December 2009 - Volume 1 - Issue 8
IN THIS ISSUE
Abacus Mortgage Training and Education
Byte Mortgage Software
Direct Group, LLC
Elliott and Company Appraisers Inc
Emigrant Mortgage Company
Entitle Direct Group
First Source Capital Mortgage Inc.
Franklin First Financial
Guaranteed Home Mortgage
Mortgage Now Inc
Mortgage Trainers of North America
Platinum Credit Services Inc.
Presidents First Mortgage Bankers.
Stearns Lending, Inc.
United Northern Mortgage Bankers Ltd. www.unitednorthern.jobs
United Wholesale Mortgage
US Home Loan Advocates
Wall Street List Inc.
Wells Fargo Home Mortgage
What's in this month's National Mortgage Professional Magazine
NAMB/WEST was a HUGE success!
If you haven't heard, this year's NAMB/WEST was a huge success. It kicked off with a cocktail party with a great rock and roll band featuring Colorado Association of Mortgage Brokers Past President Douglas Braden.
While I would normally NEVER suggest putting an economist at the first session in the morning in Vegas, however, when it's Texan Dr. Ted C. Jones (director of investor relations, Stewart Information Services Corporation), it's a good idea. His energy and interaction with the audience is just as powerful as any cup of coffee I have had. The proof is that when Dr. Ted C. Jones asked the crowd, "How many of you feel we are in a housing recovery?" almost the entire crowd gave a resounding, "No!" to which Ted concurred. Ted shared with us that, as part of the overall economic recovery, the next "36 to 48 months, gas will be at $5 per gallon." And, the "30-year fixed will hit seven percent in 2010."
That was followed by NAMB's Government Affairs Team of NAMB President Jim Pair, Government Affairs Committee Chair and Past President Harry Dinham, Denise Leonard and Chief Executive Officer Roy DeLoach.
"Net worth requirements will turn a lot of mortgage bankers into brokers," said DeLoach at this session.
"HUD didn't want to be in the business of approving brokers. That job will be pushed to the lenders."
Later on, when talks about the SAFE Act came up, Denise Leonard reported that North Carolina mortgage loan officers (MLOs) will be required to have a score of 720. Denise stressed the importance of the states keeping NAMB aware of any developments like this.
Later in the day, we had the chance to hear Ginger Bell (who, by the way, did a great job of coordinating the conference speakers), along with Theresa Ballard, president of BFO Solutions and Ken Perry, president of Broker Knowledge, present a practical overview of the SAFE Act, MDIA, HVCC, Red Flags and other regulatory updates.
The day continued with more powerful sessions, including an insider's look at FHA, provided by Nancy West from HUD, and a closer look at VA loans, provided by Debra Paiva from the U.S. Department of Veterans Affairs.
The 2009 NAMB/WEST education sessions wrapped up with two very powerful sessions. One featured three of the industry's best sales coaches, Ron Vaimberg, Rene Rodriguez and Fred Arnold, sharing the secrets to their success. The other session was one of the most innovative sessions I have seen at a mortgage conference in a long time. NAMB hosted a "speed dating-style" event, where participants had the opportunity to visit with reps from the industry's top companies in a fast-paced, "get to know you" networking session.
Day two of NAMB/WEST's education started off with a social networking seminar presented by Mark Madsen and Jason Berman. I get into a more detailed account of their session on page 7 of this issue in my communications article in "The NAMB Perspective" column. Following the social networking session, Frank Garay, co-founder of Think Big Work Small, shared his thoughts on how to capitalize on video marketing to build relationships. The last education session featured Jeff Mifsud presenting his real world intimate knowledge on the world of FHA.
The day wrapped up with a hugely successful trade show, where the industry's top wholesalers, affiliated service providers, technology vendors and marketing companies were on hand to help attendees find new ways to make 2010 a great year.
The fact is ... if you reading this, you're probably one of the remaining mortgage professionals who has done a great job at building and maintaining relationships. This could be with your account executives, warehouse line rep, referral partners, or just about anyone who can help you with your business. I have always looked at building relationships like building equity. Assuming normal market conditions, that equity will continue to rise as long as you maintain it with care and nurturing. In this issue, you will have the chance to learn a number of ways to build these relationships through various channels, including social networking and the Internet, traditional networking, working with commercial brokers, and putting customer service at the forefront to gain new clients through quality referrals.
At NAMB/WEST, Fred Arnold told the group about carving out 10 min. a day to just e-mail something personal to your contacts. It could be a joke, photo, story or anything that is not directly related to your business, but no matter the message, it is your personal message ... on that you took the time to construct and send out in order to keep those existing relationships ongoing and foster new relationships.
This month's Mortgage Professional of the Month...
This month, we had the chance to meet with Julio de Cardenes, executive vice president of United Northern Mortgage Bankers Ltd. Julio started in real estate at the age of 18 and soon found a love for the financing side of the business. His training was as hands-on as you can get. With little formal industry education, he started to learn the ins-and-outs of the mortgage business and his mentors had the confidence in him to generate a pipeline of loans by actually doing loans (as opposed to hours upon hours of classroom training). His growth as a mortgage professional was a direct result of becoming an FHA expert and helping to train thousands of mortgage professional on how to structure loans and build relationships with referral partners.
Andrew T. Berman, Executive Vice President
NMP Media Corp.
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