Category Archives: Mortgage guidelines

Thursdays Thoughts – Spreading the Love – Advertising Rules!!

#ThursdaysThoughts – Spreading the ♥ – Advertising Rules!  Happy Valentines Day everyone! This segment is stemmed from RE Agents posting payments or down payment or something that caused them to be non-compliant last week and I mentioned something about it.  There’s a lot that goes into this is my first disclaimer.  But you have to start with basics.  Understand the “trigger” words and what causes you to have to have APR disclosed.  Understand the basics of what any housing and or mortgage advertisement should have on it.  Understand what your targeting should INCLUDE to be compliant, because not including certain discriminatory things could make your segmenting OUT OF COMPLIANCE.

There is A LOT that goes into this “advertising game”.  And if you’re an LO using FB to “boost ads” you should know what your landing pages have to have on them and what targeting you need to include.  I can provide all types of in depth help on this.  But many just don’t know where to start.  The best thing to do is start with your personal profile and make sure you have your contact information, license & NMLS number, as well as company information on it.  Second, make a business page for yourself and put all of the mentioned items on your page for viewing.  Remember the trigger words and items to avoid having APR full disclosure and stay away from mentioning them.  Be fun, be yourself and start branding who you are.

Many do this WRONG all the time.  It’s important to know how to “Spread the Love” correctly on social media.  Especially when it comes to the protected classes with segmenting.  **This is why organic posts that you push and pull without direct targeting is important.  I’d LOVE ♥ LOVE to teach you.  If interested check out #TheBluePrint 3 day workshop I have for LO’s to get started online.

I’m a wholesale lender, and I don’t “advertise” towards consumers, I advertise towards #MortgageBrokers for relationships, but some of the same stuff applies to me.  Just know the trigger words and what would cause the need for additional disclosures to be added.  Get SIGNED UP to partner with a mortgage company with Niche programs to help you close more loans! #EqualHousingLender  🙂

As Always –

#SellWell

Two 4 Tuesday – VA changes you need to know!

#Two4Tuesday – VA changes you need to know! There is (on Friday) two new types of VA loans.  VA type 1 and VA type 2 when it comes to VA refinances.  (The old “cash-out” loan) – And with this change there are some key things to know about.  Several new guidelines for VA loans and updates I detail in today’s show! ↓ It’s longer today guys and gals, but worth the watch! ↓↓

If you have any “leads” into the new form for showing options for the client I’d be interested to know what you’re using.  You would think that if VA says you need to disclose a comparison of options to the clients, they would INCLUDE that in the VA circular.  Nope.  Didn’t happen.  But hey it is what it is.  How are you going to show options?  Send a note, make a comment, message me, I’d ♥ to know what you’re doing.

And of course I do VA.  I love helping Vets, and we do them very well.  #GetOnPoint with #BluePointMtg and use us for your VA loans.  We go down to 550 FICO, have no manual underwriting hit to pricing, and we will send a file out to a local VA office if needed.  (Happens when two unmarried Vets are on a loan).  #LetsDoBusiness –

CLICK HERE for the easy sign up!

As always –

#SellWell

Two for Tuesday – R&T Not Cash Out!

#TwoforTuesday – Rate and Term not Cash out! Many questions recently on combining a 1st and 2nd mortgage on non-agency, FHA and Conventional loans.  Including paying off an ex-spouse from a divorce decree.  Today’s guideline day so I go over these instances and what makes it cash out or rate and term ↓

Ready? Set – GO!  – I’m in the office taking “I gotta guy” questions on all types of scenarios.  Let’s chat and make a loan out of your scenario.  I absolutely love helping LO’s structure loans to get them done, and done right the first time.  Don’t be shy, all you need to do is text the word Juiceman to 33655 and you’ll get my virtual business card.  On it is all my contact info.  Submit me a scenario and I’ll respond immediately.

As I always say –

#SellWell

Mondays Motivation -DU Updates, VA guideline changes, and the new URLA!

#MondaysMotivation – DU updates, VA guideline changes, and the NEW URLA! Wow lots of stuff happening with increased loan amounts and various updates in the mortgage industry.  There’s one I talk about today that will impact VA loan guidelines that you need to know about.

DU has been updated with a new fancy dancy look.  You might notice day 1 certainty items pointed out, and bolded items to the new way the findings read.  Fannie did a good job updating the findings report on this round.  MAJOR MAJOR MAJOR updates are on the horizon.  I have to say that I don’t want to spoil it, so watch the video on the changes.  ↓  Needless to say the way you figure LTV on VA loan is changing in 3 weeks.

And of course the NEW URLA.  Yes a new 1003, completely redesigned and digital format for borrowers.  Lenders can start “testing” this 1003 now, and Lenders can start using this 1003 on July 1st, 2019.  Yes less than 6 months away.  WOW! So if you haven’t even looked at the new 1003, here’s the link to the forms. —CLICK HERE!

You know I’m all about helping mortgage Broker’s grow their pipeline, let’s do business in 2019! CLICK HERE – I’m partnering with new Mortgage Broker’s all the time.

As Always –

#SellWell

Two for Tuesday – Departing Primary and Identity of Interest Transactions!

#TwoforTuesday – Departing primary and identity of interest transactions guidelines on today’s guideline episode! Check it out, lots of questions regarding these two things right at the beginning of the year.  Seems many people are “moving up” or “down-sizing” and want to either rent out their existing home and buy new, or sell their current home to their kids for example.

Departing primary, best thing to remember here, is if the new home is less than 100 miles away and the client wants to retain and rent out their departing primary residence then go conventional.  It’s allowed.  When it comes to selling your home to a family member, assuming it’s a primary residence of say “Mom and Dad” and they want to sell it to JR.  (The Son or Daughter) Then as long as the kid has not “moved back in” then you can sell the home without LTV restriction.  Once the kid has moved in, they have to pay rent for 6 months in order to buy the home.  Seek professional advice from your local Mortgage broker prior to having a bunch of people move.  🙂

This THURSDAY – I’m doing what will be an #EpicWebinar for LO’s to learn how to gain more leads on social platforms, and how to increase referral partners using information that you already have!  It’s a full monte how to #Brand webinar that I will do inside of 30 minutes.  You’re not going to want to miss the JUICE flowing in this.  Plus for all those that show up I’ll be giving away the #10DaysofPain follow up sequence.  A proven set of emails to use when following up that convert!

Here’s the link to join –> JUICY WEBINAR

As Always –

#SellWell

Two for Tuesday – Collections and Disputes on FHA!

#TwoforTuesday – Back to basics as a reminder in the new year, Collections and Disputes on FHA are covered today!  Know this off the top of your head.  There is magic numbers to both of these, know them, and if the net amount on any credit report is less than the magic number ignore it and run it through DU.

FHA is a strong suit of mine, and I’ve always excelled at getting these done.  We have 203B, and 203H FHA loans, as well as CalHFA opportunity for those in California.  In all reality any FHA loan can be accompanied by some DPA, just LO’s don’t look them up.  If you find one that will meet us at the table with the money, run it by me, odds are we can do it.  Here’s a website to help you find them; http://www.downpayment.org

I’m growing and helping brokerages grow too.  Do you have a want to hire more LO’s this year?  Let’s chat, we can talk strategy for that.  Do you want to start an online presence or make the one you have actually get you names, phone numbers and emails?  We can do that too!  All I ever look to do is help on a few loans here and there.  (Small piece of the pie) #LetsDoBusiness – Take the 10 minutes it takes to print sign and send back a 12 month committment to do business.  At which point I’ll earn my right to stay in your lending arsenal.  I’ll add that much value, that’s a promise.  CLICK HERE

As I always say –

#SellWell

Two for Tuesday -Important Dates

#TwoforTuesday – Important Dates! My appraisal connections will appreciate this.  Today I go over important dates on the documents of a mortgage and how long they are good for.  This is measured from last date on the documents to the note date.  I ♥ guidelines and will promise to continue to detail my scenarios and guideline experiences as we grow and do business in 2019!

Today, I am going to simplify the mortgage process by going over how old any one thing can be.  Title, Assets, Income, Appraisal, Credit all have time frames for which the documents that make up a mortgage can expire.  These are you important dates to remember! ↓

Plan and simple, I want to help you get PAID!  Two for Tuesday right! I want to help you complete a loan and we can help you #GetOnPoint by having #BluePointMtg disclose for you.  We need these simple 5 things!  ↓

Oh and of course if you want to partner with us to just that (get paid on a loan that closes) feel free to CLICK HERE!!

As Always –

#SellWell

Wiser Wednesday -The well rounded LO!

#WiserWednesday – The well rounded LO in 2019 will be the one that grows the most.  Regardless of rates, it’s always about guidelines and knowing how the deals “come together.”  Last year I will tell you I was amazed at how many LO’s and Broker’s just passed a file on to processors and didn’t actually do any approving work.

You know, the act of uploading a file somewhere and running an AUS to determine approval.  Let alone manipulating that approval.  Some LO’s have no clue.  This is what is going to be the difference maker in 2019 for LO’s.  Knowing how to structure deals, gain approvals, manipulate those approvals and straight up look at a 1008 and determine if you have even have anything to begin with.  I think in many cases LO’s waste time passing on files when they can be learning more themselves on what’s approve-able and what’s not.

No doubt doing loans is an art.  And if you’re going to succeed in 2019, the biggest thing you need to be doing is understanding guidelines and how loans come together.  #GetWiser!

If you want guidance as a LO/Broker on how to run AUS and what is going to be approved reach out to me.  I coach LO’s all day long.  Let’s do business in 2019 – CLICK HERE!

As Always –

#SellWell

Whacked out Wednesday – DU 10.3 updates risk!

#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

Two for Tuesday – Flood Policies and Commission!

#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