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THIS MORNINGS QUICK LOOK

1.  TOUR DE MTG FINANCE – How THE FED Came To Be
2.  PRODUCT HIGHLIGHT –  Jumbo Got Better Again
3.  MARKETING – Brand Your Building Or Anything

Tour De Mortgage Finance Learn Something New Everyday About Your Industry

HOW THE FEDERAL RESERVE CAME TO BE

This section is intended to broaden your knowledge on all areas that impact our industry.

It was 108 years ago in December of 2013. Congress passed the Federal Reserve Act which created what we know now to be the Central Banking System of the United States.

But HOW did that happen?

It was a special meeting at Jekyll Island which at that time was one of the most exclusive retreats anywhere and the most difficult to become a part of. It is believed JP Morgan set up the ability to have the secret meeting on the island at the Jekyll Island Club due to the privacy and secrecy needed.

Nobody knew about the meeting and the names of the individuals secret meeting were never revealed until the 1930’s. The meeting was known as the meeting of the members of The First Name Club because they never used their last names during the entire trip to keep those nearby from recognizing them.

Nelson Aldrich a powerful Senator at the time was planning on proposing a new Central Bank concept to congress in a few weeks time and needed help formulating the proposal.

Those in attendance were Nelson Aldrick, his private secretary Arthur Shelton, The Harvard University Professor of Economics Dr. A. Piatt Andrew, J.P. Morgan & Co partner Henry Davison, National City Bank President Frank Vanderlip and Kuhn, Loeb and Co partner Paul Warburg.

These folks were the big dawgs of the time but Nelson had to keep it secret because based on the proposal and its impacts the individuals could prosper greatly from the results so this proposal had to come from Nelson alone. No bad intentions were part of this meeting. It was for the benefit of the country. This was also a very volatile financial time with lots of battles going on and lots of suspicion of the power of Wall Street and what it was trying to do.

So, 5 men designed the Federal Reserve Bank as we know it today. It was proposed and accepted with debate between the Democrats and Republicans with only a few changes and is not very different from what it is today. The meeting is believed to have lasted approximately 10 days and they worked from morning through late in to the evening and it was not all in agreement.

The proposal provided for the Reserve Association of America which is a single central bank with 15 branches across the country. Each branch governed by a board of directors elected by member banks in their area. These banks held the reserves of the member banks, issuing currency and transferring balances between banks.

It was in 1913 that the first $1.00 bill as we know it was issued.

Product & Guideline Highlight Knowledge That Gives You An Edge Over Your Competition

FLAGSTAR JUMBO JUST GOT MORE AMAZING

Effective this Friday Sept 17th we are merging our Jumbo 30 Year Fixed with our Jumbo Express and they will be one Jumbo Express Product.

HERE ARE SOME OF THE PARTICULARS OF THE NEW PRODUCT:
Primary Residence up to 3 Million.
2nd Home up to 2.5 million.
Run AUS and receive Approve/Ineligible.
2 tradelines for 12 months or 1 trade w 12 & 12 month rental.
Derog Credit determined by DU.
Except Ch 13 requires 4 yrs from discharge.
First Time Home Buyers A-Ok.

Marketing Ideas And Opportunites Little Things That Can Make A Big Impact

BRAND YOUR BUILDING OR ANYTHING REALLY

Ok, so this one is way out there but I thought it was an awesome idea and absolutely unique. This works a little better in a downtown or old town building’s type establishment but let your creative juices go and think about advertising uniquely and not just online.

Where can you add your brand that others will notice.

Pics found on yelp, pinterest and google.

Turn Times As Of This Morning Lookin Good!