Tag Archives: Best Practice

Whacked Out Wednesday – LO’s structure!

#WhackedOutWednesday – LO’s structure is important.  What you “sold” to the client you should try to make a reality.  What I mean is at the end of the month this happens all the time.  If you “sell” a certain cash out, or a certain cash to the table, as the CD is being made (1st time) you should take a close look to see if anything in the structure needs to change.  But once the lenders instructions go out, you as an LO have always had the responsibility to “sign off” on it.

Once title or escrow company is making the final CD, make sure you see it first.  Make sure you are approving it.  If there needs to be changes then have them completed.  The CD / The HUD it’s always been the same, that title or escrow company needs to send it back to the lender for “approval”.   Worst case is the CD isn’t approved and new instructions are sent to change X Y or Z are sent back to title/escrow.  Don’t wait around all day for a new set of lenders instructions just to make a quick structure change that should be warranted.  Remember most lenders systems are transparent, and all LO’s/Broker’s should be checking the RATE, the LOAN AMOUNT and DETAILS of TRANSACTION within a lenders system PRIOR to the CTC anyway.

These are best practices, and ways a LO/Broker can take back control over their transaction.  Don’t wait for minor changes to be made at the end, make them happen early in the transaction.  Or right about the time you send in all conditions to be exact.  No way you should be CTC and getting docs and find out the rate is wrong, or the cash to close isn’t right.  GET ON POINT WITH BLUEPOINT today, we’re growing and helping LO’s get it right the first time.  CLICK HERE and let’s do some business!

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As Always – #SellWell

Weekend Call to Action – Cadence and Conversion!

#WeekendCalltoAction – Cadence and conversion work hand in hand.  In fact it’s proven.  Today I will share some “Inside Sales” dot com statistics & analysis of 100,000+ phone calls.  The facts are so true, and the 80/20 rule is a big player in this.  80% of the business is made by 20% of the sales people willing to do the work.  Funny how that works.  But when is it best, how is it best, etc.  Some of these answers I will provide today.  I will show you the best time to reach out, the best day to reach out, the best response time to have, and what exactly persistence does!

One this is certain, you must have a cadence follow up system in place with “internet leads” now a days.  But don’t rely solely on that is my advice.  If you’re a good sales person you should still be “working” the leads according to your plan of attack.  Any lead, any contact for new referral partnerships.  These all apply to the ability to get a hold of someone.  The old saying goes:  48% of sales people never follow up, 25% of sales people make a second attempt and stop, 12% of sales people only make three attempts at a “lead”, while only 10% of sales people make more than 3 contacts.  And here’s the stats, 2% of sales are made on the first call, 3% of sales are made on the second contact, while 5% of sales are made on the third contact.  So as a result for those that have a cadence plan, 10% of sales are made on the 4th contact and a staggering 80% OF ALL SALES are made on the 5-12 contact to a prospect.  Go figure right.  So today is a little 1,2,3,4 I shared with my sales team just yesterday.

bestday

Obviously Friday is still up there, Weekend Call to Action – Reach out to those you’re trying to get a hold of!

besttime

Funny thing is early bird gets the worm is true! And for those that “power hour” your time is 3:30-5:30 pm being the best times to reach out to anyone.  Go figure.

bestresponse

I’m an old Quicken Bot, and can tell you this is accurate 100%.  The faster you “get to” a lead from it coming in, the more immediate responses you will have.  The longer you wait after a lead is registered the response rate goes down drastically.  And is what Frank and Brian were talking about just today in the NREP.  Having systems in place to help you follow up is key.  Sly dial, text message and email drip campaigns are all 100% mandatory to have in a follow up system now days.  But what it doesn’t do, is pick up the phone and have an “attempt”.  #PersistencePays ↓

bestpractic

WOW, would you look at that.  The more times you “attempt” to call them and reach out the higher the rate of response.  Interesting! By the 6th reach out, the response rate has a potential to reach over 90%.  If you coupled your sales routine with follow up systems and then included social selling in the mix (commenting, and being present on social media with that contact) I know these numbers go through the roof.  #SocialSellingwithShawn

I’ve got access to systems and processes to equip any mortgage broker partner with these tools.  Bottom line, create a cadence for yourself, create follow systems to help you work smarter, and then put a little elbow effort into it and watch your conversion go up.  If your not on point, CLICK HERE! Let’s work together!

 

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