THIS MORNINGS QUICK LOOK
- TOUR DE MTG FINANCE – The Productivity Report
- PRODUCT HIGHLIGHT – Conventional Updates
- MARKETING – A Brand Is…….
Tour De Mortgage Finance Learn Something New Everyday About Your Industry
GOOD INFLATION VS BAD INFLATION
So when is inflation good and when is inflation bad?
Check out below price changes from Oct 2020 to Oct 2021.
Not pretty for sure. But is that bad?
WHEN IS INFLATION GOOD?
It is good when it grows slowly. As in the ideal inflation is 2% and that is the sign of a healthy growing economy.
Why???
Because if consumers like you and I assume that the items we buy will be more expensive next year than they are this year then that motivates them to buy this year. This will be an ongoing thing.
Then, when people buy this year the producers of goods and services will produce more of the goods for us to purchase. In doing that they will hire more laborers to do the work and make bigger investments in the future production of their goods or services.
In turn this leads to higher wages for the laborers now before the goods and services become more expensive next year.
WHEN IS INFLATION BAD?
When the cost to produce exceeds the ability to increase wages.
Sound familiar?
So, goods and services become more expensive before wages are increased which results in:
Lower Standard of Living
Harmful to those on fixed income like Seniors
Then labor disputes happen due to:
Workers ask for more wages to pay higher bills.
Businesses pay the higher wages but then need to raise prices to accommodate for it.
Rinse and Repeat.
This is good information for any conversation involving world financial markets. Come across as the trusted advisor like I talk about with Lucy below.
Product & Guideline Highlight Knowledge That Gives You An Edge Over Your Competition
REFI NOW AND REFI POSSIBLE CHANGES
Fannie Mae changes took effect December 4th
Freddie Mac changes take effect January 2022
End result is they are both changing similar items:
Allowing 100% of Area Median Income
VS
Previously 80% of AMI Allowed
Allowing more than 5K in closing costs to be rolled in.
No longer maximum 10 year old loans. Previous loan can be originated at any time.
Removing $50 payment reduction requirement to only a payment reduction required.
As a reminder this a refinance option for lower income borrowers.
The perks are $500 appraisal credit.
Income including SE goes back 1 year vs 2 years
A few others.
See sellers guide, products, Conv then refi now or refi possible for more information.
Marketing Ideas And Opportunites Little Things That Can Make A Big Impact
DO YOU WANT CLIENTS OR CUSTOMERS
How you treat those you provide services for will dictate whether you see them as a customer or as a client.
A customer is treated as a transaction.
Ahhh, but I say a client is much different. Put your pondering caps on and see if you can feel where I am coming from. Lucy, absolutely loved this!
A CLIENT is on-going
A CLIENT is a relationship
A CLIENT is a SPA
Strategic Partner Asset
(Whoa! Big words I know)
Think of your CLIENT as
your Responsibility Vs Your Reward
When they are your responsibility
you should:
Be an ADVISOR first and foremost
Be a PROTECTOR
Be a GUIDE
Be their GUARDIAN
When they call you make sure you are giving them
ADVICE vs Information
ADVICE is Personal
ADVICE is Valuable
Information is something you pass out to a customer.
Advice is a client you care about.
Many times just viewing those you serve in a different light is all it takes to make a difference both in their life but also in yours. Do you serve Clients or do you serve Customers?
It’s your choice…….
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 | 2 |
| USDA | 2 | 2 |
| Jumbo | 1 | 1 |
| Conditions | 1 | 1 |
