#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!
#MondaysMotivation – NEW 1003 Week!! – We are less than two months away from July 2019 when the new 1003 becomes optional. ARE YOU READY? Have you looked at it, and do you understand the new stuff on it, or the things that stick out that changed? Actually section 1 is completely new! And this week we will go through each section and highlight the changes, what’s new, and how it applies to your new process of taking an application.
Today I will break down section 1, and provide my synopsis and point out differences and note-able changes. The biggest change is mulitple people are NOT on 1 application even if married. Only 1 person is. Every person fills out an application and then on the application there is a place to list other borrowers applying for this loan. (however they need to fill out a separate 1003) Again the 1003 claims only 1 social security number and date of birth for “the borrower” on it. And lists the names and total number of borrowers for the loan.
The same flow as the current 1003, just a different look and feel. The second major area on page 1, section 1a is the current address section. Much like the current 1003, the rule of having 2 YEARS HISTORY for EVERYTHING is pointed out. (most commonly missed thing for 1003’s) I love the military declaration section, and it’s interesting they added the new section for the primary language preference. Biggest notable is the radio button options for No Primary Housing Expense, and or Rent or Own. And to the right is an area to identify how much. Check it out ↓
Page 2 starts off with income section, and is considered section 1b. The main thing I like is the fact there is a flow for listing the job and then the amount at that job on the same place on 1003. Must like the current address and amount of that housing expense, this lists the job/self employment and that amount they make. If self employed that box is at the bottom left instead of top right, and has a declaration section for ownership that is new. Then a separate place to indicate income from self employment income. Over the right “gross monthly” income is broken down for those employed only, such as base, OT, Bonus, Commission, or Military income and or other. Also note-able is the “statement” box dead smack in the middle of this area. If they are employed by some party involved in the transaction it must be identified.
The next section “if applicable” is for additional income. Meaning someone whom has two jobs for example. This is the section for that. ↓
Next up is the PREVIOUS employment section, again “if applicable” and current employment is less than 2 years. Note-able in this section is the fact on previous employment the client must provide previous monthly gross and identify if self employed. Known as section 1d.
In the last section on page two, and rounding off section 1 of the new 1003 is section 1e. This identifies all “other” income. And the way it’s portrayed is a great reminder for LO’s to see as it lists all the other income types to remind you to ask.
Proceeding that at the way bottom left there is a line on page 2 at the bottom that identifies which client’s 1003 work information you would be looking at. I can see this one of those lines that drives LO’s nuts and is constantly left blank. This is why each person has a separate 1003 now. So even if they are married, just as section says at the top, you are identifying if that application is a “joint” or individually. And if with other’s you list the total number and names of all other’s that would have a separate 1003 associated with the transaction. Here’s a snip of the bottom of page 2. Get to know it is my opinion. 🙂
As always – #GetOnPoint with your own craft and know the 1003 like the back of your hand.
#WeekendCall2Action – Super excited to announce #FollowUpFriday today! It’s the secret sauce to gaining loans. Follow up is the weakest point of most sales pros but is the most crucial in converting “Leads” into customers. Most people fail because they are only reaching out one way. The phone. If you’ve been in groups or mortgage sales any length of time you will know the biggest question in our industry is – What’s the best CRM? A true customer relationship management software designed to actually assist you in following up with your leads has been the question of the decade!
As “lead gen” has evolved the options to use such as text, email, ringless voice mail, click to dial were all features one or more CRM would have, but not all of these functions. Typically you would need to embed multiple systems in order to have the best complete package! WAIT NO MORE! A solution has been made! Please WELCOME the newest edition of the JUICY list (Join Us In Creating Yes’s) for #FUBots!
A CRM with all these functions and more. Dashboards like messenger, ring-less VM, text, email, click to dial, and follow up scripts all built in. No more hiring someone to write your “copy”. It’s all tried and true and updated to be the most effective follow up campaigns to vet your NEW and OLD leads. Work with a CRM designed to help you do what you do best – SELL. And do it to people responding to the Follow Up CRM bots that are deployed to attack your leads!! ↓
Super excited to announce the newest edition of the #JUICYList today as a CRM. The missing element in a well rounded LO growth plan. This is in beta stages now and the costs for “other systems” that make up what #FUBots does would costs you over 400 dollars per month. GET FOLLOW UP BOTS CRM HERE!
I’m all about having a well rounded plan of attack to help LO’s gain business, learn to do loans, and then send them to my #WholesaleLender to #GetOnPoint and CLOSE! #GetOnPoint with #BluePointMtg and let’s close the apps you take from this!
#ThursdaysThoughts – Did you get the #Skinny? Yep the skinny package is what it’s called, and in the #WholesaleLending world many #MortgageBrokers have the choice to disclose to the borrower, or have the lender do it. Many LO’s and Broker’s have the lender do it as it takes a level of compliance out of their hands.
We have a small package that contains 5 things that we call the Skinny package! Get the 411 on the skinny today! These are the 5 things I suggest to my broker partners to upload as the very first PDF inside a loan. Then typically the other 190 page PDF comes in with the all the supporting documents. LOL. Put your loan in queue to be disclosed today! Upload the #Skinny! ↓
We want to provide options for our business partners, and giving them the choice to disclose or to have #BluePointMtg disclose for them is one! We have a list of over 25 AMC’s to choose from for appraisals. We can choose to send out a CD early, choose to change a compensation plan monthly, choose to be borrower paid or Lender Paid. (and change them in the loan) My point – #GetOnPoint with #BluePointMtg. We close loans that’s the point! Here’s a link to the Skinny – CLICK HERE to get signed up!
As Always – I’m in the office taking “I gotta guy” questions and turning scenarios into loans! Why not yours? 🙂
#WonderfulWednesday – The People Difference! I can say I have great rates, and awesome programs, but it’s the people that make a difference. We are in a people business, no matter how “automated” this industry becomes, there is always going to be people behind the scenes. So this year it’s important that you pick whom you do business with. Pick and choose your own battles. 100%
If I can make a difference some way it’s to help my company grow with a single shot at a loan from YOU! #MortgageBrokers! Then our people will help WOW you and our processes will help you hit your deadlines. And we can all do more business! #GetOnPoint! ↓
I add a ton of value to my followers and fans all the time, I have to do a few #SelfPromotions from time to time. And today just felt right! I am all about helping those easy files close quick, and the difficult one’s close on time. Need a second set of eyes’ on a loan, perhaps you’re running into an overlay somewhere?? Shoot me an email here —> Email the JUICEman! Let’s #JUICE your file and help a homeowner together! #GetOnPoint with #BluePointMtg!
#TwoforTuesday – My why is hidden in this, and really I ♥ the opportunity I have to help others with a “Dream Dad Career”. I say this because every day I have the opportunity to walk my kids to the bus stop and see them walk in the door from school. Help with dinner and actually eat with the family. Much of which at some point in the #MortgageIndustry many might have skipped for success efforts. I feel very fortunate to be able to craft my days work around family, and be able to put in long hours in the leisure of my own home. My first point today, be in tune with your WHY, it will help you manifest your own destiny.
Second, today is a guideline day, and typically I shoot from the hip on these videos as a first take, and I recite the most commonly asked questions over the last week and provide everyone I can the answers to these questions. This week it’s about title seasoning, both FHA & Conventional I go over in terms of rate and term and cash out! With our **PRICING SPECIAL on VA IRRRLs and FHA Streamlines this month, the golden rule of 210 days comes to play. Make sure you know this! Flips are allowed on Conventional, and you only need 1 day on title for rate and term. Cash out is a different story. See the video for the whole nine! 🙂 ↓
#TwoForTuesday – @BluePointMtg we are growing and have two great opportunities for those in the local Costa Mesa, Irvine CA area. If you know someone that has #MortgageExperience in operations or is looking to get in the industry. This is it! I have talked about the people being the biggest difference maker several times, and we have a need for Disclosure Specialists and Account Manager Assistants (AMA’s)! I’m looking for your warm referral to others that you may know in CA that would like to work with great people and have opportunity to grow with Us! Who do you know?
As I always say – Share – Interact – Like – Repeat
Send me a #DM of your resume or email to reach out and inquire about positions!
#MondaysMotivation – The People – The Difference! Wow what an awesome week in California! I will detail my trip a bit this week to update all, we’re back jack! Time to get #JUICY! Join Us In Creating Yes’s for your pipeline this week! Monday’s Motivation is about the people that make the difference. More than likely it’s you reading this! The difference is the effort and attitude of those in it to win it! They don’t complain, they work with others any way they can, they make that extra effort to see a win daily. That’s the daily dose today’s all about!
You can too, make a difference to the people in your community, and with the people on your team. All you need to do is make that extra call, make that extra effort to clear your queue, make that extra meeting you debated to attend. The time is now, the every bit of “extra” you can make will make your difference! See a win today with the attitude and effort of today’s message!
Wow was Cali cool, the weather for the most part cooperated and was sunny and beautiful. Air was fresh, and surroundings were awesome. Great food, sweet cars all over the place, and nice people! I met some really awesome broker’s, team members and AE’s I’ve not had the chance to meet face to face! The difference is the people and their can do attitude. I’m super stoked for the week and ready to make a WIN every day! Are you ready to #GetOnPoint and Join Us In Creating Excitement for your pipeline?
@BluePointMtg – The people are amazing, and the difference is the little actions that go above and beyond the call of duty. You want to close fast? How about have a personable connection and communication with those handling your files? Well our people are ready to help – give BluePointMtg a shot on your next deal! CLICK HERE!
#WhackedOutWednesday – Important parts of loans are everywhere! However, there are certain things that can make or break loans. And this is why I do whacked out Wednesday shows to help LO’s know what to avoid or to do mortgages right. So check it out, the 1003 and the CD are the heart and soul of a mortgage loan. The two biggest mistakes on the 1003 I go over, and the balance of a file prior to the final CD is talked about. ↓
With so many moving parts in loans I’m certain that you have made mistakes in your career just as I have. The two best practices I share today are; 1, garbage in, garbage out. If you input numbers without breaking them down, you will have issues with cash to close, to balancing of the file, to getting “fake” DU findings. Meaning they are not right. Number 2, is the CD. This should happen with #Wholesale, but it doesn’t. Most retail banks often require a LO to review a CD and sign off on it prior to even sending to a client. It’s a best practice, and should be done with Brokers. Seriously. If you don’t balance your file prior to closing, you will get to escrow and find out sellers concessions are left on the table, or something is different in your structure than you promised the client or expected. Balancing a file should happen upfront, but often times is isn’t. And then left for the processors to view, and they don’t know what YOU sold the client. It is WHACKED OUT that the details of the transaction are not married with LO approval until the end. Don’t be that guy/gal!
As I always do, I offer my clients help with structuring the loans fees, structure, guidelines etc. My role is to be your caddie on the side as your the golfer in the transaction moving the ball along to the hole. (closing) Let’s do business and make it happen together! CLICK HERE to sign up!
#ThursdaysThoughts – Fannie Mae Updates! Wow 3 major updates I go over the highlights as they stick out to me. Fannie has been busy in April already! My suggestion – get informed and stay current. There’s ONE thing that is 100% CERTAIN in the #MortgageIndustry and that is #Change!
2nd homes will cost more, disaster zone requirements updated for servicers, and HomeReady product guidelines updated. Some good announcements in these recent updates. #CheckItOut ↓
Ops… I put my number on the video, well been a while since I did that. I do these raw, I might as well publish it as a FB live, I don’t re-record these (well every so often I do) but for the most part my videos are 1st take, and what comes out is what comes out. lol
I’m in the office helping “I gotta guy” questions and scenarios come to life. #LetsDoBusiness – Call me, text me, EMAIL ME, DM me, heck send smoke signals I don’t care, just reach out! I would ♥ to help you get a pay day! 🙂
#TwoforTuesday – Manually underwritten or Approved/Eligible! The loans you have are one or the other. Today I want to remind all LO’s some reason’s why loans are manually downgraded. And that options exist.
Bonus reminder, Two 4 Tuesday style, VA loans can be DU Approved/Eligible or LP Accept. Often times LO’s forget to run LP on VA loans. That’s one product that can be either or. ↓
You either #GetOnPoint or you are not hooked up yet! Might as well arm yourself and team with options. Get on Point with #BluePointMtg and have manual and approved options for your borrowers. CLICK HERE – Let’s do business!!
Offering .25 incentive to all new “first” loans from broker’s in April. Let’s bloom together! Want to check out rates, programs or send me a scenario? Text the word “Juiceman” to 33655 and download my app. Take a scroll through the links and submit me a scenario real time.
The JUICEman! 