Q

Yes to GETTING RID OF 2/28 ARM

Q Q (Q) — Fri, 03 Aug 2007 12:55:00 -0500

Active Rain I am hyped that all of the lenders today are getting rid of the 2/28, I have never really pushed this product in the first place because what can you really do in 2 years to get a better deal? Most of the time they don't get the value anymore, credit gets worst and everything just goes down the drain. I have called everyone I know to make sure they are not on an adjustable rate mortgage.

Does anyone really see a good side to a 2/28 mortgage?

Thanks so much!

Ben

Stated Anything Might be NO MORE

Q Q (Q) — Fri, 03 Aug 2007 12:52:24 -0500

How many times have you had a client that just doesn't fit in the DTI going full doc but has the score to go Stated and Boom you get the deal done? Well that just might not happen anymore for alot of lenders if not all of them. I have been noticing alot of conforming lenders getting rid of the Stated income, No Doc, Stated everything. Does anyone have a good idea on what might be causing this? Is it because of the first sentence I said and that they don't really need that big of house?

Thanks so much

Ben

Bond Market 4.6%????

Q Q (Q) — Fri, 03 Aug 2007 12:49:52 -0500

Ladies and Gentleman it just could happen. If we reach the 4.6% in the bond 10 year market we could see the 5% fixed rate range again. I was really happy when I first started that it was down in the low 4's high 3's and you could get UNREAL Rates. Does anybody have a good website or a good blog that can give me an idea on what might happen in todays market.

Thanks so much!

Ben

2nd Mortgages are going bust with Confroming Lenders

Q Q (Q) — Fri, 03 Aug 2007 12:45:49 -0500

If you are anytype of a mortgage professional you would know that most if not ALL of the conforming lenders are getting away from doing 2nd Mortgages. Now I don't have the exact answer for this but my guess is the employement numbers that came out and everyone is just gearing up for what is about to happen. Here is an email from Michigan Mutual:

Announcement ........................#07-26 August 3, 2007

To: All Approved Brokers

Re: Urgent MMI Product Change Notice

Date: August 3, 2007

Second Mortgages

Due to changes in the Secondary Markets, Michigan Mutual, Inc. (MMI) is temporarily suspending the

Second Mortgage/Lien (Fixed Rate Home Equity Loan) program until further notice.

Loans with rate locks prior to 08/03/07 will be honored.

Please contact your Account Executive or Client Relations with any questions you may have.

Michigan Mutual, Inc.

248-203-1340

Looks like everyone is going to have to work alot harder

Accredited Home Lenders

Q Q (Q) — Fri, 03 Aug 2007 12:42:49 -0500

I just wanted to share this news cap that came over my desk about one of my favorite lenders.

Accredited Says It May Not Survive
Accredited Home Lenders, San Diego, said Thursday that it may not continue to operate as a "going concern," sending its stock price down 25% to just over $6 a share. According to the Quarterly Data Report, Accredited is the nation's 18th-largest subprime funder. The company cited deteriorating conditions in the market, including rising delinquencies and early payment defaults. During the first five months of the year it repurchased $152 million in loans and paid out an additional $39 million in cash to investors to settle loan repurchase-related demands. In June Accredited agreed to be acquired by private equity firm Lone Star for $400 million in a transaction that valued the company at $15.10 a share. There is now speculation that Lone Star will try to greatly reduce the price it will have to pay for the lender.

One of my favorite and good friends is a AE for them. I have been trying to tell him that its not going to happen anymore and that he needs to get out but I think he is finally seeing the light I told him four months ago

Ben

Back In Action

Q Q (Q) — Mon, 09 Jul 2007 11:12:46 -0500

GOOD MORNING ACTIVE RAINERS!!

Sorry for the delay but Ben has been really busy with work and finishing up school. I noticed there are alot of new faces and a couple of new updates done to the website. I am really excited about what has been happening. One I was able to meet a realor off of Active Rain and start to build a relationship with her. It has been very nice to have someone that wants to work as hard as you do.

But I wanted to say Hi to and thank you to all the people that emailed me and called me asking about me.

Thanks!~

Ben

Just ONE MORE Please~

Q Q (Q) — Fri, 25 May 2007 09:08:56 -0500

When I start to work on a new client that needs financing for a mortgage I always give them about 5-8 business cards a letter and send the person that referred them to me a thank you card. Depending on where they work or what they do is how many cards I give them.

First I make sure everyone is at ease with what I am trying todo for them, Second we go over the credit report, Third we attack the credit report, and fourth I ask them to write down three people they can think of that could use my services.

I do it like it is apart of the program and they don't think twice about it. I don't tell them they have to fill it out I just say if you know anyone that could benefit from my services please write there name down.

I learned this from my father which is not in the mortgage business but knows how to network. He tells me if you start early on a new person instead of waiting till the closing to ask you are 60% more likely to get a referral than asking at the table to pass your cards around.

Does anyone else have this good of a turn out or do you have any other ideas on how to get your clients to use word of mouth for you?

Thanks for everything

Your Favorite Loan Officer

Ben

The Most Important Thing YOU Need in Your Pocket~

Q Q (Q) — Fri, 25 May 2007 08:55:07 -0500

What is so special about a business card that people these days are going all out on them? From full color to calenders on the back of them, yesterday I had a friend give me one that had the loan process on the back, Now that was genius. But when I went to re-do mind from the plain white old fashion business cards to this new flashy blue card I have had more calls. I don't really know if it was the new cards or the design that has gotten me the phone calls but since changing to them I feel like a new man when handing out my cards at seminars, groups and anyone I know because of the great reaction I get from them. Here's a few basic cards but the new one I have is gorgeous. I feel very proud of it.

What is your take on business cards, should they be flashy, old fashion, Colorful, Plain, Detailed?

Thank you very much

Your Favorite Loan Officer

Ben

Calling All Active Rain Bloggers~

Q Q (Q) — Fri, 25 May 2007 08:48:11 -0500

Dear Active Rain

For quiet some time now I have been in the mortgage business. I started out like most loan officers do by making calls after calls on lead provided by the company. Well after a couple months into it I thought to myself there has to be a better way. So I started making cold calls on Realtors and Builders to draw up some business so I would not have to stay ever night till 8.

So here is are questions for you Realtors/Builders/Home Improvement what is the best and easiest way to get your business?

What do you want out of a Mortgage Broker?

Should it be a Two Way Street, meaning a lead for a lead? (Or can it be as soon as I get a client looking to purchase to swing it your way)

I am doing a survey and taking everyones opinions on what to do to make it the easiest I can for a real estate contact to work with me.

Thanks so much for everything

Your Favorite Loan Officer

Ben

Two Way Street

Q Q (Q) — Fri, 25 May 2007 08:40:28 -0500

In your best opinion what is the best way to earn a Realtor or Builders Business? I have tried going door to door, Emailing, Calling, Lunch, Coffee, Seminars. You name it I have done it. Yes I know I have about 5 Realtors now but I want 10 that are bringing me leads left and right. HOW do I get the top producers to even look at me? I am not new to the business and I know what I am talking about but they don't get me the time of the day. I don't talk about rates or thing like that. My MAIN Goal is to build a relationship with the Realtor or builder. I am getting anywhere from 5-30 leads a month that are purchase ready and I try to tell them about that and most are like no. SO maybe I am coming off wrong to whatnot but I think its a number game.

What do you think is the best way?

Bank Vs Loan Officer

Q Q (Q) — Tue, 22 May 2007 14:00:38 -0500

I get this question alot from alot of my friends and people I randomly meet. Why should I go with you over my local bank? Well before I jump in and tell them all about me I just ask a simple question. WHY WOULDN"T YOU? Do you really think the bank is looking out for your best interest? What happens when you don't get a loan then what? The local bank only has so much products to offer then there dead in the water. Well that is were good ole Ben comes in. I have plenty of loan programs to work with and plus I am one that works with your credit to get you into a better life.

Do you have a different selling point or is this about how you do it?

Ben

NBA Draft 2007

Q Q (Q) — Tue, 22 May 2007 13:48:14 -0500

SO with the NBA Lottery tonight who do you think is going to be the big pick? What teams are going to go first? Who will take Oden or Durant? Tough picks but very nice picks. I not a real big NBA Fan but I sure do like watching King James play. Wow that kid is golden. Well keep you tv's close cause it happens at 8:30 tonight

Ben

Working More Than One Client At A Time

Q Q (Q) — Tue, 22 May 2007 13:42:12 -0500

As we increase our production with clients we have to become very organized with know who wants what. Well I have a little system that works wonders for me to help out with the extra work load I have. I have four folder holders to the left of my desk. The first one is the prospects that are looking for a home, haven't gotten a hold of them or just fixing credit. To the right of that one is the second folder holder. These are clients that I have signed up and getting the file together. The third one is files in Underwriting and that have stips that need to be cleared. The four one is my closing and closed files. Basically I know were my money is. Does anyone have a different plan of action on keeping yourself organized? Thanks!

Moving on UP!!!!!

Q Q (Q) — Wed, 09 May 2007 10:16:32 -0500

I have been doing my part by blogging, commenting, joining groups and having people join my group.( http://activerain.com/groups/KentuckyProfessionals) But there is one thing that I have been doing to increase my points alot faster. Which I just hit the 30K mark within two months of being on Active Rain. The main reason of course is doing the 10 comments daily, ADDING PHOTO'S to Localism that I take and just making sure I create at least two blogs a day.

Is there any way you do it differently to earn faster points?

Ben

Only 5 Groups Now

Q Q (Q) — Wed, 09 May 2007 09:04:30 -0500

I noticed today that you can only post a blog to five groups today. I didn't know when they changed this but I really do and don't like it. The reason I like the fact that you can only post your blog to five groups is that you can't just blast away anymore to 50 groups trying to get reads on your blog. The bad thing is that what if you really have a great topic about real estate and you want a lot of groups to read it. Both ways I think it will make for better blogging out there.

Whats your take?

Ben

Pre-Approval Letter

Q Q (Q) — Wed, 09 May 2007 09:00:32 -0500

Do you believe in these letters today in our mortgage world since it is changing daily? You can have it worked up good with a lender but to find out that a few days later they changed the program. What a drag, But my take on this is that I try to warn and tell the borrowers and REALTORS that until we close the loan it is really not approved. They understand that I will do anything in my power to get the file closed quickly and to the loan program I had told them. Plus my Letters are very indepth telling everyone what I am doing and if the loan is locked or not.

Ben

Dream Ride Part Two

Q Q (Q) — Fri, 04 May 2007 09:54:34 -0500

Riding on 24 Inch Rims is the only way to go. I have rode in one of these with big rims and it is a very nice ride. No real bumps or rough ride. This is a 2004 Cadillac escalade hunter green witha five star 4 inch wide lip. Love it! Tell me what you think about this car. Very nice.

Ben

Another Dream Car

Q Q (Q) — Fri, 04 May 2007 09:12:25 -0500

I have always been a big fan of customs cars. I really do love the Chrysler 300C. This one has been custom with a top down. They took a normal Chrysler 300C and cut the top off to be more like a convertible. Crazy huh. Please I really do love the rims on these. Have to be 22''. Tell me what you think

Ben

Events in Town Affect Your Business?

Q Q (Q) — Wed, 02 May 2007 11:37:22 -0500

OK So if you don't know by now that I live in Louisville Kentucky you have to be new on Active Rain. But every year starting with Thunder of Louisville in late April will the week of Derby (May 5th) Business just slow down. Everyone starts to party and not worry about anything. Trust me IT'S REALLY FUN. For example today May 2nd is the Boat race. The Bell of Louisville VS The Queen. Its should be a great time down by the river. But my question is do you have anything like this that affects the who city? Trust me plenty of beer and food to go around!

GO BABY GO

Where Do I Start Looking?

Q Q (Q) — Tue, 01 May 2007 09:44:21 -0500

I have always wanted to become an investor of real estate and start flipping houses. But where do I start? What do I read? Do I take a class? Do I call on someone? Can anyone point me in the right direction. I know I want to start with little or no money and make max amount out of it. Thanks so much for the help and Im excited to get started.

Ben

My Dream Car

Q Q (Q) — Tue, 01 May 2007 09:40:22 -0500

I have ALWAYS like Range Rovers but this one blows my mind. I really do this one because it looks sick. I like how it is lowered and the nice body kit on it. This Range Rover has more than 520HP, supercharged V8 Engine. It also has a custom stainless steal exhaust system.

Tell me what you think

Ben

2007 NFL Draft

Q Q (Q) — Tue, 01 May 2007 09:36:11 -0500

So I have been waiting all week for this event to happen. I am a really big fan of following my college buddies to the NFL and supporting them as they make it big. I am a HUGE University of Louisville FOOTBALL fan. So Michael Bush, Amoki, William Gay and Kobe Smith all got drafted. So Happy for all of them. My main focus was on the 19year Defensive tackle and the running back Bush. I really think Oakland got a STEAL by taking Bush. I am just excited and now I can't wait to get that jersey with him number on it!

Ben

What is the Best State to Live In?

Q Q (Q) — Wed, 25 Apr 2007 09:05:26 -0500

I was born in Alabama but was only there for 9 months. Ever since then I have lived in Kentucky. I really do love Kentucky because it has so much to offer. You really do get to see all four of the seasons and the summers are not that crazy hot but the winters are just a little rough. There are tons of activities that you can do here in the state. Wonderful golf courses, Six Flags theme park, very nice downtowns, a lot of great bars and the industries in town are very good for the major part of the employment.

But my place I really would like to live in Florida or Nevada. Either place I know I can enjoy and have a good life.

What about your state? does it have everything you want or do you dream of living somewhere else?

Ben

Do you have a Processor?

Q Q (Q) — Wed, 25 Apr 2007 08:55:46 -0500

Ever since I started this business almost 4 years ago I didn't have a processor to help me work my loans quickly and fast. I recently just added to my team a Processor. IT HAS HELPED AND IS WONDERFUL. I can spend a heck of alot of more time out marketing, prospecting and (blogging) I never have had one till about a month ago and my business has doubled. I am able to leave the office and go talk to new clients and not have to worry about my loans back at the office not getting done.

Does anyone else have a processor for your loans or do you do it yourself. What is your technique if you have one with dealing with your loans. because I could only do about 6 a month if I really wanted to give good service

Ben

What do I do?

Q Q (Q) — Wed, 25 Apr 2007 08:43:45 -0500

What do you do when you get a client that wants to do a deal with you but just won't sign the paperwork? How do I overcome this rough part with my client? Here is the deal and you let me know what you think.

I am taking her from an adjustable rate mortgage to a FHA fixed rate at 5.75% I am paying all of her debt off and putting her into a 15 fixed. I am saving over 700 a month even by going to 15 years. I have shown her how to be debt free within 10 years and living the good life. She is only 31 years old. Now that sounds wonderful but she is so shy and it is unreal. She has shown it to 5 different people and everyone says it is a good deal but I can't get her to say ok lets sign

Am I doing anything wrong here? I have met her twice and both times she is excited but wants to wait or is scared. I keep telling her that the rates change daily and I can't promise anything.

what could be up?

Ben