Category Archives: Mortgage guidelines

Whacked Out Wednesday – Bank Statement Loan calculations!

#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

Two for Tuesday – LUNCH-N-LEARN- Gift Funds!

#TwoforTuesday – Lunch-N-Learn on gift funds today! Today I go over the guidelines for gift funds on FHA & Conv loans when a wire is sent directly to escrow/title! What’s needed? Watch the video below ↓

Getting loans done one loan at a time! Full files are best, but ops @BluePointMtg supports our team and get’s it done! A list of #niches we can help you with;

  1. DACA Loans (Conv only)
  2. FHA/VA Loans down to 550 FICO
  3. Bank Statement Loans (24 months/12 months & 3 months bk statement programs)
  4. Agency & non-agency fall out (got one with shorter times from a BK/Foreclosure/SS?)
  5. JUMBO Loans up to 5 million
  6. Conventional Approved/Eligible Loans – DU or LP!
  7. Reverse Loans (Make 6k on the front and 5% on the back)

#GetOnPoint with #BluePointMtg today! – CLICK HERE to sign up!

As Always –

#SellWell

Mondays Motivation – Check your 1003!

#MondaysMotivation – Check your 1003 for accuracy and these three things!  Today I itemize the 1003 killers, that every LO should master.  You know the old saying, garbage in, garbage out! Well if you take an accurate 1003 and address these three areas to be 100% half the issues most LO’s have will go away.

Before you turn in your 1003 from the weekend, double check these things.  ↓

I’m here helping 1003’s come to life and become funded loans!  Got something that has fallen out of agency approval, or even non-agency?  In need of a manual underwrite? While I ♥ a great approved/eligible loan, we do manuals to save the day often.  CLICK HERE to get approved to start structuring loans with us!

As Always –

#SellWell

Mondays Motivation – Mortgage Translation

#MondaysMotivation – Mortgage Translation by Fannie Mae is finally here.  A decade late and a dollar short, but at least it’s here.  Funny thing is you can be taking 1003’s in a wide array of languages with the PerfectLO application.  But now Fannie Mae has stepped up and is making a website for Mortgage Translation – They have a spanish version of the 1003 listed now.  More to come in the next 24 months.

Some Monday Motivation on getting creative to get loans done, did you know there’s a restriction to how many non-occupant co-borrower FHA loans someone can do?  Also Freddie Mac has the 85% LTV CASH OUT loan back.  Find out more in today’s episode! ↓

For access to tools to help you get creative check the files tab in Sales Talk with Mortgage Pro’s today! In talking about motivation and getting “creative”, JUMBO loans is where it’s at to do that.   Most Non-Agency/Alt-QM loans are just that, a JUMBO loan that goes down to minimum of like 100k or so.  Rarely do you see these go less than that.  I was taking a peak at some guidelines and noticed we have 95% LTV available up to 1.5 MILLION dollar loan amounts!  #GetOnPoint with #BluePointMtg this week.  Partnering with more #MortgageBrokers that are looking for a great #NicheLender! CLICK HERE!

As Always –

#SellWell

Two for Tuesday -Combining a 1st & 2nd

#TwoforTuesday – Commonly asked questions today for guidelines! FHA collection rule and the rules for combining a 1st and 2nd mortgage.  FHA & Non-agency work vary similar in regards to their guidelines.  Whereas conventional, there is always a catch 22.  Check it out in today’s Two for Tuesday guideline video! ↓

Right now more and more Mortgage Broker’s are looking for structure to save the day.  And structuring loans takes experience and skill.  I ♥ doing it personally and will be in the office all day helping Broker’s do just that.  #Structureloans to #GetOnPoint with #BluePointMtg.  CLICK HERE TO DO THE SAME!

As Always –

Email me, text me, call me, DM me or better yet Text Juiceman to 33655!

#SellWell

Mondays Motivation – Fannie Mae Updates!

#MondaysMotivation – Fannie Mae updates and doing BIG things!  I ♥ doing big things, like 5 million dollar loan amounts, or 90% LTV with a 680 FICO at 2.5 Million with DTI at 50%!  You bet, I love big apps and I can not lie! The #JUMBO arena is a great niche to work for sure, you should too, #GetOnPoint with #BluePointMtg! CLICK HERE!

Fannie Mae slipped in some updates on Oct 2nd you should know, they also clarified and made it easier to determine what is needed for third party processors.  Check it out below ↓

Short and sweet today, make today SO AWESOME that yesterday becomes jealous!  I do enjoy helping anyone that wants help to grow their pipeline.  If you have a JUMBO loan you’re looking for a home for, reach out this week.  Let’s structure a loan together!

mbm108

As Always –

#SellWell

Two for Tuesday – Sales and Guidelines (BK/Foreclosure)

#TwoforTuesday – Sales and Guidelines go hand in hand.  Today I go over a way to find deals in your #Database! If you don’t already have one, build a list.  If you’re building a list and that list isn’t yours back it up or make a copy.   The #GOLD is in the #LISTS!  You just have to work them! Check your database today, dig deep and you might find a new opportunity.

Guidelines for BK/Foreclosure/Short Sales are some of the most commonly asked questions.  I go over just this today, for Conventional, FHA/VA, and Alt-QM loans.  Do you know someone whom just had a derogatory credit event due to unfortunate circumstances?  There’s a loan for them as long as it’s settled.  Find out more about what type of LTV and rate would apply for those borrowers HERE!

When the going gets tough, the tough get going!  What are you doing to generate leads and exposure for your #Brand?  I teach LO’s all over how to create more of a presence.  It’s #TheBLUEPRINT that helps you leverage social media in a whole new way.   Looking to make 2019 your best year yet? = Start now – Click HERE

I’m here to help you #GetOnPoint with #BluePointMtg and close more loans.

#LetsDoBusiness

As Always –

#SellWell

Motivational Monday – New Opportunity

#MotivationalMonday – New Month – New Goals – New Opportunity awaits!!  This week I go over guidelines and tie it into sales for you Loan Officer’s.  Today is a start from Fannie Mae just last week.  They did an announcement that identifies two companies for their Foreclosure “Third Party Sale Program”!  This is inevitably a sales tool that can be used, and effective last week a guideline technically.

FOR THOSE OF YOU SLOW – Right now’s the time to pick up the pace, and get productive busy.  Not just busy busy.  Are you busy or are you productively busy?  Sometimes even at the hottest times, you run  into people that just don’t qualify.  Are you working to get them qualified with a plan of attack?  As another tool today, if your borrowers just don’t fit the normal guidelines, we may have a product for you.  #GetOnPoint with #BluePointMtg and our suite of #Niche products that help even those with recent credit events.  GET ON POINT HERE!

These websites look viable and can be a tool if you use them.  Just like our products, a way to make someone a homeowner with a plan of attack.  Get on point this week, let’s do business!

As Always –

#SellWell

Two for Tuesday -30 days and multiple jobs!

#TwoforTuesday – 30 days and multiple jobs!  Guideline day!! 30 days left (less than) to make sure all your self employed borrowers in the pipeline that have filed and extension close using 15/16 taxes.  Make sure you know if that borrower is going to file taxes, it may take another week or two or three to get those transcripts back! And the second guideline is centered around those that have a 1003 job history with multiple jobs in the last 12/24 months.  Is that ok? Does it disqualify a borrower for a FHA loan?  That and more in today’s video!

 

Gotta ♥ guidelines, today as stated in the video, feel free to check out some of our Products and the guidelines we have posted for each.  There are several matrices for products we have including for investor loans, and bank statement loans.  CLICK HERE – For a quick look at the guideline’s for the products we offer! #GetOnPoint @BluePointMtg!

As always – #SellWell

Thursdays Thoughts – Mac Attack, Benefit Sandwich, and a Webinar!

#ThursdaysThoughts – Mac Attack from Freddie I go over some notable changes from Freddie Mac’s update just yesterday! Great changes they are making including what student loan payment calculations are.  Second is the BENEFIT SANDWICH!  I think this is the most important and a great reminder to you LO’s.  ASK WHY!

A client doesn’t pay an interest rate, and you can’t sturr up emotions without understanding the true reasoning behind “why” someone wants to save money or take cash out.  YOU have to dig deep.  Ask questions and look to pull the emotional strings out of them so you know what to “stack” in your “Benefit Sandwich”!  Too many times I’m pricing a loan and ask LO’s questions about a deal and they don’t know “why” a client would be doing X.  Strange to me actually.  As I was trained in constructing mortgages it’s a wealth generation machine and a tool that someone can use to help them reach life goals.  Like sending a kid to college, hence the reason for “cash out”.  Know this on all your clients transactions.  And build a Benefit Sandwich that allow you to help the borrower achieve their goals.  (And helps you sell it)

#JUICEvideo150

 

I am super excited, and a little nervous actually for tomorrow’s webinar.  There’s a lot of people that have pre-registered.  I’ll be sending out the link today and have several follow up reminder emails to those that did.  I’ll be going over how to use trends and the seasons to build a mortgage business year in and year out.  Without the use of expensive “tools” and just the old fashion guerrilla marketing techniques.  Building referral partners for your business is paramount to your success long term if you’re doing mortgages.  This webinar is #TheBluePrint of how to put it together.  Last day I’ll advertise it I promise, if you want to know more — SIGN UP FOR THE WEBINAR HERE!

As always – #SellWell