Archive for the 'Mortgage Innovation' Category

What’s the “brick” that could catapult you to success?

June 28th, 2010

Written by Greg Frost

Technology is one of a very few places to look for a competitive edge. I embraced it early in my career and found that it helped set me apart.

A couple of Twitter connections (Jwean and Andrewtberman) reminded me the other day of my very first cell phone, a Motorola “brick”, like the one pictured here. It was only the second one in New Mexico and yes, it was expensive. All it did was make and receive calls, the battery only lasted about 40 minutes, and it weighed about two pounds.

My Realtor referral partner, Neal Goldblatt, had the first one sold in our state. He came by my office, showed it to me and told me I needed to get one. I asked why. He responded … “so I can call you any time of the day or night.” Neal ran an office with 10 agents. I was getting 12-14 referrals a month from him, so I went out and bought one. They were $3000.

This was 1985, and I went out and spent 3% of my annual income on that cell phone. I carried it to every breakfast and lunch that I shared with my Realtor prospects and referral partners to demonstrate how “in touch” and efficient I was……..worked like a charm.

The lesson here for any business professional is to consider technology early and never hesitate to invest in your success. That’s why we are now embracing social media. My mantra has always been that “Communication is the lubrication in every well-run organization.” I believe that you get ahead by recognizing how it is that your constituency is communicating and then get on board.

I’m 61 years old. I began honing my business building communication skills before there were fax machines. Back then I used a courier service to get my flyers delivered to my prospects. Now I use e-mail, Twitter, LinkedIn, Facebook, YouTube, and an interactive Website.

If this old dog can learn these new tricks, so can you. Give them a try.

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[Photos] Art show a big success for Frost in Lancaster, CA

June 21st, 2010

Written by Frost Mortgage

Branch Manager Robert Shaffer of Frost Mortgage in Lancaster, California, has held a string of art exhibits that bring the community together. We told you recently that their newest show would feature not only their current in-house artists, but also some of the best high schoolers from around the Antelope Valley.

We’re pleased to present some photos from the event, which was a big success:

You may also be interested in photos of some of Lancaster’s other events: http://frostmortgage.com/events/#0610Lancaster

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Final days for ’seller concessions’

June 1st, 2010

Written by Frost Mortgage

The writing is on the wall for funds for homebuyers from sellers that can pay for some services and taxes in the transaction. As the Washington Post explains,

Say you’re buying a $200,000 house. If you are using FHA [Federal Housing Administration] financing under current rules, you can structure the contract so that the seller agrees to pay at settlement all closing costs and even the cost of some needed repairs, up to 6 percent of the price, or $12,000. On a $400,000 house, allowable concessions go to $24,000. That’s huge, especially if you have to struggle to come up with a 3.5 percent down payment and you’re not sure where you’ll find the closing and repair money.

Contrast that with using Fannie Mae or Freddie Mac conventional financing, in which seller concessions generally are limited to 3 percent. For many buyers, the extra negotiating flexibility built into the FHA program makes the choice of programs a no-brainer.

Sometime this summer, though, seller concessions will be cut to a maximum 3 percent. The precise timing is unknown because the announcement had not been made in the Federal Register, but the message is clear: Act now if the concession affects your deal.

We can help. Frost Mortgage is a “Full Eagle” FHA expert. Please contact one of our experienced loan officers today and we’ll quickly help you work through any questions. Because at Frost Mortgage, we don’t just close loans–we open doors.

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'This is going to be the year for e-mortgages'

May 13th, 2010

Written by Frost Mortgage

National Mortgage News reports on the rise of ‘e-mortgages’ (subscription required), in which documents are stored and submitted electronically. The article focuses on Xerox Mortgage Services’ “e-vault” product, which “leverages industry standards and platforms, including the Mortgage Industry Maintenance Standards Organization and the MERS eRegistry, making the system agnostic to document provider or closing platform. In addition, the e-vault has undergone integration testing with Fannie Mae’s e-mortgage delivery system, offering Fannie Mae sellers a streamlined approach to delivering e-mortgages.”

A Xerox vice president is quoted as saying, “We’re big believers that this is going to be the year for e-mortgages.”

At Frost Mortgage, we’re also big believers in technology (as evidenced by our participation in social media). If you’re interested in joining us on the cutting edge, please visit our Branch Partner Opportunities page and then call us.

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Frost recognized a 2nd time for social media program

April 23rd, 2010

Written by Frost Mortgage

We mentioned earlier this week that the Albuquerque Journal today recognized Frost’s new social media manager in its Business Outlook section. Today, the New Mexico Business Weekly also recognized the program.

We’re proud of the social media leadership we’re demonstrating in the mortgage industry, and we encourage you to learn more about the many ways to stay in touch with Frost Mortgage via its social media channels, including our Twitter feed, our Facebook page, and our YouTube channel. Please, visit and become a fan!

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Frost is recognized for social media program

April 19th, 2010

Written by Frost Mortgage

The Albuquerque Journal today recognized Frost’s new social media manager in its Business Outlook section. We’re proud of the social media leadership we’re demonstrating in the mortgage industry, and we encourage you to learn more about the many ways to stay in touch with Frost Mortgage via its social media channels, including our Twitter feed, our Facebook page, and our YouTube channel. Please, visit and become a fan!

Discussion: No Comments »