that top three fortune 500 mortgage company to investigate the my client's allegations. What's such an paradox is that they're suing a client for foreclosure claiming that she's failed to make payments. In the mean time she's provided all the statements and cancelled checks to prove that she's never been late with them. As an attorney, I've told her that she has a cause of action against this mortgage company since they they're destroying her credit by reporting he not only as late, but also in foreclosure when the proof is contrary.

But Now??? How about an Update!!!!!

The latest as of this week???? This big box today agreed....to an extent and said the following...

We acknowledge that you've made your payments and made the payments on time. We just don't know where the money is within our company.

Are You Friggin Kidding Me!!!!! That's one caring mortgage company.

"We acknowledge that you've paid on time, but we're not ready to clear your credit or stop the mortgage foreclosure until we can figure out what we did with your money?"

There's a Major Shift Gooing on with Consumers now!!!!

Mortgage Companies are shooting up the list of the top 100 even in a market when big box lenders are collapsing and more are poised to collapse, great companies are rising to the top. Why? Because consumers are begging for someone to care about them.

It used to be that consumers wanted the lowest rate on the block. Now they want a good rate, a really good rate, but for the biggest financial transaction of their lives, they'll trade a little rate to have qualified people investing in their families. They want a relationship. They don't want crappy service for a lower rate.

There are a lot of great companies out there that offer great rates and exceptional service. They might not be the lowest rate in town, but they're fair and they will create a relationship with the client that will inevitably end up with a client for life. Big box???? Transactional, not relational. I'm sorry, I'll take relational over transactional any day. It may not be the cheapest rate in town, but to the client, it's a lot more cost effective. And with the biggest investment in your life isn't it good to have a relationship as well as a point of contact?

Larry Bettag - Regional Vice President, Midwest Region

Illinois FHA Specialist

630-417-7172

An Illinois Residential Mortgage Licensee

20 Years Later - Walter Jacobson and Bill Curtis Re-unite on CBS Chicago News

Larry Bettag - Cherry Creek Mortgage — Fri, 13 Nov 2009 23:40:20 -0600

Just got done watching the CBS evening news here in Chicago. I haven't watched the news in Chicago in many years. I must say, I remember sitting at the foot of my mom and dad's bed watching the 10:00 pm news and seeing Bill Curtis and Walter Jacboson. Let's just say that it was like it never ended tonight. They even through in "Walter's perspective" a little commentary that blasted Mayor Daley's handling of the unions in Chicago and how they're forcing the blow up of Chicago, plus the loss of so many convention jobs.

Although it was only for a night, I have to say, Thanks Walter and Bill, it felt good to take a step into my past.

Larry Bettag - Regional Vice President, Midwest Region

Illinois FHA Specialist

630-417-7172

An Illinois Residential Mortgage Licensee

Wordless Wednesdays - Chili Cook Off!!!!

Larry Bettag - Cherry Creek Mortgage — Wed, 11 Nov 2009 12:46:57 -0600

When things heat up....You have a Chili Cook Off. My wife and 6 other couples and 15 kids had a Chili Cook off the night before Halloween. To say that it was a great time would be an understatement. I've never cooked Chili before in my life. I'm gourmet on the grill, but didn't make the cut for the top 3. My wife, Michelle, however, did make the top 3. To show my appreciation of her cooking prowess, I thought that I'd embarass her. It's amazing that we're still married.

Larry Bettag - Regional Vice President, Midwest Region

Illinois FHA Specialist

630-417-7172

An Illinois Residential Mortgage Licensee

Thanksgiving to the Veterans Who Served Out Country

Larry Bettag - Cherry Creek Mortgage — Wed, 11 Nov 2009 08:57:19 -0600

My dad served in the military during Viet Nam. My Grandpa Bettag in World War II. I know my dad didn't see any combat, but his experience in the military was so bad that he forbid us to go to the local Military Academy for High School.

Don't get me wrong, my dad is so patriotic. He understands the need for a strong military, but probably like others back then, probably didn't understand the need for the war and...I think any parent wants to shelter their own from combat. Even though he wasn't pleased with his experience, he's proud to be a vet and he's proud of what the military does for our country.

The freedoms we have are 100% a result of the efforts of those who fight to protect our freedoms. I'm grateful for those freedoms. I can't imagine the losses that families have experienced in losing loved ones while protecting our country and freedoms.

To All Military Veterans....thank you!!!!!

From now til the end of the year, I will waive all closing costs for all veterans that I do a V.A. loan for. It's not much, but there will be no closing costs to the veteran working with me. It's the smallest way for me to say thank you for allowing me to work freely for my country and my family. God Bless you and thank you!

Larry Bettag - Regional Vice President, Midwest Region

Illinois FHA Specialist

630-417-7172

An Illinois Residential Mortgage Licensee

Thanksgiving Treats from Campton Hills Police Department!

Larry Bettag - Cherry Creek Mortgage — Wed, 11 Nov 2009 08:36:59 -0600

Don't get pulled over and get a ticket fromt the $17,000 seat belt study. It appears that the Campton Hills Police Department will be pulling over a lot of people for seat belt violations over Thanksgiving. In an article by the Chronicle entitled:

Campton Hills to begin stepped-up traffic enforcement

see www.kcchronicle.com/articles/2009/11/09/14576137/index.xml

the author wrote:

If you're tooling down Route 64 through the Village of Campton Hills this Thanksgiving season, better have your seat belt on, your child properly restrained and do the speed limit.

If you don't and get caught by police, expect not only to get a citation, but a lecture and educational material on speeding and the use of restraint devices.

Campton Hills Police will conduct the first of five enforcement campaigns on seat belt and speeding violations during the Thanksgiving period beginning Saturday, Nov. 14, through Saturday, Dec. 5. The additional enforcement will be in areas where accidents involving serious injury and death occurred, Police Chief Greg Anderson said.

It really amazes me that the voters choose to incorporate a village, can't afford the village, are now defending a $10,000,000 dollar lawsuit against the village and now plan on exercising a enforcement campaign between November 14th and December 5th. What is most astounding is that the department received over a $17,000 grant to conduct the campaign.....wow!!!!! Now at least I know where part of the stimulus package is going. Nothing better than a seat belt ticket campaign.

So, while your thankful for all your blessings over the holidays, make sure that you take time to give thanks that the stimulus package is spending $17,000 to educate our drivers on the importance of wearing your seat belt.

Nothing surprises me anymore!

Larry Bettag - Regional Vice President, Midwest Region

Illinois FHA Specialist

630-417-7172

An Illinois Residential Mortgage Licensee

Faith Like Potatoes

Larry Bettag - Cherry Creek Mortgage — Tue, 10 Nov 2009 08:34:15 -0600

Faith Like Potatoes. Makes a lot of sense to me....NOTTTTTTTTTTTTTT!!!!!!!!!!!!!!!!

However, this past weekend I saw this movie for the first time in my life. Wow....never even heard of it, but I'll tell you this....

In today's economic lifestyle, it's so hard to find things to inspire you and make you happy. Believe me, when I went to rent this movie it was not on the premise that I was going to see a movie that would make an impact on my life. Let's just say, that I was stunned and surprised that such a great movie existed.

The most important thing to me is that I could actually be stunned that a movie could actually cause me to have a change of heart for the better in times that are so trying and challenging. Let's face it. If you were going into a time that seems so dire for individuals, families and economies, it's great to have a true story serve as a source of inspiration to motivate people to move forward.

This movie gets 5 out of 5 stars for me, for my family and for inspiration in times of difficulty.

Larry Bettag - Regional Vice President, Midwest Region

Illinois FHA Specialist

630-417-7172

An Illinois Residential Mortgage Licensee

How the First Time Homebuyer Tax Credit Looks to the Consumer

Larry Bettag - Cherry Creek Mortgage — Mon, 09 Nov 2009 10:28:30 -0600

The National Association of Realtors (also known in the industry as NAR) has a great Frequent Asked Questions communique for the consumer. Things are so different from the current version of the bill that consumers need to be aware of what this bill encompasses.

YOUR CONTRACT NEEDS TO BE SIGNED BY APRIL 30th and Closing by June 30th.

Question: Existing homeowner credit: Must the new house cost more than the old house?

Answer: No. Thus, for example, individuals who move from a high cost area to a lower cost area who meet all eligibility requirements will qualify for the $6500 credit.

Question: I am an existing homeowner. On October 25, 2009, I signed a contract to purchase a new home. I have lived in my current home for more than 5 consecutive years and am within the new income limits. I will go to settlement on November 20. If President Obama has signed the bill by the time I go to settlement, will I qualify for the new $6500 tax credit?

Answer: Yes. The existing homeowner credit goes into effect for purchases after the date of enactment (when the bill is signed). There is no reference to the date of contract for the new credit. The provision looks solely to the date of purchase, which is generally the date of settlement.

Question: I am a firsttime homebuyer but was not within the prior income limits at the time I entered into my contract to purchase on October 30, 2009. I will be covered, however, by the new income limits. If the new rules have been signed into law by the time I go to settlement, will I be eligible for a credit?

Answer: Yes. The new income limitations go into effect as soon as the President has signed the bill. The income limit and other eligibility rules will look to your status as of the date of purchase, which is the settlement date. So if the new rules have been signed when you go to settlement, you should be eligible for the credit (or a portion of the credit if you're within the phaseout range).

Question: I am an eligible existing homeowner. I have a fair amount of equity in my home. I have found a home with a nonnegotiable price of $825,000. Will I be able to use any of the $6500 tax credit?

Answer: No. The $800,000 cap on the cost of the purchased home is firm at $800,000. Any amount above $800,000 makes the home ineligible for any portion of the credit. The $800,000 is an absolute ceiling.

Question: I owned my home for 10 years, but sold it two years ago year and have been renting since. If I purchase a home, will I be eligible for the $6500 tax credit if I meet all the other eligibility tests?

Answer: Yes. Because you lived in the home for more than 5 consecutive years of the previous 8, you will qualify for the $6500 credit. For example, Say John and his wife bought a home in 2000 and lived there until 2008 when he got a divorce. Whether John has been renting or bought in the interim, he WOULD INDEED be eligible for the credit because he owned a home and occupied it as his principal residence for 5 consecutive years out of the last 8 years. The keyword here is "consecutive." As long as he lived in that house for 5 years straight what he did since 3 years doesn't impact eligibility.

Question: I am an eligible firsttime homebuyer. I entered into a contract to purchase on November 1, 2009. Do I have to go to closing before December 1? How does the extension date affect me?

Answer: You do not have to close before December 1. Once the legislation has been signed, it will be as if the Nov 30 date had never existed. Therefore, so long as the contract settles before April 30 (or July 1, worst case), the purchaser will be eligible for the credit.

Larry Bettag - Regional Vice President, Midwest Region

Illinois FHA Specialist

630-417-7172

An Illinois Residential Mortgage Licensee

Health Care Bill Passes the House!!!!! Why?????

Larry Bettag - Cherry Creek Mortgage — Sun, 08 Nov 2009 22:48:05 -0600

Social Security - - - Bankrupt

Medicare - - - Bankrupt

Medicaid - - - Bankrupt

Cash for Klunkers - - - Bankrupt

United States Post Office - - - Bankrupt

I don't care if your Democrat or Republican or whatever or whoever. This stuff scares the crap out of me. Let's be honest....the health care system is broken. It just is. It's broken and needs to be fixed. But the government?????? The track record stinks and they can't run this business.

I come from a family of doctors. My grandfather was a thoracic lung surgeon. Dad? Anesthesiologist. 3 brothers? Hematologist oncologist, podiatrist and an Ear Nose and Throat doc. I worked at an out patient surgical center for a number of years prior to going to law school.

The system's broken, but the new system will drive all the good docs out of the business. Early retirements. No incentives by a doc to provide excellent health care. Territories will come in for doctors instead of healthy competition. Needless to say.....

The government should govern....and not ruin run healthcare. They've bankrupted everything else. Everything!!!!! Not this too! Just my .02 cents.

Larry Bettag - Regional Vice President, Midwest Region

Illinois FHA Specialist

630-417-7172

An Illinois Residential Mortgage Licensee

Speechless Sundays - Niece or Marilyn Manson - Halloween Tricks & Treats

Larry Bettag - Cherry Creek Mortgage — Sun, 08 Nov 2009 21:22:48 -0600

My Niece came over for Halloween this past weekend. She decided to go as Lady Gaga, but had a lot of fun dressing up my littlle ones. While doing the work for my little ones, she, herself decided to get in on the action through a practice round. Anyway, here she is putting on makeup. She didn't know what she was, but all I saw was Marilyn Manson. Fortunately, cooler heads prevailed and she called an audible and went as someone a little more upbeat....she doesn't even like Marilyn Manson....just liked putting on the make up. She kinda looks like a racoon.

Larry Bettag - Regional Vice President, Midwest Region

Illinois FHA Specialist

630-417-7172

An Illinois Residential Mortgage Licensee

Realtor, Lender or Therapist and Counselor?

Larry Bettag - Cherry Creek Mortgage — Fri, 06 Nov 2009 13:07:25 -0600

Before law school, I went and got a Master's Degree in Clinical Pscychology. Why? Long story, but I wanted to work with teens. Two years out and just working with marriage issues and really wierd co-workers, I said screw this and went to law school. Now daddy's a lender. I've been a lender for 15 years, a branch manager and a regional vice-president of a world class company.

Looking back at the path that I was lead down, it became apparent

That a successful real estate professional is a counselor or therapist to some degree!

If you really think about it, in order to climb the ladder of success you really need to Hear & Understand people. Those are both two completely different actions. Yes...they are actions.

1- Hearing is not thinking about what you're saying next. It's not about your next pitch. It for sure "ain't about the sale, the listing, or the close." No hearing means an undivided, and uninterrupted focus on what your client is trying to pitch to you. This is pretty extreme for me. Today, I fully know why God sent me to graduate school for clinical psychology. I paid a lot of money for people to train me for two years to SHUT UP AND LISTEN! I could never let a pregnant pause occur. Ever....I hated silence. Two seconds of silence and I'm filling the gap. I realized over the past 15 years that:

The Power Remains to those who Keep their mouth's shut!

Now...I'm like bring it on. 2, 3, 5, 10 seconds of total silence....no problem. You'll get uncomfortable before I will and the client needs to know the my agenda is investing in them. That's it plain and simple. Hard to do, but well worth the practices.

2- Understanding! This is just as difficult.....really, it is! You might intake the words, but you need to process what's being communicated. My wife rips me for "not listening." I'll say yes I did, you said X, Y and Z. She say's I know your brain is a machine that can spit back whatever, but I don't know that you're undertanding me." Wow....ouch....Mr. Therapist gets slapped in the face by his wife. Guess what...clients are the same. We are so scripted in this industry that it often is rough for us to convey what a client wants us to convey. Sure we're giving the the answer that they ultimately want, but they want us to walk through the process with them.

If we don't we'll lose them and we can ultimately not be successful with the client. I've seen the best of the best master these skills. Everyone else flounders. Success is relational and not transactional.

Rates, programs, visions and problems all come across in a relationship with a client. Often times a divorce leads to a refinance or a home sale. Having the ability to meet your client where they are in life is critical to success of your business.

Pictures by www.imontvbitch.com/wp-content/uploads/2009/09/active_listening.jpg and

http://i.ehow.com/images/GlobalPhoto/Articles/4514255/understanding_Full.jpg

Larry Bettag - Regional Vice President, Midwest Region

Illinois FHA Specialist

630-417-7172

An Illinois Residential Mortgage Licensee

Reverse Mortgages Alive and Well at Cherry Creek Mortgage

Larry Bettag - Cherry Creek Mortgage — Thu, 05 Nov 2009 12:55:46 -0600

1^st Reverse Mortgage USA, a division of Cherry Creek Mortgage Co., Inc. had another record month in October. The division closed 46 loans for just under 13 million dollars ($12,786,520). Year to date, the division has originated 365 units, totaling more than $94,000,000 in reverse mortgage loans; this represents a 58% increase in growth over last year's volume. This ranks the division as one of the top 40 lenders in the country that originate and insure reverse mortgages.

THE HECM for home purchase program was introduced to the reverse mortgage industry in January of this year. It presents a great opportunity to expand the reverse mortgage product to real estate agents as another alternative for senior home buyers. As one of our growth initiatives, the division introduced the HECM for home purchase program to our client base (CCMC branches and banks) this summer. We are excited that 15% of our closings last month were HECM for home purchase, putting us on the road towards becoming one of the industry's leaders for the purchase product. The home purchase program presents a tremendous opportunity for CCMC branches to expand their full service mortgage banking value proposition to their real estate agents by educating and cross-selling the HECM for home purchase program.

While we're pleased with our growth, the community as a whole needs to take advantage of the opportunities that exist for homebuying with Reverse Mortgages.

Larry Bettag - Regional Vice President, Midwest Region

Illinois FHA Specialist

630-417-7172

An Illinois Residential Mortgage Licensee

Wordless Wednesdays - A Son's Halloween Fun

Larry Bettag - Cherry Creek Mortgage — Wed, 04 Nov 2009 13:25:38 -0600

Halloween was brutal. My son got a pumpkin that was well over 45 pounds. He had to get the biggest one on the farm. We bought it in Fredonia, Wisconsin and saved it until it came time to carving for Halloween. He was so happy that when he cut it open the hole was big enough to put his head inside. Mind you....dad had to lift the pumpkin onto his head and set it on.....I was actually afraid that he was going to fall over from the weight of it...but boys will be boys and he really wanted to do it. No trick photos here. This photograph ain't doctored in any way.

HOWEVER......

However, my son, Brett, did get revenge on the pumpkin. He took out a knife and went to work. At the end of the day he felt that he had won the pumpkin battle and gave the little pumpkin a few drinks, but quickly realized that this dude needed to drink outside. Needless to say, Old Mr. Peter Pumpkinhead can't hold his liquor as evidenced by this picture.

Larry Bettag - Regional Vice President, Midwest Region

Illinois FHA Specialist

630-417-7172

An Illinois Residential Mortgage Licensee