We’re proud to announce that LeadPress is an official sponsor of Mortgage Tech Summit, in Denver, CO on 6/9/2011. To get your chance to win TWO free tickets to Mortgage Tech Summit, all you have to do is LIKE LeadPress on Facebook. We will present a random winner with tickets after the Holiday weekend.

What is Mortgage Tech Summit All About?

• Strategic Thinking: We’re gathering the brightest minds in mortgage and real estate to stimulate your senses. You’ll learn innovative workflow strategies for your business and hear clever ideas that beg to be implemented.
• Focused Education: This one-day event will teach the skills you need to leverage the business technology in your mortgage business. Expert trainers will focus on helping you understand the challenges and opportunities for 2011 and beyond.
• Carefully Curated Vendors: Sponsors of Mortgage Tech Summit are carefully selected for their products and reputation. No weak links here. We know that there’s nothing more disappointing than to attend an event, only to exposed to “the ordinary”.
• Get Ahead: Learn to automate your loan production while keeping your “personal touch”. You’ll learn to attract referral relationships and build systems for sustainable growth. Hear how top-performing producers are managing their pipeline and growing it.
• Register Early & Save: Similar mortgage events cost $195 or more. Not us. The first Mortgage Tech Summit registrant will pay $1 to attend. That’s right. $1. And then the second registrant will pay $2. And the third will pay $3. And so on until the tickets are sold out. The sooner you register, the less you’ll pay.
• Top Notch Speakers: There is no shortage of chances to hear the same recycled mortgage speakers speak at the same recycled mortgage events. MTS is different. Passionate and proven professionals will gather in one place to talk about mortgage origination. There is no mortgage event like MTS.

From the Webinar Invite:

APRIL 1, 2011 = NEW COMPENSATION RULES. ARE YOU PREPARED?

Spend one hour with us in next week’s interactive webinar, and you will be. Special guest Bill Dallas, Chairman of Skyline Financial, will address the most important questions that loan officers and executives have about the upcoming Compensation reform.

Big changes in Compensation rules means you’ll have a golden opportunity to gain new opportunities, provided you know exactly what to look for.

During the free one-hour workshop, you’ll learn:

* The top 3 pitfalls to avoid with the new Compensation rules
* How the new Compensation rules will impact the way you prepare loan options and comparisons for clients
* Scripts and talking points you can use with your borrowers and realtors
* How to understand the new rules from a broker’s perspective
* Learn to use simple technology solutions to keep you compliant and competitive

SIGN UP FOR WEBINAR NOW

All professionals working in the mortgage industry need to make sure that they remain on top of well…everything that’s happening in the industry in order to deliver the best possible services to their clients. You never know what random piece of information you may be required to have when sitting down for a chat about mortgage options with a prospective borrower, so it’s best to always be prepared. The Niche Report promises to deliver more than the obvious industry information to subscribers. The bulk of the information is available right on the website posted as independent articles but there is also a magazine subscription option!

Topic Categories on the Niche Report

On this website, online content is divided into three different categories for ease of searching. The categories are as follows:

• Blogs – the blog posts really delve into just about every topic area, but tend to be less in-depth than what you’ll find in some of the other sections of the mortgage news website
• Articles – these written pieces are much more in-depth than the content that is featured under the blog category, although topic areas between the two do cross
• News – the news section is what is especially important for mortgage professionals to keep an eye on so you’re always in the loop and are one step ahead with the latest news and information!

Other Mortgage Resources on The Niche Report

In addition to the written content on The Niche Report, there is also a job board for mortgage professionals interested in changing their career or at least moving to a different lender. Also, if you’re in the industry and love to write, you can contribute to their site as well and increase your own exposure in a positive way!

The Niche Report Contact Information

Published monthly by BODA Publishing, LLC
PO Box 494
Bentonville, AR 72712

Phone: 866.964.2695 Fax: 703.991.2362
Email: info@thenichereport.com

Details: More information on the first ever MortgageBarCamp are coming in the following weeks. We’re focusing on a theme involving adapting, surviving and thriving in the current market with the many industry changes that have and are taking place.

Have questions? Leave them in the comments.

Need Information or want to participate / sponsor? Ping me at trace at leadpress.com.

Support MortgageBarCamp – Retweet this please!

You can use the handy retweet button on the upper right!

Related Posts:

1. Mortgage Podcast: LeadPress Round Table
2. TraceRichardson.com Launches!
3. FREE Tickets: Mortgage Tech Summit – June 9, 2011 – Denver, CO

PageRank Forumla = PR(A) = (1-d) + d(PR(t1)/C(t1) + … + PR(tn)/C(tn))

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.

I’m happy to announce the first installment of a new LeadPress Video Series called 3 Questions with LeadPress! Following shortly will be a weekly podcast and other related series!

I was lucky enough to catch BarCampLA this weekend and got to hang out with some amazing folks. One of those people was Dustin Luther, the founder of 4Realz.com and the ultimate in veteran real estate blogs, Rain City Guide. After two days worth of great session, learning and an epic Scotch tasting, Dustin was nice enough to be the first victim participant of the 3 Questions with LeadPress Series. We discuss the following topics: social media, twitter, Zillow, Trulia, Realtor.com, scotch, Rhonda Porter, Rain City Guide, 4Realz.com, mortgage brokers and Dustin’s latest projects.

[youtube]http://www.youtube.com/watch?v=hZmKCdthORk&fmt=35[/youtube]

Related Posts:

1. Scotsman Guide Mortgage Origination Magazine
2. Howdy From Crested Butte
3. Sneak Peak: LeadPress is Easy to Use!

I would rather be this guy than continue watching the mortgage blogosphere flounder.

The same is even more true in terms of online mortgage communities catering to mortgage professionals. If you can still bare to venture to BrokerOutpost, you know what I’m talking about. Sad.

This means the space is wide open for anybody willing to put in the time to crack this nut and that’s why we’re building the LeadPress Campus. The space is in a sorry state when there is so much potential to bring mortgage professionals together, yet nobody is getting traction and unmoderated forums like BrokerOutpost continue to dominate.

What is my point? We’re failing to engage mortgage professionals. Writing killer content is not enough to get and maintain their interest. Mortgage finance related blogs like Housing Wire and Calculated Risk are an exception and are filling a niche and doing well where mortgage blogs covering general mortgage topics are unable to. There is so much work to do.

These factors can mean significant harm to homeowners and the economy if predicted future shortfalls in warehouse lines prove to be true.

Warehouse Lending Basics from WarehouseLendingProject.com:

* Warehouse lending is a critical link in the housing finance chain, providing short-term funding for loans that are eventually sold into the secondary market to Fannie Mae, Freddie Mac and Ginnie Mae.

* Lenders that utilize warehouse lines of credit account for approximately 41% of all residential mortgage loans in the U.S., and nearly 55% of popular FHA loans.

* Estimates are that since 2006 warehouse lending capacity available to the industry has declined by nearly 90% to approximately $25 billion today.

* Based upon newly revised projections of 2009 lending volume there could be a $630 billion shortfall in home mortgage availability caused by a lack of warehouse lending capacity.

* Unless federal policymakers promptly address the issue, borrowers seeking to take advantage of today’s low rates will face rising interest rates and reduced credit access.

Estimated Warehouse Lending Gap

1. Estimated 2009 Home Mortgage Originations    $2.8 trillion
   

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2. Mortgage Banker Market Share    41%
   

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3. Total mortgage banker originations (line 1* line 2)    $1.15 trillion
   

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4. Estimated current WH lines from major lenders     $25 billion
   

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5. Average sustainable long-term line usage @ 70% (.7 * line 4)    $18 billion
   

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6. Estimated maximum funding capacity from existing warehouse lines (line 5 * 20)    $360 billion
   

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7. Estimated funding gap due to reduced warehouse line capacity        (line 3 – line 6)    $788 billion
   

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8. Adjusted funding gap (.8* line 6)†    $630 billion
   

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9. Estimated shortfall in warehouse lending capacity (line 7/20)†   $32 billion

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† This is a baseline estimate of the additional warehouse line capacity (line 9) that would be needed to accommodate projected funding gap in 2009 (line 8).  Higher loan origination volume in 2009 and/or increased mortgage banker market share as a result of increased use of FHA loans would produce a larger gap/need.

Related Posts:

1. HR 1728 Mortgage Reform and Anti-Predatory Lending Act
2. HVCC: Lenders Creating Their Own AMC’s
3. HR 3915 Mortgage Reform Act of 2007

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.

Do NOT Lock When…

Property

1.    The home is located in a unique neighborhood where “like comps’ will be difficult to obtain;
2.    When, after running comps, the value you see varies by 10% or more from what is needed to qualify for the loan;
3.    When it is a government loan and reliant on the appraised value;
4.    When it is an investment property that will require a desk or field review appraisal
5.    When it is a condo project that is non-warrantable or until you receive a Condo Certification as required by the lender

Borrower

1.    When you know that the borrower is rate shopping or has applied elsewhere
2.    When you have not seen all of the financial documentation to confirm assets and income
3.    When ratios are very tight and allowable income/assets could come into question
4.    When obtaining gift funds and the money has not yet been sourced
5.    If there is any question or concern about employment
6.    If you have any feeling that the borrower may back out of the loan

Transaction

1.    When there is a 2nd that needs to be subordinated
2.    When you have priced yourself so tight that any potential lock extension will kill the deal
3.    Before you have taken a complete application
4.    Before you have an AUS Approved finding
5.    When there is a question as to your ability to close the loan in the time frame you have been provided (for example: a real estate transaction that is contracted to close in 30 days when you know the reasonable expectation is 45 due to the lender you have selected and/or industry turn times)
6.    If you feel that, based on current market conditions and trends, rates will improve significantly  in the next 21 days (or until you are ready to order loan docs);
7.    Unless you and your borrower have agreed to lock at the rate and terms offered and that they understand the commitment being made by them, along with the risks and rewards of doing so.

If all of the above criteria have been met, you should have a very strong comfort level in locking your loan with the confidence that it will close.

Following these guidelines will generate great benefit for you and all of Clarion as it will ensure stronger pull-through percentages, allowing us to secure better terms and pricing incentives from our lenders. This, in turn, will help you to be even more competitive and earn more income.

Related Posts:

1. Optimal Blue Mortgage Underwriting & Loan Pricing Tools
2. Flagstar Begins Charging Pair Off Fees
3. LeadPress Joins LoanSifter in Strategic Partnership and Live Mortgage Rate Quote Integration

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.