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BrokerWire
SigniaDocs Unveils Lender Protection Service
July 23, 2008
SigniaDocs, a Houston-based provider of electronic mortgage services, has announced a new service aimed at protecting lenders against claims of improper disclosure processes.
Applications Fall
July 23, 2008
The Market Composite Index, an overall measure of mortgage applications, fell from 522.2 to 489.6 on a seasonally adjusted basis during the week ended July 18, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey.
Int'l Poll: Home Prices to Rise Within 5 Years
July 23, 2008
An online poll of homeowners in the United States and five European countries found that most believe the value of their home, while not rising this year, will increase within five years.
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Featured Grapevine Thread
The Grapevine takes sides about the future of downpayment assistance.
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This Week from Broker Magazine
This week's featured story from Broker
Magazine, our sister publication:
Getting Certified
By Brad Finkelstein
One of the goals that newly installed National Association of Mortgage Brokers president Marc Savitt has is
to increase the number of members of the organization who are certified. It is a goal that a number of his predecessors,
including immediate past president George Hanzimanolis, have also sought.
Currently the group offers three levels of certification, starting with the general mortgage associate, followed
up the ladder by the certified residential mortgage specialist and at the top is the certified mortgage consultant.
At the recent NAMB convention in Indianapolis, Mr. Hanzimanolis noted there are now 1,000 certified members,
with another 1,000 ready to take the exam.
Read on...
Ask the Experts
Success with Subprime
untitled
Brian Sacks, mortgage expert, branch manager, trainer, and speaker gives advice on how to increase sales and
improve your business. This week's article: How to Have Clients Calling You To Do Business
Let's recap our journey, we have set realistic goals & created a plan for implementing them.
We now know that we are selling a service not a price and that our reputation is critical to our long term success.
The next several issues will deal with the "journey" (trip to Kalamazoo) itself.
Are you tired of driving (make cold calls) yet? Then why not put the car on cruise control (Become the expert
in a niche and let everyone know it)?
We've been talking about how important it is to establish and maintain a sterling reputation if you want to
be successful in the long run. Without a doubt, honesty, diligence, and trustworthiness are essential attributes.
However, there is another critical aspect of the image you need to develop in order to be truly successful: You
need to be knowledgeable. I'll even go further than that - people must perceive you as the guru of your chosen
niche, and you truly must be. You need to become - and become known as - the expert.
Why? What's so critical about developing expertise? Can't you "get by" just being competent and dependable?
Of course you can, but I doubt that you are reading this to learn how to just "get by." If you did, I'm
sorry but I don't have any pointer for you. We're aiming higher here. This is all about developing your highest
potential and teaching your ultimate goals. Becoming the expert is an important step along the way.
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more...
Legal Corner
 Prominent
attorney Herman Thordsen gives his advice and opinions on issues of law in the mortgage world.
HIGHLIGHTS OF THE NEW FEDERAL RULES GOVERNING MORTGAGES
FACTS
Here are highlights of new federal rules for mortgage lending, which take effect Oct. 1, 2008.
For subprime mortgages:
* Lenders will be required to verify a borrower's income and assets.
* Lenders will be barred from levying prepayment penalties for the first four years of any adjustable rate
subprime mortgage; other subprime mortgages could have no prepayment penalties for two years.
For all mortgages:
* Lenders will not be allowed to run advertising that compares different loans unless all payments and rates
are also disclosed.
* Advertising that recommends mortgage plans in a foreign language would be required to include legally
required disclosures in that same language.
* Lenders will be required to credit borrowers' payments on the day of receipt. (lat71508)
MORAL
Some fix!
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to read more.
What We're Hearing
By Paul Muolo
This week we present a special treat; a sneak peek at Paul Muolo and co-author Mathew Padilla's book "CHAIN OF BLAME: How Wall Street Caused the Mortgage and Credit Crisis."
I first met Angelo Mozilo, the co - founder and CEO of Countrywide Home Loans, 20 years ago. It’s hard to put an exact date on it, though I do remember the first time he came to my Washington office on G Street two blocks from the White House. He was dressed in a dark gray suit, and was wearing a white shirt with a blue collar and a red tie. It was the kind of shirt that investment bankers wore when they appeared on CNBC (FNN) to discuss the vicissitudes of the stock market. Later on I would learn that Angelo was none too fond of investment bankers, though he did like the shirts they wore. (He also was a big fan of CNBC.)
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Market Conditions
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read Market Conditions...
Database
In this section of BrokerUniverse we showcase the mortgage data and statistics offered by our sister site, MortgageStats.com.
In its regular quarterly survey, MortgageStats.com assesses the production of the top 150 prime and subprime lenders
and servicers around the country. In addition to its proprietary data, MortgageStats.com also provides compilations
of government data collected under the Home Mortgage Disclosure Act (HMDA).
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more...
Quality Time
The Dark Knight
Like millions of other people I wanted to go and see The Dark Knight this last weekend. My middle son and his crew went to an early matinee and barely managed to get seats. I made the mistake of going in the evening and, despite purchasing our tickets online, still had trouble getting a seat. The first three showings were sold out so we ended up going at 10:30, a late start to an almost three hour film. There was a sort of hall monitor sorting people into lines outside the theater, then again inside. Inside the actual screening room were ushers with walkie-talkies making sure that every seat was filled and directing people back and forth between the three (!) rooms all showing The Dark Knight at 10:30. There was so much excitement and hype that it was hard to believe we were there for just a movie and not a coronation or something. Could this film live up to our expectations?
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to read more...
Boomer Box
Reviews for baby boomers that still listen to music
The Nazz Are Still Blue
Outside it is still light, the white-nights effect of the nearing equinox, but inside Don Hill's in Manhattan it is as dark as the hour after midnight, bar-tan dark, sunglasses-at-night dark. Dark enough to start the rock music, even though the early Seinfeld rerun is still playing.
An e-mail has alerted me to a rare New York City gig by Nazz, a hero-band of my youth now reformed in the Classic Rock Redux era. I am hoping that the new Nazz, with only one original member, can come close enough to its original mix of garage-band thump, Beach Boys-like harmonies, and world-class ballads to make it worth the trip to the bar, a stone's throw from the Holland Tunnel.
In from the street at the appointed hour sweeps Stewkey, the lead singer of Nazz, who gets on the stage and briskly dons a tuxedo jacket, and the four-piece (plus singer) band quickly declares independence from its decades-old ancestor by jumping into a new original I think is called "Godzilla."
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to read more...
Making the Sale
Sales and management ideas from Broker magazine, our
sister publication:
Survey Finds Consumers Want More Help From Movers
By James Comtois
While the U.S.'s economic turmoil continues to keep consumers on edge and home sales slow, the moving industry
is seeing marked changes in consumer attitudes, found a survey from Relocation.com. The survey findings produced
some key insights about moving hot spots in the U.S., how the housing and mortgage crisis is impacting moves and
consumer opinions about using a professional mover.
Approximately 80% of consumers starting their real estate and moving research online. "With the typical
summer moving season spike, our monthly traffic is indicating similar patterns. However, we are seeing a general
up-tick in online searches for moving services that is reflected in the survey feedback," said Greg Hebner,
chief executive of Relocation.com. "The heightened sensitivities consumers are feeling about the economy and
their motives for moving are showing a stronger need for superior customer service support from the moving industry."
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Special Reports
In this section of BrokerUniverse we examine a subject of key importance
for mortgage originators every month, based on special reports that run in our sister publication, Origination News.
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read more.
The Paper Warehouse
This section of BrokerUniverse features useful documents
contributed by members of the Grapevine community.
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read more.
Conference Calendar
August 6 - 9
Mortgage Industry Conference & Annual Expo
California Association of Mortgage Brokers
Hyatt Regency Sacramento
Sacramento, CA
Tel: 916-448-8236
More info September 30 - October 2
16th Annual NJ Association of Mortgage Brokers Conference
Trump Taj Mahal Resort
Atlantic City, NJ
More info |
