ALL LOAN MOD FIRMS NEED TO RESPOND TO THIS IMMEDIATELY!
Mandelman Matters is compiling data on the loan modification industry… so there.
Everyone who has spoken to me knows what I’ve been saying about the industry having no data. So, for the past month or so, my team has been on the phones every day locating firms and calling them to ask for their data, including:
- What number of loan modifications has your firm completed year-to-date for 2009?
- How many full-time employees work for your firm?
- How many homeowners contact your firm looking for help each month?
So, here’s the deal… It’s costing me a fortune to find you. And it’s taking far too long. We’ve now been asked AGAIN by legislators and regulators at the federal and state levels for the data we have on the industry. So, if you don’t take action now and provide us with your firm’s information, you will be partially responsible for whatever insane thing happens to you and your industry next. Don’t provide us with your information now… don’t complain when some branch of the government tries to erase you from the landscape. I’m in your corner, I think you know that. But you have to help. I can’t do it alone.
We have to start somewhere. And it seems to have fallen to me to carry this message, which I don’t mind doing at all. In fact, I’m passionate about private sector firms helping homeowners. But I have to hear from you now. You don’t have more than a week on this… after that it won’t matter. I have to report whatever industry numbers I have… like yesterday… I’m done stalling.
And What About the FTC’s Request for Information from Consumers?
Also, a few weeks ago I posted an announcement about the FTC seeking consumer advice on loan modifications. The deadline for comments is July 15th. I even offered to help firms figure out how to get your clients to fill out the form and send it in to the FTC. And I haven’t heard from a single firm. Maybe everything is fine and you guys are all out there doing exactly what you should be doing… but somehow I doubt it. And it’s making me insane.
Don’t you realize what’s sure to happen if you don’t get your clients involved?
There’s an old familiar statistic in the car business that a friend of mine used to tell me all the time. If someone’s happy with the car they bought they’ll tell three others. If they’re unhappy, they’ll tell eleven.
Do you get my point? One of the problems this industry has is that losing one’s home isn’t something you share with others. You keep it inside. You don’t even tell your family members. So, if when the firm your hired tells you that you’ve obtained a loan modification that allows you to stay inn your home, you certainly don’t go running around telling anyone that either.
Of course, if you get ripped off for several thousand dollars you’ll tell someone for sure. You’ll call the Attorney General’s office, the Department of Real Estate, or the State Bar Association, no problem whatsoever. You don’t know those people, so you’ll tell them anything.
Now do you see my point?
The FTC has announced that they want consumers to tell them about what’s happening as related to loan modifications. And you can count on thousands of people writing in to say something negative, because that’s the natural order of things. Lot’s of company’s have complaint boxes, few have compliment boxes.
So, if you don’t get on the phone and explain to your clients why it’s so important that they take the few minutes to let the FTC know that they received a loan modification as a result of your firm’s work, the FTC is sure to hear only the negatives and non of the positives. Then they’ll be sending out press releases that say: “See, we knew it… they’re all scams.” And I’ll throw up. You know, you’re not the only one working hard over here… don’t let that happen, okay?
Also, why not give me a little piece of mind and drop me a note so I know you’re doing something about the FTC’s request for information. It’ll help me sleep at night. And remember… if you want to talk about the best way to get this done, send me a message and I’ll send you my best ideas on the subject. Remember, I’ve spent an entire career helping companies communicate better in order to achieve their objectives. If you want some input, all you have to do is ask.
OKAY… SO HERE’S THE INFORMATION I NEED FROM EVERY LEGITIMATE LOAN MODIFICATION FIRM IN THE COUNTRY. AND DON’T WORRY… I’LL KEEP YOUR PERSONAL INFORMATION CONFIDENTIAL.
All I’m reporting is the number of loan modifications you’ve completed year-to-date, the number of full-time personnel you employ, and the number of homeowners contacting you for help each month.
But I will need to reach some of you to verify what you’ve provided, so please DON’T leave blanks as that will only make my job harder and I don’t need a harder job. Seriously.
So, answer the questions, fill in the balnks and email your information to me at:
Today… or tomorrow, or maybe later this week, but that’s about it.
And pass it on. Ask the other firms you know about if they’ve sent in their data. It’s up to you what those in congress and at regulatory agencies know about the legitimate loan modification industry.
If the industry appears almost nonexistent, there won’t be anything worth saving.
- What is the name of your firm?
- What type of firm are you? A law firm or a mortgage firm?
- When did you start offering loan modification services?
- Your company’s street address:
- Your city, state and zip code:
- Your company’s Website address: http://www.
- What is your company’s local phone number:
- The name(s) of your company’s owner(s):
- Owner’s email address:
- How many loan modifications has your firm completed year-to-date for 2009?
- How many full-time employees work for your firm?Part time?
- How many homeowners contact your firm looking for assistance each month?
Now copy those questions and answers and paste them into an email to:
And Please Spread the Word… We Need to Reach the Entire Industry!