Broker Magazine articles from July 2005

Broker Magazine archives from July 2005

Viva Subprime Las Vegas.
July 1, 2005... SourceMedia Conferences, an affiliate of this magazine, recently held its second Subprime Lending Symposium in Las Vegas. Later in this issue will be a roundtable conducted by Mark Fogarty and myself featuring a group of speakers, attendees...

Five Steps to FACTA Compliance.(Fair and Accurate Credit Transactions Act)
July 1, 2005... On June 1, the FACT Act went into effect, requiring businesses to take certain steps to safeguard the personal information of their customers. The reason for the new law, said Steven Hastert, vice president of operations at DataGuard USA,...

Ask the Next Question Get the Best Answer.(Brief Article)
July 1, 2005... Sales expert Art Sobczak related the story of a friend of his, Chris Zimmerman, who purchased a product he might not have had otherwise because the clerk had simply asked the next question. "You see, many people would have quit after Chris...

Survey: Tuesday A.M. is Most Productive.(Brief Article)
July 1, 2005... CareerWomen.com polled workers across the country and its results found that Tuesday mornings, between 10 a.m. and noon is when people are most productive on their jobs. "All of us have our best days and times, but the results clearly show...

Track Income From Your Referrals, Expert Says.(Brief Article)
July 1, 2005... While it is believed that referral or "word of mouth" marketing is the most cost-effective way of getting business, the truth is that few can quantify what that cost actually is. The chief executive of referral networking firm BNI, Ivan...

Questions to Ask a Job Seeker.
July 1, 2005... Reg Gupton recalls that early in his working life, he had a position overseeing the personnel department at a hospital. However, he admitted to his boss that he was clueless about how to interview people for a job. His boss suggested...

Seven Minutes to an Awesome Day.(Brief Article)
July 1, 2005... Author and motivational speaker Carol Grace Anderson said that there are 1,440 minutes in a 24-hour "day." But many people don't give two of those minutes to just focus on themselves. "Just look at your to-do list. Are your priorities...

Communicate In Spanish.(Brief Article)
July 1, 2005... NOP World's Hispanic OmniTel Financial Services Study found that a lack of Spanish-language communication from financial services companies contributes to a low level of satisfaction among Hispanic consumers. The survey found that nearly...

Frost Meeting Postponed.
July 1, 2005... Due to unforeseen circumstances, the Greg Frost Mortgage Mastermind Summit, "Four Days and Three Nights That Will Change Your Mortgage Career - Forever... No Matter How Good Or Successful You Are Right Now!" which had been scheduled to be held...

CEO Means Being Both Boss and Janitor.(Chief executive officer)
July 1, 2005... Along with the perks of owning your own small business comes a disadvantage: being responsible for workplace maintenance. "Among the least boasted of, but most important tasks is daily cleaning and maintenance," said Craig Monsell,...

No Lending in Chi-Town?: Proposed legislation could result in lenders pulling out of Cook County.(Houses of the Illinois passed a bill)(North Carolina Commissioner of Banks enhanced web services)(cases of American Financial Services Association)
July 1, 2005... ILLINOIS Database Pilot Could Halt Lending Both Houses of the Illinois legislature have passed a bill to establish a Predatory Lending Database pilot program in certain areas of Illinois. If enacted, the law could keep lenders from...

Selling 2nds: Lenders have made it easier for brokers to increase their income by selling a second loan to the same borrower. Now all brokers have to do is sell the idea to their customers.
July 1, 2005... There was a time when a broker wouldn't look twice at a second mortgage application. There just wasn't enough money in it to justify the work. Those days are over. Today, lenders have made it far simpler to originate these products. In...

Second Mortgage Prospecting: A marketing expert advises originators on where to go and what to do next.
July 1, 2005... Over the years there have been three major marketing verticals for mortgage prospecting that have been used by large banks and mom and pop brokerage houses. These are: 1. Radio and television, which are used more by companies marketing...

Letting it Ride: Our panel at the SourceMedia Subprime Lending Summit in Las Vegas covers an increased possible Wall Street presence, predatory lending and more.
July 1, 2005... BRAD: It is an interesting period for the subprime business. Earlier in the conference Mark Fogarty noted that volume for these loans this year is up 25%. Yet there is more competition than ever for this product. How do you see the business...

Ask the Experts: The nation's best sales people on the industry's hottest issues.
July 1, 2005... This Month's Question: "How are you marketing Home Equity loans to your clients?" Myriam Herrera Capital Financial, Shamburg, Ill. "HELOCs actually do well especially with my self-employed clients, or clients who from time to...

2004's Top Loan Officer: For the first time, Broker takes a look at the top loan officers in the nation, and talks to several about what made last year successful.
July 1, 2005... The top two loan officers in SourceMedia's first-ever Loan Officer Survey have different philosophies about how they market and source new business, but both said they were pretty much self-taught on how to do business. For the top...

The Brag Book: Here are six unique ways to create a memorable personal brochure and differentiate yourself in your market.
July 1, 2005... To stand out in the mortgage business, you need to be a little bit better and a little bit different than your competition. How do you separate yourself from the rest of the loan officers out there? Ralph Roberts (who claims to be the no. 1...

Creating A Strategic Plan: A Maryland-based company helps originators large and small to focus on doing the things that will enable growth.
July 1, 2005... The options of success or failure, says one expert, can be controlled through the strategic planning process. This extends to the mortgage industry, where companies across the country are praising the strategic planning program developed by...

Clark Crowdus Discusses the Process of Roadmapping.(Product roadmapping)
July 1, 2005... Product roadmapping is a process that gives marketers the ability to envision how a product or product line will get from point A to point B, and how long it might take to get there-just like a map. As in traveling, circumstances could force...

The Score On Credit Scores: Knowing when not to have the applicant try to improve their credit score is just as important as knowing when to.(procedures in mortgage banks)
July 1, 2005... Brokers and loan officers need to be acutely aware of their borrowers' FICO scores and how to fine-tune them at the correct time in the application process. They also need to know when not to try to change them. That was the message Ginny...

Credit Freezing 'Gums Up the Works'.(Brief Article)
July 1, 2005... Mortgage brokers are growing increasingly concerned about state laws that give consumers the ability to place a freeze on their credit files. Allowing people to block creditors from viewing their credit histories is seen by well-meaning...

On The Road to Six Sigma: Originators large and small are finding there are benefits from this quality control method.
July 1, 2005... Six Sigma, a quality efficiency methodology first developed and applied to the manufacturing processes at Motorola some 20 years ago, gave the organization a means by which performance and productivity could be measured and improved upon, and...

Homebuyer Seminar Ideas: Several threads on www.mortgagegrapevine.com discuss various aspects of conducting first time homebuyers seminars.
July 1, 2005... OHmtggirl: Looking for ideas on a Homebuyer's Seminar. Can't seem to figure out a good place. Our local libraries came to mind, but they only allow non-profit groups. Anybody have an outline of the info they've used? Will market to renters in...

Upcoming Sales and Marketing Conferences - July 2005.(Calendar)
July 1, 2005... This calendar of events contains a number of key events worth noting: The NJAMB's annual Wholesale Lending Fair will be held in Atlantic City. July 12-13 CampusMBA SPeRs and MISMO Workshop Mortgage Bankers Association ...

Advertisers' Index.(Illustration)
July 1, 2005... Aegis Home Equity 26 Aegis Mortgage Corporation 41 Allied Mortgage Cover 4 Allquest 19 American Home Bank ...