Video Bloggin Gets Easier - 07.30.10 | Video Marketing and Mortgage News Designed for Mortgage and Real Estate Sales

5pence: (July 31, 2010 11:08pm)

With financial reform we're created a more cloudy picture. You're right Brian. SEC is not beholding to anyone that is common

5pence: (July 31, 2010 11:50am)

Before you say that I'm some conspiracy nut, study leverage & how it was used to create money from debt. It was a scam that could only go on until it reached a tipping point, that tipping point being when more than all the money in the world is owed in debt through leverage. Creating money through debt that has been sliced & diced & repackaged so many time the banks couldn't keep track of it. Profits they could keep track of. It didn't matter if the slicing & dicing meant the same property or pieces of it were sold 200 times to different investors. This is documented. Can you see the scheme & the scam in this? Selling the same debt over & over again. It's like selling the same home to 20 different people for cash & then moving out of town. That's where they made their money. Exotic instruments they really didn't understand-profits they could. So they let the scam keep rolling. And when they got in trouble, they bribed the rating agenices so they could unload the junk they created. See?

5pence: (July 31, 2010 10:14am)

So, essentially more money than there is in the world was created through debt and there had to be a reckoning. The banks held all the debt so when there was the inevitable contraction the money went to those that held the debt. Through this means they were able move wealth from the rich to them. Don't forget they knew they had a government backstop & that the taxpayers were going to bail them out. This encouraged their risk-taking. That's something most of you aren't getting-they knew they were going to bailed out no matter how much they lost. They knew exactly what they were doing. They bribed the ratings agenices to label junk loans as AAA so they could unload it to Fannie & Freddie and any other unwitting investor they could find. Why didn't they stop what they were doing when the first CDO's started defaulting in early 2006? They kept the scam going through bribery until they couldn't anymore. Thank goodness the taxpayers were there, ehhh? It wasn't only GS shorting, they all were

5pence: (July 31, 2010 9:59am)

jonny and Polish Printz: Bubbles and busts are created by expansion and contraction of the money supply. That is not conspiracy, that is fact. jonny, you're missing the intricacies of selling debt. The banks took that $500k and were able to use that debt as leverage to create $5m in loans. Some stuck to just 10-1 leverage but some were up to 60-1 leverage. They were able to unload the debt and make more loans, which aided by the Fed's low interest rates, increased the money supply beyond all rationale. Debt was increased by leverage to more money than there is in the whole world. The more debt the banks were able to get into, the more money they had through leverage. This increase in the money supply caused home values to rise. The reasons I say they knew what they were doing was the lie they perpetrated that home values would never go down, that they'd always go up. With that lie they were to get even the unemployed in mortgage debt. The goal was to get everyone in debt. Succeeded?

mohenn: (July 31, 2010 7:26am)

Great Site--I am in overload at the moment--will need some time to "absorb"! Thanks for all this info.

94513Realtor: (July 30, 2010 6:36pm)

Correction Sorry shows are 30 & 60 minutes. I pulled this from his site at active rain. Here’s why our Shows are effective. In the first 30 or 60 seconds, we capture the emotional interest of the viewer. That is essential if we want the viewer to act (contact the Realtor and go see the home). Once we capture their interest and the viewer wants more information, we provide that information in the form of additional photos – as many as the Realtor chooses to put up. Bear in mind that the viewer always becomes unconsciously hooked in the first 30 to 60 seconds. Everything beyond that is research – wanting more information. Making the shows themselves longer runs the risk of having the viewer lose interest by having to continue to watch a commercial after they’ve decided they like the product. That’s talking past the close." I apologize for that. (It is my company site that offers the longer presentation shows) However, you can link 2 realestate shows to make them longer.

94513Realtor: (July 30, 2010 6:20pm)

Just wanted to comment on Animoto. When you said VIDEO I thought you were recommending a Video like you produce. Animoto's videos were still shots and I guess according to Funrunners comment limit is 10 seconds. I would like to recommend www.realestateshows.com I have used them for years and I think they handle up to 5 minutes. Cost about $125 a year (very reasonable) and can be used for all sorts of videos personal or work and can be placed on CD/DVD. If you want to follow more go to active rain and search for Jeff Turner or Real Estate Shows, great blogs and marketing ideas. You can also participate as a sponsor to a realtor has an account. It's very cool and Jeff is Brilliant ! It's not real video it is still photos that zoom and fade but you can write on them and they have good selection of music and I think handle up to 5 minutes now. Mine are usually 120 seconds, but they have different sizes. It's fast, fun, easy, great for the novice or the expert! Priced Right.

Valueboy: (July 30, 2010 2:46pm)

Here's another call to all the Appraisers out there. PUT UP OR SHUT UP. Join CCAP now and support your profession or get out. It's only $100 to join, you'll spend that much on beer and bugers next week anyway. Also, you need to spend the time to fill out complaints against AMC fees. Here's a tip if you want to send a complaint against more than 1 AMC. Fill out the OREA complaint form on-line, print it, and then just change the AMC information. Then put all the complaints in the same envelope to be mailed. I just filled out 3 of them in 30 minutes. OK, gotta go to the post office now, have a great weekend.

W.R.Buchanan: (July 30, 2010 1:57pm)

Sheraldia: Would you please forward your comments to the comment section of our website www.cacap.org. We have been getting bombarded today since this post went out, and we really want as many people as possible to input into this overall regulation language so we get maximum exposure at the state level and represent as many appraisers as possible.. The fact that these guys are all demanding a different format is exactly the type of crap we want to nip in the bud. There are many other problems too and we want to know about them. They all will fall in to several previously deliniated categories which we will distill into an outline format. The first I saw come out with this stuff was Chase earlier this year. Their new requirements are so convoluted it is absolutely rediculous, and for $200 bucks it is not worth it..We also really need your membership in our organization. It costs $100/yr and all of the money goes to ADVOCACY! Please join ASAP. Thanks for your support!!!! Randy

Valuequestor: (July 30, 2010 1:53pm)

W.R.Buchanan, ReyC, CPappraisal: I've heard this about filing complaints with OREA about amc fee quotes from several sources now but haven't had the opportunity to verify it with OREA yet. Paul Ketchum at OREA is a stand-up guy. I hope they have the funding to follow up on this. I also heard that the Finiancial Reform Act is what they (OREA)will use to clobber bad acting amcs to the tune of $15,000 per offense. I have know idea how the fines will be collected or if they'll be split up between state, feds.....maybe something for the offended appraiser????....dream on!

sheraldia21: (July 30, 2010 1:36pm)

A suggestion if I could on regulating AMC's...sort of. We are seeing a large number of the clients that use the AMC's start to ask for formatting corrections. Nothing to do with value or the report itself, but formatting. One client wants 0 while another wants na and yet another wants none in the field. With everyone wanting a different format it's taking us even longer to complete a report. The AMC will send 5 pages of instructions to us and sure it's outlined in the instructions how they want the report structured. But to do them all different is insane. We have been told that these formatting rules are for the lenders "data storage". They should all, somehow, be uniform. IMO Thank you I'll sit back down now.

W.R.Buchanan: (July 30, 2010 1:13pm)

cpappraisal: You're welcome. Our President Geo. St. Johns has been in constant communication with Bob Clark of OREA for the last couple of months. We are pushing the abuse issues on Bob one at a time.OREA is also going thru a rule making phase, on how to regulate AMC's and we are inputting to this issue as well. You see, we are very interested in being in on the rule making from the start, and so far this has been happening to our mutual benefit. I would really like to see you become a member of CCAP. We can use your input and also the $100 donation goes to ADVOCACY not any administrative salaries or other crap. We are working on a hit list right now, to be presented as our vision of how the Appraisal Profession should be structured.In an attemp to standardize what is expected of appraisers. This will include proposed regulations we want to see in place to protect appraisers, and the integraty of the business. Hope to see you on the members list soon! Randy

loangoddess: (July 30, 2010 11:59am)

I do not find it so odd that regulators are proposing that brokers should be fingerprinted. I have worked for multiple banks (as an AE and LO) and always had to be fingerprinted to work there so now they are just extending the requirements to brokers as well. Everyone including underwriters who worked for the banks was fingerprinted. Just my two cents worth.

loangoddess: (July 30, 2010 11:58am)

I do not find it so odd that regulators are proposing that brokers should be fingerprinted. I have worked for multiple banks (as an AE and LO) and always had to be fingerprinted to work there so now they are just extending the requirements to brokers as well. Everyone including underwriters who worked for the banks was fingerprinted. Just my two cents worth.

Your Favorite Realtor: (July 30, 2010 11:55am)

Thanks for the tip on that site. I think it will make it much easier to finish my videos. I hope I can be like you when I grow up. Bruce Roth Real Estate Broker West Hills CA

Cory: (July 30, 2010 11:54am)

But... But... I already "Liked" you guys a long time ago.

BigTimeOps: (July 30, 2010 11:08am)

sheraldia21 - If you are THAT worried - call me. We can get most anything closed in 2 weeks. Ive never NOT been able to contact UW at GMAC to get file status?! They also do NOT put us at the end of the line with a stip to clear :/ Google up Republic State Mortgage Galleria

ReyC: (July 30, 2010 10:33am)

@cpappraisal & buchanan: good post as I saw this on FB and am encouraged appraisers in CA are making an effort to influence appraiser legislation in our state. Thanks www.CaCAP.org for leading the charge.

hardemanja: (July 30, 2010 10:04am)

there is no "like" or did it get pulled off lots of GREAT inforamtion today.

cpappraisal: (July 30, 2010 9:48am)

Hey W.R.Buchanan-Thanks for the news that is great! I spoke to the OREA a while ago in regards to this matter and they said that the fee issue is next on their list after registering the AMC's so I guess they moved pretty quickly on that. The appraiser at the OREA that I spoke to said that the fee issue is their number one complaint. Again, thanks for the good news!

Funrunners: (July 30, 2010 9:39am)

JUST A NOTE.. I checked out the animoto and the idea is good BUT THEre is a 10 SECOND LIMIT TO THE VIDEoS. AND I COULD NOT SEE THAT ANYWHERE ON THE SITE. I was signing up and just before paying and I thought you know I better check thisout, I need otbe able o9t make 30 sec commercials, I emailed and they say 10 second is the linit, I woul dhave really felt bad if I had paid and then found out. They need to put that on the site and you might mention that

Bono Vox: (July 30, 2010 9:34am)

I've seen so many crooked loan officers move from company to company with no consequences, that I'm ok with fingerprinting and databasing LOs. Some of the biggest crooks actually worked at big banks.

joe: (July 30, 2010 9:30am)

(continued) here's the reality, as we have been experiencing it: there is plenty of money out there for purchases and refi. Yes, the borrower has to sign a 4506T to verify tax returns. Yes, every dime in the transaction must be tracked and accounted for. Yes, appraisals are often problematic--but deals are still getting done. There will continue to be a shakeout in the loan origination biz, if only in the form of the SAFE Act licensing. Oh, yeah...."post-Obama lending." They have NO business mandating that MLOs actually know what they're doing, at least to the extent of passing two exams and a background check. (*snort*) Gimme a break.

W.R.Buchanan: (July 30, 2010 9:26am)

Guys sorry to hijack your discussion, but I've got some breaking news for appraisers in CA. California appraisers - per Paul Ketchem at OREA, for any AMCs that still offer discounted fees, pls. file an official complaint at the OREA web site. He said OREA will take action. He asked that we try to include a copy of the engagement letter and also that we let the AMC know that their fee offer is below our standard/customary fee. Now, this is as a result of Obama signing the financial reform bill recently, and the pro appraiser language we (CCAP) were instrumental in getting put back in the bill! This is the first positive step at retaking our businesses that we have seen actually come to fruition as a result of the CCAP's push on the OREA in CA. We, as a group, ARE having a tangible effect! Thanks to all who have joined and contributed to the cause. You heard it first from the CCAP! Join CCAP now at www.cacap.org. Randy

joe: (July 30, 2010 9:26am)

@Godlike: (I wish there were an emoticon for an incredulous look and an "AYSM?") Do you really think the present administration is responsible for the "broken" state of the industry? Are you disregarding the irresponsible loan programs that were enabled by the unregulated creation of CDOs and Credit Default Swaps? The packaging of lower-than-snakesh*t subprime loans into AAA mortgage bonds? I know, why don't you blame it on Bill Clinton, as some people have tried to do? Here's the reality: a borrower with reasonable debt ratios (let's say high 40s) and a score above 620 will be able to get a loan. Yes, the Loan Level Price Adjustments will be stiff (3 points at a 620 score), but they'll still get a loan. Or how about one of them fancy-schmantzy FHA things? Oh. Right. That came from from that damn liberal, FDR, in 1938. Government-run mortgages. Socialized lending. Baaaad juju.

sheraldia21: (July 30, 2010 8:47am)

I appreciate the responses. We are in Spring, TX (Houston area). My husband and I got through the approval process in under 2 weeks with Wells Fargo through a broker. Lower credit score than our borrower, self employed and only putting 20% down. We are even moving out of the Houston area to Lake Travis around Austin. We had to write a letter explaining how we were going to continue our business in Houston from 170 miles away. No problem at all. We were actually pleasantly surprised that we got approval that fast. Now our lock has expired but our broker assures us that we are still good to go. We can either pay $87 per day to extend the lock or she will resubmit once we get a clear to close on our buyer. It's driving us insane!

GODLIKE: (July 30, 2010 8:45am)

JOE: NO, this is most definitely Post Obama lending. As I mentioned, I've been doing a lot of refis and it's amazing the steps and procedure changes that have happened in the past 2 years. I'm not talking no doc loans, I'm talking full doc loans with people who have salaries and decent but not great credit scores. I can't name a one of the changes that has been positive. They've been changes for the sake of making changes with little or no regard for consequences. They get credit for breaking it and then later they'll claim credit for fixing it AGAIN.

SANDERSLOANQUEEN: (July 30, 2010 8:39am)

To: Sheraldia21. Not sure what state you are located in but what you are going thru with your transaction is awful. I am a mortgage veteran with 38 yrs under my belt, from underwriting to origination. My closing turn time is 23 days. I keep my clients informed daily/weekly on the status of their closings. If you are in California, I can help you.

joe: (July 30, 2010 8:37am)

@Godlike: This isn't "post-Obama lending." this is just responsible underwriting. If you originate the loan properly, package it intelligently and write a good cover letter, it's no more difficult than it was before The Troubles. Those borrowers who don't qualify even for the loans they have now most likely got their loans because they, um...inflated their income before. We are still getting loans (both banked and brokered) funded in 30 days. And do you REALLY think what we're dealing with now is because of the present administration? Really?

joe: (July 30, 2010 8:31am)

To all the Mac fanboys: Windows also comes with video editing software--it's called Windows Movie Maker, and it works just fine. Frank and Brian did a comprehensive tutorial on it back in the early days of TBWS. Once you get started with video, it's a piece of cake. TBWS began with a $75 webcam and lights from Costco--and look how they've grown! The scariest part is a) getting started; and b) coming to the realization that, yes, you really DO look like that to others! (Frank & Brian, you owe me a Bushnell's for that plug!) JMP^3

GODLIKE: (July 30, 2010 8:19am)

sheraidia21 welcome to post Obama lending. There is so much extra paperwork and rules to follow that underwriting is taking a lot longer. Most of our wholesalers put the files thru pre-underwriting just to make sure all the little things are in compliance. Pre-underwriting takes longer than underwriting used to. If there are conditions or questions in Pre-U those have to be answered before it's sent to the real Underwriting. SunTrust that takes from 15-21 days for underwriting, but you put up with it cause they have better rates. I feel for you, but that's life nowadays. I've been doing a lot of refis lately and I've been amazed at how many changes have snuck into our lives. Many of the people I got loans for 2-3 years ago now don't qualify for a refi of the house they are in -and in most cases their situations are better than when they purchased the home.

GODLIKE: (July 30, 2010 8:15am)

INTERESTING OBSERVATION FROM ONE OF MY CUSTOMERS. Yesterday I was taking a refi loan app and was using that HousingWire map you guys posted a while back to show him how far away from Texas the trouble spots were and he noticed right away that every one of the red trouble spots was in a state that had an income tax. For the life of me I can't come up with a correlation, but could there be one? I have done by kids California taxes and I know that in Cali you pay thru the blow hole for all kinds of things that we pay a pittance for in Texas. Registering a car in Cali costs 5 times as much as in Texas and you guys have all kinds of little taxes we don't. My kids pay more in taxes than I do with 4 times the income. Are taxes one of the issues? That's the only factor I can come up with.

sheraldia21: (July 30, 2010 8:10am)

Off the topic but I need help!! Finally sold my home after 2 years. We were supposed to close on July 12th. The file sat in the brokers underwriting until the 15th then sent to GMAC. It's been there ever since. Any conditions/corrections once submitted send the file to the end of the "queue". It's now the 30th and not a sole (since it's automated) can tell us when the file will finally get to a live person. As everyone knows this has a domino effect and I'm having a very difficult time hanging on to the home we are buying. Our buyer has 800 credit scores, 52% LTV and is coming back to the US after being in London for 7 years working with the same company. Any suggestions out there?

GODLIKE: (July 30, 2010 7:59am)

ARED: Quick critique - : Watched your video blog and while it's not as polished as Brian & Frank's it's still pretty good. I'm just betting you haven't been doing it as long. Sound quality could be improved but it's still something that I think customers will watch. Good Job guys! JOBS! JOBS! JOBS!

GODLIKE: (July 30, 2010 7:58am)

Brian & Frank ARED http://austinrealestatedaily.com/ scooped you! They are the only place I've seen breaking the news about toilet paper shortage in Newark!

GODLIKE: (July 30, 2010 7:46am)

This is a test right? I must be failing cause I can't find the LIKE button you mentioned. Also, on the heels of yesterdays many people couldn't see the video, if you move your mouse while the video is playing the video will repeat the last few seconds. I didn't think the video was ever going to stop playing I heard the LIKE portion 6 times.

GODLIKE: (July 30, 2010 7:43am)

I read the Post article and it's as clear as anything about the Medicare Tax as I'm guessing we'll see, but I have one question. The $500,000 tax free exclusion is it now just calculated on each individual sale or is it still a lifetime cumulative total? I was thinking the lifetime cumulative total went away a couple of years ago, but hey, I've been wrong before.

GODLIKE: (July 30, 2010 7:30am)

Hmmm, instead of Animoto just buy a Mac and the picture software that comes with it does all that and doesn't cost you an extra cent. It also comes with a very easy to use video editing software.

cpappraisal: (July 30, 2010 7:24am)

I don't know about any other state but here in CA us appraisers have always had to be fingerprinted before we obtian our license. It is a nice little $50 fee that I had to pay.

msmammypie: (July 30, 2010 7:21am)

So the Washington Post article is correct and calming as far as it goes. It only addresses primary residences. The attorney doesn't talk about what this will mean to anyone selling investment property. I wonder if an analysis has been done on that? In addition to allowing the capital gains rate to rise at the end of this year, the additional 3.8% "payroll" tax to subsidize the great Oba-messiah's legacy should go a long way toward redistributing wealth in this country and will probably put more nails in the commercial real estate coffin. Just saying!

dmorgan: (July 30, 2010 7:20am)

Hey guys. I love your show and want to know if anyone out there knows about updated information on USDA and funds being allocated. Does anyone know any new news?

Ared: (July 30, 2010 6:59am)

Love the video blogging!! doing it alreadya and getting great results..check us out at www.AustinRealEstateDaily.com

JDrobeck: (July 30, 2010 6:04am)

Video sets you aside from the competition. Shame on all you 37% that said "screw video". You guys dont know what your missing. Video has really help me take my business to a whole new level. Just curious what the 13% our doing. Here's some of my vids http://www.1stclassmortgageservice.com/MyBlog For you 13% of go getter's doing vids. where are yours? My last vid landed me on a financing panel the board of realtors is doing and the board is sending it out to all 800 agents on the board!

www.EXITBuyersAgent.Info: (July 30, 2010 5:57am)

I've been making Animoto success stories for all my buyers. It's a journey and doesn't end at the sale when you make your clients the star. Here's one I put together for one of my clients: http://animoto.com/play/fVvpNNhwJGhMj51MhGYPQw WORTH THE MONEY!

Polish Printz: (July 30, 2010 5:43am)

you have just been witness to the fact that one does not have to understand a problem to pontificate about it. You're correct jonny and yes, conspiracy theories abound.

jonny: (July 30, 2010 4:53am)

5pence, unless I'm missing something, I think there's a faulty premise in your argument about the banks getting rich by lending $5 for $1 of goods. Let's say a bank loaned you $500,000 for a house at the peak of the market that is now valued at $100,000 (to use the same ratio as you). You took that $500k and paid it to the seller, not the bank. Now the bank is left with $500k of accounts receivable that they'll probably never receive backed by something worth $100k. Again, unless I'm missing something, I don't think they planned this. Except maybe Goldman with their hedge funds.

5pence: (July 30, 2010 2:42am)

The Federal Reserve and the banks played this scam so well that even the unemployed were put into mortgage debt. G'nite, been partying, and yes I do love to laugh. I'm not always gloom and doom lol. Peace, out

5pence: (July 30, 2010 2:37am)

Not real anger - irate. In case anyone thought I might be going off the deep end lol

5pence: (July 30, 2010 2:33am)

I will leave you with this as an expression of my frustration and anger : "It does not require a majority to prevail, but rather an irate, tireless minority keen to set brush fires in people's minds." -Samuel Adams (The "Father" of the American Revolution)

5pence: (July 30, 2010 2:25am)

"A democracy cannot exist as a permanent form of government. It can only exist until the voters discover that they can vote themselves largesse from the public treasury. From that moment on, the majority always votes for the candidates promising the most benefits from the public treasury with the result that a democracy always collapses over loose fiscal policy, always followed by a dictatorship. The average age of the world's greatest civilizations has been 200 years. Great nations rise and fall. The people go from bondage to spiritual truth, to great courage, from courage to liberty, from liberty to abundance, from abundance to selfishness, from selfishness to complacency, from complacency to apathy, from apathy to dependence, from dependence back again to bondage."

5pence: (July 30, 2010 2:23am)

I'm no economist but even I can see this. Your home is worth $1. The banks offer you a $5 loan because with the dilution in the money supply, it takes $5 to buy $1 of goods. It seems fair so you take the loan. Now the banks and the Fed cut the money flow and you are stuck with a $5 loan on a $1 house. Everything seems fine, a dollar is worth a dollar again - but where are you? Up to your neck in debt. SEC is now like the CIA? We need more secrets or the citizens will revolt. Hello to stage 9 of this 2nd scenario (continued)

5pence: (July 30, 2010 2:03am)

It's crazy, how long do the banksters think by blaming everyone else they can keep the GSE scam going? I told you guys, it's a too big to fail bankster protection act. Consumers don't matter to the millionaire politicans that are beholding to the corporations. Think about this. For those that bought their homes and are now underwater - where did their equity go? Trillions of dollars.. It want to the banksters that created the overload of dollars and with that dilution they stole the value of your home. Now, why did we need to bail them out? Connect the dots and don't forget to connect to hundreds of billions in bonuses for failing. They stole our money by flooding the market with money and then contracting the dollar flow. Simple, more money created and flowing, the less the dollar is worth because there's more of them. Inflated values was an illusion to take. I hope someone understands this. The banks were paid by falling values and again by bailouts. Obama = clueless.

OldSchoolBanker: (July 30, 2010 2:02am)

Regarding fingerprinting - it should be noted that for many years, all employees (including underwriters and processors) of insured depository institutions (i.e. banks) are indeed fingerprinted and have a background check run.

5pence: (July 30, 2010 1:46am)

I hear Bubble Ben is going to raise rates in 2016. Be careful out there, rate rises are just around the corner..... hahahaaa

5pence: (July 30, 2010 1:43am)

Can I be first!