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| Referral Program |
Turn your contacts into transfers! Make sure you take advantage of our referral program. For every new client you refer who orders 50 transfers, you'll get 5 free transfers — a value of up to $500!
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| DNCSolution |
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. DNCSolution.com
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I'm sure by now you've heard the news about Fannie Mae and Freddie Mac. The government backed "sure bets" that might not be as secure as everyone thought. Can't wait to see how the next few weeks unfold.
Instead of getting all heavy before the holidays though with this news, I just wanted to wish you a happy and safe Thanksgiving. Have a great Turkey Day!
P.S. I also thought you might find this post below insightful. You can comment on it at our blog if the urge strikes you.
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Remembering The Good 'Ole Days
By Rich Dent
I have been at DoublePositive Marketing Group for almost a year, and the mortgage market has changed so much in that time. Mortgage companies as well as individual loan officers have had to adapt to the changes - especially in regards to marketing.
To give you a little background, prior to working at DoublePositive I was in the mortgage industry for over 6 years. I started back in 2000 and moved up through the years to the point where I was managing the day to day operations for a mortgage company in Baltimore. I spent a lot of money over the years testing out every type of marketing. When I started, rates were over 8% for a 30-year Fannie Mae fixed loan and 2nd mortgages and 125s were the market that we targeted. We purchased internet leads and telemarketing leads as well as dabbled in direct mail. Leads were super cheap and I would burn through them at an alarming rate. Then the refi boom came and so did all the marketing companies with the best leads ever generated. Conversion rates were unbelievable and cost per funded loan was not even an issue. All you had to do was pick up the phone and you were going to close loans. I will get 20 leads a week and I would have ton of apps and would be pitching deals daily. Those were the good ‘ole days!
We now fast forward to 2007 and the market is a mess. Every day the media is painting another picture of how bad the mortgage industry and the amount borrowers that are in foreclosure. Reports come out daily with how much money banks and lenders are losing each quarter and if it will ever end. Remember the good ‘ole days? Well I hate to tell you, but they are gone.
The days of applications flowing like a water from a firehose are over. The $200 cost per funded loan are over. Today is a new day in the mortgage industry and we all need to embrace this if we expect to survive. I speak to clients daily and one issue that has come to the forefront is “expectations.” I speak to loan officers who understand that the market is tougher than ever, but they still expect the same conversions they had in 2002 and 2003. If you think about it, how can they make sense? If less people can qualify for a loan, then you should expect that you would need to speak to more people than ever before to get a loan. When I explain this to loan officers they agree that the closing rates have gone down, but they say that they want workable deals. That simply cannot work under the current market conditions.
Today, the two biggest issues are LTV and credit, and these are issues that the market has not had to deal with in sometime due to the refi boom and basically anyone could get a loan. For most, this is the first time that loan officers have had to deal with this issue, but for those who have been in the business this is no surprise.
Let us know if you have comments.
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HoustonChron |
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| Shares of government-sponsored mortgage companies Fannie Mae and Freddie Mac sank further Monday as they face concern that losses from mortgage defaults will be greater than expected.
Full Story
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KXMB |
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| Salvation may be coming in the mail for thousands of people worried about losing their homes because of rising mortgage payments. An alliance of mortgage companies and nonprofit housing counselors is offering advice on how to avoid default.
Full Story
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Reuters |
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| Countrywide Financial Corp.'s shares plunged and the cost to insure its debt surged on Monday as concerns about losses by subprime mortgage borrowers sent mortgage-related companies on a new leg lower.
Full Story
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MotleyFool |
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| That optimism is encouraging, but let's not pat ourselves on the back just yet. The subprime episode wasn't a meltdown, a crisis, or a disaster. It was a warning, and we failed to heed it. The real meltdown is coming ... and its name is Alt-A.
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AP |
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| Rising delinquency rates on car and truck loans have some industry analysts concerned that subprime mortgage troubles could spill into the automotive finance business.
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Chron |
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| A top U.S. Treasury Department official Monday said mortgage providers must offer clear information on their products.
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Mortgage REITs lower after Impac warns of filing delay |
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| Shares of mortgage real estate investment trusts fell Monday following an announcement from Impac Mortgage Holdings Inc. that it plans to delay filing its third-quarter 10-Q report.
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WNPR |
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| Murphy helped write a provision that bars lenders from paying an increased fee to brokers for steering borrowers into higher cost sub-prime mortgages.
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ErieTimesNews |
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| Erie businessman Robert L. Dodsworth pleaded guilty this morning to felony charges that he engaged in mortgage and housing fraud in the city of Erie. Dodsworth, 60, of the 1600 block of Poplar Street, entered the plea at a hearing before U.S. District Court Judge Sean J. McLaughlin.
Full Story
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888-376-7484
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