THIS MORNINGS QUICK LOOK
- TOUR DE MTG FINANCE – Big Movement Yesterday
- PRODUCT HIGHLIGHT – Using Future Salary Raises.
- MARKETING – What do you worship?
START EACH MORNING WITH EASY TO READ MBS UPDATE
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Tour De Mortgage Finance Learn Something New Everyday About Your Industry
BIG MOVEMENT YESTERDAY
We can talk about quite a few things today. The 1,164.52 point drop in the DOW yesterday which represents 3.57% of the market or the fact we were down 55 bps at 9 am on conv mortgages and by the end of the day we were right back up 55 bps.
What your stock or mortgage pricing looked like yesterday morning vs at 4 PM was night and day. Kind of crazy actually.
YTD the DOW has lost 5,094.99 points which equates to 14% of the market. That sounds bad because well it is here in the short term but for those of you who just invest or have their 401K and leave it there then you can look at March 20th of 2020 just a little over 2 years ago and we were sitting at 19,173 on the DOW vs the now 31,490 which is a 51% increase in the DOW in a little over 2 years so we knew it was going to correct itself and your investments have done just fine.
Today, the Philadelphia FED Index comes out which is a strong indicator of company profits and inflation as well.
It is a report that represents this month taken from a voluntary survey of purchasing managers for manufacturing plants. It reviews new orders, unfulfilled orders, supply chains, employment numbers, inventories as well as the prices they are paying and receiving.
It is what is happening now and can and will move markets. We also have jobless claims coming out today.
Let the roller coaster begin. Text “I’m In” to 251-428-1564 for daily MBS text updates when markets open and end of day market recap to know where you will end each evening in rates.
Product & Guideline Highlight Knowledge That Gives You An Edge Over Your Competition
FUTURE SALARY INCREASES & EMPLOYMENT CONTRACTS
Thanks to Neely for asking this question and I actually learned something I did not know and I bet you are about to as well.
Fannie and Freddie differ on what they allow both on future salary increases as well as a little twist in the employment contract area.
You CAN use a future salary increase to qualify a borrower for financing as long as it will begin within 90 days of the Note date.
Only Freddie Mac allows this. Fannie Mae does not allow for future salary increases.
BUT, the part I did not know is on both salary increases and employment contracts Freddie allows this on Purchase and Rate and Term Refinances. Fannie Mae only allows it on Purchase transactions.
Boom – Put that feather in your hat and outlend your competitors.
Here are the two matrixes for Fannie Vs Freddie for your viewing pleasure.
Marketing Ideas And Opportunites Little Things That Can Make A Big Impact
WHAT DO YOU WORSHIP?
Ok, so this is part two of my two truths I learned about the mortgage business in the marriage seminar I attended.
See yesterday’s for truth #1.
Truth #2 – The most valuable thing in your life is what you worship. We worship what we love.
Now, just think about this for a second and of course I love to twist truths meant for something else and apply it to all areas of my life.
But this one is pretty universal. If I ask you what do you spend the most of your time attending to, getting better at, focusing on, reading books about, spending money to be better at, think about in the middle of the night and overall focus on heavily what would you say?
Let’s say you respond with work. Which unfortunately is likely the most common response. Then ask the question within work or whatever you chose what is it in that focus that you are really trying to achieve?
Here is the deal. Every single person in your life likely can answer the above questions for you if you are not sure. I dare you to ask your kids or your spouse what they think is the most important thing in your life?
Then, if you want to really get real have them list the top 5 things in your life that you put the most effort in to.
Oh Snap, Lucy (my imaginary friend I created for my articles) just came up and slapped me across the face. She yelled at me, JACK! What are you doing? Don’t ask that question because a lot of folks are not going to like the answers they receive whether they write them down or they ask the question.
For others, it will be confirmation that you are right on target and cudos to you.
Use this time to realize you worship and you love what you see as the most valuable thing in your life.
For some it is parenting especially for moms. Their kids are their world and you do not mess with mommas kids. For some it is work, others just pursuit of making more money, for others it is their faith or their kitchen is their passion, serving in the community (not always a good thing), sports is a huge one and extra curricular activities with and with out family or travel.
For the sake of the seminar how much time, effort, focus do we spend on the things in our life that you truly want others to know that you love.
Best coaching exercise I ever was given was to write my eulogy if I were to die 30 years from now. What do you want them to say about you at your funeral. Then start applying your efforts there : )
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 | 1 |
| USDA | 1 | 1 |
| Jumbo | 1 | 1 |
| Conditions | 1 | 1 |
