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THIS MORNINGS QUICK LOOK

1.  TOUR DE MTG FINANCE – Refinances Are Still An Option
2.  PRODUCT HIGHLIGHT – Flagstar 580 On All Govt Products
3.  MARKETING – Facebook Vs The World

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Tour De Mortgage Finance Learn Something New Everyday About Your Industry

WHY REFINANCES ARE STILL APPLICABLE

I have two charts for you to look at below. 

The first one shows the # of borrowers that would benefit from a .5% reduction in rate. 

The down side is that a year ago 19 Million borrowers would benefit. Currently about 5.8 Million would benefit. The light green line is rates and the teal shaded area is the number that would benefit as rates go up and down.

BUT, the part that we seem to be afraid of because we are scared of selling a higher rate is that the available equity in this country is 9.9 Trillion. That is a 35% increase year over year and has increased 2.6 Trillion in 1 year.

The average mortgage holder has 185K in equity BEFORE reaching 80% LTV.

Look at the bottom chart and you will see we have never seen this kind of equity available to be retrieved by homeowners at such a low rate.

Keep in mind that as the Fed increases short term rates that increases all the short term loans like cars, credit cards, personal line of credits, heloc’s, installment loans that is going to increase a couple percent right away but they have the ability to tap in to their equity at a great rate now.

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

FLAGSTAR GOES TO 580 ON GOVT PRODUCTS

Effective immediately Flagstar will allow a minimum score of 580 on FHA, VA and USDA products.

This includes manual underwrites and in case you did not know we go to a 50% DTI on VA manual underwrites.

The 580 does not apply to loans over the conforming loan limit on VA. You must have a 640 for jumbo VA which goes up to 4 million.

People ask me what is my niche product. Govt loans are my niche product. Hands down we close more govt and manual underwrites because we have the best dang management team that truly understands govt loans.

They are for the blue collar worker, the rural less income producing individuals and those that serve our country and by golly they all matter to us.

If it makes sense, if they need help and if it is within guides we try to make it work.

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

FACEBOOK VS THE WORLD

My kids have recently gotten in to the mortgage business and it has been an honor for me to help guide them through learning this business. They do not work for me but I am there dad : ) 

The business itself takes years to learn and understand and as most of you know that are not being fed loans by realtors or referrals or new to the business it is not easy to get your name out there.

I have discovered that Facebook and most of the sites have algorithms that are so good that if you try to do any form of marketing on Facebook or other sites you will notice a drastic decrease in views, likes or reactions. I mean a drastic reduction. They simply push what they know to the bottom of the pile or they just don’t show it unless you go direct to someone’s link. 

In addition, evidently the information that appeals to people and what they click on is what shows up in their feed. Just because you say it does not mean they are going to get it. 

So, Facebook marketing takes a true marketer to rig their system and to beat their algorithms. 

My daughter has taken on the challenge and the game of beating Facebook. Fyi, they usually win but the moral of todays story is make your marketing a game to find it more entertaining for yourself and play the market if you will if this is “1” area that you are marketing in. Have fun with it and beat the giant. You will find 10k articles on how to do this fyi.

You can track everything you do online so start tracking. Fyi, your not looking for likes. Your looking for reactions. Your looking for branding and for them to think of you when they have a need. What gets more actual reactions to what you post? Use that and apply it to mortgages.

Turn Times As Of This Morning Lookin Good!