Ricardo Bueno's Blog

See this computer here on the left?

That's my little piece of hardware...my laptop! It's where I do my research, write articles, check emails, take notes, write loan applications, etc.

Truth be told I'm probably not functional without it! I mean sure I have another laptop that serves as my back-up but it's not the same thing.

For example, when your car breaks down, your inconvenienced. And as much as the car rental might be clean and smell new, it's just not the same as having your own car to drive around in. Or is it?

Well let me tell you a little story in customer service and treating the client right!

Background:
Yesterday, my laptop shut down on me. And I thought to myself,

"oh xxxx"

I didn't know what had happened! I plugged my charger in and turned it back on. I let it charge for a couple of minutes and then unplugged the charger to find the battery nearly full. But then again my computer shut down on me.

At this point I lifted the computer to inspect it a little closer and guess what I found?

My battery had inflated!

Yup...I have a fat battery. My guess is that I've overworked the darn thing from constant charging. I'm on the computer 24/7 at times and it's not always in the coolest of environments. I've had the same thing happen to my cell phone recently and it was explained to me that this is what happens when you over-charge a phone too long.

My next thought was,

"Jee great...what do I do now?"

I logged on to the web...inserted my mac serial number...requested a replacement battery...gave them my mailing address and in less than (5) five minutes...voila! I have a new battery being mailed to me! All I have to do is return my current battery in the package that will be mailed to me, which by the way includes pre-paid postage.

Now before I continue you have to pause and reflect for a moment on the profoundness of all of this! You see, being without a computer can cause severe trauma (and I know all you Real Estate Agents know what I'm talking about). I needed a replacement and not once did I have to call customer service...not once did I get transferred to a technician...not once was my call dropped or was I asked to leave a message for a return call.

Instead I got a rather simple answer and solution to my problem; it literally took less than (5) five minutes! Do you think I'm going to brag about Macs and how great they are now? You bet your @$& I am!!!

My Point:
Apple owns about a 5% market share, it has grown in almost .75 - 1% increments over the last several years. Their continued growth is due in large part to the fact that they take care of their customer. They have a great product and they push it out on the market with relative ease.

How? No one ever complains about their product. And when there's a problem, they have a solution right away! No problems, no hassles, no delays. My example is a case in point! 

Now if Apple owns a 5% market share and Microsoft owns 95% market share, can Microsoft afford to treat people with a little less quality in service? Of course. Can Apple afford to? Absolutely not! Not if they intend to increase their market share.

Lesson to Be Learned:
We (Real Estate Agents & Loan Originators) work in an overcrowded market! Like Apple we're trying to gain a larger market share. Like Apple, we should know that the way to do so it to treat people right. Provide a unique experience...give your clients the Ritz Carlton experience.

• When someone calls, answer your phone
• If it goes to voicemail, respond to your voicemails A.S.A.P. (AS SOON AS POSSIBLE)!!!
• If someone needs an answer right then and there and you can't get back to them NOW...at least revert them to your website or blog so they can access the information they need. That is after all what having a blog is useful for, to have information available 24/7
• If a client can't meet you at the office, meet them at their home or some other area local to them; I've made a habit out of meeting clients at a local Starbucks in Glendale
• If a client asks you a question to which you don't have an answer, say, "that's a great question. Let me look into that for you and get back to you shortly." Don't lie, tell the truth. They can tell when you're lying. And if you do, there goes the relationship!
  
• If a question is more appropriate to merit a Realtors® response and visa-versa, contact your partner and ask their insights
  
• If you have a Listing, schedule a weekly follow up call even if you don't have an update
• If you have a loan in processing, send out a daily "Status Update" email or a follow up call. You think you're bothering them? Believe me, you're not. They'd rather know that this transaction is getting done than not 

Anything a client NEEDS, make it easy for them to get!

North East Los Angeles is comprised of Eagle Rock, Highland Park, Mount Washington, Glassell Park, Montecito Heights, Cypress Park, Lincoln Heights, El Sereno, Monterey Hills and other surrounding communities. 

For those of you that know me, I work the area of North East Los Angeles; I have refinanced and financed various purchase transactions for my fellow neighbor.
Translation: Para los que me conocen, yo trabajo el área de North East Los Angeles; he refinanciado y e dado varios prestamos para compra de casa ha mi ser humano.

To some, if not most, part of living the American Dream entails owning a home! 
Translation: Para algunos, si no todos, parte de viviendo el Sueno Americano incluye ser dueño de una casa!

Recently I asked a neighbor in Cypress Park...
Translation: Recientemente, le pregunte a un vecino en Cypress Park...

What does it feel like to own a home?
Translation: Que se siente ser dueño de una casa?

How should I tell you? It feels beautiful...it feels prideful. A lot of people work very hard to barely afford to make a rent payment and that's a troublesome thing. To know that I work hard so that I can own my own home...that's something to have pride over!!!
I've accomplished something very big and today my property is worth half a million dollars.
Translation: Pues como te diré? Se siente bonito...se siente...

READ ON - the rest of this article is posted at NELALive.net

CONTINUÉ AQUÍ - el resto de este articulo esta escrito en NELALive.net

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Hablo Español

Direct: 323.810.2175 | E-mail: ricardo (at) ricardobueno (dot) com 

1. Buying A Home

AND 

2. Getting Married - (but don't show your spouse that you're stressed or you'll lose the engagement!)

BUYING A HOME is a stressful undertaking primarily because of the large expense! I mean think about it...

Let's say that you earn a $75,000 yearly salary and you want to purchase a $500,000+ home. Compared to your salary, that's a heck of a lot of cash!!! 

So, unless you've inherited a fortune or won the lottery, you're looking at 100% financing (if you can get it. But remember, 100% non-conforming is tough).

And even if you had inherited some money, you're not going to dump it all in as a down payment. [We'll save the discussion on "Equity Management Theory" for another day.] The typical down payment ranges from 10% - 20%. You'll take a mortgage on the remaining balance which will then be amortized over a 30 year period (*Note: some products offer 40 & 50 year amortization).

The end result equals your Benefits:

READ ON

 

 

 

 

 

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Direct: 323.810.2175 | E-mail: ricardo (at) ricardobueno (dot) com 

It seems this has been the trend in recent months; at least since August...

Under-performing portfolio = fewer earnings = job cuts

From MarketWatch:

"Citigroup shares fell under $30 for the first time in five years at one point on Monday after CNBC reported the firm could lay off up to 45,000 staffers.

CitiGroup Inc. closed down 3.2% at $30.70 after touching a low of $29.75 earlier on Monday.The expected layoffs are the result of several billion dollars of mortgage losses at Citigroup. 

           

The bank said Monday that it's in a planning process to become more efficient and cost effective as the financial-services giant grapples with billions of dollars in losses from the subprime mortgage-fueled credit crisis.

CNBC reported early Monday that the bank is planning a large number of layoffs as part of a response to recent huge write-offs for bad mortgage investments.

 

The CNBC report said division heads at Citi had been told to start planning for layoffs, and said the cuts could be as high as 45,000."

Carnac predicts that by the end of the day there will be 1145 of those sugary Thanksgiving Posts here. -- Linda Davis

Well Carnac, I didn't want to let you down so here's my toast to a Happy Thanksgiving to all!!! With that, I sound off to stuff myself full of Turkey and Ham!

"The rules had become so ambiguous and the lack of enforcement of rules of fiduciary duty and integrity had become so pervasive that everybody was playing improperly. The rules themselves needed to be changed." -- Eliot Spitzer

As my esteemed colleague Jason Sardi put it, as the market has changed, so has the mortgage application process. Real Estate sales are down... Mortgage Lending has retracted into an arena eschewing tighter guidelines...

The New Market is in search of the "new, new thing!" Anything smacking of the old business model: cold calling, advertliesments (as my colleague Ken "Yes You Can" Cook calls them)...doesn't cut it anymore!

A new model has emerged! It's called blogging...it's called viral marketing...and it all stemmed from the basic website.

During the late 1990s, Alan Greenspan suggested that Internet trading between companies (Business to Business) would probably help keep inflation low. Back then, the market didn't wait for tell tale signs of truth in his statement. Instead, Internet trading was widely accepted as one of the greatest developments since the emergence of the railroads 150 years prior! After all, it kept over-head low by cutting out the middleman.

Today, we should all be so embracing!!!

Active Rain has already provided a smokescreen behind which we could try these new methods and for many, the concept has flourished tremendously!

So what are you waiting for? I'll leave you with a few recommendations...

• Your blog's URL should ALWAYS be a part of your signature in an email. Kind of like this:

Visit my weblog at www.industry-report.com

• You have to do more than just include a link to your blog in your email. As Bryant Tutas tells us, don't wait for your blog to pull people in..."PUSH" it!
  
• Mention your blog in daily casual conversation (we're all conversation agents!). Remember, as my esteemed colleague Brian Brady phrases it, we're writing for expertise. So it's OK to flaunt it in your daily dialogue.
• Network socially! Visit other blogs and comment. But don't SPAM!!! Comments should be intellectually engaging...they should stimulate two-way conversation. "Nice post!" and "Great post!" equals spamming and might lead to your being socially neglected!
• This is where you take your blog viral... Syndicate your blog through all Internet avenues! In an earlier post, Renee Burrows taught us how to do this and she even provided a list. 

Once your blog is up and running...

• Write consistently...BUT, write in a voice and style that is all your own! It's more honest this way and we want to connect with "Real" people.
• Use imagery to visually engage your readers (dry posts like this one can ward off readers!!!).

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Direct: 323.810.2175 | E-mail: ricardo (at) ricardobueno (dot) com 

www.ricardobueno.com | www.industry-report.com 

In this series of posts outlining the mortgage application process while pointing out potential pitfalls, I said that I would answer some basic questions for you. Questions such as:

 

"€œWhere do I start?"
"€œShould I go with a Banker or a Broker?"
 

Well, in our previous article, The Mortgage Application Process: getting a mortgage the right way!, we said that we would teach you how to "Select the Right Loan Professional." But before we go there, let's give you some answers to the ever-so-popular "Broker v. Banker Debate."

But I warn you, this debate can be a long-winded debate! We can go back and forth all day outlining the pros and cons of working with each. So, to make it easier, I have selected an article from Bankrate.com to share with you...

In an article by editor Holden Lewis of Bankrate.com: Banker or Broker -- which is better for your mortgage?

"Here are two questions that haunt home buyers: Should I use a mortgage broker or go with a banker? And what's the difference, anyway?

The short answer to the first question is this: It doesn't matter much whether you use a broker or banker. You can get a good deal with either. The important thing is whether you get a good rate and pay fair closing costs, not who you get the loan from..."

 

READ ON 

For Mortgage Industry News | Insights | Rate Trends and much more...

[This is the first in a series of upcoming posts outlining the mortgage application process while pointing out potential pitfalls.] 

Home Buyers will often ask... 

“How do I get started?”
“Where do I start?”
“Should I go with a Banker or a Broker?”
“I should shop around but how do I know I’m getting the best rate?”

You can start by reading:  

The Mortgage Application Process: getting a mortgage the right way!

Upcoming Articles:
The Broker v. Banker Debate

Selecting the Right Loan Professional

Shopping Around
YSP Revealed
What the Heck Is DTI?
Loan-to-Value and Why It’s Important
What’s My Property Worth?

For Mortgage Industry News | Insights | Rate Trends and much more...

at www.industry-report.com

“How do I get started?”
“Where do I start?”
“Should I go with a Banker or a Broker?”
“Can I shop around? How do I know I’m getting the best rate?”

These are all questions that I’m going to answer for you. But first and foremost, there is something that you must do…

Get your paperwork in order!

For the sake of explanation, let’s use an analogy… Applying for a mortgage is much like:

Taking an airline flight from destination A to destination B

You’re moving from initial Application to Closing

Now, just as you wouldn’t board your flight without your luggage, don’t begin the application process without gathering your paperwork. This might sound cliché, but this purchase is the biggest liability you’ll ever acquire, so plan appropriately. Here’s what you need:

• Prior (2) two years W-2s; for self-employed individuals, this includes prior (2) two years tax returns.

• Recent (2) two months pay stubs. Here you want to be sure that the address reflected on your pay stubs is your appropriate work address. Additionally, be sure to write down the appropriate work number for the department that handles employment verifications.

 

CLICK TO CONTINUE 

Upcoming Articles:
The Broker v. Banker Debate
Shopping Around
YSP Revealed
What the Heck Is DTI?
Loan-to-Value and Why It’s Important
What’s My Property Worth?

Well, the bill passed the House of Representatives yesterday and it's definitely big news for the origination business. Here's what happened:

• The House voted 291-127 to approve HR3915 - This ultimately brings forth new rules for lending standards, predatory lending AND nationwide mortgage broker licensing.

Just to note, Democrats voted 227 Yeas and 0 Nays while Repulicans voted 64 Yeas and 127 Nays.

Now just hang tight, in order for the Bill to affect our industry, it will have to become Law first and that process is going to take some time. First...

READ ON