Category Archives: Mortgage guidelines

Mortgage guidelines, Mortgage Originators

Whacked Out / Wonderful Wednesday – Happy 1st of the month!

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#WhackedOutWonderfulWednesday – Happy 1st of the month! – I personally ♥ long processing months.  Means more chance to close loans.  As we all (*anyone in the mtg industry) gets ready to turn in your goals for the month – #WonderfulWednesday – I wanted to continue on the weeks theme of Non-Agency loans and add some additional wisdom on “doc types”.  The #WhackedOutWednesday part is the bank statement loans.  And what seems to be the loan that falls out the most.  However, doesn’t need to be.  It’s all about how the 1003 is put together, and I go over just that on today’s episode as I describe the different types of file doc types Non-Agency/Non-Qm loans have.

Bonus, since I didn’t make a decision in advance, I combined the wonderful and the whacked out part together.  🙂 Happy hunting in a long month!  I’m here to help you #GetOnPoint with #BluePoint! #LetsDoBusiness ↓

Hope you enjoyed the #LunchNLearn today! Here’s the link to subscribe to rates daily.  – Daily Rates –

I’m in the office to help you structure these loans.  Happy 1st of the month!  Who needs a Non-Agency same month closing?

As Always

#SellWell

Mortgage guidelines, Mortgage Originators

Two for Tuesday – Non-Agency Tid Bits

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#TwoforTuesday – Non-Agency tid bits all week.  Today’s is full of two great guidelines to know.  You do have products to make things work out for your more credit worthy clients.  Sometimes, “stuff happens” and there’s events that make your clients wait under traditional mortgages.

Bankruptcy, foreclosure, short sale, deed in lieu all are trigger events in most cases.  We have over 9 different options that can offer your clients options!  ↓

♥ Today, text Juiceman to 33655 and check out options you can have yourself.  I’m in the office wrapping up the month, and making impact to pipelines, why not yours!?

As always

#SellWell

Mortgage guidelines, Mortgage Originators

Mondays Motivation – Non-Agency Tid Bits

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#MondaysMotivation – Non-Agency tid bits of guidelines this week.  Non-Agency has a better ring to it than Non-Qm, and some may have a negative cogitation to the word.  However, more than 50% of all Non-Agency loans are in fact full doc.  While we boost bank statement loans, and you see investor options coming out, the important thing to remember is great options for your borrowers.

Weather self employed, or just had some event happen in the past that shouldn’t prevent a qualified borrower otherwise to have to wait 2, 3, 4 or even 7 years to buy a home.   Non Agency guidelines help make dreams come true.  Get on point with BluePoint here – CLICK HERE! We have 9 different non-agency options that you can add to your product mix!

Great guidelines to know, and a way to “make the loan happen” when reserves or a gift is needed.  There are plenty of good loans in the non-agency arena and these are just some tid bits (Guidelines) I’ll go over this week to help them shine.

As always – #SellWell

Mortgage guidelines, Mortgage Originators

Weekend Call to Action – Segment guidelines!

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#WeekendCalltoAction – Part of expanding your referral base is to segment.  Yep, segment those RE agents specializing in products you do.  Such as those that list condo’s for example.  Such as those that list BIG homes, or those that are near a VA base for example.   You can create a way to segment with GUIDELINES.   That’s how you find the WHO or WHERE to market.

To know HOW to market is sometimes just as simple as dropping a guideline.  About that niche the referral partner works around.  This is value added, and if it’s a strong point about your products then mention it.  Maybe others have overlays, or don’t “do” that type of property.  Market to the people that list those properties and you can expand your referral base.

I love ♥ to segment guidelines.  It’s a great way to look at a geographical area and talk business about a specific product I know the broker would use.  You can do the same with referral partners of all types not just RE Agents.  Don’t get stuck with loans you can’t close, partner with a lender that offers solutions! #BluePoint is here to help!

If you want more options to close more loans, and help with potential segmenting for your marketing let’s chat!  – CLICK HERE! #LetsDoBusiness

As always #SellWell

Mortgage guidelines, Mortgage Originators

Thursdays Thoughts – More than 1 and flipping! FHA Guideline week!

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#ThursdaysThoughts – LUNCH N LEARN – Today I go over my max length a little bit.  Yep it’s a long one.  12 minutes of pure FHA guidelines you should know.  Sorry.  But, for those that watch, will get some great tips 🙂

Can you have more than 1 FHA loan?  And what’s the time frame for flipping again? (90 days right?) Well, I go over the rules, the exceptions and things to watch out for in today’s episode of Thursdays Thoughts.  When I set out this week initial campaign it was to be centered around guidelines.  I found so many JUICY one’s to share in doing my planning that here at the end of the week, I wanted to throw in a few extra one’s.  12 minutes of getting on point!

#GetOnPoint with #BluePoint already!!  We have some fantastic guidelines for non-qm that make BP unique.  We also have one open overlay on Government loan options we provide.  We only go down to 550 FICO on FHA and VA loans.  We go by the book otherwise.  #LetsDoBusiness – CLICK HERE – and we can provide solutions to help you close loans.

As always – #SellWell

 

Mortgage guidelines, Mortgage Originators

Whacked Out Wednesday – The rule of 5! (FHA effective income guidelines)

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#WhackedOutWednesday – The rule of 5 I go over today.  The way’s to use the various forms of income and what’s considered effective income and what’s not.  The “whacked out” part is that many LO’s don’t know how to calculate effective income.  The salary is the salary, the hourly income can vary.  And if it does there’s a rule I go over for this.  The VOE is king.  The paychecks are a supporting document, not what determines income.

The biggest thought is that you need two years for all of the 5 type of incomes.  Bonus, Over-Time, Commission, Self-Employment and Second jobs.  When in reality there’s only one of these that you really need a full two year uninterrupted period of receiving.  Find out more in today’s video! ↓

We go by the guidelines and I’m here to help you structure these deals to get them done.  The rule of 5 is great to know, and every LO out there should know how to calculate the effective income.  To many times there’s just some snag somewhere that the LO didn’t realize.  My goal is to eliminate that with these guideline videos and help all get more loans done.  In fact I encourage you to get on point, with BluePoint! We are a growing National wholesale mortgage bank, we are broker friendly and have several niche’ products.  FHA/VA are for sure sweet spots.  SIGN UP HERE! 

As always I’m here for any – “I gotta guy” questions.

#SellWell

Mortgage guidelines, Mortgage Originators

Two for Tuesday – Guideline Week (FHA)

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#TwoforTuesday – I ♥ guidelines and will always use them as a tool to help my clients get to the end goal – close more loans! That’s what they’re there for.  To help us.  Might as well point out one’s I see missed or not understood by the masses right.  It’s my value point for you.  It’s where I can shine to help you structure a deal right to begin with.  Today I go over two FHA guidelines that are commonly asked as questions.  Seasonal income and how to use it.  As well as departing primary income and rental income calculation.

It’s important to align your Brokerage with Lenders that can help you with guidelines and do not have many overlays.  That’s the point, to help you get on POINT.  With BLUEPOINT! CLICK HERE and complete the broker package today! We are a Broker Friendly lender growing all over the nation.  Let’s do business! With strong pricing on FHA/VA and the 9 different non-qm options we are poised to make impact where other lenders may not specialize.  That’s our “niche'”.

Guidelines are apart of our everyday role as AE’s and wholesale Lender reps, we have LO’s and Broker’s asking us questions all day.  We can gain answers straight from the source (Underwriting) and help you structure your loans to actually close.  This is the difference making we make at BluePoint.  Don’t get stuck with loans you can’t close.  Get on point with BluePoint today!

#SellWell

Mortgage guidelines, Mortgage Originators

Monday’s Motivation – Guideline Week!

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#MondaysMotivation – Guideline week, I ♥ guidelines!  Knowledge is value that dollars follow.  I suggest anyone in the craft of originating loans learn to create value by studying the guidelines of various programs.  To be able to recite the guidelines you know when you need them, or at the least be able to look them up at your fingertips.

No matter what, knowing the guidelines is what can help you structure the loans the right way and experience less issues.  Today I start the week off with two simple but missed guidelines quite often.  If you balance a file correctly at the beginning you can pick to not finance the UFMIP and use the credit associated with the file to cover it.  Same with business debts, knowing what to gain and how they must be portrayed to exclude from DTI is power.  Structure FHA loans to win.  I’m in for any “I gotta guy” question this week.  Contact me on Facebook here!

If you’re not signed up with #BluePoint we are here to help you #GetOnPoint!

CLICK HERE – And let’s do business!  We ♥ FHA loans and go by the guidelines.  We have one overlay basically.  That’s the fact we only allow as low as 550 FICO.  Remember 550-579 FICO would be 10% down or 90% LTV anyway.  We allow manuals and would refer to the handbook 4000.1 for guidelines.  If you want to have access to the newest version on the 4000.1 – feel free to CLICK HERE!

As Always #SellWell

 

Mortgage guidelines, Mortgage Originators

Two for Tuesday – Lessor of the Two!

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#TwoforTuesday – Non-QM loans are fantastic.  And pricing is ON POINT! But what LO’s need to remember is as you structure these bank statement loans, you get the lessor of the two!  The lessor of the 1003 input value or the bank statement calculation once the underwriter is done analyzing them!

I give a great example in today’s video on how to avoid the pitfalls of this.  Make sure you do your own due diligence to the bank statements before you hand them in.  The 1003’s value of what income you use is set in stone at submission.  And never can go up, only down.  You get to use the “lessor of the two” when it comes to Non-QM.  #KnowThis

Non-Qm is definitely here to stay, and has a great function to lending now days.  If you’re not doing at least one of these per month, you’re missing out on opportunity.  Did you meet NIVA, NINA’s smarter sister?  🙂   These investor loans are fantastic and the opportunity to help investors expand their portfolio is fantastic.  With full doc, shorter times for waiting periods, investor loans, bank statement loans and more, NON-QM is a great product to start utilizing if you’re not.  It’s a great way to create options for your borrowers!  Get on POINT HERE!

NIVA

 

Mortgage guidelines, Mortgage Originators

Two for Tuesday – Guides for Reserves

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#TwoforTuesday – Guides for Reserves!  Many out there ask as if doing an investment property without reserves is an option on a Fannie or Freddie loan! – No it’s not an optional thing, you must have them.  Today, I will break down a quick reference to reserves for you.

Written in stone is the guidance on second homes and investment properties.  However, Jumbo and Non-QM loans seem to always have reserves, it just varies based on investor and program or transaction type you choose.  See video for more ↓

Today, watch out for the second “Two for Tuesday” video again short and sweet this afternoon.  #SwitchingItUp is always good!

As always – #SellWell