| Mortgage Minute Newsletter From Sam Thompson, Senior Mortgage Advisor Dec 2007- Vol 1, Issue 31
|
| In This Issue |
| Smart Goals - Guidelines for your success in 2008! |
| Canceling PMI without a Refi! |
| Weekly Tip - Additional Goal Setting Advice. |
| Weekly Mortgage Market Commentary. |
|
Quick Links
|
|
What to expect at closing.
 |
| Who we are. |
 Our Corp Campus in Mt. Laurel, NJ PHH Mortgage is one of the top ten originators of retail residential mortgages in the United States. We offer you unsurpassed service, a full range of programs at competitive rates, and the smoothest mortgage experience in the industry. In 2006 alone, PHH Mortgageprovided $41 billion in mortgage financing for American homes, and every day we help more people fulfill the dream of home ownership. PHH Mortgage operates out of twomain facilities in Mount Laurel , NJ and Jacksonville, FL - employing a combined total of more than 5,200 team players.
We've received numerous awards,including Best 100 Places to Work in IT (Computerworld), Top 25 Companies that Care, Training Top 100, and more. And, we were recently ranked #1 by Inside Banking for our reliable closings and accurate Good Faith Estimates and we constantly receive 98%-100% "I would recommend" ratings from buyers AND realtors in post-closing surveys.
CALL US SO YOU CAN SEE HOW WE DO IT! |
| Dear Sam, |
  Happy New
Year!!
All good things have to come to
an end, although, I am not real sure that 2007 has a good thing, at
least from the housing industry's perspective...
Having said that, 2008 should be better than 2007 but we might
have to wait a few more months before we start to see this
improvement. The CEO for Bank of American recently said he expected
the bottom to be around the fall of 2008 for housing. So, if he is
right, that should mean that we are in for an exciting year-end that
hopefully makes up for any lack-luster months this year we might have
to endure and hopefully many won't wait for the bottom before deciding to buy or sell a home next year.
So, now's a good time to develop your goals for next year and to
reflect on how you ended up this year. Did you meet your primary
goals? What went right? What fell short? How could you improve your
service for next year?
My number one goal for next year is to increase my production by 50%
over 2007 and I plan on doing that by spending more one-on-one time
with the realtors that are sending me business. I want to get to know
you better next year personally as well as professionally. After all,
that is what relationship sales is all about!
I also want to be more organized and have written a new contact
database for this with pinging capabilities based on frequencies that I
set including birthday, closing date anniversary and greeting card
reminders. It also contains a neat goal setting feature, has over 225
real estate tips and is formated to print "Classic-sized" Franklin
Planner Pages with all of the filler pages too so I don't have to buy
any more filler pages for my planner, ever again!!
I can give you a copy if you want it. It requires MS Access 2003 or higher. Just let me know.
So, during the next few days, take a few minutes to develop your
goals for next year! Please include me in your goals and objectives so
I can help you with these like I am going to do with you! Together, we
are going to have another great year in real estate and mortgages!!
And if there is anything that I can do better for you
in 2008, please let me know so I can include those in my new goals for
next year too! I love feedback!
Sam Thompson
PHH Mortgage
Senior Mortgage Advisor 'The FHA and VA Guy'
843-230-7929
|
| Smart Goals - Guidelines for your success in 2008! |
It's that time again!
"Once you've created a plan for what to do if the worst should happen, you stop worrying. And once you stop worrying, you can loosen up and have fun. And once you loosen up and have fun, you rule your world." - Unknown "Unremarkable lives are marked by the fear of not looking capable when trying something new." - Epictetus, philosopher "Keep away from people who belittle your ambitions. Small people always do that, but the really great make you feel that you, too, can become great." - Mark Twain Did you hit your goals for 2007? Did you ever set any for yourself? Are you being fair to your business and yourself by setting goals so that you are pushing yourself harder with a clearer direction? If you did, I hope you were successful but if you don't subscribe to this concept then your business is never going to be where it can be and should be. What do you WANT to accomplish for yourself next year? By taking a few minutes today, you can develop goals that can help you excel in both your business as well as personally. Here's the advice from the experts in setting good effective "smart" goals so you can see how you are doing and where you are going: Specific - Goals should be within reach and challenging. Visualize what you want to do. Measurable - Include a deadline such as a week, month or year from now. Achievable - Keep your goals realistic. Start easy and add challenges to build success. Rewarding - celebrate your achievements! The reward doesn't have to be big, just something for a job well done. Trackable - Measure your progress and keep on the path. For realtors, here are some that will give you some ideas that meet the "Smart" criteria: ·· Win your office's top producer award in 2008! ·· Close $2 million in 2008. ·· List $3 million in 2008. ·· Close on 2 houses a month in 2008! ·· Obtain your CRS or GRI by the end of 2008. ·· Make $100,000 in gross commissions in 2008! Good Action Items for helping you achieve your goals could be: ·· Talk to at least 25 people a day either on the phone, email or in person. Get a copy of Sam's contact database so I can do this all year! ·· Learn as much I can about one school, fitness center, hospital, etc./month that I can share with prospects moving in. ·· Be at work from 8:30 - 5:30 PM M-F at least 4 times a week. ·· Join a big civic club and be active by attending every meeting by the end of 2008 for some great networking opportunities. ·· Put up a personal website by the end of the 1st quarter in 2008! This is the best time to get this done for this year! ·· Develop a 600 (50/month) prospective email and mailing list by the end of 2008. ·· Attend 3 local events with your Realtor badge with at least 50 people a month. ·· Be seen in public with your Realtor badge in front of at least 30 people a day M-F. Just buy a few groceries at 5:30 everyday at different stores will satisfy this one and get you many chances to pick up a new referral! Make sure to put in some personal goals too like spending more quality time for yourself and with your family and friends or improving your personal health, your mind or spiritual health with exercise or educational growth goals, etc. Just pick a few things that you want and go for it! And don't be afraid to think big either! The most successful people in the world do this and it the main reason why they are so successful. Remember the advice of Earl Nightingale that "You will become what you think about!" Positive thinking and having a clear plan for your success in what is really important to you are the keys. Visualize your goals and keep these vivid pictures in your mind throughout the year. So take out a pad and pen today and write down what you think is working and what you could be doing differently. If you need any help with this, call me so I can help you brainstorm. If there's one thing I'm really good at, it's brainstorming! You know the old saying, "Keep doing what you are doing and you are going to keep getting the same results"... If what you are doing is not helping you get what you want, do something different next year! ONCE YOU DO, DEVELOP YOUR SMART GOALS & ACTION ITEMS & GET'R DONE IN 2008! While you are doing this, here's a great suggestion that can really help your business! Make it one of your smart goals to refer at least one lead per week to me so I can help you close more deals next year! Once you see how fast and easy our pre-approvals and closings are, you are going to have no problems hitting this goal so we can both make it to the top in 2008 and we can both celebrate!! Think of me as your personal mortgage advisor and let's work more closely together towards helping you achieve your goals this year too! Good Luck in 2008! |
|
Canceling PMI without doing a refinance!!
|
|
PMI is not like being in Jail,
but it can feel like it to your budget!
Loan to Value of 78% based on original value or purchase price whichever is less OR the first date of the month after the date that is the midpoint of the original loan amortization period. Loan must be current. No minimum seasoning requirement.
Customer Initiated Removal within First 2 Years The mortgage balance is first scheduled to reach 80% of the original property value or actually reaches 80% of the original property value Customer must request cancellation in writing. No payment 30 days or more past due in the last 12 months; no 60-day lateness in last 24 months. A Certificate of Value will be obtained by the Lender and paid for by the Customer to confirm that the current value of the property is at least equal to the original property value. If request for removal is made within the first 6 mos. of closing, the original appraisal may be used. A new appraisal may be requested if significant home improvements have been made to an owner occupied property which result in a Loan to Value ratio of 75%. Market value increases are not acceptable for removal of PMI within the first 2 years Customer must request cancellation in writing. No payment 30 days or more past due in the last 12 months; no 60-day lateness in last 24 months. A new appraisal will be obtained by the Lender and paid for by the Customer to confirm that the increase in value was due to significant home improvements.
Customer Initiated Removal in Year 2 - 5 If request for removal is based on original value of the property, the mortgage balance must have reached 80% of the original property value. Customer must request cancellation in writing. No payment 30 days or more past due in the last 12 months; no 60-day lateness in the last 24 months. A Certificate of Value obtained by the Lender and paid for by the Customer is required. If the request for removal of PMI is to be based on the current property value the Loan to Value ratio must be 75% or less as evidenced by a new appraisal. Customer must request cancellation in writing No payment 30 days or more past due in the last 12 months; no 60-day lateness in the last 24 months. A new appraisal will be obtained by the Lender and paid for by the Customer to confirm value of the property results in an LTV of 75% or less.
Customer Initiated after 5 Years If the request for removal of PMI is to be based on the current property value the Loan to Value ratio must be 80% or less as evidenced by a new appraisal Customer must request cancellation in writing. No payment 30 days or more past due in the last 12 months; no 60-day lateness in the last 24 months. A new appraisal will be obtained by the Lender and paid for by the Customer to confirm value of the property results in an LTV of 80% or less.
So, the lesson here is call me so you will know that your clients are getting a loan with a great lender that will not only make their loan processing go smooth and easy, we'll make the whole 30 years go smooth and easy too! |
|
Weekly Tip - Additional Goal Setting Advice.
|
|
No, I am no guru, just someone that likes sharing information.
So, here's some free advice from me on setting your goals for next year.
1.
Write down the things that you do well and that you like to do if they
are contributing to your success and spend more time on those. You'll
be more sucessful if you work on the things that are fun for you and
you'll be happier too!
2.
Be honest with yourself on #1 because if the things you are presently
doing are not helping your business, you really need to stop doing them
so much. But, maybe you can have your cake and eat it too by working
these things in with other things that you do not like to do so much.
Try this and quickly see if it is working for your business.
3.
Look around you and see what others are doing that they are having much
success with. Think about talking to other realtors, maybe in other
markets for tips and advice and maybe set up a referral relationship
with them too.
4.
Work smarter, not harder. Use automation and the Internet more to help
with prospecting and networking. Call me if I can help you with
these. Remember that 80% of buyers are shopping there first and this
number will continue to grow. Also, the buyers not as Internet savvy
or probably the ones that are the hardest to close so get on the web
fast!
5.
Try to spend more time on your physical health and mental health by
exercising your body and mind. This year, I did absolutely nothing on
maintaining a healthier body and I am going to change that. Hopefully,
if you are neglecting your body, you will too. For your mind, read
books and listen to tapes and read my emails! I get most of my
material from the web and so can you.
6.
Spend more time with your family and friends. Think about the
motivational story about the man that visualizes the funeral and what
the family and friends are saying about the deceased member and then
seeing that it was him in the casket. This will wake you up like it
did Ebenezer Scrooge in "The Christmas Carol". I am falling way behind
in this category and will make some changes for next year.
7.
Set weekly action goals with things that you can control and spend
Fridays making up with any shortcomings you may have had during the
week. If you'll do these things, the monetary goals you set for
yourself will take care of themselves.
*. Stick with the service providers that can make your job easier like me! I had to throw in this sales pitch!!
|
| Weekly Mortgage Market Commentary | ||||||||
| Don't let the financial markets squash your clients and your transactions!
Stay informed by reading my new daily "Daily Rate Lock Commentary" or
just call me to find out what is going on! If you want to be included
in this distribution, just call or email me. Remember, knowledge is
power and the more educated you are in your industry, the higher quality buyers
you are going to attract and that means easier closings, bigger houses
and more money in your "hip national bank!" And since rates are still
climbing, call us to get your clients in our 90 day rate protection as
soon as possible!
 Rate Lock Advisory - Sunday Dec. 30th
|
||||||||
Let me know if I can take an application for you anytime! And,
please let me know if you like the format of this email service. I
hope you are reading these so you can stay up on your profession and so
you can make more money too!
Also, I am available to do a "Hit the Ground Running Workshop" with
any agents interested in learning tons of things they can do to help
them succeed in Real Estate. I need at least 5 agents, brand new or experienced,
looking for some motivation to put this on for you that will take 2-3
hours, depending on your involvement! These are designed to be
interactive so you can learn more about yourself and so you will walk
away with a stronger sense of self-confidence too.
These are fun and motivational!
If you don't get at least 10 great ideas that can really help your business, I'll take you to lunch and give you a few more!
What are you waiting for? Gather support with 4 of your colleagues and call me today!
We'll guarantee your closing date.
We're so confident that we will close when you say so, that if we
don't, we will reduce your interest rate by 1/8 of one percent for the
life of your loan.*
We offer FREE pre-approvals to qualifying homebuyers! With a mortgage pre-approval, you can shop for the home of your dreams with confidence. You'll know just how much you can afford and increase your negotiating power. **
We take pride in being a lender you can trust. As our mission states, "we promise to treat customers like family." We take this oath seriously, and our goal is to provide you with the superior service you deserve - guaranteed.
* Approved, conventional, purchase loans only. Closing date to be mutually agreed upon between customer and bank, and customer must provide all required documentation. Timely request for payment under guarantee is required. ¹Inside Mortgage Finance, Copyright 2006 |
|||
|
I hope you have a great week this week in real estate. Call me if I can help you with that!!
Sam Thompson - "The FHA and VA Guy" 843-230-7929
|