THIS MORNINGS QUICK LOOK

1.  TOUR DE MTG FINANCE – What Happened To Rates?
2.  PRODUCT HIGHLIGHT – Appraisal Portability
3.  MARKETING – Put Yourself In the Story

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TEXT “FLAGSTAR” TO 888-290-3968 – IT’S FREE

Tour De Mortgage Finance Learn Something New Everyday About Your Industry

WHAT HAPPENED YESTERDAY

Today I am going to give you a news reason as well as a technical trading reason for yesterdays crazy drop of 70 BPS after such a great long run we have had.

Yesterday ISM which is a manufacturing index came out higher than expected meaning higher demand than expected for goods. The jolts report came out which is job openings and turnover rates which showed a good option for jobs availability.

Both of those reports steer towards a growing economy vs a recession which we all pretty much know we are in. But good job openings combined with people still spending money = strong economy which is bad for bonds. This is counter to what we have been seeing with the GDP which is what the country produces being negative plus global recessions.

In the end we are in or heading towards a recession but numbers yesterday were too much for the bond market to continue growth and was likely a scare to the traders and wala you see what happened.

What else happened is a technical trading as we were going up and breaking through ceilings faster than we likely should have. We had what we call a bearish engulfing pattern happen yesterday.

As a reminder a bear market is a decreasing market and a bull market is an increasing market. They get these names by understanding when a bear attacks it starts at the top and takes its paws and swings down on its prey and a bull charges full ahead and puts its head down and goes for the hit by starting low and moving its head in an upward motion when it attacks. So bear = declining attacking down and bull = increasing attacking up.

So, if you look at the red candlestick (pic below) on the far right you will see it is red meaning a declining market and the fact that the red started higher than the previous days high and ended below the previous days close it is engulfing the previous day as in it is swallowing it. That is why we call it a bearish engulfing pattern.

The result of that is usually a decline in whatever it is attached to for the next few days.

So, we have technical and we have headline news. Both can turn the markets so we shall see what the markets bring today.

If you are not getting my MBS alerts by texting Flagstar to 888-290-3968 then you are a day behind everyone else I told this to yesterday when it was happening : )

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

APPRAISAL PORTABILITY

I deal with a lot of files that other lenders cannot do for some reason or they just do not know how to structure them so we take a lot of appraisals from either other lenders that you use and are transferred to us or from other lenders that is not you that you get the deal from a borrower that left them.

In all cases we will take transferred in appraisals from other lenders so know that as long as they are in compliance then we can use the appraisal. 

This is especially true on FHA because on FHA the appraisal follows the FHA Case Number.

Here are the rules for Flagstar if you want to use an appraisal that did not go through our system.

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

PUT YOURSELF IN THE STORY

I was going through my personal files on my computer and cleaning up my folders because I am OCD and I hate clutter and I came across something I wrote some time back and wanted to share to make a point.

Take what is meaningful to you and put yourself in to the story. 

You may not know what 1 Corinthians 13 is if I was to ask you but you have heard it at just about every wedding you have ever been to. It is one of the classic go to’s for weddings on what Love is and much else and also one of my favorite chapters of the bible that reminds me of what I am SUPPOSE to DO or BE. 

I took the chapter and rewrote it and named is 1st Flagstar Chapter 13. HA! 

Maybe this will inspire you to take either a literary chapter of your choosing or really any concept and insert yourself in to the message and see how you can apply it. Here is how I did it on the chapter of love 1 Cor 13.

1^ST FLAGSTAR JACK, CHAPTER 13 (Inspired by 1 Corinthians 13)

If I know everything there is in mortgage and finance, but I do not love what I do, I am but a clanging symbol.

If I know my guidelines from back to front and can overturn a denial and I can push a loan from registration to close with the greatest of ease, but love not what I do or those I do it for, I have done nothing.

If my paychecks are large and I have great possessions from my work, but show no love to others, I gain nothing.

Love is being patient with clients, love is showing kindness to underwriters. Love does not envy what other AE’s numbers are, It does not boast about my own achievements and love does not think you are better than everyone else.

Love is not rude when others are rude to you, love is not selfish when others have needs, it is not easily angered when loans are denied and rates are not in line and love does not hold grudges when others have done us wrong.

Love does not delight in fraud or those that cross the line but rejoices when we accomplish our goals by doing the right thing, the right way, every time.

Love is thinking of our company and not just our own self, love trusts those who are in authority and abides by their rules, love does not let 1 down day ruin the hopes of a week and loving what we do always wins in the end.

Love is either doing or not doing but not just trying, In the end guidelines will change, people will move to different jobs, rates will increase or decrease and another day will come every morning.

For we do what we do without knowing what is to come tomorrow. For when we do what we do for the right reason success will always come and you will have peace in all you do.

When I was a rookie in this business I thought like a rookie in this business. When I became experienced in this business I realized the truth of the importance of what we do and why we should be doing it.

For now it may look like pricing and paychecks are the things that matter but in the end it is our legacy of how we did what we did and why we continued to do it.

And in the end only three things will remain. Belief in who we are, hope of what is to come and to love what we do and those we do it for.

But the greatest of these is love!

Turn Times As Of This Morning Lookin Good!