Tag Archives: Wednesdays Wisdom

Mortgage Originators

Wisdom Wednesday – Training Day! JUICYList Week!

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#WisdomWednesday – It’s #JUICYList Week, and today is “Training Day”! Join Us In Creating Yes’s for your pipeline, it’s training for Loan Officers, Business Owners, Mortgage, Real Estate, you name it.  The best of the best for our industry to get their LEARN on to shine.  No kidding, each of these add a critical element of sales, mortgage/RE knowledge and marketing skills that I recommend, them all!  In fact they all compliment each other, while being completely unique and different.  These are the TOP 3 training for any and all LO’s /Mortgage Broker’s to take their business up a notch!! ↓

You have to invest in yourself to continue to grow, weather that’s to read a book, join a coaching program, learn new marketing skills, or just increase your knowledge of the Mortgage industry!!  If you’re “in it to WIN it” you’ve probably come across these training’s before.  In no particular order but to match how I mentioned them in the video;

  1. MMBC – Military Mortgage Boot Camp – CLICK HERE!
  2. Next Level LO – Next Level LO Training – CLICK HERE!
  3. Apex Entourage – Break Free Academy Entourage – CLICK HERE!

My suggestion, is always be willing to learn.  The minute you say you know it all your old and rotten anyway! 🙂 Might as well be green and growing no matter your tenure or age or geographic location.  If you’re not closing 10 loans a month, click one of these above, trust me it will make a difference in your pipeline in less than 90 days!

As Always –

#LearnWell

Mortgage guidelines, Mortgage Originators

Wednesday’s Wisdom – New 1003 Week – Section 3 & 4

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#WednesdaysWisdom – It’s the New 1003 Week – Section 3 & 4 are broken down today! I have to say I really like the “chart” format to every section of the 1003 as I see it.  It will require LO’s to ask more questions, and common things missed are listed as questions.  I like it a lot.  Today we start with section 3 and is the REO section.  The instructions at the top of page 4 are just as the other sections, very easy to read and spell out what’s needed.

Section 3 starts off with the REO section of the home being refinanced first.  (and is in bold) Otherwish if you do not own any Real Estate, check the box!

1003Section3a

Section 3b is a continuation of the REO section for other properties, and so is 3C.  Very simple page 5 of the new 1003, and is to detail REO’s owned.

1003Section3b

1003Section3c

And of course at the bottom of page 4 you have the borrower’s name the information is associated too!  Now page 5 Section 4, the loan and property information.   Again I like how it starts off and is self explanatory for instructions.  The newest thing on here is a FOURTH option for occupancy.  And then the 2 questions at the bottom of the first chart.

1003Section4a

Then section 4b breaks down other loans on the property they are buying or refinancing.  This includes seconds, hard money, or seller carry backs.

1003Section4b

Section 4c breaks down rental income and would be filled in on any home that is a 2 unit or more.  Primary or investment to indicate the expected monthly rental income.  No you do not take 75% in this section, that the underwriter would do in their section for this, just list the full rent expected to be received.

1003Section4c

The final section on page 5 is the break down on gifts for the transaction.  I like the new 1003 in that it highlights the often missed items on the current 1003 now.  This also is put together in a chart like format and gives examples, it’s like selling for LO’s.  What a great reminder too.

1003Section4d

And guess what’s at the bottom of page 5?  You bet the borrower’s name at the bottom left that the information is applied too.  I love this new 1003 and the more I analyze it the more I see how it brings to life the issues we have in loans and makes it more transparent for underwriting.

Ok, as I stated in today’s video, I’m in the office taking “I gotta guy” questions to help you bring a 1003 to life!

As Always –

#SellWell

Mortgage Originators

Wednesdays Wisdom – 3 reasons why #BrokersAreBetter

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#WednesdaysWisdom – 3 Reasons why #BrokersAreBetter!  There’s a lot of LO’s out there that do not understand the difference between brokering and being a bank.  And more and more Broker’s are sprouting up each day.  Today I go over 3 reasons that come to my mind about why Broker’s are better.

I have an awesome community of mortgage professionals called; Sales Talk with Mortgage Pro’s.  Feel free to join in on the convo’s and fun! Just the other day in a conversation a few LO’s thought they had “better” rates on a Jumbo loan than of a broker.  While this product is one that has Banks upper hand (in the past), it is only because they can lend bigger amounts at lower yield of interest on their own portfolio.  Right now more and more #WholesaleLenders are out there, and I was explaining to this LO, that if he was a broker, he could find lenders to compete with the programs he needs in his market.  This type of segmenting for programs exists now again, as there are so many options for lending programs versus the A-typcial conforming mortgage loan.

3 Reasons why #BrokersAreBetter ↓

Weather your a MLO at a Bank or an originator at Broker’s shop.  The biggest advantage you have is being able to present many different options for any one lending need.  #GetOnPoint with #BluePointMtg – We offer a ton of #Niche programs to specialize in various programs that any #MortgageBroker may need.  From Bank Statement loans, to investor NIVA’s, to Reverse loans.  We often fit in many broker’s lender arsenal due to this fact alone.  Yesterday I started two new relationships one due to having VA loans that we will manually underwrite, and one due to having so many options on the Non-QM product mix.  #LetsDoBusiness – CLICK HERE

#BrokersAreBack

#BrokersAreBetter

As I always say –

#SellWell