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BloodhoundBlog Radio: FHA/VA in 2010 (with Tony Gallegos)

Wondering about the future of VA home loans and FHA mortgages?  Listen to my interview with Bloodhound Blog contributor, Tony Gallegos.  We discuss:

  • San Diego County VA mortgage statistics (the market share number is going to astound you
  • Why VA loans have the lowest default rate among all four major loan types (including conventional prime).
  • Why FHA isn’t really going broke (contrary to my earlier statement, it’s doing quite well)
  • Why lenders are initiation stricter guidelines on FHA loans than HUD requires
  • Why I suggest that HUD is asking FHA-approved lenders to do the “heavy lifting” for them

The interview last about 40 minutes; the perfect treadmill companion. 

Listen to it here.

Related posts:
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  • Mortgage Cicerone: Tony Gallegos
  • Mortgage Market Update on BlogTalk Radio

  • 5 comments

    Freeing The Real Estate Market From The Real Estate Industry

    AREBOT.com, which stands for the American Real Estate Board of Trade,  is the name of the company that intends to open up the demand-side statistics, by voluntary submission of properties, to an online NASDAQ-like market.

    DISCLOSURE:  From this point forward, my opinion may be considered biased.  I have a verbal agreement to receive site advertising in exchange for publicity.

    The intention of my post about the “big idea” was to “smoke AREBOT out”.  I knew they were getting ready for a site launch and wanted to have it revealed to the Bloodhound Blog community first.  C. Aaron Bruce, the founder, was happy to explain the site and encouraged me to explain it to you ahead of the official press releases.  This “exclusive”, if you will, is available to all, Wednesday June 24, 2009 at 1PM (PDT), on a conference call.  If you’re interested in the call, raise your hand below and I’ll email you the details.

    AREBOT.com is not intended to be an “auction”.  It is an open, transparent, real-time market.  Each zip code will have a live “ticker” moving across the screen, displaying actual offers on homes.  Each listed property will display a time-dated offer history.  Entries are voluntary and cost nothing to the sellers of the home.  The “price”, if you will, is that they offer the property on this  transparent market.

    Buyers offer on the properties by entering the terms .  The bid is then considered to be “unverified”, signified by it’s yellow color, until verified and submitted by a licensed real estate agent.  Licensed real estate agents may offer their buyer brokerage services, at no cost, on the site.  Listing agents are protected by their listing agreements and may voluntarily display listings on the site, at no cost to them or the seller.  Verified offers turn green and stay that way for 24 hours (or longer if both agents are negotiating); offers are still accepted until the property is withdrawn from the system.  Rejected offers turn red and are displayed with the property, in perpetuity.  Final terms are not disclosed as most states publicly disclose sales information.  I have no idea how AREBOT.com intends to handle the five non-disclosure states, at this point.

    AREBOT.com believes sellers benefit because they will see all offers on their properties without interference or redirection.  Sellers are not “forced” to accept any offers like an auction.

    AREBOT.com believes that buyers will benefit because they’ll see history of legitimate demand for that subject property.  Buyers can  make offers on properties not available on AREBOT.com; the Company will send the seller an invitation to respond.

    The Company intends to monetize the site through advertising and possibly the sale of the granular property data to secondary loan market participants.

    The site launch is scheduled for Independence Day, July 4th, 2009.  Press releases go out next week.

    PS:  Future potential of conflicts of interest preclude me from future posts about AREBOT on Bloodhound Blog.  The news is so compelling that I want to release it to the Bloodhound community, exclusively.

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  • 34 comments

    Bar At The Raddison Phoenix?


    The Raddison In Phoenix is great so far. Everyone’s friendly. Coffee
    was tasty tasty.

    But hey, we’ve got like 5 hours to kill before the fun starts at
    Unchained. So where’s the Bartender?

    It’s noon in Phoenix, but it’s about time for happy hour for those of
    us still on the (ET)!

    -Ryan Hartman
    (Sent From My Fancy Phone…)

    Latest Videos From Youtube.Com/BloodhoundUnchained!

    [tubepress]

    Related posts:
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  • Phoenix and the wow factor…
  • Blogoff Post #41: Ask the Broker: What will it take to make Phoenix a true city . . . ?

  • Comments are off for this post

    BloodhoundBlog Radio: VA Home Loan Tutorial For California REALTORS

    I recorded this webinar on March 11, 2009. The AUDIO IS HERE and will open in a new window.  Listen along and click through the links as I discuss them:

    Related posts:
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  • HR 3915: Anti-Consumer Bank Protection Act of 2007
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  • 2 comments

    Podcast: Wrapping your mind around dynamic web pages

    This is the third and final installment from my conversation Saturday night with Scott Cowan.

    In the podcast linked here, Scott and I talk about using PHP to create dynamic web pages.

    Why would you want to do this? Mainly you wouldn’t. But working with PHP and a data set, you can manage you ignorance in such a way that you make some pretty smart web pages.

    For reference, you might work with the BloodhoundBlog posts headed “Speaking in tongues.”

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  • Comments are off for this post

    Podcast: Building your own custom engenu skins

    This is the second installment from my conversation Saturday night with Scott Cowan.

    In the podcast linked below, we discuss the procedure to be followed in order to build your own custom engenu skin.

    What’s a “skin”? It’s simply the visual theme for a particular engenu installation. If you work with the default engenu skin, your sites will look like this one. But here is that same site on our weblog devoted to historic and architecturally distinctive Phoenix homes. And here it is on our main Phoenix real estate web site. The same HTML code is used at each site. The difference in the way the pages appear is inherited from the skin.

    In the course of the discussion, I reference a BloodhoundBlog post on page geometry. It might be worth you while revisiting that page during the podcast.

    If we get very lucky, Cheryl Johnson will listen to this podcast and translate it into more-helpful instructions.

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    Related posts:
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  • Podcast: Installing engenu on multiple domains

  • 15 comments

    Podcast: Installing engenu on multiple domains

    Linked below is a recording of a conversation Scott Cowan and I had last night about installing engenu on multiple domains.

    Cliff’s Notes: Each domain needs its own copies of the engenu folder and the engenuComponents folder, including a separate copy of engenupageDex.bin. The advantage is that each different domain can have its own unique appearance, and each domain can have a separate password, so you can limit how much of your world you share with colleagues.

    We also talked last night about how to build an engenu skin from a standing CSS style. I’ll upload that podcast tomorrow.

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    Related posts:
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  • Demoing engenu: Building a web page, building that page into a web site, adding more content to that web site, reconfiguring the site, building a PDF site and repurposing standing content
  • engenu Epiphany #1: Folders become pages

  • 2 comments

    Referral Prospecting The Facebook Way

    Are you feeding the funnel?

    If you’ve ever seen Greg Swann and I do our push/pull routine, you’ll watch a “somewhat scripted” debate between Slimo, the really pushy sales guy on the internet (played by me) and Webbie, the kind-hearted, unwilling to offend practitioner (played by Greg).  It’s a twenty-minute gig that lasts about ten minutes.  At midpoint, someone raises his/her hand and asks “Isn’t it a balance between the two ?”.  Jim Lee, of the Cyberprofessionals, was the smartest kid in our last class.  Obviously, Greg and I are playing roles to get the audience to the epiphany Jim Lee had.

    Use the visual of the funnel because internet marketers are always talking about it.  The funnel is a disqualifying machine, always trying to get people to “raise their hand” , each time information is offered.  If they don’t raise their hand, they opt-out or ignore you.  Traditionally used in serial e-mail marketing, its efficacy is diminishing and consumers tolerate less “spam”.  What’s a Slimo to do, then?

    Adopt an approach that allows them to “opt-in”, daily.  Social networking is one way to do that.

    In this webinar, offered by Top of Mind Networks ( TOM President Mark Green is attending BloodhoundBlog Unchained), I discuss how to use “old skool” principles of referral prospecting on Facebook, the mid-sized nation of 175 million people.  What you’ll be watching is a raw recording which will eventually become part of a course in social media marketing, offered by BloodhoundBlog Unchained.  It’s about an hour long.

    I’d love your feedback. Victoria Del Frate, of I Can Coaching, offers hers with:  Meat-n-Potatoes of Social Networking

    DISCLOSURE: I am a paying client of Top of Mind Networks’ “Surefire” product.  Mark Green is a fully-paid, registered attendee for BloodhoundBlog Unchained.  I was not compensated for the webinar.

    The webinar is linked below in both audio and video formats.  The video requires Windows Media Play and the GoToMeeting codec.

    Related posts:
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  • Facebook Works If You Work It. If You Won’t Work It, Just Play Farmville
  • BloodhoundBlog Radio: About Success With Jason Blackburn

  • 6 comments

    Video clips of Redfin.com CEO Glenn Kelman from the BloodhoundBlog Unchained preview event in Seattle

    Marlow Harris of 360Digest.com took these clips of Redfin’s Glenn Kelman as he spoke with us Thursday afternoon at Zillow.com headquarters in Seattle:


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  • 4 comments

    This Unchained Seattle Lender Built A Huge Following, By Quoting Rates

    Rhonda Porter, of Mortgage Master Service Corp. in Seattle, is speaking at BloodhoundBlog Unchained Seattle, on February 12, 2009.  BloodhoundBlog readers see Rhonda commenting here and Rain City Guide readers know her as the resident mortgage guru.  I know her to be one of the most savvy Loan2.0 practitioners; that’s why I chased her to speak at Unchained Seattle.

    I interviewed Rhonda about what she does that WORKS, not what she does that’s cute.  At BloodhoundBlog Unchained we talk about things that are as practical as a jackhammer on a construction site.  When you hear Rhonda, you’ll learn that she ‘s a lunch-pail carrying, hard-hatted foreman, building relationships through her social media efforts.

    Listen to my fifteen minute discussion, with Rhonda, here.

    If you haven’t reserved your spot for Unchained Seattle, you just might be shut out.  Over 75 people have raised their hands and seats are going quickly.  Contact Scott Cowan if you’d like to see us on February 12.

    The fun doesn’t end after BloodhoundBlog Unchained Seattle!  We jumped on the chance to be a sponsor of Seattle REBarCamp, the next day.  Todd Carpenter describes the ad-hocratic learning experience that is REBarCamp:

    RE Bar Camp is an ad-hoc gathering born from the desire for people to share and learn in an open environment. It is an intense event with discussions, demos, and interaction from attendees

    BloodhoundBlogUnchained is proud to be a sponsor of this effort in the Emerald City.  Greg and I will be there to join in all the fun!

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  • Video clips of Redfin.com CEO Glenn Kelman from the BloodhoundBlog Unchained preview event in Seattle

  • 11 comments

    BloodhoundBlog Radio: About Success With Jason Blackburn

    Jason Blackburn of Laser Focus For Life was our guest on BloodhoundBlog Radio last week.  I “met” Jason on Facebook two months ago, when preparing for the “Power Of Twelve” seminar.  Jason wrote a referral script for my seminar and asked nothing in return.  That connection led to a number of telephone calls which made me realize that Jason had a lot to offer.

    Jason points out that many of our actions are incongruent with our mission.  He explains that our actions need to be inspired by the “buy-in” from both our hearts and our minds.  Jason is not a “touchy-feely” success trainer. He’s a nuts and bolts sales pro with over twenty years experience.

    I expect we’ll be hearing a lot from Jason.  You can hear our 40-minute interview with him here.

    PS:  If you click only one link, click “referral script“.  Jason lays out a simple way to generate referral business in about 800 words.

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  • 1 comment

    Mortgages Under Management

    “Managing loans” is the tail that wags the dog today.  When I was a rookie stockbroker, the good folks at Mother Merrill taught us to “gather assets”.  Essentially, the firm encouraged us to pitch clients to have their assets transferred to a Merrill Lynch account.  The strategy was that assets “in-house” would result in a commission when they had to be sold.

    Is it any wonder that the mortgage sales gurus who brought that strategy to the mortgage business were former stockbrokers?  Rich Katz, former President of Loan Toolbox, spent his early career with both Merrill Lynch and Smith Barney.  Dave Savage of Mortgage Coach perfected that strategy with his software offering.  Todd Ballenger developed a business model that partnered with financial planners; it’s cornerstone was actively managing mortgages for customers.

    Simply put, a new mortgage originator could track current homeowners’ mortgages, by rate (and/or term).  The lowest-tech system would be in file folders, indexed by note rate.  Vendors like Mortgage Coach, Top of Mind, and MyLoanBiz.com offer automated solutions to managing mortgages.  Whether you spend the money for automation or not, “managing mortgages” can be fruitful, especially in a low mortgage rate environment like today.

    Greg Frost of LoanToolbox tells us that “first in wins”.  When a dramatic move in rates occurs, the first originator to call the homeowner with an attractive loan solution usually has the best chance of earning the new loan business.  Regardless of rate movements, approximately 9% of all loans outstanding are refinanced each year.  Another 11% of all loans outstanding are paid off due to sales.  This means that one out of five loans will be retired (and new loans will replace them) annually.  A mortgage originator who wants to close 100 loans each year would do well to “gather” data for at least 500 homeowners then.

    The strategy works whether you use a computer or a drawer-full of files. Here are some real life examples from practicing originators:

    Dan Green talking to Dave Savage about how he used this strategy to excel in a down market.

    Khai McBride discusses his quarterly credit review for clients

    Jim Sahnger talks about how to properly manage your database.

    We’re all pretty busy with the refinance boom due to the sub-5% mortgage rates available.  Soon, that will be over.  Will you take the time to “gather more mortgages” to position yourself for the one out of five who will need a new loan next year?

    Related posts:
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  • BofA is back in the foreclosure business…
  • Obama’s “plan” for Fannie and Freddie? It’s FHA, as it turns out.

  • 6 comments

    A 4.5% Mortgage In Every Pot

    Embrace the New Deal!  The Bailout has made its way to Main Street.

    The Fed’s gonna do it..for real:

    The Federal Reserve on Tuesday announced that it expects to begin operations in early January under the previously announced program to purchase mortgage-backed securities (MBS) and that it has selected private investment managers to act as its agents in implementing the program.

    Under the MBS purchase program, the Federal Reserve will purchase MBS backed by Fannie Mae, Freddie Mac, and Ginnie Mae; the program is being established to support the mortgage and housing markets and to foster improved conditions in financial markets more generally.

    Here’s Sean Purcell and I, talking on BloodhoundBlog Radio, about today’s announcement (15 minute podcast)

    PS:  Expect an orgy tomorrow and Friday, in the MBS markets….if the traders fly back from Cabo tonight

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  • Ask the Mortgage Broker: On Title But Not On the Loan?

  • 5 comments

    Social Media Webinar With Brian Brady & Jim Cronin

    If you haven’t caught this message on the Real Estate Tomato, Jim Cronin and I will be hosting a social media webinar at 1PM (PST) – 2:30PM (PST), today:

    Blogging ain’t enough if you want to put up big numbers on the scoreboard. I play this game to win so I’m all about scoring points.  Every day, I want to hit a grand slam, catch one in the end zone, score a hat trick, or hammer three-pointers.  I EXPECT to win, every single day, because of my social media strategy.

    Five years ago, I started learning how to use social media to circumvent the pending “Do Not Call” legislation.  Since college, I always made my living on the telephone.  A typical day consisted of me rooting through my rolodex, with two-phones glued to each ear.   That damned “Do Not Call” list threatened my very existence

    LinkedIn changed all that, in 2003.  I was invited to LinkedIn and found that I was the only mortgage guy in a roomful of well-earning tech folks, who owned homes.  Myspace came, in 2004.  I honed the rich demographic data to connect me with REALTORs by creating and promoting a group called MLS on Myspace.  Active Rain was a no brainer.  Facebook is the perfect combination to mix both consumer direct and professional referral platforms.

    I’ll be walking, step-by-step, through the mechanics of :

    1- setting up a profile on LinkedIn and Facebook

    2- adding people you know to your sphere of influence on thos platforms

    3- How to identify potential referral opportunities within your contacts’ contacts

    4- How to engage the respective communities.

    The webinar is free and has over 210 people registered.  There is room for 40 more.  If you can join us, register here.

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  • 5 comments

    The Way of the Farmer, a video podcast from BloodhoundBlog Unchained in Phoenix, 2008: Using the internet, social media and direct marketing to farm for listings

    Here is both the best and the worst of BloodhoundBlog Unchained so far.

    It’s the best, or a piece of the best, because it covers a great deal of hard-nosed, hard-boiled, hard-headed nuts and bolts real estate sales technology in rapid-fire fashion.

    It’s the worst, or of a piece with the worst, because it’s me delivering a lecture, rather than us doing the work I’m talking about.

    There won’t be any lecturing at BloodhoundBlog Unchained in Phoenix, but there will be a whole lot of the doing of hard-nosed, hard-boiled, hard-headed nuts and bolts real estate sales technology.

    This video represents just a slice of the content on the DVDs from BloodhoundBlog Unchained in Phoenix, 2008. We’ve learned a lot since then, and we’ve learned a lot about how to share what we know, so what we really want is for you to come to BloodhoundBlog Unchained in Phoenix this year. But if you can’t do that, there’s a whole lot of great information covered on those DVDs. If you can’t be with us in April — or even if you can — the DVD set could be a great Christmas gift for your career.

    We’re marketers, and because of that we know that sales increase when the barriers to commitment are low. So let’s commit, shall we?

    Enroll now for BloodhoundBlog Unchained in Phoenix

    If you’re ready to rock, all you have to do from here is click a PayPal button to reserve your place at BloodhoundBlog Unchained in Phoenix. The event runs from April 28th to May 1st, 2009. Many more details can be found at the BloodhoundBlog Unchained in Phoenix weblog.

    Fair warning: This won’t be cheap. If you’re looking for the best possible deal, and if you qualify, joining the CyberProfessionals might be your best bet. And if you’ve entrusted us with your money before, either last May in Phoenix or in November in Orlando, we want to express our gratitude with a special Unchained Alumnus price. But whatever you end up paying, we’re going to make it worth your while and then some.

    Here’s how the prices break out. Just click on the appropriate button to make your payment:

    CyberProfessionals: $397


















    Unchained Alumnus: $497 (you must act on this offer before 01/01/09)


















    Early-Bird Price: $597 (you must act on this offer before 01/01/09)


















    Regular Price: $697 (after 12/31/08)


















    Here’s the thing: We know money’s not falling from the skies right now. If you need to make payment arrangements, let us know by email, and we’ll work something out.

    Not to rush you or anything, but the Alumnus and Early-Bird prices expire on New Year’s Eve. And even then, we’re selling out fast. If you want a seat, claim it now.

    Or: Buy a set of DVDs from BloodhoundBlog Unchained in Phoenix, 2008

    The DVD set from the inaugural session of BloodhoundBlog Unchained covers two full days of conference sessions on four DVDs. If you want to buy the DVD set, you can have them for $199 by clicking on the PayPal button shown below:


    The DVD set, $199














    The video runs around 100 minutes. You can view the podcast in the QuickTime window above, or you can click on the link below to view it in a separate window. The video is optimized for iPhone, iTouch or iPod screens, so you can also download it from our iTunes feed.

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  • 5 comments

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