Tag Archives: Best Practice

Weekend Call to Action – Diversify pillar partners!

#TGIF The Grind Includes Friday!  Weekend Call to Action this week is simple.  Make a fan page if you don’t have one.  State on your personal Facebook that your a LO or Mortgage Broker! Make it easy for others to know what you do!  And then use your own list of connections to start a list of people to connect with, reach out to, like their page, engage with, comment on, private message to…I think you get the point.  It all starts with you looking.  #CalltoAction #SellWell #TheBLUEPRINT

For those of you that Broker home loans, or are a LO struggling.  I can help.  Even with Banks, and Credit Unions to help their lending team alleviate risk with underwriting.  I help others close more home loans across the US!  I offer an array of products from FHA/VA/USDA/ Conventional / Jumbo and even NON-QM to offer your clients.  Fill in the form below!

For those of you LO’s that are struggling and need help finding a way to gain more referrals and deals to work.  I have theBLUEPRINT for you!  A way to leverage social media and set yourself up for ORGANIC FREE exposure to gain more leads and do more loans.  Check it out here; TheBLUEPRINT is here!

Two for Tuesday – Segmenting the 203h loan!

I’ve been getting all types of questions on the 203h FHA 100% LTV loan.  For those in the area’s affected by recent natural disasters, this is a great loan to segment and campaign for applications.  You can really help others in a bind with it!  There is two types a refi, and a purchase, however I will go into detail on how these could potentially play out and which scenario I believe is the #sweetspot!

Brought to you by this weeks sponsor Lender Home Page!  If your a Broker looking to get digital in your marketing, #checkitout! Lender Home Page Websites for Mortgage Lenders

Whacked Out Wednesday – Detail your Details!

Details of transaction are the most missed common denominator in issues recently.  Here’s my advice, when you lock the loan, go back to your LOS, and plug in the numbers.  Then the part that is missed is to compare your details to the details of transaction inside your lenders system.  Quite a few of you will notice a difference.  Let me just say, that’s “why” the underwriter thinks your short funds to close, and you don’t.  Make sure they see what you see! (or would like to see cause that’s what you sold).  #SellWell

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

 

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