The Mortgage Cicerone - The Loan Attraction Coach - Con

Hopefully You Followed Brian Brady's Advice and Locked Your Rates This Morning

Late yesterday afternoon (9/29/2008), Brian Brady made a post and implored our readers to lock their loans first thing this morning. If you did, you saved yourself and clients a whole 100 bps upward shift in interest rate today.

Check MBS pricing here.

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Attract Clients by Inviting Prospects Into Your Life

A New Post By The Mortgage Cicerone
A Guide for Mortgage Professionals
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Why Reality TV is so popular?

According to media experts, Reality TV now dominates more than 30% of prime time television. Everywhere you turn, there's another series taking you into the lives of celebrities and common folk alike. I personally don't believe it's because it makes for exceptional television viewing. Instead, I think it fulfills a basic human need...voyeurism.

Think about it.

Most people love things like gossip, having the inside scoop, sharing secrets, peeping and knowing what other people are truly like. Why are we obsessed with this sense of curiosity? It's the human interest. It's finding out about other people's lives, the intricacies, the quirky and strange little details of other human beings. Sometimes we're looking to see how DIFFERENT others lives are. Perhaps we're aspiring to be like them, or maybe even ridiculing them. Sometimes, we're just looking to see how SIMILAR their lives are. (“Hey, Brian Brady goes to Church too!”)

People Are Interested In the Smallest Details of Your Life

It's something you should think about implementing to attract clients. Don't laugh, I'm serious. You can use this deep 'human interest' need we all have to your advantage.

Let people in on the little details of your OWN life

By making your network of prospective clients, strategic alliances, and current clients more familiar with your everyday life, your family, or your adventures, you're essentially creating three things:

• Curiosity
• Deep loyalty
• A brand

Any marketer would do ANYTHING to have a legion of people curious, loyal, and committed to a brand.

Your life almost becomes like a television series, where people tune into your marketing materials to just see what happens next. That's especially important in a marketing world where consumers are bombarded with advertisements at every turn, and mail "open rates" are in the 30-40% range, at best.

To be honest, it takes some getting used to.

Rhonda Porter - A Classic Example

According to Rhonda, at first, her husband was a little hesitant about using pictures of their family in her blog, The Mortgage Porter. Believe it or not, Rhonda says they're actually pretty private people. The thing is, once she started letting people in to the everyday events of her life, Rhonda's closings and business went up and even more prospects started calling to work with her.

YOUR ASSIGNMENT:

Start thinking how you can incorporate more of YOU into your brand, your marketing, and into your actual work with clients. It doesn't matter what mortgage or real estate service you represent. Once people are clear about what RESULTS they can expect from working with you, then it's all about human interest to make them curious, loyal and wanting more from your brand, looking forward to seeing your materials and trusting your professional advice.

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Mortgage Pricing Report- September 29, 2008

A New Post By Brian Brady
America's #1 Mortgage Broker
Read other posts by Brian Brady

Remember I told you to sit tight on that mortgage rate lock until after the Bailout Bill was passed?

Well, it failed.

Mortgage rates are a little better than they were this morning. This morning a 30-year fixed par rate was at 6.0%; this afternoon, it was at 5.875%.  If you’re closing on your home loan in 30 days , there is more risk that you’ll get a rate over 6% than under 6%.  Lock your mortgage rate if you’re closing in October.

If you have time, wait it out.  The bailout bill failed but it isn’t dead.  If the bailout bill DOES ultimately fail, mortgage rates will skyrocket, housing prices will tank, and you’ll probably renegotiate or cancel that home purchase.

When the bailout goes through (and the whining on Wall Street will be so loud that it WILL go through), mortgage rates will come back down.

PS:  If you’re a baby boomer, this is your worst nightmare. Most of the people over 55 have most of their retirement assets in the stock market, through mutual funds in their 401-k plan.  If you’re a real estate investor or buyer, this might be really good news.

PPS: Did you know that Main Street already got bailed out? I’ll talk about that next time. 

Check MBS pricing here.

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Remember I told you to sit tight on that mortgage rate lock until after the Bailout Bill was passed?

Well, it failed.

Mortgage rates are a little better than they were this morning. This morning a 30-year fixed par rate was at 6.0%; this afternoon, it was at 5.875%.  If you’re closing on your home loan in 30 days , there is more risk that you’ll get a rate over 6% than under 6%.  Lock your mortgage rate if you’re closing in October.

If you have time, wait it out.  The bailout bill failed but it isn’t dead.  If the bailout bill DOES ultimately fail, mortgage rates will skyrocket, housing prices will tank, and you’ll probably renegotiate or cancel that home purchase.

When the bailout goes through (and the whining on Wall Street will be so loud that it WILL go through), mortgage rates will come back down.

PS:  If you’re a baby boomer, this is your worst nightmare. Most of the people over 55 have most of their retirement assets in the stock market, through mutual funds in their 401-k plan.  If you’re a real estate investor or buyer, this might be really good news.

PPS: Did you know that Main Street already got bailed out? I’ll talk about that next time. 

Check MBS pricing here.

Are We Looking At Another Great Depression?

Watch Tyler Osby's entire story  (while it lasts.. they don’t archive old footage):

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Click Here To Watch

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Posting Rates on Twitter

A New Post by Rhonda Porter
Mortgage Broker/Correspondent Lender
Read other posts by Rhonda Porter

I just received this email from a fellow Mortgage Originator:

"Hey Rhonda!

I follow you on Twitter, and read your blog.  I enjoy reading all of your posts, thank you! 

I have been toying with the idea of posting interest rates on my blog each day, similar to what you do.  I am afraid of putting myself in a box though.  I will match or beat anyone, so I do not want my customers to see that post, and get scared off.  Have you had much positive feedback from posting rates like that?"

I sometimes wonder which I have more of, consumer or mortgage originator "followers" on Twitter!  Teasing aside, I do have more and more local consumers and real estate agents who are finding and following me on Twitter.

Posting rates on Twitter has been beneficial for me.  Here are some recommendations I have for you:

• I'm careful to post as much criteria as possible that supports the rate quote so consumers can hopefully see that their credit score or loan to value is different than the rates I'm quoting.
• I promote the quotes on Twitter as "examples of live quotes".  It's important to convey that this is a custom rate and one reflective of that moment.
• Be sure to include APR with the rate.  DON'T BE LAZY (or out of compliance).

In addition to promoting what I'm quoting on Good Faith Estimates for consumers, I also like to Twitter when I'm locking a rate, writing preapproval letters or restructuring debt via a refinance, lowering a rate...you get the picture.   

Twitter is a great tool to show your followers that you are actively working.  Give it a try! 

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On The Job Training - Why So Few Thrive

A New Post By The Mortgage Cicerone
A Guide for Mortgage Professionals
Read other posts by The Mortgage Cicerone

Unfortunately, on-the-job training is where most mortgage professionals learn their craft. In fact, chances are your training probably took place while working with real-life clients.

While no two transactions are exactly the same and each one has potential to teach you how to deal with an entirely different set of conditions, there are fundamentals, that if mastered, separate the high-powered LO from the multitude considering leaving the business because they are struggling in today's tough environment.

What's the secret? Why are there certain individuals who have mastered the ability to juggle their schedules so their applications, appraisals and other necessary work are accomplished in a timely and correct order and more importantly have their loans fund in multitudes?

Training, Mentorship and Coaching

If your company offers training courses, take advantage of it. If it doesn't, you better get some!

Additionally, it pays great dividends studying experienced successful loan officers and then determining what they are doing that makes them successful. Are they good salespeople or do they know how to manage their time wisely? Are they LO's who have a system to help them track clients? You'll find most successful LO's have developed a system that helps them keep in touch with every person who contacts them.

If you have the chance to be part of a mentor or coaching program, DO IT NOW...even if you have to personally pay for it. Bottom line, it's a great way to jump start your career and professionally resolve real-life situations.

In a coaching/mentor program, sometimes it may be necessary to share your commission with a more experienced LO or pay for a professional sales coach, but you will also have the benefit of that persons expertise, who will in turn drastically shorten your learning curve. Even if your company does not offer or pay for such a mentor program, don't let that stop you.

Properly done, I have seen this process pay tremendous dividends.

The mortgage business is constantly changing and the competition is always strong. Coupled with experience, education can help level the playing field. Constantly strive to better yourself, learn everything you can to set yourself ahead of the competition and focus on actions and behaviors that deliver success.

  Subscribe to The Mortgage Cicerone

Unfortunately, on-the-job training is where most mortgage professionals learn their craft. In fact, chances are your training probably took place while working with real-life clients.

While no two transactions are exactly the same and each one has potential to teach you how to deal with an entirely different set of conditions, there are fundamentals, that if mastered, separate the high-powered LO from the multitude considering leaving the business because they are struggling in today's tough environment.

What's the secret? Why are there certain individuals who have mastered the ability to juggle their schedules so their applications, appraisals and other necessary work are accomplished in a timely and correct order and more importantly have their loans fund in multitudes?

Training, Mentorship and Coaching

If your company offers training courses, take advantage of it. If it doesn't, you better get some!

Additionally, it pays great dividends studying experienced successful loan officers and then determining what they are doing that makes them successful. Are they good salespeople or do they know how to manage their time wisely? Are they LO's who have a system to help them track clients? You'll find most successful LO's have developed a system that helps them keep in touch with every person who contacts them.

If you have the chance to be part of a mentor or coaching program, DO IT NOW...even if you have to personally pay for it. Bottom line, it's a great way to jump start your career and professionally resolve real-life situations.

In a coaching/mentor program, sometimes it may be necessary to share your commission with a more experienced LO or pay for a professional sales coach, but you will also have the benefit of that persons expertise, who will in turn drastically shorten your learning curve. Even if your company does not offer or pay for such a mentor program, don't let that stop you.

Properly done, I have seen this process pay tremendous dividends.

The mortgage business is constantly changing and the competition is always strong. Coupled with experience, education can help level the playing field. Constantly strive to better yourself, learn everything you can to set yourself ahead of the competition and focus on actions and behaviors that deliver success.

Sending the right message

A New Post By Mike Mueller
The Mortgage Vlogger Extraordinaries
Read other posts by Mike Mueller

We all heard yesterday about WAMU. 

We all have our own opinions about Option Arms, government bail outs and so on.

This isn't about your opinion. 

It's about the message you may be sending out to your readers.

I wrote about the possible upcoming doom and gloom over a month ago. 

I even beat Dan Green to the punch. LOL

It's perfectly ok to warn the public, or even other professionals, but shouldn't that warning also have a good dose of reality?

If you blogged about how you closed your checking account before the Fed's closed them down, aren't you just like your uninformed neighbor or fellow tweeter?

The fact is that most everyone who had a deposit in Wamu yesterday has full access to their money today.

What would be your answer if your neighbor asked you, "Is it a great time to buy?" 

It wouldn't be the Sleazy Salesman, "Hell Yes!"

Nor would it be the Ostrich, "Are you NUTS?"

I know, because you are a trusted professional, that you have a measured and correct answer to that question based on real facts and figures.

We live in interesting times these days.  Remember the public is listening to what we say.  Make sure you are sending the right message.

That's all I'm saying...

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Mortgage Pricing Report- September 24, 2008

A New Post By Brian Brady
America's #1 Mortgage Broker
Read other posts by Brian Brady

We're ignoring all economic data and watching the political climate.  The Paulson Bailout Plan is the single most important factor affecting MBS pricing this week.

MBS prices have been relatively steady considering the drama.  Bernanke cautions of economic doom, Paulson is taking his lumps for wanting to be crowned money czar, and Congress members position themselves to appear careful, yet decisive.  Drama.

We think the Plan will be passed and MBS prices will improve.  Par rates were at 6%, this morning.  Still floating.  Check MBS pricing here.

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Does Your Elevator Speech Blow?

A New Post By The Mortgage Cicerone
A Guide for Mortgage Professionals
Read other posts by The Mortgage Cicerone

Does your opening statement or elevator speech with potential referral-partners or clients concern you? A lot of sales people do a great job presenting their products and services, yet when making the initial first impression, they lack "the guts" or "knowledge" to do it effectively. Click the hyperlink below and listen to a video produced to improve your selling skills in this area!

Effectively Opening A Sales Call

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Bad Luck, Bad Choices and Bad Habits

We were at some friend's house some time ago and the wife mentioned some other acquaintances of ours. "It sure is too bad, all the bad luck they have," she said.

My first thought was, "Bad habits, not bad luck."

My second thought was, "Or is it bad choices?"

You see, there is a difference. What we many times call bad luck is merely bad choices.

Let me explain:
If you work hard, buy a new car, keep it up with regular maintenance and blow a tire driving down the road, that is bad luck.

However, if you drive on your tires until they are almost bald and drive at speeds higher than they are recommended for, and keep them at the wrong inflation level, and then the tire blows, that is not bad luck but bad choices. The tire blew because you chose not to buy new ones. The tire blew because you chose not to take the time to check your tire inflation level the last time you filled up the tank.

It is bad luck to leave your house on vacation and while you are away the gas line breaks and the house blows up.

It is bad habits to not tend to taking care of your house, replacing the roof, painting, etc until it is a junk pile.

It is bad luck to be let go from a company that goes into meltdown because the CEO acted unethically and the stock tanks, forcing layoffs.

It is both bad choices and bad habits to be late to work everyday, display shoddy workmanship and have a bad attitude to the point that the boss fires you.

If you choose to frequent shady parts of town or risky establishments, and you get mugged, is that bad luck or bad choices?

You get the point.
How often do we call something bad luck when it is really the result of bad habits or bad choices?

This really boils down to a matter of ownership of our lives and actions. Do we take full responsibility for our lives or not?

I know of a gentleman who was recently passed over for a job. It would have paid him $13,000 for a week's worth of work. The person who passed him over told me why. Knowing this gentleman, I said, "It is too bad, because with a few good choices, that guy could be living in a nice house, driving nice cars, and having very few financial problems."

What about you? Do you experience bad luck? Or bad habits? Or bad choices?

The next time you hear someone say, "He's down on his luck," perhaps you ought to ask, "Or is he down on his choices?"

I have found that those who have good habits and make good choices tend to experience the best luck!
So, if you want a little good luck, make some good choices and develop some good habits.

"Luck is a dividend of sweat. The more you sweat, the luckier you get." -- Ray Kroc

"When I work fourteen hours a day, seven days a week, I get lucky." -- Dr. Armand Hammer

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Reproduced with permission from the Chris Widener. To visit Chris Widener's website, go to http://www.chriswidener.com.  Copyright 2007 Chris Widener . All rights reserved worldwide.

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