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

 

 

Hat Tip:BeatCanvas

Mortgage Pricing Report - 4/29/08

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

If a family member asked my advice and they were scheduled to close on a mortgage purchase or refinance in the time periods indicated below, I would recommend...

1-7 Days	8-20 Days	21-45 Days	46 Days Plus
Locking	Locking	Locking	Floating

Check MBS pricing here.

For current MBS pricing, checkout the "MBS Price Data" chart in the far right column (underneath Subscription & Contact Links).

Other excellent sites providing insightful market commentary:

• Daily Market Commentary
• Robert Ashby - Mortgage Market Update
• MBS Commentary
• Daily Market Commentary- WesCorp
• Mortgage Rate Commentary - Moving.Com
• Weekly Economic Commentary - Dr. Raymond James

Important Note: These recommendations to lock or float constitute solely my opinion and are not represented nor should be taken as a guarantee of mortgage rate direction.

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Can You Articulate What You Do and Makes You Unique?

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

Can you clearly articulate the 3 W's:

1. What you do?
2. What makes you unique?
3. Why the potential client should work with you as opposed to another originator in a positive and compelling way?

Based on my experience, most loan originators fall flat on their face in this critical and foundational area.

YOU will NEVER reach the point in your professional career in which you originally intended upon entering the mortgage or real estate industry. Instead, you will be relegated to bench warmer status and only getting to play (make decent money and have a steady flow of business) when the game gets out of hand and the coach sends in the 2nd and 3rd team players for mop-up (refinance boom years we are currently experiencing).

What's motivating is most everyone (99.5%) in the mortgage or real estate industry started out as a 2nd or 3rd teamer...even the superstars of our industry. What separates them from the pack is their ability to:

1. Articulate the types of clients they enjoy working with and subsequently inspires them
2. Define and focus on niche(s) based on number one
3. Articulate and/or communicate their Unique Selling Proposition (USP)
4. Establish systems that produce forward action from their clients, referral partners and vendors
5. Inspire confidence in their ability to deliver
6. Be trusted

Often, we as mortgage professionals are so close to the day-to-day particulars of the business, we often get caught up in the features, functions and benefits of the loan programs subsequently never learning or thinking how to describe both the mortgage process and what we do in simple and effective ways.

That is why a Unique Selling Proposition is so important to your career.

Much has been written on USP's, however what does that mean to YOU, the loan originator?

In a nutshell, an effective USP:

• Is designed to separate you from your competitors (and)
• You can have more than one USP (e.g. FHA, First Time Homebuyers, investors or even one that separates you from your company)

If you don't currently have a unique selling proposition - Develop one IMMEDIATELY! You can start by answering the following questions and you will be well on your way to developing your unique selling proposition(s).

• What makes you different from all the other mortgage lenders out there?
• What makes you better? Why should a prospect use you over a competitor?

Mortgage Pricing Report - 4/27/2008

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

If a family member asked my advice and they were scheduled to close on a mortgage purchase or refinance in the time periods indicated below, I would recommend...

1-7 Days	8-20 Days	21-45 Days	46 Days Plus
Locking	Locking	Floating	Floating

Note: Today I struggled between locking for closings between 20 and 45 days, however chose locking on transactions closing in 20 days or less.While my recomendation is always that, a recomendation and not a guarantee of performance, please take extra consideration when making a lock decision these next few weeks.

Check MBS pricing here.

For current MBS pricing, checkout the "MBS Price Data" chart in the far right column (underneath Subscription & Contact Links).

Other excellent sites providing insightful market commentary:

• Daily Market Commentary
• Robert Ashby - Mortgage Market Update
• MBS Commentary
• Daily Market Commentary- WesCorp
• Mortgage Rate Commentary - Moving.Com
• Weekly Economic Commentary - Dr. Raymond James

Important Note: These recommendations to lock or float constitute solely my opinion and are not represented nor should be taken as a guarantee of mortgage rate direction.

_____________________________________________ Subscribe to The Mortgage Cicerone Email Update Club   To get FREE and fresh high-content information like this post emailed directly to you, simply fill in your name, email address and submit!
Name:
Email:

The Marketing Environment In Which You Thrive or Struggle

 

I'll Watch Your Butt Because I'm Watching My Own Butt Too

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

If you want a wonderful example of a blog post providing a 'rockin powerful" Unique Selling Proposition" (USP), take a quick peek at a recent Brian Brady article on his Mortgage Rates Report."

How To Shop For an Online Mortgage Broker by Brian Brady

Not only is Brian providing a wonderful example of a USP, he is also:

1. Provides an answer to a common consumer question
2. Weaves a powerful reason to use him and not you
3. Building SEO

Additionally, if you continue and read the rest of his recent posts, it is evident he knows the niche he is targeting AND he interweaves his unique personality to match that of his desired potential clients.

You must do the same, because your business is as individual as you are. That unique nature of your personality is your greatest strength. Your unique selling proposition (often called a USP) should reflect what makes your value chain desirable and one of a kind. Offer a USP that only you and your business can provide.

It might be the personal service, your written money back guarantee, or your offering of free information and services. Whatever your business advantage may be, it must be unique to your business alone. You have to let the potential customer know in an instant why your company is the only one that can meet their requirements.

As an exercise and take away, write down all of the things that make your business one of a kind. List everything that comes to mind. Don't edit it now. Just write the list and set it aside for a day or two. Leave that for another day when you can approach your ideas objectively. Take the best ideas and reduce them to one sentence that describes your business. You should be able to present your USP in less than thirty seconds. Anywhere. Anytime.

Once you discover how your business is unique, play upon your own uniqueness!

Great job Brian!

Other posts regarding USP's:

• If You Can't Describe It, You Can't Sell It
• What Makes You Unique - Are You Compelling?
• Niche to be Happy and Prosperous! 

 

2009 Mortgage Originator Event of the Year - 1000 Loan Originator March To Atlanta

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

First, I have been in the mortgage business for over twenty years, and during that period have heard and seen a lot of hype about this or that big event. Needless to say, I do not get excited about them. Yes, I have been to several and have gotten some bits and pieces of good information, but have found for the most part, the conference ended up being one sales pitch after another sales pitch from vendors or gurus marketing their wares.

End result...originators spending thousands of dollars to attend a big razzle dazzle, dog n' pony show at a fancy Las Vegas casino. It may have been fun, it may have given you a quick shot of adrenaline (or nasty hangover), however the end result being you walked away without the knowledge and tools you need to be successful without spending thousands of more dollars.

What has me excited is a phone call I received from Mark Green about participating in a three day event in Atlanta this fall focused solely on ethical and profitable mortgage origination. Best of all, the speakers and facilitators will NOT be pitching their wares from the stage and will be limited to providing 100% content to the participant loan originator attendees.

Additionally, the event is going to be priced extremely affordable with all net profits being donated to charities and NOT to the pocket books of the organizers.

Best of all, wait until you see the impressive list of organizers and speakers who have volunteered to donate their time and money to travel to Atlanta for the event! Needless to say, the response from some of the biggest names in the mortgage origination field has been overwhelming.

Expect to be hearing much more news and logistics about this event from some of the the big name real estate and mortgage blogs in the near future.

Again, this is the first time in years I have been excited about a mortgage learning event!

More news to come!

Mortgage Pricing Report - 4/22/2009

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

If a family member asked my advice and they were scheduled to close on a mortgage purchase or refinance in the time periods indicated below, I would recommend...

1-7 Days	8-20 Days	21-45 Days	46 Days Plus
Locking	Locking	Floating	Floating

Check MBS pricing here.

For current MBS pricing, checkout the "MBS Price Data" chart in the far right column (underneath Subscription & Contact Links).

Other excellent sites providing insightful market commentary:

• Daily Market Commentary
• Robert Ashby - Mortgage Market Update
• MBS Commentary
• Daily Market Commentary- WesCorp
• Mortgage Rate Commentary - Moving.Com
• Weekly Economic Commentary - Dr. Raymond James

Important Note: These recommendations to lock or float constitute solely my opinion and are not represented nor should be taken as a guarantee of mortgage rate direction.

_____________________________________________ Subscribe to The Mortgage Cicerone Email Update Club   To get FREE and fresh high-content information like this post emailed directly to you, simply fill in your name, email address and submit!
Name:
Email:

What Does Your Photo Say About You?

A "Classic" Post by Rhonda Porter.
Mortgage Broker/Correspondent Lender.
Read other posts by Rhonda Porter.

Originally posted July 29, 2008.

Many of us, including yours truly, use a personal photo for our marketing.   Perhaps you have one on your business card, website or are using as  part of your email signature.   Have you ever thought what message you are sending to potential clients?   Does your image say "I'm professional" or "I'm sexy or cool"?  A few years ago, I hired a marketing professional who specialized in marketing for real estate agents.   He is the one who had the idea of taking the photo of "the head" (this is what my husband affectionately calls my current photo that I use "professionally").

I'll pick on me as an example.  Here is my one of my old photos (taken maybe 3-6 months prior to the one I currently use)...I had another one taken at the same time in more of a "suit" but I can't seem to find it.  I really don't think that it says "I'm sexy"...I thought it said "I'm friendly, business casual and easy to talk to...I'll help you with your mortgage".   My husband (then fiance) thought it said, "I'm a little flirty--look no wedding ring."  It's kind of funny the different thoughts and judgments people will make from a photograph.  Yes, we are judged and a consumer may select you or not based on a photo on your business card.  It's a first impression.

Here is what my marketing adviser recommended:

• He had me remove my photo from my business card completely.  Why have someone select you  based on how you look?   If they want to know more about you, they can (and should) visit your website/blog and ask the referrer what they like about you.
• Created a new photo (pictured right) that was zoomed in on my face.  It doesn't show that if I have long or short hair (I had actually just donated my hair when that photo was taken)--it's just my big head.  His idea (and mine) is that the photo is very "straight forward"...there is no fluff.   There was no soft lenses used and he did want me to wear my glasses.  I stopped there.  For one, I typically don't wear them.
• We did create a logo too but honestly, I don't think we need logo's or slogans to be successful Mortgage Professionals.

At one point, I did have my photo as part of my email signature, I have since removed that as well in the interest of keeping the size of my emails smaller for me and my clients.

I'm not saying in anyway that my photo is perfect--it's not.  Far from it.  I'm probably due for a new photo.  I had several  people last week at Inman Connect in San Francisco say that they didn't recognize me at all and/or that they think I look younger than my photo (I'll hang onto those words!) which was taken about 6 years ago.  This is what my marketing person was attempting to create with my photo: maturity, professionalism, honesty and knowledge.   However,  I may have to update this photo in order to maintain congruency.  I do think it's important that if you do use a photo in marketing (blog, web, fliers, etc.) that it should really look like you.   You are probably better off having no photo at all in your marketing than something that is not representing you effectively or one that sends out a message you are not intending.

What boils down to is do you really want to work with someone who selects a lender based on what they look like?   Photos evoke emotion and judgment.   Just who (and what) are you trying to attract?

Daily "Loan Attraction" Tip - 4/21/09

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

Joe Stumpf outlines a valuable strategey in referral marketing about getting your phone number in your clients, friends or prospects cell phone directory. Here is a simple strategey that can improve your business by 20% over the next 12 months - and it cost you nothing!