Tag Archives: Whacked Out Wednesday

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

 

Whacked Out Wednesday – It’s the action plan, not the information!

#WhackedOutWednesday – Instead of goals and dreams what if you just take “massive” action and see what happens!  Seriously, this is what people pay for all the time in the land of coaching, and information.  It’s shocking to see what people do, they are willing to pay for information but not take that information and put it into action!  So odd to me.

This is what seperates what I do from a lot of others.  I don’t just sell any digital product or information and send you on your way! I help you take action and walk you through the action steps to implement it.  If you are an action taker, my blueprint that I have will help you.  LO’s say they want exposure and leads, but they don’t take action enough.  Or they take the first step gaining the information but don’t actually implement those teachings.  It is WhackedOut!

Where I excel and always have is the LOA.  It’s a numbers game.  I’m looking for a numbers person, not a lazy LO.  I can explain what the blueprint consists of all day, but for those that buy and do nothing it turns into no success story.  I ♥ success stories, and what I’ve been doing for years now is helping Broker’s and LO’s actually source business online.  This year I finally opened this up to others that are not in my network.  And technically if you’re in sales of any kind you can take the information that I provide in #theBLURPRINT and apply it to your business and gain results.  Key word is apply.

You have to take action and be willing to get out of your comfort zone.  For those that have, the best is one LO that got 17 viable leads in one week.  Another tripled his exposure and likes in one weeks time on his fan page.  Just about every person that has implemented the blueprint and took action after gaining the information has seen some form of success.  The key is this helps you gain leads free by pushing and pulling your messages into social media land.  And that has to be consistent.  Without consistency it doesn’t work.

It’s funny cause I see and hear stories almost everyday about someone whom tried a Facebook ad, and are “waiting” for leads.  (Did it fail for you too?) There is two ways to have paid ads really work on Facebook.  **PRO TIP – Either have some econ geek optimizing your ad for you (costs $$) or learn to help your ads click through rate, and lower cost per click by having an organic presence around the ad.  There are a ton of ways to do this.  #TheBLUEPRINT is a stepping stone and gets you ready to take the next step of paid ads if that’s what you want to do.  I don’t teach that, I teach the organic side that you need to know PRIOR to running ads.  It makes all the difference in the performance of the ads.  Also, why not be gaining free leads because you incorporate a weekly organic ad campaign that doesn’t cost a dime?  Seems to make sense to me, but why people don’t take action I just don’t get.

It’s #WhackedOut for sure, but the name of the game is to take action.  And for those action takers out there, I can help you leverage social media and level up your game in 2018.  Click the link HERE for the #TheBLUEPRINT!  Get started today!

Whacked Out Wednesday – QM Fails

#WhackedOutWednesday – QM Fails – Really?! You have a 400,000 dollar loan the borrower can’t even obtain any rate on the ratesheet? Really?!  Yep, this stuff happens if you have a comp plan accustomed to Government loans.  If your comp plan is 2.75 and you’re doing a cashout conventional loan that is getting killed by LLPA’s (loan level pricing adjustments) then odds are you could be in this situation too.  Even with a 680+ FICO, depending on how the break down goes.

I want to share something today, a best practice tip and a way to look at this stuff to help you Broker’s and LO’s in TPO to avoid this mess.  If you’ve been in mortgages long enough more than likely you’ve had some QM fail happen.

**Compliance disclosure – JUST FYI – You’re NOT supposed to just be able to switch from Lender paid comp, to borrower paid comp just for the purpose of passing QM.  It specifically states that in the rules/laws.  (I can show you if needed)  Your Change of Circumstance must be recorded as something else.  FYI

Ok now that’s out of the way, let’s look at a RATE SHEET!  If you see the top of the rate sheet at the top rate pays back “less” than the rate below it, then the rate that pays back the most is the rate considered the “top”.  Second, the SPREAD between the top rate and the next eighth below it will change pricing, but most likely “less” than a whole point.  You have to go down probably two or three eighths’ in rate in order to have a whole point difference between the TOP rates premium.  The KEY TO UNDERSTAND is that rate where the spread is more than 1 point (from the top rate) is where you can start to bonafide a discount point.

The simple way to look at this is to take the indifference after the bonafide discount point and add that to your comp plan.  So if the rate picked was a COST of 1.125 for example… Your comp is 2.75, and as long as the (base premium before adjustments) spread between the top rate and the rate your picking is more than a point, you can bonafide a discount.  So for example, 2.75 + .125 = LESS THAN 3.  Assuming you have bought out the underwriting fee and there are no affiliate fees in the equation, this would pass QM.

Remember in order to bonafide a discount point you can NOT be at the top or the bottom of the rate sheet.  (meaning highest or lowest rate)  Sometimes I don’t even see how this is good for a borrower, but the reality is it is tied to the comp plan.  If you are in the situation where the comp you have with that lender is higher, then watch or do a QM test PRIOR to submitting so you know what your up against.  BEST ADVICE I CAN GIVE.  Do not wait until the loan is submitted or even attempt to lock in process without having an idea of how this plays out.  IN FACT, MOST LENDERS have a FREE QM test available on their “portals” that you can run this test as you register the loan.  I suggest you know how to do this.  Problem avoided.  If you have questions about this hit me up, I’d love to help you understand how this works.  In some cases it is #WhackedOUT – But hey these are the rules we have to play by.  Lower your comp if you’re doing conventional loans, they don’t have a spread like the Govie loans do.

Another “argument” is this is why you have the ability to set up multiple different comp plans with different lenders.  NO, in my opinion you do NOT need to have the same comp across the board with all lenders.  The law doesn’t say that.  (for Broker’s of course).  What it does say is that each LO (MLO) should be paid the same based on type of loan.  And be incentivized based on volume.  But that is another post for another day.  – #SellWell

Whacked Out Wednesday – Not always what it seems!

#WhackedOutWednesday – No, not everything is always what it seems! It is “whacked out” sometimes.  For example, depending on where you are in the Nation, Zillow house values can be 10,000 less than what they say your house is worth, or 20.000 more!  Credit Karma is another example, they show you a 680 FICO but that is really your “educational score” not your consumer debt score.  It’s typically 50 points lower.

This applies to business in my ways, especially if you are an LO whom gives leads to your referral partners.  Are you actively following up to ensure that partner is calling those leads?  How do you track that they actually are helping you?  Or what about documents, like credit, and paycheck stubs, you know those have an expiration date?

How about HOI, this one is really “whacked out”, if I have HOI coverage in a file and the loan doesn’t close in this calendar month and rolls over to the 1st of next month, the lender won’t accept insurance effective on the 30th? It has to be effective the same month the loan closes!  Here’s another good one, title work, why is it that fee’s change based on loan amount! You quote fees on a +/- 250k transaction just because the loan amount goes up by 1k or something the fees should change! (there should be a tolerance rule to this, like plus or minus 10k fees stay the same).

Bottom line is there are a ton of moving parts in mortgages, and each from credit, to appraisals, to HOI, these moving parts through out the working of putting together a mortgage need your help.  “Whacked Out” or not, YOU are the missing link.  The more educated you are on each of these topics as an LO, the better you get at putting together loans.  When was the last time YOU read an appraisal report, or title report?  Did you just forward to your processor and let them send it in?  (WHACKED OUT)

Knowing what to do when, and if this, then that is key to doing mortgages in bulk for sure.  And as an AE that’s my job to help.  Sometimes people don’t know when to do what, but if your not sure, ASK!!!!!! #SellWell #Silencekillsdeals (now that’s Whacked Out)

Stop being mediocre and start stepping up your game.  I can show you how to do more loans in so many ways.  I even help others not even in my lender roster! (not whacked out)  If you are looking for an AE that can help you put together loans, get them done, and help you with generating more deals in many ways, then reach out.  I am seeking action takers!  #ActionJackson Fill in the below form, I’ll call you right away! Let’s go, lets make 2018 your best year yet!  Broker or Banker, doesn’t matter I can help the VP/CEO or the LO individually! What’s stopping you? – Fill in below ↓

Whacked Out Wednesday – Zero Down and client got a check at closing for 4k

#WhackedOutWednesday – What a great success story to use as an example, a Broker of mine recently closed a FHA 203H loan, where the client brought ZERO down and gets a check for 4 grand at closing!!  Talk about balancing a file and maximizing the benefit for the borrower.  What a great success story.  \

It is #WhackedOut that most LO’s and Broker’s either don’t know how, or don’t take the time to do this in advance to advantageous to the borrower.  Many just let the escrow’s/title and the closing docs be minimized or let me say, not maximize the seller credits if any.  I personally preach and teach LO’s to help them balance their files in advance, know exactly how the file should unfold and hold the hand of escrows and even the lender if needed to be the best situation for the borrower.

This weeks #SPONSORoftheWeek is LEADPOPS, an interactive landing page that can replace your non-converting websites, it makes converting prospects into paying clients easy.  #Checkitout —-> CLICK HERE TO TAKE YOUR MARKETING TO THE NEXT LEVEL – LEADPOPS

Balance your files, sign up for the BLUEPRINT to learn how to do marketing on Facebook and gain more leads.  Then partner with my team and we can help you close’em!! 🙂  Click here for the BLUEPRINT

 

Whacked Out Wednesday – Do you know the WHY?

#WhackedOutWednesday – Have a rate shopper that is stern about rates and costs and just has their mind set that’s all they want?  That’s the guy you need to ask the most questions with, and dig the deepest to find out their WHY!  He/She is trying to save money for something, what is it?  What is the goal short term and long term financially for that person?  Finding out these things can help you custom tailor a mortgage to help find a solution for that person to reach their goals.

Do not let the clients dictate the situation, take control over the conversation and start being a consultant to help them.  Sometimes people forget they don’t pay rate, they pay a payment.  And the sum of all payments due every month is what takes cash flow power away.  It’s called your obligated debts.  Heck someone who is self employed would benefit from a higher rate to begin with.  There’s a fine balance of how it all works, I’m not a CPA, but if their mortgage interest is too little it could have less of an advantage to them on taxes.  Just one example to think about.

factstellstoriessell

It’s a full picture you must dig deep to find out WHY are they doing what they are doing! Where are their goals short term and long, and then how can you help them fabricate a plan to get there.  And you do this with, in most cases, the biggest asset that client has.  So, ask questions, don’t just take orders.  Being a mortgage pro, is a form of consultation.  When you approach it this way, your clientele will change.  #SellWell

Whacked Out Wednesday – Collection Guidelines

#WhackedOutWednesday – Today’s installment is all about collection accounts for FHA and Conventional guidelines.  There’s some JUICE in here that you may not know.  #Checkitout  PS>>> I’m accepting transferred appraisals and new FHA submissions 🙂

Check out the #SponsoroftheWeek whom is; CARD TAPP APP

A virtual business card can help you “track when to strike”! #SellWell