Category Archives: Mortgage guidelines

Whacked Out Wednesday – Collection Guidelines

#WhackedOutWednesday – Today’s installment is all about collection accounts for FHA and Conventional guidelines.  There’s some JUICE in here that you may not know.  #Checkitout  PS>>> I’m accepting transferred appraisals and new FHA submissions 🙂

Check out the #SponsoroftheWeek whom is; CARD TAPP APP

A virtual business card can help you “track when to strike”! #SellWell

 

Two for Tuesday – Mortgage Insurances

I ♥ GOVIE LOANS, USDA, VA or FHA are a specialty of mine.  I do these loans for my Broker #partners down to 560 FICO!  Today being #TwoforTuesday I wanted to address the up front insurance fees and monthly MI’s for all these programs.  And provide a guide on this that could help you remember them.

#CardTappApp is the Sponsor this week and can custom tailor any app for the sales your in.  The owner was a #MortgagePro that was seeking to gain more exposure! #Checkitout CARD TAPP APP – CLICK HERE

I WAS WRONG!  LOL, I remember that majority of FHA loans are typically over 90% LTV and not a 15 year.  But I am placing the charts for each product below;

FHA FIRST:

FHAMIP3

Here’s where I was wrong, looks like if you have less than 78% LTV on a 15 year FHA loan the MI stays on the loan for 11 years and can fall off.  I guess I forgot that 🙂

FHAMIP4

NEXT IS VA, I ♥ VA loans and it seems my Brokers educate me on this loan more than any.  The guidelines are so awesome for this loan, did you know you can payoff debt with sellers contributions?  Check out the Chart below and identifies based on the “branch of military” what the funding fee is;

VA-Funding-Fee-Chart

And Last but certainly not least the chart for the USDA Guarantee fee;

post-infographic138

#SELLWELL

Motivational Monday – Guideline Week

#PrayerstoVegas – Wore the hat out of respect, what an unfortunate event.  This week I go into guidelines to add value for all.  I am partnering with new Brokers, and Banks in October, sign up below; This weeks new sponsor is CARD TAPP APP – A virtual business card that tracks when your clients look at it.  You get notified, and there are even ways to co-brand with others.  Great sales tool! CARD TAP APP WEBSITE

Talking FHA or VA?  Price me out today, PM me, send me an email, reach out on LinkedIn or Facebook, I’d love to show you our rates.  #Letsworktogether

#SELLWELL

Weekend Call to Action – Align your Lender Paid Compensation plans

Let’s engage on the Lender Paid Compensation topic Brokers!  I see a need for more Broker’s to know how to align their Lender Paid Compensation plans.  Many do not realize they can or can not do these things.  #BeCompliant  I dis-spell some myths of the ole comp rule.  #Checkitout  If you’re a Broker this is a great #WeekendCalltoAction #SellWell

Let’s see your comments!  #SellWell

https://themortgagejuiceman.wufoo.com/forms/qsqw9kt0ntdxx9/

 

Thursday’s Trick – LE Fee’s and Tolerance trick

Great time to remind everyone what has a 10% tolerance, what has zero tolerance and what has no tolerance.  Fee’s are important, very important!  And I am fan of over-disclosure.  I encourage you to make sure you are over estimating fee’s, especially the one’s that “change” the most.  No offense to title and escrow companies, but I’m calling you all out.  lol.  Across the Nation I do loans for Broker’s that send them to my awesome underwriting team to be completed.  And the biggest thing I see in fee variance is the title/escrow fees changing from what is said (in writing) to be charged for those services on a mortgage loan.

Trust me I get it.  Loan amounts can change, and yeah I realize the cost of the title/escrow fee’s are ultimately associated with that.  However, I’m not talking about 5 dollar differences.  I’m talking about a couple hundred or in some cases over 1k difference in fee’s on mortgage loans that are disclosed upfront, and then in the end the costs go up.

Here’s a guide today on a way to combat that problem, as sometimes a LO may not know “all the fee’s” that particular company is going to charge on that “specific file” until later in the transaction.  Well, 1st off, as an LO, you should be over disclosing those fee’s as a whole.  If you know in your area, that what is usual and customary on a loan (say 200k), that should be rounded up on your LE and SSPL.  For those Broker’s/Lenders thinking of expanding in ownership/affiliation with a title company, you should know that those title fee’s then become a ZERO tolerance item.  (actually spells out = not a good business idea)!  For those of you that place the exact company on the SSPL and LE to match (in section C) and the borrower “chooses” them, then those fees have a 10% tolerance.  So what you disclose in the beginning can vary only 10% all the way to the end.  Whereas, if the specific company said on the LE & SSPL for title fee’s is actually NOT chosen by the borrower…Well those new fee’s from a different title/escrow company can be completely different than what was disclosed.  With no reproccussion (tolerance cure) by the LO.  #ThursdaysTrick

Check out the video and the chart below.  I didn’t make it, I just use things like this as “bible” to getting transactions done.  🙂  #knowledgeispower #disclosecorrectly #SellWell

Here’s the cheat sheet that spells it all out.  One fee can be in either of the 3 categories, depends on your business and how you disclose.  (And what the “borrower” chooses) 🙂

FeeTolerance

As always, Share, Interact, Like, Repeat! #SellWell

-The Mortgage JUICEman (Join Us In Creating Excitement)

 

Work Wednesday – Putting together the file

#WorkWednesday – This weeks series has been about best practices in all stages of getting a mortgage done.  Monday we talked about prospecting, yesterday we did two best practices for taking a 1003.  Today we are all about the act of submitting.  Every file is put together and submitted to an underwriter, whom in turn conditions out according to the information given.

It all starts with the 1003, the info on it needs to be verified.  So if correctly input, the DU/DO/LP/GUS findings will tell you how to “underwrite” the file yourself.  How to put the file together to submit information to the underwriter.  All the basic needs are itemized on AUS findings on any system.  All you have to do is #Readthem.

Only submit what the DU is asking for upfront.  Then of course read the information the client gives you to make sure it matches the 1003 information PRIOR to turning it in.  “Good Idea”.  ☻♥  #SellWell

Two for Tuesday – New owner cash out guidelines! *Fannie Mae’s new cash out loan too!!

Well how long does someone need to own the property to take cash out?  FHA and Conventional guides are a little different.  Plus, Fannie Mae came out with a new cash out loan, well it’s more like a rate and term, but great option for you to advertise.  #Checkitout #SellWell #TwoforTuesday