#TuesdaysTip – Will now be branded forever. Complete with the way “Steve” used to wave at the camera. Today I honor a colleague that left us too soon. Weather suicide or another factor, I don’t know the story, what I do know is this is something real. If you don’t have the best of month in mortgages and or are thinking suicidial please reach out. Do not let it build up inside you. **Suicide Prevention Hotline** 1-800-273-8255 (Talk)
Today I go over guidelines for co-signed debts on both FHA and Conventional. One allows that you can just prove the “other” party is paying the debt, the other needs that, and the “other” person on the original note. #CheckitOut
To those that knew “Steve”, and to Friends and Family, I am sorry for your loss. To those in the mortgage industry, I look to use my interactions with him as a catalyst to help others. Any way I can I partner with people, even Steve, I talked about doing videos with. I can partner with you as a broker or LO, to help you source more business. The blueprint I have made makes impact and does wonders to your exposure and referral partner list. Click here for the Blueprint – #SellWell
#MondaysMotivation – A guideline week! I haven’t had one of these in a minute so I figured to share some fun guidelines and common questions and answers to the “I gotta guy” questions I get. If you have an “I gotta guy” question, hit me up this week, I’d love to hear from you.
Today’s guideline that is unique that I find that Broker’s like, is we can go as high as 50% DTI on a manual underwrite on a VA loan with no compensating factors. My goal is to offer a stellar service as an Account Executive, (Lender Rep) and not only close the loans you send, but do it timely, with great pricing and the ability to help move a file when it counts. Our turn times are 1 day, I can’t stress enough on how fun it is to close loans in 10 days! (or less). It happens all the time, we closed a loan in 10 days with one submitted on the 8th, subtract the 19th (presidents day) and we CTC’d it in 10 days.
Rates are great, turn times are great, and I love love love ♥ marketing. So together if you partner with me, I can teach you and your team tricks and tips to developing effective campaigns to help you source business. Let’s chat, I’m in the office all this week, #LetsDoBusiness!
Guideline week – Gotta love it, if you don’t have an AE whom can answer your scenario questions, help you price out loans, or help you gain more business fill in below! Let’s go business! Click here! #SellWell
#WeekendCalltoAction – #TGIF – Ya’ll! Hope the week was good for you. I have to bring light to something as I see a lot of people “Grinding” and when there is a pattern of others getting burnt out, I have to say something. This weekend, put a few business cards in your pocket, and go out and enjoy your family. Do something to enjoy the people, and pets that you work so hard for.
I typically give out ideas to help you source business of Friday, but noticed a few things, and even had a personal friend fall very ill this past week. Preserve your youth, your health and your family. Enjoy them this weekend, take your dog for a walk or kids to the movies. Do something that helps you energize for next week. That’s my weekend call to action. It of course doesn’t hurt to leave a few business cards behind somewhere or pass them out to an overheard conversation you might encounter. But the point is enjoy whom you work so hard for. In the mortgage industry I know people work hard and play hard, go out and do something fun for yourself.
While your relaxing this weekend, feel free to complete that Broker Package to sign up to work with me. Technically you can #TryBeforeYouSignUp, so if you have a file, and want to experience the stellar service we’re about, hit me up! I will send you a #Ratesheet and a #Submissionform — #SellWell
#ThursdaysThoughts – Today I stick my neck out there for what I believe in. Because I love helping brokers set up their businesses to win. I help mortgage Broker’s grow all aspects of their business. From expanding their lender roster (partnering with me) to helping them recruit LO’s, to close current loans, to even business set up and lead generation. I am more than just an AE to partner with. One of the most misunderstood aspects of Brokering loans would be that a Lender Paid Compensation plan needing to be selected for each lender has to be the same amount.
This is in my opinion (I am not a lawyer) 100% false. And a business owner (broker) can absolutely align themself with various compensation plans with various lenders to be competitive on all products in their market. FHA business is different in pricing, qualification etc, than conventional business. Same with JUMBO loans and non-qm products. I do recommend you align your business LPC with what will be competitive offerings in your area. You DO NOT need to align every lender paid comp plan at the same level. There’s been some talks online about this recently and I wanted to give my input.
Disparate Impact occurs when a policy or practice is applied equally to all applicants but has a disproportionate, adverse impact on applicants from a protected group. That’s the definition, however when dealing with loans, don’t just think “protected group” think of everyone. If you do this at all times you will be doing the right thing for clients. In my example, if you were to be making all LPC agreements at 2.75% because you do primarily FHA loans in your area, you may be having a negative impact to those that are not FHA loan applicants. So when you get an A+ client, now your “rates” align with a comp plan focused around a different product. And your rates could potentially be “not competitive”. Have you had disparate impact to those conventional clients? Again I’m not a lawyer, but to me this isn’t doing the right thing for your business or potential clients that fall into this category. Weather they are a protected class or not, you should think of everyone. That’s my advice. And you should align yourself to be doing the appropriate business with each lender that they specialize in. Some may be more of a conventional lender, align yourself with a LPC plan that will make your rates competitive in your area. You do not need to make your LPC the same as another lender that does “government” business at a higher comp rate or vise versa. Infact, to me if you do that, you’re effectively doing a “disservice” to your potential clients. This is the FREEDOM that BROKERS have. And allows them to align their pricing just like a retail bank does with different margins on different products. There is no difference in my opinion.
As long as you look to be aligning your business in the best interest of offering your prospects in your area the best deals you can – and be a profitable business – there’s no wrong doing. Some will say the opposite of this that all brokers need the same comp, to you, I then ask, is all your margins on a secondary level the same? Because if not as a lender your profiting more on certain products versus others, are you creating disparate impact inadvertently? Most will say no and that it’s not the same as a Broker, some will argue it’s the business owners discretion to set profit margins. The broker is doing that very same thing. So no, you do not need to set all compensations across all your lenders the same. You would NOT be doing the right thing for your clients. Especially when you have options. Align compensation plans with the products you will use with that particular lender. But don’t tell me 2.75% across the board is the best for all borrowers. IT’S NOT! #RantOver #SellWell
#WhackedOutWednesday – This week we’ve discussed various compensation set ups, and ways a broker could have his LO’s paid. The “how to” on a borrower paid transaction is often a question I get. In reality there is a right and wrong way to price these out as a result of comp laws indicating that no credit on a borrower paid transaction can cover LO comp. Hence the “borrower paid” name. However, many LO’s and Broker’s get this wrong all the time. Today I wanted to break down the easiest way to structure these.
Step 1 on a borrower paid transaction is figuring out the total costs. You can’t in theory pick a rate until you know this “dollar amount”. Or at least close to it. So add up all your title, impound, government recording, flood certs, underwriting fees, appraisals, inspections and any and all 3rd party fees, upfront. Once you have a number go on to step 2.
Step 2, price the loan out with your lender as a borrower paid transaction. When looking at the credit for any given rate, it’s best to pick a rate that doesn’t “exceed” the total dollar amount in costs. You can be within a few grand at most, but the objective is to be as close as possible. Otherwise any 3rd party costs not covered by credit would need to be paid by the borrower or covered by concessions.
Step 3, input your commission. The point in many cases of doing a borrower paid transaction is to “lower” the compensation from your said “Lender Paid Compensation” (LPC) selection at any one lender. Many make the commission equal to or less than the actual costs on the loan. Which for the most part shadows the credit for the rate.
In a real life example, the total costs are 4200 on a loan (including impound set up) and the credit for the rate is 4000. Then the LO chooses to make 4000 and have the small left over 200 dollars from costs not covered by the credit. Making the total in costs on the loan 4200. Somewhat a rob Peter to pay Paul scenario, or “magic show” as I describe it. If you find you’re accurate in estimating costs upfront on a borrower paid transaction, you will be able to price and sell this type of loan to anyone. And WIN the deal with any shopper.
This week I am doing data entry into a CRM and expanding my Broker network big time. I would welcome helping you! If you own a Mortgage Brokerage or know someone that does, refer them to the JUICEman. I encourage others to Join Us In Creating Excitement about mortgages, and make this stuff fun. I look for great broker’s that want to excel at helping others with mortgage loans. As a wholesale AE, my role is to help facilitate these home loans to the closing table. I act as an intermediary between the LO/Broker and the underwriter and funding teams. The more accurate the 1003 and structure of the loan upfront, the faster loans close. Let’s do business together this year, in fact, you can “try before you sign up.” With great rates and 1 day turn times, we are poised to position ourselves to help many broker’s grow their business this year. Why not you? – Shoot me a message on Facebook, I’ll send you a rate sheet and submission form. You can experience our stellar service first hand and then sign up! #SellWell
#TwoforTuesday – Some great conversations happening out there recently and wanted to highlight some conversations recently about LO comp and Borrower paid transactions. Assuming you are a LO at a Broker shop, whom does TPO business, you still have to have a set compensation agreement for all loans. The Broker is allowed to incentivize you based on volume, however, for the most part you are to be paid the same amount on all deals. Borrower paid or Lender paid!
Now I am not a lawyer by any means, I just make sense out of these laws and attempt to spread the word. As an AE, no LO should be in a position where they “send” loans to any one lender to be brokered and be paid “more” for doing so. The LO should be picking the best lender for the given loan and borrowers situation. AND that doesn’t mean the lowest rate or highest spread. There’s customer service, there’s turn times, there’s a handful of other things that could be taken into consideration. Rate doesn’t dictate the “best option” for your client. Period.
Second point today, Borrower paid transactions. If you are a LO, and you have a set comp plan with a Broker, and decide to go borrower paid, you should still be “making” enough to cover that comp plan. OR the Broker should put a clause in their comp plan to LO’s that states they are not allowed to charge less than the agreed upon comp per deal. That way the “house” never has to pay out of pocket to pay the LO. That’s not good business obviously.
I am expanding and still helping new Broker’s in 2018 to grow their business. I am not a typical AE, what I do is help my broker’s actually source business. So not only do I help with guidelines, scenario’s and pushing your existing loans to the table, I help you learn to source new business. And I do it online, where I teach Broker’s how to expand their referral network, and help their business grow. More leads = More closings. If you’re struggling with business, or just happen to be on a mission to grow this year, I’d like to work with you. CLICK HERE and we can chat! #SellWell
#MondaysMotivation – Creating urgency to help clients get off the fence and start with you is an art. A form of persuasion at it’s finest in the sales industry. One of the best ways in the mortgage industry to do this is with the rates. What you quote you want to be able to deliver. But if a client hangs on to your quote for two weeks and comes back to you things could be different. We are in a rising rate environment at this point. The trend is upward. This isn’t a new thing, but rather just more “noticeable” recently.
Explain just that to your clients. What they get quoted today will be different tomorrow. In almost all mortgage situations. Things change daily, us mortgage pro’s know that. But your clients do not. Use the “changing times” to create urgency within your pitch and gain a commitment to do business!
I always sell in ranges when quoting rate(s), but now more than ever it’s important to explain how things can potentially change, and advise your clients to commit and move forward with you!
When in doubt, ask for the business again. Don’t hesitate to say your going to do your best to deliver on what you show them today, but it’s important that they act now! The only way you solidify costs is with real invoices from all third party fees and a locked rate. Simply state; “Lets start the process today!” #SellWell
#WeekendCalltoAction – Facebook’s new algorithms explained! Facebook recently changed algorithms on Fan pages so you see more of your friends and family. And less business page posts. – Unless, you either follow that page and assign to see posts first, and or you are friends with someone that posts it on their personal profile. Or you are tagged in the post on the fan page. Either or, will do it I’ve found.
So what’s all this mean! – It means you can’t just post on your Fan page and expect enormous reach without pushing or pulling your message organically or with a paid targeted ad. (Boosted Post). The weekend’s call to action is to help you plan post actions. For example you should schedule a post that allows you to “tag” your other team mates. I call it a “PEOPLE POST”. Like in the middle of the week do a picture of your office or a post that describes your culture. *(remember all posts do not have to be selling – make it fun) Then tag all teammates in the picture or that work in your office on it. When the posts shows up, ask those teammates to engage with it.
Here’s another one, make a post of a “selling bullet” you have, could be anything. Then once that hits, plan to “share” that post to your own personal page from your fan page. Make a small comment when you do and ask your followers on your personal page what they think.
The concept is simple, PUSH or PULL your messages. This is technically marketing 101, however it starts with a phone call for many to spread their message. Now a days you can get your messages or campaigns seen by many from driving campaigns online this way. You have to have a plan and then execute on it. It’s the actions after the planned post that matters. Many just post, and have lost exposure since the new changes. This is why. #SellWell
When you want to know how to do this yourself I have #TheBLUEPRINT for you. If you don’t want to learn it and just want someone else to do the campaigning for you, there’s a service for that too! 🙂 The BLUEPRINT is here!
#ThursdaysThoughts – Are you mobile? In every meaning of it. So when was the last time you went to your OWN website on your mobile phone? Does it look right? In advertising, one of the things taught is to “test your own funnel” or advertisement. See how it looks on desktop and mobile. Funnel or not, have you checked yours?
How about this, do you have a CRM? If so, when was the last time you texted someone from your mobile as you called and dialed them from the office line? Do you check Facebook to see if you can IM your prospects? What about LinkedIn messaging, do you reach out to prospects that way?
Point is are you using your mobile phone at the same time as your office line? If your boss says put your cell phone down, and get on the phone – They need trained. You should be social selling as much as you are calling people from an office line. This is the truth! Communicate where your client is the most, if they are instagram the most, meet them there, engage with them, message and or add a comment to their story.
Get Mobile – And use it as a CRM for yourself. If your in sales, you need to think mobile in many ways. If not you’re going to be left behind in the times, competition and reach of your efforts. #SocialSellingwithShawn – I can say with 100% certainty that those that do the BLUEPRINT training I have level up their social selling game and are increasing their sales as a result. Getting mobile and social are not optional in sales any longer, and if you don’t do these things to learn now, you will have a hard time in the future.
Today I want to help YOU! If you read this and are not doing these things, then reach out me, click the BLUEPRINT link below. Let’s get started in helping you social sell in many ways. The BLUEPRINT helps you expand your pillar partners, helps you learn to push and pull your messages on social media. The idea is simple, the concept is genius and the action is easy. In fact the BLUEPRINT teaches you to program and schedule your messages in advance to have a clear intent on delivery and marketing. Most of what you see from me is done on Sunday. This post included. I did the video almost 5 days ago. When was the last time you planned a week long marketing campaign?
Happy Valentines Day! ♥ I love mortgages and everyone involved with them! This is why I do the mortgage Join Us In Creating Excitement (JUICE) stuff. Today it’s all about #WhackedOutWednesday – for the love of mortgages. If you’re a LO and do NOT have a fan page on social media you are missing the boat!
I have taken a passion in helping others in my B2B stance and career as a Lender Rep. I help others grow their online presence that are partnered with me. In return they do more loans and send some to my awesome team of support that helps get them done. (1 day Turn Times 🙂 I’ve done this for years and started out with flyer marketing to help give out ideas to brokers, now it’s turned into a full suite of advertising options that any Broker or LO can do. The BLUEPRINT is a 3 day workshop, for those action takers that want a little guidance on how to grow a fan page audience and gain exposure.
Inside the BLUEPRINT I break down how to help you get past writers block and segment what I call the 5 P’s of Posts. This helps you make posts with meaningful intent to push and pull your messages to gain exposure, relevancy, reach and results. I now offer this to anyone, inside my network or not. For the LOVE ♥ of mortgages and helping others, get the BLUEPRINT today and start your online journey to increase your business.
If you want the BLUEPRINT click here! – I will take the same passion in helping with you to help you learn to plan out campaigns with intent to increase your reach, relevancy and results on social media. I’ve done organic advertising for 3 years and built several “Brands” in my sales day now, all organically. What is missing is your Brand! I can help with those that want to learn it themselves, as well as those that want a done for you solution to gain results! #SellWell (With lots of Love today ♥_)
The JUICEman! 