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  • in reply to: Do you want to maximize your networking time? #11276
    Dustin Owen

    In general, LO’s need to be out making sales calls (aka building relationships with other professionals in the market who can refer them clients who need home loans), texting prospective referrals sources and marketing to their database. They need to be hosting events, branding themselves and educating their communities. Anything that helps them do more of this is a benefit. LO’s need to know their loan products and underwriting guidelines. They need to offer financial advice to prospective homebuyers as it pertains to credit, budgeting, saving money and how it is important for a consumer to choose the right loan for their financial needs, wants and goals. The processing of the paperwork and chasing down of documents can be left for others to do. Especially if the LO generates enough leads and talks to enough prospective clients. Companies like Finicity, FinLocker, Mortgage Coach, LoanBeam, SimpleNexus etc offer all sorts of technology to “try” to make the documentation collection and processing of paperwork “easier”. They all struggle with adoption.

    in reply to: Loan Level Price Adjustments #11160
    Dustin Owen

    An LLPA is a hit to pricing and not rate. Meaning, if 6% was a par rate but the LLPA is 50bps due to a lower FICO then now the borrower must pay .5% to obtain a 6% rate OR the 50bps needs to be priced into the rate which could increase the rate by .125% – .250%. The same applies in reverse when the LLPA is a credit back to the borrower. (i.e. 60 LTV instead of 80 LTV)

    If the borrower is a first time buyer who’s AMI is at or under 100% of their local market AMI when Fannie does not access the negative LLPA’s. Lender’s have the choice to pass that savings back to the borrower or keep that as additional gross revenue to go towards the money they need for operating income.

    By the way…we recorded an episode for Friday, 1/27, about LLPA’s. Thank you. 🙂

    in reply to: FHA – Credit Report Issue #11054
    Dustin Owen

    Here’s her take, “As long as the borrower’s SSN and DOB are correct, and his correct name is appearing in the AKA section of the report, you should be fine to proceed with the report that you have.”

    in reply to: FHA – Credit Report Issue #11053
    Dustin Owen

    But I will ask our VP of UW and get her take for you all. Sit tight.

    in reply to: FHA – Credit Report Issue #11052
    Dustin Owen

    Man…my take is to fight the Underwriter. I think this is something you work through. I am pretty sure my company has let us fund similar situations.

    in reply to: CRMs and Privacy Concerns #9800
    Dustin Owen

    I work for a bank owned mortgage lender. I say that because we take compliance serious. We use MonitorBase to track credit pulls, HomeBot (to market to our past closed clients) and Jungo for our CRM (track leads, drip market to prospective borrowers, communicate with borrower and their agents when a file is in process etc.)

    We do so and feel very compliant. None of those systems have no public date. Non-public data is info such as Social Security Numbers and Bank Account Numbers. Names, DOB, Contact Info, Home Address, purchase price of home, estimated home value, mortgage, mortgage amount and interest rate is all data that is public.

    Having an Opt-Out in your message is key.

    in reply to: Connecting with realtors #9712
    Dustin Owen

    Hey ya’ll –

    Here’s my two cents:

    – Focus on your local market first. You are tryin go build your local following, your local network in order to be a local community expert. Worry less about obtaining licenses in other states unless you have a really good reason. (i.e. I used to live there and have 5 best friends who are successful Realtors in that state.)

    – When you are new, you can build meaningful relationships with local real estate agents by being willing to do what others won’t. Such as:
    *Work their older, colder leads – Ask them for a list of all the buyers who inquired about buying a home over the past 2 years and offer to call, text and e-mail those people on
    behalf of the agent to see who you can convert into a warm buyer again
    *Be willing to help them set-up and work open-houses
    *Be willing to go door-knocking with them
    *Be willing to pick up the phone from 7am – 9pm (Monday – Sunday)
    *If you have a product that others don’t or are willing to originate a product others won’t attempt bring those agents those products as a way to help more buyers qualify to buy a
    *When they do refer you a buyer lead, religiously work that lead like crazy and always reach back out to the referring agent with a update. You should work that lead for weeks,
    months or even years if that is what it takes. (WARNING: Only work the leads you have predetermined will actually qualify. There is not need “working” a 480 credit score who can’t
    hold down a job.)
    *Be willing to introduce them to business / lead generating opportunities such working a particular community event or adapting a company with a decent presence in your market and
    hosting homebuyer events for their associates.
    *I am NOT a big fan of this next one (FULL DISCLOSURE) but I know plenty who have had success with it…be willing to co-market (aka spend $$$) on leads via Zillow,
    *Be the person who connects them to other top producing agents in the market via Realtor Mastermind you host and moderate
    *Be an accountability partner to them

    in reply to: Time Management #9646
    Dustin Owen

    I am a big Theme Day person. I make my calls (my actual sales activity) my priority and do that first thing in the morning. I have regular scheduled events as reoccurring events on my calendar and therefor never miss or allow myself to book an appointment during those times. Here are examples:

    Every month the following events are locked onto my schedule:

    – Branch Meeting is 3rd Wednesday on the month from 11:30am – 1pm
    – All Hands Sales Call is 1st Friday of every month from 10am – 11am
    – Realtor Happy House is 2nd Thursday from 4pm – 6pm
    – Realtor Lunch and Learn is 1st Tuesday of the month from Noon – 1pm

    *I never take client meetings on Mondays before noon as I need that time to review my pipeline, prep for the week and make my Realtors calls. I never take client meetings after 2pm on Friday as there is nothing worse than being stuck at the office on a Friday until 7pm because your 4pm appointment arrived an hour late and then the meting ran long*

    Here are my theme days:

    Monday = Call 20-30 current Realtor referral partners to either invite to an event, schedule an appointment or ask for a referral.
    Tuesday = Make my status update calls to borrower, buyer’s agent, listing agent and title company
    Wednesday = Call my past clients to schedule annual mortgage reviews
    Thursday = Call Realtor /Builder targets to schedule ono-on-one (these are Realtors / Builders I don’t currently know or work with
    Friday = Call COI / VIP Clients / other business professionals such as CPA’s, Financial Advisors and Divorce Attorneys

    I make my TBD calls throughout the week; usually calling 4-8 per day. These are calls where I am following up with prospective borrowers and then giving an update to the referring agent.

    I tend to schedule my meetings with borrowers and Realtors at either 10am, Noon, 2pm or 4pm.
    I tend to work late on Monday so I don’t plan personal things like t-ball practice for my kids team for Monday.

    I hope this helps.

    in reply to: USDA Loan Question #9470
    Dustin Owen

    Hello Sarah –

    I do not know this answer off the top of my head. My gut says, “no”. Not until she is a legal adult. Then, I would be worried about her not having a credit score. Will you be able to obtain a GUS approval with only one borrower having an eligible credit score. You may be downgraded to a manual underwrite which will have more restrictive DTI requirements at a minimum and may require alternative credit to be built. Call your local RD office. Check with an Underwriter.

    in reply to: Did I make a bad choice #9466
    Dustin Owen

    You are not wrong to be feeling how you feel. I believe you need a local manager, a local branch and local support to get the lift needed to launch your MLO career. In this market, you will be forced to get out there and network like crazy. The opportunity you desire will not be posted on a company web-site or career web-site. You need to attend industry functions, cold call local mortgage branches, network within your network, reach out to the local real estate experts etc. in order to find the opportunity you seek. Look at companies like CrossCountry, NEO, Guild, Fairway, CMG, Movement, Cardinal, New American, Churchhill etc. Best of luck!

    in reply to: Can I Be a Part Time LO? #9428
    Dustin Owen

    Short answer is, “no” and long answer is “yes”.

    You will need to be able to give it your all, pour your heart and soul into getting your business off the ground for the 1st two years. This includes weekend events such as Open Houses and afterhours events such as networking opportunities. You’ll have some flexibility as it pertains to what time you come in (anytime between 7:30 and 9:30am) and what time you leave. Some of your work you can do from home. But, you will need to be “All-In” to get your business off the ground. Once you are “in-air” you can dial it back a little more. There are plenty of folks who fund 2-3 loans a month and make their $65k – $110k per year that do not go “all-in” week after week. However, those are folks who have already established a following, have a past client database and have created their referral network as well as know what they are doin gin terms of actually structing a loan for approval. I normalldo not advise a side-hustle unless you are willing to work 60 hours per week (45 dedicated to mortgage and 15 hours to side hustle) and your side hustle is either 5am-8:30am (M-F), 6pm-10pm (M-F) or hours work over the weekend.

    I hope this helps…

    in reply to: Employment Advice #9361
    Dustin Owen

    This sounds 100% like what I had to do before I entered the business in 2004. Is it a lot? Sure. But it may be worth it…this company may use this to weed out their applicants. It today’s market, it is up to the LO to prove themselves; especially if the LO does not have a book of business or a pipeline of loans. 2020 and 2021 was a different story. Think of it this way…even if you don’t go work with this company these exercises will help you become a successful LO nonetheless.

    in reply to: Reverse mortgages as a financial tool #9351
    Dustin Owen

    Reverses are high up on our list. However, I need to find a dynamic person to guest host that day in person as I am not a SME and neither is JC. Regarding your situation, I am neither an estate attorney nor a CPA and my advise would be to consult with both regarding your personal situation. It would be an awesome networking opportunity for you as well.

    Finally, as LO’s we need to be learning reverse and have the ability to provide the product. My company has recently launched an entire Reverse Division.

    Dustin Owen

    Here goes…invite them to meet up after work for drinks / apps. Don’t hind from the fact that you are a lender who knows what Realtors and their buyers want in a good lender because you worked previously in real estate. In fact, it was your experience of working in real estate that made you want to become a lender as you saw first hand the need for quality LO’s. Acknowledge and respect they have a relationship with a good LO already. However, everyone needs a back-up. Even Tom Brady has a back-up. Ask to be considered as the back-up. Then seek ways to offer products or services that their current LO does not offer (i.e. help them work their old / cold leads, make yourself crazily accessible to them, offer a DPA loan their current lender does not offer or a non-QM loan or a bank portfolio loan etc., offer to help them work events to drum up business…) This should be your approach with EVERY agent in your old office. Also, you should work your old Rocket colleagues for leads to loans they turn down. Threat those former co-workers as lead sources and work them they way you work your Realtor network. (This is assuming you can do loans they can’t.) Good luck!

    in reply to: Consurmer Direct #9221
    Dustin Owen

    Hey Rob! Congrats on passing. We don’t know enough about Celebrity or Wells Funding Group enough to have an opinion. I can say that I have been impressed with New American from how I have met what I have heard. Also, Consumer Direct is not as much in our wheel house as self-sourced, own your own book, become your local community expert.

    Best of luck!

Viewing 15 posts - 1 through 15 (of 51 total)