FHA Mortgage Expert - Tri-State Area - New Jersey/PA/Delaware

Now is certainly the time for Realtors to educate themselves on the changing products available to our clients. It used to be so clear. Not anymore.

Good breakdown Jeff & some great links to other well-written view points on the state of the Mortgage Industry.  Folks, this is just another example of what makes this forum so crucial for the Public & Fellow Real Estate Professionals.

JENNIFER....  I agree with that statement.  But not just products, leaving that up to a very good loan officer, but just understanding their client and their needs.  thanks

JASON.....  I think we just need more awareness from the professional in both the mortgage and real estate industry and not just the government or the politicians.  And thanks for the kind words.

Air, Water, Food, Housing, and Sex

Air, water, food, housing, are not something we worry about, but try living with out them! For all the negative news, people still have to have some place to live! The real estate and mortgage market cycle that's life! Indeed there is more business in an up market, that's life! But, families are still growing, kids are still making more kids and leaving home, hopefully, that's life!

Success in this market depends on how you get up in the morning. If you wake up an exclaim: "Good God I'm in real estate!" You've got a lot to worry about. If you get up exclaiming: "Thank God I'm in real estate!" You may have to make some adjustments but it's a wonderful life!

Sex? It got your attention! It insures an ever growing real estate market! It... well you can fill in the blanks.

Bill

PS: good post!

Jeff - First thanks for including my Blog, it is appreciated!  Personally I think education is key and the professionals who work with clients need to be working together.  Realtor, Lender and Underwriter to ensure the client best interest is being looked after. 

I have walked away from several clients that could have paid me a commission but in my heart I knew the loan program they were going towards was not good for them.   Not trying to put the blame on lenders/underwriters but that is where the final approvals come from. Of course, I know plenty of lenders that walk away as well and what does the client do, go to the next who will approve them.

In addition, I love working with clients who understand the fundamentals of money, are disciplined and understand the value of the lower interest rates, acceleration programs provide.

Maybe the solutions is clients should have to take a class on the financial's of purchasing a home before they are approved. (ha, ha). 

 

Hey Jeff.....You owe me big time now....Putting together such a post with this many links has cost me nearly an hour  clicking and reading..and I was home early to day to work on the house lights, and I am behind....just kidding...great post, and just because I am a bit anal...one out of a hundred is 1%, not

.01%...Sorry couldn't help that...

LMAO @ Bill.  You gotta love Bill!!!

WILLIAM....  as much as I love all 5, I know I need the first 4. But it's not even success on our side of the market. It's the success on the consumer's side, which will lead us to success on our side. But it's us, the realtor/loan officer making them successful with our knowledge and creativity. At least this is my opinion.  And you hit the nail on the head, making adjustments. Overall, thanks for your input and for that compliment.

KELLY....  I agree, education.... also, awareness. And hopefully weeding out those that don't give the consumer a clear image of who they really are, what their goals are, and taking advantage of the consumer. And my pleasure....  thanks for stopping by.

MIKE....   I do now.. lol   Well, I hope the links were useful and resourceful. It took me longer to find these links.  And thanks for pointing out the % glitch and for the polite compliment.  thanks

Good post Jeff I love how you always feature other members and their blogs in your posts.  nicely done, I know you posts take time!

Jeff,

Do you think we have any differences? I don't. I couldn't agree more, I to measure mine and others success by the success of our clients! I also weigh the respect others have for the person.

People that judge their success by themselves, may have many things, but seldom have success.

Shallow people mistake prosperity for success and vice versa, they are mistaken and probably never will be successful. Prosperity is a very nice perk!

In today's market only those people that strive for their clients success will succeed. If I'm being to esoteric forgive me. In 2005 we could judge our success by income and volume, but today those standards don't apply. Today as it's always been your success is dependent upon how many clients you help and how well.

5, no comment. 

William, hummmmm?

Bill

Jeff, I have seen a lot of talk about the solutions to the market and I have to say (and I am sure that this is not going to go over well) it needs to start with us. Our industry has bred the Realtors and loan originators into being crooked to make a dollar and until we get our ethics in the right place, I do not see a solution. I lost a deal today to another company because they were willing to do something that I was not willing to do. And, when it crosses the line, I will not do it. My paycheck is not worth the time in prison for no amount. 

Just my 2 cents.         

KATRINA.... thanks for the kind compliments and for stopping by.

 

WILLIAM aka BILL.....   lol.... now I am confused and had even understand my comment to you about the 5 things...forgetting number 5 was sex.  Overall, you made a great statement here by mentioning, " In 2005 we could judge our success by income and volume, but today those standards don't apply."

I 110% agree.... even when deals were flying in, that was not how I judged my success. It was my satisfaction of helping a client correctly, professionally, and educating them in the process.  You make some excellent points. Thanks 

 

DANNY.... Not sure why you said that you aren't sure if your comment would go over well. I also talked about the fact that we need to educate everyone, the consumer and those in the real estate and mortgage industry.  So I still don't know why your statement is worse than mine. We both agree.

In regards to the deal that you lost today. Keep in mind, that is not sometimes to competition that is not educated about our business. Sometimes it is just pure greed. Greed can rule over everything in some cases.  You can know everything that you need to know about your profession, but your example could be because of ethics. And then there are cases where the loan officer doesn't know what they are doing and has no ethics. Just my .15....  ;o)  thanks for your input.

 

Jeff, was not meaning that it would be worse, it is just that some people do not want to accept that fact, so I always add that disclaimer when I say that. As far as the deal, it is all about the ethics of it. But, no sweat, I will take the next one.

Jeff, great post.  You're really working hard for my vote.  I have to agree that education of the consumer is key.  How do we prevent people that can come into this industry easily from cheating the consumer.  Make standards higher than they are and penalties stiffer.  If you make it really hard to get a license that allows you to make money in this industry then you will do everything in your power to run your business ethically and not risk your license.  It seems that most of us here on AR are ethical and so we need to reach out to the consumer and educate them before some of these crooks do.

Great information!

Even us Notaries need to stay up on what is going on in the market.

Thanx!!

Geez Jeff. Are you trying to keep me reading all night?

It's a good thing I'm subscribed, and read your posts as you churn them out! <:o)

Thanks for the double honorable mention Jeff.  The true professional will go a little bit out of their way to learn the other professional's job.  Just enough to sound intelligible and then convert them to their preferred lender, agent, title, etc.  Things aren't as much of snap as they used to be one, two, three or four years ago in this profession!

I'm looking forward to making my way through the articles. Lord knows I can use all the information I can get my hands on to help the consumers and my buisness in the process.

DANNY.....  in regards to the deal that you lost because of the other lender being unethical. As you have mentioned that it needs to start with us, I agree. It also needs to be 'us" educating 'us' and 'them'. The more that we can write stuff about this, it educates the consumer. I just received an e-mail from a consumer that asked for my help, who has been reading my blogs, and who has tried a few different lenders and doesn't feel comfortable with them.  We need to utilize the net more and get the word out.  thanks for joining that.

 

MARIO....  and which vote is that? Best looking?  lol  Seriously though, I agree that we need to make it harder for those to get into the business. But it has to be universal, the same in each state, nationally.

In regards to educating?  We can do so much of that through blogging, reaching out to the public. The problem with this is that I have come across a few outside blogs that were very misleading to the public. Again, I am not god nor perfect, but if you are going to give information on specifics, make sure that it's correct.  thanks for your feedback and for the polite compliment. 

 

MARY....  I think it helps everyone. And thanks for the compliment.

LISA..... nope. ..... but I hope you can get something out of them.  thanks

RENEE....  I agree with the fact that a true professional will go out of their way to learn the other professionals job.... just as long as they get the correct information from that person or industry. I have learned much from realtors as yourself so I can help clients make a decision or understand what was told to them.  And my pleasure in regards to your two posts.

CHRISSY.....  hope you can gain some things as I did. Most of these were well written and offer so much of the truth that we don't read about in the media. This is my opinion though. Thanks

Jeff in my opinion for 18 years I have been passionate about serving the clients it their mortgage needs as well as referral needs. They know I am honest and I speak with confidence. It is time that people embrace change and start to educate their clients as to what it means for them.

The challenges we face are just that challenges that we can chose to pull the blanket over our heads or we can get up and say what a great day it is and bring it on!

The Realtor,and I was a Realtor prior to mortgage consulting, we have to get back to the old school of doing great marketing & educate the sellers to realize that if they sell their homes at the current market, which we know that their house is worth what the buyer is willing to pay and seller is willing to except they can move on and purchase a home at a great value on their next purchase.

Sellers are in denial because they don't have all the facts. They have to realize that the value they lost was only a number and it was not money they had in hand. Just like the stock market. The Realtors have to put together their proposals with not only the details about the house but also the facts of what these changes mean and why it effects them. You may have a great home but you have to realize changes have occurred that we have to face & embrace and restructure our plans for you.

Realtor should be taking their Mortgage Consultant with them as a team of professional that understand the changes and that we are here to get this home sold so that you can move on to your next home. The sellers can hear it twice then and two opinions. That's the only way to get the foundation re-built so that values can start improving. It is not going to be easy and it won't happen overnight but it will happen.

Mortgage Consultants-On the mortgage side it is us as seasoned professionals and experts that need to research all the avenues and communicate to our clients and strategic partners what are the facts & what is the plan and options. Mortgage Consultants need to have 2 or 3 options as a back up so that these folks can get their homes the first time around. We have to check those values when the P.A's come in and make sure that the appraiser has all the facts so that we won't be subject to 3 appraisal to close or stuck in appraisal reviews for days.

We have to get them in and get them approved and closed before changes occur and if it happens then it is option 2. The experts are in it for the long haul and being confident and presenting the facts you can't lose.

I rely on my strategic partners to be the expert in their fields & call on them when my client's needs require someone other then myself to assist them. Sometimes we try to do it all for our clients. We don't have too.

My clients appreciate me consulting with other professionals and to tell you the truth 2 or 3 people speaking the facts in their fields is just 3 times as strong. So it's time to search for the solutions and deliver the facts to our buyers and sellers and build those alliances with strategic partners.

I apologize for the length of this. I hope it makes sense. Thank you for reading this. Natalie DeLeo, Mortgage Consultant in Birmingham, MI