THIS MORNINGS QUICK LOOK
- TOUR DE MTG FINANCE – MBS Today
- PRODUCT HIGHLIGHT – Broker To Banker Webinar
- MARKETING – Why YOUR Business Is Slow
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MBS TODAY
For my MBS text friends my apologies but I am traveling and cannot get enough signal to run my laptop between now and Friday. I am doing this on my IPad Mini : )
Yesterday was quite the interesting day for bonds. We had the producer price index come out and showed just a tick higher inflation which is bad for bonds then we had the 10 year note auction come out at noon with a D rating which is even worse and then we had the Fed minutes released showing more aggressive rate hiking which again a potential hit for bonds so we were down in the morning. Then the bonds recovered in the afternoon and actually ended UP on the day.
Assuming that is preparing for tomorrow’s consumer price index and that is gonna be the story of the day tomorrow so expect volatility and let’s hope for not a higher inflation than last month like the producer price index showed.
The conventional 5 1/2% coupon ended up 13 yesterday and the Ginnie Mae 5 1/2% coupon ended 3 down on the day. In addition, the 10 year note ended up just under 4% which we are thankful for and the Dow ended down 28.34.
Product & Guideline Highlight Knowledge That Gives You An Edge Over Your Competition
BROKER TO BANKER WEBINAR TODAY
Today from 2:00 – 3:00 EST we will be hosting a Flagstar Webinar with Sean A. Stephens Esq With Broker to Banker Consulting and will be discussing mortgage banking solutions for growth, risk mitigation and increased profitability.
The Insights Given Will Be:
– Broker to banker benefits
– Risks associated with mortgage banking
– Mortgage banker risk mitigation techniques
Marketing Ideas And Opportunites Little Things That Can Make A Big Impact
WHY YOUR BUSINESS IS SLOW
As we continue in this cold season of high rates, low volume and competitive margins we are all looking for the magic trick that will help us not just survive but thrive until the market warms up and we originate ourselves out of this environment.
But what is that magic trick? What is its name or it’s process or it’s advantage? Sometimes we feel we just are not on a level playing field or your market or your company is holding you back.
Blah blah blah! Those are all thoughts of those who will soon be out of business. Renew your thoughts and sometimes the most often quoted and the most often practiced by those who succeed and we have heard it a thousand times but yet we still do not listen.
You have to get back to the basics. Period! Every great coach starts every season with getting back to the basics. Alabama Football, Georgia Bulldawg Football the reason they can be so consistent (most of the time) is because they practice the basics relentlessly over and over and over again.
What are your basics?
PROSPECTING – You must be visiting, calling, emailing, reaching out to active referral sources, potential referral sources, referral sources that have gone dry and every person in your circle of influence and you must do it consistently and do it daily unless you use theme days then you do it for a full day at a time. Those of you who had a phone that rang off the hook it is not going to keep ringing. Anyone could have made money the last 2 years without lifting a finger. Prospecting is a basic requirement of filling up a pipeline.
KNOWLEDGE – Well by golly wouldn’t it be a shame if you reached out to referral sources and they asked a question and you did not have the answer? The more knowledgeable about products, rate environment especially now, guidelines and other areas that are most commonly asked by referral agents the more you know and the more confident you are the more likely someone is going to stay with you. A great way to do this is to spend 30 minutes a day literally reading product guidelines and underwriting guidelines and understand the mortgage market. This will increase your % of loans you get and keep. Also, remember that realtors are not your only referral source market. Everyone is a potential referral source.
ACCESS – I asked my #1 originator that closed over 100 million with me by himself last year and I said what is the #1 most important basic thing you do to be successful. Without hesitation he said “I pick up the phone”. That is the #1 key to my success. It does not get much clearer than that. They call, you pick-up. I personally do limit mine especially post work hours and weekends and am a fan of setting boundaries but right now sometimes an exception needs to be made unless you are doing great otherwise that you pick up that phone. They will go elsewhere.
SERVICE – I do not mean just service and communication but I mean over the top service where they will rate you a 20 out of 10 stars if they were to give you a rating or they rave about the experience. Most of this is your tone, your response time, your follow up and how you present yourself. It cracks me up people who put on their voice mail leave a message and I will return your call at MY EARLIEST CONVENIENCE. Oh my! My voice mail says leave a message and I will return your call IMMEDIATELY UPON RECEIVING IT. Your service is your image that you portray to others. Make sure it is a great one.
These are only 4 basics but the great thing about all 4 of them is none of them really costs much money. You can do all of them regardless of your incoming business. Marketing is a huge item as well but I am pointing out the items 100% in your control regardless of who you work for.
You want to be the best then you must be the best at the basics first. You will not just survive but you will thrive. An estimated 5 million loans will be completed in the next year regardless of rates. There are loans but you have to be the one that receives them.
