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Issue 046 May 2011



— Intended 10 Yes Consequenses! Will they eliminate what is left of our industry?

16 Inflation

FEATURE ARTICLE! Fact or fiction? You decide.

Bringing Up are Realtors 58 27 What The Rear Demanding in @

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Issue 046

May 2011

Inflation: Fact or Fiction? Thomas e. jandt


pg 49


pg 49


pg 50


pg 50


pg 50

Service Providers

pg 51


10 24

Yes — Intended Consequenses! Neill Fendly NAMB Will they eliminate what's left of our industry?

Seizing Control of Your Retirement Bernie Navarro President and founder, Benworth Capital Partners Plan by investing in mortgages: Part V


What are Realtors@ Demanding in Today's Market? casey cunningham president, Xinnix Realtors seek those they know, like, and trust and who deliver results.

Association 30 National of Realtors 2010 @

Survey Results karen deis First time home buyers.



May 2011

The Fed's LO Compensation Rule: Now What? the niche report


09 34 37

from the editor's desk online lead generation

EDITORIAL / CONTENT MANAGER Kristen Moser ACCOUNTING MANAGER Shawna Ingram Advertising Director Jessica Grizzle Advertising sales Heather Bopp Production Manager Henry Suchman

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COLUMNISTS & Contributing Authors Martin Andelman Casey Cunningham Karen Deis Neill Fendly Thomas E. Jandt Victor Lund Stewart Mednick Bernie Navarro Marc Savitt Dennis Yu

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From the editor's desk

The budget seems to be the hot topic this time of year. “The” can be a reference to national, state, county, municipal, business or household. Budget is budget, and it all is in the red. Origin of the word “budget” stems from a Middle English word bowgett; roughly from 1400 to 1450. This word is a derivative of the Middle French word bougette; bouge meaning bag. The Latin origin is bulga, literally translated as bulge. Back during the 1200s to 1500s when these word roots were derived, money was coin. Coins were carried in small sacks with strings that secure the opening and these were typically tied to one’s belt or hidden in one’s pocket. Either way, a small bulge was visible. The suffix “ette” is a reference to insignificant; small. Budget is, therefore, literally translated as a small bulge of money. Over the years, the balance and retention of these coins in one’s possession is how budget evolved to be the reference to balancing the “goes into’s” and the “goes out of ’s.” The goal is to retain a “bulge;” less coin, less bulge. As ownership of the budget’s entity increases in size, the budget increases respectively. A household’s budget is miniscule in comparison to a state budget. The “bulge” on a national level is monumental and beyond, in comparison to when the word was originated six hundred years ago. Today, however, the national level, state level, county level, municipal level and even some household levels of budget is negative; not only no coin in purse, but owing coin! Beholding coin to someone without payment in the Middle Ages, resulted in many gruesome penalties; physical maiming, sexual slavery, servitude, and forced possession acquisition. To live in deficit was unacceptable and frowned upon greatly. Kingdoms, states and lordships in debt would be defeated in battle because money could not fund necessary campaigns or defenses. No such thing as credit. Fast forward to the twenty-first century and here we are; debt on every level in amounts unfathomable in relative comparison to six hundred years ago. And the punishment? Maiming, servitude and possession acquisition of this country. Our country owes to other countries. We have lost business to other countries. We fund battle campaigns against other countries we can not afford. We provide services to other countries without monetary compensation. We are in debt! However, we change the rules to keep pushing forward. The treasury simply prints more money, inflating the economy. The government pushes budget cuts over ten or more years so the budget is balanced on paper. Our debt is carried over to the next fiscal year. The reality is that we have no bulge of coin tied to the belt of our nation. We literally have no budget. We balance debt, not budget, and threaten to shut down the government over what we do not have; coin. And again, we shirk the government shut down by only shutting down the non-critical functions; state parks, research facilities, administrative functions, etc. Law enforcement, emergent care, federal courts, military, social services, disability benefits and others would remain operational. How is this a threat of shut down? Basically, the blue collar working class functions would close, but the higher educated, skilled functions would still operate. Is this a prelude to repeat the history of over throwing England as King Richard I crusades in the Middle East in the 1100s? Or the beginning of the French Revolution against Louis XVI in 1791? Or the Russian Revolution of 1917? History has many similar anecdotes that parallel the potential situation in which this country is headed. The bulge of coin is negative; actually a vacuum sucking the essence of livelihood out of our country. The standing of the political party that represents your lobbyist seems to have more clout to law-makers than the homeless veterans, foreclosed homeowner, and struggling mortgage professional. Imagine how well our country would be functioning if politicians, business owners and community leaders all operated under the basic principal of six hundred years ago: having and maintaining a proverbial bulge of coin on their belt as a mandatory requisite to holding a leadership position. We, then, would truly have a budget.


Stewart Mednick Managing Editor




Yes – Intended Consequences! Will they eliminate what is left of our industry? by Neill Fendly


s we all know the FED rule, after the recent Appellate Court ruling, goes into effect today. I have been significantly involved in this industry, working for NAMB and the Mortgage Broker for over 26 years. I spent many years, along with countless others, to turn back the first HUD proposed rule, be an industry advocate and have some grasp of the DC process. I have read the initial judge’s opinion which, in my opinion, is atrocious. Every claim made by NAIHP and NAMB was acknowledged and then dismissed in favor of the FED for the greater good. The fact that the Appellate Court upheld the judge’s decision speaks volumes about our industry. The past mortgage meltdown which devastated the entire financial industry happened on the FED’s watch and they did nothing to stop any of it. NAMB made repeated efforts over the past 2 decades to get someone’s


May 2011

attention about the lack of enforcement of the rules and regulations to no avail. I was honored to testify before congress many times on behalf of NAMB and if you look at those transcripts you will find our constant request for enforcement of the existing laws and thus, purging the crooks out of our industry. Obviously NAMB was ignored despite the fact we had nearly 38,000 members at the time and controlled well over 50% of the market. Nothing was done and instead a number of consumer oriented groups, regulators and members of congress worked on trying to pass even more regulation for the industry. I have no idea of their rational to proceed down that path when the current regulations were not being enforced. The FED was going to make someone pay and the mortgage brokers were the target. Our industry has been blamed unfairly for the entire mortgage meltdown, has become very small in numbers and has few resources. In other words, we were a very soft target ready to be skewered.

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always done business the right way. The irreparable damage that is being done to this industry by the FED rule is actually an “intended consequence” disguised as something needed for the greater good of the consumer. Again, behind closed doors, I have heard a significant number of state and federal regulators describe the happiest day of their life would be that day when they woke up to find out there were no more Mortgage Brokers left. The mortgage meltdown and the Dodd/Frank nightmare gives the FED, and state regulators, a tremendous opportunity to accomplish that goal. Again, if you look at all the above from a position of intended consequence everything falls into place and makes perfect sense. Will they eliminate what is left of our industry? No, and I say that for the following reasons. The first is this rule obviously favors big banks and retail lenders. They consider this the biggest windfall in the last 25 years and an opportunity to push out all competition and completely dominate the market. This level of

Unintended consequences - In my legislative years I learned a great deal about the thought process of regulators and the consumer advocacy groups. Our industry has long fought the battle of unintended consequences and how regulatory efforts have always significantly hurt the consumer. Unfortunately, here is reality, there are no unintended consequences which is why our argument rarely, if ever, gets any traction. Behind closed doors, all of the above mentioned will tell you that there is a significant segment of consumers who are incapable of making their own financial decisions. They think their job is to protect this populace by not allowing them access to credit. If you take this position, it all makes perfect sense. I believe the same principle of “unintended consequences” is the foundation of the FED rule. In the political circles of DC there are a large number of individuals, entities, and members of congress who think Mortgage Brokers are just a little above “pond scum” and want them gone. They lump the entire mortgage industry with the bad subprime brokers, who burned and pillaged everyone they could, with those of us who do and have

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greed and arrogance will result in a higher cost to the consumer, as monopolies inevitably do. However, this will provide Mortgage Brokers an opportunity to capture business using the wholesale models of smaller lending entities such as regional banks and smaller lenders with significantly lower cost to the borrower. The second reason is our resiliency. Mortgage Brokers will find a way to stay in business, be profitable and take advantage of the big lenders mentality. We always have and no doubt always will. Also, I believe that the situation described above, fueled by greed, will benefit brokers. When Mortgage Brokers continue to operate profitably with lower cost to the borrower, the big lenders and banks will realize they are losing business and they need to be in the game again. The wholesale model is simple. The lender invests a certain amount of money in support resources for Mortgage Brokers and thus doubling their gains with brokered fundings. I am sure that both NAIHP and NAMB will keep fighting to turn this rule around. I have known Marc Savitt for many years and he is a man of integrity who is

passionate about protecting our industry. Mike Anderson has also devoted a huge amount of time for the cause. Personally I don’t think the broker industry will prevail in this court action and if they do it will be months or more down the road. The right action is to accept reality for now and concentrate on how to operate profitably and sustain your business. I am not suggesting anyone give up the fight but rather, survive the fight, regardless of the outcome and move forward. I have heard this is the end of the Mortgage Brokers several times over the last 20 years but we have always found a way to survive, be profitable and serve our customers’ needs with great product and hands on service. I don’t think it will be any different this time. Thank you.

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Inflation Fact or Fiction? By Thomas e. jandt


hen considering the path we are on in this country with inflation rearing its ugly head in more than just the price of oil and gasoline, $4.00 a gallon for fuel just might be considered a bargain in a few years as we look back from the future. In fact, taking into account that the economy is still stumbling along with anemic growth in most industries nearly two years after the recession was officially declared over, while housing and credit across the nation has been showing signs of double dipping, I really should be thankful for how low gas prices are today relative to where they might be otherwise. If prices have risen this much in a recessionary climate, I would hate to see where prices might be if demand actually picked up for that combustible daily necessity. What I find strange is that a lot of analysts, government officials and market pundits keep promoting the idea that interest rates are going to stay low for the next couple of years. To me, this obfuscates the fact that interest rates are a result of inflation, not a cause. You would surely be satisfied to think that inflation simply does not exist if you just listened to the testimony of “Helicopter Ben� Bernanke, Treasury Secretary Timothy Geithner or any of the other

bumbling fools in government. You might also come to the same conclusion, should you be unfortunate enough to endure the opinions and assumptions made on the various business news networks by the gullible hoards of Financial Advisors and analysts that explore the topic of inflation, interest rates and monetary policy with only the alignment of their careers and fortunes guiding their advice. With current interest rates set at or near zero by the Federal Reserve for the Fed Funds Rate, Treasuries barely paying investors enough yield to pay for account maintenance fees (less than a 1 percent yield on a two year Treasury) and with a 30 year mortgage rate at under 5 percent; interest rates in and of themselves have rarely ever been lower. So, with rates at such historically low levels, how could there possibly be any other reasoning than this? Inflation is here in a big way. Inflation has already impacted the prices of almost everything we buy here in the United States and cost increases have just begun to materialize. Anecdotal evidence is everywhere and any attempts to refute that inflation is a real concern should be vehemently rejected. If inflation is not an issue like Bernanke claims, then why did I just spend that $100 filling my tank when it used to only cost $65? Look at the prices of steel, cocoa, sugar, cotton, gold, silver and every other commodity on earth that is traded in US Dollars. In fact, food inflation alone has been cited as one of the primary causes of revolutions like that in Egypt and protests in other foreign countries that are struggling to pay for these increased costs. Inflation is very real and can be very harmful to your way of life if you don’t save and invest your hard earned money into the right assets and hold your cash in currencies other than the Dollar. An increase in costs of the things you buy each day can take food off your table, gas out of your tank and can suck money out of your savings and retirement accounts. However, inflation could be leveraged to your benefit if you approach this issue positively and proactively. You

can embrace inflation, understand its cause and use this trend to improve your quality of life, put more food on your table and create more wealth and income than you ever imagined while others are struggling to exist. You just need a slight paradigm shift in your thinking about how to hold your cash and how to allocate your investments. Buying gold, silver, foreign currencies through holding foreign CDs or bonds isn’t doom and gloom, it’s just smart. The lesson to take away here is not that inflation is an insurmountable obstacle to overcome, but it can be seen as an economic condition and trend that can provide significant opportunities if you prepare accordingly. However, these opportunities don’t come without risk and navigating inflationary periods can be a bit tricky, so it’s important to stay on top of the latest data as it relates to those metrics that can be gauged that are known causes of rising prices and rising interest rates. Having recently written a newly published book dedicated to this topic called “Your Money Is Everything” (, I have done extensive research and analysis on the effects of inflation on assets, economies and currencies; so for a detailed analysis I would highly recommend you get a copy of the book as I cannot cover this comprehensively in a short article. However, I can go over some of the key factors you’ll want to keep in mind when assessing your business strategy, cash management and investment allocations, especially for those of you in the real estate and mortgage industries. First of all, it is important to note that inflation is caused by one primary action, the printing of new money by the Federal Reserve and the addition of new debt issued by the U.S. Government known as deficit spending. When you hear about quantitative easing or easy money policies (loosening) when the Fed talks, that means they’re printing money. That’s inflationary. If the government talks about raising the spending cap, going to war, providing bailout capital, welfare or other social programs, community redevelopment projects,

government loan modification programs, government backed mortgage assistance, mortgage backed security purchases, programs to benefit the public, financial support for state and local governments, as well as special purpose funding; that’s inflationary. This is all pretty straightforward. However, spending and money supply is not the only trend to watch. Another more widely known cause of inflation in prices is from a pickup in an economy, known as demand. As demand for goods and services picks up, prices tend to rise. This is important to note as the U.S. economy has recently shown small signs of improving. Although I believe the improvement in the economy data is just the result of higher prices due to currency debasement in the US Dollar, it is important to watch because if the economy truly does gain steam and you see wages and salaries begin to rise with recent price inflation, then you know you have significant, real and potentially harmful inflation ahead. The final and much more troubling inflationary pressure that could begin to appear soon is inflation induced by a weakened currency. Since over 65 percent of all US Treasuries are bought by China and Japan, it is very likely that one day if our economy continues to languish and our monetary policies stay loose, that they could decide to sell their US Dollars and flood the market with our paper. This would cause the value of the dollar to crash and send prices in all dollar denominated assets to skyrocket along with interest rates. This, of all inflationary fears, is truly the worst of them all by far because there is not fundamental improvement or change in the economy, this is merely the result of a currency imploding in on itself. This is the type of event that cause France to revolt, the Weimar Republic in Germany to collapse and has been the cause of the complete

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annihilation of entire countries. Sadly, however, the average citizen in the U.S. does not understand how inflation really works. Most people just see rising or falling interest rates and think that is a true measure of inflation and is an indication of what’s to come, but it’s not. Interest rates are a lagging indicator of inflation and rates simply adjust to the market conditions. You can see inflation coming way ahead of the actual move in nominal interest rates if you just know what to watch for. Put simply, when the Fed employs quantitative easing by flooding the market with cash, their sole intention is to create inflation, not hinder it. This is the exact reason why they have to claim there is no inflation, otherwise, they would have to stop printing money to support our economy and our economy would sputter out and roll right back into recession. The reason most people scratch their heads when the stock market moves up to recent highs while so much global turmoil and “less bad” economic data is released is probably because most individual investors don’t totally appreciate the fact that stocks are dollar denominated assets. Inflation has always been good for stock prices in the long run as more and more money is being printed and pumped into the system, asset values are going to rise. Look at Gold, Silver, Copper, Oil, Gas, Stocks and nearly every other asset; they have all surged higher over the past two years since the first quantitative easing initiative was implemented. One asset class that has not benefited from this inflation in money supply has been real estate, but there is a simple explanation to this too; supply and demand. When there is 27 percent of all home mortgages underwater, another 10 percent in foreclosure and a limited number of eligible buyers in a market flooded with inventory, there is no way to see price appreciation until that inventory is absorbed. This is going to take time and to think this issue will resolve itself quickly is a big mistake. Keep in mind that real estate might be a market based asset, but it’s not as liquid as a stock, currency or commodity. Buying a home takes good credit, verifiable income and a down payment. Plus, if you already have a hefty mortgage on a house worth a fraction of the loan amount, it might be a little difficult to buy that move-up home without paying cash because most lenders made their credit requirements much more stringent. This leaves the market with very few buyers and an extraordinary amount of supply.


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Top Flite Financial, Inc. (NMLS #4181) is a Licensed Mortgage Lender in AL (MC 20407), AR (37008), AZ (910742), CA (603-E727), CO (MB100020065), CT (19570), GA (I9468), FL (CL0700521), IA (MBK-2007-0051), IL (MB6759955), IN (ELB-000191), KS (MC0025049) KY (MB19307) LA (RML2640-0), MA (MB4924), MI (FL3326/SR1700), MN (20619001), MO (10-1792), MS (58/2008), ND (MB102066), NH (14260-MB), NM (03190), OH (MB.803839.000), OK (MB001942), OR (ML-4427), UT (6818424-MLCO), SC (MB.803839.000), TN (5735762), TX (78413), WI (600267). Top Flite Financial, Inc. is a Licensed Mortgage Broker in DE (9875), RI (20070072LB), WV (MB-23570).

If you are a real estate or mortgage professional, you know exactly how tough it can be to deal with lenders when financing a new purchase, as well as when trying to negotiate a short sale on a distressed deal. Banks were more than happy to take bailout funds from the taxpayers, but they are slow to take a loss on a short sale or fund a new purchase for a borrower with some questionable payment history. So until lenders choose to loosen up credit guidelines and relax their criteria for accepting offers on short sales and REO properties, real estate is going to be slow to recover and will likely double dip severely in the coming 12 to 24 months due to over-regulation of mortgage brokers and loan officers, tight credit, a lack of demand and an abundance of inventory, as usually happens shortly after a crisis this huge. But for those whom earn their income from real estate transactions, this should be perceived as a valuable opportunity to accelerate the growth of their business, income and career. As an investor seeking to build wealth and generate long term retirement income, this is nothing short of a life changing opportunity. You see, it is clear that the government is hell bent on printing as much money as it takes to get the economy back on track. However, until housing is back on track, the government is going to find it difficult to justify to the public that things are all better. Since over 65 percent of all Americans own a home, that is a problem that must be fixed before people feel like things are actually recovering. The only way to support this effort is for the government to try to keep mortgage rates low, which involves keeping the printing presses running. Again, this means the environment will continue to be inflationary. Artificially suppressed rates for a prolonged period will only increase “real” inflationary pressures in most other

dollar denominated assets; such as stocks, gold, silver and other commodities. So the first thing you need to do is to make sure your cash, savings and retirement investments are invested in assets that will appreciate with this increased inflationary pressure so that what you have today will increase in value along with the cost of living. As far as building a business during a weak sector cycle, such as providing mortgages or selling real estate during this slow sales periods, it is imperative to work twice as hard to build your business and make sure customer service and frequent customer contact is made so that when things do get better, you will be the first call they make when considering a real estate transaction. Your closing ratios will drop and your profit margins might be squeezed with new regulations in the industry (that seems bound and determined to make the mortgage broker and independent loan officer extinct) but keep the faith, keep moving forward and stay positive. In the end, maybe years from now, it will all be worthwhile. Now, if you are an investor in real estate, this should be seen as the best years in history for you to accumulate wealth and generate extraordinary income. Due to the supply in the market and weak demand, you will be acquiring income producing assets at incredibly low prices, financed with historically low rates. When things finally do turn positive, whenever and wherever that may be, prices will trend higher but financing costs will stay at that low fixed rate until the mortgage is completely paid off. Due to the value of being able to leverage your investments with most lenders allowing up to 10 investment properties to be financed, you can take $500,000 and turn that into over $2,500,000 in net equity, generating over $20,000 a month in cash flow within 15 years through an astute real estate investment strategy. And you can do this is if real estate does not move up at all! If real estate is lower in 15 years from now, then you might have a little less than that but the free cash flow is still yours for life! Plus, in the 16th year, you will be 100 percent debt free if you finance these properties through a 15 year fixed rate mortgage instead of a 30 year fixed! What other asset class can do this for you? I call this the “Income for Life Strategy” and in my opinion, it is the easiest to understand and is extremely conservative relative to other fixed income investment alternatives.

A Quick & Simple Breakdown of the “Income for Life Strategy” is as follows: Market Price of Rental Property (Single Family Residence, 3 Bed, 2 Bath Min.)

<$250,000 Max List Price

Purchase Price (Offer 20% below market price)

$200,000 Purchase Price

Down Payment on Purchase (20% Down)

$40,000 Cash Down

15 Yr. Fixed Rate Loanc @ 3.93% APR to 5.25% APR

$1,164 to $1,276/ Month

(Rates vary based on credit quality and O/O or NOO)

Avg. Rent Rolls in Target Areas

$1,800 a Month

(Riverside County, San Bernardino County, Orange County & San Diego County)

Taxes, Insurance, Maintenance and Management Costs

$430 a Month

Total Monthly Cost of Ownership

$1,594 – $1,706 / Month

Monthly Free Cash Flow

$206 – 94

Annual Free Cash Flow

$2,472 - $1,128

Annual Return on Investment ($40,000 down payment)

6.18% - 2.82% ROI

Comparables for Yield Investors U.S. Treasury 10 Year Fixed Rate @ Par Value U.S. Treasury 30 Year Fixed Rate @ Par Value Municipal Bonds 15 Year Term @ Par Value

3.625% Annual Yield 4.75% Annual Yield 4.14% Annual Yield

Result of Investment Strategy in the 16th Year with the Assumption that Real Estate Values had NO CHANGE in value and 10 Properties were Purchased: Loan Balance Property Value # Properties Total Capital Invested Average Monthly Rents (Inflation Adjusted of 1% per year) Taxes, Insurance, Maintenance & Management Costs Monthly Net Income Monthly Free Cash Flow (10 Properties) Annual Free Cash Flow Annual Income ROI Per Property

$0.00 $250,000 per property 10 $400,000 $2,070 per property $430 / Month per property $1,640 per property $16,400 $196,800 49.2% Annual Net ROI

(Based on $40,00 initial down payment)

Real Estate Portfolio Value Capital Appreciation Annual Average Capital Gain TOTAL ROI – Capital Gains Total Return (Income & Capital Gains) - 16th Year Estimate Lifetime Annual Income from R.E. Portfolio

$2,500,000 Total Value $2,100,000 Profit 35% Avg. Annual Return 525% Total Capital Gain 84.2% Total Annual ROI $196,800 Gross Income before Income Taxes


I wrote some articles back in 2006 calling for real estate to crash by 50 percent in California because I was disgusted at how high prices had gone and how impossible it was to invest in real estate and create any cash flow due to the bubble in prices. Now, you can find incredible double digit returns in real estate again, which was something I was eager to find a few short years ago. Needless to say, I am a buyer again and I am personally excited and thankful for this opportunity. Are you embracing these tough times, or are you struggling through them? You might need a checkup from the neck up! In closing, if you are in the real estate and mortgage business, or are an investor in this market, this is your shining moment. If you take advantage of the inflationary pressures building in the economy before they start showing up in actual mortgage and lending rates, you will not only be extremely successful financially, but you will have made many people wealthy and can provide them with the tools that will allow them to retire with significant income and equity in property when they retire. My business is all about creating wealth, income and above all else, financial wellness over the long term. What is more rewarding on a professional level than helping my clients create wealth and income so that they are free to enjoy life to its fullest today, as well as in retirement? All while creating a business and income stream for my clients and family? To me, that’s the epitome of Doing Well by Doing Good! And remember, “YOUR MONEY IS EVERYTHING: Earn It, Grow It, Protect It”. Don’t let anyone or anything get in between you and your goals! Thomas E. Jandt is the author of “Your Money Is Everything”, a newly published book that addresses the need for financial wellness in people’s lives. Mr. Jandt was educated at Cal Poly San Luis Obispo and is currently a licensed investment adviser, investment banking consultant, insurance and real estate professional and owns various companies in the real estate and financial services industries. To view Mr. Jandt’s complete BIO, go to www.thomasjandt. com and you can reach him at 866-635-3165 Sign up for his free newsletter at www. and, if you like to read, check out his book and tell him what you think by email at tom@!

Seizing Control of Your Retirement Plan by Investing in Mortgages: Part V

by bernie navarro

This is the fifth in a series of six articles on using your IRA to invest in non-traditional investments such as mortgages. A few years ago, I invested in a local start up bank and needed to withdrawal the money from my IRA to complete the transaction. That is when I discovered self directed IRAs. However, very few financial entities knew how to originate them. I did my research and found two companies that strictly managed self directed IRAs. I quickly became a fan of controlling my destiny and have quickly spread the word to friends, family, and business associates. I have come to appreciate the passion that some of these companies have obtained to lend through their IRAs. They, like me, love the control of managing one’s own IRA and collecting monthly checks on properties they believe in. These are some of the many reasons that individuals choose this avenue for their retirement plan investments: •


Easy to Manage: Unlike most real estate purchases, lending generally requires minimal management May 2011

once the loan is in place •

Provides Liquidity: While some LLC, Private Placement or Real Estate investments may have a long gestation period, loan payments can be structured monthly, quarterly or annually, providing cash balance that are especially important for individuals that require routine withdrawals or those facing required minimum withdrawals after reaching the age of 70.5 years.

Permits Flexibility of Terms: The IRA holder can create the terms of the note to properly reflect the amount of risk he is willing to take vs. the amount of interest that the borrower is willing to pay. For example, the down-payment or interest rate can be increased based on the strength of the borrowers financial statement or credit rating

Provides Security: Loans can be secured by first mortgages, providing the IRA recourse should the borrower default. In the unlikely event that foreclosure is required; the IRA should pay any expenses in obtaining payment or collection on the loan.




They say there’s no bad weather, just the wrong attire. Spreads are down, LO comp is a mess and buyback percentages continue to rise. Combined with the new Fannie Mae Appraisal Independence Regulations and Dodd-Frank appraisal guidelines, the mortgage storm continues to swell. To ensure that you’re protected, you need the right appraisal solution in place right now. Whether you prefer to self-manage or use an AMC, don’t settle for anything but the best. StreetLinks’ LenderPlus™ and LenderX™ appraisal management solutions are the best at ensuring compliance and appraiser independence without compromising speed or quality.

Call 1.800.778.4947 to find your StreetLinks solution today. | 1.800.778.4947


Can Result in Significant Returns: Our customers issue first mortgages from their IRAs at rates from 11.5 percent - 13.5 percent, with many charging prepayment penalties. While some clients locate their own mortgages, many rely on local companies, which will match their funds to borrowers, or will aggregate several IRAs into one mortgage.

As with all investments that you make, we would suggest that you speak to your legal and financial advisors regarding the structure of any loan that you would issue from your IRA. This process includes finding prospective qualified borrowers, note, and mortgage forms. Bernie Navarro is currently the President and founder of Benworth Capital Partners. Benworth Capital Partners are a privately funded hard equity mortgage lender. Mr. Navarro has quickly made Benworth Capital Partners the preeminent hard equity company focusing on South Florida. This has quickly earned them the right to be named the â&#x20AC;&#x153;Hard Equity Experts.â&#x20AC;?

MPC 1/4 page vertical The Niche Report Use this ad as of 03/16/11


May 2011

What are Realtors® Demanding in Today's Market? Realtors seek those they know, like, trust and who deliver results by casey cunningham


he interdependent relationship of realtors and mortgage originators has dramatically changed since late 2008. Moving forward, proposed regulatory changes look to further impact the lending process and the people operating within it. Mutual success, perhaps even professional survival, has rarely demanded realtors and mortgage originators develop such close, professional partnerships the way it does today. The real estate industry is being challenged to trust in the core competencies, knowledge, skills and professionalism of loan officers and the lending institutions that employ them. Trust, as we all know, is not easily given. It must be earned. This article explores both the broader professional skills originators must demonstrate and the specific actions realtors demand to cement a mutually beneficial relationship.

Professional Competence The era of loan officers serving as little more than “application takers” has reached its end. The dynamic pace of regulatory change, underwriting guidelines and shifting credit standards is challenging every housing industry professional and consumer. Realtors understand the level of unprecedented chaos in today’s market, and – to a certain point – have become more forgiving. This is only true; however, if the realtor is convinced loan officers have done everything within their control to properly manage the loan process.

The best way a mortgage originator can demonstrate professional excellence is to take a complete loan application. In a recent survey by XINNIX, more than 90 percent of loan officers graded themselves excellent when it came to taking a complete and thorough loan application. Yet, when asked to measure themselves against the six vital steps to take a complete loan application (detailed in the XINNIX class of the same name) the group re-evaluated their performance and the grade dropped to less than 50 percent. While these steps seem easy, completing EACH in detail is absolutely essential in today’s environment. As you work with a borrower, keep these steps in mind: 1. Prepare the customers properly a. Outline what you will need, why you will need it and most important, why it is not optional! 2. Complete all the blanks a. Residency Term – many loan officers today do not cover the required two years (a guideline standard for more than 30 years) b. Employment Term– again many loan officers today do not cover the required two years (a guideline standard for more than 30 years) c. Calculating Income Properly – a large majority of loan officers tested failed basic income calculations when asked to determine monthly base income for salaried individuals. d. Confirming Adequate Assets – one of the biggest issues lenders face with agency buybacks is the confirmation of adequate cash to close. While


lenders have adopted stricter underwriting, this continues to be problematic on the front end. e. Liabilities – loan officers must interview borrowers carefully to uncover all liabilities that will affect the loan decision. 3. Reconcile customer’s documentation – many loan officers are either not aware of or do not conduct a thorough review of the documentation provided by their borrowers a. Five items on pay stubs must be reviewed b. Four items on W-2s must be reviewed c. Eight items on bank statements and investment portfolio statements must be reviewed 4. Obtain necessary signatures a. Meet the customer in person when possible to ensure #5 is properly completed 5. Communicating next steps to the borrower a. What can the borrower expect throughout the rest of the loan process? – a crucial step in the loan application process as it sets proper expectations. A realtor has greater confidence in a loan officer who has properly prepared and informed the borrower for what to expect and manages the borrower experience effectively. 6. Organize and prepare the file for submission a. Introduce yourself to the realtor b. Follow company submission standards c. Provide a communications log to processor/ underwriter

Proactive Communications There is no such thing as too much dialogue between a loan officer, borrower and realtor. More than ever, realtors seek intelligent loan officers who serve as educators, help mitigate the risks to borrowers and deliver creative solutions to complex scenarios. Realtors are looking for leadership. Lending professionals must take a proactive role in all aspects of the lending process from setting proper borrower expectations, collecting all required documentation, taking complete and accurate loan applications to fully explaining potential risks to all parties. Consider the below situations and the best method for communicating information: SITUATION: April 18, 2011, FHA mortgage insurance premiums will rise .25 percent. COMMUNICATION: Email this deadline and supporting FHA information to realtors today and provide examples to show the impact on borrower.


May 2011

SITUATION: A lending guideline has changed, which may impact the qualification of a loan. COMMUNICATION: Call the realtor to update them on the change and what recommendations you will present to the borrower. Follow-up via e-mail the guideline change to realtors with the potential impact to all borrowers SITUATION: The appraisal identifies a valuation or repair issue. COMMUNICATION: Contact the realtor immediately, whether by text, call and/or e-mail, and give a brief description of the condition or issue and discuss solutions and/or other options. Loan officers must deliver good news fast and bad news even faster. Realtors will embrace almost any difficulty that arises from the industry turmoil, but they will not tolerate loan officers or lending institutions who add unnecessary delays, deliver cavalier customer service, or simply fail to take responsibility for operational issues within their control.

High Integrity It can never be repeated too often, but realtors seek to do business with loan officers they know, like, trust and who deliver results. Today’s industry is complex, stressful and provides all parties with the potential for ample heartache. Realtors want honesty, straight talk and professionalism. They cherish the core values of respect, candor and honesty regarding the lending process. When loan originators practice and perform with high integrity, they stand out to realtors and establish the basis for a long-term, profitable relationship. All Signs Point to Professional Reputation We have entered a new era of lending. It is one that is constantly evolving. Instead of being a burden to loan originators, the changing lending landscape can serve as a foundation to build a strong and positive professional reputation. Realtors are relying more and more on each other for recommendations, which includes the best mortgage originator to work with, and partners they can trust. Realtors today are more understanding of the intricacies and difficulties of the loan process, but they will not forgive hiccups or refer business to an originator they cannot trust. By following the steps outlined in this article and working to build professional competence, proactive communications and high integrity, mortgage originators cement profitable realtor relationships. Casey Cunningham is president of XINNIX, the leading provider of mortgage sales and leadership development programs. She can be reached at or 678-325-3501.


Is Compensation Reform Keeping You Up At Night?

Time is running out, does your company have a plan? KURT REISIG, CEO – AMERICAN PACIFIC MORTGAGE

hen the Federal Reserve and Congress started investigating, and later “fixing”, the way loan originators were compensated, it quickly sent shockwaves through the industry. Many were asking, “Now what?” The rules seemed unclear, companies were not forth-coming with their plans and employees were not sure what their next paycheck would be. All of this has resulted in sleepless nights for those in the boardroom and on the front lines. American Pacific Mortgage’s plans have been rolled out and we have been open with our employees on the changes we have made. If you want to join a mortgage branching company that is honest with its loan officers, please read the information below and consider joining our team.

WHAT DOES IT AFFECT? There are four key areas where these new rules create dramatic changes to pay methods and business practices. Negotiating Compensation: The loan officer will no longer be setting rates and fees directly; the employer will. Broker/Wholesale Channel: In addition to the originator not negotiating their compensation, the loan officer and the company will have to adhere to onerous “safe harbor rules.” Negotiating Rates and Fees: When a concession is made, it is illegal for the employer to modify the pay. Consumer Paid Compensation: Recent Fed clarification have essentially rendered consumer paid impossible to

use if the loan officer is to be paid a commission on the loan.

COMING OUT ON TOP As many sought to delay the implementation of the Dodd Frank Act

“Stay calm and be strategic.”

Rooted for


The #1 choice for the most discerning originators & branch managers

We identify threats and opportunities

—Kurt Reisig

and wait for greater clarity from the Federal Reserve. APM determined that the best defense was an offense and proactively addressed the issue and engaged its producers. In doing so its producers were able to achieve more clarity and return to originating loans faster. Our industry has proven to be adaptive and entrepreneurial in the past. We will find a way to work within these rules and honor their intent.

We provide our branches the tools and training needed to adapt

Our branch support services allow you to focus on generating revenue

With American Pacific Mortgage, you’ll have access to support and resources including: • Banking

• Client Database Marketing


• Multiple Investor Options

• Stay calm and be strategic.

• Accounting/ Payroll

• Prepare for companies to continue to adapt.

• Licensing

• Loan Processing

• Custom AMC Solution

• Employee Benefits Management

• Training

• Compliance/QC

• If you are not part of a mortgage banking outfit or your company’s plan is still unclear, consider a move to American Pacific Mortgage today. At American Pacific Mortgage we believe our job and the job of our employees and loan officers is to work hard, close loans and continue to help millions of Americans realize their dreams.

Kurt is a licensed originator, the owner of a successful originating branch; a business coach and a speaker at various mortgage industry events. He is the founder and the current CEO of a leading retail branching mortgage banking firm. More information is available on American Pacific Mortgage Corporation and its “Open Platform Retail Branching” at Comments or questions for Mr. Reisig can be sent to

• HUD Full-Eagle/ VA • Human Resources

Standing stonger then ever — growing in: CA, OR, WA, ID, NV, AZ, NM, UT, AK, CO, MT, WY 3000 Lava Ridge Court, Suite 200, Roseville, CA 95661 (866) 625-9352

National Association of Realtors® 2010 Survey Results – First Time Home Buyers By karn deis

The 2010 report called Profile of Home Buyers and Sellers 2010 is out and contains a wealth of information about first time buyers, repeat buyers, investment property, FSBO’s and you name it! However, we’ve extracted the info about first time buyers because they represent over one-half of all homes purchased last year. What has skewed the numbers (just a little) in 2010 was the extension of the first time home buyer tax credit—which was available for the first half of the year. The number of first timers who bought homes increased by 3%. Overall, you’ll find that some of the numbers have changed significantly over last year. In this white paper, we will not only share some of the more important numbers, but how you can use this information to increase your business from first time buyers. • First-Time Buyers Made up 51% of All Home Purchases


May 2011

The number of has increased 3% over last year, regionally, o o o o

56% - Northeast 51% - Midwest 46% - South 52% - West

TIP: If you don’t have a first time homebuyer marketing plan in place, using seminars, social media and printed advertising that targets this niche, you are ignoring ½ of the real estate market. • Living Arrangements Prior to Buying their First Home 75% of FTHB lived in an apartment or rented a home or condo prior to purchasing their first home. This is a 3% decrease over last year. However, 21% lived with parents prior to purchasing. This is a 3% increase—so the number pretty much remained the same. Broken down even further by single, married or unmarried o 52% Single Female o 55% Single Mail

o 67% Unmarried couples o 45% Married couples TIP: You can find a significant number of first time buyers living in apartment complexes. Use a majority of your marketing dollars to market to apartment complexes to purchase address mailing lists. • Marital Status of First Time Buyers The big change here is that the percentage of single female FTHB has decreased and the single male population has increased. o o o o

48% Married couples 12% Unmarried couples 23% Single females 15% Single Males

TIP: Since a combined 38% of FTHB are single, think about hold a First-Time Home buying seminars for “Singles Only”. They have a different motivation to buy a home versus married couples. • Median Age of First Time Buyers There was an increase of 3% in the FTHB between the ages of 24-35. This could be due to the home buyer tax credit. o 11% - age 18-24 o 56% - age 24-35 o 19% - age 35-44 TIP: A killer website and a couple of social networking sites need to be part of your overall marketing plan. About 1/3 of the info you post on your sites should be targeted towards FTHB.

• Average Income of First-Time Buyers Interesting that single women made an average of $6700 LESS than single men, but are still buying more homes. o o o o

Married Couples Income Unmarried Couples IncomeSingle Female Single Male

$71,200 $62,600 $46,100 $52,800

TIP: Consider “niching” those first time home buying seminars even further by offering a “Women Only” or “Couples only” event. • Purchase Price Range The price range that changed (from 2009) the most was the $100K to $125K range—it increased 3% o o o o o

11% - Price Range $ 75K to $100K 15% - Price Range $100K to $125K 15% - Price Range $125K to $150K 12% - Price Range $150K to $175K 8% - Price Range $175K to $200K

TIP: Some areas of the country are more affordable than others, however, based on this info, a total of 41% of FTBH purchased homes $150K and below. Check out listings in that price range and see if the sellers will offer closing cost incentives, or special financing options like FHA or USDA (if the property qualifies). • Moving Distance from Current Residence It’s the same as 2009 - FTBH move an average of 12 miles from where they are living now (that includes apartments and living with parents). TIP: If you are marketing to apartment complexes, consider the location of the complex and compare it to the housing supply (in the $150K range and below) within a 12 miles radius of the apartment complex. • Information Sources PRIOR to Buying a Home The Internet is now the primary way that FTHB do their research—with printed newspaper ads decreasing 5% over 2009. (Side note: According the NAR, the typical buyer who used the Internet is 37 years old with an income of $74,200. The typical buyer who did NOT use the internet is 57

years old, with a median income of $55,200. However the Internet used took double to time to find a home than a non-internet user.) o o o o o o

92% - Internet Search Prior to Purchase 44% - Did a Virtual Tour 35% - Newspaper Ad 43% - Open Houses 23% - Homes Magazines 8% - TV

• Internet & Social Networks This is different than the “information sources” in that 1/3 of the FTHB found both their home and their real estate agent that they ended up doing business with – online. Social networking is still a small percentage, but it did not even appear on the radar screen in 2009. o 37% - Found Home Online o 30% - Found their real estate agent online o 2% - Found home on social network TIP: In regard to the age groups who use social networking sites, 42% of people between the ages of 18-24 use social networking several times a day. 19% between ages of 25-44 use it every day. Ages 44+ use it several times a week. Suggest that you post listings on Facebook, Active Rain and use single property websites to target first time buyers. • Financing the Home Purchase You guessed it, 95% of the mortgages where fixed rates, but here’s how it breaks down o 27% - Conventional o 56% - FHA o 7% - VA o 5% - Other TIP: To set yourself apart from everyone else out there and quoting 30-year fixed rate mortgage, consider offering a 25-year fixed rate. While the payment is a little higher, the principal reduction (even after 5 years) and interest savings are significant • Source of Down Payment This is a huge change over 2009 which was 61%

from own savings and 22% from gift funds. It might be an indication that you clients are trying to get their financial house in order—pay off debts and save more money. o 74% - Own Savings o 27% - Gift Funds TIP: Brush up on your rules for gift funds as they are a little more complicated because of the tightening up of the mortgage rules. • FTBH Tenure in Home Resale You guessed it; people are planning to hold on their homes for a longer period of time than in previous years. o

3% - Plan to sell home 2-3 years after buying o 16% - Plan to sell home in 4-5 years after buying o 4% - Plan to sell home 6-7 years after buying o 14% - Plan to see home 8-10 years after buying TIP: Looks like the old adage that people sell their home within 7 years is no longer the norm. It’s the 4-5 year and 8-10 year level, which means that your marketing plan to stay in touch and connected needs to be more long term. That’s were a living-and-breathing database is worth the time and money you spend on nurturing it. Karen Deis – when in-house marketing is not enough, provides sales and marketing tools to help loan officers increase their business and make more money.

If You Know the Rules --You’ll Rule the Market! ... because it’s not about rates anymore -it’s about knowing how to get the deal closed!

7-Day Trial Subscription Mortgage Talking Points® Flyers/Email for Your Real Estate Agents Handy Charts & Checklists for you and your staff Origination & UW Rules & Regs INTERPRETED in plain language “Ask the Experts” Help Desk • 800-231-4787

online lead generation

why mortgage brokers fail on facebook


ou have heard the clamor - companies are rushing into Facebook to stake their claim and collect on untold riches. Yet very few have measurable successes and those that do in the lead generation space are even rarer. The reason is simple: people are not looking for mortgages, buying cars, or looking for a plumber when they are on Facebook. Does that mean you should not be on Facebook? The naysayers cast social media channels as a teen hangout which has no place for business. Or that it is great for a national coffee chain, but not for the little guy that has a local business. Let's talk about how you can successfully be on Facebook and what that means. First, there is no searching going on when you are on Facebook. Yes, there is a search box, but people are not typing in "30 year fixed mortgage rates." They are tying in their friends' names, using the search box as navigation. This means that you are not able to reach folks who want to refinance their home or purchase a new home loan at the time of the search. You have no idea when they are searching, but in exchange you get to


May 2011

know who is searching. On Google, you know exactly when they are looking for something-- they tell you. But you do not know who that users are, or how old they are. Do they have kids? Are they disabled veterans? Do they like luxury real estate? Your ads on Google are likely working well because you know exactly what to say at the moment they are searching. You may calculate the number of visits received, what you paid for the traffic, and how many clicks turned into viable leads. Google AdWords is a mature platform. On Facebook, you know who the user is, but cannot target them at the precise moment for when they are looking. So you are investing in awareness, much the same way that the real estate agents spread awareness through the community via door tags, lollipops, chamber of commerce meetings, direct mail, and whatever other methods. The investment will pay off over time because you could be reaching someone one week, or perhaps, even three years before they need your services. So what do you do about this?

online lead generation

Collect testimonials from your existing customers. Ideally, you would want to video them to have a glowing testimonial. You do not need anything fancy - just a simple Flip video or other recording with decent lighting. Place these testimonials on your website, marketing materials, and your Facebook page. When the prospect comes to your online presence, they will notice these testimonials and be more likely to pick up the phone to call you. The more testimonials you post, the better. Tie Facebook into your marketing efforts. Think of Facebook like your second email list - you have to build a community. This investment pays off over time. A Facebook presence does not stand alone. Rather your multiple marketing channels should reinforce each other. Do you have your Facebook page in your email signature line? How about a like box on your website? If you are not driving traffic to your Facebook page, it will not deliver any leads. Just like on the web, the mere act of putting up a site does not guarantee traffic. Run some ads. If you have not done the previous two items, Facebook advertising will be a massive

waste of money. We see so many businesses that are eager to get onto Facebook and spend thousands of dollars advertising. Little do they know, they are driving potentially viable traffic right into a brick wall. Another analogy here is flushing money down the toilet, since you are spending good money and sending users to a page that does not convince them that you are the firm they should be choosing. Consider what your site looks like from the standpoint of the consumer. Is it one of those generic looking sites with a lot of text and some stock photography? Do you get the sense there is a real human there to answer the phone? See step #1 above. Rinse and repeat. The optimization of ads is not rocket science. First, start with the targets that you want, but remember that on Facebook you are targeting interests, not keywords. What attributes identify your best customers? How old are they? Are they married, have a college degree, have a propensity to like certain brands? Whatever you do, do not just advertise targeting only adults over 18 years old. You MUST

online lead generation

choose some interest targets, if for no other reason than because users who have liked something are far more likely to like you. Then you can determine the ROI on your Facebook presence, as people will tell you they saw you on Facebook. The beauty of all this is that it does not take much money to be successful. Mostly, it is just elbow grease and some common sense. One friend I know has a simple strategy. For his San Diego brokerage, he spends a few minutes each day inviting people to his page - talking to folks on Facebook and twitter. A month after starting, he was up at 500 friends, mostly females 30 years old and older. Two months after doing this, he began to see a steady stream of leads - a couple per week. Invariably, the snowballing effort of creating influence in the community, such that when one of these users (or a friend of one of these users) needed a loan, they remembered him. No hard selling, just building relationships - that's what he told me. Do you have your Facebook page yet? How many

friends or fans do you have yet? Are you actively nurturing your presence? We are all busy people who do not have a lot of time to be fooling around on social networks. But consider this to be every bit as important as the connecting you do in real life. You're still connecting with real human beings. And it's the longerterm development of relationships that pays off, whether in the real-world community or the online community.

Dennis Yu is CEO of BlitzLocal, a firm specializing in lead gen for Fortune 500 companies as well as the neighborhood dentist, plumber, car dealer, or restaurant. You can contact him at with any questions you may have. Mr. Yu can be reached on facebook at Mr. Yu has appeared on CBS Evening News, NPR, Fox News, the LA Times, KTLA, and other media outlets to share expertise in online marketing.

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Man on the hill

NAIHP / NAMB v. Board of Governors of the Federal Reserve System by marc savitt


n March 25, 2011, the Plaintiffs (NAIHP and NAMB), filed what were thought to be their final briefs in the matter of NAIHP / NAMB v. Board of Governors of the Federal Reserve System. Even though, the two lawsuits were consolidated by the District Court, the Judge did permit the Plaintiffs to file separate briefs. Although, NAMB’s lawsuit was narrower in scope, as compared to NAIHP’s broader approach, it was important for both Plaintiffs to be arguing the same message. Therefore, I reached out to NAMB, prior to the 25th, to ensure our legal teams exchanged final briefs, before submission to the court. Both teams showed cooperation by complying with my request. Approximately, three hours after the documents were filed; I received notification from the Court Clerk’s office, that a Motion for a Temporary Restraining Order (TRO) had been filed by NAMB. This motion had not been included with other documents when the attorneys

exchanged information earlier in the day. If NAIHP had been consulted, as was our arrangement, we would have advised NAMB against it. Our thinking was, why give the Defendant (The Board of Governors of the Federal Reserve System), a second “bite at the apple.” They had made certain admissions in their answer to our suit, and might use a hearing to correct the record. Until NAMB’s motion, no hearing was planned. As is customary in this district, a Judge rules after having reviewed the original complaint, the Defendant’s answer to the complaint, and then the Plaintiff ’s final response. I made several attempts to persuade NAMB to withdraw their motion, but was unsuccessful. On Monday morning, March 28th, District Court Judge Beryl Howell granted NAMB’s motion. A few hours later, a second notification was sent from the court, this time including NAIHP in the hearing. NAIHP was prepared to stand on the record, but was now forced to argue its case with less than 24 hours notice. At 9:30 AM the following morning, the Judge called the court to order. Representing the Plaintiffs were


man on the hill Stephen Hill for NAIHP and Francis Riley for NAMB. The Defendant’s table included six attorneys, lead by a Ms. Wheatley. Also in attendance were attorneys from the Community Mortgage Bankers Project, who filed a brief in support of the Plaintiff ’s position. The hearing lasted just over 2 ½ hours. As predicted, the Fed had an opportunity to answer questions from the Judge and offer “clarifications.” The Plaintiffs argued their separate positions well, as did the attorney for the Community Mortgage Bankers Project, but I believe we lost ground, due to the Fed’s opportunity for oral argument and unique interpretation of the law. The next day, March 30th, the Judge ruled against the Plaintiffs. NAIHP held an emergency Board meeting, where it was decided to appeal the Judge’s ruling. In order to be successful on appeal, one must show the Judge committed an error. We believed the Judge made several errors, the worst being her deferring to the Fed on the question of their authority. Under section 129(l), of Truth in Lending, the very section the Fed cites as giving them the authority to promulgate this rule, the section specifically states, “High Cost Mortgage.” Our position was, the Fed was reaching well beyond high costs mortgages and therefore lacked the authority with this rule. However, the Judge disagreed. The court took the position that the section was unclear and ruled in the Fed’s favor. In our opinion, section 129(l) could not be clearer. The section’s title is High Cost Mortgages.” Several other factors lead us to believe, we might get a different answer in the upper court. An appeal was immediately filed in Circuit Court, along with a request for the rule’s implementation to be “stayed.” Around 10PM on March 31, 2011, the Court did “stay” the implementation pending further order from the court. The three Judge panel also ordered the Fed

to submit a brief with no more than 20 pages, by April 4th. In addition, the Plaintiffs were ordered to submit a combined brief, no more than 10 pages, by April 5th. At 5:15PM on April 5, 2011, the Circuit Court issued their ruling, which upheld the decision of the lower court. The Stay was lifted, allowing for the rule to be implemented. However, the appeal was allowed to move forward. As of this writing, NAMB has announced they plan to continue with the appeal. NAIHP has not yet decided on continuing with their action, because in lifting the Stay, the court gave clear indication the Plaintiffs were unlikely to prevail at trial. In addition, NAIHP discovered another opportunity to resolve this issue, which was unavailable to us, as long as we were in litigation. For more than 18 months, we warned the Fed of the consequences of this rule. Notice I did not say “unintended.” Within two days of implementation, we have witnessed rates and consumer costs increase across the board, broker shops close up and some lenders exit wholesale. Speaking on behalf of NAIHP, I can guarantee, we will continue to fight this unjustified Rule, until it’s revoked. Marc is the President of the National Association of Independent Housing Professionals. Previously, he served as the 2008-2009 President of the National Association of Mortgage Brokers. He also held the positions of NAMB’s President-elect, Vice President, Director, Chairman and Founder of the Consumer Protection Committee and was awarded NAMB’s highest honor, Broker of the Year.

Appraiser sound off

Active Listing Data Making its way into AVMs by Victor Lund


ultiple Listing Services (MLS) has heavily guarded their listing data for years restricting access to participants (Real Estate Brokers), subscribers (Real Estate Agents), and Affiliates (Appraisers). Change is on the horizon and it is going to have a tremendous impact on Automated Valuation Models (AVM) and other risk management products offered by CoreLogic and LPS. Active listing data has long been the missing piece that has deterred AVMs and other risk management products from being more accurate. Todayâ&#x20AC;&#x2122;s AVMs are powered, almost without exception, from public record data. By its very nature, the public record data is only as comprehensive, timely and accurate as the recording clerk. In other words, results vary dynamically from market to market, which causes a problem for businesses that rely on that data for asset valuation, risk management, and decision-making. The real estate industry has understood this business dilemma for many years. Gradually the quality of public record data has improved, and along with it, the quality and accuracy of the AVMs that rely on the data. It is accepted that AVMs will never be perfect, which is why the industry relies on the physical inspection and appraisal of a subject property along with an analysis of active market activity.

In 2009, National Association of REALTORS purchased AVM assets from LPS. Specifically, they purchased assets from Cyberhomes that offered a consumer facing AVM. These assets are now part of a new for-profit company owned by NAR called REALTOR Property Resource, or RPR. The purpose of the investment was twofold. First is to provide an AVM for REALTORS to offer to consumers. This product has been named the RVM, or REALTOR Valuation Model. The RVM combines LPS public record data with active listing data to create an improved AVM. The second purpose of the investment by NAR is to generate revenue from licensing the RVM to banks, investment banks, GSEs, government, insurance, appraisers, etc. LPS is the vendor of record for the RVM. CoreLogic immediately responded to this new product with a product of their own. They, too, are offering AVMs today that combine active listing data with their public record and tax data. Their product is called Partner InfoNet, or PIN for short. They, too, offer a tool for real estate agents called the RealAVM (an extension of their Realist product line). The product announcements for the RPR and PIN were made in concert at the 2009 NAR annual convention in San Diego. Since then, both companies have been on the street licensing active listing data from the nations 900


Appraiser sound off

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MLSs. There is a striking difference between the approaches taken by each company. RPR licenses MLS data for the RVM by exchanging derivative products that agents can use to provide deep market analytics to their clients. Simply stated, they exchange tools for data. CoreLogic licenses MLS data for PIN by exchanging products and revenue sharing in exchange for the use of the data. If the MLS extends an exclusive data license, they share more revenue. Today, each of these companies are licensing somewhere between 25 percent and 50 percent of all active listing data from MLSs. Some MLSs license data to both. Some only license data to one or the other. Some have not decided to license data to anyone. Understanding the MLS’s motivations is dependent on a variety of factors. Some MLSs use CoreLogic for their MLS system and already license Realist Tax. These are typically long term trust relationships. Extending those business relationships to include data licensing serves to reduce the costs an MLS pays for services already being provided. On a pure business level, this makes a lot of sense. But you must also understand that Association of REALTOR shareholders own most MLSs. As member Associations of the National Association of REALTORS, there is a natural compunction whenever they do not support NAR programs. Hence, the MLS boardroom’s choices are challenging. Stay tuned into this initiative by these two companies. As they gain access to more and more markets of active listing data, the products powered by this data will be enhanced. It is hard to forecast how this will change the real estate industry, but we all appreciate how important it is to have the best possible data tools to make the best possible decisions. If the financial markets had access to active listing data sooner, the financial problems faced throughout the real estate industry may have been detected sooner, and mitigated more effectively. Victor Lund is a partner with WAV Group, an international real estate technology consulting firm. More information about Mr. Lund may be found at http://wavgroup. com. Lund is also a featured blogger at http://waves.wavgroup. com. WAV Group has also published a white paper outlining the differences between RPR and CoreLogic for the Council of MLSs Titled “New Ways to Leverage MLS Data” which may be downloaded here:

Are you sure you’re ready for the GSEs’ appraisal XML mandate?

This year, the GSEs will require full appraisals in MISMO XML 2.6 format. If you’re relying on PDF extraction to get the XML, your process will fail. It’s not a question of “if” PDF data extraction and scanning will fail. It’s how often, and how much it costs you. And the answer isn’t good. Do the math: The URAR form alone has over 1000 fields. Even at 98% fieldlevel accuracy, 20 or more fields will be corrupted. Some of those will be critical, and so your pipeline will stop due to bad data. You might not notice it today, because PDF extracted appraisals aren’t subjected to rigorous data analysis. But they will be, and many won’t pass. The solution? Demand “Native XML” appraisals. No conversion, no extraction, no excuses. Just clean XML straight from the appraiser’s desktop software. Then you get exactly what they typed, even on every kind of odd form or addendum. PDF extraction just can’t do that. We’re certain, because we create, transmit, analyze, store, and manage more appraisal data than anyone on Earth, including the GSEs. So when we tell you there’s a problem with PDF extraction, believe it. Protect yourself by downloading the free “MISMO XML 2.6 Appraisal Checklist” from our website. It’s a vendor questionnaire that helps you set policy now for the coming regulations. Whether you use an AMC or manage appraisals inhouse, it ensures a 100% native XML process free of pipeline problems — without changing vendors, or even paying us a dime.

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The Fed's LO compensation rule: now what? by the niche report


n April 5, the U.S. Court of Appeals dissolved the stay that had been granted on a delay in the implementation of the Federal Reserve Board’s loan officer compensation rule, putting the rule into effect. According to Mark Greco, president of 360 Mortgage, the benefit Mark Greco, of this court decision is that the President 360 Mortgage waiting is over. He states that anxiety in the broker community about this ruling has been intense for several months and now we know the rule is here and in effect, everyone can go back to work and resume their normal professional lives. People still need loans. Greco says, “Yes, this rule is a huge change, but the industry is not going to seize up. There are borrowers who still need loans,” he said. “I know some brokers are going to struggle with this change, but I am equally confident that most will adapt quickly and resume their business as it was on the days and weeks before the rule was implemented. Rates are still low and while


May 2011

the refinance business is down compared to 4th quarter 2010, there is still refinance activity going on. Further, the percentage of purchase transactions have increased drastically and the realtors know that it’s the mortgage broker who is committed to getting the transaction done and getting it done on time. There is business to be had,” he says. Adapt and accept the change. “It’s true that this ruling narrows the scope on the way revenue can be earned. That’s uncomfortable for everybody, and it will likely adversely affect borrowers. However, it’s the way of the world today. We are being forced to change, but once we adapt and accept it, perhaps even embrace it, business will be fine, and the sooner the better” he says. “We monitor broker compensation across the country through the transactions that we fund and the average broker compensation, from region to region is between 2 and 2.5 points per loan. Brokers still have the ability to earn that same revenue.” The rule applies across the board. According to Greco, the upside for mortgage brokers is that the ruling applies across the board. It doesn’t just apply to the broker

industry. It applies to everyone. Given that, he feels that it will be the mortgage broker who will be able to offer more choices to borrowers than a mortgage banker or a loan officer who works for a depository institution. As with most issues in life, Greco opines, the fear is worse than the realization. This rule change is similar in magnitude to the RESPA change in January 2010, and brokers were just as anxious about that rule change. Once everyone accepted it as the new way and adapted, it was business as usual. Further, the RESPA change was directed solely at the broker community and the rule drastically slanted the playing field in favor of the mortgage banker. That is not the case with this rule. 360 fortifies its strategic commitment to the broker channel. Greco points to his own decision regarding the future of the 360 and industry overall. He says, “If the management team at 360 was not 100% confident in the viability of the broker’s fate moving forward we would have diversified our concentration out of exclusively TPO or the broker channel and moved into retail. ”Instead, he points out, the company did the

opposite. 360 Mortgage terminated its retail channel and devoted 100% of the company’s resources to support the broker community. Greco continues, “With all of the legislative obstacles that have been thrown in front of the broker—and the FRB compensation ruling is just one—it’s very difficult to take someone from loan application to funding smoothly. We’re still committed to putting all resources toward making that process as efficient as possible and supporting our brokers in their success.” Going the distance with brokers. According to Greco, 360 Mortgage cares about brokers, fights hard to get broker business and works hard to help close loans. None of that will change, and the company will continue to forge strong relationships with brokers. “It’s time to let the healing begin, and realize that the future is bright in the world of mortgage lending. Rates remain low, home prices are low and the economy is showing favorable signs of life. We maintain our positive outlook for growth in 2011 and expect 360 to increase production at least 50% this year,” Greco asserts.

Tip of the Month Talk Less, Listen More

by Stewart Mednick


avid Broder died March 9, 2011. Broder, 81, was a Pulitzer Prize-winning columnist for The Washington Post and one of the most respected writers on national politics for four decades. He can be considered the greatest political journalist that lived during our time, and perhaps ever, during printed journalism in this country. His longevity exceeded most journalists in the media, first covering a presidential convention in 1956, and many can remember him back in the 1960s when he was a young journalist and reporter in Washington DC. He appeared on NBCâ&#x20AC;&#x2122;s Meet the Press a record 401 times since his first appearance in 1963. Bob Schieffer is the chief Washington correspondent for CBS, and also serves as anchor and moderator of Face the Nation. He made commentary about David Broder and had made reference to a press conference held years ago in which all the news reporters were yelling and fighting to gain the attention of the political figure holding the press event. Bob Schieffer was a young and inexperienced reporter who observed another young reporter sitting quietly in the back taking notes. It was


May 2011

David Broder. Broder was listening to what the political figure was saying and with some intelligent investigative journalism, was able to capture and report a very insightful column on the event and the topic. The other reporters were so insistent on having the attention to them, that they lost sight of the purpose; to listen and report. Listening. This is the way we learn. We listen to other people. We listen to our thoughts. We listen to the sounds around us. We hear thunder and expect a storm. We hear yelling and expect a fight. We hear a speech and expect inspiration. We hear a person talking to us, and we expect them to listen just as intently to our response. Communication is anchored in listening. The quality of listening is the difference between a narcissistic journalist and a Pulitzer Prize winning journalist. Communication can be the difference between you being the trusted advisor and one of many thousands from which to choose. Listening is King. What to say, as a result of the listening, is Queen. David Broder was often called the Dean of the Washington press corps â&#x20AC;&#x201D; a nickname he earned in his late 30s, in part, for the clarity of his political analysis and the influence he wielded as a perceptive thinker on political trends. His analysis and perceptive thinking are rooted in his listening ability.

Attention investors! Listen, think, speak. That is my take on how a process of conversation or information gathering should proceed. If I were to break-out the “Listen, think, speak” process in ratios of time per each event, I would say: 60 percent listening, 30 percent thinking, and 10 percent speaking. This should be a funnel-like process. Listen as much as you can to gather information and to learn. Eliminate the fluff and irrelevant gibberish and boil down the relevant information in your mind. Then, concisely and eloquently speak your thoughts and ask questions. Rinse, repeat, rinse, repeat…. David Broder was as successful as any professional in any profession at the top of his or her game. Success should be emulated. Talk less, and listen more. Stewart Mednick is a seasoned mortgage banker and published author. His writing focuses on relationship development, personal empowerment, customer satisfaction, marketing and sales techniques. Stewart is available for consulting, personal coaching and training sessions. If you have a comment or a question for Stewart, contact him at 651-895-5122 or

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What's your mortgage IQ? BY MortgageCurrentcy

A loan file always looks good look when you send it over to processing, right? But for some reason, it always seems to get worse as time goes by. So, what’s the best time to cover your “you know what?” One of the things we preach about is that before you take a loan application, that you are at least 89 percent sure that they loan is going to be approved. We encourage you to ask questions BEFORE you get that 1003 signed – because that is the difference between a pro and an amateur originator. FHA Counting Rental Income: I have a borrower who moved out of his property and decided to rent the property. It’s been rented for just over one year. The FHA Underwriter is telling me that since it has not shown on his returns for at least 24 months, we can count it as stable income. Is this correct?

See FHA Guideline Below: a. Analyzing the Stability of Rental Income Rent received for properties owned by the borrower is acceptable income for qualifying as long as the lender can document the stability of the rental income through a • • •

current lease agreement to lease, or rental history over the previous 24 months that is free of unexplained gaps greater than three months (such gaps could be explained by student, seasonal or military renters, or property rehabilitation).

A separate schedule of real estate is not required for rental properties as long as all properties are documented on the Uniform Residential Loan Application (URLA). ...

FHA leaves the door open for possible use of rental income with less than a 24 month history however they do make it clear that rental income must be on the Schedule E to be considered verified. Most investors require that there be a two year history of owning and managing rental properties before they will allow rental income to be considered, even on FHA.


May 2011

d. Documentation Required to Verify Rental Income Analysis of the following required documentation is necessary to verify all borrower rental income: •

IRS Form 1040 Schedule E, as described in HUD 4155.1 4.D.5.b, and

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current leases/rental agreements, as described in HUD 4155.1 4.E.4.f.

FHA Removing Old Buildings: The FHA appraiser is requesting a very old building which has no electricity or water and is 75 yards away from the subject SFR to be removed. Why would HUD require this? There must be something about the building that threatens the safety of the inhabitants of the main house. Safety issues apply to the entire property, not just the main dwelling. Maybe it is structurally unstable? An appraiser is required to comment on any situation that is not safe, secure or sound. That is the core premise of HUD's property requirements. Post on your Facebook page as a heads up for your real estate agents. Use the following wording: If you are listing a home with a dilapidated building on the property, FHA may require that it be torn down and the debris removed. Advise your sellers of the possibility if the property is sold FHA. Fannie/Freddie Installment Debt: Will an installment debt have to be included in the ratios if it has 10 months or less on the loan? Fannie only requires an installment debt with less than 10

months payment to be counted in the rations if it significantly affects the borrower’s ability to meet their mortgage payment. The December 2011 rules issue Fannie highlighted many of the changes with an FAQ . Freddie state that installment debt with 10 or more payments remaining must be considered and the underwriter should determine the borrower’s short and long term ability to repay the mortgage. USDA Processing Checklist: I’ve heard that there is a new USDA “Processing Checklist” floating around but have been unable to find it. Do you have a copy? Its part of AN 4550 dated January 19 – and it is USDA internal processing checklist. This seven-page checklist is great information because it will help you understand exactly what USDA underwriters are looking for. Share with your processing staff.

Written and contributed by Karen Deis of Mortgagecurrentcy. com. Provided monthly by – Interpreting the Rules and Regulation Changes for loan officers, processors, underwriters, and owners/managers. Mortgage Talking Points TM, charts and checklists included.


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May 2011

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Exclusive Direct Mail Transfers $225,000 average loan size. 640+ FICO, NO BK's, No Lates, Seeking Refinance. FHA/ VA Streamline, Reverse, Purchase, A+ Conforming/ Jumbo, Debt Consolidation. Every lead meets your criteria. Delivering complete marketing education, valuable products to grow your business and exceptional service to make marketing an easy, enjoyable, and profitable experience. We provide full service automated marketing plans to fit your budget and business goals incorporating postcards, newsletters, greeting cards, brochures, presentations and more! Marketing consultations are available to help strategize the best marketing plan for your individual needs, whether just starting a marketing campaign, or enhancing your current plan. The ultimate contact management system for LOs. Increase your performance with automated marketing and alerts. Sync correspondence from Outlook and mobile devices to one centralized location to track contacts, leads, loan activity and referrals. Not just mortgage flyers and open house flyers, we are a powerful financial analysis tool for refinance and purchase, greatly helping loan originators.

Credit Repair & Restoration


HTDI Financial 877-877-4834 opt 5

Start your own credit repair company with our state of the art tracking software and dispute outsourcing options. Top notch support by a dedicated Account Expert.

SX3 Software

The most powerful windows based Credit Repair software that has taken the industry by storm!

1-855-SX3-SOFT, 855-793-7638

Warehouse Line NEW


May 2011 is focused on providing warehouse line liquidity to Mortgage Lenders, Correspondents, Banks and Credit Unions.

Service provider classifieds

Compliance & Audit Accurate Quality Control, Inc. 770-931-5999 Adfitech Inc. 800-880-0456 Waquis 310-696-9515

Quality Control, Training, Consulting. Post Closing, Suspected Fraud, Early Default & Repurchase Reviews, Pre-Funding, Test Cases. 49 Combined Years Working for HUD. We do the right thing right! GIVE US A TRY: 2 FREE QC REVIEWS (new clients only)! ADFITECH, has served the Residential Mortgage Industry since 1983, providing Post Closing QC Audits, Due Diligence Reviews, Pre-Funding QC, Default Reviews, Fraud Investigations, Post Closing Fulfillment, and LOANVAULT® Imaging, of Conventional & FHA products. Clients include Community Banks, Credit Unions, Mortgage Bankers, MI Companies, and Wall Street Investors. We provide HUD Auditing and QC on every loan type.

Branch Opportunities AgFirst Farm Credit Bank

Mortgage Lending for the Homeowner living in Rural America.


American Pacific Mortgage 866-625-9352

Benchmark 972-398-7676


First Cal 707-238-3748

Land Home Financial

Sierra Pacific Mortgage 800-447-3386


Top Flite Financial, Inc. 866-301-0653

Join American Pacific Mortgage and become a direct lender with the option of brokering

A community of mortgage professionals united by Benchmark core values Relationships, Success, Dynamic, Excellence, and a Positive Attitude specializing in retail branching throughout the United States

First First Cal Loan Officers enjoy a unique environment where everyone is invested in each other’s success. If this sounds like a fit for you and your business you owe it to yourself to contact First Cal today Direct Lender that has been in business for over 22 years. We have prospered and grown in a climate of turbulence and change. We have adapted and helped our branches adjust to the new rules and regulations that have occurred over the last few years and helped them take control of their future in today's mortgage industry. Retail Branches and Wholesale Lending Nationwide. Privately owned specializing in residential conforming, FHA, VA and Jumbo. Wholesale: Retail:

National Mortgage Banker – Now hiring experienced Branch Managers with a proven track record. We have answers to the new compensation questions!



360 Mortgage Group National Wholesale Mortgage Lender 866-418-2997

The 504 Road Specializing in SBA 504 & 7(a) Loans Ken Patterson 559-221-4910

Accurate Quality Control Genny Kelly or Judy Nash-Ellis 770-931-5999 or

Adfitech Provides Residential Mortgage Post Closing QC, Due Diligence Reviews, PreFunding QC, Default Reviews, Fraud Investigations, Post Closing Fulfillment, and LOANVAULT Imaging of Conventional & FHA Products. John Rosenhamer 800-880-0456


May 2011

AgFirst Correspondent Lending Mortgage Lending for the Homeowner living in Rural America. Janice Buchanan 803-753-2420

All Credit Considered Mtg B&C LENDING IS BACK National Sales Manager 240-314-0399 X 19

a la mode, inc. Websites and marketing tools for real estate professionals. 1-800-ALAMODE

AllRegs Leading information provider for the mortgage industry. 800-848-4904

American Pacific Mortgage Corporation One of the largest independent retail banking and branching companies in the country. Melissa Arntzen 866-625-9352

Applied Business Software Origination and Servicing software for hard money lenders. 800-833-3343

ATTENTION LENDERS!! Buyers of Distressed Debt.

Axis Capital Group Inc. Specializing in FHA,203k, Reverse. AZ,CA,CO,FL,HI,TX,WA. AxisCapitalGroupInc.Com Sergio Gonzalez 888-229-4773

Bank of Internet Darin Judis 888-833-0555 x1508

Benchmark A community of mortgage professionals united by Benchmark core values Relationships, Success, Dynamic, Excellence, and a Positive Attitude specializing in retail branching throughout the United States. Karri Vaught 972-398-7635


DocMagic The largest dedicated loan document production company in the country, delivers a fusion of solutions guaranteed to meet today's complex loan document challenges. 800-649-1362

ENTITLE DIRECT Savings up to 35% or more on title insurance in 30 states. 877-936-8485 or 877-9ENTITLE

First Cal Mortgage Banker - Wholesale and Retail 877-224-3262

HTDI Financial Provides credit repair business options to increase revenue. 877-877-4834 opt 6

Icon Residential National Wholesale Lender offering a full line of Conforming and FHA products. We offer personalized customer service where our client is our primary focus.

In Touch Today Full service automated marketing planspostcards, newsletters, greeting cards, brochures, presentations and more! 800-433-3755

Land Home Financial Services, Inc. Our branches enjoy the satisfaction of being entrepreneurs while reaping the benefits of a wide array of services and support.

Linear Title & Closing Title Insurance & Settlement Services Nick Liuzza 401-841-9991 Interpreting the complicated mortgage rules in plain language. 800-231-4787

The Mortgage Lender Implode-O-Meter Tracking the Housing Finance Breakdown... the WHOLE truth.

Mortgage Insurance Agency, Ltd. State Licensed Surety Bonds, Errors & Omissions, and Fidelity Bond coverages for Mortgage Bankers and Mortgage Brokers nationally. David Jackson, President 866-355-9944

MORTGAGE PLANNER CRM The ultimate contact management system for LOs. Increase your performance with automated marketing and alerts. Sync correspondence from Outlook and mobile devices to one centralized location to track contacts, leads, loan activity and referrals 888-771-7672



National Valuation Service, Inc Comprised of thousands of fully vetted Independent Business Owners who as Appraisers, provide valuation and consulting services in 50 states. 786-581-9171 #1 Resource for Mortgage Banker, Bank & Credit Union Liquidity 855-NO-OVERLAY

OSI Express / EZMortgageFlyers Not just mortgage flyers and open house flyers, We are a powerful financing analysis tool for refinance and purchase, greatly helping loan originators and OSI Customer Care 866-674-1999

RateLink Providing mortgage professionals with timely and accurate data as a means to a competitive advantage. 800-938-5193


May 2011

reverseit! 888-777-3311

SX3 SOFTWARE Business level software applications for the Credit Repair, Debt Settlement, Loan Modification & Short Sale Industries 1-855-SX3-SOFT 1-855-793-7638

Sierra Pacific Mortgage Retail Branches and Wholesale Lending Nationwide. 800-447-3386

StreetLinks Lender Solutions Providing lenders with a suite of valuation services and robust lending technology solutions, including full-service & selfmanaged appraisal products 800-778-4788

Top Flite Financial, Inc. National Mortgage Banker - Now hiring experienced Branch Managers with a proven track record. We have answers to the new compensation questions! Timothy G. Baise, CMC 866-301-0653

Waquis We provide HUD Auditing and QC on every loan type. Joe O'Neill 310-696-9515

Windvest Corporation Hard money lender, specializing in Rehab Loans. Andre Jimenez/John Ermin 877-285-0777

Zinc Financial, Inc. ZINC is a direct lender with their own money. We lend money to investors who purchase properties at a discount, rehab them and resell them for profit. Our typical loan funds in less than 7 days. Visit for loan programs. Todd Pigott 866-376-7443

BRINGING UP THE REAR - continued from page 58

Saturday morning cartoons, is the Looney Tunes character that can't form complete sentences and creates sand storm hurricanes everywhere he goes. Nancy Bush, a well-known independent banking analyst at NAB Research, in so many words, confirmed to Bloomberg that Moynihan’s nickname has basis, saying: “He’s always thinking way faster than he can talk,” Bush said. “The thoughts tend to run together, and it’s been somewhat of an impediment to getting people to focus on what he’s saying, rather than the way he’s saying it.” In his new book, Crash of the Titans, Financial Times' writer, Greg Farrell tells the tale of how Moynihan got his job, first as General Counsel for Bank of America Merrill Lynch, and ultimately as the bank’s CEO. Apparently, Moynihan was all set to leave Bank of America, the bank had even prepared a press release announcing his departure, when out of nowhere, Kenny decided to can the bank’s General Counsel, Tim Mayopoulos, a guy Farrell describes in his book, which is a fabulous read by the way, as an “egomaniacal wild man.” So, then one day he was shooting at some food, and up through the ground came a bubbling crude… Bryan’s the bank’s new GC… and Kenny’s best guess for the new CEO. One of the reasons Ken recommended Moynihan was that he actually wanted the job, which should make you throw up in your mouth a little bit, assuming you own the stock as almost everyone does in one fund or another. Today, Bryan Moynihan is known for an uncanny ability to put a positive spin on any situation, which I find a lovely euphemism for saying he lies well, assuming such a thing is possible. He’s driving a financial institution that required TWO federal bailouts totaling $45 BILLION in cash, to say nothing of the federal guarantees, and is today being sued by so many consumers and investors that I can’t even keep up anymore. As of the end of 2010, more than 1.3 million of the bank’s mortgage customers were delinquent on their loans, close to 200,000 of those haven’t made a payment in at least two years, and a third of the homes facing foreclosure are now vacant, making them costly to maintain and, shall we say, a tad difficult to sell. A report issued by Moody’s at the end of last year showed that when talking about resolving delinquent sub-prime loans, Bank of America lagged behind ALL of the other six major servicers. Moynihan’s statements about the bank’s inability to clean up its mortgage mess include saying things like: “At the end of the day, we could have done better,” which is the kind of thing that makes me want to scratch his eyes out. He has also pointed out that the scale of Bank of America’s modification efforts far exceed those of his competitors, and that the bank has completed 725,000 modifications since January 2008, but other numbers tell a different story. Of the homeowners who failed to get their loans

permanently modified under the federal government’s HAMP program, only 14 percent were granted in-house modifications by Bank of America, compared with 31 percent at JPMorgan Chase, 27 percent at Citibank, and 40 percent at Wells Fargo. A year ago, the bank posted a “profit” of $3.2 billion or 28 cents a share, and in mid-April 2011 the bank’s revenue declined 16% versus a year earlier, and it posted a first quarter “profit” roughly $1.2 billion under that number… at 17 cents a share. Since he took the helm, the bank’s shares have fallen something like 20%, and with the potential losses on the bank’s $2.1 TRILLION in mortgages still to come being estimated by some at $35 BILLION, it’s little wonder that the bank’s stock, although inexplicably (Ha ha) still rated a “buy” last time I checked, is seen by investors as a significant risk. Mr. Moynihan, however, says everything is going swimmingly. "While still soft, the economy is healing; we see retail spending up versus the year-ago period and continued declines in bankruptcy filings and delinquency rates," Moynihan said. And last December he told the New York Times: “It’s been a great year and we’ve learned a lot… there’s not a better job in the world.” Now, if all of that weren’t enough to make the case for Bryan Moynihan being this month’s REAR, here’s what really got me started on him in the first place. Last month, at the 2011 National Association of Attorneys General conference, Moynihan actually came out publicly and said that HOME PRICES MAY NOT REBOUND LONG-TERM, in some areas anyway. According to Moynihan, homeowners may need to look elsewhere for their long-term investment returns… and forget about their homes being worth more than they owe… like, in their lifetimes. He blamed population growth, by the way. According to an April 12th, 2011 story by Joe Rauch for Reuters: "It's sobering to think, but some people shouldn't be thinking of (their home) as an asset, they should be thinking of it as a great place to live." Is that right, Bryan? A great place to live… and dramatically overpay for, I suppose. Because we shouldn’t be thinking about our real estate holdings as “assets,” is that what you said? You’re a real piece of work, Mr. Moynihan, you know that? Modify the predatory loans, Mr. General-Councilturned-CEO. Stop being part of the problem, and help stop the financial and foreclosure crises that you and yours created. Or, I’ll tell you what… we’ll stop looking at our homes as financial assets as soon as you stop looking at the garbage Collateralized Debt Obligations and mortgage-backed securities you defrauded the planet with as securities… how about that? Martin Andelman is a staff writer for The Niche Report. He also writes an almost daily column on ML-Implode called Mandelman Matters and publishes a Monthly Museletter. Send your responses to



Bringing Up the rear Bryan Moynihan, CEO, Bank of America BY MARTIN ANDELMAN


t should be readily apparent that there are an overabundance of reasons for Bank of America’s CEO, Bryan Moynihan, to be regarded as a massive rear end in a province undeniably replete with rear ends of utterly mammoth proportion. Even the adjectives in that last sentence don’t begin to do the nature of his posterior justice. To begin with, let’s just acknowledge that Moynihan is a corporate lawyer. He graduated in 1981 from Brown University… a history major that co-captained the rugby team. He then went on to Notre Dame Law School. In 1993 he went to work at Fleet Boston as deputy general counsel, but after Bank of America acquired Fleet in 2004 Moynihan became the bank’s president of global wealth and investment management, and from October 2007 to December 2008, he served as the bank’s president of global corporate and investment banking. But from December 2008 to January 2009, Moynihan once again returned to his roots, serving as general counsel for Bank of America, and he became CEO of Merrill Lynch after its oh-so-well-thought-out-andexecuted sale to Bank of America in September 2008. A history major that co-captained the rugby team transformed into Bank of America’s president of global corporate and investment banking… okay, sure… why the heck not? His predecessor, Kenny-They-Made-Me-Do-ItLewis started his climb to the top of the largest financial

institution in the country, as a credit analyst with a B.S. in Finance from Georgia State at what would soon be NationsBank before merging with and becoming today’s Bank of America. As they say… the smartest guys in the room, no two ways about that. Back in 2005, Bank of America was trading at around $50 a share, as was JPMorgan. As I write this you can buy the stock at an overpriced $12.82. Kenny was singlehandedly responsible for the bank’s spectacular decline, paying way over mini-bar prices for Countrywide and Merrill Lynch. JPMorgan’s CEO, Jamie Dimon, meanwhile, managed to pay essentially bupkis for the assets he purchased during the crisis, and along with the Federal guarantees he was able to extort… I mean, successfully negotiate… his financial behemoth has recovered almost all the shareholder value that it lost during the meltdown. So, very well done there, and as a taxpayer let me just say that I’m glad to have been able to help. Kenny, by the way, after costing his shareholders roughly $150 million, retired with $83 million in cash, according to the Wall Street Journal… including a $4.2 million salary in 2009, if you can comprehend that. I can’t, by the way, so if you can… well… you’re completely insane. Lewis had a nickname for Bryan Moynihan, this also according to the WSJ… the Tasmanian Devil, and he used it to convince members of Bank of America’s Board of Directors that Bryan was the right man for the CEO position after his ouster. The "Tasmanian Devil," in case you don’t recall your - continued on page 57


May 2011

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"TheNicheReport is a national trade publication dedicated to wholesale and correspondent lending."

TNR - May 2011  

Feature Article Inflation: Fact or Fiction? You decide.