Tag Archives: Two for Tuesday

Mortgage guidelines, Mortgage Originators

Two for Tuesday – LO Comp and Borrower Paid!

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#TwoforTuesday – Some great conversations happening out there recently and wanted to highlight some conversations recently about LO comp and Borrower paid transactions.  Assuming you are a LO at a Broker shop, whom does TPO business, you still have to have a set compensation agreement for all loans.  The Broker is allowed to incentivize you based on volume, however, for the most part you are to be paid the same amount on all deals.  Borrower paid or Lender paid!

Now I am not a lawyer by any means, I just make sense out of these laws and attempt to spread the word.  As an AE, no LO should be in a position where they “send” loans to any one lender to be brokered and be paid “more” for doing so.  The LO should be picking the best lender for the given loan and borrowers situation.  AND that doesn’t mean the lowest rate or highest spread.  There’s customer service, there’s turn times, there’s a handful of other things that could be taken into consideration.  Rate doesn’t dictate the “best option” for your client.  Period.

Second point today, Borrower paid transactions.  If you are a LO, and you have a set comp plan with a Broker, and decide to go borrower paid, you should still be “making” enough to cover that comp plan.  OR the Broker should put a clause in their comp plan to LO’s that states they are not allowed to charge less than the agreed upon comp per deal.  That way the “house” never has to pay out of pocket to pay the LO.  That’s not good business obviously.

I am expanding and still helping new Broker’s in 2018 to grow their business.  I am not a typical AE, what I do is help my broker’s actually source business.  So not only do I help with guidelines, scenario’s and pushing your existing loans to the table, I help you learn to source new business.  And I do it online, where I teach Broker’s how to expand their referral network, and help their business grow.  More leads = More closings.  If you’re struggling with business, or just happen to be on a mission to grow this year, I’d like to work with you.  CLICK HERE and we can chat! #SellWell

Mortgage Originators

Two for Tuesday – New Fannie Announcements!

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#TwoforTuesday – I love doing these videos on guidelines and hope you all get stuff out of them.  Today I highlight the few changes that Fannie Mae introduced on 1/30/2018.  It is awesome to see the work that FNMA did in the past in collecting data is coming to fruition.  The first announcement and change to lending guidelines comes just in time for tax season.  The second in perfect timing as home values have gone up and even the national loan limits have been increased.  And as a bonus one of the hardest loans to close for property is updated; Condo’s!!

Today I am updating my CRM and organizing lists to help myself do more timely follow up and email marketing campaigns.  There has to be a management of information (just like Fannie) that you have as a sales person too.  Now’s the time to organize for the year.  Merge your past client lists, update your prospects, take a look at who’s opening your emails, reading your blog, or visiting your website.  These are the things that make a difference in sales success, I suggest you do the same.  I also bet you find an “app” that comes of the follow up, or because you strike while the iron was hot.  (they were on your website yesterday).  Use information to help you close the sale, just like Fannie is using the information to close the loans.

I ♥ Sales, Marketing and Mortgages.  Not sure which more, but they all go hand in hand in my book 🙂  As a result this week I am helping any LO that wants to develop a fan page on Facebook take their social selling to a new level.  Want to #LevelUP?  Click below, I’ve got the BLUEPRINT waiting: The BLUEPRINT to SOCIAL SELLING is HERE! #SocialSellingwithShawn – #SellWell

 

Mortgage guidelines, Mortgage Originators

Two for Tuesday – Throwback week

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#TwoforTuesday – This one is almost a year old as well.  I ♥ guidelines.  Funny a year later here we are accepting Bitcoin as a form of payment as well.  This is back when verbal VOE’s were updated at the beginning of last year.  Even a bonus guideline in this episode.

Look I do these for fun, to make our roles in the mortgage industry less stressful and to pass on best practices and helpful guidelines that you can use.  What I do for a passion is help other people close more loans.  I do this many ways, but it all comes back to my support staff.  The team I have behind me.  No matter what I do, I try to align myself with the best teams that can make an impact to your files.  Second, I learn, invest, and master marketing campaigns that are successful to help you increase your business.  And I have a 3 day workshop that can turn the way you view social selling completely around.

The Blueprint – Ultimate Facebook Fan page Marketing campaign guide.  A three day workshop that will increase your reach, relevancy and results.
As Always #SellWell

 

Mortgage guidelines, Mortgage Originators

Two for Tuesday – Tax Time

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#TwoforTuesday – It’s tax time! As of yesterday, and “not” the time to call a CPA.  However, what it is a good idea to do is educate your clients on how the way they itemize certain things can hinder their ability to borrow.  Two things we will go over today to help you in sales, 2106 expenses and self employed filings.  A CPA does their job well, sometimes too well.  They lower the clients overall tax implications, but as a result they are affecting what the client will qualify for.

If you’re self employed, or your clients are, knowing certain line items is a good idea on taxes.  Educate your clients so they can plan accordingly.  If they are thinking they will do a new home loan within the next 2 years, it may be a good idea to skip writing off all the “meals and entertainment”.  Same with those that are W2’d, itemizing deductions on line 21 of the 1040 will affect their “income qualification calculation”.

Knowing these little tid bits can make you seem like the expert.  They are also good conversation starters after a first touch, during a follow up.  Make yourself the NEWEST EDITION to your clients “financial team” by helping bridge the gap sometimes.  When you do this and present to be the newest member, whom is a lender for life, your objections to “price” go away.  Add value in building a custom tailored solution for your clients and you will be referred more.  This education is a way to do it.

This week I am looking to partner with more Brokers in the East Coast.  If you know a great mortgage broker in NC/SC/GA/NJ/PA/VA/MD please let them know about me.  Fill in below! ↓

Mortgage Originators

Two for Tuesday – JUICY List Week

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#TwoforTuesday – CRM’s and Title companies both in the mortgage industry you can’t live without! Plus a third bonus for you in commercial sales today!  Today I am looking for more input, suggestions and recommendations from you -My readers! Please message me or make a comment – Thanks to those that did yesterday!

CRM conversations inside the group, Sales Talk with Mortgage Pro’s on Facebook seem to get a ton of comments and interaction.  There’s always a new one it seems coming out.  Functionality that changes, programs that can be embedded etc.  We do have a list of CRM’s, and one that has been a go to for a year.  LoanTek is a great CRM for those in the mortgage industry, and have been on the JUICY List for a year.  Definitely check them out!

Title companies are also a must have in your back pocket as a LO.  There are so many great title companies Nationwide, do you have a favorite?  Let’s hear about it! We have a great Title company that has been on the JUICY List for a year as well, CLA Title and Escrow.  Great group of people that get the job done.  Highly suggested for use!

As always #SellWell

Mortgage guidelines, Mortgage Originators

Two for Tuesday – DU Updates and IPC’s

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#TwoforTuesday – DU is being updated this coming weekend and we discuss a commonly asked question about Interested Party Contributions.  The loan limits have been increased in 2018, are you promoting that?  And this weekend DU Updates to programming will install the final programming for FHA loan limits and VA loan limits will be programmed.  Great to know.  Something like 3000 counties went up this year in loan limit and shouldn’t affect any DU approvals, but if you were waiting for official time to run it, Monday will be it.  Second, Interested Party Contributions seems to be a commonly asked question regards to RE Agents or other parties in a transaction giving gifts.  Or contributions to the borrower in other words.  Well if you are involved in the transaction on the RE side, Fannie Mae doesn’t like it.  So builders, this includes you.  This includes developers and Real Estate Agents as well.

For example, the borrowers Mother is a RE Agent on the home being sold, and they want to gift a down payment monies to their son.  Can’t do it.  Just know these rules on Interested Party Contributions as there is a line that can’t be crossed.

Today I’m social selling all day, and will be following up with those that interact with me.  I am helping more and more people gain leverage on social media.  It’s actually fun to see others thrive as a result.  This is not hard and easy to do “organically”.  The best part is it helps you gain an edge when you are going to boost ads for a Pillar Partner.  I show you exactly how to do this in my training.  Click below and get IN the groups and trainings top LO’s have done.  ↓

This has everything you need in it to start taking advantage of tools to increase mortgage business, check it out; The Mortgage JUICE you need is here!

 

Mortgage guidelines, Mortgage Originators

Two for Tuesday – Installment and Revolving accounts!

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#TwoforTuesday – So many people fall into this trap and attempt to qualify a client with 10 payments or less and omit that debt.  Make sure you do make sure that the payment is 5% or less of the overall income of the borrower.  If it is, and has 10 months or less that’s when you can omit that debt.  Revolving accounts that are paid off monthly are also a good one, yes, you can omit those.  As long as you can prove that every single month for the last 12 months the client paid off, completely.

Still looking for a launch into the new year?  I have some really good stuff going on behind the scene’s and am helping broker’s and LO’s get mega leads online for FREE!

Yep FREE, while paying for ads is great, and where the “numbers” are, there is an art to this online stuff.  If you have a poor organic campaign, and you attempt to run ads, well you better know stuff about optimization because your ad just might have limited results.  You see this is taught in the marketing books, you should have an “push” and a “pull” campaign working hand in hand.  When you do that results are inevitable.  My suggestion – Get the #BLUEPRINT into action.

It’s an organic marketing campaign management that you can do weekly, daily or monthly that increases your reach, relevancy and results.  And is FREE ladies and gents.  If you implement it on an on-going basis there is no reason social media won’t generate you leads weekly – FREE!  Here it is already, stop procrastinating, it’s not expensive at all, and positions you to win in many ways.  (not 1000’s of dollars like a paid campaign) – In fact in my opinion, it’s a stepping stone to get to paid ads.  If you want stellar results that is.  –

The Blueprint – Ultimate Facebook Fan page Marketing campaign guide ↓
#SellWell
Mortgage guidelines, Mortgage Originators

Two for Tuesday – Bitcoin and New Guidelines!

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Happy New Year Everyone! Back at it, and today we jump right in to two new guidelines that you need to know about.  If you and your teams need an AE (Wholesale Account Executive) that can help you close more loans by not only a product mix, but by suggestions and marketing help to source business, let’s connect!  NOW’s the time to adjust your lender arsenal to help you teams do more in 2018!!

My team is growing, and we are helping more and more Banks and Credit Unions alleviate their risk on neighborhood watch by getting signed up as a non-delegated sponsor for FHA loans.  By doing so, this can open the doors to allow FHA/VA loans as low as 500 FICO if the bank wanted.  Most banks have an OVERLAY to help maintain a healthy rank on FHA for example, this allows them to offer it as a solution to their sales team, without harming the health of the company! Reach out to me for more details if your a bank that only goes down to 620 FICO or something like that.  We can open the doors for your business in many ways.  #LetsChat

Ok back to #TwoforTuesday, yeah I found out if BITCOIN can be used in a mortgage transaction.  And once sourced and turned into cash, sure it can.  See the short video of the day below! #SellWell – Oh yeah no more once a cash out, always a cash out too!

Have a productive week, in the mix of getting started in 2018, let’s network together! Add to your network a lender that can help you get more loans done!  CLICK BELOW↓

Mortgage guidelines, Mortgage Originators

Two for Tuesday – & a new VIDEO Opener!

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I think you’re gonna like this!!  #TwoforTuesday – Fun edition – I got creative in the last week and got a new video opener!  I am sure it will help Pump you up, and get ready for the day! Join Us In Creating Excitement and get the JUICE’s flowing!  You’re in sales right?  – #JUICE

Two for Tuesday as I always have branded is two tips on guidelines or something mortgage related that you can take with you in the field.  Today’s topic – VOE’s and Pay Check Stubs!  Yep, both are needed to calculate the right income, and both work coherently together.  Supporting each other! #CheckItOut ↓

For those needing to gain more leads so they have more paycheck stubs to check and VOE’s to order – I got your back!  I’m doing a discount for those that want to take charge of their 2018 and learn to earn on Social Media!  If you have a fan page and it doesn’t get you leads every week, I can show you how to change that with my BLUEPRINT!  It’s not rocket science and definitely not hard.  In fact, it’s fun to have a social media presence and YOU can be known as the expert in your area!

Reach out to me, I’m here to help you take #SocialSelling to the next level in 2018! Sign up for the BLUEPRINT today!  – Disclaimer – You do have to actually do work! lol #SellWell

 

Mortgage Originators

Two for Tuesday – Noah & Luke – My Story Part 2.

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#HappyHalloween – #TwoforTuesday – My story part 2, loving this story as this is where all the marketing started, almost 10 years ago.  I wanted to make a special shout out to two people that helped me develop my legacy, Jay Shienbuam and Tony Nuckles.  I probably spelled their names wrong.  We always used to just refer to Toe-Knee-Knuckles. – Hands down what a great experience at this time, the ISM’s of the Quicken culture I still embed in my business today.  In fact, I’ve helped develop culture at other places in my career and they all had a similar focuses.

My Legacy is this; I am the possibility of other people living the life they desire – through positive thinking, dreaming big, having blind faith and in the pursuit of sharing success with others.

It is through a passion behind other people that helped me do what I’ve done and continue to do what I do.  (more on that tomorrow)!  The best thing I had in my origination game working for me was the skill to work my LOA, and to read the information given to me.  See the video.  We used to make 100 calls per day, with a goal of pulling 4 credit reports and gaining 1 deal.  100-4-1! That was the average we aimed for.  To hustle like that with leads any decent sales guy had a potential to rack in 20-30 deals per month.  It was just very time consuming.  And eventually I left to help my TWO FOR TUESDAY’s that had just been born.  Noah and Luke my identical twin boys.

When I stopped working at the Q, I took some time and wrote my first book, “Persuasion as an Art”.  – Grab a copy today!  – If anything the subliminal messages today, invest in yourself, create content, and always be learning.  And second if not the more important one for you LO’s out there, READ the conditions prior to sending them in to underwriters.  Read your title work, read the appraisal.  Look at it of issues that may stick out.  It can help you avoid pitfalls.  #knockwell today!