http://www.prlog.org/10339567-voyage-home-loans-announces-its-sponsorship-of-painting-for-miracles-charity-event.html

When I started in this business, I was given the best advice a man could ask for. I was told to listen. My Uncle Mitch who know owns a Shell Gas Station and Auto shop told me that for my first three months I should do exactly what they told me. God gave me two ears and only one mouth for a reason. I took this to heart. When my manager told me to sit with the processors and see what they do, I did. When he said to read the loan documents so you know what your borrowers are signing, I read every word. When he said to make 200 calls per day and send a thank you card to each client I spoke to, I did. By listening I learned. I learned every facet of the business, from processing to originating and selling, later to underwriting and managing, and now to being an executive officer and a leader. To this day, it is the listen and learn from the ground up mentality that I credit my success.

I still wonder how branch managers and business owners expect to be successful when they rely on others to do the jobs they should now. If you run a mortgage operation ask yourself this:

Do I call reps becuase I want the answer or do I want to know how to find the answer?
Do I rely on a loan processor to tell me if the loan works?
When questioned about a loan document at signing do I really know the answer?
When programs change, which feels like every day, do I learn the changes or rely on other for an answer and hope they were right?

I implore you to know your business from the inside out. When you do, you will dictate your success!

Josh Harmatz, MBA
Chief Executive Officer, Voyage Home Loans

Yes, there are certain responsibilities associated with owning a home. Landlords will often argue the benefits of renting, and for obvious reason. If you are renting, you’re helping them make their mortgage payment.

The numbers are staggering if you look at it this way. If you are paying $1,000 per month for an apartment, and you know your rent will increase five percent every year, then over the next five years you will pay your landlord $66,309. If you are currently renting a house, you may be paying much more than that each month. Either way, you gain no equity by shelling out this monthly housing expense and you certainly won’t benefit when the property value goes up!

However, if you were to purchase your own home or condominium, you would be well on your way toward building equity within that same five-year period. By choosing a fixed-rate loan program, you can have the comfort of knowing that your monthly mortgage payment will never go up. In fact, you would have the option of refinancing to a lower interest rate at some point in the future should interest rates drop, and this would cause your monthly mortgage commitment to go down.

In addition to building equity, there are tax advantages that come into play with home ownership. Depending on your tax bracket, owning a home is often less expensive than renting after taxes. Interest payments on a mortgage below $1 million are tax-deductible, and your mortgage consultant should help you evaluate the tax advantages of various loan scenarios, and share this information with your tax consultant to glean feedback on your behalf.

To find the loan program that is right for you, your mortgage consultant will need to evaluate your monthly household income, current assets and savings, as well as any monthly obligations you may have for credit card payments, car payments, child support, etc. These prequalification factors, along with the report of your credit score, will determine how much house you can afford and what interest rate you will pay for financing. It is also important to let your mortgage consultant know what your future goals are, because this will help narrow down which loan option is the best fit for your long-term needs.

There are many different types of loan programs available, including “low” and “no” down payment mortgage programs. These types of programs require the borrower to provide less than 3 percent of the loan amount as down payment. FHA lenders rule that the mortgage payment, including principal, interest, taxes and insurance (PITI) should not exceed 31  percent of your gross income, and the PITI plus other long-term debt (car payments, etc.) should not exceed 43 percent of your gross income.

Housing is an expense that takes a big bite out of the monthly budget. If you are a renter and feel that “home” is more than just someplace to hang your hat, think about the advantages of purchasing real estate. It may be time to take the step into building your personal net worth as a home owner.

Josh Harmatz is affiliated with Voyage Financial Group, Inc. and he is a Licensed Broker, California Department of Real Estate.

Josh Harmatz hosts Home Buyer’s Seminars which are open to the public on the first Tuesday of every month at 10304 Placer Lane, Sacramento, CA 95827 from 7 pm to 8:30 pm. Seating is limited.

To reserve your seat at the next event, call 916-504-4554 to RSVP and to obtain a free copy of Josh Harmatz’s Home Buyer Handbook.

Josh Harmatz

Phone. 916-504-4554

Fax. 916-367-6703

jharmatz@voyagemtg.com

www.JoshHarmatz.com

If you are a client looking for this type of service seek out a company that offers fast turn around times so that you get what you want and now. Make sure they can underwrite your loan up front, lock in your rate, and are requesting all of your documents right away. Loans can be closed in as little as 7 days if your loan officer has the right resources to close your loan efficiently. Most likely, you will not find service like this with the larger banks whom are overwhelmed with business.

If you are a loan officer, there are four areas that need your attention to be the lean mean loan machine:

1. Work with investors that share your mindset. Can they approve the loan with 24 hours? How long to clear conditions? How long for documents and funding?
2. Be up front. Get all of the needed documents from your client at the same time they are signing disclosures and tackle any loan problems right away.
3. Use this as your guide for questions to raise and items to account for:
IMATCH-D
I- Income (W-2′s, paystubs, tax returns, leases…)
M- Mortgage History (24 month history, VOR needed…)
A- Appraisal (HVCC or can you order it, how strong are your comps, conditions of your property…)
T- Title (who’s on title, change of vesting, are taxes due…)
C- Cash Reserves (are assetts needed, if not leave them off the 1003)
H- Hazard Insurance (change loss payee, is it due with 6 months, impounds, enough coverage…)
D- Disclosures (sign right away, 4506t, ID’s, SS verifications…)
4. Lock your loan so that are not changes

By no means is this list comprehensive, but if you work together either as the client of the loan officer, you can close in 7 days!

Josh Harmatz
www.VoyageHomeLoans.com
www.JoshHarmatz.com
www.JoshHarmatz.wordpress.com

1. Call your customers every day with an update. You should ask them early on; ” Mrs. Jones, how do you prefer I keep in contact with you throughout the loan process?”
2. Keep yourself organized. Make sure everything from emails to file folder have a place to go.
3. Do exactly what you say you are going to do and nothing less. “I’ll call you at 2pm,” or “let me talk to my appraiser and I’ll get back to you today,” or “I will email you a recap of our conversation with a checklist of what I need you to get together.” Make it happen.
4. Improve yourself every day. If you are not better today than you were the day before you have been left behind.
5. Ask for introductions. Each client is an opportunity to expand your network; take advantage.
6. Do not be afraid to say no. If a client is asking an unreasonable request, be a professional. You have your standards and you must stick to them.
7. Originate new business twice every day. Set aside time to either call your leads, follow up with referrals, or work on new relationships. This is the lifeblood of your business.
8. Review loan documents before they go out to your client to sign. Your stamp of approval on the accuracy of the documents is what the client will want. “Mrs. Jones, I have reviewed everything before I allowed your documents to be sent out for you to sign and everything is just as we expected. There will be no surprises and no fine print.”
9. Have contacts in every field that relates to mortgages. Be able to refer your clients to a hard working realtor, an honest contractor, a knowledgeable CPA, an effective credit repair specialist, ect… Your Rolodex should be open to all of your customers and the more you keep a client in your sphere of influence the more likely they are to do repeat business with you.
10. Most of all be a good person. We are not selling TVs or Vacuum cleaners, this is someones largest possession in the world and the safety and security of their family. Give good advice and make good decisions for your clients as if each is your mother.

Whether you specialize in Purchase Business, FHA Loans, Refinancing Mortgages, or providing Low Interest Rates, it is imperative you take your job as seriously as your clients take their home. By no means is this list comprehensive, but start with these top ten things to do and you will find that your business will improve.

- Josh Harmatz

www.Voyagehomeloans.com

www.joshharmatz.com

1. Plant the seed early. “Mr. Jones, my goal during the loan process is to ensure you have a phenomenal experience so that when I ask you for three introductions after your loan is funded you are happy to do so.”
2. After the loan signs, ask for your introductions. Not referrals, just introductions. Ask your client if they feel comfortable introducing you to three other homeowners they know. Send them a referral card that is self-addressed and stamped so they can easily return it.
3. Finally, keep track of who sends you referalls and thank them each time.

The most important part of this process is to ensure that each client has a great experience with you through the loan process. Give them the right information up front and communicate every step of the way.

Make each mortgage refinance and each purchase transaction count!

Josh Harmatz

–
Josh W. Harmatz
Voyage Financial Group
Office (916) 504-4554
Fax (916) 367-6703
www.voyagefinancialgroup.com

Sacramento, CA – Subprime mortgages have now been credited for bankrupting well over 110 lenders and seriously damaging operations at many major mortgage firms. They’ve reportedly wiped out 5 hedge funds, tens of thousands of jobs, and have led to millions of foreclosures with millions more on the way. And, as if that weren’t enough, subprime mortgages are also blamed for massive volatility in the stock, bond, credit, futures, and real estate markets here in the US and around the globe. Some say losses in the mortgage securities market alone could reach hundreds of billions of dollars this year.

This means that, for any Americans looking to buy, sell, or refinance a home, they are confronting a very different market from the one that existed just 6-12 months ago.

How did this happen?
The recent real estate boom was fueled by a period of record home appreciation and historically low interest rates. Banks, in order to compete, loosened guidelines and began offering more funding to more borrowers through riskier, non-conforming or “exotic” mortgages.

These ideal lending conditions persisted for several years, supported by high demand, historical real estate data, home prices, and massive trading volume/profits on mortgage-backed securities and other financial instruments on Wall Street.

Then, in 2006, a slowdown in real estate led to a deterioration of home values, an increase in inventories, and ultimately to today’s tightening of credit guidelines, leaving many investors unable to sell or refinance out of their existing positions. Many Americans who had tapped into their equity were suddenly tapped-out and overextended as home values fell. Foreclosures followed in record numbers and a re-valuation of mortgage bonds and other financial instruments created the credit/liquidity domino effect we’re now experiencing.

Unfortunately, it’s going to get a lot worse before it gets better. According to the latest estimates, over 2 million subprime and Alt-A adjustable rate mortgage (ARM) holders will face payment increases of up to 30%-100% when their loans reset in the next 2 to 18 months. These loans make up less than 40% of the total mortgage market, but the negative effects, as we have seen, of increased foreclosure activity can have a ripple effect throughout the industry and around the globe.

What does this mean to you and your mortgage?

Sellers: If you’re planning on selling your home, be prepared for an even smaller pool of qualified buyers. While some experts predict a settling of this credit crisis over the coming year, tightened credit guidelines and diminishing mortgage products could knock out as many as 15%-30% of potential qualified buyers. Now is not the time to sit and wait for the best possible price. Have a serious talk with your real estate agent. Having experienced buying/selling transactions in your area, he or she can help you price your home accordingly. He or she can also help ensure that your buyers are pre-approved and stay pre-approved throughout the entire transaction.

Buyers: Get pre-approved by your mortgage professional. While there are a lot of great deals out there, getting credit is becoming tougher and tougher, and it’s taking longer and longer to complete a transaction. Remember, what you qualify for today could change tomorrow in a volatile market. For those looking to refinance, keep this in mind. There is no time to delay! Communicate with your lender. Don’t do anything that could negatively affect your credit, and make sure you get all your documentation in on time.

ARMs Borrowers: If your ARM is scheduled to reset in the next 2-18 months, you need to schedule an appointment with a mortgage professional right away. Whether your ARM is subprime, Alt-A, or even if you have a pre-payment penalty, don’t let a default or foreclosure situation sneak up on you. Did you know that your monthly payments can increase anywhere from 30% to 100% once your loan resets? At the very least, give yourself the peace of mind of knowing what your adjusted payment will be.

Borrowers with less-than-perfect credit: Each week it seems lenders are shedding more and more mortgage products. Many lenders have stopped offering No-Doc loans and are reducing all forms of Stated-Income loans. While it might be challenging, borrowers with credit issues need to see a loan expert. Often they have credit repair resources and other strategies to help you reach your financial goals.

Finally, there’s an important concept to embrace: all markets, while cyclical in nature, are self-correcting, be it credit, real estate, stocks, or bonds. For the last 6 or 7 years, real estate was booming and riding high. The correction we’re experiencing now – while it seems harsh and could get much worse – is, in a sense, “natural” and directly related to the extremely loose guidelines and perhaps overzealous lending and leveraging during the boom cycle.