july 2011
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Issue 048
July 2011
TheNicheReport.com
Excel When Others FailCreate new strategies and embrace this downturn
12 Bringing Up The RearMichael J. Williams, Fannie Mae's President and CEO
583418 Shhh ... Frank and Brian SpeakMarket x Activities = Results
FEATURE ARTICLE! Putting People Before ProfitsThe story you've never read about the mortgage community
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Loan officer edition
Checked Your Trash Lately?
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We can help.We know the new compensation rules have devastated many of you. Some tech providers will go out of business, too. But rest assured that just like the last 25 years, we’re here. Strong and stable.
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MANRMN0511.indd 1 4/15/11 10:14:21 AM
6 July 2011
NICHE REPORTSCONTENTS Issue 048 July 2011
FOUNDER & PRESIDENT Robert Pegg robert@thenichereport.com
CO-FOUNDER & PRESIDENT David Pegg david@thenichereport.com
MANAGING EDITOR Stewart Mednick stewart@thenichereport.com
EDITORIAL / CONTENT MANAGER Kristen Moser kristen@thenichereport.com
ACCOUNTING MANAGER Shawna Ingram shawna@thenichereport.com
ADvERTISING DIRECTOR Jessica Grizzle Jessica@thenichereport.com
ADvERTISING SALES Heather Bopp Heather@thenichereport.com
PRODUCTION MANAGER Henry Suchman henry@thenichereport.com
PRODUCTION ASSISTANT Dawn Exner dawn@thenichereport.com
CARTOONIST Martin Bradford
COLUMNISTS & CONTRIbUTING AUTHORS Martin Andelman Karen Deis Frank Garay Thomas E. Jandt Stewart Mednick Rick Roque Marc Savitt Dennis Yu
Excel When Others FailTHOMAS E. jANDTauthor, your money is everythingCreate new strategies and embrace this downturn.
12
Shhh ... Frank and Brian SpeakFRANk GARAythinkbigworksmall.comMarket x Activities = Results.
34
Man on the HillMARC SAvITTPresident, the national association of indePendent housing ProfessionalsBrokers vindicated!
38
Center Stage with Bank of InternetTHE NICHE REPORTThe Niche Report talks with Brian Swanson, Senior Vice President, Residential Lending
40
Online Lead GenerationDENNIS yUco-founder and ceoblitzlocal.com What to do if you are not the big name in town.
30 DEPARTMENTS
09 FROM THE EDITOR'S DESk
10 LETTERS TO THE EDITOR
43 WHAT'S yOUR MORTGAGE IQ?
46 TIP OF THE MONTH
54 LENDER & RESOURCE DIRECTORy
58 bRINGING UP THE REAR
PRIME & FHA pg 49
REvERSE MORTGAGE pg 49
RURAL LENDERS pg 49
HARD MONEy pg 50
Commercial pg 50
Construction/Rehab pg 50
jUMbO pg 50
Service Providers pg 51
18 Putting People Before ProfitsThe story you've never read about the mortgage community
RICk ROQUE
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Small Business Capital
SUbSCRIPTIONS
This publication is intended for real estate finance professionals. If you are a mortgage broker, lender, loan officer, or real estate professional and you do not currently receive The Niche Report, please go to www.thenichereport.com.
An annual subscription is $47.95 (twelve months/twelve issues.) For additional copies being mailed to the same address please call 866.964.2695 or email us at subscriptions@thenichereport.com for multi-copy discount.
Send address change requests to info@thenichereport.com. Remember to include the old address.
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ADvERTISEMENTS
To inquire about advertising in The Niche Report, please call 866.964.2695, or send an email to ads@thenichereport.com. Visit our website, www.TheNicheReport.com to download a copy of our Media Kit.
EDITORIALS / ARTICLES
To submit an article for consideration in The Niche Report, please send an email to stewart@thenichereport.com or call 866.964.2695. We are interested in original writings relevant to mortgage brokers and other real estate finance professionals.
If you have a comment or question about an article or editorial published in The Niche Report, or if you have a suggestion for a topic you would like to see featured in a future issue, please send an email to stewart@thenichereport.com.
THE NICHE REPORT POLICy
The information and opinions expressed by contributing authors and advertisers within The Niche Report do not necessarily reflect those of BODA Publishing, LLC employees and should not be considered as endorsed or recommended by BODA Publishing, LLC.
Published monthly by BODA Publishing, LLC PO Box 494, Bentonville, AR 72712 Phone: 866.964.2695 Fax: 703.991.2362 Email: info@thenichereport.com www.TheNicheReport.com
It is better to give than to receive. This is a cornerstone tenet of many religions, soci-etal ethics, corporate community relations, and mortgage companies.
Excuse me, did you say mortgage companies? The same mortgage companies that, according to our mainstream press, pulled this country into a recession? The same mortgage companies that, according to our mainstream press, allegedly cheated mil-lions of Americans out of a solid mortgage in lieu of an exotic product? The same mortgage companies that have been legislated to death because of their unethical behavior? Yes, these are the very ones.
But I want to make a distinction that the bankers that cost the American public hundreds of billions of dol-lars are the ones living on Wall Street and not the companies mentioned here in The Niche Report. Yet, in the eye of the general public, we are all crooks. So how do the mortgage industry constituents save face? They give back.
Rick Roque wrote an inspiring and very eye-opening feature article about mortgage companies that give back. This article shows that the people that run many of the mortgage companies that have been scorned and punished are truly heroes to the non-profits and charitable organizations to whom they give.
Being a Navy veteran myself, I am very touched to have found out that many companies contribute to the Wounded Warrior Project and other veteran based organizations to assist veterans and their families. How can any company, public or private, be more American and more loyal to society than to assist our troops?
Thank you, Rick, for the wonderful article that I hope enlightens, and inspires all who read it.
With contributions by our regular cast of columnists and contributing writers, I hope you enjoy our maga-zine and thank you for participating in our fourth anniversary of bringing to you informative and sometimes controversial articles.
Cheers!
Stewart MednickManaging Editor
FROM THE EDITOR'S DESk
9TheNicheReport.com
MEMBEROfficial
Include your full name, email address, and daytime phone number. We are unable to publish all letters and may edit letters for length and clarity. Visit us online at www.TheNicheReport.com to subscribe to our magazine and/or eNewsletter. Or call toll-free at 866-964-2695 for more information.
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CONNECT WITHLetters to the Editor may be e-mailed to info@TheNicheReport.com or faxed to 703-991-2362.
LETTERS TO THE EDITOR
Bringing up the Rear with Jaime Dimon by Mandelman
He is still clueless on the mortgage
broker! Love your articles, I always
read them first in The Niche Report.
L. Miller
They Once Were Lenders, June issue 2011 by Mandelman
I enjoyed your piece in the Niche
Report and I especially enjoyed the
part about Ameriquest. I loved the
picture of the kid kissing the rapper
necklace – that was extremely accurate.
William
* * *
Mr. Andelman - that was an
outstanding article written by you on
the Housing debacle. You hit the nail
right on the head from start to finish.
My only hope would be that every
American politician would read your
piece and learn from it! I have read
many articles on our housing crisis but
yours is the best! Will anyone listen or
is the Banking Cartel that powerful?
This nation's darkest days are here!!
Nunez
* * *
I just finished reading your article
in this month’s edition of the Niche
Report, and I have to say its dead
freaking on. It’s the same thing a lot of
people have already said and a lot of
professionals in our industry already
know, but the difference is you have
put it into words that the common
folk will understand and have laid it
out in a manner where it flows. The
way it was laid out is perfect, one
by one you took the time to explain
in great detail what happened, why
it happened, why it’s going to keep
happening and what needs to be done
to stop it.
I think there should be some
reform for Realtors. There are
boatloads of those agents you
described who COULD NOT pass
the NMLS and are now Realtors. It’s
like almost every Realtor I talk to just
became one six months ago and the
first thing they say is “I used to be a
loan officer, where is my approval?”
Sunny Singh
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For more information,please contact:
"TheNicheReport is a national trade publication dedicated to wholesale and correspondent lending."
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