Scotsman Guide - February 2009 Residential Edition

Articles

DEPARTMENTS

12 | From the Editor

Plus: News from the past month

14 | Tip of the Month: Learn to relate

Plus: Q&A and Helping Hands

16 | Spotlight: Salt Lake City

Plus: Getting Personal with Risk Mitigation Group’s Gary Lacefield

LEAD ARTICLE

19 | Gridlock: The New Era of Loan Modification

BY RICHARD H. ZAHM, SECOND ANGEL BANCORP

Loan mods have gained much attention of late as a potential panacea for borrowers’ mortgage dilemmas. But they’ve run into roadblocks: securitization, pooling agreements, government regulations and more.

ARTICLES

24 | How RESPA Will Change Your Business Revisions alter procedures for yield-spread premiums, good-faith estimates and more BY CHRISTOPHER CRUISE, LENDERTRAINING.COM

26 | 4 Keys to FHA Approval

Brokers who want to work with FHA loans must first understand the requirements BY STEVEN SHEASBY, INTEGRITY MORTGAGE LICENSING

27 | Tapping the First-Time-Homebuyer Market Many opportunities are out there for first-time homebuyers, and brokers can help navigate BY JUS TIN LOPATIN, AMERICAN S TREET MORTGAGE CO.

28 | History Repeating?

Find out how you can avoid and learn from the industry’s past missteps BY BRAD COOPER, LOAN OFFICER PUBLICITY AND LEADER ONE FINANCIAL

30 | TILA: What’s Changing, When

Alterations to the Truth in Lending Act likely will affect brokers’ daily duties BY ANTHONY F. GERACI, GERACI LAW FIRM

31 | Delving into the Details of Your Insurance When purchasing a policy, brokers must understand exactly what their contracts mean BY TOM DELANEY, BANKERS INSURANCE SERVICE

32 | Collateral Valuations Depend on Transparency Appraisers should be honest, and brokers and lenders should know who’s doing the work BY JASON SMITH, SOLIDIFI INC.

34 | What to Consider When Branching Out Finding the right partnership can allow brokers to concentrate on what they do best BY BRENT WHITE AND BOB PATTERSON, NETMORE AMERICA INC.

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TOOLS & TIPS

36 | How to Write a Résumé to Remember Following nine tips often will help you paint a picture of yourself and the value you bring BY RUSSELL JIPSON AND BETH WILSON, RESIDENTIAL FINANCE CORP.

37 | 3 Ways to Ride Out the Purchase Market It’s often wise to know your clients, build referrals and add FHA loans BY DAVE MUTI, MILLENIUM HOME MORTGAGE LLC

38 | Rebuilding the Industry on E.T.H.I.C.S. Upholding six virtues could get brokers back on track BY DALE VERMILLION, VERMILLION CONSULTING INC.

39 | Emotional Stability Breeds Success Eliminate negative thoughts to help find balance in life and business BY TOM HOPKINS

42 | Perfecting Your K.I.C.K.

It’s not time to slow down — it’s time for brokers to step it up, literally BY LOUISE THAX TON, FAIRWAY INDEPENDENT MORTGAGE CORP.

43 | Planning a Successful Year: 6 Steps Remember: The best-laid plans lead to nothing without solid action BY TOM NINNESS, CHERRY CREEK MORTGAGE

44 | Envision It

Visualizing healthy cash flow is the first step toward achieving it BY MICHELLE LABROSSE, CHEETAH LEARNING

46 | How to Market Yourself as a Specialist Developing a niche is a way to grow business and gain a competitive advantage BY DARYL SPECTOR, CREDIT POWER 911