#WisdomWednesday – It’s #JUICYList Week, and today is “Training Day”! Join Us In Creating Yes’s for your pipeline, it’s training for Loan Officers, Business Owners, Mortgage, Real Estate, you name it. The best of the best for our industry to get their LEARN on to shine. No kidding, each of these add a critical element of sales, mortgage/RE knowledge and marketing skills that I recommend, them all! In fact they all compliment each other, while being completely unique and different. These are the TOP 3 training for any and all LO’s /Mortgage Broker’s to take their business up a notch!! ↓
You have to invest in yourself to continue to grow, weather that’s to read a book, join a coaching program, learn new marketing skills, or just increase your knowledge of the Mortgage industry!! If you’re “in it to WIN it” you’ve probably come across these training’s before. In no particular order but to match how I mentioned them in the video;
Next Level LO – Next Level LO Training – CLICK HERE!
Apex Entourage – Break Free Academy Entourage – CLICK HERE!
My suggestion, is always be willing to learn. The minute you say you know it all your old and rotten anyway! 🙂 Might as well be green and growing no matter your tenure or age or geographic location. If you’re not closing 10 loans a month, click one of these above, trust me it will make a difference in your pipeline in less than 90 days!
#TwoforTuesday – #JUICYList Week – Lead Traps!! Today’s the lead trap day, and announcement of the “special” I have for those that want a done 4 you solution! In the mortgage and RE industries the sales are made by gaining a prospect from a referral or from a lead trap made by that salesman! (or Sales Woman for that matter!) 🙂 Some LO’s have figured out that they do NOT want to learn this and just want to take more 1003’s and be on the phone selling and networking more. So they hire an ad “agency” for the complete ad system to gain leads, grow their list to market too and have some follow up created.
Today I go over the software that for those that DO want to learn how to do marketing on their own, can use these lead trap software to do just that. Gain Names, Phone Numbers and Emails all day long. ↓
The first one I go over today is #LeadPops! LeadPops does exactly what it says, it pops open and creates lead traps in an instant, with done for you copy and templates. It’s designed to allow you to drag and drop your logo and NMLS and be done. The second one I go over today is by far my favorite due to the ease of use. I’m a lefty creative, so naturally I like “making” things, and you can make funnels in less than 5 minutes on #Phonesites! Phonesites is fantastic for someone who understands ad copy and creating an offer. Whereas you don’t need to be a techie or understand code to use it. Just upload pictures (right from your phone) create your ad copy and offer, tell it where to redirect, and your done!
This week I have several really cool “offers” for my followers and those that want to JUICE their own pipeline. In talking about #LeadTraps today, many have figured out that it’s a giant puzzle connecting CRM’s, Zapier, Ad software, Follow up scripts (emails) and other things into a properly built lead trap. And many decide to “let a pro” do it. This week we have an offer from a funnel builder that includes the set up of all ads for less than half of what it typically costs in the market. To get all this done 4 you solution out there, many are charging 1500-5000 for the same set up. And do not have long form leads. This is a funnel built for you that does everything from collect the lead to follow up, and is only 500-750 to do, 300 monthly, and what ever your ad spend is. (there’s always three components, initial build of the funnel cost, a monthly reoccurring maintenance fee for the funnel to collect names, and an ad spend given to Facebook on most “done4you” solutions) There’s a range for build out only due to what options you wish to have. This week only we have the ability to turn on a lead switch for any LO for less than half what the typical costs is. Shoot me an email here for that!
It doesn’t matter if you choose to do lead gen yourself or hire someone else to do it. Somewhere in the process is the use of these software and components. My suggestion is to have a mix of things going on. Lead traps are list growers, how many do you have running?
#MondaysMotivation – It’s the #JUICYList this week! Let’s start by getting virtual! These are tools, systems, trainings, software and must have’s to help LO’s (and RE Agents) gain more business! Today we start the week with the basics! The necessary tools you need to have an online presence. To start you need a website, then you need some sort of online application to be perceived by consumers as a valid mortgage player. Consumers do look at your online tools, a good website, or virtual application (or both) can be a deciding factor to move forward with YOU! ↓
Join Us In Creating Yes’s for your pipeline, and get virtual already. If you do not have a website, I’d highly suggest you get one from Lender Home Page! Once you have a license to originate one of the most important things to have is an online application that helps you take 1003’s! (Mortgage Apps is the name of the game anyhow) 🙂 Might as well have the ability to take 1003’s in multiple languages, even run DU or verify day 1 certainty with your application. PreApp1003 and Perfect LO are the two I endorse to get the job done. While similar in function, both are unique and different. And both are evolving with times and technology is only getting better. Which one? Well take your pick, I suggest you compare and contrast the two and decide for yourself. They are on the JUICY-List for a reason, they both help you create Yes’s for your pipeline.
My big thing is helping people, weather it’s businesses, individual LO’s or the consumer themselves. I encourage you to take advantage of the items on the JUICY List this week and take action to increase your own business!
#ThursdaysThoughts – Lender for life mentality and MI Cancellation. Did you know Fannie Mae just did an update on the 15th of this month (May, 2019) that authorizes any servicer to “Solicit” your client for MI Cancellation based on on original value!?
As a reminder there is two ways a conventional loans PMI (Private Mortgage Insurance) can be eliminated. One is borrower requested cancellation of MI, and the other is lender initiated cancellation of MI. Typically, lender initiated cancellation of MI occurs when the amortization schedule reaches 78% LTV. (however I think guides have been updated on this and might be 80% now) This is all based on original value of the home weather 3 years ago, or 7 years ago based on the original amortization schedule of their loan. The other way is borrower initiated cancellation of MI. Which can be based on original value as well as new appraised value.
It’s an eye opener that Fannie Mae is basically giving “permission” for servicers retail departments to solicit your borrower. Fact is they have. It’s in the announcement on the 15th. So as an LO, it’s your job to view the transactions to be a “LENDER FOR LIFE” and have that mentality to help your clients many times not just one. The average consumer does 7-10 mortgages in their life time. Not to mention kids buying homes. So it’s your responsibility to be that person to follow up, don’t just send them a thank you card and or follow up for a year afterwards. It has to be something you do “forever” to help that client.
Today I provide two solutions to do just that, one a service you can input your past clients in to monitor when ever they are looking for a mortgage. You get a trigger lead, and there’s multiple levels of follow marketing that can go with this. It’s “Retain Your Client” also known as Stikkum. CLICK HERE for the trigger lead follow up!
The second solution is a CRM that has follow up campaigns developed for you, and is phenomenal in helping you vet leads to find those action takers. This can and is a must in the mortgage world to have a customer relationship management software that helps you stay in front of your past clients, current clients, and prospects. It’s your responsibility to take that #Lender4Life mentality to help your own clients. CLICK HERE for the LO’s CRM!
The last thing you want is some servicer calling your client to “solicit” them into another loan without you.
#WhackedOutWednesday – Rule of 36! Too bad many are not taught some of these finance 101 philosophies or should I say standards. There’s a common misconception to finance we (all in mortgage industry) should help consumers understand. The rule of 36 is that you recoup your costs, or gain an ROI in 36 months or less. This pretty much goes with everything.
If you take money out of your 401k and have to pay it back, then make sure you are done with that payback in 36 months. If you have to pay costs inside of a loan or out of pocket, you should see some ROI or recoup-ment of costs inside of 36 months. Weather that comes from appreciation and equity position, or that comes from saving money monthly. That savings should help you recoup the costs inside of 36 months.
General rule of thumb, is that you should not be including the escrow/impound account you get back from your old lender, nor should you be counting the monthly payment that you skip when you refinance. (interest is paid in arrears people). However, all of that should be part of your “benefit sandwich” that is explained to a client. This concept, standard or philosophy of the rule of 36 applies to a lot. If you put your money “into” something you should see a return on your investment inside of 36 months. (3 years) In the mortgage world this is standard in many cases to prove a worthy and justified case to refinance. Called a net benefit.
In some loans such as VA IRRRL’s (VA loan – Interest Rate Reduction Refinance Loan) and FHA streamlines these loans enforce a net tangible benefit for the client. They must lower rates by a certain percentage, save x dollars or recoup costs inside of 3 years. For the average consumer this concept may not be understood. But in the mortgage world it happens all the time where LO’s attempt to complete loans that make no financial sense for the consumer. Make sure your loans make sense and do the right thing. Otherwise it’s called equity striping.
#TwoforTuesday – Business & Passions! There’s a lot of “shiny” objects in this mortgage space, and it’s important for any originator or AE to follow their passions. If you do business with a passion it shows and others will find common grounds with you. You won’t have to sell so much and find common grounds with “them”.
For example, the LO that loves bicycling and endorses it, or the LO that loves Tennis and details it, or the LO that loves long horns and documents experiences. It’s funny but these are real, and the biggest said performers in almost all sales industries follow a passion of some sort and dash a little business in it. Bottom line, you must follow your heart, you passions and have a want to help people in the mortgage industry. (many industries if not all) 🙂
In all of my endeavors if I lost my passion for it I could totally tell and it showed. Don’t become stagnant and not strive for change. Make yourself grow by investing in yourself to continue your education, or learn more about what you are passionate about. And then share it with others and find those that have common interests to do business with. It will make “what you do” more enjoyable. You have to ignite your own fire within.
Follow your passions and make impact to those you meet doing so, and those that watch your journey. It really is important that what you do makes you jump out of bed in the am. If you don’t have that passion about what you do, do something about it. My suggestion could be picking up a new hobby or following a passion to do something along side of what you do now. May it be a side gig or just an after-work activity that fuels a fire inside you. What ever you do, make that fire burn and things will change!
#WeekendCall2Action – New 1003 Wrap up!! This weeks been great in breaking down the NEW 1003! My advice is absolutely to embrace this as soon as it comes out! My ending thoughts is this will help LO’s ensure they are asking the right questions during the 1003 stage of a loan!
I absolutely love ♥ this new 1003, and think for those that fill it in completely will gain better results in DU and LP as a result. I love love ♥ the fact it asks if the borrower is a Veteran, and see how the charted flow will help not only interpretation of the risk profile, but show options to assets & income that sometimes LO’s may not be asking. Overall, this is 100% a healthy change for our industry. My suggestion, get to know it now, and you can see it HERE. #KnowYourCraft
I’m in the office taking “I gotta guy” questions and turning scenarios into loans. Why not yours?? #GetOnPoint with #BluePointMtg – CLICK HERE!
#ThursdaysThoughts – New 1003 Week! Today we wrap up the 1003 breakdown we’ve been doing all week and tomorrow I will do a compare contrast and point out the highlights I believe everyone should pay attention too. This has been great breaking it down each day to help LO’s understand the new 1003.
Section 5 is the declaration question section, and is basically all brand new. The current 1003 has 10 questions, the new one has 16! Comparing the two, there’s 3 question on the current dec section that are not even asked, because they are asked elsewhere on the 1003, and then the new 1003 has 9 new questions a LO must ask. This section is broken down into two, 5a, and 5b. About this property and your money for this loan, and about your finances.
And Section 5b ↓
Section 6 is all about the legal acknowledgements and agreements with doing a home loan. It breaks down 6 areas of legal verbiage for the client to sign off on. AND there is two signature lines on the primary borrower’s 1003! (Tomorrow I go over this)
Next up on the 1003 is the very familiar Demographic information page section 7. This is identical to what we have now on the current 1003, I see no evident changes.
The last section of the 1003 is section 8. The Loan Origination information section. And this contains all the same information as on the current 1003 just the the order of which it is portrayed has changed. The company is now first, versus the LO information.
And of course on the last page of the 1003, the borrower’s name goes on the bottom left that coincides with the 1003 of that borrower. I like the flow overall, and there are some new sections, new questions and better information gathered as a whole on this new 1003. I think it takes a lot of the “holes” on the existing 1003 and makes it stand out as questions on the new one. KNOW YOUR CRAFT inside and out. This is a major change and I believe most LO’s are just now starting to take a look at this new one.
Now it’s time to get more loans! #GetOnPoint with #BluePointMtg!
#WednesdaysWisdom – It’s the New 1003 Week – Section 3 & 4 are broken down today! I have to say I really like the “chart” format to every section of the 1003 as I see it. It will require LO’s to ask more questions, and common things missed are listed as questions. I like it a lot. Today we start with section 3 and is the REO section. The instructions at the top of page 4 are just as the other sections, very easy to read and spell out what’s needed.
Section 3 starts off with the REO section of the home being refinanced first. (and is in bold) Otherwish if you do not own any Real Estate, check the box!
Section 3b is a continuation of the REO section for other properties, and so is 3C. Very simple page 5 of the new 1003, and is to detail REO’s owned.
And of course at the bottom of page 4 you have the borrower’s name the information is associated too! Now page 5 Section 4, the loan and property information. Again I like how it starts off and is self explanatory for instructions. The newest thing on here is a FOURTH option for occupancy. And then the 2 questions at the bottom of the first chart.
Then section 4b breaks down other loans on the property they are buying or refinancing. This includes seconds, hard money, or seller carry backs.
Section 4c breaks down rental income and would be filled in on any home that is a 2 unit or more. Primary or investment to indicate the expected monthly rental income. No you do not take 75% in this section, that the underwriter would do in their section for this, just list the full rent expected to be received.
The final section on page 5 is the break down on gifts for the transaction. I like the new 1003 in that it highlights the often missed items on the current 1003 now. This also is put together in a chart like format and gives examples, it’s like selling for LO’s. What a great reminder too.
And guess what’s at the bottom of page 5? You bet the borrower’s name at the bottom left that the information is applied too. I love this new 1003 and the more I analyze it the more I see how it brings to life the issues we have in loans and makes it more transparent for underwriting.
Ok, as I stated in today’s video, I’m in the office taking “I gotta guy” questions to help you bring a 1003 to life!
#Two4Tuesday – New 1003 Week – Today we break down section 2 of the new 1003! The flow of the URLA (Universal Residential Loan Application) has definitely changed. But for the better, the instructions are more clear at the top of each page, and information flows nicely in each “charted” section for the borrower. One thing that sticks out to me the most, is the “lists” of items and examples at the top of each charted section, is a great minder to all sales people what types of assets, liabilities, etc there may be.
Section 2 starts off with a nice instructional sentence at the top and moves right into assets first to list the total of value for that section. Again note the lists that this chart shows. Great sales tool in my opinion.
The section 2b is new, and is a great itemization to some of the most commonly missed items on the old 1003. It points out “Other Assets” you have such as an EMD already in escrow, or sweat equity or rent credits or proceeds from a sale of a home. See again the list above the chart. Great section to be on the 1003 and good new edition.
Section 2c is the start for Liabilities and again I like the “chart look”. What’s interesting is that Real Estate is excluded in this section specifically and you are to list all items as debts except mortgages in this section. I wonder how the LOS systems out there will transfer over the debts into this form.
Page 3 is all Section 2, and ends with the “other liabilities” that are often missed to disclose, such as Alimony or Child Support, separate maintenance etc. What sticks out to me again is the name at the bottom of the page 3 that identifies who is the borrower on this application. Their name is to be there so the underwriters know which 1003 belongs to who.
As indicated yesterday there are a few extra forms on the application now. In fact a second borrower has a complete separate application identified just for them. You can see the identification of “Additional Borrower” on the 1003 for any co-borrower on a loan now at the bottom of all pages. (where their name goes too) Another is the unmarried addendum that is needed if they selected unmarried and then a part of the 1003 that is actually filled out by the lender!
And the additional addendum for those that select unmarried in section 1. ↓
I like the flow so far, but what it means in reality is the LO has to have more “apps” taken. Meaning there is more forms to fill out a home loan application. And more specific questions that need to asked and are pointed out inside the application in various sections. Even a portion filled out by the lender. Quite unique. I would have these printed for the first several and go through them the long hand way to learn the new changes. But that’s just me.
As I always indicate, being a master of your own craft starts with the heart of the transaction, which is what underwriters verify information off of, the 1003. All LO’s need to know this like the back of their hand.
The JUICEman! 