#ThursdaysThoughts – Getting JUICYer all the time we add more to the great #JUICYList!! This week I introduce a few new companies to the list. Today we have two of the newest on the list that help you grow your business, stay in business and retain your clients.
It’s a pleasure to introduce SUMMIT MORTGAGE TRAINING as a resource and tool for all LO’s that follow, and need to do continued education yearly. As well as education for Licensing for new LO’s. It seems I get asked that all the time.
STIKKUM – With a way to make your past clients remember you!! It’s a client retention strategy designed to help you connect and enrich relationships. Retain your client is growing and it’s great to see tools we endorse growing and expanding. Welcome STIKKUM!!
The #JUICYList is on FIRE this week, I ♥ it. If you have a tool or company you think should be on here, let me know! Maybe we can highlight them! 🙂
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#ThursdaysThoughts – How Borrower Paid Works!! Disclaimer, today’s video does not address “how” an individual LO or Broker is paid. Today’s video goes over the different type of compensation structures that are allowed on a Brokered loan. My advice is only that each Broker should have a separate agreement for compensation to their loan officers written out and signed. From a wholesale level, no LO should be able to say, I get paid more to send it to X lender than you. That can’t exist. What we talk about today, is the lending laws that allow a Brokered loan to be charging the borrower directly (Borrower paid) or paid by the Lender paid compensation election. (Lender Paid)
I detailed some of the advantages of being a mortgage broker yesterday, and today I go in-depth on one of those advantages a #MortgageBroker has, going borrower paid on a loan. Some Broker’s do this all the time, some Broker’s just don’t know how. Borrower paid is actually the best way to structure a loan for a client, only due to the enhanced tax benefits they can get. (from a consumer stand point) From a LO/Broker stance, you have more flexibility to adjust numbers and give a credit if there’s a need to do so. Hence closing the loan. ↓
The biggest thing to remember on a borrower paid loan is that the credit can only cover the actual third party costs on the loan. It can NOT cover the compensation. So it’s important to look at the credits as DOLLAR AMOUNTS, not fractions and percentages. In other words, what number is really 2.5% back to the client. And is that over the actual costs or not? Based on the loan amount, that end number will vary.
At the end of the day it’s all about structure, loan structure and the details of the transaction will always be the heart of the equation. When a Broker/LO goes Borrower paid, they simply have more flexibility to make the structure work that they sold to the client in the beginning. Making loans work is how they close. When they close that’s when every one involved gets paid.
If you have questions about Borrower paid or Lender paid transactions please feel free to email me —CLICK HERE. I’m here to help.
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#ThursdaysThoughts – #GuidelineWeek – Guideline week in full effect, hope you’ve enjoyed the shows this week. We are going over the most commonly asked questions on guidelines for Conventional and FHA this week. I throw in a few VA guides here and there this week, but this is all centered around the biggest subjects. Today and tomorrow we go over collections, disputes, liens, judgments, and gift guides. ↓
I ♥ “I gotta guy” questions and want to help you anyway I can to help bring loans to life. Questions on guidelines? You can check the guideline matrices on my website here — GUIDELINES
As for me, I’m wrapping up a successful Feb and rolling right on pace for my goals in the first quarter 2019. Are you? If not we should chat.
Happy Month End.
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#ThursdaysThoughts – Spreading the ♥ – Advertising Rules! Happy Valentines Day everyone! This segment is stemmed from RE Agents posting payments or down payment or something that caused them to be non-compliant last week and I mentioned something about it. There’s a lot that goes into this is my first disclaimer. But you have to start with basics. Understand the “trigger” words and what causes you to have to have APR disclosed. Understand the basics of what any housing and or mortgage advertisement should have on it. Understand what your targeting should INCLUDE to be compliant, because not including certain discriminatory things could make your segmenting OUT OF COMPLIANCE.
There is A LOT that goes into this “advertising game”. And if you’re an LO using FB to “boost ads” you should know what your landing pages have to have on them and what targeting you need to include. I can provide all types of in depth help on this. But many just don’t know where to start. The best thing to do is start with your personal profile and make sure you have your contact information, license & NMLS number, as well as company information on it. Second, make a business page for yourself and put all of the mentioned items on your page for viewing. Remember the trigger words and items to avoid having APR full disclosure and stay away from mentioning them. Be fun, be yourself and start branding who you are.
Many do this WRONG all the time. It’s important to know how to “Spread the Love” correctly on social media. Especially when it comes to the protected classes with segmenting. **This is why organic posts that you push and pull without direct targeting is important. I’d LOVE ♥ LOVE to teach you. If interested check out #TheBluePrint 3 day workshop I have for LO’s to get started online.
I’m a wholesale lender, and I don’t “advertise” towards consumers, I advertise towards #MortgageBrokers for relationships, but some of the same stuff applies to me. Just know the trigger words and what would cause the need for additional disclosures to be added. Get SIGNED UP to partner with a mortgage company with Niche programs to help you close more loans! #EqualHousingLender 🙂
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#ThursdaysThoughts – Fannie Mae updates as of yesterday and the course of organization. Being organized is key in everything. Trust me I know. I’m doing it again now, and building the best B2B AE CRM ever built. (Getting organized) I wish I did this years ago. At the beginning of the year being organized is paramount to your success during the peak season months. Are you organizing your data?
Even Fannie is adding in new fresh stuff, uplifting a face-lift to information and organizing and eliminating old un-useful information. Find out what ↓
For me, it’s always been about systematic approach to my business. Just like an LO whom does certain things at certain times in the loan. Like check numbers after the lock, or verify fee’s on the CD, or update the client two times a week. In the B2B world it’s similar and having touch points at different points in a loan has always been my angle. To help my business partners get to the “end zone”. What ever your method to your own madness is = GET ORGANIZED! Now’s the time to do it.
I’m helping Broker’s and LO’s get organized in various ways to take advantage of social media and many program options to offer solutions to their communities. Why not you too? = CLICK HERE – #LetsDoBusiness and get organized together! 🙂
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#ThursdaysThoughts – TODAYS THE WEBINAR!! @ 1 PM EST!! It’s the last chance to get JUICY! Join Us In Creating Yes’s for your pipeline! If you’re a broker and signed up with UWM, they have a marketing portal, I’m going to show you how to use that content today. I’m going to show you how to use FB algorithms to increase your audience on your personal profile and how to use a FAN page/Business page to create a branding strategy. Yep, I go through the full monte’ of marketing and will be sharing a ton of JUICE Drops along the way. You’ll probably want to take notes. 🙂
And for those that attend I’m giving away a series of email /text message follow up campaign that you can use to nurture the leads you do get. It’s called the “10 days of pain”!! Come Join Us In Creating Excitement about gaining more prospects from your business page and online profiles. I go though, what to do, when to do it, where to do it, who to do it with and how to do it. Rest assured you’ll gain more than one golden JUICY nugget for attending.
This is the LAST CHANCE TO SIGN UP!! Here you go —> SIGN UP HERE
As I always say – Share / Interact / Like / Repeat
#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!
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#ThursdaysThoughts – Straight from the heart of wholesale mortgage business! It’s amazing to see the growth taking place and lenders shutting down. 2019 is the year of the broker! It’s already happening, and the lenders that are not a true partner to the independent mortgage broker are struggling. What I specifically mean is if there’s lenders where they focus on anything other than wholesale, mortgage broker’s are aware. And the independent together channel is more wiser this round of growth, they are picking true partners to do business with. For those lenders that have “other” focused business, from Correspondent, non-del, and retail presence it seems the growth is skipping them.
I did a fun video while out at NAMB National in VEGAS just last month. Thanks to MNN (Mortgage News Network) I was able to stop by and do a short video with Andrew. See that below! Two videos today!
From my perspective I love ♥ being on the right side of true partnerships and adding BIG value to my #MortgageBroker partners!! This year I’m doing so much more to individually partner with Broker’s to help them grow their company! If you want to #GetOnPoint with #BluePointMtg here is the LINK TO SIGN UP! #LetsDoBusiness
Here’s the added bonus today and the second video for the blog, shout out to the Mortgage News Network! Thanks Andrew for making me look small, fat and bald. lol Appreciated being on, look forward to doing it again!
As I always say, Share, Interact, Like, Repeat!
#ThursdaysThoughts – The JUICY list is continued today! With yet two more companies that are must haves for Mortgage Professionals. If you want to be able to leverage your current prospects and past clients, these are the tools you should have. Don’t leave it up to one company to do your job for you. Don’t not have something to refer to online! – Yep – I’m talking “Websites” and “Client Retention” strategy.
The first today is to help you #RetainYourClients! The statistic is that the average person does 7-10 mortgages in their life time, are you setting yourself up to be a “Lender for life” for your clients. You can have a past clients credit monitored for any credit activity relating to a mortgage and be notified when your clients are looking! It’s complete with a mailing campaign to them with your logo and picture, to a notification that is sent to you to alert you when someone on your past client list is shopping for a mortgage! Retain your Clients into 2019, and be the newest edition to their finance team! Their mortgage lender for life! CLICK HERE TO RETAIN YOUR PAST CLIENTS
When it comes to creating a presence online you need at the minimum a website! There are many out there, but none that compare to one that’s mortgage centered, with calculators, plug in’s and full functionality for you to actively gain business off of. Especially in the mortgage industry, how you appear online will translate to some business you get or don’t get. Get the #LenderHomePage and make it simple for you and your team to have fully integrated, state of the art, professional mortgage websites to stand out! Ditch the old 1980’s website you have, into 2019, it’s time to upgrade – CLICK HERE TO GET A NEW WEBSITE!
As always I do the #JUICYList to help you Join Us In Creating Yes’s for your pipeline so I can partner with you and help you get paid. That’s what I do. I help a wholesale lender give the best rates and programs to the #MortgageBroker partners we have. Let’s do business in 2019 together! CLICK HERE TO DO BUSINESS WITH THE JUICEMAN!
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#ThursdaysThoughts – Back to basics for LO’s and a great reminder of how to actually “get loans done”! Seems to me every month that I see LO’s struggle with getting loans done or have issues with conditions it’s correlated to these three things I mention today. If you go #BacktoBasics and focus on these three things, what comes out on the other end will be docs. (on more loans) 🙂
Accurate and complete 1003 is the start. As you fill it in and gain supporting documents remember to go back and plug in the “real” numbers into the 1003. Like start dates of employment from a VOE into the 1003 for example. Details of transaction is the heart of the actual money exchange and is often the last piece of info that’s 100% complete. Why? – Well after you lock a loan you need to go back and plug in the credit or cost associated and it will change your file’s structure. It’s amazing that sometimes people don’t have sellers contributions or other credits plugged in from the start, but as you get towards the end of your loan #BestPractice LO’s should be balancing the loans structure. And throughout the loan the biggest mistakes on loans can be avoided by not submitting unnecessary information to the underwriters. And what I mean by that is to actually READ your DU/LP (AUS) findings!
If more LO’s go back to basics they will be more successful. It’s the truth, and real Thursdays thoughts you can take to the bank. Complete a 1003 accurately and 100%, run DU and submit only what DU asks for upfront and throughout the loan, and verify your structure on the loan in the beginning, at lock, and prior to CD going out! If you do this, you’ll have less issues, less stress, less fall out, and less last minute changes. Mark my word!
As always I want to offer coaching and help to anyone that wants it. Doing loans doesn’t have to be rocket science, or complicated if you stick with basics to make healthy loans. Hard loans, easy loans and all the loans in between I help LO’s complete with an awesome ops staff. Why not make an impact together in 2019 – CLICK HERE!
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