Tag Archives: Thursdays Thoughts

Mortgage Originators

Thursdays Thoughts -Rates and Amortization!

Video Leave a comment

#ThursdaysThoughts – Rates and Amortization! There’s two ways someone can “save” money on mortgages.  One is through extending the term, and lowering the interest rate.  Another way is by shortening the term, and/or lowering the interest rate.  Yes rates, let’s talk about historical facts for a minute.  We are close to the lowest rates have ever been, period.  If your clients are seeking to “save” money, debt consolidation and elimination of mortgage term is a great way to go.  What I mean, is show your clients even if in the recent past they did a loan with you, that you could potentially help them access equity and or shorten their term, all due to where rates are today.

Did you know what is called “Re-Casting” can be done 1 time a year by all major servicers?  If your clients want to put a large amount down (10k or greater) on the principle of their loan, the new payments can be based on the time left and the new balance.  That’s called “Re-Casting”.  And is something all servicers will do as a courtesy 1 time a year.  Many LO’s do not teach this or even know about it.  But it’s a great way for someone whom is proactive to pay off their home fast.  ↓ #SalesJUICE

While somewhat elementary to those in the mortgage industry a long time, the problem lies that most LO’s do not house a database that actively monitors their rate and identifies opportunity to help others due to interest rate deductions.  Today I want to highlight #ThursdaysTool for you LO’s – STIKKUM – a way for you to monitor your past clients “rates” and to identify when they are in the market.  Not only do you get notifications when someone is shopping for a mortgage due to their mtg credit pull, but you can actively monitor for times like now when it’s best for you to reach out to your past clients to save them money monthly.  There’s touch points to service your clients like birthdays, and holidays that they can get customized letters and email follow up that remind them of you.  CLICK HERE to find out more about ways to make the most out of your past client pipeline, and be a #Lender4Life for your clientele.

As I always say –

#SellWell

Mortgage guidelines, Mortgage Originators

Thriving Thursday – Happy 44th X

Video Leave a comment

#ThrivingThursday – Happy Birthday Regulation X! June 20th 1975, was the birthday of what is known as Reg X!  Or RESPA as it’s commonly known.  The Real Estate Settlement Procedures Act.  What has Reg X done for you in the mortgage industry?  Well this year alone Reg X paid me over 2k, I’ll tell you how.  Since I’ve moved to WV 3 years ago, I had my house as a primary residence and per tax law was supposed to be “Homestead” but apparently it was not.  Around Feb, sometime a tax assessor showed up in my driveway.  I kid you not, I even told him who I was and asked him to make sure he made my taxes go down.  We laughed and he verified this was my primary residence.  Well not too far into the March I got an escrow “refund” check where my “lender” that was servicing my loan had wayyyyyy too much in an impound account for taxes.  So per Reg X, all lenders have to do a balance reconciliation and return to owners any amount over 50 dollars above what is needed.  So not only did my taxes go down and my payment drop almost 200 dollars, but I got back like 2k.  No joke.  This just happened.  Almost 4 years after my purchase.  Thanks REG X!

So what else does Regulation X do?  I detail the four main points today for everyone of my fans to know! #CheckItOut ↓

As you can see Regulation X is still going strong after 44 years!  Great law that our government got right over 40+ years ago.  And still plays a major part of our #MortgageWorld.  It prevents a seller from requiring a certain title company to be used, and why title is typically a closing cost you can shop for.  It requires specific amounts for impound (known as escrow accounts) of taxes and insurance.  And limits what a lender can take in advance, which is up to 2 months cushion.  It prohibits kick backs, fee splitting and referral fees for anything of value, which still to this day is walked as a thin line by many.  (Big Violation and is costly for those that do = 10k per violation) Reg X also requires a 15 day notice to consumers if their mortgage is ever transferred and gives consumers a grace period of 60 days if they sent the payment to the “wrong lender” collecting their payments.

These are consumer protection laws and rightfully so, it’s a great day to celebrate Reg X! So if you have questions about this law, reach out to me.  You shouldn’t be “marked” late on your mortgage if your servicing is transferred inside the first 60 days.  (Grace period I just explained) Happy 44th Reg X, thanks for protecting consumers as you do! 🙂

As Always –

#BuyWell & #SellWell

Mortgage Originators

Thursdays Thoughts – JUICY List Week! Boost your Pipeline!!

Video Leave a comment

#ThursdaysThoughts – #JUICYList Week has been great, today we focus on Boosting your pipeline!! Two wonderful things have come together this summer, purchase season and low rates.  That can help refi’s also be apart of a nice balanced purchase pipeline right now if you’re doing it right.  These are the tools to do it! ↓

Listing Booster is fire right now, and just yesterday I saw this team doing more training for those that have accounts to show LO’s how to gain business with it.  This is fantastic right now in the heart of purchase season and a definite win if you get.  Of all the links I’ve shared right now, this is the hottest one.. –> CLICK HERE

To accompany purchase season this year, we are blessed with a “low low rate offering” to go back and look at past clients to see if they can save money.  If you’re organized and have a past client list you could upload that into “retain your client” aka Stikkum, and you would know with a trigger lead who’s looking to potentially do something.  And strike while the iron is hot! This isn’t just a regular trigger lead name and number though.  It’s a fully branded client notification that goes out on your behalf.  To be that “lender for life” for your clients.  If you’re looking to get organized and take advantage of your past client list when times permit (like they are now) —> CLICK HERE!

Last and certainly not least is the need for continued education and state/national SAFE licensing for many.  Weather you’re just starting out, or want to get licensed in more states, or want to do your continued ed (early) here’s the link for Summit Mortgage Training! —> CLICK HERE!

As Always –

#SellWell

Mortgage guidelines, Mortgage Originators

Thursdays Thoughts – Lender for Life Mentality – MI Cancellation!

Video Leave a comment

#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

Mortgage guidelines, Mortgage Originators

Thursdays Thoughts – New 1003 Week – Sections 5-6-7-8!

Video Leave a comment

#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.

1003Section5a

And Section 5b ↓

1003Section5b

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)

1003Section6

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.

1003Section7

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.

1003Section8

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!

As Always –

#SellWell

 

 

 

Mortgage Originators

Thursday’s Thoughts – Did you get the SKINNY?

Video Leave a comment

#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?  🙂

#SellWell

Mortgage Originators

Thursdays Thoughts – Niches are the game!

Video Leave a comment

#ThursdaysThoughts – #Niches are the Game!  #GetOnPoint with #BluePointMtg I’ve been talking to a lot of people recently that have asked, what are your “niches” what do you do that’s different?  We are a true wholesale lender for #MortgageBrokers and our core business is #Niche loans.  FHA/VA/CONV we do and consists of 70% of our business! Remember VA and Conventional loans can go LP (Freddie) instead of Fannie (DU)!  Many seem to forget that.

Besides Home Possible, Home One, CALHFA (FHA), and manually underwritten loans we have many other options.  Including MI types, I talk in today’s video briefly on the types of delegated MI we have.  203H, is mentioned, and Reverse and Non-Agency loans! From a lender view we give our partners options to go borrower paid, or lender paid, to disclose on your own, or offer to disclose for you, and even change your comp monthly as needed.  #StayCompetitive

My thing is to help LO’s get paid! We all love loans, but like the payday the best I bet.  So if you’re in the same boat, and want a SPEED AND SERVICE NICHE LENDER in your arsenal!  Let’s chat Loans!  As I always say, I ♥ “I gotta guy” questions! 🙂

CLICK HERE TO SIGN UP

As Always –

#SellWell

Mortgage Originators

Thursdays Thoughts – What to do? #LeadWeek

Video Leave a comment

#ThursdaysThoughts – What to do?  There’s so many guru’s online it’s not even funny now-a-days.  I don’t claim to be one.  I just learn and soak up a lot from those around me and constantly are taking action so I get to see what happens.  Plus my passion is to help my #MortgageBroker partners grow their business.  When I call and ask for a loan submission if someone doesn’t have one, then I offer to talk about ways to source business.  Online or off.  Organic or paid.  I practice what I preach, and network with the best at it.  So here’s your options (Literally) ↓

Want to make funnels yourself with no tech background? Here’s the link to Phonesites, the best way to make instant landing pages! You can even make email follow up inside of this software.  You still need to learn how to boost ads and target people, but you can start organically even with this.  CLICK HERE

Want to learn how to do online ads all geared towards mortgage and real estate!  Join the Legion of Loan Officers! Nick Carpenter runs that, and does a great job helping LO’s learn how to run ads, and many types.  Highly recommended for those that want to learn and embrace online themselves but don’t know how.  Tell them the JUICEman sent you and get Nick to help you directly.  CLICK HERE

Want to skip the learning curve and just turn on the leads and learn as you go? – Then get Robots LLC to do the heavy lifting and start absorbing some of the 1000’s of videos Larry Le has.  Larry is genius in how he does his trainings, and has ton’s of ongoing training series to help you, so get leads going and then learn how to do it as your gaining leads.  CLICK HERE

Want to skip the learning curve and not learn anything yourself, but to just SELL like crazy to a mass amount of leads?  A done for you solution is available!

Most done 4 you solutions have something that looks like this:

1.      Fully Branded Lead Generation Website

2.      Fully Automated Follow-Up System

3.      Pre-Written Nurture Campaigns (Text, Email, VoiceMail)

4.      Full Back-end Campaign Set-up / Community Page & Group

5.      Multiple Ad Copy Variations

6.      Survey Form Set-Up/Installed To Collect The Mini 1003’$ (Leads),

7.      Million Dollar Pixel Installation To Increase, Track And Measure Conversions

8.      Complete FB ad

 

Depending on whom you talk too, these lead generation systems can go from 1000-5000 dollars and then you have to pay for “Ad spend”.   The majority of the done for you, or coaching systems have a monthly cost associated with them.  You either are paying for someone to guide you and teach you so you learn yourself, or you are paying for someone else to monitor the ad monthly.  Often called a monthly retainer, subscription or maintenance fee.

My advice get started doing something if you want leads.  If you have questions on who’s a viable coach out there or whom’s program is the best, reach out, I can help you know who’s training to do or which route to go based on your want to learn more.  Some LO’s just don’t want to embrace the online stuff, but want the leads it can give.  Some don’t want to pay someone else for work they can do, and they want to learn themselves.  Everyone is different.

leads3

This week I have a special.  If you’re brand new to the online game and want to “start” with some done 4 you solution to gain leads, reach out to me.  PM me, we can chat.  While most of the guru’s out there want 1000’s to set it all up, you can gain the complete set up for under that this week.  My goal is to help LO’s have leads to turn into loans to send in to BluePoint Mtg so we can help you get paid.  It’s simple really, I’m here to help you close the leads you write loans for!  🙂 CLICK HERE

#LetsDoBusiness

As Always –

#SellWell

 

Mortgage guidelines, Mortgage Originators

Thursdays Thoughts – Fannie Mae Updates!

Video Leave a comment

#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! 🙂

As Always –

#SellWell

Mortgage Originators

Thursdays Thoughts – Thankful Thursday!

Video Leave a comment

NMPmag2

#ThursdayThoughts – Raw unscripted #ThankfulThursday – Wow what an honor to be featured in National Mortgage Professional magazine this past March.  They did a special diversity issue, and my article is titled; “Creating Excitement for Inclusion and Diversity in Lending”.  Check it out HERE!

I also was featured just at the end of last year in Success Profiles Magazine with my article: “Broker’s Are Back”.  Click HERE to read the issue, my article is on page 35.  My thoughts today are to say thanks, to you, the small business owner #MortgageBroker across America that contributes to my end goal.  Closing loans and making a difference.

I ♥ doing this blog/vlog and having fun with the group.  If you ever want to suggest a topic for a video, or guideline you want me to high light, shoot me an email – CLICK HERE!

My goal is to impact my business partners and provide value in many ways.  On the left and right of the blog/vlog you”ll see all the banners to the “Tools” I suggest.  I endorse these companies for a reason.  #JUICYList And in many cases they may be a necessary for your business or required for you to stay in business (Cont Ed).

We’re growing our partnerships now, and want to help you anyway we can in closing more loans.  Let’s do business! ↓ As Always – #SellWell