Mortgage Marketing Articles

Current Market Conditions (72)

I Believe That Bank of America Will Go Away

I’ve written a variety of articles about Bank of America BofA) dying a slow mortgage death (and maybe even an absolute death from the way things are looking right now). Many believe that I am spot on. Others believe that BofA will always be in mortgages, just not with third party originators like mortgage bankers (“direct lenders”) and brokers. Others don’t care; they just hate BofA and wish that the entire institution would go up in smoke...

The Mortgage Battlefield of 2012: A View From The Frontlines

Over the next few months you will likely read numerous prognostications from economists, politicians and Wall Street analysts of what will transpire in the mortgage industry in 2012. What I hope you will find different about my thinking below is that it comes from someone who is on the front lines working with....

I'm Not Excited About HARP 2.0

Since President Obama announced this new program, there has been a lot of buzz and many are really excited about the prospect of finally being able to refinance out of their current, 5%, 6%, or even 7% mortgage that they’ve been stuck in for the last 4-7 years. However, before they pop the cork on the champagne bottle too soon, a careful glance at the macro and micro guidelines for this program show that it may not be what most are expecting....

If The S&P Won’t Give You A Positive Review, What Will You Do?

How Many Lenders Will be Left to Lend Money?

The Softening of Hard Money

About a month ago, I posted an article where I pointed out that there is serious consideration on Capital Hill requiring that mortgages not only require 20% down payments (or 20% equity in the properties), but that they cannot exhibit any of the following features in order to receive the most perks...

How to Regulate an Industry to Death

Imagine for a moment you are a businessman. I know, but go with me here. You have a small crop of beans that you want to sell at a local market. You set off toward it, but as you go a fellow in a blue uniform...

Bill Before Congress to ADD Energy into the Mortgage Underwriting Mix

We have been warned that things in the housing industry are changing, as if we didn't already know. Over the last six years, we have taken a multi-billion dollar a year industry and turned it on its head. What was once a market driven industry of supply and demand has had it's framework permeated, fractured, re-pieced and put back together looking very different than what we started with...

Is Anyone Going to Want to Finance Real Estate Anymore?

Whenever I see or hear a story related to real finance, I cringe and brace myself for the latest dose of misery, because I know that it is most likely not going to be good. Without a doubt, Goldman Sachs is the powerhouse lender. Once known as investment bank but now chartered as a commercial bank, the company recently dumped its Litton servicing arm to Ocwen Financial for a pithy $264MM...

Record Number of Banking Regulations Stunt Private Sectors

A speaker at the 2011 Mortgage Bankers Association Conference’s first general session walked onto the stage hefting a worn-out cardboard box with “Dodd-Frank Act” written in red letters on one side. He grabbed fistful after fistful of papers representing the thousands of regulations the bill has produced, and...

Can Subprime Make A Comeback?

When Bank of America Walks Away

As everyone knows, Fannie Mae is the largest purchaser of mortgages in the marketplace. They literally fund and hold trillions of dollars of both residential and commercial mortgages...

Bank of America Gets Pad Locked After Homeowner Forecloses On It

Have you heard the one about a homeowner foreclosing on a bank? Well, it has happened in Florida and involves a North Carolina based bank.

Instead of Bank of America foreclosing on some Florida homeowner, the homeowners had sheriff's deputies foreclose
on the bank...

REOs and Shadow Inventory Stunting U.S. Economic Rebound Study Shows

Despite steady gains in key industry sectors, the nation's housing market continues to exert pressure on the overall rate of economic recovery. While financial conditions across multiple financial sectors suggest...

Is The End Of The HELOC Near?

After living through the turn of the century and the loosey-goosey credit that was available throughout the first seven years of the new millennium, I stopped to think about the idea of Home Equity Lines of Credit HELOC) going away into the ether...

How We Got Here and Where We are Going

45 Million People Deliberately Manipulate Their Identities

Dodd - Frank May Break the Bank

Although President Obama signed the Dodd – Frank Wall Street Reform Bill (“The Bill”) almost one year ago, certain provisions of the bill had time triggers to be set off within 90, 180, and 270 days of the signing of the bill. One of the latest triggers is about...

Higher Down Payments May Be the New Norm...Permanently

At the height of the mortgage boom, required down payments were at an all time low. In June of 2006, the average down payment percentage on the purchase of a single family residence was 4%. If you had good credit and a heartbeat, there were lenders who would...

Our World Without Fannie or Freddie

I know that the title sounds strange to suggest such an action, especially right now. However, that is actually what President Obama recently mentioned. Now, whether or not this is doable is a completely different story...

Eight Reasons It Will Be More Difficult to Refinance or Get a Purchase Loan in 2011

It is going to be a lot harder for prospective borrowers to get a new mortgage or refinance their current mortgage in 2011. Regulatory changes and stricter underwriting standards resulting from...

Who Can Stop Ben Bernanke?

It appears as though dissension at the Fed regarding interest rates is heavily frowned on. Some people believe that any dissent would make it harder for Bernacke to stick to QE2 or expand it if we face the threat of a double-dip recession...

Looking Into the Future of Mortgage Banking

We hear all the time that the only two things in life we can count on are “death and taxes.” Well, there is a third that is often forgotten and that is: Change...

Battle of the Bank Buybacks - Part III

After almost four months of “day–to-day, hand-to-hand combat,” Bank of America’s (BofA) chief decided to come to the negotiating table to start a discussion regarding repurchases of multiple mortgage pools. However, he didn’t go willingly. Instead, it came down to the old philosophy that “there is strength in numbers” when opposing the enemy...

Battle of the Bank Buybacks - Part II

Former bank quality control officers, auditors and analysts across the country and in various business parks across the Bible belt are actively engaged in the “loan detective” industry...

Just as many banks signed repurchase agreements with representations and warranties regarding the buyback of loans with fraudulent documentation, apparently mortgage brokers, bankers and other forms of “direct lenders” signed them as well. This article is worth reading...

5 New Barriers To Getting A Mortgage

Here's a great article you can make available to your customers and prospects. Securing a mortgage is getting harder. This article explains all...

New York City Comptroller Calls for Audit of Foreclosure Practices of Top Four Servicers

New York City Comptroller John C. Liu, on behalf of the trustees of the New York City Pension Funds, is calling on directors at Bank of America Corporation, Wells Fargo & Company, JPMorgan Chase and Citigroup to conduct an independent audit of their banks’ mortgage and foreclosure practices.

Mortgage Fraud News...Mortgage Loans To Come Under More Scrutiny

Sweeping changes are coming in the financial services industry, including new national underwriting standards for mortgage loans. This article explains all...

Where Have All The Mortgage Professionals Gone?

You've seen it and you've experienced it. The mortgage industry is a shell of it's former self. This article is a great explanation of where we are...

We can blame our government, the economic environment, the over indulgence of our society, the company we work for, or...we can blame ourselves...

Loan Modifications aren't working, so let's try Principal Reduction. Bank of America just announced their plan and all major loan holders will probably follow. I'm sure they are already working on the next solution...

To be honest, when I first read the short lead-in to the story, I thought it was a hoax or at the very least...a poorly timed joke. Not so...not so! Instead, it's the latest idea and “life line” being bantered about to address our rising “walkaway” mortgage market...

If you're involved in (or a part of) foreclosures, short sales, and even loan modifications...there may be more troubled waters ahead. The issue is, that the new owner of these properties is at risk of being unable to sell or encumber the property. The following article explains it all...

The Current Economic Crisis...The 80/20 Rule (Revisited), And...Your Mortgage Business

There is one undeniable truth...a crisis always creates opportunities. The time to consolidate, re-organize, review, expand, and even invest, in your Mortgage Business is during such a crisis...

Just when you think that things can't get worse...HUD Secretary Donovan announces the details of the changes to FHA financing.

While we we find no fault with FHA solidifying their financial position to ensure their survival...we do question the timing and the net effect this will have on the market...

Is Fannie Mae Your New Landlord?

Just in case you missed it...and, you may not even care, but Fannie Mae is now in the Landlord Business.

While I can understand the intent...filtering out the problems in the market, by helping struggling homeowners stay in their homes, the requirements seem a little tough.

Even The Rich And Famous Are Not Immune From Mortgage Foreclosure

Many folks over-stated, over-committed, over-spent, and over-bought, with reference to their home mortgage...even the rich and famous. This article covers some of those famous people...

Why A Recent Ruling Against Mortgage Electronic Registration System (MERS) May Impact Foreclosures

MERS is an automated central database system that tracks the sale of notes of some 60 million mortgages in the
United States.

A U.S. Bankruptcy Judge in Nevada ruled earlier this year that MERS could no longer represent lenders foreclosing on
homeowners in bankruptcy unless the actual loan document could be produced. This article explains the ruling...

You're Under Arrest...House Arrest That Is

Are you among the following...You bought a house with a mortgage within the last few years...You are close to retirement and are thinking of relocating...You are getting married and starting a new life...You are ready to buy a house and find you need a good down payment and excellent credit, and more...

Seven Key Steps To Surviving Our Current Mortgage Market

You've probably already taken some major steps to survive our current situation. If you're reading this then you're already a survivor. A few reminders and tips never hurt, and...that's the purpose of this article.

Mortgage Brokers have taken a huge credibility hit, and there are some that are predicting our demise. That won't happen and this article covers four (4) good reasons why...

Everyone Is In A Rush...Does That Explain Why The Mortgage Crisis Happened?

Where Have All The Mortgage Lenders (Banks) Gone?

A very complex set of circumstances has caused our financial crisis and so much pain to so many. There's plenty of blame
to go around and here's one chronology of how we got where we are. We thought the following was a great summary...

The First Quarter Of 2009 Is Now History...Are You Still Struggling To Find Your Way?

Great Advice For Working In A Depressed Economy

There are lots of ideas out there on how to survive the current market conditions. The following article outlines a few of these. Even though it's written for Realtors and Agents...just replace those terms with Mortgage Professional as you read. It's well worth your time...

Is It Time That We Recognize That Banks Are Not Going To Help Your Mortgage Business?

Do Your Marketing Strategies Match The Current Mortgage Market?

Most of us in the Mortgage business are just stunned that the business has changed so drastically. Actually, we're more than stunned...we're in shock!

Why? Because all of us just experienced the greatest period of economic growth and prosperity we have ever seen. And, because our businesses were going gangbusters we didn't have to work hard to generate leads...we didn't have build a database of contacts...we didn't have to implement any type of follow-up system...and, we didn't have to keep our name in front of our customers to earn a living.

Don't Become A Mortgage Dinosaur...5 Concepts You Must Embrace To Prevent Your Extinction

Do you remember...

When property values continued to increase?
When mortgage programs were wide and varied?
When credit and the credit markets actually worked?
When there where lenders galore in the marketplace?
When homes sold and folks refinanced their properties?
When begging for loans (loan modifications) wasn't necessary?

As you know, things are much different, and...the mortgage market will remain a struggle for a long time. The mortgage industry has been destroyed...Hundreds of Lenders have left the business with the majority of them closing their doors...Loan Officers, Mortgage Brokers, and Real Estate Brokers/Agents have moved to their plan B...their alternative career.

How To Cope With Difficult Times

In stressful financial times the media likes to remind us of other stressful times in our history. When I look at those past recessions that happened when I was a functioning member of society (a.k.a. an adult) I am struck by the fact that I don't ever remember being aware of them. If I was aware of them at the time they didn't scar me for life.

Here are 9 ideas to help you cope better with your financial stress in the hopes that this recession will be a soon forgotten memory for you.

Are You Really In Charge Of Your Mortgage Business?

Many of you are probably thinking about stepping away from the Mortgage Business. Times are tough and improvement is
agonizingly slow, if at all.

To survive, you need to change your mindset. In tough times, you have to sharpen your marketing skills, bring expertise to your prospects and customers, and most importantly, be smarter.

How to Worsen Our Economic Woes...The "Grinchy" Version

If you've listened to any of the “Osgood Files” you probably became an immediate fan of Charles Osgood as I have.

This article sums up our current economic situation.

Three Mortgage Marketing Commitments Required To Survive A Challenging Market

Many in the Mortgage Business are absolutely stunned that the business has changed so much. Unfortunately, most of them are stunned into either inaction or even the drastic step of leaving the industry and seeking a different career.

How To Survive Our Challenging Mortgage Market

Patti Kouri is a Real Estate Coach and Trainer and is the author of this article...

“There are real estate pros working today, some very successfully, who have never worked in a "down" market. Their license exam was hardly finished before the commissions started rolling in.”

Five Marketing Tips Your Mortgage Business Can Use In A Down Economy

Here’s hoping your not missing out on the new business world. Not so long ago, your phone would ring and you would receive a mortgage inquiry or even a response to your advertising. People even spoke to one another.

If you haven’t noticed…things are different. Now, you and/or your Mortgage Business are checked out online and then the decision is made to pick up the phone...or possibly not depending on the results. Web presence has become critical, and the survival of your Mortgage Business depends on it…

Avoid The Negative Real Estate And Mortgage Hype And Thrive

It must have been a slow news week or so! After a very short break the news media is back with a vengeance and playing their doom and gloom mortgage/credit game.

Half of the experts appearing on the airways are extremely positive. The second half are predicting a financial disaster of the highest magnitude...

Lessons Learned From Our Current Mortgage Crisis

Here are just a few lessons that I’ve learned from our current mortgage market. I urge you to add your lessons to the list and use them to build your Mortgage Business.

1. It's difficult to hear and read all of the bad news in the press and then be associated with negative people. You must believe that you are a reflection of who you hang out with. I challenge you to do as I have done...get out of any energy draining relationships and fill your time with only positive associations and efforts.

2. Those that are deemed un-professional in the Mortgage Business seldom survive a market that we are experiencing. People that need mortgage assistance are looking...Read this article to get them all...

How To Maximize Your Mortgage Marketing Dollars In Today’s Market

Is it no wonder everyone is worried?

Whatever you are (let’s use the collective term Mortgage Professionals), you need to take the steps necessary to protect yourself and also perpetuate your Mortgage Business.

Ah yes...the “R” word is now being bantered about. It appears the media is getting tired of reporting about the mortgage crisis and has found a new hot topic the last few days...it’s the “R” word the world hates...its recession!

But there’s something dreadfully wrong here...by definition, we’re not even close to recession. If I remember my college economics...a recession is defined as...

5 Disciplines That Can Help You Survive Any Turbulent Mortgage Market

You’ve probably experienced first hand the huge changes that have taken place in the mortgage business these past few months. As you know, most of these changes have been unpleasant to say the least.

Not only did we have lenders closing their doors, those that remained drastically changed their credit requirements and tightened and even altered their underwriting. For a time, trying to get a loan placed and then approved was like watching a slow motion movie with no possible end in sight.

Mortgage Regulation Is On The Way...Are You Prepared?

If you’re in the Mortgage Business and haven’t been paying attention to the new mortgage legislation being proposed, you need to review this article…and, get involved.

On October 22, 2007 Representatives Brad Miller (D-NC), Mel Watt (D-NC), and Barney Frank (D-MA) introduced a bill H. R. 3915 entitled “The Mortgage Reform and Anti-Predatory Lending Act of 2007.”

The Current Mortgage Crisis...Understanding The Reasons

I’m really tired of all the finger pointing that’s taking place and unfortunately, I believe it’s just getting started. Depending on which news source you pay attention too, our mortgage problems are a result of one or more of the following...

The New Mortgage Game...Are You Going To Be A Player Or A Spectator?

If you plan on surviving and keeping your mortgage career on track, you’ll have to learn to deal with the requirements of the new market conditions. Now, this is not brain surgery. In fact, it’s not difficult at all.

But, if you have been struggling as of late, you need to take a close hard look at your marketing plan and incorporate some, if not all, of the following...

The Proposed Foreclosure Bailouts...Do We Really Write Checks To People In Distress?

You need to read this entire article...you’ll be surprised at the answer!

Yes...the number of foreclosure filings is significantly higher than last year. In fact, it’s nearly double what it was a year ago. And, it isn’t anywhere close to being over as hundreds of thousands of foreclosures have yet to be filed.

Mortgage Marketing Steps You Must Take To Survive The Current Market Crunch

To say there’s confusion in the mortgage marketplace right now is probably a gross under statement. Mortgage loan and credit requirements continue to change and adjustments are being made even as you read this article. 

In all of this, there are many loan officers and mortgage brokers not only surviving the “mortgage crunch” but they are thriving as a result.

7 Tips To Help Your Mortgage Business Survive The Current Mortgage Meltdown

All of the experts are referring to our current mortgage problems as a mortgage crisis...a much needed adjustment...and even a mortgage meltdown. As might be expected, there’s a lot of finger pointing and blame being levied on everyone connected to the mortgage industry.

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