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Jungo is Sales Force based. People who use and love Jungo are folks who love CRM and like to customize their CRM. It is $149 per month BUT if you are a Premium+ Member you save $360 per year.
Another one is Aidium. We too have a discount for Premium + Members. This CRM is more out of the box ready to go and does not offer or require customization.
We use Jungo. Have friends who like Usherpa and Total Expert. Isellerate is worth looking into as wll.April 28, 2023 at 2:50 pm in reply to: Borrower Paid/Lender Paid Comp- Yield Spread Premium #11567
I am sure by now you have your answer. This would have been a great question for your Broker / Owner, Sales Manager or the AE with the investor. Here are my other thoughts:
– 97 times out of 100 you are not going to be able to match the builder’s lender especially when / if the builder owns the lender.
– I would not *think* you could give a credit on borrower paid; only lender paid.
- This reply was modified 7 months, 2 weeks ago by Dustin Owen.
I am gonna go with no on this one. You need to show she has a history of working both jobs at the same time. Now, if she had another W2 before this one with the annimal hospital then the answer would change. You need to proof she has a history of working two jobs at once but not the same two jobs.
Ouch! I get mine through my employer. I am currently in talks with the folks over there to offer some sort of enterprise agreement to our TLOP members. Try reaching out to Heath Liles at MMI. https://www.linkedin.com/in/heath-liles-51b88545 – Tell him I said “hi”.
Just friend him.
It is Monday, Feb 27th. JC should be / should have sent out an e-mail with the link.
Personally, technology does little to excite me. I am in the boat of being a fast-follower. Meaning, let someone else develop the tech, invest all the $ and time, beta-test, provide feedback, work out bugs etc. and then once there is a proof of concept I will move swiftly to adopt once I am confident the technology is a benefit.
I can say this…MANY companies have spent the past 2 decades trying to help the mortgage industry streamline their processes, consume less human capital, manufacture mortgages quicker and cheaper. MOST of those companies have failed. Those that have succeeded still have not convinced the industry that the industry is “better” in terms of time and costs. In order for one mortgage to be manufactured, it requires over 30 other counterparties to participate. (Employers, Realtors, Title Companies, Appraisers, IRS, other financial institutions, credit reporting agencies, home owner’s insurance, mortgage insurance, multiple borrowers, sellers, warehouse lenders, multiple regulators, investors, servicing companies, attorneys etc. etc.) No one mortgage transaction is alike.
My best piece of advise to anyone in the tech world…Go out and personal generate 100 leads. Convert those 100 leads into 40 mortgage Pre-Approvals. Convert those 40 Pre-Approvals into 20 closings and you’ll have the data you need from an LO’s POV.
Then, go and process 50 loans as a Mortgage Processor. Once you do this you’ll have the data you need from the Processors POV.
Next, work as a Mortgage Closer and send out closing packages on 100 files.
After learning about what it takes to actually take a loan from fully approved to funded go work with a Mortgage Underwriter next for about a month. (Job Shadow)
After loans fund they need to be shipped…Working in a Shipping Department for a month.
I hope this helps.
Unfortunately, this is all the time I have for this thread. My office number is 407-645-6363. Feel free to call me if you’d like. I can take an additional 15 minutes over the phone to answer any follow-up you may have.
Ok. That makes sense. So you’ll want to network with those in Operations and not Sales. Think COO’s of mortgage companies or VP’s of Operations. Have you looked into becoming a member of The Mortgage Collaborative or Lenders One. Both have the people you are looking to network with as members.February 19, 2023 at 1:26 pm in reply to: Mortgage Lender Advice – Where to hang license in HI? #11329
Unfortunately, I don’t have any personal contacts in HI…although it would be awesome to change that. I love Maui and look forward to getting back to the state to visit the other islands. I will, however, leave this with you…
– It is less about the company. It is 100% the person you will be working under. Does she/he have the ability to train/coach/mentor you? You need a really good manager 10x more than anything else including comp plan, rates or programs. What is the branch culture? How do they support their LO’s?
I hope this helps.
Technology adoption is difficult for many reasons. You have those that don’t feel like they need it therefore they ask, “why change”. There are dozens of moving parts to take a loan from lead to funding and massive amounts of compliance so hang-ups happen when one technology does not integrate with the other 5-6 technologies or when one technology or technology vendor opens up a lender to scrutiny from one of the various regulators. Mortgage borrowers push back as they do not want to use the technology. There’s three…
It sounds like the bulk of your question encompasses lead generation or technology needed for lead generation. Again, there is tons of technology currently being used in lead generation. There is Zillow, BankRate, Rocket, Home Lending Pal etc. All are using conversational AI. They all have their business models and technologies needed to generate their leads. I have little to no professional or personal experience with generating consumer direct leads. It’s not my thing. The leads I generate and the leads the bulk of the professionals I coach generate come from the referrals of: other professionals, current clients, past clients, circle of influence etc. We practice and teach how to be the local community expert. We practice and teach how to run a business that is “by referral only”.
I hope all this helps.
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.
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. 🙂
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.”
But I will ask our VP of UW and get her take for you all. Sit tight.