THIS MORNINGS QUICK LOOK
- TOUR DE MTG FINANCE – Russia Raising Our Rates
- PRODUCT HIGHLIGHT – FHA Gift Trick To Get Approve
- MARKETING – Use Your Experience To Market
START EACH MORNING WITH EASY TO READ MBS UPDATE
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Tour De Mortgage Finance Learn Something New Everyday About Your Industry
RUSSIA WARRING WITH UKRAINE IMPACTS RATES
This business never seems to stop amazing me. So, Russia evidently is wanting to take over Ukraine so they said hmmmm, I think we are going to attack Ukraine and they announced it. Not sure when this happened as I do not watch the news.
BUT, when they said this the international markets flooded the bond market as a place of safety which is very common for international countries to park their money in our bonds.
So, this weekend Russia said never mind we are not going to attack but instead are going to take a more diplomatic approach.
Well, that eased tensions and it also allowed international investors to pull their money back out and put it in whatever they put their funds in when not in US Bonds. Can’t make this stuff up.
At one point we were down 52 bps on the day but we ended up only down 31 bps on the day after the initial reaction.
Another effect was Bullard saying they are going to jack up short term rates by 100 bps by June or July. That did not help.
We will see what tomorrow brings but at least it is kind of a cool way to tell your clients why rates are where they are. It’s Russia’s fault : )
Product & Guideline Highlight Knowledge That Gives You An Edge Over Your Competition
TIP ON GETTING APPROVE WITH FHA GIFT
Over the last couple years FHA has gotten much more difficult on borrowers who are getting a gift and have a lower score.
Next time you get a refer when using a gift make sure you show the gift coming from mom or dad.
I don’t know why but the system is much more likely to get an approve when mom and dad are giving the gift.
It’s the little things that matter.
OH, AND IF ALL GOES WELL THIS FRIDAY WE WILL BE ROLLING OUT A NEW MINIMUM SCORE ON FHA, VA AND USDA OF580.
WHOOP WHOOP!
Marketing Ideas And Opportunites Little Things That Can Make A Big Impact
WHY RE-INVENT THE WHEEL IN MARKETING
I get asked all the time, Jack who writes all of your articles? I personally write every article you read but I am always inspired by things that surround me.
Most of the guideline updates come from a scenario I have been asked, the marketing ideas come from my daily reading and studying and my coaching over the last 10 years and the MBS stuff comes from watching the market every day and say hmmmm that is really cool and I bet someone would find that interesting.
Let your experiences during the day help guide your marketing to those you serve. If one person has a question then there is a good chance someone else has the same question so why not share it and use it in your marketing.
Think of a Facebook post where during the day a client asks you something about how long they need to be on the job in order to qualify for a loan. Well, write a short Facebook or whatever post saying “You know, a client asked me a great question today and I am betting someone online may be interested in the answer. They asked how long they need to be in a new job before they can qualify for a loan. You say …………(fill in the blank)” Easy peasy.
When you get a good one then research, find the answers and write about it.
It is all about connecting with your clients and potential client base. Think of all the situations people have been through during covid then address some of the situations. You will help more people than you think.
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 |
