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CapitalMortGroup
57 Posts |
 Posted - 07/30/2008 : 2:48:30 PM
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I met this company at the NAMB convention in Fl and they seemed to be well informed with a good marketing system in place. Does any one have any experience with them working on loan modifications?
www.ForeclosureAvoidanceNetwork.com
Initial broker setup fee is $2995 + $395.mo.
They charge $3500 to the borrower for a loan modification regardless of loan size, $2k to the broker.
I am looking to team up with a reputable load modification firm.
Any info would be greatly appreciated! |
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c2cl
273 Posts |
Posted - 07/30/2008 : 3:01:26 PM
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| Coantact Courtney at NFI channon@nfihelp. There is no set up charges they charge a flat fee for processing and negotiations and you keep the rest. Channon@nfihelp.com is her e-mail and they do provide support and will train you. |
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KHufford
6001 Posts |
Posted - 07/30/2008 : 3:03:55 PM
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In my opinion you should NOT have to pay anything to 'set up' with them...you are sending them business....makes zero sense whatsoever.
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isitfree
771 Posts |
Posted - 07/30/2008 : 3:18:26 PM
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Why not charge a set up fee?
It's free to do a loan mod direct with the lender, but the client chooses to work with the loan mod company for a fee.
So, the loan mod company charges a fee to set up the affiliate, even though that 'could be' free too.
And carrying on with this logic, send me $299 for reading this very informative post. |
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KHufford
6001 Posts |
Posted - 07/30/2008 : 3:25:40 PM
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quote:
Originally posted by isitfree
Why not charge a set up fee?
It's free to do a loan mod direct with the lender, but the client chooses to work with the loan mod company for a fee.
So, the loan mod company charges a fee to set up the affiliate, even though that 'could be' free too.
And carrying on with this logic, send me $299 for reading this very informative post.
Its bull. Thats like me telling a Realtor, I need a 500$ setup fee to add them to my referral databsase so they can send me their clients..you are making them money. Anything charging you as an employee of some sort to start up, is a scam, same thing with pyramid schemes.
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isitfree
771 Posts |
Posted - 07/30/2008 : 3:33:51 PM
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| Where's my $299? |
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Rene Viloria
1828 Posts |
Posted - 07/30/2008 : 3:34:28 PM
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| don't pay it! |
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ForeSolution
7 Posts |
Posted - 07/30/2008 : 3:46:59 PM
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| Don't bother with them. They had a seminar here in Washington D.C. last month. Ron Quintero was the speaker. He knows a lot about the loan modification business, but their company is not well setup. Very good seller though as he almost had me convinced to joined them. It just didn't make sense to pay them an upfront setup fee when we are the ones originating the business. Their fees were also too much. |
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Hustler12
1293 Posts |
Posted - 07/30/2008 : 4:29:15 PM
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quote:
Originally posted by ForeSolution
Don't bother with them. They had a seminar here in Washington D.C. last month. Ron Quintero was the speaker. He knows a lot about the loan modification business, but their company is not well setup. Very good seller though as he almost had me convinced to joined them. It just didn't make sense to pay them an upfront setup fee when we are the ones originating the business. Their fees were also too much.
In my honest opinion (not soliciting biz here), I think its silly for any company, loan mod or not, to try and charge mortgage brokers junk fees....right? |
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Managing Prime
2802 Posts |
Posted - 07/30/2008 : 4:33:38 PM
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What I would like to see is a company that has a one page form that the LO fills out with the homeowner. The form submits to the MOD company. A sales person with the MOD company contacts homeowner and attempts to make sale. If a sale is made the LO gets 100ish per sale.
That is the model that works best for producing LO's. Why no one has come up with it yet I have no idea.
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Hustler12
1293 Posts |
Posted - 07/30/2008 : 4:35:32 PM
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quote:
Originally posted by Managing Prime
What I would like to see is a company that has a one page form that the LO fills out with the homeowner. The form submits to the MOD company. A sales person with the MOD company contacts homeowner and attempts to make sale. If a sale is made the LO gets 100ish per sale.
That is the model that works best for producing LO's. Why no one has come up with it yet I have no idea.
I use to have a referral program. $250/file. I'm working on a new one, but the affiliate program has swamped me. My old sales guy prefer to work as an affiliate for me instead of handle the referrals. <--just my experience. |
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Hustler12
1293 Posts |
Posted - 07/30/2008 : 4:37:21 PM
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quote:
Originally posted by Managing Prime
What I would like to see is a company that has a one page form that the LO fills out with the homeowner. The form submits to the MOD company. A sales person with the MOD company contacts homeowner and attempts to make sale. If a sale is made the LO gets 100ish per sale.
That is the model that works best for producing LO's. Why no one has come up with it yet I have no idea.
You have mail. |
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mortgagemessiah
8003 Posts |
Posted - 07/30/2008 : 4:40:45 PM
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| With the loan mod companies I work with I just do a referral. It seems to work fine. |
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ppulatie
2259 Posts |
Posted - 07/30/2008 : 4:58:16 PM
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| I just do referrals to the attorneys, and get nothing extra from the client other than the $350 audit fee, which does get adjusted for people with lesser means than that. $3500 is too much money for most people. And $2k to the lo bringing them in? Here we go again....all about the big commission. |
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Managing Prime
2802 Posts |
Posted - 07/30/2008 : 5:16:00 PM
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So do you! 
http://dialingprime.com/phpforms/index.php?fid=08632a4e1d |
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rayggar
5 Posts |
Posted - 07/30/2008 : 5:18:15 PM
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| Is anybody here doing serious loan mod volume? |
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Hustler12
1293 Posts |
Posted - 07/30/2008 : 5:20:07 PM
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quote:
Originally posted by rayggar
Is anybody here doing serious loan mod volume?
The best affiliate I have sends me 4-5 every week. Not much volume since he has 3.5 guys calling. |
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rayggar
5 Posts |
Posted - 07/30/2008 : 5:22:02 PM
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| Beau, I called your 714 # to get more info. but it goes to voicemail. Do you have a number that i can call you directly to discuss? |
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Hustler12
1293 Posts |
Posted - 07/30/2008 : 5:23:57 PM
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quote:
Originally posted by rayggar
Beau, I called your 714 # to get more info. but it goes to voicemail. Do you have a number that i can call you directly to discuss?
Walking out the door right now, call me tomorrow. |
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ForeSolution
7 Posts |
Posted - 07/30/2008 : 5:35:40 PM
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quote:
Originally posted by Managing Prime
What I would like to see is a company that has a one page form that the LO fills out with the homeowner. The form submits to the MOD company. A sales person with the MOD company contacts homeowner and attempts to make sale. If a sale is made the LO gets 100ish per sale.
That is the model that works best for producing LO's. Why no one has come up with it yet I have no idea.
Because the LOs are alway hungry for more. They will not settle for 100ish per sale when they know they can make much more. It is all about the commission or should I say benjamins rather than looking for the best interest of the thousand and thousands of desperate people in desperate situations.
I believe that every loan mod company should have a full refundable fee if they cannot accomplish a modification. It is unethical to collect from someone that you cannot help especially someone that is about to lose their home. Just my two cents.
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Managing Prime
2802 Posts |
Posted - 07/30/2008 : 5:43:29 PM
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quote:
Originally posted by ForeSolution
Because the LOs are alway hungry for more. They will not settle for 100ish per sale when they know they can make much more. It is all about the commission or should I say benjamins rather than looking for the best interest of the thousand and thousands of desperate people in desperate situations.
I believe that every loan mod company should have a full refundable fee if they cannot accomplish a modification. It is unethical to collect from someone that you cannot help especially someone that is about to lose their home. Just my two cents.
I don't think that's necessarily true. I have clients that work hundreds of leads per month that my company generates for them. They all know that they majority of the leads are in some situation that keeps them from refinancing. My clients would like to just send the Loan Mod candidates off somewhere and collect a small fee. They don't want to get documents signed, collect documents, collect fees, etc. They just want to know the basics in regards to loan mod qualifications and if they have a lead that would possibly benefit from a mod ask the homeowner if they would like to be contacted by a loan modification specialist and if so fill out a quick form and forget about it. |
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Managing Prime
2802 Posts |
Posted - 07/30/2008 : 5:45:37 PM
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| I agree on the refund bit. Maybe not a full refund as they do have salary staff in most cases...but at least the majority of the fee should be refunded. |
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ForeSolution
7 Posts |
Posted - 07/30/2008 : 5:57:48 PM
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quote:
Originally posted by Managing Prime
quote:
Originally posted by ForeSolution
Because the LOs are alway hungry for more. They will not settle for 100ish per sale when they know they can make much more. It is all about the commission or should I say benjamins rather than looking for the best interest of the thousand and thousands of desperate people in desperate situations.
I believe that every loan mod company should have a full refundable fee if they cannot accomplish a modification. It is unethical to collect from someone that you cannot help especially someone that is about to lose their home. Just my two cents.
I don't think that's necessarily true. I have clients that work hundreds of leads per month that my company generates for them. They all know that they majority of the leads are in some situation that keeps them from refinancing. My clients would like to just send the Loan Mod candidates off somewhere and collect a small fee. They don't want to get documents signed, collect documents, collect fees, etc. They just want to know the basics in regards to loan mod qualifications and if they have a lead that would possibly benefit from a mod ask the homeowner if they would like to be contacted by a loan modification specialist and if so fill out a quick form and forget about it.
Maybe or maybe not but so far, from the LOs I have spoken to, most if not all have shown interest in learning the loan mod processing system to make a quick buck. In my opinion, this shouldn't be treated as the new Refinance Boom but more towards helping people get back on their feet. It will also help our market by slowing down the bleeding that has been going on for the past two years. If a service is provided, then I believe a fee (reasonable fee) should be collected, but it shouldn't be the reason why we do this.
Again, I strongly feel a full refund should be provided back to the client if the service is not fullfilled. It is the loan mod company's duty to make sure the file will modify. I know each lender treats each file differently but if the numbers make sense (w/hardship), there shouldn't be any problem modifying the loan. This will also increase the mod company's success ratio, which will benefit in the long run. |
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courtneyyounghan
76 Posts |
Posted - 07/30/2008 : 9:01:58 PM
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Not to blow their whistle but again Courtney at NFI who I have used with success has a simple form for lo's/brokers to fill out. She will even take the time to explain and review files to see if they are able to be assisted. They do charge a negotiation fee and offer affiliates a minimum 50% refund if they cannot negotiate some type of repayment plan.
Again channon@nfihelp. I currently use them and have heard nothing but praise from my clients. |
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Kevin@AMA
1 Posts |
Posted - 07/31/2008 : 6:48:03 PM
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| You should never deal with a company that does not guarantee 100% money back in writing, when doing a loan mod in the event that a mod cannot be done. American Modification Agency is the largest modification company in the country, works in all 50 states as well as Puertorico. We too have a referral base program, and offer $250 per referral who retains our services. Feel free to contact me direct at (877) 262-3911 x 2170. |
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samurai
691 Posts |
Posted - 07/31/2008 : 7:08:59 PM
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Courtney,
Are you in any way connected with NFI? |
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courtneyyounghan
76 Posts |
Posted - 07/31/2008 : 8:47:02 PM
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| Being a licensed real estate agent for Century 21 in both AZ and CA has allowed me to utilize their services. I am one of their largest affiliates and based on volume submitted I may receive compensation for refferals provided. So I guess in a way you could say yes I am. But in all seriousness they are outstanding. One of my referalls in AZ just rec'd a 2% fixed loan with Countrywide. |
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samurai
691 Posts |
Posted - 08/01/2008 : 04:07:02 AM
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| So you are not related to Will Younghans? How do you receive referral fees if people contact the company directly? |
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samurai
691 Posts |
Posted - 08/01/2008 : 05:04:37 AM
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quote:
You should never deal with a company that does not guarantee 100% money back in writing, when doing a loan mod in the event that a mod cannot be done. American Modification Agency is the largest modification company in the country, works in all 50 states as well as Puertorico. We too have a referral base program, and offer $250 per referral who retains our services. Feel free to contact me direct at (877) 262-3911 x 2170.
It is easy to offer a refund when you price that in to your fee structure. For example instead of charging $1500 for a mod I can charge $3000 and offer full refunds. Even if I refund 40% of the fees, I will still be ahead. |
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148724
1 Posts |
Posted - 11/13/2008 : 10:31:15 AM
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Beware Ron Quintero and anything he is affiliated with, including American Mortgage Modification, Debt Awareness Alliance, and several hundred others. His administrateive assistant does not return E-mails or phone calls, does not post events in a timely manner, with sufficient info to actually join in, so let's assume it is a scam. The vast team of attorneys he works with is one company, in California.
Save your $$. |
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CapitalMortGroup
57 Posts |
Posted - 11/13/2008 : 10:57:03 AM
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| We work with New Life Lending, so far so good. Ron Quintero's company outsources their attorney work and who knows about being in compliance with the new FL laws. |
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kwinters
156 Posts |
Posted - 11/13/2008 : 12:00:21 PM
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quote:
Originally posted by 148724
Beware Ron Quintero and anything he is affiliated with, including American Mortgage Modification, Debt Awareness Alliance, and several hundred others. His administrateive assistant does not return E-mails or phone calls, does not post events in a timely manner, with sufficient info to actually join in, so let's assume it is a scam. The vast team of attorneys he works with is one company, in California.
Save your $$.
Bud..you have one post. Thanks for the warning...but. 1 post? |
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MonaB
4 Posts |
Posted - 11/13/2008 : 12:00:31 PM
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I wanted to share the results from one of my client’s loan modification direct mail campaigns with you:
Pieces mailed 20,000 (5,000 a week for 4 weeks in Sept.)
Phone calls received 811 (Yes over 4% - I tracked it on my toll free number so I can prove this)
Loan modifications sold 157 (sold means client paid up front)
Price he charges for loan mod $2,500
Total revenue from mailer $392,500
Cost for direct mail $11,000 (I know it sounds expensive but I can do cheap mailers if you want to make less money)
Many companies can send a mailer out for you but we have a proven letter and have perfected the data so you will have a high response rate and closing ratio.
Our data includes a combination of: Homeowners 30, 60 and 90 days late on their mortgage, high LTV, Adjustable rate loans with specific lenders (who are willing to modify), specific refi and purchase dates, and a couple other things I can’t tell you.
Please call me if you have $5,000 to $500,000 in your advertising budget for this and you are ready to take your loan modification business to the next level.
Mona (714 ) 824-3795
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samurai
691 Posts |
Posted - 11/13/2008 : 12:24:59 PM
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| Mona, how can these results be verified? I do direct mail and get a 3% response but I am lucky to close 10% with upfront payment. |
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MonaB
4 Posts |
Posted - 11/13/2008 : 12:29:21 PM
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| The results are verified with the toll free number tracking online. It not only keeps records of all the calls but records them. If I get you over 800 call with only 20,000 mailers you should be able to close at least 80 of them or you have no business in the mortgage industry. |
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mudshark
3836 Posts |
Posted - 11/13/2008 : 2:47:20 PM
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| We are a full service modification firm. We are fully attorney backed and compliant. We do not charge sign up fees. We are staying ahead of the curve on our services and put you on as a net branch under us. |
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