The 5 C's of Credit

Are you ready for the home loan process? Knowing the 5 Cs of credit will help you understand just what your lender is looking for. We'll let you take an inside peek at the training tips we give to the loan officers who come to Complete Mortgage Processing for help:

Credit Character - In analyzing a borrower's credit history, you first need to have a goal in mind. The goal should be to confirm that the borrower's history meets or exceeds the credit guidelines for the product/program you wish to have the loan underwritten to. In making the confirmation, you should consider these factors separately as not meeting any one of them could drop the borrower into a lower credit grade. Compare the credit report to the lender's underwriting matrix or underwriting guidelines to evaluate the following:

The FICO score - Is it within an acceptable range for the loan program? How does the lender determine the score -the lower of two or the middle of three?

The 5 C's of Credit

The mortgage payment history - Is the number of late payments at or below the lender's standard?

The number and characteristic of each open trade lines:

The quantity - Are there enough traditional credit trade lines? If not, is alternative credit allowed. If so, what are the documentation requirements for alternative credit sources?The installment/revolving account payment history - Is the number of late payments at or below that stated standard?The installment/revolving account age or seasoning - Does the account meet the aging requirement -12 months, 24 months, etc.
The installment/revolving account credit limit - Does the account meet the required standard for credit line limit?

Here is an example of a lender's trade line requirements:Minimum of 3 trade lines, 1 year established, with 1 credit line of ,000 or more

Public records - Are there any? Were they disclosed? What is the status? How will they affect the underwriting decision?

Social security number(s) - Are they consistent with the information disclosed on the 1003?

Derogatory credit - Other derogatory credit. Can we document the status? Has it been satisfied or will it be satisfied on or before closing?Inquiries -How many have there been in the past 6 months?

Duplicate entries - Can you confirm that it is in fact a duplicate? Can you get it removed prior to underwriting submission?

Capacity - Regardless of how good a borrower's credit is, they must demonstrate the financial capacity to handle the debt. Reviewing the borrower's past income and employment history is the best indicator of the ability to handle future debt. The following items should be considered when analyzing your borrower's capacity:

Stability -Has the borrower's employment remained stable for two or more years? Has it been in the same or a related field? Does the income fluctuate or is it consistent?

Income Type -What is the nature of the borrower's income? Is it wages, commission, or other? What is the frequency? Is it on a regular recurring schedule or is it seasonal? Is it bonus income tied to performance and therefore not guaranteed? If it is from a source other than traditional employment, how long will it continue?

Income amount - Is it adequate to cover the proposed new debt? Does the income show a pattern of decreasing or declining?

Capital -The capital that the borrower has on hand for down payment, closing costs, and/or reserves will impact your product choice. It will also impact underwriting. In the last module, we made note of the type of funds that are considered to be "liquid assets". In reviewing capital, consider them as the underwriter would:

Ownership - Does the borrower have full or limited access to the disclosed capital/assets? If not, what portion is available for the loan transaction?

Access/Liquidity - Are the funds liquid now or will they be soon? Is the borrower fully or partially vested? Are there penalties for withdrawal? Will the disbursement process be complete prior to the approval/rate lock expiration?

Amount - Is it enough to meet the requirements for down payment, closing costs, or cash reserves? Being able to answer the questions "Whose is it?" "How much is it?" and "When can they get it?" will help you evaluate your borrower's capital.

Conditions - An underwriter looks at the many documents in the loan file to determine if there are any disclosed or undisclosed factors that might adversely affect the borrower or subject property. A few considerations include:

Employment at a place that has had a public announcement of shutting down.A recently awarded divorce settlement where the borrower has to payout significant proceeds or will have a high alimony/support payment.A lawsuitAn adverse change in the industry that the borrower is employed inAn adverse change in the area where the subject property is located
Collateral - A loan is secured using the subject property as collateral. Since the property is the lender's protection against default, it must be structurally sound and functional. When evaluating the collateral, an underwriter considers:

Features -Are the features and style of the home consistent with what is available in the area?

Functionality -Is the home functional or has it been rendered obsolete by outdated features and capability.

Condition - Is the home structurally sound and visually appealing? Is the home inhabitable or is it a dangerous contraption. Is the home complete as is or will renovations be required?

Property type/Use - Is it residential or commercial? Is it owner occupied or is it a rental unit. Is it vacant or occupied?

After carefully and cautiously looking at all of these items and how they stack up to established guidelines. The underwriter should he able to confidently make a credit decision.

The 5 C's of Credit
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Stephanie Graham is a mortgage trainer, coach, and consultant with more than 22 years of industry experience. Stephanie’s creation of the self-study workbook series, Loan Processor In-A-Box has allowed her to enhance the careers of mortgage professionals nationwide. With live training, teleseminars, e-courses, and newsletters, Stephanie and the team at Complete Mortgage Processing give you the resources to help you eliminate mortgage office chaos. You can register for a free e-course or training event at [http://www.completemortgageprocessing.com]

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Create My Own Web Page - How Much Does It Cost to Put My Website on the Internet?

Prior to starting the process to create your own web page, I am presuming that you currently own a working computer, which is connected to the internet, together with some elementary software programs like Microsoft Office.

One of the main questions raised by many newcomers to the world of Internet Marketing is "how much does it cost to create my own web page?"

The greatest thing about internet marketing is how relatively low cost it is to set up a website, compared to a "brick and mortar" shop.

Create My Own Web Page - How Much Does It Cost to Put My Website on the Internet?

In essence there are actually 2 main expenditures:

1. Acquisition of a domain name

The initial purchase is the domain name. This will become the actual name of your site.

Internet users will need to key it in their web browser to obtain access to your site.

It can also be referred to as a "Web address" or "URL". For example, Yahoo.com or americanexpress.com

It is strongly advised that you buy your OWN domain rather than using a free web hosting service. Pretty much all free web hosting suppliers won't put a guarantee on a website life expectancy. This means that your website could suddenly be deleted with virtually no notice.

The price of a domain usually starts from per year.

2. Select a Web Hosting account

Internet hosting is the online place that holds your website and connects it to the World Wide Web. You need both a domain name and a hosting account for your website to appear on the Internet.

... A word of warning...

Make sure that you purchase your hosting from a reliable, trustworthy, large firm. You certainly shouldn't buy it from some mysterious, unheard of company simply because of their cheap rates. You might find out that they abruptly close down not long after you've signed up. Unfortunately, when they shut down, your website will shut down with them!

The price of web hosting is typically per month.

So altogether, supposing you already possess a computer connected to the internet, the initial cost for putting your website online would be around .

Click the link below to get your free Video course: Create My Own Web Page - The Entire Process.

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Teleseminars, Webinars, & Coaching Calls, Oh My!

Technology today allows us to learn new concepts and ideas and even partake in classes without ever having to leave our own home. With so many business professional opting to take part in a more digital form of communication with colleagues, customers, and clients alike, the traditional "board room" meeting has all bur become obsolete in most work environments.

People now have the power and the luxury to hold meetings and discuss relevant topics with associates all over the world in without ever setting foots in an airport. Yes, video conferencing, hosting and taking part in teleseminars and webinars, or listening to coaching calls are the newest and quickly becoming the most popular a means of communication in the business world. Not only do these techniques allow for greater efficiency, but they also appeal to wider range of busy individuals who just do not have the time to spare by physically attending a meeting or class they are interested in being a part of.

A virtual meeting, such as a teleseminar which is done primarily through the telephone or a webinar which offers the video aspect as it is internet based, is much more interactive that the web conferencing of the past which was basically done by leaving a note on a message board with the hopes that questions and concerns would be received and addressed in timely fashion, if at all.

Teleseminars, Webinars, & Coaching Calls, Oh My!

So a teleseminar is basically a class you can take over the phone. Upon registering for the call, one is given a call in number and a pin number that will grant his/her entrance on the call. Space s usually limited, and that depends on the person or business hosting the call. There could be anywhere from ten to over one hundreds spots available for any particular call.

The listener now has access to listen to an expert speak on a previously specified topic or listen to a host or facilitator which interview the expert on his/her thoughts. There are even host companies that make their services available if you wanted to conduct such an interview.

The format of each call varies on both the person hosting the call and the subject matter being discussed. Some allow questions during the session, while others prefer to have everyone hold any questions until the end where there is usually some time set aside for just that. Others go as far as to ask for potential listeners to send or e-mail question prior to the seminar so as to prepare and also to save time from interruptions during the lecture.

In comparison to teleseminars, webinars, also referred to as webcasts, have the added component of visual supplementation. Not only does the attendee get to simply listen to the session, they have the opportunity to view the session online. With the incorporation of exceptional audio technology to an online presentation, the effect of web-based communication becomes more dramatic and inspiring. Slide show presentations, demonstrations of software being discussed, and a greater interaction with other audience member are a great advantage to these types of meetings.

Similar to these webinars and teleseminars are executive or coaching calls, which as their name suggests is coaching, or teaching, over the telephone. Students that sign up for this type of seminar have the chance to receive the direction or training from a person or a group of people with a specific goal in mind. Most of these coaching calls are directed toward individuals who are either new to a field or eagerly seeking more knowledge from those who are doing what they wish to be doing. They have the opportunity to learn first hand from the experiences, of these "mentors." Subjects can run the gamut, from personal successes in business and personal life to the lessons learned through trial and error.

Although most of these types of meetings are done live, they do have another technological advantage that they have the ability to stop time. Most of these learning resources are often recorded, re-played to accommodate a larger audience, and often archived on the hosts' websites for future access and reference.

Another positive aspect of this type of meeting is that most of them are free of charge to the public. There are some calls that may have a nominal fee attached to join and participate, but for the most part, they are open to the public at large who is interested. Telephone charges for international calls are also subject to phone rates you already have in place, so also take that into consideration prior to engaging in the call.

One thing to remember if you do decide to take part in this type learning experience, using a land line in lieu of a cell phone would be in your best interest. There is less chance of outside noise interference and interruption. In addition, not the putting a call on a speaker phone will have the tendency to cause an echo during the call session.

Now if you decide to host your own teleseminars, webinars, or executive coaching calls, keep in mind that promotion and marketing is crucial. There really is no purpose to host one if no one knows it is taking place. Sending out invitations prior the event is imperative, and through the useful assistance of various social networking sites out there in cyberspace, marketing to the masses can be done with the click of a button. Sending out e-mails to your lists as reminders on subject matter, dates and times is also a great way too promote you calls.

Other ideas to consider when marketing is keep it simple. No one wants to read an entire biographical depiction of what you are offering. A successful campaign should focus on several key words that are going to draw the attention of your target audience. Offering bonuses to this target audience both prior and during the calls also has the tendency to entice your potentially prospective listeners and viewers. Some sites to consider when organizing these types of calls are www.GoToMeeting.com or www.FreeConference.com.

Communication has never been easier or faster than it is today. All you need is a phone line connection allows the enthusiastic entrepreneur to access and learn from the masters of any given field from all over the world.

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Jeff Adams is a full time investor who has done over 350 deals and is a leading expert in the buying and selling of real estate. For more information and to receive your free Foreclosure Profits CD, visit http://www.FreeForeclosureCourse.com or sign up for his free seven day e-course at http://www.RealEstateWebProfits.com

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Public Speaking - 5 Tips for Getting Past the Ums And Ahs So Your Message Gets Through Loud & Clear

Public speaking is a powerful way for a solo professional or small business owner to market your business. So is presenting teleseminars. But what happens when you get stuck saying too many ums and ahs? Should you quit speaking in favor of other marketing methods? Here is an actual panicked message I received from a client followed by my response:

"Help! I just listened to myself speak on a recording and I had to stop it within a minute. The Ummmss and Ahhhss were horrendous -- 4 or 5 within that time frame! I plan to conduct many teleseminars and do public speaking and this just has to stop now."

Here are the top 5 most effective ways to get past the ums so your message comes through loud and clear:

Public Speaking - 5 Tips for Getting Past the Ums And Ahs So Your Message Gets Through Loud & Clear

1.Practice Out Loud

If you have a tendency to um and uh, the reason is often because you have an idea of what you want to say next, but you're not totally certain. So you insert a verbal filler to fill the space while you figure out the next word. Practicing out loud will get you to the point where you are completely comfortable with what you're saying, and therefore not have the need to um or uh (or at least greatly reduce it). If you plan on delivering the same material multiple times, you'll have to practice much less often as you gain more experience. If you can, record yourself while practicing so you can hear where you tend to um and uh the most.

2. Work From Detailed Notes and Not a Script

You'd think a word-for-word script would make it easier to stop the ums... and it can. But only if you have experience making a script sound natural. Otherwise you'll sound like you're reading. That's the opposite extreme of um and uh and sounds just as bad.

3. Be Aware

This is important. Many people have no idea they rely on verbal pauses or disfluencies until they hear themselves on a recording. The first step in overcoming from any addiction is to recognize and acknowledge you have one. And truly, people who say um and uh too much are addicted to their crutch words. Simply knowing you make this mistake will get you that much closer to stopping it.

4. Pay Attention

Listen to yourself as you present your speech or teleseminar. Do not think about anything else other than what you are saying, how you are saying it and your audience: IN THAT MOMENT. People will um and uh when they are distracted from their planned comments. For example, while on a teleseminar, shut down your email and other instant message features so you won't be visually interrupted (sometimes just the sound of those things can distract you enough to trigger an um.) Don't try to multi-task while leading a call or doing any type of presentation.

5. Connect with Your Audience

Here's a fun test to do the next time you're practicing with a friend: try to say um while making direct eye contact. It's nearly impossible. Why? Because you're having a conversation and um isn't a word. Um doesn't fit and doesn't make sense. While you're having a 1:1 conversation, you would likely avoid um and uh. Make your presentations much more conversational and your um and uh will disappear.

Is it crucial to get rid of all the ums and uhs? Experts disagree, but in my decades of experience as a speaker, audience member, and instructor, I haven't thought less of a speaker who had outstanding content with an occasional um or uh. You don't have to eliminate every um and uh when the rest of your message is solid. The time to get concerned is when your audience is listening for your next um instead of paying attention to your message. So fix what you can, give yourself a break, and um, keep on public speaking.

Public Speaking - 5 Tips for Getting Past the Ums And Ahs So Your Message Gets Through Loud & Clear
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Public speaking is one important way to increase your credibility as a small or home-based business owner. I invite you to discover how to Increase Business by Communicating Your Credibility now. You'll get this FREE e-course designed to help you attract more business and get more cash flow. Pick it up here: http://www.communicationtransformation.com/creating-credibility-ecourse.html

If you'd like to learn more about using public speaking to market your business, visit [http://www.CashInOnSpeaking.com] . You'll learn everything you need to know from how to choose a topic, how to best organize your speech to get instant results, and where to go to get booked to speak.

Felicia J. Slattery, M.A., M.Ad.Ed. is a communication consultant, speaker & coach specializing in training small and home-based business owners effective communication skills so they can see more cash flow now.

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Sales Training Tips - 7 Ideas Proven To Boost Sales

Many people, including some in the sales profession, believe that sales training is a waste of time and money. A popular belief is that sales people are born to sell, and that an individual either "has it" or they don't, and nothing can be done to change it.

This belief has been proven to be wrong. Selling is a learned skill. Many of the beliefs about the skills required for success are much different than those actually necessary.

Below is a list of truths about the sales profession:

Sales Training Tips - 7 Ideas Proven To Boost Sales

Sales is a learned skill. A sales rep will never reach their true potential until this fact is accepted. True professionals study and practice the skills proven to be effective and continue sales training throughout their career.

Sales calls can be made any time. Many sales reps actually believe sales calls can only be made after 9:00 or before 3:00. The professional knows someone prefers 7:00 a.m. and others work evenings. Professionals find people to see them for a full day every day.

The minds controls most sales. This is why many sales come in succession. It's often called a lucky streak, but it isn't. It is the sales rep "assuming the sale" without faking it. The previous sale programs the brain to believe the next one will buy also, and it often happens as a result. It is a 100% true belief the buyer is going to buy today.

Good telemarketing is critical. Work backwards and determine how many calls are necessary to develop a full week of appointments. This number is the amount of calls that must be made each week.

Increase selling time. The only time that is real "value added" is the time spent with the prospect or customer. The time getting an appointment, traveling to and from locations, completing paper work, and attending meetings is an incidental necessity, but not value added. Do all of these tasks outside of the high value added hours. Increasing value added selling time can be learned using lean manufacturing and six sigma principles.

Learn to Close. Closing is the most learned skill in the profession. When a prospect objects about the price, color, service, or anything else, the sales pro knows exactly how to respond down to the specific words. At the point of the objection, there is no time to think. All thought should be directed toward body language and preparing the next 3-4 steps in the sales cycle.

Learn sales techniques. Techniques are not tricks, and no sales rep would be effective trying to trick someone into buying. Some believe closing is using tricks but it is not true. It is simply being an effective negotiator helping the customer make a buying decision. For example, with a service objection such as the length of after-sale service being too short, the sales rep should use a "right angle close". This negotiation is simply stating the answer with a buying question, such as "If I can get the two week service changed to four, will you give us a try today"?

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How to Deal With Overbearing Personalities

Well all have those people in life who are just a little bit wearing on the spirit. You know who I mean. Their intentions are good, yet they always manage to stir things up. Sometimes it feels like you can't get anything done when they're around. They're criticizing, they're correcting, they're meddling. They're giving you all the reasons why you can't (when you know that you CAN!).

So how do you accomplish anything when overbearing friends and relatives are all up in your face and playing self-appointed cruise director or drill sergeant? How to maintain some semblance of self-respect and dignity around these people?

1. Erect boundaries. Although at times you feel like booting the overbearing person right out of your life... we all know that this is not always possible. Maybe they're your coworker, someone in your circle of friends... maybe it's your mother or your brother! The best thing to do in that case is to keep it on friendly terms but control the situation. Some ideas:

How to Deal With Overbearing Personalities

o Relocate. If you live with them... move out! It's not healthy to be around someone who is impeding your personal growth. No need to broach this topic in an accusatory way. Just explain that it's time to make a go of it on your own.

o Limit contact. If they're a frequent visitor... try to arrange it so they're only showing up X times in a month. Politely discourage drop-in visits and weekend stays if you can.

o Limit context. For example, if it's your coworker, keep it friendly at the office but don't go out of your way to hang with them at happy hour.

2. Let go of the guilt. Just because you love someone doesn't mean you have to like them. Many people suffer a great deal of unnecessary guilt over this. They think that because they feel annoyed, angered and hurt by overbearing friends and family members, that they're a bad person. Some reminders:

o Be choosy about what you share. You're not obliged to reveal everything about your life to this person. If your gut tells you that something is better left unsaid, then go with that thought.

o Counseling or coaching can help. If the overbearing person has had a hold on you for your whole life, you may harbor some hostility and resentment. An impartial outsider can often be hugely helpful when you just want to let go of these feelings and move forward with things.

o Different people can serve different purposes in your life. You may have another person you're close to who fulfills you in a different way than this person does. Know that this is perfectly healthy and a way to gain equilibrium in your relationships.

3. Try to put the overbearing personality to constructive use. Sometimes people who want to control everything just don't have enough going on in their own lives. If there's no getting rid of them, at least make their tendencies work for you. Give them a task or project to complete and it might just make them happier.

o Put them in charge. The truth is that most people are not great at leading others or organizing themselves. If there's an event that needs managing, why not put the overbearing person at the helm of the project?

o Offer up the floor. For the times that you're forced to be with them, it's worth keeping the peace by making the overbearing person the center of attention. At least you'll know that it will only be for a little while.

o Learn something from them. Get past the emotional turmoil they've caused you in the past. Recognize that everyone has something to share - even those whose delivery isn't always the smoothest. Who knows... if you listen, you might learn something!

4. Let them go. When all else fails, you can always say goodbye. Sometimes we're just better off losing the baggage that comes with one too many overbearing personalities in our lives. This is why people divorce, change friends, move far away from their families and search for new jobs. You may need to do some serious soul-searching before you make a decision. Know that this is a good and healthy process to put yourself through.

How to Deal With Overbearing Personalities
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Lifestyle Mentor, Personal Coach, Author, Educator, and Entrepreneur, David B. Bohl is the creator of Slow Down FAST. To learn more about this step-by-step strategy for Living YOUR Life YOUR way, and to sign up for his 9 FREE Tips for Finding Happiness in a Fast-Paced World, free teleseminars, free Special Report, free bi-monthly ezine and more, go to: http://www.SlowDownFAST.com

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