Regards,

The Axxes Data team

The bill passed the U.S. House of Representatives on November 11, and the U.S. Senate late Wednesday. The tax credit was extended through April 30, 2010, with a 60-day extension if a binding contract is in place prior to the deadline.

Now with the extension in place, target your marketing efforts on renters who are excellent candidates to take advantage of this program.

With interest rates still so low, this database has an algorithm that scours renters looking for prospects you can convert to homeowners. With selects like FICO score, income, presence of children and length of residence, it’s this data model is unique and NOT like the baseline renter list that other mortgage list and lead companies are selling.

Axxes Data is ready are YOU.  We have lists for direct mail and telemarketing.  Please call us today to get counts in your area.  1-888-715-3237. Or email info@axxesdata.com for more information.

Axxes Data is ready as well.  We have lists for direct mail and telemarketing that reflect these key changes.  Please call us today to get counts in your area.  1-888-715-3237.  Or email info@axxesdata.com for more information.

As a courtesy, below you will find the letter HUD sent out highlighting these revised guidelines.

September 18, 2009 MORTGAGEE LETTER 2009-32

TO:  ALL APPROVED MORTGAGEES

SUBJECT: Revised Streamline Refinance Transactions

This Mortgagee Letter provides (1) revised procedures; and (2) reaffirms existing procedures regarding Streamline Refinance transactions.  This Mortgagee Letter is effective for new case numbers assigned on or after 60 days from the date of this letter.

Key Revisions:

• Seasoning
• Payment history
• Net tangible benefit for the borrower
• Maximum Combined Loan-to-Value
• New Maximum Mortgage Amount for Streamline Refinances WITHOUT an Appraisal
• Discounts Points no longer included in Existing Debt for Streamline Refinances WITH an Appraisal
• Verification of any assets needed to close
• Certification that borrower is employed and has income
• Elimination of abbreviated Uniform Residential Loan Application (URLA)

1. I. Revisions for ALL Streamline Refinance Transactions

1. A. Seasoning At the time of loan application, the borrower must have made at least 6 payments on the FHA-insured mortgage being refinanced.

1. B. Payment History At the time of loan application, the borrower must exhibit an acceptable payment history as described below.

1)    For mortgages with less than a 12 months payment history, the borrower must have made all mortgage payments within the month due.

2)    For mortgages with a 12 months payment history or greater, the borrower must have:

a)     Experienced no more than one 30 day late payment in the preceding 12 months,

AND

b)    Made all mortgage payments within the month due for the three months prior to the date of loan application.

1. C. Net Tangible Benefit The lender must determine that there is a net tangible benefit as a result of the streamline refinance transaction, with or without an appraisal.  Net tangible benefit is defined as:

• reduction in the total mortgage payment (principal, interest, taxes and insurances, homeowners’ association fees, ground rents, special assessments and all subordinate liens),

• refinancing from an adjustable rate mortgage (ARM) to a fixed rate mortgage,

OR

• reducing the term of the mortgage.

Reduction in Total Mortgage Payment: The new total mortgage payment is 5 percent lower than the total mortgage payment for the mortgage being refinanced.  Example:  Total mortgage payment on the existing FHA-insured mortgage is $895; the total mortgage payment for the new FHA-insured mortgage must be $850 or less.

This requirement is applicable when refinancing from a Fixed Rate to Fixed Rate, from an ARM to ARM, from a Graduated Payment Mortgage (GPM) to Fixed Rate, from GPM to ARM, from a 203(k) to 203(b) and from a 235 to 203(b).

Fixed Rate to ARM: Fixed rate mortgages may be refinanced to a one-year ARM provided that the interest rate on the new mortgage is at least 2 percentage points below the interest rate of the current mortgage

ARM to Fixed Rate: The interest rate on the new fixed rate mortgage will be no greater than 2 percentage points above the current rate of the one-year ARM.  For hybrid ARMs, the total mortgage payment on the new fixed rate mortgage may not increase by more than 20 percent .  Example:  total mortgage payment on the hybrid ARM is $895; the total mortgage payment for the new fixed rate mortgage must be $1,074 or less.

Reduction in Term: For transactions that include a reduction in the mortgage term, that loan must be underwritten and closed as a rate and term (no cash-out) refinance transaction.

Investment Properties/Secondary Residences: In addition to meeting the requirement for a reduction in the total mortgage payment, investment properties or secondary residences are not eligible for streamline refinancing to ARMs.

1. D. Certifications and Verifications When submitting the loan for insurance endorsement, the lender must include a signed and dated cover letter on their letterhead certifying[1] that the borrower is employed and has income at the time of loan application. If assets are needed to close, the lender must verify and document those assets.  The lenders must also include the pay-off statement in the case binder.

1. E. Credit  Score If a credit score is available, the lender must enter the credit score into FHA Connection.  If more than one credit score is available, lenders must enter all available credit scores.

1. F. Maximum Combined Loan to Value If subordinate financing is remaining in place, the maximum combined loan-to-value ratio is 125 percent.

• For streamline refinance transactions WITHOUT an appraisal, the CLTV is based on the original appraised value of the property.

• For streamline refinance transactions WITH an appraisal, the CLTV is based on the new appraised value.

1. G. TOTAL Scorecard Lenders should not use TOTAL on streamline refinance transactions.  If a lender uses TOTAL, that loan must be underwritten and closed as a rate and term (no cash-out) refinance transaction.

1. H. Uniform Residential Loan Application (URLA) Mortgagees may no longer use an abbreviated version of the URLA.  Due to various disclosure requirements and our long-standing belief that borrowers are best served when certifications they must make are divulged as early as possible in the loan application process, the application for mortgage insurance must be signed and dated by the borrower(s) before the loan is underwritten. Mortgagees are permitted to process and underwrite the loan after the borrowers and interviewer complete the initial URLA and initial form HUD-92900A, HUD/VA Addendume to Uniform Residential Loan Application.

1. II. Revised Streamline Refinance Transactions WITHOUT an Appraisal

The maximum insurable mortgage cannot exceed:

• • The outstanding principal balance[2] minus the applicable refund of the UFMIP,

PLUS

• • The new UFMIP that will be charged on the refinance.

1. III. Revised Streamline Transaction WITH an Appraisal

The maximum insurable mortgage is the lower of:

1)    Outstanding principal balance² minus the applicable refund of UFMIP, plus closing costs, prepaid items to establish the escrow account and  the new UFMIP that will be charge on the refinance;

OR

2)    97.75 percent of the appraised value of the property plus the new UFMIP that will be charged on the refinance.

Discount points may not be included in the new mortgage.  If the borrower has agreed to pay discount points, the lender must verify the borrower has the assets to pay them along with any other financing costs that are not included in the new mortgage amount.

1. IV. Unchanged Streamline Refinance Transactions

The following on streamline refinance transactions remains unchanged.

If you have any questions regarding this Mortgagee Letter, please contact the FHA Resource Center at 1-800-CALL-FHA (1-800-225-5342).  Persons with hearing or speech impairments may access this number via TTD/TTY by calling 1-877-TDD-2HUD (1-877-833-2483).

Sincerely,

David H. Stevens

Assistant Secretary for Housing-

Federal Housing Commissioner

Paperwork Reduction Act

Paperwork reduction information collection requirements contained in this document have been approved by the Office of Management and Budget (OMB) under the Paperwork Reduction Act of 1995 (44 U.S.C. 3501-3520) and assigned OMB control number 2502-0059.  In accordance with the Paperwork Reduction Act, HUD may not conduct or sponsor, and a person is not required to respond to, a collection of information unless the collection displays a currently valid OMB Control Number.

[2] The outstanding principal balance may include interest charged by the servicing lender when the payoff is not received on the first day of the month but may not include delinquent interest, late charges or escrow shortages.

Twitter

Facebook

Axxes Data is please to announce it’s new social media marketing division.

Social media marketing (SMM) is a powerful tool to engage your prospects with, build credibility and drive ROI. Call us today discuss our turnkey SMM solution, 1-888-715-3237.

Most financial and mortgage companies are not using SMM yet. This is a mistake that can actually hurt your business. Let’s face it, more and more people are using the web to learn more about a business – your business – before they make a purchase decision.

The bottom line: Companies with limited web presence are not believed to be as legitimate as companies who are visible in multiple places on the web!!!

Simply put, SMM done strategically can dramatically increase your credibility and your ROI by providing potential customers with a way to learn more about your company beyond the traditional website.

• Blogs build credibility, provide a behind-the-scenes window into your company that humanizes the people behind the corporate vail, and increases your ability to be found by the search engines.

• Facebook gives your company another way of being found on the web.

• Twitter is an excellent tool to engage people and build relationships.

Axxes has partnered with Gilbert Direct Marketing, a leading SMM Agency to develop and completely manage your SMM presence – and provide you a turnkey solution.  We do all of the blog design, management and even content development for you for one low price. We even write your blog content and twitter tweets.

SPECIAL OFFER (one week only):

GET $100 OFF THE SET UP OF YOUR TURNKEY SOCIAL MEDIA MARKETING IMPLEMENTATION*.

Learn more today, call 1-888-715-3237.

*offer expires 10/22/09

Conforming Lender Leads – With tough economic times you can omit riskier prospects that fall within the extremely high risk, high risk and moderate high risk categories.

Reverse Mortgage Lists - RPI can help you select out seniors that are having problems paying their mortgae and are excellent candidates for a reverse mortgage.

FHA VA Streamline leads – With new guidelines to qualify for an FHA loan, you can suppress borrowers that are too high a risk for your direct mail and telemarketing campaigns.

Loan Modification leads – Select the risk catagory (high to moderate) that you can best help get out of their past loan and into a less risky mortgage.

Renter to purchase leads - Supress any renter lead who are not worth the risk.

These are only the tip of the iceberg.  The Axxes Data Risk Propensity Indicator Model helps you select your best prospects for your next mailing or telemarketing campaign.

• Mail less  - don’t waste printing and postage on prospects who aren’t perfect for your offer!
• Increase your response rates and conversions.  Better conversions will keep your staff “happier” with less unqualified calls to handle.
• Make less outbound telemarketing calls, increase conversion and keep your telemarketing staff motivated.

Call us today for more information and counts in your area.  Reduce the Risk from your next campaign.  1-888-715-3237.

* This data is not intended to represent credit bureau information and should not be used to make credit based decisions.

The RPI is available as part of our master database. Axxes Data’s provides 203 million consumers and 107 million households nationwide.

In response to our customers’ needs, Axxes Data introduces the Risk Propensity Indicator. Axxes Data Risk Propensity Indicator (RPI) helps you identify areas that may be more likely to fit credit risk categories. The RPI categories are statistically derived using factors such as demographic, lifestyle, behavioral, and other credit trade line information aggregated at the ZIP+4 level.

This Indicator is geared for direct marketers and was developed based on years of experience in the credit direct marketing industry. The index uses demographic, property and summarized credit statistics for each individual in the database. We crunch billions of transactions to analyze and validate the RPI categories. The use of summarized consumer credit data as part of RPI removes the burden of making a pre-approved offer of credit while still retaining the accuracy of the data for list selection and high level risk management.

Call us today for more information, or email Jake Nissan at jnissan@axxesdata.com for more info (or a fact sheet) today.

More info:
• Available for Telemarketing and Direct Mail!

• This model can be overlaid on any of our lists and databases.

• For financial lists, select out the prospects who need your services most.

• For consumer lists, suppress names that are too risky to mail or call.

The RPI categories are segmented as follows:
A. Extremely Low Risk – 22% of total population
B. Low Risk – 25% of total population
C. Moderately Low Risk – 21% of total population
D. Moderately High Risk – 16% of total population
E. High Risk – 10% of total population
F. Extremely High Risk – 6% of total population

Call us today for more information, or email Jake Nissan at jnissan@axxesdata.com for more info (or a fact sheet) today.

** This data is not intended to represent credit bureau information and should not be used to make credit based decisions.

Many companies still use printed out sheets of paper with names and phone numbers, while other companies use CRM solutions.

What is missing and fits within both of these “systems” is a device called an autodialer.

Autodialers, are devices that just as the name implies dial the phone for you and allow you to reach more prospects in one sitting. It assists in making calls for you, and can be completely adjusted by the user to the users natural pace

Auto Dialer + Data = More closed deals

What autodialers are not:

Some people mistake autodialers for predictive dialers.  A predictive dialer is a device that will over dial the phone and wait for the telemarketer to “catch up”.  It is typically used by large-scale telemarketing companies.

On the receiving end, you know when you have been predictive dialed when you pick up the phone and hear dead air for a minute (or a message playing “please hold”)

Introducing the new breed of autodialer:

In the past, autodialers were expensive hardware and software driven “black boxes” that needed technical people (your IT staff) to run, and can dial up to 200 calls per hour.

Great news for small and mid sized mortgage companies:

This is no longer the case thanks to the internet.  In short, the internet has allowed the autodialer to be used by any small, (as small as a one person shop) company (and can be scaled up to meet the needs of any company).

And it is no longer expensive.  In fact, a few hundred dollars, can get you dialing with no phone or hidden charges, no minimum – just one flat fee!

All you really need is a good quality list, a script and some sales skills.  Sounds easy right?  Well it is as simple as that.

SPECIAL GET STARTED OFFER:

Generate new customers as fast as you can.  Try out the auto dialer for only $195, a savings of $100.

Special bonus we’ll even give you a FREE script to use.  Call us now!

To learn more call us now at 888-715-3237.

Mortgage, loan modification, debt and financial related lists our specialty.  All data exceptionally clean, and ready for you or your client’s campaigns.  We put together models from multiple sources that get RESULTS!!!

Offer expires midnight 9/2/09.  Excludes turnkey direct mail.  Certain restrictions apply.

Get Psychological:
From a psychological perspective, consumers much prefer to hear what their peers are saying. As we get deeper into the age of social media, peer recommendations are becoming the norm as part of a prospect’s evaluation process. No longer are you able to push out messages and have customers buy on impulse. Today’s consumers are extremely sophisticated. They seek out information from many sources beyond a company’s marketing materials before buying decisions are made.

Therefore, companies who provide their customer stories up front are giving themselves an edge over the competition.

You’d be surprised how easy it is to get testimonials from your customers. Here are four tips to help you get started with the process:

1. In most cases, all you have to do is ask. Have your front line staff ask for a testimonial when they hear a good story. (Believe me, they hear all sorts of stories. The question is: Do they filter up to you?) Have your people say something like, “Wow, what a great story! Would it be OK to share that with our other customers?” Simple, right?

2. Scan your database and your best customers. Give them a call, send them a letter (of course thanking them for their patronage) and see what happens.

3. It’s a little trickier to get video and pictures from your customers. But it may be worth adding some sort of incentive for video or pictures. A contest is always a good draw.

4. Engage your customers on social media sites. Monitor what people are saying about you on your sites. Contact the ones who say great things. Of course, the ones who say not-so-nice things are customer service OPPORTUNITIES waiting to happen when you resolve their issues.

Where to Feature Your Testimonials?

• On your blog, front and center.
•Your homepage and all throughout your website.
•In your emails and email newsletters.
• On your social media sites. Tweet them out. Post them to Facebook. Better yet, ask and your customers will post to Facebook themselves. Many times you’ll receive kudos on Facebook and Twitter you never expected.

We hope this article helps.  We are here for all your list needs.  Contact jnissan@axxesdata.com for more details.