Account Executives and Loan Officers listen up..... There is a bettter way!

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I have gotten an increase in calls from loan officers lately trying to place what used to be considered good loans.   Declining Markets, Stated Income, DTI Restrictions, and Appraisal problems are just some of the thorns in the side of the secondary market.  As originators we often see what used to be, and often can't understand why it isn't that way anymore.  The reality is that these changes are here and there is little we can do about them.  Even worse, more changes may be on the horizon. 
Ask yourself this?  If stated income went away in its entirety today, what will that do for your business?  If LTVs were reduced by 10% in most major markets, how would that impact your borrowers?  Bad news folks. This just might be the reality in the the coming months.  

The way i see it, we have two Choices.

1.  Continue to spend time trying to work those seemingly endless deals by chasing down products that are hard to find.  ~or~ 2. Start finding new borrowers that fit guidelines of products you know you have.   The Home Ownership Accelerator gives you something to sell to over 75% of Americans.  Check the statistics.  The average borrower has over a 680 Fico and an 80% LTV or less.  You just don't hear from them because they think they are fine with 6% on a 30yr fixed.   So what do you have to do when you have a borrower that thinks they don't need to refinance?  SELL THEM!!!   Example:  "Mr. Borrower, If i could save you over hundred thousand in interest costs, and cut 14 years off your loan without changing your spending, would you be willing to hear what i have to say?"   You have heard a thousand times that our Industry is Changing.  What does that really mean?  It means that we have to be quick on our feet, and fast to adapt.  Keeping the same attitudes we had over the last few years is not going to cut it like it used to.  We must be willing to accept change and embrace a new train of thought.    So back to your choices.  Call 10 investors on your list looking for that 640 Stated? Or call 10 borrowers that qualify for the HOA? Hummmm??   Its time to think differently. Think HOA!    


This is a sign that we need to act on the HOA today! 1 month LIBOR is GOING down.   Do you think this will spur another refinance boom? What are you going to give them?   Where are all the customers you refinanced last time? They are sitting on their rate, with no initiative to send you more business.
That's way the HOA is different.  The HOA will give you an ENDLESS pipeline of referrals.  This product is so great, that we get a documented 3-4 referral rate out of EACH loan we close.
Take advantage of this opportunity to set yourself up for the future. Start putting people in HOA today so you get deals tomorrow.     Lay your solid foundation today, and start building for tomorrow.  Here is what you need to do:

  1. Get Certified!
  2. Tell your family and friends.
  3. Start calling your old clients NOW.
  4. Send a newsletter to your database.
  5. Offer lunch to Accountants, Realtors, Planners, Etc.
  6. Talk it up!!!

Use Today to secure Tomorrow. 

This is your last shot to build a lasting career!  Rates won't tank again. You can sit back and take the orders as they come in, or your can set yourself up for what's to come.  


As the Holidays near you may think that now might be a good time to relax and reflect on the New Year! I usually like to use the "off time" to contemplate my business plan for the coming year.

This season will be different for me! Why?
I am going to use this time to tell EVERYONE i know about the Home Ownership Accelerator. I am not going to reflect, i am going to ACT. Every cocktail party, family dinner, and get together will be spent talking about saving the people around me TENS OF THOUSANDS OF DOLLARS. I will put myself into action today to reap the benefits tomorrow.

We all know that these next few months are the slowest in the industry. Coupled with this significant downturn where everyone is dropping like flies, many will not make it through the New Year. Where will you be when January 2nd comes?

I want to show you how to take this time to set yourself up for the New Year. Pour your solid foundation today, and start building for tomorrow. Here is what you need to do:
Get Certified!
Tell your family and friends over dinner.
Put some HOA info in your Holiday Cards.
Send Holiday Cards to your database.
Offer holiday lunch to Accountants, Realtors, Planners, Etc.
Talk it up!!!
Make the most out of this time. Don't sit idle.

What better gift can you give than saving people tens of thousands of dollars, slashing years off their loans, without changing their spending habits? Give the Gift of the HOA!!

Xavier S. Walter

CMG Mortgage

Comments (2)

Xavier S. Walter
Home Energy Team - Medford Township, NJ

comments welcome.

Feb 26, 2008 01:44 AM
Kirk Williams
Private Venture Capital - Everett, WA
Good program.
Feb 26, 2008 01:59 AM