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800K People Still Need to Refi

September 9, 2014 CFPB, FHA/HUD, Refi 6 Comments

According to NPR there are over 800,000 people that still need to refinance.  Sick ’em!

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Sea of PeopleNow on to new business and that’s what it really is.  A lot of originators out there are complaining about business being slow with respect to refinances, but according to the NPR, there is a bunch of business out there ready to be had.  So why isn’t it getting done?  Well, if you ask me, it’s because no one is talking to these prospects letting them know that they can do it.  I think most originators and companies are sending emails and making Facebook posts, but no one is calling.  I think the one’s who call will get the majority of the business.  That’s my opinion, what’s yours?  So if I am right what’s stopping us?  I think it’s a combination of motivation and time.  A lot of us aren’t motivated to pick up the phone and a lot of us feel like we don’t want to put in the time.  Look, if you’re in this boat, just use Boomerang Prospecting.  Send them a couple hundred people in your database you think will benefit from a refi, chose the refinance script and let them call for you.  When they find an interested person they set the appointment for you to call them back and get the deal.  CLICK HERE to learn more about Boomerang Prospecting, but… If you don’t use them, get on the darn phone yourself and make it happen!!

With that you all have a wonderful day and we’ll see you tomorrow!

Frank and Brian

FHA MI Hikes

How do you feel about the FHA MI hikes that have gone down over the past 4 years?  The the new FHA commish, thinks they’re honky dory.

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MI IncreasesNow on to the show.  Well first of all Angelo Mozilo is back in the news… getting sued… probably deserves it.  Then you’ve got the fact that interest rates have dropped by .01% so we’re sure there will be a mad rush on the refi market – let’s hope not… And then there’s FHA.  The new Commish feels that they are right in line with how things should be when it comes to MI hikes.  Like it’s all good and everybody is a winner here.  Everybody but the industry and the borrower!  Come on, if we’re going to have an MI conversation it needs to be real, and what’s coming out of the head of FHA doesn’t seem very real to us.  So tune and and see what you think and let us know your thoughts below.  We really appreciate your comments!

Have a great weekend!

Frank and Brian

Housing Vouchers for Criminals

A lot of HUD money goes towards housing vouchers for the protected classes.  Well it looks as though criminals may soon be on that list.

Before we get started, let us remind you of the Mortgage Alternative Program that will allow you to get those deals done where you might be stalled due to the fact that your borrower is in that 3 to 5 year waiting period after a foreclosure, bankruptcy or short sale.  It’s an amazing program.  To learn more about it, simply CLICK HERE.

Housing for CriminalsNow on to the show.  HUD money that’s allocated for subsidized housing in many cities comes with requirement.  First of all there can be no discrimination of course, but there may be a new class of person that needs some protecting.  That would be those with a criminal record.  See, as it stands, you’re not eligible for subsidized housing if you’ve got a record.  But the problem is if you can’t get a place to live, and you’ve got a record, might you be inclined to go back to your wayward ways in order to survive?  That’s the big question.  Well, we have our opinions and we know you’ve got yours.  So please tune in to the show and let us know your thoughts about it down below.

Have a great day!

Frank and Brian

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