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      Forget trying to be on a Note Holder's number one list.  Be on their number two list.  When number one messes up (and they will), you'll move from number two to number one!

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President's Corner

          I hope you had a wonderful Labor Day holiday weekend! As summer winds down and fall approaches the note industry is gearing up for a very promising last quarter of the year.  To assist you in staying focused I have compiled a few things for you to think about  to enhance your note business: Five Costly NOTE BROKER Mistakes.

1. Know The Fundamentals – Know the right questions to ask a note holder. Learn about your investors.  Know as much about what they like to buy as they do.  Recognize what is going on in the market place and adapt

2. Keep Operating Costs Low – The higher your overhead the more deals you will be under pressure to close each month.  During good times you can probably do it without any problems but that can change quickly.  Have a budget and stick to it.  Spend most of your money on marketing.

3. Manage Overhead Wisely – Make a list each day and stick with it. Set goals and write them down and review them regularly.  Plan your work day and know the status of every deal in process.

4. Become an Expert Negotiator – Key rule in negotiating is the first one to name a price loses.  Ask questions and listen.  Find out what the sellers needs are and address those needs.  What do they need to get out of their note?  Spend time with them on the phone.  They will only sell a note to someone they trust.  Build a rapport by spending time talking.

5. Do What You Say You Will Do, When You Say You Will Do It – Even if it seems like the best way at the time, never, ever, break your word.  You lose credibility with your investors, your note sellers, and you lose a portion of your self respect.  Always deliver more than you promise.  It will bring more rewards than anything else you can do.  It will set you apart.  Live up to your verbal agreements just as you do written agreements.  Never overprice a note just to get it signed up with the idea of reducing the price later.  This is dishonest and unethical; you will lose credibility and harm the integrity of our industry in general.

        That's it for this week!  Remember, Success Demands Action! Keep on marketing, it’s going to work! TWITA!

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Question of the Week

Q – Hello Jeff: 

          Let’s say, the note holder accept the price offer, after the underwriter received the copies of note and closing statement, worksheet and credit form, will note holder be waiting for approve or not? That means the credit and appraisal are approved before the underwriter will ask for another group of mortgage note documents. Do I go by the list in your broker/consultant package? I thought the note buyer would check the credit score before a price offer is given?                                                                      ~ Gillermo

       Also, we do NOT check credit BEFORE giving initial pricing otherwise we would not only be spending hundreds if not thousands of dollars per month on credit reports on people whose note holders don't even want to sell BUT we would be dinging up the payors credit and their scores would go down because usually the note holders are getting prices from several note buyers. For every inquiry on a person’s credit their score can go down 5-10 points! Can you imagine if 5 note investors check the credit of 1 payor and bring their credit score down by 25-50 points in one day? Hope this helps! TWITA!

                                                                    ~ Jeff

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