THIS MORNINGS QUICK LOOK
- TOUR DE MTG FINANCE – Last Week In MBS
- PRODUCT HIGHLIGHT – Disputing VA Appraisal
- MARKETING – Do What Nobody Imagined
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Tour De Mortgage Finance Learn Something New Everyday About Your Industry
LAST WEEK IN MBS
Sometimes I feel like it is groundhog day or something. Every Monday we start over with the same thing that happened the previous week.
We continue to be part of one of the fastest increases in mortgage rates in our lifetime.
CONGRATS! You now have something to tell your kids and grandkids : )
Last week in the Conv market we lost a total of 111 BPS or $1,110 in yield per 100K in loan size. That puts us at the 4% coupon yielding 100.67. Another week like this and we will be in the 4.5% coupon. Lets hope this is the bottom though. It must be somewhere.
On the govy side we only lost 45 BPS last week or $450 in yield per 100K in loan size.
This brings up a great point. Some of you can’t stand govy loans and some of you cannot stand conv loans. I strongly urge you to price out both as the conv has lost more than the govy so make sure the higher cost of MI or UFMIP on FHA or USDA does not automatically make you think conv is always better.
Do your due diligence because I can assure you your competitors are.
Product & Guideline Highlight Knowledge That Gives You An Edge Over Your Competition
DISPUTING VA APPRAISAL
As all of you are aware the appraisal market can be quite conservative when the selling and buying market is so aggressive.
With VA loans the VA appraiser must notify you if value is coming in low via what they call Tidewater. This came about in 2003 to help Veterans find a way to get them the house they desire. So if value is coming in low the appraiser reaches out to all parties and asks the question “Value is coming in low, please provide more information to justify a higher purchase price”.
They then give you 48 hours to provide said information and if nothing, then they appraise the home assuming you do not tell them to cancel the order.
So what do you do when it comes in and all parties are not happy. With Flagstar this is what you do.
BORROWER would need to provide a letter of dispute with the reasoning behind their request. Broker should submit that to the SAR along with at least 3 comps that were closed at the time of the inspection to support their claim or what they are disputing . The Sar would review and send all of the information directly to the VA assigned Appraiser for reconsideration of value . Time frames in the past have ranged anywhere from 1-2 weeks depending on the appraisers work load.
Now you know………. Share it with your realtors so they know you ae in the know.
Marketing Ideas And Opportunites Little Things That Can Make A Big Impact
DO WHAT NOBODY IMAGINED YOU COULD DO
I absolutely love movies and the lessons you can learn from those that write them as many times they are written with a lifetime desire to send a message. The question is do we get the message?
I was watching Enigma and one of the messages in the movie was “Sometimes it is the people that know one sees as imaginative that do the things that nobody could have ever imagined. .”
What a beautiful message to both you and I. I say on a regular basis when people ask how or why I do what I do. My answer typically comes down to a few truths I live by but my favorite in business is do what nobody else can do as well as you, and apply it to whatever makes it rain in your business.
In other words, what skill set do you have that you love to do and are great at then apply it to your business and how you can make it rain with that skill.
For me, it is writing and taking truths that impacts life and sharing it with others and finding information and making it accessible to others. I love to impact lives through truths.
Now, to prove that any skill that you love can be used in business this one just popped in my head.
Lets say you absolutely love doing wood working. How can wood working be an impact to your mortgage business? Even Lucy just looked at me with a say what? Fyi, I don’t do wood work : )
What if after every closing for a client or a meeting with a realtor you mailed them a unique piece of wood work that is specific to that person and has meaning to them for whatever reason you learn while working with them.
Imagine receiving something special like that. How likely are you to receive referral business in the future.
You may not be a writer or a wood worker. But what are you? Who are you? What in You does nobody else have that you can share with the world that will help you make it rain.
If you cannot think of how. Email me, tell me what it is and I bet I can think of a way to use it to help you make it rain.
