Monthly Archives: December 2017

Mortgage Originators

Weekend Call to ACTION – Follow Trends

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#TGIF – The Grind Includes Friday – You got it! I ♥ doing these #WeekendCalltoAction segments as I attempt to help LO’s across the country learn how to build a pipeline.  I give out viable activities that any LO can do to help themselves gain more leads, close more business, and connect with more referral partners.

Someone at the beginning of your career told you to “Go wide” with Realtors, and to network with them to gain a referral partnership that can help your pipeline.  Most LO’s do this, however, most miss the boat on when to go after different pillar referral partners, or to even do it at all.  I talk to a lot of LO’s with various levels of experience all the time.  And the one common denominator is that the successful one’s have multiple “types” of referral partners in their own roster.  It’s NOT just Real Estate Agents.

I suggest you do the same, and do this EARLY in your career.  You should be networking with all types of pillar partners, like CPA’s, Financial advisors, maybe a credit repair person, insurance agents, of course RE Agents, builders, attorneys’, heck even carpet cleaning services, moving services and inspectors.  I would have a spread sheet I develop with tabs for each and make it a goal to add 5 in each category quarterly.  lol

The key to all this is TIMING!  My advice is to follow trends.  You see right now we are in December, and at the end of the year each year is the time more divorces are filed than any other time of the year.  Most states have a waiting period and typically it’s 6 months.  Start following up and engaging with this pillar partner now.  Then in late FEB early March follow up, and in June July in the heart of purchase season you could add some refi’s to your pipeline when someone’s divorce is finalized and needs assets split.  No matter how you look at it each and every one of these pillar partners has a prime time.  Use these trends to engage and partner with them.

Want to learn to do this online and how to social sell at a whole new level to increase pillar partners?  This is what I teach LO’s to do.  And those doing it are KILLING it, they are not slow.  They are implementing #TheBLUEPRINT! You can too, hit me up or CLICK HERE! #SellWell

Mortgage Originators

Thrive Thursday – Don’t shut down, advertise up!

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#ThriveThursday – Don’t shut down, advertise up! There is SOOOO much business out there to be had it’s not even funny.  It seems to me that the real numbers don’t lie.  While exec’s are looking at what they think is the total “volume” of application numbers, they don’t look at the numbers of population.  More and more people turn 18 every day.  That’s the legal age to sign a contract.  There’s more people in our population eligible to buy a home than ever before.  Yet, companies are shutting their doors or stopping operations, I would assume because it’s not profitable??  hmmm.

To bad to hear about US Bank exiting wholesale, I hear they were a go-to lender for big loans too.  (Jumbo program was nice I hear)  I don’t know much about them, other than reflecting 24 hours after their announcement, I wish I knew some exec’s there.  I wish I could’ve helped their wholesale stay in business.  Funny to say out loud, but in many ways I know I can be a difference maker at any company I am at.  In reality, you should too.  Have that confidence, and ADVERTISE UP! No joke, there’s clients of mine that have doubled their business in the last two months with my BLUEPRINT to help them advertise on social media.

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It doesn’t matter if you do advertising organically or you use paid advertising.  The goal is to get your messages out there! This is marketing 101.  I don’t know about you, but if I owned a big mortgage company already running, I wouldn’t want to shut down a segment or operations part, I would look to make it profitable.  There is so much business out there to be had, it’s not even funny.  And no one person or company dominates the market in any one area.  Personally, I am here to help you!  Do not give up, reach out to me.  I will teach you how to set up a business page, and then hold your hand and teach you the tricks to push and pull your messages FREE on Facebook.  That way you will have a shoot at gaining FREE leads.  Which can be a stepping stone to help you increase your referral network, and eventually get into paid ads if you wanted.  No doubt about it, this stuff works like a charm.  If your not onto social selling yet, you are absolutely missing the boat.  Here is the link to start your training and BLUEPRINT class with me personally to hold your hand and show you how to do this.  Your not alone – CLICK HERE

On a personal note, I could help a wholesale lender increase their market share by teaching the TPO partners how to advertise on social media.  By helping someone step up their social selling game you will gain business!  Hands over fist.  I could do that to a retail group and help the LO’s increase their business as well.  Heck I might just get a license hang my hat and kill it myself.  My goal in 2018 is to help some company that wants to grow leaps and bounds.  INTERESTED?  Reach out to me.  – Let’s chat! Let’s build a company together, don’t shut down, ADVERTISE UP!!  #SELLWELL

Mortgage guidelines, Mortgage Originators

Whacked Out Wednesday – QM Fails

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#WhackedOutWednesday – QM Fails – Really?! You have a 400,000 dollar loan the borrower can’t even obtain any rate on the ratesheet? Really?!  Yep, this stuff happens if you have a comp plan accustomed to Government loans.  If your comp plan is 2.75 and you’re doing a cashout conventional loan that is getting killed by LLPA’s (loan level pricing adjustments) then odds are you could be in this situation too.  Even with a 680+ FICO, depending on how the break down goes.

I want to share something today, a best practice tip and a way to look at this stuff to help you Broker’s and LO’s in TPO to avoid this mess.  If you’ve been in mortgages long enough more than likely you’ve had some QM fail happen.

**Compliance disclosure – JUST FYI – You’re NOT supposed to just be able to switch from Lender paid comp, to borrower paid comp just for the purpose of passing QM.  It specifically states that in the rules/laws.  (I can show you if needed)  Your Change of Circumstance must be recorded as something else.  FYI

Ok now that’s out of the way, let’s look at a RATE SHEET!  If you see the top of the rate sheet at the top rate pays back “less” than the rate below it, then the rate that pays back the most is the rate considered the “top”.  Second, the SPREAD between the top rate and the next eighth below it will change pricing, but most likely “less” than a whole point.  You have to go down probably two or three eighths’ in rate in order to have a whole point difference between the TOP rates premium.  The KEY TO UNDERSTAND is that rate where the spread is more than 1 point (from the top rate) is where you can start to bonafide a discount point.

The simple way to look at this is to take the indifference after the bonafide discount point and add that to your comp plan.  So if the rate picked was a COST of 1.125 for example… Your comp is 2.75, and as long as the (base premium before adjustments) spread between the top rate and the rate your picking is more than a point, you can bonafide a discount.  So for example, 2.75 + .125 = LESS THAN 3.  Assuming you have bought out the underwriting fee and there are no affiliate fees in the equation, this would pass QM.

Remember in order to bonafide a discount point you can NOT be at the top or the bottom of the rate sheet.  (meaning highest or lowest rate)  Sometimes I don’t even see how this is good for a borrower, but the reality is it is tied to the comp plan.  If you are in the situation where the comp you have with that lender is higher, then watch or do a QM test PRIOR to submitting so you know what your up against.  BEST ADVICE I CAN GIVE.  Do not wait until the loan is submitted or even attempt to lock in process without having an idea of how this plays out.  IN FACT, MOST LENDERS have a FREE QM test available on their “portals” that you can run this test as you register the loan.  I suggest you know how to do this.  Problem avoided.  If you have questions about this hit me up, I’d love to help you understand how this works.  In some cases it is #WhackedOUT – But hey these are the rules we have to play by.  Lower your comp if you’re doing conventional loans, they don’t have a spread like the Govie loans do.

Another “argument” is this is why you have the ability to set up multiple different comp plans with different lenders.  NO, in my opinion you do NOT need to have the same comp across the board with all lenders.  The law doesn’t say that.  (for Broker’s of course).  What it does say is that each LO (MLO) should be paid the same based on type of loan.  And be incentivized based on volume.  But that is another post for another day.  – #SellWell

Mortgage guidelines, Mortgage Originators

Two for Tuesday – Non Traditional Groups

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#TwoforTuesday – Non-Traditional groups are needed to help when someone needs to qualify with non-traditional credit.  There are two groups that you need three things from.  I will detail this today in efforts to help you pre-qual someone whom has “thin” credit.  NEED ALTERNATIVE TRADE LINES? Here’s what you need to know;

There are two groups, and you need at least 1 thing from group number 1.  Group 1 consists of Rental history, a utility company, or telephone service.  Group 2 can consist of a personal loan, insurance payments (car, medical, renters, life), Child care payments, rent to own payments, or school tuition.  This second group also consists of car lease (rental) payments or retail store credit cards, however I don’t know why an auto lease or retail store wouldn’t report that to the bureaus though.  lol

Here’s a break down of guides for you: Happy Selling!

I am helping LO’s left and right learn how to generate business online.  No doubt anyone can do this and dominate in their market.  My suggestion, get going start social selling today! It changes people’s whole outlook on how they use social selling when they start seeing results.  (Facebook is no longer just for Friends and Family)

Get involved implementing the BLUEPRINT today, it will change your pipeline 30-60 days down the road.  Don’t struggle into the new year, get growing today!  Learn how to set up your business fan page to actually get you leads.  Learn the best posts to drive engagement and interaction.  And learn how to set yourself up to gain more referral partners! – This is only 250 dollars – If you are an action taker, I would ♥ to work with you! You will double your business by implementing the BLUEPRINT.

To get started click HERE!  #SellWell

 

Mortgage Originators

Monday’s Motivation – Loans R Us

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#MondayMotivation – Loans R Us – Get excited like a kid does when they walk into Toy’s R Us and have that same skip to your step!  Trust me I know it’s hard to do sometimes, but if you’re surrounding yourself with others seeing success, that low appraisal or fall out won’t matter!

Keep going, feed the front end of the pipeline and the backend comes out great! In our industry of mortgages you can’t help not to come up with roadblocks! It’s all part of the game.  What I suggest is you try to prescreen the best you can the things that can make or break a loan upfront.  When taking apps, make sure you’re asking a handful of questions to prevent things from happening!

  1. Where did your refund check go to last year from the IRS – What address?  (that’s the address that goes on the 4506-T form) And this probes that they filed taxes!
  2. Is there any job gaps greater than 30 days in the last two years? (part of employment section)
  3. What are homes selling for in your area? (Probe what they think their house is worth and use this as a guide to help research with them, what other “similar” homes have been sold for in the last 3 months) – Search this with the client.  Set the right expectation “range” and then structure the “refi” deal with the lower end of the spectrum.
  4. When we start this process of your home loan Mr. Client, I need to remind you to NOT do a few things! (List 10 commandments)
  5. Ask what the clients long term and short term goals are, you’ll be surprised sometimes and they will tell you a way to custom tailor their mortgage the best!  What was a rate and term, could be in fact a cash-out opportunity!
  6. Review their credit with them, teach the client about credit based on what you see on the report.  Some tid bits of knowledge on how having multiple open lines, revolving smaller balances etc are all apart of the bigger picture for clients.  Educate them based on what you see.  (this part is something LO’s develop over time, my suggestion read an article or two about credit)

Now’s it’s time to network, and start planting all the seeds you can to harvest later! My suggestion, start using social media for your prospecting as well as closed deals that can give you a RAVING REVIEW!  This week I challenge you to gain a testimonial on your business Fan page on social media.  Use it as a catalyst to help you gain more leads and deals.  #SellWell

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Mortgage Originators

Weekend CALL to Action – Social Selling Tip

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#WeekendCALLtoAction – Social selling tip today for all you LO’s reading and watching my videos.  Exploding in traction is a direct result of your actions.  If you pound the phones someone will call you back, if you network large enough (go wide) someone will give you a shot!  If you perform social selling acts DAILY you will be seen!  It’s all about consistency.

And all you have to do is start with the right places.  Here’s the tip and the #WeekendCALLtoAction – On Facebook this weekend, click HOME at the top blue bar.  On the far left side, scroll down until you see the work EXPLORE! Then right under that is the first option that says PAGES – CLICK IT!   Then at the top you will see several “tabs” and one of them is INVITES and probably has a RED number next to it.  Looks something like this;  invites

CLICK THAT! There you will find a ton of your friends that have PAGES that have invited you to “like” them and you haven’t done so yet!  I bet you may have some referral partners or Pages you’ve done business with in the last 12 months that you haven’t engaged with them yet!   START SOCIAL SELLING PEOPLE!!

Engage with others and use these “pages” to help you gain referrals.  Infact you can use this strategy to sell “backwards” and you could look up a potential referral partner’s page and then like it.  Then go find out whom owns the page by scrolling around and ultimately finding whom controls the page.  Fairly easy to do if you put your detective hat on.  Then Friend that person on your personal profile, engage with them.  Make a comment on a post etc.  A few days later call them up.  You’ll turn a complete COLD call into a warm conversation.  This is a great way to start networking and using SOCIAL SELLING TO DO IT!

Have fun, and #SellWell

If you want to learn how to step up your game and get into a routine weekly that can help you gain more referrals and leads FREE right on Facebook or any other social platform.  I have a program that I put together that helps others transform their social selling and gain a ton of traction increasing their business online.  Like actually gain leads FREE! Yep, it’s called the BLUEPRINT!  – A step by step guide that can help you bring your business to life online.  Just about everyone that has gone through this is using these strategies on an on-going basis and gaining more exposure, relevancy and reach as a result.  And the real results of that become more loans.  So if you’re not actively gaining leads online, I can show you how!  Without spending a dime!

THE BLUEPRINT IS HERE – CLICK HERE!!