Use AMS's Resources To Increase Your Income

First of all, I hope everyone had a great summer getting to go on vacations, seeing family and hopefully getting somewhere where they can cool down and relax. On my latest trip to Priest Lake Idaho I purchased a book called "Million Dollar Habits" by Brian Tracy. I strongly recommend reading this book if you have not already.

The first chapter of this book titled "You Are What You Do," just struck me from the opening paragraphs which I will share with you:

THANK YOU FOR READING THIS BOOK.
In the pages ahead, you are going to learn a proven and practical series of strategies and techniques that you can use to achieve greater success and happiness in every area of your life. I am going to share with you the so-called "secrets of success" practiced by most people who ever achieve anything worthwhile in life. When you learn and practice these techniques yourself, you will never be the same again.

THE GREAT QUESTION Many years ago, I began asking the question "Why are some people more successful than others?" This question became the focal point of a lifelong search, taking to more than 80 countries and through many thousands of books and articles on the subjects of philosophy, psychology, religion, metaphysics, history, economics and business. Over time the answers came to me, one by one, and gradually crystallized into a clear picture and a simple explanation:
You are what you are and where you are because of yourself.

Another topic that Mr. Tracy talked about is creating good habits. By creating good habits and improving yourself by 1% or possibly learning 1 new skill you can double your productivity, performance and in the end your income. In the mortgage industry that could be the 1 skill of presenting, prospecting, closing or public speaking. Just 1 new skill could double your income.

This information made me think about all that AMS offers and how all AMS branches and Corporate Loan Officers can use these resources to the fullest capacity to learn new skills to reach their potential. If you are not aware I will discuss a few of the most recent programs and resources that may be utilized.

AMS University: AMS offers daily classes at our corporate training facility to improve a loan officer's knowledge of the business and all the tools. We have people flying in from all over the country to attend our AMSU classes and complete our branch training. Some of the upcoming classes are:

August 1st 2006 - AMS Elite Training 9-11
                                 Bank Orientation 1-3

August 2nd 2006 - Compliance 9-12
                                 CLO Orientation 1-4

August 3rd 2006 - Branch Orientation 10-4

August 7th 2006 - Processing Training 9-12
                                 LO Training 1-5
August 8th 2006 - Processing Training 9-12
                                 LO Training 1-5

August 9th 2006 - Processing Training 9-12
                                 LO Training 1-5

August 10th 2006 - Branch Orientation 10-4
                                 LO Training 1-5

August 11th 2006 - LPA/BM 9-10 LPA/Realtor 10-11
                                 Calyx Pt. 102 1-4

August 14th 2006 - Calyx Pt. 101 9-12
                                 AMS Express/ Rate Sheet Training 1-3

LPA Program: A new program where Real Estate Agents are recruited and actually complete 5 steps of the loan process to receive a commission. This benefits the Loan Officer by creating a strong bond with the Real Estate Agent and giving them incentive to submit loans only through you.

Mortgage Leads: AMS now offers mortgage leads available to all AMS Branches. These are the highest quality leads and instead of a branch having to sign a tens of thousands of dollar contract with a lead supplier they can manage their costs through our lead management system. Leads can be as low as $2 each.

Help Desk: Our newest addition to help you be more efficient is the AMS Help Desk. We have a staff available for your sub-prime and prime loan scenarios as well as for help with our automated underwriting systems like AMSElite. This is a great benefit to all AMS partners because this gives immediate answers to questions on all products.

If you use these tools offered it is guaranteed you will be more efficient and productive in your business and in turn will improve your income.

AMS continues to grow like wild fire and we have now opened regional centers in Seattle, Portland, Las Vegas, Colorado and Salt Lake City. We also have had a lot of new branches and Corporate Loan Officers come on board and it is exciting to see the growth.

Juan Roque Rejoins ASU Athletics

Current AMS employee and former ASU and Detroit Lions football player, Juan Roque was recently asked by ASU athletics to be a football analyst for the newly announced ASU athletics Spanish broadcast. Juan said, "I am honored to be able to represent my Alma Mater in such an important event. To bring ASU to the Spanish Speaking market will be a great privilege. When I was in college I noticed that U of A had a very large Spanish Market. I feel it's time to get them in Maroon and Gold."

Juan, a former consensus All-American, finalist in the Lombardi award and a finalist for the Outland trophy for the top lineman in the country, was a member of the 1997 ASU Rose Bowl team. He said that playing in that big game was a tremendous honor and sort of surreal, like a dream he had or a movie he watched. "To represent ASU, the Pac Ten and my family on the most historical field in college football still sends shivers down my spine when I reflect on it," said Roque. Juan was drafted by the Detroit Lions in 1997 and was injured that year. He worked his way back on to the field in 1999 but was injured again in the second game. This time the injury was too extensive to come back from.

Now Juan works at the National Call Center and he is loving every minute of it. "To be able to work with the Coaches (Powers and Buron), Paul Patterson, Eric Weight and the David (Jedi) McMaster I have learned so much," said Juan. He says that he uses his experience from football to help him in the mortgage business. "Everything I do in life I do 110% with my hair on fire. Sometimes in life it has landed me in trouble but I bring that mindset to the NLC everyday. I approach my job with the same intensity and focus that I brought to the field," said Roque.

When Juan is not helping borrowers fulfill their dreams or getting his broadcasting career started he loves to spend time with his wife Jennifer and his 5-year old son Cristian Armando. They enjoy going to the lake, river and just being outdoor. Cristian just started school and is really large for a 5-year old. Juan hopes that he can redeem his old man and have a long career in the NFL.

Joe's Oven-Barbecued Beef Brisket

Ingredients:
• 1 3- to 3 1/2-pound fresh beef brisket

• 3/4 cup water

• 1/2 cup chopped onion (1 medium)

• 3 tablespoons Worcestershire sauce

• 2 tablespoons cider vinegar
   or white wine vinegar

• 1 tablespoon chili powder

• 1 teaspoon instant beef bouillon granules

• 1/8 teaspoon cayenne pepper

• 2 cloves garlic, minced

• 1-1/2 cups bottled barbecue sauce

Directions:
1. Trim fat from meat. Place meat in a 13x9x2-inch baking pan. In a small bowl stir together water, onion, Worcestershire sauce, vinegar, chili powder, bouillon granules, cayenne pepper, and garlic. Pour over meat. Cover with foil. Bake in a 325 degree F oven about 3 hours or until tender, turning once. Remove meat; discard juices. Thinly slice meat across the grain. Place on a serving platter. Serve with barbecue sauce.

2. Makes 10 to 12 servings

Steve's Beverage Recommendation

With this meal Steve recommends:

RIESLING

Because of both its cellar longevity and its ability to maintain varietal identity while reflecting the individuality of its terroir, Riesling may be the best of all the white wine grapes. Its homeland is Germany, where it has been cultivated since the 1400s or earlier, and where it is made into wines that run the gamut from bone dry and crisp quaffers to the complex, unctuous nectars made from Botrytis-affected, shriveled berries, individually late-picked, and known by the moniker Trockenbeerenauslese. Riesling has a powerful and distinctive floral and apple-like aroma that frequently mixes in mineral elements from its vineyard source and is often described as "racy." Its high natural level of Tartaric acid enables it to balance even high levels of residual sugar.

My favorite for under $15: Greenwood Ridge, 2000.

Buyer Brokerage -- Boon or Bane?

The Wave of the Future?

Heavily touted throughout the industry as the wave of the future, a buyer's brokerage is a contractual agreement that ties a homebuyer to a specific real estate agent. A buyer's brokerage is an ironclad contractual agreement. If a buyer should find a For Sale By Owner who refuses to cooperate with Realtors, the buyer would still owe a fee to the agent they purchased that home.

Is this truly a benefit for the buyer?

Many brokers implement buyer broker agreements more to protect themselves than to protect the buyer.

You see, an agent invests a lot of time and effort behind the scenes, reviewing Multiple Listing Service data and previewing homes before they show them to clients. There is also the time and money spent driving prospective homebuyers to the various homes.

Switching Agents

At any time, the client could turn around and buy from a For Sale By Owner or utilize the services of another agent they meet at an Open House or by calling on an ad. If a buyer switches allegiances at the last moment, the agent's investment in time and money is lost.

That is why many agents prefer their clients to sign buyer brokerage agreements.

The real estate industry can be very difficult for nonprofessionals to understand. A buyer without a written agreement is fair game for any agent that can get them to write an offer regardless of the amount of time and funds another agent has invested in them. Sadly, many buyers are lured away from an agent they have worked with by a wily competitor.

Diligent Agents

If you are in the market to buy real property, do some research and interview agents to determine who will represent your interests first. Instead of looking at an agent as a salesperson, view them as your "agent" - someone who is there to help you. Interview them with that criteria in mind, as well as determining their market knowledge and ability.

If you think and agent is just trying to "sell" you - don't hire them.

Generally when an agent represents a prospective purchaser of real property, they work diligently for that individual. With the advent of agency disclosure laws in most states, the duties and responsibilities of agents to their customers are specifically outlined

Will a buyer's broker work more diligently for a buyer because they have a signed contract? In theory, they will work harder. There are many highly reputable brokers who work strictly with buyer brokerage agreements. But what happens when an agent makes a good first impression, then does not deliver as originally promised?

If you are not uncomfortable signing a contract which obligates you to working with a particular broker, by all means, do so.

Safeguard Yourself

To safeguard yourself, however, you should make sure there are clauses in the contract that allow you to cancel. Also, if there is no expiration date on the buyer's agreement, not only does that make the contract unenforceable in most states, it should also send a signal of the agent's real intentions. Another possibility is to limit the buyer's brokerage agreement to houses available for sale in the Multiple Listing Service. That would allow you to buy directly from an owner that you find on your own, without the help of your agent.

An old adage of the real estate business is "know thy buyer." An educated public will learn that "know thy agent" is as appropriate, if not more so.

Accounting and Compliance has received several files without the borrower name written on the tab. Please write the borrower’s name. This is very important for the storage and retrieval of the file.

Vicki Oania
Compliance Manager

NAR Announces the Return of the Buyers Market

Home buyers have waited for years but perhaps the agony is over. It is official; the National Association of Realtors® has confirmed that we are now in a buyers' market.

According to the NAR June report on existing home sales issued last week there is now a 6.8 month supply of existing homes on the market. One year ago the supply was 4.4 months. The joint report of the Department of Commerce and the Department of Housing and Urban Development on new home sales contained similar news; the supply of newly constructed homes on the market will take 6.1 months to absorb at the current sales pace compared to 4.3 months one year ago.

The NAR survey found that sales were down modestly in June and home prices were still rising, albeit at a much slower pace than we have become accustomed to in recent years. Seasonally adjusted existing home sold at a rate of 6.62 million annual units in June, a 1.3 percent decrease from the upwardly revised rate of 6.71 million in May. This was a drop of 8.9 percent from the 7.27 million annual unit sales pace in June, 2005.

David Lereah, NAR's chief economist said that the market is "flattening-out." "Over the last three months home sales have held in a narrow range, easing to a level that is near our annual projection, which tells us the market is stabilizing. At the same time, sellers have recognized that they need to be more competitive in their pricing given the rise in housing inventories."

The median existing-home price for all housing types - single family, town homes, and co-ops - was $231,000 in June, a 0.9 percent increase over June 2005's median price of $229,000.

NAR President Thomas M. Stevens stated that "people who were discouraged by the bidding wars that were so common over the last few years are finding more choices now. Relative to the five-year housing boom, this year is a buyer's market in much of the country with plentiful supply, along with interest rates which remain historically favorable, so it's a good time to buy a home."

Single family home sales were down 0.9 percent to an annual rate of 5.81 million from May to June. That was 8.2 percent lower than one year earlier and the median price, $231,000, was identical to that for all housing types.

Condos and co-ops experienced a sharper drop than single-family units. Sales of such units were off 5.5 percent since May to an annual rate of 805,000 units. This was a loss of 14.6 percent from the pace in June of last year. Median prices declined 2.1 percent year-over-year to $226,900.

The Northeast took the biggest hit in sales volume, dropping 3.5 percent since last month and 9.8 percent from June 2005. Yet this was the only region in which median prices were up from one year ago, a gain of 7.2 percent to $298,000.

New home sales, according to the Commerce/HUD report were 3 percent below the revised May rate of 1,166,000 to 1,131,000 units per year. This is 11.1 percent fewer units sold than a year ago. The year-over-year sales losses were not, however, distributed evenly. Sales this June compared to June, 2005 were off 33.7 percent in the Northeast and 24.5 percent in the Midwest. The pace slowed only 5.2 percent in the South and 7.0 percent in the West. The median sales price of new houses nationally was $231,300.