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BrokerWire COFI Hits New Low In a bit of irony, on the same day the Federal Reserve Board hiked its benchmark target rate by 25 basis points, the Federal Home Loan Bank of San Francisco announced that the Eleventh Federal Home Loan District Cost of Funds Index has reached a new low. Fixed Rates Dip The average 30-year fixed mortgage rate fell to 6.21% for the week ending July 2 from 6.25% the previous week, according to Freddie Mac's Primary Mortgage Market Survey. Nationwide Inks Pact With Cops The Fraternal Order of Police has signed an agreement with Nationwide Advantage Mortgage Co., Des Moines, Iowa, for the latter to provide mortgage services to the group's over 320,000 members across the country. Click here for more news... Featured Grapevine Thread Is it all right to give the borrower a gift at closing? What about charging 50 dollars for a 25 dollar credit app? Is that okay? Click here to read more. This Week from Broker Magazine This week's featured story from Broker Magazine, our sister publication: NHEMA: We're The Right Fit Participants: Mitchell Feinstein, chairman, National Home Equity Mortgage Association; chairman, Budget Finance Co., Los Angeles. Debbie Rosen, chairman-elect, NHEMA; executive vice president, Countrywide Home Loans, Plano, Texas. Steve Nadon, executive vice president, Option One Mortgage, Irvine, Calif. Moderator: Lew Sichelman, housing correspondent, National Mortgage News. LEW: Mitchell, you said recently that the lenders that make up this association are doing for the American people what CRA (the Community Reinvestment Act) and the government couldn't do. Do you want to expand on that? MITCHELL: I think even as was documented in the NCRC study, the banks' percentage of loans do not mirror the demographics. They still have not done it. Their loans to African-Americans are around 6%, while the population is 17%. The subprime numbers that SMR had was around 18%. So we more closely match on an ethnic basis loan borrower national statistics than the banks do. LEW: Let's talk about the market itself. Interest rates were expected to increase in 2004, but until recently they had declined or stayed steady. How has that affected your business? DEBBIE: Interest rates that have not typically been the thing that has driven the nonprime business. Our business has been strong. Throughout 2003 we had a record year, and expect 2004 to be a strong year, even if interest rates tick up a little bit. The real issue relative to potentially rising interest rates is probably more relative to the pervasive new regulations out there in the market place and the risk that as every state and municipality passes different kinds of things relative to prepayment penalties and the way the loan is structured, that we don't have enough tools in our arsenal to drive down the price for the consumer because of the regulations. Read on... Ask the Experts Success with Subprime Brian Sacks, mortgage expert, branch manager, trainer, and speaker gives advice on how to increase sales and improve your business. This week's article:How to Have Clients Calling You To Do Business We've been talking about how important it is to establish and maintain a sterling reputation if you want to be successful in the long run. Without a doubt, honesty, diligence, and trustworthiness are essential attributes. However, there is another critical aspect of the image you need to develop in order to be truly successful: You need to be knowledgeable. I'll even go further than that - people must perceive you as the guru of your chosen niche, and you truly must be. You need to become - and become known as - the expert. Why? What's so critical about developing expertise? Can't you "get by" just being competent and dependable? Of course you can, but I doubt that you are reading this to learn how to just "get by." If you did, I'm sorry but I don't have any pointer for you. We're aiming higher here. This is all about developing your highest potential and teaching your ultimate goals. Becoming the expert is an important step along the way. Read more... Legal Corner Prominent attorney Herman Thordsen gives his advice and opinions on issues of law in the mortgage world. CALIFORNIA DEPARTMENT OF REAL ESTATE CHANGES ITS MIND FACTS Previously, the commissioner in charge of the department had required salespeople using their nicknames to strictly comply with type size, legal name as on license, employing broker on the card and the license of the salesperson appeared on the card and the nickname was highlighted. It would appear the department is changing its mind and deleting all these requirements. The proposed notice to delete this from regulation 2731 was published on May 28, 2004. What does this mean to you? A reduction in the cost of printing your business cards as Bob Smith instead of Robert "Bob" Smith, with the broker name, the salespersons' license number and the extra highlighting. (Z-04-0514-01, 5-28-04pub) Click here to read more. Training For New Loan Officers Senior loan officer Steven Driscoll excerpts articles from his book The Loan Officer's Handbook for Success. A must read for every loan officer. Learn how to manually calculate a loan's APR, ask for the sale and much more. Read more... What We're Hearing What's going on in the world of mortgages? Read on for editor Paul Muolo's take on what's happening. Read on... Market Conditions Monroe, Louisiana - Real estate sales continues to be active although the higher priced homes are beginning to be sluggish. State Farm transferees are beginning to place their homes on the market pending the first wave of moves out of this area. Generally, the local economy has not been affected by the recent spike in gasoline price. Interest rate hikes will cause the market to slow in the coming months. Builders continue to be very aggressive in new construction and these properties and sales in some areas are slow. Prices in North Monroe for new construction is showing some downward pressure as builders are using new methods to move their houses. - Reported by Jean Carraway Click here to read Market Conditions... Database In this section of BrokerUniverse we showcase the mortgage data and statistics offered by our sister site, MortgageStats.com. In its regular quarterly survey, MortgageStats.com assesses the production of the top 150 prime and subprime lenders and servicers around the country. In addition to its proprietary data, MortgageStats.com also provides compilations of government data collected under the Home Mortgage Disclosure Act (HMDA). Click here for more... Marketing Tips From thecoldhardtruth Every LO needs to create networks with related professionals as well as clients. If you have a client that owns their own business, you need to network with them. Never expect or (worse) demand immediate payback (meaning referrals that turn into closed deals) from your network. Click here for more tips... Making the Sale Sales and management ideas from Broker magazine, our sister publication: RAZOR MAKER GIVES $1MM IN SUPPORT OF FINANCIAL LITERACY The Gillette Co., Boston, in response to its own survey that found three quarters of the American electorate does not understand basic economic principles, has made a $1 million commitment to fund financial education programs. James M. Kitts, chairman, president and chief executive, said, "our democracy and our market-based economy go hand-in-hand. We short change both our future leaders and voters if our citizens don't understand the basic principles of our economy and the implications on their daily lives." Among the survey results, sponsored by Gillette and the Foundation for Teaching Economics, was that only 25% could correctly answer 11 questions regarding basic economic concepts. Meanwhile 94% said parents should play an active role in teaching their children economic concepts, but 40% said they were beginners or knew nothing about the topic. "Raising the level of economic understanding will not simply help American families make better decisions that affect their personal finances; it also will lead to more informed decisions in politics and policy matters," Mr. Kitts said. The $1 million commitment will help fund an education program to be offered in 10 U.S. cities, as well as an online tutorial on the Gillette Co. website. Read more... Special Reports In this section of BrokerUniverse we examine a subject of key importance for mortgage originators every month, based on special reports that run in our sister publication, Origination News. Click here to read more. The Paper Warehouse This section of BrokerUniverse features useful documents contributed by members of the Grapevine community. Click here to read more. Conference Calendar August 4 - 7 Annual Convention & Grand Exposition California Association of Mortgage Brokers The Westin Hotel & Long Beach Convention Center Long Beach, CA Tel: 916-448-8236 Fax: 916-443-8065 More info Click here for more events...