2 – 4- TUESDAY! – Common Mistakes all LO’s do.

Ok, normally I do #TwoforTuesday, did you read it the same way?  Second, this is the biggest aspect of lending that is missed.  It’s how we train our brains to skim over stuff.  Our eyes go over it and can read things without us really reading them.

This applies to ALL information placed on the 1003.  Yep, that’s how loans work.  You put info on the 1003 it needs to be “verified” in proof.  So do you as an LO actively R34D the informati0n s3n7?

Common mistakes, #TwoforTuesday #1 is read the information sent to check to verify it would have the needed checks on it.  Not only is the CPL verbiage spelled right.  But for example if on the 1003 you place 30k in assets, verify that the bank statement/asset statement has at least 30,000 as a balance.  As you gather information as “proof” the best thing a LO can do is change their own point file.  YES as you go on a loan, do you actually input the real values you get from the client into Calyx or Encompass?  (not many do this).  The LOS you use should be updated and when certain changes happen you should RE-RUN DU on your loan.  Make sure it stays eligible throughout the course of a loan.  Especially if you are doing a formal Change of Circumstance request (CofC) and including when you “lock” the loan assuming that rate is different than what was proposed at time of application.  Re-Running DU on the “broker side” is a good idea.  Don’t just ask for the change and not update your information or verify that the change requested will be ok.  And once you do gain eligibility, then READ your own findings and gather what that is calling for.  Especially upfront.  Don’t overkill and send in too much information, just read DU and give the initial underwriter as much of those findings as you can upfront.  So as I pointed out, there are multiple items to READ over in regards to what to gain from the client and AFTER that info is received from the client. #CHECKIT

Common mistakes, #TwoforTuesday #2 is to fill in the 1003.  Completely.  From start to finish.  Look I work with processors quite a bit in my day’s routine.  Or Broker’s that process their own loans.  The number 1 thing I see is that an underwriter or myself will ask a question and that 1003 shows one thing or a declaration question not checked correctly or something.  Even vesting request or source of down payment doesn’t match the information provided.  Or the story that’s being presented.  Small “conditions” can be avoided if the 1003 is thoroughly gone through on each and every loan.  That is technically the job, the role, the fact you have a license to discuss terms on.  However this “part” is whipped through over and over by Loan Officers all the time.  When I did a 1003 #backintheday there were several of us in the office that would play games to see how much information we could get.  We would ask what color is the blinds, to having a prospective buyer describe their dream kitchen.  Just various things to really go deep and bring out EMOTION during the 1003 taking phase.  When I did that task of 1003 taking, I would always aim at taking a 1003 through a guided conversation that engages the client and helps them open up to me.  On all levels of finance to personal life, goals, dreams and aspirations.

If you need something you can use as an application “flow” sheet, feel free to head over to Sales Talk with Mortgage Pro’s .  In the files tab I have kept a copy of what I used to use all the time, one is for “power buyers” and one is for “refi’s”.  Just a copy of a “application flow sheet” that could help you along the way.  A winner is a dreamer that never gives up!

Happy Tuesday #SellWell

#24T

 

Motivational Monday – Creating Urgency with Economic Data

It’s the first of the month, and a great time to stress urgency to get the pipeline moving.  #MondayMotivation Last week had some great news for our economy, such as the jobs report showing a lot of jobs created, the job-less claims was down, and this month is actually a typical time period where “stocks” do bad.  I don’t know the markets like some of the “Masters of the markets do” but I follow trends.  And what I would do is use this information to stress urgency to my “potential clients” to get them off the fence.   Seems to be a perfect storm for this…#SellWell

Wonderfully Whacked Out Wednesday – Campaign Switch

Ever notice how each month in the car business the “promotion” on rebates switches.  What about your mortgage business.   Do you advertise that you do everything under the sun or do you segment monthly and have marketing campaigns to deliver to your audience?  Yep, that’s the topic.  Simple yet genius.  And you should do it too!

Most Broker’s I know just ask their pillar partners about a “loan” or referral in general.  What if you for 30 days did a marketing campaign for a specific product, like a USDA loan, or properties in a certain county you called any and all Realtors there for 30 days.  I bet if you introduced yourself to enough Realtors and suggested that you know USDA loans and can help clients purchasing in such and such county near them, well you may get a referral.

At the end of any month is a great time to switch up ADVERTISING and your marketing
“mentions” on the phone to add value when you chat with one of your referral partners.  What would I do?  Well on any given month I’d pick a product, read about guidelines on that product and spread the word.  As an LO or AE.  I add value to each and every person I call on purpose.  And in my day I plan different marketing messages to be spread.  You should too.

#JUNEBLOOM – Try this with each and every “Pillar Partner” you have in the next 30 days.  Try segmenting a specific product and let that person know about it.  In fact, find a cool “nugget” about that product and spread the word!  #ShareyourSuccessStory

#SellWell #Checkitout

 

Two for Tuesday – Income Calc’s

Two for Tuesday – Happy MonTuesday today!  Hope you had a great memorial day weekend making memories.  I did.  Back at it today addressing some topics that keep coming up recently, INCOME.  There is a way to look to look at the supporting information that a client sends you in order to calculate income to qualify.  #Checkitout  #SellWell

Weekend Call to Action – Realtor Survival Kit

#HappyMemorialDay – Thanks for serving if you did.  This weekend’s CALL to ACTION is all about making an impact in your local Real Estate market.  I talk to LO’s all the time that ask me, “how do I break in to the Realtors in my area”?  Or they just don’t know where to start.  I say if you’re doing mortgages you should have a Rolodex of Realtors that you network and follow up with.  Like 30 or more.  And out of that you will have eventually 7-10 Realtors that use you.  Well this is a way to stand out in the crowd, to make an impact to the local Realtors you meet and potentially have the ability to gain referrals from down the road.  WHY?  Because they REMEMBER YOU!

#RealtorSurvivalKIT #Checkitout

J.U.I.C.Y List (Join Us In Creating Yes’s)

Join Us In Creating Yes’s (JUICY)

The JUICY LIST

This is an exclusive list of highlighted companies that are supported, endorsed, recommended and potentially have “specials” for those in the group Sales Talk with Mortgage Pro’s

Over time now we have just about 3000 people that are in the lending space in some form or fashion.  From LO’s to Brokers, to companies that help them.  This is now published in the group Sales Talk with Mortgage Pro’s based on feedback, and recommendations from those actively using them.

*If you or your company add’s value to the mortgage Broker & Lending community and would like to be featured please get a hold of me.

1.       A Virtual Business Card designed as a cell phone CRM and provides a way to track any time someone would be “looking at rates” or purchase/refi options. It has a mortgage calculator built in and you can brand it with all of your companies contact/NMLS and even legal disclaimers. It’s an APP that can be passed on to anyone that has a smart phone. If interested in knowing more about the newest form of business cards to pass out, please click here; Get the Virtual Business Card

2.       Credit Repair is often sought after from Mortgage originators standpoint, and we have several of the best credit repair in the business in the group. In fact we have The Credit Advisory Group in here to help you gain more FICO, to close more loans! 😊

3.       Website development is imperative to have for an online presence. And now days in the mortgage industry you will need options for this if you own a mortgage company.

      a.     Lenderhomepage is a great option for those mortgage Broker’s looking to develop an online presence.

      b.     OriginatorSuccess is also a great option for those mortgage Broker’s looking for landing pages to help you market online.

 4.       Title is needed for every LOAN to close. So why not have some really great title companies in here as options! Here’s two options for the best NATIONAL title companies that deliver on their service and can help you close loans;

a.     Madison Settlement Services

b.     C.L.A. Title & Escrow

5.       LIVELEAD TRANSFERS for REFI’s. Yep you read that right, what I have is an in for exclusive refi transfers that are prescreened on a “long form”. Here’s what you would expect, 620+ fico, 80% LTV, 4.75% or higher rate, with 200k+ loan amounts. Orders are exclusive to you, and you get the live lead transfer as well as the long form (100 min order). For more info, please click here; Get LIVE REFI Lead Transfers here

6.       CRM’s are a common source of questions in the group. A great list of CRM’s for mortgage Broker’s is below;

a.     Loantek – Free to any Broker (12 months) that’s a part of NAMB right now.

b.     MLO Shift

c.      Whiteboard Mortgage CRM

d.     Originator Success

7.       Commercial Lead buy companies;

a.     Commercial Leads . NET

8.       Learn to generate your own leads online with Funnels and how they work. Join an entourage with the best online marketing training there is; Get Online Marketing Training Here

More additional companies to be added as we grow the group! If you want to recommend someone for the group that can add value to the lending industry let me know! Must have an online presence to be considered.

**What I DO; – As an Account Executive in the wholesale lending space, I have always partnered with my broker’s to help them close more loans by generating marketing campaigns to help them source more business. Besides just helping my partners teams close loans they send to me, I have done this with push marketing campaigns.  It started with flyers and other marketing material for years to help increase referrals and organic reach.  Then a few years ago I started this group, and wanted a place that my business partners can find almost every tool needed to grow their mortgage company. As a result I learned more about running bigger groups, and online marketing organically.   Now I use a lot of my knowledge on push marketing to help pull marketing campaigns be more effective. (lower cost per click, higher click through ratios). I can do that for anyone on a consulting basis and provide an online “blueprint” for you to gain more relevancy and exposure on your Facebook fan page. Reach out to me for a great AE with a fantastic product mix, very competitive rates, or just the consult on lead generation today. Free Consultation with the Mortgage JUICEman

 

#SellWell

Mortgage sales expert. Helping mortgages close everyday.

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