Archive for January, 2012

Top Producer Interview: Erica Chouinard

Wednesday, January 25th, 2012

TalkJet is a monthly audio interview series that provides Realtors with the information and strategies that top producing Realtors around the country are using. The concept is simple: We want our referral partners to know how the best of the best are achieving success in TODAY’s market.

This month’s TalkJet is with Erica Chouinard of Denver, Colorado. Erica shares her success story of how she restructured her team to better manage incoming business as well as revamping her marketing techniques which include a focus on conducting Open Houses. These changes to Erica’s business have helped her increase her production from closing on 53 units for $16.5 million in 2010 to 115 units for $35 million in 2011.

Diversify Your Network and Create Opportunities

Wednesday, January 18th, 2012

We all know the saying: “Birds of a feather flock together.” People have a tendency to gravitate toward others who share their interests and similarities. In many ways, this is a good thing, but in many ways, it can be limiting. Internet technology multiplies this effect by narrowing our searches, our circles, etc. In a recent post, Keith Ferrazzi gives five tips to counteract “the filter bubble”:

  1. Audit and re-shape your social network
  2. Revise your conference calendar.
  3. Get more out of your social gatherings.
  4. Act out diverse facets of yourself.
  5. Share an experience in an unfamiliar situation.

To my strategic partners: Let’s carve out some time to broaden our horizons in 2012. You never know who you may meet by diversifying your network and what sort of positive contribution you may be able to make into their lives.

To my clients: Is there someone in your network who I could help? Someone who I might not otherwise meet, but is planning to purchase or refinance a home? I would be happy to give them a call.

Freddie Mac Loosens Refi Credit Score Requirements

Wednesday, January 11th, 2012

The Federal Housing Finance Agency has made a change in order for more people to qualify for the Home Affordable Refinance Program, or HARP. For borrowers with twenty percent equity, Freddie Mac has removed minimum credit score requirements. This may be a small segment of people, it is hopefully the first step in easing refinance requirements in general.

According to HousingWire:

Freddie Mac eliminated the minimum credit score requirement for borrowers seeking a mortgage refinance from their existing servicer, as long as they have at least 20% equity in their home, according to guidance released Thursday.

The change goes into effect for any refinances with a settlement date on or after Jan. 5. Previously, Freddie required at least a 620 credit score before allowing such a high-equity refinance to take place.

In October, the Federal Housing Finance Agency instructed Fannie Mae and Freddie to remove barriers to allow more borrowers to take advantage of historically low interest rates through the Home Affordable Refinance Program.

Rates on most mortgage products began 2012 still below 4%. The government-sponsored enterprises removed upfront fees, limits on loan-to-value ratios and certain representation and warranty risk on the old loan file.