Broker Magazine articles from June 2004

Broker Magazine archives from June 2004

RESPA Horror Picture Show: By Brad Finkelstein, Editor.(Real Estate Settlement Procedures Act Reform)(Editorial)
June 1, 2004... The original topic for this column was going to be the changes in the Real Estate Settlement Procedures Act and how will mortgage brokers operate under them. But in what seems to be the plot to a bad horror movie (or a Bill Murray movie),...

Don't Give Too Much Information.(Telemarketing)
June 1, 2004... Telephone sales expert Art Sobczak warns about providing too much information on the telephone to a potential client. The issue becomes creating negatives for the client to see where there are none that are obvious. He commented, "I've...

The 'Soul' Reason Training Does Not Stick.(David Jensen gives Tips)
June 1, 2004... The author of the book "Selling with Science & Soul" said there are three "soul" reasons why training does not stick with many workers and three corresponding solutions to increase the impact of training. David Jensen related the story of...

Website Lists Top 100 Places to Live in 2004.(Brief Article)
June 1, 2004... Relocate-America.com has released its list of "America's Top 100 Places to Live in 2004." The criteria for the list, said the company, is a past or current resident nominates the locality. They submit a brief description that is reviewed by the...

50 Ways to Manage Your Stressors.(Tips from Karen Susman)
June 1, 2004... Paul Simon had a big hit with his song "50 Ways to Leave Your Lover." While Mr. Simon never really got into details about the 50 ways, Karen Susman, a consultant who specializes in humor and life balance, has created a list of 50 stress...

Looking for the Best: Broker is still collecting survey data on who produced the most loans in 2003.(Brief Article)(Advertisement)
June 1, 2004... In the August/September issue of Broker, we will be featuring our annual ranking of the top producing loan officers in the nation. Until last year, this profile had run in the issue that is in your hand, the June/July edition. However, in...

TOP Loan Brokers/Producers in 2003 (A Sample).(Illustration)
June 1, 2004... (Dollars in Millions) (part 1 of 2) Rank Broker '03 Vol. 1 Jon Volpe $411 2 Tom Digan $387 3 Kimberly Ginbala $309 4 Gerald McCarthy $306 5...

Getting Paid: What's Best?: RESPA reform is dead. But the debate goes on - what's the best way to pay an originator?(Real Estate Settlement Procedures Act)(Troy Doucet of Cornerstone Home Finance)
June 1, 2004... Regardless of the reasons why some people are for or against Real Estate Settlement Procedure Act reform, it is clear the government is trying to develop a way to reduce the costs of homeownership and help consumers avoid predatory lending...

Giving a Second Opinion: Instead of "second place" being the "first loser," set yourself up as a trusted advisor and generate new business.
June 1, 2004... This article illustrates how a very unique, consumer-direct marketing strategy, can generate more leads than you ever thought possible! It's called "Second Opinion (tm)" and the strategy behind the system is that regardless if a prospect has...

Answers to the Question You Have Asked the Client in Your ad.
June 1, 2004... Should you decrease your down payment and use your cash to pay off your high credit card debts? Prospects think they have gotten a lower monthly payment because the lender structured the deal with 20% down and no PMI. However, you might look...

NHEMA: We're The Right Fit: Subprime lending volumes more closely match the demographics of the United States than prime does.(National Home Equity Mortgage Association)(Panel Discussion)
June 1, 2004... LEW: Mitchell, you said recently that the lenders that make up this association are doing for the American people what CRA (the Community Reinvestment Act) and the government couldn't do. Do you want to expand on that? MITCHELL: I think...

Land of 1,000 Premiums: It is not just the Red Hot Chili Peppers singing "Give It Away, Give It Away, Give It Away Now.".
June 1, 2004... The most successful lead generation tool for many mortgage brokers is the little giveaways that have their name printed on the side. Simplicity and practicality are the two keys to having a thriving giveaway marketing program. Daniel...

Golf Premiums Are Above Par.(Brief Article)
June 1, 2004... If the mortgage broker industry has an official sport, it would be golf. It is rare to find a state association meeting that does not have a golf day attached. Even this year's National Association of Mortgage Brokers conference has a golf...

Ask the Experts: The nation's best sales people on the industry's hottest issues.
June 1, 2004... This Month's Question: "What is the most unusual marketing idea you have implemented to attract new customers?" Chip Cummings President Northwind Financial Grand Rapids, MI "Direct e-mail marketing has been out there and...

E-Mail Do's and Don'ts: Our discussion group at www.mortgagegrapevine.com talks about "cutesie" e-mail attachments and other distractions.
June 1, 2004... DidjaWantFriesWithThat?: Cutesy poopsie backgrounds on e-mails-ACK! Sorry, I just lost it there. So I'm in intense, stressful negotiations with the title company, closer, customer, lender, and banks, with back and forth phone calls and...

Referral Business Tops: A survey from Informative Research shows that most brokers depend on past clients for business.
June 1, 2004... A survey of mortgage brokers conducted by Informative Research, Garden Grove, Calif., found that the most prevalent lead generation source is past client referrals. This was one of the findings of the report, "Gray Skies or Sunshine? 2004 State...

No Pre-Emption in Illinois: Appeals Court rules Illinois state law not blocked by federal statutes.(Standard & Poor's Corp.)
June 1, 2004... Illinois Legislature Has Opted Out State law is not pre-empted by two federal laws that ban mortgage lenders from writing high-fee, high-interest loans, according to a ruling by the Illinois Appellate Court for the First Judicial...

Criminal Background Checks: You get what you pay for. If you're serious about hiring employees, it pays to hire a professional.(Background Information Services)
June 1, 2004... A common misconception in the human resources and security industry is that somewhere in America, a giant computer available to the public holds everyone's criminal background history. This article will explore the components of a criminal...

Loan Officers Go Bilingual: The nation's Hispanic population is expected to triple in the next 50 years, and lenders need to be ready.(Hispanic American market)
June 1, 2004... A middle-aged Hispanic taxi driver made an effort to smile while still concentrating on his cell phone. Speaking to an unheard party, he snapped rather confused: "What branch of the bank? I did send a check for $25,000. What other check?" ...

Another Way to Serve Multilingual Customers.
June 1, 2004... Industry trends, same as fashion statements, do not fit everyone. There are some smaller-size mortgage brokers who recognize that indeed, there is a trend of hiring bilingual, Spanish speaking loan officers as a way to best serve the never so...

Web Matches Spanish Borrowers, Loan Officers.
June 1, 2004... Bilingual Scout, based in Dallas, has launched BilingualUniversity.com a unique website that offers training for Spanish speaking loan officers in partnership with Mortgage-Education.com, an Internet based continuing education provider for...

Six Years Later, Back to B&C: Thomson Media hosts subprime lending conference in San Francisco.
June 1, 2004... Real estate is a cyclical business. Everyone knows that. But while that means that hot spots in the mortgage industry can go cold very quickly, the opposite is also true. Dead stars can also reignite. That's what's happening here at Thomson...

Use and Misuse of Technology: An executive with a leading mortgage technology firm discusses doing the right thing for the wrong reason.
June 1, 2004... Telling a mortgage lender that technology shouldn't be deployed to improve efficiency counterintuitive to the way mortgage companies think and operate. After all, who wouldn't want a more efficient and effective operation? But, technology can...

BROKER Loan Database.(Illustration)
June 1, 2004... (part 1 of 7) Min FICO Program Name 600 80/20 620 SNAP - Construction Loan 540 Subprime 1 565 Subprime 1+ 525 Subprime 2 500 Subprime 4 600 100% LTV One Loan Subprime 580...

Data Products: What's hot and what's not in 2004 for generating leads.(E-MARKETING BY MORTGAGE INDUSTRY )(Industry Overview)
June 1, 2004... In an era of constant change, it's important to know which data products are hot, as well as which are not. In fact, having this knowledge is saving many lenders and independent brokers thousands of dollars because it leads to smart...

Best Return on Investment: How to Work with a Data Resource Company.(Brief Article)
June 1, 2004... Do's: * Do try new sources. Place small, trial-sized orders with two or more data resource companies and evaluate the results. * Do let the vendor do the work. Only use vendors that can provide as much of the marketing expertise as is...

Chris Salazar: An Appreciation, A Suggestion.(Obituary)
June 1, 2004... Chris Salazar, founder of the California Association of Mortgage Brokers, died suddenly recently at the age of 57, and his passing inspires a couple of thoughts. I knew Chris first as a fierce competitor, the publisher of rival Mortgage...

Upcoming Sales and Marketing Conferences - BROKER: June to July 2004.(Calendar)
June 1, 2004... This calendar of events contains a number of key events worth noting: the NAMB Annual Convention has traditionally been a key meeting of industry leaders. June 5-8 Annual Convention and Exposition National Association of Mortgage...