The Diamond Blog

The media is talking it up. Rates are as low as they were at the height of the refinance boom a few years ago.

We don’t know if it will last 6 hours, 6 days, 6 weeks or 6 months. Play it safe and assume that it will last 6 hours.

If your income has been tight this year, you can make up any lost ground “right now” with closings in December. That could help you have a very Merry Christmas. Hopefully everyone will burst with energy and focus on one thing … talking to lots of people. Anyone with a current rate 5.875% or above is your customer.

Try buying down the rate into the 4’s – Try selling 15 year fixed, buying down into the 4’s and sell the lifetime savings, which will be huge. Every FHA mortgage should be streamlined today. Do “No Points No Closings” if that is what the borrower wants.

Call all your old pipeline. People that you couldn’t help two weeks ago you can help now.

Due to the economy, people need money. Credit card debt is at all time highs. Consumer spending is down, because people need money. Even if you do a rate and term, try building in an extra thousand or two cash-out for the borrower. That extra cash bonus in their pocket could seal your deal.

If you are serious about striking while the iron is hot, the suggestion is to clear everything off your plate and focus like a heat seeking missile to write at least two new mortgages every day. How would your pay check look if you closed more than 10 loans in December? You can do it. Most of the mortgages out there need to be refinanced and there are not many loan officers left in the business chasing this tremendous opportunity.

Qualify borrowers fast, sell the loan solid and lock the rate. Tell the borrowers that your office has to call thousands of people this week in case rates go back up, so you will get back to them in an off-time to gather the necessary information for their loan approval and closing. Keep your prime time for selling. Don’t let anything waste your time of get you off course. Work extra hours if you really want to make some extra money.

Set a daily goal for yourself. Plan for at least 4 hours of talking to people. Not dialing or thinking about it, but actually speaking with borrowers. If you are not working until at least 7:30 or 8:00 pm you probably missed the point that the mortgage industry has been waiting 2 years for this day. Its you choice how you respond to the opportunity. Just recognize this is not business as usual, so your work day shouldn’t be work as usual. Do something different and better. Hopefully everyone makes the most of this fortunate situation, and hopefully it lasts, but nobody knows what the future brings so make every minute count.

The term “Time is Money” is very meaningful this week. Spend your time wisely.