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 By: Chris Brown |
Watch the Fox 35 Video here. 
Andrea Tlumacki was one of the people not afraid to take the plunge… and she has been rewarded for it! With the deadline of the $8000 First Time Home Buyer Tax Credit approaching – it is urgent to develop a plan of execution. Most people are focused on the restriction of closing before the expiration of Nov. 30th. Fair enough… but many are not building a time line in order to establish milestones that one needs to meet if they desire to witness the delivery of an $8000 Treasury check. This is done by finding the advice of both a rock-solid Realtor and a Certified Mortgage Planning Specialist.
Andrea Tlumacki did. Expert real estate advice from J. Robert Brown – owner of Prefer 1 Real Estate – proved priceless. Not only was she able to nail down a low mortgage rate of 4.500%, but received unparalleled direction from Robert Brown’s corporate-world experience to get a purchase price that would make an investor envious.
In her interview with Andrea, Tracy Jacim states, “time is running out,” and the time to delay is over.
Many of us are familiar with Student Syndrome – but the need to:
…has a time line of about a week. Sure, things can be closed a somewhat faster in the proper circumstances, but as volume elevates in the weeks ahead for lenders, the length of time it takes to actually close will be increase.
In other words… it is important to engage in the Orlando Real Estate process quickly if you hope to benefit from the First-time Home Buyer Tax Credit before it expires.
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By: Chris Brown |
In the world of conferences, there is a new vibe… the UN-conference… and leave it to the real estate industry to lead the way. As loan officers, we have been marketed to and pimped to product-wise more than any other industry. UGH… can you feel me? [I feel more hip just saying that!] SO how do we go from a numb, battered industry to the super-sponge that we need to become in the “new world of real estate”… an attitude the the writers on this blog, including my Florida Mortgage Blog, have vigilantly tried to maintain?
Simple - take a play out of the Realtor play book. REBarCamp is the ultimate UN-conference of conferences. I had the privilege of attending a recent barcamp in Miami put on by Ines Hegedus-Garcia, Todd Carpenter, Jeff Turner and others in South Beach. [aka REBarCamp Miami - #REBCMiami] with none other than the Mortgage Cicerone himself, Tony “Mortgage Genius” Gallegos.
So there I was, walking into the Temple House, the venue for REBarCamp Miami, wondering… “What the heck is this all about”. As I walked around and saw the set up, I thought to myself this is gunna suck. There were multiple sections set up with groups of chairs – nothing like a real conference to be sure. “There is no way that this is going to work,” I quipped under my breath.
Then it started.
Average Joe’s filled out little cards stating that they wanted to facilitate a group about “x”. [snicker] As more and more folks did so, there was a projector that showed different facilitators hosting different topics in different sections within the venue. After the mingling, the sessions began. I reluctantly picked one thinking, once again, there in NO WAY that this is going to work.
Well – IT DID.
After the completion of the first session I attended [ about 45 minutes long], I thought to myself, “Holy Crap -this works”. The first session I chose was hosted by Bill Lublin about Social Capital.It was a home run, and I was convinced… this is the future of busines conferences. The time of speaker-audience is so 20th century. The BarCamp set up is much more content-rich and participatory [I think that is a word]. The whole group participated and offered insight and input to the topic at hand… more so than I have ever seen before – and i have been to my fair share believe me!
So what is in store for the mortgage folks out there? A “MortgageBarCamp”? Hmmm. Possibly in format, but not in name. It is quite likely that the lead dog for the new vibe of mortgages conferences is the upcoming Mortgage Revolution. In addition to the Mortgage Revolution, however, visit an REBarCamp close to you and, not only will you witness the future, but will also network like never before – with people [like Realtor, Tim Kinzler] that GET IT!
I have drank [drunk? drinked? drankenen?] the Kool-aid!
REBarCAmp pics
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By: Chris Brown |
We have all said it, and for short snippets of time, we may have even done it. My question – how’s that workin’ for ya now!? Don’t get me wrong – I don’t even have this nailed down myself. In fact – disclaimer here – this post… yeah, I am writing for me.
If the reader gets something out of this, uh, that is good too.
It is a noble and glorious thought that the mere love of our families, addictions [like living indoors, eating daily, etc.] and desire to grow are enough to take us where we want to go in our careers. You would think – wouldn’t you? I would! What would being accountable to 2-3 other guys in the mortgage business bring to the table that my deep affection for my family would not? The short answer is – I don’t know! The slightly longer answer [with no greater insight, mind you] is that I DON’T KNOW BUT IT WORKS.
For some reason,accountability with people you respect, like, and trust can be the ‘magic bullet’ that many are searching for. So why don’t more of us step up to the plate and become accountable to one another?
Simple.
Fear.
Whether it is fear of failure, fear of the unknown, fear of being vulnerable [i.e. being "found out" that you are human] or something few of us would admit to – fear of success, fear can be the biggest stumbling block to any action. My advice? [Remember, this post is for me, not the reader] GET OVER YOURSELF! You are not that big of a deal. Suck it up punk!
The key to a successful accountability relationship, as I touched on earlier, is for it to be with people that you respect, like, and trust. Without that – your results may be less than you desire. Why? Because there needs to be internal pain for not performing or pulling your weight and that will ONLY work if you have to report lack-luster efforts to someone you care about. This also leads in to why they must be people you trust. Not only must you care about them – but they must care about you as well… meaning they will be firm but still support you. [Don't worry, this doesn't mean you have to turn in your "man-card" - quite the contrary, actually.] I am reminded of a segment out of a very popular book – you may have hear of it - the Bible, that I understand as applying to accountability. It goes something like this;
“Put me on trial, Lord, Cross-examine me. Test my motives and affections for I am constantly aware of your unfailing Love and I have lived according to Your Truth.”
This kind of vulnerability and accountability only works when you know those you are entrusting your ‘humanness’ to, have your best interest at heart. Now there are two ways to do this – you can either throw money at it, or throw time at it… just pick one.
Coaching
This is the ‘throw money at the need’ solution. I personally have never really been coached, in the sense that I have paid someone to
keep my feet to the fire. The one exception is that I participated in a joint weekly call with Tim Davis and about 30 LOs. This was a great thing to participate in and may be an inexpensive way for folks that have never been “coached” to see what it can be like. Typically, however, due to mere numbers of participants, the personally attention is diminished and you won’t get the full impact of coaching. [The other side is you don't have to pay the full freight either.] Two coaches that I trust are Tim Davis and Victoria del Frate.
Accountability Teams
This is the ‘throw time at the need’ solution. A team can consist of 2-5 players – anymore and I think you are diluting the impact. Five is an absolute maximum. Here is why it takes time for this solution to unfold. First, YOU – cowboy – have to be the kind of person that people respect, like and trust. Building that awareness with people that are worthy of being accountable with is not easy and is an investment that can only mature over time [Law of Incubation]. For the record, I have attempted being accountable to folks that fell completely flat. You will too. Expect it. You first accountability group will not likely be the final one you end up with. So what – start anyway. The second reason this takes time… chemistry and likemindedness are difficult to find and even harder to maintain. Once you find it – you will know – and will be forever better.
In conclusion, here is a small exercise.
“I, [insert name here], commit to myself to seek out those that I respect, like, and trust. I am doing this [not I will do this] in order to begin identifying those that can help hold me accountable for the things I should be doing anyway for Pete’s sake. [Yes, you have to say, "for Pete's sake" or it won't work.] I have made it this far in a battered industry – and dog-gone-it I owe it to my peers, my family, and myself to be better than I am today.”
Go get ‘em Tiger!
[Batteries not included]
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By: Chris Brown |
[Adapted from the Mortgagee letter]
FHA plan will stimulate new home sales and help stabilize Orlando housing market
Today, while speaking to the National Association of Home Builders, U.S. Housing and Urban Development [HUD], Secretary Shaun Donovan re-announced that FHA will indeed allow homebuyers to apply the $8,000 first-time homebuyer tax credit toward the purchase costs of a FHA-insured home. Donovan said today’s action will help stabilize the nation’s housing market by stimulating home sales… we will see. I think we have a long way to go before this becomes deliverable. Our state of Florida, just passed something of similar nature, but with the credit expiring at the end of Novemeber unless it is extended, the question remains – “how many people will it really help”… you know… anecdotally. <— in honor of the Mortgage Cicerone.
The announcement details FHA’s rules allowing state Housing Finance Agencies and certain non-profits to ‘monetize’ up to the full amount of the tax credit so that borrowers can immediately apply those funds to their down payment. Home buyers using an Orlando FHA-approved lender can apply the tax credit to their down payment in excess of 3.5 percent of appraised value – or towards their closing costs, which can help achieve a low, below market, interest rate. To read the FHA’s new mortgagee letter, visit HUD’s website.
“We believe this is a real win for everyone,” said Donovan. “Today, the Obama Administration is taking another important step toward accelerating the recovery of the nation’s housing market. Families will now be able to apply their anticipated tax credit toward their home purchase right away.”
Currently, borrowers applying for an FHA-insured mortgage are required to make a minimum 3.5 % downpayment on the purchase of their home. Current law does not permit approved lenders to ‘monetize’ the tax credit to meet the required 3.5 percent minimum down payment, but, under the terms of today’s announcement, lenders can monetize the tax credit for use as additional down payment, for other closing costs, or buy down their low mortgage interest rate. In addition to the borrower’s own cash investment – which appears to still be the standard 3.5%, FHA allows Orlando First-time Home Buyer parents, employers and other governmental entities to contribute towards the downpayment over and above that 3.5%.
This is good news and can help the struggling housing sector. It should be interesting to see how they intend to implement this covertly complex initiative at the street level.
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By: Chris Brown |
To quote a good friend, Mark Madsen, “I am not a guru – I just read a lot.” I love that line.
It is true – the mortgage industry has benefited from some great pioneers. These ‘”gurus” have brought much to the table as far as wisdom, experience, and know-how. I have studied under many of them and feel I am a better Orlando Mortgage Broker because of it. Their philosophies and mind-sets are the bed rock to a solid service business and these ethics are timeless in nature.
But guess what – some things aren’t timeless in nature and competing in today’s marketplace requires a departure from the differentiating methods of yesteryear.
The answer to this elusive desire is simple:
Educate – and do it online.
According to NARs own numbers, 80-percent of folks begin their hunt online; if you do not have an internet presence - and in a big way – how will the world know about the wisdom you have to offer? I venture to say that if you are a valuable part of our battered industry and are not giving of yourself online to properly inform buyers and sellers, you are doing our industry a grave injustice.
When information YELLS, and wisdom whispers, how can folks make well-informed decisions? It makes it harder, does it not? I hear many mortgage brokers complain that people looking for mortgages online are only interested in rate. While low mortgage rates are important, as you know already, they are only a small part of a complex machine that produces the lowest cost of borrowing money over time. Well when all the noise tells people rate is the only thing that matters, how are they going to know any different if you don’t explain it to them?
The hard truth is that people hunting online are not only interested in rate… not anymore. They want trusted advice and value. Those leading with a giving hand like Fred Chamberlin, Brian Brady, Scott Swinford, and many others have figured that out. When you blog online with relevant, timely and well-articulated sound content; you are giving to those sitting behind their monitor looking for real help. We are in an advice-business and people want to know, above all else, that they are dealing with someone possessing honor and integrity and with more in mind than a commission check.
Share with those who need what you have with no expectation for gain – you will never go hungry.
In her interview with Andrea, Tracy Jacim states, “time is running out,” and the time to delay is over.
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