Introducing TheViralClient.com

TheViralClient.com will officially go live on July 1st. The purpose of the site is to provide the tools that sales professionals (mortgage brokers, loan officers, realtors, insurance agents, etc) need to develop their referral networks and increase their lead conversions. Please visit and let me know what you think. New products are scheduled for release throughout the summer. Reverse Mortgage Originators will find the video marketing and the lead conversion system very helpful. Thanks.

New HECM Manufactured Homes / Condo Guidelines

I am a little late in passing this on, but for any who don’t yet know the new guidelines, they may mean instant business.  It is now time to dust off those manufactured homes in condo association leads that you could not get done…

FROM MORTGAGEE LETTER 2009-19

VI.       Manufactured Housing Condominium Projects

Pursuant to HERA, manufactured housing condominium projects are now eligible for FHA mortgage insurance.  Accordingly, all outstanding and current FHA Manufactured Housing individual unit requirements remain applicable for both Home Equity Conversion Mortgages (HECM) and forward mortgages, including elevations in flood zones and foundation requirements.  MHCPs must be submitted to the applicable Homeownership Center for review and approval – these projects are ineligible for DELRAP processing.  MHCPs may not be processed as site condominiums; these projects will require approval under HRAP.

1. Appraisal reporting requirements for condominium manufactured homes:

• Appraisal must be reported on the Manufactured Home Appraisal Report (Fannie Mae Form 1004C).
• Subject condominium project must be inspected and the Project Information section of the Individual Condominium Unit Appraisal Report (Fannie Mae Form 1073) must be completed and included as an addendum to the appraisal report.
• Comparable sales must be condominium manufactured homes.  Detailed explanations must be provided when search parameters are expanded due to the lack of comparable sales in subject market area.

Marketing Tip

In my office, I have a copy of the book, The Last Lecture. Though I have read the book a few time, I decided to pick it up again a few days ago. For those who are not familiar with this book, the title is derived from a fairly common event on college campuses. Professors are asked to consider their demise and speak about what matters to them most and the legacy they leave to their students and university. This particular “last lecture” took on a literal meaning as Professor Randy Paush had been recently diagnosed with terminal cancer. The book is both inspirational and thought provoking.

I began to think of the concept of a last lecture and tie it in to what we do in our business marketing and education of senior homeowners. What is the legacy of your reverse mortgage business and what wisdom and education have you imparted? In order to educate your customers, you in turn must be up-to-date on new developments in the business. What makes your company unique? What defines your way of doing business versus the endless competition in the senior reverse mortgage market? Take the time to answer these questions and you will put your efforts on the right track.

The book is a model for living and a blueprint for developing the right kind of business. A few of my favorite chapters have titles such as “Dream Big, Don’t Complain – Just Work Harder, Be the First Penguin, The Lost Art of the Thank You Note, and finally, Tell the Truth”. The legacy of your business is at stake. Do yourself a favor and pick up a copy of this book.

I hope this little “tip” helps. And as always, good luck with your reverse mortgage originations.

My apologies to some of you who have tried to contact me for more information concerning reverse mortgage television leads. I was overwhelmed by phone calls and emails last week and am desperately trying to play catch up. Please feel free to give me a call today at 800-290-2743 ext 1240.

 

Reverse Mortgage Marketing Tip – Business Builder

I talk a great deal about lead conversion and lead generation, but today I want to talk about one of the most neglected forms of consumer marketing – contacting your existing customers. Common sense dictates that it would be a good idea to keep in touch and in tune with your current reverse mortgage clients. But many originators simply do not do a very good job of this. I recommend that at a bare minimum you should have your customers on a drip marketing campaign that keeps in touch several time a year including birthdays, holiday’s and special occasions. By showing interest in your clients life, you can turn simple “customers” into “raving fans” – and more importantly, valuable referral sources. I hope this helps, and as always, good luck with your loan originations.

Reverse Mortgage Marketing Tip

Proper lead follow-up will ultimately lead to a higher lead conversion percentage. Keeping your name in front of your prospective client is not just a good idea, it is a necessity. If you don’t keep in contact with your prospects someone else will. With that being said, here is a simple idea, and one of the many drip marketing tactics that I have found to be successful when used as part of a consistant marketing campaign. As one of your scheduled monthly contacts with your leads, send out a testimonial postcard. This easy to create, and can be done in your home or office. Purchase letter size cardstock paper and create a postcard template that will print out four to a sheet. After printing, use a paper cutter to seperate the four cards. On one side of the postcard, share a customer testimonial that speaks of the benefits of the reverse mortgage and specifically in working with you. The testimonial should be the only thing on that side of the postcard. Have your contact information on the “mailer” side of the postcard. These postcards can be made and updated quickly and are very inexpensive to send. Most importantly, it keeps your name in front of the potential client. I hope you find this tip useful and good luck with your reverse mortgage originations.

Changes to HECM Counseling

New rules have been released by HUD ML 2009-10 concerning HECM Counseling. As previously stated, “the lender may not contact a counselor or counseling agency to refer a client”. HUD goes on to state in the new mortgagee letter that prospective borrowers must initiate communication with the counseling agency on their own, without the assistance of the lender. HUD further states, “it is very important that the prospective borrower contact a counseling agency own his or her own terms, when he or she is comfortable commencing the counseling process.”

What do these changes mean to you? You cannot dial a counselor’s number and hand the phone to the borrower to schedule a session. Also, you can no longer use the web-based systems that allowed you to enter the borrower information and have the counselor call the borrower.

Lenders must now provide a list of at least ten (10) counseling agencies to every client. This list must include five (5) local agencies that are within the senior’s state, with at least one (1) agency within reasonable driving distance to provide face-to-face counseling.

Another major change announced is that counselors must review the prospective borrower’s financial situation during the counseling session. This budget analysis mandates that the counselors evaluate and discuss any appropriate alternatives to a HECM loan.

I hope this information helps. Good luck with your originations!