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Business Builders - What's New!

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When I was in the mortgage biz, at first, I considered myself to be all things to all people. 

VA loans, I can do them. FHA loans, no sweat. Fannie and Freddie, piece of cake. I knew all the UW rules. 

However, it was like a fart in a whirlwind—making myself crazy trying to keep up with all the mortgage rules, the processing and closing, and not to mention the marketing of every loan known to womankind. 

Then, I sat down one day and took stock of my expertise and my background. I don’t mean in the mortgage business….BUT life experiences…and how could I turn that into a personal brand. 

What I discovered was…

Zillow. You may like them or dislike them.

But one thing is for sure…they have a pulse on the characteristics of home buyers because they are on the “front line” of gathering the data at the beginning of the home shopping process (unlike the Realtors’ Survey of Home Buyers/Sellers, which gathers data about a year after the purchase or sale of a home).

So, I’d like to condense the information about millennials from their Consumer Housing Trends Report.

First of all, some statistics:

Written By:Tammy Butler, Publisher, MortgageCurrentcy.com. DIVA MEMBERS - contact This email address is being protected from spambots. You need JavaScript enabled to view it. to obtain a special link to subscribe at $100 off current annual rate! Pay only $297 for a full year versus $397.

I’ve heard many originators say that they are not concerned if they get mystery shopped because they treat everyone the same. However, even the most experienced originators and underwriters sometimes miss the nuances that can unknowingly cause them grief. Knowledge is Power, and it can not only save you some deals but also save your license.

As many of you know, making lending decisions based on Marital Status is prohibited under ECOA. When most mortgage professionals hear that, they immediately believe that they would never do that! After all, if you can do the loan, let’s do it. The issue may be that you don’t understand the guidelines completely or apply them incorrectly because they change frequently. As a result, another lender may do the loan, costing you not only a loan but a referral source. And to top it all off, you may have an ECOA violation on your hands if the borrower complains.

Loan originators and processors need to thoroughly understand what is and is not acceptable to underwriting based on the current guidelines, and give the right advice to those applying for a loan. This prevents a client from being “discouraged” from applying based on a misunderstanding about agency requirements. This is one of the reasons we put out so many charts and checklists to keep you updated!

Are you looking for qualified leads from attorneys? Or have you thought about marketing to lawyers but do not know just where to begin?

Additionally, have you ever thought about advertising in your local Bar Association Directory?  It’s very inexpensive and you will probably be one of the ONLY mortgage originators advertising there.  In this article, not only will we give you a letter, but we will also provide you with a sample of the ad.

Written By: Lloyd Rutherford, Staff Writer, MortgageCurrentcy.com

Fannie and Freddie have released updates to their automated valuation requirements.

However, there are distinctions between the two that you should be aware of so that you use the correct system for the borrower.

Here’s a short synopsis, comparing the differences.

Take the time to read through this article so you can remove the appraisal cost to your client and the rep and warranty issue from your lender.

Resource: (Fannie Mae-DU Version 10.1 Release Notes – Updates PIW for Purchase Loans – Dated August 18, 2017-Effective August 19, 2017. Freddie Mac Bulletin 2017-13 – effective 9-1-17)

If you would like to obtain more charts and checklists like this, visit www.MortgageCurrentcy.com for subscription pricing and what's included with a subscription.

Reminder to DIVA MEMBERS - you can receive a $100 discount off the annual subscription rate. Email This email address is being protected from spambots. You need JavaScript enabled to view it. for the discount link!

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