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John Ugenti
Like most people I was deeply affected by the terrorist acts of 9/11.
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The Winner Is?
Winner announced for the $25 gift card recipe contest! Read the Recipe section to see who won.
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Troy's Tech Tips
Shut it Down. The right way to shut down your computer.
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AMSXpress.com
AMSbank.com
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Volume 1 - Issue 5
Monday, December 19, 2005
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Best Wishes
To You And Yours
For 2006!
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The enhancements below began, Monday, December 12, 2005. Please stay
tuned for more enhancements to Loan Products and Programs in the coming year.
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Product
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Enhanced Minimum FICO
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Current Minimum FICO
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Enhanced Maximum LTV
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Current Maximum LTV
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Prime Advantage (Core)
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Stated Wage-Earner
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600
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620
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95
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90
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40 Year Option (Core)
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Stated
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600
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620
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95
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95
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Interest Only Option (Core)
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600
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620
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95
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95
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Stated
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600
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620
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95
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95
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100% Advantage (Core)
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580
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600
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100
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100
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Stated
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620
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680
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100
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100
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80/20 Combo Advantage (Core)
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580
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600
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80/20
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80/20
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Contact your Argent Correspondent Account Executive or Argent Account Manger:
Or Call or Email your AMS Business Development Manager:
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1255 W. Baseline Rd. Ste #288 - Mesa, AZ 85202
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AZ-BK-0905487 · CA-603-9549 · NM-02001 · NV-1797 · TN-0000002691
CO-20051103465 · UT-5814189-MLCO · AK-308712 · MI-FL0011580 · WA-510-MB-28432
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John Ugenti, AMS Branch Manager
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WHAT WOULD PAT DO?
Submitted By John Ugenti
Hello to all of my fellow AMS employees,
Like most people I was deeply affected by the terrorist acts of 9/11. This event cost all of us friends, husbands, wives, sons, and daughters just to keep this list short. Discovering that I was too old to join the armed forces was a major let down. I felt like I should have joined years prior if for no other reason than civil duty. Not being able to fight on the front lines with friends that have died in the line of duty makes me feel that I let them down by not being with them. Rather than blaming myself for something I had no control over, I asked myself a question. That question was a life changing one:
WHAT WOULD PAT DO?
This horrific event has sparked a change in the way Americans treat their freedoms. Rather than complaining about what we don't have, I have seen more gratitude for what we do have. Also I have seen more appreciation for those who have made the ultimate sacrifice for our freedoms. It has sparked a change for the better in all of us unfortunately it took 9/11 to do it. The answer to What Would Pat Do is different for everyone, however the results should be the same. If you answer the question correctly the result should always be a positive one.
On April 22, 2004 I received a call from my brother saying he had some bad news, my stomach dropped fearing the worst. Sure enough it was news of the absolute worst kind; "They got Pat!"
With that being said I hung up the phone and began to cry uncontrollably. America has lost another hero and I have lost a friend.
Look for more news about this story and more information on the Pat Tillman Foundation and Pat's Run.
Pat's Run Coming Soon
After its success in 2005, Pat's Run is coming back to Tempe, Arizona and expanding to San Jose, California. More than 6,000 participants and volunteers turned out for the inaugural event to honor scholar, athlete and soldier Pat Tillman. This year, the Pat Tillman Foundation is preparing for 10,000 people at each event.
Pat's Run - Saturday April 15, 2006 at ASU Stadium in Tempe, Arizona.
Visit www.PatsRun.com for more information.
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And The Winner Is!!!
We Have A Tie???
The winners are: J.D.'s baked chicken submitted by J.D. Bristor and Jeanne's Tira Misu submitted by Jeanne Love. In the holiday spirit, each winner will receive a $25 gift card to Chili's. Keep watching in upcoming issues for more contests.
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J.D.'s Oven Fried Chicken
Submitted By J.D. Bristor
Branch Manager #144
INGREDIENTS:
4 chicken breast halves
Soy sauce
Butter flavored cooking spray
12 tbsp flower
18 tbsp bread crumbs
1 tsp salt
11 tsp pepper
3 tbsp Parmesan cheese
1/4 tsp garlic powder
Sesame seeds
DIRECTIONS:
1. Combine in bowl: 12 tbsp flower, 18 tbsp bread crumbs, 1 tsp salt, 1 tsp pepper, 3 tbsp parmesan cheese, 1/4 tsp garlic powder. Mix together well.
Combine in bowl
2. 4 chicken breasts halves, cleaned and cut diagonally (total 8 pieces of chicken after cut) cover with soy sauce.
Preheat oven to 450. Spray bottom of 9x12 dish with butter flavored pam. Roll chicken in breading mix, place in baking dish. Sprinkle with sesame seeds and spray chicken with butter flavored pam. Bake in oven at 450 for 30 minutes.
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Jeanne's Killer Tira Misu
Submitted By Jeanne Love
Loan coordinator
Filling:
1/3 cup Kahlua (Use a bit more if burning off alcohol) room temperature
1 tsp of rum extract
1lb. Mascarpone Cheese (can find at AJ's)
8 oz. softened cream cheese
3/4 cup Granulated Sugar (1 cup if no Confectionary Sugar in Whipped Cream)
3 tsp. Vanilla
2 Egg Yolks
3oz. Water
16oz. (1 pint) Whipping Cream w/ 1/4 cup Confectionary Sugar - Whipped
Hershey's chocolate syrup
Cake:
1 cup Extra Strong Coffee (use 2 Tablespoons Instant coffee and 1 cup hot water) - Let it cool to room temperature.
2 lg Sara Lee pound cakes (freezer section)
Topping:
8 oz. Semisweet Chocolate candy bar shaved
A dusting of Confectionary Sugar for effect if you want.
Filling:
1. Mix together all ingredients except whipped cream & choc. syrup using a power mixer.
2. Fold in whipped cream until it is incorporated into the mixture.
3. Put aside and keep cold.
Assembly:
1. cut pound cake into 1 inch squares Quickly dip individually into coffee (not soggy) and place into Trifle bowl. Single layer!
2.squirt chocolate syrup sparsely over cake peices
3. Put some of the Filling in and spread evenly.
4. repeat
Topping:
1. ending with a layer of the cream mixture
2. Use a little extra chocolate syrup around the edge of bowl for visual effect.*
3. For top layer shave chocolate bar and you may lightly dust with Confectionary Sugar.
Repeat Assembly and Topping as above.
*Do not need to repeat in top layer.
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HR Headlines
By Rhonda Johnson
I’d like to introduce our newest HR team member! Welcome Tavey Rasmussen…
Tavey joined Jane Lull to help process new employees and has already been a huge help in her 1st week with us. We will communicate with branch managers in more detail in the coming weeks as to who will be handling your specific branch so you will know who to contact. Our aim is to get your new employees up and running as quickly as possible and we appreciate your continued cooperation with sending in complete, original packets! As always, feel free to contact any of us at any time if we can help!!
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Troy's Tech Tips
By Troy Gunnell
Shut it Down
There’s a right way and a wrong way to do everything. When you want to stop your car, you slow down, stop, put it in park, remove your key and unbuckle your seatbelt. By now, you know that shutting down your computer means more than just pushing the power button. Windows users should hit their start key and choose "shut down"… Mac users, Click on the apple menu and then “shut down.”
Just Do I.T.
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Benefits - Sign up for 401-K Plan.
Submitted by Magda Provencio
Benefits Coordinator
The enrollment forms can be found in every employment application received from Human Resources. If you have an employee application without the 401-K enrollment form please contact Magda Provencio at 480 831- 7777 ext 1204 or email at magdaprovencio@amsaz.com. This form will be available on the AMS website soon but for now contact Magda or Human Resources for further information. All new hires should fill out the enrollment form and turn in with there new hire application. We need confirmation that every employee was offered the 401-K plan whether the elect it or not. The eligibility required waiting period is first of the month following 90 days.
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AMSU
Check out the AMSU schedule for next year, it is now posted. Make sure to sign up for the new Realtor Business Model classes, they are filling up quickly! Don’t forget about our LO training, it is a four day in depth technical training course for new loan officers. Perfect for those loan officers who have never originated before or those that have been out of the business for a while. We will also be offering a more in depth processing 102 course next year. The class will be 8 days of in depth training. Send your new or unseasoned processors to us and we will train them how process and make your life easier. We all know that we are only as good as our processor. Have a wonderful and safe Christmas and New Year.
Jan. 3rd 2006 - Bank Orientation 9-12
Jan. 4th 2006 - AMS Express 9-12
Jan. 5th 2006 - Branch Orientation 9-12
Jan. 6th 2006 - Processing 101 9-12
Compliance 1-4
Jan. 9th 2006 - ILO Orientation 9-12
LO Training 1-5
Jan. 10th 2006 - Realtor/BM 9-11
LO Training 1-5
Jan. 11th 2006 - LO Training 1-5
Jan.12th 2006 - Branch Orientation 9-12
LO Training 1-5
Jan. 13th 2006 - Realtor/R 9-11
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News From the Processing Department
Hello Everyone. The Branch Operations Processing Department is working to bring you better service and many more options. We will soon be offering a variety of packages for you to choose from. The purpose of these packages are to offer those originators with less experience a more pleasant and stress free loan process with extra training from our processing team and consultants. Other packages offer freedom to those originators who don’t want to worry about any of the paperwork and just want to go out and generate more leads. All you have to do is bring us the completed loan app and disclosures and we will take care of everything else. Keep an eye out for more details by the first of the year. Happy Holidays from the Branch Ops Processing Team.
Cyber Chat
By Steve Bradshaw
Happy Monday AMS!!
Calyx Point 5.2 has finally arrived! Many of you have received it already, the rest of you will shortly. If you have not received your copy by the end of the week please contact Branch Operations and let them know. Speaking of Point, we are still working hard on having the PDS server ready by year’s end. So far, we are still on track. We already have a few eager volunteers that want to get on the new system ASAP, if you want to as well, please let your BDM or me know. We will be happy to make sure you are on the fast track to take advantage of the new centralized PDS server.
This will be the last weekly AMS Insider, as of today we are switching to a bi-weekly format. The next delivery will be in two weeks. I am very proud of the work Tim and the crew put into this newsletter, and it is a LOT of work. We don’t want to compromise the quality in any way, so we thought it best to cut down on the quantity. I hope you enjoy our Christmas Issue.
Happy Holidays!!
Steve Bradshaw
Vice President
Information Technology
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Joke Of The Week
The Smartest Dog Ever
As a butcher is shooing a dog from his shop, he sees $10 and a note in his mouth, reading: "10 lamb chops, please."
Amazed, he takes the money, puts a bag of chops in the dog's mouth, and quickly closes the shop. He follows the dog and watches him wait for a green light, look both ways, and trot across the road to a bus stop. The dog checks the timetable and sits on the bench. When a bus arrives, he walks around to the front and looks at the number, then boards the bus. The butcher follows, dumb struck.
As the bus travels out into the suburbs, the dog takes in the scenery. After awhile he stands on his back paws to push the "stop" button, then the butcher follows him off.
The dog runs up to a house and drops his bag on the stoop. He goes back down the path, takes a big run, and throws himself -Whap!- against the door. He does this again and again. No answer. So he jumps on a wall, walks around the garden, beats his head against a window, jumps off, and waits at the front door. A big guy opens it and starts cursing and pummeling the dog.
The butcher runs up screams at the guy: "What the hell are you doing? This dog's a genius!"
The owner responds, "Some Genius! It's the second time this week he's forgotten his key!"
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NAR Strikes Back At Anti-Competitive Charges
Article obtained from www.mortgagenewsdaily.com
The real estate industry, the National Association of Realtors (NAR) in particular, has been fighting charges of anti-competitiveness for years. In 2001 the Federal Reserve and the Department of the Treasury published a proposed rule as an antidote to this perceived problem. It recommended that financial subsidiaries of federally chartered and regulated banks and holding companies be allowed to sell real estate. NAR has fought that long and hard and Congress has blocked implementation of the rule year-to-year ever since. Recently there have been successive rounds of sniping between NAR and the Justice Department (including a recent DOJ instigated law suit) about NAR's rules controlling the use of data from the nationwide network of multiple listing services. Congressional Representatives Michael Oxley and Barney Frank have also been hotly pursing theories about non-competitiveness in the industry.
Now the NAR has fired back. The huge industry trade association recently released the results of a study entitled "Structure, Conduct, and Performance of the Real Estate Brokerage Industry".
In spite of that yawner of a title, the report, prepared by NAR's Research Division, contains a wealth of information, not only seeking to refute allegations about the non-competitiveness of the business, but providing information comparing real estate with the banking industry and a wealth of facts about the sheer number of people involved in real estate; who does what, who makes the money, and where it goes.
NAR attacks any charges of anti competitiveness from a number of angles, citing the large number of agents and brokers, the independent contractor status of 99 percent of them, the differing levels of service available from office to office; and the low entry requirements of the industry.
The study goes as far as to state that residential real estate "closely resembles a perfectly competitive industry structure" producing services at the lowest possible cost and allowing consumers to benefit from competitively determined prices.
The report states that there are approximately 2.5 million licensed real estate agents in the U.S.; overwhelmingly non-salaried independent contractors actively competing with other agents - both within and outside of their own offices - for listings and for buyers. As a paycheck depends upon a sale, agents tend to be highly competitive and have little incentive to "help" other agents.
Therefore, "any collusion to set commission rates at the agent level is impossible." Commissions charged consumers vary depending on the scope of services an agent or an office provides, the competitive nature of the market and the sheer number of brokers competing for agents and for clients. While managing brokers set commission guidelines for their office, there is generally leeway for individual brokers to negotiate their personal commissions within those guidelines.
Real estate agents have different experience, training, and talents and there are often as many different business plans within an office as there are agents and each agent is free to negotiate the services they provide their clients. This leads to a high level of customer service and of innovation.
Real estate agents have an additional incentive to please their customers. Consumers pick their agents through referrals from friends or from prior experience with the agent. Repeat and referral business are critical to an agent's success and those only come through providing good service at a reasonable price.
Competition takes place on another level. Managing brokers are under intense economic pressure (and in the case of corporate owned offices, career pressure from top management) to snare the top producing agents within a market. Thus agents have the ability to negotiate the share or split from each sale that they receive from the managing broker or move on to other offices that are eager for their services. A higher split gives an agent more freedom to negotiate his share of the commission in favor of a client. In the same competitive vein, many agents hold or are eligible to obtain broker's licenses and thus have the ability to move out and establish offices of their own if they are unhappy with a work situation.
The professional real estate industry also faces competition from the non-professional segment. Last year, the NAR reports, 14 percent of home sales were "for-sale-by-owner" or FSBO sales. Because the option to FSBO is out there, an agent must earn his customer's business "during every step of the housing transaction." Thus the homeowner becomes a major source of competition and an additional motivation to provide outstanding service.
The number of real estate firm types was cited as another impetus to competitiveness. Offices can be one-person operations or wholly owned by major corporations. In between lie franchises, large local offices, and regional chains, and each has its own business model, a different level of fees and/or fixed expenses, and appeals to a different type of customer. Furthermore, the report states, competition among firms for market share is fierce. Any possible collusion among firms to artificially inflate commission rates is virtually impossible. "If a few local brokers were to collude on the commission rate or agent split, there would be less negotiating room in their dealings with clients (who) would then gravitate to other firms".
Even in those local markets where one or two firms hold most of the market share, there are forces at work that exert competitive pressures. One is the portability of the client base. Clients have no fixed assets such as stocks to limit their movement to a more competitive firm and agents are free to move to another firm as well, usually trundling their clients along with them.
Therefore, if there were collusion to set high commission rates, firms would lose their best agents who found themselves at a competitive disadvantage in the marketplace because of high commissions or an artificially high franchise fee. "Top producing agents able to charge lower commissions will out-perform the agents working within an artificially high cost structure."
Multiple listing services, rather than being anti-competitive as has been claimed by the Department of Justice, are touted by the report as leveling the playing field because most agents and offices share their property listings with others in their market through MLS. Thus a customer can work with an agent in a small firm, a large firm, or a nationally affiliated firm and each can access information about homes for sale in that market area. Thus a customer can pick an agent or an office best meeting their other requirements without worrying about missing a listing. At the same time, sellers can be assured that their homes are receiving maximum exposure even if they prefer to work with a very small firm.
The NAR study draws some interesting parallels between real estate and banking. We will talks about these in a subsequent article.
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