One of the most important factors for the survival in this market does not want to hear all the media and the “bad news”. Much of the information is not based on facts and reported by the people who do not know what you are talking about. In fact, I was going through the TV stations last night and I saw a woman who gives tips on credit and financial management in the TV. She said she needs at least 750 FICO, full disclosure of income and the money to buy a house. It is a television personality and respected that was saying America needs a FICO 750 and the seed money to buy a house, that the 100 is true, but the rest is garbage total.
As we know that the corridors, there are 100 funds for the program with their own names private, as the “gain” Champ “Flex100 or”. Lenders until now relatively little more down to 620 with 100 and spoke of elevated to the financing to 100 LTV. Those who live by the sword perish by the sword is the medium that has created a panic several years ago that all benefited. Called the “Refinery Boom.” The media has created a real sense of urgency to refinance before it is too late. We now know that other sense of urgency in our industry, which is fed by the media. Unfortunately, does not help our business.
Now, the question important next step is not to continue to promote your business and get prospects as never before. If you listen to the media and his companions of the corridors, you can go in the apathy and fail to push. This is the worst thing you can do. In fact, I will stop to socialize and to talk to the corridors and real estate agents that are in constant negative. You need constantly talk to people, the distribution of maps, make calls, you need to do to maintain its current business. I must admit that was a victim of all the bad news and my vision stopped using the hat of my own business. I will not repeat the same!
The other point that will help you to remain in business for a long time to be alert for fraud. Be sure to check and verify all information on the application is correct. If the borrower opts for the use indicated, the revenue not audited collect their profession in line and be sure your income declared is reasonable for this occupation. On the other hand, I have my borrower’s sign a waiver that indicates that actually do what it says and which have revealed all of its debts.