Latest Article in Scotsman Guide

We talk a lot about yielding big results with simple Web tools here on Lenderama.com. I thought I would take the message to an even bigger audience in my latest article in The Scotsman Guide.

Look Inside >>
August 2009 Residential Edition

I would love to have you give it a read and come back and tell me what you think.

Next month’s article is on using Consumer Education in mortgage marketing. Do you have any other ideas or topics that would be useful to your mortgage business?

Lost to the Competition. Devastation or Opportunity?

I have to highlight a big pearl of wisdom from my morning Google RSS Reader review.

(BTW, are we sharing in Google Reader? We should be.)

It turns out the Mortgage Cicerone just lost a customer to the competitor. Most would mope, then curse–probably both the competitor and the customer. Cicerone has a much better approach…

Love’em back home!

What is the secret to this magic sales strategy? Well, it is quite simple. All sales people tend to over reach a bit to try to land a deal. Unfortunately, that often leads to disappointment, especially in mortgage deals where there are so many factors and people in the process.

That is precisely your opportunity!

Grab that customer when the competition fails them. Even if they don’t fail I will bet you by lavishing on customer service to someone that didn’t pick you will yield that person’s next referral.

What do you think? Have you ever given exceptional service to a prospect you lost to the competition?

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Answer Borrowers' Mortgage Questions

Image representing SmartHippo as depicted in C...
Image via CrunchBase

SmartHippo.com, the first community devoted to helping homeowners get the best mortgage rate, recently launched SmartHippo Answers.

This is a great opportunity for our community to help borrowers and position yourself as a mortgage expert. Nothing markets trust and credibility better than helping people with questions.

In order to make this as simple as possible I have added a feed of the latest questions coming in from SmartHippo.com and the right sidebar. If you see something you can help with–simply click and answer!

This is George Favvas, CEO of SmartHippo.com explaining a little more about SmartHippo.com:

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The Big Picture, Barry Ritholtz Calls NAMB, NAR Efforts Against HVCC Corrupt

The Big Picture

The Big Picture

Okay folks it is time to get in the fight again…

Time to make you voices and arguments heard. Barry Ritholtz, of the Big Picture, thinks that the NAMB and NAR efforts to fight against the consumer and industry impacts of ill-conceived HVCC legislation, “corrupt.”

Here is a brief excerpt from his post:

I called that a thinly veiled hint for “friendly” i.e., “corruptible” appraisals. I did some more digging, and I quickly discovered what this contemptible suggestion was all about: It is part of a broader lobbying effort by the The National Association of Mortgage Brokers (NAMB) and The National Association of Realtors (NAR) against honest appraisals.

Ironically, he uses the whole unsupported post to shill his new book:

Appraisal fraud was a huge contributor to the unsustainable run up in prices during the boom period. Realtors. Let’s go to the big book of real estate fraud, Bailout Nation

Here is what I would suggest:

I am not sure Mr. Ritholtz is going to allow a good honest debate in the comments, but I would sure try turning his flippant post into an honest debate – leave a comment on his blog post. I would say we could generate about a 100+!

Regardless, definitely below. Let’s show some action folks!

Free Marketing for Mortgage Technology and Service Providers

Mortgage
Image by Rev Dan Catt via Flickr

I am always looking for opportunities to offer as much value as possible to this great community.

Speaking of which, did anyone notice the NAMB discussion got 100+ comments? Wow! Talk about amplifying your mortgage industry influence and voices with the power of an online/real-time community.

Back on point. I know there are a ton of great mortgage technology, marketing, sales, and services providers out there. Great companies that can really make a difference for mortgage brokers, lenders, and originators. I also know that marketing budgets are tight and a lot of these businesses are working extra hard – like everyone in the mortgage industry.

I want to help mortgage industry vendors, help our hard working community of loan originators – FREE advertising.

Promote Your Mortgage Technology or Service

So, here is the offer – any mortgage technology or service provider is welcome to send me a self-written article introducing their product or service to the Lenderama community of mortgage originators.

Publication guidelines:

  • Product or service must be for mortgage brokers and lenders
  • Article must be an easy to understand and read explanation of your product
  • Must include one or more specific examples of how your product or service helps originators
  • Article must be original
  • Article must be at least 500-750 word in length
  • Contain your sales pitch to a brief 75 word resource or bio section at the end of the article
  • Resource section can have up to 2 relevant links back to your website

What will not be published:

  • Articles that suck! (That is my catch all caveat)
  • Articles that are already published on the Web
  • Articles that are less than 500 words
  • Articles that read like a marketing squeeze page from your website
  • Articles that do not give examples of how the product/service helps originators
  • Articles with more than 2 links or irrelevant links

The whole intent of this opportunity is to create a valuable product and services resource for mortgage brokers and lenders. Please write and submit your articles with this in mind. Also, if you have a favorite vendor that has helped your business you are welcome to write that testimonial as well, under the same writing guidelines, or call your account manager and tell them about this opportunity.

Lenderama Community – Don’t Worry

Oh, and Lenderama community never fear I will not drown the blog with vendor sales pitches. They will be sprinkled in judiciously and will have their own category (for easy sorting – exclusion). And, they are not allowed to suck! Hopefully, that will inspire some creative, entertaining, and ultimately useful blog posts.

Submission, Questions, & Mortgage Blog Promotions

You can send your mortgage product or service article or questions to me at: bill.rice [at] lenderama.com.

Also, if you have a mortgage or real estate blog or website send me the URL and RSS feed and I will get it up on our list of  mortgage blogs.

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Should I Have a Mortgage Website, Blog, or Facebook Page?

I am not going to editorialize much on this point because I think this picture is worth a 1000 words…

Internet v. Newspaper--How to Spend Your Mortgage Marketing

Internet v. Newspaper--How to Spend Your Mortgage Marketing

If you need help getting started leave a comment below. You will have plenty of Web savvy loan officers and mortgage marketing experts willing to help your success.

Hat Tip: The Real Estate Bloggers

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HVCC is Up and Running. How's it Going?

Appraisers Gone Wild - The Car
Image by enignot via Flickr

Well, the Home Valuation Code of Conduct (HVCC)–the brain-child of New York Attorny General Andrew Cuomo–is fully underway in the mortgage and real estate market.

I thought this would be a great time to survey (Google-style) loan officers and real estate brokers.

Here are a few of the most interesting:

Updates from Loan Officers, Real Estate Brokers, and Appraisers

If you have already blogged you experience with HVCC–DM me on Twitter with the link and I will add it here ASAP.

Community What is REALLY going on with HVCC?

I would love to collect feet on the street feedback on the operational reality of HVCC–loan officers, appraisers, real estate brokers, home buyers, homeowners.

Please add your perspectives as a comment.

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H.R. 1728, Mortgage Reform Act Moves Through House

United States Capitol (2002)
Image via Wikipedia

Mortgage reform is hip and cool in a Congress that wants to be seen by constituents as “agents of change.” And change we are going to get–this will fundamentally reshape how mortgage brokers and lenders do business. I guess the most interesting story line in this is the tentative acceptance being handed out by mortgage industry associations, lobbies, and insiders.

MarketWatch reports this statement from a consumer advocacy group, Center for Responsible Lending:

“On balance we support it, and we think it’s important to have some commonsense rules for mortgage lending,” said Julia Gordon, senior policy counsel at consumer advocacy group Center for Responsible Lending. “There are many protections in the bill that are crucial to strong responsible lending. Now that we have had the biggest mortgage crisis since the Depression, it’s the time for Congress to move.”

You assumption would be that they would jump behind it with both feet, but I think there is understanding that this is a politically popular, but operationally problematic bill.

Organizations like the MBA are also soft-shoeing the impact to mortgage lending, from the same MarketWatch article:

“We are likely to see fundamental changes in how the mortgage market is regulated sometime in the 111th congress,” said Francis Creighton, chief lobbyist for the Mortgage Bankers Association. “This is such an important issue that we would expect Senate action [in committee] pretty soon.”

With a House passage by a vote of 300-114, it looks like this one is stronger than the same bill that failed in 2007. However, the Senate is expected to tack on a few amendments or even whip up a companion bill, which might slow it down or head it to another death.

At the miniumum, if you are a mortgage broker or lender, read H.R. 1728, Mortgage Reform and Anti-Predatory Lending Act and think about your mortgage business strategy in that market.

What Do You Think?

How is this going to impact your mortgage business? What are your opinions of this bill?

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