| Mortgage Minute Newsletter From Sam Thompson, Senior Mortgage Advisor. Sept 2007- Vol 1, Issue 15
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Quick Links
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What to expect at closing.
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| Who we are. |
 Our Corporate 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 Mortgage provided $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 two main 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 recieve 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, | ||
Take out the Trash!
Here's what people are saying about this film:
"When you hear the truth, it sounds familiar. Like
seeing a reflection of something you already possess. This film is that
clear and simple reflection. I enjoyed every moment."
- Jim Carrey, Actor "Peaceful Warrior captures what I strive to do to gain peak performance from the players. The movie goes right to the essence - Zensational!!" - Coach Phil Jackson, Winner of 9 NBA Championships "A beautifully crafted and enormously entertaining film that speaks to the strength and resiliency of the human spirit. It reminds us what we are made of, reconnecting us to the power that lies within. See this film and it will impact the course of your life forever." - Tony Robbins, Author, motivational speaker "Energetic and entertaining, Peaceful Warrior challenges you to go beyond ego-based success and understand that the way to fulfillment is through higher consciousness." - Deepak Chopra, Author, and Physician "A stunning and extraordinary film that takes you on a journey out of your mind and into the present moment. Watch it and be transformed." - Eckhart Tolle, "The Power of Now" "Absolutely inspiring! Spread the word about this film..." - Joe Trippi, Political Strategist "Like ROCKY for the soul!" - Straw Weisman, Associate Producer of "What the Bleep Do We Know?" PHH Mortgage
Senior Mortgage Advisor 843-230-7929
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Courthouse records - to help you prospect!
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Did you know that the following information is probably available online or at your local courthouse?
Visit the courthouse, learn the record-keeping systems, browse
documents for situations that motivate real estate owners to sell, read
the trial docket and bulletin board, sit in on hearings, introduce
yourself to clerks and others, ask for referrals.
Let's talk about change. Things change. Circumstances and situations change. Life changes... sometimes for better, sometimes for worse. In fact, besides death and taxes, the one constant truism you can always count on is change. There is always going to be continual change throughout our lives and throughout the lives of those around us. And while most people would prefer things to remain the same, safely tucked between the blanket of established routine, finding comfort and familiarity within the 'stays quo... change inevitably, inexplicably happens. If the "suspects" have recently divorced (or simply filed for divorce)-it is very likely they might voluntarily or involuntarily seek to sell their property in order to split the equity. The sharp marketing marauder (that's YOU) would likely discover THREE potential profit centers in this situation...one sale and two purchases! First things first: Decide who you will target. Newlyweds? Divorcees? Rising business stars? Retirees? Maybe you'll want to concentrate on the recently laid-off
group-another wonderful "change" in the sense these fine folks may have
significant financial problems that need to be addressed in the future.
The loss of income might have a very traumatic affect on their ability
to maintain their current mortgage commitments.
Pick your "niche." That's the first step to riding the winds of change for fun and fortune... How about professional graduates? Graduating students from medical school? Think about that and what it would mean to you and your business. If you were to initiate a relationship with graduating doctors... maintain that relationship...( which will cost what? 50 cents a month in postage, 5-10 minutes a month in phone calls per doctor, a few bucks for congratulatory gifts or whatever throughout the course of their careers)... you'll pop your first commission in 18 months and many more in the ensuing years. The lifetime value of that one relationship could mean 50 to $100,000 or more in commissions to you - not to mention referrals! Quick commissions can be earned working divorcees. A great percentage of these folk are ordered by the court to sell their property an split the profits. And then both parties need a place to live and they will usually have plenty of cash on hand! A great combination would be to work divorcees for immediate, short-term business and also graduating doctors, lawyers, nurses, or some other potentially high wage earning professionals for long term profits. Again...decide who you will target.The astute marketing warrior always markets with purpose, precision, and persistency. The answer to the question "who?" is of utmost importance. For instance, let's say we are going to work "just-marrieds." There are usually a couple of ways to obtain this info. Your local press might have a page listing engagements, dates, and names. Bingo...you've got the goods! If not, the local court house or county recorder's office will have notices of marriage certificates issued, in the vital statistics division perhaps. You might have to plan a weekly half-hour trip to the court house to "get the goods." Likewise with divorcees: county records. It's all public information. Your job is to schedule a time, mark it off in your daily planner-in advance-and stick with your search, your program. Notices of default are excellent sources of profitable changelings!! Are you taking advantage? Well, I don't think so. You see, your honest intention is service... helping them avoid the pain and hassle of foreclosure... helping them help themselves by selling their home, getting some money out of the deal, and moving on with their lives. If you are to succeed in profiting from working the changelings, you must arrange your activities by these assumptions:
I hope this article opens your eyes a little about how change in people's lives can effect your business and how you can position yourself to help these people and you! Real estate is a very personal business and knowing where to look for hints of change can really help your business soar!
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| Do you have pep in your step? Take an endorphin injection! |
 I
saw a guy getting out of his truck going to his office early one
morning last week that really had some pep in his step. I could tell
by his energy and enthusiasm that he was excited and anxious to get to
work. Do you have this?
Over
the course of my career, I spent 20 years in manufacturing and in
several companies that I worked over those years, it would amaze me how
slow the employees walked to start their job or to return from lunch.
But, you should have seen those same employees running when they
punched out getting to their cars! And we wonder why all of our
manufacturing jobs are going off-shore.
The
truth is that when you dread what you do it shows in your walk and in
your enthusiasm. If you are having problems like this, maybe you are
in the wrong career or maybe you need to change what you are doing to
make it more fun. Life is too short to be frustrated with your work
and since this consumes most of your day AND NIGHT if you are a realtor
(or mortgage person), you owe it to yourself to change it. So, in case
you needed an endorphin injection this morning, here's some good advice
from Amanda Gore.
 "What Can Frogs Teach Us About Change?" by Amanda Gore
You
have probably heard that old story bandied about in management circles
about two frogs. One is put into a pot of boiling water and guess what
happens? Surprisingly, it jumps out - very quickly! (Smart frog!) The
other frog is put into a pot of cold water which is put over low heat.
The heat is then gradually turned up to the boiling point, but the frog
doesn't notice the subtle small changes and allows itself to be boiled
to death. (Yuck!) Zoot-Zoot!  Charles Darwin |
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Weekly Tip - High School Football. Great networking opportunities.
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 High school football! A great American tradition!
If you don't like football, don't forget about the marching band that works extremely hard and puts on a great halftime show! Attending local football games lets you find out who's back in town, who got married, who got divorced, who is seeing who, who moved out of town, who had a baby, who died, etc. Besides getting caught up, it can help you position yourself in to help old friends that might be getting into the real estate market soon! And, you might just get reaquainted with an old friend you hadn't seen in years so besides having fun cheering for the home team, it's really a whole lot more... My
preacher makes the most of his time at the home games. He spends the
entire halftime and pregame going around talking to people in the
stands from our congregation. And, I believe this has helped in our
attendance at church too!
GO SCOTS!!
Scotland County - Fighting Scots - 3-0
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| 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!
This
week brings us the release of four pieces of economic data, with three
of them likely to affect mortgage rates. The most important reports are
all scheduled for release Friday, so look for the biggest changes to
rates the latter part of the week.
The first report of the week is not considered to be of high importance. July's Goods and Services Trade Balance data will be posted Tuesday morning, giving us the size of the U.S. trade deficit. It is expected to show a deficit of approximately $59.0 billion, which would be an increase from June's $58.1 billion. However, I would consider this the least important of this week's releases, meaning it will likely have little impact on bond trading or mortgage rates. Also worth noting is the 10-year Treasury Note auction Thursday. It is fairly common to see some weakness in bonds before these sales as investors prepare for them. But, if the sales are met with a decent demand from investors, those losses are normally recovered after the results are announced. The results will be posted at 1:00 pm ET Thursday. If demand was strong, particularly from international investors, we should see mortgage rates improve Thursday afternoon. Friday brings us the release of three pieces of relevant data. The first is the release of August's Retail Sales report. It will give us a measurement of consumer spending, which is very important to the markets because consumer spending makes up two-thirds of the U.S. economy. Current forecasts are calling for a 0.5% increase in sales last month after July's 0.3% rise. If we see a higher level of spending than is forecasted, the bond markets will most likely fall and mortgage rates will rise. However, a weaker than expected reading could push bond prices higher and mortgage rates lower Friday. The second report of the day is August's Industrial Production report. This report gives us a measurement of manufacturing sector strength by tracking output at U.S. factories, mines and utilities. It is considered to be moderately important but could cause movement in mortgage rates. Analysts are currently expecting to see a 0.3% increase in production. A higher level of output could lead to higher mortgage rates, while a weaker than expected figure should help push rates lower. The last report of the week comes from the University of Michigan. Their consumer sentiment index will give us an indication of consumer confidence, which hints at consumers' willingness to spend. If confidence is rising, consumers are more apt to make large purchases. But, if they are growing more concerned of their personal financial situations, they probably will delay making that large purchase. This influences future consumer spending data and can impact the financial markets. It is expected to show a reading of 83.5. Overall, this will likely be a pretty active week for the bond market and mortgage rates. Friday's Retail Sales report is the week's single most important. If we see weaker than expected readings in that data, we should see mortgage rates move lower for the week. However, a stronger than expected reading would likely drive bond prices lower and mortgage rates higher. I am holding the float recommendations for now, but could change if there is a lackluster interest in the 10-year auction or if the sales report shows stronger than expected results. E may also see the stock markets significantly influence bond trading, so look for sizable movement in the major indexes to also lead to a possible change in recommendations. If I were considering financing/refinancing a home, I would.... Float if my closing was taking place within 7 days... Float if my closing was taking place between 8 and 20 days... Float if my closing was taking place between 21 and 60 days... Float if my closing was taking place over 60 days from now... This is only my opinion of what I would do if I were financing a home. It is only an opinion and cannot be guaranteed to be in the best interest of all/any other borrowers. |
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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.
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 collegues 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 |
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I hope you have a great week this week in real estate. Call me if I can help you with that!!
Sam Thompson - "The Jumbo Guy" 843-230-7929
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