#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!
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As Always –
#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!
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As Always – #SellWell
#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
This week I did a theme of “the best of” Whacked Out Wednesday videos, I hope you liked it. Today being Friday I typically drop a suggestion that LO’s can use to source new business as a weekend call to action. I found a good “sales juice” version of Whacked Out Wednesday I did a year ago that fits perfect. And it’s the truth, the energy and emotions you drive will dictate your “sales”.
Do this now, this weekend, and going forward! Bring the energy, and stir up emotions and don’t just go through the motions. Too many do just that. If you’re already slow, then source new business with a smile that’s contagious. (Partner with BluePoint)
I’m all about helping my Broker partnerships and I will help close the loans on your desk as well as help with ideas to source new loans. You just have to do to the work. If you source new loans with campaigns we generate together, would you be willing to send a loan? Most say yes, and most are all ears to increase business. This is just one difference maker we make. Get on point with BluePoint, and really talk strategy with me to help you grow your business. CLICK HERE! #LetsDoBusiness #WeekendCalltoAction – Fill out a Broker package, let’s partner together.
As Always –
#ThursdaysThoughts – The best of “Whacked Out Wednesday” all week long, hope you’ve enjoyed and are picking up things to avoid or to do to close more loans. Today is no exception and goes with the Thoughts that each loan officer creates their own head aches by not completing the bill of sale! Every sales person out there has to fill in some paper work that becomes the frame work to the sale. Car guys, vacuum sales, insurance sales you name it. Mortgages bill of sale is really the 1003!
The 1003 is the heart of the mortgage transaction and underwriters are really just looking to verify the information on the 1003. Make sure you are completing the 1003 and it’s accurate. And you check the information that the client sends you and compare it to your 1003. These are small things that you can do to help your own “Bill of sale” be done correctly in mortgages.
Get on point with BLUEPOINT and we will help you take your bill of sale to the closing table! Today I’m issuing LOG-ON’s to anyone that may need it. CLICK HERE
Thursdays Thoughts – Don’t be whacked out and half ask the bill of sale!
As always – #SellWell
#WhackedOutWednesday – The best of all week long. Today’s video is ICONIC and the message I’ve said for years. Since the beginning, the lending laws have always set a tone to aid the borrower verify what they are getting. What I mean is something was always breaking down the numbers and is signed off on. Question to go with it is: Are you as a LO actually verifying your numbers prior to docs or disclosure (CD) being sent out to the client?
As funny as this sounds it’s true. You must verify your structure. My PRO suggestion is that this is done in the very beginning on the 1003. Where you have the details of transaction. And by the way, it’s a good idea to check “Lenders” systems for the details of the transaction to be transposed the way you want too. It all translates into the DU/LP or underwrite to begin with.
Avoid the changes and have someone work with you to get to the closing table the way you “sold” the client. Garbage in and garbage out, you’ve heard the saying. Work with a team that helps you structure the loans right to begin with. Team work makes the Dream work! Give BluePoint a shot on the next loan. Today’s the last day!! Gain .25 in premium pricing on all purchase submissions Today! *Must be locked by 08/31/18!!
Get on point with BluePoint today!
As always – #SellWell
#MondaysMotivation – This week I highlight “The Best Of” Whacked Out Wednesday as these are one of my favorite of all videos. Today’s favorite is the best of explanation on keeping it real. Avoid the #BythewayBomb!
Get partnered with a lender that helps you get to the finish line. Price might be great to get you in the door but if that lender you’re working with lacks processes or speed or service there’s the inevitable #BythewayBomb often – It’s time to get on POINT!
Get on Point with BluePoint! Partner with a BRAWL friendly lender that helps you achieve your goals. That will help you push a pipeline, and look at the file right the first time! Avoid the bombs already, let’s connect – CLICK HERE
In the office all week training AE’s, partnering with Brokers, answering “I gotta guy” questions and closing loans. How can I help?
As always – #SellWell
#WhackedOutWednesday – HARP ends this year on Dec 31st 2018. However is replaced by a new high loan to value loan. The new HLTV loan very much like the old DU Refi Plus that will end this year. The documentation is limited, PIW’s will be available, LLPA’s will be limited in tiers. IN FACT – Fannie Mae just updated these guidelines yesterday! I had this all planned out on Sunday for today and read them then, now I go back this am and see the updates. They moved the min LTV from 95.01 to 97.01 or higher. Today’s video I go over it!
Wonderful Wednesday is more like it, I can see this loan making impact, especially in areas in the future that may see a decline in housing values. It applies to all conventional notes Oct 1, 2017 or AFTER. And the loan must be seasoned for 15 months. Nice option for your borrowers, and there’s NO min fico, no max dti, and no wait timing on any derogatory events. ↓
Today TXT Juiceman to 33655 and check out the app. You can contact me from it, send me scenarios, price a loan and even #SIGNUP right from there. I’m in the office starting my AUGUST RUSH! As you can see the phones are already lighting up!
#WhackedOutWonderfulWednesday – Happy 1st of the month! – I personally ♥ long processing months. Means more chance to close loans. As we all (*anyone in the mtg industry) gets ready to turn in your goals for the month – #WonderfulWednesday – I wanted to continue on the weeks theme of Non-Agency loans and add some additional wisdom on “doc types”. The #WhackedOutWednesday part is the bank statement loans. And what seems to be the loan that falls out the most. However, doesn’t need to be. It’s all about how the 1003 is put together, and I go over just that on today’s episode as I describe the different types of file doc types Non-Agency/Non-Qm loans have.
Bonus, since I didn’t make a decision in advance, I combined the wonderful and the whacked out part together. 🙂 Happy hunting in a long month! I’m here to help you #GetOnPoint with #BluePoint! #LetsDoBusiness ↓
Hope you enjoyed the #LunchNLearn today! Here’s the link to subscribe to rates daily. – Daily Rates –
I’m in the office to help you structure these loans. Happy 1st of the month! Who needs a Non-Agency same month closing?
#WhackedOutWednesday – The rule of 5 I go over today. The way’s to use the various forms of income and what’s considered effective income and what’s not. The “whacked out” part is that many LO’s don’t know how to calculate effective income. The salary is the salary, the hourly income can vary. And if it does there’s a rule I go over for this. The VOE is king. The paychecks are a supporting document, not what determines income.
The biggest thought is that you need two years for all of the 5 type of incomes. Bonus, Over-Time, Commission, Self-Employment and Second jobs. When in reality there’s only one of these that you really need a full two year uninterrupted period of receiving. Find out more in today’s video! ↓
We go by the guidelines and I’m here to help you structure these deals to get them done. The rule of 5 is great to know, and every LO out there should know how to calculate the effective income. To many times there’s just some snag somewhere that the LO didn’t realize. My goal is to eliminate that with these guideline videos and help all get more loans done. In fact I encourage you to get on point, with BluePoint! We are a growing National wholesale mortgage bank, we are broker friendly and have several niche’ products. FHA/VA are for sure sweet spots. SIGN UP HERE!
As always I’m here for any – “I gotta guy” questions.