Two-4-Tuesday – Guideline Day – FNMA Updates!

#Two4Tuesday – Guideline Day – FNMA Updates galore! Fannie Mae has been busy this month, with several key updates.  Some that may just affect your loans in process!  So excited for the new 1003 to come out, just as the past the disclosure “roll out” as optional has been post-poned! The actual roll out date will be too, but we just have to wait for the next update that let’s us know when we can roll out the optional use of the new application.

Some good updates this month, and I hear and see other LO’s mentioning that DU seems a little tighter already.  This is the second time in the last 90 days that DU has been updated.  And this time Fannie is really vague on what was updated, other than specifically identifying “other risk factors”.  This comes down to DTI, reserves and LTV, mark my word, some LO is gathering conditions from a loan and in the last 5 days their file has not been re-ran through DU.  And when it does on the final time, there will need to be a restructure to make it work.  Risk thresholds are being updated and over time after running so many DU run’s we’ll be able to report back to you and let you know what changed.  Just remember the basics on DTI for FHA/VA and Conv.

Basics;

FHA – Three buckets depending on how many compensating factors your file has 31/43 & 37/47 & 40/50

VA – One major backend threshold that is mentioned and that is 41.  There is also note of use of residual income as a compensating factor.  (this has been the loosest one of them all over the years and more recently have had personally a VA loan with as high as 82 DTI close)

Conventional – While it is widely known that conventional goes to 50 DTI (49.999) in the books (ed) and in programming the thresholds of 28/36 are used.  So if your file is over that, you should have compensating factors.

Risk is risk and when it comes down to it, there seems no two files are the same.  Just watch your risk thresholds on active loans as DU is updated, and keep rocking.

As Always –

#SellWell

Monday’s Motivation – Power Move Monday!!

#MondaysMotivation – Power Move Monday!! – Might sound silly but this works, big time! Make a reminder for 2:30pm in your outlook calendar and gather your whole team together.  Then everyone do their power move on the count of 3! (what ever it might be).  It’s best to say something, and to do something at the same time that brings a smile and enhances your energy.  This works, it might sound silly, but try it once!

If you do it occasionally through out the day, it can get your blood flowing, and help you bring the energy when it counts! #DuringTheSale!  I’m doing mine right about the time I post my #RealEstateWV, and #BikesNRealEstate post on Instagram!  You need to plan either activities to switch it up through the day, or to enhance your mojo half way into the work day! Trust me #PowerMoves work, just when you need them.

On a side note today, love love ♥ the fact that LO’s, Agents and Consumers are searching the site for guidelines, if needed use the search bar at the top and search any key word!

As Always –

#SellWell

Thriving Thursday – Happy 44th X

#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

Whacked Out Wednesday – Free Report!

#WhackedOutWednesday – Get your “Free Report” annually! If you’re looking to purchase “anything” in the near future it’s a good idea to take advantage of the FACT Act (FACTA = Fair and Accurate Credit Transactions Act)! The only place authorized under the FTC and credit reporting agencies (Experian/Equifax/TransUnion) to provide YOU a FREE CREDIT REPORT ANNUALLY is what I’m talking about!

You see what’s whacked out, is people right before they buy something “big” like a car, house, boat etc, should know where you stand.  Most do not know.  Today I’ll give you all the credit “tips” the pro’s sometimes have you pay for.  What you need to know, and need to do with credit is all here.  Most people just don’t know what they don’t know, or pay off their credit bills each month thinking that’s a good idea.  (It’s not) Credit is imperative for insurance, for buying things, for jobs sometimes, for financial fitness.  Your key points are below! ↓

Open new accounts every several years.  It’s actually a weight on your credit score, if you just have credit cards for 10 years and no new credit added, that actually hurts you.   Maintain and show the bureau’s you can “manage debt” as this is what gives you credit anyhow.  So that means DO NOT pay your credit card off every month.  What you want to do is maintain these two ratios; Either revolve less than 30% of the balance at all times (which gives you a better score) or revolve less than 50% of the available balance at all times.  For example, if you have an available balance of 1k, do not revolve more than 500 dollars, the minute you go over that 50% mark, the bureau’s actually mark your score down.

Another factor is “type” of credit and payment history.  Now it’s kind of a given that you should actually “pay” your debts every month, but this seems to be news to some people.  lol.  Second is type, when it comes to the type of credit, it’s good to have a mortgage, a secured note (like a car), and then 3 or more revolving lines of credit.  (all with balances less than the ratios noted above)  In all my experience in the mortgage industry (15 years +) I would say of the thousands of credit reports I’ve seen, the best scores (750+ FICO) and credit always seem to have at least 5 trade lines.  (as mentioned) So if you think paying “cash for everything” is a good idea your totally wrong.

Credit is actually what #MakesTheWorldGoRound so it’s important that you do somethings to maintain and show you can manage debt.  Debt is not necessarily bad, however, there is such a thing as bad debt and good debt. (but that’s another blog for another day) If you want your FREE REPORT — CLICK HERE!

As Always –

#BuyWell & #SellWell

Tuesdays Truths -I want a challenge!

#TuesdaysTruths – I want a challenge, and have already started my journey to do just that.  Many of my followers & fans have reached out and I appreciate that.  The relationships I’ve developed and the impact I know I’ve had in the wholesale mortgage space will never be “over”.  I just want a challenge right now, and a change to “do” what I’ve been helping others “do” for close to a decade is now in order.

I’ve passed my NMLS test (Again) and am in the process of reactivating sponsorship and going back to my roots of helping consumers again.  And I can’t be more excited for the challenge.  I will be doing my videos, posting guidelines, and documenting my journey more than ever.  In fact, I more than likely will document my success in a short time as I’ve made #BluePrints I will follow myself.  While in the #MortgageIndustry for the last 15+ years, I’ve spent the last 9 in wholesale, and built this persona and reputation for those to come to for guidelines, structure on loans and marketing suggestions.  I’m just going to follow my own advice and do everything I can to dominate my local market place.  (and State) 🙂

I know I’m going to #KillIt and have fun while doing it, and as I grow and adapt my own B2B business to be B2C again, I hope you continue to follow and join me in my journey.  As of now, you’ll start to see somethings change on the blog from links on the left will be for #Consumers and links on the right will be for #LOs that want tools.  Now more than ever I see the purpose of #TheMortgageJUICEman and encourage you to JOIN US IN CREATING EXCITEMENT for our industry.  The mortgage profession is my calling and how I serve it will not change, just expanding in options for helping others.

I appreciate all the phone calls and those that “haven’t” heard from me in the past few weeks and followed up.  It’s a great feeling to get feedback that I was the best rep, or the more knowledgeable about guidelines when loans get stuck.  My line will always be open for my network, and I will continue to grow it.  I just need a new challenge now, and going back to originating and helping consumers directly will be my newest goals.  I will continue to share great content for all in the industry, including RE Agents and other pillar partners.  I think this challenge will only make my content more helpful for all.

For now – As Always –

#SellWell

Weekend Call 2 Action – Get your Robots working for you! #JUICYList

#WeekendCall2Action – Get your Robots working for you! It’s been a great week with the #JUICYList as we are updating it and going over all sponsors to #TheMortgageJUICEman!  I absolutely ♥ supporting viable tools for LO’s and those in the RE space.  If you do anything scroll the list of link’s on the list of companies, tools and training’s on this weeks episodes.  Find something that interests you or could help you in your current business state.  I know everyone is different, and in different stages of their business.  Some need training, some need more leads, some need more organization, some need more tools to appeal to their referral partners.  No matter where you are take the next step of taking action! ↓

Today’s highlight include the #Best4Last tools for LO’s, mortgage brokers, Real Estate Agents and just about anyone selling anything.  It’s the adaption of #ROBOTS (LLC) into your sales routine that will help you sell to more qualified clients.  Here’s a list of items in the #Done4You package – Facebook Funnel, Community page, FB group, CRM, lead follow up campaign with ringless voice mail, text messages and email.  Along with endless training’s, group coaching, and more videos to watch than you can count.  Here’s the link for you to scroll – Seriously take a look here —> GET LEAD ROBOTS

Second highlight was a forced solution to offer Robot LLC clients a client retention, and follow up system that is all #Done4You again.  It’s a CRM that you don’t need to build out, the campaigns are already there, all you need to do is add names and contact info and select a campaign to “Go baby go”!  This CRM is bar none the best in the market, and here’s the thing —- THE PRICE GOES UP MONDAY!!! You might want to check this full CRM offerings out and take advantage of the beta stage it’s in right now.  To see the full product offering —> GET THE BEST CRM NOW!

As Always =

#SellWell

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

#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

Wisdom Wednesday – Training Day! JUICYList Week!

#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

Two for Tuesday – JUICY List Week – Lead Trap Day!

#TwoforTuesday – #JUICYList Week – Lead Traps!! Today’s the lead trap day, and announcement of the “special” I have for those that want a done 4 you solution! In the mortgage and RE industries the sales are made by gaining a prospect from a referral or from a lead trap made by that salesman! (or Sales Woman for that matter!) 🙂  Some LO’s have figured out that they do NOT want to learn this and just want to take more 1003’s and be on the phone selling and networking more.  So they hire an ad “agency” for the complete ad system to gain leads, grow their list to market too and have some follow up created.

Today I go over the software that for those that DO want to learn how to do marketing on their own, can use these lead trap software to do just that.  Gain Names, Phone Numbers and Emails all day long.  ↓

The first one I go over today is #LeadPops! LeadPops does exactly what it says, it pops open and creates lead traps in an instant, with done for you copy and templates.  It’s designed to allow you to drag and drop your logo and NMLS and be done.  The second one I go over today is by far my favorite due to the ease of use.  I’m a lefty creative, so naturally I like “making” things, and you can make funnels in less than 5 minutes on #Phonesites!  Phonesites is fantastic for someone who understands ad copy and creating an offer.  Whereas you don’t need to be a techie or understand code to use it.  Just upload pictures (right from your phone) create your ad copy and offer, tell it where to redirect, and your done!

This week I have several really cool “offers” for my followers and those that want to JUICE their own pipeline.  In talking about #LeadTraps today, many have figured out that it’s a giant puzzle connecting CRM’s, Zapier, Ad software, Follow up scripts (emails) and other things into a properly built lead trap.  And many decide to “let a pro” do it.  This week we have an offer from a funnel builder that includes the set up of all ads for less than half of what it typically costs in the market.  To get all this done 4 you solution out there, many are charging 1500-5000 for the same set up.  And do not have long form leads.  This is a funnel built for you that does everything from collect the lead to follow up, and is only 500-750 to do, 300 monthly, and what ever your ad spend is.  (there’s always three components, initial build of the funnel cost, a monthly reoccurring maintenance fee for the funnel to collect names, and an ad spend given to Facebook on most “done4you” solutions)  There’s a range for build out only due to what options you wish to have.  This week only we have the ability to turn on a lead switch for any LO for less than half what the typical costs is.  Shoot me an email here for that!

It doesn’t matter if you choose to do lead gen yourself or hire someone else to do it.  Somewhere in the process is the use of these software and components.  My suggestion is to have a mix of things going on.  Lead traps are list growers, how many do you have running?

As Always –

#SellWell

Monday’s Motivation – JUICY-List Week! Let’s get virtual!

#MondaysMotivation – It’s the #JUICYList this week! Let’s start by getting virtual! These are tools, systems, trainings, software and must have’s to help LO’s (and RE Agents) gain more business!  Today we start the week with the basics!  The necessary tools you need to have an online presence.  To start you need a website, then you need some sort of online application to be perceived by consumers as a valid mortgage player.  Consumers do look at your online tools, a good website, or virtual application (or both) can be a deciding factor to move forward with YOU! ↓

Join Us In Creating Yes’s for your pipeline, and get virtual already.  If you do not have a website, I’d highly suggest you get one from Lender Home Page!  Once you have a license to originate one of the most important things to have is an online application that helps you take 1003’s!  (Mortgage Apps is the name of the game anyhow) 🙂  Might as well have the ability to take 1003’s in multiple languages, even run DU or verify day 1 certainty with your application.  PreApp1003 and Perfect LO are the two I endorse to get the job done.  While similar in function, both are unique and different.  And both are evolving with times and technology is only getting better.  Which one? Well take your pick, I suggest you compare and contrast the two and decide for yourself.  They are on the JUICY-List for a reason, they both help you create Yes’s for your pipeline.

My big thing is helping people, weather it’s businesses, individual LO’s or the consumer themselves.  I encourage you to take advantage of the items on the JUICY List this week and take action to increase your own business!

As Always –

#SellWell

Mortgage sales expert. Helping mortgages close everyday.

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