THIS MORNINGS QUICK LOOK
- TOUR DE MTG FINANCE – Talking Points On Inventory
- PRODUCT HIGHLIGHT – IRS System Changes
- MARKETING – Narrow Your Marketing To Who
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Tour De Mortgage Finance Learn Something New Everyday About Your Industry
TALKING POINT FOR CLIENTS ON INVENTORY
Although the media has been abuzz for 2 years on low inventory I think this is something good for conversations.
Per Zillow in December we hit a recent low in houses listed for sale.
We hit 923,352 houses in December and to compare the houses available in August 2019 was 1.79 Million. Last September we were at 1.17 Million.
But if it makes them feel better the time it takes to go under contract has doubled so they do have time now to attempt to get a contract.
It went from a whopping 6 days to 13 days now to go under contract.
Of course, many less buyers as well as sellers and the market will grow in both houses and buyers as we hit the spring months preparing for Summer
The talking points are yes, very low inventory but there are almost 1 Million houses out there but due to rates and cost of housing it has shrunk the buyers but not by much.
We are still 19.6% yoy value increase and we will find out today from the Case Schiller report coming out of what increase we had this past month. It is expected to slow to about 8% this year which means it is still a good time to buy.
If your not talking about the industry your competitors are. Be informed and more importantly be the informer.
Product & Guideline Highlight Knowledge That Gives You An Edge Over Your Competition
THE IRS NEW OCR SYSTEM WILL CREATE MORE REJECTS
Typically when we see a change like this I will highlight the items but this is very important to understand so I am just linking our memo.
This will apply to every lender in the country due to it is IRS based therefore read this whether you work with Flagstar or not.
IRS has come out with a new OCR (Optical Character Recognition) system to read the 4506-C requests and if you do not do them correctly they will get rejected.
In this document link you will find all the information you need to know.
Marketing Ideas And Opportunites Little Things That Can Make A Big Impact
NARROW YOUR MARKETING TARGET TO WHO
Who is important, who responds to your marketing, who provides for your family.
You notice I put no question marks because WHO is a statement and not a question.
Lucy was very excited about the next few days because she has no clue who her ideal client is.
You see, most marketing is BLAND and GENERIC. Blahhhhhhhhh.
Ask yourself these questions:
Who is the audience you really want to reach?
Who is the right audience for you to work with?
What business are you really in? Think about that one.
Who is your core client. The one you work best with?
Stop chasing the shiny objects that look good but do little.
Embrace your core market and then expand if needed.
Don’t lose the core for the sake of those not using you.
Lucy said, well Jack who is your core market?
Great question Lucy…………
It is simple, I want to work with people who care about their clients and their careers.
If you do not want to grow your business or care for clients then you are not my ideal client. I will do loans for you but you are not who I go after when I write my articles every day.
Fyi, I get asked a lot if I write all of these. Yep, I do. Every day, 3 articles per day. And I LOVE IT!
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 |
