North Country Mortgages

I know that we all have different roles when it comes to transferring real estate from one person to another. Some of us deal with people while some of us deal strictly with paperwork. Some of us do it all while still others do work exclusively over the phone.

No matter what your role in this diverse transaction, we are all affected by what is taking place with our nations economy. I know that Real estate sales people do not watch financial reports and constantly changing economic data. It's not as important as knowing each individual client's situation in order to find them exactly what they are looking for in terms of the home that they decide to purchase and live in.

Watching all of the financial reports and economic data is an important part of my job. Typically I have a fairly good idea of where rates are headed. Have you Seen today's news?!

This morning when I came into the office the DOW was down significantly at around 68 points and things were not looking to good. We all knew about the anticipated FED Funds rate cut which is designed to give the economy an extra boost. The Prime rate was not cut today, just the FED Funds rate and the discount rate.

When these rates are cut it usually takes a little bit of time before the impact trickles into the financial sectors and more specifically it takes a little time to see any impact on mortgage rates.

My projected overview for today based on the last few days of performance was that the FED would cut the rate, investors would rally, and the stock market would close out in positive territory. Interestingly the stock market did rally amid the announcement of the FED rate cut, but it didn't last more than a couple of hours.

The stock market rallied gaining over 200 points throughout the day. During the last 2 hours of trading their was a major sell-off. It seems that investors did not want to leave their gains on the table in such a volatile market with 2 more important economic releases coming out tomorrow. The stock market closed at -53.02 (DOW -37.47, NASDAQ -9.06, and S&P 500 -6.49).

Whats more interesting is that stocks and bonds usually move in lock step opposite each other. Usually when stocks are down bonds are up and vise versa. Bonds offer a safe haven for investors who view the stock market as too much of a risk when things are as unstable as they are. For a good chunk of the day the stock market was down and at the same time the bond market was down.

These are very difficult times; unstable at best. As far as mortgage pricing goes... Right now I just don't know, not sure which direction it will go. What makes the prediction so difficult to make is the fact that they is key economic data being released tomorrow and for the rest for the week (for that matter) which is very tight. A slight variation up or down could have a significant impact and cause either bond or stocks to rally. Both options are completely feasible and we just won't know until the reports are released and even then there is uncertainty about how the markets will react.

I love American History!

It's truly fascinating to read about America's trials and tribulations that have made America a great nation. Recently I met a semi-famous author in Bath, NY. Robert E. Yott is the author of a book entitled From Soldiers' Home to Mecial Center A Glance at 125 Year History of Soldiers' Home.

I met Robert by chance and am now working with him. He is one of the nicest guys that you could possibly meet and he genuinely cares about his work. Robert resigned from his post at the VA in order to educate the public with regard to dwindling VA benefits in order to avoid be stifled by the VA's rules and regulations.

If you have any interest at all regarding American History or more specifically Civil War Time American History you should definitely check out Roberts book (linked above), you'll be happy that you did!

We all strive to bring something to the table that is not already there. We all have a similar skill set, policies, and procedures but there are some things that each of us can do to bring a certain unique feel to our own personal business approach.

Since my companies investment and my own personal investment in leads I feel like consumers generally see us as "all the same". So I recently began thinking about what makes me different.

For one I don't just quote rates. When a person gets me on the phone and starts asking me what the rate "is" that is a very difficult question to answer (more difficult than you'd think). Whats makes that questions so difficult to answer is that the question assumes that there is a "going" rate.

Rates change on an hour to hour basis. The more volatility present in the markets the more often we will see mid day re-pricing.

For me its not a question about "what's the rate" its more a question of what rate can I get you. I know that the two answers may seem similar at first glance, but they are not. I watch every bit of economic data that is released on a daily, weekly, and monthly basis. I watch the stock markets and the bond market on an hourly basis. I pay close attention to trends taking place in the markets and I advise accordingly.

I will begin working on a loan file without locking if I know based on economic indicators that something key is going to take place in the week that will most likely cause mortgage rates to dip. Also if there aer indicating factors present that suggest that rates will rise I will advise accordingly and lock the loan.

What makes me different is that I am not just here to make a commission. I am not going to advise that one of my clients make a move that is not in their best interest just because I want "to get it in for the month".

What makes me different is that I will watch the markets closely with my clients best interest in mind and get them the best deal that I possibly can.

What makes me differentis that I disclose everything up front and my fee does not change.

What makes me different is that I hold myself legally and financially accountable (in writing/Notarized).

What makes me differentis that I give quick answers. I don't sugar coat anything for anyone. I know a lot of LO's who out of fear of the "Realtor" or real estate sales person avoid having a conversation that needs to be had. If a referral is sent to me and the person is not approved I call up the referral source and let them know right away that the deal can't be done.

what makes me different is that when I have a person referred to me who is incapable of obtaining financing, I let them know what they need to do in order to improve their situation and I make myself available on my off time to assist them in getting what needs to be done done so that they can improve their situation, free up some cash, and ultimately qualify for home financing. I help people realize their dreams!

I love AR and the community. You guys aer great, and I love the platform. Whether it be through referrals or advice AR has helped me improve my business and my practices. I have gotten many great and inspiring ideas from many of you!

My thanks go out to all of you!

What I would like to know though is how to get more associations. I am just not sure how the whole asscoiation thing works. I currently have 11 associates but I have associated myself with many more people than that.

I understand that there may be some sort of action required from intended associate, such as accepting my association request. The thing that I have noticed that has really confused me is that out of the 11 associates that I have a couple of them just added tehmselves to my list without any action on my part.

Larry Ellis for instance is a great appraiser. I have done business with him once before and we are working together again right now (he is seeing a home for me tomorrow). Larry added me and without any participation on my end her is now my associate.

This has happened on 2 occasions and I am at a loss. It seems that I cannot just add anyone that I want to. Please fill me in on the association puzzle... Thanks!

Rates are low. low, low!

Rates are low, as low as they were in 2004 when I began my career. Refinance applications are up and so we (company and I) decided to start purchasing leads. Wow, what a shift in gear working Internet leads is from working referrals.

Sleazy sales tactics...

Is what I am up against. The thing with Internet leads is that most people shopping on the Internet have filled several forms with several "Comparison Shops" like Lowermybills.com and Lendingtree.com.

I am not really enjoying the quality of these leads as I have noticed that while the sneaky lender's out there low-ball their prospects, those same prospects low ball other LO's. Here's what I mean; if I quote someone a 5%, they will take that 5% and shop everyone else who is contacting them from the web.

That 5% may not be locked in, and rates may shift slighty to and fro. They may find someone offering a 4.75% a day or two later and think that they are getting a better deal with that company.

Loyalty VS. Internet leads...

People shopping on the Internet for a mortgage will often times go with whomever offers the lowest rate and fee. Unfortunately, many people do not understand that we all get the same rate's and fees. There are slight variations depending on which lender We take the loan to, but we all have the exact same products and pricing available to us.

I like the Internet leads because the "more looks" the better. Still they are not my primary source and never will be. I like to work with level-headed people who want to work with a recommended professional. It seems with Internet leads, no matter what a person is offered the next guy will offer something lower, no matter what... Even if it does not really exist. Many predatory individual's in this business see it as a great way to get people "on board" and once they are on board, committed, and appraisal is paid for they beat them over the head with details and so called "facts" that make the increase in rate and fee at the closing table the borrower's fault when in fact it is their fault for not properly disclosing.

I won't Lie...

To my clients or to my prospects and that makes competing on these Internet leads very difficult. Still, I'd rather keep my integrity and work with those whom want to work with me based on my merit and SterlingReputation. I'd rather someone come to me by recommendation because they want to be treated right and they now that I will take care of their needs, not because they think that I may be able to beat their neighbor by and 1/8th of a point of interest. Truthfully, I may be able to quote someone a rate and one hour later I may be able to quote them an 1/8th of a point higher or lower. By then they may be getting a quote from another company that is an 1/8th of a point lower.

I love this business...

But I hate the way that it is advertised, it is such a commodity. It's as though people do not respect our profession and they believe that everyone can do exactly the same thing. My service is not identical to my neighbors and my neighbors is not identical to mine.

I have begun something new at work and it is working great. I have begun writing my goals for the week and posting them up on the wall by my desk. This week I had 7 immediate goals and as of today I have accomplished 5 of them. We all have our daily tasks and it is easy to forget very important things that we need to get done.

Committment the goals... Read More

The State of the City of Plattsburgh:

I've really come to fall in love with the real estate that I have come across in the Adirondacks. I live in Plattsburgh, NY near the tip of the Adirondacks. I am from the area originally, I moved away for a while to get some experience behind me. The only real draw-back to Plattsburgh is that the demographic is... Read More

This of course came as a shock to my colleagues and I as we are putting up near refi-boom level numbers. Still I guess I can see the evidence of it as more and more of my competitors shut their doors and call it a wrap. It just seems that as they leave we get more business so the decline has been less obvious to us. I do not want to be the first the let the worm out of the can...but we may just be in a declining market, even if only slightly. Of course its not all bad, it is another chance to revitalize and regrow!

I am in a unique position as a Mortgage Professional. I have the privelage of preview hundreds of pieces of property just as or before they go on the market. One in particular property caught my eye recently as I was perusing the listings of one of my partners listings. John Murphy of http://www.northcountryrealty.com/ has listed a fantastic 4-plex that used... Read More

This property has inspired a lot of interest, but is still on the market fortunately enough for the lucky individual who makes and attractive profit or lovely home out of it. At one time this building was a Single Family Home with and Art Gallery. Read the above article for full details.

I'm Psyched! I just got another Real Estate Firm on board to do a portion of their marketing with me. I guess that it's not a hard sale to get a Realtor to work with me on this project because I am giving hard hitting marketing away for free. Free and I know first hand that many people, especially business people run the other way when they hear that... Read More

This is only the tip of the ice-burgh though. I am working on some marketing that I will be rolling out soon that will be highly beneficial my my Realtor Partner's. Specifically, although I depend on the reciprocation to continue this type of marketing many of the Realtor's whom I work with locally have been very generous and appreciative of the sales that I helped them make directly.

I do respect and appreciate loyalty, actually I really appreciate loyalty when coming from a Realtor and I extend the same courteousy. However I also feel that if the Mortgage Professional that you are working with is not having a significant advantageous impact on your annual Bottom Line then you need to be having a talk with another Loan Guy... If you live in New york State, Rhode Island, or Massachusetts you need to be talking to me!

Regarding their recent decision to purchase Countrywide, America's largest home lender.

There has been much speculation on the topic for good reason. Countywide is a very large financial insitution. If it were to collapse it would be a large chunk of the economy down with it. More than 7% of Cw's Loans are in default.

Personally, I am satisfied with... Read More

I know that the subject has been beaten to death, but it should be. This is one of those things that affects us all! Please let me know your opinion on the subject.