The Mortgage Cicerone - The Loan Attraction Coach - Con

Be Part of The Solution...Join The "Mortgage Revolution"

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

Mortgage professionals must take back our industry!

That's exactly what the "Super Bowl" mortgage industry event of 2009 will provide.

The mastermind behind this not-for-profit event is Mark Green from Top-of-Mind. He along with thirteen other like minded individuals are driven to put consumers first while providing ethical mortgage professionals the tools and processes they need to enjoy a thriving and first class career.

Within a week, the Mortgage Revolution committee will be posting our website (courtesy of Trace Richardson) outlining the speakers and topics being presented during the three day event taking November 9 through 11 at the Cobb Galleria in Atlanta, Georgia.

Wait till you see the speakers and topics they'll be presenting!

Interested?

Want to help the cause and take up your modern day arms to fight back? Please visit Chris Brown’s Recruitment office to type in your John Hancock.

In the meantime, watch this awesome Mortgage Revolution video produced by Brian Larrabee.

 

Hello, My Name Is Swagger

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

Ok, I'm going to be Captain Obvious and tell you...Brian Brady is a VA Rock Star originator with Realtors in California. Yes it true, but what most people don't understand is how Brian reached that point of stature. 

In my opinion, it lies with his ability to know who he is marketing to and who he is not. While the concept sounds simple and elementary, most loan originators ignore its power. A classic example of Brian's prowess and ability to go surgically after the target niche he is purposely pursuing, is his recent foray to hire an experienced government processor. 

Below is a masterful example of how Brian fully articulated the type of individual he was looking for in a $25 Craig's Ad List:

This is the perfect setup for a grizzled, experienced mortgage loan processor. You walk with a swagger because you can recite FHA and VA underwriting guidelines verbatim. Heck, you might even have a DE certification in your background. You were probably aghast at the stupid NINJA loans being funded earlier this decade. You didn't know why originators weren't developing real estate agent relationships and wondered what would happen when Armageddon came to the mortgage industry...so were we. 

Armageddon came to the mortgage industry but we're still standing. A little battered and bruised but we weathered the hurricane well; now we're thriving. 

How'd we pull it off? Old-school hustle, that's how. We embraced the internet, called a bunch of real estate agents, read the guvvie underwriting guidelines, and started funding loans for first-time home buyers. Imagine working with a team of originators who actually READ underwriting guidelines, court real estate agent business, and do what they say they're gonna do..that's us. The result? We fund a lot of VA(they're the most fun), FHA, CalSTRS, and CalPERS loans. We got a lotta happy sailors, marines, teachers, firemen, and cops as clients. 

End result, hired EXACTLY the type of individual he pictured hiring. 

Additionally, he employs the same type of target marketing to and for his clients.  

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! 

 

He With The Most Friends Wins

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

Mark Green and Brian Brady hosted an excellent webinar on effectively using the social networking site Facebook to build a powerful, passionate and profitable client sphere of influence that will build a sustainable annuity of referrals.

This replay of the webinar provides a powerful 54 minute power punch that only Brian Brady knows how to deliver.

Note: I fast becoming a BIG fan of Mark Green...he flat gets the future of marketing!

Brian Brady on Facebook and Social Networking

_____________________________________________ 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:

 

Daily "Loan Attraction" Boost - 4/2/2009

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

Do you position yourself with the right people?

Your whole marketing focus should be on positioning yourself with the prospects you most desire, are a congruent fit with and then taking the appropriate action to let your prospects know.

Brian Brady once summed up this philosophy nicely when he stated:

"In college, I used to tell the girls I was interested in; if you don't have a date on Saturday night, call me, I'm your back-up guy. And you know what? I had a lot of dates and it wasn't because I was better looking than the next guy."

                                                        ~Brian Brady

Guess what, Brian funds a lot of loans too...must be the suspenders!

_____________________________________________ 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:

Mortgage Pricing Report: Float Club Playing All Week

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

Friday, mortgage rates jumped from 5.875% to 6.25% as mortgage-backed securities traders joined the world wide sell-off. Global stock markets plunged Friday and the Asian markets were weak for Monday.  Investors world wide don’t want to be invested in ANYTHING.

When the world panics, we FLOAT mortgage rates.  So, roll the projectors!  The movie “Float Club” is playing all week.

Interestingly enough, gold isn’t skyrocketing in price.  Long held as a “safe haven” during times of turmoil, investors are opting to hold their portfolios in cash instead:

Bullion is down 15 percent this month as the dollar climbed to a two-year high against the euro and the Standard & Poor’s 500 Index headed for its steepest monthly loss since 1938.

`We’re seeing some consolidation in the market today as investors pause for breath following the roller-coaster we had last week,” Zhu Lv, research manager at Shanghai Tonglian Futures Co., said from Shanghai today.

Gold for immediate delivery gained as much as 1.7 percent to $746.91 an ounce, and traded at $735.33 at 10:29 a.m. in Singapore. The metal fell below $700 on Oct. 24. Silver for immediate delivery was up 1 percent at $9.4575 an ounce.

Gold still benefits from its safe haven properties, although these days, more and more are choosing to hold just cash instead, so it won’t be surprising to see gold below $700 again,” said Zhu.

What’s that mean?  It means that while investors are cautious, they aren’t completely terrified and that bodes well for mortgage-backed securities.  When investors buy mortgage-backed securities, mortgage rates drop; that’s what we think will happen in the next 7-10 days.

I cautioned borrowers to lock in all October closings last week when mortgage rates dipped below 6%.  That opportunity had a short-lived window.  Like all panics, reason eventually prevails. Central banks world wide are slashing interest rates to avoid an economic recession.  This make US dollar denominated investments, especially mortgage-backed securities more attractive.

Hold out for a mortgage rate below 6% if you’re closing in November.

Originally posted on Millionaire Real Estate Lender

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

Friday, mortgage rates jumped from 5.875% to 6.25% as mortgage-backed securities traders joined the world wide sell-off. Global stock markets plunged Friday and the Asian markets were weak for Monday.  Investors world wide don’t want to be invested in ANYTHING.

When the world panics, we FLOAT mortgage rates.  So, roll the projectors!  The movie “Float Club” is playing all week.

Interestingly enough, gold isn’t skyrocketing in price.  Long held as a “safe haven” during times of turmoil, investors are opting to hold their portfolios in cash instead:

Bullion is down 15 percent this month as the dollar climbed to a two-year high against the euro and the Standard & Poor’s 500 Index headed for its steepest monthly loss since 1938.

`We’re seeing some consolidation in the market today as investors pause for breath following the roller-coaster we had last week,” Zhu Lv, research manager at Shanghai Tonglian Futures Co., said from Shanghai today.

Gold for immediate delivery gained as much as 1.7 percent to $746.91 an ounce, and traded at $735.33 at 10:29 a.m. in Singapore. The metal fell below $700 on Oct. 24. Silver for immediate delivery was up 1 percent at $9.4575 an ounce.

Gold still benefits from its safe haven properties, although these days, more and more are choosing to hold just cash instead, so it won’t be surprising to see gold below $700 again,” said Zhu.

What’s that mean?  It means that while investors are cautious, they aren’t completely terrified and that bodes well for mortgage-backed securities.  When investors buy mortgage-backed securities, mortgage rates drop; that’s what we think will happen in the next 7-10 days.

I cautioned borrowers to lock in all October closings last week when mortgage rates dipped below 6%.  That opportunity had a short-lived window.  Like all panics, reason eventually prevails. Central banks world wide are slashing interest rates to avoid an economic recession.  This make US dollar denominated investments, especially mortgage-backed securities more attractive.

Hold out for a mortgage rate below 6% if you’re closing in November.

Originally posted on Millionaire Real Estate Lender

Mortgage Pricing Report- October 10, 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 noted below, I would recommend...

7 Days	21 Days	30 Days	31 Days Plus
Lock	Lock	Lock	Float

Check MBS pricing here.

9:12 AM EST Market News

What can we say but WOW...the Dow has plunged 30% in 14 days! When is it going to end? Brian Brady and Sean Purcell have a lot to say about the issue.

Brian and Sean feel:

"the market has vastly oversold, it's not fundamental trading anymore, it is panic trading."

Listen to Sean and Brian on Bloodhound Radio.

Listen to the episode here

7:18 AM EST Market News

Yesterday the Dow plunged 679 points and closed at 8579. While the Dow struggled the entire day, it seemed to be settling in for a 200 point negative day, however during the last hour of trading it plunged an additional 450 plus points.  The impetus trigger appears to be a report that in September, 2008 investors sold off a record $72 billion in mutual funds.

The August Goods and Services Trade Balance report is scheduled to be released early this morning and expected to show a $59.0 billion trade deficit. Historically, given the size of our deficit it usually does not lead to significant bond price or mortgage rate movement.

According to Dwight Johnston at Wescorp:

"...something simply has to come from the G-8 this weekend.  That something needs to be global guarantees of funding transactions between banks and all deposits and other liabilities for a minimum six month period.  If the G-8 didn't already have that message, they are getting it today.  The concern is if they do that and the markets remain in a freefall."

Check MBS pricing here.

  Subscribe to The Mortgage Cicerone

Mortgage Pricing Report- October 9, 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 noted below, I would recommend...

7 Days	21 Days	30 Days	31-60 Days Plus
Lock	Lock	Lock	Float

2:24 PM EST Market News

The markets seem to be searching for direction. Surprisingly bonds are still trending downward (rates going up). This is unusual since bonds normally rally when stocks are losing ground. Could be signaling traders feel stock markets are near the bottom and funds are likely to shift back to stocks.

Subsequently, you may consider locking a rate that is floating and closing in the near future.

Labor Department reported 478,000 unemployment claims filed last week. While this is a decline from previous week’s 498,000 claims, it's slightly higher than what was forecasted.

11:24 AM EST Market News

In early morning trading , the Dow plunged -210, it has now bounced back up to -43.  The trading floor is definitely not a place for the weak-in-heart.

Treasury rates holding steady at the higher levels.  The 2-year is 1.67%, 5-year 2.79% and 10-year is down over 1 point to yield 3.78%. 

To me, it appears the treasury market is communicating something is coming that will reverse the trends in stocks and the credit market. We'll see?

10:18 AM EST Market News

Thursday's bond market opened in negative territory (18 bps).

The only data scheduled for release today are the weekly unemployment figures from the Labor Department. They are expected to show 475,000 new claims filed last week, down 24,000 from the previous week. Unless they vary greatly from forecasts, I don’t think this data will affect mortgage rates much.

The National Association of Realtors announced pending sales of U.S. resale homes rose 8.8 percent in August compared to the same month last year, the highest level since June 2007.

  Subscribe to The Mortgage Cicerone

Mortgage Pricing Report: October 3, 2008

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

The bailout bill passed the House after a decisive victory in the Senate; it is certain to be signed into law by President Bush.  From Bloomberg.com:

These steps represent decisive action to ease the credit crunch that is now threatening our economy,” President George W. Bush said at the White House after the vote. He said he will sign the bill into law when he receives it. House Speaker Nancy Pelosi said the measure has been sent to him.

The House approved the measure in a 263-171 vote, four days after rejecting an earlier version. The bill’s defeat on Sept. 29 caused a 778-point drop in the Dow Jones Industrial Average, prompting dozens of lawmakers to reverse their vote on the legislation, the government’s largest intervention in the markets since Franklin Roosevelt’s New Deal.

I expect the mortgage-backed securities market to gradually improve.  The euphoric response that followed the Nationalization of Fannie Mae and Freddie Mac was a result of pent-up anxiety about the explicit government guarantee of their debt.  This “bailout” is different than the Fannie/Freddie bailout.  While this bailout will provide support for battered mortgages, which should result in lower mortgage rates, it is clearly a signal that the Federal government will assume a lot of losses.

What worries me (and mortgage-backed securities traders) is the propensity for other governments to stick their hand out and ask for help:

California Governor Arnold Schwarzenegger today warned that his and other states may need emergency loans if a $700 billion financial-rescue package isn’t passed by Congress soon.

If this bailout restores order to the credit markets, California should be able to raise money through tax-advantaged municipal bond offerings.  If this bailout is insufficient to cure the credit crunch and states need to turn to the US Treasury to solve their cash flow problems, credit markets have seized to the point of financial Armageddon.

You can safely delay mortgage locks if your closing after October 17th.  Delaying your lock is a bit different from a “float” recommendation.  It means that you should expect lower rates and jump on one when you feel it’s “good enough”. The market should remain volatile.  The par rate (with no yield spread premium to the originator) should drift as low as 5.625% in the next 60 days but it may have to go through 6.125% to get there.  If you’re planning on refinancing your home loan, get your documentation in line, watch the mortgage rates reports carefully, and jump on the opportunity when it presents itself.

MBS traders know in their heart that the bailout package and weakened employment data will lead to lower mortgage rates but every bump in the road (like the California request) will give them reasons to sell.

Delay your lock if you have time; lock those rates if you’re closing in 14 days.

Originally posted on Millionaire Real Estate Lender

  Subscribe to The Mortgage Cicerone

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.

  Subscribe to The Mortgage Cicerone