The following list of best practices are being shared with us today by Clarion Mortgage as sent to Clarion LO’s in an internal email. These guidelines are excellent rules of thumbs for any originating loan officers or mortgage brokers operating in the existing changing environment we live in today.
Guidelines For Locking When to Hold Off On Locking
The decision to lock a loan – or more importantly, when to hold off on locking – has never been more important in our industry. Lender approvals, preferred pricing incentives, and even the ability to lock in itself, are all reliant on the decisions you make in regard to locking your loan.
Below are some guidelines to follow to help you better determine when it is appropriate to lock.
MGIC has discontinued contract underwriting of uninsured loans. Moving forward and citing market conditions, they have announced that June 1st and beyond they will no longer contract underwrite loans in our Underwriting Service Centers that do not have Mortgage Insurance.
Effective June 1, 2009 MGIC will no longer accept uninsured business in our Underwriting Service Centers. Our Underwriting Service Centers will be available to underwrite your Contract-with-MI and MI-only loans. MGIC’s Contract Underwriting Services for uninsured business will only be available with on-site underwriting at a per-day pricing fee.
I had a blast chatting last week with Mike Ferree of LeadCritic on his Carpool Confessions segment. I had a blast aside from my headset being a little hot and crackly and a mild overdose on redbull. We talked about twitter rumors, mortgage lead generation, mortgage broker education, mortgage leads and more.
Page Rank is an often misunderstood and misinterpreted part of the many signals and components that make up the Google ranking algorithm like. To keep things complicated, read this primer. To keep things simple, PageRank uses a logarithmic scale and is based primarily on incoming links. In plain speak, this means that if PR were on a point scale and moving from PR1 to PR2 took “10 Points”, then moving moving from PR2 to PR3 might take “200 points” and moving from PR3 to PR4 might take “1500 Points” and moving from PR4 to PR5 might take “9500 points”. I think you get the idea, while my points system is just nonsense I’ve made up, the point is that each move upwards in PR becomes exponentially harder. What does PageRank mean to you? Well for starters, PageRank does not guarantee high search engine rankings. PR is more of a qualitative measure of a site, but does not translate into directly higher rankings, although there is no reason why a site with high PR shouldn’t rank well also. Well it’s perfectly normal to get excited as you watch your PR grow. The truth is that I’ve had sites that I’ve put no effort in building links to become PR4. While PR5 is definitely respectable, I think PR6 is a real accomplishment and requires a real sustained effort, most blogs will never become a PR6. At the end of the day you can NEVER go wrong focusing on publishing high quality content that others find useful. If you do, people will link to you, you will rank well and eventually your PR will follow. PR is a lagging indicator, so don’t put the horse in front of the cart!
One thing is for sure, over the last couple of years it seems to me that PR3 is the new PR4. In other words, PR ranking has become harder to achieve.
On March 26th, Rep. Bradley Miller [D-NC] introduced H.R. 1728, the Mortgage Reform and Anti-Predatory Lending Act, a bill that he is sponsoring. It has currently been referred to committee, the same committee of which will report on the act later.
For those not familiar with the basic life cycle of a bill (from govtrack.us):
One key provision of H.R. 1728 would create a nationwide licensing and registration system for residential mortgage providers, something already included in the 2008 Housing and Economic Recovery Act. NCUA and other federal financial institution regulators are responsible for handling implementation for credit unions, banks and thrifts.
Tuesday’s session will be held at 10 a.m. in the Rayburn House Office Building. The committee said it may also hold additional sessions on subsequent days if needed.
The times they are a changin’. Flagstar sent out a memo today documenting their expectations for pair offs. In other words, if you lock a loan and it closes elsewhere, expect to receive a bill from Flagstar. Some Flagstar clients are reporting $400 invoices per pair off. Loan fallout is yet another pressure banks are experiencing in these interesting times.
To: All Flagstar Bank Wholesale Lending Customers From: Wholesale Lending Subject: Best Efforts Delivery Date: 3/4/09 Memo #: 09044
Good email mortgage newsletter software / services can be used to create, send and track mortgage newsletter and email campaigns. The process begins when visitors visit your mortgage broker website and opt in to receive your mortgage newsletters, emails, or other useful information. When they opt in they are automatically added into your mortgage mailing list database and the built in autoresponders will send them your pre-configured mortgage newsletters or email at pre-configured intervals you have set. A sample mortgage marketing campaign utilizing autoresponders might send the subscriber an email thanking them for subscribing immediately after they have signed up and then send them a mortgage newsletter or email on a monthly basis or other preset interval you have chosen. You simply choose what type of newsletters / emails you send and at what intervals.
There are three components that make up an Online Mortgage Marketing / Mortgage Lead Generation campaign.
1 QUALITY MORTGAGE WEBSITE
The centerpiece of all mortgage marketing campaigns is the mortgage website. Most prospects make a decision on whether or not they will consider working with your company based solely on their initial perception of your mortgage broker website. It’s true, before they have even spoken to a loan officer, they have already made a decision based on their perception of the quality of your services as they are embodied by your mortgage website.
Additionally, the mortgage website is the first place most prospects go when they are exposed to your online or offline mortgage marketing and this highlights the importance that your mortgage website holds.
Online Presence – The goal of your mortgage web site is to engage visitors to learn about your company and services. To be effective in internet mortgage lead generation, a mortgage website must be authoritative and professional looking to help build trust with prospects while giving them the answers they seek. The website must provide users with helpful mortgage tools and information that are easily accessed through intuitive and user friendly navigation and design.
Internet Mortgage Lead Generation is comprised of three interdependent components: a search engine optimized mortgage web site, mortgage website traffic and mortgage lead conversion. If any of these components are not executed properly, internet mortgage lead generation will suffer greatly or be non-existent. This is especially true in the extremely competitive environment that exists among mortgage companies and mortgage websites online today. Simply stated, these components are mandatory for mortgage lead generation and there are no shortcuts. Understanding how these components work and how they are relevant to each other is the key to generating your own online mortgage broker leads.
Marketing your mortgage website is the first step in generating the traffic necessary to generate your own exclusive mortgage leads. Simply put, the number of mortgage leads you generate is directly related to the volume and quality of website traffic you are able to generate. Mortgage SEO (otherwise known as internet marketing or search engine marketing) uses different marketing strategies increase your search engine rankings which in turn drives traffic. The amount of leads you generate is directly related to the volume and quality of the search engine traffic you are able generate through higher search engine rankings.
Pre-Optimization: It is critically important that you know what keywords to target in your SEO / Mortgage Marketing Campaign. If you engage in a Mortgage SEO Campaign without carefully targeting the correct keywords, your internet mortgage lead generation results may be significantly decreased or non-existent. Keyword selection is a vital part of any SEO Campaign and there is little to no room for error. A Keyword Research Report provides the detailed analysis you need to target the correct keywords and help improve the overall effectiveness of your Mortgage SEO Marketing Campaign.