THIS MORNINGS QUICK LOOK
- TOUR DE MTG FINANCE – Borrowers Are Paying Points
- PRODUCT HIGHLIGHT – Unwritten VA Guidelines
- MARKETING – Intel For Marketing Options
START EACH MORNING WITH EASY TO READ MBS UPDATE
TEXT “I’M IN” TO 251-428-1564 – IT’S FREE
Tour De Mortgage Finance Learn Something New Everyday About Your Industry
OFFER POINTS ON YOUR QUOTES TO CUSTOMERS
We have been including origination in our quotes for so long I think some of you are scared to offer anything else to borrowers but borrowers are beginning to pay attention so maybe you should as well.
In the below chart it shows the amount of discount points borrowers are paying on their locks.
You will notice a sharp increase in Nov, Dec, Jan and staying true in February.
For a lot of people they are liquid but not happy about rates. Make sure you give them the option for both. You may be surprised what they are willing to pay to get that lower rate.
Product & Guideline Highlight Knowledge That Gives You An Edge Over Your Competition
VA UNWRITTEN GUIDELINES
These are guidelines for VA that Flagstar follows but there is actually no direction given by VA on them.
I thought this would be a good item to read through to get an idea of how we view and how VA allows discretion.
IDENTITY OF INTEREST
No requirements to meet. You can refinance and cash out at any time.
Seasoning requirements do apply for the 210 day rule when paying off another mortgage.
GIFTS OF EQUITY
Not allowed.
LARGE DEPOSITS
No specific rule. Must be common sense underwriting. Mainly looking for new debts.
We will look at the entire file as a whole. As a basis we look at 1% just as a rule of thumb.
MANUAL UNDERWRITING RESERVE REQUIREMENTS
No requirements for reserves on manual underwrites.
RETIREMENT ACCOUNTS FOR RESERVES
VA does not list any requirements but if using for reserves we
will typically use 60% for IRA, 401(K) must be able to access funds within 30 days and will use a % of the
total available amount.
STOCKS AND BONDS FOR RESERVES
Flagstar will use value as of the date of the statement we receive.
MANUAL UNDERWRITING RATIOS
DTI is a secondary measure to ability to pay and residual income. VA
does not have a maximum DTI for manual underwrites but Flagstar uses 50% as a guide. We can go over
this amount with exception and any DTI above 41% requires 120% residual income per VA.
EMPLOYED BY FAMILY
No requirements. Common sense underwriting.
Marketing Ideas And Opportunites Little Things That Can Make A Big Impact
INTEL FOR MARKETING OPTIONS
I received a call from Lucy and she said “Jack, what is a good source to find things you can tell borrowers about” and where can I find them.
She searched google and found the usual.
Then I said well glad you asked Lucy! For those that work with Flagstar you have an excellent source of information that you can just take from our site or take the information from our flyers and make your own.
Login to our site then go to resources at the top then marketing materials and then you will see a bunch of flyers which many have been updated recently.
You can click, input your info and send or just open and get good info and create your own. Either way we are here to help.
EXAMPLES
LOCK AND LOOK
HYBRID E-CLOSE
FHA AND VA ARM
MORTGAGE CHECKLIST
UNDERSTANDING CLOSING COSTS
ONE CLOSE CONSTRUCTION
We have 44 different flyers covering multiple areas that can help you get creative in your marketing.
Turn Times As Of This Morning Lookin Good!
| TURN TIMES | Purchase | Refinance |
| Business days | business days | |
| Conv Non-MI | 1 | 1 |
| Conv MI | 1 | 1 |
| FHA/VA | 1 | 1 |
| USDA | 1 | 1 |
| Jumbo | 1 | 1 |
| Conditions | 1 | 1 |
