Anyhow, today is the last day for the 40% discount on the convention. I would recommend anyone to go (although I’ve never been myself) to network with other note professionals and learn a thing or two from the billion classes they offer there.

I looked up the hotel information, its 6 miles from the airport which on a regular day isn’t bad, but when you’re not old enough to rent a car, this can be a bit troublesome with no shuttle. I hate taxis.

One upside to this whole thing is the 2008 recorded sessions are available for $90+shipping for the entire set on the Noteworthy website. If you’re on the fence about going to the actual convention, perhaps buying a recording or two and having a listen with help inform your decision.

Go to the NoteWorthy website here.

Click the link above to hear the latest conference call from Eddie Speed. He answers questions presented to him by brokers on the call.

I think its cool and innovative: it’s the BBB for the note industry. There are a gazillion note brokers out there claiming to be this or that (I used to be one of them) and most likely a seller has run in to them once or twice. So instead of ignoring a need, fill the vacuum. Great! Here are the listed requirements to join:

• Knowledge. Passing an exam of the applicant’s knowledge of the note-buying process.
• Experience. We require all applicants to supply the names and phone numbers of clients from whom they have bought mortgages so we can verify how they were treated before we allow them to join.
• Ethics. Adherence to our strict code of ethical behavior.

By the way, I should mention now this is one of those articles I warned you about that some people won’t like. From here on, things get ugly. Still want to read? Good.

I have a few issues with their system. Fortunate for them the issues are mostly cosmetic with only a couple practical ones. I think they can be corrected, however they are very damaging if ignored.

Issue #1: Bad Logo. This is the flagship of their problems. The logo is something anyone (and I do mean anyone) could cook up on Microsoft word in less than 3 minutes. I actually wouldn’t be surprised if this is what they did themselves in the first place. Not only that, it can be stolen just as easily and pasted to a website. According to their website they are well aware of this threat and ask consumers to report a false member to their attention.

Why not avoid the situation entirely?

First, hire a professional logo designer and put a watermark on the logo for the main website. Surely to provide a service these are things you are required to do if you want to create the best experience for your clients. Even if that client’s company doesn’t have a logo of their own, no one wants to stick an eyesore on their copy or website, especially when its supposed to represent professionalism and quality.

Secondly, once NANB obtains a paying client and hands over the official logo/seal, they would do very well to get it customized to that clients company as well. So just in case sleazy competition comes by for a snatch-and-grab, it will do nothing more than pose free advertising. This is a benefit real people are willing to pay for.

Issue #2: Ugly, unprofessional website. It’s very hard to take a company seriously if they don’t have a good storefront, but its even worse on the internet. If you operate strictly on the web, but your site is ridiculously lacking, you can bet your money people will be gone in less than 4 seconds. Yes, 4. That’s all you get on the internet.

NANB website needs a serious makeover. I know web designers can be expensive, but there’s plently of free and cheap resources to get a site running right. Note Brainer cost me less than$30, so no excuse.

Issue #3: Endorsement. Who is backing the NANB? What names are they associated with? Who’s running the operation and what does their pedigree look like? I’m not saying the person behind the scenes has to be the best note professional in the country, if thats the case Note Brainer wouldn’t exist (although Note Brainer is built on the foundation of a real life everyday broker not out to sell you something, but we get this works for us and not necessarily everyone). 

If I’m going to put my money into something, I want to make sure its worth it. In the world of seller finance, this means “who else is doing this?”.

The NANB states:

We deliberately do NOT provide a member list. You have enough competition already. Why should we give you more by providing a list of honest, ethical competitors to your clients?

This is fine for the links back to the website. If I have clients on my webpage, the last thing I want is them to go to the NANB site, grab a competitor and lose business. However, for my own sanity I would like a list of who’s in the NANB. No one wants to be the only paying customer, especially in an association setting. Perhaps NANB does provide this list to members, but they should list that somewhere on the site. Without it, it just raises a red flag on my checkbook.

Issue #4: Ethics. I love ethics. NANB does too and you are required to ascribe to them to join. But what are they? They should list them on the site.

In conclusion, the NANB has the potential to be a great tool for the note industry. With a little more transparency, professionalism and structure they could do very well. If one of their people  is reading this article, I surely hope you take it into consideration. Note Brainer would love to recommend your company. As for now, I’m not buying and unless drastic change does come to the NANB this post is better titled, Are They Serious?!.