Tag Archives: Loan Officers

Monday’s Motivation – NEW 1003 Week!!

#MondaysMotivation – NEW 1003 Week!! – We are less than two months away from July 2019 when the new 1003 becomes optional.  ARE YOU READY?  Have you looked at it, and do you understand the new stuff on it, or the things that stick out that changed?  Actually section 1 is completely new! And this week we will go through each section and highlight the changes, what’s new, and how it applies to your new process of taking an application.

Today I will break down section 1, and provide my synopsis and point out differences and note-able changes.  The biggest change is mulitple people are NOT on 1 application even if married.  Only 1 person is.  Every person fills out an application and then on the application there is a place to list other borrowers applying for this loan.  (however they need to fill out a separate 1003)  Again the 1003 claims only 1 social security number and date of birth for “the borrower” on it.  And lists the names and total number of borrowers for the loan.

1003Section1a

The same flow as the current 1003, just a different look and feel.  The second major area on page 1, section 1a is the current address section.  Much like the current 1003, the rule of having 2 YEARS HISTORY for EVERYTHING is pointed out.  (most commonly missed thing for 1003’s) I love the military declaration section, and it’s interesting they added the new section for the primary language preference.  Biggest notable is the radio button options for No Primary Housing Expense, and or Rent or Own.  And to the right is an area to identify how much.  Check it out ↓

1003Section1a2

Page 2 starts off with income section, and is considered section 1b.  The main thing I like is the fact there is a flow for listing the job and then the amount at that job on the same place on 1003.  Must like the current address and amount of that housing expense, this lists the job/self employment and that amount they make.  If self employed that box is at the bottom left instead of top right, and has a declaration section for ownership that is new.  Then a separate place to indicate income from self employment income.  Over the right “gross monthly” income is broken down for those employed only, such as base, OT, Bonus, Commission, or Military income and or other.  Also note-able is the “statement” box dead smack in the middle of this area.  If they are employed by some party involved in the transaction it must be identified.

1003Section1b

The next section “if applicable” is for additional income.  Meaning someone whom has two jobs for example.  This is the section for that. ↓

1003Section1c

Next up is the PREVIOUS employment section, again “if applicable” and current employment is less than 2 years.  Note-able in this section is the fact on previous employment the client must provide previous monthly gross and identify if self employed.  Known as section 1d.

1003Section1d

In the last section on page two, and rounding off section 1 of the new 1003 is section 1e.  This identifies all “other” income.  And the way it’s portrayed is a great reminder for LO’s to see as it lists all the other income types to remind you to ask.

1003Section1e

Proceeding that at the way bottom left there is a line on page 2 at the bottom that identifies which client’s 1003 work information you would be looking at.  I can see this one of those lines that drives LO’s nuts and is constantly left blank.  This is why each person has a separate 1003 now.  So even if they are married, just as section says at the top, you are identifying if that application is a “joint” or individually.  And if with other’s you list the total number and names of all other’s that would have a separate 1003 associated with the transaction.  Here’s a snip of the bottom of page 2.  Get to know it is my opinion.  🙂

1003Section1page2

As always – #GetOnPoint with your own craft and know the 1003 like the back of your hand.

#SellWell

Monday’s Motivation – The People The Difference!

#MondaysMotivation – The People – The Difference! Wow what an awesome week in California! I will detail my trip a bit this week to update all, we’re back jack! Time to get #JUICY! Join Us In Creating Yes’s for your pipeline this week!  Monday’s Motivation is about the people that make the difference.  More than likely it’s you reading this! The difference is the effort and attitude of those in it to win it! They don’t complain, they work with others any way they can, they make that extra effort to see a win daily.  That’s the daily dose today’s all about!

You can too, make a difference to the people in your community, and with the people on your team.  All you need to do is make that extra call, make that extra effort to clear your queue, make that extra meeting you debated to attend.  The time is now, the every bit of “extra” you can make will make your difference! See a win today with the attitude and effort of today’s message!

Wow was Cali cool, the weather for the most part cooperated and was sunny and beautiful.  Air was fresh, and surroundings were awesome.  Great food, sweet cars all over the place, and nice people! I met some really awesome broker’s, team members and AE’s I’ve not had the chance to meet face to face!  The difference is the people and their can do attitude.  I’m super stoked for the week and ready to make a WIN every day!  Are you ready to #GetOnPoint and Join Us In Creating Excitement for your pipeline?

@BluePointMtg – The people are amazing, and the difference is the little actions that go above and beyond the call of duty.  You want to close fast?  How about have a personable connection and communication with those handling your files?  Well our people are ready to help – give BluePointMtg a shot on your next deal! CLICK HERE!

As Always –

#SellWell

Whacked Out Wednesday – Important Parts of Loans!

#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!

As Always –

#SellWell

Two 4 Tuesday – VA changes you need to know!

#Two4Tuesday – VA changes you need to know! There is (on Friday) two new types of VA loans.  VA type 1 and VA type 2 when it comes to VA refinances.  (The old “cash-out” loan) – And with this change there are some key things to know about.  Several new guidelines for VA loans and updates I detail in today’s show! ↓ It’s longer today guys and gals, but worth the watch! ↓↓

If you have any “leads” into the new form for showing options for the client I’d be interested to know what you’re using.  You would think that if VA says you need to disclose a comparison of options to the clients, they would INCLUDE that in the VA circular.  Nope.  Didn’t happen.  But hey it is what it is.  How are you going to show options?  Send a note, make a comment, message me, I’d ♥ to know what you’re doing.

And of course I do VA.  I love helping Vets, and we do them very well.  #GetOnPoint with #BluePointMtg and use us for your VA loans.  We go down to 550 FICO, have no manual underwriting hit to pricing, and we will send a file out to a local VA office if needed.  (Happens when two unmarried Vets are on a loan).  #LetsDoBusiness –

CLICK HERE for the easy sign up!

As always –

#SellWell

Thursdays Thoughts – JUICY Webinar!

#ThursdaysThoughts – JUICY Webinar is back! This will be the THIRD YEAR I’ve done this at the beginning of the year.  I might have to keep this trend going.  lol  This year it’s going to be the best one I’ve ever given, and I’m going to share exactly how to dominate your local area.  Using online and old fashioned guerrilla marketing to attract agents (in lieu of chasing them) and the “how to” on various campaigning strategies.  I’m going to give tricks, tips and know how I’ve developed and gained that others are often times charging for in their “masterminds”.  I’m going to help the average LO, level up.  Free.

If you know you need to do something online or with more referral partners this year, I’m going to give you the blueprint on how to do it.  No doubt there’s more than one way to skin a cat, and I’ll have only so much time to go over the webinar.  But if there’s one webinar you should join – this is it! Join Us In Creating Yes’s for your pipeline! JUICY Webinar is coming – Next Thursday.  Sign up below ↓

The JUICY Webinar will be aimed at being 30 minutes and I’ll probably move fast.  I’m thinking of several, but I have one special guest I think is going to show.  We’ll see.  🙂 More announcements to come.  For now, if you want to sign up for the webinar, go ahead and CLICK HERE!

As Always –

#SellWell

Mondays Motivation – Work your Plan!

#MondaysMotivation – Work your plan time!! Are you ready?  Do you have a list of referral partners you are going to call each day this week all set up?  Do you have a list of past clients or new leads you will reach out to?  The new year rang in, we all talked about goals and new years resolutions.  Now’s time to take action!

Just a little planning in the am, or perhaps on a Sunday if you’re like me, and a plotting out of a plan of attack for the week.  That’s what can set the stage for your success.  If you’re not on the board yet in 2019, time to do just that.  This year I’m not wasting time with others that don’t want to do business.  I’m all about growing a business, helping others close loans and expanding relationships into 2019! It’s time for new relationships for me, as I have planned out my attack to reach my goals.  Have you?

If you’re a mortgage broker or know someone that is, lets get connected!! I’m looking to grow others small businesses across the US, and would be open to help anyone with a strategy call to see how we can fit into their business plans.  Take action and fill in below ↓

 

As Always –

#SellWell

Weekend Call 2 Action – Just Text

#WeekendCall2Action – Just like Nike says #JustDoIt, I’m gonna say #JustText!  This is funny in a way and a topic I’ve covered on multiple occasions.  Today’s just the 4th and I know LO’s that have bagged a deal a day into 2019 or more!  It’s busy, rates are down, are you taking advantage of this?  Some people reading might be saying but how??

Well just pick up the phone and start using it.  You see more and more people use the phone in a different way than ever before, adapt to it.  Send a text, yes give them a call.  Just DO NOT BE SCARED to reach out!  You’re in sales for crying out loud.  Who cares if it’s 8:50pm, text them.  They probably just got done putting their kids to bed.  Or in the process (that’s my kids bed time).

Do not be afraid to go after the money, it’s like “scared money” doesn’t sleep.  You’ll be surprised who you will get to respond.  A past client, a referral source, any one.  Just reach out and take action.  I think too many just spend too much time scrolling and not enough time moving their thumbs.  Go for the win today! Text a past client and ask for a referral, call a referral partner, DM a builder.  You just have to take action.

It’s called the #WeekendCall2Action for a reason….

As always –

#SellWell

Oh and if you didn’t know, I’m helping a handful of mortgage broker’s this year increase business.  I can do two major wins to do this, 1 – help my business partners source new loans and new partnerships, and 2 – help my broker’s close loans they have!  #LetsDoBusiness ↓

 

Thursdays Thoughts – Back on Track!

#ThursdaysThoughts – Back on track to my own goals of hitting 200+ videos this year with an opener!  Today’s video is 185 so I’m back on track!  The #JUICE is back Jack!!

First, thanks to all that followed up, thanks to all that visited the blog, had many days in the last month where I was completely surprised on the number of visitors! I ♥ to see people using the blog as a search engine for guidelines to watch my silly video’s!

Thursdays thoughts is all about goals, I’m on pace to hit several of mine for 2018! Are you in the same place?  Have you began to think about your plan of attack for 2019?  It’s coming quick, and now’s the time to relook at the goals you set for this year and evaluate where you want to go next year! I’m offering FREE strategy sessions to anyone that wants help in creating a game plan for 2019!

For me I love doing these video’s to add value to any Loan Originator there is out there that wants some JUICE!  Join Us In Creating Excitement at the NAMB NATIONAL event this coming weekend.  BluePoint Mortgage and I will be there at booth 615, come down and say hi!  Better yet, #GetOnPoint with #BluePointMtg today!  CLICK HERE! And let’s set you up to utilize our #Niches to help source new loans and close more loans in 2019 together!

Wonderful Wednesday – Special RE Edition!

#WonderfulWednesday – SUCCESS PROFILES – Special Real Estate Edition today! – Wow, what an honor to have contributed in this 1st Annual RE Edition of Success Profiles Magazine!  Today I highlight the various articles and wonderful people that contributed.  Talk about a power house issue of Success Profiles!

From the 5 steps to doing your first RE deal with no money, to identifying a great Real Estate deal, making passive income from muli-family homes to becoming a bank note investor! There’s articles on getting a mortgage loan to qualifying after a divorce, to weather HGTV is good for the Real Estate Market!  Check out the video for more ↓

BROKERS ARE BACK – And there is a big #Togetherness theme going on in all aspects of finance, insurance, divorce, Real Estate, investing, and even wholesaling going on.  2019 is definitely going to be the year of the #MortgageBroker!

Get your copy of the Success Profiles Magazine special Real Estate edition today!

This issue is above and beyond the normal subscription, so if you are not subscribed, you can access this issue only for free at www.successprofilesmagazine.com

When you see the pop-up, or go to exit the tab, click on that pop-up to register for *Free, set up your login, and enjoy the issue!

As always – #GetOnPoint with #BluePointMtg a wholesale lender here to help you with #niches to close more loans.  CLICK HERE to sign up and start working with the JUICEman! (Join Us In Creating Excitement)!

#SellWell

SuccessProfilesMag

Whacked Out Wednesday – Protect the Client!

#WhackedOutWednesday – Protect the client! The client is your company, and is your customer, and is your ethics and license.  Remember as a member of the “transaction” you serve to help the end goal = to fund the loan and help the customer own a home.  At this time almost every year there’s that “one” transaction that blows up.  And someone involved seems to always blow things out of proportion.

It’s important to be reminded of one of my own philosophies of business.  One Client, One Team! – The client is your company.  Protect them first and foremost 100% of the time.  If you see something not right, point it out.  If you have a situation that’s heated and full of drama, react in your best foot forward to protect the companies reputation.  Not to mention your own License and ethics..  Futher protect the customer in all situations.  While we can laugh sometimes of the situations that occur.  When you live by doing the right thing, communicating with all parties, and exemplifying One Client, One team mentality – it’s amazing to see teams pull together with Team work.  You know the saying, #TeamWork makes the #DreamWork!

It’s my role to protect my company, the sales staff, the business partners, and the client.  I want to partner with you to offer options to help bring your loans come to life.  Let’s do business!  CLICK HERE for the easiest way to gain a broker package, fill it out, and email it in.  We would ♥ the opportunity to help protect your transaction and help you get funded!

#SellWell

#meme that prompted my blog today ↓

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