Technology Is Changing How You Get A Mortgage - 06/30/07 12:38 AM
The mortgage industry is going through a paradigm shift in the way mortgage products are delivered to clients. While the principles have not changed, the method in which they are delivered is changing with ever increasing speed.
Part of my job in delivering outstanding customer service to my clients is great communication...that is a principle. However, the paradigm shift referenced above pertains to the method in which I delivery great communication to my clients.
For example:
Today most Americans own or have daily access to the Internet  Two years ago, most people had never heard of a blog (your reading one now) Five years ago, nobody had a Blackberry that delivered their email … (0 comments)

What Makes You Unique - Are You Compelling? - 06/27/07 10:08 PM
Do you run your business like a business?
Whether you are a one-person mortgage broker shop or work for a large national name brand company; if you do not think of yourself as the CEO of your book of business, you will NEVER reach the ranks of superstar status in your industry.
It's imperative YOU run your book of business as a CEO of a Fortune 500 company runs their company. While the scale of size differs, the principles remain the same.
All businesses are similar in that they require good management, marketing, public relations, financing, cash flow, good accounting and record keeping, … (8 comments)

Great Thoughts To Ponder (6/27/07) - 06/26/07 10:44 PM
"I was taught that the way of progress was neither swift nor easy." -- Madame Marie Curie
"The guy says, 'When you work where I work, by the time you get home, it's late. You've got to have a bite to eat, watch a little TV, relax and get to bed. You can't sit up half the night planning, planning, planning.' And he's the same guy who is behind on his car payment!" -- Jim Rohn
"Always bear in mind that your own resolution to succeed is more important than any other one thing."  -- Abraham Lincoln
"People do not lack strength; they lack … (9 comments)

Have You Mailed Your Fourth of July Cards? - 06/26/07 12:50 PM
If you haven't, get off your arse and do it now, right away! When I initially tell mortgage and real estate professionals this, they usually look at me sideways, scratch their head and politely ask, why in the world would or should I send out 4th of July Day cards?
The answer...because you want to be different (in a good way)!
You want people to remember you! You want to stand-out from the rest of the crowd! You want to present your message at a time and place when people can and will take notice. To do that, you need to think … (4 comments)

Lack of Escrow Account -- Can Be A Financial Disaster to Many Homeowners - 06/25/07 12:09 AM
According to industry experts, a majority of subprime mortgages originated recently do not carry mandatory escrow accounts to ensure the timely payment of property taxes and hazard insurance.
The Reason
In an effort to reduce monthly payments to high-risk home buyers already several percentage points more in interest than prime customers, Subprime lenders did not require monthly escrow accounts on their loans.
Why This is a Problem?
Subprime borrowers generally encounter difficulty amassing the thousands of dollars necessary to pay their taxes and insurance premiums on their own, especially when their interest rates adjust and dramatically boost their monthly payments.
San Antonio-based mortgage broker Roy … (6 comments)

Cicerone's Favorite Posts Last Week - 6/25/07 - 06/24/07 11:53 PM
A Different Perspective on Doing Business  -  TITLE-OPOLY If a Real Estate Brokerage Served Cheeseburgers... - REAgentSorry, Kids. You Can't Go to College...We Bought a House - Sacramento Real Estate Voice (Brian Brady)Hello, My Name Is Tim. Having Fun With Name Tags  - Tim Maitski / ActiveRainStop Writing Fake Junk and Start Writing Real Stuff for Real People - Tim Maitski / ActiveRainWhy Is My Rate Quote Higher Than What Is On The Internet? - The Mortgage PorterLittle Changes = Big Results - Making Life Work for YouA Different Perspective on Doing Business - TITLE-OPOLYHow To Buy A Home In San … (3 comments)

What It Takes To Become A Top Mortgage Professional? - 06/22/07 02:47 PM
When evaluating the evolution of a top mortgage planner, there are countless metrics in which to measure their progress, growth and success. Some sales managers claim the metric in mortgage loan origination is, "How do your customers and clients view you?"
However, mortgage trainer Mike Baker disagrees and believes the most important measure is a loan officers ability to close a sale or influence their clients and customers enough to "want to" do business with them.
In short, "you can't influence them unless you can get them in the door!"
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Do You Know How To Develop A Business Plan? - 06/22/07 02:34 PM
Most individuals readily admit THEY SHOULD have a business plan, however once they get down to writing one, they often get overwhelmed.
The first mistake many people should realize is that a personal business plan:
Does not have to be a huge document. It need only include key components and serve as a guide to building a long-term mortgage practice.  It's a flexible document that should change as your business grows or the business environment changes. Consider these simple instructions when writing your own plan.
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Why Paying Cash & Refinancing Later Is Bad Advice - 06/22/07 02:20 PM
Recently my friend and fellow blogster, Brian Brady penned a very important article regarding purchasing a home with a large down payment and what the tax implications could be if one refinances later to pull cash out. In the post he says:
"How often have you been involved in a real estate transaction and decided to put down a large down payment just to "get the deal done"?  After all, you're a good risk and expect to get a loan whenever you want it.  You'll just refinance the loan later and "pull cash out"
It would be easy for me to shake my head … (0 comments)

Why Metaphors Are Such Powerful Sales Tools - 06/22/07 10:31 AM
What makes the use of metaphors such a powerful communication tool? In my humble opinion, it's because they simply drive home a point with a short, memorable, and emotional punch that information and logic alone do not have.
I have repeatably witnessed the use of metaphors by some of the top superstar Realtors and mortgage professionals as a teaching tool, or to convey difficult concepts to their clients.
The flood of information coming at our clients daily is increasing, not decreasing.  More information is not the answer.  In this environment, we need new tools and strategies to get our messages heard … (5 comments)

Adventures in 1st Time Home Buying - 06/21/07 02:01 PM
As a First Time Homebuyer (FTHB) authority, I have taught and consulted thousands of mortgage professionals across the country about FTHB's. That said, I can sniff out good and bad advice regarding the FTHB process faster than you can blink your eye. To my immense pleasure, I found a series of articles concerning the FTHB experience that's RIGHT ON THE MONEY!
This series of posts was penned by one of my favorite bloggers, Rich Jacobson at SoundBiteBlog. Rich has done a masterful job of articulating the FTHB process and I highly recommend consumers, Realtors and mortgage professionals read...you won't be disappointed.
At … (4 comments)

Great Thoughts To Ponder (6/20/07) - 06/20/07 09:00 AM
"When wealth is lost, nothing is lost; when health is lost, something is lost; when character is lost, all is lost." -- Billy Graham
"Be beautiful if you can, wise if you want to... But be respected -- that is essential."  --  Anna Gould
"What it lies in our power to do, it lies in our power not to do." -- Aristotle
"The last of the human freedoms is to choose one's attitudes." -- Victor Frankl
"Whatever you say to a customer (good or bad) leads to word of mouth advertising. What's the word out on you?" --  Jeffrey Gitomer
"It takes 20 years … (5 comments)

Are Your ACTIVITIES Killing or Driving Your Business? - 06/19/07 09:24 AM
"You can have everything in life you want if you'll just help enough other people to get what they want!"  --  Zig Ziglar
The response received from last weeks post "Is Your Attitude Killing or Driving Your Business," has been both positive and overwhelming. After reading the many emails received regarding this post, I knew a follow-up post was needed; a sequel of sorts.
While it's evident attitude plays a critical role in your real estate or mortgage career, the next question is;
What are you going to do once you have an attitude that is congruent with success?
The answer lies in … (5 comments)

What Is Mortgage Planning? - 06/19/07 01:12 AM
Over the last few years, the term or title "mortgage planner" has been growing significantly in its use by mortgage originators.  While sounding impressive, what does it really mean?  Is it possible for someone to actually plan a mortgage?  After all, don't lenders simply establish the terms of various mortgage products and at that point let the consumer merely select the one they figure best suites their needs? 
For the consumer, where, what and how does the so called mortgage planning actually occur?
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Cicerone's Favorite Posts Last Week - 6/19/07 - 06/19/07 12:58 AM
Attitude Changes Reality - Making Life Work for You Chicks Dig Scars - Ed Rybczynski on Active Rain (members only) How Does Your Service Provider Score Online? - Blown Mortgage How Negotiable Are Your Commissions? - REagent Robert Kiyosaki: A Man For All? - America's Most Opinionated Mortgage Broker A Builder's Secret Incentive  - TITLE-OPOLY I Read 30 Blogs a Day! - Mike Mueller on Active Rain (members only) Podcast: Dan Green from The Mortgage Reports Blog - Blogging for Mortgage Professionals Earnest Money: "Are You a ‘SERIOUS' Real Estate Buyer?" - SoundBite Blog Pre-Approval Letters: "Are you a ‘SERIOUS' real … (3 comments)

Great Thoughts To Ponder (6/13/07) - 06/13/07 12:13 AM
"If you don't have a vision, then your reality will always be determined by other's perceptions." -- Melanee Addison
"Friends are made by many acts... and lost by only one."  --  Harvey Mackay
"The fastest way to improve your relationships is to make others feel important in every way possible."  --  Brian Tracy
"Play the 'Reverse Gossip' Game. See how many nice things you can say 'behind someone's back'."  --  Bob Burg
"You can have everything in life you want if you'll just help enough other people to get what they want!"  --  Zig Ziglar
"Choose a career you love and you will … (5 comments)

Great Thoughts To Ponder (6/11/07) - 06/11/07 12:13 AM
"Customers don't make up stories about your business. It is you who creates them - the customer simply retells them. How the story is told and what the content is, is up to you." -- Jeffrey Gitomer
"The twin killers of success are impatience and greed."  --  Jim Rohn
"There is more treasure in books than in all the pirate's loot on Treasure Island... and best of all; you can enjoy these riches every day of your life." -- Walt Disney
"Read something positive every night and listen to something helpful every morning." -- Tom Hopkins
"Within you right now is the power to … (4 comments)

Generating Unending Referrals Through Affinity Marketing - 06/11/07 12:10 AM
Came across a great article regarding Affinity Marketing at one of my favorite sites; Top Producer Strategies.
Affinity marketing  simply means forming mutually beneficial business relationships and the continuing process of  nurturing and growing the referral trees that stem from them.
Affinity marketing relationships could be a relationship between a financial planner and mortgage professional, a Realtor and mortgage professional, a corporation and a mortgage professional and/or Realtor and/or financial planner, etc. A sword has two edges. Just as you will only refer your clients to professionals you know, trust and respect, you will only receive referrals from those who know, trust … (3 comments)

Rediscovering FHA - The Financing Options - 06/11/07 12:06 AM
The following are financing options available within the FHA loan programs recently highlighted:
30 Year fixed rate mortgage - 203b and 234c 15 Year fixed rate mortgage - 203b and 234c 1 Year ARM - 251 1.75, 2.00. 2.25 and 2.50 margins 1% annual and 5% lifetime caps SFR only (1-4 units) 30 Year term only3-, 5-, 7- and 10-year hybrid ARM Temporary buydown - fixed rate mortgage -  qualify at note rate … (0 comments)

Thank God You Don't Have To Look Like George Clooney To Be Successful - 06/08/07 01:19 AM

In past months, I've highlighted Superstar originator Mike Grace from Athens, Georgia. In those posts, we addressed what Mike was doing to maintain his production in a down market.
Last week while reviewing past postings, I re-read the two about Mike and immediately thought it would be a great time to call and find out how his production predictions were progressing this year. When Mike answered his cell phone, he immediately knew why I was calling and blurted out the following"
"Thank God you don't have to look like George Clooney to be successful in the mortgage business, because if we did, … (2 comments)

Podcast Interview - Blogging Your Way To Success - 06/05/07 01:02 AM
Last week I had the privilege of being interviewed by Jeff Chasin of Blogging For Mortgage Professionals.
Jeff heralds from the Atlanta area (where I also happen to live) and is a top wholesale AE for a large national mortgage banker. Jeff's blog site is focused on providing resources to mortgage brokers that will help grow their businesses. 
In this podcast interview, we focused on simple and straightforward strategies originators can utilize to:
Generate four to eight additional closed loans per month Endear yourself to both potential clients and referral partners Establish yourself as a local authority, expert, friend and celebrity Generate … (8 comments)

Don't Let This Happen To You! - 06/03/07 08:59 PM
While we all agree our past clients represent our greatest asset for long term sustainability and income potential, often we take our past clients for granted.
This short video clip (The Break-Up) is a powerful metaphor representing what happens far to often between loan originators and their past clients.
The Break-Up' – is about the relationship between an advertiser (You) and a consumer (Past Client). They've agreed to meet in a restaurant. The man's feeling perfectly happy, until the woman makes a painful announcement: she wants a divorce. In the course of their conversation she makes it clear to him … (5 comments)

Are You Mining the “Acres of Diamonds” in Your Database? - 06/03/07 12:50 PM
Loan Originators, do you have an automated system that consistently keeps your name and services in front of your clients and motivates them to:
Come back to YOU for their refinance or purchase needs? Refer their family and friends to YOU for their refinance or purchase needs Turn satisfied customers into loyal customers and don't let them get away
Jeffrey Gitomer makes a very interesting distintiction between "Satisfaction" and "Loyalty." In fact he will ask salespeople if they would rather have their spouse be "Satisfied" or "Loyal?" Think about the question and turn it around from a client retention standpoint. 
Your Most Important … (5 comments)

Old Time Seller Concessions Making Comeback - 06/03/07 12:37 PM
No doubt about it, we are definately in a Buyers Market!
In today's current market environment, sellers are now willing to provide consessions to sell their properties. This sets up a perfect opportunity for you to contact your Builders/Realtors to promote seller paid buy-downs.
This market reminds me SO much of the eighties and early nineties when buydowns were commonly utilized to market slow moving properties. If you have been in the business less than 10-15 years, this market is something you have never seen. However, for us old-timers, we are are starting to see marketing strategies that has not been in vogue … (6 comments)

Pre-Approval Letter Defined - Again - 06/03/07 04:38 AM
I'm starting to see more of a dirty little secret not often discussed in the mortgage and real estate industry. It however is is starting to pop it's ugly head more than usual and I have a feeling our current market environment has something to do with that.
I'm talking about "Pre-Approval Letters" and what they REALLY mean.
While researching this issue, I came across a post written by Rhonda Porter titled "Pre-Approval Letter Defined." Rhonda is a top mortgage originator in the State of Washington and in her Blog she wrote a very clear and concise article about Pre-Approval Letters.
Pre-Approval Letters … (8 comments)

Rediscovering FHA - Part 2 - The Loan Programs - 06/03/07 04:18 AM
The following are the most commonly used FHA loan programs along with their characteristics.
There are multiple sections of "The FHA Act," these however are the primary programs most commonly utilized:
203b (Regular)
Most widely used section of the act Can be used for 1-4 unit properties, PUD's, manufactured housing, but not condos Requires up-front and annual renewal MI Has a fixed rate on interest234c (Condo)
Used only for condominiums (not PUDs) Unit must be in an FHA-approved project Qualified spot condo approvals may be available Requires up-front and annual renewal MI Rate may be fixed or adjustable251 "ARM" (Adjustable Rate Mortgage)
Caps of 1% per … (0 comments)

Leadership, Respect and Loyalty...a Lesson Learned - 06/03/07 04:14 AM
During the early spring of 2005, I was leading a national project team that had sixteen incredible people whom I had a tremendous amount of respect for. One night while in a hotel room and thinking about the project, I suddenly realized such and became overwhelmed with appreciation regarding the individuals I was working with.
It was at that point I started composing an email in which I wrote a paragraph of what I respected and appreciated about each individual on the team.
When completed it ended up being a five page email.
After reviewing it, I then hit the send button and … (2 comments)

How One Client Turned Into 72 Closed Transactions - 06/01/07 07:59 AM
We always hear about building a 100% referral based business. While I don't think very many can claim 100% of their business is referral based, I know numerous superstar mortgage and real estate professionals who's business is in fact at least 90 to 95% referral. The Best Time To Get A Referral
What do people talk about with their friends when they're buying a new car? About new cars! Better yet, what do people talk about when they are buying a new house or refinancing a mortgage? That's right...houses and mortgages.
More importantly, when they talk about mortgages, are your customers talking … (52 comments)

 
Tony_-_independence_hall

Tony Gallegos

Marietta, GA

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Cognicorp Mortgage Banking Advisory

Address: Marietta, GA

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