Tag Archives: Whacked Out Wednesday

Whacked out Wednesday – The most under utilized Program!

#WhackedOutWednesday – The most under utilized program is the USDA loan in my opinion.  And today, because it is a #StrikeZone for me, I wanted to highlight some things for you mortgage pro’s.  This is a fantastic program, and guidelines and “zones” have been updated.  You’ll be surprised, you might find this is a great loan to segment an advertising campaign with.

I’m including a few links today, and the 1st will be a link to gain GUS approval on your end.  Many Broker’s seem to not have this set up, and you can do so right from my website.  2nd link will be the calculator to help you see if someone qualifies for this loan.  I go over several guidelines you should know, from what constitutes a large deposit to DTI ratios to look for.

I believe this is a great program, and a #StrikeZone for me.  Here’s the links to help you;

  1. The link for the GUS sign up for you brokers — CLICK HERE!
  2. The link for the qualification calculator for USDA —- CLICK HERE!

For those of you that like ideas to source new business, here’s definitely one of them to segment and see if there’s a USDA zone near you.  #SellWell

 

Whacked Out Wednesday – Processing Tip of the week!

#WhackedOutWednesday – This is gold today! One of the best processing tips of the week.  We’ve talked about uploading a loan, submitting a loan, and today processing the conditions you get at approval.  First things first though, I will say as a reminder, PLEASE READ DU/LP and know what is asked for with income.  And then ONLY send those things in at initial underwrite.  DO NOT send in taxes when taxes are not needed or asked for. – FYI.  (Common Mistake – Whacked OUT!)

Process the information you are sending in to be cleared in a way that makes it simple for someone to decipher your 100 page PDF of what goes to what.  Don’t let it be a guessing game.  Make it easy.

My goal is to help more LO’s close loans in 10 days.  It’s not hard.  And very simple to do if you approach the loan right.  I help my LO’s do just that, and not only close them in 10 days, but source new business in the process.  I’m growing!! – #LetsDoBusiness

#SellWell

Whacked OUT Wednesday – Large Deposit Guideline Edition $$

#WhackedOutWednesday – Is back and in full effect this am.  WOW, I mean WOW, what goes through the mind of clients that think they can just deposit large sums of money in their bank account as you’re doing a purchase loan anyway? lol  Today, I go over the guidelines on large deposits to clear the air, and help you know what to look out for.  HINT – It has to do with what type of loan your doing! Not all deposits are considered equal.  (large)

Don’t be fooled, while I add a lot of value to my Broker partners, and can help them source business, I AM STILL LOOKING FOR ACTION TAKERS!  I am not at my goal monthly and want to help as many mortgage Broker’s as I can.  Sometimes I think people might think I’m swimming in business and don’t need their loan because I do these videos and add so much value inside the groups and social media.  That is not the case, I need and want to help as many people as I can.  If you don’t have a responsive AE, or someone that can help you actually source business on top of close loans for you, CALL ME! – Let’s make it ring today, 304-901-2798 is my office line.  Reach out don’t be shy, I might be able to help on that “I gotta guy” guideline question, or I can discuss with you marketing strategies to help you double your business.  Either way, #LetsDoBusiness!  – I am growing towards my goal daily, but I’m not stopping until I’m there!

#SellWell – JUICEman

Whacked Out Wednesday – Appraisal Costs, Mortgage Fraud, and Marketing

#WhackedOutWednesday – Some great info in today’s video.  Be sure to watch it below.  On the content of marketing this week, one of the biggest problems I see is that LO’s attempt to do Facebook ads, and do not get the results they wanted.  The biggest problem with this is running a paid ad without any real knowledge of how to advertise themselves.  Organically.  You can do it several places, as mentioned yesterday you should have a fan page that you do organic posting and campaigns on.  If you learn to push and pull your messages you can increase your click through rates and lower your costs per click with organic exposure on your own paid ads.

What I suggest is to know at least something on how to increase your own results online BEFORE you go spend money on paid ads.  While it’s enticing to have leads exclusive to you to show up in your CRM or email box immediately, don’t waste your money without knowing some basics of how to make the paid ad perform better yourself.  Even if you pay someone else to do it.  This is called optimizing your ad.  And can be done through re-targeting and with organic exposure.  What I suggest is to know the difference on what types of “ads” to do.  There are direct campaigns and indirect campaigns a mortgage company can do.  A indirect campaign is a one that goes after anything but a mortgage straight up.  A home, a divorce attorney, a new home build, a tax preparer, any other than a mortgage.  A direct campaign is just that, a direct marketing message for interest in a mortgage.  Simple.  My rate’s awesome, click here.  (maybe not that verbiage but you get the point)

There are a ton of tools that allow you to do these types of campaigns, click funnels, lead pops, lead pages etc.  They are all viable for you to create a campaign.  To capture a lead you can use a wufoo form, or use a service that helps do it all like listing booster.  What I did in the beginning is used all the FREE tools that I could.  That way I had leads and loans closing in order to invest.  If you research these “funnels” and ads and what it takes to put a big campaign like this together, you will quickly see it costs a pretty penny.  So what I did was put together a way to help others start with the organic side of things.  That way YOU can gain leads FREE and use tools to help you capture an audience all FREE.  Instead of spending hundreds a month for each application.  What I put together was a training called the BLUEPRINT, where I help others learn to generate business online.  I teach various different types of posts to do and how to structure them to help you grow.  FREE, without paid ads.  The BLUEPRINT is a way to get started – Click here!

#SellWell

Call me for all I gotta guy questions! If you are a mortgage broker and want great options for products pricing and AMC’s (as I mentioned) fill in below!

 

Whacked Out Wednesday – *WATCH THIS – Objection handling and a guideline!

#WhackedOutWednesday – Objection Edition – Yep it’s whacked out that people just understand that rates will not be far from each other.  Anywhere they go.  But that’s the consumers right to “shop around” right?  Here’s what I used to say all the time in handling objections at the time of origination.  When pitching there are 3 main points I used to go over on every call.  PLUS in this edition I go over a guideline that I forgot about!

What I suggest is you use some form of this in some way.  You acknowledge the request for more information (objection), you respond as a human with understanding, and you explain what you’ve found over your experience.  ARC/ARP (Acknowledge Respond Pivot or Close) What I used was this Feel Felt Found approach a lot.  It helped me gather my thoughts quickly and respond.

When answering questions and addressing objections I paint pictures and assume ownership along the way.  What allowed me to do this the best, was understanding the WHY?  As funny as it sounds I know LO’s don’t really truly know the “why” behind the client buying, refi’ing or getting cash out all the time.  If you dig deep during the application stages you will find out your clients WHY.  Then push the bruise a little and show them how your custom tailored mortgage solutions helps them achieve their goal.

While doing all this in the process of the pitch or the 1003 information gathering stage I would slip in three statements that often times was the keys to differentiate myself and earn the sale.

  1.  Number 1 complaint in the mortgage industry
  2. 1/3 rule and 5% will actually deliver
  3. Average person does 10 loans in their life time

I hope the structure and bonus guideline helps you today to acknowledge, respond and close a client that we can work on helping together.  If you want to know more about how to work with me, click here!

As always – #SellWell

-JUICEman (Join Us In Creating Excitement)

Whacked Out Wednesday – Borrower Paid Calculation

#WhackedOutWednesday – This week we’ve discussed various compensation set ups, and ways a broker could have his LO’s paid.  The “how to” on a borrower paid transaction is often a question I get.  In reality there is a right and wrong way to price these out as a result of comp laws indicating that no credit on a borrower paid transaction can cover LO comp.  Hence the “borrower paid” name.  However, many LO’s and Broker’s get this wrong all the time.  Today I wanted to break down the easiest way to structure these.

Step 1 on a borrower paid transaction is figuring out the total costs.  You can’t in theory pick a rate until you know this “dollar amount”.  Or at least close to it.  So add up all your title, impound, government recording, flood certs, underwriting fees, appraisals, inspections and any and all 3rd party fees, upfront.  Once you have a number go on to step 2.

Step 2, price the loan out with your lender as a borrower paid transaction.  When looking at the credit for any given rate, it’s best to pick a rate that doesn’t “exceed” the total dollar amount in costs.  You can be within a few grand at most, but the objective is to be as close as possible.  Otherwise any 3rd party costs not covered by credit would need to be paid by the borrower or covered by concessions.

Step 3, input your commission.  The point in many cases of doing a borrower paid transaction is to “lower” the compensation from your said “Lender Paid Compensation” (LPC) selection at any one lender.  Many make the commission equal to or less than the actual costs on the loan.  Which for the most part shadows the credit for the rate.

In a real life example, the total costs are 4200 on a loan (including impound set up) and the credit for the rate is 4000.  Then the LO chooses to make 4000 and have the small left over 200 dollars from costs not covered by the credit.  Making the total in costs on the loan 4200.  Somewhat a rob Peter to pay Paul scenario, or “magic show” as I describe it.  If you find you’re accurate in estimating costs upfront on a borrower paid transaction, you will be able to price and sell this type of loan to anyone.  And WIN the deal with any shopper.

This week I am doing data entry into a CRM and expanding my Broker network big time.  I would welcome helping you! If you own a Mortgage Brokerage or know someone that does, refer them to the JUICEman.  I encourage others to Join Us In Creating Excitement about mortgages, and make this stuff fun.  I look for great broker’s that want to excel at helping others with mortgage loans.  As a wholesale AE, my role is to help facilitate these home loans to the closing table.  I act as an intermediary between the LO/Broker and the underwriter and funding teams.  The more accurate the 1003 and structure of the loan upfront, the faster loans close.  Let’s do business together this year, in fact, you can “try before you sign up.”  With great rates and 1 day turn times, we are poised to position ourselves to help many broker’s grow their business this year.  Why not you? – Shoot me a message on Facebook, I’ll send you a rate sheet and submission form.  You can experience our stellar service first hand and then sign up!   #SellWell

Whacked Out Wednesday – Gain exposure already!

#WhackedOutWednesday – Gain some exposure already! IT IS WHACKED OUT! – That LO’s that post in comments or online they do loans, have no intro or otherwise recognized profile description they even do loans.  If you do loans you need to take the time to update your profile.  Make it known you do loans.  I recommend you place your “page” as were you work.  If you don’t have one, at least tag your companies page so your profile says where you work.  In the about section, there should be your phone number and or other ways to get a hold of you.  Seriously, making what you do public and how to get a hold of you is like a per-requisite to being successful as an LO.

Second today, I encourage others to understand how “facebook” and other social media works.  Understand that if you “tag” someone you are pulling them onto the post.  They DO see a notification, however that doesn’t always get seen.  I would go above and beyond that and “syndicate” with them.  That means message them in a private message asking them to engage in the post.  Like it, place their website in the comments, whatever it may be to gain the exposure.  Because what happens when someone else likes and engages is the post goes to the top of the news feed to be seen again by others.  And this time includes that person’s friends.  Make sure you know how this works, if you get tagged in posts, go back and like them.  It’s rude not too, if you message them and they still don’t interact, I probably wouldn’t recommend that person to be tagged in photos or posts any longer.  Just an observation.  🙂

Last and certainly not least, is the 3 day workshop I have now.  It’s the BLUEPRINT! A training that I’ve developed helping mortgage broker’s gain relevancy, reach and results for the last 2 years.  I’ve managed over 30 mortgage broker fan pages (at one time) and I can tell you the key to “blowing up” online is creating consistent marketing campaigns week in and week out.  With those campaigns I teach the type of posts to do, what to do with them to push and pull your messages to gain exposure, and how to leverage social selling at new heights.  Often times many broker’s double or triple their referral network actually giving them leads! Step up your social selling game, get the Blueprint working for you! CLICK HERE FOR THE BLUEPRINT

As Always #SellWell

Whacked Out Wednesday – Want free tools to help you build a list?

#WhackedOutWednesday – If you are not building a list and marketing to them you’re missing out on business.  Today’s tools out there are extravagant and each one has a subscription cost of a few hundred dollars at the least.  The good news is I have a marketing tip for you today to help this.  I absolutely suggest that you market to your clients daily, weekly, monthly, and do it in a fun way to Brand you.  Weather you send out letters (mailers), or simply go down a list you have on excel and email them manually.  I suggest you set yourself up to automate some aspects of your business.  Lead capture, and email campaigns go hand in hand.  And both can help you build a list and gain more business.

It is whacked out that each of these needed application costs so much, but it is what it is.  How I started was FREE, and you should too if you’re not doing any of this.  In today’s video I give two tips to use free applications to both capture leads with an interactive form you can advertise, and a way to build a free email campaign list.  My attempt to help you with solutions as always.  – Make it a great day – #SellWell

Workshop with Shawn? – Check it out, I put together this training that I was able to help individual Broker’s use to increase their business and now I’m helping others not in my network learn how.  You have Facebook Fan page but don’t get leads from it?  You don’t have a list built yet? No lead capture pages as suggested.  I can show you how to integrate these all on a Fan page and learn to push and pull your messages so you gain FREE leads.  It’s a work shop, and it’s the Blueprint guide to campaigning on Facebook with a Fan page.  Check it out below ↓

The Blueprint – Ultimate Facebook Fan page Marketing campaign guide
As Always – #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

Whacked Out Wednesday – Complete Completely

#WhackedOutWednesday – Complete completely a 1003, a lender app, or anything that is a form to turn in.  Seriously, this is elementary things, but yet grow ups don’t know how to fill in a form!  Like seriously, if a form has a field to be filled in, put something in it! Even if it’s N/A – Something is better than skipping it.  And you may just find that you have an important question you needed to ask or answer.

More importantly, with a complete 1003, DU will not give you errors.  Well, I should say “as much”!  Some of the common errors in 1003’s today for #WhackedOutWednesday will hopefully help you learn to look at these sections to begin with.  Let’s list them;

  1. Type of loan, I know this seems basic but it’s true, sometimes people get in the habit of checking FHA, when it’s actually a conventional loan.  Make sure the boxes at the top of the 1003 in the beginning are correct.
  2. Name, Phone number and Email address;  Again you would think this is elementary but the most common is a 1003 with no email address.  Let’s recap this whole TRID thing, you can’t do a home loan without an email basically, or you wait longer to close.  So if a client doesn’t have an email and they are that old fashioned, open them a free gmail account.  It’s basically required and you will thank yourself later in the loan process (ie CD time)!
  3. Work and Address history – Remember on a 1003 the underwriter is looking for the last “two year” work history.  No matter what the program or how long you want to prove income income etc.  There needs to be a work history and an address history (rent or owned) for a two year period on the 1003.  Simple.
  4. DOWN PAYMENT TYPE – On purchases I highlight this, as a function of DU it reads risk based on weather the down payment is marked from Checking savings or as a GIFT!  If you have a gift and you don’t select that upfront, you could begin a loan and then later on find out your loan isn’t approved.  (*reiterating to fill in the 1003 correctly)
  5. REO section – It’s funny but many professional processors even hate this section and skip it.  If there is a mortgage on the credit report, that means you must tie that loan to an REO in the Real Estate Owned section.  Simple to do, but commonly missed.  OH, and if you have free and clear homes, make sure you assign the “taxes and insurance” on that property to the home so that DTI shows right.  So basically if they have a home fill out the REO section.  Wow what a concept.
  6. Declaration Questions – Including all HMDA /ECOA info.  So that last page, that asks if they are Indian or Asian yeah that one.  Mark it up, it’s needed for your bosses call reports anyhow.  (form they fill in and send in to tell the government whom they have been taking apps with) – Bottom line, make sure you attempt to have all boxes marked on this page.  It is imperative that the 1003 is accurate here as some of these boxes can trigger different approval levels.  And more conditions for sure.

No matter what, if you’re in Wholesale or Retail, the 1003 is like your bible to a loan.  It’s the holy grail that makes or breaks someone’s financing if not completely and accurately taken to begin with.  DIG DEEP – My advice, is anytime you see something not “normal” ask questions – LOTS OF THEM! Do NOT be affraid to ask your client WHY?  Why did you have a job gap? Why did you sell that home, where did the money go?  Can you source any and all large deposits in the last 60 days etc?  Below I souce the 6 top 1003 mistakes for #WhackedOutWednesday – It’s longer than normal however, take notes and implement is my suggestion! #SellWell

It is WHACKED OUT that sometimes mortgage pro’s half ask it on the NUMBER 1 thing that is part of their job.  Filling in the 1003.  Funny in a way, but trust me, the more accurate, the more questions you get asked, and the more detective work you attempt to do in this stage – The MORE LOANS YOU WILL CLOSE!  Meaning fund and get paid on.  So my advice SLOW DOWN, and master your craft.  It’s the one thing that can and will dictate your paycheck! #SellWell