Winning the hearts of those you seek to do business with
- Be memorable
- Be authentic
- Reconnect sooner than later
- Get a second date
- Show up on time
- Be polite and persistent
*there is no transcript for today’s episode.
The Courtship of Sales
Make the Call the Day Before
Communication avoids misgivings and surprises…
Norcom has a business model that will fit YOUR business model…especially after HECM changes begin October 2nd.
About John Luddy: John has trained reverse mortgage professionals how to be successful when sitting face-to-face at the kitchen table with prospective HECM borrowers. Norcom is looking for qualified loan officer candidates. To learn more call 1-860-507-2582 or email John Luddy here
HECM Challenges: Less Money-Higher Costs?
The good & the bad from recent HECM changes
Sudden industry product changes are always coupled with challenges. Reverse mortgage professionals are seeing first-hand the impacts that HUD’s October surprise will have on borrowers seeking to refinance and payoff their mortgage and those seeking to purchase a home with a HECM.
For several weeks on this show, we’ve run down several short and long-term consequences of HUD’s reduced lending ratios, the returns of origination fees, and new insurance premium pricing. Today we are going to look at two scenarios- the borrower with a higher mortgage balance and a HECM for Purchase scenario.
Despite the financial assessment, several borrowers who would meet the guidelines are seeking to eliminate an existing mortgage who still have a nearly 50% existing loan-to-value ratio. In this example, we have a 72-year-old single borrower with a home valued at $375,000 and an outstanding mortgage balance of $175,000 being well under 50% of the home’s present value. Prior to October 2nd, this individual would only need to come in with $125 at closing after the lender credited or waived the origination fee. However, that same borrower would need to come in with over
How to travel like a pro
7 Smart Business Travel Tips
Business travel. It can be a nightmare or smooth sailing depending on your level of preparation. Here are some fantastic tips you can use for any business trip- perhaps as you pack for NRMLA’s Annual meeting in San Francisco.
1. Install the application for the airlines you typically use. Their are many advantages in doing this such as receiving instant notifications of flight delays or changes, and digital boarding passes. You may want to print a boarding pass just in case your phone goes on the fritz when you arrive at the gate.
2. Invest in TSA pre-check. Time is money but when it comes to business travel avoiding the cattle call and chaos that security screening has become is a must. You can apply online for either a TSA…
–Download the video transcript here.
NRMLA 2017: Your Co-Creation Destination
Top ten ways to maximize your NRMLA Convention experience
Continue readingThe Truth About Recent HECM Changes
What nuggets of truth can we glean from the most recent HECM reforms?
Continue reading7 Types of Conference Attendees
Watch and see if you recognize anyone you’ve seen at a recent business conference or convention.
Continue readingOctober Top 100 HECM Lenders Report
Download your October 2017 Top 100 Retail HECM Lenders Report Here.
This Report Does Not Include Broker or TPO Data
This report was compiled from data courtesy of Reverse Market Insight.
HECM Changes May Have Helped Close the “Credibility Gap”
Further compounding this general skepticism are products whose unique features are highly advantageous leading many to say ‘if it sounds too good to be true, it probably is’.
Continue readingHECM Changes & Impacts on Line of Credit Growth
HECM ‘line of credit’ growth still beneficial but more realistic
Recent changes to the Home Equity Conversion Mortgage enacted on October 2nd have reduced the ongoing FHA insurance premium substantially and led to many lenders reducing their loan margins to soften the blow of reducing lending ratios or PLF factors. What can be easily overlooked is the impact on the line of credit growth rate.
For decades the growth rate of the reverse mortgage’s principal limit, or ‘line of credit’ was largely ignored or overlooked. Few promoted this distinctive benefit unlike any other mortgage loan offered to homeowners. That changed as reverse mortgage professionals began to engage the financial planning community. The benefits of the reverse mortgage’s use in retirement, and more specifically a series of academic papers illustrated the ‘standby’ reverse mortgage strategy.
With lenders lowering margins by an average of a half of one-percent to soften the blow of reduced lending ratios, and drastically reduced ongoing MIP insurance premium rate the growth rate stands to be reduced by…
… Download the video transcript here.
