lykken on leadership
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individuals knocking the cover off the ball with social media: Scott Hudspeth using Facebook (go to https://www.facebook.com/scotthu dspethMI) is having great success connecting with the real estate community in the markets he serves and beyond. Scott is following Carl White’s methodology and has dramatically increased his presence in his market and well beyond.
more conservative financial community or someone you hope will consider using you for their next real estate financing needs, you may want to reconsider what you are communicating about yourself when posting some of those moments and pictures of you letting you hair down while Los Vegas.
2. Secondly, consider what it is that you want your social media community to know One of my favorite stories is about a about you loan originator who I met (who has asked that his name not to be used), who lives in one part of the country and was nominated as the “Loan Originator of the Year” by the Realtors Association in a large metro area located nearly 1,000 miles away. This individual became so effective at creating a virtual presence, that the Realtors who gave him the award had no idea that he was not from their area. He had to discretely fly in to accept the award. We discussed another example of this on my May 7, 2012 radio broadcast where we focused on social media (you can listen to that broadcast by going to http://www.blogtalkradio.com/lykk en-on-lending/2012/05/07/lykkenon-lending—weekly-mortgagemarket-update). Carl White was my guest on that broadcast and he told the story of an American citizen living in Europe working from there as a loan originator having amazing success originating loans in the USA.
New LPS Applied If you are not aware of the various Analytics Offering Targets options you can select when making a More Effective Loss post on your favorite social media Mitigation site, I would recommend you take a few moments to review those options by going through one of the many free online training courses. Write to me if you want my recommendations. Even for those of you who know about these options, it may be a good idea to refresh your memory as to the options. In closing, I would love to add you to my Facebook community as well as get connected via LinkedIn. To do so, search my name “David Lykken” in both of these social media sites. I will be posting updates, important messages and updates that will help you in using social media more effectively. David Lykken is president of mortgage strategies and managing partner with Mortgage Banking Solutions. He has more than 35 years of industry experience and has garnered a national reputation, and has become a frequent guest on FOX Business News with Neil Cavuto, Stuart Varney, Liz Claman and Dave Asman with additional guest appearances on the CBS Evening News, Bloomberg TV and radio. He may be reached by phone at (512) 977-9900, ext. 10, or e-mail dlykken@mortgagebankingsolutions.com or dlykken@mbs-team.com.
Lender Processing Services Inc. (LPS) has announced that its LPS Applied Analytics division has launched the LPS Industry Lien Matching service, which allows mortgage servicers to identify a match between a first and a subordinate lien and then transport this vital data from one servicer to another, which supports co-modification efforts for subordinate liens following a firstlien modification. As part of the loan modification process, LPS Industry Lien Matching provides participating servicers with the transparency needed to identify all loans associated with a first lien, which is especially critical when a property has subordinate liens being serviced by different servicers. LPS maintains a servicing database of subordinate liens that are eligible for co-modification. Information from this database is used to match a first lien modification to a subordinate lien. When there is a match, the servicer of the second lien is notified of the firstlien modification status and is provided with the information necessary to offer a modification of the subordinate lien. “Today’s economic climate, heavily influenced by increased government
programs and regulatory oversight, has driven loan modifications and workouts to all-time highs,” said Dan Berman, president of LPS Applied Analytics. “The LPS Industry Lien Matching service offers an unprecedented ability for broad, holistic co-modification solutions across the mortgage industry.”
Pro Teck Announces New REO-to-Rental Analytics Suite
Pro Teck Valuation Services has announced the availability of a new suite of data and analytics for investors to better assess the value of turning real estateowned (REO) properties into rental housing as investments. The new REO-to-Rental Analytics Suite provides granular data and analytics on REOs, market rents and yields, market drivers and forecasts, and property information to help determine which properties would be the safest and most profitable candidates to turn into viable rental investments. “The abundance of foreclosed homes, a 35 percent decline in home values since the 2006 peak, and a strong rental market has led investors to look at REO-to-Rental as a solid investment opportunity,” said Tom O’Grady, CEO of Pro Teck Valuation Services. “We’ve seen many astute investors acquire REOs that can earn a positive rental income in the short term with a longer term exit strategy to sell for a profit when home prices appreciate. Pro Teck developed the REO-to-Rental Analytics Suite to support investors who are looking for tools to help them make informed decisions.” The REO-to-Rental Analytics Suite can help answer: What the property is currently worth; the current condition of the property and the cost of any needed repairs; expected neighborhood rents and rental yields; current neighborhood market trends (foreclosure activity, inventory, price trends, etc.); and forecasted neighborhood appreciation. “By combining all of these features, investors have the ability to identify the strongest REO-to-Rental investment opportunities and make informed, market-based decisions in one stop,” said O’Grady. “The REO-to-Rental Analytics Suite helps identify the strengths and weaknesses of a property and the local market to help make the best investment possible.”
New QC Service for Correspondent Lenders Launched by ISGN ISGN Corporation has launched a new Quality Control Service for Correspondents, a program for correspondent lenders with warehouse lines continued on page 48
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JULY 2012
Know with whom you are connected. Understand their values and post accordingly. If your community is a
with completing foreclosure referral packages. The report includes copies of the recorded mortgage, assignments and affidavits of lost assignment. “CoreLogic is committed to providing mortgage servicers the most comprehensive products and services to meet their evolving needs and challenges,” said Arlene Hyde, senior vice president of client experience at CoreLogic. “As an industry leader, we make it a priority to thoroughly understand the latest regulatory foreclosure requirements and using our access to data, technology and expertise, we provide our clients with solutions to the regulatory challenges. The Assignment Validation Report is a great example where our innovation provides an efficient solution for our clients while helping them achieve compliance.” Servicers often begin the foreclosure process when a loan becomes 90-days delinquent, which currently represents approximately seven percent of all loans according to the latest CoreLogic MarketPulse Report. The Assignment Validation Report and document collection procedure can be initiated early in the foreclosure process to identify the recorded assignment chain, and indicate where assignments may be missing. Proactively identifying items that need final completion will help to avoid delays in processing the foreclosure referral, saving time and money.
ALABAMA MORTGAGE PROFESSIONAL MAGAZINE
1. First, consider who is in your community
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NationalMortgageProfessional.com
So if you haven’t started using social media as a tool, I encourage you to do so, but be smart about it. Folks, I’ll say it again, social media works … so make social media work for you and not against you! I am convinced that it will be the primary tool by which most consumers will choose the loan originator with whom they will work with on their next real estate financing transaction. There are so many data points appearing everywhere to confirm this to be not just a wave of the future, but the way of the future for loan origination. The best part is that social media, when properly used, empowers individual originators returning the power of the relationship to the individual originator. I’ll be writing about this more next month, so be looking for next month’s article. Here are a few things you may want to consider in posting anything on social media:
The things I want to share with those closest to me is understandably different than that which I might want to share with someone with whom I am doing business or hope to be building a business relationship. It is NOT that I am suggesting you “pose” one way with one group and another way with others in your community. What I am talking about is the degree of transparency you share versus pretending (posing) to be different than who you really are. The key to establishing a meaningful connection with people is being genuine. That said, being genuine should not give occasion for you to post pictures of you doing things in Las Vegas that are contrary to the character or values of your community. This may seem like common sense, but I have wondered where the common sense is when reading some of the posts on Facebook.
new to market