The Little Leprechaun’s nonverbal way

March 16, 2016 The Mortgage Juiceman Leave a comment

The little leprechaun’s way (sales pro) of communicating is often the most advantageous of all. It’s the non-verbal communication queue’s and is often times the most important. This concept works hand in hand with old saying, “it’s not what is said, but how you say it”. This involves the nonverbal communication at the time of persuading, and will include but not limited too; body queues like stance, posture, facial queue’s and hand gestures during the act of the communication that will determine the effectiveness of the message. And ULTIMATELY can impact the created meaning.

In sales of all types and in communication, the little leprechaun (sales person) develops habits of non-verbal queue’s that could help or hurt their intended meaning. Non-verbally this could be the way a person leans on something, or the way they hold their hands. It could be through voice inflection as well to stress words. Over the phone it is easily transposed when someone is smiling. Hence smile and dial :). Sometimes a message’s content needs to be delivered over the phone or in person to stress importance versus another communication medium. The nonverbal that accompanies it can be the trick to get the best intended meaning across. Try non-verbally communicating by placing the widget your selling in the prospects hand, or having them drive home to see how the car fits in the garage. Go deep and have fun with it as you paint pictures and assume ownership. Nonverbal communication is a great aid to paint the picture of *the client hanging blinds in the new house decorating or *the money saved to be in the bank or help a new purchase. The best trick to this is get your hands out of your pockets. Wave at a client, give someone a high five, or even STAND UP when your selling. Motion creates emotion.

The little leprechaun’s of the world (Sales Professionals) should want to focus in on both the message and the nonverbal queue’s that go a long with it to create it’s intended meaning. This is the act of the presentation, and this is where “practicing” helps to develop those good habits. Verbal and nonverbal queue’s to communicate go hand in hand. Nonverbal communication can help reinforce words or show agreement (nod), or even help dictate the emotional state someone is in. Nonverbal queue’s can provide feedback (thumbs up) or help regulate the flow of communication to signal to the other party when done. There should be a nonverbal or visual that correlates the meaning of the message delivered verbally every time in sales, in person or over the phone. Try starting with a smile over the phone, trust me it works. Try this;

As you sell today, paint pictures and use your hands to visually display that picture of your product or service helping your prospect. The more visual, your verbal and nonverbal’s get working together, the more that client is “actually picturing the end result“. The painted picture of a new car, new mortgage etc. Stand up straight, try subconsciously to display the positive, confident, and enthusiastic message with your nonverbal communication in your pitching to sync with your verbal communication. Remember “Enthusiasm is the key to persuasion without pressure”. Stand and sell, paint pictures and let your hands help in doing so nonverbally.

Sell Well – JUICEMAN

Mortgage Originators

Enter the LUCK of the IRISH

March 15, 2016 The Mortgage Juiceman Leave a comment

Luck you say? Luck is in you is what I say.. Luck is the fruits of hard work. The harder you work the luckier you get is the saying. Well, I will endorse that if the luck your working has to do with the Law Of Averages in sales.

The Law of Averages is just the Luck of the yes’s compared to the no’s. That’s the end result of you asking for the business over and over. When I wrote loans, to selling cars, to giving away security systems door to door, no matter what I sold, I got lucky because I worked harder than others around me.

Well, not so sure it was luck. I just always came with a positive attitude and a want to copy the most successful person in the room. So I displayed the same amount of energy the top producer had, and then some. I studied to know ways to “benefit” the prospect. Then when ever I got the chance to deliver one of those “bullets” I studied, I would try. Over time the more and more I did it, the more and more interest I would gain from the prospect and turn them into a customer. I got lucky a lot.

From knowing my angles of the sale to having the ability to bond with people, I got lucky when I asked for the sale. And over time the ratio of no’s to the ratio of yes grew and grew. My law of averages improved. Now, some say that’s skill. Well I didn’t always have that sales swagger, I just didn’t know what I didn’t know. And as a result I just knew if the top guy/gal was the one to beat, I had to move to do it. So while everyone else was walking to the next door, I was running three houses ahead. In stead of taking breaks to think about the next call, I was on a mission. I pounded the phones. Instead of waiting for someone to come into the dealership, I was on the internet fishing for prospects to come into the store. Instead of driving across town to meet a Realtor face to face, I called 20 more. It all boils down to your effective use of your time “prospecting”. The harder you work at getting in front of someone to pull out the bullets you have, the more success in sales you will see. Or Luck shall I say.

There is no magic wand, or a pot of gold at the end of the rainbow, just fruits of ACTION. Action is the things that drives the luck. And if you are in a hurry to get “lucky” then out call, out knock, out pitch your top guy/gal in the office this week. The harder you work taking action in sales, the luckier you get.

Sell Well – JUICEMAN

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Mortgage Juiceman Group

Mortgage Originators

What my Kids taught me about sales

March 14, 2016 The Mortgage Juiceman Leave a comment

I have four boys, the “why” behind everything I do. Identical twins 8, (Noah and Luke) a middle child at 10, (Landen) and the oldest 14 (Devin) as of this week. What my kids taught me this weekend again, is that a lot can be applied to the sales profession from parenting kids and applying steps in creating successful habits can take.

First everyone can be reminded of the “basics” and always have a “steps” chart or check list to complete the 1003 and gain the supporting documentation. The steps of the sale, to the art of the close. Basic’s are where it’s at. The more after Sunday’s brunch that we enforce as parents to “clean” the rooms the more basics of what that means to the kids. My middle child has caught on fast, he makes his bed, and brings down his dirty laundry without being asked. But he always seems to forget the to look “inside” the closet to clean out the socks that didn’t make it in the hamper. Or my twins, for example, we made a “check sheet” to award them with stickers when they completed each task. They don’t subconsciously do all the tasks in cleaning up their room. More like half asked… LOL> But the point is by having a check sheet on the tasks associated with that assignment they are starting to complete each one. And it helped that I showed them what to expect multiple times as well. It’s that repetition as a teacher to remind them of the basics. It’s the check list that helps them complete the actual tasks associated. The more I stress the basics the more complete the “assignment is”. This can be applied to sales in any facet. Every sale has some “bill” or receipt that gets filled out, go back to basics this week in a jump start way. It will energize your week.

Second, while focusing on the “basics” point out one aspect of that habit to focus on and improve on. Each week as I help my middle child “check his room” I ask him before I go in there, take one more look at it as if you were me, and pick up something or straighten something out. Get your eagle eye out Son. Well that same trick can be applied to sales too. If you stick to the basics and your flow of sales is good then hone in on one aspect that will help you make a difference. Then the next week, do it on another “step” in the process of what you do. A step somewhere that can help you. For example, if you take a 1003 like a fluid conversation, but when you get to the point of asking for a Social Security number you choke up, hone in on planting the seeds upfront that you will need it later in the conversation if something would be done. Here’s another great example, if you have a CRM, every time you have a conversation with a client or prospective buyer that you keep track of what you talked about or incorporated personal information in your “data” on that contact. It can help develop “relationships” of which you can add value if you are business partner with that someone perhaps. (ie Birthdays, or spouses names, or names of kids, favorite sport team, their motivation and goals, etc). Do this weekly and “develop” successful practices in each “step” of what you do. Break it down to mini projects if it helps you think of it that way. Then go through four weeks where you go after that “one” aspect. At the end of four weeks, your ACT of the basics will be much more in depth and your 1003’s for example could be more accurate.

LAST AND MOST IMPORTANT ASPECT OF IT ALL> The one thing that wraps each one of the two above in place. The kids I have are full of energy, and they have the BEST FOLLOW THROUGH. I can “predict” what my kids are going to say when I tell them to clean up. I know they will have that follow through, to find a way to divert their energy at anything “but cleaning up”. And while they are in their room, they are playing. Same with “predicting” that they will come running to me at exactly 8:00 pm and say “it’s SNACK TIME”. LOL. They have the best follow through on the things THEY LIKE. And while the action of the act of “cleaning” isn’t followed through, I’m working on that habit. The habits they don’t like, those are the ones you focus on. Or in sales, the “detail processes” that complete the sale right, and thoroughly. The fact remains they have a hard time getting over cleaning is something they have to do. I know all kids go through that stage, but it’s the little acts of cleaning up behind yourself I was explaining that make great habits in being clean. Each step of the “little acts” is something that in sales you can relate to any aspect of your pitch and then practice. Hone in on each step, and have TREMENDOUS FOLLOW THROUGH on both the processes you do not like, and those things you do.

May you find the luck of the IRISH at the end of the rainbow this week.

Sell Well – JUICEMAN

Mortgage guidelines, Mortgage Originators

The Call Center Energizer

March 8, 2016 The Mortgage Juiceman Leave a comment

More and more I find ways to always be applying what I have been taught or what I believe and have learned to drive sales success. The more I manifest my own destiny by taking action the more the power of attraction takes place. IT’S AWESOME. And if you’re not doing something to push yourself to see some form of measurable success everyday what are you doing?

I frequently put calls to action in my article’s to engage anyone that reads any post I do. The number 1 thing that keeps me going everyday to put out VALUABLE content for sales and business people is ENERGY.

No joke, the number one way to succeed at anything is to energize yourself. I am so good at this. People tell me they still hear my echo of selling someone on the phone “out side of Jay Farner’s office” or that I am missed in the call center environment all the time when I run into old colleague’s. Some people have the innate ability to Motive-ate others. It’s the way they “create energy” around them. That’s a true success trait. One that is not really taught, but rather developed. And most sales leaders do this well.

Most top performers in sales also are good at creating energy over the phone. They develop a persona if you will, that is enjoyable to communicate with. In a call center I always lead by example, and my effort and attitude was much higher than those around me, I focused on one thing, results. And I knew if I just put forth the effort sooner or later the LAW OF ATTRACTION (AVERAGES) will play in my favor and I will land a “yes”. Well I became really good at mirroring my clients, uncovering the true objections or needs by asking questions, and then proposing solutions. I am hearing impaired if you do not know me. Yes, I have a 70% loss of hearing and wear over the ear hearing aids. So part of me “bring the energy” was really just the daily task for me to listen. I had to concentrate to hear and understand. So what I became good at in a young age is painting pictures to illustrate my communication. And what I found out is the more I “did this” in the proposing solutions stage the more convinced borrowers/clients/applications/sales I had.

The more you make a spin on whatever “mortgage option” your showing your client, that helps feed their inner “energy” to accomplish whatever goal they have in mind, the more success you will see. Simply put, the more you help others achieve their success the more success you will see. Bring the energy, be positive, work the law of attraction (LOA), and paint pictures and have fun. Develop a persona about you that makes others have a memorable experience when working with you. Then paint a picture ASSUMING OWNERSHIP of whatever your selling/ or trying to do. If your good at correlating that painted picture at providing a solution to that buyer, the more sales you will see “naturally”. It’s called the LAW of ATTRACTION. Try it today 🙂

-Sell Well – JUICEMAN

Mortgage Originators

How Competent are you?

March 7, 2016 The Mortgage Juiceman Leave a comment

Silly question I know. However after reading this I will ask that again. In sales there are stages of competence, heck these can be applied to every day life. The difference maker is making yourself aware of these stages and reminding yourself to implement along the way.

Four Stages of Competence.

Unconscious incompetence. This is where the newbie sales guy flourishes and excels. He/She doesn’t know what they don’t know. This is also where the “new & fresh” feeling can help change things up. The best example is the newbie sales role, where they are excited, not worried about what objections they will face, and bring energy and enthusiasm to the table and close the sale. They just don’t know what they don’t know yet.
Conscious incompetence. This is the stage where you are aware of what do not know. Sometimes another great stage to pretend your in if your not. For example, you know you don’t know as much as you need to approaching your well informed client, and you pull in a manager to help you with the call. You consciously know you have a weak area and help yourself to be prepared.
Conscious Competence. This is where a lot of sales folk get stuck in this stage. They have the competence and the confidence but they have to think about their answer(s) and pitch toward that client. Many times this is the area where sales people talk to much and sell themselves out of a deal. Pride can come in the way here, and that sales person doesn’t ask for help as they “think” they can do it all. Instead of taking a roll to pull in a manager on their strength for example. In this stage sales people “try to hard” when they should be KISS (keeping it short simple)
Unconscious Competence. This is the final stage of competence and a high level brain training for repetition. The best example is a stick shift or manual transmission in a vehicle. Those that drive a stick know, unconsciously when to shift their vehicle and how to use the combination of both gas/brake clutch to shift (up or down). The same principle can be applied to answer objections. Unconsciously assume ownership, paint pictures that show value, and create emotion, all the while full filling a need or want. I heard once that Tiger Woods takes 100 practice shots a day. The idea that he “trains” his mind to hold the club a certain way, point his face open or closed and swings with a fluid motion, helps him perfect his swing.

How unconsciously competent are you in selling mortgages? Or selling title? Or selling Real Estate? When was the last time you practiced your art? Not just selling but perfected the small things in between. Like the application, or the listing. Detail makes the unconscious competence grow. It’s ok to be consciously competent, just know when to ask questions yourself and or ask for help. Fake it till you make it, only gets you so far. Then you will need to master your craft. In my illustrations that’s all about handling the objections, whereas this can be a lot of things in life. Take a second and ask yourself how competent are you? And push yourself to take the practice swings too, so you “do your role” better than any one else. It’s a difference maker in the top performers and middle group in sales. The top performers “see their goals, and track them”, whereas the majority reach for the starts but don’t increase their competence to get there. I challenge you this week to increase your competence. Practice an objection, learn a function of your craft you don’t know so well, or perhaps just practice the art of your craft, taking the 1003. (filling out the listing). To completely finish an application in mortgages the Loan Officer should be unconsciously putting each supporting document they get into a category (income assets etc) to prove the competence of the 1003 they filled out. 99% of all issues with loans go back to the 1003 some way. From asking the right questions upfront, to after filling the 1003 out, confirming what supporting documents you have against the information you placed on the 1003. Do something this week to “level up” your competence.

Sell Well – JUICEMAN

Mortgage Originators

50 + WAYS to GENERATE MORTGAGE BUSINESS

March 4, 2016 The Mortgage Juiceman Leave a comment

Want to increase your cash flow$$$$?

I spent the am going over a business marketing plan with one of my “Broker owners” who is drumming up a lot of business. The main thing he does with his LO’s is similar to what I do. WE ACTUALLY GIVE OUT IDEAS TO HELP LO’s DRUM UP BUSINESS. The going get’s tough on a referral based business from time to time, and the LO’s that come to me in a slow moment have done ONE or multiple ideas of the 50+ ways to drum up business below. IT WORKS>

Weekend Call to action = Ways to generate leads! Find one or two below and implement some idea that helps you drum up business.

Most LO’s are commission driven, which means you are your own business. Get marketing some way to allow you to transition from making calls to receiving calls. The most important system to establish in any business is any lead generation marketing system. Without exposure there is no customers, without customers there is no business. So I challenge you to attempt an angle that is here. There is no shortage of ways to generate leads. I suggest that you pick only two or three of them to begin with, then once you have a solid pillar partner you work on the next one. Here’s over 50+ ideas to drum up a mortgage.

Real Estate Pillar referral partners. – Ton’s of ideas on how to market Realtor’s and develop lasting relationships.
Offer Specialty Financing- Market special programs on Flyers or print ads
Help Realtors market their listings– Pre qualify the realtors buyers by using programs like listingbooster.com or http://www.singlepropertysites.com.
Accountants and CPA Firms: They have clients who are buying or selling a home or need a cash-out refinance. Just don’t call them in April.
Advertising: Never stop. Use simple ads with a unique headline; for example, “Don’t sell your home until you get pre-approved for another one.” Print ads can be every where, even digitally now on social media.
Apartment Complexes: Buy mailing lists (www.ApartmentToolKit.com) and send postcards on a regular basis.
Attorneys: Attorneys know when people need money, often to pay their fees. Not just probate but divorce, family law and real estate attorneys. Divorce attorney’s are hot right now. More divorces are filed during holiday time than any other time of year, call them now, more than likely anything filed 6 months ago is rip to be a lead for you.
Auctions: There are a ton of “cash only” that need Delayed financing right away.
Apparel with Logos: Hats, T-shirts, golf shirts and handbags—I’ve talked with a ton of LOs who got leads while standing in line at the grocery store.
Blogs: Check out blog spots to social networking where top real estate agents blog. Connect with them.
Business Cards: Use different ones with different messages on the back: one for sellers, one for buyers, one for professionals (banker, attorney, CPA).
Builders Models: Stop by and leave your financing flyers.
Carpet Cleaners: Many of their customers are getting ready to sell their home. Great to network with carpet cleaners to offer an incentive to start the deal… hint hint
Classified Ads: Great place online and in newspaper to see FSBO and call them
Credit Repair Agencies and Counselors: Ask them to refer clients to you who have gotten their credit scores in order and are ready to buy a home.
Direct Mail: Target a couple of subdivisions and regularly send out mortgage information using the good old U.S. Post Office.
Door Hangers: Door to door blitz anyone?
Estate Sales: Attend with your real estate agent and see if they need the property listed or have a relative who wants to buy the home.
Expired Listings: Offer to call expired listings for the real estate agent.
Facebook/LinkedIn: There is a great way to drum up business on FB now and have leads come to you. Facebook Marketing for LO’s
Family Members: Explain what you do and ask for referrals. Put them on your mailing or email list and keep them updated on what’s happening in the real estate market and with interest rates.
Farm an Area: Become the local neighborhood expert.
Flyers: Cut your cost in half, print two to a page and distribute at shopping centers, Wal-Mart, Home Depot and malls. Put on car windshields, heck hang them at your local convenience store
Friends: They know who will be buying or selling a home this year. Heck when was the last time you called your HS class mates.
FSBO Sellers: Offer to pre-approve them before they sell their home. It’s also a good way to refer listings to your real estate agents if the FSBO seller gets tired of trying to sell it himself.
Garage Sales: Is there a for sale sign in the front yard? Do they need a mortgage?
Hair Salons: Lots of talking going on. You can ask your hair dresser to refer you and give him/her a stack of business cards to distribute. Great place for a flyer
Homebuilders: Find out what they are looking for in a lender and see if they will refer business to you. Network, Network, Network
HUD Foreclosures: Link to HUD’s website (http://portal.hud.gov/hudportal/HUD?src=/topics/homes_for_sale) and regularly email the list to your client and Realtor database.
Internet: Check Craigslist and FSBO websites and offer to pre-approve seller for a mortgage. Even Rent to own sites or Zillow, to Trulia a great way to even “co-brand” with RE Agents.
Insurance Agents: You can also refer your clients to them who need to buy homeowner’s insurance.
Large Employers: This is where setting up a corporate benefits program (www.corporatebenefitskit.com) can help you get your foot in the door by offering exclusive savings to their employees.
Lenders: Bank and credit union loan officers may not be able to offer the same mortgage programs as you do. They are also a great resource for loans that you cannot do.
Lists: You can buy lists for pretty much anything: neighborhoods, properties with no mortgage, mortgages older than five years, etc.
Magnetic Car Signs and Wraps: While this might cost you thousands of dollars, it’s a great way to advertise. I know a loan officer who gets calls on her cell phone from people waiting in traffic behind her.
Market Bulletin Boards: Grocery stores, coffee shops, restaurants, gas stations, even apartment complexes have pin up boards in common laundry areas for example.
Military Transfers: Check out military bases for those needing to sell and buy off-base housing. Heck go to the base and do a presentation for all Vets on their VA home loan benefits.
Neighborhood Newsletters: Create them or bring a fresh zing on an article to life with a small published article.
Networking: This would include BNI groups, clubs you belong to, the church you attend, PTA, etc. There are groups in every county that meet super early in the am and refer business to each other. Get involved in some business networking group.
Pens: Buy cheap ones and leave them everywhere with your logo on it.
Public Speaking: Offer to speak at Rotary, Lions and Kiwanis clubs, Realtor meetings and builder associations. Prepare a bio and a short description of your topic and what people will learn from your presentation.
Radio Ads or Host a Show: It’s not as expensive as you think to host your own radio show. Invite real estate agents, appraisers, home inspectors, insurance agents and interview them. Then post the audio recording of your show on your website or social media.
Real Estate Investors: Know the underwriting rules for non-owner-occupied home purchases. Join RE investor clubs. Let real estate agents know that you specialize in this niche.
Referrals: Don’t “ask for referrals” but say this instead—“If you know of anyone buying a home or who mentions the word ‘mortgage,’ would you mention my name and phone number?”
Relocations: Get in touch with relocation companies or local companies who move their employees around a lot.
Rent with an Option to Own Deals: Educate real estate agents on the underwriting rules regarding “rent with option to own” and tell them you’ll prequal them so when ready to buy, they will be qualified.
Property Managers: They usually manage rental homes for investors. They know who is moving and can often refer the investor to refinance their homes. Even land contract companies can be a great target too.
Seminars: One size does not fit all. Think about holding “niche” seminars: first-time buyers, women only, buying investment property, refinancing your home, new construction, FSBO seminars.
Testimonials: Ask for them on a regular basis. At closing is a good time to ask them to write a little testimonial for you. Post them on your social media pages and website.
Title Companies: Not all transactions close like they are supposed to. Let the title companies know you can help if the deal does not close. What about ask them for a list of homes bought in the last 3 months with no mortgage, and all cash. You can call them and ask if they want to do any improvements and can help them with a special “delayed financing” loan.
TV: Cable companies may offer community service spots for free.
Websites: The National Association of Realtor’s states that over 85% of people search the Internet for information about you before they decide to do business with you. Get your bio out there and state how you can help them get a mortgage. Every Mortgage company should have some website now days in my opinion. Now market it.

Hope this ignites a fire, on ideas to drum up loans with little overhead. The rest is just taking action. I have a ton of ideas and can give specific examples of real life stories on about each one of these. WEEKEND CALL TO ACTION OFFER: For a free strategy session next week PM me. I can help create a tailored marketing plan people typically pay for with your team. Sell Well – Juiceman.

Mortgage guidelines, Mortgage Originators

Take your time and take the application correctly

March 3, 2016 The Mortgage Juiceman Leave a comment

Let’s talk habits! Do you have a schedule taped to your desk? Do you have a routine to ensure your LOA habits of successful sales is consistent month in and month out? Yeah me too…. But, how many of us take the time to do the little things of detail to show the next person in line to execute your sale that there’s no information missing. What I mean, is more than likely weather you accept credit cards, or have to fill in a “listing” or perhaps an “application” for the actual sale to happen, there is an exchange of information as well.

Some examples are Verification of ID, name, email address, how about how HOW LONG they have worked at any particular place. And to PROVIDE a full 2 year history and then prove that with supporting documentation. This is just application taking 101. Same with Real Estate Agents. I know they can probably relate with me saying there are listings they look at with their perspective client and then they notice certain info isn’t filled out. That otherwise would be helpful. Or there is a “kickback” in your close through the “underwriting” of the clients information and asks for a new card number. lol.. Concentrate and take a complete app today. In fact KILL IT, and use every angle to ask for a referral or to take the time to relate to build a relationship.

Take your time and take the “application” correctly. Then when you get to a LENDER like MOTIVE we can work together to obtain automated approval in my system together. I am a master at manipulating DU to make loans work. PERSEVERANCE is the key. Not in having just successful habits to PROSPECT and OBTAIN INTEREST, but to close the sale completely with all needed information on the basic 1003 for example. Filling out your “bill of sale” so accurately with certain info it can be cross referenced to reinforce your “marketing” to close a loan on time. Meaning slam it home.

The reason why some loans close fast and others take a long time, have to do with supporting information not matching the said 1003 application information to begin with. Hence the condition on your loan that should’ve been addressed at time of application. Best practice advice, READ your DU findings and use that as a basis to obtain info. And base your DU information off your accurate 1003. Be curious, ask as many questions as you can. I used to make it goal to find out what color someone’s blinds where in their house throughout the application process. The deeper you go in the application taking process on filling it out correctly, the more opportunity you will have to identify potential issues up front (ex. house not completed and you didn’t know at application). Heck you better ask WHY, the answer is not to have a lower rate. They want a lower rate because they need more money. They need more money cause they are sending a kid to college next year. That’s a cash out transaction uncovered by the application questions and digging deep.

Best practice tip, application 101, referral opportunity, uncovered true desire, and money in the bank. All with having successful habits to take your time and uncover your “bill of sales” secret information left commonly blank. FILL IT ALL OUT JUICY STYLE –

Sell Well today – JUICEMAN

Mortgage Originators

TOP 10 REASONS TO SUBMIT TO MOTIVE LENDING:

March 2, 2016 The Mortgage Juiceman Leave a comment

**#1 JUST GOT JUICED – USDA PRODUCT ENHANCEMENT-620+ FICO now allowed/Residual income need removed, DTI overlay removed, WE MADE IT EASY and underwrite to USDA requirements.

10. We allow Brokers to order their own 4506-t results from any major 3^rd party vendor and submit for their loans. (Must be direct from IRS) Do you use, Data verify, or CBC Innovis to pull credit? And have the option to obtain transcripts directly from them for your clients? IF so, submit it in the loan we can use them.

9. We allow Brokers to “Switch” from Lender Paid commission to BORROWER PAID commission in the middle of a loan (as long as CD isn’t disclosed) to reduce the costs for a borrower. The act of closing loans did not change based on TRID.

8. We allow Brokers to disclose a CD prior to being clear to close so you can start the 3 day wait ahead of time. (Account Managers must have fees accurate)

7. We have 18 AMC’s on our approved panel, which one is best for your clients is up to you to pick

6. We allow loans to be submitted, either Broker disclosed (where you send in all pages of application package) or Lender disclosed (where we send the disclosures to your client for you).

5. We go by Findings and allow manually underwritten loans for FHA/VA currently. Let’s get a loan done today!

4. We allow Brokers to talk directly with underwriters. In fact I have my own team, and not only do I want you to talk to them, but I want you to develop a relationship with them.

3. We allow Brokers to RAPID rescore credit and will use your credit report from any Fannie Mae approved vendor. Never let a lender pulled credit report kill your deal.

2. We allow Brokers to SIGN UP FOR FREE in January. Add Motive Lending to your lender arsenal, and I will earn the right to stay there inside of 12 months. (each BP is a 12 month contract that’s why all the lenders ask you to renew)

1. ME. Yes I am the biggest advocate in getting loans done. I know how to steer my massive ship of loans to get to the end result. CONTACT ME TODAY on any loan questions that start with “I gotta guy”. My favorite, and the beauty is getting loans done because they are set up right. I am a master at manipulating DU (even obtained a PROPERTY INSPECTION WAIVER today) and can help you know exactly how to structure your file upfront. USDA just came out!

Sell Well Today and JOIN the JUICE (Join Us In Creating Excitement)

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Mortgage Originators

OLD GFE VS LE = New ways of doing loans.

March 1, 2016 The Mortgage Juiceman Leave a comment

How does TRID really affect me and what do I really need to know?

My answer is 3 parts of importance for you to know on how it changes the way the Mortgage Broker does business. PS I SAID THIS BEFORE TRID EVEN ROLLED OUT>

Now LO’s need to IMPLEMENT these best practices.

1. The way Broker’s can switch lenders in doing business now changes. The thing to know is the GFE and the TIL are combined. So the fact the GFE wasn’t signed made it easy for brokers to “switch” lenders. Now some companies are doing the disclosures, and some require the Broker too. MOTIVE LENDING GIVES YOU THE OPTION. You will now need to “create” a new LE if you are switching lenders assuming comp plans are different or the fee’s are different. Then the borrower would need to sign that new LE (Loan Estimate). OR you can submit to MOTIVE LENDING and have us DISCLOSE for you.

THE SKINNY PACKAGE IS BACK! Best Practice tip, even if the lender allows you to generate disclosures on their site, it’s always a best practice to disclose your own version out of your LOS. (caylx, byte, encompass, whatever you use) CFPB won’t ever come after you for over disclosing.

2. The Tolerance items on the GFE as it is now are changing. This could be a big movement in the industry. And we could/SHOULD see “more” upfront fees on LE than we do on the GFE in the past. Here’s why… The shopper will have a handle on Brokers that go skinny in the fees. DON’T BE THAT GUY. The average cost of mortgages just went up on initial disclosures, you should be displaying/implementing this more in your fee worksheets and LE’s upfront. You know how the transfer taxes and owners title are a “ZERO Tolerance” item…. well guess what, that section of the “LE” or new GFE if you will, has changed to include more items. Pretty much all the items in box 3 right now. What that entails is the Credit Report fees, the Appraisal fees, Tax Service fees, Flood Cert fees. So, better make a new BEST PRACTICE as a Loan Originator in my opinion. At the beginning you should disclose the cost of an appraisal and 1004D upfront at least. Better disclose the credit report fee and at least two credit sups upfront. Hope to see Flood cert’s and Tax Service fees more common on the new LE as well. These would be mandatory to disclose in my mortgage company if I owned one. Because if your fee’s end up 1 dollar more we all know that the 1 dollar becomes a Broker cure on the difference and shorts your income.

Grab at an OLD 2010 GFE right now as you read this. Look at the 3rd page of the GFE at the top where the chart is, you will see this;

This is and has been the “Bible” of rules of what can change and what can NOT change and what has a 10% tolerance allowed. This HAS CHANGED and some Brokers don’t realize that they should change their disclosure habits as a result..

THREE major changes in Zero tolerance items that CAN NOT INCREASE (red) is changing to include some new items. The zero tolerance category now includes;

1. Affiliate Charges – Zero Tolerance must disclose fees.

2. Fee’s paid to unaffiliated third party providers that consumer can NOT shop for/ FLOOD CERTS/ 1004 D/APPRAISAL/TAX CERTS = IMPLEMENT THIS, PUT ON LE

Then there is another change in the GREEN area of charges that are ALLOWED to change.

3. Charges paid for third party services not required by creditor, even if an affiliate

What this means is any third party service that is the clients optional cost to incur on any loan. Such as an inspection would fit in here. This means an Inspection is about the only thing that can be added to fees throughout a loan. (assuming as a non required creditor fee)

Know your “Bible” of fees and how much and what can change, what can NOT change, and what has a 10% tolerance.

The act that I have preached to all my network prior to TRID about “creating a HUD1” out of calyx or encompass after verifying fee’s is going to be a big deal. At the end of the process under TRID there is a new disclosure called the CD (Closing Disclosure) that goes out and you have to wait 3 days from acknowledgement to get docs. Hopefully everyone knows this by now. SO, that means no last minute changes. IMPLEMENT THIS. About the time the loan is CTC’d Broker’s should be verifying fees from Title/Escrow and then having processors verify all those fees and structure with a HUD1 you create out of Calyx/Encompass/Byte etc. Or CD to be exact, or even an old fashion fee worksheet. I don’t care, as an AE the biggest issue I see is that LO’s and Processors need to balance their file prior to closing more accurately than ever before. Right about the time the loan is CTC’d. Again the point is changes will delay loans and burn locks. So it is important for all loan originators to adopt a new process that verifies structure and fees on a loan prior to closing. Like a week before. As the last conditions are sent in for example.

Happy Application Taking – JUICEMAN BEST PRACTICE