the xbroker: The Great Mortgage Correction. A Three Part Series - 08/24/07 02:46 AM
This is the first post in a three part series that will discuss some key factors that are causing the Great Mortgage Correction, as well as some opinion on what can be done to alleviate some of the pressure on consumers and mortgage professionals.
Part 1.  The Clone Age and Damaging Practices
'The sky is falling!' ~Chicken Little
While it certainly seems this way, the recent activities and news within the mortgage industry were not all that difficult to see coming.  If you were among the 10% in the 90/10 rule of money and power, you would've rolled your … (4 comments)

the xbroker: SEO, Meta Tag, Keywords, Real Estate Marketing 2.0. To Live and Die by the Sword - 08/14/07 01:11 PM
‘Open source’, ‘Blogging’, 'Web 2.0', the importance (or impotence) of Search Engine Optimization is the buzz of the Internet, and especially hot in the real estate and mortgage verticals.  Regardless of the lingo used, one thing is evident…The big WWW has evolved (very) dramatically.   There are new rules since the web has gotten smarter; it’s a very different beast than the gigantic digital archive of static pages it used to be.  Change fosters discontent amongst the institutionalized.  Most people don’t like change, especially if it means deviating from their current successful ways, even more so if it means losing coveted business … (26 comments)

the xbroker: The XBroker at Inman Real Estate Connect - 08/05/07 12:55 PM
Fresh back in Dallas after four days soaking up San Francisco and Inman News’ Real Estate Connect, the industry’s premiere technology conference and networking event.   RealTyger rolled out its technology platform in the Sacramento Room inside the swanky Palace Hotel while panel after panel divulged and dissected most every aspect of the technology’s related to real estate. 
I personally only saw about 10 minutes total of the presentations, which sucks as I think in retrospect.  There was a lot to see and learn, alas there are but so many hours in a day. 
A quick, broad stroke accounting of … (1 comments)

the xbroker: How to Clean Up The Mortgage Industry and Satisfy Consumers With One RESPA Ammendment - 07/30/07 11:12 AM
What is the first question every consumer asks when they call a mortgage entity? 
What is your interest rate for a _________? (Pick a program).
 
What is the second question every consumer asks when they call a mortgage entity?
How much do you charge?
 
First, these are the two worst questions a consumer can ask because it demonstrates a high level of ignorance to whoever the broker/banker is on the other end of the line.  You pay for what you don't know in this world, asking these types of questions to the wrong mortgage pro is like waving … (43 comments)

the xbroker: Real Estate and Mortgage 2.0 Who's Behind the Wheel? - 06/17/07 08:13 AM
Greg Swann penned an article about Zillows recent cryptic announcement of a pending move into the mortgage arena…Trulia is  rumored to be as well, and Redfin now offers a flat fee mortgage service (WHAT A NOVEL IDEA!).
The big Z also recently announced that they will soon enable brokers to feed their listings (and any updates) automatically to their site, probably RSS style.  It’s a logical move for them since their major shortcoming is the inferior amount of actual listings compared to Trulia and other similar players.
 
Here was my comment to Gregs post:
 
On the mortgage side, if … (10 comments)

the xbroker: 10 Real Estate and Mortgage Predictions for 2007 - 01/16/07 02:42 AM
This is the last in a short series of posts inspired by my trip to Manhattan for the Inman REConnect Conference….
What did I take away from it all? Ill format my answers in the form of some 2007 predictions (in no particular order):
Active Rain and other community based ‘Blogsites’ are going to be Big. Localized real estate content using the blogging platform will create new top producers and entrench the current crop.  *That was a tough one* Web 2.0 technologies, specifically the Mash-up, will accelerate the paradigm shift influencing the way real estate is bought sold and financed. Open … (12 comments)

the xbroker: Disclosing Your Competitions Weakness? - 12/27/06 06:51 AM
This is a further dissection for discourse of Mark Nadels (who is not an FTC attorney, he is an attorney and works for the federal government, and has presented his work at a 2006 FTC Bureau of Economics seminar..sorry Mark :)) critical assessment regarding traditional real estate brokerages revenue and subsequent disclosure models.
‘Marketing Your Competitions Weakness’ outlined the problem and opportunity that lies within the current state of Realtor/Consumer affairs:
 
 
The NAR has control over the passage of most any state level legislation.They wield this power to protect the traditional Realtor, prohibiting alternative model practices such as rebates and … (49 comments)

the xbroker: X-Rated Musings..and Calling Candybags! - 11/19/06 11:37 AM
                         Coined from 'this guy' I know in S. California who is part Sun-Tzu, part Gordon Gekko, part Machiavelli, and I even think he has some affinity towards Darth Vader. Although he'll probably tell me that all these guys (minus Gekko) are pansy's, for perpetrating that I 'know' his MO next time we speak...which will probably be soon. Actually he's a pretty nice guy, if he happens to like you. 
Anyway, thats my life right now, Controlled Chaos!!!
Nice meaningless intro huh... No! Darth Gekko is in the middle of … (21 comments)

the xbroker: There's No Discount Here! - 11/16/06 09:59 AM
What is a discount brokerage?  Over the years the term has come to be interpreted as discounted cost for discounted service, which is a time tested loser.  Discounting service is the surest way to become 'out of business'.  Discounting cost is often a strategy of less experienced brokers trying to gain market share...and often futile in attempt.
The blind labeling and stereotyping of a 'fixed fee for services' mortgage provider as a 'Discount Broker' is short sighted, to say the least, without looking further into the facts.  As someone who has overseen the origination of over 2500 loans, and fixed my costs … (6 comments)

the xbroker: Quotes, Zillow, and Guerrilla Blogging Tactics - 11/09/06 08:48 AM
While up in Cleveland, OH for a summit meeting with my partners and one sharp programmer (John McKnight, plug!) I had some time to reflect on some articles, posting, musings, and quotes that struck a cord with me.


Quotes: Jeff Belonger over at Active Rain asked me for some inspirational quotes to share with him for a blog post, these are some that have resonated with me:
Two roads diverged in a wood, and I-I took the one less traveled by, And that has made all the difference -Robert FrostYou will miss 100% of the shots you don't take. … (9 comments)

the xbroker: The Morgage Industry’s Internal Civil War - 11/09/06 07:28 AM

YSP’s have gradually made their way into the American homeowners conscious, rising from relative obscurity. While this is progress, their use in relation to their intent is still misunderstood, manipulated, and maligned. Although more consumers are now aware that YSP’s are cash rebates Lenders pay for a borrower to accept a higher interest rate than they qualify for…this hasn’t stopped Brokers and Bankers from misusing them as a tool to subjectively and unjustly enrich themselves.
 
Definition.
 Even well educated broker/bankers can’t properly define YSP’s intended purpose per RESPA letter law. As explained in the RESPA Policy Statement, yield spread … (129 comments)

the xbroker: The Potential Effect of Transparency in the Mortgage Service Industries - 11/08/06 08:04 AM
Some members of blogging and other community platforms I belong too tend to misinterpret my MO…calling me ‘negative’, an ‘idealist’, ‘mud-slinger’, etc. Contrary to popular belief, I’m not the Grim Reaper, although my posts may have a sensationalist, tongue-in-cheek, even rapine roll to them; so at times it is hard to convey what should be viewed as ’serious’ content over general and random opinion. Few people like to entertain the guy who trashes their business model as antiquated, especially those within the industry who currently enjoy a comfortable margin of success doing business under the self-prescribed ‘right way’. So, let me … (10 comments)

the xbroker: X-Rated Mortgage Calculators - 11/03/06 04:39 AM
      We've had many people write in positive comments regarding these mortgage calculators, so I thought I would share them with the AR community.  They are much more intuitive than the traditional versions found on many lender websites...So, for what it's worth, here they are....   Side by side loan comparison. Put loan programs side-by-side. Principle, Interest, Taxes & Insurance Calculate your total amortized monthly payment with PMI, hazard insurance, and property taxes.Interest-Only Calculate an interest-only vs. a fully amortized payments. Keep in mind you can always pay more than the ‘interest only’ payment.Current Mortgage Snapshot This shows how much you have already … (1 comments)

the xbroker: Lost Another Bone to DiTech? - 10/31/06 07:38 AM
The chart shows the exact same loan for the same borrower "priced" two different ways: The broker/banker's way, and Transparently, with a pre-negotiated fixed cost for services utilizing wholesale, par rate pricing.   
DiTech™ was arbitrarily chosen for this comparison, but it could have been any other retail lender, since they don't have to disclose YIELD SPREAD PREMIUM (YSP): Cash incentives (typically) paid to the broker in exchange for selling you a higher interest rate than you actually qualify for.
 
 
Comparison based on the following factors:    5-yr ARM, Single Family, Primary Residence, Rate/Term Refinance, Full Income & Asset Verification, Loan Amount: $410,000, LTV: 80%, … (15 comments)

the xbroker: Swindlers List - 10/27/06 09:45 AM
WARNING: What you are about to read are 100% factual accounts of grievous broker misconduct. The rules regarding YSP and disclosure are clear, yet some broker/bankers continue to operate as if they’re above the law.
  
If you’ve never seen this 2-page brief on YSP & Consumer Disclosure from the California Department of Real Estate, or this bit of Capitol Hill testimony on YSP from a Harvard law professor, you’re in for an eye-opener.
 
PATRICK DANIELS Senior Loan Consultant, First Capital Corporation
Office: 949.793.5064 Cell: 949.375.2736
Cell: 949.375.2736
 
Email: patrickdaniels@firstcapcorp.com
CLAIM TO SHAME: Caught by XBroker trying to slide $18,375 in … (14 comments)