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FIB - Scams 101
Re: From SUE... Re: An open Challenge to the United First Financial
Posted By: Bill In Response To: Re: From SUE... Re: An open Challenge to the United First Financial (Sue Copening)
Date: Saturday, July 12, 2008, at 11:30 p.m.(pst)
What industry experts say...
>> "Outstanding Company of the Month" - Broker Banker Magazine,
>> Nov 07
>> EDITORS CHOICE AWARD - Personal Real Estate Investor Magazine, Feb, 08
>> Cover & Feature Story - Mortgage Planner Magazine, Jan/Feb, 08
>> "It might sound too good to be true, but it isn't" - Channel
>> 3, Las Vegas>> First Calvin... That is for you... what are YOUR money movements in
>> the above example? You left off the most important part.>> But really... If everyone had a budget, and income, that never varied
>> by a penny, month to month, year after year, then I certainly agree ...
>> they would not need this program to do the math as the calculations would
>> certainly be easy to make, and the only time they would have to readjust
>> would be if the interest rate on the HELOC changed. How many people do you
>> know that have a budget that never varies at all?>> However you have a fundamental misunderstanding about this program...
>> you seem to think that this program is only about applying discretionary
>> income. It is not (some of the "competing" programs are about
>> that though... so this might be where your confusion came from). To get
>> the maximum savings you need to calculate how high you can drive that
>> balance on the HELOC. SO Calvin... with your math above... what would be
>> the amount you would borrow from the HELOC for the first transfer to the
>> primary mortgage?>> And... WHEN exactly would the NEXT transfer be?
>> Transfer Amount: $?,???.??
>> Date of first transfer: ?
>> Date of 2nd transfer: ? (etc)
>> Pay off date: ?>> While we are at it... why not tell me what the "effective"
>> interest rate is that they would pay on that HELOC (or even the total
>> dollar amount in interest) taking into account the interest cancellation
>> effect of their income deposits? This is one of the calculations that has
>> to get made to determine the optimal transfer amount... so jot it down as
>> well.>> So, even if we were going to assume that budgets remained constant,
>> you are still missing those elements. I'll be happy to do my math when I
>> have something to compare it to.>> The confusion you are experiencing is caused because you are still
>> trying to compare your simple math with the math performed by UFirst's
>> Analysis software, which is used to show a conservative projection of
>> savings and does not utilize any algorithms at all. It is simply what we
>> use as an example to demonstrate the concepts. I know that people have
>> told you, over and over, that the "sample/example" is done using
>> our Analysis software... a completely different program than the real
>> software. I'm not sure how many times this need to be repeated... but
>> comparing your numbers to that is not useful, as they are both only
>> applying discretionary income and will come out to the penny the same.>> But our Algorithm driven software is getting our clients, on average,
>> 20% better results than their Analysis software projected. They usually
>> see those results after 4-6 months of their spending habits and cash flow
>> have been entered into the software because then it has been given more
>> data to work with and has already calculated an optimal transfer or two.
>> Many clients say they see their pay off date move a few months, to as much
>> as a year, closer after about 6 months of use.>> Of course an algorithm is simply a programmed series of calculations
>> that, once programmed perform the functions consistently every time so
>> that human error does not have the chance to come into play. You can think
>> of it as a "math recipe." The algorithms in the real software
>> are what do the multiple calculations necessary to calculate the value of
>> someones stagnant money and the amount of interest they will pay on the
>> revolving line of credit based on the dates of their deposits and
>> expenses, which must continually be recast/re-averaged to account for a
>> fluctuating budget and varied cash flow.>> These calculations are what "pinpoint" the EXACT optimal
>> amounts, and timings of the transfers.>> If someone is disciplined enough to stick to their own program, and
>> are willing to do the math, and can do the math accurately, then they can
>> certainly do so and, even with errors, they will get most of the savings.
>> However if you are saving between $80,000 and $200,000 in interest, your
>> margin of error would be 1.7 to 4.3% and I would disagree that you could
>> do these calculations very quickly... at least not if you wanted to be
>> sure you had not made an error.>> So far I have not had one client who, once they saw their personal
>> savings example, and saw our DEMO software in action, thought that they
>> would be able to do it themselves working within that margin of error. Nor
>> did any of them even want to try... simply too much trouble.>> After all, just $1000 in errors (total) anywhere in the first 5 years
>> of a mortgage, costs you over $4000 in interest that you could have
>> saved... but did not.>> Calvin... you must get with an agent that can show you the DEMO
>> version of our software in action. Once you see that you will start to
>> "get this." Please don't think that I don't understand where you
>> are coming from... we have encountered your mindset in many of our
>> clients.. who include CPA's, Financial Planners, etc. They are all smart
>> numbers people and many thought it would be "easy" to do this
>> themselves... until they took a look at the real software "in
>> action."So, just saw this buried in the thread and she says it well, at least without the whole "Algorithm" speech, that's not needed, but it proves what I said earlier. People can prove the MMA til they're blue in the face, but if there are ignorant people out there who won't listen, they won't get it. I'm not sure how many potential clients are out there reading this, but after hearing a great deal about version four, you're going to want to look into it. One thing I can say about it is, people can't squawk about their numbers being incorrect. They get to see their payoff with numbers THEY put in, which will eliminate the people wanting to cancel because "their agent or UFF did it wrong". My best advice, as I've been saying at least take a look at the ha ha, "demo" before you think its such an awful idea. And secondly, just a random question to sue in case she's still following this thread, are you a branch manager?
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