NAMBCentral May 2022

The Magazine for the National Association of Mortgage Brokers MAY 2022

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Relationships. Reliability. Results.

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editrix

BY JILLY MacDOWELL

Open the Rolodex A few issues ago, NC contributor Ron Vaimberg referred to the current real estate market as a perfect storm – that is, the treacherous combination of rising costs and shrinking inventory. In short, it’s hard out here for a mortgage broker.

In his column this month, Ron urges the LO in a slump to look critically at their business behavior. He suggests education, training, skill-building. A different market calls for a different tactic.

contents MAY 2022

~ IN THIS ISSUE Progress at LRC... 4

by Linda McCoy

Success Strategies... 6

by Ron Vaimberg

Seven Powerful Daily Habits... 8

by Jilly MacDowell

Prez Says... 10 compiled by NAMB Staff

Closing Statements... 13

May I suggest one? It’s at your fingertips. It’s your contact list – specifically your oldest contacts.

I recently relocated to Philadelphia, where I lived in the late 80s and 90s. A big reason I bought a house in Philly was to reconnect with my old friends. In recent years living at the shore, I had a hard time making new friends and got sick of doing everything alone.

I’ve been reaching out every few days to another local contact in my phone (and some via social media).

Every one thus far has been enthusiastic and available!

Several of my friends expressed a similar sentiment: It was a real shot in the arm to reconnect out of the blue, that simply by reminiscing with someone about a shared time long before COVID, brutal politics, many wars, the crash of 2008, even Y2K, restored hope, sparked creativity and induced serious belly laughs.

I realize this is not exactly like landing a new client, but is it really that different? There will be some who I contact that blow me off, some who text “When the hell are we getting together?!?!” for literal years, and some who instantly make a date with me! In two weeks, I’ve had two lunches, two dinners, and a concert date (Sleaford Mods)!

I guess the point is, I had a problem, I took action, and the results are pretty good. Does it qualify me to give advice? Maybe not, but I did on page 8. Also in the issue, lots from NAMB president Linda McCoy. NC

PHOTO BY HUNTER HIGGINBOTHAM AT LRC 2022.

The National Association of Mortgage Brokers is the voice of the mortgage industry, representing the interests of mortgage professionals and homebuyers since 1973.

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NAMB STAFF SALES:

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COVER PHOTO BY KRYSTAL BLACK ON UNSPLASH.

May 2022

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LOOKING BACK AT LRC

BY LINDA McCOY, CRMS

LRC in Review The 2022 NAMB Legislative and Regulatory Conference (aka LRC, aka the Ledge) was a huge success this year! It was packed with great speakers, panels and very well attended as the first live event in years for so many.

How often do you get to go to Capitol Hill for Lobby Day and get a bill that you’ve been laboring on for years dropped while you are there? I’ve been going for more than a dozen years and this was a first for me!

How exciting!

Our Trigger Bill has a number now, HR #7661. It is a big win for NAMB (read more below) but we cannot stop there. We need you to call your congressman and ask them to co-sponsor this bi-partisan bill. Our job is not finished until our bill passes or is appended to another bill that does pass. We want to thank our lobbyist The Williams Group and Representative Ritchie Torres (D-NY) for getting this bill moving forward for NAMB!

NAMB placed its full support behind H.R. 7661 Trigger Leads Abatement Act of 2022, an amendment to the Fair Credit Reporting Act prohibiting the creation & sale of trigger leads.

What is a “trigger lead?” When a consumer applies for a mortgage purchase or refinance transaction, their credit inquiry triggers the credit bureau that the consumer is interested in applying for financing.

This lead is then sold by the credit bureau to data brokers who create confusion for the borrower.

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March 2022 May 2022

NAMB’s Executive Committee started off early in DC, attending the 2022 Five Star Government Forum and the Diversity and Inclusion Symposium, which proved to be very beneficial. We spent time networking with other groups that have many of the same goals and ideas for improving the industry that NAMB does. We made plans to reach out and work together on important issues soon.

We were a little concerned about how our Lobby Day would go with COVID rules in place, having to be escorted by someone from our congressman’s offices upon arrival. But the Capitol police helped make it a very pleasant day of lobbying.

Once we were inside, we were free to walk the halls, and were received enthusiastically by all our congressmen. They all seemed very favorable to our issues.

We ended our long weekend in DC with an auction, raising more than $40,000 for NAMB PAC! (NAMB PAC has the $99 a Month Club. Just let me or anyone on the NAMB Board know you are interested.)

We hope you‘ll join us in DC next year when we’ll be celebrating FIFTY years as the National Association of Mortgage Brokers! Help us make 2023 an even better year. It is an experience you will never forget. NC Linda is NAMB’s President and CEO of Mortgage Team 1, Inc., in Mobile, Alabama. She can be reached at linda.mccoy@namb.org.

NAMB believes contacting the consumer during the complex mortgage process is harmful & opens up the possibilities of fraud & deception. The Trigger Leads Act gives the consumer control of their personal information.

The amendment was introduced by Representative Ritchie Torres (D-NY, pictured), and then referred to the Committee on Financial Services.

“We applaud Rep. Torres and his congressional colleagues for introducing H.R. 7661 to deliver much needed relief to the mortgage marketplace,” said Linda McCoy. “NAMB worked to support members of Congress on this critical legislation and today we celebrate these efforts to end a practice that placed undue strain on consumers, mortgage professionals and the entire marketplace.”

Success STRATEGIES

BY RON VAIMBERG

You Are Not in the Mortgage Business For the first time in housing history we have: · Rising inflation · Rising mortgage rates · Rising home prices · Little to no available inventory In a normal housing market (if we even know what a “normal” market looks like anymore), the top three forces would create the pressure necessary for the housing market to correct itself and save a lot of loan officer careers.

But in today’s market, these forces have limited ability to impact the market because demand far outweighs supply. Even with higher rates, pressure on home prices and affordability remains strong.

What does this all mean for originators?

Many are asking themselves, how do I get business?

That’s the wrong question.

The question you need to ask is, how do I take advantage of what typical & average originators don’t know how to do, or are unwilling to do?

The answers to this question open up a tremendous amount of opportunity for the originator who is willing to follow through on the answers. People are buying and selling real estate. Transactions are happening. You may need more referral sources to succeed today, but that is where huge opportunity exists.

Typical & average originators are looking for the silver bullet that will instantly win over agents and referral partners. We know that’s not how it works. There are skills and actions that must be mastered to be effective. Many LOs are unwilling to do the two steps to “magically” increase production in a challenging market.

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“You don’t have to reinvent the wheel – you just have to understand how the wheel works.”

The first step is getting real with yourself and asking what skills you need to become super-effective at marketing yourself to referral partners.

The second, bigger step is taking the time needed to master the answers to the first step, and then put them into action.

We have all heard that success leaves clues. Winning relationships is not rocket science. You don’t have to reinvent the wheel –– you just have to understand how the wheel works. Whether it’s mastering the skills to get noticed, securing an agent appointment or knowing exactly what to ask in your meeting to win the relationship, answers are available and learnable.

The challenge I put forth to clients all the time is: Are you willing to put in the effort to learn and execute on these answers? Remember, training does nothing to grow your business if you don’t practice and take action. Surgeons learn and practice diligently before ever operating on a live person. Athletes, to be the best, learn the plays, develop their personal skills, and practice the plays to make sure they can execute.

Why is it that most people in sales will never put in the time and effort to be great at sales?

Typical & average originators believe they are in the mortgage business. You must understand that you are not in the mortgage business. You are in the marketing and selling business. Mortgage is your product and service. You can know all there is to know about mortgages, but if you have no prospects or clients, you don’t have a business.

Learn, practice and execute on your business, and you never again will worry about where your business will come from because you will always be out there finding it. NC An in-demand trainer and coach in the mortgage industry, Ron Vaimberg’s high-performance marketing, sales and leadership strategies are easy to implement and produce returns rapidly. Email Ron@RonVaimberg.com, call 877-582-3865, or visit RonVaimberg.com.

PLEASE, HELP Yourself

BY JILLY MacDOWELL

The Magnificent Seven I’m not a certified life coach but I’ve run a diner, a newspaper and a 9000SF 6.5 acre villa, so I have a pretty firm grasp on management and organization.

This simple, doable menu of daily habits, distilled from wildly varying life experiences and the social media content many of us turned to through the pandemic, covers the bases.

1. Make your bed.

If your good habit list doesn’t include this, throw it out.

Making your bed is literally life-changing. It’s hard to explain – ask your friends. Or take it from U.S. Navy SEAL Admiral William H. McRaven, whose commencement speech for the University of Texas at Austin graduating class of 2014 began, “If you want to change the world, make your bed.”

Here’s how it works: It’s a moment of zen. It says, “Nothing is so urgent that I can’t take LESS THAN ONE MINUTE to prepare my sleeping quarters for this evening.” Making your bed whispers, “Be cool, tiger.”

It’s a little pat on the back for setting yourself up for later, or as McRaven says, “Start your day with a task completed.” Making your bed is to the evening what stopping to get gas is to the morning.

2. Drink a full glass of water before coffee. Or anything.

We’re drinking a lot of H20 via influencer watermarketing and the booming sparkling water industry these days, so we’re hydrating better as a culture.

But are you starting the day with water? Rehydrate after a night’s sleep with an agua grande, 8-16 ounces.

Dozens of benefits lay in this single habit; how about the brain as a motivator? It’s 85 percent water!

As “Brain Coach” Glenn Berger, PhD, explains, “The longest period of time we go without water is when we sleep. So, when we wake up, we’re dehydrated. This makes it harder for us to pay attention, remember stuff, and figure out how long it will take to get to the office.” That’s the fog you think coffee is clearing. Make it water, then coffee. Your brain will work better.

3. Make lists.

Hear me out: Write things on paper. With a pen. Still works! Doesn’t require a charger or a password! Apps 8

May 2022

are cool & syncing is... a thing, but there is just something grounding about a notebook.

You don’t need a YouTube tutorial to do this. Just get a pen, a nice fancy one because you deserve it, and a notebook. It’ll come naturally. Cross things off when you do them. Enjoy your accomplishments.

4. Sweat or at least breathe heavy.

Try to break a sweat every day. It’s easier than you think -- the more out of shape you are the faster it happens! Ten each push-ups, sit-ups & jumping jacks should do it. “Attach” this to another habit (i.e., while you wait for the shower to heat up, at the first commercial break on “Better Call Saul”).

There is no excuse. Jump ropes are $9. But equipment is not necessary. Options: Walk down & up from your basement 10 times, dance to fast songs, garden vigorously. Or stream literally any mode imaginable – like mat pilates. You’ll work up a sweat lying down! Hmm...

5. Eat something green.

Surely you’ve heard. If eating plants isn’t your thing, there are tablets (Balance of Nature, 8Green), chocolatey powders (Aloha, Amazing Grass), even gummies (Goli). It’s not the same as fresh veg, but it’s a start.

6. Master the nap.

If you’re drowsy and time permits, a nap beats a cold brew every time. Snap out of it with a deliberately short siesta!

The rules are simple: Get horizontal. Set an alarm for 26 minutes. (Because of our bodies’ natural sleep rhythms you should avoid sleeping longer to wake up rejuvenated and not groggy.) An eye mask will help.

It may not always happen. If you’re lying there getting annoyed at how you’re not napping, just try again tomorrow. But if you’ve ever had a yawn attack after lunch, meaning a series of full body yawns, that‘s your nap alarm!

Research shows that pilots who take a “NASA nap” in flight perform 34% better and are 54% more alert.

Expect renewed alertness, concentration and mood.

7. Say something kind to yourself.

Stop beating yourself up. More than likely, you’re doing your best. If you’re not, look at why & make one change. Don’t suffer in silence. Don’t do nothing. Take action. You’re an ever-evolving human in an absolutely insane world. You can do it. NC

Prez SAYS

NAMB’S LINDA McCOY IN THE PRESS

What do you think our industry and our clients’ needs will look like in 2030?

The only thing that is ever consistent is change. That said, we are always going to need brokers and, no matter how much technology changes the way we do business, there will never be a time when people are not an important part of our industry.

We will always have clients coming to us, needing help with navigating the system and asking us to guide them through the process to achieve their dream. No matter how efficient technology becomes, the human touch and connection part of our business will not ever completely disappear.

I believe this is because people innately need other people. A completely technical process with something so life-changing and important cannot be done solely by tapping a keyboard.

Our procedures will alter as technology advances but the smile and the handshake will never go out of style.”

This is an excerpt from an interview with Laura Brandao, Mortgage Women Magazine. nationalmortgageprofessional.com

Why should brokers be members of NAMB? We fight for you in D.C. That’s one thing. Then they’ve got education. I joined NAMB because of the education. I feel like our education is the the best in the industry and we just keep adding to it every day.

But we need new, young leaders coming in. We have an extensive training program, NAMB Future Leaders, so when they do get there, they’re going to be able to lead. NC This is an excerpt from an interview with Jim Davis, Editor, Residential Edition, scotsmanguide.com.

10 May 2022

OCT 7-10, 2022 CAESARS LAS VEGAS

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May 2022

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THANK YOU TO OUR

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Closing STATEMENTS

Email magazine@namb.org to showcase your company.

Adaptive Automation, Direct to the Consumer Consumer desires, requirements and expectations are continuously shifting, and lenders must continue to adapt to customer needs. As customers prefer to complete their mortgage loans from their own homes, they seek lenders who provide the services, programs, and tools to make that easy.

Speak to a mortgage professional about the future of the mortgage industry, and automation and efficiency will be at the forefront of focus. A simpler and automated approach is one of the many trends creating opportunities to meet customer needs.

When mortgage providers rely on manual tasks, it results in slow and inefficient processing. As the industry shifts towards greater automation of the mortgage process, lenders should prepare to add non-QM products by being knowledgeable about what technology they need to implement.

At Acra Lending, technology is the backbone of success for both their business partners and borrowers. The company invests in the latest technology and the industry’s best people to provide a smooth experience that is not only efficient, but fast.

Acra offers automated programs such Product, Pricing & Eligibility (“PPE”), enabling traditional agency originators to become more quickly competent in qualifying borrowers for non-QM loans.

This creates a customer experience showcasing ease, access, and consistency. NC To learn more about Acra Lending and their continuous focus on technology and customer service, visit acralending.com

May 2022

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