The Complete Idiot's Guide to Success As a Mortgage Broker

by Kahn, Daniel S.; Edelman Borden, Marian

• ISBN13: 9781592575107
• ISBN10: 1592575102
• Format: Paperback
• Copyright: 2006-06-06
• Publisher: DK Publishing, Inc.

Summary

You're no idiot, of course. You know that wheeling and dealing in residences takes more than a winning smile and the gift of gab. And it also takes more than a broker's license to understand the financial ins and outs of the marketplace in this thriving industry.

Author Biography

Daniel S. Kahn is the president and owner of Financial Access Corporation, a mortgage brokerage firm operating out of Newburgh, New York. A career broker for more than 15 years, he knows the mortgage business inside and out. He has originated more than 2,000 mortgages worth over $500 million.
Marian Edelman Borden is a professional writer and the author of seven books.

Table of Contents

The Real Deal on Mortgage Brokers	p. 1
The Inside Track of a Fast-Moving Industry	p. 3
Exactly What Is a Mortgage Broker?	p. 4
Home Ownership Is a Smart Investment	p. 6
As Home Ownership Grows, More Mortgages Are Needed	p. 7
The Mortgage Industry Expands	p. 8
Buyers Want Options and Mortgage Brokers Offer Them	p. 10
The Perks of the Job	p. 13
Let's Talk Money	p. 13
It's Never Dull Around Here	p. 15
Tapping Into Your Entrepreneurial Spirit	p. 16
Do Good and You Feel Good	p. 16
High on the People Meter	p. 17
Flexible Hours or 24/7?	p. 17
A Career That Grows with You	p. 18
A Day in the Life	p. 19
Esther, the Experienced Mortgage Professional	p. 20
Max, the Entry-Level Mortgage Broker	p. 23
Dan, the Mortgage Broker Company Owner	p. 26
Melanie, the Loan Processor	p. 28
Test Yourself!	p. 31
Who Makes a Good Mortgage Broker?	p. 32
Assessing Your Interests and Style	p. 33
Applying Your Symbols	p. 38
A Seat at the Table	p. 41
Book Smarts and Street Smarts	p. 43
State Licensing Requirements Vary	p. 44
Meeting Professional Educational Requirements	p. 45
What's on the Test?	p. 45
Top Ten Test-Taking Tips	p. 46
On-the-Job Training and Related Experience	p. 47
Branching Out: Getting Additional State Licenses	p. 48
Do Your Homework	p. 51
Trust Your Gut	p. 52
Examining Company Life	p. 53
The Corporate Culture	p. 54
Finding a Business Mentor	p. 55
Back to Your Gut Instinct	p. 58
Where the Jobs Are	p. 59
Tell Me About Yourself	p. 60
No Experience? No Problem	p. 62
Where Do You Look?	p. 62
Networking 101	p. 63
The Perfect Cover Letter	p. 64
The Interview Is Your First Sales Presentation	p. 65
The Right Answers to Four Tough Questions	p. 67
Four Questions You Have to Ask	p. 69
Post-Interview Tips	p. 70
References That Sell You	p. 71
Checking Up on You	p. 71
$$$$ and Sense	p. 73
The Money Talk	p. 74
In Sickness and in Health	p. 77
Retirement Benefits	p. 79
Who Pays for What?	p. 80
Building Blocks of Success	p. 83
Becoming a Market and Financing Expert	p. 85
The ABCs of the Mortgage Markets	p. 86
The National Economic Trends You Need to Watch	p. 89
Reading the Local Housing Market	p. 94
Networking 101	p. 97
Managing Your Networking Contacts	p. 98
Going Beyond Hello	p. 98
First Stop: Business-Oriented Community Groups	p. 99
For Women Only	p. 100
Minority Networking Groups	p. 101
Beyond the Boardroom	p. 101
Professional Associations	p. 101
Realtor and Builder Networking	p. 102
Get Connected	p. 103
Cellular-ly Speaking	p. 104
Personal Digital Assistant	p. 106
Computers	p. 107
Home/Car Office Equipment	p. 110
Time Is Money	p. 113
Time Management Saves $$$$	p. 114
Time Management for Mortgage Brokers	p. 116
Toxic Business Relationships	p. 120
Spending Money to Save Money	p. 123
Here's the Deal	p. 125
Qualifying the Buyer: Before and After He Shops	p. 127
The Value of Preapproval	p. 128
On the Plus Side of a Financial Profile: Income and Assets	p. 129
Income	p. 129
Assets	p. 132
On the Minus Side of a Financial Profile: Liabilities	p. 134
It Figures: Front End and Back End Ratios	p. 136
The Credit Report	p. 139
Putting It All Together	p. 142
Lenders, Documents, and Details	p. 143
Let's Start at the Very Beginning ...	p. 144
Working with Lenders	p. 146
When Banks Undersell You	p. 150
Make New Friends ... and Keep the Old	p. 151
The Mortgage Application Process: Step by Step	p. 153
The Lowdown on Down Payments	p. 154
The Appraisal	p. 159
A Clear Title Is Essential	p. 161
Government Monitoring	p. 163
Truth in Lending Is Complicated	p. 164
Locking In the Rate	p. 167
Fixed Rate, Adjustable, Hybrid: Matching Mortgages and Clients	p. 169
Comparing Apples and Oranges	p. 170
Adjustable Rate Mortgages	p. 170
Fixed Rate Mortgages	p. 178
Hybrid Mortgages: The Best (and Worst) of Both	p. 180
What's the "Point"?	p. 183
Points: Upfront and Unashamed	p. 184
Should the Client Finance the Points?	p. 187
The Tax Implications of Points	p. 187
Negative Points	p. 191
Niche Markets Pay Off	p. 193
Serving the Public Interest and Earning $$$	p. 195
A Complex Problem Just Got Tougher	p. 196
Fannie Mae's Commitment to Closing the Gap	p. 198
Down Payment Gift Assistance Programs	p. 200
The Subprime Market	p. 203
Co-ops, Condotels, Multi-Family Housing, and More	p. 205
Co-ops: Where Home Is a Share of the Whole	p. 206
Condotels: Vacationing in Style	p. 212
Multi-Family Housing: Small and Large	p. 214
Commercial Mortgages	p. 216
For Seniors Only	p. 217
Seniors Are a Growing Market	p. 218
Forward and Reverse: Two Mortgages, Two Purposes	p. 218
The Home Equity Conversion Mortgage (HECM)	p. 221
Other Options for Seniors	p. 229
Seniors May Also Qualify for These Types of Loans	p. 230
Home Equity Lines of Credit, Second Mortgages, and Refinancing Mania	p. 231
When to Refinance	p. 232
The Closing Cost Challenge	p. 234
The Serial Refinancer	p. 235
Cashing Out in a Refinance	p. 236
Home Equity Loans	p. 237
Home Equity Line of Credit	p. 238
Second Mortgages	p. 240
Striking Out on Your Own	p. 243
Make a Plan, Check It Twice	p. 245
Do You Have What It Takes to Be an Owner?	p. 246
It Starts with a Plan	p. 247
Financing Your Business	p. 251
Should You Buy an Existing Mortgage Broker Company?	p. 254
Insurance Just in Case	p. 255
Hiring the Help You Need	p. 257
Who's the First Hire?	p. 258
Hiring Mortgage Originators	p. 258
The Rainmaker Syndrome	p. 259
Retaining the Best Employees	p. 260
When Outsourcing Makes Sense	p. 263
Marketing, Marketing, Marketing	p. 265
Planning Is Key	p. 266
Listen to Feedback	p. 266
Refining Your Message	p. 267
Traveling the Internet Highway in Search of Business	p. 267
Cable Television and Local Radio	p. 271
Signage and Print Advertising	p. 272
Direct Mail	p. 273
Striking a Balance in Life	p. 275
Defining Work-Life Balance	p. 276
Work-Life Balance Makes Financial Sense	p. 277
What Happens if You Don't Address the Work-Life Issue?	p. 278
What Can You Do About It?	p. 278
Appendixes
Glossary	p. 281
State-by-State Mortgage Broker Licensing Requirements	p. 287
Sample Forms	p. 307
Index	p. 323
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