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THIS MORNINGS QUICK LOOK

1.  TOUR DE MTG FINANCE – Should I Wait To Buy A House?
2.  PRODUCT HIGHLIGHT – Loan Beam and Technology
3.  MARKETING – Selling Comparison or Outcomes?

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Tour De Mortgage Finance Learn Something New Everyday About Your Industry

SHOULD THEY WAIT TO BUY

Below is a pic one of our secondary guys was showing us and is good to understand when you get the question should I buy now?

This compares the median home price, the interest rate at the given times, the median income, the payment based on that times rate and the portion of the income the payment will be.

In the first 2 columns you notice house prices increased but rates lowered so impact as a portion of income was minimal.

Now see in the two right columns where houses increase, income increases but so does rates which they are. Now look at the big increase in percentage of income it takes to make a mortgage payment.

This is a great conversation to have with those who are waiting to see what happens.

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

BE CAREFUL OF LOAN BEAM AND OTHERS

Technology has made life easier in so many ways and I think Loan Beam is an excellent tool to make us more efficient as well as more thorough in underwriting decisions.

Loan Beam which is a site that calculates income so you don’t have to is used by 60% of lenders, 400+ mortgage banks and lenders and over 100k users to calculate income per their website.

But what happens when we just trust the software and stop thinking or reviewing for ourselves.

First, let me say I am a fan of loan beam as I am about most technology but I am an even bigger fan of double checking the results. I like to see how they calculated the income just as much as what they calculated.

This article comes today because Loan Beam caused a file to be denied on a USDA loan but honestly this would happen on any govt product and Conv for that matter in most cases.

Loan Beam just takes blanks and fills them in. In this case on this USDA loan it took the net income, added back the depreciation but then took the meals and expenses of $6,000 AWAY from the income as a hit to the income.

After reviewing I asked why the meals and entertainment were deducted and they showed me the spreadsheet and I said ok so why were they deducted? This is not required to be deducted for this product.

The basic answer was because that is what Loan Beam results came back with.

I honestly have no idea how their technology works but the moral of the story is always fact check any form of technology any lender or yourself is using against what you know to be true.

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

ARE YOU SELLING AGAINST OTHERS OR ARE YOU SELLING YOUR OUTCOMES

I love reading marketing material that I receive via email as well as what I receive in the mail.

It helps me see what triggers reactions from me personally. I do not see it as an annoyance but as inspiration of what to and what not to do.

In the origination business as well as in the AE lender space you see a lot of comparisons. You see a lot of people selling against their competition.

For example, I get lots of emails from clients saying did you see what Homepoint or Regions or Wells or UWM is doing? Are you doing that or can you beat that?

Although, I compete with them I do not sell against them. I am not Homepoint, Regions, Wells or UWM and I am thankful for it. I would not want to work for any of them but if I did I would represent them well.

My point is you are who you are. You are not better.com, you are not Rocket Mortgage, you are not Lending Tree. You are you and the company you represent.

So, what do you do better than anyone else. You need to be selling your outcomes and your results. Your borrowers do not care about a side by side comparison of you and a competitor. They care about their own results and their own outcome. That is it. Give them what they want and you get the deal.

Stop selling against others and start selling the solution your clients can get through you.

Turn Times As Of This Morning Lookin Good!