The McQueen Group

Men who have excessive faith in their theories or ideas are not only ill prepared for making discoveries; they also make very poor observations. Of necessity, they observe with a preconceived idea, and when they devise an experiment, they can see, in its results, only a confirmation of their theory. In this way they distort observation and often neglect very important facts because they do not further their aim…But it happens further quite natually that men, who believe too firmly in their theories, do not believe enough in the theories of others. So the dominent idea of these despisers of their fellows is to find others' theories faulty and try to contradict them. The difficulty, for science, is still the same.

Claude Bernard, 186l

Saw this on Twitter @michrogers – Michael Rogers is a Pro Cyclist with Team Sky 

Your Attitude is an Asset of great value. You must protect it at all cost. Be aware of those around you that can affect your Positive Attitude. Having a great Attitude is a choice we all must make. Others can affect your Attitude through misinformation or by influencing you with poor habits. However, only you can control your Attitude. Never allow others to take control of your Attitude.

You have the ability and potential to be successful and achieve your desired goals. What determines your potential is the amount of effort at which you work toward your goals, and that effort is influenced by your Attitude. Having a sound philosophy and Positive Attitude in your Personal as well as your Business LIfe is basic to achieving the success that you invision.

Your Attitude affects work performance, relationships and people you come in contact with. To succeed in business as well as in life, one of the most important steps you can take toward achieving your potential is to understand and learn to monitor your Attitude.

"Our lives improve only when we take chances & the first and most difficult risk we can take is to be honest with ourselves." Walter Aderson

1. FOCUS ON HELPING 
Offering to help your customers will work much better, than if they perceive that you are hard selling them into doing business with you. Try to find customers who need your product and service and then focus on offering any helpful information to them so that they can make an informed decision. Remember, under promise and over deliver.

2. TARGET 
Remember that you can’t be everything to everybody. I know a Wholesale AE that only has 5 or 6 accounts, but consistently out performs the rest of the Lenders sales force. Target a small productive group and be all you can be for them.

3. INEFFECTIVE MARKETING 
Stop wasting your time on marketing and advertising that isn't producing for you. Always track the number of responses you are getting from whatever method you use. If you're not reaching your goals, then your strategy needs to be revised. 

4. NETWORK 
Networking is a great way to get your message out to a large number of people. Since each person knows about 250 other people, you can spread the word about your business pretty quickly.  

5. SET GOALS AND DEADLINES 
Start the year off right, and set goals and deadlines. These are vital to your business success. State your goals as specific numbers. (e.g. 10 new accounts, 20% increase in volume, etc.)

Most Loan Officers and Account Executives have never been trained to effectively manage their time or territory and the results are very telling…Time tends to manage them. The strategy of the majority of loan originators is to manage their time by reaction. They manage by the immediate need of the situation.

The LO / AE who can effectively manage their time, will realize higher loan volume, greater customer satisfaction and ultimately higher commissions. The key to your success is to focus your efforts on the things that are the most important to your success. Do not let others choose how you use your time.

Implement a Time Management system that you will utiize regularly, but remember, no Time Management system will overcome a lack of personal motivation or self discipline. Managing your "Time" is the key to your Success.

I stopped by a previous wholesale account of mine last week just to say hello. The broker/owner is a good friend. He said business was a little better and refi's were pretty strong. One of his Loan officer's, (John) as usual was in the office hard at work. I had done business with this shop for almost 12 years and by all observations John is by far the hardest working guy in the place. However, John is also the lowest producing Lo at this broker. John is always in the office early and last to leave. I asked John how it was going. He said " business was really slow." I asked him if he was sticking to his business plan. John said that he did not have a business plan. I asked how many Sales calls he had made the previous week. John replied, that he did stop by a Re/max office near his home, but didn't get past the receptionist. He said it's really hard to get in to see agents.  I wished him a good day and left.

If any of you are hard working like John and are not getting the results that you want, I suggest that you change your habits. There is a big difference between busy work, working hard and working smart. Loan Officers and Account Executives, if this sounds like you, I have a suggestion. Stay at home for a week. Turn on your computer and find a couple of web sites about making quality sales calls and what makes a good sales person. Better yet, find a quality sales coach to help you develop a complete and precise set of goals and strategy. Then write down how much money you want to make and how many deals it takes to reach those goals. Make a list of Real Estate offices, or for AE's broker shops, that you know have the volume to support your goals. Now, take a few of the ideas from the web sites you visited and use them to make quality sales calls. AND, most important leave the rate sheets in your brief case. Don't sell rates, sell yourself. Remember, you will fail many more times than you will win. That's what sales is all about. Be persistent and stick to your plan.

To be Successful – You must act Successful. Easier said than done, right? The key to Success is Confidence. If you don’t believe in yourself then the chances are that others will not believe in you either. Remember, Success will not happen in life if  it does not happen in the mind first. You have to believe in yourself, have the Confidence in your ability to Succeed. You must believe that you will be Successful in your mind first. Confidence leads to Success! Now go out and make a great sales call. You can do it.

The Associated Press | September 27, 2011 | 09:06 AM EDT

Home prices rose for a fourth straight month in most major U.S. cities in July, buoyed by the peak buying season. But the housing market remains depressed, and prices are expected to decline in the coming months.

The Standard & Poor’s/Case-Shiller index released Tuesday showed home prices increased in July from June in 17 of the 20 cities tracked. Prices rose sharply in Minneapolis and Chicago; prices in two cities hit hardest by the housing crisis—Las Vegas and Phoenix—declined.

The index measures prices compared with those in January 2000 and creates a three-month moving average. The July data is the latest available.

Analysts cautioned that the price increases are temporary, and not evidence of a housing recovery. Home sales have declined in each of the months in which prices rose.

Prices are expected to drop again this fall and winter, based on the poor sales and expectations that banks will resume processing a raft of foreclosures that have been in limbo.

“This is still a seasonal period of stronger demand for houses, so monthly price increases are expected,” said David M. Blitzer, chairman of Standard & Poor’s index committee. “While we have now seen four consecutive months of generally increasing prices, we do know that we are still far from a sustained recovery.”

Over the past 12 months, prices have fallen in all but two cities: Detroit and Washington, D.C.

In Detroit, prices have risen 1.2 percent during that stretch. Still, the city has been among the nation’s worst housing markets over the past decade. In July, homes prices there were equal to 1995 levels.

Washington, conversely, has had the nation’s best housing market. Home prices in the nation’s capital have increased 0.3 percent in those 12 months, and were equal to 2004 levels in July.

Housing is a key reason the economy has struggled more than two years after the recession officially ended.

High unemployment, larger required down payments, and tighter credit are preventing many buyers from entering the market. Many who could afford to buy are waiting because they are worried the U.S. could fall back into another recession and prices could fall further.

Sales of previously occupied homes are only slightly ahead of last year, which was the weakest since 1997.

New-home sales dropped in August for a fourth straight month. This year is shaping up to be the worst for sales of new homes on records dating back to 1963.

And home prices are certain to fall further once banks resume millions of foreclosures, which have been delayed because of a 10-month government investigation into mortgage lending practices.

“This effect will fade soon because sales have dropped back in recent months,” said Ian Shepherdson, chief U.S. economist for High Frequency Economics. “We expect to see price declines again by the autumn but we do not anticipate a renewed collapse.”

“Our lives improve only when we take chances & the first and most difficult risk we can take is to be honest with ourselves.” Walter Aderson

Have you taken a moment to really look inward and ask yourself if you are doing what is required to be a successful LO or AE? The really successful individuals completely understand and have mastered nearly every aspect of the mortgage industry. You need to invest in yourself. Remember, if you continue to follow the same path, don’t expect different results. (I know someone has already said that. So thanks to them)

Fannie Mae loan limits for high-balance mortgage loans are scheduled to expire on September 30, 2011. If Congress does not take action, the “temporary” loan limits now in place will expire on that date and loans with mortgage note dates on or after October 1, 2011 will be subject to the “permanent” limits.

Congress would have to take action to extend or revise the temporary loan limits, which were originally put in place through the Economic Stimulus Act of 2008 and have been extended through a series of additional legislative actions to provide support to the mortgage market. The February report to Congress by the Departments of Treasury and HUD stated “the Administration recommends that Congress allow the temporary increase in limits to expire as scheduled on October 1, 2011 and revert to the limits established under HERA [Housing and Economic Recovery Act].” As such, Fannie Mae does not expect any further extensions.

As a result of the permanent authority for HCA loan limits established under HERA, the Federal Housing Finance Agency (FHFA) must evaluate loan limits annually, and revise limits accordingly. The first HERA loan limits (a.k.a. “permanent” loan limits) were established for 2009 based on the median home prices for the HCA Metropolitan Statistical Areas (MSAs) provided by FHA/HUD. While the median home price has declined over the past three years, FHFA followed a policy to “not permit declines relative to the prior HERA limits.”

Several months ago, FHFA and Fannie Mae published the permanent loan limits applicable to loans originated on or after October 1, 2011, and which are acquired by Fannie Mae in 2011. Therefore, no changes are expected to those permanent limits between October 1, 2011, and December 31, 2011. There has not been any indication from FHFA  whether it will continue its policy of not permitting declines in HERA-based limits beyond 2011. If FHFA does not maintain its current policy of not permitting declines in the HERA-based HCA loan limits, 2012 loan limits could decline from the limits that will apply in the fourth quarter of this year. FHFA has not yet published the HERA-based limits applicable to loans Fannie Mae will acquire in 2012, and has not indicated when it will do so. Their standard practice has been to release the upcoming year’s limits in mid-November each year. We will watch and see.