THIS MORNINGS QUICK LOOK

1.  TOUR DE MTG FINANCE – Fun With Numbers
2.  PRODUCT HIGHLIGHT – Per Diem Income
3.  MARKETING – Making Tough Interactions Fun

Tour De Mortgage Finance Learn Something New Everyday About Your Industry

FUN WITH NUMBERS

LAST FED RATE INCREASE – Between Dec 2016 and Dec 2018 the FED raised short term rates (Not Mortgage Rates) 8 times by .25% each time. During that same period the S&P increased 15.8%.

TIME MATTERS – If you invest $522 every month for 40 years at 6% return you will have 1 million dollars. But if you wait 10 years and invest for only 30 years at 6% return you will need to save $1,021 per month. Start you and your kids early.

WORKING FROM HOME –  In a poll from Sept 2021 25% of all polled said if there employer said they had to come back to work vs work from home they would quit their job. Post COVID impact is very real.

SHOCKING NUMBER – I find this hard to believe but it states 63% of home buyers in the US during 2020 made at least 1 offer to buy a home based on virtual tour only. Only 37% stepped foot in to the home first. Yikes!

COLLEGE NUMBERS HURTING – In 2020 survey 71% of all teenage students said they were likely to pursue a college degree. Same poll in 2021 only 48% said they were likely to pursue a degree. The poll was from a little over 1,000 teenagers.

PRICE OF CARS – In 2020 the average new car price was $45,031 and in Sept 2021 a new record average high of $45,031 was recorded.

SUPPLY CHAIN – The average product purchased by an American consumer has internal components manufactured in 10 different countries. Uh oh.

Data from mbshighway by the numbers.

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

PER DIEM INCOME

I get this question frequently more out of desperation for more income than anything else but thought it would be a great reminder. 

Per Diem by definition is per day income or per day expenses. 

Most people that receive a per diem or stipend per day is it reimburses expenses that they incur while on the job. Such as food or lodging or other material items that is normal for their business. 

Since Per Diem is based on a re-imbursement of expenses that are typically not calculated as a liability in figuring dti you cannot use Per Diem or stipend income.

BUT, if the per diem or stipend income is taxed on their tax returns or their paychecks then that income can possibly be used as that is more of an allowance given vs an actual expense. 

For example, I receive a car allowance but that car allowance is taxed. I do not actually have a car payment so that is actually income I receive to put towards my dti. But if I had a car payment they paid directly via my check and was not taxed then that is not allowed. (Special stipulation to that rule on conv if received for 2 years fyi).

Last note is on USDA if it is taxed it goes against the household income. If it is not taxed it does not go towards max household income.

Bottom line: Not taxed – cannout use. Taxed – can use.

Now you know…………

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

MAKING TOUGH INTERACTIONS FUN

I was reading a linkedin article that was sent to me this morning and I think it is a great marketing lesson for everyone as well. 

It is how the Savannah Bananas (Minor League Baseball Team in Savannah GA) changed how they present invoices for payments to their clients or fans. 

They want every single interaction with them to be a great experience and even being invoiced can be a little fun.

Much of what we do in this business can be frustrating to borrowers as well as lenders, LO’s, processors, owners, compliance folks and everything in-between. But can it be fun or better yet can they walk away from the situation better than when they came.

My personal mission statement for many years has been “Every single person I come in contact with whether via phone, email, text or in person both they and I walk away better than when we came.”

The mission statement applies to every facet of my life in business, personal, family – everything. I fail every day but that is my mission.

Think of all the pain points in your business and make them raving fan points. How can you turn them on end to an experience that they will never forget and hopefully help you grow your business.

CLICK FOR COPY OF LINKED IN ARTICLE

Turn Times As Of This Morning Lookin Good!