Tuesday, June 13, 2006

INSIGHT BY ENRIGHT ON EQUITY SUMMIT
I was about to write a blow by blow... but Jim's is great!

Jim Enright from Lenders Insight (a tool for every originator) gave me permission to post his dead on review of the Equity Summit.

What better way to start off a convention at 8:00am than with Elvis singing
Viva Las Vegas as the opening? Then throw in the Wheel of Fortune with prizes
like a Harley Davidson, convertible Chrysler, $50,000.00 in cash, numerous 4 day
weekends at $2,500.00 per night multimillion dollar homes in NYC, Mexico, and
Hawaii, money exploding from the ceiling, $100,000.00 cash piled on a table,
much of which was thrown out to the audience. Did I mention the giant
python?
That was just to get you in a heightened state of mind for total
learning immersion and fun.
Steven set the stage for what you would
experience and the mind set for equity management. Dispelling objections and the
“Faster, Higher, Stronger” theme stuck with me. He posed an interesting thought
(among many)...”Have your clients pay you for your advice independent of the
mortgage commodity.”

He had three goals – deliver massive value strategies; educate in a
high energy and entertainment environment, and create a walk away implementation
plan.

WARNING! It’s easy to be jaded about conferences, especially if you’ve
been to more than two, and have seen the same speaker three times. Maybe you’ve
over heard the ...”nothing new,” “same stuff, ” comments that happen
occasionally when people are looking for the “one stop 15 minute
silver bullet fix” of mortgage lending. When I find myself in that
mode (“I already know that...”), the next question I ask myself is “What have
you done with that knowledge? Is it implemented in your practice Jim?”
That immediately settles me down, unless I have indeed done it.

Todd Duncan opened. “Everything has changed and nothing is different.”
Powerful and insightful as you would expect. High level, yet very down to earth
in daily applications. He made five key points all tied back to daily business.
The one that impressed me was #5 - “Truths and Trends” – “there are more options
for financing and there is more confusion about financing. Although it is not
everything, presentation is the main thing. You can’t fake mortgage planning for
long.” Sorry I missed his Friday wrap up.

Barry Habib opened after lunch with a new presentation for the
conference. Barry has the unique skill of taking complex economic data, trends,
reports, and forecasts, and tying them all together. Then he simplifies this
data in a way that Bart Simpson would understand (necessary for me and one
friend in Texas), all the while weaving in tax and investment strategy that is
informative and at times causing a “wish I knew that last week when I was
speaking with my client..” response, as he continues to raise my
understanding. With a little bit of extra study (subliminal tape series
with mini pillow speakers for accelerated maximum subconscious absorption during
sleep time) you could become the expert in your market. Or you can just
listen to the many MMG CDs in your car. Barryism “Don’t do what banks tell you
to do, do what the banks do.” That sentence alone will create separation for
you.

Barry emphasized knowing 3 things and being able to explain them
clearly – Where rates are now. Where they are going. Why rates go up (or down).
But of course we are professionals, and already know those answers. He was just
reminding the new LOs. Was reminded of the power of the Velocity of Money
Calculators, an under utilized resource for me at the Mortgage Market Guide
member benefits page. This will project future financial outcomes using equity
management strategy. Next time I’m asked for a GFE, think I’ll send this.
An example of what I may have heard before was his point to understand
your local market by using “realtor.org/research”. Understand the job market,
know the unemployment ratios, and owner occ vs investor. All little bits of
information that create expertise and professionalism for you.

There were more key chunks of information than I can write about here.
But mark your calendar for 2007. Barry predicts we will be going into a
recession and back into refinance mode. Build those databases and don’t be a
stranger to your clients.

The “Implementation Coach” Session had to be skipped. After all, with
great speakers, prizes, and showbiz, time ran over and you just must have a
little more fun. The Equity Management Panel (Steven, Jim McQuaig, John
Bell, Ron Quintero, Sue Woodard, and Tom Bass) – Challenging to summarize here,
but all were clearly dealing in higher level conversations with both their
clients and themselves.
-Tom Bass – “from customer retention to customer engagement over a long period.”
John Bell
– giving clients “self autonomy and how to have more self
rule”
Jim
McQuaig – “give more life value than transaction
value”
Ron
Quintero – “find someone “in motion”
already.

Sue Woodard – individual professional campaigns
Tom B –
don’t delegate the
conversion

John Bell – Liquidity and the Family Banking Fund
Sue
Woodard – record your self.

Steven had a 4 CD interview give away for all 1800 attendees, including
a new Tax Strategies series, as an intro to his monthly program. (If you picked
up my CDs by mistake, please send them back.)

It was a totally packed day. No fluff or wasted moments. The hallways
were empty during the session (fabulous prizes have a way of doing that!).

The best part of any conference is the old friends you see again and
the new friends you make, all that lead to a richer life and business.

Disappointed to leave early Friday morning but my daughter was
graduating from high school at 9:00am Saturday and my son was flying in from
California after finishing 4 years as a Marine with 3 tours in Iraq. It was a
great weekend!

Next years Summit is already planned – June 7-8, 2007, Las Vegas. Ric
Edelman, Sandy Botkin, Todd Duncan, and a mystery keynote guest that Steven paid
$150,000.00 for a 3 hour presentation and had to fly him out in a private jet
for a preliminary interview.

Steven mentioned that he has doubled his entertainment budget for next
year and ticket prices will go from $299 this year to $499.00 (or there abouts)
next year. A bargain either way.
Scott Korbin will have an update on the last
day at the Equity Summit.
Show the Way,
Jim
Enright
www.lendersinsight.com

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