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First, I wanted to remind you that transfers are priced lower than they've ever been before. Make sure you check out the chart below.
In reading through the news and industry articles this week, I found less talk about New Century and the market woes, and more talk about what needs to be done to work through the slump. As I read, it occurred to me that getting back to basics is what is going to help separate the successful brokers and originators from those who get lost in the sub-prime drought. To help get this back-to-basics process started, I dug through the DealWire archives to find a few old school refresher tips (all submitted by readers like you).
"If the borrower is within an hour drive of my office, I offer to take the application in-person at their home or office." — Don, Portland, ME
"Occasionally, as a result of a transfer, you'll have a long meaningful chat. Always ask those folks for referrals. I've gotten on average two extra deals a month from just doing this." — Sam, Buffalo, NY
"The first time you hear the word 'rate' from the borrower, immediately ask the question 'Are you more interested in lowering your RATE, or are you more interested in lowering your monthly payment(s)?' This is called the instant-debt-consolidation-lead crossover question." — Chris, Baltimore, MD
Have a great day!
P.S. Don't forget about our referral program. With the cost per funded loan increasing, adding free transfers to your lead mix could be the boost you need to finish March strong. Call me with questions or to get details.
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| This Week's Headlines |
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- Indexes decline amid housing concerns
- IBM opens business to support mortgage industry
- Too soon to refinance piggyback loan
- New-Home Sales Down 3.9 Percent
- Unlocking the Door to Higher Volume
- Consumers Clench Their Wallets
- Make mortgage lending more responsible
- Fed holds rates steady
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| Transfers Available This Week |
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| State |
Cost* |
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| AK | $37 |
| AL | $36 |
| AR | $39 |
| AZ | $49 |
| CT | $48 |
| GA | $39 |
| HI | $39 |
| IA | $42 |
| ID | $39 |
| IL | $40 |
| IN | $42 |
| KS | $36 |
| KY | $42 |
| LA | $38 |
| MA | $51 |
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| State |
Cost* |
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| ME | $40 |
| MI | $45 |
| MN | $49 |
| MO | $38 |
| MS | $34 |
| NC | $38 |
| NE | $31 |
| NH | $51 |
| NJ | $49 |
| NM | $40 |
| NV | $47 |
| NY | $47 |
| OH | $37 |
| OK | $37 |
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| State |
Cost* |
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| OR | $38 |
| PA | $45 |
| RI | $43 |
| SC | $38 |
| SD | $37 |
| TN | $42 |
| TX | $40 |
| UT | $39 |
| VA | $49 |
| VT | $48 |
| WA | $46 |
| WI | $40 |
| WV | $37 |
| WY | $39 |
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| View the complete list of Transfer costs per state. |
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For pricing information on the Hot Transfers
listed above, please call us at
888-376-7484.
You can also visit our site to get more information
Get Started Today!
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| Industry News |
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| Reuters |
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| Stocks fell on Tuesday as a major U.S. home builder abandoned its 2007 outlook and energy shares followed crude oil prices lower.
Full Story
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| Reuters |
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| International Business Machines Corp. (NYSE:IBM - News) said on Monday it formed a unit that will sell software and computers for processing mortgage applications and also manage processing of home-loan paperwork on behalf of lenders.
Full Story
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| Bankrate |
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| I recently closed on an 80/20 loan. Is it possible to refinance to combine the two loans into one loan?
Full Story
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| Originator Times |
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| Sales of new single-family homes fell 3.9 percent in February to a seasonally adjusted annual rate of 848,000, the lowest level since August of 2000, according to figures released by the U.S. Commerce Department. The February fall-off followed downward revisions to the sales rates for the three previous months.
Full Story
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| Broker Universe |
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| In last week's article, I discussed the basic absolute requirement of growing and then maintaining referral sources to successfully build your business to survive and even flourish in the face of any market condition. The obvious question is, "How do you do that?" Well, it's not easy, and it will not happen overnight, but it can be done.
Full Story
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| BusinessWeek |
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| Worries over mortgages and higher gas prices are starting to show up in their spending. And from Tiffany's to Wal-Mart, retailers are feeling the pinch
Full Story
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| Boston Globe |
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| Now that everyone is paying attention, let's review how we got here: Subprime loans became the mortgage flavor of the day several years ago. The worst kind of lenders preyed on the universal yearning for the American Dream -- homeownership -- and too often targeted African-Americans and Latinos with alluring, affordable, and ultimately deceptive sales pitches.
Full Story
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| Reuters |
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| The U.S. Federal Reserve held interest rates steady on Wednesday and said it remained concerned about inflation, but dropped its reference to the possibility of pushing rates higher, leaving its options open.
Full Story
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Leads360’s lead tracking software can give you visibility over your sales force and get valuable insight into your contact ratio. Contact Leads360 today and learn how we can help you increase your contact ratio by more than 20% in the first month. Call 1-888-508-4462 or visit Leads360.com
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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!
On-line Account Features
- New site design
- 6 Hour Window a requirement
- View/Edit Users – Password entries are now validated to be at least 5 alphanumeric characters
- 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 - Online reordering is as easy as ever; it now stores the previous credit card you used from the last order.
- 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.
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Log In to Your Account | doublepositive.com
Copyright 2007 DoublePositive Marketing Group, Inc
1030 Hull Street, Suite 300 | Baltimore, MD 21230
888-376-7484
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