| SECRETS EXPOSED!
| Insights, Opinions & Commentary
| | Going Out on my Own! | Gosh, I remember when I first went out on my own, had big dreams – no way was I going to operate a one-man company for long, I fancied myself as an empire builder. Studying and passing the test to get my own license was first on my list. I remember speaking with one landlord after another, to finally find one that would trust be enough to lease me office space, then I recall chocking on the reality of being on my own (not everybody is fit to be self-employed) - and having to sign a multi-year occupancy space lease (putting me in debt tens of thousands of dollars), then the joy of buying or leasing a $7,500 copier, and because I had no intention of staying small, lobby furniture, customer water cooler, coffee service, customer interviewing table, chairs etc. external & internal signage, I bought several desks, cement fire-safe filing cabinets, a telephone instrument system, office plants, pictures, chairs, wall clock, staplers, pencils, paperclips and all the other office supplies I imagined, fax machine, computers, and swallowing hard to hire (NON commissioned salaried personnel) where I got to pay the employer's share of payroll taxes plus their payroll whether or not loans were closing, of course talking real fast to influence wholesalers to take a chance with an unknown (me) and accept business from me, several told me nope! It all was a ‘barrier to entry' I didn't truly appreciate until years later (and I saw the riff-raff it kept out) … it all ran me (and others back then) somewhere between $10,000 and $30,000 to "go out on my own" and start my own little company.
Unlike today, where many are working in their jammies with the attached bunny feet, unshaven for days on end, out of a furnished 2 bedroom apartment, dealing with the single largest financial transaction most Americas ever face, which was (rightfully) not allowed then – however, all that jammed a commitment inside my brain to be a good industry citizen (if for no other reason but to protect my investment). Sometimes 'principals' are effected by what you have committed to an endeavor. CLICK HERE to tell us your views on our Discussion Board
Discussion Boards
I spend several hours weekly visiting a handful of industry discussion boards, and have done so for a few years now. I go to these 21st Century versions of the 'local pub' to keep myself up with what's on the minds of those that post; I learn a lot about the degree of industry training and education that's out there! I also learn from some of the answers that are given; the replies tell me almost as much as do some of the questions ... they keep me in-touch.
I receive a half dozen webmaster newsletters monthly, so I can have a hand into that industry as well, since websites are so very critical to our consumer residential real estate mortgage loan industry. I spotted some stats in one of them a couple of days ago - about discussion board visitors. These are the reasons that newsletter reported about why people frequent discussion boards: 78% - Meet people 47% - find entertainment 38% - learn something new 23% - influence others. Kinda fascinating. CLICK HERE and talk about this on our Discussion Board
I started a BLOG last Week!
Those activities surrounding the optimization of our website recently drove me to re-thinking the concept of setting up a blog. Only had it for just over a week now, and I can honestly tell you, it takes a lot of think time to update it often with interesting and timely info ... well, maybe not for everybody, but it's been a challenge to me so far. I'm still working on it's 'tone', a mix of some personal and some biz stuff. If you wanna check out my new BLOG, feel free to PEEK HERE and see it.
Broker Database Offers Early Default Stats
CoreLogic, a Sacramento, Calif.-based provider of mortgage risk assessment and fraud prevention systems, has released findings from its broker management database indicating that 7% of brokers account for 63% of early payment defaults, with the riskiest 0.5% of brokers accounting for 70% of all losses. CoreLogic said its broker database tracks more than 38 million loans and 190,000 brokers and is the engine powering ThirdParty Scorecard, a Web-based software tool that helps residential mortgage lenders evaluate and manage the risk associated with their broker network. The most recent statistics illustrate the key role brokers play in the risk management chain and why broker monitoring and management tools are critical to the financial prospects of wholesale originators, the company said. Core Logic made the announcement at the Mortgage Bankers Association's 93rd Annual Conference & Expo in Chicago. CLICK HERE and give us your two cents on our Discussion Board
Mortgage Execs Offer Gloomy Outlook
Fannie Mae's and Freddie Mac's CEOs were among four panelists who spoke at Mortgage Bankers Association's 93rd Annual Convention & Expo last week. "Given what we're going through, we're all kidding ourselves about what's likely to ensue when a lot of product rolls over [next year] and there are questions," declared Freddie's CEO. Fannie Mae's CEO said this is "definitely a cooling mortgage market." CLICK HERE and tell us what You think on our Discussion Board
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| | OUR NEWS | 
We provide mortgage broker banker training, education, information and solutions at Secret! University. You'll discover many solutions at our learning center. We have services & materials available for everyone, regardless of your degree of skill or know-how, take a look at our website simply by Clicking Here!
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Our Master Seminar. You're invited to join us for an all day Live chat, a Conversation with Secret! "Learn easier ways to operate your business™" Sat. Dec 9th in So Calif. to RSVP Click Here!
Our Mentor Program will keep you from taking that painful step. Our faculty members have the depth of experience to help you notice things before they happen. Click Here for more on this flexible approach.
You licensed in dozens of States? We'll show you how to find a steady stream of qualifiable applicants regularly in those far-away States, in our next class Sunday Dec 10th; (make it a two day session with us, come to our 'chat' day before plus this class). Even if you have a website now, we'll show you how to dump it and enable the website you get with this class, to make your job more productive. Click Here and register for our live Website & Internet Originations class now.
Have you seen our line of CD Lessons, titled Secrets of the Mortgage Industry™ ? Take a moment and look over our growing selection. They're on Sale this month! We can write one especially for your group if you like. All you need to do is Click Here.
Our E-Mail Answers Program might be just what you need. If you can't call our Hotline, and 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; it's quite popular. Click Here and check it out. All our answers are warranted to be right! See how to get a one free!
We have the solution if you frequently need to stay in touch with your own widespread (net branch type) group. Motivate them, provide updates, answer questions, etc. If that's you, then look into our new Communication Center concept! Click Here
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Click Here and we'll mail you our Secret! University Intro CD. It's a good way to become familiar with all our products & services; it also contains several nice sized discounts you can make use of in the next 30 days as well!
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| | Brokers & The Consumer Credit Protection Act | This landmark Federal legislation, the Consumer Credit Protection Act, is the cornerstone law in the industry designed to enhance economic stabilization and the competition among the various financial institutions and other firms engaged in the extension of consumer credit would be strengthened by the informed use of credit. The informed use of credit results from an awareness of the cost thereof by consumers. It is the purpose of this Act to assure a meaningful disclosure of credit terms so that the consumer will be able to compare more readily the various credit terms available to him and avoid the uninformed use of credit … more commonly referred to as The Truth in Lending Act.
This law not only regulates much of what is lawful in our consumer residential real estate mortgage lending industry, but other types of credit that's extended to the consumer. It's purpose can be summarized as follows: ‘The TILA requires full disclosure statements that outline all credit terms in simple easy-to-read language.' The Statement of Disclosure (some call it the "RegZ" others the "TIL") is the significant cornerstone of the Act.
As we all know, there's a number of service providers who supply certain services and materials to the process of building and producing an individual loan transaction. The Flood Certification people have the duty to provide the Flood Cert, the Appraiser brings the real property appraisal to the party, the credit reporting agency's duty is to provide the credit report, the title people bring the preliminary title report, and at closing issue the policy of title insurance, etc. the mortgage broker provides the RESPA required GFE and brings the borrower and this assembled paperwork, the wholesaler brings the money and (to answer a question I get 3 or fours times a month via our E-Mail Answers Program) as the "creditor" (as specifically defined by this Act) delivers the Statement of Disclosure (RegZ – TIL) to the borrowers.
Many service providers have an obligation to fulfill, so the consumers loan transaction will close smoothly and lawfully. One of them is not responsible to supply material or a service that's the obligation of one of the other parties.
A mortgage broker is not a ‘creditor' within the definitions set forth in 15 U.S. C. §1602(f) and 12 C.F.R. §226.2(A)(17). When a ‘creditor' (wholesaler) demands another service provider (mortgage broker) deliver the RegZ – TIL – they're creating an agency relationship as between the two of them, a situation the mortgage broker surely should avoid, as should the wholesaler. It's potentially bad for both of them. CLICK IT to discuss this item on our Board
Rates Rise
The average 30-year fixed mortgage rate rose from 6.36% to 6.40% over the seven-day period ended Oct. 26, according to Freddie Mac's Primary Mortgage Market Survey.
The average 15-year fixed mortgage rate rose from 6.06% to 6.10%, the average rate for five-year Treasury-indexed hybrid adjustable-rate mortgages climbed from 6.11% to 6.14%, and the average rate for one-year Treasury-indexed ARMs increased from 5.57% to 5.60%, Freddie Mac reported. Fees and points averaged 0.4 of a point for fixed-rate mortgages, 0.6 of a point for hybrid ARMs, and 0.7 of a point for one-year ARMs. "At its most recent meeting, the Federal Reserve again declined to raise rates..., citing a slowdown in the housing market," said Frank Nothaft, Freddie Mac's chief economist. "For instance, the median price of both new and existing homes in September posted significant decreases." A year ago, the average 30-year and 15-year fixed rates were 6.15% and 5.69%, respectively, and the average hybrid and one-year ARM rates were 5.63% and 4.91%, respectively, Freddie Mac said. CLICK HERE and tell us what this means to you
CAMB Targeting Abusive Lending Practices
The California Association of Mortgage Brokers is promoting what it terms "a comprehensive solution to curbing abusive lending practices." The trade group has issued a "best-practices guide" and conducted a conference call on the subject. "Mortgage brokers are the bridge for consumers in the loan process because they provide loan options that meet the exact needs of the borrower," said CAMB president Jack Williams. "Like a fine tailor, quality mortgage brokers go the extra mile to find a loan that fits the borrower's financial needs or objectives." The guide calls for: uniform licensing standards with mandatory pre-education, continuing education, and criminal background checks for all loan originators; updated information booklets and key disclosures to address nontraditional mortgages; the enforcement of existing abusive lending laws; workplace efforts on integrity and consumer education; and expanded financial literacy programs. Michael Faust, the CAMB's government affairs chairman, said the guide grew out of the recent dialogue over nontraditional products and abusive lending practices. But that dialogue, he said, "has broken down, with everyone taking their sides and screaming their interest points as loud as they can," affecting the ability to reach a compromise. CLICK IT and tell us what this means to you
'06 Mortgage Fraud may Reach $2.4 Billion
The greater sophistication of techniques now used by perpetrators of fraud for profit makes it harder to detect, explained Jacqueline Dreyer. She was speaking to attendees of a fraud session at a MBA's annual Convention & Expo in Chicago this past week. Dreyer estimates that fraudulent loans closed this year will have total losses of $2.4 billion. CLICK IT and tell us what this means to you
"3rd Annual Halloween CD Lessons SALE"
BUY TWO GET ONE FREE. The first two years we had this sale running; Halloween was the final day of the sale. This year, we thought a change may be in order, so we started our training & educational CD Lessons Sale on Halloween, and it will end two weeks later November 14th.
Here's how it works, once you've order any two of our CD Lessons (we have 3 pages of them on our website); at the time our shipping department phones you to give you the FedEx tracking number of your order, you let us know the free one you would also like included with your delivery, it's that simple! To take a look at our selection today, CLICK HERE and check it out.
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