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How To: Twitter for Business

A New Post By Mike Mueller
The Mortgage Vloger Extraordinaries
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How To: Twitter for Business

The Loan Officer Edition

As you may know I have a soft spot for Loan Originators, at least the honest and ethical ones.  I want to share what I think is one of the best ways an originator can use Twitter for business and do so effectively.

I’ll use Rhonda Porter as an example. (It’s ok, I have her permission).

Just in case you didn’t know… Rhonda has been a loan originator in the state of WA since 2000. Prior to that she was working on the title side.  She’s one of the smartest mortgage people I’ve ever met, always does what is best for her clients, and is highly successful at it. She blogs daily at MortgagePorter.com and has a regular spot on RainCityGuide , Not only that but she also graciously shares her experiences with other loan officers on R-Team and The Mortgage Cicerone and others.

When it comes to using Twitter for Business, I think Rhonda is doing it right!

There are two ways you could show the world what you do using Twitter.

1.  Broadcast tweets “For the BEST rates contact me!” or “Rates as low as __ %!!!!” To a reader, you sound like a commercial or worse yet Spam.  Your message will not get through.  It will be discarded and ignored.
or
2.  What is called Evidence of Success tweets. This is what Rhonda is using.

Evidence of Success

Here’s an example :

“Quoting 5.375% at 0.5 pt for 30 year fixed rate/term refi $506k loan @69LTV 740+ credit (apr 5.468). 45 day lock.”

To the Real Estate Agent , I can see exactly what she’s doing.  She’s upfront with her points and fees.  She’s not going to take a client I send her to the cleaners.

If I was a potential client I can also see.  While the terms might not be exactly what I have or want, it’s also clear she’s not leaving anything out.  Rate, YSP, Term, Type, Loan Amount, Loan to Value, Credit Score, APR, and the Lock Period – all in less than 140 characters.

When you only have 140 characters, you better make them all count!

The Human Element

Another thing I like is that this isn’t all business.  She tweeted about her Son passing his driving test. That makes her human.  That makes her less of a commodity.  It’s a touch point, an instance where a potential contact can connect with you.  It may not be that particular tweet, it may be the one that talks about a great Pinot you had, or a great find at a Farmers Market. 

Be human.  Remember, we chose to work with people we like.

I'll meet you halfway...

A New Post By Mike Mueller.
The Mortgage Vloger Extraordinaries.
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How many times have you said or heard that? 

Have last minute docs that need to be signed and the client is at work?  How often has that happened?
Can they meet you halfway?
So where is halfway?
And when we decide where that point is, where do you want to meet?
The side of the road isn't the right option.
Want to have coffee?
How about a little Pizza & Beer?

So many questions! How do you figure it all out?

Fear not!

I have the website to quickly answer all your questions. 

It's a Google Maps mashup called meetways.com and it'll not only calculate where that middle ground is but also show you the available coffee shops, pizza parlors or whatever you specify.

Here's a real life case in point.

My friend and fellow car guy Lane Bailey found some cool car parts online.  The seller didn't want to ship.  Lane had a small problem.  He lives in Lilburn, GA and the parts were in Livermore, CA.  That 2,456 mile trip is a little too far for some greasy car parts.  Lane knew I lived close so he asked if I could pick up the parts.  Using meetways.com I quickly came up with 4 coffee shops near the halfway point where "Mr. I'm afraid of Fedex" can meet me.

Now, if these parts are too big to ship - I can always make the drive and meet Lane halfway. 

"Hey Lane!  How about a little Pizza and Beer in Walsh, CO? - I know the perfect spot!"

Try Meetways - it'll make you look like a star!

Are you following me on Twitter?

ResCap / GMAC / Homecomings

I saw a hint of this in my feed reader this morning.  Then I received this email from my Rep at 10:00 AM

"As many of you have heard this morning--GMAC/Rescap will be shutting down Homecomings Financial. Files must be submitted through tomorrow will be honored. Please let me know if you need assistance in submitting or locking any loans in your pipeline."

Then official email sent to brokers:

Dear Homecomings Financial, LLC Broker,
In response to persistent challenges in the mortgage market, Residential Capital, LLC (ResCap) has exited the wholesale mortgage lending businesses.
Effective 5 p.m. eastern time on Thursday, September 4, 2008, ResCap's Homecomings Financial, LLC wholesale division will no longer accept new loan submissions.
Homecomings Financial will honor all contractual obligations on applications submitted electronically as of 5 p.m. eastern time, September 4.

Times are tough out there and are not getting easier.

Make what you want out of it

A New Post By Mike Mueller
The Mortgage Vloger Extraordinaries
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---

But I hear China is getting out of Dodge.  Make that our GSE's.

Just crossing my Feed Reader...

"Bank of China flees Fannie-Freddie"

"Bank of China has cut its portfolio of securities issued or guaranteed by troubled US mortgage financiers Fannie Mae and Freddie Mac by a quarter since the end of June.

The sale by China’s fourth largest commercial bank, which reduced its holdings of so-called agency debt by $4.6 billion."

 

 

Read the Story:  http://tinyurl.com/6mx3lq

I Hope WAMU Isn't Signaling The End

A New Post By Mike Mueller
The Mortgage Vlogger Extraordinaries
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I shared via FriendFeed, an article that I read in my Feed Reader

Washington Mutual is offering a 1 year CD that is paying a full 1% higher than anyone else. 

Why is that?  Are they just trying to be nice?  Are they "giving back to the community?" Have they made enough money this year? 

You know I'm kidding of course.  the most likely answer is that they are strapped for cash (capital) and need to raise some serious dollars.

To be honest, that's a guess on my part.

We so know however that Wamu has a very large lending exposure in both California and Florida.  Both of these states have experienced some of the highest yearly declines in value.  We know that's not a good thing.

We also know that Wamu has a high percentage of Alt-A and Option ARM loans on their books.  And we know that most experts agree, this is the next wave of borrowers to default. 

A homeowner that stops paying their mortgage becomes a "Non-Performing Asset". 

Here's what concerns me the most.

Prior to their collapse, many banks (Indymac would be a prime example) offered high yielding CD's in a last ditch effort to raise capital. 

I just hope I'm wrong.  We need more lenders not fewer.  What do you think?

Mike Mueller - RE.Net Founding Father Joins The Mortgage Cicerone

A New Post By The Mortgage Cicerone
A Guide for Mortgage Professionals
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To say we fellow Mortgage Cicerone's are thrilled to announce Mike Mueller is joining our merry band of Cicerone's is an understatement!!!!

Mike Mueller started blogging in 2001, before 99.9% of us ever heard the term and has recently taken his social media presence to the next level via video blogging (vlogging).

Bottom line...Mike Mueller is a vlogging and social media expert and IS one of RE.net's founding fathers!

Welcome aboard and readers, get ready to be amazed with the knowledge Mike shares with you!

Looking Forward...

I'm honored to have been invited to contribute to this site.  It's been in my Feed Reader and a daily read since day one.

Just a quick post of introduction for those that don't know me.

My name is Mike Mueller.  I've been in the industry since 1994 as a mortgage banker, a mortgage broker and so on.  I've been blogging about mortgages since late 2001. 

My very first post was a cut and paste hack (blatant plagiarism) from a financial newsletter I subscribed to.  How quickly we learn.

Today, I embrace the power of technology and social media.  I'm a video blogger (vlogger), an E-twit, Facebooker, a LinkedIn Junkie and who knows what else. 

See:

I'm looking forward to contributing and interacting with all you here on The Mortgage Cicerone! 

Thank you!