Jeff's Blog

Bond Market up - Expected rate drop today

Jeff Polonsky (loansnjobs.com and EasyWayToShop.Com) — Thu, 17 Sep 2009 12:39:29 -0500

With the bond market up 8/32 today, we can expect a slight decrease in mortgag interest rates of approximately .250 of a discount. Stocks to follow suit. This follows yesterdays positive tone but to a lesser scale.

The Labor Dept. reported over 500,000 new unemployment claims filed last week - a lower than expected number which can be a negative overall for news related to bonds.

Housing stats were also reported with an increase in starts for new home sales from July to Aug. These reports have little impact on the mortgage rates for today but good news overall.

Unless something unexpected happens, this means a relatively calm day in mortgage news and rates for tomorrow.

Not a bad time to lock if closing will take place in the next 7 to 20 days.

The Feds also announced Nationally last week to expect mortgage interest rates to rise over the next 120 days with an estimated "hold" rate to be in the area of high 6's to low 7's.

More to come -

HVCC - May 1st. 2009 - How has this impacted the Housing Market?

Jeff Polonsky (loansnjobs.com and EasyWayToShop.Com) — Thu, 30 Jul 2009 17:40:57 -0500

The National Association of Realtors (NAR) has completed an analysis of the Home Valuation Code of Conduct (HVCC) and it seems to be having an negative impact. No surprise here!!

The survey was conducted with approx. 40,000 random NAR members and the end result were response's from 3,600 members.

The analysis has shown the following.

76% of Realtors (responded) have stated that after the May1st deadline, they experienced a delay in getting appraisals complete. No surprise again!!

69% reported that this new wonderful policy increased the "close" time by more than a week.

Of these, 37% of Realtors polled said they lost sales due to these delays. 16% reported one lost sale while 20% (I don't know where the other 1% went) reported more than one lost sale.

AMC's assignments to Appraises had increased from 13% to 40% after May 1st.

Nearly half of all NAR Appraisers also reported a reduction in fees collected. Great deal for everyone here huh?

Another "no suprise here"......Its also been reported that a decrease in quality has also been reported since the May 1st. This reduction in quality was a result of reduced time to complete.

Wonder if the people responsible for this still have jobs???

NAR appraiser members have also reported a HUGE increase in assignments in unfamiliar geographic areas. Did these "gurus" not see this coming???

The people that are trying to make things "better" for the customer are the wrong people for the job. It really seems that little "logic" was used when implementing these new procedures.

71% of these Realtors that were polled also noted a HUGE increase in the use of "out of area" appraisers.

How can these appraisers do a quality job when they are first, not given the proper time and 2nd, doing appraisals in areas they may not be familiar with. Overall, the changes that are being made will certainly make things worse in the short term. Lets hope some good does come out of this in time.

Ok, Ok, lets not even get into the Cash For Clunkers deal!! 20,000 dealers across the Nation with $4500 per car ($3500 in certain circumstances) would come out to only 12 cars per dealer. the dealer has to destroy the cars but the 1Billion allowed for this program only gives money for 12 cars per dealer. Most have already exceeded this 12 cars per dealer. Oppsss...........Now what??

Jeff

SHOW ME THE MONEY!!! $8000 First Time Home Buyer Credit

Jeff Polonsky (loansnjobs.com and EasyWayToShop.Com) — Wed, 01 Jul 2009 14:55:33 -0500

They said we can offer it. They said it was available. They said "it's a good thing". They said its here! Please correct me if I am wrong. We see nothing!! Does it really exist? Seem lots of lip service and little else.

As of today's date, of the 100's of lenders we communicate with, not a one of them has this credit to offer.

Sure, the current administration says it's so. But not the lenders. What many may not realize is although our government has approved this "program" they have left it up to the individual "lenders"/"lending industry" to develop the programs to offer this credit.

This $8000 has been approved to be used towards the down payment of a new home for a first time home buyer in anticipation of the tax credit and subsequent refund to the borrowers.

Ha! The lenders have been left with the task of putting together a program that will allow them (lenders) to "lend" $8000 to the borrower to be used towards the purchase with repayment due upon receipt of the tax refund - Lets just say the lenders have not been lining up!!! As of now, not a one of the lenders we have spoken with have introduced a program that would accommodate this "credit"

This whole program is simply not present in our lending community today. Maybe someone should tell our, well, ....................................... you get the picture.

This is working just about as well as when this same "group" of "thinkers" told the American people that if you need help with your house payments, best to get 3 month's behind otherwise we can't help you. That worked well. Lenders always feel great about lending to people that are 3 months behind.

Next your going to tell me someone will give me $4500 for my gas guzzling car made no later then 1984 in trade credit towards on a new one with better gas mileage. Don't say no one ever warned us.

Update - Home Affordable Refinance Policies Change

Jeff Polonsky (loansnjobs.com and EasyWayToShop.Com) — Fri, 26 Jun 2009 11:21:42 -0500

In an attempt to broaden the market for refinances (due to the fact that many who have the need do not qualify) Fannie Mae has made the following announcement -

This change is in an effort to increase the population of eligible borrowers for the Refi Plus manual and Desktop Underwriter options and provide more lender flexibilities which include:

As quoted from Fannie Mae' recent published info -

"Adding existing loans with various forms of credit enhancement other than borrower-paid mortgage insurance coverage to the pool of loans eligible for Refi Plus (DU or manual). Loans with lender-paid mortgage insurance coverage (which are already eligible for the manual Refi Plus option) will now be eligible for DU Refi Plus. Loans with credit enhancement that is necessary to meet Fannie Mae's minimum requirements for loans with LTV ratios exceeding 80 percent remain ineligible.
Allowing more flexibility for lenders to optimize our manual and DU Refi Plus options. A lender that is the servicer for the existing loan will be able to use the manual Refi Plus option if the refinance was already underwritten through DU, as long as the loan case file:
The scenarios under which servicers of existing loans may use the manual Refi Plus option will be identified by new DU messages implemented in the DU Version 7.1 June Update release the weekend of June 27, 2009".

In the past, we have all heard and seen attempts to put the industry "back on track" with much fewer then expected results. The many recent announcements within our current administration have made several statements re: people that are "behind at least 3 payments" can benefit. Many of us in the industry have found that this has done very little to help. Others may disagree. This is not meant to cause a debate about the current administration but rather to get people thinking.

If you have seen areas that have helped you with your continued success, please feel free to share and best of luck.

Home sales down .6% in May - National numbers in - Time to Re-Think 4 Sales

Jeff Polonsky (loansnjobs.com and EasyWayToShop.Com) — Wed, 24 Jun 2009 12:34:22 -0500

Doing what we did in years past simply does not work in today's market. Are you frustrated with lower rates, lower home prices and slumping sales? In this market, sales should be UP! How to do it is the question.

Please keep in mind that the following is simply based on statistics alone. Nothing re: "sub-prime" borrowers that follows is meant to be negative towards "sub-prime" borrowers but statistical facts.

The straight forward approach that we all used when the market was going strong is simply not going to work today. Don't allow logic to come into the picture. If you understand what's going on in today's market, you know that logic plays a very small part. The time is now to re-think your marketing strategy.

It's estimated that the number of foreclosures that have occurred to date are, for the most part, borrowers who were statistically headed for foreclosure anyway. The 2nd wave of "bad" news is on the way. People with good credit and income are now facing the same fate. They do have options. Options that can be found outside the normal way of thinking.

The "2nd" wave of possible foreclosure bound borrowers are quite different from the "1st" round. These borrowers have good income and credit. They don't have a track record of missed payments and are statistically not coming out of a "sub-prime" mortgage. These borrowers can get help in more ways then most think.

The problem with the "2nd" round is, in many cases, more simple and controlable then those that came before them.

Again, this is not in any way intended to put any negative light on the "sub-prime" borrowers but rather identify the difference between the two and make some changes.

Statistically, many involved in the "2nd" round have taken a beating with current 401K's or investments. We can and have turned many of these "2nd" round borrowers into investors. When the numbers work, we have taken these borrowers and re-financed the current mortgage they have. We then either take out equity or money that has not been "working" for them and they have taken advantage of the much lower home prices that we all see today.

If you simply sell a home and buy another one, you are going to take a beating on the home you sell which makes the new pruchase "relative" and not that great of a deal. If you are simply buying a home without selling one, the benefit is far greater.

In a nut-shell (that's funny, this is a long nut-shell) if you spend more time on investor sales then on "new" sales, your numbers will go up. If a borrower has a home that they want to sell in this market and take a $50K hit, then buy another home that has taken a "hit" its not a great deal. If your client is only looking to buy and not sell, the costs savings are much better.

With home sale slightly up and new home sales down, its time to re-think and focus on the investor. We are doing this and when the numbers work, so does the deal.

You can do it on your own or we can do it together. Either way, best of luck and hope this helps in some way.

Realtors Wanted

Jeff Polonsky (loansnjobs.com and EasyWayToShop.Com) — Tue, 23 Jun 2009 16:04:22 -0500

With Summer starting and buyers out "looking" now is the perfect time to develope some new relationships. Realtors working with Loan Officers and Loan Officers working with Realtors can make a great team.

New loan programs, new guidelines along with lower home prices and more motivated sellers equals a great opportunity for a "team" to not only be able to better service the clients and offer great rates, but a great time to form those ever important long term relationships. We can test each other. See that we work good together. Form a partnership that will benefit us all in the short and long term.

Being a direct bank as well as a broker, the opportunities are endless. With current turn times in the industry hitting 45-55 days, as a direct bank we only underwrite our own loans for our company. We have turn times still within 72 hrs. for underwriting and when you, as a Realtor, have that deal that just needs to get done fast, we can do it. In the last two months, many deals have gone South because they took too long. Not the case with direct banking.

Anyone in the State of WA open to developing new relationships, please let me know. With the wide range of products we can offer, under these "times" we are dealing with, the higher % of loans that get done means the higher volume of homes that you can sell. Its a win win.

We also put together raffles and fund raisers for your small business or charity. We pay for all and 100% of all proceeds go to that charity.

10% of my personal profits always go to a charity. Working together not only is a win win, but the community wins also.

Never really will know until you give "us" a try.

Loansnjobs.com and check out our FAQ page.

Nothing is out of reach if we are all willing to put in the effort.

Warm and Fuzzy

Jeff Polonsky (loansnjobs.com and EasyWayToShop.Com) — Wed, 03 Dec 2008 11:03:16 -0600

Seems that's the way people on this site like it. "It's not my fault?" "It's the economy?" "I don't know anyone doing that great now?"

They all work. Don't let anyone tell ya they don't. Any excuse really will work if it makes you feel better.

If you go through this site like I do from time to time, do you ever notice that the only "posts" that seem to catch the "eye" of the reader are the warm and fuzzy ones. The ones that may bring moments of entertainment, but will never do anything for your business.

I challange anyone to "throw" out a challange and see what happens.

Working in an Industry filled with soooo many "leased" Lexus, BMW's and "your car here", with so many wearing that "suit" you're still paying off at 17% over the next year while drinking your latte (also paying for it at 17% over time), its sometimes hard to spot the ones that really make a difference.

They're usually the ones in the 2001 Camry, wearing a modest suit and have "family" responsibilities. The quiet ones. The ones that do more listening and less talking (now that's funny coming from a guy that's doing all the talking now)

Anyway, the people that get it will get it, those that don't never will. Why make things complicated when they're not.

Now the tone of this post may sound "negative" but my observations here are the only things being detailed in writing. Not my personal attitude. Again, some will get that, others will not.

More then ever, in this market, it's vital to stay positive and always treat others as you would like to be treated. Always! They guy in front of you at the supermarket may just be your next client. I understand that and practice that daily. This post is simply an observation of the things I see while reading posts.

Everyone wants to do better and they seem to think that "next" customer will be calling anytime - you know, like the old days - Thing's are different now and although this is a great place to come for a break and look around, remember the "basics" are always the best place to start.

Recap of the last 90 days interest rates -

Jeff Polonsky (loansnjobs.com and EasyWayToShop.Com) — Thu, 23 Oct 2008 11:22:17 -0500

In the old days (6 months ago), the ARM was the ideal loan for short term and low rates.

Check out the graph below and see how the 5/1 is doing. If this trend continues and if you look at the far right side in Oct. on 30 year, the rates are getting better as expected.

If your customers have been waiting for the rates to move to do something, now is the time. With the election a few weeks away, the uncertain market and the economy overall, now is a great time to urge your customers that have been looking and waiting to do something.

If you notice as I have, the ARM products are not the sellers in this market. 30 yr. fixed rates are far better as we all know and now they are actually much better than the ARM. Get the word out to your customers.

If we all take the negative in the market and turn it around to a positive, we will all get through this. If you think about it, it has been a long time since we have actually had it this good.

Home prices are low, rates are low, lemons to lemonade and all that.

How to get 100's of people to comment on your post - At least that what it said!

Jeff Polonsky (loansnjobs.com and EasyWayToShop.Com) — Thu, 23 Oct 2008 11:06:37 -0500

I recently looked at a post with a similar title here on ActicveRain. I noticed in reading the post that the information I found inside was similar to others that got far less views.

I decided to search around ActiveRain for a while to get an idea of what types of posts get the most "views" - and to my surprise, I found that the most views came from posts that really didn't have anything to do with our industry. Just posts that give us a place to go and escape for a while.

In this market, many of us can not afford to go on a vacation. Going to a warm and fuzzy post may just give us the "mini" vacation that we need. Its free. Its fast. You can leave anytime. Your mind can escape and put you in "another" place. A place to relax and forget about whats going on.

It's funny when you think about it. These posts, in many cases, do actually get our minds off things and allow us to time to "relax" and just be. It's the post that get down to business that are overlooked it seems. If you wanted to find an informative post, look for the ones with the least amount of comments or views. That's funny!

Just some thoughts.

how to get 100's of people to respond to your post - Thats what it said!

Jeff Polonsky (loansnjobs.com and EasyWayToShop.Com) — Thu, 23 Oct 2008 11:01:52 -0500

I recently looked at a post with a similar title here on ActicveRain. I noticed in reading the post that the information I found inside was similiar to others that got far less views.

I decided to search around ActiveRain for a while to get an idea of what types of posts get the most "views" - and to my suprise, I found that the most views came from posts that really didnt have anything to do with our industry. Just posts that give us a place to go and escape for a while.

It's funny when you think about it. These posts, in many cases, do actually get our minds off things and allow us to time to "relax" and just be.

Just some thoughts.

Raw meat for hungry Jackers -

Jeff Polonsky (loansnjobs.com and EasyWayToShop.Com) — Wed, 08 Oct 2008 10:40:23 -0500

Over the last 7 or so weeks I have been putting up these blogs for all to see. Many have called me and claim the things I post DO NOT WORK. Why this and that are bad ideas. Every excuse you can think of.

I have been mocked, yelled at and told some pretty good stories.

I welcome it all. If I could not do the things I write, I would have concerns. If I have not already done the things I post, I would be really concerned. Any excuse will work.

I always welcome the negative. That's one way we learn. But all I ask is if you choose to mock, tell me why everything won't work, then simply prove me wrong - Actions speak louder than words!. I have no problem earning your trust.

If you choose to comment, then put your money where your mouth is is all I ask. I will.

Rather than complain why everything does not work, do something about it. I am not trying to say that I am the answer to all your problems. That I am some "special" guy that can do anything. Just the things I say. Certainly no less.

When I put something out into the Active Rain community, like clockwork, I get all kinds of calls. Each call sounds pretty much like this -

"Hey Jeff, I read your blog on ZXY - you're cocky. Everyone is doing the things you say. We are working on these things. You are not telling us anything new."

Well, either many of you are miserable because you are just selling so many homes and have so much money and time you just don't know what to do with yourself or, your not.

I've got pretty thick skin. If you don't like what I write, I have no problem with that. But if your going to comment or complain, back it up. That's all.

We are all here to learn, make contacts and hopefully get some business. Not a one of us has anything to benefit from being negative.

I put my money where my mouth is. You will be the first one to hear I'm wrong when I am.

As many of you seem to think I'm crazy and you actually take your productive time to call me with negative comments, then you are the type of person that would take great pleasure to uncover my inabilities and show all I'm a fake. I'll take the chance. Will you?

Look at all the posts on this site. Look at the ones with the MOST comments. See a trend? I do!

My e-mail is jeff@eslending.com to make things easy for you.

Good luck to all and thanks for reading!

Fake it till ya make it!!!

Jeff Polonsky (loansnjobs.com and EasyWayToShop.Com) — Tue, 07 Oct 2008 11:02:23 -0500

We've all heard it before.

Why not take this time when things are slow to re-think the basics. No matter what you're selling, the basics are usually the foundation to all success. As we get caught up in "life" it seems the first things that go are the basics.

I recently noticed during a meeting one of the customers in the room was a "watcher". They looked at everyone. Body movements and how they spoke. Everything. It seemed that everyone in the room was "interviewing" for this person and didn't even know it.

We have two ears and one mouth so listen twice as much and talk less. All things we have heard before right? Well after this meeting, I spoke with this person and asked him what he was "watching"? He says to me, "I was looking for the Realtor I am going to use to list my home and help me find a new one!

Wow, pretty cool stuff. How we act in normal day to day life can have a HUGE effect on not only our personal life, but professional as well.

The "needy" looking people were glossed right over, the ones that were "stuffy" "didn't get a second look" he told me. "It was the 2 that looked as if this market was on fire that got my attention. They were confident, self assured and looked like they were movin-on!" (as it turned out, these two people were in the bottom half of the"sales leaders") - One very new and the other, a veteran, was out of the "game" for almost a year and was making A"come back"!

If any of you are single, or have gone through a divorce you may relate to this. When you're out on "the hunt" looking for a mate, have the spear in your hand and you're aggressively hunting - have that look in your eye................. usually nothing happens. It's when you put your guard down, stop the "hunt" and just be you that something usually happens. Well, the same holds true in this case. The term "fake it till ya make it" came to mind.

The customer is scared in this market. They look to us as they would a doctor when they're ill. We know our market and have the best interest of the customer in mind. We're educated! We follow the market as it pertains to us!

The media has turned our customer into a timid one. We're here to give them Real Estate "therapy" and they need it.

So next time you're out and about, stop and think how you come across to others. Do you look like the successful Real Estate professional they are looking for?

Sometimes, when you're living your life, you too will be observed by others and not even know it. You may be interviewing for the next listing or sale that could really help about now and not even know your being interviewed.

As always, thanks for reading!

Jeff

Dow responds positive to possible pending bail out deal

Jeff Polonsky (loansnjobs.com and EasyWayToShop.Com) — Thu, 25 Sep 2008 14:25:48 -0500

Despite what is happening in the market today re: our industry, industry professionals still maintain that home ownership is still the best investment Americans can make. Despite falling prices overall it is still the best investment you can make.

Many homeowners think that wealth accumulation is to re-fi out equity every few years and that way of thinking simply does not work " Taking out cash on constant refinances is not the route to wealth".

As it seems at this very moment, the bail out is going to happen and Wall Street seems to think the same way. We may be a long way off from getting this thing fixed, but it appears as of now, that the powers that be seem to think its going to happen.

What that means to people like us is this - more waiting. Waiting this thing out, if possible, should end up paying off.

Sure many of you may disagree and rightfully so, but if the trend on Wall Street proves to be correct, we may just very well be on our way - Our way out of this mess.

We can all hope!

Thanks for reading

As always, please check out www.easywaytoshop.com and request to be added to the directory, Its free! Its good business! Space is limited.

McCain suspends campaign, McDonalds turned down for fryer update loan! The latest in fryer technology will have to wait? So will Obama ths Fri. Possible debate delay!

Jeff Polonsky (loansnjobs.com and EasyWayToShop.Com) — Wed, 24 Sep 2008 15:25:33 -0500

McCain suspends campaign to go to DC. Asks Obama to do the same. McCain wants debate postponed. And on top of it all the McDonald's news. That's a lot to take in one afternoon.

Wall Street today, Dow is down, S & P is down and to top it all off, McDonald's applied for a loan to update the fryers in all restaurants and got turned down. Whats the deal?

Good credit risk? Bad credit risk? Does it matter anymore?

80% loan weather re-fi or purchase - Assets in the bank and huge monthly income with a DTI of 40% or less. That's the target market for a loan today?

The one bank that still did SISA N/O/O investment loans just froze the program. Loans can be done. We still do them but the numbers are slipping as to the ones that get through.

How about some positive feedback? I hear of all the doom and gloom and it's hard to sift through and find the "silver lining" so enlighten me please, anyone.

I know good news in out and about - it seems as thought the media never got that memo.

I know it exists.

Investors! Have lease option tenants - need to sell the homes so they can move in!

Jeff Polonsky (loansnjobs.com and EasyWayToShop.Com) — Wed, 24 Sep 2008 14:06:04 -0500

As investors, how cool is it when we get a great deal on a home and finally get it leased out? When we buy investment homes that we plan on keeping, isn't the best day the day we rent or lease them out?

I have taken a reverse approach on finding investors for a new project. I have signed contracts with a local builder to sell (refer the sale to the builder actually) for 20 out of 140 homes at a great discount. No fees to pay, marketing, commissions etc so the price reflects this.

I get incoming calls from prospective lease option tenants (prospective) and need to find buyers for the homes in order for these people to move in. These people are doing a two year lease option at a pre-determined price (the system is in place but as the owner, you do what ever you like).

I advertise all the time for lease to own tenants for these homes. I do this so that when an investor wants to buy the home, someone wants to move in. It does not always work like this but that's the main goal.

Being a buyers market, we all know that key is "buy low and sell high" - no secret huh? But does it always work like that? Not when you bought high and are trying to sell now (low).

Investors (or people that do not need to sell a home first in order to buy) are in the drivers seat in this market. The flexibility to buy when prices are low.

Any takers to learn more? The only thing you have to loose is a bit of time!

The system is in place, the homes are in place, the process is refined. If buying is your thing, I hope to hear from you. If you have anything to add, ideas, what works, what does't, things you want as an investor, please let me know!

Thanks for reading!

And as always, please go to www.easywaytoshop.com and request to be added to the directory. Its free. Its good business and space is limited! Tell your friends!

Foreclosure at the court house vs. Sheriff Sale Need Advice!!

Jeff Polonsky (loansnjobs.com and EasyWayToShop.Com) — Wed, 24 Sep 2008 13:42:00 -0500

I was at the foreclosure auction on Fri and something came up that I have not heard in a long time.

In past years, a typical foreclosure (under certain circumstances) the person being foreclosed on had the right to purchase the home back within 1 year. I was under the impression that at the foreclosure sales at the court house, this was no longer the case.

In speaking with a person that recently attended a Sheriff's sale who bought a house, they were told that the person being foreclosed on does in fact have the right to purchase the home back within 1 year.

The obvious questions started to pop in and out of my head.

What if the buyer sells the house within 1 year? Makes a profit then the person who lost the home wants it back within that 1 year. They pay what it sold for at auction. The new buyer sells for a profit. What happens to the person that bought the home from the person that bought it at the Sheriff's sale?

Does anyone have any insight on this at all?

I am always looking to keep on top of the changing rules and regulations and any help would be appreciated.

As always, thanks for reading and check out www.easywaytoshop.com and request to be added to the directory. Its free! Its good business! Space is limited to 25 vendors per profession per state.

The ad seemed simple. Realtors are a tough nut to crack - LO seeks effective nut cracker!

Jeff Polonsky (loansnjobs.com and EasyWayToShop.Com) — Fri, 19 Sep 2008 01:29:28 -0500

As many of us go through our daily routine in this business, we realize that what worked yesterday may not work today.

Many of us have gone to the "guru" seminars and have applied the principles we learn. Do they work? Are they effective? Who do we ask when we need help? What we learned at the "big" one last year may not be relevant today!

I was once told that if you live your life to the fullest, the day you stop learning is the day you stop living. Well, I'm still alive and the learning continues.

Over the years of learning and in my book, I have only taught what I have done that I know works. Certainly I speak of the things that don't work and what to stay away from. Re-inventing the wheel and all that.

So as I am sitting here, I realized this. Although......... like many of you, I am involved in "continuing education" and always willing to learn. I was approached by a "new" guru with promises of riches and much hype and it usually goes like this - today, if you act now, for a limited time, yes you...............I mean you make the call.

For a small monthly subscription and a one time fee, we will give you the world. Just send us your money - Well, much money has gone out over the years and today it hit me, why not get the information straight from the "Realtors" mouth.

I seek your advice and help!!

The help that I seek is obviously for myself, but also for those who I train and work with.

Q: In a perfect world, what is it that a Realtor seeks in a LO?

I am not looking for the "one" thing, but the "things" that would make your life easier. The things you have always hoped for in a LO when the loan process begins. Things that would make you say "wow, that LO really knows what I want and gets things done".

On the surface, that may seem like an obvious question. But in order to really get the job done and serve you, the Realtor, the particulars may be different from Realtor to Realtor. Long term relationships and a mutually beneficial relationship is the goal.

In advance, I thank you for your input and advice.

As always, please go to www.easywaytoshop.com and check out the business directory. Its just good business. Request to be added. Its free. It advertising. Its a good idea.

Loan officers to Realtors, if it works it works - Times R a changin!!

Jeff Polonsky (loansnjobs.com and EasyWayToShop.Com) — Fri, 19 Sep 2008 01:24:09 -0500

What I have proposed in the past works. It simply does. Although I live in WA State, the"training" that we have spent thousands and thousands on work. Not all of them. But many do. It's safe to say they work in all states.

I am not sure about you, but as a Loan Officer for 10 years now, I have noticed that things are just not what they once were. Things have changed.

We went from maybe 2 or 3 loans a month that we could not close (in the past) now to 15 or 20. The qualifications have changed for the borrower. The banks have changed the way they do things. When 15 out of 20 would qualify for a loan in the past, now only a small % of that number qualify.

The things that you have done in the past to get business don't always work today. Low LTV, home prices lower, your customer wants to do a rate and term on a loan they got two years ago and the LTV is 95% even though they may have put down 10%. We need to change the way we think. The things we do.

One such way is to turn your focus towards "Realtors" - not just in the way you have in the past, but to think in layers. Not just on the surface as maybe you have in the past. By that I mean this; in the past, many LO's knew of the need to get in with a Realtor and work on a relationship. That's a good thing. But now much more is involved.

Today, with the market in its current condition, if your sales are down, chances are so are your Realtors. If they are not selling as much, no matter what you do, that source of "leads" either has or is drying up.

Let's take things to the next level with Realtors. Have you ever thought about going out, using the resources that the Realtor has and help them increase the business flow for them. Help them get more buyers and sellers.

Do more then you have in the past and show them a way to get the sales and, by default, you get the loans. Sure, its an extra step no usually taken in the past. We don't live in the past, we live in the present. The past efforts don't always work in the present.

It's time to take advantage of this market and not to be a statistic. Since the start of 07, after the new licensing requirements, the number of LO's in our state has fallen dramatically. The customers they would have gotten are up for grabs now. Don't let the other guy get um!!

If you look at what other LO's are doing, turn around and do the opposite. Things will change.

Now more then ever the "gurus" are out in force. But if you're like me, you have noticed that not only are the "gurus" out in force, the price to "learn" from these guys has risen as well.

Get hyped when you're at the seminar, get home and get ready to get ready. "It's a process" we say. I'll start tomorrow. By the end of the week, the hype and adrenalin has gone. So has your money.

I am not saying they are not worth the money. I am not bashing the "gurus" out in the industry. What I am saying is that identifying the things that work can and will take time, and, if done properly will usually cost money. Lots of money.

If you are not closing several more deals per month then you used to, you are simply not capitalizing on the market. They re-fis, the purchase loans and the Realtor deals are still around. The one thing that has changed is far fewer LO's are around to do the job. That means more for you. Are you getting your share?

After going to every seminar around for the last 10 years, I offer this as food for thought!

Don't expect new or better results with the same efforts. Doesn't work that way. Watch what every other LO is doing and do something different.

That's what we teach, thats what we do and my hope is that you all do as well.

Realtors have an endless source of leads for us. You just simply have to make them a viable lead for the Realtor first. You come later!

Good Luck!

No catch, no nuttin. If you'd like a free LO marketing e-book, drop me a line. You can check out the e-book at www.loanofficerlibrary.com - This is not a sales pitch. Do NOT buy the book. I will send you a copy for free. No strings. No sales! No catch! If it helps, great.

Thanks for reading and as always, check out www.easywaytoshop.com and drop us a line to be added to the directory - No charge! Site launch 2nd quarter in 09

The Iron-clad Loan Pre-Qual - Not so much!

Jeff Polonsky (loansnjobs.com and EasyWayToShop.Com) — Thu, 18 Sep 2008 14:00:43 -0500

Food for thought.

In the last month, we had 9 particular loans that were originally pre-qualified with the lender. During the loan process, program changes had taken affect and these 9 loans were no longer approved with these particular lenders. In 3 of the cases I am aware of, the loans had already been locked.

This has been happening from time to time over the last year or so, but this last month, we hit an all time high. This is not to say we didn't get those loans done, I believe in all cases we did. Just something to think about when your working with your Loan Officer.

I realize that not all "problems" can be blamed on the bank. We as loan officers need to take responsibility for our actions, and one way to do that is to learn everyday about the changing programs.

What we knew last week may not apply this week. Keeping on top of the changing programs is our job.

Many of the Realtors out in the business are very knowledgeable about the loan programs, so what I am mentioning is just a simple issue to keep in mind.

A Realtors Point of View -

Jeff Polonsky (loansnjobs.com and EasyWayToShop.Com) — Thu, 18 Sep 2008 12:14:31 -0500

As a loan officer, we hear and see some different things then a Realtor may. Likewise, as a Realtor you will see and hear different things than a loan officer.

I have voiced many opinions and thoughts. I have read many opinions and thoughts. Now, I have some specific questions to Realtors that I am hoping are not only helpful to me, but others who read this.

I realize that not a one of us has a Crystal Ball and the speculation is flying everywhere. The point of this is not for a specific answer, but opinions that may give myself and others a different perspective than we currently have.

I realize that some of these questions seem like the answers can go without saying, but other perspectives on the same topics may bring out other views in people.

Q: Where do you see the market going - Sales vs. Purchase?

Q: How long do you anticipate the current conditions to look as they do?

Q: What is your thought on how the current stock market conditions - and how they dictate our industry's ups and downs - if at all?

Q: What are you seeing as being the biggest "hurdle" for your buyer?

Q: What are you seeing as being the biggest "hurdle" for your seller?

Q: Are your buyers more interested in 30 year fixed loans or ARM's?

Q: Is the location still as important as it once was or is the home itself/price?

Q: I have heard that when the market turns/settles, the home prices at the time of this "turn" will settle down at prices that are 2-3 years prior. Ex. When the home prices go back to "normal" and "settle", lets say in 2009, they will increase in value to 2007 prices - Your thoughts where the prices will settle in at based on past values.

I would just be curious to hear some of your thoughts on these things as well as any others you can add.

Investors Demand more! We have the answer!

Jeff Polonsky (loansnjobs.com and EasyWayToShop.Com) — Wed, 17 Sep 2008 13:31:58 -0500

I have been investing in WA real estate for several years now. I identify my properties every Wed., view them on Thurs. and go to the Auctions on Fri. What I have found in speaking with many investors while we stand in front of the court house seems to be a common theme these days.

What I have found is this: Many investors have said that with all the "opportunities" we have these days with he increase in foreclosures and people just needing to get out, we are all still sitting here in the (sometimes rain and cold) all bidding on the same "prime" deal with huge competition.

As many of you know if you go to these auctions, the "one" you really want is also the "one" the other guy wants as well. Also, in many cases if you like the deal you have to take what and where it is. No options really when it comes to the "deal". Many investors have told me that they don't always like the location (city, neighborhood etc) but it is what it is.

Our solution is this.

Over the last several months, we have put together an investor group "list" of over 95 investors in WA State. Once per week, we send out e-mails asking for requests on - where? What? How much? etc. for our investors and we then take a completely different approach from the "norm"

Rather then go to the auction and hope you are successful, we try and find what you are looking for (as close as we can get) and only let you know about the particular property that you made a request for.

Your competition is very limited (unless others have requested the same basic particulars) and your options are endless. This is a very hard and time consuming process and we can not always get what you want, but we get close.

We also have a lease option program that allows for very flexible opportunities in some cases. With many of the homes we find, we do the best we can for the customer while doing the best we can for the investor. A win win for all is our goal while getting you the best price on the property.

We also advertise these lease options when we can and in many cases have a tenant for you after your purchase.

Non-bank financing programs exist as well without having to pay the normal 4% short term fees along with, in some cases, a 3% Realtor fee. This is not to say we do not have the "normal" opportunities as well which include working with a Realtor.

So if any of you have requests, comments or additional thoughts to make this system better, we welcome the input. To submit requests or to hear about our New Construction master planned community for investors with good cash flow and built in equity, please let me know.

Thanks for reading and as always, please go to www.easywaytoshop.com and request to be put on the business directory - No cost! Good advertising! Good business!

The Market today - .5 to .625% hit Barclays withdraws - Now they are back?

Jeff Polonsky (loansnjobs.com and EasyWayToShop.Com) — Tue, 16 Sep 2008 15:14:27 -0500

The market seems to be going crazy today. Sunday, it was announced that Barclays PLC withdraws bid to buy Lehman Bros. investment bank. I just heard now that they are back on.

The way things are going in this market, the sky is falling one day and the clouds part and its a sunny day the next.

Anyone have any different news on this potentially huge news?

Today Feds say no to rate cuts and things are ?????

The one with the crystal ball wins.

Any thoughts are much appreciated.

Is Sequim, WA hot or Not? Investors are on the move -

Jeff Polonsky (loansnjobs.com and EasyWayToShop.Com) — Mon, 15 Sep 2008 13:37:59 -0500

I have been working with a builder now for about 3 years to try and put together investor deals that create possitive cash flow on new construction. No something that usually happens.

Since many of you have access to data that I do not, any input is welcome.

We have an investor group in WA that usually goes for Short Sales, Foreclosures etc. and with the market the way it is, it seems that our investors are demanding more these days.

In the old days it "was what it was" and it "was where it was" and the investor either liked the location and bid or they did not.

In order to make investor sales, I have found that location (which was always important, just now more than ever it seems) is more important in many cases then the "deal" itself.

Sitting in on an investor meeting the other day, I was starting to see this trend unfold. The inventory for investors seems to be much greater than in the past and the needs of these investors in many cases is harder to meet.

Overall, what I am hoping for here is your opinion. What do you guys think about what I have said? Are you seeing this as well or am I just not getting out enough. Finding the inventory in the areas these investors are interested in is possible, but a bit harder than just going where the deals are.

In some of my past posts, I have either gotten calls or comments that have been very valuable to me and my marketing efforts. I am hoping for the same here.

The opportunities in Sequim WA on new construction are abundant to me with significant price reductions. Is this something that any of you have thoughts on? Pro or Con.

In the last several months, I have noticed that many people who would like to buy are not willing to sell the current home for such a "loss" as they call it and as a result, are not buying. They want to buy while prices are low but don't always want to sell. What has your game plan been and how is it working?

As always, your thoughts are appreciated and welcome.

Read at your own risk -

Jeff Polonsky (loansnjobs.com and EasyWayToShop.Com) — Fri, 12 Sep 2008 11:55:25 -0500