lender: Doing Business Durring the Holidays
- 11/24/09 04:04 AM
With all the events and family and feasts and fun associated with the holidays, is it worth it to work and try to make sales in December? Or is it better to regroup and plan for the 2010 year? First, let me say that my largest closing month ever was a December!!!!! Year end considerations can sometimes motivate customers to act rather than just wait. In that particular December, there were some tax law changes that effected real estate so I ended up closing almost $10 Million in one month. Another consideration is our competition. They often are't working. So there … (0 comments)
lender: Where Have all the Lending Professionals Gone?
- 11/20/09 06:51 AM
It is getting more and more common that my company is asked to save a real estate transaction at the 11th hour. I got three calls in the last two days from listing agents that have had their sales put in jeopardy by pure incompetence from the lender handling the transaction for the buyer. Two of the loan officers that work for me have also rescued deals this week! It is worth a few minutes to analyze what is happening. Often, these transactions were originated by either mortgage brokers or credit unions. Brokers are at a real disadvantage because their chain … (5 comments)
lender: Fall and Flu
- 09/29/09 09:56 AM
It seems to happen every year...the kids go back to school and withing two weeks they are sick. Typically I seem to catch the bug the following week. Why should this year be an exception? Of course it is not! Last night I woke up with a terrible cough. I can feel the wave of this virus coming over me like sliding into a hot bathtub. The aches and fever are hitting now and I am sure in won't be long until nausea sets in. I am just hoping it is not the swine flu. Here is my dilema: I have … (3 comments)
lender: Changes in the mortgage industry
- 09/17/09 09:35 AM
I came across a great blog that is worth the read. It is short: http://www.linkedin.com/groupAnswers?viewQuestionAndAnswers=&gid=119616&discussionID=7281287&commentID=6615555#commentID_6615555 The author relates Darwin's theory of evolution to the evolution of the mortgage industry and especially as it relates to small brokers vs. large lenders. It seems to me that he is correct in his assertion that we are in a period of survival of the fittest.
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lender: Indymac - an insiders view
- 07/16/08 04:43 AM
After the most painful year of my 24 year mortgage banking career, I can now report that I am officially an employee of the Federal Government. As everyone knows, last Friday the Office of Thrif Supervision put Indymac Bank into receivership and tranfered most of the assets to a new company, Indymac Federal Bank, operating under a conservatorship directed by the FDIC. Monday came around and all of a sudden we were closing loans! over $10 million closed on Monday over $14 million closed on Tuesday. The FDIC was able to unwind the mess that Indymac had created in the funding … (4 comments)
lender: Rural America
- 05/19/08 08:56 AM
This weekend I took a roadtrip from Portland to Northern Idaho as a chaparone a choral competition for my daughters school. As I drove for hour upon hour through the Columbia Gorge and Palouse hills of Washington, it occurred to me that there were probabally millions of acres of land that had very little purpose other than as a sanctuary to the wildlife and eco-system the mother nature put there. I have been a real estate lender for nearly 24 years and not one bank or mortgage company I have ever worked for would be willing to lend on about 95% of the land I … (0 comments)
lender: Don't throw in the towel...act
- 04/29/08 11:29 AM
I just got a call from a Loan Officer in another state asking for help. He was looking for the answer to the age old question; How do I become a top producing Mortgage Loan Originator. I don't think he liked the answer I gave because it wasn't a recipe but a philosophy. Here are the five steps I believe it takes any sales person to be successful. It doesn't matter how good or bad the market is, it is your attitude that determines your results: Network, network, and network some more. Join every committee, every club, every leads group and every … (0 comments)
lender: Will Countrywide be the next imploded mortgage lender
- 01/10/08 04:34 AM
This is the question circling the mortgage lending community lately. No question they are in serious trouble. With the secondary market for mortgage loans in total dysfunction, Countrywide finds itself in a dilemma. If they stop making loans, they could slow the rate of loss from defaults but where do they generate cash flow for operations. If They pick up production, they can feed the giant corporate structure they have built and hang on a while longer, but the losses are mounting fast and there is no sign that a secondary market for mortgage loans is going to reemerge soon enough for CW … (4 comments)
With all the events and family and feasts and fun associated with the holidays, is it worth it to work and try to make sales in December? Or is it better to regroup and plan for the 2010 year?
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