Thrive on Thursday – Best Practice Tips

#ThriveonThursday – Best Practice Tips, to help you actually close these loans.  The biggest pains I see can sometimes be avoided.  100% of the time these pains of mortgages are related to structure and approval.  Which is based on information provided or missing 🙂  lol

Here’s the best practice, my best advice, if you have a loan in process and your changing something, make sure you validate that change PRIOR to sending in the request.  Now this also pertains to information.  Especially if you see (by reading the info the client gave you) that the income is different than what you initially placed on the application.  Or less assets for example.

Have a way to re-run the file on DU first.  LP/DO something.  Make sure you input the information along the way into your LOS.  The reality is, you should be inputting in the information into the 1003 just like the underwriter does.  #Inadvance #SellWell

 

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 – Application taking tips

#TwoforTuesday – Application Taking tips from the top.  I used to do these while taking an application along the way.  I would stop and ask questions validating the info the client gave me on the 1003.  For one, I am hard of hearing, so I double verified everything.  And while I did this, it was always amazing how the first answer changed.  LOL>

Second, by doing this, I was able to paint a picture about a process or foreshadow what was next for example.  In doing this, I got good at creating urgency at the same time.  That became part of my painted “picture”.  The need for information in a timely manner, the need for payment on the appraisal, the need for arrangement of time to close.  The need to be responsive to requests along the way.  The need for communication both ways to ensure a successful transaction.  I planted every seed I could.  From the need of having someone over 18 to let an appraiser in, to foreshadowing an inspection need, to taking time off work potentially to close.

All processes in a mortgage are foreshadow-able if you will.  The more I looked to educate my clients, the more referrals I got.  Regardless of how long any one mortgage transaction took.  Because I communicated what was going on, helped the client understand “why” and painted a great picture of what to expect next.

#FactsTellStoriesSell

 

 

Motivational Monday – Prospecting Tips

When prospecting remember it’s a numbers game!  SW to the third power.  Some Will, Some Won’t, So What, Next!  As far as getting going on this, make a plan, and then stick your neck out there.  That’s how you gain more leads.

I am a fan of using social media to help spread your message, but there are also ways to do this locally instead of online.  My advice is to be talking to all neighbors, all places you go routinely should have perhaps your cards up for display.  Good question, can you leave behind a flyer or place a card holder? (@ your local spot)

My suggestion is to for sure have a list of “referral partners” that you are going through your rolodex to call.  If you have neighbors putting their house up for sale and you didn’t know about it, there may be more room for you to stick your neck out there.  Just saying.

Prospect well.  #SellWell

Whacked Out Wednesday – Free Leads Anyone?

Funny when you think about it, it wasn’t too long ago, people where like;

“I’m not giving out my email, -That’s for Friends and Family only!” or

“I am not giving out my cell number, -That’s for Friends and Family only!

HA HA..How many have heard that saying “it’s for Friends and Family only” for Facebook?  Or any other form of social media, where someone states they don’t connect with others they don’t know personally.  Or where someone says I don’t do business on Facebook!?

So you know where I’m going with this, WAKE UP PEOPLE, this is 2017, and if you’re not in tune with social selling yet you should start to adapt, like yesterday.  At this point I get more IM’s with scenario’s than I do with email.  I have a fan page that I’ve built for a few years now and it generates me business.  IF you’re in sales of any type using social media, IM, Facebook Fan pages and the like to grow your Brand is almost a necessity.

I know if I do business with someone, prior to writing a check I look them up.  On Facebook.  Especially if they have a fan page, I like it, I read the reviews, I engage with that person on a business level.  (first).  So fast forward to today, there are a ton of people that have fan pages but have NO IDEA on how to maintain it, or how to gain business from it.

I created #TheBLUEPRINT and is a way for Mortgage LO’s to create marketing campaigns to couple both PUSH and PULL marketing strategies on social media.  Over the last 12 months I’ve done a lot online regards to helping Brokers learn to do this.  And the most amazing part about #TheBLUEPRINT is if you implement a “free” exposure strategy with FUNNELS the cost per click goes way down and the click through ratio goes up.

Weather you’re all about using Facebook Ads to generate business or not, the point is at least have a Fan page marketing strategy set up (especially if you’re in sales) so you can gain FREE exposure.  That will eventually turn into leads, deals, and cash.

#Checkouttodaysvideo

And for those of you that didn’t see it yet, here’s the link to sign up for the WEBINAR TOMORROW where I go over how to set up a Fan page, maintain it, and the best marketing strategy to utilize a PUSH strategy with it.

The BLUEPRINT WEBINAR

#SellWell

Monday Motivation – The BLUEPRINT is coming

Did you prepare for the week?  Short one or not, that’s the secret to success, planning out an attack.  Literally, do you have a list of prospects ready to go on Monday?  Do you have posts that will work for you and your business lined up?  This is part of the BLUEPRINT, and will be going over just that this week, Thursday @ 12:30 pm EST.  #Signup

Do you have a Facebook fan page yet?  Maybe you’ve seen others doing this already and seeing success by gaining business off of social media.  Well there is a strategy to this and I will go over the BLUEPRINT of how to set up a Facebook fan page for success.  All of what I do teaches you how to maintain it, what posts work best to drive exposure to your page, and sets you up for future marketing campaigns.  #Checkitout

Here is the link to get signed up;

The BLUEPRINT WEBINAR on THURSDAY

#SellWell

#HappyMonday

 

WHACKED OUT WEDNESDAY – IS BACK?!

Yep, with the month end wrap up of one of the busiest months of the year, I bet every ops team out there had that one file…The one file that needed a C of C right at the end.  Do you have a process where YOU (as the LO) actually sign off on the CD, or does it just go out to the client after you’ve requested it?  Whom ever your “Lender” is, wholesale, retail, it doesn’t matter, there should be a compliance process in the loan where the person whom’s NMLS number is on the file, is the one that “signs off” on the generated CD prior to being sent to the client.  That way every aspect of the loan is verified.  You would think LO’s would go over the disclosures with the client.  But some, just notify the client to sign the disclosures rather than detail the transaction and check every thing.  (probably a good idea to do this prior to the client reading it) 🙂

If I was to make a check list of things that would be a best practice on a loan, as an LO, right about the time I “turn in” the last of the last condition so my file is CTC, I would double check a list.  A list that would look like this;

Things to check on a loan prior to closing disclosure being sent out;

  1. Lock confirmation (best to do within 24 hours of initial lock by the way)
  2. Check 1003 declaration questions, employment, and all aspects of 1003
  3. Make sure client isn’t quiting their job. LOL. – Good idea to foreshadow a call to HR when the “verbal” is done.
  4. Make sure the client didn’t open or inquire on any new credit.  – Again good idea to foreshadow during the process, however at the end again verify with them that ops has a process to double check they didn’t open any new credit throughout the underwriting process.
  5. DETAILS of Transaction – Obviously the cash to close, and remember all the way to the end some things can in fact change.  That cash to close should be + or – about 250-500 dollars accurate to the penny.  (especially if it’s locked).
  6. Go back over all the benefits of a loan, describing the 1st payment being out another 30 days (everyone loves this – mortgage interest is paid in arrears)! Go over every aspect, new home, saved payment, skipped payment, consolidated debt total difference etc.  That way you will have “less” instances where someone cancels or rescinds a loan.

While these are just basics, the whole aspect of it all is part of the “nature of our beast” being in the mortgage industry.  #Createabestpractice #Checkyourlocks #WhackedOutWednesday

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

Monday’s Motivation – Gain Clarity

Gain clarity on what you do and what your partners do.  As funny as it sounds this happens all the time where a “partner” promotes the other person and what they promote they do really isn’t what they “do”!  Same for any and all marketing messages you put out there.  Make it clear as to what you do.  I suggest you start with #Hashtag and start branding yourself on your posts, or posts on your business page.

Many do not realize these hashtags are like SEO for Facebook.  Use them often.  And use it to gain clarity on your offerings.

What I do, just to clarify, is help serve the mortgage industry with a lending outfit that can help close more loans.  Now as an AE (Account Executive) I get paid when Broker’s and Non-Delegated correspondent clients use my company to help them close loans.  How do I differentiate myself?  I go way above the call of duty and do things that normal AE’s don’t. Here’s a list of things I do;

  1.  I help Mortgage origination offices get better at generating leads
  2.  I help Mortgage sales folk learn to sell and structure loans to help them close
  3.  I help Mortgage processors navigate the system we have and know where to go to do what inside of a loan.
  4.  I help Mortgage Lenders outsource their FHA loans to my company in order to avoid a FHA neighborhood watch percentage affecting them. (Non-Del Correspondent option)
  5.  I help Mortgage Brokers have Conventional/FHA/VA/USDA and Non-qm products as options to help close loans for their clients.

One of the biggest things as added value that I bring to the table is helping those in mortgage sales be able to source business with push and pull marketing campaigns.  If you have a facebook fan page, I help others learn to use FREE marketing and exposure techniques to gain an edge in their own market place.  Then with a specific relevancy and reach capacity I teach others to use facebook ads, or “Funnels” to run pull marketing campaigns to gain more leads.  The key is to have organic reach first, the biggest issue I see that people have is they attempt to run “funnels” without this and then don’t get the results they are looking for.

Reach out to me, I have the BLUEPRINT on how to grow leads organically first with push marketing campaigns that sets you up for success when running pull marketing campaigns.  (Funnels) #AEforhire #BestLenderRep #mortgagemarketerforhire #Mortgagetrainer #ClosemoreloanswithShawn

Mortgage sales expert. Helping mortgages close everyday.

%d bloggers like this: