THIS MORNINGS QUICK LOOK

1.  TOUR DE MTG FINANCE – 
2.  PRODUCT HIGHLIGHT –  IRS REFUND LOANS
3.  MARKETING – Follow Up Marketing Technique

START EACH MORNING WITH EASY TO READ MBS UPDATE
TEXT “I’M IN” TO 251-428-1564 – IT’S FREE

Tour De Mortgage Finance Learn Something New Everyday About Your Industry

TODAY IS THE DAY

I am going to keep it simple today. 

If you are on my MBS text update service listed above I will let you know what happens at 2 PM today when the FED has their press conference.

The #1 item will be less about the likely 50 bps hike and much more about what they plan on doing with the balance sheet plus the employment numbers are coming in this morning as well.

Cross your fingers and lets hope the Fed does not go crazy on their comments on what they are doing with the balance sheet and quantitative tightening (buying less bonds creating less demand which causes higher rates). 

We have lost ground on MBS the last 3 days in a row in anticipation of Fed comments so we will see.

We ended the day worse by 22 bps from initial rate sheets and you likely saw a worse rate sheet late afternoon.

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

IRS REFUND LOANS

I came across this yesterday on an FHA loan that I thought would be good to share. I have also confirmed this is our same stance on conventional loans.
 
A borrower did their taxes through a company like turbo tax and at the end of the filing they always give you a chance to take a loan against your tax refund for a fee of course.
 
The borrower takes the loan and hopes to use it as part of their down payment.
 
Due to this being a loan here are some need to know items if you come across this.
 
We will not hit you with a payment with the dti on this type of loan.
But we will also not allow you to use these funds until you can prove that these funds have been issued by the IRS to the tax preparer that gave the loan.
 
We will allow you to back out the funds with proof of what it is and move forward with other funds but cannot use until IRS actually pays the refund as we have no guarantee of funds until the IRS officially signs off on the tax return and sends the funds.

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

FOLLOW UP MARKETING TECHNIQUE

If I was to pinpoint one of my worst traits as an effective prospector and marketer it is my lack of follow up.
 
This is not a new concept to managing a pipeline or to prospecting clients and especially for clients that are currently in your pipeline.
 
The #1 key to success in just about any situation with the exception of living as a monk is communication – communication – communication. There is no greater discipline and efficiency that will retain and attract existing or potential clients than proper follow up systems.
 
I stink at it. If you call me and say Jack we want to get signed up with you and Flagstar. I am fantastic and talk to you and get you everything you need and if you move forward then we usually have a great relationship.
 
If you do not move forward there is a good chance you will never be bothered by me again.
 
As I am writing this I went in to my outlook and I keep a file folder on every lender that inquires and submits a request to me to do business together. I just counted 77 different folders of clients who have shown interest in the past. Some are very old but some are not so old as well. Ooops!
 
Now, don’t get me wrong. If you want to do business I give you my full attention but I have never been one to chase after you until you give up and say fine I will work with you. Nope, you gotta want to work with me to get to work with me : )
 
Now, think about all of your pipelines of business. Existing, potential, shopping, past clients. I have 77 potential prospects just in my folder box. How many folders have you not opened in a while?
 
Fyi, the only way true follow up works is with a system. Figure out what yours is and implement it. Take one area of follow up and start with that today and see where it takes you.

Turn Times As Of This Morning Lookin Good!