Loan Think

One of the biggest questions Sue and I get from our subscribers at www.reversemortgagesuccess.com is “Please tell us what your 'best' reverse mortgage marketing strategy is?” or “If you could only do one thing to get new business what would it be?”

As any mortgage banking veteran can tell you, the two key drivers of home loan demand are interest rates and jobs. Rates continue to look enticing (though not as enticing as early December) and the job market seems to be improving. (We’ll know for sure when the new employment numbers are released this Friday.)

Typically businesses and individuals set their goals at New Years, for any number of reasons. First, it is traditional (the New Year's resolution). But also for most companies and sales people, their fiscal year is the same as the calendar year and so they create their business plan to fit that time frame.

Under sections 202 and 536 of the National Housing Act, HUD may impose sanctions, including civil money penalties, for misuse of the terms “Federal Housing Administration,” “Department of Housing and Urban Development,” “Government National Mortgage Association,” “Ginnie Mae,” the acronyms “HUD,” “FHA,” or “GNMA,” or any official seal or logo of the Department of Housing and Urban Development.

It may be premature to declare the death of wholesale mortgage lending in America, but certainly it would appear that the future looks exceedingly bright for correspondent lending. We know of at least one large net branch (broker) that recently became a mortgage banker and is boasting as much to its customers.

The biggest compliant when is ask if a loan originator is doing anything with social media is—“Yeah, I know I need to do it—but can’t seem to find the time!”

In case you are just tuning into this series of articles we have been covering a very important marketing lesson, one that might explain why your current marketing efforts may not be working. We have discussed the market and how important it is for you to know your market.

In all of our talk about using social media, about how we are going to use the Internet to take more loan application, how we can communicate in an instant with our clients and never pick up the telephone, have we lost something, the ability to communicate meaningfully?

The verdict was against PHH Mortgage Corp. which does business as Coldwell Banker Mortgage. The jury awarded Staff Sgt. David Brash over $21 million in damages consisting of $1 million in emotional distress damages and $20 MILLION IN PUNITIVE DAMAGES.

With FHA lending remaining healthy (still) and the outlook for the sector looking promising (despite recent premium hikes) it’s safe to say that the “government eagle” is more valuable than ever before.