THIS MORNINGS QUICK LOOK

1.  TOUR DE MTG FINANCE – MBS Today
2.  PRODUCT HIGHLIGHT – How Mortgage Assumptions Work
3.  MARKETING – Are You In The Right Job?

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Tour De Mortgage Finance Learn Something New Everyday About Your Industry

MBS TODAY

It’s a great Monday regardless of what the markets have done or are doing but here is something to manage your pipeline with.

Last week from Monday open to Friday close we lost 31 BPS in the Conv 6% coupon. That equates to $310 per 100K in loan amount. Not too bad all things considered.

In the Govt 6% coupon we had similar results with losing 28 BPS from Monday open to Friday close which equates to $280 per 100K in loan size.

It is a fairly light day today with a 3 month and 6 month bond auction at 11:30 AM which is used to see how we are coming on the recession front. Specifically looking to see if the short term fixed rate investments are staying inverted which is an indication of being in a recession. The specific part is we know it will be inverted but is it going to go higher or lower than what last week brought from the auction.

We may have some drama volatility late in the day though so if you are unsure you may want to think about locking before 3:40 PM and 6 PM. At 3:40 Fed Member Mester and Fed Member Collins are both giving speeches and then at 6 PM Fed Member Barkin is giving a speech so anything can happen.

The things that move the market in these situations is their tone about are we in a recession as well as what they plan on voting for and thoughts on future rate hikes and of course the overall speech.

Other than that go get you some loans and change the world : )

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

HOW MORTGAGE ASSUMPTIONS WORK

Lucy said not to start with this but I am going to anyway. Bad news is you cannot profit when someone is advertising assumable mortgage to purchase a home but it is a pretty great deal for the buyer in this market.

It may not get you a deal with the realtor today but if you advise the realtors how they work or yourself if selling it is an option many times. Also, educating your friends and family who are selling may get you the loan for the new home they may be buying. Giving good advice will always reap a good return in the future.

With Flagstar this is how mortgage assumptions work:

1. To check for eligibility look on page 4 of the CD under loan disclosures then assumption. It will be allow or will not allow.
2. Must be > 1 year old, current on all payments and be a 1st mortgage.
3. Assumptions are possible to remove a borrower in cases of divorces that are finalized.
4. Unlike in the past Flagstar does release the original borrower of all financial obligation.
5. Typical total fees are $400 – $900 processing fee, recording fees, transfer tax, notary and/or title and attorney fees.
6. To get started you just have the borrower contact customer service and they will send documentation requirements via email.

Now you know …..

Marketing Ideas And Opportunites Little Things That Can Make A Big Impact

ARE YOU IN THE RIGHT JOB

Being happy and content in the job we do is vital to our success in business and our personal lives.

Being in the wrong job or wrong position is not only a buzz kill for the 8 hours you are at work each day but also for your co-workers, your boss and your family. But the right job and the right position you can shine a light on the world for all to see what it is like to love what you do.

If I were to ask you the question “If the sky was the limit in this business or in another industry, what would you choose to do?”

The answer can be simple or can be complicated but the question still needs to be asked, unless you want to continue to live the way you are living if it is not all roses and sunshine.

I was asked once, Jack would you take a regional manager position if it was offered to you? No, this is not now nor any time lately but just a general question. There are many things I would love about being a regional manager over a bunch of AE’s from many levels but in the end no I would not likely enjoy that. Buy why?

The answer is because my main priorities is to have an open calendar with absolutely nothing on it. I hate having things on my calendar or time taken up that I am not free. I love as long as I produce the volume I produce nobody is micro managing me. I love working out of my home or my RV or wherever I may be as I can work from anywhere. I can’t stand corporate meetings and zoom meetings hours on end. I like different things that come up each day in what I do and I love writing. Being an AE is literally the perfect job for me.

I was not a great loan officer, I did not enjoy being a processor, I had my own company and the uncertainty of that always weighed on me. My true success is when I found the right job in the right role that I am able to shine light on those that are around me.

How about you? Even in this industry are you in a job that you are really good at and ENJOY doing?

Sometimes you are in the right job but under the wrong person. I have a lot of companies with assigned processors that the loan officer and processor did not have a choice. But if they were with a different processor where the personalities and expectations matched up the level of production would increase 10 fold.

Are you a processor that would love to originate or an originator that loves processing files.

Are you a sales manager when you would rather be a compliance officer or a secondary person that dreams about underwriting.

If you are the owner or the boss I dare you to ask the question if you could do anything in this business what would it be? 

If you are the one in the position do yourself a favor and make today the start of a whole new life doing what you were created to do like nobody else can do by asking yourself the same question.

Or just keep doing what you are doing but your joy and results will likely remain the same.

Turn Times As Of This Morning Lookin Good!