Columns

Reverse Mortgages...Don't Lose Control

Thanks to all who wrote in last week and liked the idea of using nostalgia or the "back in the day" type of story to illustrate the benefits of the reverse mortgage. Often a story can make a point that is much more poignant than all the facts and figures we like to collect.

Subprime Again, Anyone?

At the recent Mortgage Bankers Association's Secondary Market Conference in New York City, I got to moderate a panel that discussed both originations and servicing issues.

Give More Than They Expect

Now more than ever, with the limited amount of product selection available, mortgage origination is a commodity business. Therefore, one must compete on service more so than price.

Reverse Mortgage Success

I saw an advertisement on TV last week that really made me think. It was for a handyman service so not at all related to our industry, but no matter. It painted a picture and transported you immediately. Does your marketing allow the senior to really visualize how the reverse mortgage can change his/her...

Legal Corner

RESPA CAN BE VIOLATED EVEN WHEN THERE IS NO OVERCHARGE ON REFERRALS

Making the Sale

Very few mortgage brokers have ever had the money to advertise on television, even on one of the now many ubiquitous cable television outlets.

The Loan Expert

You are what you eat. Right? If that is true, what are you? A cholesterol and grease saturated hamburger or a healthy reflection of food that you decided to eat?

As surely as you are what you eat, you are what you think. What you think is based on what you have accepted to this point. (Information does not have to be purposely accepted to affect you—osmosis does exist.) What you have learned, accepted and placed into action to this point is directly connected to who you have met, who has influenced you and what you have studied. Just reading is not enough. Simply meeting people is not enough.

Marketing Maven

In Part 1 of this series we talked about holding a sales strengths event. Now that tax season is over-and agents' tax returns memories are still fresh, it's a great opportunity to partner with a certified public accountant and present a tax planning session for your real estate agents. Work with several...

Legal Corner

MORE ON THE FINAL RULE FOR THIRD PARTY ORIGINATORS OF FHA LOANS AND THE NEW REQUIREMENTS

Reverse Mortgage Success

It's that time of the year. We're halfway there. That's right, hard as it is to believe we are halfway through 2010 already. Have you hit your goals? I read just recently that reverse mortgage applications are increasing in number. What about your own business? This is a good time to take stock and assess...

Making the Sale

Much of the world and even many in the U.S. are right now engrossed in what is happening in South Africa, where the 2010 World Cup soccer tournament is underway.

Tech Innovation Blog

There has been a great deal of focus and articles written on maintaining constantly changing rules and regulations in today’s mortgage market. While this continues to be a top priority for most lenders and technology providers, one surprising technology that is being referenced much more frequently today...

The Loan Expert

Over the years, I have given advice to a number of friends and associates who have gone through some trying times. Everyone always asks, "When will this change?"

Marketing Maven

Do you remember your favorite teacher? One of the unique ways to get business from real estate agents is to provide training, seminars and webinars on a regular basis. It's not about lectures or lunches. It's about easy to implement, in your face, regularly scheduled events, where "participation" is...

Reverse Mortgage Success

I read an article last week (on Wednesday) in USA Today that discussed a topic I found to be disheartening but not surprising. Bankruptcies are once again on the rise and expected to hit levels not seen since 2005 when the new filing regulations took effect. It got me thinking about our seniors.

Legal Corner

GOOD NEWS ABOUT THE NMLS SAFE ACT TEST

Making the Sale

Even without the pressure being put on mortgage originators today by regulatory changes, by business problems and more, being in sales always comes along with a certain amount of stress.

The Loan Expert

In my world, marketing is knowing what to do or finding out what to do and selling is executing on the marketing plan.

Marketing Maven

The affluent mortgage borrower, who needs to borrow a large sum for a purchase or refinance, should be easy to "catch" if you plan and prepare properly. Fishing off the dock using breadcrumbs, you are likely to catch an abundance of little sunfish. To catch the large fish, you need to row your boat out...

Legal Corner

FTC AGAIN DELAYS ENFORCEMENT OF THE "RED FLAGS" IDENTITY THEFT MANUAL UNTIL DEC. 31, 2010

Reverse Mortgage Success

This week we are pleased to share with you one of our favorite columns from Sue.

Making the Sale

Imagine you are selling a product that is one of the biggest and most emotional purchases that your buyer is going to make. Now imagine having to use your sales skills to have to overcome second thoughts, doubts and other issues your buyer has, while at same time your buyer is surrounded by a cadre of...

The Loan Expert

What were you doing in 1999? Do you remember?

Marketing Maven

The other day, a loan officer asked me "what's the first thing you recommend that I do if I were to reinvent myself?"

Reverse Mortgage Success

Have you ever noticed that when you make up your mind to do something (I mean really make up your mind) that things just seem to start going your way? Why is that? Take a minute to think about it, because it directly relates to your reverse mortgage production.

Legal Corner

FHA WAIVES THE 90-DAY RESALE RULE SUCH THAT PROPERTIES MAY BE RESOLD WITHIN 90-DAYS OF THE ORIGINAL PURCHASE

Origination Fundamentals

There are plenty of things you can do which will allow your business to stay running in the near term.

Making the Sale

Everyone should be familiar with the cliché "so much to do, so little time." And all of us have experienced days at work where we just seem to get bogged down by the number of things that are on our plate.

On the Road Again

With all the attention recently on the effects of the tax credit for first-time homeowners, it's easy to forget there's one on the multifamily side as well. The Low Income Housing Tax Credit, after a bad couple of years, is poised to return to its former status as the premier production conduit for affordable...

The Loan Expert

I own an Apple TV. The settings allow you to watch your pictures and at that same time listen to your favorite play list.

Marketing Maven

Some of the best ideas come from "outside" the mortgage industry-by reading other publications or just simply brainstorm with other business owners.

Legal Corner

INVESTORS SUE MORTGAGES LTD. OF ARIZONA, ITS LAWYERS, ACCOUNTANTS AS WELL AS OTHERS FOR $900 MILLION

Reverse Mortgage Success

Have you ever noticed that as salespeople we sometimes just can't get out of our own way? I was on a call with my coaching group (if you don't have one, consider joining one, your productivity will certainly increase) and the topic of "closing the senior customer" came up. One person in the group lamented...

Making the Sale

Ethics statements can serve a purpose in the marketing of one's business. They tell the consumer the values and standards they can hold the sales person to. It helps to give a comfort level. Business ethics expert Christopher Bauer said he hears from people who read his Weekly Ethics Thought e-mails...

The Loan Expert

Last week I put out a challenge to all of the readers. There were so many responses. But one gentleman had developed and articulated a plan that won the $100 award.

Marketing Maven

With the "fog-a-mirror" loans gone, with loan officers chasing the few deals that are out there, with consumers not being able to tell one mortgage company from the other, with everyone offering fixed-rate mortgages, how do you market yourself as unique and different?

Legal Corner

IRS FOCUSING ON 6,000 COMPANIES AT RANDOM OVER NEXT THREE YEARS FOR PROPER PAYMENT OF EMPLOYMENT TAXES

Reverse Mortgage Success

Recently I wrote a post about the difficulties our industry is experiencing with borrowers who have trouble paying their taxes and insurance after closing on a reverse mortgage. It's anticipated that this challenge may increase in the coming years as many seniors have recently opted for the fixed rate...

Making the Sale

To be a success in a referral-based business, one must have a strong personal brand. You need to be able to differentiate yourself from the competition.

The Loan Expert

If you have solved this problem, you could win $100.

Marketing Maven

Does your brain go into "freeze-mode" when it comes time to create content for your blog? Jim Estill, the former chief executive of Synnex, reveals seven tricks that have helped him create awesome blogs on a daily basis.

Reverse Mortgage Success

A few weeks ago I mentioned a couple of points that bear repeating. I got a lot of feedback on these points, so please indulge me while I expand on them.

Tech Innovation Blog

Recently, I was involved in a roundtable with mortgage industry leaders discussing technology in all phases of the mortgage process. There were a number of great discussions and insight into technology and its role in the mortgage industry. The one question that triggered numerous discussions and resulted...

Making the Sale

Before going into any dangerous situation, a police department's special weapons and tactics (better known as SWAT) team takes the time to assess what is happening and plan for the right way to remedy the issue. Many of us of a certain age became familiar with this concept because of a 70s television...

Eye on Washington

The debate over regulatory reform is moving the Senate toward legislating mortgage underwriting standards as part of its massive financial services bill.

The Loan Expert

The concept/law of Continuous Process Improvement begins with the concept that a plan-a process-is needed in most areas of your business and your life. Process simply is defined as the way, the best way, to accomplish a business plan and even a basic task.

Marketing Maven

How long have you been saying that you're going to update your image? Just like the "refresh button" on your computer, I'm here to suggest that you refresh your image and your brand at least once a year.

Legal Corner

A NEW METHOD OF SHORT SALES GIVING THE SELLER MOVING MONEY

Reverse Mortgage Success

It's no secret that much of your reverse mortgage outreach and advertising is geared toward education on the program overall and the benefits to the borrower. As promised, I am reporting on some topics of discussion from the National Reverse Mortgage Lenders Association Road Show in Philadelphia in April...

Origination Fundamentals

The mortgage business is shrinking. Why that is good news for those who remain.

Making the Sale

Many in the mortgage industry are blaming the bad economy for why their business is now tanking, but that might not be the only reason. These business owners, said one consultant, need to look in the mirror to help assess where the blame might truly lie.

On the Road Again

Recently I got the chance to chair SourceMedia's fourth annual servicing conference (six if you count a couple we did in the 1990s) in Dallas and it was our biggest show ever. Here are the remarks I prepared to start the show.

The Loan Expert

Continuous process improvement; are you familiar with this term? If not you need to be.

Marketing Maven

Your friend calls you and says, "Hey, did you know that somebody said something bad about you online?" And just as you thought you were the best thing since sliced bread!

Reverse Mortgage Success

For the next couple of weeks, I'll be providing updates from the NRMLA Philadelphia Roadshow which I attended last week. For those who are interested, I suggest you consider becoming a member of the National Reverse Mortgage Lenders Association if you are not already.

Legal Corner

FORMER MORTGAGE BROKER FROM CALIFORNIA SENTENCED TO PRISON FOR TAX FRAUD AND PAYING KICKBACKS

Making the Sale

It takes more than mere persistence and refusing to take no to make a sale sometimes. Sometimes you have to sit down with the prospect and hunt for a workable option.

Marketing Maven

This economy has changed the way you attract clients-it's now by referral. These personalized gift suggestions will not cost you and arm-and-a-leg and are so memorable--that when they hear the word "mortgage," they will think of you.

Legal Corner

HUD ISSUES FINAL RULE THAT ELIMINATES THE FHA APPROVAL PROCESS FOR MORTGAGE BROKERS

Reverse Mortgage Success

Editor's note: Today we are rerunning one of our favorite Sue Haviland columns. We hope you enjoy it.

Making the Sale

This Thursday (April 22nd) is Earth Day, making this the perfect time for small businesses such as mortgage brokerages to make the effort to "go green."

Eye on Washington

The government's Home Affordable Modification Program has plenty of critics who are disappointed with its slow implementation and limited impact in preventing foreclosures.

The Loan Expert

Editor's note: Today we are rerunning one of favorite Joel Pate columns. We hope you enjoy it.

Marketing Maven

Life's too short to work with whiny, negative, abusive and condescending real estate agents. You know who some of them are already! But, how do you reasonably determine if you can create a partnership-like relationship if you don't know them very well?

Reverse Mortgage Success

With all the pricing changes that have occurred over the last few weeks, I've had to calm down a good number of reverse mortgage originators. They are saying, "I've never had to deal with this in the reverse space." Yes, I'll admit the current environment is not something we in the "reverse world" are...

Making the Sale

Marketing expert Joy Gendusa, the chief executive of PostcardMania, recently posed the following question "Have you started thinking about your 4th of July promotion?"

Legal Corner

NATIONWIDE FORECLOSURES AND DEFAULTS STILL PREDICTED TO GO UP AND HOUSING PRICES STILL PREDICTED TO GO DOWN

The Loan Expert

Do you live in fear? Stop and think about it for a moment. Are you afraid your business will fail in the next few days, weeks, months? Has fear gripped you and you seem unable to shake it, this time? If that is the case, it is time to do something about it.

Marketing Maven

Some call it a Foreclosure Bus Tour. Some call it a Real Estate Investment Bus. Others say that it's the real estate version of "speed dating."

Reverse Mortgage Success

Today's piece will be something of a follow up to last's week's entry. As we continue to deal with pricing changes at a rapid pace, let's not lose focus and start marketing based only on price. It's important to remember that we all have marketing strategies in place and long after these pricing shifts...

Legal Corner

AS OF MARCH 29, 2010 ALL HUD/FHA APPLICATION AND RENEWAL FEES ARE TO BE PAID ONLINE

Making the Sale

In the mortgage business, risk management is a common term. After all, the mortgage originator has to manage several kinds of risks, including pipeline risk, property valuation risk and fraud risk.

Eye on Washington

WASHINGTON-The biggest Ginnie Mae mortgage-backed securities issuers cleaned house in the fourth quarter by buying a boatload of delinquent loans out of Ginnie pools, but its new president says that will not be repeated in upcoming quarters.

Marketing Maven

We all have only 24 hours in a day. Are you making the most of it? To find out, take the test below.

On the Road Again

Recently I chaired a roundtable on industry issues at the Regional Conference of Mortgage Bankers Associations in Atlantic City, NJ. It was a pretty lively discussion of the challenges and issues facing the business these days.

Marketing Strategies

How are you planning to keep your loan volume up once the stimulus program ends?

Origination Fundamentals

Have your plan of attack ready in order to secure the most deals and generate the optimal income.

Legal Corner

REMINDER THAT REGULATION Z IN TILA REQUIRES YOU TO HAVE AN ESCROW ACCOUNT FOR HIGHER PRICED MORTGAGES

Reverse Mortgage Success

For the last few days, I have received so many inquiries about the changes to the HECM fixed rate product that choosing a topic for this article required no thought on my part whatsoever - it was obvious.

Tech Innovation Blog

The mortgage industry continues to be front and center. Congress and the current administration have made regulatory compliance and enforcement a top priority. There are constantly changing rules and risks from the FTC, Federal Reserve and HUD, which is focused on flexing their authority over marketing...

Making the Sale

A mantra among businesses that have difficulty competing on price is that survival is based on the customer service level being provided.

The Loan Expert

Goals suck, right? Well, only if you have failed to develop a process of improvement as a way to develop goals appropriately. This article was supposed to be phase two of goals suck and how to develop a "Process of Improvement" that is reliable. I will return to that subject next week.

Marketing Maven

Admit it. You've purchased a system or a marketing program that you thought was going to revolutionize your business-only to find that it was so complicated that you simply gave up and never looked at it again.

Reverse Mortgage Success

I received a very good question recently via e-mail and I thought I'd share it with you. You may have heard me comment on this topic before but it bears repeating. The question went something like this: "Sue, I'm an experienced loan officer thinking about getting into the reverse mortgage business, but...

Legal Corner

HUD NEIGHBORHOOD WATCH AND HOW IT CAN BE MISLEADING

Making the Sale

Making the sale is very important for your financial well-being. It is not so important that you should risk your life and the lives of innocent people while you are chasing that next lead or referral. While talking on your cell phone while driving is dangerous (and there are studies that show even using...

The Loan Expert

I recently overheard a business associate make the statement: "Goals suck!" "Why," I had to ask, "do goals suck?"

Marketing Maven

Like most government legislation, the Nov 6, 2009 homebuyer tax credit extension created more questions than answers. However, according to Doug Geissler, a certified public accountant, the Internal Revenue Service is literally writing the "refund rules" as they go along.

Legal Corner

THERE IS NO RESPA VIOLATION WHEN A PROVIDER OVERCHARGES THE BORROWER

Making the Sale

In the past, I have said I am a fan of reality television shows and one of my favorites is the Celebrity Apprentice. Author's note here - I met Donald Trump and spoke with him regarding the formation of one of what turned out to be a failed business venture, Trump Mortgage. One of the selling points of...

The Loan Expert

It's obvious but you still do it. Do what? Waste time and mental energy by asking yourself this question: What the heck is wrong with (you fill in the blank)? What are they thinking?

Marketing Maven

What do real estate agents love more than anything in the world? Lunch!

On the Road Again

The phrase "short sales" was probably the most popular usage at the Mortgage Bankers Association's annual Servicing convention in San Diego. No, make that definitely. Everyone was talking about short sales and how they can help tame the massive foreclosure and/or modifications mess, helping out the borrower...

Reverse Mortgage Success

Every once in a while I get a slew of questions and comments centered on the family members of the seniors. And yes you guessed it, those questions and comments are about the kids.

Making the Sale

There have been plenty of stories in the media about the cash flow crunch facing many small businesses today. Many business owners have been making cutbacks looking to get by.

Legal Corner

HUD TO ALLOW LOAN CORRESPONDENTS UNTIL APRIL 30, 2010 TO FILE THE ANNUAL RECERTIFICATION FINANCIAL AUDIT FOR 2009

The Loan Expert

"I'm looking for a smooth ride," I told the tire salesman.

Marketing Maven

Did you know that 78% of all first time buyers rented an apartment (condo or home) prior to buying their first home? This is according to the National Association of Realtors 2009 Survey of Home Buyers and Home Sellers.

Reverse Mortgage Success

For the last few weeks, it seems that here in Baltimore where we've had a lollapalooza of a winter, everyone's in a funk. Yes it's been tough to get outside and the snow is finally almost gone. I've taken this time to look at a few projects I've been considering and also trying to figure out how to make...

Legal Corner

DO NOT FILE YOUR FHA/HUD AUDIT TOO SOON OR IT MAY BE WRONG