RHernandez: (July 13, 2010 5:25pm)

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Fl Mortg Lady : (July 10, 2010 9:27am)

Just got back from Mortgage Revolution in Orlando. Realized how important it is to connect with those who are making it happen in spite of the negative "declining" mode in our areas. Very apparent that we need more of this motivation in our industy and grateful to have connected with many who thought the same. Came back ready to kick some ____ renewed with a plan. Am grateful for this weekend, as many shared HOW in sessions, more interested in motivating us than selling us. Was touched by sincerity of all, who seemed to have been at the top, fell to an all time low and are now at the top of their game again in spite of our times. Brian was the best, and his story was the real deal, thanks for sharing.

joecolorado: (July 09, 2010 2:48pm)

viscious-is a word that my spell checker didnt pick up and I didnt see so I guess its a cross between vicious and viscous.I actaully meant to write vicious, so.... sorry for the spelling erro.

joecolorado: (July 09, 2010 2:35pm)

@Valuequestor-Thanks for the input,I also have a similar statement in my boilerplate.But in future will be adding"bite me"to that particular statement to see if they actually read it.As for charging more.....I cant get them to pay me the typical and usual fee I had previous to hvcc so have not been doing amc work so far unless they pay me my standard fee,so getting them to up the ante will be another uphill battle,BUT someone somewhere will no doubt do what they need without question to get the work.The E & O people will use that as an additional excuse to increase their fees so its a viscious cycle.The American Society of Appraisers have just informed me that their fees are to be inceased by $35 this year,so they are to be taking a long hard hike at that point as well as the increase in fees is not acceptable for the effort I got from them in their representing me last year.AlaMode is right on their heels as well,any more"finder"fees from them puts them closer to the tipping point.

zoolander: (July 09, 2010 12:34pm)

Great daily today! This is a story that everyone here should be blogging about.

Valuequestor: (July 09, 2010 12:12pm)

Hey Joe Colorado & Aprayzr, I've been dealing with these requests sporadicaly over the past 3-4 months. FNMA is also going to start requiring interior pics and comments on the working order of the utilities. We are getting these requests in anticipation of this I suppose. Requirements are starting to become more uniform between Freddie, Fannie & FHA. I've had this statement in my reports for several years, right on page 1 "Are there any physical..... "The appraiser is not an engineer or home inspector and makes no warranty as to soundness or integrity of construction. The inspection I made was for the purpose of estimating the subject's market value, assuming sound construction practices by the builder and limited to items and features readily visible during a standard interior walk-through and ground level exterior inspection." I would just add some verbage in the SOW describing your standard switch flipping, faucet turning, toilet flushing etc. Keep it simple, basic & charge more.

joecolorado: (July 09, 2010 11:56am)

@APRAYZR: Thanks for the input,as it happens I am secure enough and confident in my own abilities to reject the request,which I have done so on several occasions & I am glad to see there is someone else out there that doesnt get bullied by these morons.I am a firm believer of the "Just say no" policy if you are uncomfortable with a request but I seem to be saying that a LOT recently.The appraisers that accept more and more insane requests for less fee are killing it for every appraiser that is the backbone of our profession.The only effect that appears to have on our industry is a diluting of the effectiveness of the appraisal report,which will probably result in the eventual elimination of appraising by the substitution of statistical data,in the Real Estate transaction.

Golfpro: (July 09, 2010 11:34am)

Attn All Mortgage Professionals: Top producing realtors for the most part are not hitting their income goals. Call 10 today and 10 every day for 30 days and tell them that you have some ideas that will help make them another $6,000 a month. I would like to meet with you for 15 minutes. How about Tuesday at 11AM? It's that simple. Do it and get ready for more business than you can handle!

YvonneEngelbrecht: (July 09, 2010 10:47am)

To the LoanRanger - Throughout today's video there is light music playing - piano, then organ with what sounds like bag-pipes. Not unique to you. I personally like the music choice - very calming. What's the track guys?

YvonneEngelbrecht: (July 09, 2010 10:36am)

In every crisis, there is opportunity. To find the opportunities for you, you must listen. If you want to be successful in this cycle or any other cycle, you must pay attention to what the "talking heads" are saying as a whole. They are not necessarily right - if fact, they are often wrong. However, your current and future clients' opinions and actions are motivated by what they "believe" to be true. These beliefs are formed by the barrage of media from these talking heads. In this market, what you and your clients will "hear" is mostly negative from TV, radio and newspapers. This tells you that consumer confidence as a whole will be down. If consumers are not confident in the housing or job market, where is their motivation to buy? There's your opportunity! Now "listen" to your clients' comments (objections) to find what is specifically holding them back. Educate yourself on all available programs so you are armed with the solutions. Now educate your clients and close.

TheLoanRanger: (July 09, 2010 10:18am)

Hello everyone! I have an inane question: The other day my tower toppled over in the afternoon (had already watched the daily TBWS video). Next morning, when watching the video, no audio but background music lightly playing. Same thing today. My assistant finally got the audio to play again, but the background music is still there. Has the music been there all along or is this unique to me? Thanks for your feedback!

DebbieJ: (July 09, 2010 9:32am)

Great video! Life is what you make of it. I agree with GaryP...I'm a Real Estate Agent in Destin, Florida and I'm seeing more and more agents either leave the area, and/or take salaried jobs. Buyers are still buying. While we have NO oil on our beach, the media isn't helping. I'm staying busy and so thankful! The strongest will survive.

ChrisSorensen: (July 09, 2010 9:26am)

Wow! I guess I shouldn't talk on the phone and type at the same time!!! I meant to write; lives vs live and I mean to write not view vs view. Opps!

ChrisSorensen: (July 09, 2010 9:23am)

Guys, I realize folks out there need coaching, but I like the fact that you guys report on the facts that are occurring. I take the approach with the general public that I teach that the market is being manipulated in order to prevent a financial collapse. That is perhaps a good thing. However, I believe the public should be acutely aware of what is driving the markets so they can make better educated decisions regarding their personal circumstances. In turn I teach the professionals that they are needed more than ever before to reach out and make contact with those who are struggling. If one has a sense of purpose in their live to serve their fellow man and view their clients as a commission check, the passion will come easily and so will consistent productivity. Or, as I call Chris' six "P's"; Purpose plus passion produces perfect productivity. What I don't like is when folks try to blow sunshine up the public’s collective skirt to serve their own purpose.

APRAYZR: (July 09, 2010 9:22am)

To joecolorado - You are correct in your concern with the liability factor concerning extra services in connection with an appraisal assignment. Some lenders have picked up on FHA's approach to saving the expense of hiring building inspectors and architects(or civil engineers). They do this by forcing appraisers, knowing there are many masochists among their ranks, to include those responsibilities with the appraisal inspection. I must say that FHA and lenders are committing a gross disservice to the taxpayers and consumers by ordering unqualified people to conduct services beyond their province of expertise. Any appraiser who accepts those requests are placing their collective necks on the proverbial liability block. All so that the cheapskates could save a few bucks. I have said no for some time and wish that other appraisers would do the same as that is what is needed to stop this madness. My E&O premium has almost doubled this year because of anticipated liability.

joecolorado: (July 09, 2010 8:46am)

anyone come across this beforeor is this a new thing? I had an appraisal request where the investor required the appraiser to test and comment on whether the utilities are in working order or not?(This would include the sewer line)This is not an FHA appraisal,but is a conventional loan. Do ypu think this would be a problem with the appraisers'insurance?would the E & O cover the appraiser if litigated at a later date on an observation such as this?any ideas or help in wording a response or comment for the appraisal report is appreciated.

msedam: (July 09, 2010 8:25am)

I had a rough week with HVCC issues but I appreciate your webcast today and Jonas' advice made me think about what I could do to generate more business and make the community a better place. So thanks for turning my day around.

leapinlocust: (July 09, 2010 8:10am)

Sometime back there was an Activerain article in the links and docs and featured in the TBWS daily where the author was using Facebook for loan status updates. Does this ring a bell and, if so, doe anyone recall the article or have its link?

gbracht: (July 09, 2010 7:51am)

You have to see the world, our business, and clients with the perspective "Is the glass half full or half empty?" I agree with GaryP that as more and more drop out of our lending industry, the opportunities will get greater and greater. As much as I hate most of financial reform and SAFE Act, it will be a barrier to the unprofessionals who almost ruined our industry from getting back into it when things fully turn around economically. The good news is, with established referral base, and honest approach to client's requests for mortgage lending, we can tread water until the real estate market kicks into high gear again. Agree Frank, 4:50 am is a great time to think and focus. Have a great weekend.

Artisan: (July 09, 2010 7:45am)

Zillow Mortgage Quotes and LoanSifter. Anyone have any experience with this? Looking for some feedback. Thanks

jonas: (July 09, 2010 7:41am)

Guys great show today.Refreshing, keeps the juices flowing with ideas. Here's one that I have planned - for every purchase transaction to a first time home buyer or even a move up buyer in my area, I will be donating a tree to plant at one of our local schools.In Temecula/Murrieta there are so many great schools and it seems almost each of my buyers have children that attend the schools.So, twice a year I'm going to hold an event at a local school, donate a tree for each family, have a small plaque that will be planted near the tree saying something like "this tree donated by the Ruiz family", have that family plant the tree and invite all my small business owners, vendors, local news to attend. It may not add $18 million in property taxes or $5 million in sales tax, but it will definitely help the schools, create community and provide a way to give back. When my mom passed in 2003 we coordinated a huge tree planting event in her memory at her school where she taught, 200 people came

frankgaray: (July 09, 2010 7:39am)

GaryP - I'm curious as to where we are in the "shift". I know it's different across the country, but collectively I wonder where we are. The book Shift by Gary Keller is really cool with respect to this. If you notice 30% of those polled are so busy they need it to slow down. Which means in their area, they've bottomed out and are starting the shift back up, but 70% are still either in the spiral or about to bottom out. The news lately is that there is another dip on the way, but I'm not so convinced about that. It could be right, but I think in fewer areas across the country than before. I really think we are getting close to the up shift, and when we get there... look out, cause there's going to be a lot of money to be made.

GaryP: (July 09, 2010 7:31am)

Thank you Frank. While I don't expect another real estate "boom," we will eventually have to get back to a growth phase after we get through this "correction." Our population is growing by a million people a year in addition to the trend of household consolidation. They'll have to live somewhere and not all will be renters. As we continue through the down turn, this pent up demand will just continue to grow. That has to create a new "seller's market" eventually. I realize that is hard to imagine right now. As I have said earlier, it's all about jobs. In addition to my comments earlier about short term goals, I am also taking a longer view and trying to give thought about how to position myself in the market for the long term. It's way too easy to fall into the trap of thinking only about how to survive the current market conditions and I sometimes have to force myself to look at the big picture.

GODLIKE: (July 09, 2010 7:19am)

BORING!! Where's the content?

Real Estate Nate: (July 09, 2010 7:09am)

Excellent work today. You help get the creative juices flowing! It is especially helpful for me since I received some bad news on a personal front this morning. As I've said before however, we can choose to concentrate on what's going wrong in our lives or on what is going well. I choose the latter. Thanks for your help!

Bono Vox: (July 09, 2010 6:58am)

Stuff to try: Every state has a "lost assets" website. Forward a copy of it to your database. I did this and had about a 5% response rate. It's lead to a couple of refis and a couple of folks asking about the purchase market. ALSO - forget about your own stuff and help a Realtor. Find an article on "Which Remodeling Moves Make Sense", call your Realtors and let them know you found an article they can use as an excuse to call into their database. Once they say, "Great idea" THEN send them the article. DO NOT just blast it out to everyone. Have a conversation first. Finally, learn (yes, learn) a new program that will open up new business for your builders and Realtors: bond loans, VA, VA remodel loans for the disabled, 203k, something that opens a market. Finally, figure out how many phone calls you need to generate a lead and how many leads equal a closed loan. Then work those numbers!

mdtscoates: (July 09, 2010 6:20am)

refreshing material guys, keep it up, lovin' your perspective, nice high vibrational energy as always Matthew Coates Chandler AZ homes for sale - Phoenix http://mc.searcharizonarealestate.com

frankgaray: (July 09, 2010 4:56am)

Great post GaryP. The other thing we need to look at is filling the gaps that are created in an industry that's been torn apart. Those gaps could be potential money making opportunities. Sometimes we just need to be up at 4:50am when it's perfectly quiet, grab a cup of coffee and just "think". Think about where we can make a difference, set a goal, and move toward it to see what happens. Speaking of that... coffee is ready.

GaryP: (July 09, 2010 4:05am)

I do tend to be more than a little negative in my comments here. However, that is largely based on my frustration with what is going on in DC, not the industry itself. Here's how I see the future of the industry progressing. 1. As time goes on, more and more or my competitors are dropping out. I call this "Darwinian Origination." Only the strongest will survive the current market conditions. More and more customers are going to be concentrated in with fewer originators. 2. Through all this turmoil, the population is continuing to grow, especially in my market. This has the effect of creating ever greater pent up housing demand. In addition, a lot of people are moving in together. This is temporary and these future buyers will eventually be back on the market. My goal is to position myself to take advantage of this when the market turns. 3. A down market is an opportunity to capture market share. This goes back to #1. OK, just a few thoughts on my own personal strategy.