THIS MORNINGS QUICK LOOK
- TOUR DE MTG FINANCE – What News Impacts Rates?
- PRODUCT HIGHLIGHT – 2022 W2 Alternate Documenation
- MARKETING – Get In Bed With Your Client
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
WHAT NEWS CHANGES RATES?
I wrote below yesterday morning. In the afternoon Fed Chair Powell spoke and was not convincing causing a 63 bps drop in MBS. Below still applies and proves my point. It is amazing what will move rates. Fyi, everyone on my texting service knew yesterday the drop before rates changed. Did you?
I was reviewing the economic calendar and said wow, just dang! Between today and tomorrow we have the following coming in with new data.
Although no single reporting modifies rates significantly the trend of all reporting can have a rather large impact.
As an example here is what we will get reporting on between today and tomorrow.
GDP Price Index
GDP Annualized
Durable Goods Orders Excluding Transportation
Durable Goods Orders
Continuing Jobless Claims
Initial Jobless Claims
Pending Home Sales (MOM)
7 Year Treasury Bond Auction
Personal Consumption Expenditures (YOY)
Core Personal Consumption (YOY)
Core Personal Consumption (MOM)
Personal Consumption (MOM)
Personal Spending
Personal Income
Employment Cost Index
Reuters/University of MI Consumer Sent Index
That is a TON of news for two days. All of it impacts the economy which impacts inflation which impacts bond pricing.
More than likely we will get similar readings but combine them all and it gives direction of where we are and where we are headed.
Make sure you are on my MBS text update in case anything crazy happens.
Just text “I’m In” to 251-428-1564.
Product & Guideline Highlight Knowledge That Gives You An Edge Over Your Competition
2022 W2 ALTERNATE DOCUMENTATION
Acceptable Documentation in lieu of 2021 W-2 – Year End Paystubs and 2021 W-2’s
Many files require the most recent year W-2 as part of the income documentation. At this time the 2021 W-2 would be the most recent year W-2, but most borrowers will not receive their 2021 W-2 until early February.
In lieu of waiting for the 2021 W-2 to be provided by their employer, we can accept the following alternative documents:
- Final paystub from 2021 showing the earnings for the year.
- For Conventional loans the 2020 W-2 would also be required in addition to the final paystub of 2021.
- For FHA loans, if the loan closes after January 31, FHA requires the 2021 W-2 to be in the file.
OR
- Full VOE completed by the employer showing the earnings for 2021.
Remember to follow the AUS findings, product description, and/or guidelines to determine if the file requires 1 or 2 years W-2’s.
Also, keep in mind that a January paystub might not show a complete 30 days YTD earnings. If a paystub with 30 days YTD earnings is required in the file, the last paystub from 2021 may also need to be provided to meet this requirement.
Marketing Ideas And Opportunites Little Things That Can Make A Big Impact
GET IN BED WITH YOUR CLIENT
Ok, so don’t literally get in bed with your client although likely that would increase your chances of getting the deal or worse lose the deal over it. HA!
But the concept here is to really connect with the core client you are trying to reach.
Fyi, this is the 3rd article on this topic so read Tue and Wed articles to catch up.
We all know when you look at an LO they usually work with a typical “type” client whether they try or not but they tend to draw a certain type to them.
My point is if that is your typical client then go get as many as you can get and connect with them directly.
The next step is to put yourself in their shoes or lie in their bed.
What do they think about after a long day?
What do they think about when they wake up in the am?
What do they hope for on any given day?
This gets in to who your ideal client is.
In marketing you want to enter the conversation that your ideal client is already having in their mind.
Where is their heart, their passion, their fear, their stress?
Enter the conversation to be their guide through it.
Interview your ideal client. Literally or not.
What frustrations do they have?
What do they dislike about our industry?
What would they pay more for if they could get it?
Now cater your marketing to them from your heart and human to human mindset.
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 |
