UMMAA Newsletter August 2009
Loan Modifications fall at Fannie and Freddie
Loan modifications fell for the second consecutive month in May at mortgage financiers Fannie Mae and Freddie Mac, according to the FHFA.
The pair, which hold or insure 30 million residential mortgages, completed just 10,401 loan modifications during the month as they focused on implementation of the HAMP.
CA DRE Warns Homeowners About Loan Modification Companies
Here is a consumer alert posted on the CA DRE website to warm homeowners about loan modification companies. Some of the information is right on but some of it is BS. Take a look and see what you think. I will post comments in blue next to the topics.
You may want to download the new CA Laws regarding loan modifications.
Lender Updates and UMMAA Members
Below are a few lender updates and results, we now reserve the remainder of the lender updates for the UMMAA members. If you would like to become a member and have access to the lender updates, loan modification forum, audio files, video files and news articles you need to join the UMMAA. We do reserve membership to the UMMAA to professionals that have completed our training course. You may complete our course in one of our many workshops, our DVD and e-Book training program or the new online training program.
I look forward to you joining our outstanding team of professionals in the loan modification industry.
As always, give us a call if you have any loan modification questions or training questions as we will do our best to point you in the right direction.
Are you on the net?
As I read this article I could not help but think about you. How are your clients finding you, how are they researching you? Does your website (if you have one) represent you? Is the information up-to-date? These are questions you need to think about because people are using the Internet more and more everyday, here is an article to prove it.
Mortgage Firms Prodded to Modify More Loans
This is a great article but my question is "when is he going to force things to happen". This country needs modifications done to keep people in their homes so we can get back to a normal market. As long as we have foreclosures climbing we will have a surplus of houses on the market and the valuse will continue to drop.
Become a Trainer and Speaker
I am getting tired LOL. I have been on the road for over two years traveling from city to city training thousands of people on loan modifications. I have come to the conclusion that I can no longer train all of the people that need the knowledge to handle the loan modifications.
In light of that I have decided to train and mentor people all over the country that have an interest in becoming a loan modification trainer teaching people how to get modifications done the proper way. You will be trained on conducting seminars, holding in office trainings and developing your speaking skills.
I will teach you the following:
How to advertise your event
How to plan your event
How to structure the fees
How to register people
How to convert attendees to clients
How to train law firms
How to speak to groups in a professional manner
How to build rapport with the group
How to sell products
How to generate leads
How to generate the content
How to feel comfortable in front of a group.
UMMAA Workshops and Advance Training Program
I am amazed at the response to our Loan Modification Workshop, the 3 day Advanced Loan Modification Training Program, Processing Training and the incredible Loan Modification Trainer Training results.
I personally have cut back the amount of workshops I am conducting because I am focusing on the online and advance classes. The great news is we now have 42 trained loan modification trainers from all corners of the country that will be conducting an additional 40 workshops per week.
Foreclosure scams targeted in U.S., state and local crackdown
Under Operation Loan Lies, 189 lawsuits, cease-and-desist orders and other legal actions have been filed in 20 states. In Southern California, prosecutors have moved against 14 firms and 21 people.By Nathan Olivarez-Giles
Lenders Urged to Move Quicker on Mortgage Modifications
The Obama administration recently sent a letter to the chief executives of the 25 lenders who have signed up for the Making Home Affordable program, urging them to move quicker to help troubled homeowners.
Lenders Would Rather Foreclose than Offer Loan Mod
08Jul09
Less than three percent of seriously delinquent mortgages (60+ days overdue) received a payment
-reducing loan modification since the mortgage crisis got underway in 2007, according to a new study by the Boston Fed.
In California, mortgage scammers find easy pickings
As foreclosures climb, so does fraud by schemers preying on desperate homeowners hoping to modify their loans. State investigators have 750 open cases -- up from just 10 a year ago.
How to Build Trust and Rapport Quickly
If you're working hard, but aren't consistently generating enough sales and getting referrals, chances are it's a matter of trust. One of the most critically important and yet frequently overlooked aspects of selling is creating a solid foundation of trust and rapport. Suppose you could incorporate a few simple, yet highly effective ideas into your selling process and substantially increase your bottom line? Successful salespeople have a knack for making people feel important. They understand the value of building trust and rapport early on in the selling process. For you see, it really doesn't matter how knowledgeable you are about your product line or how many closing techniques you have mastered, unless you earn your prospect's trust and confidence you are not going to make the sale period. Once you have established trust and rapport with your prospect, you actually have the hard part behind you and can anticipate making the sale. While there is no system that will work 100 percent of the time with every prospect, fortunately there are fundamentals you can use that will help you build trust and rapport quickly.
I am proud to announce the new training programs we are offering.
You may have been wondering where I have been the past months. Well, I have been very busy developing new training or revamping my existing training programs to help you make more money and be more productive. I have been developing new web sites to help you get the information you need to help you in your business.
I am sharing the tools I have used throughout my career to build very successful business.
Please take a look at these new sites and let me know what you think. A couple of the sites will not be up until the end of the week so please come back and check them out as soon as you can.
Finance Your Client's Loan Modification Fee
One of the biggest challenge that is facing the loan modification industry is companies that require their fee be paid by clients up front.
This is the single biggest point that is creating negative press for a viable industry that provides a need service to homeowners in today's market.
