Tag Archives: Mortgage Loan Officer

Two for Tuesday – Number 2

#TwoforTuesday – I talked guidelines this am, so number 2 is about marketing! Yep you guessed it, you can’t close more loans without more prospects.  Just like the last three months I’ve done a bulk order of funnel advertising systems, the sale starts this week! #BulkFunnelSale

Today I break more of it down so you understand your options! If you want a 3-5k product for half the price because I get a bunch of LO’s to gain lead machines at once this is the best deal out there!  Hands down, and as far as the results go, I’ve only promised 125-150 lead area for most geographical areas and with a 500 ad spend the results have been astounding.  Yes you have to pay for the ad to run on Facebook.  That’s what FB does.  It shows your ad to people we target in areas of your choice.

It’s all done with a professional management service for your advertisement.  That’s the most important part, and what is the reason your ad will give you results month in and month out.  Most are seeing 200+ leads with a slightly less than 20 dollars a day budget.  That’s around 500-600 dollars depending on how long the month is.  Most start at that point for ad spend.  20 dollars a day will get you a few thousand impressions and then some good 2-5 leads a day.  Sometimes north of 7.  But all in all, ad spend dictates lead count if relevancy is optimized.  This is what the management service is for.   And the longer you run the ad the more information you will have to retarget it, and make the most out of ad spend you have.

Here’s a result of one funnel from the first full month in on the campaign:  214 leads for 2.78 a piece.  What would you do with that many more opportunities?

results11

This management package is what starts the project.  You pick one of two options, a 500 dollar retainer monthly to have a professional service optimize your ad to gain results, or a 750 option.  The difference I explain in today’s 2nd video.

What you will get! Well this is a bulk funnel order of done for you solutions that can turn on a lead faucet to help you grow your list of prospects.  Then it comes with a follow up sequence built in (Or customize-able based on which option you choose) that will help your conversion of this marketing campaign.  NO DOUBT – A professional service will turn on lead flow.  But what you want is to convert the people interested in a home! (the advertisement) So what we do is set you up for success, and I put my own personal training to work for you.

First you get the ad made for you, it takes a few days to build out as this is a custom built advertisement for you.  And it’s run on a community page we will make for you.  The reasoning for that is there is a relevancy score associated with community pages that is higher than that of a business page.  Plus it hides the salesman a little.  People are more opt to “subscribe” into an ad from a community page than a business page.

Then you will get set up with a CRM that the leads will go into.  This is all part of the package, and technically what you pay later in the month for.  Inside the CRM there is a sequence of SLY DIAL, TEXT MESSAGE and EMAIL DRIP campaign all programmed in so when leads opt in, they start the sequence.  Depending on the “management package” you choose, that set of sequences may or may not be customize-able.  I suggest the customizable package, as it includes chat bots on your page as well.

Half way through the month the second invoice is taken for first installment of the purchase of the funnel.  500 on the 15th, and then 500 on the 30th.  Simple to understand, you’re getting a 3-5 dollar professional funnel built for your advertisement for 1k.  You do have to select a management of that funnel and is what starts the project.  (since that is a re-occurring item monthly) So if your math is right you’d be at 1500-1750 for the complete funnel deal and management month 1.  Then ad spend would be a separate expense.  Since it takes about a week to completely build a new ad project your expected ad budget would be less than 400 on month one.  Even at 20 dollars a day.  So depending on the management package you do pick (500 basic or 750 customize-able) you would be 1750-1850 area month one with 500 plan or 2000-2150 with customize-able plan.  Month two you wouldn’t have to pay for the funnel again so you would have your ad spend and your management package.  Assuming the basic package and 500 ad spend budget, you’d allocate 1k monthly to generate 125-150 leads.  Again most campaigns are pacing to do a lot more than this, but I like to set expectations you can hit a mark on.

To help with conversion, what I do with those that join my bulk order is give them my organic training #TheBLUEPRINT free.  And with this help them with social selling and the ability to convert the leads they get.  You are invited to take the free three day workshop or just use the information.  Also this month, I am including a month of #phonesites free with sign up.  What we’ve done is lowered the barriers of entry and allow LO’s to see results before they pay for it all.  500 starts, on the 15th the first 500 for the funnel is taken, and then on the 30th the last 500 is taken.  Once you’ve paid for the funnel, the community page, and the data and leads are all yours to keep.

There’s a big difference between buying leads and owning a lead generation machine.  And when you own one, you either need to run it yourself, or let a professional do it.  I offer a gateway to allow you to get in on generating leads, let someone else run it and you get the benefit of being able to do more of what you do best – Sell loans.

Here’s the full “funnel” for the advertisement bulk order.  Go thru this, watch the next video and let me know when your ready to start!  🙂 –  BULK FUNNEL ORDER HERE!

As always – #SellWell or should I say #MarketWell

 

Weekend Call to Action – Cadence Frequency creation action plan

#WeekendCalltoAction – TGIF – The Grind Includes Friday – Create a cadence frequency plan of attack! Actually write it down! YOU WANT TO CONVERT MORE LEADS RIGHT? Well what are you doing to actively “attack” and proactively gain interest.  We talk about funnels and lead gen all the time.  The common question is, Shawn, what’s the conversion rate?  Well, Bob, it depends on the sales person and how hungry they are.  lol – My typical response.

Here’s the call to action to help you CONVERT more leads.  If you have a CRM great, see if you can “program” in it a reminder to set actions like, on the second touch Text them, IM them and send them a message on LinkedIn.  On the third touch (day 3) maybe send them yet another email, call, and then Facebook them.  Reply to a comment they have done, or follow them and or post on their wall, or comment on their post.  Friend them, see if they are on twitter, instagram etc.  You should have a cadence frequency set up for at least TWO WEEKS, before you just let your “email drip” campaign take over completely.  In my opinion, this is where most sales people fail, not only are they “giving up” after the 1st or 2nd no (or no contact) they aren’t thinking outside the box to actually reach the client.   Not every client is on Facebook, some may spend more time on LinkedIn and that’s the best place to reach them.  The job of the sales person is to figure this out.  A PROFESSIONAL SALESPERSON is like a PRO STALKER, literally.  Sad to say to most sales organizations do NOT have any frequency in place to help guide their salespeople to success.

So you needs to create a frequency for?  I got your back, hit me up, let’s start you off with something organic that teaches you how to PUSH and PULL your messages on Social Media to increase your reach, relevancy and results in free leads! It’s called my Blueprint.  And is the ultimate fan page guide to help you gain leads.  It’s a stepping stone for those that want to get into paid ads.

The Blueprint – Ultimate Facebook Fan page Marketing campaign guide
#SellWell and #TGIF!
PS – I’m going wide next week.

Thursdays Thoughts – Testimonials and Culture

#ThursdaysThoughts – Are you working with a company that has an awesome culture?  Are the walls painted orange, yellow or blue?  Do you have motivational quotes or some mission statement that is often heard in the meetings.  How about any type of community events?  Do you do those?

You see now days people don’t want to work with just a “company” they want to work with “PEOPLE” that they know like and trust, more than ever.  And expressing your people centric focus internally with culture is a great idea to share.  People want to hear these stories.  Same with testimonials.  When was the last time you gained a testimonial on any social page and shared it on your personal profile.  Or perhaps make light of it in any way shape or form?

Again it’s the “fact” that facts tell, stories sell.  And I encourage you to embrace your company culture if you have one, and tell others about it.  Get testimonials and share stories of how you impacted someone’s life.  This is a difference maker and will be what creates more reach for you than saying you have the programs or lowest rate.

I embrace all of this and would love to show you how as well.  I teach social selling in a whole new way to those LO’s that want to level up their game.  Hit me up personally today, you’ll be glad you did come purchase season.

#SellWell

Whacked Out Wednesday – Credit, Pricing and the “Mortgage Balancing Act”!

#WhackedOutWednesday – Oh YEAH… The struggle is real folks.  Funny thing is some LO’s don’t take the time to do this stuff.  They sell a file, throw it to a processing queue, and never attempt to “see” how the numbers shake out until the end.  First thing firsts, credit! I had a post in my group, Sales talk with Mortgage Pro’s not to long ago where someone didn’t know how the pricing was calculated with a credit that had two duplicate scores.  Pricing is apart of the balancing act too, not just credit that gets you there.  Obviously both play hand in hand.

What I suggest, is not to just set it and forget it.  If you make changes, like any and all, you should see how the file balances and not just the fraction, the dollar amount.  Actually balance your file along the way.  Want to be really high level, I suggest that every step you get exact fees, like the title report, or as 1004D costs are added etc, you re-balance your file.  And actually update the client.  In essence the client should get a break down every week on how their file is coming together.  Just my opinion.

THE JUICE IS LOOSE – I am having fun this year and helping those that want help building a pipeline more than ever before.  I have this organic campaigning program that is taking off, and so much fun to do.  My #Blueprint is the key to opening a door for exposure, more influence, growth of your referral partners and overall social selling strategy for 2018.  Want in an Elite group of LO’s that are using social media to grow their business?  They share posts, ideas and ways to generate business.  Check it out here —->The BLUEPRINT

As Always

#SellWell

Two for Tuesday – Bitcoin and New Guidelines!

Happy New Year Everyone! Back at it, and today we jump right in to two new guidelines that you need to know about.  If you and your teams need an AE (Wholesale Account Executive) that can help you close more loans by not only a product mix, but by suggestions and marketing help to source business, let’s connect!  NOW’s the time to adjust your lender arsenal to help you teams do more in 2018!!

My team is growing, and we are helping more and more Banks and Credit Unions alleviate their risk on neighborhood watch by getting signed up as a non-delegated sponsor for FHA loans.  By doing so, this can open the doors to allow FHA/VA loans as low as 500 FICO if the bank wanted.  Most banks have an OVERLAY to help maintain a healthy rank on FHA for example, this allows them to offer it as a solution to their sales team, without harming the health of the company! Reach out to me for more details if your a bank that only goes down to 620 FICO or something like that.  We can open the doors for your business in many ways.  #LetsChat

Ok back to #TwoforTuesday, yeah I found out if BITCOIN can be used in a mortgage transaction.  And once sourced and turned into cash, sure it can.  See the short video of the day below! #SellWell – Oh yeah no more once a cash out, always a cash out too!

Have a productive week, in the mix of getting started in 2018, let’s network together! Add to your network a lender that can help you get more loans done!  CLICK BELOW↓

Two for Tuesday – & a new VIDEO Opener!

I think you’re gonna like this!!  #TwoforTuesday – Fun edition – I got creative in the last week and got a new video opener!  I am sure it will help Pump you up, and get ready for the day! Join Us In Creating Excitement and get the JUICE’s flowing!  You’re in sales right?  – #JUICE

Two for Tuesday as I always have branded is two tips on guidelines or something mortgage related that you can take with you in the field.  Today’s topic – VOE’s and Pay Check Stubs!  Yep, both are needed to calculate the right income, and both work coherently together.  Supporting each other! #CheckItOut ↓

For those needing to gain more leads so they have more paycheck stubs to check and VOE’s to order – I got your back!  I’m doing a discount for those that want to take charge of their 2018 and learn to earn on Social Media!  If you have a fan page and it doesn’t get you leads every week, I can show you how to change that with my BLUEPRINT!  It’s not rocket science and definitely not hard.  In fact, it’s fun to have a social media presence and YOU can be known as the expert in your area!

Reach out to me, I’m here to help you take #SocialSelling to the next level in 2018! Sign up for the BLUEPRINT today!  – Disclaimer – You do have to actually do work! lol #SellWell

 

Whacked Out Wednesday – QM Fails

#WhackedOutWednesday – QM Fails – Really?! You have a 400,000 dollar loan the borrower can’t even obtain any rate on the ratesheet? Really?!  Yep, this stuff happens if you have a comp plan accustomed to Government loans.  If your comp plan is 2.75 and you’re doing a cashout conventional loan that is getting killed by LLPA’s (loan level pricing adjustments) then odds are you could be in this situation too.  Even with a 680+ FICO, depending on how the break down goes.

I want to share something today, a best practice tip and a way to look at this stuff to help you Broker’s and LO’s in TPO to avoid this mess.  If you’ve been in mortgages long enough more than likely you’ve had some QM fail happen.

**Compliance disclosure – JUST FYI – You’re NOT supposed to just be able to switch from Lender paid comp, to borrower paid comp just for the purpose of passing QM.  It specifically states that in the rules/laws.  (I can show you if needed)  Your Change of Circumstance must be recorded as something else.  FYI

Ok now that’s out of the way, let’s look at a RATE SHEET!  If you see the top of the rate sheet at the top rate pays back “less” than the rate below it, then the rate that pays back the most is the rate considered the “top”.  Second, the SPREAD between the top rate and the next eighth below it will change pricing, but most likely “less” than a whole point.  You have to go down probably two or three eighths’ in rate in order to have a whole point difference between the TOP rates premium.  The KEY TO UNDERSTAND is that rate where the spread is more than 1 point (from the top rate) is where you can start to bonafide a discount point.

The simple way to look at this is to take the indifference after the bonafide discount point and add that to your comp plan.  So if the rate picked was a COST of 1.125 for example… Your comp is 2.75, and as long as the (base premium before adjustments) spread between the top rate and the rate your picking is more than a point, you can bonafide a discount.  So for example, 2.75 + .125 = LESS THAN 3.  Assuming you have bought out the underwriting fee and there are no affiliate fees in the equation, this would pass QM.

Remember in order to bonafide a discount point you can NOT be at the top or the bottom of the rate sheet.  (meaning highest or lowest rate)  Sometimes I don’t even see how this is good for a borrower, but the reality is it is tied to the comp plan.  If you are in the situation where the comp you have with that lender is higher, then watch or do a QM test PRIOR to submitting so you know what your up against.  BEST ADVICE I CAN GIVE.  Do not wait until the loan is submitted or even attempt to lock in process without having an idea of how this plays out.  IN FACT, MOST LENDERS have a FREE QM test available on their “portals” that you can run this test as you register the loan.  I suggest you know how to do this.  Problem avoided.  If you have questions about this hit me up, I’d love to help you understand how this works.  In some cases it is #WhackedOUT – But hey these are the rules we have to play by.  Lower your comp if you’re doing conventional loans, they don’t have a spread like the Govie loans do.

Another “argument” is this is why you have the ability to set up multiple different comp plans with different lenders.  NO, in my opinion you do NOT need to have the same comp across the board with all lenders.  The law doesn’t say that.  (for Broker’s of course).  What it does say is that each LO (MLO) should be paid the same based on type of loan.  And be incentivized based on volume.  But that is another post for another day.  – #SellWell

Weekend Call to Action – Align your Lender Paid Compensation plans

Let’s engage on the Lender Paid Compensation topic Brokers!  I see a need for more Broker’s to know how to align their Lender Paid Compensation plans.  Many do not realize they can or can not do these things.  #BeCompliant  I dis-spell some myths of the ole comp rule.  #Checkitout  If you’re a Broker this is a great #WeekendCalltoAction #SellWell

Let’s see your comments!  #SellWell

https://themortgagejuiceman.wufoo.com/forms/qsqw9kt0ntdxx9/

 

Weekend Call to Action – All the way to the end.

Best Practice week wraps up with an ARTICLE on best practices summarizing the week.  This week my intent was to give out best practices for every stage of originating a mortgage loan.  Today I summarize and leave the week with the call to action on what to do all the way to the end.  #Closing

On Monday, I did a video on prospecting, and if anything remember SW3.  SW to the 3rd power as I know it.  Some Will, Some Won’t, So What, NEXT!  Always be prospecting and always know it’s a numbers game.

On Tuesday, I did a video on best practices taking a 1003.  Now I encourage you to go deep.  Find out the “Why”!  What’s funny is LO’s don’t know the why when I ask them.  I wonder how they sold the loan.  Or it is actually sold.  DIG DEEP, on every 1003 question, there should be another question you ask to dig deep, get to know the prospect and find out more about them.  (or why they doing the transaction)

On Wednesday, I did a video about submitting the loans to underwriting.  Half the battle with mortgage loans begins with the information that is on the 1003 that is being sent in to verify it.   And in the beginning, I suggest that you follow your AUS findings and only submit what it is calling for.  One of the biggest mistakes rookie’s make is turning in too much info in the beginning.

On Thursday, I did a video about obtaining conditions and reading them prior to sending in conditions to the underwriter.  Most loans do in fact change along the way, this is common.  The best practice is as an originator to know how any changes you do will affect the loan.  My suggestion is to always have access to “another file” to run AUS with any changes along the way.

Here we are on Friday, and besides asking for information from the clients you have, you need to do “follow up” through-out the process of the loan.  Even if you do not need something.  And FRIDAY’S are a great day to call everyone in your pipeline.  Say, HI! Touch base, let the client know where their file is or foreshadow the processes next.  One of the biggest things LO’s miss out on is the ask for referrals through the process.  If you’re doing a good job, regardless of closing the loan or not, you have a right to ask for referrals during the process of a loan.  (this works well around the 2nd Friday you follow up with them in the process)  I suggest that open communication is the key to a successful transaction, and that applies to all contacts in the transaction.  Lender, Realtor, AE, LO, Client for example.  If you feel lost on where your files are in a process something is not right.

In just about all relationships communication is key.  Why not set that standard on your business transactions.  Just my two cents.

TGIF – The Grind Includes Friday

#SellWell

#WeekendCalltoAction – Call your clients, ask for referrals