Tag Archives: Loan Officer

Mortgage Originators

Thursdays Thoughts – Balance your file!

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#ThursdaysThoughts – It’s been a processing week, and we went over all stages of a wholesale loan.  Today is one of the most important, it’s #BalancingYourFile!  This means you make every match from the lenders system to your own.  You double check your cash to and from the client, and see that the lender matches your numbers.  The biggest downfall is when LO’s don’t balance their file and then have to make last minute changes due to not having the right structure.

Sure things change in a loan from time to time, with low appraisals, to addendums with seller concessions changes.  These should be registered on your end so you know exactly how the file should shake out, and there’s no question on your end what the loan should look like.  When you’re ready to submit the last of the last conditions to CTC your file, my biggest suggestion is to send the lender a “mock” CD or HUD showing the exact breakdown of your file.  That way the structure is verified in the process and you have no closing surprises or last minute changes.  Especially after the CD goes out.

Balancing the file is so important at the end, and easier to do if you set up the loan right to begin with.  Double check your lock and details of transaction, and provide the lender a “golden platter” to make an easy exit to docs! #ThursdaysThoughts #StayJUICY #SellWell

 

Mortgage Originators

Whacked Out Wednesday – Processing Tip of the week!

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#WhackedOutWednesday – This is gold today! One of the best processing tips of the week.  We’ve talked about uploading a loan, submitting a loan, and today processing the conditions you get at approval.  First things first though, I will say as a reminder, PLEASE READ DU/LP and know what is asked for with income.  And then ONLY send those things in at initial underwrite.  DO NOT send in taxes when taxes are not needed or asked for. – FYI.  (Common Mistake – Whacked OUT!)

Process the information you are sending in to be cleared in a way that makes it simple for someone to decipher your 100 page PDF of what goes to what.  Don’t let it be a guessing game.  Make it easy.

My goal is to help more LO’s close loans in 10 days.  It’s not hard.  And very simple to do if you approach the loan right.  I help my LO’s do just that, and not only close them in 10 days, but source new business in the process.  I’m growing!! – #LetsDoBusiness

#SellWell

Mortgage Originators

Two for Tuesday – Processing Week – Lender or Broker Disclosed!

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#TwoforTuesday – Broker disclosed or Lender disclosed are two common options when submitting a loan.  Today I break down the “skinny package” to help make it easier to understand.

In processing a loan, submitting should be one of the easier steps inside a lender portal.  Don’t over complicate it, keep it simple.  I suggest you upload a PDF with submission form and required “disclosure” docs based on how you are submitting and then a second PDF with all supporting docs.  Based on what your findings show on DU/LP.  Don’t make the mistake of sending in extra stuff at submission of a loan.  Just keep it basic on what DU asks for upfront.  **That means you have to read the findings and only upload what’s asked for!

I’m growing this week with new relationships in areas that do FHA and Non-QM loans.  If that’s you, #LetsDoBusiness ↓

#SellWell

Mortgage Originators

Mondays Motivation – Processing Week!

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#MondaysMotivation – It’s #ProcessingWeek – And I go over the best tips and tricks to help you LO’s close loans fast.  Closing loans under 10 days should be the norm when they are processed correctly.  Loans are not hard, stressful only because information isn’t always proved, and only take a long time when processing isn’t done right.

This week my goal is to help just that, by giving tips and tricks in processing a wholesale loan to my audience and hopefully help someone close a loan with a new best practice in processing!

I’m here to help you upload and gain DU/LP approvals all week.  #LetsDoBusiness! I’m growing this week and seeking mortgage Broker’s in a handful of States I am not in.  Can’t wait to expand, will your Mortgage Brokerage be one that I help grow?

#SellWell

Mortgage Originators

Wonderful Wednesday – Transition into Market Dominance!

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#WonderfulWednesday – Transition into market dominance by investing in you! Trust me all the top dogs do it! Everyone dominating in their market uses tools.  No doubt and they have invested in themselves to learn how to leverage social media.  In some fashion they have marketing working for them.

The first today is all about the good old never out of style website.  You all should have one of these that at least helps you collect names, phone numbers and emails.  In some fashion.  Maybe have a mortgage calculator on it – I don’t know, but if your website is from 1983, might be a time to upgrade.  – Jus Saying!

Second is my BLUEPRINT!  This is what I’m doing with each of the LO’s for years that have been in my network.  I’ve helped a lot of people in and out of my network now.  It’s a way to learn to expand your referral network and ultimately increase your relevancy, reach and results in getting “organic” traction on social media.  This helps when you get started into paid ads and various other “advertising”.  I do this generously and add a ton of value to help any one get started.  Mine is not 1000’s of dollars.  However, I’ve been told I should be charging 997.  If you want to begin to taste the rainbow of marketing online, CLICK HERE! 

Last and certainly not least is the #NextLevelLO training that I endorse.  I know the coaches and the content in this can help any struggling LO level up.  From scripts, to processing tips, to marketing ideas to lead generation techniques.  This has it all.  If you’re ready to Level UP – CLICK HERE! 

Invest in yourself – LEVEL UP!

#SellWell

Mortgage Originators

Two for Tuesday – Join Us In Creating Yes’s! (JUICY)

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#TwoforTuesday – Join Us In Creating Yes’s all week, as I go over the #JUICYLIST of supported mortgage tools to help you grow your business.  Today we go over two newer additions to the list, that are fantastic.  One for the front end of your business to help you gain leads for your best referral partners – Real Estate Agents.  And another at the back end of your business that helps you stay in front of your past clients.

Timing is everything and these two tools are a critical pair that can help you strike while the iron is hot! See the links on the banners on the side of the blog for more info.  I will also have posts in the group, Sales Talk with Mortgage Pro’s today highlighting these companies.

Yesterday I offered and today I will do the same.  #Strategy is the name of the game this year for those online generating traffic.  Here’s the link for the FREE STRATEGY CALL with me —-> Strategy Call Sign Up!

Let’s do business together! If you’re a mortgage Broker and want a great AE, with a fantastic support team, that can help you source new loans and close them – Sign up! Let’s chat! Fill in below.  I do strategy calls all the time with my existing clients.

#SellWell

Mortgage Originators

Mondays Motivation – Strategy to get JUICY!

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#MondaysMotivation – Join Us In Creating Excitement – With strategy to do it.  This week is strategy week, and I go over the JUICY LIST! A list of companies that are a part of a mortgage industry tool that can help you increase business.  Join Us In Creating Yes’s for your pipeline this week as I go over them.

I start off the week by going over the top three; Perfect LO application, 700 Credit Repair, and Card Tapp App.  I am also offering FREE STRATEGY CALLS to any LO that wants one.

For my Broker partners I do this all the time.  The worst thing I want to do as a #LenderRep (AE) is call an account and say, “what’s on the corner of your desk Bob”? Funny as it sounds, that’s the harsh reality.  I NEED MORE ACTION TAKERS! And train and give out ideas to help LO’s generate and source new business all the time.  I’m like a free consultant to any of my accounts that want to use me that way.  I help business build a #Brand.  If you want a free strategy call, to know more on how you could increase your business and brand awareness, CLICK HERE

Happy Monday

#SellWell

Mortgage Originators

Weekend Call to Action – Good Friday to start networking with RE Agents!

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#WeekendCalltoAction – It’s a great time to start networking with RE Agents as it gets HOT in the markets across the country.  Snows melting, builders are breaking ground and more and more “open houses” are happening each weekend.  Are you networking with RE Agents and offering to help them promote their listing or accompany them at the open house?  Adding value first is key.

Ultimately just the offer sometimes goes a long way.  If possible use the resources you have with social and various websites to grow your list of potential referral partners.  Do this now, do not wait! It’s a #GoodFriday to get started!

ARE YOU ON THE HUNT FOR A GREAT LENDER?! – The Easter basket is here with GOLDEN EGGS to help you! #HappyEaster – Investor Advantage loan for your investors that want minimal paperwork (No Income) and would like to close fast! (This a 10 day loan) – All you verify is cash to close at 75% LTV.  We offer 1 day turn times and do great things with FHA/VA/USDA loans.  #SellWell

 

 

Mortgage guidelines, Mortgage Originators

Thursdays Thoughts – DTI & FICO buckets for risk threshold on FHA (cheat sheet)

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#ThursdaysThoughts – DTI and FICO thresholds exist on all loans. But some are not written in stone. Once you run a ton of DU and get a sense of what’s being approved you can look at a 1008 and a 1003 and basically “see the approval” or know it’s got to be run. This really is somewhat an art. You have to understand the risk thresholds and what that particular DU results may be looking for on that file.

Here’s a cheat sheet if you will. It’s somewhat connected to the FHA manual guidelines, and there is a FICO bucket associated with it. You won’t find many 96.5% LTV FHA loans with under a 620 FICO approved over 50 DTI. It’s rare. It could happen with certain risk factors in favor, like compensating factors read from the 1003. But rare. The idea is this is all correlated to FICO and DTI in these buckets and if you’re a LO you should know these things.

Calling all ACTION TAKERS who want more leads, more closings and more of a pipeline.  I will be working with those that want a rep so local he reply’s at 10:30 pm at night, he works to push your loans to the table, is able to prescreen income to guidelnes to DPA programs.  And is all about helping you grow your business.  YEP, that’s right, that’s me, and what I do is help the LO’s in my network grow their business by helping them learn to source new business online.  If you know you should be expanding your referrals partners, if you know you need to be on social media but haven’t started doing these things, reach out to me I can help.  The BLUEPRINT is a step by step guide to helping you achieve just this.  (Doubling your pipeline is typical for action takers) – Why not YOU!? – Click HERE and start learning today with a 3 day workshop I have put together.  If you get signed up with me I help you further than just 3 days.  *There’s major benefits in partnering with me 🙂 – #LetsDoBusiness

#SellWell – JUICEman (Join Us In Creating Excitement)

Mortgage guidelines, Mortgage Originators

Whacked OUT Wednesday – Large Deposit Guideline Edition $$

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#WhackedOutWednesday – Is back and in full effect this am.  WOW, I mean WOW, what goes through the mind of clients that think they can just deposit large sums of money in their bank account as you’re doing a purchase loan anyway? lol  Today, I go over the guidelines on large deposits to clear the air, and help you know what to look out for.  HINT – It has to do with what type of loan your doing! Not all deposits are considered equal.  (large)

Don’t be fooled, while I add a lot of value to my Broker partners, and can help them source business, I AM STILL LOOKING FOR ACTION TAKERS!  I am not at my goal monthly and want to help as many mortgage Broker’s as I can.  Sometimes I think people might think I’m swimming in business and don’t need their loan because I do these videos and add so much value inside the groups and social media.  That is not the case, I need and want to help as many people as I can.  If you don’t have a responsive AE, or someone that can help you actually source business on top of close loans for you, CALL ME! – Let’s make it ring today, 304-901-2798 is my office line.  Reach out don’t be shy, I might be able to help on that “I gotta guy” guideline question, or I can discuss with you marketing strategies to help you double your business.  Either way, #LetsDoBusiness!  – I am growing towards my goal daily, but I’m not stopping until I’m there!

#SellWell – JUICEman