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Mortgage Originators

Thursdays Thoughts – Back to Basics!

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#ThursdaysThoughts – Back to basics for LO’s and a great reminder of how to actually “get loans done”! Seems to me every month that I see LO’s struggle with getting loans done or have issues with conditions it’s correlated to these three things I mention today.  If you go #BacktoBasics and focus on these three things, what comes out on the other end will be docs.  (on more loans) 🙂

Accurate and complete 1003 is the start.  As you fill it in and gain supporting documents remember to go back and plug in the “real” numbers into the 1003.  Like start dates of employment from a VOE into the 1003 for example.  Details of transaction is the heart of the actual money exchange and is often the last piece of info that’s 100% complete.  Why? – Well after you lock a loan you need to go back and plug in the credit or cost associated and it will change your file’s structure.  It’s amazing that sometimes people don’t have sellers contributions or other credits plugged in from the start, but as you get towards the end of your loan #BestPractice LO’s should be balancing the loans structure.  And throughout the loan the biggest mistakes on loans can be avoided by not submitting unnecessary information to the underwriters.  And what I mean by that is to actually READ your DU/LP (AUS) findings!

If more LO’s go back to basics they will be more successful.   It’s the truth, and real Thursdays thoughts you can take to the bank.  Complete a 1003 accurately and 100%, run DU and submit only what DU asks for upfront and throughout the loan, and verify your structure on the loan in the beginning, at lock, and prior to CD going out!  If you do this, you’ll have less issues, less stress, less fall out, and less last minute changes.  Mark my word!

As always I want to offer coaching and help to anyone that wants it.  Doing loans doesn’t have to be rocket science, or complicated if you stick with basics to make healthy loans.  Hard loans, easy loans and all the loans in between I help LO’s complete with an awesome ops staff.  Why not make an impact together in 2019 – CLICK HERE!

As always –

#SellWell

Mortgage guidelines, Mortgage Originators

Whacked out Wednesday – DU 10.3 updates risk!

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#WhackedOutWednesday – A favorite for many where I go over what to avoid in the mortgage industry and give tips and tricks to help you not be whacked out! 🙂  I’ve been going over the DU 10.3 changes all week, and today I sum it all up by going over what you need to know DU is doing.  Evaluating risk! And every time DU is updated the “Desktop Underwriter” gets more intelligent in doing so.

So what to look out for?  Well complete your 1003 completely and make sure your placing comp factors in the 1003 when you have a higher DTI.  Don’t just skip assets because you don’t need them to close.  DU’s newest highlight, on a cash-out transaction where the DTI is greater than 45 you will need 6 months of reserve going forward.  I can only imagine that other loan case files and risks when DTI is greater than 43 even are being more scrutinized as time goes by.   My advice, watch your C of C’s right now, as something could change the case file id like a new credit report and be 10.3 updated and completely change the output on that loan finding.

If you need help closing a file that looks to be a viable one, but DU or LP just do not like it – CLICK HERE!  We have agency fall out options that can help in these situations.  Think of it as having a manually underwritten conventional option to close a loan.  We have seasonings for BK/Foreclosure and Short Sales that just need to be settled.  Plus a line up of other programs that may help you into 2019! #BankStatementLoans #Reverse #InvestorNIVA #JUMBOLoans

Lets do business! As Always –

#SellWell

Mortgage guidelines, Mortgage Originators

Two for Tuesday – Flood Policies and Commission!

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#TwoforTuesday – Flood policies and commission income guidelines are the two newest changes per DU 10.3 updates!  And today we touch base on what this really means.  EQUALITY for all commission income!! And make sense updates that make lending easier.  All the while making DU updated to be more intelligent.

Two guides, simple to understand, and greatly needed.  I think Fannie is on to something in making guidelines make ‘common sense’ more.  🙂   If you’re tired of overlays and want to work with a company that goes by the guidelines, has little to no overlays, and does make sense underwriting, then CLICK HERE!  #LetsDoBusiness

As Always –

#SellWell

Mortgage guidelines, Mortgage Originators

Mondays Motivation – DU 10.3 & Loan Amounts!

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#MondaysMotivation – DU 10.3 is here! And Fannie Mae says “expect this change to yield a slight reduction in case files that receive approve/eligible findings”!  Risk is being analyzed and DU is getting smarter! If your DTI is over 45, I’d suggest you have reserves in there prior to running it.  Loan amounts were updated for FHA to follow suit of the conforming loan limit changes;

Conforming limits; 484,350 and High balance 726,525!  FHA’s limits follow suit typically at 65% of the conforming limits, and that is; 314,827 and high balance 726,525 depending on county.

There was another great reference I want to mention in these changes on Friday last week, and that is FORM 1084! A self employed borrower income worksheet Fannie Mae has approved to working income calculations off of.  I uploaded that form into the group, Sales Talk with Mortgage Pro’s! Feel free to check out the #Files tab to see all the cool cheats I have uploaded for you LO’s.

As always’ Let’s go – It’s Mondays Motivation – The Tragedy of Life doesn’t lie in NOT reaching your goal!  The tragedy lies in having no goals to reach! I’m doing strategy sessions with new mortgage broker relationships to help create campaigns with Niche products!  If you’re interested in creating goals and crushing them in 2019, let’s chat, CLICK HERE!

#SellWell

Mortgage Originators

Weekend Call to Action – Connecting Tips

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#WeekendCalltoAction – Today I go over connecting tips for you LO’s and AE’s.  This is only because I follow trends.  And when I talk to both AE’s and LO’s that tell me people are hard to get a hold of right now, I’m like well what did you do to get their attention?  You see people use the phone in a different way now.  More and more people are ON their phone, but less and less ON a phone call.  You see what people do more than ever before is “see” notifications.

So my point today is easy to understand, how many notifications are you sending to the people you’re truly trying to get a hold of?  Really how many times did someone you want to talk to see your name in the last 3 days?  So you called them on Tuesday and left a message right?  What did you do on Wednesday to show up on their phone 3 different ways?  How about Thursday?  You see effectively you could actually show up on someone’s phone 3 times a day for 3 days without ever actually calling them again.  If your trying to get a hold of someone, are you really attempting to connect with them?

I’m connecting with LO’s and AE’s all across America, and even when their on vacation.  Because I show up on their phone in different types of notifications.  And they see it.  #WeekendCalltoAction = Why don’t you try getting a hold of someone this way.  If you truly want to get a hold of them to add value, solve a problem and be of service to some need or want they have, why not!!

I’m growing left and right, and want to partner with #MortgageBrokers that want a great business strategist on their team.  To help them close more loans and source more business to grow together in 2019.  I’m taking measures above and beyond my typical call of duty and really partnering with those that want it in 2019!! Why not you? — CLICK HERE to start a real business partnership!

As Always –

#SellWell

Mortgage Originators

Thurdays Thoughts -Structure and Study!

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#ThursdaysThoughts – Any one in Sales this applies too! I spend the week rounding off an AE training with team members, and did my weekly follow up with all on the team.  In the process, I noticed more than one correlation to these tips today, and mentioned it as reminders to both AE’s and LO’s I know.  Your slow?  Your not growing?  Your not getting the results you hoped for?  Read this ↓

More than likely someone in your coaching at one point or another in sales reiterated to have a daily structure for yourself daily.  In many LO training from companies they go over programs, guidelines, features and benefits to help you with product knowledge.  In your daily structure are you time blocking a time to expand your product knowledge and know your own processes, benefits and ways to add value?  Are you plotting out a time during your day to do certain “income generating” activities?

Having structure to your day and spending time to expand your own knowledge is key to success in sales.  There’s no doubt about it.  Maybe this good timing, basic, but necessary for any and all in sales.  Are you busy or are you productive?  Or are you just letting emails dictate your day??

Funny thing is having structure to my day is what I’ve done since being at Ameriquest.  I had power hours where I dedicated time to call out.  Where during my day I always had times to educate myself, do research on guidelines or “accounts” and then plan out my attack.  Bottom line is if you’re in the Mortgage business to win, you have to study and dedicate time to learn guidelines.  As you do it’s increasing your worth to your clients.  AE or LO.  When was the last time you studied a matrix? Read the newest DU release notes?  Or just opened the big 4000.1 and poked around?

I did this whole JUICEMAN videos for me.  It just became entertaining.  Being hearing impaired and darn near deaf, I do not “learn” auditorily.  I learn kinsethetically and visually.  So with that knowledge it helps me learn guidelines by doing the video’s and reciting these guides to help add value to my network.  Think about how you learn best and ways to incorporate a learning strategy to help yourself be better for 2019!

As I always say—

#SellWell

 

Mortgage guidelines, Mortgage Originators

Whacked Out Wednesday – Bank Statement Loan calculations!

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#WhackedOutWednesday – Bank Statement loans and the income calculations are something worth going over.  I closed one in 21 days just last month, so knowing how they’re calculated and how to look at bank statements is crucial to success.  The biggest problem I see is no one is educating others on how to do them, nor are they closing fast.  The key is the work upfront.

First, you must actually look at the deposits and where they are coming from, not just the total of deposits at the top of the monthly statement.   As you do this analyze if any deposits are transfers. (You can’t use these).  Then make sense out of the deposits, a return or “another” business that isn’t being listed on the 1003 can’t be used as deposits.

Second, after adding up all of the deposits you can use, some banks say you can only use a certain percentage.  BluePointMtg does not.  If the client has 10 or less employees and nets less than 2 million gross deposits a year you can use a client produced P&L and expense statement to take into consideration expense ratio.  Then deduct that from your total.  It just has to make sense for the industry the client is in.

At BluePointMtg we have a 24 month, 12 month and a 3 month bank statement loan program for those self employed!  It’s a great alternative for those that write off everything and can’t prove their income the typical way with taxes.  #GetOnPoint with #BluePointMtg and the various Bank Statement programs we have!! CLICK HERE 

In the office all day doing AE trainings, team meetings and taking “I gotta guy” scenarios to help LO’s get loans done.  Let’s work together!!

As Always –

#SellWell

Mortgage Originators

Two for Tuesday – NAMB National Review and my Why!

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#TwoforTuesday – NAMB National review and my why today!! Loved the show, the National NAMB show is definitely the one to go too!  5 Stars NAMB!  Great opening ceremony, great speaking events from various industry leaders and technology companies, and very classy wrap up event with special guests Boyz 2 Men!

#TakeAShot for an #EchoDot campaign was great! We pulled a ton of people over to the booth to take a basketball shot, and if they made two in a row they won!  Super awesome to be a guest on Mortgage News Network, and such a great time seeing old colleagues and current, past and future clients!  I had several people recognize me from my silly videos and tell me they watch me on TV all the time.  LOL!!

From my take, I am super glad to be positioned with a company poised for success as our product mix features so many niche programs for our mortgage broker partners!  NON-AGENCY and NICHE programs were the talk of the town BIG TIME!  And I can’t wait to be reaching out to all the new connections this week from the show!  Everything I do has always centered around my WHY – And it’s the #Twins bday today, happy birthday #Noah and #Luke!

If you want to see some of the great programs that you can get on point with BLUEPOINT MORTGAGE – CLICK HERE! This show was the first show for #BluePointMtg and was a great success!

5 Star Review NAMB!  Great Show!

As Always

#SellWell

 

Mortgage Originators

Thursdays Thoughts – Back on Track!

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#ThursdaysThoughts – Back on track to my own goals of hitting 200+ videos this year with an opener!  Today’s video is 185 so I’m back on track!  The #JUICE is back Jack!!

First, thanks to all that followed up, thanks to all that visited the blog, had many days in the last month where I was completely surprised on the number of visitors! I ♥ to see people using the blog as a search engine for guidelines to watch my silly video’s!

Thursdays thoughts is all about goals, I’m on pace to hit several of mine for 2018! Are you in the same place?  Have you began to think about your plan of attack for 2019?  It’s coming quick, and now’s the time to relook at the goals you set for this year and evaluate where you want to go next year! I’m offering FREE strategy sessions to anyone that wants help in creating a game plan for 2019!

For me I love doing these video’s to add value to any Loan Originator there is out there that wants some JUICE!  Join Us In Creating Excitement at the NAMB NATIONAL event this coming weekend.  BluePoint Mortgage and I will be there at booth 615, come down and say hi!  Better yet, #GetOnPoint with #BluePointMtg today!  CLICK HERE! And let’s set you up to utilize our #Niches to help source new loans and close more loans in 2019 together!

Mortgage Originators

Two for Tuesday – 859 dollars and groups!

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#TwoforTuesday – One of my favorite to write.  This week I want to highlight the biggest change recently in the mortgage industry and a guideline I found out in a group! The power of groups is huge, if your not in them you’re missing out.  I’m in so many I sometimes miss my own groups engagements.  In the past three weeks I’ve done two different campaigns for 203H loans and have generated over 75 leads completely FREE from groups.  I did it in CA and in FL/GA groups on Facebook of course.

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The other day I found out in a group about a VA guideline I didn’t know.  If a Veteran has filed for the disabled veteran status, they do a #VAloan and then later on can send the paperwork into the VA and since they were not exempt at time of loan, get a principle reduction of the VA funding fee later on.  Crazy, I didn’t know that.  Found out in a group full of LO’s that guideline.  As long as the filing was prior to the loan, they can do this.  If your an LO, join Sales Talk with Mortgage Pro’s group along with 4500 others!

The biggest announcement I’m sure you’ve seen is that LOAN AMOUNTS have been increased for conventional conforming limits.  This is a good sign.  And hope to see FHA’s loan limits increase with it, but that’s yet to be announced.  The difference in a #MortgageBroker compensation on a 453,100 deal now, versus the new loan limit of 484,350 is 859 dollars.  Yep, an average comp plan with a mortgage broker will almost make another nine hundred dollars more in commission due to having a larger loan size.  Another reason why broker’s are better.  If you’re a mortgage broker and want to get on point with more #Niche programs for 2019 – CLICK HERE!  We’re partnering with true “partners” as we go into 2019, and personally I will be helping as many as I can grow their business.  Let’s start now!

As Always –

#SellWell

PS – Ready for a video yet?  I am, Thursday is the day! Stay tuned!