#WhackedOutWednesday – Important parts of loans are everywhere! However, there are certain things that can make or break loans. And this is why I do whacked out Wednesday shows to help LO’s know what to avoid or to do mortgages right. So check it out, the 1003 and the CD are the heart and soul of a mortgage loan. The two biggest mistakes on the 1003 I go over, and the balance of a file prior to the final CD is talked about. ↓
With so many moving parts in loans I’m certain that you have made mistakes in your career just as I have. The two best practices I share today are; 1, garbage in, garbage out. If you input numbers without breaking them down, you will have issues with cash to close, to balancing of the file, to getting “fake” DU findings. Meaning they are not right. Number 2, is the CD. This should happen with #Wholesale, but it doesn’t. Most retail banks often require a LO to review a CD and sign off on it prior to even sending to a client. It’s a best practice, and should be done with Brokers. Seriously. If you don’t balance your file prior to closing, you will get to escrow and find out sellers concessions are left on the table, or something is different in your structure than you promised the client or expected. Balancing a file should happen upfront, but often times is isn’t. And then left for the processors to view, and they don’t know what YOU sold the client. It is WHACKED OUT that the details of the transaction are not married with LO approval until the end. Don’t be that guy/gal!
As I always do, I offer my clients help with structuring the loans fees, structure, guidelines etc. My role is to be your caddie on the side as your the golfer in the transaction moving the ball along to the hole. (closing) Let’s do business and make it happen together! CLICK HERE to sign up!
#TwoforTuesday – The best of Whacked Out Wednesday videos I’ve done and this one is about how to count. The two things that matter, the LE and the CD. You count one way at the beginning of the loan and then count another way at the end of the loan. Kind of #WhackedOut if you ask me. 🙂
In all seriousness this is a common mistake that a lot of LO’s have. And for “compliance” you should know which one (LE or CD) has you count Saturdays and which one has you count forward or count the day it was signed. Check out the video from the JUICEman vault on how to count ↓
I was testing my smurf ability that day. lol – Seriously I should’ve changed the blue screens ehh. Well instead you can get on point too. With BluePoint Mortgage, we are expanding our National footprint and would welcome partnering with your brokerage. CLICK HERE for a Broker Package.
We are eliminating any type of PRICE objection because we want you to experience our #Speed and #Service. All purchase submissions for the next 2 days (Including Today) gain an extra .25 in premium pricing!
#MondaysMotivation – The new CFBP rule is out! And the black hole has been filled! The “old” 4 day rule is out, and the CFBP does a great job in giving clarity on what can “reset tolerances” in a loan. I think they got this one right for sure. It’s great to see regulators not only making the laws to help protect consumers, but revising the laws to provide clarity and ease of use!
Half the battle of all lending laws is having interpretation and implementation to systems and processes to help enforce them. In this round, the CFBP got it right. Check out the full video as I explain my interpretation, and how they make it easier to allow for a REVISED CD to reset tolerances.
As always I suggest you be more accurate than ever before upfront. In fact you should input fees’ less common and be prepared for “inspections” and other transfer fee’s upfront. No matter what it’s always better to go down than to go up.
This week I’m expanding my lending roster, and welcome helping your arsenal of lenders too! #LetsDoBusiness
Yep it’s back full force. With the end of the month of July in the midst of purchase season, you can bet I have some stories to tell. WOW, some #WhackedOUT things happen when people rush stuff. They don’t read things before handing them, they go on to get all of operations to rush to do something to close on time to count for the month,………and then the client doesn’t sign the CD. Really!?! I will say this, it’s awesome being supported by an ops team that can make stuff happen at the end of the month. I do love ♥♥ rushes. But have a #checklist or something that helps the LO, and your internal processors “double check everything”. Then request Docs. 🙂
#TwoforTuesday I absolutely love guidelines, I’m a guideline geek. No joke, they help my whole world turn. Today I talk about the TWO MOST IMPORTANT pieces of paper you deal with in the mortgage world, the LE and the CD. Some people forget Saturdays do and don’t count, some people forget how to count! Seriously counting to three is different between the two disclosures. Check it out below. Great Two 4 Tuesday review! #TheSalesJUICE