THIS MORNINGS QUICK LOOK

1.  TOUR DE MTG FINANCE – When Lenders Reprice
2.  PRODUCT HIGHLIGHT – Self-Employment Verification Relief
3.  JACKISM OF THE DAY- The Myth Of Your Potential

START EACH MORNING WITH EASY TO READ MBS UPDATE
TEXT “FLAGSTAR” TO 888-290-3968 – IT’S FREE

Tour De Mortgage Finance Learn Something New Everyday About Your Industry

WHEN LENDERS REPRICE

Even if you are someone who watches their own MBS site it is not that easy to know when a lender will or will not reprice.

One of the keys to figuring out the magic potion is to understand what lenders are using for their first rate sheet.

Most lenders come out with their first rate sheet at 10:30 AM but what are those numbers based off of? 

As an example when you receive your first rate sheet from Flagstar we are basing that pricing off of what pricing looked like at 10 AM that morning. 

Not only do we have very high end market watch systems that notify us we also have 5 – 6 people who are monitoring pricing all throughout the day.

What we do is we take 10 AM as our starting price for the day and then if the market moves up or down more than 4 ticks then we may put out a new rate sheet. A tick is what bond traders trade in and is a version of MBS points. I will leave explaining ticks to another article but a tick equals about 3 BPS. That means if the market moves up or down more than 12  – 13 BPS we may put out a new rate sheet.

The reason that different lenders reprice at different times is whether they made a move earlier or later than another lender and what the initial first rate sheet of the day time was for that specific lender. It just comes down to being based on what our pricing is costing or making us to lock in your loans at any given time throughout the day.

If you know where we started then you will have a good idea when we will reprice. Other factors can come in to play from time to time like receiving too few locks or too many or a long holiday weekend coming up with market rate risk.

As a service I provide free access to my Flagstar Jack MBS tracking site located at https://www.jack.keeler.fsbmbs.com/ and the password is flagstarjack. Check it out!

I also send out a free MBS alert each day letting you know what is happening in the markets. Just text Flagstar to 888-290-3968.

If we are not doing business then lets start the conversation.

Product & Guideline Highlight Knowledge That Gives You An Edge Over Your Competition

SELF-EMPLOYMENT VERIFICATION RELIEF

When COVID hit the self-employed market became a very difficult industry to calculate income and to confirm they are still in business due to the age of income documents we were using.

We had to get much more thorough on verifying a business was still in existence. During COVID until now Flagstar and most lenders required verification of the business being open and active within 20 days of closing and to document this.

Effective immediately the closing condition of verifying a business is open and active has now gone from 20 days to 120 days. This should put a lot of relief on companies that are difficult to verify.

As a reminder we rock at self-employed borrowers. We do not have pricing or LTV hits and our average underwriter tenure is 10+ years. We know self-employed and love them. 

Got questions? Just ask ……

Jackism of the Day Truths and Thoughts that make you go hmmm

THE MYTH OF YOUR POTENTIAL

When you were a child did you think to yourself I want to get in to Government work and be a Senator in the U.S. Congress? Nope, you said I want to be President of The United States!

If you wanted to be successful in business did you say I want to become Vice President of an organization and be vital to their success? Nope, you said I want to own my own company, run it and be in charge and build a great organization.

If you wanted to be a professional athlete did you say I want to be the best second string quarterback and make a great living doing what I love? Nope, you said I want to be the starting quarterback and a Super Bowl Champion.

Let’s be honest. Most of us are not what we wanted to be when we were young. Many of us are not what we wanted to be in this business or where we thought we would be. Most of the world is somewhere in the middle.

After 32 years in this business I finally found my calling 15 years ago when I became an AE. In 15 years I have never been #1 AE in the country. I maintain a higher up position most months but never been #1 and honestly I really do not fit that role anyway.

I start my day at 4:30 AM and my business day at 6:30 AM but I leave at 5:00 PM. I don’t work at night, I don’t work on weekends, I actually take vacations a few times a year and I love what I do. Most people at the top not only paid their dues but they continue to pay them day in and day out to be the best in their field.

Everyone should strive to be the best they can be, but it is ok to be the best in your role that you play within your organization. If your at the top then great! If your not then realize your potential, embrace it and realize only 1 person can be #1 and you must sacrifice a lot to take that position and hold it.

I choose to be the #1 husband to my wife and no one can take my place in that role. The #1 Dad in my kids life with nobody that can compare to me to my family. I choose for Christ to be #1 in my life without putting others before Him. I have no issues being only near the top in my business so that I can fulfill the potential in all areas of my life.

The bottom line to this article is to pick the areas of your life you want to be at the top of your game in. Then let go of everything else that does not matter so you can put your effort towards those few items.

I will be great in what I do for a living but I do not need to be #1. You can be great in your business even if you are not #1. Stop chasing someone else’s tail and go after your dreams and your goals regardless of what everyone else is doing. When you do that you usually end up on top of the places you want to be.

Turn Times As Of This Morning Lookin Good!