Video Marketing and Mortgage News Designed for Mortgage and Real Estate Sales

Christine Million, CDPE, ABR: (April 10, 2010 1:48pm)

Your stated SHORT SALE relationship between Bank of America & Re/Max does not make sense. A short sale must be initiated by the homeowner as BoA or any Lender does not control the property. As a CDPE Realtor, it is my understanding that this is a myth that Sh Sls can be handed out like REO's. Pls clarify. Christine Million,CDPE, ABR

jschiller: (April 09, 2010 12:18pm)

Most "banks" will not allow their LO's to use facebook for marketing. I hope that changes some day.

Sergei Sanchez: (April 09, 2010 5:37am)

Bloomberg author should re-word his article as follows: "The true drivers of mortgage industry losses were the juggernaut collectively know as the banking cartel which is the Federal Reserve ( and it's associated inflation of the money supply) and by the elite Wall Street white collar criminals with degrees from Harvard, Princeton, Columbia, Wharton and the like, who created, structured, packaged and delivered it's products the world over. The banking AND mortgage broker industry street level players were simply the system's product acquisition mechanism operating at the behest of it's designers." This would more accurately depict the situation. By the way, more people should point out that Bank of America and Wells Fargo did as many B/C, stated & no-doc fraud loans as any other group in tthe industry.

RnchoMtgChick: (April 08, 2010 8:38pm)

No i didn't study cause i couldn't find anything to study. I have been doing loans for 13 years and have a brokers lic. I thought they were pretty easy. No trickery just straight forward. The National test was ALL ECOA, RESPA, Hera and a handful of regular mtg knowledge. The CA State was all on Lic. Law, which was all pretty basic. I would love to know where to find a condensed version of Lic. Law we should all be able to find it and learn about it somewhere. Just take it and if you don't pass figure it out - that was my plan.

SCMtgGuy: (April 08, 2010 7:57pm)

Question for: "RnchoMtgChck" re: note from (April 08, 2010 4:51pm) about passing her NMLS tests --- Did you take any prep courses before taking the NMLS tests? If so, what company? Any recommendations?

Mthibo: (April 08, 2010 7:03pm)

My brother heard a news story that the first time home buyer credit is going to be extended until September. Anyone else hear that?

rhodyloans: (April 08, 2010 6:50pm)

I haven't been able to watch the show for a couple of days. The show doesn't load up when I open the window. Anybody else having that problem or did something change in how you view the show since I've missed a few episodes? Thanks.

CBryceFuller: (April 08, 2010 5:54pm)

The RE/MAX announcement isn't correct. I just got off the phone with a RE/MAX International representative who said that there isn't any "agreement" in place regarding servicing Bank of America's short sales. Remember, it is the SELLER who hires the Realtor to list and sell the property for a short sale, not the bank...

objective1: (April 08, 2010 4:56pm)

If I recall, prior to licensing, one of the selling points of licensing was that the lenders could not discriminate according to ones affiliation or designation with a particular appraisal organization. The OTS was the first to enforce that requirement. The variety of AOs did not happen by accident. It was a method arranged by some to prevent unity among appraisers by setting up a skins vs the shirts mentality within the profession. I sat in many Society meetings listening to endless badmouthing of other appraisal organizations. How divisive was that? I remember how reviewers who were Society or Institute members would stick it to appraisers designated by IFA, ASA or any of the other alphabet orgs as well as to each other. Now it appears that the discrimination has reared its ugly head again. So much for licensing.

RnchoMtgChck: (April 08, 2010 4:51pm)

I am in So. Cal - I went to a Direct Lender annual mtg. today with 250 people, most L.O.'s (I am considering thier company for employment) and I was the only one that had passed my NMLS tests. I was shocked, I am the only one of my group of people in my Broker shop that has taken the test also. and the Brokers i network with only one of them has taken and passed. Just thought i would share.

Pegasus2005: (April 08, 2010 2:57pm)

There is no special relationship for SS between ReMax & B of A per the head of their short sale division today. However, they will be offering "classes" or some sort of training agents will hae to pay for so any agent can become "certified specialist" with B of A. They specifically said they will not recommend one agent/company over the others, but will recommend to homeowners that they choose an agent who has special training and experience in that area.

donogrp: (April 08, 2010 2:25pm)

Frank & Brian, I think you may have misinterpreted GMAC's announcement. My guess is that they're modifying the call center LO's compensation to include a component that measures each LO's % of apps that close to the number of apps they place in process. As we all know, some LO's will "book an app" that has no chance of closing. Compensation is still based on closed loans, just adjusted to discourage those LO's that will clog the system with CR#P to see if it sticks! It's all about conversion and pull through. We've used it in the past, and it changes behavior and reduces processing costs. One area GMAC will have to watch, though, is ensuring that they follow FCRA and in issuing adverse action notices.

PONCIE: (April 08, 2010 1:11pm)

Hello there Brian and Frank, yesterday I made ONLY 5 past client calls and got 1 referral. I just got back from my listing appointment and have listing a new "short sale" with 1 loan (BofA). Woo hoo. Not to mention, our team happens to be number 1 in our company with over 600 agents. The 1999 St Louis Rams used to say "Gotta Go To Work, Gotta Go To Work, Gotta Go To Work!!!"

karenC: (April 08, 2010 1:09pm)

to "AncientAppraisorRetired" I agree, I would rather do the buyers side too, and if the process can be made simpler, it is good for everyone. Allow me to make a correction on my earlier statement - I meant to say "if RM is being compensated, they are being compensated to make a workable product . . ." I am easily distracted!!

Joecolorado: (April 08, 2010 12:33pm)

that may be so,but the AI is not the only appraisal association which has a high designated level of memberships on the various boards.There are several associations which have CG level appraisers available for commercial work which are just as competent,just as expensive and just as pompous as they,but to be fair,the AI has done an excellent job in this area garnering the majority of the banks to request MAI level appraisers as the commercial standard.

Ancient Appraiser (Retired): (April 08, 2010 12:28pm)

Who cares if ReMax gets the listing end. Rather do the sales and if they can make them any easier - good for all involved.

Ill Appraiser: (April 08, 2010 12:26pm)

Aren't the movers and shakers in the Appraisal Institute and on the Appraisal Board and Subcommittee and most all appraiser organizations mostly Certified General appraisers and MAIs? That would certainly explain alot.

Joecolorado: (April 08, 2010 12:26pm)

dont denigrate licensed appraisers just because they dont have a Certified General license.I have seen,reviewed and know several licensed residential appraisers that are excellent appraisers,I have seen some horrific residential appraisals done by CG's but were being used as the banks required a CG with an MAI designation, so please dont equate license level with competence as there is no relationship between the two levels.

mtgchic: (April 08, 2010 12:12pm)

Rob in AZ: Thanks for the info. I've been on the site, little confusing. Thanks again, good day

objective1: (April 08, 2010 12:05pm)

too Fed up in FL. You're right. Keep in mind though that the commercial lenders had to work with Certified General appraisers not Licensed Residentials. There is a world of difference between the two, especially their qualifications and level of professionalism. Many of the loan brokers did not consider that factor and now the consequences are glaring. The Novocain brains still don't get it, I'm afraid.

Rob in AZ: (April 08, 2010 12:02pm)

@mtgchic: You should go to the NMLS website and click on "state requirements" for your state. Every state is different. Arizona is a little over $1000 including the education, the license, the tests, background check, etc. Good luck!

OBJECTIVE1: (April 08, 2010 11:53am)

Godlike and others: You are referring to inferior appraisers. They are the ones who quote low-ball fees and are on AMCs lists. It never stops and some lenders never learn. Do it on the cheap and you get what you deserve. Don't go to Walmart expecting Nordstrom quality. Get it??

charlottehousehunter: (April 08, 2010 11:48am)

I was on the same call with Bella Broker and Sac Realtor and the rep from BofA stated very clearly that they will not be referring leads to any one brokerage or entity. The question was posed: how does one become a preferred short sale partner to receive leads or something to that effect. The presentation is archived online and would be happy to send a link for you to view it.

Bella Broker: (April 08, 2010 11:20am)

Acutally they did address the question of RE/MAX by saying that they are not affiliated with any real estate company and that the homeowner chooses their agent. There could be serious consequences by endorsing one company over another.

karenC: (April 08, 2010 11:14am)

Folks sure are paranoid these days! Sellers who have to do a short sale choose their own realtor. RM is partnering with BOA to help streamline the short sale processes. This is a help to everyone. RM is simply being compensated to make a workable product for all of us. Sometimes a gift horse is just that!

AZnumbersguy: (April 08, 2010 10:56am)

RE/MAX will be helping B of A train it's loss mitigators and processors how to move short sales along in an orderly and timely manner. This will help B of A interface more effectively with the entire Real Estate industry.

Sac Realtor: (April 08, 2010 10:34am)

Then what is the todays TBWS video "REMAX scores Big" referring to?

BigDaddy: (April 08, 2010 10:25am)

There is no relationship with BAC and Re/Max in regards to short sale. All short sale listings are with the current homeowner and the listing agent(Whom the home owner chooses)

CLARK KENT: (April 08, 2010 10:21am)

AMEN FED-UP IN FL. THANKS

berylgosney: (April 08, 2010 10:21am)

You reported that Remax partners with Bank of America to conduct short sales.... So let me see if I get this, Reax is suppose to represent the seller whose loan is in default and negotiate a buyers offer on a property the Remxas agent has listed with the very entity the loan originated with? Smells like Conflict of Interest to me --- Just imagine how long will BOA take it in the shorts from a REMAX negotiator before they fire the company? Or do you suppose they will dictate outcomes ---- so what kind of fiduary duty is that for Remax? So do the viewers out here see no harm? Or are we going to stand up and say foul!

JohnP: (April 08, 2010 10:17am)

Give Greenspan a break. Low rates had minimal contribution in my eyes. Without the secondary markets/Wall Street, banks could not have offered the programs causing the trouble to the extent they did? While the secondary is the vehicle that drove us to trouble, the ratings firms were the fuel that kept us running. If they didn't rate NINA sub-prime 90% tranches AAA, who would have invested in them? Without investment in these products, which banks would develop & originate them to hold in their portfolios?

Sac Realtor: (April 08, 2010 10:15am)

I just finished a webinar with BOA on their Short Sale process. They said there are no special relationships... I asked about the REMAX and BOA realationship and the question went unanswered?

Fed-up in FL: (April 08, 2010 10:11am)

I'm with you Clark... First of all... his handle is GODLIKE. 2nd of all he says "We are here to make your job easier and you'll end up with less grief." Does any appraiser really believe this??

Fed-up in FL: (April 08, 2010 10:11am)

I'm with you Clark... First of all... his handle is GODLIKE. 2nd of all he says "We are here to make your job easier and you'll end up with less grief." Does any appraiser really believe this??

Fed-up in FL: (April 08, 2010 10:10am)

I'm with you Clark... First of all... his handle is GODLIKE. 2nd of all he says "We are here to make your job easier and you'll end up with less grief." Does any appraiser really believe this??

CLARK KENT: (April 08, 2010 10:09am)

GODLIKE, I AM NOT A SECRETARY OR A TYPIST. I HAVE PEOPLE WHO WORK UNDER ME DO THOSE THINGS. SORRY THAT IS AS FAR AS YOUR FOCUS GOES.

mtggal1986: (April 08, 2010 10:08am)

Can anyone tell me about this new HR bill with regard to MLO (mortgage loan originator) compensation? The feds are trying to change the way we're paid. They do not want our comp tied to the terms of the loan at all. My CEO just informed us that it is actually getting some traction...this is very disturbing.

CLARK KENT: (April 08, 2010 10:07am)

GOD LIKE, I WAS TRYING TO BE NICE. YOU ARE A MORAN.

mtgchic: (April 08, 2010 10:05am)

I took a webinar this on nmls requirements. According to them I have to pay $300 Corp application fee and $200 processing fee. This does not include any test fee, fingerprints, credit report or background fees. Does anyone know if this actually correct?

20YR Lender: (April 08, 2010 9:52am)

My input on R/M BofA deal, I work with a R/M agent who happens to be one of the top REO agents in the world, ranked top 10 last 3 years. The reason that BofA is going this route is less devious then espoused. They are doing this for the same reason they use only a few agents to handle REO's, it is much simplier to work with a few agents and maintian conformity. When they have to work with a agent that may only handle one deal then they have to train that agent on how to properly submit the paperwork. If it were you would you rather not have to train someone new on evey deal. No I do not work for BofA or R/M

GODLIKE: (April 08, 2010 9:35am)

For you appraisers who think commission is killing your appraisals, how much money difference do you think a $1,000 higher appraisal nets everyone? None of us commissioned people are worried about the extra $5, we are only concerned with getting an appropriate appraisal on the property and you can't do a good appraisal without all the facts which usually we have. We are here to make your job easier and you'll end up with less grief.

GODLIKE: (April 08, 2010 9:32am)

CLARK KENT I'm sure you must have some really fine information for us all, it's a shame no one reads it cause you are so inconsiderate and always post in all caps. THAT'S THE EQUIVALENT OF YELLING IN A WRITTEN FORUM.

mike in SLC: (April 08, 2010 9:20am)

Didn't all airport employees get fired after 9/11. They did nothing wrong but the government needed to blame someone. Same thing is happening here, us loan officers are getting punished for the misdeeds of a few.

rodquart: (April 08, 2010 9:08am)

BofA and REMAX....this is old news, it is just now BofA holds the Aces. Back in 2003-2004 when the Big Banks were forming partnerships (in writing) with the big real estate companies, BofA was falling all over itself by trying to wrap up REMAX when Wells and Chase already had their joint partnerships going on with the large real estate companies...BofA needed the big partner, not so much vice-versa....now the shoe is a little on the other foot.

gthomas: (April 08, 2010 9:02am)

I'm curious just how much you guys expected rates to "spike" after the Fed pulled out of the MBS market? You don't think the market dropping almost 100 bps isn't a spike? Yeah this equated to about .25% in actual mortgage rate but still you don't think this is a spike? This was certainly enough to make refinancing not worth while for a couple of my clients. What did you expect to see? A full point higher in rate overnight? Most analysts I've heard from said they expect rates to be mid 5s by mid year and around 6 by the end of the year.

Chiapprsaiser: (April 08, 2010 8:54am)

Keep drinkin' Frank....I'm right there with you!

karenC: (April 08, 2010 8:44am)

RE/MAX (Dave Liniger) stays involved in issues pertaining to our industry. This latest is just another example of RE/MAX giong the distance to help their agents and their clients. The alternative is to do nothing!

markr: (April 08, 2010 8:43am)

I worked for GMAC for a long time and really like the company. GMAC Mortgage division had several mortgage companies (Homecomings, GMAC Residential and DiTech for examples) and expanded when Cerbuerus came into the picture (Cerbuerus and GMAC created ResCap). The main division, GMAC Mortgage (residential), worked like a "conventional" mortgage company and was excellent to work for. You did not get paid until the transaction was finished and quality was emphasized. However, GMAC and ResCap did indeed own several subprime lending divisions as well as DiTech (they still own DiTech and GMAC Mortgage morphed into DiTech). Parts of those operations did indeed go under, for example Aegis Mortgage. DiTech works like a typical Internet Lender and is geared to churning out the loans (the more loans through the door the more will close - eventually). I wonder if that change in policy was really directed toward the DiTech division (I’m conjecturing here)?

Happy Days: (April 08, 2010 8:35am)

How does Remax benifit from the BofA partnership? The client selling the house picks the agent. I am just wondering how big this could be. Is BofA going to start asking clients if they want short sale. Just thought I would get others thoughts.

Obama The Job Killer: (April 08, 2010 8:33am)

Jobs? Economy?

CLARK KENT: (April 08, 2010 8:26am)

ANOTHER GOOD ONES GUYS....I THINK IT IS VERY APPARENT THAT THE BANKS ARE TRYING THEIR VERY BEST TO MAKE THE BAD SITUATION AN EXCELLENT OPPORTUNITY FOR THEM TO SNUFF OUT THE MORTGAGE BROKER SO THEY CAN MONOPOLIZE THE MARKET. THE BROKERS HAVE BEEN THE ONLY THING REALLY KEEPING THE MARKET COMPETITIVE AND KEEPING THE BIG BANKS FROM COMMUTING USURY AGAINST THE BORROWER. OF COURSE THIS IS NOTHING NEW. THE ONLY THING THAT HAS CHANGED IS, THE GOVERNMENT AND BIG BANKS ARE NOW BED PARTNERS. THIS GOES FOR BOTH PARTIES. PAULSON WAS BUSHES CROOK AND GEITNER IS OBAMA'S CROOK. THEY BOTH WORK FOR GOLDMAN SACS (WHO MADE 10'S OF BILLIONS ON THE GOVERNMENT BAILOUT MONEY). THE COMMERCIAL BANKS SHOULD NEVER HAVE BEEN ALLOWED TO BECOME INVESTMENT BANKERS. BIG MISTAKE ENDORSED BY DEMOCRATS AND REPUBLICANS EQUALLY.

donka: (April 08, 2010 8:23am)

Lot's of sour grapes out there! Re/max is doing what Real Estate Agents have long done...Chasing Sellers!Obviously, these days,it takes us to BOA for short sales/foreclosures....no bank take over conspiracy, just following the lead trail to the source.

TheFyouSay: (April 08, 2010 8:19am)

I wonder if his webinar will be in front of that fake beach window again.

QBofRE: (April 08, 2010 8:18am)

Oh and one more observation. Everyone is correct in saying that the borrower picks the Realtor. But at BOA, who gets preference in getting their SS through, RM or everyone else? Just a thought.

TheFyouSay: (April 08, 2010 8:16am)

@lipstick on a pig CLASSIC!!! He reminds me of when Chris Farley did the van down by the river skit on SNL every time I see him. I wonder how many people got kicked out of book stores for putting biz cards in books because of him :).. He might not be selling but Im sure he won't be mad when you send your credit card number:)

lipstick on a pig: (April 08, 2010 8:13am)

hahahahah...Carl White will not try and sell you anything..hahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahaha

QBofRE: (April 08, 2010 8:11am)

My momma always said, "birds of a feather flock together." If I was RM I'd be careful who I get in bed with, BOA doesn't have a good rep and it may rub off on RM. So, as for the idea (it was talk in the industry a couple of years ago) of the banks opening their own RE retail shops, what's going on in WI again? Oh yeah, BOA is starting to do that very thing? Does the government run the country or does BOA? Another wise saying, "he who has the gold has the power." Don't take your eye off BOA.

CLARK KENT: (April 08, 2010 8:09am)

JUST TO CLARIFY FOR A COUPLE YOU....A SHORT SALE USED BE TERMED SHORT PAYOFF. THE BANK NEVER OWNS THE PROPERTY WHEN A SHORT PAY IS BEING NEGOTIATED. THEY NEGOTIATE SHORT PAYOFFS WHILE THEY ARE IN THE PROCESS OF FORECLOSING. IF THEY HAPPEN TO COMPLETE A SHORT PAYOFF BEFORE THE FORECLOSURE PROCESS IS COMPLETE, THEN THE BUYER GETS THE PROPERTY (30% OF THE TIME). IF NOT THEN THE BUYER IS SCREWED AND CANNOT PURCHASE THE PROPERTY UNTIL IT IS RE LISTED WITH AN APPROVED REO (REAL ESTATE OWNED) BROKER. A BANK FORECLOSURE AND A SHORT SALE ARE TWO DIFFERENT THINGS. PERSONALLY, I THINK THAT THE HISTORY OF SHORT SALES SHOWS US THAT THIS PROCESS IS CLUMSY AT BEST AND IT VERY UNLIKELY ALL THIS GOVERNMENT PRESSURE WILL DO MUCH TO SPEED UP THE PROCESS. IF SHORT SALES WERE TRULY COST EFFECTIVE THE BANKS WOULD HAVE SWITCHED OVER DECADES AGO. LOOK FOR A NEW WAVE OF REO'S. IT'S A COMIN'.

Austinmortgagegal: (April 08, 2010 8:08am)

I had a warehouse line for 18 years with GMAC/RFC and in 2005, I decided to sell my companies servicing and close, mostly because of the demands placed by GMAC. Their posture was either we increased volume by joining the ranks of lenders closing NINA & SISA PayOption ARMS, or loose our warehouse line approval. I outlined all the reasons that this was a disaster waiting to happen and their posture was "you don't know what you're talking about". It makes me sick to think that the American taxpayer is funding their bailout.

Fed-up in FL: (April 08, 2010 8:04am)

PS: For whatever it's worth, I like this website and I think these guys are doing a great job! Keep it up!!

Fed-up in FL: (April 08, 2010 7:59am)

III Appraiser... I'll say this for the umphteenth time.... Commercial appraisers didn't have the issues that plagued the residential appraiser because the Lender/investor worked with the appraiser to get a real value as to protect their(the investor's) interests. Why can't the residential market do the same thing? WHY IS THE APPRAISER PAYING FOR THE BANKS QC??? NO APPRAISER WANTS TO OVERVALUE ANYTHING! Leave the appraiser alone and let them do their job! In FL you must have a college degree and work as a grunt for two years before you can make something of a living. What college grad would do that?? NONE!! What direction is the res. appraisal bus. going???? Wake up!! (This is frustration at the money greedy banks, not you personally III appraiser).

Realist: (April 08, 2010 7:55am)

@bsardi: No ofense bsardi, but you re a little off. While you are correct in some parts and would fair well in a bar room debate, hedge funds will never replace banks for writing Mortgage loans. That's just silly. The reasons are endless. But to state a few, Banks have more reserve requirements, and are insured by the FDIC, and when the Bank funds a loan it becomes insured by fannie/freddie or FHA. These loans are govt backed. So at least while you have a socialist president and congress in charge, if things go sideways, they will simply start the printing presses once again. Look, I understand your frustration and uncertainty, but your claim was completely off base. Uhh.....remember Baer Stearns....Hedge fund.....how well did they fair?

WIbroker: (April 08, 2010 7:51am)

BofA is partnering with real estate offices to have a Retail branch in there office. The lease terms are tiered based on referral business. I lost my best L.O. to them to open this retail branch. I also lost my referral partners with this particular real estate office, as the broker sends all deals to BofA to increase their lease amount. Is this happening in any other markets?

VegasGator: (April 08, 2010 7:47am)

This link is to the Press Release from HUD on April 5th outlining the new FHA Rules for Approved Lenders -http://portal.hud.gov/portal/page/portal/HUD/press/press_releases_media_advisories/2010/HUDNo.10-070

Rhonda Thomas: (April 08, 2010 7:46am)

I am a Realtor with RE/MAX and have been in presentations regarding the streamlined and standardized short sale process and HAFA. The only partnership I know of is RE/MAX spending alot of time meeting with US Treasury and major lenders including BOA to bring about reform to make the process easier. All buyers, sellers, lenders and real estate companies will benefit equally from the streamlined process.

Joecolorado: (April 08, 2010 7:45am)

what will happen when the BofA decide that the Realtor is making too much on the deal?will the Realtor fees be reduced?Will the Realtors be forced to take what the bank mandates as a fee?ReMax should be careful in getting what they think they want as its beginning to happen,I can foresee a strict control on Realtor fees.(I dont agree on any fee restriction,as its a free market,fees should be commensurate with your abilities.)

PISSED IN TEXAS: (April 08, 2010 7:45am)

NMLS F''''ING SUCKS!!!!!!! 1 MISTAKE ON THE APP AND NO REFUNDS, RESUBMIT FOR ANOTHER 100 DOLLARS. IS THIS A SCAM OR WAHT.

Ill Appraiser: (April 08, 2010 7:42am)

That said, realtors and lo's found a more discreet way to influence appraisers. It was threatening to reduce work load or remove them from their approval list altogether.

Ill Appraiser: (April 08, 2010 7:38am)

Fed-up-Because appraisers are not to be influenced by anything. And yes our liability does go up with the value of the house. You are right. Everyone wants the value on a house to be high for commission sake. That is why anyone making a commission should have no say in the estimation of market value except those entities not making or going to make a commission.

Indi Broker: (April 08, 2010 7:35am)

Does anyone smell a RESPA violation with this BOA RM deal? I was at the Equator meeting last year at 5 Star where only the $500 Platinum agents were invited and Equator did indicate that they would be "giving" priority to those agents when the borrower contacts the lenders including BOA in their system. So in answer to the consumer picks the agent...not if the consumer contacts the lender first which is what many do to seek alternatives to foreclosure ie: Loan Mod/SS.

charlottehousehunter: (April 08, 2010 7:33am)

I didn't read it that way since Keller Williams is having the same webinar today hosted by the same guy, Matt Vernon. They're discussing HAFA, Equator, etc. Until now, they've never offered any training on the system and it's caused at bit of a cluster. I, in no way, believe that REMAX wouldn't try to form some sort of deal like this (after all, they put large portions of their agents through worthless CDPE training) but I would like to think that those of us that score high on our report cards through Equator would get any leads. OH Wait a minute: that makes sense so you guys are probably right (because nothing in our biz makes sense any more)

Fed-up in FL: (April 08, 2010 7:29am)

Why, then, does the appraiser get a flat fee for a $100,000 of $500,000 or $1,000,000 home? The liability is not the same??? I've had LO's and RE attorneys ask for the highest valuation because their fee was based on the valuation! Yes.. still getting those requests even w/ HVCC.

ILLO: (April 08, 2010 7:29am)

I originated mortgage loans with GMAC for years and never, ever got paid prior to closing. Can I sue? LOL

frankgaray: (April 08, 2010 7:28am)

bsardi - Sorry. Don't agree. I'm watching too much success around me. Success by great salespeople making relationships built on trust.

frankgaray: (April 08, 2010 7:25am)

BofA Re/Max story - http://www.dsnews.com/articles/government-agents-lenders-vendors-one-solitary-force-when-it-comes-to-hafa-2010-04-06 Again, as we said we don't know what the details of the arrangement are if any, but it appears they have an in with them for sure...

bsardi: (April 08, 2010 7:21am)

Build trust? Do the little things, like return phone calls? These were business mandates from the past. The sour economic environment overwhelms any personal marketing and selling skills. Create credibility and trust with your clients? The industry is begging for another bubble when government wants to make down payments for home buyers. Come on, get real. What you have been selling for the past few years has been overvalued. Real estate loans may not be offered by banks in the future. Hedge funds are buying up marked-down properties and may replace the banks, which may entirely disappear from the scene. Banks have a perilous future with no income from home or commercial loans and diminished profits from credit cards. Banks are using bailout funds to speculate on Wall St. and as soon as the market crashes, there go the banks, and everybody's banked money. Get ready for a roller coaster ride.

GODLIKE: (April 08, 2010 7:20am)

As an example of salaried compensated loan officer madness I've just gotten 2 loans away from the big guys because the loan officer didn't have to do any work or really know anything to get paid. One loan was a fellow who had been a contract employee in the aerospace industry for 19 years and the other was a Self employed borrower who had been called up for active duty for 18 months of the last 24. The salaried LOs simply turned them down, my comissioned butt got on the phone and found a way to do these loans. It wasn't hard to figure out, but it wasn't being figured out without the compensation advantage of a commissioned LO

charlottehousehunter: (April 08, 2010 7:17am)

Do you guys have a link to the story of the Bank of America / Re/Max partnership? If they're only handing out HAFA leads, what will that result in: 2 referrals? HAFA will be yet another government failure because it only is suitable for a very limited number of loans: not Freddie, Fannie, FHA, or VA. Still this a bad move as for BofA as they will alienate Realogy, Keller Williams, Prudential, and others.

GODLIKE: (April 08, 2010 7:15am)

Commission compensation for closed loans is the only fair way! Flat fee/salary has proven to be a bust for consumers. Not only do you get things like the GMAC debacle you mentioned this morning, but also the loan officers have no incentive to actually help the consumer. If the consumer brings an A+ loan it closes, if there are any issues they simply brush the applicant off and go on because there's nothing in it for the loan officer to go out of their way to actually help anyone.

savers: (April 08, 2010 7:11am)

The best way to combat bank fo america if they do the remax exclusive is to just close your account. America expects free & fair competion. If we don't get it we don't support the bank or all involved.

savers: (April 08, 2010 7:11am)

The best way to combat bank fo america if they do the remax exclusive is to just close your account. America expects free & fair competion. If we don't get it we don't support the bank or all involved.

GODLIKE: (April 08, 2010 7:10am)

Are these short sales BANK owned (foreclosures) or are the properties CONSUMER owned? If they are consumer owned then those agents better bone up on their 'splaining skills since many of these same consumers will be bellying up to the lawsuit bar when they find out that the short sale is nothing more than a friendly foreclosure and they still owe the difference between the sales price and the balance. That will happen at just about the time the collection attorney contacts them

savers: (April 08, 2010 7:10am)

The best way to combat bank fo america if they do the remax exclusive is to just close your account. America expects free & fair competion. If we don't get it we don't support the bank or all involved.

Slims Schaumburg IL: (April 08, 2010 7:00am)

QBofRE-R/M has no partnership with BofA. BofA's short sales still do not close inspite of it's affiliation. In fact, your halucinating as there is no affiliation. On a short, remember the SELLER picks the realtor? Are you sure you're a real estate QB?

Slims Schaumburg IL: (April 08, 2010 6:55am)

Nuke em-you bonehead it's business as usual & ALL the other lenders muscle their way into a transaction on foreclosures or SS's. Wells is definately doing it. R/M & the BofA partnership? Doesn't matter much because who want's to do SS where 1 in 4 close? BofA sucks & just because they partner with R/M doesn't mean their success ratio is going to go up is it? Quit whining, you could have had a chance to partner if your franchise wanted to do it. I personally don't care about a deal with BofA as I doubt it will put any food into my families mouths anytime in the future.

shortsalepro: (April 08, 2010 6:52am)

Southerngirl: Don't feel like the loan ranger... I got completely hammered in 2007. Lost the whole works, commercial offices, lots, houses, laundry business. Added to knee and heart surgery. 10 months of Vicodin and rehab. Just now getting back to work and on my feet. Hope that makes you all here feel better.

QBofRE: (April 08, 2010 6:52am)

I've never been a ReMax broker and if BofA is more cooperative with RM than other, I won't touch another BofA SS again. RM can have BofA! And, OBTW, I notice RM gets a lot of REO's too. Could this be the wave of the future? Could this be the beginning of banks getting their own RE agents and paying them a salary? Just when the spotlight is pointed in another direction, here come trouble in the back door! Something to ponder.

Southerngirl: (April 08, 2010 6:35am)

I'm still stuggling in this economy. The shit that is making my family and I suffer is just now coming out, things that are unconceivable and would never have been allowed it not for WALL STREET pushing mortgage banks to do more get them more product-"Brilliant" because WS is still in big business paying big bonuses :{

Ochyte: (April 08, 2010 6:29am)

Wow. Partnering with Re/max alienates the other big dogs of real estate like realogy and weichart. Bold move by Bank of America and, man are there going to be a lot of PO'd REALTORS out there! Just a another visionary move by BOA to keep their attorneys busy.

denissr: (April 08, 2010 6:26am)

Frankgaray: There is nothing that I practice doing to get my customers to trust me. It is a natural thing that goes with the way I conduct my life and business. I don't look at every contact as how much it might be worth. I will not let money and greed rule my life, I believe that makes people dishonest. I don't let debt get the best of me, so making more money is not a mater of life and death. I am an honest, ethical person of good character and my friends and customers can see that. I never try to tell someone how honest I am, that is a red flag to me. I always think someone who claims to be honest, or is a Christian, is trying to put me off guard so they can scam me. If you are honest, you don’t have to advertise, people will see it.

Indi Broker: (April 08, 2010 6:25am)

If Bank of America gives REMax an exclusive on Short Sales they an kiss loans good bye from Coldwell, Pru, C-21, and every independent in the United States. There are plenty of other lenders to do business with and quid-pro-quo I will never give Bank of America another loan if this comes to fruition. Anybody else feel this way?

Nuke 'em 'til the Glow and shoot 'em in the dark: (April 08, 2010 6:25am)

How many of those BofA SS will require Remax to require BofA to do the Lending. Sounds like Crooked Bank working with Crooked Realtors to me....Oh wait that's what most builders do not so it must be legal right?

BradyD: (April 08, 2010 6:23am)

Frank How can I offer my products and services on yoru site? please contact me. [email protected] I can explain more.

frankgaray: (April 08, 2010 6:14am)

Denissr - Just went back and re-read your post. Hmmm.. well cool man, thanks for the feedback. The way we were hoping it came across was that Greenspan says the meltdown wasn't his fault by keeping the overnight rate low. He basically said it was due to greedy wall street, who was in bed with the rating agencies, hiding toxic loans in packages where no one could really tell what was inside. This message seems to often get "not heard" by our leaders, as they want to blame others. We are not pro or anti Greenspan with our bit, but, if it came across that way... oh well... we'll try to do better next time. Have a kick ass day.

frankgaray: (April 08, 2010 6:02am)

Denissr - So... how do you develop trust in your clients?

Ill Appraiser: (April 08, 2010 6:02am)

NCLO-According to USPAP, Uniform Standards of Professional Appraisal Practice, appraisers are not allowed to base fees on "price" of home. They can however base it on size, complexity, etc. Think about it, if we could base appraisal fees on value, values of housing would have been out of sight a lot sooner.

frankgaray: (April 08, 2010 6:00am)

TD Hawk.. but don't you think it would, I don't know, quill the desire and motivation for an originator or Realtor to bust their chops and get the job done in a timely manner for the consumer? And wouldn't it take away "competition" from the market place? Without competition, the consumer loses in my opinion.

NCLO: (April 08, 2010 5:32am)

Fl Appraiser you are just off base. In my 25 year mortgage banking career, all appraisers I have worked with in six different states have always charged higher amounts for appraisal reports on higher-end properties we were lending on. Percentage of the transaction is indeed the fair compensation calculation. Sometimes you earn your commission with less effort, sometimes you work like a dog and for time invested earn less.

TD Hawk: (April 08, 2010 5:27am)

Wanna weed weasels and end greed influencing originations, then nix incentive pay and pay salary only. Believe me, that would take care of problems from sales people and lead to mass exodus.

Russ in PA: (April 08, 2010 4:49am)

To fl appraiser - Take that idea all the way out to Wall Street and the entire sales industry. Comp based on volume has always been the way. Not that it's not time for a change but get Wall Street to accept the same based fee for a $2 million transaction versus a $20 billion transaction and I'll get on board. Good luck with that.

shortsalepro: (April 08, 2010 4:47am)

Guys thanks for your updates and information. Please consider doing a honest review of our services. This program, the owners and organization are the best I've seen in many years. 11 year old company. http://www.mortgagemod101.com/overview

denissr: (April 08, 2010 4:42am)

I like you guys and listen to what you say but!!! You just went on about TURST, Now I guess trust means what it means to me. Being Honest. You critized Greenspan's words, about blame. I heard him say he was wrong 31% of the time. Sounds like he took quite a bit of the blame.

fl appraiser: (April 08, 2010 4:40am)

None of the choices listed below are my choice. My choice is that LO's and Realtors should be paid a flat fee per transaction NO COMMISSIONS BASED ON THE PRICE OR THE AMOUNT OF THE LOAN, it is the only fair way. When compensation is based on the price paid or the amount of the loan apparently there is a tendency by those indicated to get that amount higher. Compensation for selling a $400,000 home should not be twice what it is for selling a $200,000 home, nor should the LO's commission be twice as much.

Russ in PA: (April 08, 2010 4:40am)

Broker in RIC - Not sure where RIC is but why did you schedule both tests in the same day? I had mine about 10 days apart. Didn't find either too difficult especially after the 20 hours of classroom prep. Good luck today. In my 20+ years in the mortgage business, a majority of that time as a Broker, I never heard of a comp plan tied to apps taken. Certainly not for the Broker. Sounds more like a credit card company.

dossbucks: (April 08, 2010 4:28am)

Chris Brown - Facebook Fan Page?? Can you tell us the name of his Fan Page? I would like to see his site.

LO in BHam: (April 08, 2010 4:22am)

I clicked on the Mortgage Revolution link and the only new event mentioned is San Francisco. Do you have the dates of the Florida event?

dan c: (April 08, 2010 4:09am)

I worked for GMAC for 4 yrs - i never got paid unless it closed. I was a retail LO and maybe their "Direct to Consumer" division only had to take apps.

Kimmy: (April 08, 2010 3:47am)

To Broker in RIC - good luck today:) Report back and let us know how you do and what you think about the tests.

Broker in RIC: (April 08, 2010 3:06am)

man, am I up early today. studying for the NMLS national and state tests that I am taking later today!