#TwoforTuesday – Two guides, a missing condition and a product highlight!! A bunch going on, today I talk about the difference between grossing up income with Conventional and FHA! Also, the most missed condition in loans EVER! And a product highlight!!
In my opinion, probably the strongest product my underwriting team has, however numbers show FHA is the most underwritten product. I just get great reviews of pricing, of underwriting and we all great things on VA!!! Yep, #VAloans is a product highlight today! And very much a strong suit at #TeamNDM!! We allow FICO’s as low as 580 and do manual underwriting with DTI as high as 50% with no comp factors. *Residual must be 150%! We allow both LP and DU on this product and we have a great team dedicated to help these files fly through the pipeline. 1 day turn times and a great product to produce for your Vets in your neighborhood. If you send in a check to be sponsored by any #WholesaleLender we should be one of them!
Are you READY YET? Ready to blow up your reach, your lead count, and double the business you do? Well this is what I try to do with each account that signs up with me. I am the difference maker, and a great AE to partner with. #LetsDoBusiness Fill in below ↓
#TwoforTuesday – LARGE Deposit guidelines for USDA and VA loans. Bottom line make sure you “LOOK” at the bank statements you get from clients BEFORE you turn them in. Make sure you know the various large deposit guidelines to prescreen the statements prior to turning them in.
Short and sweet, with a need a need for leads? – I can show you how, click below video!
If you are still struggling to get going online, and don’t know where to start – I have #TheBLUEPRINT to help you get started making campaigns online. The struggle I see is most just don’t know what to do, or what to post! I created a guide of 5 types of posts I call the 5 P’s of Posts that help you gain reach, relevancy and results online. Might as well start somewhere! – Reach out to me, or fill in below and let’s get you dominating your local market place! #SellWell
#TwoforTuesday – New Freddie Mac Program! – Home One and Home Possible changes and roll outs are discussed today! Straight forward if you ask me, and they (Freddie) is doing some great things. I think their poised to see a pick up in market share this year.
Today, I’m searching for new Broker’s to help with closing loans, marketing campaigns and overall partnership to grow their business! If you want a difference maker on your team, let’s chat! Fill in below! ↓
#TwoforTuesday – HOPA to the rescue! PMI or Private Mortgage Insurance is a good thing, and explaining to clients how it works, what it’s for, and how it can be cancelled afterwards is all apart of making yourself stand out!
This comes in good timing as rates are going up, and Home Possible and Home Ready programs are more attractive as a result. In my group Sales Talk with Mortgage Pro’s, a seasoned LO, asked for a price check across the board and asked over 4000 people what their price was for a 30 yr fixed, 80 LTV. As a result I priced my own and found these two programs a potential “angle” they could pitch. The crowd loved it, and then PMI came up. One has it and one doesn’t. Well there’s advantages and disadvantages to this, in fact PMI is tax deductable up to a certain income bracket still. (married 109k or single 54k). Today I go over the two ways PMI can be cancelled to help you LO’s be able to explain how it works as a viable option to your clients.
Two for Tuesday – Give your clients options, a Government option and a Conventional with PMI option. Look at saving them money in the bank and using the Home Ready or Home Possible options, then explain PMI to them. As a result (assuming they qualify) this can help you stand out as the professional.
#TwoforTuesday – Cheaters never win! Fannie Mae’s newest update stops them. Funny but this is the truth. Why are we in 2018 and we still are dealing with “Cheaters” in the mortgage industry. There are some great companies out there and it’s appalling to hear these stories where companies are doing things to cheat and use lender credits for a down payment. Are you kidding me, you played some loop hole for years just cause? It’s the same for builders that are giving excessive incentives to a borrower to capture both the Real Estate side and Mortgage side of the equation. Then taking it away or not offering it if another lender is used. I am not so sure about the whole KW thing going down right now. I don’t have an opinion yet, but if they are blatantly “cheating” to incentivize, this is the ethical stuff we need to ban from our industry.
Fannie Mae issues two new changes at the beginning of the month due to those that needed clarity. Seems the first change is well, I understood it this way for years. Maybe I just didn’t look to cheat and use it that way. Crazy some people do this, and Fannie has to update verbiage and completely spell it out. Second change makes sense and is a helpful one to help those doing construction loans to define the transaction type. Check it out below ↓
What I feel like doing this summer is creating a list of builders (or other companies) that “cheat” and publicly posting it for those to see. This can’t go on, if you “cheat” and know it because you’re on the “other side” of some aspect of Real Estate, Title or otherwise and incentivize clients to use your company in a manner that’s abusive. You should be reported. Cheaters never win! Well some say maybe in the short term, but in the long haul there will be a cause and affect that might not be in your favor. Please please please execute good judgement and fair lending practices when in mortgages. It’s what makes it “right” for the client. “Do the Right thing” has always been apart of my mantra and it seems more and more companies are actually looking to play loop holes in our industry to gain a competitive edge. At least for a short lived time. If you know of a company doing something like this, let me know, I’ll show you the way to report them.
STOP CHEATING! – Fannie Mae shouldn’t have to put out guidelines to clarify a guideline that was set many years ago. (A lender credit was never intended to be used for a down payment or for compensating third parties) Nor should companies be incentivizing clients to use their services or steer them to use and not offer the same incentive if a borrower chooses another (Shop-able) option. Watch mark my word, down the road there will be legislation in our industry that if some incentive is offered to use a shop-able service for a mortgage (that is also owned by same mortgage company) there will be a limit or restriction of the incentive. Or something to the affect that another option is used, a percentage of that incentive would need to be applied. Something will happen in this area. Be fair to your clients, your brand and your way of doing business. Nothing good comes out of cutting corners. PERIOD>.
#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 ↓
#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.
#TwoforTuesday – A great idea to know these as more “departing primary” scenario’s are coming up. People are #Downsizing and #MovingUp this year and we will probably see more of this in the summer. Gift guidelines are also gone over as a reminder when you have multiple units. Then the URLA info is a BONUS, link will be below the video today if you want to #Checkitout!
If you want to see the new URLA as Fannie Mae’s team has announced it’s completion just last week. It doesn’t come out officially until July 2019 and not required to be used until 2020 sometime I believe. Check out the look and feel of it HERE!
#TwoforTuesday – How are you using social media? As a search engine yet? As a way to search for new referral partners? Two things, groups and pages! If you don’t have a page yourself and you sell RE or Mortgages, make one. Then grow it. Second, join groups all the time, don’t just add a bunch at once FB will block you for that. There are groups for just about everything, I suggest you join groups that support your past times, hobbies and likes. That way it’s easier for you to develop a presence that you can leverage later.
Do not “advertise” in groups unless you add value to the group first, just thoughts. As owner of over 10 groups, most around 3000 people, I segment the content and group focus for the types of people I want to “gather in there”. It’s a way for me to build an audience and add value to everyone. You should do the same, and join groups that are not yours and develop a presence in them to be seen as an authority. It’s easy to do if you are adding value to the group based on the groups focus. As far as pages go, you should be advertising on your page and then sharing that relevant post into groups that coincide with that content. Pages are also a great thing to “look up” and expand your referral network with. Most LO’s spend too much time focusing on just RE agents when they could be getting leads from different types of partners. Use FB pages to search those in your area that could be a good fit for you to network with. As an added “bonus” make sure you are gaining testimonials and looking at testimonials other pages have. It helps to give them too. 🙂
Social selling is an art, and there’s a way to “reverse” sell to those you connect with. You just need to nurture this practice with your prospects more, or referral partners in order to gain exposure. Comment on enough things, like enough of their posts, be omni present in many groups – those people that see and engage along with you on your posts or someone elses are people that have grown to see your “value proposition”. What you can do is leverage this, contact them directly and then the call is warm and not so cold. There is a fine line between being stalker-ish and happen to be showing up. If you do it right, networking on social in groups, pages, and on peoples posts can help you social sell big time. If you engage with someone “new” on purpose over the next week more than 8 times, and then go back and call or PM that person, I can bet you my lunch they will openly have a conversation with you. All because you engaged on social with them for a week. Funny how this works, but if you “show up” more than half a dozen times in someone’s feed, they seem to think they are getting to know you. Use this technique to grow relationships. Besides #SocialSelling is fun when you do it right. 🙂
I have #theBLUEPRINT I can show you how too. — CLICK HERE!
#TwoforTuesday – Some great things are coming with DU updates in the next week it looks like. As Fannie Mae updates the DU programming on March 17th they will be helping DTI’s in the 45-50% across several FICO buckets become more “approve-able”.
Seems FNMA and the programmers understand the behaviors of those getting loans. And there will be more programming to prevent someone with multiple “apps” out there to rig the system. You won’t be able to get an appraisal at one lender and a PIW with another. If the appraisal is registered inside the fannie system, DU will kick out the PIW from the approval it looks like.
Some great updates that actually make sense, there was a couple more and I will recap those as more information becomes available.
Today’s SWWEEEEEETTTT Spot! 600-680 Fico FHA/VA loan is on point. Also 680+ FICO with 80% LTV or more on the homeready program is also stellar pricing right now! Here’s an open link, you want to “compare” me, go right ahead, price your deal out and let me know how I stand —-> Quick Pricer
The JUICEman! 