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Mortgage Volume Picks Up, Interest Rates Nudge Upwards
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Overall mortgage application volume picked up last week, sustained by steady growth in refinancing, the Mortgage Bankers Association reported today. With long-term mortgage interest rates rising and the benchmark 10-year Treasury bond yield climbing to 4.81 percent, the 30-year fixed-rate average edged up to 5.82 percent, and the 15-year fixed rate gained to 5.6 percent. The 1-year adjustable stayed at 5.37 percent. |
Customer
Service Tip for Raising FICO Scores
- Pay bills on time
- Reduce revolving balances
- Pay off debt rather than move it around
- Don't close unused credit cards
- Don't open new accounts too rapidly
- Rate shop in a focused time period
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Client "Relationship Builders"
Building long-term client relationships isn't something that just
happens overnight. Like a lot of good things in life, it takes a little
effort. To get things off to a good start, make each one of your clients
feel as if they're your only client. Give them your undivided
attention when working with them. Soon after the closing is over, when your
good service is still fresh in their minds, take these simple follow-up
steps to foster long-term relationships:
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Call your clients within 24 hours of closing to congratulate them
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Send a thank-you note one week after closing, recapping the positive experiences.
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Show your clients that you care -- send a customer satisfaction survey two to three weeks after closing.
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Ask your clients for an endorsement or testimonial quote to use in your newsletter and/or website; let them know that you appreciate referrals.
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In your customer relationship management software, include
personal client information to reference the next time you speak. For
example, note the names and ages of family members, birthdays, pets, hobbies
and things you may have in common. Then, integrate this information into
your conversations for a much more personable, and personal client
interaction.
Remember, long-term relationships don't just help
you close transactions; they translate to repeat business, as well.
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What's Causing Loan Failure?
In
its testimony before the U.S. Senate Committee on Banking, Housing and Urban
Affairs, the National Association of Realtors recently cited "abusive and
predatory lending practices" as one of the major factors leading to higher
foreclosure rates. On its Website, NAR stated that such practices are
"causing families to lose their homes and savings."
However,
Doug Duncan, Chief Economist and Senior Vice President of Research and
Business Development for the Mortgage Bankers Association, testified to the
same committee, stating "... current foreclosure rates are within
normal historical ranges," and that the incident of foreclosure is "largely
driven by loss of employment, illness and other life events, and not by
specific mortgage products."
Whatever the cause of the failed loans, both organizations seem to
agree that making requirements too rigid would limit the availability of
"reasonable" credit programs.
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Our New Look
We periodically update our materials to
better serve the needs of our customers. This is the first part of a series
of changes. As we make progress, more information will be available in
upcoming issues of the Score.
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Informative Research
13030 Euclid St.
Garden Grove, CA
92843
800.473.4633 714.698.2855
As a leading provider of credit and
mortgage-related information to the lending community since 1946, we apply
our knowledge and experience to develop progressive technologies and build
industry relationships that help you minimize risk, expediate the loan
process and increase your profitability. In addtion to our credit reporting
services, rescoring programs and flood determination produts, we offer you
time-and-money saving connectivity with a growing list of lending channels
in primary and secondary markets. We back our accurate, easy-to-use products
with premier customer service and support.
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