NOW ACCEPTING NEW CLIENTS FOR BROKER, NON-DELEGATED CORRESPONDENT, DELEGATED AND BULK. REPLY & LET’S CHAT.

THIS MORNINGS QUICK LOOK

1.  MBS – Employment Related Important Reports & What They Mean
2.  PRODUCT HIGHLIGHT – Freddie Mac Refi Possible Now Here
3.  MARKETING – Marketing To Loved Ones To Earn Confidence

Tour De Mortgage Finance Learn Something New Everyday About Your Industry

ALL THE EMPLOYMENT REPORTS REMINDER
I thought a brief reminder of what each jobs type report does would be good timing due to they all come out this week between Wed through Friday.

ADP NATIONAL EMPLOYMENT REPORT
The number of employment from 392K of ADP’s 500K business clients that are non-farm private employment type businesses. It is comprised of approximately 24 million employees working in all 19 of the US industrial sectors.

NON-FARM PAYROLLS
Simply the number of people on all of the payrolls of all non-agricultural type businesses.

UNEMPLOYMENT RATE
Percentage of people that could be employed and are actively seeking employment but not currently employed. This is done via a survey completed monthly by the bureau of labor statistics.

AVERAGE WORK WEEK
This is comprised of the number of hours and or days that the majority of workers and employers adhere to in specific areas. Basicly, a work week viewed by its length in time.

HOURLY EARNINGS
Hourly earnings correspond to seasonally adjusted average total earnings in manufacturing paid per employed person per hour, including overtime pay and regularly recurring cash supplements.

Pretty cool info you can share with others in common conversations to set yourself up as the expert in your field.

SIGN UP TO RECEIVE MBS MORNING RATES UPDATE AND ANY MAJOR UPDATES THAT CAN CHANGE RATES BEFORE THEY DO.
TEXT “I’M IN” TO 251-428-1564

FLAGSTAR JACK FREE MBS TRACKING SITE

Password is flagstarjack

Product Highlight of the Day Knowledge Gives You the Edge

FREDDIE MAC REFI POSSIBLE NOW AVAILABLE

This is Freddie’s version of Fannie Mae’s Refi Now in started in June 2021.

WHAT IS IT AND WHAT ARE THE PARTICULARS?
Rate/Term option for low income borrowers
Must have current Freddie loan
Max ltv of 97%
Primary Residence, 1 unit only

Existing Loan Must:
Be a current Freddie loan
Be seasoned 12 months
But not more than 10 yrs old

New Loan Must:
Reduce rate by 50 bps
AND
Reduce P.I.MI by $50.00 – Not Tax & Ins

Income Requirement:
Income cannot exceed 80% of AMI
Only applicants on loan counts toward income
Max dti of 65%

OTHER PARAMETERS
Max of 5K in closing costs added into new loan
Max $250 cash at closing
$500 credit for appraisal must be given
0x30 last 6 months
1×30 last 12 months
0x60 last 12 months

Marketing Opportunites Using Industry News Whatever is Happening Use it

MARKETING TO CLIENTS WITH LOVED ONES TO EARN THEIR CONFIDENCE

One of the most important things you can do is actually care about the people you serve. To actually genuinely care. I mean that from the bottom of my heart. It has been the foundation of my mission statement for as long as I can remember.

Now I do admit I tend to give compassion where compassion is due and have a shortage of sympathy for those who put themselves in the position they are in 🙂

Today’s suggestion is to advertise on social media or whatever capacity you do it in the options for homeowners impacted by any natural disaster. Let them know if you know anyone in this situation share this information. Don’t ask for business per se but earn their trust. It goes further than one would think.

SOME OPTIONS TO ADVERTISE ON SOCIAL MEDIA
Fannie and I assume Freddie does the same thing.

Servicers can offer forbearance up to 90 days even with no contact if they believe the borrower was impacted by a disaster. This is HUGE.
Options to reduce or suspend payments up to 12 months with proper approval.
During this time no late fees incurred and legal action suspended.
Multiple options available along with disaster payment deferral.
Of course FHA 203H for those who completely lost home.

SHARE THIS LINK FOR FANNIE ANNOUNCEMENT
Fannie Mae Reminds Homeowners and Mortgage Servicers of Assistance Options for Those Affected by Hurricane Ida | Fannie Mae

SHARE THIS LINK FOR FHA 203h
https://www.hud.gov/program_offices/housing/sfh/ins/203h-dft

Turn Times As Of This Morning Lookin Good!