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THIS MORNINGS QUICK LOOK

1.  MBS – History Of Wall Street Part 2
2.  PRODUCT HIGHLIGHT – Re-Casting or Re-Amortizing A Loan
3.  MARKETING – What Does Your Sales Funnel Look Like?
4. TODAYS JACKISM – Are You One With Your Spouse?

MBS Pricing, Market Conditions/Information Learning Something New Every Day

HISTORY OF WALL STREET PART 2

TO READ PART 1 CLICK DIRECTORY OF UPDATES ABOVE
Customers or agents which represented customers would bring the stock or the bond to the auctioneer to be auctioned and for each stock or bond sold the auctioneer would receive a commission.

BUT, as is usually the case some savvy businessmen came to the auction but never bought. They would find out the pricing of the stocks then they and multiple other businessmen including the auctioneers would meet afterward in another place or a bar and would trade the stocks at the days prices amongst themselves but would have reduced commission rates therefore creating a greater return.

Therefore, 24 wise men came together and put together an agreement that only they were allowed to trade stocks and bonds amongst themselves at a fixed commission rate thereby taking away the options of after hour trading on their own stocks. This happened in 1793 and it grew to be very successful and in 1817 it was formerly created to be the New York Stock and Exchange Board which is what we know as The New York Stock Exchange today.

This is where the famous understanding of owning a “seat” on the NY Stock Exchange came from. If you remember the movie with Eddie Murphy Trading Places when they lost their seat on the exchange. This still exists today and this is how it worked.

In the morning members with seats only received a list of stocks and bonds to be traded that day. They put in their bid or offer while being seated. They paid $25 for this privilege of sitting at the auctions and the fee was later raised to $400. In 1929 it got up to $625,000 but dropped to $17.000 in 1942. Today it is known as an “annual trading license” to the tune of about 4 million dollars.

This “Big Board” which they became known as mentality made it difficult for those who could not afford a seat or was not allowed one to make it difficult on others to make money in the trading of stocks and bonds.

In the mid 1800’s business was booming in the stock and bonds market with the gold rush out west and mining stocks and railroad stocks all seeing its heyday and they were trading like crazy. Well the “Big Board” NYSE thought those were kind of speculative and people began trading these type stocks in the street of Wall Street. Literally in the street because they could not afford offices. These folks were known as the “curbstone brokers” or “The Curb” which eventually became know as the American Stock Exchange in 1928 and was acquired by the NYSE in 2008.

FINAL PART TO BE CONTINUED TOMORROW……………

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Product Highlight of the Day Knowledge Gives You the Edge

RECASTING VS WAITING

When a borrowers current home falls through and they still qualify for a mortgage make sure you are selling them on the option to Re-Cast or Re-Amortize their loan vs waiting on their house to sell. 

Re-Casting works on all conventional loans. It does not work on Jumbo or Govt loans.

Quite simply you fill out a form, you pay $300.00 and you pay down the loan with a cashiers check. Once the transaction is authorized and funds received the loan is re-amortized which can also remove PMI if you pay the loan down below the 78% LTV requirement from original value or purchase price.

Marketing Opportunites Using Industry News Whatever is Happening Use it

WHAT DOES YOUR SALES FUNNEL LOOK LIKE?
TOP OF FUNNEL

Client Attraction – The reason the top of the funnel is the largest is because this is the area every single potential client must come through in order to end up at the bottom of the funnel as a client for life. The more attractions you have the more full your funnel will be.

Some top of mind options  
Referrals – Past Clients – Monthly Client Email Marketing – Free Offerings on Social Media like Free Pre-Approval – Free Videos Explaining Mortgage Process – 1^st Time Home Buyer Webinars – Lead Generation – You Tube Infomercials On Common Topics – Yelp and Other Ratings Engines – The List Is Endless.

But the less attractions you have the smaller your funnel will be.

INTEREST
This is where it gets real. The first sign of interest must be met with a system and process of efficiency and a top quality response from you every single time. Interest in a product or a question on mortgage process or inquiry of your services is opportunity and where so many fail. Every interest is an opportunity. What is your process?

OPPORTUNITY
Opportunity requires follow up. This is another area of epic failure by most sales people. Someone asks a question, we respond then what happens next many times is nada or if you do follow up it is usually a one and done. What system do you have for follow up’s and opportunities?

CONSIDERATION
Once they are interested and you have an opportunity to provide a service or product. What does your presentation look like and how does it come across to the client? Do you quote a rate over the phone or just send an LE over and let them figure it out or do you do a quality presentation with multiple options that fits their needs that you have asked them about. If you are giving only one loan option then you only have one chance at a sale. If you give them 5 options then you have 5 chances at a sale.

CUSTOMER
We all know a customer for life is the best customer to have. Always have the next product for sale to them ready when they purchase the first one. If you are not asking the borrower what their future holds you are losing out on a future sale. Each sale should have a target rate to refinance based on what each borrower deems a good opportunity for them to take advantage of. Are you staying in contact with every single one of your past borrowers? If not, your funnel is not as full as it could be.

WEDNESDAY JACKISM – Are You One With Your Spouse?
 
It is the age old expression at weddings that a husband and wife will leave their families and they will unite and become one with one another. From time to time as I read my daily chapter on marriage I find clarity in a truth and I found one today I thought I would share as it really made me look deeply in to the areas of oneness Misty and I have and areas that I can work on.
 
With our spouses we become one in Body, Soul and Spirit. Whether we like it or not these three areas merge in to one in marriage and if they are not one but actually are separate from one another then usually you can tell and so can everyone else around you : )
 
This particular author defined these areas in the following ways:
BODY = Physical. Meaning sex, intimacy and affection.
SOUL = Friendship.
SPIRIT = Spiritual beliefs, world view and values.
 
Most relationships are really good in one area and it is that one area that helps you make it through the struggle in the other areas. Some are mediocre in all areas so they have a mediocre marriage. Some are spiritually in tune and best friends but struggle in the physical intimacy area due to unresolved issues in the past. Some are great at sex and affection and then live separate lives outside of the bedroom.
 
I think what I loved most about this is it just helps define the areas where we can become one with our spouse and the ultimate gift is to realize that if we are not a 10 in each of these areas then marriage has the opportunity to always be greater. The more we work towards becoming one with our spouse the more abundant life we will get to live.
 
As I always say awareness is the first step to making a change or a difference in life. Where would you rank your Body, Soul and Spirit with your spouse on a scale of 10. Then what can you do about it?
 
I am far from 10’s in any area but Misty and I have made great headway in all 3 areas as we have struggled in all 3 in the past. For me, reading a chapter a day on my marriage for the last 20 years is how I work through my shortcomings. What will work for you?

Turn Times As Of This Morning Lookin Good!