I'm so excited for Bellevue's RE(mini)Barcamp which is taking place on Tuesday, October 6, 2009 from 8:30 - noon.   It's only a half day which is why this event is called a "mini".  Barcamps are a great opportunity to learn peer to peer--from fellow real estate professionals who are actively using social media with their business practice. 

At the Bellevue RE(mini)Barcamp, you'll have an opportunity to attend three sessions--each just shy of ana hour at the Meydenbauer Center.  And it's FREE!

For more information or to RSVP, please click here.  I hope to see you then!

By the way, stick around the second half of the day to participate at WAMP's Annual Award's Luncheon featuring Spencer Rascoff, COO of Zillow, as the keynote speaker and Connect Expo.  RSVP here.

How lucky could I be?  Seattle is having their second RE Barcamp this year on September 8, 2009 at the Armory (a beautiful location off of Lake Union).  Two RE Barcamps in Seattle in the same year is enough to make me grin ear to ear.  But wait--it gets better!   Hop across the pond to Bellevue in October for a "mini" RE Barcamp on October 6, 2009 at the Meydenbauer Center.  

Bellevue's REBC event is "mini" because it's only going on for the first half of the day.  After the mini RE Barcamp in Bellevue, the Washington Association of Mortgage Professionals will be holding their annual awards luncheon followed by WAMP Connect's Expo.   Mortgage orignators can come a day early and load up on their continuing education clock hours.  Last years WAMP event had about 400 mortgage professionals participating.

I'm jazzed and hope to see you at all of these upcoming events (don't forget to RSVP at the REBarcamp sites).

Or at least haggle according to Aubrey Cohen's front page article in Friday's Seattle P-I.  Would I buy a home right now in Seattle if I were in the market?  Quite possibly...especially if it's a home that I desire and if it's priced fairly.   The article states these factors for reasons home buyers interested in Seattle (I would include Bellevue/Redmond as well) should get into the market now:

• Gas Prices.  Homes located near where jobs are will have stronger values.  Fewer people are going to want to commute thanks to how much it is to fill the tank.   
• Mortgage interest rates are rising.   Glenn Crellin, director of the Washington Center for Real Estate Research at WSU states "waiting for the prices to get to their absolute lowest point while interest rates are rising doesn't mean that the purchasers are going to be saving much of anything on the monthly payments". 
• High inventory.  There are a lot of homes to chose from at lower prices.

According to this article, home prices in Seattle are only down 2.7% from a year ago; King County is down 6.2%.  The further away from "the city" you look for homes, the more the values have been impacted. 

To see additional reasons why I personally think you should consider buying a home in Seattle now, click here.

DFI was able to pass a law because WAMB trusted them when they asked if the legislation would impact mortgage brokers (this is a real nutshell summary)...WAMB apparently trusted DFI and did not investigate this matter further... so now mortgage brokers who have a warehouse line (or are correspondent lenders) are now required to obtain a consumer loan license...this will cost correspondent lenders a significant amount of money AND allow them to do hard money loans.   What a great way to protect the consumer!  Increase the cost of mortgages and license a group of mortgage brokers to venture into an area beyond subprime.

Tomorrow (I'm just learning of this tonight) there is a meeting specifically about this new LAW which goes into effect in June, in Renton.  This just appeared on DFI's site...so I'm assuming that most mortgage brokers/correspondents may not know about this and I want to get the word out.

Meeting Of The Mortgage Broker Commission To Discuss The Impacts Of SB 6471
May 7, 2008, at 1:00 p.m.
Renton Community Center, Banquet Room (100 max capacity)
1715 Maple Valley Highway
Renton, WA (Driving Directions)

Please attend and pass the word to fellow Correspondent Lenders/Mortgage Brokers in Washington State.

I'm getting more and more "spammy" contact from my account here at Active Rain.   I know this is not what AR is intended for.  If you're selling something--please don't contact me.   I don't need to be your exclusive loan originator in King County or Washington State and I'm not interested in your equity accelerator programs.   I don't want your email or phone calls and I don't appreciate being texted by spammy salespeople.  

So...just in case there was any question, my Active Rain profile is not here for the purpose of people promote their services to me by direct contact.   I'm here to be a part of this community.  If you have something wonderful to say, then write a post about it (as long as you can do so without it being purely promotional).  Educate us.  If we're interested in what you have to say, and you can do it in a non-spammy way, blog it...you just might attract a few readers instead "leads" away.

I am so honored that Tony Gallegos has invited me to join his team of Cicerone's.   Recently, Tony has recruited various mortgage professionals from across the county with different backgrounds to contribute to The Mortgage Cicerone.   During these historic times in the mortgage industry, it feels great to be part of team reaching out to fellow loan originators.   Ton'y blog all ready offered great articles that I always found informative and uplifting, now he's adding a whole new dimension with his contributors including: Brian Brady, Tyler Osby, Chris Johnson, Dan Melson and of course, Tony Gallegos.  

I invite you drop by, say hello and subscribe!

This morning I received this email from Francis, a new loan officer in seek so advise:

Hi Rhonda,

I am fairly new to the Mortgage Loan Origination industry - Certified WA State Loan Originator License #....

I am looking for directions on how best to try and get Realtors to partner with me so I can get their referral business.

Any advise?

First of all, congratulations on taking all the steps necessary to become a Licensed Loan Originator for Washington state.   Many of our Washington Loan Origination brother and sisters did not meet the December 31, 2007 deadline or have decided to opt for a different career. 

With my 8th anniversary in the mortgage industry coming up on April Fools...I'm kind of an "old dog" in the mortgage biz, as sad as that may sound.  I entered this industry after 14 years in the title and escrow industry with many agent relationships all ready established...I was extremely lucky.

Even as an "old dog", I'm still looking for new relationships.   Especially when I have really enjoyed working with an agent on a transaction.   Here are my recommendations:

1. Start with you.  What do you have to offer real estate agents that sets you apart from other Loan Originators?  Why are you unique?  
2. Who do you know?  Send out a letter or call your friends, family, former co-workers...anyone and everyone you know, letting them know that you are looking to meet real estate agents.  Ask them who they have worked with in the past that they were pleased with.  (Hopefully you all ready have your personal sphere in a database, such as ACT).   Follow up and ask if you can contact their agent and use your friends name as a "reference"
3. What type of client do you prefer working with?  Do you prefer first time home buyers? Investment properties?  What transactions have been the most enjoyable for you?  Define your ideal borrower and keep this in mind when seeking agents. 
4. Don't forget Listing Agents.  When you have a transaction, be sure to contact the Listing Agent and introduce yourself.  Many LOs go through an entire transaction never speaking with the Seller's Agent--what a mistake!  Follow up after closing to let them know you enjoyed working with them on a successful transaction.
5. Blogging.  Blogging has been a great way for me to meet fellow mortgage professionals and real estate agents and consumers in need of your advise.  I wouldn't blog alone and expect business to come my way.   This has been a "side benefit".  You can start your own blog whether it's on your own platform, like Mortgage Porter, or use Active Rain if you're just starting out.  
6. Be an expert.  Continue to learn and attend industry courses.  Knowledge can overcome being new to the industry.  I decided to obtain my CMPS in order to distinguish myself from the pack.  You don't have to have a designation to be an expert.  In fact, Barry Habib of Mortgage Market Guide will be in Seattle for a free seminar this Friday.  

I think it's important to start searching for clients (borrowers) first and real estate agents second.   Do begin with those you know and don't be shy about letting them know you're in the business of helping people finance their homes.   You must provide exceptional service or it won't matter how many agents or borrowers you meet.  

The key to a successful mortgage practice is to provide exceptional service so that you can create a repeat and referral based business.  With fewer LOs in Washington (at least, fewer licensed ones), this is a great time to be a mortgage professional.  Over half of our competition is gone (or cannot originate mortgages until they complete the licensing process).

One last bit of advise, check out Tony Gallego's blog:  The Mortgage Cicerone.  Jeff Chasin has a nice blog gearred towards helping mortgage professionals, too.  Update:  I just realized I forgot Lenderama (and I'm sure many others).

Does the Active Rain Community have any suggestions for Francis and other fairly new Loan Originators?   

Okay...I'm biased.   I should disclose that my husband works at The Talon Group.   However, check out the memo I recently received:

I just received our Mortgagee Letter from HUD announcing the details of FHASecure, the program designed to help home owners with non-FHA ARMs that have adjusted (reset) and are falling delinquent on their payments.  Since Mortgage Master, my employer, has been an FHA endorsed lender (a HUD Approved Mortgagee) since our inception, we are also allowed to provide FHASecure mortgages for home owners in need.

Hopefully home owners will contact their Mortgage Professionals well BEFORE their ARM resets.  In fact, I strongly encourage any home owner with an adjustable rate or balloon mortgage that is scheduled to adjust 24 months or sooner to take action now and develop a strategy for exiting their ARM.

For more details on FHASecure, click here.

We are in historic times in the mortgage industry.   Mortgage bonds are be reclassified to lower ratings and Wall Street has lost their appetite.   They are calling margins due and lenders are having a difficult time finding buyers for their loans.  What does this mean to you and your buyers?   

You may be hearing terms such as "credit crunch" and/or "liquidity crisis" in the news about mortgages.   Oh and by the way, it's not just subprime anymore, this crisis has spilled over to prime and alt-a products too.   Lenders are not able to find buyers on Wall Street leaving their credit lines with loans they cannot sell.   Much like a maxed out credit card, they lender is stuck and cannot fund anymore transactions.  Many borrowers were left in lurch at closing last week when American Home Mortgage was no longer able to fund their loans...this is just the beginning.  There is a massive domino effect that is taking place right now and it's more important than ever that you select a Mortgage Professional to work with your clients.   

To read the rest of the article, and what I recommend you should do for your clients, click here.