Savage Insights

Please Help Me With an Experiment!

I’m conducting an experiment and would appreciate your help.

The experiment is this: I’ve discovered an easy-to-use FREE tool aka “Killer App” that can take your ability to educate and influence your clients and partners to the next level, and help you leverage yourself beyond imagination. It’s called the Jing Project, and it offers so much opportunity to loan officers that when I tried it a few days ago it absolutely “wowed” me!

It wowed me for several reasons:

1. Because it was so easy to learn how to create my first video;
2. Because it was even easier to actually share my new video via email; and
3. Because of the high quality of the actual video. 

My first video took me less than 25 minutes to create and that included the time it took to download the software, learn to use it and create three different versions of my first video. Here is the link to my very first video!

The Jing software records content on your computer screen and, in real time, follows and records movements you make, such as pointing with an arrow, circling important information, or filling in fields in a Mortgage Coach report.

I have three core ideas on how loan officers can leverage these simple videos:

• To create a customized proposal that a client would watch on their own time as you verbally and visually walk them through their personal MC report;
• To help you adopt more “mortgages under management” (MuM) by educating your clients so they will refer you to their friends and family. For instance, you could pull up a RateWatch Report and another favorite MC Report and then visually illustrate how your MuM program works through a call to action at the end requesting referrals to friends and family members who can benefit from your MuM program;
• And for my favorite idea of all, you could create a monthly case study video for your referral partners. By highlighting your favorite success story of the month, for example, you would pull up the specific MC report you used and then tell the story of how you help the client while giving your current client a guided tour of the MC report. The power of this strategy has many layers:
  1. It would deliver evidence of your success;
  2. It would educate your partners about the value of your advice;
  3. It would teach referral partners how to refer business to you and what to keep an eye out for;
  4. It would provide you with the leverage of creating one perfect case study story and then enable you to forward it to all your best referral partners.   

Now that you’ve heard my vision on how this killer app can be used, I wanted to conduct a little experiment to actually see how Mortgage Coach loan officers would put it to use. I am not only interested in hearing about your experiences in creating the video, but most importantly I want to see the videos you can create over the next 5 days.

If you are interested in participating in this experiment between now and Friday, all you have to do is this:

• Go to jingproject.com and download the software. Make sure you select “save” and not “run” so it saves to your hard drive. Then, go to start, run, browse, find the icon in your program files click on it, then click “run” to start the install.
• If you are on a PC, it may tell you need to install Microsoft .Net files (even if you don’t see Microsoft .Net installing, trust me, it is, and it takes a few minutes, so be patient. If you start pushing buttons too soon you will interrupt the installation.).
• When the Microsoft .Net files are done installing, a screen will come up to install Jing.
• Once installation is complete, restart your computer. (I know restarting your computer is a pain — again don’t worry, it will be worth it.)

To create a video:

• After installing Jing, you will see a yellow sun-like circle appear permanently at the top center of your monitor screen.
• Open the report you want to go through and click on the sun to start the recording. Begin filling out the report and explaining as you go along. Two to five minutes in length is plenty. 
• You will need a microphone. If one is not built into your computer, you can purchase one that plugs directly into your computer for under $20 (if you aren’t happy that you purchased this after creating your first video, I will buy your new mic from you for double what you paid).
• Upload the finished video to the comments section of this blog post and write a few sentences about your experience. I am very excited to hear your feedback and see the creativity of Mortgage Coach members first hand. 

This video experiment has the potential to be one of the best breakthroughs in your business for 2008, but you need to try something different and you need to take the time to learn something new.

I challenge you to create your first video within the next 24 hours and then upload it to the comments section of this blog ASAP. Between now and the end of this week, I will be closely watching the comments of this post and I am planning to write a white paper and share the best videos with all Mortgage Coach members, so if you want to be part of this experiment, you need to create and submit your video this week. 

Thanks for participating!

To create your first video today go to http://www.jingproject.com.

To check out my first video, click here. And please give me your feedback and suggestions.

What Is Your Plan for Success in 2008?

This is a guest blog post from Ron Quintero

As I finished reading Dave’s recent blog post and the many comments that followed I was compelled to write this follow up post:

What vortex are you In? I recently watched an interview with Terrell Owens, Dallas Cowboy fans know him as TO. Allow me to first to state that I am not a Cowboys fan, nor an Eagles fan, nor a TO fan, but I am intrigued by his recent turn-around or resurrection.

In the past, he played for the Philadelphia Eagles and during that period of time, it was a nightmare to watch the Eagles play if you enjoyed team sports. There was dissention on the team, the players argued and showed their distain for one another in public. They argued almost to the point where they were ready to physically fight one another. TO was extremely vocal and most football fans – most team sports fans – did not appreciate that type of public display of dissatisfaction being broadcast to the world.
Most people saw Owens as an individualist, a non-team player, arrogant, self-centered, all the negative labels. Most so-called experts – the “talking heads” on ESPN – were so disgusted with his public displays and verbal attacks on his team members, coaches and owners of the company that many said “who would pick this guy up?” Who would want them in their locker room?

Well the Cowboys picked him up and WOW, what a turn around. First of all, the Cowboys have not been a real NFL contender for years. Now they have won over 90% of their games They are going to the play-offs and many consider TO’s contributions one of several contributing factors. He is reported as being a team leader in the locker room, a spirit of encouragement for the team both on and off the field. In the interview, a statement was made referring to the past and then the question was asked “what was or is the difference?” He said “I was caught up in a vortex of negativity and once it started, it was hard to get it to stop.”
vor•tex  - pronunciation [vawr-teks] 

1. A whirling mass of water or air esp. one in which a force of suction operates as a whirlpool. One in the form of a visible column or spiral, as a tornado.
2. A state of affairs likened to a whirlpool for violent activity, irresistible force, etc.
3. Something regarded as drawing into its powerful, current everything that surrounds it:

I sat back and thought to myself “you know, our industry is caught up in a Negativity Vortex as well right now.” With all the bad news, with the purchase marketplace pulling back in many markets by as much as 25 to 40% when measuring the number of purchase loan opportunities, when refinance opportunities have dropped off by over 60%, in the face of those two major pullbacks, we should expect to feel some pain. Oh, did I mention the easy to sell product going away? The real problem in the marketplace today is that our industry got spoiled with cheap, easy-to-qualify-for money. It made us lazy, we forgot the basics of blocking and tackling, developing relationships and not taking the past market conditions for granted. 

Many within our industry attempt to define “commodity trap” as rate and cost, but I do not define it that way. Many originators that were making huge profits selling subprime or Alt A loans were also in a commodity trap – they became too dependant on a product and, let’s be honest, most in our industry, if they can find a way to sell a product without having to do any hard work, they are all for it. 

On page 236 of Al and Laura Ries’ book “The Origin of Brands”, it says “what does customer loyalty REALLY mean?” Their answer and I buy into it…”In practice, customer loyalty means that your customers are willing to do business with you even though they can buy the same products or services at a lower price (or better quality) somewhere else.”  WOW. That is it.

So many are waiting around for a rate drop or another refinance wave to only temporarily stop their current pain only to revisit it once the wave is gone again.  STOP THE INSANITY. 
Change your vortex. It’s simple. The more people you meet, the luckier you get. What is the secret of the MEGA producers? They are all master self promoters and marketers.  There is an old joke that goes…”what do you call a Realtor® that does not market? The answer: a secret agent. What do you call a lender that does not market? BROKE.  Provide a service even when you cannot see an immediate return. 

I am not going to share with you some “get rich quick” idea or some blip or dip on the market radar where you get some immediate business but you have not taken care of the long term problem. 

This is what I am currently saying to my clients and audiences:

Are you feeling some pain? The answer is YES.

My next question is, “What are you going to do to avoid that pain in the future?” 

If you are a Mortgage Coach (MC) user, start to adopt and manage mortgages EVEN IF YOU DIDN’T ORIGINATE THEM.

Develop at least two consumer direct strategies. Get your phone ringing. Others are.
In 2008, develop one partnering relationship per week and do all the things necessary to make that happen. One per week for 40 weeks, holidays excluded, you are set. I can almost guarantee you this, the STRONG majority of you either listening or reading this have not done this in the past and if you could hit the rewind button on time, you wish you would have.

The average interest rate to the consumer over the last 35 years is 9.38% according to Kiplinger’s website and MMG’s. We are at 6% possibly heading to 5 ½% next year.  Compared to the ridiculous market we just left, anything would be challenging. The economy is stable. We are not in a recession or depression, although many LOs think it is a depression because the economy is created between their two ears, in their minds.  If you can’t sell in this rate environment, get out now and save the industry for the pros that know how to make it happen.

Real estate is STILL the only tax free game in town. Living in caves is not a growing trend, there is no more land being made, we are breeding like cockroaches, millions of people are swimming across rivers, crawling over fences, risking their lives in small boats to get to our country and I don’t see anyone leaving. Get over it. Quit looking in the rear view mirror. Be grateful that so many are getting out of the business creating less competition and confusion, and reposition your business for the new market, the one that is here and will be for a few years to come. Come on gang, the industry did not go away when the 125s went away. RE-TOOL, get your head screwed on right, get committed to working twice as hard to make half as much, commit to being a survivor and in the future a THRIVER. 

This change is the great equalizer for the industry. It has put everyone at the same starting blocks and now we will get to see who tomorrow’s leaders will be. Re-commit to making 2008 the year that you will work harder than ever before, you will go the extra mile, you acknowledge that the easy money has been made and that going forward, you will put in place now all the processes and systems you wish you had put in place in 2002 so when another easy money cycle comes around you can claim your fair share – forget that, more than your fair share next time around.

The pain of discipline weighs ounces. The pain of regret weighs tons. Do what needs to get done to survive and later thrive. Commit to using the tools you already have at your disposal. If you are a current MC user, just go deeper with the program. Most MC users use one or two components of the program. Before you spend more money on new ideas, make sure you are fully deploying and taking advantage of the tools you have at your disposal now.

If you are not an MC user, well, I do not know how you plan to differentiate, stand out, tell the Total Cost story and make your competition and their marketing messages invisible. If you want to optimize your success in this marketplace you need the Mortgage Coach and you need the mindset that is passionate about uncovering hidden opportunities.  ALL of my clients use the Mortgage Coach and there is a reason. It is without a doubt the most essential and powerful tool available to the industry today, period.

I also recommend that you listen to Dave’s recent interview with Jeremy Forcier, if my recommendation alone isn’t a good enough reason to listen to this call, then let his results inspire you to listen to it today. He originated 7 new loans the day before this recorded interview, he has opened 17 new loans within three days, and he had 38 loans approved in the month of December. To top that off, he had 25 leads that he hadn’t even had enough time to call back yet. 

If you haven’t read Dave’s post and the comments to it that inspired this post, then also click here. 
My hope is that you will re-commit and take your level of success to the highest level possible throughout 2008.  Please post your challenges and success stories in the comment section below…I will be keeping my eye on this post and I will respond to questions. 

To your success,

Ron Quintero

7 new loans yesterday. 17 loans taken over the past 3 days. 38 loans approved so far in December. And to top it off ... He has 25 leads he hasn't even had the time to follow up on!

Who says you can’t be a powerhouse success story in this market?

If you’re looking for inspiration to find the “half-full glass” in today’s marketplace, you don’t need to look any further than Jeremy Forcier of California Mortgage Advisors. With 17 loans taken in 3 days and already 38 loans approved for the month of December despite the difficult times, how could anyone not be inspired by this story?   

Not to mention, Jeremy has only been a loan officer for three years.

Jeremy has several innovative ideas that are driving his success. One of the biggest secrets to his success is that his clients trust him so much that they are giving him written permission in advance to lock them into a refi rate when the opportunity presents itself for that client to benefit from existing market conditions.

By regularly managing his database, Jeremy was able to uncover a hidden opportunity for this client and lock in a rate on a refi loan that helped them save a considerable amount on their principal. Showing the benefits of the new loan in direct comparison to other appropriate loans, generated unquestioning trust helped Jeremy close the deal.

KEY TAKEAWAYS FROM THIS CALL:

• Learn how Jeremy is mining his database in today’s marketplace.
• He knows up front that almost everyone is going to rate shop — but learn his keys to avoiding it. Hear how he stops customers from rate shopping and wins 97% of the time.
• He shows customers how choosing the lowest rate with the wrong fit and wrong loan amount can cost them hundreds of thousands of dollars over the life of their loan.
• Learn the critical first question that Jeremy opens every loan appointment with.

Jeremy Forcier is a mortgage professional who is consistently hitting it out of the park at a time when many other loan officers are not even motivated enough to step up to the plate. Because of his masterful focus on the right strategies, he’s achieving great success. Jeremy is an awesome role model for all LOs.   

Click on the player below to listen to this interview between Dave Savage and Jeremy Forcier.

or you can download grab the 32Mb file here

Click here to download the sample of the report and proposal that he gives to every client before he quotes a rate.

Click here if you would like to contact Jeremy with questions.

CASE STUDY STRATEGY ALERT: Listen to How Chik Quintans Turned 1 Loan Into 3, Just Last Week

Chik Quintans has built a successful mortgage practice over 11 years by offering services that his competition can’t duplicate. This Case Study Strategy Alert is full of unique ideas that separates Chik from the competition in the marketplace, including his “Client Priority Needs Analysis” and “BlueSky” review program.

In fact, recently, Chik was able to turn one loan into three using his unique sales process, presentations and tools. Hear how on this latest Strategy Alert Case Study call.

To listen to the Strategy Alert call for this case study:

or you can grab the 20Mb file here

Be sure to open Chik’s PDF and follow along while you’re listening to the call:

To view Chick Quintans’ Client Priority Needs Analysis form:
http://www.leveragestrategies.com/xSites/Mortgage/boston/Content/UploadedFiles/LS.UP.ClientPriorityNeedsAnalysis.pdf

To learn more about Chik’s BlueSky system:
http://www.leveragestrategies.com/TheLoanProcessBluesky

To check out Chik’s website:
http://www.leveragestrategies.com

To contact Chik:
[email protected]

Tom Bass Generates New Loans by Helping Realtors Sell More Houses in a Down Market

Realtors and homeowners are struggling everywhere to sell homes today. The market has flattened out, and in southern California in particular, homes are staying on the market for as much as 9 months. Owners are having to institute price reductions of $15,000 to $20,000 to facilitate a sale.

But not those who work with Tom Bass. Bass is an 18-year veteran of the mortgage industry. In his best year, he did $165 million, and even in today’s market, he’s producing over $70 million. He’s been a Mortgage Coach user for six years and is a leader in the industry that everyone can learn from.

In this Strategy Alert, Bass details a very unique strategy that is generating great success for him. He uses a Total Cost Analysis report to develop a seller buydown strategy that saves both the buyer and seller money, and moves the house to closing, creating business for both himself and the Realtor.

“Instead of the Realtor going to the seller and recommending a $20,000 price reduction, I suggest a seller funded buydown” he says. “For instance, if a seller dropped the price on a $440,000 house by $20,000, it would reduce the buyer’s payment by $99. But if I applied that $20,000 toward a buydown, that would represent a $347 difference. So I started meeting with all my Realtors and offering these buydown strategies.”

To capture Realtors’ and homebuyers’ attention, he creates a sample mortgage plan in the Marketing Machine, relabeling it “Seller Buydown Analysis”, that shows a step-by-step example of a TCA. He then saves it in PDF format, giving it to his Realtor partners to take to their sellers as a visual tool.

After just one week, he says, two Realtors were able to close sales on houses that had been on the market 6 to 7 months. “The sale was a direct result of showing them how they could lower their monthly payment using the Total Cost Analysis report.”

Listen to the 10 minute interview with Tom about his killer mortgage planning strategy here:

or you can grab the 10Mb file here

To view a sample of Tom’s Seller Buydown Analysis report: Click here

To contact Tom Bass:
[email protected]