THIS MORNINGS QUICK LOOK
- TOUR DE MTG FINANCE – What Happened To Rates?
- PRODUCT HIGHLIGHT – Credit Overlays
- JACKISM OF THE DAY- Multiply Your Results
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Tour De Mortgage Finance Learn Something New Everyday About Your Industry
WHERE R RATES?
It’s Monday and we get to see what happened last week as a whole.
This may be hard to believe but every single day last week we closed better than where we opened in the conventional MBS. This does not include early morning trading where we are being traded typically by what is happening globally vs domestically. We lost some ground on some early morning trading but domestically we caught up and improved every day.
In the Conventional MBS we ended the week up 50 BPS or $500 better pricing per 100K in loan size from Monday open to Friday close.
On the FHA, VA and USDA side of the fence we ended the week up 16 BPS or $160 better pricing per 100K in loan size.
The big talk for last week was the Jackson Hole Symposium where the Central Bankers across the globe met to discuss current markets and what they intend to do about it.
The ECB (European Central Bank) raised rates another .25 on Thursday setting a new record of 9 straight rate hikes at their meetings.
Jerome Powell the U.S. Chairman of the Board of Governors emphasized the potential necessity for the U.S, to implement additional interest rate hikes in order to manage inflation, as the Fed evaluates the decrease in inflation while also reviewing how the economy and labor market are performing.
Powell suggested the Fed could hold rates steady at its next meeting in September, as they assess the incoming data and risks. Powell has also stated they are committed to maintain a stance to steer inflation towards the targeted 2 percent with a cautious approach in determining whether to continue tightening or instead keep the policy rate stable while awaiting more data.
Who knows what the future will bring in rates. Let the Fed do what they do. You worry about doing what you need to do. Go serve your clients and offer the best options available right now.
It is a quiet day with the Dallas Manufacturing Index being the only real report coming out today.
Product & Guideline Highlight Knowledge That Gives You An Edge Over Your Competition
CREDIT OVERLAYS
This may seem like a strange item to advertise but I actually think it is very important to understand the little nuances of each lender.
From time to time we receive new underwriters as all lenders do and it takes a period of time before they get use to our rules and how Flagstar does things.
When I get asked why a certain condition is on a loan many times I realize it is because a specific underwriter may have been drinking the juice for too long at another lender. It is where myths become guidelines.
In other words, they believe it is a guideline because that is what they have always known or required by another lender.
For the most part I consider Flagstar to have a very small amount of overlays so I am going to share the ones we do have with you today so that you can see two things.
#1 – If you use us a lot and assume this is an agency guideline, well, maybe it is not.
#2 – To see how few we have and how minor the overlays are.
I would suggest going to all of your lenders and have them send you a copy of their overlays document so you can compare and contrast and you may see a niche you did not know about.
Maybe something we allow that others don’t and what others allow that we don’t.
The more informed you are the better you will be for your clients.
FLAGSTAR BANK OVERLAYS
CONVENTIONAL
FHA AND VA
Jackism of the Day Truths and Thoughts that make you go hmmm
MULTIPLY YOUR RESULTS
I love this simple truth about every area of your life. Anyone can do it but most rarely do.
We live in a society of good enough and making ends meet and living paycheck to paycheck.
What I want you to think about today is what do you need to do in any area of your life to make ends meet or to be content with an area of your life or for financial to make ends meet.
How many of these areas do you do enough to make ends meet? To do just enough to hear the words good job you are a-ok in this area of your life.
THREE PARTS OF THIS TRUTH I WANT TO SHARE
#1 – Doing what you need to do to get things done is the minimum required to hear the words good job.
#2 – Every single item after what it takes to make ends meet is a multiplying bonus to the results in any area of your life.
#3 – Any area of your life that receives a positive bonus brings a multiplying abundance.
EXAMPLES
If you are trying to lose weight or get in shape you can eat healthy and exercise 30 minutes per day and you will be able to lose weight over time and folks will say lookin good. What happens when you exercise 60 minutes per day? Is it twice as beneficial? No, it multiplies your results because you have already completed the 30 minutes required, now your body is in overdrive and the last 30 minutes is pure abundance to your goal and people will turn their head and say great job.
If you need to prospect 10 people per day or process 10 loans per day and you know you can pay your bills with the results that come from it. What happens when you prospect 20 people or files per day? Is it doubled? Nope, with the 10 you meet your bills. With 20 every $1.00 you make above what it takes to live is 100% yours. Nothing is deducted from it. It multiplies your abundance quickly once you meet your monthly outgo.
If you want a loving marriage and family. Waking up and kissing your spouse and getting the kids ready for school and taking them to practice and showing up at all of their games is what you are called to do to be a good parent. What if you coached the team, were the team mom or dad, wrestled on the floor, cooked breakfast from scratch, ate at the dinner table, put your phone in the other room as soon as you got home, walked in the door and laid a lip locker on your husband or wife. Everything about what it takes to fulfill your role as a mom or dad you need to do to stay married and a good parent. Go above that and you will find exponentially great abundance in your marriage and family.
If you have a quiet time and read a 1 page devotion with a 2 minutes prayer or meditation behind it. What happens if you read one chapter and a 20 minute time of prayer or devotion. Oooohhhh, imagine the results.
It is called your break even point. How many areas in your life are you just breaking even. Doing good enough, making ends meet, living paycheck to paycheck. Is that the life you want to live?
Pick an area of your life and put down your phone, your social media, turn off the tv, get off the couch, turn off your brain from thinking about tomorrow and hammer it down and I guarantee you do not need more time. Time is not the problem. You are the problem.
From a business perspective, give me someone who gives me a 9 – 5 full on work day with no distractions and interruptions over someone working 80 hours a week with distractions and I will take the 9 to 5’er every time.
Put in the work, make it happen. Create results of abundance by being where your feet are and going the extra mile to multiple your results.
You will not regret it.
Turn Times As Of This Morning Lookin Good!
| TURN TIMES | Purchase | Refinance |
| Business days | business days | |
| Conv Non-MI | 1 | 1 |
| Conv MI | 1 | 1 |
| FHA/VA | 1 | 1 |
| USDA | 1 | 1 |
| Jumbo | 1 | 1 |
| Conditions | 1 | 1 |
