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THIS MORNINGS QUICK LOOK

1.  TOUR DE MTG FINANCE – Refinance is Down But Not Out
2.  PRODUCT HIGHLIGHT – Fannie Scrutinizing Condos
3.  MARKETING – Life Is Simple, But Not Easy

Tour De Mortgage Finance Learn Something New Everyday About Your Industry

IS REFINANCING STILL AN OPTION?

The below chart explains the % of people in America that would benefit from a savings of .50% off of their mortgage rate. 

As you can see the difference between 2.79% and 3.14% which is where we were at the time of this graph is a 20% decrease in deals that make sense. 

The good news is if you monitor rates you can see the smallest change makes a big difference in the eligible pool of loans that would benefit.

This also does not take in to consideration two of the biggest opportunities you have.

#1 – Cash Out loans. You must be advertising these.
#2 – Marketing to people who paid for their house in cash in order to get their bids accepted by sellers. This is HUGE! Delayed financing should be a big advertisement as well. 

The point here is that 35% of all loans in the market right now would benefit from a refinance. BOOM!

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

CONDO’S WILL BE SCRUTINIZED MORE CLOSELY

In a memo released by Fannie Mae they are cracking down on condo and co-op developments with deferred maintenance and/or condo’s that have experienced hurricanes, floods or storms.

This hits very close to home for me as I live in a condo on the beach in Orange Beach that was hit by a hurricane last September and I am the liaison to all owners and construction companies working through 6.5 million in repairs. Our complex sold probably 10 units since the hurricane that would not have passed Fannie Mae’s new guidelines so this can make an impact. Same scenario for almost all condos down here until repairs are completed.

This memo in part came about from the tragic collapse of the condo complex in South Florida.

CLICK HERE TO READ MEMO

We do not know exactly how this is going to be laid out yet and we have some questions for Fannie Mae we are trying to get answers to. Such as will this impact Fannie to Fannie or Freddie to Freddie streamline reviews and will this impact FHA HRAP approved projects that do not require full reviews.

We anticipate these questions will be added to the questionnaire. We do not know exactly but this is our thoughts. 

DEFERRED MAINTENANCE
Adding 2 questions to confirm if deferred maintenance exists.
If YES, ……

SPECIAL ASSESSMENTS
Any current assessments or planned assessments in next year?
If YES, ………..

RESERVE REQUIREMENTS
All condos must have the 10% line item for reserves that currently exist.
The change is no exceptions to not having line item reserves as before.
Limited review is the way to go when less than 10% line item.

Here are the questions we are hitting Fannie Mae with.
We have pushed back to get more detailed clarification on the following:

• What is the definition of deferred maintenance that impacts safety, soundness, structural integrity, or habitability?
• What is the definition of special assessment that impacts safety, soundness, structural integrity, or habitability?
• Asking if they are going to produce a comprehensive, standard questionnaire that all lender would follow.

More to come but now you know what is coming…

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

LIFE IS SIMPLE

Yep, you heard me. Life is simple but it is not easy.

I was sitting in my chair having my quiet time last week and I was journaling about some things I did the previous day that I could have done better. Also, was feeling a little down on myself about not doing things I know I should do.

I then started writing in my journal everything I needed to do that day to be successful in what I wanted to achieve that day. 

Something magical happened. Every time I accomplished something I felt better so I kept accomplishing things that pushed me towards the life I love to live and I woke up joyful the next morning.

What did I do?
I filled up my gallon jug of water and finished it every day.
I exercised every day except Sat & Sun – Feel amazing.
I bought my wife flowers and we chat intentionally a lot more.
I completed every major business task first each day.
I remembered why I do what I do before every call every time.
I withdrew my nomination from a board I was nominated for.
I said no every time when it was not leading towards my major goals.
I hung out with the people that can build me up vs tear me down.

This is just a few. What would happen if you woke up and wrote down all the things you wish you did not do the previous day and begin to do the very things that you know you want to do. 

It really truly is that simple. Not easy but simple. Just make the right decisions when ever it is time to make one.

The number #1 gift you can give yourself is the ability to say no nicely and to stop doing and being part of things that you do out of obligation vs desire to achieve your personal and business goals.

My favorite motto in my life is If I cannot say HECK YEAH to whatever it is or wherever I am going then the answer is HECK NO. 

Be your best you. It’s simple : )

Turn Times As Of This Morning Lookin Good!