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gmakerley · Posted: Fri Dec 18, 2009 11:45 pm Post subject: misnomer

it just occurred to me...

It's funny how i perceived this specific forum, "Loan Talk for First Time Home Buyers" as a potential source for business. I thought I'd come in here with wonderful advice for people who were contemplating making their first purchase; and that I'd acquire a decent source of business in the process.

Boy was i wrong. Look at the posts we get in here: "short sell" "i do not know lien holder of my property" "co-owner going to prison" "what is my naca id" - these just a small sampling of recent, new posts.

I guess we've evolved - I sure hope it's not regression.

Anyway, it just occurred to me to bring this up. I have written 0 loans - yes, zero - with the assistance of MortgageFit, but I've benefitted in many ways by my association with others on here.

You just can't judge a book by its cover.

savior70 · Posted: Sat Dec 19, 2009 5:28 am Post subject:

Hi George,

It's true that you cannot judge a book by its cover. People post all sorts of queries in the "Loan Talk for First Time Home Buyers" and the posters can range from first time buyers looking to purchase a home to borrowers facing foreclosure due to default!

I think the current market situation has probably contributed to this change of things, to some extent. With so many foreclosures, short sales and deed in lieus happening around us, it is but obvious that the forums are flooded with queries related to mortgage problems.

Besides, very few people are actually careful about which forum they're posting the queries in. Though there are separate forums for refinance, problems, credit, they tend to believe that all queries pertaining to mortgages fit into the Loan Talk forum. Fortunately or unfortunately, you cannot stop them from posting in the forum of their choice! After all, every one has a right to this small piece of liberty!! Smile

gmakerley · Posted: Sat Dec 19, 2009 8:28 pm Post subject:

well, the Declaration of Independence cites our right to liberty, so who am i to argue? but you hit it on the head, savior. i think what used to be a useful tool for most new borrowers, as well as repeat customers, to learn about the intracacies of obtaining a mortgage, we've seen an evolution toward the ways in which to handle crises. so many have had a job loss, a death in the family, an increase in rate, a decrease in value, and the list goes on and on.

there are still a few who wish to be educated on the ways we calculate someone's qualifications, but they're far less evident than previously.

eric1 · Posted: Sun Dec 20, 2009 12:13 pm Post subject:

George,

I hear you. The forums are actually littered with posts that belong in a different forum. Plus the quality if posts has declined for sure. Regarding the business side of things....

I have received quite a few leads from MortgageFit but most of them are from those who do not qualify. I reserched the keywords that are driving traffic to MortgageFit and the results are telling. Three of the top 6 keywords or keyword phrases driving traffic to the site are as follows...
"deed in lieu of foreclosure"
"quit claim deed"
"mobile home loans"

So, that would explain why there are so many questions related to deeds, etc

If you are looking to generate more business in CT, then send me an e-mail.

gmakerley · Posted: Sun Dec 20, 2009 7:52 pm Post subject:

i got a slew of leads up until about 6-8 months ago. some of those were for mobile home loans (one of which i think i was able to farm out to an old friend), some were people who never bothered to return my phone call, one was a great credit risk who wanted to buy a house in western pa, in the $35-40K price range & i took him right up to when he could have begun shopping with an agent and he dropped off the face of the earth. the link for requesting a quote isn't fruitful for us, that's for sure.

as for connecticut at the moment...i'll keep that in my vest pocket. i now have resumes out for 2 different underwriting jobs - one of which i've already claimed as my own, and though i have definitely landed as an originator, it's not my preference at this point. i'll still do it and see where the options lay out shortly.

savior70 · Posted: Mon Dec 21, 2009 3:52 am Post subject:

Hi George,

The year 2009 has so far been quite tough for most of those associated with the mortgage industry. Post sub-prime mortgage crisis, we seen borrowers struggling with their mortgage payments due to increase in rate, depreciation in property value and a variety of other reasons. It is true that the number of people looking for a new mortgage or a refinance has gone down noticeably. But the markets have shown some positive signs of recovery and the economy is turning around slowly. I believe things will start on a more positive note in the coming year.

The current interest rates on mortgages are low. The tax credit has been extended till April, 2010. Right now, people are busy with their Xmas shopping and all, which is why it seems they are not willing to go for a new loan or refinance at the moment. But once the season of festivity is over, I think you will get to see a rise in the number of mortgage applications. We can then expect a lot more mortgage and first time buyer mortgage queries in the "Loan Talk for First Time Home Buyers" forum.

Let's hope for the best and wish the mortgage industry regains its lost vigor in the year ahead. Smile

jveenstra · Posted: Mon Dec 21, 2009 4:03 pm Post subject: Mortgage Fit

George, zero loans with over 8,000 posts.

That would have your batting average way below the Mendoza Line

gmakerley · Posted: Tue Dec 22, 2009 1:23 pm Post subject:

so true, john. that's why, at least in part, i gave up thinking i could capitalize on my activity here to piggyback on what i do "on the ground." boy that looks stupid! i don't know where i got that analogy.

but anyway, even a blind squirrel finds a nut sometimes; so maybe post number 8100 is the charm. it's hard to think of it being worthwhile to look at the number, other than the fact that i'm kind of astonished to think that i've been that prolific. i suppose i could have accomplished some other things if i hadn't been on here being criticized by some and hailed by others. it's kind of fun, after all.

eric1 · Posted: Wed Dec 23, 2009 11:57 am Post subject:

George

For about two weeks, I received leads that were sent to me from MortgageFit. None of those individuals returned my calls. The leads stopped. The ones that I get are through my site which is referenced on my signature.

My guess is the owner of this site is selling those leads to a third party.

gmakerley · Posted: Wed Dec 23, 2009 12:09 pm Post subject:

eric, i got a slew of referrals - emailed each one and many got back to me on those; called almost everyone and got some responses, many not though. it was wildly inconsistent as far as response, but i did have a couple of opportunities that i though might work but didn't for one reason or another.

it's been quite some time, however, since the last one.

eric1 · Posted: Wed Dec 23, 2009 1:43 pm Post subject:

Check your e-mail George

BrianDelaCruz · Posted: Thu Dec 24, 2009 6:13 am Post subject:

Hi Eric,

We are not associated with third parties regarding processing leads. We have been sending our leads to the lenders participating in our community. You may check the testimonials in the mortgage quote page where you'll find references to our community lenders. However, we have currently stopped sending leads to our community lenders, as some of them have complained about not getting quality leads. Once we receive quality leads, we shall start processing them asap.

Thanks,

Brian Dela Cruz

raymond · Posted: Thu Dec 24, 2009 4:05 pm Post subject:

>>I have written 0 loans - yes, zero - with the assistance of MortgageFit

I have one Reverse Mortgage in process from Mortgagefit, from a homeowner in PA who has a manufactured home. We've already had a Civil Engineer inspect his foundation - it'll require a few thousand dollars to make it HUD compliant, and the homeowner is now in the "counseling" portion of the Reverse Mortgage process.

Last week I received a phone call from somebody who found me on Mortgagefit, regarding eligibility for a Reverse Mortgage and Felons. We talked for about 5 minutes and I offered him several solutions after listening to the situation and understanding more of what was happening.

>>though i have definitely landed as an originator, it's not my preference at this point.

You'd be a perfect Originator for the Reverse Mortgage side of the industry, George. We need more folks who are honest and will do the right thing for Senior homeowners. I'll mentor you if want to travel down that road.

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