#WeekendCalltoAction – Create campaigns for a niche! This is how the most effective marketing campaigns get you results. Don’t just state your a jack of a trades and master of none, segment in your marketing. This is what will draw all types of loans.
All this week I went over #StrikeZones for me and #TeamNDM, while we have others, I focused on our strong suits and the loans that create the best campaigns on purpose. This weekend I suggest you do the same. Don’t just “pick a niche” and then find an audience. Do it backwards. Find the audience you want to market too, then market to them what can be a solution for them. That’s “niche” marketing at it’s finest.
I am in the office taking “I gotta guy” questions all day! – If you don’t have an Lender Rep that can help you close loans and source new business, let’s connect! Fill in below and I’ll call you next!
#ThursdaysThoughts – The best loan in the market hands down in my opinion. And a great strike zone for me. If you mortgage Broker’s send in a check for 100 dollars to any lender to sponsor you on VA loans we should be one of them!
VA loans are great, but there are a few things that can “haunt” you if you do them wrong. 1st, make sure you ALWAYS disclose the highest funding fee upfront. Today I go over a few other tricks and tips and also provide the “Funding fee” chart below to help you and the VA residual test link to double check your calculations. Check it out below ↓
Below I will post the charts for VA funding and a residual income calculation to help you set up your VA loans for success!! 🙂
VA loans rock, and we price very well on these loans, #LetsDoBusiness!! I’m in the office all day taking “I gotta guy” questions to help others on guides!
#WhackedOutWednesday – The most under utilized program is the USDA loan in my opinion. And today, because it is a #StrikeZone for me, I wanted to highlight some things for you mortgage pro’s. This is a fantastic program, and guidelines and “zones” have been updated. You’ll be surprised, you might find this is a great loan to segment an advertising campaign with.
I’m including a few links today, and the 1st will be a link to gain GUS approval on your end. Many Broker’s seem to not have this set up, and you can do so right from my website. 2nd link will be the calculator to help you see if someone qualifies for this loan. I go over several guidelines you should know, from what constitutes a large deposit to DTI ratios to look for.
I believe this is a great program, and a #StrikeZone for me. Here’s the links to help you;
The link for the GUS sign up for you brokers — CLICK HERE!
The link for the qualification calculator for USDA —- CLICK HERE!
For those of you that like ideas to source new business, here’s definitely one of them to segment and see if there’s a USDA zone near you. #SellWell
#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>.
#WeekendCalltoAction – This is the wrap up of #ProcessingWeek and hope you enjoyed the videos and blog this week on tips and tricks to close your loans in 10 days or less. Funny thing is I have one loan right now where the LO didn’t “read” the DU and sent in more than what was needed, and that might kill the loan. (we’ll see). I wish there was a magic sauce to help everyone increase their business, but the reality is – it takes work. You actually have to “do” something. Just like getting loans closed quickly you have to take certain steps along the way!
If you do these things, and communicate with your borrowers, there’s no reason why you are not obtaining multiple referrals along the process of a loan. Especially if you plant the right seeds, paint the pictures of the process and help the clients truly “understand” what’s in their best interest. At the closing table you should be getting your second or third referral. Or a list for that matter! 🙂
#WeekendCalltoAction – Call every client you have in process and ask for any warm referrals. If they say no, ask for them to send you an email of people that you can call without mentioning their name! – Any way you can, get a name to call!
Today, I will be in the office taking “I gotta guy” questions to help others close the loans they have. If you are scarce on loans, let’s connect, I have some JUICE that can help you generate more business. Call me in the office. 304-901-2798 is the office line.
#ThursdaysThoughts – It’s been a processing week, and we went over all stages of a wholesale loan. Today is one of the most important, it’s #BalancingYourFile! This means you make every match from the lenders system to your own. You double check your cash to and from the client, and see that the lender matches your numbers. The biggest downfall is when LO’s don’t balance their file and then have to make last minute changes due to not having the right structure.
Sure things change in a loan from time to time, with low appraisals, to addendums with seller concessions changes. These should be registered on your end so you know exactly how the file should shake out, and there’s no question on your end what the loan should look like. When you’re ready to submit the last of the last conditions to CTC your file, my biggest suggestion is to send the lender a “mock” CD or HUD showing the exact breakdown of your file. That way the structure is verified in the process and you have no closing surprises or last minute changes. Especially after the CD goes out.
Balancing the file is so important at the end, and easier to do if you set up the loan right to begin with. Double check your lock and details of transaction, and provide the lender a “golden platter” to make an easy exit to docs! #ThursdaysThoughts #StayJUICY #SellWell
#WhackedOutWednesday – This is gold today! One of the best processing tips of the week. We’ve talked about uploading a loan, submitting a loan, and today processing the conditions you get at approval. First things first though, I will say as a reminder, PLEASE READ DU/LP and know what is asked for with income. And then ONLY send those things in at initial underwrite. DO NOT send in taxes when taxes are not needed or asked for. – FYI. (Common Mistake – Whacked OUT!)
Process the information you are sending in to be cleared in a way that makes it simple for someone to decipher your 100 page PDF of what goes to what. Don’t let it be a guessing game. Make it easy.
My goal is to help more LO’s close loans in 10 days. It’s not hard. And very simple to do if you approach the loan right. I help my LO’s do just that, and not only close them in 10 days, but source new business in the process. I’m growing!! – #LetsDoBusiness
#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 ↓
#MondaysMotivation – It’s #ProcessingWeek – And I go over the best tips and tricks to help you LO’s close loans fast. Closing loans under 10 days should be the norm when they are processed correctly. Loans are not hard, stressful only because information isn’t always proved, and only take a long time when processing isn’t done right.
This week my goal is to help just that, by giving tips and tricks in processing a wholesale loan to my audience and hopefully help someone close a loan with a new best practice in processing!
I’m here to help you upload and gain DU/LP approvals all week. #LetsDoBusiness! I’m growing this week and seeking mortgage Broker’s in a handful of States I am not in. Can’t wait to expand, will your Mortgage Brokerage be one that I help grow?
#WeekendCalltoAction – Build Your audience on social media this weekend. I go over a few key things in this video, but the main thoughts to focus on is whom are you connected with? Are you growing your target market?
Think of this way, you get 5000 people max to connect with on Facebook, are you topped out? Better yet are the majority of your connections in the States that your licensed in? – If your using “LinkedIn” to connect with professionals, are you growing your referral network on there? Just thoughts I see and suggest people to do all the time.
Grow your audience and whom you are marketing too. Plain and simple #WeekendCalltoAction! If you want a great support staff for you wholesale loans, click below, I’m still growing! Fill in below, the next Broker Package we approve could be yours! #SellWell