Recently I've been thinking a great deal about the magnitude of the 'content' updates I was planning to make on our main website for 2008, their effects on our SEO key word/phrase placements - (in fact I've been talking a lot about it on my Blog) - along with the significant philosophical differences I see that I have with most others in our industry, these have been on my mind a great deal.

As I think through the differences I have with so many, I have been able to break it down fairly clearly in my own head. It appears the preponderance of those I interact with, whether they are students, folks inside an industry discussion board, those that I speak with who author industry publications – it looks almost like everybody started in our business since the cycle ‘correction' of August 1998! (and, I see that as a serious problem for the industry's future).

It appears to me, the generation of people that started during this post-98 cycle, entered the industry for the 'big easy money' that was at hand via the new 'big-commission' business notion that developed then. Looks like compassion toward customers, has been substituted for selling & closing clients, with this latest bunch.

In my adult lifetime I have seen too many sales pros use various props, scripts, and tricks of all sorts, to ‘close' people. Even after all these years, I'm still too idealistic about our industry. So this philosophical aversion to ‘sales' which I have - as evidenced by most of my writings which highlight the need for Integrity and Ethical behavior - I think many actually want to have faith in my approach ... yet our competition in the training and education niche, all seem to market themselves as 'sales' guru's and promise to show their seminar attendees how to earn the big bucks! And, considering those attendees came to the industry for the 'big bucks' and 'easy money' in the first place, those motivational speaker types - who prey on pumping up everyone's ego - looks like the sort of industry education and training they are attracted to vs the more wide-ranging career minded approach we offer through Secret! University.

The fear I was having during my site planning stages, is that the theme I intended to promote throughout our site in ‘08, may drive many of them away – it can be summarized this way: ‘from stranger to 1003 to funding and beyond are all included within the many important moving parts of the residential mortgage lending industry – DON'T STOP AT SALES. At Secret! University, our curriculum range and our teacher/Mentors have far more know-how than mere ordinary sales skills, you need to Reach Higher!'

And I know why this is; when I started it was salary and small bonuses, and face to face with customers, not websites, cyberspace, text messages, & e-mails like now days. We were never promised the opportunity to earn enough income in a year or two, to purchase a house outright, so the 'big-bucks' wasn't the draw like it has been lately – it was a ‘career' I entered. We signed-up customers, hundreds and even thousands of loan customers face to face; often seeing their fears, desperation ... relief and joy when approved. All made a lasting impression on me from my early days in training. I believe these two major differences are why I think so much like I do. Register then post your views here on our Discussion Board


Fed Unveils Long-Awaited HOEPA Rules
The Federal Reserve Board is proposing a "robust set" of rules to clean up subprime lending practices and to address unfair and deceptive practices associated with servicing, mortgage broker fees, and appraisals. On subprime and higher-priced alternative-A mortgages, the Home Ownership and Equity Protection Act proposal would create an ability-to-repay standard, require lenders to verify income and assets to curb stated-income lending, mandate escrow accounts for at least 12 months, and require prepayment penalties to expire 60 days before the first monthly increase in payments. Under pressure from Congress, the Fed was expected to address those subprime practices. However, the Fed decided that it needed to go further to provide a robust and "more comprehensive set of protections" that apply to all mortgages, said Randall Kroszner, a Fed governor. The proposal requires brokers to disclose up front the dollar amount of their fees, including yield-spread premiums, in a written agreement with the borrower. "Creditor payments to a mortgage broker could not exceed the total compensation amount stated in the written agreement," according to the proposal, which is being issued for a 90-day comment period. Servicers could be sued under the Truth in Lending Act for failing to post mortgage payments properly and pyramiding late fees. Lenders and brokers also would be liable for coercing appraisers. "We want consumers to make decisions about home mortgage options confidently, with assurance that unscrupulous home mortgage practices will not be tolerated," Fed Chairman Ben Bernanke said. CLICK HERE if you want to give us your opinion on our Discussion Board


Market Drastically Altered in Past 14 Months
While overall residential originations went from around $1 trillion in 1993 to approximately $3 trillion in 2005, subprime production soared from around $20 billion to more than $600 billion during that same period. But as U.S. home appreciation slowed last year, the most recent batch of new subprime borrowers -- who had riskier loan characteristics and little invested in their properties -- began a wave of defaults. In 2008, subprime originations are projected to be just $200 billion -- less than one-third the level in 2005. Give us your two cents on our Discussion Board


HIGHLIGHT: Secret! Society - our Fraternity!
We had our initial pledge class this Winter semester; mostly people who are focused on the residential real estate mortgage lending industry will qualify to rush. Click here and take a look.

Among the benefits being one of our frat brothers, we'll show you our secret hand-shake, you'll be available to receive a fraternity tattoo at our next live meeting if you like, plus you'e entitled to receive a 25% discount on everything we offer at Secret! University and you even get a free hat!

From stranger to 1003 to funding and beyond, are all included within the many important moving parts of the residential mortgage lending industry – Don't Stop at Sales ... You Need to Reach Higher! Our curriculum range and our teacher/Mentors have far more know-how than mere ordinary sales skills .... WE DO MORE - take a look at our site HERE!

Live Master Seminar with Secret! In depth instruction and guidance for mortgage brokers and loan officers. Sat. Feb 23rd in So Calif. Don't wait. Space is limited to allow for personalized attention. You must RSVP now!

---

In a market undergoing significant change, you need an ongoing strategy to align your business to the marketplace. 21st Century mortgage Website & Internet Originations Live class, next scheduled Feb 24th here in So Cal. Register today.

---

Comprehensive residential mortgage career mentoring for the mortgage professional. Mortgage loan originators from across the Country have used our one-on-one coaching to show them the way, instead of the self-taught expensive and time consuming trial and error after error methods on their own. Click Here for more on our extremely popular Mentor Program. Each one of our Mentors carry our Certified Mortgage Professional designation - a distinction with an important difference when matched up against other mortgage industry Mentors.

---

Our E-Mail Answers program (EMA) has gotten some nice reviews, continues to grow in popularity; it might be just right for you. If you don't need all the horsepower of one of our Mentors right now, but still need some help off and on - then this program is for you. Click Here and check it out.

---

Happy New Year

---

XML

 

Soon you will evolve from being a 'sit at home in your jammies with the bunny feet slippers' level of "professionalism" into an actual owner/operator of a real live actual business. One with hard assets, liabilities, and a net worth too! With the New Year upon us, now's the time for a change and to adopt a successful mindset so you can get there!

You'll hire a helper/assistant/processor type, then maybe a loan officer or two. Right at the point in your own growth, you'll become SHOCKED at what it's really like to be in business! If you're smart, you'll learn all the (non LO/sales kinda) stuff necessary to be a good entrepreneur. That's a much bigger step, then you may realize today.

Soon after that (if you make it through stage two), you'll be faced with doing Zero Loan Production yourself - and managing a growing/training cheerleader side of running a bona fide successful business (stage 3). If you get lucky, and the cycles of the economy and rates, etc. don't kill you along the way, you will have finally "arrived."

Having taken that journey, it can be treacherous, and definitely scary sometimes - we wish all of you the best! As this writer did it, I had no mentor to ask stuff, no partner, or investors, etc. to help me. The Board of Directors was just me looking into the mirror (I would stand in front of two of them, turn one sideways 45 degrees sometimes, so I could see dozens of me, sort of like in an old fashioned barber shop) - ya know what we mean?

OK now what, right? It's never too early to start to "think like a big-shot" (stage 3 person). You're encouraged to do just that - start today – it's a new year. Since you can grow to that level in only a couple of years (if you put your mind to it), pretend you actually own and operate a (size) 60+ employee salaried & big ‘fixed in concrete overhead' firm, 15,000+ square foot operation, $400,000+ monthly fixed overhead (kind of makes you not want to sleep at night when there's little or no biz for months on end)!

Then ask yourself, what don't you know right now to be able to step into those shoes? And, do I really want to do that anyway? If you think about it for a while, you'll see there's a ZILLION things you don't know yet ... so start to learn those things this week. It's time for a change! You need to Reach Higher! We recommend accessing an experienced mentor or consultant who can guide you through these issues. I've had mentors & consultants save me thousands, and helped me make millions … and you certainly can as well.

It's time to stop sitting there and thinking about it, and take action now! We recommend looking at your ‘knowledge base professionals' resources, and choosing according to background and experience. You'll get there faster & smoother (you'll be glad later). Give us your thoughts on our Discussion Board