THIS MORNINGS QUICK LOOK

1.  TOUR DE MTG FINANCE – Yesterday Was Nuts
2.  PRODUCT HIGHLIGHT – Non-U.S. Citizens Now Eligible For USDA
3.  MARKETING – First Moment Of Truth

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Tour De Mortgage Finance Learn Something New Everyday About Your Industry

AFTER YESTERDAY ANYTHING CAN HAPPEN

What a crazy day yesterday. CPI (Consumer Price Index) came back with higher inflation than expected and initially the markets reacted exactly as they should have with much larger inflation numbers than we were expecting and hit to mortgage bonds and rates to the negative.

Then by the end of the day we ended UP 69 bps different from the 9 am pricing right after CPI came out yesterday morning.

The bond market is seeing something different than just inflation to justify the rebound yesterday. 

You still need to lock when you can and we now have producer price index today. So yesterday is the cost consumers are paying for a basket of goods and today is what it cost the businesses to produce the same goods and services. 

The difference between these two is how much the businesses are using their margins to pay for the difference of what consumers are paying vs what it cost to produce the same goods.

If this comes in high as well it is another indicator of higher inflation which is bad for our business but again what happened yesterday is just down right strange. I hope you locked some after the rebound yesterday as who knows what will happen this morning when producer price index comes out this morning which will be before rates come out so the impact will be built in to the first rate sheets. 

It will be interesting to see how the FED speaks to these numbers and if it will change their tone on how fast they will increase short term rates.

Stay tuned at 9:30 CST and if you are on my MBS texting alerts listed above you will know what happened soon.

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

NON-U.S. CITIZENS NOW ELIGIBLE FOR USDA

Due to a lack of housing finance options for non-U.S. Citizens in rural communities USDA has implemented effective immediately BUT temporarily a much broader allowance of Non-U.S. Citizens.

Previously the requirement was to have acceptable citizenship or immigration status which limited the type of eligible borrowers.

It has now been changed to Individuals with a valid social security number and valid EAD (Employment Authorization Document), such as Form 1-766 issued by the U.S. Dept of Homeland Security.

This is a good item to advertise to your realtors especially those that serve rural and USDA markets.

This is kind of like when we rolled DACA out for Fannie Mae and FHA loans.

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

FIRST MOMENT OF TRUTH

This is probably one of the most important items taught in sales or marketing and unfortunately many times one of the least implemented.

Whether it is from a referral partner, a marketing lead or the first conversation with a new client.

The first and most critical moment for a new client is the First Moment Of Truth.

The initial conversation or experience on your website or how you respond on a chat function or how you answer the phone. This is the BEGINNING of EVERYTHING.

I cannot tell you the number of people I talk to because they know I am in the business who tell me about their experiences and the best one I hear regularly likely because everyone gets a quote from them is how they feel after their first call with Rocket Mortgage. The answer is not confident in them and not good. They still do a ton of business but that is all marketing.

You are not a rocket mortgage where a 5% conversion rate of phone calls is fantastic. I don’t know what it actually is but the point is you need to keep 100% of your first moments of truth.

PLEASE, review your voice mail. Does it say I will call you back at MY earliest convenience. (That drives me bananas) Review your website, review what you say when you pick up the phone or what your person that does pick up the phone.

What is their tone like, do they give warm and fuzzies, are they excited to receive the clients call. If not, get them OFF the phones. Trust me, I call a lot of places with clients and I am very rarely impressed. Some are very professional but professional without personality is not memorable.

All areas of first contact should be a high priority whether you are a large corporation or a 1 person shop.

Plan the First Moment Of Truth for your clients and you will close more deals.

Turn Times As Of This Morning Lookin Good!