Live NAMB Webinar Focusing on YSP – Tuesday @ 3pm EST, Noon PST

NAMB announced a major victory in the fight against HVCC yesterday (see the 10/23 TBWS Daily Show for details).  Earlier this week, they published an informative YSP Resource Center on the NAMB site.  I’m extremely proud of the strides NAMB is making not only on Captiol Hill, but also with mortgage professionals if the field.

During our State of the Union Webinar on Oct. 1st, we received hundreds of questions about the future of YSP.  Please join us on Tuesday @ 3pm EST, 12 noon PST for a live Webinar dedicated to answering your questions on that topic.

Register Now

Your Panelists:

Jim Pair, Current President of NAMB
Roy DeLoach, Chief Executive Officer of NAMB
Denise Leonard, Executive Director of Massachusetts Mortgage Assoc.
Yours truly and Mark Madsen will moderate the discussion on the call and on the web.

Critical Note:  Response to our State of the Union was overwhelming and not everyone could participate online.  Please read below for critical details on how we’ll accommodate EVERYONE for this webinar:

1)  The webinar room can hold 1,000 attendees – and it’s the first 1,000 who log into the live session (not the first 1,000 who register).
2)  If you do not get onto the web portion – you can still call in and participate on the live conference call.
3)  We will once again have a live backnoise/chat room and will moderate your comments and questions.  This will be a very interactive webinar.  Please be sure to send us your questions when registering for the webinar.

Free Marketing for Mortgage Technology and Service Providers

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]

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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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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Community Article Request: Rate Lock Strategy in the Current Mortgage Market

Trend lines (technical analysis)
Image via Wikipedia

It has been awhile since I directly originated, but I know how important getting your “rate lock” strategy right. It is important to you and your customer, but so many mortgage brokers and lenders don’t have any strategy. That is like playing the slots in Vegas with your money, as well as the client’s.

The biggest part of that strategy is understanding how the bond market and mortgage securities operate and what all those crazy trend lines and candlesticks mean. Do you understand all this?

If you get smarter with your locking strategy you will serve your clients better and boost your profitability.

Why do I know this is a great topic for the community? Here are five of my favorite people to monitor for mortgage rate watch, and they all have slightly different opinions on what you should be doing with rate locks:

Here is my request: Who is the smartest guy or gal on rate lock strategies? Can that person write a post/article on how to create a good rate lock strategy?

Email me: wmrice [at] or DM me on Twitter: @billrice

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Using Social Media to Update and Set Expectations with Clients

I remember in the glory days of the mortgage refinance boom client communications was a huge focus. You had to constantly communicate and educate your clients to keep them from being sniped by a competitor pitching a lower payment or exotic product. Yesterday, I caught a glimpse of something that shows me those days are back, but for different reasons.

Mortgages are harder than ever to get. Even if you are qualified the queue is long and painful. This is causing enormous anxiety in your customers. Anxiety that can make them wander.

Here is the Twitter message I saw:

client communications with social media

Why is this message so important? Well, first you should be following pros like @mortgagereports and reading their blogs because they will make you more successful. But, second and most important here is that Dan Green is showing the masterful art of client communications and setting expectations.

I think it was Dan himself that once told me, “clients are always in a panic.” Isn’t this true?

Think about your current sales pipeline. You have someone trying to jump in on the low rate, fighting to get refinanced before they are hit with a potential lay-off, needing to sell a home to take a new job. This market is full of panic and anxiety. Unfortunately, this can trigger bad wandering client behavior–for you and them.

Social media makes a very scaleable way to keep those panicked and anxious clients informed and set their expectation for the process. Foreshadowing the sales process is critical in keeping customer happy even in tough sales cycles.

I have seen several great examples of how Realtors and mortgage brokers are using social networks and social media statuses to set expectations and keep clients informed.

What are you doing to communicate with your clients in this tough market? Comments, please.

Here is one suggestion:

mortgage customer communication

Tom Vanderwell is another good mortgage loan officer to follow and read for great client communications.

Share your ideas on client communication strategies with the Lenderama community by commenting below. I can’t wait to hear what makes you successful.

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