Mortgage sales guru here to help! I get "I gotta guy" questions all day long and help Loan Officer's close loans. Not just take an application correctly. Or let alone manipulate DU (desktop underwriter) to give approvals. A business coach to Brokers.
#FridaysFacts with a #WeekendCall2Action!! – Great guideline tip reminder for all in the industry, LO’s and RE Agents, regarding someone whom is #SelfEmployed! And a #JUICY Call 2 Action for you this weekend! It’s all about taking your pipeline to the #NextLevel! ↓
When it comes to planning some way to make a difference in your own business pipeline, it starts with educating yourself and creating a strategy to implement! The #WeekendCalltoAction is up to you to click here –> NEXT LEVEL LIVE IN DALLAS! And if you didn’t know, there’s already 100+ LO’s signed up, this event is BIG! Like HUGE, and if you want to impact your market place, there’s a discount for the event tickets for the next two days for those that #TakeAction.
#ThursdaysThoughts – Rates and Amortization! There’s two ways someone can “save” money on mortgages. One is through extending the term, and lowering the interest rate. Another way is by shortening the term, and/or lowering the interest rate. Yes rates, let’s talk about historical facts for a minute. We are close to the lowest rates have ever been, period. If your clients are seeking to “save” money, debt consolidation and elimination of mortgage term is a great way to go. What I mean, is show your clients even if in the recent past they did a loan with you, that you could potentially help them access equity and or shorten their term, all due to where rates are today.
Did you know what is called “Re-Casting” can be done 1 time a year by all major servicers? If your clients want to put a large amount down (10k or greater) on the principle of their loan, the new payments can be based on the time left and the new balance. That’s called “Re-Casting”. And is something all servicers will do as a courtesy 1 time a year. Many LO’s do not teach this or even know about it. But it’s a great way for someone whom is proactive to pay off their home fast. ↓ #SalesJUICE
While somewhat elementary to those in the mortgage industry a long time, the problem lies that most LO’s do not house a database that actively monitors their rate and identifies opportunity to help others due to interest rate deductions. Today I want to highlight #ThursdaysTool for you LO’s – STIKKUM – a way for you to monitor your past clients “rates” and to identify when they are in the market. Not only do you get notifications when someone is shopping for a mortgage due to their mtg credit pull, but you can actively monitor for times like now when it’s best for you to reach out to your past clients to save them money monthly. There’s touch points to service your clients like birthdays, and holidays that they can get customized letters and email follow up that remind them of you. CLICK HERE to find out more about ways to make the most out of your past client pipeline, and be a #Lender4Life for your clientele.
#WhackedOutWednesday – The 10 Mortgage Commandments! Funny as it is, people actually do violate these all the time and mess up their home financing. This is for all to know, to share, to educate clients, to help your loans close!! Bottom line the most dangerous “things” to do during the home loan process are itemized today as things “Not to do”. ↓
While funny and to a degree comical, these things are in fact the commandments anyone buying a home should follow. The most common in the world of mortgages, is the client showing up to closing with a new car/truck. The second most common is the furniture buy or the credit card discount that was so enticing to get. All of these mess up the debt to income ratios on a loan, and could potentially be the death of financing. Avoid these like the plague!
#Two4Tuesday – Guideline Day – FNMA Updates galore! Fannie Mae has been busy this month, with several key updates. Some that may just affect your loans in process! So excited for the new 1003 to come out, just as the past the disclosure “roll out” as optional has been post-poned! The actual roll out date will be too, but we just have to wait for the next update that let’s us know when we can roll out the optional use of the new application.
Some good updates this month, and I hear and see other LO’s mentioning that DU seems a little tighter already. This is the second time in the last 90 days that DU has been updated. And this time Fannie is really vague on what was updated, other than specifically identifying “other risk factors”. This comes down to DTI, reserves and LTV, mark my word, some LO is gathering conditions from a loan and in the last 5 days their file has not been re-ran through DU. And when it does on the final time, there will need to be a restructure to make it work. Risk thresholds are being updated and over time after running so many DU run’s we’ll be able to report back to you and let you know what changed. Just remember the basics on DTI for FHA/VA and Conv.
FHA – Three buckets depending on how many compensating factors your file has 31/43 & 37/47 & 40/50
VA – One major backend threshold that is mentioned and that is 41. There is also note of use of residual income as a compensating factor. (this has been the loosest one of them all over the years and more recently have had personally a VA loan with as high as 82 DTI close)
Conventional – While it is widely known that conventional goes to 50 DTI (49.999) in the books (ed) and in programming the thresholds of 28/36 are used. So if your file is over that, you should have compensating factors.
Risk is risk and when it comes down to it, there seems no two files are the same. Just watch your risk thresholds on active loans as DU is updated, and keep rocking.
#MondaysMotivation – Power Move Monday!! – Might sound silly but this works, big time! Make a reminder for 2:30pm in your outlook calendar and gather your whole team together. Then everyone do their power move on the count of 3! (what ever it might be). It’s best to say something, and to do something at the same time that brings a smile and enhances your energy. This works, it might sound silly, but try it once!
If you do it occasionally through out the day, it can get your blood flowing, and help you bring the energy when it counts! #DuringTheSale! I’m doing mine right about the time I post my #RealEstateWV, and #BikesNRealEstate post on Instagram! You need to plan either activities to switch it up through the day, or to enhance your mojo half way into the work day! Trust me #PowerMoves work, just when you need them.
On a side note today, love love ♥ the fact that LO’s, Agents and Consumers are searching the site for guidelines, if needed use the search bar at the top and search any key word!
#ThrivingThursday – Happy Birthday Regulation X! June 20th 1975, was the birthday of what is known as Reg X! Or RESPA as it’s commonly known. The Real Estate Settlement Procedures Act. What has Reg X done for you in the mortgage industry? Well this year alone Reg X paid me over 2k, I’ll tell you how. Since I’ve moved to WV 3 years ago, I had my house as a primary residence and per tax law was supposed to be “Homestead” but apparently it was not. Around Feb, sometime a tax assessor showed up in my driveway. I kid you not, I even told him who I was and asked him to make sure he made my taxes go down. We laughed and he verified this was my primary residence. Well not too far into the March I got an escrow “refund” check where my “lender” that was servicing my loan had wayyyyyy too much in an impound account for taxes. So per Reg X, all lenders have to do a balance reconciliation and return to owners any amount over 50 dollars above what is needed. So not only did my taxes go down and my payment drop almost 200 dollars, but I got back like 2k. No joke. This just happened. Almost 4 years after my purchase. Thanks REG X!
So what else does Regulation X do? I detail the four main points today for everyone of my fans to know! #CheckItOut ↓
As you can see Regulation X is still going strong after 44 years! Great law that our government got right over 40+ years ago. And still plays a major part of our #MortgageWorld. It prevents a seller from requiring a certain title company to be used, and why title is typically a closing cost you can shop for. It requires specific amounts for impound (known as escrow accounts) of taxes and insurance. And limits what a lender can take in advance, which is up to 2 months cushion. It prohibits kick backs, fee splitting and referral fees for anything of value, which still to this day is walked as a thin line by many. (Big Violation and is costly for those that do = 10k per violation) Reg X also requires a 15 day notice to consumers if their mortgage is ever transferred and gives consumers a grace period of 60 days if they sent the payment to the “wrong lender” collecting their payments.
These are consumer protection laws and rightfully so, it’s a great day to celebrate Reg X! So if you have questions about this law, reach out to me. You shouldn’t be “marked” late on your mortgage if your servicing is transferred inside the first 60 days. (Grace period I just explained) Happy 44th Reg X, thanks for protecting consumers as you do! 🙂
#WhackedOutWednesday – Get your “Free Report” annually! If you’re looking to purchase “anything” in the near future it’s a good idea to take advantage of the FACT Act (FACTA = Fair and Accurate Credit Transactions Act)! The only place authorized under the FTC and credit reporting agencies (Experian/Equifax/TransUnion) to provide YOU a FREE CREDIT REPORT ANNUALLY is what I’m talking about!
You see what’s whacked out, is people right before they buy something “big” like a car, house, boat etc, should know where you stand. Most do not know. Today I’ll give you all the credit “tips” the pro’s sometimes have you pay for. What you need to know, and need to do with credit is all here. Most people just don’t know what they don’t know, or pay off their credit bills each month thinking that’s a good idea. (It’s not) Credit is imperative for insurance, for buying things, for jobs sometimes, for financial fitness. Your key points are below! ↓
Open new accounts every several years. It’s actually a weight on your credit score, if you just have credit cards for 10 years and no new credit added, that actually hurts you. Maintain and show the bureau’s you can “manage debt” as this is what gives you credit anyhow. So that means DO NOT pay your credit card off every month. What you want to do is maintain these two ratios; Either revolve less than 30% of the balance at all times (which gives you a better score) or revolve less than 50% of the available balance at all times. For example, if you have an available balance of 1k, do not revolve more than 500 dollars, the minute you go over that 50% mark, the bureau’s actually mark your score down.
Another factor is “type” of credit and payment history. Now it’s kind of a given that you should actually “pay” your debts every month, but this seems to be news to some people. lol. Second is type, when it comes to the type of credit, it’s good to have a mortgage, a secured note (like a car), and then 3 or more revolving lines of credit. (all with balances less than the ratios noted above) In all my experience in the mortgage industry (15 years +) I would say of the thousands of credit reports I’ve seen, the best scores (750+ FICO) and credit always seem to have at least 5 trade lines. (as mentioned) So if you think paying “cash for everything” is a good idea your totally wrong.
Credit is actually what #MakesTheWorldGoRound so it’s important that you do somethings to maintain and show you can manage debt. Debt is not necessarily bad, however, there is such a thing as bad debt and good debt. (but that’s another blog for another day) If you want your FREE REPORT — CLICK HERE!
#TuesdaysTruths – I want a challenge, and have already started my journey to do just that. Many of my followers & fans have reached out and I appreciate that. The relationships I’ve developed and the impact I know I’ve had in the wholesale mortgage space will never be “over”. I just want a challenge right now, and a change to “do” what I’ve been helping others “do” for close to a decade is now in order.
I’ve passed my NMLS test (Again) and am in the process of reactivating sponsorship and going back to my roots of helping consumers again. And I can’t be more excited for the challenge. I will be doing my videos, posting guidelines, and documenting my journey more than ever. In fact, I more than likely will document my success in a short time as I’ve made #BluePrints I will follow myself. While in the #MortgageIndustry for the last 15+ years, I’ve spent the last 9 in wholesale, and built this persona and reputation for those to come to for guidelines, structure on loans and marketing suggestions. I’m just going to follow my own advice and do everything I can to dominate my local market place. (and State) 🙂
I know I’m going to #KillIt and have fun while doing it, and as I grow and adapt my own B2B business to be B2C again, I hope you continue to follow and join me in my journey. As of now, you’ll start to see somethings change on the blog from links on the left will be for #Consumers and links on the right will be for #LOs that want tools. Now more than ever I see the purpose of #TheMortgageJUICEman and encourage you to JOIN US IN CREATING EXCITEMENT for our industry. The mortgage profession is my calling and how I serve it will not change, just expanding in options for helping others.
I appreciate all the phone calls and those that “haven’t” heard from me in the past few weeks and followed up. It’s a great feeling to get feedback that I was the best rep, or the more knowledgeable about guidelines when loans get stuck. My line will always be open for my network, and I will continue to grow it. I just need a new challenge now, and going back to originating and helping consumers directly will be my newest goals. I will continue to share great content for all in the industry, including RE Agents and other pillar partners. I think this challenge will only make my content more helpful for all.
#WeekendCall2Action – Get your Robots working for you! It’s been a great week with the #JUICYList as we are updating it and going over all sponsors to #TheMortgageJUICEman! I absolutely ♥ supporting viable tools for LO’s and those in the RE space. If you do anything scroll the list of link’s on the list of companies, tools and training’s on this weeks episodes. Find something that interests you or could help you in your current business state. I know everyone is different, and in different stages of their business. Some need training, some need more leads, some need more organization, some need more tools to appeal to their referral partners. No matter where you are take the next step of taking action! ↓
Today’s highlight include the #Best4Last tools for LO’s, mortgage brokers, Real Estate Agents and just about anyone selling anything. It’s the adaption of #ROBOTS (LLC) into your sales routine that will help you sell to more qualified clients. Here’s a list of items in the #Done4You package – Facebook Funnel, Community page, FB group, CRM, lead follow up campaign with ringless voice mail, text messages and email. Along with endless training’s, group coaching, and more videos to watch than you can count. Here’s the link for you to scroll – Seriously take a look here —> GET LEAD ROBOTS
Second highlight was a forced solution to offer Robot LLC clients a client retention, and follow up system that is all #Done4You again. It’s a CRM that you don’t need to build out, the campaigns are already there, all you need to do is add names and contact info and select a campaign to “Go baby go”! This CRM is bar none the best in the market, and here’s the thing —- THE PRICE GOES UP MONDAY!!! You might want to check this full CRM offerings out and take advantage of the beta stage it’s in right now. To see the full product offering —> GET THE BEST CRM NOW!
#ThursdaysThoughts – #JUICYList Week has been great, today we focus on Boosting your pipeline!! Two wonderful things have come together this summer, purchase season and low rates. That can help refi’s also be apart of a nice balanced purchase pipeline right now if you’re doing it right. These are the tools to do it! ↓
Listing Booster is fire right now, and just yesterday I saw this team doing more training for those that have accounts to show LO’s how to gain business with it. This is fantastic right now in the heart of purchase season and a definite win if you get. Of all the links I’ve shared right now, this is the hottest one.. –> CLICK HERE
To accompany purchase season this year, we are blessed with a “low low rate offering” to go back and look at past clients to see if they can save money. If you’re organized and have a past client list you could upload that into “retain your client” aka Stikkum, and you would know with a trigger lead who’s looking to potentially do something. And strike while the iron is hot! This isn’t just a regular trigger lead name and number though. It’s a fully branded client notification that goes out on your behalf. To be that “lender for life” for your clients. If you’re looking to get organized and take advantage of your past client list when times permit (like they are now) —> CLICK HERE!
Last and certainly not least is the need for continued education and state/national SAFE licensing for many. Weather you’re just starting out, or want to get licensed in more states, or want to do your continued ed (early) here’s the link for Summit Mortgage Training! —> CLICK HERE!