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April 14, 2010 - "News You Can Use" Having trouble reading this document? Download on-line at http://quick-start.net/mortgageprofessional.htm |
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NEWS FLASH!! HUD/FHA Provides Long Awaited Guidance on Broker Approval.
As we reported earlier, HUD was abolishing the "Mini-Eagle", effective January 1, 2010. For the intervening months, the industry waffled as wholesalers were unwilling to accept broker transactions without further guidance from HUD. Effective 4/14/2010, those guidelines were released. From this point forward brokers are supposed to sign up with wholesalers to originate FHA loans in the same way that the industry currently allows brokers to originate conventional business. The full details can be viewed on our site www.mortgagemanuals.com/FHARequirements.htm Executive Summary: Mortgagee Approval - Net worth increases to
$1,000,000 plus 1% of volume over $25,000,000. Increasing to $2.5 MM by
2003. TPO - Broker Approval - Brokers (referred to as
TPO - third party originators) are handled through Sponsor directly - NO
FHA guidance as to approval standards, but must meet all FHA criteria TPO - May No Longer Table Fund - Effective 1/1/2010 |
SAFE ACT Training - NMLS Approved
Loan Officer/Processor Training - Books, Manuals and on-line Training - 2009 Versions Now Available!
Production Managers - FREE Training Site for basic introductory information
Looking for Lending Policies and Procedures?Complete customizable templates
Red Flag ID Theft Program Required by 5/1/09
OnlineLO - Engage web customers to get them to apply online
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Are You Pushing Your Customers Away? - The Rules of Engagement
Despite the amount of money mortgage companies, banks and credit unions spend on the development of web sites, many of these firms seem oblivious to any measure of effectiveness. If a customer fills out the "please contact me later" form on the company's site, that is considered a measure of effectiveness. But the reality is that only 7.3% of all applicants actually complete their mortgage application online. Which is too bad. Based on a 2007 survey by Deloitte, 61% of customers who had a positive web application experience highly recommended their lender. Compare that to only 41% of telephone customers.
The key is engagement. In the same way that the live loan originator wins a customer by developing rapport, the longer a customer stays with a web loan officer, the more likely he or she is to apply. In this context, if you were shopping for mortgage information, what would you do if the only information the site yielded was a set of interest rates, and a static form requesting personal information to be "pre-qualified"? In a survey of 910 mortgage or banking sites, following the "get more information" link resulted in a static application form (or a simple contact form) 903 times.
We know this about Web customers:
Web customers don't want to fill out a form and have someone get back to them. Web customers resent being given rate information, and then being told that the information doesn't apply to them Web customers would rather NOT talk to a loan originator. Unfortunately, this is their only alternative 99.4% of the time. UNLESS you have a tool for engagement.
Engaging a customer means answering the 5 questions every borrower asks:
What's the payment? How much can I afford? What are the closing costs? What types of loans are best for me? Giving a borrower this information, without creating an obligation to apply, creates a web borrower who completes the application online within 24 hours (16% of visits), or returns at least 6 times and completes an application (61% of visits).
For a demonstration of a product that will do this for you, visit www.onlinelo.com and see the virtual loan originator.
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QuickStart Quality Control Systems and Mortgage Training Programs 1 Research Court, Suite 450 Rockville, MD 20850 301-738-7031 - Office 877-91-TRAIN - Toll Free 877-729-4033 - Fax
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