THIS MORNINGS QUICK LOOK

1.  TOUR DE MTG FINANCE – Fun With Numbers
2.  PRODUCT HIGHLIGHT – No More Minimum Scores On Conv
3.  MARKETING – Mission Statement?

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FUN WITH NUMBERS

Ok, so I am getting off a cruise ship one hour from the time this is sent to you and will have ignored the world Thursday and Friday so here is a fluff piece I am writing last Wednesday night : ) So, if the market completely crashed while I was gone I am not ignoring it but just not aware of it until a few hours from now.

FUN WITH NUMBERS
In April the S&P lost 8.7%. Worst since March of 2020.
Global inflation is expected to be at 7.4% during 2022.
Were not doing so bad after all with inflation!
The last time the FED rose by 50 bps in 1 hit was 22 yrs ago
US households increased cash avail from 10T to 14T in 2 yrs
2021 US new babies 3.7M / China 10.6M (Least since 1949)
73% of all auto purchases were trucks and sport utilities
US is accepting 

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

NO MORE MINIMUM SCORES ON CONVENTIONAL

The following new rules apply to PRIMARY RESIDENCES ONLY and pretty much all conventional products.

This means the 620 minimum score requirement of 620 is removed effective today.

This does not apply to non-qm aka jumbo or govt loans.

The lowest median score of all borrowers will continue to be used for MI coverage, loan level pricing adjustments and underwriting eligibility where a minimum score is required.

FREDDIE MAC

Freddie Mac Loan Product Advisor (LPA) makes the determination of the borrower’s credit reputation and the mortgage product is acceptable. The LPA response will be used to assess whether or not Freddie’s minimum credit indicator score requirements have been met.

FANNIE MAE
  For loan casefiles with one borrower, DU will use the representative credit score (borrower’s median score) to determine the minimum score requirement is met. 

·       For loan casefiles with more than one borrower, DU will determine the minimum score requirement is being met by using an average median score.

See grid for example on how this works. Got questions? Just ask.

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

WHAT’S YOUR MISSION STATEMENT

To be able to lead a team or even yourself, you have to have a goal and know where you want to end up.

Most people do this with a mission statement. Although, most mission statements aren’t great. Half the people don’t know what there’s is.

They’re full of inside business lingo and sound like their written by lawyers.

“A good mission statement is short, interesting, and inspirational”
-Donald Miller

It should explain what you’re doing, how you’re going to serve the people, and why it matters.

Example: A plumbing company – We will service ten thousand customers within the next five years because everybody deserves plumbing that works and service that makes them feel valued.

In reality, if you or your team can’t remember your mission statement, you’re not on a mission.

My mission is “Every person I come in to contact with whether face to face, text, email or phone both they and I walk away better than when we came”.

Without direction and without purpose leaves us with just responding the best we know how but no true direction of where you are trying to go.

I think business missions are great so you know as an employee where you are going but 99% of people do not have a personal mission statement.

Try creating one and I would love to hear what it is.

Turn Times As Of This Morning Lookin Good!