Comments on: A Step by Step Plan on How to Run a Mortgage Business in 2008 http://thexbroker.com/2007/11/29/a-step-by-step-plan-on-how-to-run-a-mortgage-business-in-2008/ Radical Transparency for The Real Estate and Mortgage Industrys Tue, 06 Jan 2009 21:36:47 +0000 http://wordpress.org/ By: dale siegel http://thexbroker.com/2007/11/29/a-step-by-step-plan-on-how-to-run-a-mortgage-business-in-2008/#comment-1726 dale siegel Sat, 01 Dec 2007 17:48:10 +0000 http://xbroker.realestatetomato.net/2007/11/29/a-step-by-step-plan-on-how-to-run-a-mortgage-business-in-2008/#comment-1726 i have owned a new york mortgage broker business for 20 years. for the past two years, i have seen this coming. I have lowered all sorts of overhead, from using cable for my telephone service (cut over $200/month) to buying my copy machines. I got rid of all but two employees and have my well paid and fabulous processor and my kid who does my marketing. I got rid of the salespeople years ago, because the $ that the brought me cost me too much in tome and babysitting. Unlike most, i have socked away as much money as i could to cover expenses comfortably next year. A perfect setup for scary times to come. i have owned a new york mortgage broker business for 20 years. for the past two years, i have seen this coming. I have lowered all sorts of overhead, from using cable for my telephone service (cut over $200/month) to buying my copy machines. I got rid of all but two employees and have my well paid and fabulous processor and my kid who does my marketing. I got rid of the salespeople years ago, because the $ that the brought me cost me too much in tome and babysitting. Unlike most, i have socked away as much money as i could to cover expenses comfortably next year. A perfect setup for scary times to come.

]]> By: Ney Montenegro http://thexbroker.com/2007/11/29/a-step-by-step-plan-on-how-to-run-a-mortgage-business-in-2008/#comment-1730 Ney Montenegro Sat, 01 Dec 2007 02:03:18 +0000 http://xbroker.realestatetomato.net/2007/11/29/a-step-by-step-plan-on-how-to-run-a-mortgage-business-in-2008/#comment-1730 You have some excellent ideas, specially the ones about being upfront with your clients. I firmly believe in this as the clients that have stayed with me know that I will always tell them the truth and the ones that walked away realized they made a mistake and are now in trouble. Keep up the good work! You have some excellent ideas, specially the ones about being upfront with your clients. I firmly believe in this as the clients that have stayed with me know that I will always tell them the truth and the ones that walked away realized they made a mistake and are now in trouble.
Keep up the good work!

]]> By: coffeeforclosers.org » Blog Archive » How to run a mortgage company in 2008 http://thexbroker.com/2007/11/29/a-step-by-step-plan-on-how-to-run-a-mortgage-business-in-2008/#comment-1729 coffeeforclosers.org » Blog Archive » How to run a mortgage company in 2008 Fri, 30 Nov 2007 15:57:25 +0000 http://xbroker.realestatetomato.net/2007/11/29/a-step-by-step-plan-on-how-to-run-a-mortgage-business-in-2008/#comment-1729 [...] read a very interesting blog this morning over at the XBroker. Jeff over at the XBroker talks about some radical changes needed in this market to run a shop, [...] [...] read a very interesting blog this morning over at the XBroker. Jeff over at the XBroker talks about some radical changes needed in this market to run a shop, [...]

]]> By: Bryant Keefe http://thexbroker.com/2007/11/29/a-step-by-step-plan-on-how-to-run-a-mortgage-business-in-2008/#comment-1727 Bryant Keefe Fri, 30 Nov 2007 13:40:36 +0000 http://xbroker.realestatetomato.net/2007/11/29/a-step-by-step-plan-on-how-to-run-a-mortgage-business-in-2008/#comment-1727 We should become partners in this. I have been writing and talking about this for a long time. The current model is broken and you present an excellent solution. Mortgage professionals should not be paid on how high they can sell the fees or the rates. The consumer actually thinks, believes we work for them but our compensation model is adversarial to the client. And thanks for recognizing that processors are the backbone of the business. They may not know how to bring the business in but they sure know how to close it!!!!! Thanks! We should become partners in this. I have been writing and talking about this for a long time. The current model is broken and you present an excellent solution. Mortgage professionals should not be paid on how high they can sell the fees or the rates. The consumer actually thinks, believes we work for them but our compensation model is adversarial to the client.

And thanks for recognizing that processors are the backbone of the business. They may not know how to bring the business in but they sure know how to close it!!!!!

Thanks!

]]> By: Chris Johnson http://thexbroker.com/2007/11/29/a-step-by-step-plan-on-how-to-run-a-mortgage-business-in-2008/#comment-1728 Chris Johnson Fri, 30 Nov 2007 02:21:02 +0000 http://xbroker.realestatetomato.net/2007/11/29/a-step-by-step-plan-on-how-to-run-a-mortgage-business-in-2008/#comment-1728 Not a bad idea, man, I think that this will get a response somewhere--either @ tendayteam.com or at genchris. Gist is not too far off. Not a bad idea, man, I think that this will get a response somewhere–either @ tendayteam.com or at genchris. Gist is not too far off.

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