Faster Relief for Struggling Homeowners through Loan Modifications
July 28, 2009
The top officials of the current administration met with the servicers participating in the Making Home Affordable loan modification program to discuss ways to improve effectiveness and efficiency of the program. Their meetings resulted in three recommendations.
The first move is to begin publicly reporting results under the program based on servicer-specific performance. This is to include the number of trial modification offers each servicer has extended to eligible borrowers. Also in the report will be the number of trial plans that are underway, the number of final modifications, and eventually, the long term success of those modifications. The first report will be released by August 4th.
Second, the committee looked at wait time involved from the application process to the modification approval. They determined to set more exacting operational metrics to measure the performance of the program, such as average borrower wait time for inbound borrower inquiries, the completeness and accuracy of information provided applicants, document handling, and response time for completed applications.
Third, was to ask lender conduct a thorough review so as not to overlook or deny a modification. The Administration asked Freddie Mac, in its role as compliance agent, to develop a “second look” process pursuant to which Freddie Mac will audit a sample of MHA modification applications that have been declined. Freddie Mac will coordinate with servicers to address specific cases that arise and to address general operational weaknesses where errors prove more systematic.
How this changes works remain to be seen. The Administration has established a goal of reaching half a million trial modifications begun by Nov. 1, 2009.
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Marketing, Its Essence In Real Estate
July 8, 2009
May be l say this in self defense as l realized that as my marketing effort reduced so did my sales reduce. I now know that the adage “marketing is the lifeline for any business” to be true. You see for a while l was doing so well in my real estate and related businesses, that somehow l assumed that the trend will continue. When it did not l asked myself why. This blog looks at some of the answers that l found to be true.
1. The real estate market is an evolving market. Even with the recent decline some areas are doing quite well in this market. One has to keep up with changes. In the marketplace they are new families who become new prospects. The lifestyles also changes and one can easily miss an evolving opportunity.
2. People do forget quickly. My real estate agent will sends me the same houses over and over especially it meets my criteria. When l finally settle on one she will point out that she had sent it much earlier that when l mentioned it. With the constant bombardment of information, it is easy to forget. Hence market as often as you can.
3. The Competition is step. With new technology especially now with the era of social media, completion is even more intense. The web enables one to make transactions right from one home. There if you stop marketing your completion won’t quit.
4. Identity of your business. Marketing is the one great way to identify yourself in the market. In my real estate network group l can tell immediate what some of our members do because of their consistent marketing, not only in the networks meeting but also network groups.
5. Lifeline of the business. Especially in real estate as it is now, how will you sell your house without marketing? Putting signs, putting it on the website and other strategies should be done on a continuous basis.
I believe that no business can make it without some form of marketing. Marketing is in its very essence, letting the word out that you have some product or service that you want to offer. It is a cost with which a business cannot afford to negate.
