If you plan to continue working in the office, you may want to consider a few things that are sure-fire distractions. For example, you will definitely want to avoid these time consuming activities: Gossiping co-workers, personal phone calls, phone calls from rate shoppers, driving aimlessly while wondering how to get more business, discussions of recent television shows or office politics, dreaming up other money making ideas (other than mortgages), surfing the net, and one of the most common work-stoppers - Solitairre. Recent studies show that the average office worker (in any field) will spend about two hours on productive activities. In other words, before you put all the blame on your slothful co-workers, you should consider adding a few more productive hours to your day.

If you find that distractions are seeking you out, then you may need to consider a different work environment (such as shutting your door, or working at home.) In the event that you are unable to do either, consider pointing out to your fellow mortgage originators or brokers that with less than two hours of productive work in any given day, by the end of the 40-60 hour work week, the total number of "working" hours is lowered to just 10 hours. This makes sense in a job where you are paid by the hour, but it sure makes you wonder what your total monthly income would be in a commission only career if you were to actually WORK for the entire 40 hours per week - you'd be amazed.

One of the more common "distractions" in the office (granted, this issue is not limited to the mortgage industry) is a non-producing attitude in co-workers. Although there are many techniques to avoiding the distractions associated with workplace sloths, you're going to need a bit of self control and discipline to pull it off, whether you choose to remain in the office, or take your work home with you.

One very realistic solution for many mortgage professionals is to set up shop in your home office. One of the most important factors in originating mortgages from the home is local and state laws. In some states, there may be laws regulating how the information is stored (such as in a locked room, locked file cabinet, etc.) If you're considering working from your home, you should also be aware of the possibilities of distractions in the home, such as T.V., family members, too many breaks, or other potentially distracting factors. Be sure that you set up your home office to prevent distractions, such as using a spare room with a door that you can close, and telephone line, computer & internet, a file cabinet and a fax machine.

One of my favorites is Mortgage Professor, run by Jack M. Guttentag. It is indepth, it covers a huge number of subjects that can be useful not only to buyers, borrowers, and sellers, but to mortgage professionals - and it's not written in mortgagese. You can visit their website for quick tips, better understanding of specific loan types, and more. Another well-put-together informational geared towards educating consumers against mortgage fraud is the "Stop Mortgage Fraud" website. They cover a great deal of information that can educate borrowers and mortgage professionals alike. For "lender specific" education, such as information about Freddie Mac, Fannie Mae, or HUD, visit their websites. Each has training and educational tools, and some even have classes or scheduled internet events that you can be a part of.

Is it enough just for consumers to be aware of the issues that the mortgage industry are facing - or maybe the mortgage industry needs to take some responsibility in the relaxed regulations that govern the industry. Possibly, but since that has been a topic of debate among industry leaders due to the increase in publicized mortgage fraud there has been less of an emphasis on the more common problem with loan officers, brokers, and lenders: commission-vision. Okay, so that's not an official, but compared with tunnel-vision the affects are surprisingly similar.

When a professional in the mortgage or lending business only has one thing on their mind, the results can be disasterous for the borrower. There are laws popping up all over the country regulating title loans and payday loans, so why are there not more laws regulating the mortgage industry, designed to protect the consumer? Well, most states have laws, although they could be more defined, and more closely monitored. Some states have no regulatory laws on the industry, and fraud is rising at an alarming rate. But paycheck "boosting" doesn't seem to fit very tightly into the current laws.

So how can you protect yourself as a consumer? Education. Knowledge is power - we've all heard it, but believe it. The more you know about a subject (and are confident about that knowledge) the less likely you are to be dooped. If you were receiving advice from your doctor that you didn't believe or agree with, you may opt for a second opinion - it may be best to also get a second opinion about your mortgage options. Don't believe everything that your loan officer tells you, check it out for yourself - it could save you thousands, or even save your home. The moral of the story? Just don't put all of your marbles into one jar because if it breaks, you may end up loosing your marbles!

Okay, so LoanMagic is not news to some, but to others (like me) who are new to the wonderful tools of LoanMagic - there could be some real benefits. LoanMagic was launched in 2003, but has hit my desktop today - and like a ton of bricks! There is just so much that I have wanted to do for so long, and even though I am going to enjoy my free trial, I don't think I'd want to let go of it for quite some time.

There are a few things that really grabbed me, one of which was the ability to track the activity of loans, allowing you to notify your clients of any changes in the market that may affect their loan. Aside from that, it's user friendly - even with the multitude of tools available with the program. I don't make a penny by sharing this information with you, I just truly feel like I'm spreading peanut butter on bread with a knife instead of a spoon now! It used to take me hours to compile some of the reports that I can pull up in just minutes, and I am amazed - so I had to share! Finally the word "instant" really means something to me. You can download a free trial or see a demo from their website. One of the loan officers that raved to me about it last week says it really helps her close more loans per month just due to the types of reports she pulls, impressing her clients with how easy it was to understand what she was telling them. That's what I want to hear - and I sure look forward to testing that theory myself!

While smaller title companies are stuggling to stay afloat, cutting costs and downsizing just to stay open. Some who were once flooded with work are in high growth areas - downright bored. On the other hand, overworked giants are outsourcing to compensate for the huge influx of transactions, yet poorly processing the paperwork, causing an uprise in claims - up 15% from last year alone.

Kickbacks, incentives, and "friendly gifts" abound in an industry that strictly prohibits any such activity, costing  a hefty sum in settlement charges for many who are caught. Recently I read an article about a builder who even attempted to require that all of his clients used a single title company - illegal by any standards,  but prohibited by Federal laws stating that "anything of value" used in exchange for referrals of consumer business constitutes a violation of the law.

While it may seem that this is a hot topic of debate surfacing in the recent years to those who are new to the industry, but this is a problem that has been cultivated into our culture - it's nothing new. What is new is that the industry has grown larger than the public it serves in some areas. Think of it in this sense - if you put too many lobsters into a tank together, only the strong will survive, eating the weaker creatures. Mirror any business you know of? Well, put into simple terms, too many professionals in the same area offering the same services create the "lobster tank" in which only the strongest will endure - surviving only on the failure of others. In the future, we may see more industry-related crackdowns as the Federal government scrambles to get a handle on the real estate industry.

Some mortgage transactions are subject to a three day "cooling off" period allowing the borrower to essentially back out of the loan before the money is actually received. I found an article that clearly explains what types of loans are subject to this cooling period, and what types are not - and why.

Originally set up to protect borrowers from unethical business tactics by lenders and mortgage professionals, the laws also provide for borrowers who may wake up and decide they have made a bad financial decision. But more often than not - it's being used to undo a bad financial decision. I have not seen this right excercised very often, but when I have - it was usually not due to fraudulent activity on the part of the lenders. But it is comforting to know - especially with my week long report on foreclosure scams (which often involve equity loans, in which these laws and rights apply) - that you can consult an attorney with the paperwork that you signed, and you would have three days to "cancel" the loan. Read the article by Holden Lewis, of Bankrate.com

It's actually a reality check. I can understand the young kids making quick descisions, such as a drunken choice of what to pierce . . . And even marriage has a "cooling off" period of it's own - during which the marriage can be annulled. But an escrow takes a while - if you can see the train wreck coming for 30-60 days, geez, get out of the way! Don't wait for it to hit you

Regions Financial will acquire AmSouth Bancorp in a merger that would create a bank with nearly $140 billion in assets and market capitalization of about $26 billion, said officials Thursday. The two banking giants will merge in a $9.8 billion stock deal, creating the nations 10th largest bank, and hold nearly $100 billion in deposits..

Although the combined company will employ 37,000 people, the deal would reportedly save the company $400 million a year by closing 150 branches, and cutting as much as 10% of the total combined work force, about 3,600 employees will lose their jobs. The resulting bank will keep the Regions Financial name, and will have about 2,000 branches across Texas, and 16 other states across the South and Midwest regions. Jackson Moore, president/CEO of Regions, will become chairman of the combined entity. C. Dowd Ritter, chairman and president/CEO of AmSouth, will become president/CEO. Regions Financial will remain headquartered in Birmingham, Alabama.

Here are some tips, from the National Conusmer Law Center's Foreclosure Report, warning what should NEVER be done as a consumer:

• Don't panic. Get all of the information on the foreclosure process in your state, and how much time you have to resolve your problems before losing your home. Paying special attention to the date that you can lose your legal right to your property is extremely important.
• Never sign a contract under pressure. Take your time to review the paperwork thoroughly, preferably with a lawyer representing your interests only.
• Don't sign away ownership of your property (often referred to as a "quit claim deed") to anyone without advice from your lawyer. Be especially suspicious of offers to take over ownership of your home as part of a deal that will allow you lease or rent the home until you buy it back in a few years. Most buybacks are extremely expensive or nearly impossibly to pay, and most people never get their homes back. (As I think about this form of property theft I'm reminded of the pawn shop concept of jewelry robbery!)
• Beware of any home sale contract where you aren't formally released from liability for your mortgage. Also, make sure you know what rights you're giving up and that you are actually agreeing to give them up.
• Never make a verbal agreement. Get all promises in writing and get full copies.
• Don't sign anything that has blank lines or spaces. Information could later be added that you don't agree to - after you've signed. 
• Don't give in to promises such as the following, often used as ploys to entice consumers into deals which could cost far more than the promised savings:
  - "We'll pay for your closing costs" or "We'll save your credit"
  - "We'll pay your first two months rent or payments in your new home"
  - "You'll get several thousand dollars cash back to use any way you'd like."
  - If you sign the title over to us the foreclosure will be recorded against us, not you."
  - "We'll buy your house 'as is'."
  - "We guarantee we'll find you a buyer in seven to 14 days." (But at what price?)
  - "We'll get you a new mortgage with low monthly payments." (But they don't tell you how much is borrowed or for how many years worth of payments.)
  - "We'll help you file bankruptcy to stop this foreclosure." However, bankruptcy only buys you time to fix the finances, it doesn't stop a foreclosure. If you do this, make sure the person offering to help is a reputable bankruptcy attorney, who really knows what they are doing.)
  - "It may cost you thousands more if your property is sold at a public auction."
  - "We'll give you $40.00 in Free Gas."
  - "We have an interpreter for you." If you do not speak the same language as the "rescuer", bring your own translator, do not depend on the accuracy of the translation of a referred translator. Trust your own.

Here are some signs that one should proceed with caution, or even question the transaction. These can help protect consumers from fraudulent transactions, and help loan officers and mortgage professionals learn to recognize fraud, and even help to educate customers in the event that they need help in the future. Use extreme caution if you are asked by an individual or a company to do any of the following: (This advice comes from the U.S. Trustee Program of the Federal Department of Justice for homeowners facing foreclosure or having trouble paying their mortgage.)

• Calls itself a "mortgage consultant," a "foreclosure service," or anything similar.
• Contacts or advertises to people whose homes are listed for foreclosure, including anyone who sends flyers or solicits door-to-door.
• Collects a fee before providing services to you.
• Tells you to make your home mortgage payments directly to them instead of to your mortgage lender.
• Tells you to transfer your property deed or title to them.

You should always stay in touch with your mortgage company, and if necessary, contact an attorney WHEN YOU FIRST REALIZE YOU ARE IN TROUBLE. My father, who was an attorney in Los Angeles for very many years would give the same advice. (In fact, he has given me similar advice - contacting someone the moment you realize that you could POTENTIALLY be in trouble, and each time I did not follow that advice, I was in deeper trouble at the last moment than I would have been if I had just communicated. The aftermath is generally worse, too.) So far there have proven to be two key tactics to avoiding not only foreclosure in some cases, but fraudulent transactions robbing you of your equity or your home, or both: communication and education. Sound too hard? The alternative is lose everything you have worked hard to obtain and gain over the past years.

While regulations continue to tighten in some states, others lack the necessary restrictions that would keep out people who are likely to commit crimes in the mortgage industry. Currently Colorado and Alaska are the two remaining lacking industry standards and regulation regarding who can and cannot call themselves a mortgage broker, loan officer, loan originator, etc. Mortgage brokers and loan originators have access to your personal financial information.

These facts should not only make those in the mortgage industry think about writing to their legislators, but homeowners and buyers alike should be alarmed in those states. Chances are, there are more than just a few felons in financial positions that shouldn't be, and stiffer regulations would weed them out, and prevent the likelyhood of fraudulent activity in the business.

7NEWS caught one of them in the act, a four time convicted financial felon, calling himself a mortgage broker in Colorado - Wayne Martin. 7NEWS not only uncovered one of these convicted felons in the mortgage biz, but caught him on tape lying about a few issues. He claimed that he and his company did 400 loans last year, 225 of which he claimed were done by him. When later confronted with the issue he corrected himself saying it was actually around 50. He also said that he has no criminal record, and when asked the second time, said he couldn't recall what his earlier answer had been. While all four of his convictions were prior to his business in mortgage origination, his crimes were financial in nature. Thanks for the story 7NEWS, we need this type of behavior to be brought to the public so that personal and private information can only be accessed by those who are least likely to commit crimes with the information. The more we all know about the matter, the better able we are to create solutions.

The mortgage business has always been attractive to those who crave flexibility in their careers, but Paul Wheeler has taken the freedom from the nine-to-five-grind to a whole new level. The Hopatcong, New Jersey guitarist not only maintains a Screen Actor's Guild membership, but takes mortgage applications as well, which has helped to pay for the expenses for his career as an up-and-coming artist. Working out of his home as a loan originator for Gateway Funding in Netcong, New Jersey, Wheeler conducts a lot of business over the phone. "I make my own schedule, it's flexible," he said. Both, he says, are people-oriented careers of integrity. "There's a lot of networking, you have to build a rapport and make them feel comfortable, and you always have to be honest and be sure what you say is going to happen, follow through and have good customer service," he adds.

Wheeler, 47, has been traveling from his home in Hopatcong, NJ to New York to appear in various TV shows and movies, including an upcoming episode of the Sopranos, Law and Order, Third Watch and Rescue Me. has appeared in a music video, a print ad for Metropolitan Life, a scene from War of the Worlds starring Tom Cruise. and to play rhythm guitar and sing in his classic rock band, Lost in Place. His own band, which also includes his brother, has been together for eight years entertaining at New Jersey area clubs and restaurants, charitable events, and an occasional wedding reception. And, although he began acting only a year and a half ago, his thespian career is steadily taking hold. He was recently cast with speaking roles in two independent films, The Mentor and Minority, but said that he would continue to write loans. "You just have to keep on going, going, going."

Okay, so are you ready for some real life examples? I have looked up a few (I don't personally know anyone who has been through it, or been responsible for it) and hope that they help you - or if anything, pass the word on so that we can help others avoid these financially devastating scams.

Daniel Ebihara, of Las Vegas and staff attorney for Clark County Legal Services in Nevada, recently won a trial on behalf of a young couple who fell victim to fraud. They thought that they had sold their home to avoid foreclosure. When the couple went to go buy a car, they found out that the 30-year mortgage was still theirs. The predatory lender that took advantage of the couple's financial distress, and the couple didn't even know that it had happened.

Ebihara says not only is the situation not a rare occurrence, and does not only happen at the hands of "rescuers" and predatory lenders, I am shocked to find out that it happens also with family members! The elderly are often taken advantage by their own children, who are offering to take care of them for the rest of their life if the parents put them on the mortgage. "As soon as the papers are signed, the kids are kicking their own parents out on the streets. It's horrible." I think if I had not been born and raised in Los Angeles I wouldn't believe that the human race could be so cruel, but I know it is. But there are solutions, signs to look for, and precautions you can take, and in the fraud business - a consumer who is armed with their educated mind and trained eye, is pretty much like a Kung Fu master taking on an unarmed bank robber. The key is educating, it's the best protection you can bring with you in homeownership.

Another very dangerous and very concerning type of foreclosure "rescue" scams is what is referred to as the "bait and switch" scam by Steve Tripoli and Elizabeth Renuart, authors and researchers of a report by the National Consumer Law Center in 2005, (more information about the report below.) The dangers of the bait and switch are tremendous, and homeowners are often not aware their ownership may be at risk. They usually involve forgeries of deeds and documents. Many homeowners are unaware that there was any intention by the "rescuer" to purchase the home, and most often it is for pennies on the dollar, and the unwary homeowner is evicted. Many victims of this type of fraud claim that the documents the scam artists possessed were not the same documents that they signed, or worse yet - still holds the original mortgage on a home he or she no longer owns! Yes, that's right, in this scam, the victim is often left with no home, but a remaining valid mortgage contract on the original amount borrowed to purchase the home. It is popular in the areas of Colorado, Nevada, Florida, Virginia, Minnesota, Illinois, and Washing D.C., but again, it can happen anywhere or to anyone.  

The report by Steve Tripoli and Elizabeth Renuart is entitled "DREAMS FORECLOSED: The Rampant Theft of Americans' Homes Through Equity-Stripping Foreclosure "Rescue" Scams". This is a very well researched report that deserves reading by every concerned consumer and honest professional in the mortgage industry. It can be downloaded in PDF form here.