THIS MORNINGS QUICK LOOK

1.  TOUR DE MTG FINANCE – Fun With Numbers
2.  PRODUCT HIGHLIGHT – FHA Tips & Tricks
3.  MARKETING – Teamwork Conundrums

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Tour De Mortgage Finance Learn Something New Everyday About Your Industry

FUN WITH NUMBERS

This is an article that I see in multiple places but I love to point out some of the more interesting items so here goes! Lucy, loves these : ) 

The 10 yr Note took 1 yr to be cut in half in 2020.
In the last 4 months it doubled in 2022. Ruh roh.
3.4M PPL left work force & didn’t return since covid.
The US President makes 400K per year.
The US VP makes $230,700 per year.
Warren Buffets house goes on the market today 4/26.
Total cost to purchase is 799K.
Hunter Greene on 4/16/2022 rookie for the reds.
Threw 39 100+ mph fast balls in 1 game. Record!
3 Busiest Airports – ATL – Dallas – Denver
Average 2021 property tax paid in US is $3,791

Use this useless information in your conversations to sound smarter : ) 

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

FHA TIPS AND TRICKS

As we come out of some tough times for borrowers I thought it would be good timing to give you some heads up on tips and tricks for FHA that most do not know or realize.

• You can gift reserves when you have an approve eligible. But not with a refer. Hint: If you give enough reserves you may get an approve to be able to gift the reserves.
• If you are in a lower score situation as in less than 640 if you get a gift you will almost always get a refer so watch how you set up the file.
• You do not need cancelled checks on private VOR’s.
• Charge off accounts do not require any payment regardless of amount.
• Collection accounts can remain unpaid but if over $2,000 must add 5% of balance to the dti.
• If borrower has tax liens. Provide payment plan with 3 payments and we do not require to payoff.
• If owes taxes and not a lien you only need to have a payment plan set up. No minimum payments required.
• Judgements do not have to be paid off if they have made 3 payments on a payment plan and it cannot affect our First Lien Position.
• If you are only off by a few points we do credit score exceptions if borrower is worthy of an exception.
• Ratios of up to 40 / 50 are possible with compensating factors.

Now you know………..

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

TEAMWORK ESSENTIALS

Here are some more words of wisdom I gleaned from Lee Rubin’s talk last week.

Teams exist due to a challenge or opportunity to big for 1 person to handle alone.
BOOM – So simple but so important.

You over achievers need others to depend on and you under achievers’ others are depending on you.

Any kink in the armor is an opportunity for failure.

Show me a passionate person and I will show you a version of success. Show me a passionate team and I will show you a change about everything in your circle of influence. Passion and passionate teams make things happen 10x easier and faster than teams that are broken.

Great team members sacrifice for one another for the greater good of the overall objective. If you can gain personally but passing the ball increases the overall score more efficiently are you willing to go along with it? This is a tough question for many to answer.

Do you cheer others on as much as you want to be cheered for when you accomplish your goals? Everyone wants accolades and congratulations. Try giving those out to others and you will be amazed at how others begin to cheer you on.

It’s about the bond you have with your team. I love this! In chemistry bonds are created OR broken usually under extreme heat and pressure. So, when the going gets tough and you are under a ton of pressure and heat from other people for your team to perform do your bonds join together and become stronger or do your bonds break apart.

It is not about what happens when everything is hunky dory. It is about what happens when we are called upon to perform our duty to those that we serve. How does your team do?

If your team does well with above then cudos to you. You are blessed! If your team does not then you may need to check out the chemistry you have with one another and find the chemistry that works for you and your team.

In case you did not know the term right sizing is to help companies not feel guilty about laying people off which is happening a lot right now.

But, I will also say that right sizing is an amazing time to cleanse a team of unnecessary drama that breaks bonds apart.

Make sure your not a breaker as there is a lot of job security in bond makers. Dang, that sounded good! : ) 

Turn Times As Of This Morning Lookin Good!