Two for Tuesday going over the newest guidelines on Student loans for 2017!
Two for Tuesday going over the newest guidelines on Student loans for 2017!
Motivational Monday – Video and My virtual Business Card.
This week’s motivation is to use your CRM to it’s fullest potential, make notes, log calls, fill in birthday’s and record interests. You will get out of it what you put into it.
TGIF – The Grind Includes Friday’s… and the weekend. I do these weekend calls to action to share ways to source business and help LO’s everywhere. Mine are typically requiring you to get off your buttocks and do something… But every once and a while I’ll suggest to spend money on something to have a high rate of return. If your an LO, and you are not thinking about ways to STICK YOUR NECK OUT THERE, your missing the boat. You are in a big referral business, and the only way to succeed in the loan world is to open your mouth.
You gotta reach out and attempt to make contact. You have to build relationships everywhere. And with the recent turmoil on the MSA baloney I had mentioned how Builder’s are WIDE OPEN FOR THE TAKING. Mark my word, some LO that doesn’t care what others think is opening his/her mouth and networking with potential builders right now. It’s happening. And builders read my blog, trust me a ton of people did. I suggest you get out of your “comfort zone” and start networking with builders.
GAS STATIONS ARE HUGE. No joke every town has one. And every morning between the times of 5 am to like 9 am trucks full of construction workers stop at the Mom and Pop shop gas station and fill up on snack cakes and gatorade. No joke, they all have a sign on the side of the trucks they drive, it’s obvious. And you see them at stop lights all day during commutes. Shout out, ask them, “hey really quick, I’m interested to help to help you obtain more clients for home improvements.”. WHAT! You will catch an ear real fast. I’ve done it myself. And then say, “I get others looking for cash-out all the time to do home improvements and can refer you clients”. Just as they could potentially visit a clients home that is looking to do repairs or upgrades and then refer that client to you to solidify the money source.
This is out of the box thinking, however I paint the picture cause it’s as easy as that. Watch the video below, I have another opportunity I paint a picture for to help you LO’s on networking with builders. I would suggest again just sticking your neck out there and making a wave. Call a bunch of builders in town, start networking, linking with them on social media to start build a relationship. As the year goes on, check in, follow up, and if your half way good at sales I bet you get a bite. And some builder will refer you a client. It all starts with you taking action. This weekend, prepare yourself for Monday, make a list of builders to call and then take action. Nobody is forcing you to succeed… lol.. Hope you do that yourself.
Here’s the video;
Sell Well and have a great weekend.
New Videos start next week, so stay tuned.
-The Mortgage Juiceman
MSA’s and Partnerships everywhere…. lol… Thankful Thursday’s message is all about going that extra mile for someone you network with. Check out the video below. Another oldie but goodie. #ThankfulThursday #MortgageJUICE
Yet again… And for MSA’s BIG TIME. I think this will affect Builder’s BIG TIME, right as the ground softens. Winter’s not over, but a cold front just waved through. And if you didn’t know, I’m referring to the most irritating, hardest objection to get around if your an originator. It’s when Builders give incentives to have a client go through “their” preferred lender or forfeit certain incentives. TOTALLY STEERING.
Recently the CFPB slapped the wrist of yet another mortgage company. And this time the Real Estate firms associated with the “deal” get slapped too. And it’s all because the RE listing suggests that a certain lenders pre-approval is preferred and had kickbacks or marketing “budget” that was moved around monthly. Let me ask you originators, have you ever come across a lead and the prospect says their shopping compared to a “builders lender”? Every LO’s face just cringed. It’s the worst, and as an LO even if you offer a better rate or lower costs, if that prospect uses you, they lose out on certain “upgrades”. And benefits for their builder deal. I’ve seen it time and time again.
Well the CFBP is sending a crystal clear message with this case. And I bet, mark my word that some builder that steers clients to a certain “lender” or they forfeit certain benefits, will be going down next. Big time. It’s the worst thing an LO hears, they already know they can’t win against the builder’s lender and feel trapped. For years this has been the case. This summer might be a different story. The kickback or benefits of using preferred lenders in some Marketing Service Agreement (MSA) will be a no no going forward. Wait that was the way it was designed in RESPA years ago…. Oh, yeah, people are still trying to find holes or cracks to slide through… I also think more of the public eye and consumers as a whole (even RE and LO’s) are reporting these kind of practices that make for an unfair advantage. Heard that’s how this happened, a competitor of the mortgage company snitched on them. Good. I think the CFBP has got it right on the preferred MSA’s out there and how they are wrong. But I don’t see anyone bring up the builders benefit aspect.
In my opinion as long as the LO and RE agents are diversifying themselves and not doing all their business with one person, then they should be ok. Never make it even look like your steering loans to one place. The old saying, never have all your eggs in one basket right. Just don’t put something on the NMLS listing that says all offers must be pre-approved by XYZ bank. Or from an LO perspective never advertise conjointly with a RE agent and have exchanges of value. Keep things generic and or a representation of the company that sponsors you. This is a great move technically and in turn helps the consumers and level’s the playing field. No one person or lender is “preferred” or should be advertised that way in my opinion. All approvals or pre-approvals are taken at face value of what they are, and lenders are expected to perform if they issue it. I think it’s a win win to have this, and really this kind of action was needed more than 5 years ago.
Builders are the worst in offering incentives and or taking them away if that “preferred partnership” is not used. As far as RE agents go I don’t see someone saying they won’t show a house to someone, or they won’t accept an offer if not using that preferred party. I am not a RE agent and don’t know how they could “take away a benefit” if that lender was not used. However if they place it in a written ad on NMLS stating all pre-approval’s need to be through XYZ Mortgage Co. Well then you have steering. Stay away from that is my suggestion. Still builders are and have been the worst at this. And I think this new message could have lasting affects with not just kickbacks, but the taking away benefits to a client for not using a “preferred lender” they have a MSA with.. And for the better.
We’ll see this summer. Everyone should be on the look out for a builder that says use my company or forfeit some aspect of potential gain on the building of the clients new house…. I hope builders get the message and it spreads. That’s a new no no. Well there you have it. The CFPB is changing the game again. Nobody is preferred, or compensated for steering loans towards a certain lender partner. Makes sense. Clear cut and dry. Message and Law has been around for a while (RESPA). Why are people still trying to cut corners is what I ask myself…
AS A RESULT. What I see is opportunity. If I was originating loans, I would be using this as education for those builders that “have a MSA” or preferred lender and educate them. Partner with them NOW, and offer to be a balance to their portfolio. The last thing a builder should want is a track record of having all their closings with one entity. (hardly any LO’s network with builders)…. This is key. And wide open for the taking. That’s cause they all had “their lender” they steer clients too. And LO’s know this. All you need to do is start adding value to them by education on this. New “partnerships” are about to be born, hopefully with no MSA attached. lol. No one should be preferred any more. My suggestion, stay away from even the looks of steering. RE agents you should network with at least 3 LO’s from different companies. LO’s you should network with 30 RE agents. 🙂 And builders you should have at least 3 lenders you can recommend. No one person/lender from RE to Builders should be “preferred” and no benefits taken away if those partnerships are not used. It’s not fair to the consumer.
Happy Builder partnering
-The Mortgage Juiceman
Someone asked me why am I doing this Mortgage Juiceman thing yesterday. I will tell you why. Something about me being hearing impaired and the correlation of always being the most consistent sales person on the phone. I pushed beyond more obstacles than most others right off the back as I’m challenged to really focus on hearing. Just that simple act propels the many whys I have. It fuels the energy inside of me that desires to know more, and help others. For me my why is fueled by something deep inside me that wants & desires to help others learn how to sell. My passion for sharing success with others and ability to identify marketing opportunities and help others take advantage of them enhanced with my experience. Something about the inherent feeling you get when you help a mortgage close, directly or indirectly, you helped someone become a home owner, or save a few hundred dollars a month. It’s because there’s a bigger picture here. A bigger calling that I’ve not yet experienced, I know it, and this will lead me to it.
It’s because I share guideline advice and best practices to help the masses construct and do the right things in the mortgage world. It’s because I offer products that are unique and intentionally are providing value to my network. It’s because I have had the opportunity to go through trainings and be coached and mentored by some of the best people in the industry in the past. And now I share that knowledge. It’s because I have a knack at reading the guidelines and being able to translate lending law in common knowledge and help others actually enforce it. It’s because it’s a way to give back.
I do have a second sales book I’m going to publish this year. The first one you can access by going here; “Persuasion as an Art”. It’s because I have a sales training on relationship sales that will help others sell more of what they got. It’s because of the long lasting relationships in B2B sales that has helped me cope, grow and get through the best and worst times in my career. It’s because I know there’s a bigger calling for me to help those in the sales arena of Mortgages among other things.
It’s because I have 4 kids and wife that I love dearly and they all depend on me. It’s because not to long ago I had everything aligned right, however stopped branding me. And in the end didn’t end up being the opportunity of alignment I thought. As a result, I know I will diversify my income many ways in the future. You should too, and not just have one income source. It’s because I’m the captain of my ship, and I will brand me, the mortgage Juiceman over any company for as long as I’m in the industry. It’s because by branding and leveraging relationships and following trends is what makes dollars and sense in business.
You’re reading this, you must admit I’m on to something here with this whole Mortgage Juiceman thing. I’ve been already told, “glad to see you back.” I don’t know what it will become. But I know it’s not going away. And I know I will pour my heart out to align myself and my brand to help ALL of those that are in my network. If you do mortgages, if you underwrite mortgages, if you process mortgages, heck if your in relationship sales in any way shape or form. Pharmaceutical reps, other wholesale reps, account executives in any fashion of B2B sales, loan originators, branch managers, my intent is add value for you. And I will. I will help you know relationship sales tricks & tips, guidelines for mortgages and anything related to the next generation of “trends” that are to follow and help you as a tool to sell. There is something so gratifying about being a mentor and coach, especially when it helps someone grow their business.
I know this, if I continue to align myself with great mentors, trade tricks and information that helps me have a competitive edge (from products and services) I will see success. And that success to me is the positive stories I’ve heard, the testimonials of happy clients and of course more closed sales (loans). I am all about impacting small businesses across the America, I’ve been doing this for a decade. And in the process have helped brokers whom where on the verge of closing their doors, come back and build a profitable mortgage company. All through marketing ideas and intentional actions to partner, advertise and grow a business.
Most of what I do with my current clients is free, like a consulting service for the broker’s of America that are looking for ways to fill their pipeline. And of those that partner with me all I ask is small piece of the pie if I help them make their own pie. I’ve been partnering with brokers all across the US for a long time now. And no matter what company I aligned myself with, it was the relationships that made the difference. I can teach others how to create a raving fan base, and have marketing campaigns that have low out of pocket costs and a high return on investment. To even public paid advertising that has high rates of return. I help others create these campaigns when broker’s partner with me. That in turn helps them drum up more business. I do this free, and then ask that partner to fund a few loans with me.
That’s always been my pitch, I rarely ever just came to the table asking for business, I came to the table adding value and truly partnering with my network. That’s why I do the Mortgage Juiceman thing. That’s where this is going. I’ve done public speaking and sales conference calls to pump up wholesale account executives to loan officers in a mortgage company. I help motivate, I help others make an impact. And this is a great vehicle to help me do it for the masses. I’ve been told that my positive quotes I do and motivational talk has helped others when they were down on luck. Or seeing a sales slump, and something I said or did or painted a picture of helped them climb out of that. That’s why I do this Mortgage Juiceman thing. You know what it stands for?
Join Us In Creating Excitement *(JUICE). So I’m the join us in creating excitement about mortgages guy. The I gotta guy question guy. Where others come to have me help them structure and know how to pitch a deal to the client. What options are best, and how it could impact them. And help loan originators change and structure a loan (sometimes to save it) to help the end goal. A happy client. Let’s me ask you, do you know someone in the mortgage industry? Help me spread the word and have other know the JUICE in the mortgage industry. Invite them to the group we have for mortgages: Sales Talk with Mortgage Pro’s. Lot’s of great information being shared. Invite them to this blog, follow and better yet reach out and become a partner with me.
I look forward to adding value to you, partner or not, share, interact, like, repeat! My goal is to impact the world of lending and mortgages. I look forward to having fun, and encourage you to Join Us In Creating Excitement.
My Legacy (published in my book 10 years ago);
“I am the possibility of others living the life they desire; through positive thinking, dreaming big, having blind faith and in the pursuit of sharing success with others.”
The Mortgage Juiceman
Change of circumstances. Yep, the changes. They drive every AE nuts. I wish nothing changed on loans from start to finish, but that’s just not the world we live in. The best practice is to evaluate those changes. I see this all the time. LO’s fail to re-run Du and actually see the effect of the change is on their loan prior to asking for it. From a lock to an increase of loan amount etc. Check it out, it’s an oldie but goodie from the Juiceman vault. Best practice, know what your change requested does to the loan in all aspects. Watch the video below.
Remember that is what a mortgage is a “bond” that changes. You know rates go up and down. Well paint that picture. Painting the picture that to the client you send all the application too, they need to actually SIGN IT and SEND IT BACK… Rather quickly. It’s not a sit on it and analyze it type of thing for two weeks. You don’t ponder a mortgage decision on a refinance. A purchase ok take your time, when your ready come back to me and I’ll refer you a realtor with a pre-approval letter.
With Bonds or should I say mortgages there is a price associated on a LE that is sent in an environment of rates at a specific date in time. You and I know rates come out daily. Paint that picture, that fact that remains the exact price to the penny will not be the same exact price on the loan assuming it’s not locked at time of initial disclosures. That’s a fact and part of our industry. And why CREATING URGENCY is actually really easy in the mortgage business. I never understood why other originators wouldn’t get their “books” back. Book = Complete loan package SIGNED with supporting information needed. I remember a time in the call center days we would “ring” literally a bell on the floor to create excitement. Once a day I’d make it a goal to go over and ring that bell. lol.
You know it all came down to “painting the picture”. Shopper or not I stressed the fact that rates change daily and that either market (rising or lowering) that is link between the myth that what your promised and what a client gets are two different things. (in the mortgage industry) The majority of people who say that where promised something one day, held on to something too long, the rates changed and when they locked that price was different. They paid more for the same rate. ENTER the one call close, what we called “Same Day Service”
When I used “rocket” before it was known, I would take the app in a conversation, scrub their credit, and “rocket” the loan for decision inside of 40 minutes most of the time. I would give that client a consultative approach to solutions for their need, whatever it was. I always dug deep. And when the time came to push the buttons to generate the docs, I would offer a special same day discount of some sort. All they needed to do was allow me to explain the docs one by one to them. Which I did, I walked clients through each form, told them which lending law associated with each document, and then had them sign it. Right on the phone. And afterward I would attempt to offer to lock the loan in, if they could send me the supporting docs same day. Boom 1 out of 10 would do it. Most people I would call in the morning. Paint the picture of importance to get the book back, push the bruise (the why they are doing this to begin with, remember I dug deep) and gain a commitment on a time I would have it back by.
My ratios ended up being that 80% of the people hold on to the docs 24 hours or less and really do move to get supporting docs rather quickly. 10% ended up shopping and out of that approximately 2% would come back to me and say, I totally understand now. The teeter tooter effect of price and cost and how they relate they either understood better and or trusted me. And would do business. The rest was same day or not at all. Win some lose some.
Today originators do TWO things for me. First place a big sign in front of you that says S W to the 3rd power. SW3. Some Will, Some Won’t, So What NEXT. And try today to take as many applications all the way to “book back” in one call. Achieve Same Day Service.
If you’ve done SAME DAY SERVICE, like the article.
100 calls 4 credits 1 deal
Yep there coming back, and next week the new video’s start. Want to see a cheat sheet for DTI associated with FHA loans. Click the link below. While I made the video a year ago, the same concepts still apply. Plus DU was just reprogrammed again. Give your feedback on what DTI is giving as results, is it more sensitive to DTI in 2017 already? QM exemption is coming to an end for GSE’s. And during the Trump reign we’ll see GSE’s have to conform to the 43% rule. Remember they were only exempt for 7 years when it all started. That means more scrutiny to DTI in the near future. Great idea to start conforming and not just over extending your pre-approval letters to the max. Make it so clients can buy a house and live. #ThemortgageJuiceman
You know what’s funny. Is I’ve done this several times in my professional marketing and sales career where I just totally “burst” with success as a result of my actions. Like the feeling of that first sales job where you put your head down and have a burst of energy that leads to your launch. Whatever, launch that may be. It’s absolutely like an airplane taking off. That arch of a half pipe in the X games. A burst of energy is what launches you.
From recruiting to sales in B2B where that relationship is based on a reoccurring sale and service provided, the bulk of your “business” pipeline is broken down to a handful of prime accounts. The 80/20 rule. 80% of the business is generated by 20% of the accounts. Same with the source of where that business is coming from. 80% of the business is generated by the top 20% of the sales force. So what makes the difference?
Speed! I am sure of it. If you know me I’m the guy you would think is drinking red bull all day. Totally a “BURST” of energy. Especially when starting something new or beginning a new marketing campaign. I used to love when a mortgage company would come out with something new. I remember being in several positions when the “product” just came out. And the “burst” of energy upfront from all the sales people generated a lot of momentum.
That is called “taking off”. The arch I was talking about. And if you come in to win it like it’s your first 30-60-90 days and really put forth effort. You will see some form of success. Success gravitates toward Speed. And if you apply this to your ventures, your marketing strategy, culture and sales efforts, you will see success.
Not long ago I had a big “burst” of energy where I signed up a bunch of wholesale accounts all at once. Then that burst helped me service those accounts and generate a revolving 20-30 Million dollar pipeline monthly. What made me sustain that success over longer periods of time than most is that energy I would turn on and off. Like an airplane, you back off the throttle when you get to a certain point and then service it. Even put it on autopilot. lol Means alot in that analogy with today’s auto-responders. As I look back at it, it was a small, 30-60-90 day plan that I kept pushing myself to do. I used to write quarterly reports and in it always placed my schedule. I blocked my time. And each quarter I shifted WHERE I HAD MY ENERGY SPENT. I spent time focusing on training others at certain segments in time in both my retail and wholesale experience. I spent certain times focused soley on continued education or expanding my product knowledge. I spent certain time focusing on prospecting and at certain times was sourcing additional business. By doing this in little bursts of energy and focus on different aspects of my business, I was always one of the most consistent guys. Maybe not 1 or 2, but always in the top 10 or 20 in production and falling into the top 20% tier. In all of the sales I’ve done. Analyzing how I did it, made me realize, it was a consistent drive of “bursts” of energy on any one focus in my business.
Speed generates success, when success is gravitating towards speed. When that burst is diversified to accompany various aspects of whatever you do. Over as period of time, that 30 day plan to work on one aspect is a bigger 60 day plan that comes to life. And the final 90 days of that period is where you would identify as the launch. I bet most reading this that are top performers can relate to what I’m saying. They can remember a “burst” of activity they did at one time or another that generates 80% of their business or relationships. Funny I’ve done this same thing when I originated loans. I look back at all the times there was any awards won or testimonials or stories that stick out in my sales career. In each that I remember there was a “burst” or take off moment that is momentum that creates more momentum. The saying the best time to sell something is when you just sold something. Couldn’t be more true for most sales people. Just some fail to bring that energy when it would’ve counted. They never “launched”. And in the cases where I sold the most and saw the most success I can always remember an energy about me. So I try to come with it daily. He we are on the last day of Jan 2017, you going to have momentum to burst into February? How bout your goals this month, did you put in enough energy to hit them?
Mr Motivator today
The JUICE is Loose
-The Mortgage Juiceman