We all know, our self-image has a major impact on what we do, how we act, and who we are. This is a serious business, and as an originator, if you see yourself as a big-time commissioned 'sales/closer type' than your actions will generally be self-serving, since that 'commission check' is Number One in the mind of most sales/closers who sell for a living. It's now been widely documented, it's that attitude which produced the run-away train production frenzy (and now a train-wreck) of STATED Option ARMs @ 100% LTV's with Huge Margins that generated large YSP's accompanied by tons of fraud industry wide the last few years. There's no longer an argument supporting what's been going on, had there not been large commissions available, that mess resulting in today and tomorrow's nightmare for many American families, would have never happened.
Plus, that 'sales/closer' mind-set presumes only super-stars can be good originators, which simply is untrue from what I have seen in my long career. What you do as an originator is NOT selling, it's a function of solving a problem or helping the customer make a decision! If you think of yourself as a customer service or help desk person, YOUR attitude will be different (and if you're a boss, this is the type to hire as your next LO, not an experienced LO or a salesmen resume), plus the credibility which you hope for from the customer is enhanced in a big way, since most customers can smell when they're being 'put together' ... it's that feeling which lowers their resceptiveness to you.
Think on this thought as you move forward in this difficult period in your career, it will help you, more than you can probably imagine if this 'sales/closer' mentality is you. CLICK HERE and tell us what you think on our Discussion Board
ADVERTISING:
It's that first step in building credibility for your company inside the mind of potential applicants, if you're a broker owner/operator. Although it is YOUR Job, advertising to attract customers to your firm can be tricky sometimes, especially during the interesting period you're faced with today. We have a pretty thorough Lesson on this subject, that's on our website in the 'Free Lesson' section ... take a look and click here ... it will benefit your future in our industry. CLICK HERE to give us your opinion of the lesson on our Discussion Board
CONGRESS Warns Against Subprime Overreaction
Although subprime defaults are rising in Florida and the West Coast, a market correction is under way and Congress should leave it to regulators and the mortgage industry to help troubled subprime borrowers, according to a top housing regulator. "Between the regulators, financial institutions, mortgage servicers, and the brokers, I think it can be worked out," James Lockhart, director of the Office of Federal Housing Enterprise Oversight, told reporters. "There is going to be some pain." And the correction will be "drawn out" as the resets on adjustable-rate subprime mortgages take effect over the next two years. But the best way to address this problem is "not to overreact, and not cause an unnecessary credit crunch that would end up just hurting the people you are trying to help," Mr. Lockhart said. Until recently, subprime defaults were concentrated in the Rust Belt states and the hurricane-affected states -- principally Louisiana and Mississippi. "We are beginning to see rapid growth in the West Coast and Florida," the OFHEO director told an Independent Community Bankers of America meeting in Washington. CLICK HERE to give us your viewpoint on our Discussion Board
Dems Demand Ability-to-Pay Subprime Standard
Democrats on the Senate Banking Committee are turning up the heat on the Federal Reserve Board, demanding that it establish an ability-to-repay standard on subprime mortgages and designate the failure to escrow homeowners' insurance and property taxes as a deceptive lending practice. Under pressure from the committee, Fed Chairman Ben Bernanke had agreed to review the board's power under the Home Ownership and Equity Protection Act. Now the Democrats are demanding at least some minimum action. "The Board should create a presumption that a loan that requires a borrower to pay more than 50% of his or her income to cover the cost of principal, interest, taxes, and insurance is not a sustainable loan" and fails the repayment test, the 10 Democratic senators say in a letter to the Fed. The Democrats also stress that the failure to escrow taxes and insurance puts homeowners at risk. "Subprime lenders and brokers seem to routinely quote monthly payments to prospective borrowers that do not include taxes and insurance as a way of deceiving the borrowers into thinking their monthly obligations will be lower than their true costs," the April 23 letter says. "This is clearly a deceptive practice." What do you think? Tells us HERE.
| |
