Tools and Technology for Mortgage Originators

My New Blog... New look, new format, new content

2006-07-10T06:24:00.000-07:00

I've made the leap to my own server and changed blogging platforms. Here is the link to my new blog:

http://lotech.usethisinfo.com/

Just a heads up, I've not yet archived the posts from this blog on the new one but should make that happen shortly.

FRIDAY FUNNY ON BLOGGING Today's Family Circus Comic Strip - ArcaMax Publishing

2006-06-30T11:20:00.000-07:00

Today's Family Circus Comic Strip - ArcaMax Publishing: " ArcaMax Publishing > The Funnies > Family Circus - 06/28/2006

Family Circus Partnership. This feature is presented with the permission of King Features Syndicate, Inc. and is furnished solely for personal, non-commercial use. Redistribution in whole or part prohibited.
Click here for your favorite comics, puzzles and editorial cartoons from DailyINK. "

TEMP FIX I've "Patched" my blog

2006-06-22T10:40:00.000-07:00

I applied a "bandaid" to my blog

Regular readers know that my blog has been missing the right column for some time. Well, I tweaked the style sheet so it, at least appears. Other items in the header and such are a little messed up, but, at least my mug and blog roll are showing. Look for a new design and location in the next weeks.

WORK CENTER ANNOUNCES PENDING RELEASE

2006-06-22T10:20:00.000-07:00

The following is an email I rcvd from vForms

Pre-Release Courtesy Bulletin:
As a WorkCenter user or tester, I want you to be the first to know of our upcoming WorkCenter 2.0 release!
It's the one you've been waiting for!!

www.WorkCenterCRM.com
Call us toll free 877.498.6888

WorkCenter CRM 2.0 Version Coming Soon!

Enhancements and much more have been added to the 2.0 version of WorkCenter

Contact tab removed allowing increased database speed and options
Individual contact screens better organized for data access and usage
Password protection capabilities on all databases
Owner box added for lead distribution and management
13 custom default image fields for automatic importing of headers, footers, logos and pictures
Data export capabilities to a FNMA 3.2 file format for LOS importing
Sue Woodard English and Spanish marketing libraries available as an add-on
18 Sue Woodard automated action plans for use with the Sue Woodard libraries
Availability to set a default directory for backup database files
Daily database backup option
Option to rename custom fields
Ability to rename default headings inside WorkCenter
Contact specific annual calendar display
Redesigned contact loans tab displaying more information
Enhanced and additional script files for data synchronization and classifications
Contact document tab for linking computer files to individual contacts
Ability to set a letter as your Default Email Signature inside WorkCenter
TQS and BytePro LOS data synchronization into WorkCenter
Microsoft SQL Express compatibility for small business groups

MORE ON EQUITY SUMMIT Savage Insights Blogs on Equity Summit

2006-06-14T09:51:00.000-07:00

Mortgage Coach Hosted an Amazing FREE Pre-Summit Workshop that delivered insane value. Dave's blogging about the event and even provides a FREE powerpoint of his session.

Savage Insights: "1800+ Mortgage Professionals Unleash the Power in Vegas!
What a week I’ve had! The excitement started in Las Vegas on Wednesday with the Mortgage Coach Superstar Training Workshop followed on Thursday and Friday with Steven Marshall’s Equity Management Summit. Both shows were huge successes with more than 1800+ mortgage professionals in attendance. There were great speakers and sessions, great networking and great parties! But most of all, the lessons learned were invaluable. "

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

2006-06-13T20:48:00.000-07:00

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

OVER THE TOP VALUE Strategic Equity Conference Sets New Standards for Value

2006-06-12T12:55:00.000-07:00

Steven Marshall Takes Mortgage Planning and the Seminar Experience to New Heights

I'm coming back from the Strategic Equity Summit in Las Vegas, hosted by Steven Marshall's Strategic Equity Group. A week of blog posts wouldn't be enough to lay out even a remote sense of the experience. Over the top, sensational, supreme, high value, extreme execution. Yikes, I was impressed beyond the level I normally can be moved out of my cynical nature.

The Strategic Equity Summit was 1800 mortgage professionals receiving education, training and motivation to avoid the commodity trap in their mortgage practice by delivering higher levels of value and customer experience. Mortgage Planning, for those curious, is about integrating a client's mortgage into their overall financial an life plan. And Strategic Equity is about enabling the mortgage planner to optimize that integration through best practices, sound strategies, and unique insights that are well outside the mainstream of even most mortgage professional's thinking.

The conference brought together the best minds in the industry, including Todd Duncan, Dave Savage, Barry Habib, Daniel Harkavy, Jim McMahon, Sue Woodard, Ron Quintero, Jim McQuaig, Tom Bass, John Bell, and the father of Missed Fortune, Douglas Andrew. Every speaker was incredible and the theme of the conference was tightly integrated into a cohesive message unusual for these types of events. Interwoven with the speakers was a planning process that Steven Marshall walked the group through starting with ideas/brainstorming and ending with implementation. In-between, mini-workshops about problem solving and increasing delivered value to derive increased income were also presented by Steven. Steven's not an over the top type of guy a la hype and enthusiasm. But this truly was Steven's element. A sincere joy emanated from Steven as he delivered over the top value with style, flair, and creativity. From chocolate dollars on the seats after a break, to money falling from the ceiling, to free CD's and the chance to win a Harley Davidson, it was quality content mixed with wow and fun.

Next year, the keynote speaker will be revealed in the next several months, but I've heard this speaker alone could sell out the venue, and the rest of the line-up includes Tim Braheem of Loan Toolbox, as well as well known authors Sandy Botkin, and Ric Edelman.

While this blog isn't about endorsements or mortgage strategy, I feel it is important that the value and mindset behind Strategic Equity are given visibility as I believe they are critical for the mortgage industry. I uniquely give the Strategic Equity Summit my full endorsement.

Time to sign up for next year.

DenverPost.com - Owens OKs mortgage brokers bill

2006-06-05T15:40:00.000-07:00

DenverPost.com - Owens OKs mortgage brokers bill: "Owens OKs mortgage brokers bill
By Margaret Jackson
Denver Post Staff Writer

Gov. Bill Owens on Friday signed a bill requiring mortgage brokers to submit to criminal background checks and register with the state by Jan. 1. "

MATT SAYS - A step in the right direction to protect consumers. Good job Guv!

BLOGGER BLUNDER Is Google taking its eye off the ball?

2006-05-18T08:30:00.000-07:00

My frustration with blogspot grows

Google is a cool company. Google does some great things. If it weren't for Google I would probably never had started this blog and the 1,000 or so of you who read it each month would have a massive void in their knowledgeshere ;-)

That said, my blog is suffering due to pervasive technical "demons" in the blogspot software. For example, the entire right column has disappeared. Because it s a free service, tech support isn't available. As a result, I've purchased a domain on Yahoo and will move my blog there in the next week or so. Keep checking back.

BLOGGER UPDATES NOT WORKING It's time to switch

2006-05-17T09:03:00.000-07:00

After a week of posts that continue to just not show up but ARE getting sent to my feeds, I will be switching to a new blog service. Look for a forwarding link in the next week or so.

GET TRENDYIntelligence for website Search Engine Optimization

2006-05-16T15:52:00.000-07:00

Most Originator Websites are Red Ink... here's one tactic to turn the corner to black

Dave Savage beat me to the punch on spreading the word in regards to ANOTHER new Google tool that can help originators more effectively position their website for search engines.

Now, if Google can solve the problems with my blog updating randomly, and usually only every 24 t0 48 hours, I'll give them full kudos for moving forward. I guess I can't complain... blogger is free.

MAKE LOAN RESEARCH MORE EFFICIENT Google's new NoteBook Tool can help keep track of research

2006-05-16T15:28:00.000-07:00

Here is a great example of how you can apply new technology to streamline a process that usually is, quite frankly, a pain in the *%$.

Google this week released a new tool in the Google Labs (google labs is where technology debuts and then once it matures and is relatively bug free, it graduates "out" of the labs) called "Google Notebook." With Google Notebook, you can browse, clip, and organize information from across the web in a single online location that's accessible from any computer. Planning a trip? Researching a product? Just add clippings to your notebook. You don't ever have to leave your browser window.

The way Notebook works is by downloading a plug-in that allows your browser to maintain and icon in the lower right as well as a right click menu option. The simplest way to add a clipping is to highlight the text and/or image, right click, and then choose "Note This". You can create different notebooks for different purposes (ie-borrower research), and then add section headings to divide up the notebook (ie-borrower's name).

For Example, below is a screenshot of how I used NoteBook to catalogue some program guidelines for a client who needs to use Stated Income.

Changing the way you work is often difficult. However, for the 30 seconds it takes to install the notebook browser plug, it's worth trying out. I'm impressed and can imagine other uses for this tool surfacing in the future.

BETTER WEBSITES Myers Updates Sites with New Tools

2006-05-12T15:13:00.000-07:00

Myers adds a few features to beef up their offerings

Todd over at Lenderama.com gives us a heads up on new features. I'm not sure what an SEO stands for, but, I agree with Todd... blog tool would be a real killer app for them.

VALUE CRM #2 LoanCommander... CRM/Loan Status and Tracking

2006-05-11T22:02:00.000-07:00

Another interesting tool where the 80% is pretty tempting given the price

At only $15/mos (single user) and $50/mos (unlimited users), this is quite a value.

What I really am amazed at is the ability to create a loan status system where your client AND partners have access to the status of a loan in an online portal. Additionally, you can proactively email status reports. This is a unique feature set that isn't even included in the most expensive of CRM tools.

I'm bummed by the lack of online help or user guide and the interface needs some work, but, this is a great tool that, for pipeline management and customer status alone is worth considering. If you use a white board and/or outlook to monitor your transactions, this might be your way to go to the web.

2006 is the mortgage industry's year for CRM. Focused tools like this are sure to put pricing pressure on the larger, more complete systems.

VALUE CRM AllClients takes focused value to a higher level

2006-05-09T09:47:00.000-07:00

A most affordable CRM for the Web

I've always believed ASP's should either be the most complete or the most affordable solutions. ASP stands for "Application Service Provider." Usually, these are hosted applications like SalesForce.com or LoanToolbox.com.

AllClients.com is, for all intents and purposes, one of the best bangs for the buck ($16.95) that I've seen in Customer Relationship Management/Contact Management on the web. Is it everything? No. But that's the point. Value is about hitting the 80, not the 80 and the 20. That extra 20% can end up costing you a bundle and requires justification and typically adds complexity.

While I've not used AllClients enough to give it an endorsement, I'd strongly recommend those LO's needing to simply move their systems to the web and share their data w/in a group give this tool a review. A Free 30 day trial is available w/out handing over your credit card.

Savage Insights: Two Screens Are Definitely Better Than One

2006-05-08T12:14:00.000-07:00

Dave Savage has a great blog post about the practicality of having 2 screens to work on. Savage Insights: Two Screens Are Definitely Better Than One. With the way that screen prices have dropped in the 17 inch category (see PCWorld top 5), and 19 inch monitors (see PCWorld top 10) not too much higher in price, this is an investment with many times the return.

And, as an aside, for what is worth, MI-III is a great movie. Bad publicity aside for Tommy Boy, the movie is very different than the first two (focus on character and relationships). It reminded me of Alias to a certain degree, which is one of my weekly "Must Watch" shows. Good entertainment and a good movie.

NEW AND USEFUL Yahoo! Tech: Reviews, help, and how-to advice for buying and using personal electronics

2006-05-01T20:47:00.000-07:00

A site worth a look, and a second look, and a third look...

Yahoo! Tech is a great new service that focuses on How to Buy and How to Use technology. I'm very impressed. Yahoo's roots began with categorization of information... that is, until the internet really became too big to classify. Now search engines rule the roost. However, this information portal may be just the way for Yahoo! to return to it's roots and dominance.

One big departure for Yahoo! in this venture is a focus on Generating Content. Focused mostly on aggregation, searching, and tools, this is a new area for the giant.

My favorite section is the Advisors Section. Dominated by female personalities, it focuses on USE rather than TECH. Here are all the categories of products you can research:

Camcorders
Car Tech
Cell Phones
Desktops
Digital Cameras
Games and Gear
Home Audio and Speakers
Home Video
Laptops
Monitors
MP3 Players
PDAs
Printers
Scanners
Software
Storage
Televisions
Upgrades
Wi-Fi and Networking

A VERY SAVAGE BLOG Dave Savage from the Mortgage Coach Takes on the Blogosphere

2006-04-17T08:36:00.000-07:00

It's more than just a mortgage industry blog...

Dave Savage's blog, Savage Insights, is worth a regular read. From first look, it appears that Dave Savage will be going well beyond Mortgage Coach and Mortgage Planning topics to higher levels of thinking about business in general and how that directly relates to the mortgage industry and the owner (meaning any originator) of any mortgage business.

From what I know, Dave's is the first blog by a thought leader in the mortgage industry. Congrats Dave!

BECOME IRREPLACEABLE Take Advantage of new Tools and Training for Mortgage Planning

2006-03-27T09:21:00.000-08:00

Technology and training are changing the point at which your skills are being commoditized... here's how to get ahead of the curve

I had the opportunity to speak with Steven Marshall on Friday when he was in Denver for the Mortgage Originator Magazine's Superstar series. Steven is a Superstar Originator and Thought Leader in this industry and is helping to increase opportunity for those who choose to become Mortgage Planners. His Strategic Equity Group is quickly aggregating massive amounts of information from all the leaders involved with the concepts of Mortgage Planning and Equity Management.

I have personally attended his site visit and, like his friend and peer Tim Braheem, founder of LoanToolbox.com, Steven has the habit of delivering value far greater than the cost. As part of his Strategic Equity Program, I will be participating in his Equity Management Summit in Las Vegas in June. This program costs only $299 to attend. However... it is free to participants of the program. To make involvement more affordable, Steven has launched a monthly subscription program ($49-$69) for originators that includes registration to this event for FREE. I'm checking with Steven's team for online details. The program description I heard at the seminar made for an insane value.

As our industry evolves, we must evolve with it. Our value must grow in order for us to maintain relevancy. Genuine value for the client has to be created by each and every LO. Steven's program is a great opportunity to slipstream into a movement that started with Missed Fortune but has gone way beyond (and become more affordable, by the way. Missed Fortune is a $6k-$10k investment for originators) to offer many alternatives for clients to increase their wealth by actively managing their home's equity.

Check back later this week for more details.

NEWS WORTH KNOWING Agencies Adopt New Credit Scoring System

2006-03-15T15:59:00.000-08:00

Agencies Adopt New Credit Scoring System - Yahoo! News: "Agencies Adopt New Credit Scoring System By EILEEN ALT POWELL, AP Business Writer
Tue Mar 14, 3:03 PM ET

NEW YORK - The nation's three major consumer credit bureaus have created a new credit scoring system designed to make it easier for financial institutions to evaluate loan applications and to give consumers a better way of measuring their financial health."

2006, THE YEAR OF MORTGAGE CRM An unofficial declaration

2006-03-14T12:59:00.000-08:00

I've predicted before that this will be the year where CRM will become a focal point in our industry...

First off, apologies for the lack of postings. However, I've gotta bring home the bacon and it's been sizzling hot lately. Besides originating, I've been working on some "Skunkworks" technology projects for my own mortgage practice. Many of these have been incubating for more than a year and are beginning to see the light of day. More on that later...

One item on my plate is CRM. This is going to be a hot year. BnTouch is likely to have a late summer major release. LoanToolbox.com, in addition to its already excellent ACT! template (it's included in the membership), just released Platinum Plus, an automated marketing tool for disseminating the LoanToolbox content. It's very lite, and not really meant as a true CRM, but it represents a toe in the CRM water.

The CRM entity that support Ron Quintero's FinanceThisHome.com, myMortgageHost, is now offering their product to the LO community. I don't have time to evaluate it, so, any comments are welcome.

Finally, I've rediscovered client/server in AdvantageXI, by Mark-IT systems. I'm in the middle of evaluating and so far am impressed. If you are tired of ACT! and need to upgrade to a more robust CRM tool, this system is affordably priced and, it works. The problem for me, which is not really a problem for most LOs, is that the product has its own built in email client. I'm behind a big corporate firewall and can't even sneeze without setting off alarms. So, I'm looking into Verizon Broadband. I'm looking for existing user feedback.

Mortgage Technology

2006-02-28T06:05:00.000-08:00

Mortgage Technology: "GMAC Launches Wholesale Web Application
Horsham, Pa.-based GMAC Bank's wholesale lending unit launched a Web application called Get Scenario, available to its broker and correspondent customers, which enables users to enter loan level data attributes and almost instantly receive a list of eligible products for sale through GMAC Bank. Get Scenario was also designed for enhanced ease and efficiency in the loan registration process. First, GMAC Bank correspondents and brokers login to http://www.gmacbankwholesale.com. Second, users enter a few pieces of their customer's loan information, and a requested final rate or final price. From there, the Get Scenario application will provide a list of eligible products, which users can click on to get more information. Users then click on the price and are provided detailed pricing and loan attribute detail. Further, if GMAC Bank customers are not sure if the recommended product is the best option for their borrowers, they can alter the data and view another potential set of products. Lastly, when users find the product for their borrower they are most satisfied with, they can register and lock the loan directly from the application. "

GET MORE FROM YOUR WEBSITE Search Engine Optimization Tactics

2006-02-15T08:51:00.000-08:00

Take a small amount of time to understand SEO and you may see big results

I apologize for the lack of posts lately... I'm incredibly busy with several tech projects and my own origination business is growing. The funny thing is that the busier I get, the more information I seem to be accumulating that seems worthy of posts.

For example, Thor Skonnord (the man behind Quick Qualifier Software), has a great primer on Search Engine Optimization in this month's issue of MOM. READ THIS ARTICLE. Many LO's are using PPC (Pay Per Click) advertising when they would be better served creating web pages that focus on their specific Niche Topic and learn to better use SEO. Once you are proficient at SEO then PPC might be worthwhile, but given the increase in PPC fraud, it isn't for the uneducated.

You can check out Chip Cumming's website for some great articles as well (turn you speakers down when you go here as his website has some sizzle and pop music that automatically plays).

ANOTHER MORTGAGE COACH KUDOS Showing a borrower how to increase their net worth by $75k in 5 years

2006-02-15T08:18:00.000-08:00

It's nice to provide exceptional value to a stressed out mom

She has two teens, basically is the sole provider, and has been going backwards each and every month, tapping into her home equity account. While the 15 year mortgage is at $18k, the payments are $700/mos. Using Mortgage Coach I was able to show how repositioning her debt and changing the way she allocates funds on a monthly basis, she'll build additional wealth to the tune of $75k in 5 years and have $1k in cashflow flexibility each month. At 55, every year is precious and retirement looms. While I'm very vocal that, from a technology perspective, the current Mortgage Coach Software is on its last lap, it still is a tool that quantifies (or, as Dave Savage likes to say, "Dollarizes") the benfits of a refinance better than anything else I've seen.

By the way, there are rumors that a significant evolution of the Mortgage Coach software is due to be released late this year. I'm keeping my fingers crossed, but, in the meantime, MC is, forgive the analogy, like a favorite pair of jeans or t-shirt that you just can't replace... for now.

IN THE NOW - Great Blog: Seattle’s Rain City Real Estate Guide

2006-02-14T11:43:00.000-08:00

I have been putting together a business plan for blogging in my area of expertise, mortgages. The bottom line for me has been providing value to create results. Not only do I love what I do, I love working with quality, intelligent, results oriented experts who are affinities for my industry. As I've done research around a potential model, the best representation of an effective blog in this genre is one out of Seattle. Great Teamwork, interesting information, and quality writing. A must to check out if you are interested in blogging as a path in your business. Thanks to lenderama.com for providing me the initial link. Here is their mission:

Our mission at Rain City Guide is simple. We want to be the best resource for
real estate information in the Seattle area. With that in mind, a group of dedicated real estate professionals has decided to work together to provide you with a constant stream of updates about the local real estate market. Unlike other sites that
are simply focused on giving you data, the group at Rain City Guide
has organized around a “blog” in order to provide context to the vast amount of real
estate information that is available!

PROCESSING PROCESS The best tool to model process is actually free!

2006-02-13T21:37:00.000-08:00

I'm in awe that this product is actually free

I'm visual. Lots of words and I'm lost. Lots of pictures and I'm clued in. When it comes to process, I'm usually in front of a white board or have yellow pad with lots of arrows and lines and unreadable side notes. Translating that to paper and outlining it for use is, well, often difficult. If you need visual modelling for your loan and marketing process and have found Visio or Project to not meet your needs, check out Synthis. I'm litterally in awe of this product after 20 minutes. Can this really be free? Most products like this are so weak, they leave you hanging, or so complicated, only a process engineer can figure them out. This product is so easy to use, yet has the depth to define a process and associated resources that combined with and interface that makes so much sense right out of the gate, there seems only one word.... "WOW."

INFOPRENEURING ON STEROIDS What ZILL they think of next?

2006-02-09T01:07:00.000-08:00

http://www.zillow.comA new site, tons of buzz, and the fear factor spreads.... be very scared

Everyone is psyched out about the new site that takes HomeGain.com and combines it with Google Earth. Frankly, I see a lot of Flash but very little long-term function. I see diagnosis without complete input. I see prepared analysis without adequate explanation. I see a generally flawed model being presented as a consumer tool. This is a funny section in the help:

Can I use the Zestimate to get a Loan?

No, you can't. To get a federally guaranteed loan, a law called FIRREA (the Federal Institutions Reform, Recovery and Enforcement Act) requires an appraisal from a professional appraiser (OK... STOP THE BUSES. I ASKED ABOUT A LOAN, NOT AN FHA LOAN... A CONVENTIONAL LOAN IS NOT FEDERALLY GUARANTEED). The Zestimate is our estimate of fair market value, a starting point for home buyers and sellers and anyone just plain interested in the value of houses. You can use it in negotiating, in judging market trends, and in calculating all sorts of things for your personal purposes.

Why did we go directly to FHA loans from Zestimating to get a loan? There is so much context missing here in order to consumerize the info. Argh. How can something go from a starting point to a negotiating in one sentencel? And what are the sorts of things I'll be calculating for my personal purposes? Is Zestimate a technical term? I see confusion propagating across the landscape of America. Realtors getting papercuts from angry client with their "Zestimates" in hand, appraiser chased off premises because their comps differ from the "Zestimate," lenders being sued because the appraised value came in lower than the Zestimation. I see Congress adopting the Zestimation Proclamation. Bottom line, someone read a Seth Godin book (I love Seth's books, by the way) and then, because they did Expedia, got $6 million to start this company. It starts with "Z" and rhymes with "Pillow." Yes, it's Zillow.

This site is a great example of how the consumer desires to be in control. Good thing. It also is a good example of how repackaging existing information can lead to a very appealing site. The problem is, once you have your info, why in the world would you want to go back? And who is going to try to understand statistical models and how a median error and confidence % actually impact the meaning of a Zestimation. Most consumers will look at the summary value and take it on face value. That number will stick in their heads and it will embed itself. It will then become a sticking point in which Zillow must be right because all Real Estate professionals and lenders are liars. Everyone will know that the Zillow people are just out to present honest information. We'll just hide the fact that they have no accountablity, not govenment oversight, no investor money at stake when securing the loan. Boy, what a rant I'm on here. Anyways, I know, because I deal with clients every day and know how powerful a number, even amidst caveats, can be.

Oh, dear. This is a cool site and I want to like it. But I see a hornets nest and everyone within reach getting stung. Do you think a Doctor is really excited when you bring WebMD printouts into the office to show them how you've self diagnosed your disease and only have 4 days to live? Cool maps do not a true valuation make.

Read more on this at Lenderama. Todd's taking this a lot more academically than I am.

BLASTS FROM THE PAST Don't miss these great posts from the last 5 mos (Part 1)

2006-02-06T11:43:00.000-08:00

There is a lot of great material from the past 5 mos that new readers may be missing... enjoy!

One of my recent articles for LoanToolbox discussed using Technology as a Unique Selling Proposition. Another way to look at this, is, to help your Real Estate partners accomplish the same by being aware of innovations that might set them apart. Here's one: Cell Story.

FREEBIES #1 - The first of many posts about resources that are useful, usable, and, best of all, free.

As clients look for options to free up cashflow, look beyond just their mortgage. Recently, I helped a client save $1200/mos in debt service, $45/mos on homeowners insurance, and another $95/mos from the IRS. Ask your client if they get a return. If it is substantial, they may want to look at this tool on withholding from the IRS.

2006-02-01T09:08:00.000-08:00

BNTOUCH ANNOUNCES NEW FEATURESMini Interview with Dan Itkis, CEO and Co-Founder of BnTouchMortgage.com

2006-01-31T03:32:00.000-08:00

BnTouchMortgage.com continues to expand their Mortgage CRM offering with timely updates and a new value added attempt to help generate leads

Dan Itkis from BnTouch took about 10 minutes with me to discuss some of the product enhancements (the new toolbar) that have been added recently and when we can expect the next major release of their product.

PART 1

PART 2

31% of PC USERS HAVE LOST IT ALLKeep Your Data Backups Safe, Simple, and Fast

2006-01-30T12:50:00.000-08:00

This one is from the "normally out of sight out of mind" part of my papers of subjects that can really bitechaaaaa.

There is a good reason that auto insurance is mandatory. The results of a collision can be catastrophic to you, your family as well as any other entities involved in an accident. The same holds true for your computer, especially in the Mortgage Industry. Information is our life blood and if that get's cut off, well, it's just painful to think about. Here are some crushing statistics taken from datadepositbox.com.

If there is one thing that you MUST do to decrease liability for yourself, your clients, your employer, your family, your partners; make sure you have a backup strategy in place and you use it.

PCWorld.com - Backup Tips: Keep Your Data Backups Safe,Simple, and Fast

"Winning Backup Strategies" The first backup you make is arguably the most
important because it serves as the baseline for all subsequent backups. (Be sure
to see our collection of info on, and links to, backup utilities.) Run your
backup software, and select the partitions (for an image backup) or files and
folders (for a file-level backup) that you want to safeguard. Don't overlook
items such as your e-mail, address book, and calendar. If you aren't sure where
these items--and other program data--are stored on your system, open the
relevant application and look for file-storage settings among its options.

TIME SAVER One password gets you in, everywhere

2006-01-25T01:39:00.000-08:00

How many websites and how many passwords... JUST ONE, GETS YOU IN!

This solution I found belongs to the "incredibly brilliant and useful" archives. We all have the same issue. User Name and Password maintenance has gotten out of control. You know how it is...

"Please create a password, 6-8 characters long, using only numbers and letters."

Next website... "your username is the same as your email address."

Next website... "your password must be at least 8 characters long and contain one non-alpha/numeric character."

I counted, and I have no less than 25 user name/password configurations I use regularly. I keep them in a password program. However, I have to launch it and look-up the site, then go back to my browser to finish my login. This takes about 30 seconds times 20 per day... that's 10 minutes/day or one hour per week. For a 2.75 minute investment in watching Jon Udell's screencast, I solved most of the problem.

Jon Udell: Simple single sign-on

Simple single sign-on
Today's 2.75-minute screencast features Nic Wolff's ingenious solution to the vexing problem of single sign-on to websites. I've mentioned it before, but I suspect few outside the geek community read those postings or 'got it' if they did. We'll see if this narrated visual demonstration can manage to cross over.

SURVEY SAYS... NAR Survey presents massive opportunity for savvy LO's

2006-01-24T10:46:00.000-08:00

Look past the numbers to understand where business comes from and what clients are doing and how that is impacting Realtors. Hidden in the data is MASSIVE opportunity..

There are some nuggets of info in this survey. I'll isolate certain items in different posts as I don't have the time to do it all at one time. However I'd encourage every LO to read the survey to better understand their Realtor's and Client's market behavior, and glean info that might help them focus their efforts where it will matter the most. One caveat... I've not seen the raw survey data. NAR is a savvy group and HOW they asked questions could potentially skew things as more optimistic than real life. One way to discern where a portrayal might be skewed is looking at where the summary offers retrospect and where it doesn't. For example,

If there were any doubt about how prevalent the use of the internet has become...

Nine out of 10 home buyers use a real estate agent in
the search process, but use of the Internet to search for a home has risen
dramatically over time, increasing from only 2 percent of buyers in 1995 to 77
percent in 2005; it was 74 percent in 2004. The next largest source of
information for buyers is a yard sign, mentioned by 71 percent of buyers.

Now, think about the following as further context...

When asked where they first learned about the home purchased, 24 percent of
buyers identified the Internet, up strongly from 15 percent in 2004 and only 2
percent in 1997. Although most buyers use an agent to complete the transaction,
36 first learn about the home they buy from a real estate agent and 15 percent
from yard signs; five other categories were 7 percent or less.

The change here is that the internet is edging its way into being a substantial gate keeper. I believe that Geographically specific (ie-a particular part of town) Blogs by Realtors and associated will become an important part of the landscape as long as they are worthy of attention. More on that in another post.

The most startling statistic is that Buyers only use the same agent in 11% of the cases (down from 13% in 2004). Alone, that is startling. When put in the context of "85 percent of buyers saying they were likely to use the (buyer) agent again," I am astounded. It's probably a combination of matriculation in the industry and poor marketing to past clients.

This is an amazing opportunity both for the LO and the Realtor. If you are good at client retention, then you are in a perfect position to market this expertise to Realtors. If you need to "break the ice" with agents, ask them about how true they find this survey to be in their office and their business. Ask them why they think so. Finally, Realtors who leave the business have adoptable business. If you are good at adopting "Orphaned Clients" market this expertise to your Realtor contacts. I'd appreciate hearing other ideas that my fellow LO's might have.

Finally, for this post, contrast this year's survey to last year's survey.

DID YOU KNOW? Gmail can be accessed from your cell phone

2006-01-23T08:48:00.000-08:00

Ok, so I'm a little late to the party on this one...

Back in December Google Announced the addition of mobile access to it's Gmail service. I have a very basic Samsung phone that I can actually read my email from. I've been a late adopter in recent years when it comes to cell phones. I got burned on the first Treo as it broke 2 weeks after the warranty expired. Now, is access email from a web browser on a cell phone efficient? No. But it works in a pinch when you need to see if that important email has arrived, or if you are caught in traffic after a weekend. If you point your phones web browser to http://m.gmail.com you'll prompted for username and password. Everything is optimized for the model of phone you have. By far and away the coolest feature is the ability to call back the person via your cell phone as long as the account is in your Gmail Contacts list. Gmail doesn't have a Synch feature yet, so you'll have to import your contacts from a CSV (Comma Separated Value) file. Read more about the features here.

INTERVIEW Jim Enright of Lenders Insight

2006-01-19T15:31:00.000-08:00

Mortgage Blog - Industry insights from lenderama

2006-01-19T12:24:00.000-08:00

Several people have asked me which blogs I visit regularly. Lenderama is one of the best blogs for LOs to visit on a regular basis for great tips and industry information. Todd Carpenter is very knowledgeable and keeps a constant flow of timely and relevant information going week to week. Here's a little snipit from one of his posts:

Mortgage Blog - Industry insights from lenderama: "Tuesday, January 03, 2006
Overcoming Objections and Attitudes
This is part of my series on selling to Real Estate Agents. I'll assume you've already viewed my posts on Setting Appointments, Benefit Fulfillment Sales Techniques, Profiling Real Estate Agents, and The Decision Pendulum. All are available in my Training Center. We are almost ready to close the deal, but now we need to overcome any final attitudes and objections."

NEWSFLASHWebhosting Company Myers Puchased by MGIC

2006-01-19T05:32:00.000-08:00

Mortgage Technology: "MGIC Acquires Myers Internet
Mortgage Guaranty Insurance Corp., Milwaukee, has announced the acquisition of Myers Internet Inc., a San Jose, Calif.-based provider of Web-based point-of-sale systems for mortgage originators and real estate agents.
Click here for more."

SIMPLE THINGS MAKE A BIG DIFFERENCE A few tricks to help your be more productive

2006-01-18T00:55:00.000-08:00

PC World has some of the best tips and tricks

If you are like me, there are "little anoyances" that bother you. Somehow in the back of your mind you know there should be a fix for you issue, but you can't seem to make it happen. Scott Spanbauer at PCWorld wrote a great article back in September that can be quickly scanned for some potential solutions. Here's an excerpt that is my favorite:

Get Instant Desktop Access
The annoyance: I keep important stuff that I use frequently--including program icons, downloaded files, and the Recycle Bin--on the Windows desktop. But as soon as I launch a program, the desktop icons on the Quick Launch menu disappear because other elements crowd them out of the visible part of the menu, or because the Quick Launch menu itself isn't visible.
The fix: No worries: You can add an icon to your taskbar that will show the desktop in one easy click. First, enable the Quick Launch toolbar, right-click an empty spot on the taskbar, and select Toolbars, Quick Launch. The Quick Launch toolbar should display the Show Desktop button by default. If the Show Desktop button in Quick Launch doesn't appear, it may have been pushed off onto the menu's pop-up overflow (indicated by the double-arrow icon) to the right. To keep it handy, drag and drop it onto the visible part of the menu. You can also get instant access to desktop icons without minimizing windows, by adding the Desktop toolbar to the taskbar. Right-click a vacant area of the taskbar and choose Toolbars, Desktop.

2006 IS GOING TO BE A GOOD YEAR According a Poll Sponsored by BnTouchMortgage.com

2006-01-17T13:36:00.000-08:00

Though the sample size is small, the result shows an upbeat attitude

Today BnTouch Mortgage released the summary of a survey focused on the perceptions, attitudes and plans from the originator's perspective. Results of the almost 70 respondents were made available to the media and yours truly took a look at the results. There aren't any demographics attached to the survey so it is impossible to determine if these were brokers, bankers, independent, net branches, etc.

I was surprised by the optimism of most originators who participated in the survey. It's also funny how most LO's still use Outlook for their CRM (42%), followed by ACT! (23%). If BnTouch can capitalize on producing results with their product and marketing those results, it is obvious that the online CRM market is wide open in the mortgage arena.

90% of originators surveyed felt that their website was either not effective at all or mildly effective. None of those surveyed felt their website was highly effective. My guess is that most people purchase a canned website and park it like a car on the edge of the shopping center thinking someone will stroll on by, see it, and inquire. My internal marketing guru here at GMAC said this was very typical.

The best news for BnTouch is that almost 30% of respondents intended to purchase CRM technology in 2006. As I've said in my blog before, I think this will be a hot year for CRM in the mortgage industry.

Many thanks to Andy Saylor at BnTouch for making the survey results available.

TECHNOLOGY AND ADD Another great article addressing this topic

2006-01-12T05:02:00.000-08:00

If you stuggle with keeping focused this is a great article to read

I discovered David Allen about 4-5 years ago in this Fast Company article over 5 years ago. His blog is worth reviewing on a regular basis.

Today I found a link about filtering information in the era of Technology. I believe there is a link between ADD and our access a need to filter information rapidly. I'm no doctor, but I've seen with my children how TV, Music, Computers and other media create distraction and hyperfocus. Food for thought.

LOANTOOLBOX LAUNCHES TECHNOLOGY SECTION Yours truly is among the faculty

2006-01-11T17:03:00.000-08:00

I'm honored to be among these other faculty members

In it's pursuit if helping the Loan Officer excel in every area, LoanToolbox today launched a technology section to their service. Yours truly is one of four current faculty members, including, Dave Savage of the Mortgage Coach and SmartReply, Stephen Breden...A Calyx Trainer and Calyx Point Power User, Writer for MOM and all things Mortgage/Technical whiz, and Rocky Hardie who is one of the most visible LoanToolbox contributors on a regular basis and has a technical chops that make him way smarter than moi.

Am I quitting my day job... ain't no pay, so ain't no way. I honestly just needed another reason to stay up late at night surfing the Internet. Sincerely, this is a great opportunity to combine two of my passions to the benefit of my fellow loan officer. My enjoyment for writing and all things practical yet fun make this a great outlet. I'm still working on LTB to let me put a tip jar on their site ;-)

If you don't belong to LoanToolbox, it is probably the single best investment of marketing and education dollars available in the industry. If you mention my blog, they'll probably cut you a little bit of a deal.

VoIP MAY BE THE BEST SOLUTION One writer suggests that now is the time

2006-01-10T09:08:00.000-08:00

VoIP is something every business might want to consider for cost savings and increased capabilities

I'm a big fan of VoIP (Voice over Internet Protocol) because it is a technology that provides the right service at the right price. Lingo is my home phone provider, giving us unlimited calling to the US AND Western Europe for all of $22.00 per month. Sure, there are some intermitent problems with service, but these problems are fewer and further between than my $120/mos cell phone service. Matthew Friedman from InfoWeek suggests some reasons why your business might want to consider moving to this technology. Here's an excerpt.

Technology has improved. A few years ago latency and voice quality were significant problems with VoIP. Though occasional calls can still be lost and there can be sporadic quality issues, those problems probably happen less using VoIP than cellular communications. If a firm tried VoIP a few years ago and dropped it due to the technology issues at the time, they will find those issues largely solved today. And improvements are continuing.

Packet8 has a great plan for businesses that allow you to control a virtual PBX. At $39/mos per extension (3 extension minimum) it's very affordable. Just make sure you read the fine print on the setup fees as they add up quick.

MISHMOSH Sierra CRM 2.0 Preview, Anuddah Web Conf. SW, Send Cards Online w/Giftcard

2006-01-09T11:04:00.000-08:00

I'm thinking I need to go to single posts for each topic... any feedback?

Bill Convis, CTO over at Sierra CRM gave me a sneak preview of Sierra CRM 2.0. Wow... the process manager and the campaign manager are both very flexible tools and will put Sierra at the forefront of capabilities in Mortgage CRM Automation.

For the demo, Bill used ASAP, another Web Conferencing software worth a look. What I especially liked about this one was that all I had to do was click a link... no configuration, no signing in, nothing. This to me is appealing as I want users to have a "no-brainer" approach to meeting with me.

Finally, here is a great option for sending Gift Cards with a nice Greeting Card at the same time. Ultimately, if you send out over 100 cards a year, your cost is $1.50/card, addressed, stamped and mailed. Cost of gift card is extra.

FRIDAY'S FREE-FOR-ALL Another CRM, Unexpected Techie, and other rampblings

2006-01-06T13:05:00.000-08:00

I've been down with the "Crud" this week and so I'm just throwing a bunch of stuff against the wall to see if it'll make any noise

Did you see the Rose Bowl like 28 other million people? Not relevant to my blog, but a great game, nonetheless.

Here's yet another CRM vendor for the mortgage industry. I think 2006 is going to be a heated year for CRM in our industry with a certain number of smaller players struggling. I have no clue who these guys are, but I like their mission statement. The site is light on content and specifics. One of the things I like about BnTouch Mortgage's site is that it has great content and allows you to understand the meat of the product. MortgagePro CRM has a new site that is more like a real product website instead of a "Dan Kennedy" marketing 101... (nothing against Dan... just that his style isn't appropriate for complex software). The problem is that the site doesn't quite know which product it is. Click through the site and notice how the logo changes...

Who would think that the CEO of the largest religious publisher in the US would be a techie? Well, I think Michael Hyatt's Blog is unbelievable. He has great Outlook Tips (including VB Scripts) writes a lot about Getting Things Done (For you David Allen Followers), and even answered my email to him. I've linked his site permanantly.

Another blog I really like is Todd Carpenter's. His blog, like mine focuses on the inside of the industry. He was kind enough to feature a post about me.

Finally, I had the priveledge of getting a demo of Lender's Insight yesterday by founder Jim Enright. Jim's a great guy and they have a solid product, If you are a Mortgage Market Guide member, or a Loan Toolbox Member you can get some smoking pricing.

Speaking of MMG... check out the speedometer that lets us all know how fast Barry is traveling down the freeway (just kidding). It's a nice visual enhancement to the product which is already one of the best in the industry tools around.

MAKING A SMALL CHANGE FOR A BIG DIFFERENCE How I'm using virtual meetings and Mortgage Coach to increase my closings

2006-01-04T10:20:00.000-08:00

It's great to start the new year with a new attitude and a new tech toy tool

I continue to love Mortgage Coach for uniquely positioning me with my clients. Besides being a great sales and marketing tool MC also ensures I'm doing what's right for the client. Yet for many of my clients the information presented is too "thick" to sort through. Describing the Total Cost Analysis over the phone is awkward at best. In person it is very effective. However, booking office appointments can slow down the process and in today's world creates logistical complexity. So I've begun to use web meeting software to bridge the gap. At my previous company our network would not support the use of meeting software, so I've had a 9 months dry spell and it's good to be back using this technology again.

On Monday of this week, I booked 3 Mortgage Coach Analysis presentations (yes, I worked on a holiday)... all of them virtual. All three of them resulted in loan applications. The most gratifying comment came from a lady who owns a local business. "I've been trying to sort through my options over the past few weeks and I've been upset because all these loan people do is fax me these quotes which I can't understand in the first place. You took the time to educate me and advise me on my options and made a significant difference for me. I appreciate working with you." That was the nicest compliment I've had in a long time.

From the usage perspective, I used GoToMeeting (I'm in the middle of my 30 day trial) and every one of my prospects were able to sign on with out any challenge. I'm still getting used to using the tools, but the basic setup is fairly intuitive. Over the next few months, I am going to sample the various options available and share with my readers the results.

Regardless of the vendor, this format is a big win and a great way to differentiate yourself in the market place and make every aspect of the loan process more convenient for you and your client. My next step is to start using this tool to review HUD-1 statements with the client.

WHAT WORKS When technology doesn't matter

2005-12-20T08:44:00.000-08:00

Technologists seem to think everything is best when it's automated and electronic, but originators generally use "what works"

I find this latest column by Anthony Garratino to be very revealing and unintentionally humorous. Tony is grappling with the fact that a company is selling white boards to help originators track their pipeline. Most confounding to Tony is that this company is ACTUALLY SUCCESSFUL. For a technology guy, this can be confounding... why use an "antiquated" solution when technology exists to do the same thing. Newsflash for Tony... most loan originators are very tactical and focus on sales because that is what pays the bills. For many originators their pipeline is their focal point and having a physical representation in front of them at all times makes sense.

Ultimately, some people use a Palm Pilot because it works for them. Others still rely on a Franklin Planner paper edition. To each his own. Garrantino's fear that this is like horse and buggy, stuck-in-the-mud thinking and illustrates a global issue for the mortgage industry. Personally, I think that he just gave some innovative LO a great marketing idea... "hey aren't you the mortgage guy who drives the horse and buggy?"

ACT FREEBIE Lookup utility that searches more than one field at a time

2005-12-15T07:46:00.000-08:00

My love/hate relationship with ACT gets a little love with a freebie I found...

Northwoods software has a bunch of freebies you should look at. In particular, the Multi-Lookup utility (way at the bottom of the list) is a great add-on to make searching faster and more effective. You can lookup on first AND last name, or, more than one field at once (ie-ID/Status and Zip).

Northwoods also has a new "CRM Add-Ons" store. Obviously they are changing their business model. I wish they'd made some more effective changes to their SAM(Sales AutoMation) tool. It still is too complex to setup and isn't really a solid option for originators.

MONDAY MONDAY Last week was busy

2005-12-12T08:50:00.000-08:00

It was a busy week for me, sorry for the dry spell

It was manic last week, which for a December start is a good thing in our business. I had to focus on my day job and deal with closings and originations.

Everyone is going after the client, including your Title company. Read about First American's approach.

I'm hear broken that I wasn't able to attend Business Plan 2006. Here is a great snipet from Origination News.

Doing 'Right Stuff' Termed Key to Marketing
It's not how much marketing you can do, it's doing the right stuff, a marketing expert told mortgage brokers Dec. 7 at the Business Plan 2006 show in Las Vegas. Bill Hillestad, who runs his own consulting firm, added that it is not what marketing technique is being used, it is whether there is an underlying strategy. The key, he said, is that everything is aimed at adding more names to one's database or increasing the pull-through of closed loans. Citing data indicating that most people will seek a new loan every 29 months, Mr. Hillestad said mortgage brokers do not sell loans, they "create opportunities" for their customers, and the goal of being in the opportunity business is to create as many chances as possible to take advantage of those opportunities. He noted that every marketing campaign needs to be evaluated. Brokers need to know how many people are in their database, how much it has grown, the conversion rate resulting in a closed loan, how much it cost to put the name into the database, and how much it cost per closed loan, Mr. Hillestad said. Business Plan 2006 is being put on by LoanToolbox in conjunction with Broker and Origination News.

FRIDAY FREEBIE Marketing Materials to show you are the expert

2005-12-02T12:54:00.000-08:00

Loan Toolbox has the highest quality marketing materials in the business. Now some are available to you for FREE!

Go here. Enter basic info. Get Free Stuff. I use these materials EVERY SINGLE DAY!

BNTOUCH IMPROVES Upping the CRM stakes with value added tools

2005-12-02T08:29:00.000-08:00

This great product gets better with an integrated loan presentation tool.

I'm a big fan of BnTouch and ASP (Application Service Providers) as I used to work for a company with this model. The greatest benefit of an ASP are the constant updates that add value to the product without brain damage vis-a-vis a new install or desktop upgrade. Check out the integrated loan presentation tool that BnTouch recently added. These types of regular improvements show BnTouch's dedication to their user base and make them the front runner in this product segment. Rumor is that the next version is going to take them light years ahead of the competition.

Here's a list of the reports:

Blended Rate Mortgage Calculator
ARM vs. Fixed Rate Mortgage
Fixed Rate Mortgage vs. Interest Only
Mortgage Maximum
Mortgage Tax Savings Calculator

TUESDAY'S TIPS Quick tips for big results

2005-11-29T12:16:00.000-08:00

Here's a collection of tips that should be helpful for a majority of originators.

CALYX USERS have you ever wondered how to import your data into Point? If your contacts are in Outlook here is an easy way to make it happen.

MORTGAGE COACH USERS sometimes need to help explaining the reports such as the Equity Repositioning Analysis. Here is something that you could send with the analysis to help your clients understand the implications.

ACT USERS can benefit from eGrabber's Address Grabber utility. It costs, but it is an easy way to take a contact that is Outlook and/or ACT! and move it between databases. It also is an easy way to copy contact info to the clipboard to paste in an email.

ENCOMPASS USERS are you aware that Ellie Mae offers a TON of free training courses. Go check them out.

THE MONDAY AFTER: Is Beta Better?

2005-11-28T08:54:00.000-08:00

A software model for introducing products and services may have some potential for the loan industry, depending on your perspective

An interesting article in the Wall Street Journal today discusses the pros and cons of software companies like Google and Microsoft introducing products in an extended beta cycle. Here is a great quote from the article:

""I deplore it as a consumer; I admire it as a marketing professional," said Peter Sealey, a marketing professor at the University of California at Berkeley and former chief marketing officer at Coca-Cola Co. "I can't come up with anything else in the entire marketing world where marketers knowingly introduce a flawed or inadequate product [and] it helps grow your user base."

Then on the flip side, Microsoft Monitor comments on how he feels this is a deplorable practice. Personally, I'm in favor of this practice as I believe it allows companies to fix flaws and improve the quality of product when it is finally released.

The ultimate question for me becomes one of learning from this and seeing if there is anything we could extract from this model as originators. Personally, I think there are several ways to use this concept of "Beta Excuse" to introduce services to determine their value and gain feedback before investing completely in a process or service offering. I think this is prudent from a cost and resource perspective.

For example, rolling out a Client Care System that is incomplete could benefit the client and the originator by requiring them to dialogue about the client experience and determine the value of each step compared to the type of borrower. Rolling out parts of a system also allows the originator to "manually model" the process (ie-instead of setting up a complicated auto responder or automated mailing process, do it off a simple paper checklist) prior to implementing it as an automated system. Automation seems the Holy Grail of our business, but automation is only as effective as the systems designed behind it.

Finally, the best reasons behind the beta product release to a group of users is that it creates buzz. A certain group of people like to think of themselves as being the "First" to try something. They use this "Status" as cultural and social currency by telling others. The marketer gains leverage that is difficult to come by except for extreme novelty items. I'd like some comments from others about what they think.

TUESDAY'S TIP An easy way to get one contact from Outlook to ACT!

2005-11-21T17:38:00.000-08:00

I like to type once, import many. This little trick will help you start with a contact in Outlook and then Import to ACT!

This may seem a little convoluted, but it works especially well for just a single contact and once you learn the sequence, it can be done in less than 20 seconds.

Find your Contact in the Outlook Address Book
Highlight the contact and then from the Actions Menu choose "Forward as vCard"
A message will pop up with the contact's information enclosed as a vCard.
Choose "Save" from the file menu of the email message.
Close the email message. It will be saved to your drafts folder in Outlook.
Open ACT!
From the View menu choose "Email."
Select the Drafts folder.
Find the email with the contact's name and open it.
Open the Attachment.
A dialog will appear with Merge Options.
Choose "Do not Change" on the left side and make sure "Add" is selected on the right side.
The contact should be added to ACT!. Make sure to go back and delete the email from your Drafts folder.

Of course there are utilities that can accomplish this same thing (ie-eGrabber, certain Synchronization tools), however for the 20 to 30 seconds it takes, this might be a manageable solution to make life easier.

MONDAY MISHMOSH: Do you own a Mortgage Appliance?

2005-11-21T11:58:00.000-08:00

All over the map today...

There is a company forming that will be offering Technology Appliances. This short article is a good read, and I think the concept is sound, I'm just not so sure I agree with the choice of imagery. I keep thinking of my washing machine.

Encompass is out of the gate with the newest 1003's for 2006 and the updated appraisal forms which were implemented this month. Here's the release.

I covered this last week, but if you are looking to automate, you need to read this.

Mortgage Coach made some changes to how "Announcements" on the software's Home Screen (aka, "Mortgage Planner Dashboard") are presented. Instead of a scrolling piece of text, the software presents the announcements like a slide show in the announcements area.

WHEN TECHNOLOGY FAILS It still takes people

2005-11-16T20:46:00.000-08:00

The mortgage business is a business of people, for people and by people.

Technology can replace human involvement in the loan process, and there are some who may resent its ability to take the place of a person. However, I look at technology as enabling me to work at higher and higher levels of thinking and creativity by freeing up time and offloading redundant or repetitive tasks. Besides, I also look at Technology as being like a child... needing constant supervision. The following illustrates one reason why I believe this is so.

Today I was just about ready to submit a loan, confident that I could help the borrower lower their payment. I also was confident that the value on the property would come in higher than the borrower has stated because I had run an AVM and those are usually very conservative. Well, dummy me, I didn't look at the AVM very closely and later discovered that all the comps had 1 more bedroom than the subject property.

AUTOMATION IMPLEMENTATION: It's all in how you play the game

2005-11-14T07:36:00.000-08:00

When it comes to implementing automation, it's all in how you play the game

The mortgage business is a never ending cycle of paperwork and redundancies. The holy grail of the mortgage business seems to be "Automation"; the ability to perform specific tasks without human involvement. The problem many LO's experience is that automation is a cost savings yet expensive to implement in terms of time and money. One of the founders of GHR systems has done a remarkable job at slicing and dicing this issue in a Mortgage Technology online article.

FRIDAY'S FREEBIE Free Microsoft Training

2005-11-11T08:22:00.000-08:00

Training classes can be expensive. Microsoft has stepped up their online training with some worthwhile classes.

You hire an assistant who is very capable and takes on new tasks and responsibilities with eagerness. (S)he is ready for more responsibility and make your marketing documents more effective but you have a hard time laying out the $$$ in addition to the time. Well, training $$ can be well spent, but first make sure they've gone through all the training on the Microsoft site. This is quality education and can be taken in bite size chunks.

TUESDAY FUNNY Don't take this post too seriously

2005-11-08T00:59:00.000-08:00

When people have too much time, it can be either disatrous or hilarious.

Check out this very funny (depending on your perspective) spoof on the mortgage world. Thanks to RS Nickel and his post on LoanToolbox. Apologies in advance for anyone offended.

A MONDAY MUSE: Get outside a little more often

2005-11-07T22:35:00.000-08:00

We all have to look outside ourselves for ideas, motivation and enjoyment.

I want to plug a few non-mortgage resources today. Sometimes the best ideas come from outside our industry.

Duct Tape Marketing is a great blog crammed with nuggets that can be readily used and quickly implemented.

I'm on a cold calling routine right now having been "gifted" with some older, out dated leads. So, my antenae are up in regards to cold calling resources. Here's a great article about leaving messages. Well, actually its an infomercial that tells you "what" but not "how." But, it's enough of a reminder for me to forget being a salesperson and be real, direct, and honest.

Check out some recordings besides those on industry websites, like these.

Need to get a little pumped for the day. SellingPower has a daily motivator. And if you need to smirk, smile or simply laugh, here is my favorite comic in the whole world. Brad is a talent that will emerge sooner than later.

FRIDAY FREEBIE A free PDF creator

2005-11-04T21:17:00.000-08:00

I ran across this in an issue of PCWorld.

If you can put up with an ad every time you print, you can have the ability to create PDFs for free. PDF995 is a great freebie. And if you don’t want an ad, the $9.95 (hence the name “pdf995”) is a steal for removing it. Given Acrobat’s least expensive creator is $299, this is a must have freebie that will enable you to send documents to your clients.

When you need to send something with encryption such as completed disclosures, you can use the “Signature 995” product.

NICKELS AND DIMES: vForms charges a transfer fee... ouch

2005-11-03T14:21:00.000-08:00

I’m a firm believer that business is for profit. I’m also a believer that the consumer shouldn’t pay for the cost of (convolution) unnecessary complexity.

Today I went to transfer my vForms license as I recently moved to GMAC Mortgage from Countrywide. GMAC is a standards based company so I can actually use the software again. My request for a new license key specific to my new computer was greeted with a mandatory $25 fee for transferring the license (as part of the transfer, they reconfigure the maps and other files if necessary).

In my mind, the transfer of the key should not require a fee if the services aren’t required. vForm’s CEO was kind enough to respond to my email complaint but made no effort to resolve the matter… yet. If vForms is willing to consider flexibility, I’ll make sure to post that too.

TUESDAY'S TOOL Help your agents plan their business

2005-11-01T20:44:00.000-08:00

If you are serious about partnering with real estate agents, you need to understand their business planning. Here’s a tool that can help.

Gary Keller founded one of the most remarkable companies in Real Estate, Keller Williams. His Millionaire Systems is infamous for being the brain dump of the top agents in the organization. One of the tools that is offered on the website is a business planning tool for real estate agents. You have to sign up to get the free information. However, it’s a great tool to help you understand what a Real Estate agent needs to think about to plan for success.

MONDAY MISHMOSH Mortgage Coach improves support site

2005-10-30T21:17:00.000-08:00

Unrelated items from Mortgage Coach to lead management to offshore processing.

I’ve been going over the vendors for the WRMBA conference in Las Vegas in a couple of weeks. I found another lead management company that seems to have the right notion… it’s about the reporting capabilities. Check out Junture.

In one of my previous posts I mentioned about processing going offshore. Here is the company that seems to have started it, EOPS. The ability to process 24x7 has some interesting implications. However, I know that even with the best process in place, communication is vital. I’d be interested to hear if anyone’s ever used these guys.

Finally, there is a “new” look and feel for the MortgageCoach knowledgebase portion of the website. It really makes finding info a whole lot easier.

FRIDAY FREEBIE The best free mortgage magazine

2005-10-28T11:04:00.000-07:00

Another Friday, another freebie… this one is both online and in print

Sign up for the Scotsman Guide. It’s free. It is an amazing resource to research programs, and there are terrific articles. Check out the online edition of the October issue.

If you need a laugh, read this.

MISHMOSH: News to use

2005-10-26T19:47:00.000-07:00

Blink and the world changes.

Ellie May announced a processing network to help brokers lower processing costs and simplify outsourcing. I’ll look forward to seeing how this actually unfolds. When I was a broker this was a constant struggle… getting the file to the processing company, that is. The release says the following: “Originators will simply select E-OPS from the "Services" tab within Encompass, and with two mouse clicks will be able to submit files for processing.”

Technology is meant to be user friendly, but a lot of times it ends up being just the opposite. Read this great short article about making things easier for the LO with and through good technology.

If you like to “build your own”, there is an interesting article in this month’s Mortgage Originator magazine about doing just that. I’ll warn you, though, that building and maintaining a web site can be fun, but the time involved is not something I can see a lot of payback from. Especially with so many great LO website companies to choose from.

To follow on to Wednesday’s post… GREAT REVIEW OF WORKCENTER is online. I really can’t wait for the next release of this product.

Finally, if you live in an area with unique homes that would look great as a portrait, this may be the ideal closing gift for your clients.

WORKCENTER WEDNESDAY: vForms Workcenter - Awesome ideas, just not ready for prime time

2005-10-26T18:56:00.000-07:00

I’m really excited by what WorkCenter WILL BECOME (hopefully)

I’ve started to look at alternatives to ACT! in order to manage my CRM activities. There a couple of online CRM’s that I’m excited about such as BnTouch which has great marketing automation and possibly Entellium. But, I with my faster paced activities of late I’ve been gravitating back to desktop software (ACT! and the LoanToolbox template).

I’d heard about WorkCenter from vForms and thought I’d give it a try. On the WorkCenter website they bill it as having Goldmine (ie-automation) functionality. The website was sketchy on product info so I downloaded and installed the software. While I’m short on time to do a review, let me say my first impression was favorable. It has a nice interface, lot’s of right-click options, powerful grouping ability and most of all, it is very focused on how a Loan Officer works. However, as I dug into the software, I realized a lot of functionality is not included in the current version (ie- triggers for campaigns which, from what I can tell will be called Events, wizards, etc.) that I had expected/hoped would be there. Here is what the website says:

This latest product by vForms makes contact communications and connectivity automatic, reliable and even invisible. It is astonishingly advanced, yet intuitive and simple to use. WorkCenter is designed to emulate the look and feel of MS Outlook for familiarity, the advanced features of Goldmine, and the scalability of ACT!, but is decidedly more powerful and robust than its predecessors.

That all said, I am going to keep a very focused eye on this product as I think the forthcoming features (ie-Events, Wizards, WebForms) will make this a compelling product worth considering.

MONDAY MISHMOSH: Focus on Mortgage Coach

2005-10-24T16:09:00.000-07:00

Many people gripe about Mortgage Coach’s short comings (me included). However, the value isn’t just in the software. Always keep that in mind. There is a lot of investment into helping the LO rise above the crowd and there is a lot of support from the Top minds in the Mortgage Business.

HAVE YOU UPGRADED? If you own mortgage Coach, you need to make sure you’ve upgraded to 6.2. Backup before you do anything and then download the update. Support is just a click away on the website (see the live support tab in the upper right of the web pages at http://www.mortgagecoach.com/.)

DO YOU KNOW WHAT YOU’RE DOING? The training videos are important. It is easy to just dig into the software and miss some of the critical features and/or best practices. However, I’d recommend you clue into the training page as a review.

DO YOU HAVE A MORTGAGE COACH STRATEGY? Would you like a Plan and the Tools to find untapped Niche’s utilizing the Mortgage Coach. If you haven’t taken Ron Quintero’s mortgage coach training then I’d recommend you do so. For $295 you get access to the most cutting edge strategies and some exclusive tools that will help you implement a cohesive strategy. Make sure you are willing to do some work as Ron requires extensive homework to ensure you treat your investment seriously.

ARE YOU ON TOP OF IT? Make sure to visit the home screen of the Mortgage Coach Software and look under “Announcements” where you’ll find some great info, including a support tip of the week.

TUESDAY'S TIP: Get to the real Point

2005-10-18T06:54:00.000-07:00

While I no longer use Calyx Software’s Point, over 50% of the Mortgage Brokers in the US do.

Calyx’s Point is an Ok product. While, like most software, it is far more difficult to use than it need be, it continues to improve and become more useful. If Calyx changed the interface too much, it’d upset the apple cart since most LO’s are used to it the way it is.

So, to the real Point. I’d recommend you look through the list of topics on Calyx’s support site. There are some real good tips. For instance, you can and should password protect files that you email. Can you imagine someone getting a hold of your client’s data? LIABILITY ++++.

If you keep your files up to date, then you should have no problem using the Report functionality to search for loan data to help you identify prospects.

Also… are you still thinking you can only have one Pont File open at a time? I remember how I hated this program until I discovered that you can have more than one file open at a time.

Scroll through the FAQ’s. You may find an answer to something that has been bugging you for a long time.

MONDAY MISHMOSH: Frantastical update

2005-10-17T21:19:00.000-07:00

I’m waaayyy behind. Give me a break please ;-) Life has been happening at a rapid pace.

You’ll start hearing more and more about Windows Vista. Ignore it. You are a loan officer not a techie. I’m really the only one who has total permission to be confused as to which one I really am. Anyways, the Xbox 360 is more fun.

One tech site you should visit frequently, though, is Walter Mossberg’s Personal Technology page. The man is the greatest when it comes to reviewing and writing for the everyday person on technology.

If you ever want some basic info about eMarketing, visit Chip Cummings website. He has some great quality freebie info about auto responders and web search engines.

Finally, if you are concerned about making 2006 a successful year, I’d strongly recommend attending Business Plan 2006. Though technology is noticeably absent from the business planning curriculum (LoanToolbox has a lot of technology already available), I really think that this will become the premier event and will eventually encompass technology leverage in the future. I’ve never seen Tim Braheem or Greg Frost, the conference leaders, do anything less than 1^st class implementation.

TUESDAY'S (monster) TIP: How to Manage your RateWatch in Mortgage Coach

2005-10-10T22:31:00.000-07:00

Managing your client info in Mortgage Coach is not much fun, but here is a strategy to try to make it funnerrer.

I personally am a huuuge RateWatch Report fan. RateWatch is, in my opinion, the “hidden secret” in Mortgage Coach. It makes the phone ring (to quote Ron Quintero). It is now being promoted as part of the entire Mortgage Planner’s Compass. Need I say more?

PROBLEM: The problem with the RateWatch module, and all of Mortgage Coach for that matter, is that there is very little control over selecting loans based on certain criteria. As your database grows and if you want to send the RateWatch to different types of clients who have different types of loans (ie-Rental Properties, 2^nd homes, Super Jumbo, HELOCS, fixed 2nds, PrePayment Penalties, etc.) then it becomes a significant hassle. And, if you do any sort of incremental marketing including the RateWatch Report (ie-I send it to about 10-25 new people each week), or different clients want the report emailed to them, it becomes a true headache. The problem is rooted in the fact that Mortgage Coach only allows you to specify Conventional and Jumbo loan categories base on loan amount. Selecting loans with any other criteria is impossible. That doesn’t take into account major differences in investment properties or 2-4 unit properties that have different loan limits.

As the Mortgage Planner promotes RateWatch as a benefit of being a client, then the Mortgage Planner will have do deal with the above issues and the amount of management time to execute this benefit until the issues are resolved by the Mortgage Coach software. My hope for my fellow and less technical LO’s is that this is high on the priority list for the technical team at WOW (this is harder than I thought) Tools (sorry Dave and crew… I couldn’t help but poke some fun). But, alas, I have come up with a strategy that seems to work, for now. This approach is more work than it should be for a software database program in 2005, but, it is the best solution that I’ve found.

SOLUTION: Creating multiple databases to segment your loans. Yes, you can have multiple Mortgage Coach Databases. This isn’t a hidden feature (see “How to Create a New Database” below), but, there is very little information about best practices on the Mortgage Coach website.

CAUTION, CAUTION, CAUTION.

Unless you feel very comfortable with the subject material that follows and unless you feel very comfortable managing files in your system, I’d recommend you call the folks at Mortgage Coach before you attempt anything I’m suggesting. I’m writing this very late at night and I don’t get paid for doing this… so, I can’t guarantee you won’t muck up something unless you possess super human technical prowess, in which case, you will not be so inclined to do anything without first backing up. End lecture.

FOLDER SETUP

I’ll try to walk you through how I have my folders setup:

C:\Program Files\MtgCoach

…\MtgCoach\PastClientsEmail (some clients specify receiving the report via Email instead of snail mail. I still give them quarterly printed mailings)

…\MtgCoach\PastClientsMail

…\MtgCoach\Prepays (NOTE – I do this because w/out the cost of the prepay factored in, this is like putting a bone in front of a hungry dog who is muzzled)

…\MtgCoach\InvestmentLoans

…\MtgCoach\2nds_N_HELOCS

…\MtgCoach\SuperJumbo (NOTE – Mortgage Coach has problems with big numbers under the RateWatch program. I keep this database in hopes of a fix someday)

…\MtgCoach\Professionals (NOTE – If you use RateWatch to market to CPA’s, Realtors, etc., you may want to think about segmenting further)

Ok, that’s my basic folder structure. However, you may see life much simpler. Here is one approach that might be useful if you see your clients in Silver, Gold and Platinum Levels. Meaning, you may send out RateWatch to your Silver folks 2x/year, Gold folks 4x/year, and Plantinum, every month.:

C:\Program Files\MtgCoach

…\MtgCoach\SilverClientsEmail

…\MtgCoach\SilverClientsMail

…\MtgCoach\GoldClientsEmail

…\MtgCoach\GoldClientsMail

…\MtgCoach\PlatinumClientsEmail

…\MtgCoach\PlatinumClientsMail

Here are the mechanics…

HOW TO SELECT A DATABASE IN MORTGAGE COACH

1. From Mortgage Coach, click on TOOLS icon found on the lower left side

2. Click on “Link To Database.”

3. Browse to the network drive or folder where the database is located.

4. Click on MCData.mdb and press OPEN.

5. The “Current Link Path” should now be the location of the database

HOW TO CREATE A NEW DATABASE (From the support section of the Mortgage Coach website)

If you would like to keep your databases separate you can follow the instructions below. Mortgage Coach will allow for you to have a different database for your clients and switch back and fourth between them.

1. Double click on My Computer.

2. Double click on the C:

3. Double click on Program Files.

4. Double click on MtgCoach.

5. Go up to file and click on new.

6. Select new folder.

7. Rename that folder. (Name it a name that is specific to your database example “2004

clients”).

You will need to have a blank database to paste into that folder you just created. Follow the steps below.

1. Email over a blank database (mcdata.mdb)

2. Save the Mcdata.mdb file into the folder that was created.

3. Close that folder.

4. Open up The Mortgage Coach.

5. Click on the tools button in the bottom left hand corner.

6. Click on the link to database button.

7. Locate the Mcdata.mdb file located in your new folder that was created.

8. Double click on the Mcdata.mdb file.

9. You will now be using a blank database.

* If you want to export correctly you will need to copy over some files from the mtgcoach folder that will allow for proper exporting. Follow the steps below for the files that you need to copy over.

1. Double click on My Computer.

2. Double click on the C:

3. Double click on Program Files.

4. Double click on MtgCoach.

5. Hold down ctrl and click on each one of these files individually:

o ExportXML.exe

o ImportCSVFiles.exe

o Dat2Fnm.exe

o FannieMae1003.exe

o mcimport.exe

o MCIMPORT.TXT

6. Right click on one of the files.

7. Select copy.

8. Go into the new folder that was created.

9. Right click in the empty area and select paste.

10. These files will now be copied over allowing for proper export

MONDAY MISHMOSH: Links for your clients, Freud and Fraud, and your worst nightmare.

2005-10-10T14:51:00.000-07:00

It’s always a grab bag on Matt’s Monday Mishmosh

With energy prices on the rise, energy remains a hot topic. A 10% savings in energy these days no long is small change. Your clients might appreciate a few links that offer them guidance on evaluating and managing energy costs.

I’ve always yawned at Fraud discussions. Freud would agree it is not the “sexiest” topic on the face of planet earth. But, as I hear “water cooler” talk about Stated Income loans and other practices, I realize that some of my associates and friends are potential “perps.” And with technology improving in the way loan fraud is detected, it is important for the small office and individual LO to be aware. Mortgage Technology’s website highlights BasePoint, a fraud analytics provider. And a few articles about those sent to jail may seem extreme, but, the noose is getting tighter.

Would it scare you if your clients could shop you, not just by calling other lenders and getting internet quotes for rates, but could also do so in terms of Overall Cost (Total Cost to you Mortgage Coach Users). One broker is attempting to make it easier for consumers to self-manage these comparisons. Technology has a way of creating crisis and resulting in innovation, no?

Finally, a new job site for those of you looking to make a career shift.

FRIDAY FREEBIE: Index Analyzer

2005-10-07T13:40:00.000-07:00

Pour yourself a cup of COFI and then COSI on up to my blog while I LIBOR over finding something free that is ready for PRIME time.

You don’t have own Mortgage Coach to benefit from the tools developed by Dave Savage and company. The Index Analyzer is a free tool available on the company’s website and can be used free of charge. To get to it on the website, go to the sales tools page and on the right side, towards the bottom of the items in that column is a link to the analyzer.

Have a great weekend.

TAKING HOME WORK - I'm now a Flash Drive fan!

2005-10-06T16:40:00.000-07:00

Moving files between PC’s doesn’t have to be a hassle… especially with a $25 flash drive

The other day I needed to move files between two computers. I did what anyone who has enough tech knowledge to be dangerous… I used a cross over cable (Ethernet cable that works between two computers without a hub in between) to setup the transfer. I then needed the two computers to join the same workgroup. This is where I had problems. In XP, if a computer is joined to a domain, the domain is part of the user profile. If you change the domain ID to workgroup in the system settings, well, you are in for a huge surprise. Unless you are the administrator, you are locked out.

So… since I don’t have any other cabling that will work in this situation, and after sending in my laptop to IT to have it unlocked, I went out and bought a 512mb USB Lexar JumpDrive ($25 after rebates). A USB flash drive attaches to your USB port and instantly becomes available as another disk drive. You can read, write and delete. And because there are no moving parts, the transfers are verrrry fast.

Since I can’t network my work computer at home due to the domain/workgroup issue, the JumpDrive is the perfect way to quickly transfer the data to my home PC for printing or vice versa. Drives come in secure models and in capacities all the way up to 2GB.

LO TECH SOLUTION: Free Lint Remover

2005-10-06T09:25:00.000-07:00

Innovation comes in all shapes, sizes and not all of it is technology driven.

Since I'm transitioning, I don't have a lot of time for reading and keeping up. But, in the spirit of this forum I'll offer a LOTech Solution.

So I'm in a manager's office. He's dressed in a nice black shirt and casual slacks. He's sitting down with me, multi-tasking as we talk. All of a sudden he takes out a FedEx Envelope sleeve (those plastic windows that you put the shipping invoice into). Without pausing or hesitating, he peels back the back side and rather than sticking a shipping label inside, inserts his hand. He proceeds to "de-lint" himself. I start laughing, he laugh's with me and I realize that this is a brilliant solution to a common problem.

Ingenious? Maybe not. Resourceful? Absolutely! Time to carry some of those sleeves in your car. Free? Shhhh - don't tell FedEx ;-)

TUESDAY'S TOY: Clear Up your Screen

2005-10-04T13:48:00.000-07:00

After recently switching companies (one of the reason’s my posts have been slowing down), my new laptop’s screen seemed fuzzy compared to the previous one, this tool helped fix it.

Microsoft has a series of free add-ons for Windows XP called “Power Toys.” These utilities vary in usability, and most aren’t really going to help you as a loan officer. However, I really needed to sharpen up the display on my screen with my new laptop and the ClearType Tuner did the trick. It lets you use ClearType technology to make it easier to read text on your screen, and installs in the Control Panel for easy access. Give yourself 2-5 minutes to download (over high speed), install, and “see clearly.”

FRIDAY FREEBIE A free alternative to GoToMyPC

2005-09-30T13:40:00.000-07:00

The technology used for GoToMyPC is built into windows XP Professional, you just need to know how to access it.

Windows XP Professional has a component built into it called "Remote Desktop." Though not quite as easy to use, and though you can't access computers that aren't XP Professional (you CAN access an XP Professional computer from a Windows 98 desktop though), if all the stars align for you, why pay $30/mos for GoToMyPC?

Here is how you get started!

REAL ESTATE AGENTS: The assault on Real Estate Agent's Take

2005-09-28T16:25:00.000-07:00

I've mentioned this before. We've already seen a decrease in margins in the Mortgage business, but I sense the Real Estate Agent is going to start feeling it too...

Read this article from the Wall Street Journal. Good food for thought here. I think a good RE Agent adds tremendous value. But, in the tech age, how has the consumer felt benefit? I have a good friend who owns a Help-U-Sell. Could this be a model more agents will be forced into? It's all up to the consumer and how they experience the value and how they decide to gravitate toward better value.

MISHMOSH: Technology for technology sake

2005-09-27T18:32:00.000-07:00

Every once in awhile it's just about what seems interesting...

Yahoo is upgrading it's mail program. The bloggers at PC World give you a run down of what seems like a runaway hit. I have a yahoo mail account... but nobody invited me to the beta party.

A Treo that does Windows Mobile. Yawn... next.

Infusionsoft came out with a slew of updates for their MortgagePro CRM product. But, the Dan Kennedy style marketing website doesn't give any info, so, no reason to link. Maybe someday this company will realize that people who shop for software are generally in search of info, not info marketing.

My co-worker has 2500 songs on his iPod. He leaves it in the office so I can listen to it, mainly because he can't listen to it in his card. I found some solutions for car/ipod integration. I'm not going to tell him though ;-)

Finally, I've been dialed into USB drives lately. Simple, portable storage. If you have a workstation at work and one at home, here' s an easy way to move them back and forth. Read more about some particular models.

CRM IN THE NEWS: Allied chooses Entellium

2005-09-26T07:37:00.000-07:00

In today's news, Allied Mortgage, the largest Mortgage Broker in the nation, has chosen Entellium to provide its CRM solutions. I did a quick 100,000 foot fly over of this company and though they aren't mortgage specific, it's worth watching to see if they leverage this opportunity to enter the quickly expanding universe of CRM options available for Loan Originators. At $70/mos for an individual user, this is a compelling price point compared to Salesforce.com and Mortgage Specific products like BnTouchMortgage.com.

FRIDAY FREEBIE: Stuff for ACT!

2005-09-23T15:27:00.000-07:00

Here are some Freebies that will help make ACT! a better tool for you to use. CAUTION - I have not tested all of these, but have tried to made sure they all work with ACT! 5/6.

If you don't like the lookup function, here is a serious improvement. Northwoods has some great tools.

Personal CRM has a great tool that makes it very simple to send emails via Outlook w/out going through the ACT! email client. Look at the bar on the right side of the screen for some other freebies.

While it's cool that ACT! Allows you to browse the web within the main window, wouldn't it be nice if the browser was a different tab? Well your wish just came true.

I've always disliked that ACT! Is a flat file database (it doesn't relate records to each other). To ease the pain, ACECrm has a utility that allows you to apply a note to a given Lookup.

FREE TOOL: The IRS helps your borrowers adjust witholding

2005-09-21T08:09:00.000-07:00

I found out about this tool on a message board on LoanToolbox.

First off, if you are not a member of LoanToolbox, you need to be. LoanToolbox is an originator's dream come true. There are more marketing tools, ideas, systems, content, strategies, business building tools than can be used in a lifetime. Go there now to check it out!

If you are a Mortgage Planner by choice, you know that borrowers can often under or over do it when it comes to whitholding. This can result in a borrower making a bad decision (too much/too little) when it comes to how much house they can afford. Believe it or not, the IRS has an online calculator you can refer your clients towards. Impressively easy to use, I give it 4 out of 5 debit cards ;-)

Credit goes to Chuck B, a LTB member for identifying this resource.

QUICKIES

2005-09-19T22:23:00.000-07:00

A lot going on in my mortgage practice and family life, so, postings are going to be slim this week.

For your radar screen... I've been slow to adopt instant messaging on cell phones. However, it is "here" and it is "now." I am working to collect Cell Phone info from my clients (number, carrier) and gain messaging permission from them. Think about it... you can text message "Your Loan Has Been Approved. Congrats! :-), MJB from XYZ Mortgage" as a way to increase your service levels. Or, you have the ability to "Alert" clients when rates are changing. Many possibilities.

Check out some great tips for non-techies on how to be more efficient with Microsoft Office. Mike Lasky did a great job on highlighting a few high impact helpers.

One way to network is, well, on an online network. Great intro article on Online Networks. We're talking about "People" networks, not "Wired" ones. I belong to LinkedIn, so, if you do too, add me to your network. The real jewel in these services is the potential you have to help others find people who can meet their needs. More on this later.

FRIDAY FREEBIE: A free utility that adds shortcuts to your start menu - A Must Have!

2005-09-13T10:14:00.000-07:00

Ok, I'm a little behind from last week, but here is a Friday Freebie for you...

A lot of time it is the small things in life that make the difference. Take 2 minutes to download and install this utility and you'll gain all that back in the form of productivity probably in the first day of use. This free sweetheart of a utility, SnapFolders 2005 for Windows (works with '98,2000 and XP) is something I'd pay for. One of my biggest frustrations as a Windows user is the lack of assistance built into the OS to help you navigate quickly. This utility adds a small amount of functionality to the Start Menu that makes a massive difference. Here's a peak at what it looks like.

From PCWorld here is their description:

Of course you know how to make shortcuts to folders, but the shortcut function has changed little since the days of Windows 95. SnapFolders helps you create faster, more powerful shortcuts. Instead of forcing all shortcuts to open the target folder in a folder window, SnapFolders gives you the choice of having shortcuts open Explorer windows with the target folder either selected or as the root folder. SnapFolders' shortcuts automatically appear on the Start Menu; from there, you can copy, move, rename, or delete them.

You can download the software from PCWorld by clicking here.

PERSONAL TECH: Online resources to help you buy a new machine

2005-09-08T08:01:00.000-07:00

When you need a new laptop and/or desktop, how do you decide what to get?

If you don't work for a big company, or you manage your own company and/or practice, you probably don't have an IT department and thus someone to help you purchase new computers. Fear not my fellow LO, there are ONLINE resources to quickly help you.

Over the past 10 years I've purchased around 7 laptops and desktop computers for my personal and/or business use. My personal brand favorite is Dell. I know the company, I know the system, and I've always enjoyed, for the most part, great support (the support from India seems to be a higher quality than that from the US). The only negative... stay away from their financing operation. I've never had a trouble free financing arrangement with Dell. Each time it has been error prone and hassle laden.

Far from a comprehensive expert on systems, I do always check two sources before laying down my hard cash. PC Magazine has very thoughtful, in-depth articles, such as shopping for a notebook, that help you to make your own decision beyond a specific set of products they review. PC World has a monthly ranking of Top Rated Products that helps distill the choices down for you to a set group of products they favor.

While the source is rarely objective, it never hurts to ask your peers what they use. Its just that I've never heard someone admit to me they made a bad choice.

MARKETING IDEA: Serve your client's needs with free home inventory software

2005-09-06T10:01:00.000-07:00

Helping your clients be prepared for the next disaster shows you care.

Hurricane Katrina has created disaster awareness for your clients. Many of your clients are thinking about what would happen if a disaster struck them or their friends and/or family. Now is a good time to serve your clients by giving them free software for taking a Home Inventory.

I've downloaded, installed, and entered a few items into this software. It reminds me of the early versions of Quicken's home inventory tool. It's simple and functional and should serve 90% of your client's needs.

IDEA: Since this software's license allows you to distribute the software free of charge, you could download this software, press it on CD, and send it to all your past clients. Additionally, you could partner with an insurance professional to send this out to a farm area. Finally, you could offer it for download from your website to help build traffic.

DISASTER TECH: Helping others to find information and people

2005-09-01T07:19:00.000-07:00

As confusion reigns, resources and resourceful people can help...

As I was talking with my wife this morning, we were discussing how people like us, many miles away (we live in Colorado) would help friends or family who were victims of a distant disaster. A lot of times the biggest need that people have is assistance in finding and cross referencing information. When you have a baby crying and you are trying to find a way to get fresh water or a place to sleep, outside of your cell phone (if it works) you don't have access to information (like how to contact FEMA). So, if you know someone impacted and you want to help, maybe offering to be their offsite information analyst could be the biggest help.

Steve Bass from PC World identifies some local resources available over the web that may point to the information needed to find people and access information.

The Central Florida Hurricane Center has a lot of links to Emergency Management Agencies and other local resources that might be helpful.

If your time is short but your pockets padded, Glenn Reynolds (aka Instapundit) has a link to a list of links for giving to specific agencies and organizations.

1:32pm mst - Just saw another good resource linking site on MSNBC's website.

PARTNER TECH: Will Technology erode Real Estate Commissions?

2005-08-31T17:50:00.000-07:00

It was bound to happen sometime...

In my opinion, the Holy Grail for Real Estate Agents and Realtors is the commission rate. Used to be that few buyers or sellers ever seemed to question the industry standard 6% rate. However, Donald Bruce, writes about how that margin has slimmed in recent years. Things may get worse.

Today's Wall Street Journal has an article on page B4 about IAC/InteractiveCorp (LendingTree, AskJeeves, Expedia, etc.), branching out to develop real estate brokerage offices. Just as LendingTree has changed the landscape of lending, it is possible your Home Selling and Home Buying partners may be facing a similar erosion by IAC's activities. And, if you'll recall, it's not the impact of losing loans to LendingTree, its more about creating a new paradigm of expectations for the consumer. The image of all the bankers battling it out in the living room for a consumer's business is one that may transfer to the Real Estate world.

DISASTER: For some, life has changed

2005-08-30T08:10:00.000-07:00

For most of us, today, our lives go on as usual. We'll focus on picking up our Starbucks drink, complain about traffic, groan about a boss who doesn't seem to "get it," experience frustration over the ants who found yet another way into our home, and the "normalness" of life will take on it's usual familiarity. Tonight, we'll watch the news and surf the sites as we "survey" the damage of Katrina with a deadened sense of awe, and, for most of us, we'll go to sleep and let the news story fade over the next few weeks.

For the people impacted by Hurricane Katrina, life takes on another meaning altogether. Now, I'm not going down the path that says you should feel bad about your life or guilty for not being impacted. But I am going down the path to encourage you to take a couple of minutes to internalize what has happened and experience compassion for your fellow American. Infifite Monkey's has a great, short, essay about what life is like after a flood is a must read, and will assist in gaining the perspective necessary for empathy to develop in your heart' please then think about what you will do to participate in helping.

I'm no expert on relief agencies. So, I'll echo Hugh Hewitt and recommend giving to immediate relief agencies like Samaritan's Purse. It will be a haul to put the cities and lives back together, so keep your eye out for possible agencies to give to that will focus on the longer term picture as this will be a massive effort taking years.

YOUR DESKTOP: Should you really care about Windows Vista?

2005-08-29T12:36:00.000-07:00

If you haven't already, shortly you'll begin hearing a lot about a new version of Microsoft Windows, Vista. Due out in 2006 (maybe), it is the next evolution of Microsoft's operating system. Unless you are a techie and derive income from being a techie, our you are a geek and "need" to know, then I'd just wait a couple of years. If you really need to know something, eWeek has a whole bunch of links to info, reviews, and other notes 'bout Vista. Otherwise, keep you head down and keep originating. There isn't anything about Vista that can't wait until the next refi boom.

If you have a SmartPhone that is Windows based and use ActiveSync, there is a new update to 3.8 on the Microsoft Website.

SERIOUSLY: ADD, Tech Brain and the Originator

2005-08-26T09:33:00.000-07:00

Is your brain driven to distraction, causing your income to fraction, and your job to lose a sense of satisfaction?

Lance Ulanoff of PCMag.com has a great article about distractibility. Somewhat prophetic, somewhat tongue and cheek, and certainly relevant, its a topic that's been eating at my brain for a some while. As with all things important to us, we typically select out information that validates our experience. However, something tells me that Lance has opened up a topic that will become "hotter" in the very near future. Here's a quick taste:

"The next generation of consumers, those coming into prime consumption age over the next 10 to 25 years (they're "tweens" to young adults now) have the attention span of your average housefly after a rendezvous with a moldy peach. Whatever is dangled in front of their faces next is what they're into and into using at the moment. "

I've noticed this, er, tendency in myself. I think that's why I like blogging. You have the opportunity to focus on a million things. But on a more serious note, I believe Lance has a great point and his article raises a question Mortgage Originators are going to need to grapple with. Since the number of real estate transactions where the home buyer found their home on the internet has almost doubled from 8% to 15% since 2001 (source: Wall Street Journal, Wed Aug 24th), and the number of messages bombarding the average consumer is out of control (source: my own experience) I've personally found that my clients have developed an impatience for the details of Mortgage Lending.

Just yesterday, a client couldn't figure out why I needed to ask them about their assets - not that she didn't have any, she just wanted the loan, and she wanted the loan quickly and asked, "Why do we need to go through all this, I have good credit and I've got a lot to do." In my mind I smiled, wondering how she had the patience to accumulate $100k in here retirement. Additionally, I've found that the analysis I do for clients is becoming less appreciated, not because it is less valuable, but because their attention span and willingness to sort through details seems maxed out.

Another way I see the LO impacted by technology is the constant multi-tasking that finds its way into our daily work. The cell phone beeps, it's a call from a client I've been trying to reach on a $500,000 purchase, then Outlook does it's chime thing, and it's an urgent note from my processor and then my office phone rings (no caller id), and since I'm the only one in the office I have to pick it up. I put my cell on hold, and while I'm on the phone I'm typing an email, proud that I can do so much in so little time. Then as I'm finishing my bi-modal communication efforts, the fax machine hums delivering the HUD for the closing in 20 minutes (the HUD is supposed to be here 48 hours before the closing). Quickly I pick the cell back up while walking with the fax for review, and then let the client know I'll call back because an urgent email just came in from my processor telling me to ignore the HUD, the numbers are wrong, and... well, you get the point. Whew, I need a weekend.

I'd like to hear from anyone out there in the mortgage blog-0-sphere who has experienced the same. Have a great weekend!

PREVIEW: Google your desktop!

2005-08-25T10:54:00.000-07:00

Windows might just get easy to use... with a little help from the folks at Google.

Google wants your desktop. Google has recently released Google Desktop 2, a sidebar that sits on your desktop to help your search files, audio/video clips, applications, websites; in other words EVERYTHING ON AND OFF YOUR DESKTOP! In addition, the application "notices" what information (web pages, email, files, news) is important to you by how frequently you access it, and then either makes those items float to the top of the sidebar list, or, in the case of the News Sidebar, actually anticipates what information you would most likely be interested in and makes it available.

Check out this article by Walter Mossber on the Wall Street Journal's website about Google Desktop 2 and Google Communicator. Google is a great search engine; they keep it simple, straight forward and easy. If you are like me, you really dislike the Windows Explorer interface. Though I've not used it, Google's product sounds like a must to increase your productivity by following the same model that has made Google such a winner. You can download the product FREE, from Google. CAVEAT - Keep in mind this product is still in Beta, which means, it is probably as stable as a Microsoft product on it's final release ;-)

If I understand the features correctly, then I can see a huge increase in productivity as you work with certain clients or lenders. The information that you are working on can be right at your fingertips rather than having to navigate several applications (windows explorer, internet explorer, my documents folder, microsoft word, etc.). And, as you might be waiting for an email, you don't have to switch to your email client to see if the email you are waiting for has come in; the email will appear at the top of the email tab.

Look for a review from yours truly some time in the future.

RESOURCES: Free is good!

2005-08-23T17:16:00.000-07:00

A few FREE Tools I ran across today...

Whoever said that "Nothing in life is free," must have said it before these free resources became available.

Broker Universe has some excellent freebies developed by others in the industry who chose to share their expertise and knowledge. I thought the stacking order checklist was kind of a cool idea... imagine surprising your processor with a stacked file... hmm.

Need some inspiration and ideas? Top Producer Strategies is a site filled with proven strategies of superstars and top performers. Make sure you check out the Archives.

If you are Mortgage Coach user, then you probably already know about the Resource Center on the website. If you want to become a Mortgage Planner instead of remaining an LO, then even if you don't Mortgage Coach, you'll benefit from the ideas and approaches. The Index Analyzer is a free tool that you can use to help illustrate the history of ARM products with your clients.

If I were to ask you to explain to your borrower what goes into the APR, I bet you'd be stumped. The folks at The Compliance Group have a cool chart

COMING SOON: How to beat the high cost of Telecommunications!

2005-08-22T14:56:00.000-07:00

Stay in touch for less! Look for an upcoming Product Briefing about cost effective telecommunications solutions for mortgage professionals. Advances in technology are making it more affordable for the solo originator/smaller company to give their clients the service levels offered by systems that used to be reserved only for deep pockets.

NEW TOOL: Can a cell phone be a USP (Unique Selling Proposition)?

2005-08-18T13:25:00.000-07:00

We've all had that, "Man, I wish I'd thought of that" moment. Well this happens quite regularly to me, and it happened again today.

Cell Story is a new product and new company (July 2005) that allows a user to create a "Story" (a story can be a brochure, a series of photo's documenting a situation, etc.) using just their Cell Phone.

Picture this; A realtor has an out of town client and just happens to drive by the ideal house. Rather than wait to get home, the Realtor calls the listing agent, gets the code to the Lock Box, goes in the house and proceeds to create a custom brochure using her Cell Phone that, by the time she's back in the car, is now available on a personal web page for her client. That's the sort of thing I'm imaging this software will be used for.

Now, for those of you who work the FSBO market as Loan Originators. This product could allow you to very quickly visit the owner's house, follow a templated series of prompts (take a picture of the bathroom, now the living room, etc.), create a brochure using your own Cell Phone and secure the client's interest in working with you. NOTE 8/22 - According to Ron Quintero of FinanceThisHome.com, in 37 states there are strict regulations about marketing property if you are not a real estate agent. So, while this is a logical application of this product, it is not without some caveats. As always, do your homework.

I'm sure that uses for this service will explode quickly as long as Cell Story delivers and expands to other phone manufactures. Cellstory currently runs only on the Nokia Series 60 phones.

Mortgage Coach Mini-Review

2005-08-17T14:26:00.000-07:00

There are several tools that help you too explain/show loan options. I'm going to focus on the one I use, Mortgage Coach.

The Mortgage Coach is a tool central to how many LO's do business. Why it's called Mortgage Coach, I don't know. Where did the "Coach" come from? I digress. I use this tool almost every day and on almost every loan. With a claim to 20,000 users, it is the dominant application in the industry. Mortgage Coach allows you to show clients the Total Cost of a loan, what it means to Rent vs. Own, why they should Reposition Their Equity, and with it's close cousin, how to get out of debt quickly with the Debt Consolidation Analysis. And there is a rudimentary marketing tool in the RateWatch module that allows you to market to a client to illustrate their current loan against the loan products and rates on the market today.

WHAT I DIG ABOUT MORTGAGE COACH

IT MAKES THE LO LOOK ORIGINAL Nobody else seems to use it. Despite 20,000 users, I've never had a client tell me that they've seen the same type of analysis from another LO. It truly is a USP (Unique Selling Proposition).
NIMBLE - It's desktop oriented and quick to use (Well, at least after it opens and pulls up the resources from the internet for the products new 6.1 home page. (I'm on a slow network).
DEFACTO STANDARD Most of the heavy hitters use it (Tim Braheem, Barry Habib, Steven Marshall, Jim McMahon (check out Jim's new product for helping to sell ARMs), etc.) and, so, it's easy to find materials to support it's use. Loan ToolBox has a whole section on it's use. You can sample some of these materials (under Tim Braheem) on the Mortgage Coach website.
OFFICIAL It looks very accounting'ish, so clients really think you are smart. I say this in jest, but it is important to look professional and the "accounting look" does imply a certain amount of credibility and authority.
WORKS WITH POINT You can export a 1003 out of Point to Mortgage Coach. I don't use point anymore, but I like this since a majority of LO's do use Point.
IT GIVES THE LO CONFIDENCE Sometimes I don't even give out my Total Cost Analysis to clients. Instead I use it as a self-check. This gives me the confidence that I'm helping my client choose the best option for their goals/needs.
WEBSITE IS FULL OF GREAT RESOURCES I really like the way they've expanded the website to include more resources and marketing ideas. There are reports, toolkits, conference calls, and a lot of other great content. If you haven't read Ron Quintero's three White Paper's, and are a Mortgage Coach User, I strongly recommend going through all three.
NEWEST EDITION HINTS AT WEB FUNCTIONALITY The current version (6.1) is setup to work with a yet to be released service, RateWatch.com. That means there is a hint that maybe this product will be more web based in the future. Wouldn't it be great to send your clients a link to a web page where they can look at a variety of analysis? Keep your fingers crossed. Also, in the Bio about David Allen, the CTO, there is mention of a secret project "Enigma."

WHAT I DON'T DIG ABOUT MORTGAGE COACH/THINGS I'D LIKE TO SEE

BLACK HOLE You can't get your data out of Mortgage Coach; import is supported, but export is not. This makes it difficult to highlight certain aspects of a report in a form letter or integrate the application with another program. That makes the product a bit of an island.
CUMBERSOME Ok, so I said it was nimble. Well, it is also cumbersome. It would build efficiency if the user were allowed to create templates of typical scenarios that are often presented. Every time I have a new client, I have to re-enter the data.
TOO MUCH INFORMATION The program is all about detail and doesn't really do a good job in helping you highlight/summarize what is important to the client and THEN drill down to the detail. For instance, most people just want to know how much their payments are going to be and how much they'll save. In order to show that to clients via Mortgage Coach's Total Cost Analysis, you have to go through a lengthy explanation. I'd like to see a summary report based on a client's main concern/value.
PRINTOUTS ARE UGLY Everything looks pretty these days. Why can't Mortgage coach update the look of the reports and printouts so they are nicer to look. Plus, the column headings at the top of the Total Cost Analysis need to be able to handle more text. If you can't simplify, at least beautify.
LACK OF INTERACTION WITH OTHER TOOLS Why can't I push a button and email out my Total Cost Analysis to my client without the help of vForms? It's 2005. I suspect the average LO emails 50%-75% of all correspondence
IT IS A TERRIBLE DATABASE You can't report on your clients or your efforts. If you mail the RateWatch report it is next to impossible to efficiently manage more than 50 clients because you can't find subsets based on certain criteria (ie-Past Client, Adopted Client, Realtor, Partner). Or, you can't sort based on them wanting to receive it via email or snail mail. If you have more than one Total Cost, Equity Repositioning or Debt Consolidation scenario for a client, you either have to create a new record or redo the record you just created. You can't create a history of what you've done each day/week/mos/year. A database is meant for reporting, sorting and finding. Mortgage Coach is terrible at all the above.

There's a lot to love and a few things to hate about Mortgage Coach. It is the pioneer in the field and continues to be the standard for the industry. There is a tremendous opportunity for the company to take the product and their 20,000 clients to the next level. The product seems to be moving in this direction. These are just a few thoughts off the top of my head. I'd love to hear about users who utilize other tools (LoanMagic for example).

ORIGINALLY POSTED 8/17, UPDATED 8/18

OTHER REVIEWS OF MORTGAGE COACH

Mary Dum for Mortgage Technology

The mission of this blog

2005-08-15T08:16:00.000-07:00

I wish I was crystal clear on the mission for this blog. I'm sure it will evolve over time, so, taking that into consideration, here is what we're all about here; Discussing Technology and Tools that Matter to the Originator and how they serve the Client.

Technology for the individual and small mortgage company/team.
Tools, techniques, and resources that work.
News that impacts you and news you can use.

Welcome to the world of Matt's Tools and Technologies for LO's.