Category Archives: Mortgage guidelines

Whacked Out Wednesday – HARP ENDS! AUGUST RUSH BEGINS!

#WhackedOutWednesday – HARP ends this year on Dec 31st 2018.  However is replaced by a new high loan to value loan.  The new HLTV loan very much like the old DU Refi Plus that will end this year.  The documentation is limited, PIW’s will be available, LLPA’s will be limited in tiers.  IN FACT – Fannie Mae just updated these guidelines yesterday!  I had this all planned out on Sunday for today and read them then, now I go back this am and see the updates.  They moved the min LTV from 95.01 to 97.01 or higher.  Today’s video I go over it!

Wonderful Wednesday is more like it, I can see this loan making impact, especially in areas in the future that may see a decline in housing values.  It applies to all conventional notes Oct 1, 2017 or AFTER.  And the loan must be seasoned for 15 months.   Nice option for your borrowers, and there’s NO min fico, no max dti, and no wait timing on any derogatory events.  ↓

Today TXT Juiceman to 33655 and check out the app.  You can contact me from it, send me scenarios, price a loan and even #SIGNUP right from there.  I’m in the office starting my AUGUST RUSH!  As you can see the phones are already lighting up!

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Two for Tuesday – HOPA update

#TwoforTuesday – Home Owners Protection Act was technically updated with Fannie Mae’s recent announcements pertaining to the cancellation of MI.  There are several ways MI can be cancelled.  Either there’s lender initiated cancellation of MI, or Borrower initiated cancellation of MI.  And when the borrower cancels it can be based on current value or the original value.  I go over some of the changes that took place and go into effect on Jan 1, 2019.

The best part I see is FNMA spells out the process, provides the forms and the links to order value etc.  Also, if there is original value being used they are now allowing the use the APS (Automated Property Service).  The same system that issues the PIW’s that you could be getting with files can validate a value to be used to cancel MI now.  This is great use of technology.  BUT – Big but – FNMA does have some read between the lines guidelines on this whole cancellation policy.  I go over the nuances in today’s episode.

As always I’m here to help you know the guidelines and help you close more loans.  #LetsDoBusiness – If you have an “I gotta guy” question, TEXT Juiceman to 33655! I’d be happy to help you today!

As always –

#SellWell

Weekend Call to Action – Delayed Financing Exception!

#WeekendCalltoAction – Delayed financing exception needed for cash out to do improvements on a new home!?  – Well if your client bought a home CASH in the last 6 months and wants to pull cash out – now’s the time! My advice is to call all the title reps and agents you’ve had the pleasure to deal with in the last 60 days on purchases.  See if they can give you a warm referral to a cash buyer you didn’t know about.  (They didn’t need a loan then)

What I know, is when people move into a new house to them, they always want to do something.  Change the bathroom, paint the walls, add a shed etc.  If you do a polite “quality assurance” call to follow up on behalf of the RE Agent, and just ask if they are in need to obtain some equity now, it could be your win!  Of course talk up the RE Agent or Title rep that referred you and ask for reviews for them.  It’s a great way to add value to your partners and source new business at the same time.  I go over the guidelines below:

The delayed financing exception can be done very often on both Fannie Mae’s side and the Non-Agency side of things.  So reach out we have 9 different options under the Non-Agency umbrella that could help too!  #LetsDoBusiness – Get on Point with #BluePoint – CLICK HERE!

As Always – #SellWell

Thursdays Thoughts – DSCR / NIVA loans and how they work!

#ThursdaysThoughts – Debt Service Coverage Ratio loans (NIVA) and how they work! Today is another edition of Non-Agency tid bits of guidelines as I’ve been doing all week.  This loan is POWERFUL!  And a great way to source new business with a past client you might have.

What I would do, is look at all your past clients that already own 1 rental property and call them today.  See if they considered expanding their portfolio at all to gain a new investment property.  With value’s being steady across the Nation and rates rising (gently) this year, NOW’S THE TIME! These loans are great and allow someone to buy a new investment property without a lot of hassle.  No income is on the loan.  Especially if they live in an area where the rents compared to the PITIA would be more significantly.

I’m here to help you gain clarity, prescreen these “creative” loans and get them done.  WITH THE SAME SERVICE you offer your “Agency” clients.  In the first month #GetOnPoint at #BluePoint I’ve watched Non-Agency loans gain approvals and get conditions signed off in 24 hours (or less).  We truly are a broker’s partner for Non-Agency loans and why I highlighted the 9 different programs we have this week.

Check out BluePoint’s product mix here —-> PRODUCT MIX

Let’s have your team get on point with #BluePoint too! I’m in the office helping loans get structured daily.  Why not you! 🙂

As always – #SellWell

 

Whacked Out / Wonderful Wednesday – Happy 1st of the month!

#WhackedOutWonderfulWednesday – Happy 1st of the month! – I personally ♥ long processing months.  Means more chance to close loans.  As we all (*anyone in the mtg industry) gets ready to turn in your goals for the month – #WonderfulWednesday – I wanted to continue on the weeks theme of Non-Agency loans and add some additional wisdom on “doc types”.  The #WhackedOutWednesday part is the bank statement loans.  And what seems to be the loan that falls out the most.  However, doesn’t need to be.  It’s all about how the 1003 is put together, and I go over just that on today’s episode as I describe the different types of file doc types Non-Agency/Non-Qm loans have.

Bonus, since I didn’t make a decision in advance, I combined the wonderful and the whacked out part together.  🙂 Happy hunting in a long month!  I’m here to help you #GetOnPoint with #BluePoint! #LetsDoBusiness ↓

Hope you enjoyed the #LunchNLearn today! Here’s the link to subscribe to rates daily.  – Daily Rates

I’m in the office to help you structure these loans.  Happy 1st of the month!  Who needs a Non-Agency same month closing?

As Always

#SellWell

Two for Tuesday – Non-Agency Tid Bits

#TwoforTuesday – Non-Agency tid bits all week.  Today’s is full of two great guidelines to know.  You do have products to make things work out for your more credit worthy clients.  Sometimes, “stuff happens” and there’s events that make your clients wait under traditional mortgages.

Bankruptcy, foreclosure, short sale, deed in lieu all are trigger events in most cases.  We have over 9 different options that can offer your clients options!  ↓

♥ Today, text Juiceman to 33655 and check out options you can have yourself.  I’m in the office wrapping up the month, and making impact to pipelines, why not yours!?

As always

#SellWell

Mondays Motivation – Non-Agency Tid Bits

#MondaysMotivation – Non-Agency tid bits of guidelines this week.  Non-Agency has a better ring to it than Non-Qm, and some may have a negative cogitation to the word.  However, more than 50% of all Non-Agency loans are in fact full doc.  While we boost bank statement loans, and you see investor options coming out, the important thing to remember is great options for your borrowers.

Weather self employed, or just had some event happen in the past that shouldn’t prevent a qualified borrower otherwise to have to wait 2, 3, 4 or even 7 years to buy a home.   Non Agency guidelines help make dreams come true.  Get on point with BluePoint here – CLICK HERE! We have 9 different non-agency options that you can add to your product mix!

Great guidelines to know, and a way to “make the loan happen” when reserves or a gift is needed.  There are plenty of good loans in the non-agency arena and these are just some tid bits (Guidelines) I’ll go over this week to help them shine.

As always – #SellWell

Weekend Call to Action – Segment guidelines!

#WeekendCalltoAction – Part of expanding your referral base is to segment.  Yep, segment those RE agents specializing in products you do.  Such as those that list condo’s for example.  Such as those that list BIG homes, or those that are near a VA base for example.   You can create a way to segment with GUIDELINES.   That’s how you find the WHO or WHERE to market.

To know HOW to market is sometimes just as simple as dropping a guideline.  About that niche the referral partner works around.  This is value added, and if it’s a strong point about your products then mention it.  Maybe others have overlays, or don’t “do” that type of property.  Market to the people that list those properties and you can expand your referral base.

I love ♥ to segment guidelines.  It’s a great way to look at a geographical area and talk business about a specific product I know the broker would use.  You can do the same with referral partners of all types not just RE Agents.  Don’t get stuck with loans you can’t close, partner with a lender that offers solutions! #BluePoint is here to help!

If you want more options to close more loans, and help with potential segmenting for your marketing let’s chat!  – CLICK HERE! #LetsDoBusiness

As always #SellWell

Thursdays Thoughts – More than 1 and flipping! FHA Guideline week!

#ThursdaysThoughts – LUNCH N LEARN – Today I go over my max length a little bit.  Yep it’s a long one.  12 minutes of pure FHA guidelines you should know.  Sorry.  But, for those that watch, will get some great tips 🙂

Can you have more than 1 FHA loan?  And what’s the time frame for flipping again? (90 days right?) Well, I go over the rules, the exceptions and things to watch out for in today’s episode of Thursdays Thoughts.  When I set out this week initial campaign it was to be centered around guidelines.  I found so many JUICY one’s to share in doing my planning that here at the end of the week, I wanted to throw in a few extra one’s.  12 minutes of getting on point!

#GetOnPoint with #BluePoint already!!  We have some fantastic guidelines for non-qm that make BP unique.  We also have one open overlay on Government loan options we provide.  We only go down to 550 FICO on FHA and VA loans.  We go by the book otherwise.  #LetsDoBusiness – CLICK HERE – and we can provide solutions to help you close loans.

As always – #SellWell

 

Whacked Out Wednesday – The rule of 5! (FHA effective income guidelines)

#WhackedOutWednesday – The rule of 5 I go over today.  The way’s to use the various forms of income and what’s considered effective income and what’s not.  The “whacked out” part is that many LO’s don’t know how to calculate effective income.  The salary is the salary, the hourly income can vary.  And if it does there’s a rule I go over for this.  The VOE is king.  The paychecks are a supporting document, not what determines income.

The biggest thought is that you need two years for all of the 5 type of incomes.  Bonus, Over-Time, Commission, Self-Employment and Second jobs.  When in reality there’s only one of these that you really need a full two year uninterrupted period of receiving.  Find out more in today’s video! ↓

We go by the guidelines and I’m here to help you structure these deals to get them done.  The rule of 5 is great to know, and every LO out there should know how to calculate the effective income.  To many times there’s just some snag somewhere that the LO didn’t realize.  My goal is to eliminate that with these guideline videos and help all get more loans done.  In fact I encourage you to get on point, with BluePoint! We are a growing National wholesale mortgage bank, we are broker friendly and have several niche’ products.  FHA/VA are for sure sweet spots.  SIGN UP HERE! 

As always I’m here for any – “I gotta guy” questions.

#SellWell