Tag Archives: Loan Officer

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

Two for Tuesday – NAMB National Review and my Why!

#TwoforTuesday – NAMB National review and my why today!! Loved the show, the National NAMB show is definitely the one to go too!  5 Stars NAMB!  Great opening ceremony, great speaking events from various industry leaders and technology companies, and very classy wrap up event with special guests Boyz 2 Men!

#TakeAShot for an #EchoDot campaign was great! We pulled a ton of people over to the booth to take a basketball shot, and if they made two in a row they won!  Super awesome to be a guest on Mortgage News Network, and such a great time seeing old colleagues and current, past and future clients!  I had several people recognize me from my silly videos and tell me they watch me on TV all the time.  LOL!!

From my take, I am super glad to be positioned with a company poised for success as our product mix features so many niche programs for our mortgage broker partners!  NON-AGENCY and NICHE programs were the talk of the town BIG TIME!  And I can’t wait to be reaching out to all the new connections this week from the show!  Everything I do has always centered around my WHY – And it’s the #Twins bday today, happy birthday #Noah and #Luke!

If you want to see some of the great programs that you can get on point with BLUEPOINT MORTGAGE – CLICK HERE! This show was the first show for #BluePointMtg and was a great success!

5 Star Review NAMB!  Great Show!

As Always

#SellWell

 

Two for Tuesday – 859 dollars and groups!

#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.

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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 –

#SellWell

PS – Ready for a video yet?  I am, Thursday is the day! Stay tuned!

Mondays Motivation – Back at it!

#MotivationalMonday – Who’s ready to rock for the week?  No seriously do you have a plan of attack?  Did you plan out who to call, or when to reach out to someone?  Did you schedule a reminder for a meeting, or make a to do list?  Sunday is a great day to “organize yourself” in sales.  If you are doing something to this affect you’re doing it right.

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But when it comes down to the “act” of implementing it’s the “ion” that makes a difference.  ACTION or “taking action” is the reflection of your attitude and effort working together.  The outcome is a direct result of your preparation and your attempt.  Because someone can “go thru the motions” of taking action, but have a bad attitude when doing it and be less constructive.

My point, it’s preparation that sets up success.  Then it’s the attitude and effort combined that makes the action come to life.  It also helps when your mental state influences positive responses.  (referred to attitude).  But all in all, there is a way to manifest your yes for the day – you have to be see it before it happens.  Or believe it will happen as you take action.  This attitude is the secret to many great action takers, they envisioned their success before it happened.  Are you doing the same?

This week I come back with video’s (Thursday I’m thinking) and will add a blog a day.  I have some great guidelines and more info for those seeking business.  Oh, I did yet another campaign in FL just yesterday and already gained 10 leads all organically.  I’ll post results as the week go.  For now, see it before it happens, and take massive action!

#SellWell

You can too, be creating campaigns to help you source more business! Do it with #TheBluePrint training that shows you to how start branding and leveraging social media.  CLICK HERE for more info!

Wisdom Wednesday – 3 Marketing tips!

#WednesdaysWisdom – 3 marketing tips and tricks to help you LO’s source more loans.  Seems to be a dog eat dog world out there with rate(s) and for those LO’s that know how to market and handle objections are the one’s busy.  Today I go over 3 marketing tips to help you grow a local market presence and source new loans.

Number 1, yes, you should be using social media and many different channels for growing a presence.  You should be using the “data” you can find to help you connect with new referral partners (of all types) and create value for your followers.  I have a training I developed over 2 years ago, and now it’s more valuable than ever before.  It teaches you “branding” and how to create a social presence.  I call it #TheBluePrint and is a 3 day workshop with yours truly, where I take a hands on approach to help you.  I just don’t sell information and send you on your way.  CLICK HERE for #TheBluePrint.

Number 2, you should have a business page and post on it.  But you should more importantly have another type of page that you use as a tool to help yourself run ads, and create more exposure.  It’s called a community page.  And it should be branded to help you market to your local area.  Mega tip #2, not mentioned in the video, you should have a group that coincides with the community page.  WHY?  Well as you become affluent online, you’ll want to run ads, and what you should be doing is making the ad have a re-direct at the end of the opt-in page to lead people there.  It gives you a second/third/fourth etc chance to re-market to those already expressing interest to what you have.

Number 3, you should be getting into GROUPS!  Part of my #TheBluePrint training is I tell people to get into groups that follow their passions.  If you like golfing, get into local golfing groups.  There’s groups for everything online.  You name it there’s a group for it.  One segment of groups is just about in every metropolitan area, that is, garage sale groups.  Or buy/sell groups.  They are everywhere.  And there’s more than likely more than one.  Get in them.  They all have pulses.  If you can relate, engage, interact and post anything just about to appeal to those in there, you’ll gain leads.  BIG TIME.  This stuff is FREE ya’ll.  You don’t need to spend a dime on FB ads to do this.  You just need to get thinking outside the box.

I’m helping more and more LO’s realize their own marketing potential and create a local dominance online.  Why not you?  If you’re a mortgage broker, and want to learn, CLICK HERE – I’ll help you create campaigns in your local area with my niche products.  And we can source business together!

-As Always

#SellWell

Two for Tuesday – LUNCH-N-LEARN- Gift Funds!

#TwoforTuesday – Lunch-N-Learn on gift funds today! Today I go over the guidelines for gift funds on FHA & Conv loans when a wire is sent directly to escrow/title! What’s needed? Watch the video below ↓

Getting loans done one loan at a time! Full files are best, but ops @BluePointMtg supports our team and get’s it done! A list of #niches we can help you with;

  1. DACA Loans (Conv only)
  2. FHA/VA Loans down to 550 FICO
  3. Bank Statement Loans (24 months/12 months & 3 months bk statement programs)
  4. Agency & non-agency fall out (got one with shorter times from a BK/Foreclosure/SS?)
  5. JUMBO Loans up to 5 million
  6. Conventional Approved/Eligible Loans – DU or LP!
  7. Reverse Loans (Make 6k on the front and 5% on the back)

#GetOnPoint with #BluePointMtg today! – CLICK HERE to sign up!

As Always –

#SellWell

Mondays Motivation – Check your 1003!

#MondaysMotivation – Check your 1003 for accuracy and these three things!  Today I itemize the 1003 killers, that every LO should master.  You know the old saying, garbage in, garbage out! Well if you take an accurate 1003 and address these three areas to be 100% half the issues most LO’s have will go away.

Before you turn in your 1003 from the weekend, double check these things.  ↓

I’m here helping 1003’s come to life and become funded loans!  Got something that has fallen out of agency approval, or even non-agency?  In need of a manual underwrite? While I ♥ a great approved/eligible loan, we do manuals to save the day often.  CLICK HERE to get approved to start structuring loans with us!

As Always –

#SellWell

Weekend Call to Action – Corporate Benefits!

#WeekendCalltoAction – Corporate Benefits and “open enrollment” always seems to happen right about this time in the year.  Are you taking advantage of being the newest corporate benefit for employers near you?

This is a great way to create initiatives to give back to the community or create more exposure with corporate partners.  There are a ton of companies that do this type of things for their employees’, some just send an email, some allow a hand out in the break-room, and some have newsletters that highlight benefits to their employees monthly.  Are you one of them?

@BluePointMtg we provide the niches that can help you help more people in this exact situation.  By partnering with the right lenders, we can allow you to use our niches to partner with businesses in your area. CLICK HERE to do just that!

I’m in the office helping LO’s get creative and source new business all the time, why not you?  – Email me and let’s set up a time to chat!

As Always –

#SellWell

Mondays Motivation – Mortgage Translation

#MondaysMotivation – Mortgage Translation by Fannie Mae is finally here.  A decade late and a dollar short, but at least it’s here.  Funny thing is you can be taking 1003’s in a wide array of languages with the PerfectLO application.  But now Fannie Mae has stepped up and is making a website for Mortgage Translation – They have a spanish version of the 1003 listed now.  More to come in the next 24 months.

Some Monday Motivation on getting creative to get loans done, did you know there’s a restriction to how many non-occupant co-borrower FHA loans someone can do?  Also Freddie Mac has the 85% LTV CASH OUT loan back.  Find out more in today’s episode! ↓

For access to tools to help you get creative check the files tab in Sales Talk with Mortgage Pro’s today! In talking about motivation and getting “creative”, JUMBO loans is where it’s at to do that.   Most Non-Agency/Alt-QM loans are just that, a JUMBO loan that goes down to minimum of like 100k or so.  Rarely do you see these go less than that.  I was taking a peak at some guidelines and noticed we have 95% LTV available up to 1.5 MILLION dollar loan amounts!  #GetOnPoint with #BluePointMtg this week.  Partnering with more #MortgageBrokers that are looking for a great #NicheLender! CLICK HERE!

As Always –

#SellWell

Weekend Call to Action – Delayed Testimonials!

#WeekendCalltoAction – Delayed testimonials are a great idea to help your RE Partners gain some recognition and you potentially gain more business!  Find out what I mean in today’s CALL TO ACTION video to help you source new loans! #LunchNLearn ↓

You bet, there’s ton’s of ways to structure deals and gain more business, some are just willing to do the work more than others.  I’m in the office helping anyone that wants to, #GetOnPoint with #BluePointMtg and help LO’s close more loans.  It’s our #Niches that makes a difference.  #MIcerts are delegated, and we can even do DACA loans.  Also, #DelayedFinancingException of course based on the video suggestion.  Have a great day selling, if needed – CLICK HERE to gain more options for your pipeline.  We’d love to work with you!

PS – Did I mention Free APPRAISALS for your clients on all deals over 300k?  (excludes Reverse loans – yep we do those too) 🙂

As Always –

#SellWell