Tag Archives: Whacked Out Wednesday

Whacked Out Wednesday – Buyers are Liars!

#WhackedOutWednesday – Buyer’s are Liars!! Yep I said it! It’s whacked out but the truth.  And the biggest part of the lending equation that LO’s need to check up on.  I teach and preach best practices for lending in the mortgage industry.  My goal is to help you get to the closing table.  So when your taking an application and inputting what the Liar says, you have to remember to go back and validate everything.  This is what underwriting does anyhow.  So might as well prevent issues in underwriting yourself.  This means everything in my book.  You need to look at the bank statement balances and deposits, you need to analyze the pay stub for deductions, you need to calculate the income yourself, you need to read the title report, inspection and appraisal.

While some of this is mortgage 101, the fact remains many just take an app, gain the supporting docs and shove it in the file without ever reading it.  Remember buyer’s are liars! ↓

I have this group of badass originators that collectively help each other, and many different posts on tools and discussions on marketing occur.  Feel free to join Sales Talk with Mortgage Pros group on Facebook today! My goal really is to provide as much value as I can to the everyday originators in the trenches making it happen.

I do this various ways and my main gig is helping #MortgageBrokers close more loans.  I do this on a wholesale sales level with an awesome wholesale niche lender to offer more options for your clients.  Don’t get stuck with loans you can’t close! #GetOnPoint with #BluePointMtg today.  Partnering with Mortgage Broker’s across the country everyday to make an impact in pipelines.  GET SIGNED UP HERE!

As I always say –

#SellWell

 

Whacked Out Wednesday – Best Practice Mortgage 101

#WhackedOutWednesday – Best Practice Mortgage 101~!! The whole whacked out wednesday theme came about talking with a LO about the stuff that happens with loans.  We were actually laughing at some of the most common mistakes and “Gary” said this to me, that’s Whacked Out Wednesday for ya… So right then I called it and knew I was going to brand it.  So all my Whacked Out Wednesday video’s have been centered around helping LO’s know what not to do.  What best practices there are and mortgage basics to help the LO community.

Today is not an exception, and one I’ve gone over periodically as it seems many  LO’s seem to skip one of the most important steps.  Retail, Wholesale, it doesn’t matter.  This is a mortgage 101, best practice that you should implement.  ↓

When I was an LO at Ameriquest and at QuickenLoans I will tell you that this was a requirement to close the loan.  The LO had to sign and “approve” the HUD-1.  Now days the last item breaking down the fee’s and structure of a loan is a CD.  It’s still all the same and a best practice to make sure the LO is the one that is approving the CD.

NOT JUST THE LENDER!!!  – In fact in most verbiage of a package sent to escrow/title companies from any wholesale lender, it does say just that.  That the LO should be approving the transaction.  It’s just overlooked, and many escrow/title’s send the CD to be approved back to the “Lender” prior to sending it the the LO/Broker for approval.  That’s backwards in my opinion.  And YOU need to be accountable for what you “sold” the client.

Make it a best practice to sign off on the final CD yourself.

As always –

#SellWell

Whacked Out Wednesday – #MindsetMatters

#WhackedOutWednesday – #MindsetMatters!! It’s funny I see this all over, and at the beginning of the year it’s all in the feeds everywhere.  Congratulate “Johnny” he began @ XYZ Mortgage Co.  – Why people why?  Stick to one place and rock it out.  The grass is only as green as you make it in your visions.  Mindset Matters big time, and you have the ability to manifest your own success.  The matter of a good day or a bad day exists in your own mind FIRST!

The #WhackedOut part is people stop inches from gold all the time.  Just carried a 99 yard run, and stop on the one yard line right before the end zone.  Don’t do this, focus on what works and work what you can.  Sure there’s things outside of your control, but you can control more than you think.  You see when you doubt your power is when you give power to your doubt.

I’m in the office taking turn downs and turning them into funded loans.  Gotta full file on the side of your desk?  I ♥ “I gotta guy” questions.  Email me today – CLICK HERE

As always – Paint the picture in your mind first, then make it happen!

#SellWell

Whacked Out Wednesday – Start Branding YOU!

#WhackedOutWednesday – Start “Branding” you, and start with registering for the webinar I have tomorrow! I show you how to create campaigns, what types of campaigns to do, what to post, how to post, when to post and ultimately what will grow your local presence and help you double your business!  We’re even giving away the “10 days of pain” follow up email campaign you can use just for coming!

I know there’s several “common” problems that I solve in this webinar.  The biggest issue I get asked or see, is that LO’s go to post and “don’t know what to do”.  We teach the 5 P’s of posts on this webinar that help you segment your messages.  We teach LO’s how to use social engagement to add value to their referral partners.  We provide instant solutions to just about every common “marketing” problem you can think of.  And I’m giving away some marketing secrets that others may not want you to know.

FIND OUT ON THE WEBINAR – IT’S GUARANTEED TO BE JUICY!! –> JUICY WEBINAR

As I always say, share, interact, like repeat!  There’s a reason for that.  🙂

#SellWell

WHACKED OUT WEDNESDAY – Rule of 25

#WhackedOutWednesday – Is back, and I fully dress the part!! It’s the #Ruleof25! If you struggle with getting consistent deals from partners it’s probably because that partner isn’t in the 25% segment you think they are.  There’s four parts to the rule of 25!

Here you go –

Here’s the rule, it has 4 parts:
1. 25% of the people LOVE YOU no matter what you do. Now of course we need to close on time, give great communication during the loan process and follow up on their leads, but these people are the dream to work with and will forgive you of the occasional “Oopps!” (we all have those from time to time)
2. 25% of the people DON’T like you, no matter what you do. Even if you toss these people gold coins, they’ll complain that you are throwing something at them.
3. 25% of the people LIKE YOU, but are on the fence, and at the whiff of an issue of any sort or size, they fall into the camp of “DON’T LIKE YOU”. These are the referral partners where “you are only as good as your last deal.”
4. 25% of the people DON’T like you, but are on the fence, that if you juggle just enough bowling balls, they like you for a period of time, but soon as you drop one of the balls, they don’t like you again.
The secret to this is to find and hang out with the 25% that love you no matter what! This applies to a lot in life, but we’ll keep it business centered.
The referral partners in this segment, nurture, and do what you can to add as much value to.  These referral partners will be long term and lead to a business life of Happy, Joyous, and Freedom. $$$$
Working with and getting referrals from the other 75% is wasted effort, and leads to a life full of Restless, Irritable, and Discontent.  Basically each group has it’s “segment of what’s tolerated”.  And there’s no real relationship grown no matter what you do.
They key to all this is identifying who is in which group, which takes a bit of time.
I have found that to do this requires a bit of patience and requires strategies that put you in front of prospective referral partners as it’s all a numbers game.. I’ll be going over some of these strategies on my WEBINAR next week.  The secret is to GO WIDE!
The more agents/brokers you meet with, the more of the “25% that will love you no matter what” you will find.  Keep in mind that each referral partner that sends you a deal per month, and assuming you make $2,000 per closed loan, is worth about $24,000 per year in personal income for you as an LO. From an AE perspective the math can be similar with more quantity of loans.
Want to make an extra $100,000 next year, just find 4 of them (More Partners)… See how easy this is!!  And when you find those that fall into your 25% “Love You no matter what” category, it’s just the coolest thing ever!  Business is fun, and can be very rewarding.
Just wanted to share with you the 25% rule so you can have an even more epic mortgage business with referral partners of all sorts in 2019.  This applies to all referral types and business no matter what b2b or b2c. 🙂  #AEs Take note.
As Always –
#SellWell

Whacked out Wednesday – DU 10.3 updates risk!

#WhackedOutWednesday – A favorite for many where I go over what to avoid in the mortgage industry and give tips and tricks to help you not be whacked out! 🙂  I’ve been going over the DU 10.3 changes all week, and today I sum it all up by going over what you need to know DU is doing.  Evaluating risk! And every time DU is updated the “Desktop Underwriter” gets more intelligent in doing so.

So what to look out for?  Well complete your 1003 completely and make sure your placing comp factors in the 1003 when you have a higher DTI.  Don’t just skip assets because you don’t need them to close.  DU’s newest highlight, on a cash-out transaction where the DTI is greater than 45 you will need 6 months of reserve going forward.  I can only imagine that other loan case files and risks when DTI is greater than 43 even are being more scrutinized as time goes by.   My advice, watch your C of C’s right now, as something could change the case file id like a new credit report and be 10.3 updated and completely change the output on that loan finding.

If you need help closing a file that looks to be a viable one, but DU or LP just do not like it – CLICK HERE!  We have agency fall out options that can help in these situations.  Think of it as having a manually underwritten conventional option to close a loan.  We have seasonings for BK/Foreclosure and Short Sales that just need to be settled.  Plus a line up of other programs that may help you into 2019! #BankStatementLoans #Reverse #InvestorNIVA #JUMBOLoans

Lets do business! As Always –

#SellWell

Whacked Out Wednesday – Bank Statement Loan calculations!

#WhackedOutWednesday – Bank Statement loans and the income calculations are something worth going over.  I closed one in 21 days just last month, so knowing how they’re calculated and how to look at bank statements is crucial to success.  The biggest problem I see is no one is educating others on how to do them, nor are they closing fast.  The key is the work upfront.

First, you must actually look at the deposits and where they are coming from, not just the total of deposits at the top of the monthly statement.   As you do this analyze if any deposits are transfers. (You can’t use these).  Then make sense out of the deposits, a return or “another” business that isn’t being listed on the 1003 can’t be used as deposits.

Second, after adding up all of the deposits you can use, some banks say you can only use a certain percentage.  BluePointMtg does not.  If the client has 10 or less employees and nets less than 2 million gross deposits a year you can use a client produced P&L and expense statement to take into consideration expense ratio.  Then deduct that from your total.  It just has to make sense for the industry the client is in.

At BluePointMtg we have a 24 month, 12 month and a 3 month bank statement loan program for those self employed!  It’s a great alternative for those that write off everything and can’t prove their income the typical way with taxes.  #GetOnPoint with #BluePointMtg and the various Bank Statement programs we have!! CLICK HERE 

In the office all day doing AE trainings, team meetings and taking “I gotta guy” scenarios to help LO’s get loans done.  Let’s work together!!

As Always –

#SellWell

Whacked Out Wednesday – Manual underwriting versus AUS findings!

#WhackedOutWednesday – The good stuff, on what “NOT” to do so you know.  I reiterate best practices typically in the Whacked Out Wednesday videos that I do.  Today is no exception we will go over the difference between a manual underwrite and AUS underwriting.

You see doing more and more Bank statement and Non-Agency loans now, I can tell you I see it first hand.  Some LO’s do not realize how good they have it on AUS findings from GUS, to LP to DU!  Automated Underwriting Systems make is super easy to do loans now days and all you really need to do is make sure your 1003 is right.  Wait, that sounds familiar.  So garbage in and garbage out right! Well on a Manual underwrite you need to do the same.  And you must scrutinize information a little more on your own.  You can’t just throw information around like you do on an AUS loan.  You have to read and compare.  That’s what the underwriter does.  And it must make sense.  Read the supporting docs information, compare it to the 1003 and does it make sense?!

Sounds like a best practice for all loans! Don’t be whacked out and try to push a loan to closing and then do sloppy work.  IT’S only going to slow your loan down.  The biggest down fall LO’s have is not reading the findings or the information they get as supporting docs and then pushing it into the loan to only have silly requests from underwriting that they should’ve had completed prior to submitting the information.  For example, like a VOE or VOR being filled in completely.  If there’s line to be filled in that are blank once you get it back, make sure you READ the info, and ask for it PRIOR to sending in.  TRUST ME – This best practice will help you close more loans on time.

IF you want help, guidance and the ability to close more #NICHE loans let’s #GetOnPoint together with #BLUEPOINTMTG – All you need to do is CLICK HERE!

I am here to help you grow your business personally for anyone that wants help.  With individual loans, to strategies to help you market and obtain more clients.  I team with my Broker partners any way I can to help them build a business.  From structure of loans, to helping processors submit, to LO’s know guidelines to Broker’s recruiting more LO’s.  My goal is grow my business partners business, and in the process do business! What are you waiting for, get a higher level AE to help you —CLICK HERE!

As Always –

#SellWell

 

Whacked Out Wednesday – LO’s structure!

#WhackedOutWednesday – LO’s structure is important.  What you “sold” to the client you should try to make a reality.  What I mean is at the end of the month this happens all the time.  If you “sell” a certain cash out, or a certain cash to the table, as the CD is being made (1st time) you should take a close look to see if anything in the structure needs to change.  But once the lenders instructions go out, you as an LO have always had the responsibility to “sign off” on it.

Once title or escrow company is making the final CD, make sure you see it first.  Make sure you are approving it.  If there needs to be changes then have them completed.  The CD / The HUD it’s always been the same, that title or escrow company needs to send it back to the lender for “approval”.   Worst case is the CD isn’t approved and new instructions are sent to change X Y or Z are sent back to title/escrow.  Don’t wait around all day for a new set of lenders instructions just to make a quick structure change that should be warranted.  Remember most lenders systems are transparent, and all LO’s/Broker’s should be checking the RATE, the LOAN AMOUNT and DETAILS of TRANSACTION within a lenders system PRIOR to the CTC anyway.

These are best practices, and ways a LO/Broker can take back control over their transaction.  Don’t wait for minor changes to be made at the end, make them happen early in the transaction.  Or right about the time you send in all conditions to be exact.  No way you should be CTC and getting docs and find out the rate is wrong, or the cash to close isn’t right.  GET ON POINT WITH BLUEPOINT today, we’re growing and helping LO’s get it right the first time.  CLICK HERE and let’s do some business!

  • BANK STATEMENT LOANS
  • FHA/VA 550 FICO
  • CONVENTIONAL DU/LP
  • REVERSE
  • INVESTOR DSCR (NIVA Loans)
  • NON-AGENCY JUMBO (up to 5 Mill)
  • NOT YOUR TYPICAL WHOLESALE LENDER

NICHES are the name of the game @BLUEPOINT MORTGAGE! And we help Broker’s grow their pipeline with them.  Let’s talk loans, Text Juiceman to 33655 and gain a copy of my business card.  You can run scenarios, rates, and even get a hold of me directly.  What loan can we help you with today?

As Always – #SellWell

Whacked Out Wednesday – Reactive VS Proactive!

#WhackedOutWednesday – Reactive VS Proactive! – When it comes to the mortgage business you can expect that you will need to be both, reactive and proactive.  IT’s a given.  However, if you find you’re being all reactive then there’s a problem.  There should definitely be a balance between the two.  And I think this applies to all projects, all jobs, and life in general.

Get a piece of paper out, and write down a “to do list”! Be proactive in looking at the pipeline, in looking at your goals, in looking at your projects!  There’s something to be said for those that make a plan and act on it.  This is how goals are reached.  If you’re not doing this you’re missing an element in what you do.  What ever it may be.   My advice is to always be writing things down “to do”, especially if you say you’re going to do it.  Nothing worst than being let down by someone who says they will do something and then they don’t.  Don’t be that person.

Business is both a reactive and proactive contact sport.  What you do most of is where your business goes.  Are you spending a set amount of time being proactive and prospecting everyday?  Are you using social media to grow?  Are you being relevant to reaction when needed but proactive in preparation to prevent reactions to be needed?  Purchase season is wrapping up, are you slowing down or keeping a consistent influx of business going?  Good questions to think about.

If you want to obtain a copy of #TheBluePrint to help you grow your business – CLICK HERE! I’m partnering with broker’s and helping business come alive, are you on point? #GetOnPoint with #BluePoint here!

As Always – #SellWell