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THIS MORNINGS QUICK LOOK

1.  TOUR DE MTG FINANCE – The Future Of Subprime Loans
2.  PRODUCT HIGHLIGHT – Order USDA Appraisals Direct
3.  MARKETING – Competing With The Big Boys

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Tour De Mortgage Finance Learn Something New Everyday About Your Industry

LAST WEEK IN RATES

After 3 straight weeks of the MBS playing in a window we took a huge direct hit on Friday but we did recover almost to the trading window but not quite.

This means what happened over the weekend is very important and how we start the day out is very important.

If you subscribe to my MBS text free service I will let you know where we are when rates come out this morning. If not, look above this article and sign up if you like.

Overall, last week we lost 58 BPS from open Monday to close Friday in the conv market and in the govt market we lost 37 BPS or $370 in yield per 100K in loan size.

Friday gave a huge jobs gain report that was not expected and what is good for the economy is bad for rates. Also, the FED and their one off speeches always stirs the pot.

Tuesday and Wednesday we have treasury auctions and Thursday is a big news day so other than the auctions or if FED speaks we should be playing in the technical trading this week.

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

ORDER YOUR USDA APPRAISAL DIRECT FROM APPRAISER

Did you know this?

With Flagstar, although I assure you Flagstar probably does not want me advertising this but USDA does not have to be AIR compliant. They do not require xml’s or AMC’s.

Quite simply if you have a USDA loan with us call your local appraiser and say you need a USDA appraisal. They must be FHA roster approved and on our approved appraiser list. If they are not on our list we can get them pretty easily added.

Lender is listed as Flagstar Bank and client is in broker name if brokering.

In case you did not know nobody and I mean nobody can touch me on government loans. We know how to underwrite them and have the best management team anywhere. I love govt loans! I do em all but bring em on.

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

CAN YOU COMPETE WITH THE BIG BOYS?

So, lets take a look at lenders first then we will hit originators.

Below are the charts for search engines, airlines, phone and mortgage originations from a housing wire article.

I would say if you wanted to start in any of those first 3 businesses you will fail. Not gonna win and would not even try.

But now look at the lenders, now this is origination including retail and as much as some of these CEO’s say they are so awesome, big and amazing in reality they are not much at all. Look at some of those names and how small a piece of the pie they have. The other in blue  is the rest of the lenders out there. In case you are curious Flagstar is #9 in the ones that report to Scottsman Guide : ) 

Now that being said as far as loan officers and mortgage companies go here is what you are up against. 

As of 3rd quarter 2021
208,770 Individual NMLS Licenses – State
390,469 Individual NMLS Licenses – Federal
8,352 Federal Company Licenses
20,834 State Company Licenses
Active MLO’s From Call Report 119,236
AL has 16,759 licenses #21 in US
GA has 28,171 licenses #6 in US
MS has 6,723 licenses #43 in US
MOST – CA W/ 81,653
LEAST (Kind Of) VT W/ 3,884

The point is this. There a TON of mortgage companies out there and 95% of them make up a majority of the pie and many of above are not active of course or producing or part time. 

So quit worrying about what Rocket or any of the other heavily advertised companies are doing and do what you do best. They may produce billions but this is a trillion plus market and people need you! Go get a piece of your pie and stop worrying about the other 119,235 other loan officers are doing.

Turn Times As Of This Morning Lookin Good!