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THIS MORNINGS QUICK LOOK

1.  TOUR DE MTG FINANCE – Forbearance Update
2.  PRODUCT HIGHLIGHT – Co-Signers & Guarantors
3.  MARKETING – Are You Easy?

Tour De Mortgage Finance Learn Something New Everyday About Your Industry

FORBEARANCE UPDATE

The quicker we solve those in forbearance the quicker some of the guidelines can begin to disappear.

We currently still have about 1.14 million loans in forbearance as of week ending November 2nd as many of those households are hitting the maximum 18 month forbearance option. 

Last week 85K households exited the program which is 7% of the total households in forbearance.

The previous week was 19K but it is foreseen that many of the early households entering the program will begin coming out due to the maximum 18 month time frame. 

The 1.24M households represent 2.1% of all active mortgages for a total of 212 billion in unpaid principal.

Making progress one week at a time.

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

CO-SIGNORS AND GUARANTORS

There is some confusion sometimes on how co-applicants can be treated on a loan and the liability from an ownership perspective.

I typically see these situations with Doctors or Lawyers who do not want to be on title due to being sued but still need the income. 

When a co-borrower is not the primary borrower on the application and would like to provide their credit and income to qualify for a mortgage they can be on the Note but not on the deed as owner of the property. They are classified as co-signers or guarantors in these situations. 

This can also be accomplished with non-occupant co-borrowers where the income and assets are needed to qualify but they do not want to be on the title to the property. 

Of course, all of the above can be on title if it is set up that way as well.

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

ARE YOU EASY?

Do you know why people stop at convenience stores and pay more money for items than driving an extra .50 mile down the road to Wal-Mart?

Because it’s there. They use them because it is there and if all they have to do is turn in and park at the front door and walk in they will choose that over a big parking lot with a long walk and not care about the extra money spent.

With Amazon, Google, App Store and everything else available at the click of a button when was the last time you went through your system to see how convenient it is for your clients to do business with you?

Click to apply, click to see documents, click for approval or click for a pre-qual letter. How many of your clients never became a client because it was not easy?

Think of the smallest things that you just say nah to because it is 1 extra step and you say never mind or I will do it later but never do.

1 extra question, 1 extra click, 1 extra blank to fill out, 1 extra anything drops a % of people to do business with you just because they are lazy and will find another way.

How easy is it to get a rate quote or even better an appointment or conversation with you. How easy is it for someone to refer a potential borrower to you?

Check it out. Are you easy?

Turn Times As Of This Morning Lookin Good!