Broker Magazine articles from August 2003

Broker Magazine archives from August 2003

A Rebound for Brokers.
August 1, 2003... After the 1998 refi boom, the mortgage broker industry retrenched by nearly 10% in each of the following two years, a survey from Columbia, Md.'s Wholesale Access found. In 1988, there were just 8,500 companies. This grew to 36,000 in...

The New Biz Buzzword: Management Theory M.
August 1, 2003... Management Theory M is the next new thing in business strategies, says Denver-based consultant Karen Susman. M, by the way, stands for the Yiddish word mensch, which roughly translates to being an honorable person. "As with any management...

'Go for the No' Selling.
August 1, 2003... Salespeople are taught not to take no for an answer, primarily because if they get any other answer but yes they have failed. The most debilitating myth taught is "a good salesperson can sell anything to anybody." But said sales consultant...

Directors Have Liabilities, Expert Says.(Brief Article)
August 1, 2003... The vast majority of mortgage brokerages are privately held companies. Any person who serves on the board of a private company could have the same legal liability issues as a director of Countrywide or any other large publicly-traded company,...

Defeating Stress: Is the refi boom taking its toll on your mental and physical well-being? Look to humor and physical activity for restoration.
August 1, 2003... Stress is more harmful to our bodies than most of us imagine. Dealing with it can be a life-saver. While mortgage brokers are financially benefiting from the biggest single origination boom in the history of the business, there is one...

What Do You Do to Avoid Burnout?: Our online group at www.mortgagegrapevine.com gives their advice.
August 1, 2003... Mac's Evil Twin: I change the mortgage light bulbs before they burn out. bobolink: Make the job fun. You can't let everyone or everything upset you. When having a bad day, make your comfort calls. Solicit customers that you have done in...

Seven Steps to Master Stress and Phobias.(Brief Article)
August 1, 2003... 1. Controlling your mind (Refocusing Technique 2. Controlling your feelings (Keying) 3. Controlling your actions (Multi-dimensional planning) 4. Relaxation techniques 5. Physical activity for stress reduction and fun 6....

Ask the Experts: The nation's best sales people on the industry's hottest issues.
August 1, 2003... This Month's Question: How do you deal with stress in the workplace? Wes Garrett Branch Manager SLM Financial Greenville, SC "It is not just a matter of taking a break every other hour or so. Every day you keep working...

The Longest-Running Show.
August 1, 2003... Our panel held at the National Association of Mortgage Brokers annual convention gives their views on the future. MARK: Congratulations to the brokers to enlisting Sen. (Richard) Shelby to your cause on RESPA. He is certainly the most...

Both Sides Pleased in SC: New law contains a consumer counseling requirement, but no assignee liability.
August 1, 2003... SOUTH CAROLINA Triggers Higher than Other States The governor of South Carolina has signed a predatory lending bill into law that both industry representatives and consumer advocates are pleased with. The law was developed after...

Going for The Gold: It was neck and neck and neck between our top three producers, but Jeff Lake edges out Tom Digan and Jon Volpe for number one.
August 1, 2003... It was neck and neck among familiar names as Jeff Lake, Tom Digan and Jon Volpe all battled it out for Broker's top producer of 2003. All three cleared the $300 million barrier. When the smoke cleared, Mr. Lake edged out Mr. Digan by a nose,...

Top Brokers.(Illustration)
August 1, 2003... (Dollars in Millions) (Ranked by Number of Units) No. of Average Rank Organization Name Units in '02 Loan Size 1 First Home...

Top Producers.(Illustration)
August 1, 2003... (Dollars in Millions) (part 1 of 2) Production Rank Producer's Name Volume 1 Jeffrey Lake $309.97 2 Tom Digan $309.00 3 Jon ...

Top Woman Producer Nearly Breaks the $100 MM Mark.
August 1, 2003... From a part time job stuffing envelopes for a large brokerage firm to the top woman producer in 2002 spans a 34-year career in the mortgage industry for MarLynn Nichols. She produced a volume of $99.3 million for Greater Bay Residential...

Taking No Chances: As HUD's proposed changes to RESPA are still being debated, one company, Windsor Capital, turns to mortgage banking.
August 1, 2003... Until now, Windsor Capital Mortgage of Encinitas, Calif., has operated exclusively as a broker. But the company became concerned by the proposed changes in the Real Estate Settlement and Procedures Act by the Department of Housing and Urban...

Leading Them In: Downpayment assistance has opened a lot of doors to buyers who did not have the means to purchase a house, and in the process has made it much easier for brokers to expand their marketplace.
August 1, 2003... The president of Dunnrite Mortgage, North Smithfield, R.I., asks "When was the last time you went to a flea market and saw a mortgage company there?" He is certain the probability to see mortgage broker booths in such places is...

Finding the Right Fit for the Customer.
August 1, 2003... Brokers say that providing the service is one thing, finding the best product for each customer is another. "We try to tailor the downpayment to fit whatever the need is for the borrower and than negotiate it with the Realtor to decide...

Don't Miss Commercial Ops: Commercial loans are a way for brokers to build market share when refis go away, as well as diversify.
August 1, 2003... Have you ever said, "I should have followed my gut?" Years from now this is a phrase that will be uttered time and again by mortgage brokers who focused exclusively on residential mortgage opportunities. The fact is commercial loans -...

Wannabe Brokers - Food for Thought: Comments on pricing practices at www.mortgagegrapevine.com.
August 1, 2003... Jg63: Anyone else tired of these newbie brokers who like to quote par pricing with no points just to get a deal? For those of you that are doing this, McDonalds is now paying up to $6.00 an hour. That's $1040/month gross, which has got to...

Upcoming Sales and Marketing Conferences.
August 1, 2003... This calendar of events contains a number of key events worth noting: the FL and CA Mortgage Broker Conventions are the industry's largest. August 6-8 Annual Convention Colorado Mortgage Lenders Association Cascade Resort ...

Conquer Call Reluctance: Five steps to overcome aversion to making calls.
August 1, 2003... Unfortunately, lots of salespeople tend to be reluctant to make important calls to or on their most promising prospects. This practice can be very detrimental to your career, especially if you fail to place enough of the right calls on a...

Loan Database.(Illustration)
August 1, 2003... (part 1 of 5) Min Program Name FICO 500 C 65% LTV Stated 500 C 70% LTV Stated 500 B 70% LTV Stated 500 C 80% LTV 500 C 75% LTV Limited 500 B 75% LTV Limited 500 B 75% LTV ...

Advertisers' Index.(Illustration)
August 1, 2003... Altair Data Resources 17 American Family Fund 39 Apollo Housing 55 Byte 38 Calculated Industries 36 Center Point Internet Solutions 63 Cilix 13 CitiMortgage 35 Data Warehouse 9 Decision One...

Top Commercial Loan Brokers.(Illustration)
August 1, 2003... (Dollars in Millions) Pct Rank Organization Name '02 Volume '01 Volume Change 1 L.J. Melody and Co. $8,300 $7,800 6%...