Tony Gallegos - The Mortgage Cicerone FHA /VA Training Solutions

Replay of NAMB FHA Webinar - Explaining RESPA/ GFE Reform

Mortgage U - Advisory Services and Training — Wed, 02 Dec 2009 23:29:25 -0600

For those of you unable to attend or listen, attached is the 12/1/2009 video webinar hosted by NAMB addressing three main areas of regulation and updates that mortgage brokers must be aware of and be prepared for 2010.

The purpose of this particular NAMB / HUD webinar is to give mortgage brokers a high level overview of the general changes that they need to be aware of.

Expert Panel:

Vicki Bott – HUD Deputy Assistant Secretary of Single Family Housing
Roy DeLoach – NAMB CEO
Tony Gallegos - Mortgage U – Director of Advisory Services and Consulting
Alice Alvey – Mortgage U – President

There were a few technical difficulties due to the amount of participants (over 3000) that overloaded the lines, so there were a few spots in which we had a few delays and the sound quality was not crystal clear, but it did remain audible and readily understandable.

While an hour is obviously not nearly enough time to address anything in great detail, the objective was to stimulate conversation and questions NAMB officials can use to fully represent the mortgage broker channel with HUD and elected officials in Washington DC.

Your questions and concerns are very important to NAMB, so please feel free sharing your thoughts in the comment section at the bottom of the following hyperlink page:

NAMB Comments

In addition, NAMB will be holding additional webinars over the next two months that drill down these topics and your questions in greater detail.

Below is a video bullet outline that provides you a minute marker guide that references specific topics within the video time table.

Hint: Go directly to 9:42 minute mark to skip introductions.

Video Minute Markers:

00:00 – Introductions

09:42 – RESPA / GFE Updates

11:35 – Effective Dates

12:33 – GFE Triggers

14:38 – GFE Notice Requirements

18:02 – GFE Block 1

22:21 – GFE Block 1 Questions

23:14 – GFE Line Block 2

25:01 – Float to Lock Scenario

36:32 – GFE Page 2

40:03 – Which Charges Can Increase?

44:15 – RESPA/GFE Q&A

47:30 – Message From Credit Technologies

52:16 – FHA Appraisal Policy

59:55 - FHA Broker Approval / Mini-Eagle

Not to be forgotten, both Mark Green at Top of Mind and Mark Madsen are the unsung hero's in making organizing and committing tremendous resources in bringing these educational webinars to the originator community.

FHA Capital Reserve Update: What Mass Media Neglects to Disclose

Mortgage U - Advisory Services and Training — Mon, 21 Sep 2009 23:20:36 -0500

Received information today directly from FHA Commissioner David Stevens about his speech last Friday concerning the FHA Reserve Fund. Actually, I should say the FHA Reserve FUND(S) (as in plural).

The big FHA news last week was the the five mortgagee letters released and Commissioner Stevens' announcement concerning the FHA Capital Reserve Fund. As noted in my September 18th post, the Commissioner affirmed the agency insurer will most likely see its 2% capital reserve requirement fall below the minimum level set by Congress. However, what every media report I read neglected to disclose is that the FHA maintains two accounts to address and pay their expected losses.

To continue: <CLICK HERE>.

Cicerone's Top 20 Bloggers of 2007

Mortgage U - Advisory Services and Training — Wed, 09 Jan 2008 19:08:17 -0600

Without a doubt, this is the hardest post I have ever made. Compiling a list of my favorite bloggers was easy, the hard part was limiting the list to twenty. There are at least twenty other bloggers just as deserving and for them I truly meant no slight.

However, I'm positive you will find this elite group of twenty individuals incredibly talented, smart, insightful and very deserving.

Cicerone's Top Bloggers of 2007

The Thinkers (Egg Heads):

Brian Brady - From a pure marketing perspective, Brian Brady is a combination of Jay Conrad Levinson, Tom Peters, Milton Friedman, John Boyd, Claude Hopkins and Dan Kennedy with a dose of Jesuit Priest all rolled into one. Yet, before going further, let me make three clarifications:

He is an updated 21st century version of Jay Conrad Levinson and Clyde Hopkins
Is much more polished and articulate than Dan Kennedy, and
Brian is a rare intellectual that can apply theory while making it profitable and efficient in the real world

We all know Brian as the ubiquitous guy in suspenders, America's Mortgage Broker and America's Most Opinionated Mortgage Broker. Yes, he is all those, yet his substance and intellectual prowess runs much deeper than most realize. If you want to learn and master strategies on bridging the digital divide via social networking, no one from a mortgage perspective does it better than Brain...why do you think he's ubiquitous?

Brian is also a contributing author at Bloodhound Blog.

In a nutshell, Brian is the rare individual that possesses both streets smarts and book smarts. If all Villanova business school graduates are as impressive, they really have something special going on in Philadelphia.

Hopefully, in the future we will be referring to Brain as Professor Brady or better yet, Dean Brady. Both the mortgage industry and the academic community need Brain Brady...the real Mortgage Professor.

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Pat Kitano - I don't know Pat personally, yet he impresses me. Pat Kitano authors Transparent Real Estate and is the co-Founder, Managing Principal of Domus Consulting Group, a management consulting firm working with real estate brokerages and Web 2.0 companies to develop technology marketing strategies, and with venture investors on new business models.

Since graduating from Cal Berkeley (Geophysics) and Columbia University (MBA), he has been involved in four competitive industries - films, investment banking, Internet technology and real estate.

Hopefully our paths will converge in the near future.

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Ed Rybczynski - Ed writes the best, smartest and most insightful title industry blog I have read. His blog, Titleopoly focuses on fraud issues that prevail in the title industry. From 1988 - 2003, Ed Rybczynski was the owner and president of a Baltimore based title agency named Liberty Title. In November of 2003, Ed plead guilty to federal conspiracy charges (postal fraud) stemming from property flipping and mortgage fraud. Ed was an inmate at the Lewisburg Federal Prison Camp located in central Pennsylvania.

While incarcerated, Ed successfully developed a general studies curriculum for learning disabled inmates who were studying for a GED in a multi-cultural environment. Before being released, Ed was asked by prison officials to head the camps career development program.

Today Ed is a highly regarded public speaker who travels nationally to give presentations to groups of title agents, corporate executives, mortgage brokers, elected officials and other concerned groups. His current project is the positioning of Rybczynski Consulting as the nations leading authority in the areas or professional development, best practices, and fraud mitigation for the title industry.

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Brett Rogers - I have had the fortune and pleasure of working with Brett in the past and believe me when I tell you - he is one smart free-thinking cookie! He currently works for a very large financial services company (a Fortune 20 corporation) as a strategic consultant to help them re-discover its strengths by learning what drives its culture internally. Brett analyzes why people like to do business with the company and dig to see how deep that loyalty is. Looking at the company's strengths both internally and externally then enables him to see what blue oceans they might explore to grow their business.

While Brett's blog is not focused on mortgage banking nor real estate, what he writes about will force you to think. His blog, beatcanvas.com was written/programmed (by him) from scratch. No Blogger, no Wordpress- he wrote it himself. Why? As I told you, he's smart and he wanted creative control, so he could stretch the bounds and not be contained by the limitations of other tools.

Brett is a true Renaissance Man in that he is a top notch strategic thinker, skilled programmer, painter, photographer, social scientist and truly a decent human being.

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Dan Melson does not have the best looking site, yet his insight and perspective about issues related to the mortgage industry are top notch and well thought out. What I like about his posts are they are relevant to what we as mortgage professionals need to know, yet no one else seems to be writing about.

Dan is not your typical loan officer...In a roundabout way, he is the anti-zeitgeist of popular mortgage blogging herd-think and definitely not an SEO driven blogger.

Visit his site at searchlightcrusade.net.

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The Storytellers:

Mike Mueller - A long time blogger that not only contributes at Lenderama, he maintains his own site at Mike's Mortgage Minute. His greatest asset however is his ability to use metaphors and parables to clearly explain complex issues and concepts. Mike never ceases to amaze me with his use of metaphoric devices to articulate daunting concepts...I wish he would have been my Calculus teacher in college!

Additionally, Mike is one of the good guys in the industry!

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Rhonda Porter - Rhonda is the Meg Ryan of mortgage banking (and I mean that as a compliment). She is truly one of the nicest yet professional human beings in our industry. As author of the Mortgage Porter and R-Team, she has made her mark as one of the top bloggers and mortgage planners not only in her market (Seattle), but across the nation. What I love about Rhonda's writing style is her ability to tell a story and make it so relevant to her readers. Rhonda writes from her heart and with honesty. From the moment you read Rhonda's posts, her compassion and drive to help consumers is evident.

Rhonda is also a contributing author at Rain City Blog.

Over the last year I have gotten to know Rhonda and she is honest, ethical, knowledgeable, experienced, caring and best of all, the real deal!

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Dan Green - Dan's ability to explain the multi-disciplined nature of economics and how it is a combination of sociology, history, political science, philosophy and personal finances all rapped into one is surpassed by no one in the industry. In fact, he reminds me of the late Robert L. Heilbroner and his ability to make the lives and concepts of the great economists interesting even to college freshman taking their first economics course.

In addition to Dan being the consummate mortgage planning professional in Chicago-land, he is also the driving force behind Bring The Blog.

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Mortgage:

Morgan Brown - In a short year, Morgan's Blown Mortgage blog has become one of the most visited and popular mortgage related sites in the blogosphere. Quite frankly, that didn't happen by accident...he works hard at his craft. Morgan writes with a dour bend towards the housing market while exposing many of the unethical or darker participants/practices in both the real estate and mortgage industry.

Over the last few months, Morgan has upgraded his blog platform, improved the layout and added contributing authors to Blown Mortgage. In a nutshell, he keeps making it better and I for one look forward to seeing what 2008 has in store for Blown Mortgage and it's readers.

A University of California at Santa Barbara graduate, Morgan like Brian Brady above is a right coaster that switched to a left coaster.

Morgan is also a contributing author at Bloodhound Blog.

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The Hybrids:

Todd Carpenter at Lenderama is in the midst of building a truly great mortgage and real estate blog. Over the last few months, Todd has re-designed his site and build a team of top notch contributers from across the the mortgage and real estate spectrum.

I'm very excited to watch Lenderama grow and find its voice as Todd learns and grows with his new format. Todd, I can feel the momentum building!

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Greg Swann at Bloodhound Blog has build the standard in which any contributer based blog in the mortgage or real estate industry is measured. He has assembled an all-star group of contributers that are second-to-none and his layout is top-notch.

Since Bloodhound is so well know, I won't spend a lot of time singing its praises (they are numerous).

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Real Estate:

Sound Bite Blog - There are two master minds behind this blog, Rich Jacobson and Mark Flanders.

Rich is the Realtor and Mark is the mortgage originator/site designer/webmaster. Truth be said, this is the first blog I fell in love with and in my humble opinion the coolest looking (compliments of Mark Flanders). Additionally, Rich and Mark write one of the top five hyper-local blogs in the industry. Every time I read their posts (pictures and all) it makes me feel like packing up my family and moving to the Puget Sound.

Another thing I have not mentioned, they are GREAT guys and truly professionals in each of their respective fields.

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Athol Kay injects his site with humor like no one else in the mortgage or real estate industry. One of my mentors (Dennis Geist) taught me years ago that one can have fun and laugh while still being a top notch professional...Athol proves that point in spades!

Athol is a Kiwi that ads a punch to both the Connecticut real estate market and the readers who visit RE Agent In CT in droves for their daily viewing of Bad MLS Photo of the Day.

Athol is also know in his market as the Leonardo Da Vinci of taking MLS photos.

If Athol reads this - Two things I really miss. (1) The Sock Puppet and (2) The Feedbag.

RE Agent In CT is one site I check out every day!

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Jeff Brown aka The Bawld Guy is also a thinker. Jeff specializes in working with real estate investors. Anyone interested in learning the essentials of real estate investment must read Jeff's Bawld Guy Blog.

Jeff is also a contributer at Bloodhound Blog.

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Maggie Dokic is someone I greatly admire as a person, Realtor and writer. Maggie has experienced challenges during her lifetime that would have buckled most, yet her positive outlook on life, her faith in God and her desire to help people never ceases. Originally from Cuba, she and her family escaped and emigrated to the United States. Additionally, As a young woman her husband passed away unexpectedly leaving her with several young children to raise by herself. When reading her posts at Active Rain and The Blog That Ate Miami, one immediately senses her empathy and understanding of people.

Maggie inspires me and the Miami Real Estate Community is lucky to have her represent them.

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Joe Zekas at YoChicago can be arrogant, brash and down right in your face at times, yet, I keep reading him religiously. Why? Because he is a damn good read!

How does one explain Joe? I think that is best left to Joe's self description of himself as a "dirt-poor Pennsylvania coal-town kid, shortest in class through 8th grade, New Jerseyan, hitch-hiker, motorcyclist, statistical typist, library clerk, delivery boy, classical scholar wannabe, gas station attendant, tuxedo salesman, psychiatric aide, social worker, civil rights activist, draft-dodger, gun-toting truck driver (Brinks), bartender, temp secretary, Lucey's Raider, Wisconsinite, large-firm attorney, real estate developer, condo converter, tax shelter syndicator, multi-level marketer, married person, newspaper publisher, money-losing tech gadfly, software developer to name a few."

Yo, check Joe out at YoChicago.

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The Techies:

Nicole Nicolae at MyTechOpinion writes a smart blog focusing on technology in real estate. I pick up numerous tips on a weekly basis and highly recommend it to anyone interested in maximizing technology in their real estate or mortgage business practice. To be fair, Nicole's husband Reggie Nicolae and Chad Johnson are also major contributers.

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Misc...:

Julia Wei is a litigation attorney with the Law Offices of Peter N. Brewer and maintains Dirt Law Blog. Dirt Law is a site providing commentary and insight into real estate and lending law, mortgages and foreclosure process from a legal perspective. While Ms. Wei addresses these issues from a California viewpoint, most anyone will find her posts informative and in most cases, applicable to their geographic area in which they live.

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The Old Guy at OMG Larry consistently makes me laugh. While the old guy has nothing to do with mortgages and real estate, he is worth a daily read. We are in a tough business and sometimes a little humor is what we all need.

Plus, I bet he would be hilarious to meet!

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Lani Anglin felt cheated, demanded a recount, and secretly believes Athol Kay rigged the final results. Like a true Texan, she called the original Cicerone's 20 Top Bloggers of 2007 list BUNK for not being fairly represented with skinny blonde Realtors with racks (her words, not mine).

Thus, because of the controversy Lani brought to our attention, I'm declaring Lani tied for 20th place with OMG Larry (since he is not in the business).

NOTE: Lani truly is one of my favorite bloggers and is very deserving.

Another post from The Mortgage Cicerone.

Do Stock Prices Tell The Story?

Mortgage U - Advisory Services and Training — Mon, 07 Jan 2008 19:29:36 -0600

2007 was definitely a tumultuous year for companies heavily vested in the mortgage industry. No major player escaped unscathed by the events and happenings of the mortgage secondary market. However, there were companies that navigated the troubled waters better than others. Why?

In my humble opinion, they were the companies that mitigated their credit losses and took a level headed approach to the zeitgeist mania that powered the Alt-A and Subprime frenzy of 2002 - 2006. While others chased the easy short-term profits and loan volume, a select few maintained credit risk discipline.

Who and what companies escaped the credit crunch relatively unscathed and who are those struggling to survive?

Here's a look at the performance of the leading mortgage-related stocks over the past year. Each company has been color coded based on their stock performance from 1/3/2007 to 1/3/2008. The companies highlighted in yellow are those that lost less than 20% of their stock value. While a loss of up to 20% of value sounds high, the environment for companies heavily vested in mortgage related industries were such that a loss of up to 20% is actually quite exceptional.

Yet, if one where to look at the companies that lost more than 50% and 75% respectively of their stock value during 2007, I believe a trend can be identified.

Below is an explanation of what the last two columns represent.

Retained Value = 2008 Stock Price / 2007 Stock Price (Higher the better)
% Change = % Drop in 2008 Stock Price over 2007 Stock Price (Lower the better)

Below is a color coded alphabetic list of the biggest mortgage related stocks (see legend at bottom).

	Top Mortgage Related Stock Performance
	Year Ago 1/03/2007	Today 1/03/08	Retained Value	% Change
Bank of America	$53.33	$40.56	76.05%	23.95%
Barclays	$59.43	$39.90	67.14%	32.86%
Bear Stearns	$162.83	$85.30	52.39%	47.61%
Citigroup	$55.25	$28.92	52.34%	47.66%
Countrywide	$42.11	$9.00	21.37%	78.63%
Credit Suisse	$70.11	$59.68	85.12%	14.88%
Deutsche Bank	$135.34	$129.06	95.36%	4.64%
Downey Financial	$72.17	$30.23	41.89%	58.11%
*ETrade**	$22.91	$3.42	14.93%	85.07%
Fannie Mae	$59.86	$37.46	62.58%	37.42%
FBR Inc.	$8.11	$3.12	38.47%	61.53%
Fidelity National	$23.69	$14.32	60.45%	39.55%
Flagstar Bancorp	$14.94	$6.56	43.91%	56.09%
Freddie Mac	$67.89	$32.74	48.23%	51.77%
Fremont General	$15.75	$3.57	22.67%	77.33%
H&R Block	$23.20	$18.61	80.22%	19.78%
HSBC	$92.97	$82.44	88.67%	11.33%
Impac Holdings	$8.72	$0.59	6.77%	93.23%
Indymac Bancorp	$45.19	$6.48	14.34%	85.66%
JPMorgan Chase	$48.07	$42.17	87.73%	12.27%
Lehman Bros.	$78.63	$62.19	79.09%	20.91%
Luminent Mortgage	$9.50	$0.77	8.11%	91.89%
Merrill Lynch	$93.61	$52.76	56.36%	43.64%
MGIC Investment	$63.46	$21.81	34.37%	65.63%
Morgan Stanley	$81.62	$50.95	62.42%	37.58%
National City	$36.95	$15.59	42.19%	57.81%
New Century	$31.30	$0.01	0.03%	99.97%
NovaStar Financial	$105.80	$3.10	2.93%	97.07%
PHH Corp.	$29.21	$17.10	58.54%	41.46%
PMI Group	$48.02	$12.72	26.49%	73.51%
Radian Group Inc.	$55.18	$11.61	21.04%	78.96%
Stewart Title	$44.60	$25.84	57.94%	42.06%
Thornburg Mortgage	$25.33	$9.75	38.49%	61.51%
UBS	$61.39	$45.79	74.59%	25.41%
Wachovia	$56.81	$37.17	65.43%	34.57%
Washington Mutual	$45.47	$13.72	30.17%	69.83%
Wells Fargo	$35.74	$29.10	81.42%	18.58%

Color Legend
Lost < 20% of Stock Value		Best
Lost >20% & < 50% of Stock Value
Lost >50% & <75% of Stock Value
Lost > 75% of Stock Value		Worst

Hat Tip: The Truth About Mortgages

Another post from The Mortgage Cicerone.

Is The Federal Government Subsidizing Countrywide?

Mortgage U - Advisory Services and Training — Fri, 30 Nov 2007 11:27:46 -0600

Countrywide chairman Angelo Mozilo, the Vladimir Putin of mortgage banking is now the subject of further speculation or at least the company he leads is.

Because of CFC's active involvement in sub prime lending over the last several years, it was targeted yesterday by Senator Chuck Schumer who urged the company's use of its access to the Federal Home Loan Bank's (FHLB) lending system be reviewed and possibly curtailed.

In a letter sent this week to Ronald A Rosenfeld, Chairman of the Federal Housing Finance Board, Senator Schumer expressed:

"serious concern over the lending practices of the Federal Home Loan Bank of Atlanta, specifically in regard to the significant volume of advances made to Countrywide Bank."

According to recent SEC filings, the FHLB Atlanta made advances to Countrywide of 51.1 billion as of September 30 of this year. Countrywide pledged 62.4 billion of mortgages as collateral for the advances. These transactions represent 37 percent of the FHLB's total advances as of the end of the third quarter and 78 percent of Countrywide's total portfolio of mortgage loans.

The Senator said he found the FHLB lending numbers;

"alarming as reports continue to emerge about how Countrywide's reckless and predatory lending practices were a leading contributor to today's foreclosure crisis. Moreover, it is my understanding that Countrywide's loans held for investment at the bank have been far from immune from the credit deterioration that has resulted from unsound lending."

With the Fed considering lowering the Fed rate yet again and CFC's use of Federal Home Loan Bank's (FHLB) lending system, the question to be answered is, are the taxpayers of our nation indirectly subsidizing Countrywide existence and Mozilo's subsequent generational wealth?

While having a conversation yesterday with Brian Brady, it appeared he was having similar thoughts regarding this issue and was just finishing a post regarding this. I would highly recomend visiting his post at:

Countrywide Bankruptcy Likely? Not While the Feds Are Bailing Them Out

Another post from The Mortgage Cicerone.

Who Can You Call At 2:00 a.m.? - Part Two

Mortgage U - Advisory Services and Training — Wed, 07 Nov 2007 18:05:38 -0600

In Harvey Mackay's book titled "Dig Your Well Before You Are Thirsty," he asks his readers:

"Who Can You Call At 2:00 a.m.?"

This question is one of the most critical and revealing questions one can ask themselves about their network of friends and business/personal acquaintances.

To help understand what I'm getting at, answer these three questions:

Can you make a list of ten powerful people you know that can make things happen if you called them.
What have you done for any of these people lately?
Do you only call them when you need something?

Whenever I'm speaking and ask these questions, I often see the audience squirming when they understand the point being made.

Getting back to the question, who can you call at 2:00 a.m. in the morning?

According to Harvey Mackay, that question is without a doubt one of the most important questions one can ask themselves as an individual or business person. When answering this question, you are really asking yourself:

Who can I count on?
Who's counting on me?
Would anyone answer my call if I called them?

Bottom line, networking is more than keeping a contact database or putting every person you meet in your PDA. It's about CONNECTING with the people in your Blackberry. The art and science of connecting is so much more than phone numbers or names in your database...it's about connecting with people who can make things happen.

Now the next question...are you connecting with people who can make things happen?

TO BE CONTINUED...

Part One - The People You Know?

Another post from The Mortgage Cicerone.

The People You Know?

Mortgage U - Advisory Services and Training — Mon, 05 Nov 2007 19:42:20 -0600

Have you every taken the time to think of or write down the names of all the people you have known? When you you complete this exercise, the web of connections throughout your lifetime is wide.

Yet, HOW MANY ARE STILL INVOLVED IN YOUR LIFE TODAY?

Now ask yourself, HOW MANY HAVE FADED AWAY FOR ONE REASON OR ANOTHER?

Whether they are distant family members, old neighbors, friends from school, ex-coworkers and other casual acquaintances you have met along the way, they have all in some shape, way or form influenced or impacted your life positively or negatively.

It is important to know who you know now and have known in the past...it encompasses who you are today.

Now an even more important question is; WHO WOULD YOU LIKE TO KNOW THAT YOU PRESENTLY DON"T KNOW NOW?

When you ask yourself who you know now or who you would like to know, think about your current state of business and what you would like it to be in the future.

According to Jeffrey Gitomer:

"Who you know encompasses who you can presently connect with easily and obviously. The better you know them, the easier it is to make a connection. How well you know them determines how early or how late you can call them on the phone.
There is power in who you know. Not just the connection power. Growth power. Success Power. Even fulfillment power."

That's why it's critical to your career to know:

Who do you know?
How well are you connected?
Do you know how to make a connection?
Who knows you?

Who knows you and did you make a connection?

It's more than just knowing someone, it's making a critical connection with the people you want to know and need to know.

It's the connectors that succeed long term in the mortgage and real estates business. Yet connecting is more about giving than receiving and that's where so many people striving to be a connector fail.

TO BE CONTINUED

Another post from The Mortgage Cicerone.

Everything I Know About Being An Originator

Mortgage U - Advisory Services and Training — Mon, 05 Nov 2007 19:37:00 -0600

Over the last few months, several friends and associates have asked me to consider writing a book about originating mortgage loans. The more I pondered their request, the more I found it to be a challenge. Every skilled mortgage originator has their own ideas about what it takes to be a successful originator and I am no exception. After twenty years in the business, I have observed, read and developed my own style and way of conducting business successfully.

While my unique mortgage experience (good and bad) is very helpful, the more I thought about authoring such a book, the more it caused me to question and investigate what I really know about originating mortgage loans. This led me to examine my opinions and methods, which in turn led to further research of key areas I felt were important and to assimilate this information from varying sources and viewpoints.

Are There Any Absolutes To Successful Mortgage Origination?

Many years back while in college, a professor boldly stated to my class with supreme confidence:

"There are no absolutes."

I immediately asked him:

"So what you are telling me is that there are ABSOLUTELY no ABSOLUTES?"

And his response was:

"Absolutely!"

I then responded:

"Then the only absolute is there are no absolutes? Which makes your statement an absolute which in turn contradicts it and makes your absolute statement false?"

Needless to say, the learned professor was not happy when my fellow students laughed and the good professor could not defend his statement.

What does this have to do with mortgage origination?

Bottom line...I believe there are a few absolutes to being a successful mortgage originator over the long haul. While I agree there is substantial gray in our business, at the bottom of my heart, I believe the number one absolute to long-term success and self-fulfillment as an originator:

"You must always conduct your business honestly and in the best interest of your clients even if it means losing a client, commission or referral partner."

In my humble opinion, this is the number one rule (absolute) every long-term originator must follow. There are numerous examples of individuals that did not follow this rule and in turn made BUNDLES of money. However, the key operative term is LONG-TERM success and wealth sustainability. While it is very likely an individual or company can make a small fortune during certain markets (e.g. 2002-2005) ignoring this precept, their long-term sustainability is questionable. The marketplace is currently full of such examples. I recommend visiting Morgan Brown's site Blown Mortgage for numerous examples. Morgan has done a wonderful job chronicling exactly what I'm getting at and a must read for any serious mortgage professional.

There are countless topics concerning loan origination and over the next few months, I will be sharing my thoughts as I ponder, research, develop and write a comprehensive book about mortgage origination.

Great Thoughts To Ponder (11/05/2007)

Mortgage U - Advisory Services and Training — Mon, 05 Nov 2007 19:35:52 -0600

"As soon as you trust yourself, you will know how to live." -- Goethe

"One must be fond of people and and serving them if they plan on being successful long term in the mortgage or real estate profession." -- Dennis Geist

"A man who doesn't trust himself can never really trust anyone else." -- Cardinal De Retz

"Trust men and they will be true to you; treat them greatly and they will show themselves great." -- Ralph Waldo Emerson

"A person will not buy from you until he is convinced that you are a friend and are acting in his best interest. You must make this clear." -- Brian Tracy

"A professional is a person who can do his best at a time when he doesn't particularly feel like it." -- Alistair Cooke

"If I work on a certain move constantly, then finally, it doesn´t seem risky to me. The idea is that the move stays dangerous and it looks dangerous to my foes, but it is not to me. Hard work has made it easy." -- Nadia Comaneci

"We have not wings we cannot soar; but, we have feet to scale and climb, by slow degrees, by more and more, the cloudy summits of our time." -- Henry Wadsworth Longfellow

"A man who works with his hands is a laborer; a man who works with his hands and his brain is a craftsman; but a man who works with his hands and his brain and his heart is an artist." -- Louis Nizer

"People who have good relationships at home are more effective in the marketplace." -- Zig Ziglar

"Be a problem detective; look for customer problems that your product or service can solve." -- Brian Tracy

"Lack of homework shows up in the marketplace as well as in the classroom." -- Jim Rohn

"Some people serve with pride -- because they 'want to' do and be their best; other people serve with disdain because they 'have to' do their job. Which person do you think will end up running the show?" -- Jeffrey Gitomer

"Take time to listen to your people when they want to talk. This is a real motivator." -- Brian Tracy

"People are your most valuable asset. Only people can be made to appreciate in value." -- Stephen Covey

"Good people are found not changed. Recently I read a headline that said, 'We don´t teach people to be nice. We simply hire nice people.' Wow! What a clever short cut." -- Jim Rohn

"It isn't the people you fire who make your life miserable, it's the people you don't." -- Harvey Mackay

"Few things help an individual more than to place responsibility upon him, and to let him know that you trust him." -- Booker T. Washington

Another post from The Mortgage Cicerone.

Great Thoughts To Ponder (8/31/07)

Mortgage U - Advisory Services and Training — Thu, 30 Aug 2007 23:33:31 -0500

I love searching and discovering powerful phrases, quotes and words of wisdom that inspire action and provide insight to making myself a better person. Below are quotes from individuals that hopefully inspire you as much as they do me.

"Do not wait for leaders. Do it alone, person to person." -- Mother Theresa

"We don't see things as they are. We see them as we are." -- Anais Nin

"The charity that is a trifle to us can be precious to others." -- Homer

"I not only use all the brains that I have, but all that I can borrow." -- Woodrow Wilson

"Waste neither time nor money, but make the best use of both. Without industry and frugality, nothing will do, and with them everything." -- Benjamin Franklin

"If you wish to have power and influence over the many, be faithful (disciplined) when there is just a few. If you have a few employees, a few distributors, a few people, that's the time to stay in touch and be totally absorbed – when there is just a few." -- Jim Rohn

"Use what talents you possess; the woods would be very silent if no birds sang except those that sang best." -- Henry Van Dyke

"Better to do something imperfectly than to do nothing flawlessly." -- Robert Schuller

"Don't wait. The time will never be just right." -- Napoleon Hill

"You don't have to be great to get started, but you have to get started to be great." -- Les Brown

"In the long run, men hit only what they aim at. Therefore, they had better aim at something high." -- Henry David Thoreau

"Setting a goal is not the main thing. It is deciding how you will go about achieving it and staying with that plan." -- Tom Landry

"You are not here merely to make a living. You are here in order to enable the world to live more amply, with greater vision, with a finer spirit of hope and achievement. You are here to enrich the world, and you impoverish yourself if you forget the errand." -- Woodrow Wilson

"From what we get, we can make a living; what we give, however, makes a life." -- Arthur Ashe

"We make a living by what we get, but we make a life by what we give." -- Norman MacEwan

Another post from The Mortgage Cicerone and The Georgia Mortgage Cicerone.

Cicerone's Favorite Posts Last Week - 8/20/07

Mortgage U - Advisory Services and Training — Sun, 19 Aug 2007 23:47:49 -0500

RE Agent in CT - Athol Kay (Required - Because he makes me laugh)

How Big Is the Sub-Prime Mortgage Market? Not very big at all - Greg Swann

How Are You Paying off Your Subprime Debt?- Blown Mortgage

A Realtor's Guide To Surviving the Countrywide Crisis - Brian Brady

Be careful relying on posts about mortgages prior to August 2007 - Mortgage Porter

What's going on with Countrywide? - Blown Mortgage

The Stockdale Paradox - Mike Mueller

I Could Run for President - Lenderama

Oh, did I mention? 100% financing is very much alive and well!!! -- Tom Burris

Do You Attract Clients or REALTORS To Your Blog? Mine Is Quicksand To My Clients - Chris Lengquist

How To Embed TruliaStats Widgets In ActiveRain Posts - Jeff Turner

Guide to Your WYSIWYG & HTML Tabs for Blogs & Special Effects - Yolanda Hoversten

My Personal Story About Stated Income Loans. - Katerina Gasset

The Explanation of Mortgages : From the beginning of time...... - Jeff Belonger

Can Someone Seriously Explain to Me How Prices Were Allowed to Skyrocket? - Carole Cohen

Beef Up Your Business...Sell More Real Estate!!! - Midori Miller

Keeping Up With The Jones - Diana Perez

How could CNBC use Bankrate as a reference? - Mortgage Porter

Another post from The Mortgage Cicerone.

Real Estate Listings Decoder

Mortgage U - Advisory Services and Training — Thu, 16 Aug 2007 22:13:29 -0500

Believe me, I realize browsing through real estate ads sprinkled with unfamiliar abbreviations can be a challenge. That's why I compiled this list of home features and selling points with a handy Listings Decoder. In fact, it's similar to the list I gave my wife when we were looking for our home last summer. By the end of the week, she was a pro at both reading and speaking Real Estate speak.

I hope you find this Listing Decoder helpful in your search for a new property.

Exterior House/Yard
Interior Rooms
AC
Acre
BA
Bath (with #BA)
ALUM
Aluminum Siding
1/2B
Half Bath
ANQ
Antique House
BR
Bedrooms (with #BR)
ATT
Attached Garage
BSMT
Basement
CLPD
Clapboard
DR
Dining Room
COL
Colonial
FIN
Finished (attic, basement)
CONT
Contemporary
FOY
Foyer
CRPT
Carport
FR
Family Room
DET
Detached Garage
GTRM
Great Room
DK
Deck(s)
KIT
Kitchen
FEN
Fenced Yard
LAW
In-law Apartment
GZBO
Gazebo
LDY/UT
Laundry/Utility Room
IGPL
Inground Pool
LIB
Library
MED
Mediterranean
LR
Living Room
RNCH
Ranch
MBR
Master Bedroom
RR
Raised Ranch
MBRB
Master Bedroom Bath
SCPD
Landscaped
OFF
In-home Office
SHNGL
Shingle
PT/FIN
Partially Finished
SPLT
Split Level
REC/PL
Recreation/Play Room
STY
Style of House
RM
Room
TWNHS
Townhouse
UNFIN
Unfinished (attic, basement)

Appliances/Utilities
Exterior Features
APPL
Appliances
BAL
Balcony
CAC
Central Air Conditioning
BLT
Built-ins
CK/TP
Cooktop
BRK
Brick
CMPT
Compactor
CER
Ceramic Tile Floors, Walls
C/VAC
Central Vacuum
CLS
Closet (often with #)
DRY
Dryer
FLR
Floors
DSP
Disposal
FML
Formal (often DR)
D/W
Dishwasher
FPL
Fireplace
ELEC
Electric (with #amps)
HDWD
Hardwood Floors
FRZ
Freezer
HMOD
Handicap Modifications
HT/PMP
Heat Pump
PNLD
Paneled
HT/WTR
Hot Water Heater
SKYLT
Skylight(s)
ICE
Ice Make
SP/ENT
Separate Entrance
MICRO
Microwave
VLT/CL
Vaulted Ceiling(s)
RAD/HT
Radiant Heat
WI/CLS
Walk-in Closet
REF
Refrigerator
WU/ATT
Walk-up Attic
RNG
Range
WBF
Wood Burning Fireplace
SEC/SYS
Security System

SWR
Sewer or Septic

WAR WASH
Warranty Washer
Mortgage Terms
WHLPL
Whirlpool Tub
ASMT
Tax Assessment
W/OVN
Wall Oven(s)
ASSUM
Assumable Mortgage
WTR
Water (city or well)
FHA/VA
FHA/VA Financing Av
Another post from The Georgia Mortgage Cicerone.

Why Economic Principles (Common Sense) Always Prevail (Eventually)

Mortgage U - Advisory Services and Training — Wed, 15 Aug 2007 12:34:48 -0500

This morning while pondering the state of the financial markets and the lack of liquidity we are currently experiencing in the secondary mortgage markets, a nagging question/thought would not leave my head:

"What is the underlying driver behind the current mortgage market cluster?"

Then after watching this video, the answer became very clear and vivid.

Answer - People and the markets (investors, hedge funds, investment banks, etc...) did not listen to the sage advice (common sense) given in this SNL skit (hat tip Cheryl Johnson).

Funny how when "common sense" is ignored, reality always kicks you in the arse!

A few weeks ago, I posted one of my more popular posts titled "Do You Ever Feel Like Michael Jackson's Plastic Surgeon?" It relates very closely to the message delivered in this video. While both this video and article are specifically directed towards consumers, the message can also be applied to the money masters on Wall Street.

Bottom line originators...the mortgage market is back to embracing common sense underwriting standards and thus our mortgage product mix again will most likely resemble that of 2002 instead of 2006.

In the book, Good to Great, the author Jim Collins states people fall into three different categories:

The Optimist (bound to be eventually dispirited)

The Realist (doom-sayer)

The Stockdale Paradox

What Is The Stockdale Paradox

Stockdale Paradox individuals are those that retain faith they will prevail in the end, regardless of the difficulties AND at the same time "CONFRONTING" the most brutal facts of their current reality, whatever they may be.

The Stockdale Paradox is named after Admiral Jim Stockdale who was the highest ranking US military officer imprisoned in Vietnam. He was held in the "Hanoi Hilton" and repeatedly tortured over 8 years. Collins describes going to lunch with Stockdale (can you imagine?) and trying to understand how he survived 8 years as a POW while so many died after just months in captivity.

Here's how Stockdale put it. "I never lost faith in the end of the story. I never doubted not only that I would get out, but also that I would prevail in the end and turn the experience into the defining event of my life, which, in retrospect, I would not trade."

"Who didn't make it out"?

"The optimists. They were the ones who said ‘we're going to be out by Christmas'. And, Christmas would come and Christmas would go. Then they'd say, ‘We're going to be out by Easter.' And Easter would come, and Easter would go. And then Thanksgiving, and then it would be Christmas again. Then they died of a broken heart."

So, on the one hand it was about unswerving faith that one will ultimately prevail while on the other hand it's about banishing all false hopes? As usual, the guy who lived it says it best.

"You must never confuse faith that you will prevail in the end - which you can never afford to lose - with the discipline to confront the most brutal facts of your current reality, whatever they might be."

Holding those two seemingly contradictory notions in his head simultaneously was the key to Stockdale surviving, even thriving, in his experience. And, I believe, it is a perfect summary of the mindset one must have to originate and live life successfully. You have to believe your vision will come to pass while simultaneously doing everything you can to make it happen. Yet, you can never let your belief and faith cloud your confrontation with reality.

The optimists are the hedge fund managers and the New Century's while the Realist are the individuals/companies that will survive, yet will always be average.

Whether you are a consumer, originator, company, etc..., it's your choice to choose the category in which you will operate.

Cicerone's Favorite Posts Last Week - 8/13/07

Mortgage U - Advisory Services and Training — Mon, 13 Aug 2007 06:55:14 -0500

Nobody Noticed My Post -- Mike Mueller

Clouding The Issues -- William J. Archambault, Jr / Active Rain (members only)

Shopping for Real Estate without being harassed by anyone....Home Scouting Report -- Larry Bettag

Your faith On Display In Real Estate....or not -- Larry Bettag

Predator on Profile...Keep Yourself Safe on AR and other internet sites -- Julie Neerings / Active Rain (members only)

The Architecture of Ambiguity -- Ed Rybczynski / Active Rain (members only)

Digital Sweatshops -- Ed Rybczynski / Active Rain (members only)

Is The Commitment Date Just As Important As The Settlement Date? -- Jeff Belonger

Feel the Pain -- Mike Mueller

Why Loan Problems Should Not Be Known Last Minute -- Jeff Belonger

Home Inspection Tips and Cautions - The Final Chapter -- Art Blanchet

Why I Hate Mortgage Licensing -- Brian Brady

Another post from The Mortgage Cicerone.

Meme'd By the Nicest Realtor In Florida!

Mortgage U - Advisory Services and Training — Mon, 06 Aug 2007 20:18:53 -0500

The last few months have been CRAZY busy for me. Normally, I would have been complaining to my self about getting meme'd, however the first thing that came to mind was I hoped Maggie Dokic wouldn't mind if it took 4 or 5 days before I could complete the task.

That said, here are five things about me most people don't know.

My favorite movie is Godfather I and Godfather II. Yes, I know they are two movies, but in my mind they are actually one.
My family was one of the first settlers of Colorado. Counting my daughters, six generations of my family were born in the great State of Colorado.
I'm a classic over-achiever. You may have more talent than me, you however will never out work me.
I love to cook.
My wife is awesome! She has to be to put up with me.

Suwanee, Georgia - Top Ten Places To Live | Money Magazine

Mortgage U - Advisory Services and Training — Sat, 28 Jul 2007 15:22:29 -0500

The honors for suburban towns on the north side of metro Atlanta keep rolling in endlessly. Subsequently, Suwanee, Georgia was named by Money Magazine (August, 2007 issue) as one of the top ten places in the nation to live. Factors considered by Money included economic opportunity, good schools, safe streets, things to do, and a real sense of community.

What makes Suwanee such a great place to live? According to Money, Sauwnee has:

A progressive, friendly community
More than 500 acres of parkland and miles of walking and biking trails - Suwanee is known throughout the state for preserving greenspace and creating parks
Newly developed Town Center Park that boasts top quality restaurants, shops, office spaces and an ampitheatre that meshes with nearby townhouses and single-family homes
Free city sponsored concerts and activities
Top ranked schools
Affordable housing - you can get into a nice four-bedroom for $250,000

Located about 13 miles north of Atlanta, Suwanee is well-known around the region for its distinctive parks, crowd-pleasing events, and high-quality mixed-use developments.

Another post from The Georgia Mortgage Cicerone.

Woodstock, Georgia - Top Ten Fastest Growing Suburbs In America

Mortgage U - Advisory Services and Training — Sat, 28 Jul 2007 13:23:42 -0500

The Atlanta metro area continues to be one of the fastest growing areas in the Country. This week Forbes Magazine released their list of the ten fastest growing suburbs in America and Woodstock, Georgia came in at the number ten spot.

Woodstock natives often refer to their city as "a place modern amenities meets olde time Southern charm." Maybe that's the reason so many individuals in the Atlanta area are choosing to make Woodstock their home.

Woodstock Links:

Note: Forbes compiled this list by using U.S. Census growth data from 2000 to 2006 that was provided them by Demographia, a St. Louis-based research firm.

Source: America's Fastest-Growing Suburbs (Forbes Magazine)

Another post from The Georgia Mortgage Cicerone.

Drop Out Of The "Ain't It Awful Club"

Mortgage U - Advisory Services and Training — Fri, 27 Jul 2007 23:34:22 -0500

"Drop out of the "ain't it awful club" and surround yourself with successful people."
~Jim Rohn ~

We're in a tough business going through tough times. For countless individuals in our industry, this is the first time they have gone through a business turn down and many just don't know what to do. Everyday I get emails asking for advice or telling me they are thinking about leaving the industry. What's sad is most of them (including their managers) truly don't understand the fundamentals of marketing nor exhibit the right attitude to build a thriving business outside of a booming market.

While it's extremely important they master the fundamentals of the mortgage business, they must also have the right attitude/fortitude to continue when they are thrown a curve ball.

Over the years I have emailed countless individuals a parable titled The Race - Life's Greatest Lesson to help them appreciate this point.

The Race - Life's Greatest Lessonby Dee Groberg is such a deceptively simple story that its profound message is all the more powerful when you finally finish reading it and reflect on the message. What at first appears to be a simple story about a boy in a race ends in a deeply moving and inspiring life lesson about courage, confidence, persistence and faith.

Continue

When Everybody’s Fearful, You Need to Be Greedy

Mortgage U - Advisory Services and Training — Wed, 25 Jul 2007 23:11:04 -0500

"When everybody's greedy, you need to be fearful. When everybody's fearful, you need to be greedy"
~ Warren Buffett ~

When Is The Best Time To Buy an Investment Property?

Smart investing is about seizing market opportunities. But time can also work against you. Waiting for the the ideal interest rate, or to accumulate additional savings for a down payment can result in missing out on home appreciation and finding yourself in a tighter market was the market rebounds.

Always Think Long-term

Practically everyone has heard of investors who bought homes and "flipped" them shortly afterward for great profit. This practice is risky at best. As a prudent investor, you should carefully consider the reasons why you are making the purchase. The fact is, there are no guarantees: you cannot count on selling a property by a specific date. You can't be sure you'll attract renters to help cover costs. You can't be positive the market won't take a temporary downturn that slows sales.

"Everyone wants to make money fast. But if that's your goal, you've come to the wrong place. What we're talking about here isn't short-term speculation but long-term commitment."
Of all the secrets of financial security I can share with you, nothing beats homeownership. Nothing. If you do it right - and that's not hard to do over time - you will ultimately make more
money on your home than on any other investment you make. And as I said before, if you buy a handful of homes over the course of your lifetime and rent them to other people, you won't
just be financially secure, you'll be rich - maybe really rich!"
~ David Bach ~

Once you have committed to making a long-term investment, a second home can offer solid returns. Historically, real estate has consistently appreciated 3-6% per year over the long-haul. Another potential reward: rental income. NAR is predicting that with interest rates beginning to creep up, in 2007 there will be more 20-29 year olds looking for apartments to rent. This can make a multi-family property an attractive investment option. But before we discuss the rewards of being a landlord, let's start with the basics.

What Type Of Property?

A second home is any property you purchase that you do not intend to make your primary residence, but are buying for the purpose of building wealth. We will be discussing:

Investment Properties which are purchased strictly to generate income - either through on-going rental revenue or by renovating a property for resale. It's neither your current primary residence nor a vacation home used only by your family.

Vacation Homes which will be used to enhance your wealth potential. This can be achieved either by renting it out for part of the year or by purchasing a home now which you may use for a retirement home later in life or to supplement your savings as it appreciates.

There are many ways in which a buyer may break into the second home market. For instance, when a family relocates or decides to downsize, a primary residence can become an investment property if it doesn't need to be sold. Another investor may buy a multifamily property, choosing to live in one part while renting out the other. Here are some of the benefits an investment property offers:

Ongoing And Long-term Profit Potential: An investment property offers two opportunities for financial gain: rent that can provide ongoing income, and appreciation that can result in a profit when the property is sold.
Tax Breaks: Depending on your financial profile and what you intend to do with the profits from your investment property, you may receive tax advantages on the money you earn through purchasing an investment property.
Diversification: Real estate has historically offered consistent, steady gains, even after market corrections and slowdowns such as the late-80s.

Caveat Emptor!

"Buyer Beware!" Wise words to remember as you search for your investment property. It is your responsibility to know precisely what you are purchasing. So you will want to fully assess any property you think you may buy. Following these basic suggestions can help give you the knowledge you need to make the best decisions:

Get an inspection. Professionals will know what to look for and the financial implications of any problems they may find.
If the property is currently being used as a rental unit, ask to see the sellers' Schedule E from their income tax return. It will document any loss of income involving the property. Ask your tax advisor for details.
Consider the price carefully by asking about comps and recent sales. If you are considering a condo or co-op, add these to your ‘to-do' list before making an offer:
Check the economic health of the homeowners association by obtaining a copy of recent annual reports.
Review maintenance records for the building or complex to ensure upkeep has been regularly performed. Engineer's reports may also be available for recently converted facilities.
Check vacancy rates in the complex to help judge renter interest in the community.
Verify that renting your unit is allowed under the homeowners association rules. Are pets allowed? Other legal constraints may affect the length of each tenant's residency - an important issue for those investing in vacation properties.

Know what the risks and limitations are before you buy.

Another post from The Georgia Mortgage Cicerone.

Are You Living Life Well?

Mortgage U - Advisory Services and Training — Wed, 25 Jul 2007 00:26:55 -0500

Sometimes we make living life successfully much more complicated than it really needs to be. Found a wonderful video (hat tip Athol Kay) that both simply and eloquently expresses this point.

"The key to life is to become skillful enough to be able to do rewarding things." -- Jim Rohn

"Now is the only time there is. Make your now wow, your minutes miracles, and your days pay. Your life will have been magnificently lived and invested, and when you die you will have made a difference." -- Mark Victor Hansen

Cicerone's Favorite Posts Last Week - 7/23/07

Mortgage U - Advisory Services and Training — Mon, 23 Jul 2007 23:05:05 -0500

Another post from The Mortgage Cicerone

Don't Worry...Trust Me!

Mortgage U - Advisory Services and Training — Thu, 19 Jul 2007 00:37:25 -0500

How many times do you see the term "mortgage professional" used when in fact the person using the title is NOT a mortgage professional?

I know hundreds of loan originators across the country who truly personify the term "mortgage professional," however I have also seen countless others who remind me of Richard in this YouTube video.

I'm sure most individuals reading this post are dedicated to conducting their business in a fair, competent, and truthful manner.

As mortgage professionals, we acknowledge the profound impact, which our conduct has upon our clients’ welfare. Additionally, our clients rely on the accuracy and honesty of our guidance in the disposition of their assets, which may represent a major portion of their lifetime savings.

Bottom line - It's BOZO's like Richard and friends that hurt our industry. Can you imagine being so proud of these sales tactics that you actually post it on YouTube?

Another post from The Mortgage Cicerone

Great Thoughts To Ponder (7/17/07)

Mortgage U - Advisory Services and Training — Tue, 17 Jul 2007 22:14:51 -0500

"Success seems to be connected to action. Successful people keep moving. They make mistakes, but they don't quit." -- Conrad Hilton, Sr.

"As a man thinks in his heart, so is he." -- Proverbs 23:7, Bible

"If it is not right do not do it; if it is not true do not say it." -- Marcus Aurelius

"Nothing is more powerful for your future than being a gatherer of good ideas and information. That's called doing your homework." -- Jim Rohn"Character may be manifested in the great moments, but it is made in the small ones." -- Phillips Brooks

"Character is a quality that embodies many important traits, such as integrity, courage, perseverance, confidence and wisdom. Unlike your fingerprints that you are born with and can´t change, character is something that you create within yourself and must take responsibility for changing" -- Jim Rohn

"I look to a day when people will not be judged by the color of their skin, but by the content of their character." -- Martin Luther King, Jr.

"Adversity is a severe instructor, set over us by one who knows us better than we do ourselves, as he loves us better too. He that wrestles with us strengthens our nerves and sharpens our skill. Our antagonist is our helper. This conflict with difficulty makes us acquainted with our object, and compels us to consider it in all its relations. It will not suffer us to be superficial." -- Edmund Burke

"My preferred person today is one who is always aware of the needs of others, or their pain and fear and unhappiness, and their search for self-respect. I once liked clever people. Now I like good People." -- Soloman Freehof

"The highest reward for a man's toil is not what he gets for it but what he becomes by it." -- John Ruskin

"Character cannot be developed in ease and quiet. Only through experience of trial and suffering can the soul be strengthened, vision cleared, ambition inspired and success achieved." -- Helen Keller

"Any fool can criticize, condemn and complain - and most fools do. But it takes character and self-control to be understanding and forgiving." -- Dale Carnegie

"I love the man that can smile in trouble, that can gather strength from distress, and grow brave by reflection. 'Tis the business of little minds to shrink, but he whose heart is firm, and whose conscience approves his conduct, will pursue his principles unto death." -- Thomas Paine

"Be absolutely clear about who you are and what you stand for. Refuse to compromise." -- Brian Tracy

"Weakness of attitude becomes weakness of character." -- Albert Einstein

"Nearly all men can stand adversity, but if you want to test a man's character, give him power." -- Abraham Lincoln

"I care not what others think of what I do, but I care very much about what I think of what I do! That is character!" -- Theodore Roosevelt

"The best index to a person's character is (a) how he treats people who can't do him any good, and (b) how he treats people who can't fight back." -- Abigail Van Buren

"Watch your thoughts; they become words. Watch your words; they become actions. Watch your actions; they become habits. Watch your habits; they become character. Watch your character; it becomes your destiny." -- Frank Outlaw

Cicerone's Favorite Posts Last Week - 7/16/07

Mortgage U - Advisory Services and Training — Mon, 16 Jul 2007 08:08:00 -0500

Another post from The Mortgage Cicerone.

Putting Things In Perspective

Mortgage U - Advisory Services and Training — Sun, 15 Jul 2007 18:54:06 -0500

A father passing by his son's bedroom was astonished to see that his bed was nicely made and everything was picked up.

Then he saw an envelope, propped up prominently on the pillow that was addressed to "Dad." With the worst premonition he opened the envelope with trembling hands and read the letter.

Dear Dad:

It is with great regret and sorrow that I'm writing you. I had to elope with my new girlfriend because I wanted to avoid a scene with Mom and you. I have been finding real passion with Stacy and she is so nice. But I knew you would not approve of her because of all her piercings, tattoos, tight motorcycle clothes and the fact that she is much older than I am. But it's not only the passion...Dad she's pregnant. Stacy said that we will be very happy. She owns a trailer in the woods and has a stack of firewood for the whole winter. We share a dream of having many more children.

Stacy has opened my eyes to the fact that marijuana doesn't really hurt anyone.We'll be growing it for ourselves and trading it with the other people that live nearby for cocaine and ecstasy. In the meantime we will pray that science will find a cure for AIDS so Stacy can get better. She deserves it. Don't worry Dad. I'm 15 and I know how to take care of myself. Someday I'm sure that we will be back to visit so that you can get to know your grandchildren.

Love,
Your Son John

P.S. Dad, none of the above is true. I'm over at Tommy's house. I just wanted to remind you that there are worse things in life than the report card that's in my center desk drawer.

I love you.
Call me when it's safe to come home.

While this does not deal directly with real estate or mortgages, it does deal with putting events or circumstances into perspective. How many times do we get upset, yell or lose our cool over something that in the grand scheme of things, really is not that big a deal. Next time you find yourself getting upset, stop and think, is it really worth it.

AC	Acre	BA	Bath (with #BA)
ALUM	Aluminum Siding	1/2B	Half Bath
ANQ	Antique House	BR	Bedrooms (with #BR)
ATT	Attached Garage	BSMT	Basement
CLPD	Clapboard	DR	Dining Room
COL	Colonial	FIN	Finished (attic, basement)
CONT	Contemporary	FOY	Foyer
CRPT	Carport	FR	Family Room
DET	Detached Garage	GTRM	Great Room
DK	Deck(s)	KIT	Kitchen
FEN	Fenced Yard	LAW	In-law Apartment
GZBO	Gazebo	LDY/UT	Laundry/Utility Room
IGPL	Inground Pool	LIB	Library
MED	Mediterranean	LR	Living Room
RNCH	Ranch	MBR	Master Bedroom
RR	Raised Ranch	MBRB	Master Bedroom Bath
SCPD	Landscaped	OFF	In-home Office
SHNGL	Shingle	PT/FIN	Partially Finished
SPLT	Split Level	REC/PL	Recreation/Play Room
STY	Style of House	RM	Room
TWNHS	Townhouse	UNFIN	Unfinished (attic, basement)

APPL	Appliances	BAL		Balcony
CAC	Central Air Conditioning	BLT		Built-ins
CK/TP	Cooktop	BRK		Brick
CMPT	Compactor	CER		Ceramic Tile Floors, Walls
C/VAC	Central Vacuum	CLS		Closet (often with #)
DRY	Dryer	FLR		Floors
DSP	Disposal	FML		Formal (often DR)
D/W	Dishwasher	FPL		Fireplace
ELEC	Electric (with #amps)	HDWD		Hardwood Floors
FRZ	Freezer	HMOD		Handicap Modifications
HT/PMP	Heat Pump	PNLD		Paneled
HT/WTR	Hot Water Heater	SKYLT		Skylight(s)
ICE	Ice Make	SP/ENT		Separate Entrance
MICRO	Microwave	VLT/CL		Vaulted Ceiling(s)
RAD/HT	Radiant Heat	WI/CLS		Walk-in Closet
REF	Refrigerator	WU/ATT		Walk-up Attic
RNG	Range	WBF		Wood Burning Fireplace
SEC/SYS	Security System
SWR	Sewer or Septic
WAR WASH	Warranty Washer	Mortgage Terms
WHLPL	Whirlpool Tub	ASMT	Tax Assessment
W/OVN	Wall Oven(s)	ASSUM	Assumable Mortgage
WTR	Water (city or well)	FHA/VA	FHA/VA Financing Av