Sam's Blog

Great Pinehurst Links:

Pinehurst Real Estate - www.pinehurstrealestatenc.com

Pinehurst Luxury Homes - www.pinehurstluxuryhomesnc.com

North Carolina Horse Farms - www.southernpineshorsefarmsnc.com

Fort Bragg Real Estate - www.fortbragghomesnc.com

1 comment • Sam Thompson • January 30 2007 10:09PM

Expanded Approval (EA) - Timely Rewards Programs.

We have the neatest programs at PHH Mortgage! Due to our outstanding relationship with Fannie Mae, we have been given a unique product for credit challenged borrowers with our EA (Expanded Approval) program. Under normal circumstances these borrowers would need to go to "hard money" lenders and pay astronomical fees and rates that sometimes carry a pre-payment penalty. These hard money programs are usually set-up as a 2/28 or 3/27 (fixed rate years/variable rate years). Borrowers usually have to refinance after the rate starts adjusting just to make ends meet and many will eventually go into default.

With us and through our Fannie Mae relationship, we are able to approve many of these borrowers with only a small addition to the rate with no pre-payment penalty in a 30 year fixed rate program.

These EA programs have 3 levels, with the third level having the highest rate adjustment. In order to help our borrowers, we will automatically drop the rate 1% on a Level III loan if they will go at least 24 months anytime within the first 36 months without any lates or missed payments! This is just another great reason why you should partner with us!

This rewards them for their proven credit worthiness without making them refinance to get a better rate. We know that they deserve a better rate and we do this AUTOMATICALLY without them having to do a thing! What a deal and what a pleasant surprise when they see that first reduced mortgage bill! If they miss a payment after getting the improved pricing then the rate reverts back and the clock start ticking all over again in order to get into the reduced timely rewards rate again.

Also, if that wasn't enough, if any of our borrowers go only 12 months without a late payment, they can call us for a new appraisal at their cost to try to get a reduced PMI payment or to eliminate PMI all together if their initial loan had an LTV (loan to value) over 80%! This would be a great thing to do if they are in a rapidly increasing market or if they have made some additions or drastic improvements to increase the value of their home. Most lenders will not allow their borrowers to do this unless they refinance their loan! I used to work for a broker and sold for over 40 lenders and I didn't know of any that allowed this re-evaluation.

Your buyer is going to love working with us because we will get them a better rate with many timely payment rewards. All this translates to more future referrals for you!

We are a great lender and we are working hard to be your number one source!

Call me with your next deal. TOGETHER, we are going to grow our business to new heights this year!

Sam Thompson, PHH Mortgage Advisor. 'Let me help you make a client extremely happy with you!'

Check out my other blogs at www.activerain.com/luckydog1/

0 comments • Sam Thompson • January 25 2007 08:09PM

Collection Settlement Advice. You don't have to pay the full amount!!

Here's some advice I got from a credit counselor on how to deal with collection agencies:

Tell your clients to go to: http://www.annualcreditreport.com/ to get their free annual report. They should stay away from the other websites that are businesses trying to get money for additional services. This site also tries to get you to order services for a fee so they need to be careful when navigating through it. The government said the credit bureaus have to provide one free annual credit report but it doesn't monitor how they do it. (Gotta love the free enterprise system...) For their protection, your client also needs to be able to answer a few basic questions on their financial accounts and specific information on at least one account for one of the bureaus.
If your client has collections that they can pay off, they can call the collection agency and negotiate a settlement instead of paying the entire amount. Most of the time, collection agencies will agree to settle and it can be for less than half of what was initially owed. These collection agency guys are sometimes pretty hard to work with and once they get your client's new contact information on their caller ID, your client needs to be able to resolve the collection or they might be in for a barrage of calls and threats for weeks to come. The best advice is not to call if they cannot pay it off in full.
Once a settlement is agreed to, your client should NEVER (if possible) send any money until the collection agency faxes them a letter stating that they will report the line item PAID IN FULL WITH A ZERO BALANCE TO ALL BUREAUS THAT REPORTED THE DEROGATORY ITEM with the agreed upon payment. Your client should keep this letter to help with any future issues with these collection agencies that might arise and keep records on any payments that they made to them. This is hard to do and you might have to settle for a verbal committment.
Then your client should try to do a quick collect with Western Union to the collection agency. This is a method to send a payment quickly that most collection agencies are now encouraging you to do. If collection agency doesn't allow this, then your client should overnight the payment with a copy of the letter and follow-up with a call to make sure that the collection agency received it the following day. Your client should remind the collection agency to clean up the credit report like they stated they would in the letter that they sent to your client and let them know when it is done.
In 30 days, your client should go online again and order a new report. If the collection is still there, they should go over to the right side and order a dispute and select "paid in full". The bureaus will send them an investigation report when they are through and then in about 30 more days, they can go online again and check their credit report and the item should show a zero balance.

Keep in mind that collection agencies are buying bad debt accounts from medical services offices, credit card services, auto companies, etc. for pennies on the dollar and they make money by collecting on these debts. Their collection tactics borderline on being unethical and abusive so it's no wonder people have their phones disconnected and many get caller ID to screen their calls.

She has noticed that collection agencies are now selling bad debts they bought and couldn't collect to other collection agencies. So, just because one agency quit calling, doesn't mean that there won't be more calls in the future. The best advice is to try to settle up with collection agencies and move on with your life with a better credit score. In addition to getting approved for a loan at a better rate, credit scores are also being used for getting insurance at a better rate and to get approved for renting property too!

Just remember that we can approve people that have bad credit if there are no collections and there are no other problems with debt to income ratios, income, assets, etc. most of the time! For some, we can ignore up to $5000 in collections so they should talk to us before taking any action.

Unfortunately, the act of paying off a bad debt also updates the "recent activity" field on the derogatory item on the credit report. This can cause a derogatory to jump from a minor hit to a major hit on their score. Any activity within 6 months on derogatory items can kill the score so you need to make sure that we cannot approve them before they take any action on repairing their credit. Ask them to call us so we can give advice on this for you.

Finally, if the bad debt is the responsibility of the divorced spouse, as is often the case, your buyers should NEVER call the collection agency to dispute because this just gives them another person to go after with their threatening letters and phone calls. Instead, they should send us a copy of the divorce decree showing the correct spouse responsible for the debt and many times we can ignore the collection so we can get them approved.

I hope this advice helps you in working with prospects with credit issues so you can sell more houses!

Call me with your next prospect so we can keep them on the hook and help reel them in for you!!

Sam Thompson - PHH Mortgage - "working hard for our agents!" Cell 843-230-7929 - Toll Free 866-256-5421

Great Pinehurst Links:

Pinehurst Real Estate - www.pinehurstrealestatenc.com

Pinehurst Luxury Homes - www.pinehurstluxuryhomesnc.com

North Carolina Horse Farms - www.southernpineshorsefarmsnc.com

Fort Bragg Real Estate - www.fortbragghomesnc.com

0 comments • Sam Thompson • January 25 2007 08:03PM

Hippa Law Procedures - Pertaining to Credit Reporting Privacy.

If you receive a supplement stating account can not be verified due to Hippa Laws, the lenders are unable to receive any information, including creditor name or contact number. The Hippa Law protects the borrowers' right to privacy concerning their medical accounts. The credit bureau suppresses all the information concerning that account and will not release it to any third party.

If you need to proceed, the borrower will have to contact the credit bureau directly. The bureau will then release the creditor and contact information directly to the borrower. The lenders are not able to contact the bureaus on behalf of the borrower. The contact numbers for the bureaus are below; they will be able to reach a live person at these numbers. You can determine which bureau is suppressing the information on the supplement. The bureau will be listed to the right of the tradeline.

Equifax 404-885-8000

Transunion 800-916-8800

Experian 714-830-7000

I hope this helps you understand this better.

Sam Thompson - PHH Mortgage Advisor. We have a credit team that works with our processors and clients on getting our loans closed! Call us and let us help you.

Great Pinehurst Links:

Pinehurst Real Estate - www.pinehurstrealestatenc.com

Pinehurst Luxury Homes - www.pinehurstluxuryhomesnc.com

North Carolina Horse Farms - www.southernpineshorsefarmsnc.com

Fort Bragg Real Estate - www.fortbragghomesnc.com

0 comments • Sam Thompson • January 25 2007 07:55PM

Tremendous data for your file! Comments welcomed!

Here's a website that you can use for your business in a big way. Select your county and see where people are migrating in from 2000-2005 IRS change-of-address status. How does this help you?

1. To see where you should do some marketing and prospecting.

2. To have valuable information to share with prospects.

3. To set up a referral relationship with another realtor in another market.

4. To share with prospective builders that you are trying to build a relationship with.

Did I leave anything out? What do you think?

Check it out here: http://enterprise.star-telegram.com/ARCIms/Maps/clt/2007/irsmig.asp?pick=&B4=Start+over

Sam Thompson, PHH Mortgage Advisor - Your trusted source in making sure your loans close, guaranteed!

Call my toll free number for a pre-approval up until 9PM EST and 7PM on Saturdays at 866-256-5421. Call with your next buyer so we can pre-approve them while they are still in your office over the phone in 20 minutes, tops!

http://samthompson.phhmortgageadvisor.com/

Great Pinehurst Links:

Pinehurst Real Estate - www.pinehurstrealestatenc.com

Pinehurst Luxury Homes - www.pinehurstluxuryhomesnc.com

North Carolina Horse Farms - www.southernpineshorsefarmsnc.com

Fort Bragg Real Estate - www.fortbragghomesnc.com

5 comments • Sam Thompson • January 23 2007 07:47AM

6 ways to get propects to like you! - Winning tip from Dale Carnegie

From the best selling book that has been around for 70 years, How to Win Friends and Influence People by Dale Carnegie is a great tip on how to get people to like you! Since you are in sales and they say that most people buy from people they like, this is really something you need to know how to do very well.

Be genuinely interested in them.
Smile.
Remember that a person's name is to that person, the sweetest and most important sound in any language.
Be a good listener and encourage others to talk about themselves.
Talk in terms of the other person's interests.
Make the other person feel important - and do it sincerely.

We all get caught up talking about ourselves and when this happens, catch yourself and quickly ask questions about them to get back on track. A good friend of mine in college had a gift for doing this and during a Christmas shutdown at a big paper mill in Rock Hill, SC we sat down with a millwright that worked for a construction company because the cafeteria was crowded and soon as we sat down, Terry started grilling the guy. Several of my fraternity brothers and I got on during the shutdown for the mill's annual maintenance to make some extra cash during the holidays and by the time we finished eating, we knew everything there was to know about that guy. I mean, we knew his life's history and all of his children's names and their whereabouts too!

Terry just kept asking questions in a very sincere manner and the guy really enjoyed the company and in sharing with us. I just sat and listened in awe and couldn't believe all the questions that Terry asked him. We laughed about this later that day and the last I heard, Terry is now a senior sales vice president for a big company and he travels abroad extensively. It is not wonder he has excelled in sales and you can too if you make this a part of your rapport building.

Try embracing these tips and you are going to be much more successful in anything that you do!

Sam Thompson, PHH Mortgage Advisor - Check out our Jumbo rates and programs for your big home buyers!!

0 comments • Sam Thompson • January 16 2007 07:42PM

Things I'll bet you didn't know!

Many years ago in Scotland, a new game was invented. It was ruled "Gentlemen Only...Ladies Forbidden"...and thus the word GOLF entered into the English language.

In the 1400's a law was set forth that a man was not allowed to beat his wife with a stick no thicker than his thumb. Hence we have " The rule of thumb "

The first couple to be shown in bed together on prime time TV were Fred and Wilma Flintstone.
Every day more money is printed for Monopoly than the US Treasury.
Men can read smaller print than women can; women can hear better.
Coca-Cola was originally Green.
It is impossible to lick your elbow.
The State with the highest percentage of people who walk to work: Alaska
The percentage of Africa that is wilderness: 28% (now get this...)

The percentage of North America that is wilderness: 38%
The cost of raising a medium-size dog to the age of eleven: $6,400
The average number of people airborne over the US any given hour: 61,000
Intelligent people have more zinc and copper in their hair.
The first novel ever written on a typewriter: Tom Sawyer.
The San Francisco Cable cars are the only mobile National Monuments.
Each king in a deck of playing cards represents a great king from history:
Spades - King David

Hearts - Charlemagne

Clubs -Alexander, the Great

Diamonds - Julius Caesar
111,111,111 x 111,111,111 = 12,345,678,987,654,321
If a statue in the park of a person on a horse has both front legs in the air, the person died in battle. If the horse has one front leg in the air the person died as a result of wounds received in battle. If the horse has all four legs on the ground, the person died of natural causes.
Only two people signed the Declaration of Independence on July 4th, John Hancock and Charles Thomson. (I wonder if we were related?) Most of the rest signed on August 2, but the last signature wasn't added until 5 years later.
Q. Half of all Americans live within 50 miles of what?
A. Their birthplace

Q. Most boat owners name their boats. What is the most popular boat name requested?
A. Obsession
Q. If you were to spell out numbers, how far would you have to go until you would find the letter "A"?
A. One thousand
Q. What do bulletproof vests, fire escapes, windshield wipers, and laser printers all have in common?
A. All invented by women.
Q. What is the only food that doesn't spoil?
A. Honey
Q. Which day are there more collect calls than any other day of the year?
A. Father's Day
In Shakespeare's time, mattresses were secured on bed frames by ropes. When you pulled on the ropes the mattress tightened, making the bed firmer to sleep on. Hence the phrase......... "Goodnight, sleep tight."
It was the accepted practice in Babylon 4,000 years ago that for a month after the wedding, the bride's father would supply his son-in-law with all the mead he could drink. Mead is a honey beer and because their calendar was lunar based, this period was called the honey month . which we know today as the Honeymoon.
In English pubs, ale is ordered by pints and quarts... So in old England, when customers got unruly, the bartender would yell at them "Mind your pints and quarts, and settle down."
It's where we get the phrase "Mind your P's and Q's"
Many years ago in England, pub frequenters had a whistle baked into the rim, or handle, of their ceramic cups. When they needed a refill, they used the whistle to get some service.
"Wet your whistle" is the phrase inspired by this practice.
~~~~~~~~~~~AND FINALLY~~~~~~~~~~~~
At least 75% of people who read this will try to lick their elbow
I did, did you?
....................................
Don't delete this just because it looks weird. Believe it or not, you can
read it. Read it fast! It's easy.

I cdnuolt blveiee taht I cluod aulaclty
uesdnatnrd
waht I was
rdgnieg.The
phaonmneal pweor of the hmuan mnid Aoccdrnig to
rscheearch at Cmabrigde
Uinervtisy, it deosn't mttaer in waht oredr the
ltteers in a wrod are,
the
olny iprmoatnt tihng is taht the frist and lsat
ltteer be in the rghit
pclae. The rset can be a taotl mses and you can
sitll raed it wouthit a
porbelm. Tihs is bcuseae the huamn mnid deos not
raed ervey lteter by
istlef, but the wrod as a wlohe. Amzanig huh?
Tahkns for yuor bsuienss and sppourt!
Sam Thompson, PHH Mortgage Advisor - Helping you GROW your business!

Great Pinehurst Links:

Pinehurst Real Estate - www.pinehurstrealestatenc.com

Pinehurst Luxury Homes - www.pinehurstluxuryhomesnc.com

North Carolina Horse Farms - www.southernpineshorsefarmsnc.com

Fort Bragg Real Estate - www.fortbragghomesnc.com

1 comment • Sam Thompson • January 13 2007 05:17PM

Give your buyers a free dinner and a movie! A fun idea to add to your other closing gifts!

In addition to your other closing gifts that you give your buyers when they close, surprise them with their first dinner and a movie! Just give them a basket with a bag of microwave popcorn, a video store coupon and a pizza restaurant coupon for a pizza and 2 liter drink. If you are smart, you can get the coupons for free because you can tell the business owners that this is a closing gift for new residents that will be living near their business and this will help them get them in their business for years to come.

I hope this tip will help you build a name for yourself as a great realtor that will help you build your business for years to come too!

Sam Thompson, PHH Mortgage - Call if I can help you with a difficult loan to let me earn my stripes!

Great Pinehurst Links:

Pinehurst Real Estate - www.pinehurstrealestatenc.com

Pinehurst Luxury Homes - www.pinehurstluxuryhomesnc.com

North Carolina Horse Farms - www.southernpineshorsefarmsnc.com

Fort Bragg Real Estate - www.fortbragghomesnc.com

1 comment • Sam Thompson • January 13 2007 05:10PM

Tons of great prospecting tips for you! Check out my blogs today!

Good Morning Realtors!

If you are looking for some great ways to pick up a prospect or close a client today, I can direct you to over 30 great tips in my NC posts & 20 in my SC posts! If you don't pick up one buyer this week from one of these tips, you are in the wrong business! This Active Rain site is a great resource for you if you read the blogs and take some action for yourself and your business.

I hope that you enjoy my tips and only ask that if you do, that you will call me today if you have a prospect that I can approve for you. I am vailable M-F 8:30-9PM EST and 10:30-7PM EST on Saturday for fast approvals over the phone and on Sundays to discuss your scenarios. Just call me at 843-230-7929. I am ready to help YOU get a new buyer in your car so you can make some money!!

Think of me as your mortgage partner and promote your team as 'one stop shopping' to help you grow your business by leaps and bounds this year like many top agents already do!

Sam Thompson, PHH Mortgage - 'The Jumbo Man' - Specializing in great jumbo rates and service getting the most challenging buyer scenarios approved throughout the US! When we get a Jumbo, we don't lose them!

'Helping your buyers find their way home'

Great Pinehurst Links:

Pinehurst Real Estate - www.pinehurstrealestatenc.com

Pinehurst Luxury Homes - www.pinehurstluxuryhomesnc.com

North Carolina Horse Farms - www.southernpineshorsefarmsnc.com

Fort Bragg Real Estate - www.fortbragghomesnc.com

0 comments • Sam Thompson • January 13 2007 07:42AM

Good feelings after the close are what really count! I'm not talking about yours!

When your transactions close, always make sure that your client walks away really feeling good about the deal as much as you can. Give the buyers ammunition to justify the price and terms to themselves and others. Resell the amenities, the neighborhood, the home itself, features, etc to the buyers. Help them understand the deal they got compared to the appraisal and other recent sales in the neighborhood, etc.

For the listing agents, make sure the sellers understand the time they saved, the money they made and the concessions that they negotiated in their favor throughout the process. Point out the number of buyers they attracted, the offers they recieved and the negotiation process highlights. They need to understand the comparables that recently sold and the ones STILL ON THE MARKET after their sale is done too. Make sure to let them know this!

This is why is so important for your sellers to always counter the first offer so the buyers do not walk away feeling like they offered too much and the same goes for the seller. One counter offer can make them feel like the house was priced right and the other party had to work for the final price. Otherwise, you are doing a disservice to your clients and they will remember it and talk about it to others for years to come.

When the purchase price is long forgotten, the feeling will still be there that "they gave it away" or "they paid too much". If this happens, are they going to call you again or refer you to their friends? I doubt it!

It is critical for your clients to walk away feeling really good about the deal so they will call you again and so they will refer you to others! Remember, a happy client is your ultimate goal which will help you grow your business now and in the future!

Sam Thompson, PHH Mortgage Advisor - If you'll use me, I'll do my part to make sure that they are very happy with their mortgage and our processing of their loan too!