Next Level Agents: The Kevin & Fred Show - Interviews with the best and brightest minds in the real estate industry

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  

To watch this webinar, to go https://youtu.be/dYZHINsJ9Ds and if you'd like more information about Craig's webinar series, go to https://regercoachingandconsulting.com/how-to-win-in-todays-market/

JPMorgan Chase tightens mortgage lending standards amid uncertainty The lender will require a 700 credit score and 20% down for mortgages     https://www.inman.com/2020/04/13/jpmorgan-chase-tightens-mortgage-lending-standards-amid-uncertainty/       Good News for kW Agents…    Keller Williams Offices Reducing CAPS in half.         eXp Realty lays off 15% of staff amid market slowdown Executives at the company are taking salary reductions in an effort to reduce company expenses as home sales across the country slow   Redfin is furloughing 41% of its real estate agents The company announced it's also laying off 7% of its staff in an SEC filing   Realogy temporarily cuts executive pay amid coronavirus slowdown Realogy CEO Ryan Schneider is taking a 90% pay cut while his direct reports are reducing compensation by 50%         eXp World Holdings reports first profitable quarter since NASDAQ listing The company reported $800K in net income for the fourth quarter of 2019 while revenue grew 82%     Net income for eXp World Holdings was reported at $800,000 in the fourth quarter of 2019, or a diluted $0.01 per share. In the fourth quarter of 2018, eXp Realty reported a net loss of $5.2 million.   For the full year 2019, eXp World Holdings reported a net loss of $9.6 million, or $0.15 per diluted share. In 2018, the company posted a net loss of $22 million, so it improved over those numbers in 2019.    

On this episode, we’re joined by Realtor, and founder and lead coach at Top Notch Agents, Jon Holsten. After a career in law enforcement, and TV sales, he transitioned into real estate, and in the first year was able to close 47 transactions, a very big feat for new real estate agents. Jon built his career on the foundation of community, and he came into the industry with the right mindset, which led to the right actions and decisions. What holds many real estate agents back are the mindsets they have about the business and what they need to do to get results. On this episode, Jon shares the 4 myths of Real Estate, and 5 Factors will ensure success as a brand new agent.  What holds people back from success in real estate isn’t the market.    The most successful agents know that it takes work, humility and dedication to make it really far. We won’t achieve our goals by expecting the results to fall into our laps, we do it by building the right habits and doing the right things consistently.    In Today’s Episode, We Talk About;   01:15 - Jon’s journey into the real estate world and life before  04:41 - How Jon got 47 closings in the first year  09:53 - Why Jon didn’t choose to build a team  13:08 - The 4 myths of real estate and how they trip people up  15:47 - The 5 pillars of business that will help people do well in real estate 

Please Note This Was Recoded Prior To the PPP Applications Were Taken   Make/receive/earn/borrow money any way you can right now to weather this storm… "Oxygen is something we rarely think about until it is cut off and then it becomes our highest priority. The reason is obvious: Without oxygen, life rapidly becomes increasingly uncomfortable and then you die....quickly. In business, oxygen is cash and cash flow" - Keith J. Cunningham 1) CARES Act & Economic Payments: See link below for an overview on the money that the government will be sending you if you qualify (below a certain income bracket and have filed 2018 or 2019 taxes) https://www.irs.gov/newsroom/economic-impact-payments-what-you-need-to-know 2) Economic Injury Disaster Loan (EIDL) & Grants (you can receive a $10k cash advance within 3 days of applying for up to $2m of an Economic Injury Disaster Loan (EIDL)); according to the government, “The $10k advance does not need to be repaid under any circumstance, and may be used to keep employees on payroll, to pay for sick leave, meet increased production costs due to supply chain disruptions, or pay business obligations, including debts, rent and mortgage payments.” 3) Unemployment for Independent Contractors: I believe this is state by state. CA has rolled this out. I don’t know for sure that AZ has this (my gut says no as of now but I hope I’m wrong so send me articles and info if you know otherwise). https://www.sba.gov/sites/default/files/articles/EIDL_Information_and_Documentation_-_3-30-2020_FINAL_2_pm.pdf 3) Paycheck Protection Program (PPP) (up to $10m loan, which is forgivable if you meet certain milestones on maintaining your payroll); https://home.treasury.gov/system/files/136/PPP--Fact-Sheet.pdf 4) Unemployment for Independent Contractors: Some states have adjusted their rules - look into this if you need it From CA: Expands Eligibility for Workers Directly Affected by COVID-19. Self-employed workers—including business owners, independent contractors, and freelancers—generally are not eligible for UI. The H.R. 748 expands eligibility for UI benefits to self-employed workers as long as they are (1) available for work and (2) unable to work as a direct result of COVID-19 5) Local Grants for businesses: https://www.forbes.com/sites/advisor/2020/03/20/list-of-coronavirus-covid-19-small-business-relief-programs/#2ceb2a61e89d 6) NOW and FUTURE Business: Call the leads you have that are active on your website. If they have time to look at homes, they won’t mind a call from you. Do your Three to Thrive Sphere calls as well!

Keller Williams franchises consider reducing agent profit sharing   A franchise owner confirmed to Inman that regional leadership at Keller Williams suggested rolling all expenses into April's budget to enable them to hang on to more cash..   Keller Williams local leadership allegedly told some franchise owners to roll all expenses — even future ones — into April’s budget to minimize profits, effectively lowering the amount they would have to pay into profit-sharing to keep more cash on hand, according to multiple franchise owners.         Wells Fargo suspends jumbo mortgages as demand fades In this uncertain market, demand for jumbo mortgages is declining as more homeowners seek forbearances and investors look to more secure loans during the Covid-19 crisis       The stimulus package could create 'chaos' in the mortgage industry   A coalition of real estate and banking trade groups is calling on Congress to help banks with liquidity as they allow homeowners to forbear their mortgage payments A coalition of real estate and banking trade groups — which includes the National Association of Realtors, Mortgage Bankers Association, National Association of Home Builders and others — wrote a letter demanding the liquidity facility to support their efforts to allow homeowners the ability to forbear their mortgage payments.

5 Things We Learned from Dustin Brohm   “One of the things that’s great about real estate is that there are so many ways to bring in business”There’s different ways that you can attract clients, you just need to be open to it and put in the work. Find the thing that you can do, what you’re willing to do at nauseum day in and out to build your business.   “If you do the right things long enough they will just start to work.”If you’re going to put out content, that’s only step 1. You need to get people to know your content exists, you need to get traffic to it and promote it, and the truth is the validation and the results won’t happen immediately. You’re not going to have consistent income with anything until you do constant activity for 6-9 months.  “Lean into something you enjoy doing. You’ll never do the work long enough to see success if you hate it.”You can never stick with something long enough and consistently enough if you hate  doing it or you suck at it. You’ll never be able to stick with it long enough for you to actually see the results.   “Podcasts are a powerful medium for getting the attention you want”There are 650 million active blogs in the whole world, while there are still less than a million podcasts on Apple Podcasts, and only 250 000 of these podcasts have released an episode in the last 90 days. There’s still a lot of opportunity on podcasts, to start our own, to get interviewed and even to advertise on them. The key is really dialing in what the show is about and who the audience is. If we get the topic right, that does the heavy lifting for us.  “Short term intensity will always lose to the long term consistency” Pick something you can be consistent with over a long period of time. Your skill level goes up when you’re consistent with what you’re doing.   Guest Info Dustin Brohm is a speaker and real estate marketing, lead generation coach and host of the Massive Agent podcast. The Massive Agent Podcast™️provides real, actionable real estate marketing and lead generation tips and strategies for real estate agents and other real estate professionals everywhere to bring in more leads and sell more homes. Facebook Ads, Instagram Stories, Snapchat, Sphere of Influence (SOI), Zillow and Realtor.com leads, blogging, client appreciation ideas, video marketing, 360º video, virtual open houses, Facebook Live, YouTube video, direct mail, personal branding, door knocking, hosting your own show, cold calling, creating a media company that happens to sell real estate. Website: https://massiveagentpodcast.com/YouTube: https://www.youtube.com/channel/UCmIJ99hRvG-IL27abySegqwInstagram: @massiveagent