Happy End of the month! #HappyClosings I hope everyone had a great mix of closings happen! Shout out to the to often hidden link, the magic behind the scenes, the Processors that get it done! Thanks to all the Processors internal and external that make successful transactions happen. #ThankfulThursday
Affected by a natural disaster? Unfortunately for TX, there was one recent incident that may make this special “h” program very popular. FHA 203h, designed to help anyone that is affected by a natural disaster. Including renters!
Who’d thought a natural disaster can be ploy to actually pull renters into homeownership with options that once didn’t exist. What a great way to stimulate an affected local economy. I’m all for it. And can’t wait, to #help. God Bless the great State of Texas! I ♥ you all. Stay safe, and when the storm passes, I participate in doing this loan. I can refer you to the best mortgage broker’s in your area. Broker’s partner with a lender that cares, and offers the special “h” program offered by FHA. It’s a great way to market yourself in helping your local area. #SellWell
Take aways from the #BigFight. If you don’t know, MMA only has 5 or 6 rounds as I remember it. Whereas, with boxing there’s 12. DOUBLE the time in the ring for a typical fight. Also, McGregor didn’t come from this arena, (his is an octagon not a ring) and he had to step outside of his comfort zone. Mayweather knew he’d come with a storm upfront, and his strategy was to end the fight strong in later rounds. Which exactly happened, he was more consistent and persistent. #checkitout #SellWell
Welcome kit, or maybe you call it your on-boarding package! Every “good or service” has a delivery process, a closing if you will. Some more meaningful than others. Even local grocery stores now try to use “marketing” on receipts for example. A dentist, gives you a small bag of goodies typcially on every visit. What about a mortgage? What about a car delivery? Do you have a marketing kit that the client takes with them for example, a key fob or key ring with your logo? Maybe a discount booklet that gives the new homeowner “discounts” for using them, such as a moving service, or a carpet cleaner, or housekeeping/maid service in the area? Maybe you LO’s network with a grass cutting landscape business in the area and get the new resident a “free cut coupon”. 🙂 The possibilities are endless. But what leave behind would make the most impact? The one they look at everyday, the one on the refrigerator. A magnet! Put together a short or small marketing piece with your logo at the top, and then use it as a magnet to promote all the other services they may need, such as car wash, or a house cleaner, or insurance person, or landscaping to cable service. You could easily network with other ‘sales’ entities in the relative area you serve and create something that makes them think of you for your professional service. #WeekendCalltoAction #SellWell
This suggestion is real, the RE agent that made me the magnet from my first house is still on my refrigerator today. And I don’t live in MI any longer. lol
Details of transaction are the most missed common denominator in issues recently. Here’s my advice, when you lock the loan, go back to your LOS, and plug in the numbers. Then the part that is missed is to compare your details to the details of transaction inside your lenders system. Quite a few of you will notice a difference. Let me just say, that’s “why” the underwriter thinks your short funds to close, and you don’t. Make sure they see what you see! (or would like to see cause that’s what you sold). #SellWell
Property inspection waivers (PIW’s) never went away people. You could still get them. They were just rare or under HARP loans more so than any other. So what sticks out about Sept 1st on the PIW is that CASH OUT loans can again get these. Today I go over two tips/tricks to take before running DU that increases your chances of obtaining a PIW. #SellWell
What site are you using in your area? (what site or public info is close to the real values in your area?) #Letmeknow #putincomments
I was asked, “what training’s would you recommend a new LO?” last week. So I put together the ultimate list of who to follow, what training’s to take, and what technology to buy. For those looking to join the mortgage industry, or those in it, not doing so well. Start joining these groups, following these people, taking these training’s and start using these tools! #NewLOtoolkit
Great time to remind everyone what has a 10% tolerance, what has zero tolerance and what has no tolerance. Fee’s are important, very important! And I am fan of over-disclosure. I encourage you to make sure you are over estimating fee’s, especially the one’s that “change” the most. No offense to title and escrow companies, but I’m calling you all out. lol. Across the Nation I do loans for Broker’s that send them to my awesome underwriting team to be completed. And the biggest thing I see in fee variance is the title/escrow fees changing from what is said (in writing) to be charged for those services on a mortgage loan.
Trust me I get it. Loan amounts can change, and yeah I realize the cost of the title/escrow fee’s are ultimately associated with that. However, I’m not talking about 5 dollar differences. I’m talking about a couple hundred or in some cases over 1k difference in fee’s on mortgage loans that are disclosed upfront, and then in the end the costs go up.
Here’s a guide today on a way to combat that problem, as sometimes a LO may not know “all the fee’s” that particular company is going to charge on that “specific file” until later in the transaction. Well, 1st off, as an LO, you should be over disclosing those fee’s as a whole. If you know in your area, that what is usual and customary on a loan (say 200k), that should be rounded up on your LE and SSPL. For those Broker’s/Lenders thinking of expanding in ownership/affiliation with a title company, you should know that those title fee’s then become a ZERO tolerance item. (actually spells out = not a good business idea)! For those of you that place the exact company on the SSPL and LE to match (in section C) and the borrower “chooses” them, then those fees have a 10% tolerance. So what you disclose in the beginning can vary only 10% all the way to the end. Whereas, if the specific company said on the LE & SSPL for title fee’s is actually NOT chosen by the borrower…Well those new fee’s from a different title/escrow company can be completely different than what was disclosed. With no reproccussion (tolerance cure) by the LO. #ThursdaysTrick
Check out the video and the chart below. I didn’t make it, I just use things like this as “bible” to getting transactions done. 🙂 #knowledgeispower #disclosecorrectly #SellWell
Here’s the cheat sheet that spells it all out. One fee can be in either of the 3 categories, depends on your business and how you disclose. (And what the “borrower” chooses) 🙂
As always, Share, Interact, Like, Repeat! #SellWell
-The Mortgage JUICEman (Join Us In Creating Excitement)
#WeekendCalltoAction – Just do it! There’s no telling what stopping by an open house will do. Maybe you network with the RE Agent, maybe you help a client get an idea of what payments would be. All I know is if you’re an LO, you need to always be expanding your network with pillar partners. This is a great weekend to do it. #RealtorSurvivalKit #SellWell