| Mortgage Minute Newsletter From Sam Thompson, Senior Mortgage Advisor. Sept 2007- Vol 1, Issue 14
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Quick Links
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| Who we are. |
 Our Corporate Office 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.
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| Dear Sam, | ||
You have to earn the right to ASK!
THAT IS WHAT I AM TRYING TO DO FOR YOUR BUSINESS WITH MY SERVICE AND THESE EMAILS! In real estate, this mainly applies to getting their listing and getting their signature on a buyer/agency agreement.
Put yourself in their shoes, would you sign up with someone to
represent you without fully understanding how they can help you and
until you get to know them better?
Just remember that building value first is the key and then you
can test their feelings towards you by asking an ownership question and
it they answer it favorably, then ask for their business.
Here's a buyer/agency question. Wow, I
really feel connected to you and I'll bet I can find your dream house
that will really allow you to enjoy living in this great community. Do
you agree?
Here's a buyer question.
This house meets everything we've talked about and exceeds everything
we've seen so far; can't you see yourself living here?
Here's a seller question. I'll bet my marketing experience will help us sell this house in no time flat; are you convinced too?
Once they give you some positive feedback, then,
PHH Mortgage
Senior Mortgage Advisor 843-230-7929
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Program recap time as the tightening continues...
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Hopefully, we've seen the last of these subprime-type mortgage guys!
With all of the mortgage tightening with over 130 lenders on the "implode-o-meter", I thought you need to know what programs we can still offer your buyers. Here's a partial list:
With the tightening, many mortgage companies have either gone out of business or about to and you can read who has so far at: For the complete list, click on www.ml-implode.com/
So, stick with us because we never got into the subprime lending
2/28 programs or option-arm products that are causing much of these
companies to close their doors. We are doing great and plan on
weathering this storm.
AND, rates are falling again! So, get out and start beating the
bushes and let me know if there is anyone you want me to call for you.
Our market is in good shape, despite what you read in the newspapers so
get out and sell, sell, sell!!! Let your prospects know that we are
doing great and now's a great time to buy.
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| Seller Seconds. A viable option for creative sellers and buyers! |
 When the going it's tough, the CREATIVE get going by thinking out of the box!
When cash is an obstacle, we'll do everything we can to get your buyers pre-approved for 100% financing and we'll even allow a seller second. If your sellers will do this, it can really help in reducing PMI and risk to the investors in the secondary market as long as everyone is aware of the risks involved. And, your sellers can help your buyers with a good rate and still get a nice annuity for themselves while having their note recorded to protect themselves too. A Seller Second Mortgage is a private lien provided by
the seller and permitted within the following parameters for
conventional conforming purchase mortgage transactions only.
Just call us with all of your buyers and we'll do everything we can to get them approved in a program that will get them excited about buying a house! And,
if you have a listing that is not moving OR a buyer that cannot sell
their house so they can move here, tell them about our seller-second
option. This option might be the ticket to help them sell which sure
beats dropping their asking price or continuing to pay on their old
mortgage.
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Weekly Tip - Creating a Sense of Urgency.
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Power of legitimacy and sense of urgency working together! By helping create a sense of urgency, you are helping the prostrating buyers/sellers do what you know is right for them and their family.
Some ways that may apply are:
I am not saying that you need to be an alarmist, just help them see when there is real deadline so they do not miss out on something that they will be blaming themselves for the rest of their lives.
It works for politicians trying to get votes! Why not you?
Take responsibility for helping them make a move if you are convinced that it is in their best interest. By helping them, you are going to be seen in a positive light for years which will translate into many referrals too.
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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! 
There
are only four relevant economic reports scheduled for release this
week. However, two are considered to be of high importance and they
come in a holiday-shortened trading week. The financial markets are
closed tomorrow due to the Labor Day holiday and will reopen Tuesday
morning, leaving four business days this week.
The first piece of data this week comes Tuesday morning with the release of the Institute for Supply Management's (ISM) manufacturing index at 10:00 AM ET. This index measures manufacturer sentiment and is expected to show a decline from last month's reading of 53.8 to 53.0 in August. A reading above 50 means that more surveyed manufacturers felt business improved during the month than those who felt it worsened. An increase in the index would probably cause a rally in the stock markets and lead to mortgage rates rising Tuesday, while a reading below 53.0 should lead to lower rates. The second report comes Wednesday afternoon when the Federal Reserve will release its Beige Book report. This report details current economic conditions in the U.S. by region. It is believed to be a key source of data when the Fed meets for their FOMC meetings. It is usually released approximately two weeks prior to each FOMC meeting. If the 2:00 PM ET release reveals any significant surprises, we may see movement in the markets and mortgage pricing as analysts adjust their theories on the Fed's next interest rate move. Most likely though, it will be a non-event and will not lead to a change in mortgage rates. Thursday morning brings us the revision to the 2nd Quarter Productivity numbers, which measures employee productivity in the workplace. It is expected to show an upward change from the previous estimate of a 1.8% annual pace. Forecasts are currently calling for a reading of 2.3%, which would be good news for the bond market and possibly lead to slightly lower mortgage rates Thursday morning. The big news of the week comes Friday morning. The Labor Department will post the unemployment rate, number of new jobs added or lost and average hourly earnings for August early Friday. The ideal scenario for the bond market and mortgage rates is rising unemployment, a smaller than expected rise in new payrolls and earnings to remain unchanged. If we are that fortunate, I expect to see mortgage rates drop considerably Friday morning. Analysts are expecting to see the unemployment rate remain at 4.6% and 120,000 new jobs added. Weaker then expected readings would be very good news for bonds and mortgage rates. Overall, I expect to see the most movement in rates Friday, but Tuesday should also be fairly active. With the bond market still near recent highs, I am holding the lock recommendations for the time being as there still seems to be plenty of profit taking opportunities for traders if they choose to do so. This could lead to a spike in mortgage rates if traders sell holdings to capture those gains. This does not mean that I think rates will necessarily move higher. It means that I feel the risk versus the potential reward of continuing to float an interest rate is leaning heavily towards the risky side. Accordingly, locking seems to be the prudent position at this time. If I were considering financing/refinancing a home, I would.... Lock if my closing was taking place within 7 days... Lock if my closing was taking place between 8 and 20 days... Lock if my closing was taking place between 21 and 60 days... Lock 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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