Sam's Blog

During a regional meeting last week, my team got to hear from Ester Acker, Community Education and Outreach Coordinator with Consumer Credit Counseling Service of Fayetteville.  During her presentation we learned that even a $1 medical collection or a recent late can impact a credit score by as much as 100 points depending on the current credit history. With the tightening of the credit industry and with the better reporting of collections, etc., by collection agencies and creditors, we all need to be on top this.  Good advice for everyone is to check your credit score annually for free at www.annualcreditreport.com For anyone that is in trouble with their credit or their mortgage, there are several non-profit credit counseling offices nearby such as: CCCS of Fayetteville 316 Green Street, P.O. Box 2009 Fayetteville, NC 28302 Appointment #: (888) 381-3720   CCCS of Fayettville, Southern Pines Branch Office 235 E. Pennsyvlania Ave. Southern Pines, NC 28387 Appointment #: (877) 868-3288   CCCS of Lumberton 4850 Fayetteville Rd., Ste 18 Lumberton, NC 28358 Appointment #: (877) 671-4502   Credit Counseling of Florence, a Program of Consumer Credit Counseling Service 1621 W. Palmetto St. Florence, SC 29501 Appointment #: (800) 223-9213   CCCS of Fayetteville, Sanford Branch Office 403 W. Makepeace St. Sanford, NC 27330 Appointment #: (877) 686-2101   CCCS of Fayettville, Smithfield Branch Office 245 College Rd. Smithfield, NC 27577 Appointment #: (877) 870-4877   Credit Counseling of Sumter, a Program of Consumer Credit Counseling Service 31 E. Calhoun St. Sumter, SC 29150 Appointment #: (803) 774-1314   Family Services CCCS United Way of Horry County, 761 Century Dr. Conway, SC 29526 Appointment #: (800) 232-6489 Fees range from FREE to around $75 depending on the services they require.  For realtors in the Fayetteville area, there is a free 2 hour seminar that you can attend August 4th as follows: Try to attend if you can for your personal knowledge and for your business.  For the national website for the National Credit Counseling Agency, go to:  http://www.nfcc.org/   * Just be aware that lenders frown on seeing CCCS on credit reports because it indicates there is a problem managing money.  So if a Consumer Credit Counseling Service helps people with their credit, be aware that certain services can prevent borrowers from getting a mortgage for several months.  The CCCS advisors will explain this before they begin their work and many services they provide do not show up on credit reports.  But for many, their help is the only way borrowers may have to ever get to a position that they can qualify.

Senior Mortgage Advisor

PHH Mortgage - 843-230-7929

Senior Advisor - Helping you GROW your business!

www.activerain.com./luckydog1 - SC

www.activerain.com/luckydog2 - NC

http://samthompson.phhmortgage.com/

www.myphhmortgageadvisor.com/

Senior Mortgage Advisor

PHH Mortgage - 843-230-7929

Senior Advisor - Helping you GROW your business!

www.activerain.com./luckydog1 - SC

www.activerain.com/luckydog2 - NC

http://samthompson.phhmortgage.com/

www.myphhmortgageadvisor.com/

PHH Mortgage, Mt. Laurel, NJ   Did you know that we have scenario underwriters for reviewing our files during the application process?  That's right.  If we don't get an automatic pre-approval when we submit our files for pre-approval, we quickly send them to scenario underwriters to have them reviewed so you can get a quick answer on their pre-approval status.    These scenario underwriters review the file for self-employment income, verification of things like letters of explanations for credit issues, divorce payment obligations, state adoption assistance programs, citizenship paperwork, right-of-way grants, property type issues and other compensating factors and if they pre-approve them, or if we get an automatic pre-approval, we'll send you closing conditions up-front!  These things I just mentioned were things that I reviewed with underwriters just over the last couple of weeks!   So, if you have a new buyer or one that says they are already pre-approved, why not call me so we can make sure your deal is going to close?  If we pre-approve them, the only things that will prevent your transaction from closing will be if we cannot verify everything we entered, if something changed or if there are issues with the property.    In other words, you do not have to wait for underwriters to review the file 3 weeks into the transaction after you have been working with buyers on a deal that might have some issues that might prevent the loan from closing all together.   Call me on your next transaction, even if they already have a lender!

Sam Thompson,  PHH Mortgage - 843-230-7929

Senior Advisor - Helping you GROW your business!

www.activerain.com./luckydog1 - SC

www.activerain.com/luckydog2 - NC

http://samthompson.phhmortgage.com/

www.myphhmortgageadvisor.com/

Sam Thompson,  PHH Mortgage - 843-230-7929

Senior Advisor - Helping you GROW your business!

www.activerain.com./luckydog1 - SC

www.activerain.com/luckydog2 - NC

http://samthompson.phhmortgage.com/

www.myphhmortgageadvisor.com/

Now that I am putting my second child in college and suffering with the woes of the housing recession, I had to apply for a Stafford student loan for one of my kid's tuition this year.  Immediately after applying, my son had to take a test on the loan process.  This used to be required for certain types of mortgages at one time, didn't it?  I vaguely remember having to have this done for some buyers when I first got in the business several years ago.  Do you remember?  I think this is a still a wonderful idea that we need back in all types of lending.

Also, in my opinion, 12th graders nationwide should be required to take and pass a personal finance course to help them budget, save and invest, including a thorough chapter on credit scoring and how to maintain a good credit score.  Also, there should be a chapter on credit card ripoffs and predatory lending practices.  A course on finance company raping practices and one on those title loans and paycheck loans that some states still allow.  Finally, one on the mortgage process and how to get financing for the American Dream.

The course should get into credit collection companies and how they sell your collection to others and keep on reporting beyond the 7 years and how they are now reporting down to $1 collections and how this can kill your score, even on medical collections.

Now, back to the Stafford Student loan counselling idea.  I think everybody that applies for credit: credit card, installment loan, student loan, mortgage, etc., should have to take a short online course and test and they must pass to get the loan.  Right now, with the credit tightening and collection industry automation, it is getting to the point that 75% cannot get a mortgage right now and something needs to be done about it.  Our country is functionally credit illiterate.

Any thoughts?

Sam Thompson, PHH Mortgage 843-230-7929

Listing Business Cards!   From an Internet blog by Teresa Berry, I saw an awesome idea that I have never seen before in printed listing cards for your listings.   Look closely at the content.  Each card contains a picture of the house and vital information about it AND you!   Here's my thinking on this.   1. Put additional information on the flipside of the cards like: Name of neighborhood A floorplan of the listing School districts Distances to shopping Distances to parks and ball fields Year built More information about how you reach you like websites and email addresses. 2. Give them out at open houses, put them in your mailings, give plenty to your sellers, give to your prospective sellers during future listing presentations, give to your prospective buyers, etc.   3.  Display some in public places that allow business cards because these are sure to draw attention.  I would frequent these areas often to replace the ones taken down.

Sam Thompson,  PHH Mortgage - 843-230-7929

Senior Advisor - Helping you GROW your business!

www.activerain.com./luckydog1 - SC

www.activerain.com/luckydog2 - NC

http://samthompson.phhmortgage.com/

www.myphhmortgageadvisor.com/

Just like peas in a pod!   Just like the peas in the beautiful photo above, working together in a close setting is the best way to communicate and get things done.  That is why we recently implemented a 'pod concept' with our processing teams that are teamed up with 3 processors and 1 underwriter all working closely together to clear conditions in a team concept.  This 3:1 ratio is a great way to clear conditions fast!   Where else can you find this kind of teamwork in making sure your loans are closing quickly as possible?  Most lenders have to ship their files to underwriters in another state or country!   Now, you and I and our buyers need to implement this strategy too to really help us get your files closed really fast and easy!  In order to help implement this concept, I am now carrying a portable fax machine in my car so I can meet our borrowers in our region at their home so I can help get their verification documents in quickly as possible.  This is really going to help our processors and underwriters.  Are you ready to start this new concept?   IF SO, CALL ME WITH YOUR NEXT BUYER!   If your buyers have already been preapproved with another lender, think about how much easier it will be with us and tell your buyers to give me a call for a second opinion.  Don't accept their lender without having a quick conversation with your buyers about how efficient we make it.  This so your life and your buyers' lives are going to be a whole lot simpler and less stressed!   Let's all get in a pod and let's see how fast and easy we can close your next loan!  When we do, we are going to get to know each other better and the buyers are going to be bragging on us to everyone they know!  In addition to having a better transaction, that is going to help us with more referrals for years to come!

Sam Thompson,  PHH Mortgage

Senior Advisor - Helping you GROW your business!

www.activerain.com./luckydog1 - SC

www.activerain.com/luckydog2 - NC

http://samthompson.phhmortgage.com/

www.myphhmortgageadvisor.com/

Sam Thompson,  PHH Mortgage

Senior Advisor - Helping you GROW your business!

www.activerain.com./luckydog1 - SC

www.activerain.com/luckydog2 - NC

http://samthompson.phhmortgage.com/

www.myphhmortgageadvisor.com/