Tag Archives: Bank Statement Loans

Whacked Out Wednesday – Bank Statement Loan calculations!

#WhackedOutWednesday – Bank Statement loans and the income calculations are something worth going over.  I closed one in 21 days just last month, so knowing how they’re calculated and how to look at bank statements is crucial to success.  The biggest problem I see is no one is educating others on how to do them, nor are they closing fast.  The key is the work upfront.

First, you must actually look at the deposits and where they are coming from, not just the total of deposits at the top of the monthly statement.   As you do this analyze if any deposits are transfers. (You can’t use these).  Then make sense out of the deposits, a return or “another” business that isn’t being listed on the 1003 can’t be used as deposits.

Second, after adding up all of the deposits you can use, some banks say you can only use a certain percentage.  BluePointMtg does not.  If the client has 10 or less employees and nets less than 2 million gross deposits a year you can use a client produced P&L and expense statement to take into consideration expense ratio.  Then deduct that from your total.  It just has to make sense for the industry the client is in.

At BluePointMtg we have a 24 month, 12 month and a 3 month bank statement loan program for those self employed!  It’s a great alternative for those that write off everything and can’t prove their income the typical way with taxes.  #GetOnPoint with #BluePointMtg and the various Bank Statement programs we have!! CLICK HERE 

In the office all day doing AE trainings, team meetings and taking “I gotta guy” scenarios to help LO’s get loans done.  Let’s work together!!

As Always –

#SellWell

Thursdays Thoughts – The Offer!

#ThursdaysThoughts – The Offer! – While I do short links and promote my Wholesale Lender under the video’s the main content I have is not always “selling me” and what I do.  I try purposely to put out there a ton of value for all in the #MortgageIndustry first and foremost.  I post guidelines, motivation, selling tips, tricks and lead gen suggestions all the time.  Today, I promote the offer!

@BluePointMtg we are a true mortgage broker partner.  We are BRAWL friendly and provide a ton of options for the independent Mortgage Broker to grow their product mix.  We are value centered around communication, easy of use, and speed and service.  But not just on the average everyday John Smith client for a mortgage.  We specialize in #Niches for mortgage Brokers.  From offering options like Bank Statement loans, W2 only, Alternative documentation, investor loans, options for as low as 500 FICO or where others have overlays.  (550 FICO on FHA/VA) – We look to truly partner with our Mortgage Broker partners across the US.  From Niche offerings like Reverse loans or 5 million dollar JUMBO, to non-warrant-able condos.   Options for Lender Paid or Consumer Paid transactions, to flexible adjustments on a Lender Paid Compensation agreement, to the ability to use over 25 AMC’s.  Our mission is to help our Mortgage Broker partners close more loans.  If you’re a Mortgage Broker and want to add Niche products to your lending arsenal let’s chat, CLICK HERE! 

We are a direct lender ourselves, and offer the control, and communication that our partners are looking for.  We underwrite 99% of our products in house, and do not have to send out to other investors for second sign off.  If We issue an approval it’s the #RealDeal.  We also offer #TBD underwrite opportunity to our active partners that need us.  And the benefits of working with BluePoint Mortgage don’t stop there.  We even have tools to help our Broker’s continue to source new business with our product offerings.

We would ♥ to partner with you!  As we are growing in times where others are shrinking, I am blessed to offer as much help to those We partner with.  Get on Point with BLUEPOINT today! CLICK HERE!

**In Closing today – We are growing, and we are seeking talent and those that see opportunity with a growing wholesale lender to partner and grow a pipeline themselves.  If you know a great seasoned AE (Account Executive) – I just started taking resumes and would like to know from you who you recommend!

As Always – #SellWell

Two for Tuesday – Lessor of the Two!

#TwoforTuesday – Non-QM loans are fantastic.  And pricing is ON POINT! But what LO’s need to remember is as you structure these bank statement loans, you get the lessor of the two!  The lessor of the 1003 input value or the bank statement calculation once the underwriter is done analyzing them!

I give a great example in today’s video on how to avoid the pitfalls of this.  Make sure you do your own due diligence to the bank statements before you hand them in.  The 1003’s value of what income you use is set in stone at submission.  And never can go up, only down.  You get to use the “lessor of the two” when it comes to Non-QM.  #KnowThis

Non-Qm is definitely here to stay, and has a great function to lending now days.  If you’re not doing at least one of these per month, you’re missing out on opportunity.  Did you meet NIVA, NINA’s smarter sister?  🙂   These investor loans are fantastic and the opportunity to help investors expand their portfolio is fantastic.  With full doc, shorter times for waiting periods, investor loans, bank statement loans and more, NON-QM is a great product to start utilizing if you’re not.  It’s a great way to create options for your borrowers!  Get on POINT HERE!

NIVA

 

Motivational Monday

Funny I made this video over a year ago, and still applies today for sure.  The Mortgage JUICE is flowing all day, let’s connect as I have options that can help you close more loans. My passion, excitement and purpose is to help others daily, why not have additional options to close more loans…Persistence and Taxes the two things we have to have done.

Click here for Motivational Monday VIDEO

Who needs a change? Non QM products?

We all do, as all change should be viewed as good, and should be embraced.  I have some great news for my business partners, and anyone originating mortgage loans.  I have partnered with a new wholesale lender that offers a WAVE of new products on the NON QM market side, and provide all the agency loans your used too with NO OVERLAYS!!.

Manual underwriting and manufactured properties available on all products.  Even a 1st/2nd combo (Double WAVE) loan that goes up to 1,125,000.  NO DOC investor loans are back, up to 75% LTV.   1 Year self employed program, and 12-24 month BANK STATEMENT programs are available.  A 70% LTV Foreign National program, and a program that requires NO SEASONING on BK’s/Foreclosures and Short Sales.  WOW!  And the list goes on…

85% LTV with a 560 FICO up to 2 Million.  Yep your reading this right.  THE LOAN WORLD IS ABOUT TO GET JUICY!  A program that allows for 60% LTV on loan amounts greater than 1 Million with a  500 FICO!  Did I mention 80% LTV on a non owner occupied home with 12 month Bank Statements?  Up to 2 Million.  There is even  a program up to 90% LTV on a bank statement program available.

In all my missions I have in life I carry the passion and excitement to help others. This specifically helps me partner with Broker’s and relationships I’ve had for over a decade in this industry.  The Mortgage Juice is flowing, come Join Us In Creating Excitement.  Accepting resumes for sales candidates and Broker packages now!!

I can’t wait to help you close more loans.  Happy Originations – The Juiceman