Tag Archives: Mortgage loans

Two for Tuesday – DU Updates 10.1 are coming!!

#TwoforTuesday – Two updates are in the horizon. DU 10.1 is almost here! The programming for DU seems to happen every year about this time, and it will be interesting to see what they do in the next year, year and a half with the GSE’s 7 year exemption coming up.  Yep, remember QM was to make all loans at 43% DTI max! And the GSE’s only had a hall pass for 7 years.  We are coming close to the end of this window, and will anticipate some announcements on this in the coming future.

#SellWell – Check out the #SponsoroftheWeek, LEAD POPS

Whacked Out Wednesday – Do you know the WHY?

#WhackedOutWednesday – Have a rate shopper that is stern about rates and costs and just has their mind set that’s all they want?  That’s the guy you need to ask the most questions with, and dig the deepest to find out their WHY!  He/She is trying to save money for something, what is it?  What is the goal short term and long term financially for that person?  Finding out these things can help you custom tailor a mortgage to help find a solution for that person to reach their goals.

Do not let the clients dictate the situation, take control over the conversation and start being a consultant to help them.  Sometimes people forget they don’t pay rate, they pay a payment.  And the sum of all payments due every month is what takes cash flow power away.  It’s called your obligated debts.  Heck someone who is self employed would benefit from a higher rate to begin with.  There’s a fine balance of how it all works, I’m not a CPA, but if their mortgage interest is too little it could have less of an advantage to them on taxes.  Just one example to think about.

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It’s a full picture you must dig deep to find out WHY are they doing what they are doing! Where are their goals short term and long, and then how can you help them fabricate a plan to get there.  And you do this with, in most cases, the biggest asset that client has.  So, ask questions, don’t just take orders.  Being a mortgage pro, is a form of consultation.  When you approach it this way, your clientele will change.  #SellWell

Two for Tuesday – FHA & VA products

#TwoforTuesday – Two great products today I highlight as my favorite, FHA and VA for sure.  While I love conventional and Jumbo loans too, my team shines with the Government loans.  We do the real IRRRL, the right streamline, and our pricing is top notch.  What I absolutely ♥ about them personally is the ability to help those clients that need help.  Besides the VA loan is the best loan out there hands down.  And of course they make for the best marketing campaigns and we can help a wide range of people.  From 560+ FICO on up!!

If you’re not set up with a lender that can make these loans happen, hit me up, we can JUICE the pipeline together.  Join Us In Creating Excitement and let’s create a campaign to help you drum up business!  In my side of the business, the last thing I want to do is have a conversation where the Broker/LO says they have no business to send.  So what separates me from the crowd is I help my Broker/Bank clients actively create leads, gain resources and tools to help them do more business.  Let’s partner together!

If you have a fan page on Facebook or Instagram and are not gaining leads from it, I can show you how.  The BLUEPRINT is here!

Growing my network to help others get more done. Fill in below and let’s see how we can help you, let’s partner together!

#SELLWELL

Whacked Out Wednesday – Collection Guidelines

#WhackedOutWednesday – Today’s installment is all about collection accounts for FHA and Conventional guidelines.  There’s some JUICE in here that you may not know.  #Checkitout  PS>>> I’m accepting transferred appraisals and new FHA submissions 🙂

Check out the #SponsoroftheWeek whom is; CARD TAPP APP

A virtual business card can help you “track when to strike”! #SellWell

 

Whacked Out Wednesday – Keep calm and Carry on with closings!

#WhackedOutWednesday – Back at it with the end of the month closings.  Balance your file, put in your locks price, estimate your impounds based on information on title, the cash to close should NOT change drastically.  In fact, the one thing most will not have in advance is the actual “aggregate adjustment” from title.  That’s the only number really that should change what your client is bring to the table.  #SellWell

Sponsored by Perfect LO, a mortgage application software tool.  Take 1003’s interactively, with over a 90% complete ratio.  PerfectLO Website

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Two for Tuesday – Consistent Action

#TwoforTuesday – Sales TIP day, I go into the two things that have made me successful in whatever I do.  Consistency and Action.  Both work hand in hand, and all start with taking action.  Make time to prospect, make time to follow up, make time to go over emails and voicemail.  When you create consistent habits of action is when you will see results in the long term.  #SellWell

This weeks Blog Sponsor is PerfectLO.com .  Check out the video made demonstrating the product; Perfect LO VIDEO

PerfectLO

TAKE ACTION; GET A HOLD OF ME TODAY!  IF your SLOW, or NEED To close more loans with more products call me.  I just don’t help close loans, I help you alleviate risk, and get more done! (Need leads?)

Weekend Call to Action – Diversify pillar partners!

#TGIF The Grind Includes Friday!  Weekend Call to Action this week is simple.  Make a fan page if you don’t have one.  State on your personal Facebook that your a LO or Mortgage Broker! Make it easy for others to know what you do!  And then use your own list of connections to start a list of people to connect with, reach out to, like their page, engage with, comment on, private message to…I think you get the point.  It all starts with you looking.  #CalltoAction #SellWell #TheBLUEPRINT

For those of you that Broker home loans, or are a LO struggling.  I can help.  Even with Banks, and Credit Unions to help their lending team alleviate risk with underwriting.  I help others close more home loans across the US!  I offer an array of products from FHA/VA/USDA/ Conventional / Jumbo and even NON-QM to offer your clients.  Fill in the form below!

For those of you LO’s that are struggling and need help finding a way to gain more referrals and deals to work.  I have theBLUEPRINT for you!  A way to leverage social media and set yourself up for ORGANIC FREE exposure to gain more leads and do more loans.  Check it out here; TheBLUEPRINT is here!

Whacked Out Wednesday – Detail your Details!

Details of transaction are the most missed common denominator in issues recently.  Here’s my advice, when you lock the loan, go back to your LOS, and plug in the numbers.  Then the part that is missed is to compare your details to the details of transaction inside your lenders system.  Quite a few of you will notice a difference.  Let me just say, that’s “why” the underwriter thinks your short funds to close, and you don’t.  Make sure they see what you see! (or would like to see cause that’s what you sold).  #SellWell

Thursday’s Trick – LE Fee’s and Tolerance trick

Great time to remind everyone what has a 10% tolerance, what has zero tolerance and what has no tolerance.  Fee’s are important, very important!  And I am fan of over-disclosure.  I encourage you to make sure you are over estimating fee’s, especially the one’s that “change” the most.  No offense to title and escrow companies, but I’m calling you all out.  lol.  Across the Nation I do loans for Broker’s that send them to my awesome underwriting team to be completed.  And the biggest thing I see in fee variance is the title/escrow fees changing from what is said (in writing) to be charged for those services on a mortgage loan.

Trust me I get it.  Loan amounts can change, and yeah I realize the cost of the title/escrow fee’s are ultimately associated with that.  However, I’m not talking about 5 dollar differences.  I’m talking about a couple hundred or in some cases over 1k difference in fee’s on mortgage loans that are disclosed upfront, and then in the end the costs go up.

Here’s a guide today on a way to combat that problem, as sometimes a LO may not know “all the fee’s” that particular company is going to charge on that “specific file” until later in the transaction.  Well, 1st off, as an LO, you should be over disclosing those fee’s as a whole.  If you know in your area, that what is usual and customary on a loan (say 200k), that should be rounded up on your LE and SSPL.  For those Broker’s/Lenders thinking of expanding in ownership/affiliation with a title company, you should know that those title fee’s then become a ZERO tolerance item.  (actually spells out = not a good business idea)!  For those of you that place the exact company on the SSPL and LE to match (in section C) and the borrower “chooses” them, then those fees have a 10% tolerance.  So what you disclose in the beginning can vary only 10% all the way to the end.  Whereas, if the specific company said on the LE & SSPL for title fee’s is actually NOT chosen by the borrower…Well those new fee’s from a different title/escrow company can be completely different than what was disclosed.  With no reproccussion (tolerance cure) by the LO.  #ThursdaysTrick

Check out the video and the chart below.  I didn’t make it, I just use things like this as “bible” to getting transactions done.  🙂  #knowledgeispower #disclosecorrectly #SellWell

Here’s the cheat sheet that spells it all out.  One fee can be in either of the 3 categories, depends on your business and how you disclose.  (And what the “borrower” chooses) 🙂

FeeTolerance

As always, Share, Interact, Like, Repeat! #SellWell

-The Mortgage JUICEman (Join Us In Creating Excitement)