Broker Magazine articles from February 2001

Broker Magazine archives from February 2001

2001, A Mortgage Odyssey.(Brief Article)
February 1, 2001... The best news brokers can ever hear is: there's a refinancing boom on. A year from now, will that welcome phrase be applied to this Kubrickian milestone year? As 2001 gets underway, the signs are looking very good. A refi boom is good...

Assuming the Sale.(Brief Article)
February 1, 2001... Art Sobczak, in one of his TelESales Hot Tips, notes "old school, tactical methods of selling say that you should 'assume the sale' as soon as the prospect shows any degree of interest. I disagree. "That's annoying, salesy, cheesy, and...

Tools of the trade: Top loan brokers discuss the tools they use in their business.(Brief Article)(Illustration)(Statistical Data Included)
February 1, 2001... ZAHRA JAFRI President/Owner. Lynx Mortgage Inc. Great Neck, N.Y. 2000 Loan Volume: $25 mil (company) Years in the business: 10 years Make of Car: BMW Type of Cell Phone: Ericsson Brand of Laptop: N/A Most...

Bigger isn't Always Better.(mortgage brokers' advertising programs)
February 1, 2001... When it comes to advertising, brokers find the classified ads and the Yellow Pages have more bang for the buck than TV and radio. The most important thing that mortgage brokers should keep in mind while advertising is what their target...

Rate Ads Are A No-No.(mortgage brokers)(Brief Article)
February 1, 2001... The least effective way to attract new customers, said Nancy Gascoyne, is to put interest rates in your advertising. "I do not display rates," she stated. Cal Uhl concurred, saying that, "rates are the worst things to put in an ad because...

Reaching Platinum Success: Proper planning creates the successful originator.(mortgage brokers)(Brief Article)
February 1, 2001... The Top Platinum Producers are usually the same people year after year. Sales forces have a few Platinum producers sprinkled through out their organization. These same Top Producers attend their organizations' awards banquette. They get the...

State by State: Concerns about the regulatory route to stop abusive practices.(predatory lending regulations - Massachusetts, Illinois)(Brief Article)(Statistical Data Included)
February 1, 2001... Massachusetts Mixed Reaction to New Predatory Lending Regs Industry response is ranging from complete dismay to somewhat satisfied on predatory lending regulations developed by the Massachusetts Division of Banks that went into effect...

Sharing the Knowledge About Financing: Want to find new borrowers? Seminars can get them to come.
February 1, 2001... First time homebuyer seminars offer unique opportunities for brokers to develop a growing market niche in what are often under-served communities. Once a broker has shown a willingness to work with borrowers who may be dismissed out of hand by...

Training the Speakers.(Brief Article)
February 1, 2001... Recognizing the importance of real estate professionals to the origination process and knowing not everyone is comfortable with conducting a seminar, New York Mortgage Company, has developed a unique approach to relationship-building with...

Serving the Newcomer's Needs.(Brief Article)
February 1, 2001... Inspired by Frank Capra's classic movie, "It's a Wonderful Life," Dan Cote decided to use his lending experience "to accomplish something more." In the movie, Jimmy Stewart rescues a savings and loan in the small town of Bedford Falls that...

Heard It Through the Grapevine.(Brief Article)
February 1, 2001... G'Day: Our chat room gets a visit from a broker down under. aussiebroker: G'Day. It's with some trepidation I start this thread, not wanting to stir up the hornet's nest like NotBornYesterday did. But perhaps because I'm not in the country...

The $100 Million Club: How to get to the top of cash mountain and stay there.
February 1, 2001... To be among the top producers of mortgage loans in the nation takes special effort and innovative thinking. Jeff Lake and Greg Frost, both of whom originate mortgages for First Home Mortgage Corp., Mount Prospect, Ill., have their own...

Key to Success.(Brief Article)
February 1, 2001... What Greg Frost does in marketing himself, most mortgage brokers can do. But they must be willing to commit 10% of their anticipated revenue. Using this money, he said, they can pick the media they can afford to advertise in "and carefully...

Key to Success.(Brief Article)
February 1, 2001... Jeff Lake said one of the keys to his success is that he "lowers the bar for my clients' expectations." By that he means he doesn't overpromise and then underdeliver. Most originators want to wow the client, he said, and as a result they...

Ask the Experts: The nation's best sales people on the industry's hottest issues.(mortgage brokers)(Brief Article)(Statistical Data Included)
February 1, 2001... This Month's Question: What is your projection of business in 2001? Greg Frost President of Frost Mortgage, Albuquerque, N.M "At least for the next six months I think the opportunities are there to have increased loan application...

Subprime's Product Depot: Why most brokers and lenders like to have the 2/28 in their storehouse of wares.(Statistical Data Included)
February 1, 2001... The subprime market differs in several respects from traditional conforming or government lending. For one, originators have to put in more work on subprime deals. Unlike with Fannie Mae/Freddie Mac/FHA/VA products, credit guidelines differ...

MORTGAGE BROKERS - (Percentage of Volume that is Seconds).(Brief Article)
February 1, 2001... (Dollars in Millions) Rank Company Location Seconds % Total 3rd Qtr Volume 1 First Liberty Financial Services, Inc. Dunmore, PA 65% $12 2 Zeigler, Charles H. Philadelphia, PA 55% $6 3...

LOAN BROKERS.(Brief Article)
February 1, 2001... (Dollars in Millions) (Percentage of Volume that is Subprime) Rank Company Location Subprime % Total 3rd Qtr Volume 1 Nationwide Acceptance Corp. Reno, NV 100% na 2 Phoenix Funding Birmingham, AL 100%...

Clarification.(Brief Article)(Correction Notice)
February 1, 2001... In the December 2000/January 2001 issue of Broker there was a table of top producing mortgage brokers for the year ended Jan. 1, 2000. That list contained both commercial and residential mortgage brokers and did not distinguish between them....

MORTGAGE BROKERS - (Percentage of Volume that is 'Alt A').(Brief Article)
February 1, 2001... (Dollars in Millions) Rank Company Location 'Alt A' % Total 3rd Qtr Volume 1 The Timothy Funding Group, Inc. Scottsdale, AZ 70% $13 2 United Lending, Inc. Boulder, CO 50% $3 3...

RESIDENTIAL LOAN VOLUMES.(mortgages: 1993-2001)(Brief Article)(Illustration)(Statistical Data Included)
February 1, 2001... (1993-2001) (Dollars in Millions) Total Residential Year Production 2001(e) $1,100 2000 $950 1999 $1,200 1998 $1,550 1997 $840 1996 $785 1995 $640 1994 $768...

Subprime Still Supreme: B&C remains a strong part of brokers' originations.(subprime mortgages)(Brief Article)(Statistical Data Included)
February 1, 2001... For brokers that originate subprime mortgages, the loans represent a significant amount of their overall business. According to the preliminary results of the Third Quarter 2000 Mortgage Broker Survey conducted by Broker affiliate...

Marketing to Minorities: The underserved are a potential gold mine of business. Now, how do you reach them?(mortgage industry)(Brief Article)
February 1, 2001... Everyone in the mortgage industry knows that the fastest growing groups of potential new homeowners are the underserved minority communities and new immigrants. While progress has been made over the past decade in putting more of these...

Boom, Boomlet or Kaboom?: Okay, refis are zooming, but will they fizzle later on?(mortgage rates)
February 1, 2001... Mortgage rates are dropping faster than a dot-com's stock price so your business will boom too, right? Yes, it looks like the beginning of a much-needed refi boom for the housing finance sector. In case you haven't noticed (and we know that you...

Women Are the Decision Makers, But Are They Online?(Vanguard Media survey)(Brief Article)(Statistical Data Included)
February 1, 2001... A survey conducted by Vanguard Media of 1,000 women finds that although women are the financial gatekeepers in their household (over 70% said they manage the day-to-day finances), they have not embraced the Internet for their decision-making...