Monthly Archives: March 2019

Mortgage Originators

Weekend Call 2 Action – Move your feet!

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#WeekendCall2Action – Move your feet!  You have to get out there and do some old fashion guerrilla marketing.  Stop by some open houses, go to a Realtor meet and greet or mixer in the evening tonight.  Something to get your name out there is what you need to be doing NOW.

Yeah, I am an advocate of online marketing, however, it pays to get your name, and FACE out there a little.  You can’t just hide behind the CPU.  Now’s the time to show up at events, at mixers, at open houses, put up flyers, do something.  Where you need to “move your feet”.  The more you do this now, the more it will pay later.

The game of “Branding” includes a lot of various things, some face to face, some with written ad copy.  I suggest you move your feet a little and get out there this weekend.  If you want some ideas let me know.  Here’s a list of 50 things you can do to source new business this weekend.  Weekend Call to Action – 50 Ways to Generate Business!

In the mean time, if you’re a #MortgageBroker, I’d love to help you get $$ PAID on a loan or two this year.  #LetsDoBusiness – CLICK HERE to #GetOnPoint with #BluePointMtg

As Always –

#SellWell

Mortgage Originators

Thursdays Thoughts – How Borrower Paid Works!!

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#ThursdaysThoughts – How Borrower Paid Works!! Disclaimer, today’s video does not address “how” an individual LO or Broker is paid.  Today’s video goes over the different type of compensation structures that are allowed on a Brokered loan.  My advice is only that each Broker should have a separate agreement for compensation to their loan officers written out and signed.  From a wholesale level, no LO should be able to say, I get paid more to send it to X lender than you.  That can’t exist.  What we talk about today, is the lending laws that allow a Brokered loan to be charging the borrower directly (Borrower paid) or paid by the Lender paid compensation election. (Lender Paid)

I detailed some of the advantages of being a mortgage broker yesterday, and today I go in-depth on one of those advantages a #MortgageBroker has, going borrower paid on a loan.  Some Broker’s do this all the time, some Broker’s just don’t know how.  Borrower paid is actually the best way to structure a loan for a client, only due to the enhanced tax benefits they can get.  (from a consumer stand point)  From a LO/Broker stance, you have more flexibility to adjust numbers and give a credit if there’s a need to do so.  Hence closing the loan.  ↓

The biggest thing to remember on a borrower paid loan is that the credit can only cover the actual third party costs on the loan.  It can NOT cover the compensation.  So it’s important to look at the credits as DOLLAR AMOUNTS, not fractions and percentages.  In other words, what number is really 2.5% back to the client.  And is that over the actual costs or not?  Based on the loan amount, that end number will vary.

At the end of the day it’s all about structure, loan structure and the details of the transaction will always be the heart of the equation.  When a Broker/LO goes Borrower paid, they simply have more flexibility to make the structure work that they sold to the client in the beginning.  Making loans work is how they close.  When they close that’s when every one involved gets paid.

If you have questions about Borrower paid or Lender paid transactions please feel free to email me —CLICK HERE.  I’m here to help.

As always –

#SellWell

 

Mortgage Originators

Whacked Out Wednesday = Why Mortgage Broker’s are Better!

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#WhackedOutWednesday – Why Mortgage Brokers are Better!! Today I go over 5 advantages of working with a #MortgageBroker for everyone to know.  Tomorrow I’ll go deep into one of these advantages.  Today I wanted to highlight a few things that stick out to me that the general public and LO’s at banks should know.  These are reason’s why a #BrokerisBetter.

If you’re a mortgage Broker and want to #GetOnPoint with a #WholesaleLender that can add #Niche programs to your lending arsenal – CLICK HERE  For me I try to add value many ways, not just know guidelines and help get a loan funded.  I help my broker partners build their business.  #LetsDoBusiness #BluePointMtg

As I always say!

#SellWell

 

Mortgage guidelines, Mortgage Originators

Two for Tuesday – DU or LP & VA Loans

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#TwoforTuesday – DU or LP & VA loans.  Many LO’s forget that you can do a VA loan on DU or LP.  I say run it on DU and if it doesn’t get approved, try LP as a second resort.  #VALoans are quite possibly the best loan out there hands down.  I ♥ helping Veterans get into homes with no money down.

Today I dedicate the day to some of the #GuidelineWeek guidelines that I went over last week for VA Loans.  Foreclosure, SS, BK, concessions and more.  I talk about the recent changes in cash out LTV calculations and several other “cool VA guides” you should know.

When it comes to partnering with #WholesaleLenders for VA, I suggest you #GetOnPoint.  Why? Because at #BluePointMtg we have virtually no overlays and we will send out to a local VA office if needed.  (Happens when two unmarried Vets are on same loan).   Many lenders do not do this.  We want to give you options for your Veteran borrowers.  #LetsChatVA

We close loans, that’s the point! #GetOnPoint with #BluePointMtg – CLICK HERE

As Always –

#SellWell

Mortgage Originators

Mondays Motivation – Sales Goals and Routines!

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#MondaysMotivation – Sales Goals and Sales Routines! Here we go March is in full effect!  Hard to believe the 1st quarter of 19′ is almost over!  Are you honing in on your routines and touch points?  For those new to sales, having follow up at certain stages of a loan, or stages in a pipeline for example, is a good idea.  Having follow up routines and cadence routines to sales is key.

Make the most of March by honing in on our “activities” that are helping you achieve the goals you have.  Weather that’s prospecting or following up, or a mixture of both.  It’s part of sales, no matter if you’re new or old to it!

This week I’m in the office taking “I gotta guy” questions and scenarios and turning them into submissions on live loans!  #LetsDoBusiness

For pricing CLICK HERE

For Broker Package CLICK HERE

I’m all about helping any way I can.  Let’s chat pipeline growth together! Place “scenario” in the subject line and attach any credit, DU/LP and a 1003/1008 and SEND ME AN EMAIL! 

As Always –

#SellWell

 

Mortgage guidelines, Mortgage Originators

Fantastic Friday – Guideline Week

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#FantasticFriday – #GuidelineWeek – Guidelines, Guidelines, and more Guidelines all week long.  Today I wrap up the week by going over the most commonly asked questions for FHA yet again.  I even throw in an extra bonus today with seller concessions max, or maximum third party contributions in Conv, FHA, and VA!

One point I’d like to make is sellers concessions can’t go over 2% in 2 different situations.  1 on investment properties and 2 on FSBO.  Know this stuff Ladies and Gents!  ↓

I enjoy helping others get their loans done and done right.  If you have guideline questions, do me a favor, shoot an email that says scenario – (Or – “I gotta guy”) in the subject line of an email.  Include the 1008, 1003, credit report and any DU/LP findings you have.  And I’ll take a look at it for you.  CLICK HERE to send an email.

As Always

#SellWell