You Can Be a Hero in the ARM Crisis
Five million adjustable rate mortgages (ARMs) are scheduled for their first reset between 2008 and 2011.Millions of consumers who could afford ARMs with low “teaser” rates are finding it hard to make the new, higher payments. At least 1.1 million of these loans will default over the next six years. What, if anything, can save consumers from these budget-crushing ARMs? Cue the music. Enter the heroes: Loan Officer and Mortgage Broker. Read on.
The technical term for the solution to the ARM crisis is “market remediation”—refinancing through private lenders. This is the only viable option for most ARM customers. The “external remediation,” e.g. governmental intervention, proposed so far applies to a slender minority of ARM customers. The other main option, home sales, is not working well with the sluggish real estate market.
The challenge for loan officers and mortgage brokers is to locate, contact, and close these potential customers before anyone else does. It doesn’t take x-ray vision or any other super power to find them. Mortgage brokers and loan officers now can buy detailed ARM leads for around $12.50 per lead. These are not the typical public records. These new, bionic ARM leads are strengthened with detailed property and loan information, such as initial reset date, current interest rate, maximum interest rate, lender name, loan amount, property value, available equity, year built, and number of rooms—right down to number of bedrooms and baths. Most importantly, some companies can guarantee that the leads they provide do not appear on the national Do Not Call Registry.
The new ARM leads do not permit time travel, but they do allow mortgage brokers and loan officers to see as much as 120 days into the future, when the lead will reset. This allows the lead buyer to conduct a mailing campaign in advance of the initial phone call. Some companies even offer direct mail templates that can be populated with the lead data to make personalized postcards and letters.
Rising interest rates, stagnant home sales, and fast-approaching ARM reset dates are threatening the financial well-being of millions of Americans. Those who can guide them to safety are poised to make a lot of money. They also are likely to become heroes in the eyes of the families whose homes they save.
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