THIS MORNINGS QUICK LOOK

1.  TOUR DE MTG FINANCE – 
2.  PRODUCT HIGHLIGHT – Jumbo Express Enhancements
3.  MARKETING – First Moment Of Truth Tested

START EACH MORNING WITH EASY TO READ MBS UPDATE
TEXT “I’M IN” TO 251-428-1564 – IT’S FREE

Tour De Mortgage Finance Learn Something New Everyday About Your Industry

MBS RECAP
Overall, on Conv we ended last week higher than where we started which in my book is always a good thing.

We ended the week up 37 BPS or $370 better pricing per 100K in loan amount than Monday. 

But on the flip side we finished on the govt side of the aisle down 37 BPS or $370 worse premium per 100K in loan amount.

This means if you were teeter tottering on selling an FHA VS Conv you had a 74 BPS difference in product types. This my friends is why it is important to monitor the different coupons that investors are buying.

But not so fast slick! Lucy just brought this to my attention. Since April 18th a month ago we finished Friday on the govt side of things just about where we were a month ago. See, things have not changed all that much and a great indicator of getting close to the bottom.

BUT, on the conv side of the market since April 18th we are 77 BPS worse than we were on conv.

So, last week conv made up some ground, govt lost some ground but in the last month govt has bettered its pricing by 77 BPS more than conv.

Ahhhhh, and this my friends is why you should be texting “I’m In” to 251-428-1564 to receive my morning text update to let you know what rates are doing at time of first rate sheet coming out.

Let’s see what the week brings my friends!

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

Jumbo Express Enhancements

Jumbo Express is our standard 30 year fixed rate product.

Effective last Friday we have enhanced our product offering and here is a summary of the changes.

As you price our jumbos continue to price out the arm products as well and remember our 30 yr fixed products do not have MI above 80% LTV.

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

FIRST MOMENT OF TRUTH TESTED

Ok, so I wrote about The First Moment Of Truth for anyone that comes in to contact with anything that you do last Thrusday.

Now I want to challenge you to take it one step further.

Only 1 out of 26 people actually complain when they have a bad experience. But usually 26 of 26 people do not come back again after a bad experience.

This is a big deal especially if we are talking about losing customers you never knew went elsewhere. The amount of missed opportunities just from your website or how a person answered the phone or an image you used or even a comment you made on social media. All of them impact how people perceive and use or do not use you.

So the challenge is to test it by secret shopping your own company.

This could be by having a friend call and get information about a loan or tell them to act in a certain way to see what kind of response you get. Have them write down what questions they were asked and if they felt the warm and fuzzies.

For a 1 person shop maybe test your vendors that you use or the system and processes and software that you use when a borrower interacts with your process flow or your website.

Have professionals in the industry visit your site or systems and ask them how the process was. This is the best intel you can get.

Like automated systems with esignatures or any platform you use. Do you do mock tests and look at everything that happens during the process to streamline it or more importantly to make sure they experience the flow and process that you designed and desire them to feel.

One of my top originators Bocephus gave my kids the best advice I have heard in quite some time.

He said as your kids get started in this business make sure they take every single application that they can by hand and over the phone. Whenever possible and the borrower is willing have them avoid the easy apply now link and get in to the conversation and ask the questions.

That is the best opportunity to solidify your relationship with your customer and to get to know them and to find the things that may impact the deal that they would not normally tell.

This is a First Moment Of Truth most lenders no longer do. So if they are shopping you and you take the time to take the app and get to know them if they are willing you will stomp out a good portion of the competition.

Turn Times As Of This Morning Lookin Good!