Broker Magazine articles from October 2004

Broker Magazine archives from October 2004

Defining Abusive Lending.(Predatory lending)
October 1, 2004... Hallelujah! We have an official definition for predatory lending! Or do we? For an industry that cannot agree on a term for loans that are not prime or even what qualifies as a loan that is not prime (see last issue's "Editorial Report"),...

Motivational Visualizations.(Barry Maher's views)(Brief Article)
October 1, 2004... Speaker and trainer Barry Maher says, "A little imagination can do wonders for changing the scale and putting things into perspective." The following scenario is one that helps to provide him with insight into the things he actually...

Business Ethics Are Making Comeback, Expert Declares.(Brief Article)
October 1, 2004... The president of www.BusinessTrainingMedia.com says that business ethics are making a comeback as a result of the corporate scandals of the past few years. Training expert Myron Curry said he based his claim on the fact that training in...

Miami, Detroit Top List.(Brief Article)
October 1, 2004... Survey of home selling habits released by www.ForSaleByOwner.com found that Miami was the No. 1 city in terms of real estate sales done without a real estate broker. Of the more than 26,000 homes listed on the company's webpage in the last...

Workers Fear Attack.
October 1, 2004... A survey conducted by ComPsych, a provider of employee assistance programs headquartered in Chicago, found that almost half of the workforce in the United States feel their place of work is not prepared if there is a terrorist attack. ...

HBBC: What Makes A True Entreprenuer.(Home Based Business Council)(Brief Article)
October 1, 2004... Self-proclaimed "serial entrepreneur" Christopher L. Hansen, president of the Home Based Business Council, said Bush administration attempts to encourage entrepreneurship as a stimulus to the economy may backfire. "While virtually all...

Origination Law Updates: States are revising their mortgage laws and regulations, changing the way originators do business.
October 1, 2004... ALASKA Telemarketing Law Changes Alaska Gov. Frank Murkowski has signed into law a bill which amends the Unfair Trade Practices and Consumer Protection law and the Telephone Solicitations law to make it unlawful for a person to engage...

Helping Hands: Down payment assistance programs have helped to create record homeownership rates. However, do these programs help keep people in those homes?
October 1, 2004... The down payment assistance marketplace has contributed to increasing homeownership rates among the underserved generating appreciation while at the same time creating concerns about perceived and reported risks which DPAs add to the lending...

Crow Tribe Signs Agreement With Fannie.(Fannie Mae)
October 1, 2004... Fannie Mae and Crow tribal chairman Carl Venne have signed an agreement that will make conventional mortgage financing available on Crow tribal lands by removing a significant obstacle to homeownership on reservations, the tribe's jurisdiction...

Ask the Experts: The nation's best sales people on the industry's hottest issues.
October 1, 2004... This Month's Question: "Who are the sales trainers you follow, and why?" Pat Vlasis Broker-Owner American Way Financial Oak Lawn, Ill. "You mean motivational speakers too? Maybe this question should be asked to...

No Fantasyland for Originators: Our panel of mortgage originators at the Florida Association of Mortgage Brokers annual convention at Disney World discuss the future of the industry.(Panel Discussion)
October 1, 2004... BRAD: Now that the refi boom is kaput, where does the mortgage broker industry go from here? SID: I see interest rates ticking up. They are going to teeter-totter for a while, in spite of what the Fed just did (the session was held just...

In The Office: The ratio of LO to employees may give some clues about a broker's operations.(loan officers)(Brief Article)
October 1, 2004... Not surprisingly, Allied Home Mortgage Capital Corp., Houston, is the nation's largest mortgage broker in terms of both number of total employees and number of loan officers. What is interesting is its ratio of loan officers to total employees...

Loan Brokerage Firms Ranked By No. Of Loan Officers.(Illustration)
October 1, 2004... (part 1 of 2) Rk Broker Name 1 Allied Home Mortgage Capital Corp. 2 Carteret Mortgage Corporation 3 Empire Equity Group, Inc. 4 Advantage Investors Mortgage Corp. 5 Olympic Funding ...

Loan Brokerage Ranked By No. Of Employees.(Illustration)
October 1, 2004... (part 1 of 2) Rk Brokerage Name 1 Allied Home Mortgage Capital Corp. 2 Carteret Mortgage Corporation 3 American Pacific Mortgage Corp. 4 Olympic Funding 5 Ace Mortgage Funding, Inc. ...

Now Spinning For Meeting Needs: SPIN Selling is being used by many sales people who sell life-altering products. Could this work for mortgage brokers?(Situation, problem, implication, need-payoff)
October 1, 2004... All too often, when a consumer gets a telemarketing pitch about refinancing, the conversation is immediately steered to rates. This occurs even when the consumer has made it perfectly clear that rates are not the driving factor in deciding...

Lessons From Wal-Mart: Applying retail marketing strategies to the mortgage broker world.
October 1, 2004... Mortgage brokers often face a daunting task in generating leads and prospecting new business, particularly in a slowing marketplace. But savvy brokers could take a few marketing lessons from the retail world and apply them to their own business...

Work With Investors: Homeowners who have put money into second homes or investment real estate represent a business opportunity.
October 1, 2004... Realtors, mortgage originators, and financial planners seem to neglect an important niche market of real estate investment planning. There are plenty of real estate "gurus" and real estate companies that claim to focus on the investor market,...

Typical Loan Scenario.(Brief Article)(Illustration)
October 1, 2004... 15-year Interest Only mortgage at 6% ARM at 5.5% Property Value/ Purchase Price $250,000 $250,000 Mortgage Balance $100,000 $200,000 Invested Equity ...

Taking Charge: Former top loan officer Chip Poli has taken the next step and gone out on his own to create a successful mortgage origination business.
October 1, 2004... Being recognized as one of the top producers in the nation has left Chip Poli with nowhere to go but up. And up in this case means being his own boss. The likeable and funny top producer in 1998 and 1999 for Mortgage Master, Walpole, Mass., has...

Teaching Compliance: Newbies to the industry learn about consumer protection and discrimination.
October 1, 2004... Twice a year, Bill Richards, director of risk management at RSM McGladrey Inc. here, instructs the Regulatory Compliance Institute for CampusMBA, the training center for real estate finance, sponsored by the Mortgage Bankers Association. ...

Test Drive Your Providers: Can the right credit information provider put brokers on the fast track?
October 1, 2004... If you were buying a new car, chances are, you wouldn't buy the first model you saw on the dealer's lot. You'd probably have several criteria to check out to be sure the car will meet your needs - styling, horsepower, maneuverability, safety...

Exploring New Markets: There are opportunities awaiting savvy mortgage brokers by going after untapped consumers.
October 1, 2004... As interest rates have edged up in recent months, some mortgage brokers may not have the nonstop flurry of activity they once enjoyed at the peak of the refi heyday. But what they do have may pay even greater long-term rewards now that they...

Buying Leads: A brand new broker asks the chatroom at www.mortgagegrapevine.com for advice on how to find business.
October 1, 2004... Jgbsys: Does anybody have any thoughts on buying Internet leads? I'm considering buying Internet leads and would appreciate and thoughts and experiences anyone may have had. Thanks much! Gfe?: Hit or miss - mostly miss. FYI - you will not...

Upcoming Sales and Marketing Conferences: BROKER: October to November 2004.(Calendar)
October 1, 2004... This calendar of events contains a number of key events worth noting: NAMB will be holding a commercial lending symposium in Illinois during the IAMB show. October 7 - 8 E-Commerce Round Table National Home Equity Mortgage...

Advertisers' Index.(Brief Article)(Illustration)
October 1, 2004... American Home Bank Cover 4 Argent Mortgage Company 9, 26, 27 Bank of America 15 BNC Mortgage Inc. 40,41 Calculated Industries 54 Citimortgage ...