THIS MORNINGS QUICK LOOK
- TOUR DE MTG FINANCE – The Emotions Of MBS
- PRODUCT HIGHLIGHT – IRS Transcript Expectations
- MARKETING – Feel, Felt, Found Method1
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Tour De Mortgage Finance Learn Something New Everyday About Your Industry
REMINDER OF FIBONACCI EMOTIONAL LEVELS
I wanted to remind you of what you are looking at if you ever look at MBS charts.
This is the 3% chart which they went to today which I expected. You will see arrows in the pic below.
Those lines are fibonacci levels or what I call ceiling and floors and trading windows.
The blank space between the lines are trading windows. Typically we bounce back and forth between the lines. The top one is the ceiling of resistance and the bottom is the floor of support and in-between anything can happen all day.
Right now on the far right we are in the middle of a trading window so we could go either up or down depending on the emotions of the market.
This is called technical trading. In the absence of news which we have had a ton of technical trading is emotional based.
When an investment product reaches a bottom or floor well traders go dang that is a good deal I need to buy and so they begin to buy causing the demand to increase which causes the product to bounce off the floor and when coming up on a ceiling the traders go oh crud that is high I need to sell while I can causing the demand to go down and for the yield to go the opposite way.
This is why it is emotional the same a stocks do.
Just thought I would share a reminder of explaining why I say what I say each day. Sign up above for free Mbs tracking so when traders get emotional you will know about it.
Product & Guideline Highlight Knowledge That Gives You An Edge Over Your Competition
IRS TRANSCRIPT EXPECTATIONS THIS YEAR
Ann, one of my fellow AE’s shared an article one of her clients shared with her from Politico.com. It was quite interesting and thought I would share some of the intel to prepare you for the upcoming year.
BY THE WAY, I did not say this but Flagstar may or may not be doing away with transcripts on all Conv loans in the next couple months. ZERO GUARANTEES but it is being heavily discussed. Booya!
Looks like Americans will be able to start filing January 24th which is great for your SE borrowers you need to get a tax return rolling on and likely deadline of April 18th unless they extend again.
Expect a rather large backlog and likely extended turn times.
The IRS stated that the BEST and IDEAL way to file is electronic and with direct deposit. If not, then prepare to wait.
The IRS is dealing with backups from the last 2 years. Typically, the IRS has about 1 million pieces of unopened mail which includes tax returns of backlog when starting a new tax season. As of 12/23 they had a backlog of 6 million unprocessed individual returns.
Within the first couple months of the year over 150 million tax returns will roll in.
With budget cuts, back logs, people out sick and a plethora of Republicans blaming Democrats and vice versa the IRS is a hot mess.
About 10% of all returns are paper returns which is about 15 million on top of the 6 million backlog make sure you advise people to EFILE and DIRECT DEPOSIT.
In addition, make sure they know to use the IRS website and not expect a call or to get through on the phone lines. They are way down on employees and a huge backlog.
The other issue is with soon to be 21 million paper returns the child tax credits and stimulus checks for families with kids and others got Jun – Dec is causing a lot more returns to be filed for those who typically do not file due to low income so a lot of mis-understanding and uncertainty will plague many who are not sure about filing.
Use this as a social media tool to prepare your circle of influence. Be the one they can go to for questions.
Marketing Ideas And Opportunites Little Things That Can Make A Big Impact
FEEL – FELT – FOUND METHOD
This is a technique but more importantly an enlightenment on how to work with clients that require news they are not exactly excited to hear.
This is a process you can use today that will likely change how your clients see and experience you in problem solving. It was designed to overcome objections but I like to think of it more to let them know you are here to help them. Same thing – different heart set.
In any objection or situation where you have to provide a solution that they may not like the following is the process:
FEEL – The first step is to make sure your client knows you hear them and that you empathize with them.
FELT – Then your reference someone with a similar situation or yourself in a similar situation and that they are not alone and that things can change.
FOUND – Then explain how you or a person in the same situation found a solution in whatever you are offering that will help them with their need.
As with everything there is a process flow that works and works especially well when you are genuine and real and truly care about your clients.
Many people go straight to the FOUND part and leave out the feel and felt part.
Remember, nobody care what you think until they know that you care.
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 |
