Broker Magazine articles from October 2003

Broker Magazine archives from October 2003

Learning from the Past.
October 1, 2003... A popular folk song of the sixties "Where Have All The Flowers Gone" has the refrain "When will they ever learn? When will they ever learn?" As the mortgage industry moves into yet another post-refinance boom period, that refrain seems...

Cell Phone or 'Sell' Phone.
October 1, 2003... The cell phone has become a part of everyday life for many Americans, so much so that many are abandoning their more traditional telephones at home or even work. Yet, said telephone marketing expert Art Sobczak, there is a certain...

By Referral Only Launches Tracking System.(Brief Article)
October 1, 2003... By Referral Only Inc., a business development training and membership organization of real estate and mortgage professionals, has launched ResultsTrak, an online tracking system for helping its members monitor their businesses and progress...

Do Not Call List Has Over 30MM Numbers.(Brief Article)
October 1, 2003... As of the first week of August, the National Do Not Call Registry had more than 30 million telephone numbers registered with the Federal Trade Commission. The list opened up on June 27. However, recent rulings from Federal judges in...

Preparing for An Emergency.(Brief Article)
October 1, 2003... National Emergency Preparedness Week took place early in September. Shortly after that, the East Coast was struck by Hurricane Isabel, which at one point was a Category 5 (the most dangerous) storm. This brought home the need for companies...

Protecting Against Identity Theft.
October 1, 2003... The fasting growing crime in the United States is identity theft and consumers must be made aware of the need to take protective measures, said experts from Kroll Inc., a New York-based risk consulting company. Here is a list of tips from...

Examining the Brokers.
October 1, 2003... Taking a look at who has the most loan officers and how they pay them. Over 60% of the nation's largest mortgage brokers pay their loan officers through commission. That was one of the findings of the 2002 Survey of Mortgage Brokers...

Loan Brokerage Ranked By No. of Loan Officers.(Illustration)
October 1, 2003... Brokerage Name City State # FT Ln Officers NovaStar Home Mortgage, Inc. Kansas City MO 900 Advantage Investors Mtg Corp. Dallas TX 650 Residential Mortgage...

Loan Brokerage Ranked By No. of Employees.(Illustration)
October 1, 2003... Brokerage Name City State # Employees Allied Mortgage Capital Corp. Houston TX 3500 NovaStar Home Mortgage, Inc. Kansas City MO 1420 Carteret...

Loan Brokerage Ranked By No. of Offices.(Illustration)
October 1, 2003... Brokerage Name City State # Offices Allied Mortgage Capital Corp. Houston TX 700 Carteret Mortgage Corporation Centerville VA 660 Sunset Mortgage...

Top Loan Brokerages: How They Pay Their People.(Illustration)
October 1, 2003... ($ in Millions) (part 1 of 2) Rk Brokerage Name Location 1 Allied Mortgage Capital Corp. Houston, TX 2 L.J. Melody and Co. Houston, TX 3 Hometown Mtg Lending Co. ...

Surviving the Post-Boom: Failure to have a business plan in place could leave a business shipwrecked.
October 1, 2003... As refinancings wane, not only will brokers need to be concentrating on the basics of mining past customers, but strengthening their relationships with professional sources, daring theatres of change, expansion and development. "Anyone who...

Advice for Originators: 'Don't Panic!'.(Brief Article)
October 1, 2003... Senior vice president, new construction specialist Tom Lizzio of First Republic Mortgage Corp., Annapolis, Md., offered to share his post-refi motivational talk to loan officers. "Refis, are they really gone? What do we do now? Hopefully...

The Cal Brokers' Way to San Jose: Our panel at the California Association of Mortgage Brokers Convention talks about the things that impact lending in the state.(Interview)
October 1, 2003... BRAD: We are several weeks away from the recall election for Gray Davis. From a business perspective, is the uncertainty about the future of California holding back the real estate market in the state? LEON: People are buying now. You have...

Ask the Experts: The nation's best sales people on the industry's hottest issues.
October 1, 2003... This Month's Question: How far do you think interest rates will rise? Rob Hardman President Primera Mortgage Co. Chicago, IL "I think that rates are going to get into the (7% area) within a year. The mid-September...

Relating to Realtors: Brokers are going to have to learn selling skills to solicit all potential business sources, or they are going to have to learn a new line of work.
October 1, 2003... At the Foundation Marketing sales seminar we co-sponsored back in February in Florida, I was taken up short when a young broker in the audience asked, "how do you work with a Realtor?" If rates keep rising and the best mode of lead...

Monitoring Your Systems: Rising demand creates a new service for small and mid-size businesses.(Carroll-Net monitors Application Service Provider clients)
October 1, 2003... Walking into the office on Monday morning and finding that the company's network server or other mission-critical system has been down all weekend is one of every business owner's worst nightmares. For small and mid-size companies, in...

Privacy Law Enacted in CA: Opponents want a national standard passed by Congress.
October 1, 2003... CALIFORNIA Compromise Stops Tougher Situations After gaining the grudging neutrality of the financial sector, California's financial privacy bill, Senate Bill 1, was signed into law by Governor Gray Davis on August 27. The California...

Learning a New Strategy: Organizers of the Mortgage Masters University believe they succeeded in getting out their message of using strategy, not just tactics.
October 1, 2003... To quote the old protest song, "The times, they are achangin'." Until recently, many mortgage brokers have not had to work at getting business in their door. Strategic market plans, if they had any at all, had gone by the way side as...

A Discussion on Creating Relationships.
October 1, 2003... Among the things discussed in a participatory session after Stephen Covey's speech was the creation of relationships with loan officers. Joel Epstein noted that the techniques could be used to establish relationships between manager and loan...

Looking to Work with Realtors: A member of the www.mortgagegrapevine.com community asks for tips about getting business from real estate agents.
October 1, 2003... Psalm 23: I've done a few loans with a new Realtor and don't know the ropes in that area yet. What do you give Realtors when they start regularly referring you business? I know it is illegal to pay them cash, but I know some do. Is cash so...

Loan Officer Boot Camp: Technology has already changed a loan officer's job description, adding the need for nontraditional people skills and telemarketing techniques not required before and for which they need training.
October 1, 2003... Webster's universal college dictionary defines a boot camp as "a camp for training U.S. Navy or Marine recruits," and it implies highly demanding labor-intensive training. Ron Gonsalves, president of Data Warehouse Corp.'s teleservices division...

A Brief History of the Boot Camp.(Brief Article)
October 1, 2003... The boot camp "is a very well laid out training program based on information that was gathered over the years," Ron Gonsalves says. "I'm going on my 11th year of managing product communication for the financial industry." He came up with...

A Powerful Paradigm Shift: Mortgage brokers are facing competitive and regulatory pressures.(Industry Overview)
October 1, 2003... Mortgage originations have been plentiful for the last 10 years. We are all sitting back and counting our successes with big smiles on our faces. However, it is perhaps an appropriate time to reflect on the history of the mortgage broker...

The End Is Near: The mortgage industry should begin preparing for the slowdown in originations.(Industry Overview)
October 1, 2003... With the recent increase in mortgage interest rates, there's been some talk that the "boom" we've seen over the past few years in the mortgage industry is coming to an end. The end, it appears, is now. It's certainly true that the past few...

Upcoming Sales and Marketing Conferences for October 2003 to February 2004.
October 1, 2003... This calendar of events contains a number of key events worth noting: three top motivational speakers will be at the SEMBC. October 11-15 Annual Conference American Association of Residential Mortgage Regulators Westin Horton...

Loan Database.
October 1, 2003... (part 1 of 5) Min FICO Program Name 500 70% LTV to $300K 500 70% LTV to $400K 500 80% LTV to $350K 500 85% LTV to $400K 500 A MINUS 90% LTV to $400K 500 A PLUS 90% LTV to $400K ...

Small Commercial Mortgages: How to get started and make more money in this line of business.
October 1, 2003... With the end of the refinance boom, mortgage brokers are looking for alternatives to keep their volume up. Many brokers don't realize how easy it is to make money in the small commercial loan market. Why should you invest a little time in...

Advertisers' Index.
October 1, 2003... Altair Data Resources 27 American Residential Funding 58 Byte/CBC Companies 55 Calculated Industries 37 Careerbuilders.com 11 ...