| July 2008 | The New Quick Mortgage Minute Weekly Newsletter for Your Business! |
 |
Dear Sam, We're half way through the summer months and more importantly,
half way through the year. How are you doing? It's slow, I know.
Believe me, I know.
Now's a good time to stop and check your numbers and see how you
are doing for the year and see if there is anything you can do
differently for the rest of the year.
Keep you head up and push yourself and let's all have a really strong finish!
If you have any buyers that were qualified but never bought anything, keep calling on them with new properties. If they are qualified in today's market, they are very valuable to your business. One quick personal motivational story...
I was sitting in a restaurant with my badge on while waiting on take-out and struck up a conversation with someone beside me and it lead to real estate.. duh.. When I got up to leave, I gave her my card and she put it in her wallet while I was finishing our conversation. But, and here's the good part.. before I could leave, the waitress heard us and she asked, "can I have a card too?" It about floored me. I didn't think anybody was listening... I gave her 3 cards and she said she was going to call me! Moral of the story, talk about real estate to anyone you meet while wearing your badge and see if you don't pick up some more prospects! Also, if you are not calling me to pre-approve and close your buyers, try doing this for the rest of the year and let me show you how we close loans! Sam Thompson, Senior Mortgage Advisor
Mortgage Services, PHH Mortgage
910-489-6918
or
843-230-7929
__________________
Call me! |
 |
Up-front Scenario Underwriting! | |
|
|
 |
 PHH Mortgage, Mt. Laurel, NJ
Did you know that we have scenario underwriters for
reviewing our files during the application process? That's right. If
we don't get an automatic pre-approval when we submit our files for
pre-approval, we quickly send them to scenario underwriters to have
them reviewed so you can get a quick answer on their pre-approval
status.
These scenario underwriters review the file for self-employment income, verification of things like letters of explanations for credit issues, divorce payment obligations, state adoption assistance programs, citizenship paperwork, right-of-way grants, property type issues and other compensating factors and if they pre-approve them, or if we get an automatic pre-approval, we'll send you closing conditions up-front! These things I just mentioned were things that I reviewed with underwriters just over the last couple of weeks!
So, if you have a new buyer or one that says they are
already pre-approved, why not call me so we can make sure your deal is
going to close? If we pre-approve them, the only things that will
prevent your transaction from closing will be if we cannot verify
everything we entered, if something changed or if there are issues with
the property.
In other words, you do not have to wait for
underwriters to review the file 3 weeks into the transaction after you
have been working with buyers on a deal that might have some issues
that might prevent the loan from closing all together.
Call me on your next transaction, even if they already have a lender!
|
|
My brands* that I represent are:     Want to jazz up your website? Add the "get approved"
graphic below and then put my website link in the properties of the
image as follows. Call me if you need help with this.
 *Any time I am working with your client, if you are under a specific brand, I am projecting your brand logo in all that I say and do as do my colleagues. |
|
Weekly Tip - Be the "Pack Leader!" | |
|
 Take a lesson from the "Dog Whisperer!"
Have you ever watched Cesar Millan's "Dog Whisperer" show on the National Geographic channel on cable? He can take a dog with the worse problems and have them behaving in a few minutes. He is amazing to watch. He does this by teaching the dog owner to be the"Pack Leader" and by teaching them to have trust in their dog and when and how to control them.
The timing and method of control are the keys to success. And once you understand this, you can get your dog to do or stop doing, almost anything you want. This show is
about training people to manage their dogs but lessons from the show
can also be applied to us in the real estate profession.
Buyers will only
be involved in a few real estate transactions in their whole life and
with the many changes in the industry, you know that everything is
different to them if they were involved in a transaction years ago.
Also, remember
that people like to be controlled and that's why they hired you! So,
take them by the hand and help them through the process. If they start
getting cold feet, it might be due to your actions or things you are not doing for them so reel them in and build that trust and confidence and control them in helping them through their hesitations.
If they are having trouble with their mortgage guy, control them in getting them to call me so I can help you!!!
If
you get me involved with them, I'll help you get them to the closing
table. By working together, we can keep them on track.
|
|
Weekly Mortgage Commentary Snippet | |
|
|
Rate Lock Advisory - Sunday Jul. 13th  This week brings us the release of six important economic reports for the bond market to digest. Several of these reports are considered to be of high importance, meaning we will likely see volatility in the financial markets and mortgage pricing over the next several days. There are also plenty of corporate earnings releases scheduled for the stock markets this week along with the minutes from the last FOMC meeting. Throw in a couple of days of Fed testimony and we have the makings for a very interesting week. The first piece of data comes Tuesday morning with the release of June's Producer Price Index (PPI). The PPI is very important because it measures inflationary pressures at the producer level of the economy. It is expected to show a 1.3% increase in the overall reading and a 0.3% rise in the core data reading. The bond market should react quite favorably to weaker than expected readings, but a bigger than expected jump in the core reading could send mortgage rates higher Tuesday. |
