#MondaysMotivation – DU 10.3 is here! And Fannie Mae says “expect this change to yield a slight reduction in case files that receive approve/eligible findings”! Risk is being analyzed and DU is getting smarter! If your DTI is over 45, I’d suggest you have reserves in there prior to running it. Loan amounts were updated for FHA to follow suit of the conforming loan limit changes;
Conforming limits; 484,350 and High balance 726,525! FHA’s limits follow suit typically at 65% of the conforming limits, and that is; 314,827 and high balance 726,525 depending on county.
There was another great reference I want to mention in these changes on Friday last week, and that is FORM 1084! A self employed borrower income worksheet Fannie Mae has approved to working income calculations off of. I uploaded that form into the group, Sales Talk with Mortgage Pro’s! Feel free to check out the #Files tab to see all the cool cheats I have uploaded for you LO’s.
As always’ Let’s go – It’s Mondays Motivation – The Tragedy of Life doesn’t lie in NOT reaching your goal! The tragedy lies in having no goals to reach! I’m doing strategy sessions with new mortgage broker relationships to help create campaigns with Niche products! If you’re interested in creating goals and crushing them in 2019, let’s chat, CLICK HERE!
#TwoforTuesday – One of my favorite to write. This week I want to highlight the biggest change recently in the mortgage industry and a guideline I found out in a group! The power of groups is huge, if your not in them you’re missing out. I’m in so many I sometimes miss my own groups engagements. In the past three weeks I’ve done two different campaigns for 203H loans and have generated over 75 leads completely FREE from groups. I did it in CA and in FL/GA groups on Facebook of course.
The other day I found out in a group about a VA guideline I didn’t know. If a Veteran has filed for the disabled veteran status, they do a #VAloan and then later on can send the paperwork into the VA and since they were not exempt at time of loan, get a principle reduction of the VA funding fee later on. Crazy, I didn’t know that. Found out in a group full of LO’s that guideline. As long as the filing was prior to the loan, they can do this. If your an LO, join Sales Talk with Mortgage Pro’s group along with 4500 others!
The biggest announcement I’m sure you’ve seen is that LOAN AMOUNTS have been increased for conventional conforming limits. This is a good sign. And hope to see FHA’s loan limits increase with it, but that’s yet to be announced. The difference in a #MortgageBroker compensation on a 453,100 deal now, versus the new loan limit of 484,350 is 859 dollars. Yep, an average comp plan with a mortgage broker will almost make another nine hundred dollars more in commission due to having a larger loan size. Another reason why broker’s are better. If you’re a mortgage broker and want to get on point with more #Niche programs for 2019 – CLICK HERE! We’re partnering with true “partners” as we go into 2019, and personally I will be helping as many as I can grow their business. Let’s start now!
As Always –
PS – Ready for a video yet? I am, Thursday is the day! Stay tuned!