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Dave Hershman

NMP's Economic Commentary: Historical Perspective on Mortgage Rates


Rates on home loans have risen during the past year. Yet, every time this trend is reported in the media, we also hear that rates are historically low. So, what does “historically low” actually mean? Does it mean that we are a little under the norm, or way under for the historic average?Click to continue

NMP's Economic Commentary: No More Excuses


Over five years ago, we suffered the worst recession since the Great Depression almost 100 years ago. Since then, our economic recovery has been the weakest of all recoveries in history. There are many reasons for the weak recoveries. The fact that our real estate market was devastated and needed years to recover was certainly a main factor. But there were other reasons for the stops and starts which were external. We had domestic and worldwide natural disasters from hurricanes and super storms, to tsunamis.Click to continue

NMP's Economic Commentary: The Perfect Storm

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If it was the weather, we would have called it “The Perfect Storm.” Last month, we had one week which experienced a confluence of economic news which rarely is seen in a five-day period. At the end of April, we started the week with the release of the index of pending home sales. This measure has taken on new significance this spring since both existing and new home sales have languished because of the weather. The Index of Pending Home Sales gives us a peek at the future.Click to continue

Can House Prices Continue Rising?

House and Money Scale

Here is an interesting picture. The S&P/Case-Shiller House Price Index showed prices in the 20 largest cities increased 13.3 percent annually in September, the highest year-over-year increase since February 2006. Yet, existing home sales have slowed a bit and pending home sales have been lower for several months, according to the National Association of Realtors (NAR). How can home prices be rising at a time in which home sales are slowing down? The answer is found in two important numbers.Click to continue

Hope for a New Year

Mortgage Application Pic

Well after months and months of speculation, the Federal Reserve Board last month finally announced the start of their "tapering" program in which they will reduce the amount of their purchases of government and mortgage-backed securities (MBS) by $10 billion per month. Starting in January, the Fed will purchase $75 billion dollars monthly instead of $85 billion dollars. This program was instituted during the financial crisis both to keep long-term rates lower and provide some stability in a mortgage market which was devastated by the crisis.Click to continue

Words of Optimism

Sunny Sky/Credit: Comstock

Just as the past few years, economic growth has not been strong in 2013. Yet, for some reason, the country seems to have more optimism regarding prospects for the future. The obvious question is, “Why such optimism?” To me, it all boils down to two words—household formation.Click to continue

Why Are Your Loan Officers Not Asking for the Business?

Loan agent report card

So many times, managers ask me why their loan officers don’t ask for the business enough, or are the loan officers asking for business but asking the wrong way or asking the wrong question. In this case, I believe that the real problem is not what your loan officers are saying, but where they say it. And by location, I am not saying indoors versus outdoors or any other geographical reference. I am actually referring to where in the marketing process they are asking it.Click to continue

Developing a Recruitment Package

Business Crowd/Credit: Stockbyte

The key to cultivating the right targets in the recruitment process is to define your targets carefully. Once you have, then the networking/marketing/selling process must begin. Obviously, there must be many steps to this process as recruiting top-level candidates takes time and energy.Click to continue

Training and Coaching Sales Personnel

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There are several reasons why many in the mortgage industry do not hire inexperienced loan officers. The lack of time is one reason. Most managers are personal producers and do not have the time to train. Secondly, identifying the needs of each neophyte is difficult. Not every person needs the same training. For example, someone who is inexperienced may have 20 years of sales experience or 20 years of real estate experience. Their needs would be different than hiring someone from a government job.Click to continue

Managing for the Future - Coaching … Is It Call Reluctance?

Telephone Pic

Last month, we talked about the difficulties of training and coaching sales personnel in my article, “Training and Coaching Sales Personnel.” One of the difficulties is figuring out why certain team members are not producing. Have you ever wondered why some seemingly “barely competent” people make a great living in sales, while others who seem to be near genius level fall flat on their face? Often it is because they are overcome with call reluctance. Call reluctance is the road-block that keeps many from succeeding in sales.Click to continue