#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.

As Always –

#SellWell