Tag Archives: NEW URLA

Two for Tuesday – Departing Primary guidelines, gift reminder, and URLA!

#TwoforTuesday – A great idea to know these as more “departing primary” scenario’s are coming up.  People are #Downsizing and #MovingUp this year and we will probably see more of this in the summer.  Gift guidelines are also gone over as a reminder when you have multiple units.  Then the URLA info is a BONUS, link will be below the video today if you want to #Checkitout!

If you want to see the new URLA as Fannie Mae’s team has announced it’s completion just last week.  It doesn’t come out officially until July 2019 and not required to be used until 2020 sometime I believe.  Check out the look and feel of it HERE!

#SellWell

Wonderful Wednesday – The new 1003! It’s coming….

#WonderfulWednesday – The new 1003 comes out this year!! Have you looked at it yet?  I can look at these new forms and the way questions are asked and envision how I will deliver it to clients if I was licensed.  Are you doing this to be proactive?

Todays video is a reminder to do just that, you should know what these look like and how all 5 of these “interactive PDF’s” will be apart of your daily JOB!

 

I have placed the new 1003 links here as I found them:

  1. urla-borrower-information
  2. urla-additional-borrower
  3. urla-unmarried-addendum *see what I was talking about here
  4. urla-lender-loan-information
  5. urla-continuation-sheet

If you are not getting business the way you think you should and “it’s slow” click below, join the Sales Talk with Mortgage Pro’s on Facebook.  See you there! ↓

The Mortgage JUICEman Tools are here!

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TGIF – 1003 Commonly asked ?’s

#TGIF – The Grind Includes Friday (everyday for me) 🙂 – Very frequently I am asked about rules of the 1003, and wanted to drop two commonly asked questions as guides today.  Number 1, the 1003 is going to changed, yep you’re going to have to learn a new one! But not until 2019.  So you still have 1 more year with the current version of the URLA.  So good news there.  Number 2, the most commonly asked question I get asked is about the work history.  Most get confused about the rules for using income, and how to fill out the 1003.  Let me clarify. – You need to detail a 2 year housing and a 2 year work history on the 1003.  It’s as simple as that.  If they have only worked at their current job for 30 days, just keep asking the client “where did you work prior to that?”.  Make sure you detail 2 years as a history of working.  Now high school does NOT count, but trade schools and college do.  If there is more than 30 day job gap all you need to do is get a letter of explanation from the client (loe/lox).  Simple.  Number 3, the rule of 5.  I love this rule.  And many do not know it.  So here’s a cheat sheet to refer too.  Commission, bonus, over-time, self-employed or working two jobs are the 5 things in this rule.  And really you only need a TWO YEAR HISTORY OF WORKING TWO JOBS AT THE SAME TIME!  The rest of the rule of 5 you only need a 1 year history of doing.  With exception of being self employed and actually working in the same field for 2 years or more, but you can be self employed for 1 year only and do a home loan.

Better yet, you can use our #SponsoroftheWeek PERFECT LO to help you take an accurate 1003 from the start!  #SellWell

I’m growing again and today calling Broker’s I do NOT know at all.  If you watch this, share it with a fellow Broker or Bank that could use a great Account Executive to help them close more loans and gain more business!  #FilloutBelow