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I know that you have holiday shopping that needs to be done, so I'll keep this short. I just wanted to remind you about our referral program. For every new client you refer to me who orders 50 transfers, you'll get 5 free transfers—a value of up to $500! And as always, make sure you check out this week's deals on LIVE Hot Transfers, then give me a call at 888-376-7484!
Thanks
P.S. Time is running out! Make sure you take advantage of our End-of-Year Special Promotion.
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| THIS WEEK'S HEADLINES |
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- TIPS: Successful Loan Originators
- REG UPDATE: FTC Settles
- NEWS: Countrywide Settles Fair Lending Claim
- NEWS: Ownit Closes Its Doors
- NEWS: Drop in existing home sales for second year
- NEWS: Comparing a HELOC to a refinance
- NEWS: Falling mortgage rates = big savings
- NEWS: Home loan demand rises
- CLASSIFIEDS: Great Deals
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LIVE Hot Transfers not in your marketing portfolio?
Get Started!
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| Business Tips from Successful Loan Originators |
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The DealWire likes to share insider business tips from our network of successful loan originators to help YOU make more money!. Care to share any of yours? Email us and if we use yours here, we'll send you a $25 Amazon.com gift certificate!
"Yield spread is GOOD. It helps you lower the heavy costs of closing a new loan. If a borrower ever expresses concern about closing costs, always offer to reduce the closing costs with a slight increase in rate (and rebate back at closing the increase in yield spread you'd otherwise receive)."
—Neil, Baltimore, MD
"Before I let a prospective borrower go, I ask if they would like to know more about (select the one most appropriate for the situation):1. Reducing the term of your loan; 2. Getting cash from the equity in your home; 3. Eliminating that Private Mortgage Insurance (PMI) part of your monthly payment; 4. Buying a new home or investment property "
—Liz, Jacksonville, FL
"Don't be fearful of quoting higher rates for the purpose of lowering fees. I always quote three options: 2 Points on Front, 0 Points on Front (Closing Costs Only), 0 Points and No Closing Costs "
—Mel, San Diego, CA
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| REGULATORY UPDATE |
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| The FTC has settled a complaint against two Canadian brothers and their telemarketing companies over lottery promotion calls that targeted elderly people in the US. According to the complaint, the telemarketers told consumers that they had won prizes but needed to pay upfront fees in order to collect. Consumers paid fees ranging from $500 to $35,000, but never received any prizes. The brothers were charged with violating the FTC Act and Telemarketing Sales Rule and are required to pay $11,800 and $45,700 in consumer redress.
Provided by DNCSolutions
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| INDUSTRY NEWS |
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| ORIGINATOR TIMES |
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| Countrywide Home Loans has agreed to take steps to avoid charging blacks and Latinos higher rates and fees for loans than white customers. The company has also agreed to spend $3 million for a consumer education program and will provide extensive and updated fair lending training for their loan officers. The probe was a direct result of an analysis of the company's Home Mortgage Disclosure Act data.
Full Story
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| ORIGINATOR TIMES |
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| Ownit Mortgage Solutions appears to be the latest victim of the decline in mortgage origination volume. A recorded message at several branch offiices now states; "Effective December 5th Ownit closed its doors and we are no longer able to fund or process your loans, we appologize for any inconvenience." It has been reported that Ownit funded loans for nearly 12,000 brokers.
Full Story
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| REUTERS |
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| Next year will likely bring a second annual decline in existing home sales, the National Association of Realtors predicted on Monday. Sales of existing homes are expected to decline 8.6 percent to 6.47 million for 2006 and contract another 1 percent to 6.40 million units next year. Still, the housing sector should see a rebound by the end of next year, said David Lereah, the association's chief economist.
Full Story
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| BANKRATE |
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| Dear Dr. Don, I currently owe $137,000 on a first mortgage at 6 percent and am considering a HELOC for home improvements. Most banks are offering interest-only loans. I'm wondering if this is a good choice or should I refinance the current mortgage to get cash out at 25 years.
Full Story
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| USA TODAY |
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| If you're thinking of buying a home, here's a sum that will get your attention: $13,763. That's what you'd save in interest over the life of the loan if you bought a $221,300 house (the U.S. median price) with an average 30-year fixed-rate loan today, instead of paying the average rate for this year.
Full Story
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| REUTERS |
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| U.S. mortgage applications rose sharply last week, fueled by a surge in demand for home refinancing loans, as interest rates sank to their lowest in more than a year, an industry trade group said on Wednesday.
Full Story
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| YOUR ON-LINE ACCOUNT |
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We're working hard to make our client Extranet at Clients.DoublePositive.com an increasingly useful tool. We'll provide weekly updates on improvements recently released and those coming soon. We want to know what enhancements are most valuable to you! We'll use your feedback to prioritize our development, so please email us now with your suggestions!
Current Features
- Enhanced Analytics - Track Transfers...by loan officer! -- Now for each Transfer you receive...you can track it back to the loan officer in your organization who handled the call.
- Online Ordering and Credit Card Processing
- Streamlined Credit Review -- Submit transfers for credit review and receive responses directly from the Billable Transfers Report page of our extranet.
- Real-time On-Hold Control -- Put your account on hold or make it active instantly whenever you like, just by clicking a link.
Coming Soon:
- Online Invoices and Receipts
- Real-time Transfer Emails -- Know what transfers your loan officers are receiving in real time with emails that include borrower information.
- Web-based Training and Support
- Additional Services for Loan Officers -- Pull credit or order an appraisal online directly from our extranet (small per-request fee applies).
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| Free SUBSCRIPTIONS |
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Increase your income and close more with LendingSuccess, Magazine. Email us to request a free online version of the current issue.
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MortgagePro News is offering a complimentary LIFETIME subscription to DoublePositive clients. This e-mail newsletter is sent out two days per week with commentary, industry trends, and tips you'll use over and over. To take advantage of this offer, please contact us.
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Mortgage Originator magazine is offering a complimentary 6-month subscription to DoublePositive clients. To take advantage of this offer, please contact me. (Current subscribers to Mortgage Originator magazine are not eligible for this offer.)
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| Post your FREE classified ad in the DealWire |
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Our newsletter reaches over 3,000 mortage companies and professionals each week. Would you like them all to see your classified message for free? Let us know!
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Post Your Free Classified Advertisement Here! >>
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| DealWire Classifieds |
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DNCSolution is a family of Internet-based products that handle the full range of Do Not Contact (Do Not Call, Do Not Fax, Do Not E-mail, Do Not Mail) compliance. DNCSolution also addresses the privacy directives and opt-in/opt-out preferences of your prospects and customers.
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Do You Know Your Contact Ratio?
by Jeff Solomon, CEO of Leads360
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Clarity Training Group provides professional sales training and consulting services. Today's market is fiercely competitive - Clarity Training Group gives your organization an edge. Clarity offers on-site training, training via teleconference, or through on-line courses. Choose to supplement your existing training curriculum; have Clarity Training Group custom tailor a training program specifically for you; or make a selection from a set of existing courses. Whether you need your staff to close a higher volume of deals, increase revenue per deal, or if you simply want to challenge your staff to outperform even their best sales records; Clarity can make it happen...ClarityTrainingGroup.com
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Copyright 2006 DoublePositive Marketing Group, Inc
1030 Hull Street, Suite 300 | Baltimore, MD 21230
888-376-7484
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