Improve My Tomorrow Coaching

A Conversation About Taxation

The time has come for a brief conversation about taxes. No way around it, if you don’t show income and pay taxes on it, it is almost impossible to qualify for a great mortgage loan. While there are a few portfolio lenders out there making loans, most of the loans being made are being sold to entities that will require seeing full sets of tax returns. With that in mind, I want to draw your attention to the fact that many people have not yet filed their 2011 tax returns as of yet.

For everyone who needs to file a tax return the deadline to file is April 15th provided the 15th isn’t a Sunday or holiday. This year that was the case so the tax deadline was extended a couple of days. Unfortunately, this wasn’t enough time for some people, largely the self-employed, who need more time to file more complex tax returns. Those people may file for and automatically receive a six month extension to get their returns into Uncle Sam and our friends at the IRS.

The Ultimate Mortgage Originator Webinar

If you are a loan originator, you need to know that there are actionable items you can do today to close more loans, build stronger referral partnerships and make 2012 your best year in business!

This is not the time to sit back and cry about the "good ol' days" and do nothing. Embrace the new technologies, brush up on your systems and procedures and learn to stop doing fake work and focus on income producing activities.

In this dynamic webinar with Terri Murphy, Verl Workman and Michael White you will learn some of the top ways to improve your business today!

Click here to Review "The Ultimate Mortgage Originator Webinar"

Do I need Coaching?

People often ask what the benefit is to having a coach or a mentor. I think we can find the answer in all fields of endeavor. Athletes have always sought out the direction and assistance of coaches to help provide or enhance skills and to help develop a higher level of performance. I like to think that the word “coaches” itself helps define the mission statement of a good coach.

Consistency: Helping each individual to be clear as to the reason they are doing what they are doing, and to help develop systems and procedures to provide consistent and quantifiable results.

Opportunity: Identifying and exploring all areas of opportunity. By establishing goals, direction, and an action plan for each area; we insure a way to develop leads and filter them effectively to maximize each contact.

Accountability: Having an accountability partner to ensure implementation and execution of each action plan. Understanding that it is imperative to complete each professional conversation with an agreement as to each action to be taken, the person obligated to take that specific action, and a definite period in time that the action will be completed.

Challenges: To provide inspiration to achieve the greatest challenges, a partner to share ideas, dreams, expectations as well as fears, concerns, and disappointments.

Help: A valuable member of your support system, your coach is there when you need a sounding board or advice. A fresh set of eyes to see the often overlooked, or to help provide the vision and focus we all sometimes lack.

Excellence: To demand that we are honest to our word and to support the integrity of our mission. Raising the bar to the highest standards and understanding that we impact people’s lives every day in many ways.

Solutions: Since all of life’s questions are yet to be asked, no one person has all the answers. A coach helps you develop your own solutions to each challenge as they arrive and establish systems that are proactive, not reactive.

So the question remains as to if you need a coach or if a coach would benefit you? Here are some questions you might want to ask yourself. 

Recommended Reading List

Harry S. Truman wrote: "Not all readers are leaders...but all leaders are readers."  Mark Twain wrote "The man who does not read good books has no advantage over the man who can't read."

Never, ever stop learning! Reading books to continually expand your knowledge base and to give you fresh insights is an activity that if you consistently do will make a huge impact in your life.  Reading is a common trait of leaders worldwide. If you strive to reach higher levels of excellence, whether it be in your personal life or in business, reading will help you reach that goal.

What? You say you don't have time to read? Nonsense! Get books on CD and turn your car into a university. Load up your Kindle and read while you're working out on the treadmill.  Read for 10 minutes while you're waiting for your next appointment.

I have compiled a list of some of my favorite motivational and educational books and encourage you to set a goal to read as many of these books as possible.

As Richard Steele so aptly said "Reading is to the mind what exercise is to the body."

  Download Recommended Reading List

Bail-out or Timeout?

As a business coach to some of the finest mortgage and real estate professionals in this country, I have found the need to share these thoughts and perspectives with my clients to help provide a space in which to share information and options for all of those dealing in today’s fragile markets.

We have all heard stories in the media and from financial experts about the take over of FNMA and FHLMC. The vast amount of opinion as to the inherent costs to the government, and hence “we the people”, is enough to drive any sane individual into a panic.

Just last week I was in Denver Colorado doing a training class, when on the nightly news of a major television station, the news anchor made the comment: “With 90% of all the homes in America in foreclosure, the government bailout could cost Trillions!”

Now you know and I know that this is far from correct. 90% of the homes in America are NOT in foreclosure. Depending on best estimates, about 9% of loans in America are in some degree of default. This is a big difference.

HR 3221 Housing and Economic Recovery Act of 2008

Observations and interpretations by Michael F. White CMPS™

Well, here it is. More than 700 pages of law that I have sifted down into a few pages and six areas we all need to be aware of. Not in any particular order, here is what I see and how and where to use this information and how to locate the documents and other interpretations you might find of value. Please understand that many interpretations from HUD and state and local agencies are still to follow and you need to keep up with those changes as they happen.

The first thing I want to look into is that of the DPA elimination. Under this law, all seller-funded programs are eliminated as of 10-1-08. While there is currently a number of people that are in favor of legislation to restore these DPA programs under current law, these are gone as of October 1^st 2008 and all loans using DPA must be closed by then.

The reason for this is quite simple. The default rate on FHA loans with DPA is three times higher than those FHA loans not using DPA.

The second area of interest is the new FHA guidelines. The key issues include a $625,500 limit in high cost areas with each area limit determined by HUD as 115% of the median home sales price in your area up to the new $625,500.

Home Value Restoration Act

By Michael F. White CMPS™

We don’t need politics. We certainly don’t need a bail out of any kind. We need solutions. Here is a plan that can help get us back to where we need to be by providing investment and a plan.

There are three major challenges that are the root cause of where we are. The fall of home prices and a series of bad loans on residential properties clog the banks and their balance sheets, and the lack of confidence that bank deposits are secure.

First thing that needs to be done is to remove limits from FDIC insurance on all insured accounts. We either have confidence in our banking system or we don’t. Remove the limits and restore confidence by depositors.