Loan Think

THIS JUST IN: Is the Federal Reserve once again contemplating allowing loan brokers to be involved in the appraisal process through a “blind ordering” system? We understand there was a meeting on the topic at the Fed this week. This might cause certain ultra-pro consumer types to wring their hands, and chant, “Where's Elizabeth Warren when you need her?”...

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.

Marc Savitt is a past president of the National Association of Mortgage Brokers and what you might call a guy who sees the glass "half full." In an interview the other day he told me that within two years home prices might be poised for a boom because of a lack of new building – even if the unemployment rate doesn't improve much. Meanwhile, although the broker sector is hurting (see the National Mortgage News website today for an update), he is starting to see more firms entertain the idea of reentering the wholesale space. Stay tuned…

Activity in the nonperforming loan market appears to be gaining steam, according to advisors and investors who play in the space. Not only does Barclays plan to unload $1 billion in nonperformers over the next year (according to one report) but Wells Fargo and Citigroup have been active sellers of late.

What if something happened to you tomorrow? What if someone made you a job offer you couldn’t refuse? What if you decided it’s time to retire? Or just can’t take it any more?

The business of subservicing loans for other companies appears to be alive and well. According to new figures compiled by National Mortgage News and the Quarterly Data Report, Cenlar of Ewing, N.J., continues to be the market leader in subservicing contracts with a balance of $76 billion at June 30, a healthy 65% jump from the same period a year ago.

Follow through—sounds like I’m going to use some type of sports analogy, right? Nope. I have been working at breakneck speed over the last couple of weeks on the new release of my Reverse Mortgage Success system (Reverse Mortgage Success 2.0) and as I was compiling the components, I was reminded of how much has changed in our business in a short time.

Perhaps, the Obama White House isn't talking to one of its wards, Fannie Mae. Follow my logic here: the Administration is giving government grants to the unemployed (in certain areas) so they can continue paying their mortgages.

Is there a magic bullet out there that will let mortgage sales people increase their volume? Odds are, no. But a pair of authors has turned to some of the great names in sales training to come up with some tips for sales professionals to thrive in today's economy.

FACTS On August 30, 2010 JOSEPH ANTHONY VELTRE, 68, of Orange, Calif., was sentenced to 18 years in prison after pleading guilty to stealing more than $2.6 million from investors in a Ponzi and real estate fraud scheme. He preyed on mostly elderly investors, soliciting their money for borrowers seeking funds from non-bank lenders.