Category Archives: Mortgage guidelines

Thursdays Thoughts – Fannie Mae Updates!

#ThursdaysThoughts – Fannie Mae Updates! Wow 3 major updates I go over the highlights as they stick out to me.  Fannie has been busy in April already!  My suggestion – get informed and stay current.  There’s ONE thing that is 100% CERTAIN in the #MortgageIndustry and that is #Change!

2nd homes will cost more, disaster zone requirements updated for servicers, and HomeReady product guidelines updated.  Some good announcements in these recent updates.  #CheckItOut ↓

Ops… I put my number on the video, well been a while since I did that.  I do these raw, I might as well publish it as a FB live, I don’t re-record these (well every so often I do) but for the most part my videos are 1st take, and what comes out is what comes out.  lol

I’m in the office helping “I gotta guy” questions and scenarios come to life.  #LetsDoBusiness – Call me, text me, EMAIL ME, DM me, heck send smoke signals I don’t care, just reach out! I would ♥ to help you get a pay day! 🙂

As Always –

#SellWell

Monday’s Motivation – In Good Faith!

#MondaysMotivation – In Good Faith I hope you disclose all fee’s to your new clients from the weekend today! And do it with all relied upon information at the time of disclosure.   In all reality this hasn’t changed at all over the years, sure disclosures changed, names for them changed, but the philosophy of “doing loans” has been the same for decades.

There are fee’s that can change, fee’s that can NOT change and fee’s that can change within a 10% tolerance.  And if noted within 3 days of an event, new information can change fee’s all together.  A change of circumstance can be issued to do just that.  The philosophy is the same as it has always been, the “act” of doing loans has been the same.  If the LO disclosed in good faith and information “beyond their control”, or information “relied upon at time of disclosure” or a “discovery of new information”  changes it warrants new disclosure of those fees and structure of the loan.

Here’s the chart for your reference, a great one to keep handy when disclosing to clients fee’s.  If you do your job right in the beginning and even “over disclose” there isn’t any reason to worry about your loan and structure.  (Assuming the loan qualifies) lol.  Here’s the chart I suggest you keep handy! ↓

Tolerancechart

As always – I’m in the office taking “I gotta guy” questions to help LO’s structure a loan they can disclose in good faith.

#SellWell

Whacked Out Wednesday -FHA DTI Buckets!!

#WhackedOutWednesday – FHA DTI Buckets are the most commonly asked about question in the last several months.  It never gets old going over this.  DU has these numbers embedded in it.  So if you follow the general rules here, you can look at a 1008 and determine if you have a loan without even running DU.  Know these three buckets inside and out.

Sure FHA allows up to 57 DTI, or 56.999, BUT, that’s not going to fly with a 585 FICO, it just isn’t.  The second bucket would be your magic number more than likely, or something close to it.  ↓

Get with the pro’s already to help you structure your loan, and actually close it.  After all funding loans is what gets you paid!! $$ Don’t get stuck with loans you can’t close, structure it right in the beginning.  #GetOnPoint with #BluePointMtg!  CLICK HERE to sign up and be the newest Mortgage Partner to our wholesale family!  #LetsDoBusiness

I’m in the office helping LO’s structure and close loans.  All new LO’s that send in their first deal in April get an additional .25 price incentive. (excludes Non-Agency and must be locked by April 3oth)

As Always –

#SellWell

Two for Tuesday – Manually Underwritten or Approved!

#TwoforTuesday – Manually underwritten or Approved/Eligible!  The loans you have are one or the other.  Today I want to remind all LO’s some reason’s why loans are manually downgraded.  And that options exist.

Bonus reminder, Two 4 Tuesday style, VA loans can be DU Approved/Eligible or LP Accept.  Often times LO’s forget to run LP on VA loans.  That’s one product that can be either or.  ↓

You either #GetOnPoint or you are not hooked up yet! Might as well arm yourself and team with options.  Get on Point with #BluePointMtg and have manual and approved options for your borrowers.  CLICK HERE – Let’s do business!!

Offering .25 incentive to all new “first” loans from broker’s in April.  Let’s bloom together! Want to check out rates, programs or send me a scenario?  Text the word “Juiceman” to 33655 and download my app.  Take a scroll through the links and submit me a scenario real time.

As Always –

#SellWell

Two for Tuesday – DU or LP & VA Loans

#TwoforTuesday – DU or LP & VA loans.  Many LO’s forget that you can do a VA loan on DU or LP.  I say run it on DU and if it doesn’t get approved, try LP as a second resort.  #VALoans are quite possibly the best loan out there hands down.  I ♥ helping Veterans get into homes with no money down.

Today I dedicate the day to some of the #GuidelineWeek guidelines that I went over last week for VA Loans.  Foreclosure, SS, BK, concessions and more.  I talk about the recent changes in cash out LTV calculations and several other “cool VA guides” you should know.

When it comes to partnering with #WholesaleLenders for VA, I suggest you #GetOnPoint.  Why? Because at #BluePointMtg we have virtually no overlays and we will send out to a local VA office if needed.  (Happens when two unmarried Vets are on same loan).   Many lenders do not do this.  We want to give you options for your Veteran borrowers.  #LetsChatVA

We close loans, that’s the point! #GetOnPoint with #BluePointMtg – CLICK HERE

As Always –

#SellWell

Fantastic Friday – Guideline Week

#FantasticFriday – #GuidelineWeek – Guidelines, Guidelines, and more Guidelines all week long.  Today I wrap up the week by going over the most commonly asked questions for FHA yet again.  I even throw in an extra bonus today with seller concessions max, or maximum third party contributions in Conv, FHA, and VA!

One point I’d like to make is sellers concessions can’t go over 2% in 2 different situations.  1 on investment properties and 2 on FSBO.  Know this stuff Ladies and Gents!  ↓

I enjoy helping others get their loans done and done right.  If you have guideline questions, do me a favor, shoot an email that says scenario – (Or – “I gotta guy”) in the subject line of an email.  Include the 1008, 1003, credit report and any DU/LP findings you have.  And I’ll take a look at it for you.  CLICK HERE to send an email.

As Always

#SellWell

Thursdays Thoughts – GUIDELINE Week!

#ThursdaysThoughts – #GuidelineWeek – Guideline week in full effect, hope you’ve enjoyed the shows this week.  We are going over the most commonly asked questions on guidelines for Conventional and FHA this week.  I throw in a few VA guides here and there this week, but this is all centered around the biggest subjects.  Today and tomorrow we go over collections, disputes, liens, judgments, and gift guides. ↓

I ♥ “I gotta guy” questions and want to help you anyway I can to help bring loans to life.  Questions on guidelines? You can check the guideline matrices on my website here — GUIDELINES

As for me, I’m wrapping up a successful Feb and rolling right on pace for my goals in the first quarter 2019.  Are you?  If not we should chat.

Happy Month End.

As Always –

#SellWell

Whacked OUT Wednesday – Guideline Week!

#WhackedOUTWednesday – #GuidelineWeek – With the most frequently asked questions about #FHALoans we will have the “whacked out” part all integrated with today’s episode.  LOL.. Seriously these are the guidelines you want to know on FHA for time lines.  I go over many more in the next two days.  But this is the area of 80% of questions monthly.  BK’s and Foreclosures and of course student loans, collections and disputes.

I’m talking to more and more to LO’s all the time about what the difference is between Retail and Broker.  If you’re a LO and want to know about the #Wholesale side of things feel free to reach out to me.  I’m #HereToHelp!

I’m helping rock stars become Brokers, helping LO’s turn into rock star producers, and getting more and more loans done every month.  Want to talk about growth together?

Don’t be Whacked OUT and not reach out, send me your Whacked OUT scenarios, I’m in the office helping Whacked OUT loans comes to life! 🙂

Text the word Juiceman to 33655, download the app and you can send me various messages.  Via App, text, email heck you can even call me.  If you wanted to price a loan out you can use that app too.  Go ahead compare your retail rates to my wholesale rates.  My products and program matrices are even open portal.  Feel free to poke around.  All located on the app.  Send your #WhackedOUT scenarios thru the app too.  Go head, text that word – “Juiceman” to the number 33655.

As Always –

#SellWell

Two for Tuesday – Guideline Week!

#TwoforTuesday – #GuidelineWeek – This week, I go over some of the most commonly asked questions.  Today I review conventional LTV limits, and funny enough I get an email last night asking for the LTV on a REFI for an investment property.  The conventional limits, and non-agency limits on LTV /FICO are on matrices openly published and can be accessed WITHOUT a password.

Want to see them? – CLICK HERE! In today’s show I go over Bankruptcy and Foreclosure guidelines for you all on conventional loans.  When it comes to “Non-Agency” the guidelines are driven highly by FICO, but comparing the Fannie Mae matrix versus non-qm, you can see a 5% increase in most buckets for LTV.  Answering my Broker’s question, 75% LTV refi on Conventional, and with a high enough FICO up to 80% LTV refi on non-agency for investment property Rate and Term transactions. ↓

Ton’s more #JUICE all week long.  Tomorrow we’ll visit FHA guides more and I’ll alternate products all week to get the important “most frequently asked questions” out of the way.  I ♥ “I gotta guy” questions and can’t wait to help you with your most recent scenario.  🙂

As Always –

#SellWell

 

 

Mondays Motivation – Guideline Week!

#MondaysMotivation – Guideline Week.  This week it’s all about guidelines.  I ♥ “I gotta guy questions” from my Broker partners and always seek a way to make loans come to life.  Weather it’s just answering questions about guidelines, or helping put together structure to work.  The heat is on, and it’s warming up fast in many markets.  If you don’t feel like your production is coming alive, there may be something we can chat about to get you going — CLICK HERE!

This week is all about the most commonly asked questions, each day I will have a focus on a product, FHA or Conventional.  (For the most part) And I will address gifts, collections, wait times, disputes, student loans and more.  Today’s just an update from FHA that happened last week.  ↓

If you have a FHA loan you’d like to transfer the case number this week, the case number to #GetOnPoint with FHA loans down to 550 FICO is – HUD Lender ID # 25799-00006.  NMLS #320004 Equal Housing Lender! 🙂 #LetsDoBusiness – CLICK HERE

As Always –

#SellWell