Keeping up-to-date on everything going on in the mortgage industry can be a daunting task. With all of the coming changes from HUD and RESPSA, staying aware of rules and regulations is not only a necessity—it's an absolute must! You do not want to risk a career you have worked so hard for!Here are some of the best mortgage publications every insider reads. You should too! Not only is there plenty of information regarding RESPA's new rules,...more
With the rise of interest rates and the drying-up of the refinance market, it makes sense to transition your business to the purchase money market. After all, home purchase loans will become the bulk of your broker transactions and it is only prudent to be prepared to capture these leads.Of course, you will always have the occasional debt consolidation, or divorce cash-out refinance, even some b-paper subprime loans. But, the majority of your...more
One of the most frequent questions I get asked from loan officers is, "How can I go out on my own and start my own mortgage company?" Often times, the person is sick and tired of low-commissions, office politics, too restrictive a time-schedule, etc. There are hundreds of reasons why they want to get out.They see the money other loan officers are making, and wonder why they aren't making that kind of money too? After all, they are doing the SAME work. The difference, very often, is just in the commission payout. Branching out on your own, is an instant pay-raise and can often double or triple the amount of commission you are currently earning.There are two ways to start your own mortgage business.1. Get your own broker license from the State.2. Join an existing regional or national company as a "net branch".There are advantages and disadvantages of each. First off, getting your own license from the State isn't easy. There are certain financial and experience thresholds that regulators look for before granting a broker's license. Also, the capital requirements and start-up costs make this option extremely cost prohibitive. And, you'd be responsible not just for bringing in...more
When I was a branch manager, there were always certain traits and skills I looked for before deciding to hire someone. After years of experience, and learning things the hard way, I know what it takes to be successful. Not everyone is cut out to be a loan officer. The mortgage business is like no other, and it takes a certain type of person to...more
What sets one loan officer apart from another? And how do some people become "top producers" in their office, while others slowly squeak by? Surely, we all have the same amount of time, resources, and intelligence (debatable?!) available to us. So why do some loan officers fail, while others succeed? Here are some points to remember which will...more
Converting accounts receivable into cash is a critical process in the development of a healthy cash flow. While booking a receivable is accomplished by a simple accounting transaction, the process of maintaining and collecting payments from your customers requires a steadfast commitment to a systematic process of Accounts Receivable Management. To more effectively convert accounts receivable into cash it's essential that the credit and collection process be highly efficient in order for you to shorten the accounts receivable cycle time. The accounts receivable cycle starts with a sale (credit sales) which in turn creates a receivable (monies due your company), and then, ultimately converts into cash. The length of time that it takes your company to complete this cycle, from sale to accounts receivable to cash, is the collection period. The shorter the collection period, the less time cash (capital) is tied up in the business process, and thus the better for your company's cash flow.Try to limit outstanding accounts receivable to no more than 10 to 15 days beyond your credit terms. If your credit terms are net 30 days, then the collection period should not extend beyond 45...more
To survive - to hang in there - to keep your head while all around you others are losing theirs - to stay in play - is a critical skill of leaders. Let's face it - even the most astute, successful person will suffer setbacks, and surviving and...more
Many supervisors, managers and team leaders bemoan the fact that their team is not totally engaged with what he or she is trying to achieve. Is it poor communication on the boss's part? Lack of direction? Lack or little motivation from the team...more
Author: Esa Jemis Are you in the market to purchase satellite TV for your PC? Whether you have just heard about this great service that many people are becoming attached to and leaving there present cable service I have listed some valuable tips on...more
I hate to say it but simply paying your bills on time is not good enough anymore. It used to be that all you had to do to have good credit was make sure you paid all your bills on time. Today, this is so far from the truth it isn't funny.Now days,...more
The vast red and blue oceans of the marketing world tsunamied into our awareness and vocabulary a few years ago, when two INSEAD professors, W.Chan Kim and Rene Mauborgne, claimed that competition can be rendered irrelevant.Their book, Blue Ocean...more
At any given point you can find groups of economists, known as bears, predicting doom and gloom and herds of others, called bulls, pointing to stock market highs as an indication of brighter days ahead. With oil prices predicted to hit $110/barrel by...more