If we want to get better at anything  it starts between the ears...   We can read books, attend seminars and hire coaches that build our skill sets and knowledge that contributes to growth and change...   You realize Everything Changes When You work on your MINDSET first.    The ELITE Performers all know this...    Check out this week’s tip for a reminder

Opendoor returns to homebuying Phoenix - May 4th  Raleigh Durham - May 11th      The company is introducing “Sell Direct,” a contact-free way to sell instantly to Opendoor, and “Home Reserve,” a method to reserve and move into a new home while Opendoor tries to sell the old home. The tools launched Monday in Phoenix and will debut May 11 in Raleigh-Durham, North Carolina.     Wells Fargo joins Chase in halting HELOCs JPMorgan Chase is no longer the only big bank that’s not offering new home equity lines of credit. Wells Fargo announced Thursday evening that it is no longer accepting applications for new HELOCs. According to Wells Fargo Spokesperson Tom Goyda, the change goes into effect today, May 1. In a statement, Goyda said Wells Fargo is making the change due to “uncertainty” in the economy.     Fannie Mae already has 1 million mortgages in forbearance, but thinks that number may double GSE discloses that 7% of its portfolio is currently in forbearance   Fannie Mae revealed Friday that more than 1 million of its borrowers (approximately 7% of the mortgages in its portfolio) are already in forbearance, but the GSE doesn’t expect that figure to stop growing any time soon. In fact, the GSE said Friday that the number of borrowers in forbearance could double in the coming weeks. “While we estimate that approximately 7% of loans in our single-family book have taken forbearance so far, our allowance in the quarter reflects uptake of 15%,” Fannie Mae Chief Financial Officer Celeste Brown said on a call with investors. “Uptake could be higher if economic conditions are worse than our forecast.”   That increase in forbearance drove the GSE’s profits down considerably in the first quarter. The GSE reported Friday that its net income was $461 million in the first quarter, down nearly $4 billion from its fourth quarter profit of $4.365 billion. In the first quarter of last year, Fannie Mae reported net income of $2.4 billion. “The decrease in net income was due primarily to a shift from credit-related income to credit-related expense driven by the economic dislocation caused by the COVID-19 outbreak,” the GSE said in its earnings release.

On this episode, I’m joined by leading real estate and mortgage entrepreneur, Dave Savage. He is an agent of change in real estate and mortgage, and has been at the forefront of driving conversations around value, the adoption of digital advice, and building a community of big thinkers and top producers in our business.    Dave Savage is the founder of Mortgage Coach and mobile marketing company SmartReply. He is a tech entrepreneur, mobile tech pioneer, speaker, and agent of change dedicated to helping loan officers turn the Digital Mortgage Revolution into a competitive advantage. Dave speaks at company sales rallies and industry events such as MBA Tech, Digital Mortgage, Sales Mastery, and the Mastermind Summit.    If there’s anyone who has always been committed to being on the cutting edge of coming digital shifts, it’s Dave Savage. At a time like this we need to be adapting to change in the covid-19 epidemic. We need to keep our fingers on the pulse of the market, and soak in what’s going on around us and take decisive action. In this episode, Dave shares what the best of the best in business are doing right now from a business and positioning standpoint to come out of this crisis stronger and better.  In This Episode...   - How Mortgage Coach is helping to reshape the debt conversation and  the true value and differentiation of being an LO.  - Building a software that became a community.  - What Dave considers the biggest surprise of building and growing Mortgage Coach.   - Why dragging our feet to adapt can be fatal. - How business leaders are positioning themselves.  - The importance of simplifying our messaging.   - Dave’s top 3 piece of advice for kicking ass  - How to positively impact our health.  Guest Info   Dave Savage is the founder of Mortgage Coach and mobile marketing company SmartReply. He is a tech entrepreneur, mobile tech pioneer, speaker, and agent of change dedicated to helping loan officers turn the Digital Mortgage Revolution into a competitive advantage. Dave speaks at company sales rallies and industry events such as MBA Tech, Digital Mortgage, Sales Mastery, and the Mastermind Summit. https://mortgagecoach.com/ Resources    Marketing Made Simple by Donald Miller  https://winbynoon.com/ https://www.superniceclub.com/

Fannie Mae forecasts mortgage rates under 3% for 2021 The average rate on a 30-year, fixed-rate mortgage could hit 2.9% in 2021, according to Fannie Mae's April housing forecast   The 30-year mortgage rate hit a historic low this year, but could 2021 bring an even lower rate? Fannie Mae’s economic and strategic research group thinks the average rate for a 30-year, fixed-rate mortgage will hit 2.9 percent in 2021.       Nearly 10% of FHA and VA borrowers are in forbearance Total forbearance nearing 7%   Thanks to the continued impact of COVID-19 on the economy, approximately 10% of borrowers whose mortgages are backed by the Federal Housing Administration or the Department of Veterans Affairs are in forbearance.   The data comes courtesy of a new report from the Mortgage Bankers Association, which polled more than 50 mortgage servicers that collect payments on nearly 77% of the mortgage market. According to those servicers, nearly 7% of the 38.3 million loans they service were in forbearance as of April 19, 2020.   That’s an increase of more than one full percentage point from the previous week’s total of 5.95%. But the largest segment of borrowers in forbearance have mortgages backed by the FHA or VA. According to the report, 9.73% of the loans in Ginnie Mae’s portfolio are in forbearance. That’s an increase of 1.47% from the previous week’s total of 8.26%.   Ginnie Mae is the government agency that issues mortgage bonds backed by FHA and VA loans. According to the MBA report, the share of Fannie Mae and Freddie Mac loans in forbearance also increased, rising from 4.64% to 5.46%. The share of other loans (those included in private-label securities or held in portfolio) in forbearance rose from 6.43% to 7.52%.         Fannie Mae, Freddie Mac: Mortgages in forbearance do not need to be paid back all at once GSEs reiterate that lump sum repayments are not required   Fannie Mae and Freddie Mac each issued a statement Monday, reiterating that borrowers are not required to repay their missed payments all at once when their forbearance period ends. The issue seems to stem from the lack of clarity in the CARES Act about what happens when a borrower’s forbearance period ends. The CARES Act stipulates that a borrower whose mortgage is backed by either the government or the GSEs who is experiencing a COVID-19-related hardship can request and must be granted forbearance of up to 180 days. But the act doesn’t dictate what’s supposed to happen afterwards.

On this episode, I’m joined by highly-successful real estate leader, expansion expert and entrepreneur, Jeff Quintin. Jeff’s been in the business since 1992, and when it comes to building a successful team and real estate expansion strategies, Jeff is the perfect person to talk to about how to adjust and adapt when the market changes.    Jeff is a Real Estate Team Owner, Investor, Developer, and Entrepreneur. He is one of the most successful real estate agents in the United States, consistently selling over 175+ homes per year, equivalent to over $70+ million in sales.   Right now the way we do business has changed significantly, and in any shift, the defining factor of success is in our behavior. We need to be adept at keeping our pulse on the market, and become experts of what’s happening around us. This is something Jeff is very good at.    He stresses the importance of focusing on the fundamentals that will never go out of style. In this episode of the Kevin and Fred Show, he talks about real estate expansion strategies, and real estate tactics for this epidemic real estate market.    On This Episode, We Discuss... - Jeff’s team setup and the strategy for growth.   - How Jeff got started in real estate and the brilliant lead generation method he used when he first got into that business.  - How to generate agent-to-agent referrals and train referral partners to help you grow your business.  - Growing into new markets, and Jeff’s real estate expansion strategies and insights.  - The keys to successful expansion when it comes to staffing, profitability and partnerships.  - Jeff’s take on what we can do to remain in business after this blows over.  - The power of getting out there and strengthening ties to the community right now.

Nearly 3 million borrowers are already in forbearanceGSE loans in forbearance now exceed FHFA Director Calabria’s projection  According to Black Knight, nearly 1.4 million borrowers whose mortgages are backed by Fannie Mae and Freddie Mac are already in forbearance.To ascertain this data, Black Knight reviewed a sample set of loans that represent the majority of the mortgage market and extrapolated that data across the entire mortgage landscape.Black Knight’s data shows that overall, more than 2.9 million mortgages are in forbearance as of April 16. That figure represents 5.5% of all active mortgages. In total, those loans represent $651 billion in unpaid principal balance.The figure also shows just how quickly the number of borrowers needing forbearance is growing.Data released earlier this week by the Mortgage Bankers Association showed that 3.74% of all borrowers were in forbearance as of April 5.  The data from Black Knight also shows that forbearance is more prevalent among loans backed by the Federal Housing Administration and the Department of Veterans Affairs. According to Black Knight, 7.6% of the loans backed by the FHA and VA are currently in forbearance. Put another way, approximately 922,000 of the 12.1 million FHA and VA loans are in forbearance. But the forbearance situation isn’t limited to GSE or government-backed loans.According to Black Knight, nearly 5% of loans held either in portfolio or privately securitized are also in forbearance.  Chase stops accepting HELOC applicationsBank “temporarily pausing” on home equity lines of credit Just a few days after it raised its lending standards to require nearly all purchase mortgage borrowers to have at least 20% down and a 700 FICO score, JPMorgan Chase is “temporarily pausing” its home equity line of credit offering. “Due to the economic uncertainty, we’re temporarily pausing new applications for home equity lines of credit,” Bonitatibus said. “Customers can still tap into their home’s equity through a cash-out refinance of their existing mortgage.”  32% of first-time buyers get financial help from a relative or friend: NARLimited income was the most cited factor holding back non-homeowners from saving, according to a new survey released Thursday by the National Association of Realtors In 2019, 16 percent of all buyers bought with down payment help in the form of a gift or loan from a friend or relative. That figure goes up to 32 percent for first time buyers and goes down to eight percent for repeat buyers. Between 2000 and 2019, the share of first-timers buying with the help of someone they knew was at a low of 27 percent in 2000 and peaked at 36 percent in 2010, staying between 29 percent and 33 percent ever since then. More than a quarter of first-time buyers, 26 percent, said saving for a down payment was the most difficult task in the homebuying process compared to only seven percent of repeat buyers. Thirteen percent of buyers overall thought that was the hardest part.Student loans were the expense most buyers cited as hampering their ability to save for a down payment, followed by credit card debt and car loans.

   Things We Learned from John Marrone        “Your income is directly proportional to the questions you ask your clients.” 86% of homebuyers don’t think their agent understands their problem, and that’s because they don’t bother to really go deep in understanding them. For every “what” a client says they are looking for, go three “whys” deep.     “People don’t have a result problem, they have a system problem.” Our results are driven off of our actions, our actions are driven off emotions, and our emotions are driven off our thoughts and the conversations we have with ourselves. Most people are feeding their minds with fake things that don’t benefit them and that holds them back from greatness. Daily self-awareness is a trait of the successful because it helps them separate the harmful thoughts from the beneficial ones.    “Ego robs you from your higher self. You cannot grow with a high ego.”  Ego is a shield because it makes you think you know everything, it makes you selfish, and it makes it hard for you to grow and become a better version of yourself. It puts a ceiling on our development.     Summary    On this episode we discussed; Why most people who get to their success fast lose it just as quickly  The keys to increasing your conversion  How to find certainty  How to develop your muscle for closing  Why transformation happens outside of motivation  What holds people back from being great  It’s not a money problem it’s a daily habit problem    Guest Info   John is a transformational speaker, coach and growth expert. He is a Master storyteller who connects with the audience and engages them while inspiring them. He gives people best daily practices and habits, and lessons on how to run a successful business, sales conversion and more.    Website: https://johnmarrone.com/ Podcast: https://johnmarrone.com/podcasts/ Social Media: @realjohnmarrone