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THIS MORNINGS QUICK LOOK

1.  TOUR DE MTG FINANCE – MBS Last Week
2.  PRODUCT HIGHLIGHT – No Score Borrowers
3.  MARKETING – One Step At A Time

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Tour De Mortgage Finance Learn Something New Everyday About Your Industry

LAST WEEK IN MBS

In the conv market we were down 26 bps from Monday open to Friday close. Woohoo! Only 26 bps lost in a week. That is something to celebrate. As a reminder that is $260 in income per 100K in loan amount.

On the govy side of the tracks we were down 53 bps ($530 per 100K in loan amount)  so that helps explain why govy loans worsened more than conventional loans.

Keep in mind that govt and conv trade differently and depending on whether you are giving the best rate or building your fee in to the loan they all have different coupons. 

Make sure you look at the entire rate sheet to see what the best bang for your customers buck is. It is not always a 0 origination fee. 

From a technical perspective the 10 yr treasury is up against a ceiling of resistance (good for us) and the conv mbs is at a floor of support (good for us) as long as they bounce it could be good for rates but if they both break through then not a good sign. Lets hope we hold on this week depending on what happens in the news.

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

NO SCORE BORROWERS

It is true that we do not allow single borrower transactions with no score as well dual borrowers with no scores BUT we do allow one borrower with a score and a co-borrower with no score. 

So applicant #1 has a 680 score and applicant number 2 has no score we can do the loan on FHA, VA and USDA and actually on Conv as well but their are some particulars on the conv one. 

With Conv then one borrower must have a credit score, must be a 1 unit primary purchase or rate and term, both borrowers must occupy the property and if the no score is more than 50% of the income then additional credit history is required.

On FHA if primary occupant is no score and a non-occupant co-borrower does have a score that does not work. Primary occupant must have a score if using non-occupant borrower.

Also, reminder that Experian boost is a program that offers instant credit scores to a borrowers credit report by adding utilities and banking history to their credit report. Great option if you need a quick score or to raise credit score. 

Someone once said that is cheating Jack. I said well let me enlighten you. They built the system the way they did to help borrowers and to help make deals work. Paying your utility bill and good banking history is a great indicator of how a person pays their bills so go for it!

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

ONE STEP AT A TIME

I learned the hard way that people these days want everything easy. 

When a client use to sign up with me I had a very well written plan of attack of everything they needed to do in order to be properly set up with us and the steps that needed to happen to be successful. 

If they followed the process they would be good to go with us. 

What did I find out? I never got the first loan half the time. It amazed me what people go through to get approved and then never send you a loan. By the way, all of you that fit this scenario get back on your game and lets do some business. We must be doing something right because I have not registered this many loans in one month in years. No idea why but I think some of you are missing the boat.

Anywho, now when someone applies and they get approved to do business with Flagstar they get an email that says “Welcome to Flagstar, here is your login. Let me know when you have time to do a zoom meeting and we will get you set up and ready to be able to register your first loan”.

Yep, that’s it. Then we go from there.

So, what do your clients receive when you get the initial call? Do you send out a very complicated checklist with the entire process and what to expect and all that or do you just say that is great. Just click this link to get started. 

Guess what? They just click the link. A huge drawn out process either scares them or overwhelms them because borrowers are lazy for the most part. Some are the exception but most just want it easy.

So, make it easy! One step at a time to keep the train moving. Take everything you can out of the process that complicates the process. Lead them to the next step and they will stay with you.

Review what you send out and see how easy your process is.

Turn Times As Of This Morning Lookin Good!