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One Source Mortgage, LLC's Blog

By Maket Nashville | Mortgage Broker
or Lender in 37211
  • If you Advertise it, will they come? Tips for FSBO'S & Realtors alike!

    Posted Under: Home Selling in Wisconsin  |  May 6, 2009 12:31 PM  |  1,359 views  |  No comments





    This is a VERY interesting topic
    , and came up with a REALTOR I spoke to JUST last night!!  She is a 20 year Vet of the industry, and doesnt believe in OPEN HOUSES!  Well, I DISAGREE!  I have made alot of REALTOR contacts at them, customers that may not have bought that particular home, but still bought another one, and many great prospects and friends!  We need to REVERSE this attitude!  Also, and let me be loud and clear, saying something like, "well, that doesnt work in our area of the country" is ridiculous!  Prosepcting is prospecting, no matter where you live!

    I have LENT MONEY to people all over the United States in my 20 year career, and my biggest suggestion to everyone reading this is DONT MAKE ASSUMPTIONS!  Do not pre-judge!  Our JOB is to offer the product we provide or sell, and let the customer decide!  "You cannot sell it, if it isnt offered!" 

     

    From a LENDERS perspective, here are my suggestions!

    I would post it on the following websites for a start, not just the newspaper.

    www.craigslist.com

    Your company website

    Your city or town website, for example:  www.madison.com

    All the newpapers electronic websites for local newspapers

    Shopper stopper

    Then:  Here are my other specific ideas

    1.  Contact other REALTORS and make sure THEY KNOW about this!  Talk to the TOP 10 producers in your area, and call them and send them an email!

    2.  Talk with your lender partner, and have THEM get  an email campaign going with you!  EZINE!!!  SHARE perspective leads!  "repitition is the mother of learning"

    3.  Get a renter list, and send invites to them.   Have a calling nite to followup on the mailer.

    4.  Have a prize or give away at the open house..For example, get your lender partner to contribute half, towards a grill to be given away...Here's the rub:  When people are sheepish about "signing in", this will allow you to "register them" for the grill, or nights stay, or whatever gift for your area would be COOL!  Trick here is that whoever doesn't win, STILL gets a call to let them know by the lender, and you can work on selling them!  THEN, if they finance with you, or work with you, let them know you will give them a NEW grill for the home anyway!

    5.  Get flags, banners, balloons, and make sure THIS PLACE stands out big time!  Directionals from downtown to home as well!

    6.  Have nicer fliers than just a copy of the MLS! Do your own...OR, have your lender partner help you!

    7.  Get a Call Capture system in place

    8.  Get this OPEN HOUSE on the chamber website, and post fliers in quick trips etc..with tear offs!  Again, call capture system!  As well as post them in all the laundromats, bowling alleys, etc...wherever there is a board, post it!

    9.  Have your lender partner print out fliers on payments etc...and KNOW exactly how much the taxes are, and even have an insurance agent get you a qoute from your "sphere of influence", so the borrower REALLY KNOWS how much the TOTAL payment will be!

    10...HERE IS A BIG ONE:   IF the home qualifies for USDA 100% Rural Housing Financing, PUT THIS IN THE MLS, AND FLIERS!!!!!  Add your lender partners contact information!  THAT WAY, they can also defer the OTHER CALLS BACK TO YOU AS A REALTOR!  You need to trust them to give you this business back!  More than anything, share a calling night, and share expenses!

    11.  Get a financing sign and phone # in the yard as well!

    12.  Attach a "bionic" yellow, orange, or green flier to all the Feature sheets in the box attached to your sign, announcing the open house! 

    Overall, you have to spend MONEY to make an open house work!  More&More, I am seeing and hearing Realtors say that OPEN HOUSES dont work!  Well, I can tell you why they dont...You simply cannot put an ad in the paper, and hope people show up!  You have to work it, earn it, and deliver on it!

    In addition, this SHOWS your seller you are serious, a professional, and more than anything that you are actually TRYING to sell their home! 

    These are just a few of my ideas, as I dont want to give them all away, unless I am working directly with someone!! :)

    Perception is reality, and the reality is, we have to WORK for our sales!  Lenders, and Realtors alike! 

    Here is another GREAT BLOG, by an excellent Rainer you should check out by Lisa Udy! 

    Great blog


    Darin
    One Source Mortgage, LLC     608-592-2227   

    Darin@osmwi.com or visit our profile on ActiveRain by clicking here!



  • The typical lender documentation requirments! Here is what you need Wisconsin!

    Posted Under: Home Buying in Wisconsin  |  May 4, 2009 10:21 AM  |  1,385 views  |  No comments

    I see all kinds of documentation in your future my friend!   Beware! 

     















    Today, as a LENDER, our crystal ball has no idea what it is doing!  We rely on automated approvals to tell us exactly WHAT WE NEED from a customer, and even this isnt good enough, as an underwriter has complete discretion at ADDING ITEMS at any time!  This stinks, but is a direct result of bad lending practices in the past!!  However, there are quite a few basic items that you can tell your customer that they will need, in order to get pre-qualified, pre-approved or APPROVED for a loan!   These items, in any market, are a constant!

     

     

    1.  Last 2 years w2's

    2.  Last 2 years tax returns (if self employed, or a investment property owner)

    3.  Last 2 paycheck stubs ( or 30 days of them, whichever applies)

    4.  Last 2 months bank statements *

    5.  Last 2 401k or Retirement account statements *

    6.  Name&Phone # of your Insurance Agent, or potential Insurance Agent

    7.  COMPLETE COPY of your divorce decree, including Child Support Order

    8.  COMPLETE COPY of your Bankruptcy Papers, including a copy of the discharge

    9.  Copy of any&all leases for all Investment Properties that are owned

    10.  Name & Phone # of your landlord if that applies

    * = Important footnote -  ALL PAGES are required, even if they have no numbers!

     

    Now, I am SURE there are many questions you already have while reading this...like, what if I have a blah blah blah...so, here is a short list of additional items that are directly related to specific types of loans or situations!

    1.  If getting a VA Loan, it would be great if you could provide a copy of your DD214 form, and your COE!

    2.  If you are a NEW Investment property owner (within the last year), you SHOULD only need a copy of your lease agreements! 

    3.  If you own Investment Properties, it would GREAT if you provided your lender with a breakdown of HOW MUCH the taxes&insurance are on each property, as well as WHO the insurance agent is as well! 

    4.  Copy of your ID that is NOT EXPIRED!

    5.  If SELF EMPLOYED, we will need a copy of your business license, tax payer id certificate, and/or a copy of either your Articles of Incorporation, or other company LEGAL documents!

    6.  A direct contact person's name&phone# at your employer that both the lender & funder can utilize to verify your employment! 

    7.  A copy of your HUD1 form from a previous sale or closing. 

    8.  A copy of your Marital Settlement Agreement. (MSA)

    9.  Copies of your existing Mortgage and/or Home Equity statements.

    10.  Name & Phone # of the Condo Assocation

     

    I am sure that there are several items I have left out, and I am hoping that our commentors will be happy to oblige me when they leave comments!  This just goes to show you HOW IMPORTANT it is to work with someone who is experienced and knows that they are doing!  Staying on top of the changes TODAY, is a FULL TIME JOB!  Hope this helps both Consumers, Realtors, and Lenders alike!

    As always, if you have any questions, please feel free to email me directly at Darin@osmwi.com

    Or, call at 608-592-2227

     

    Proudly serving the entire State of Wisconsin since 2003!

    Feel free to also enjoy a couple of other applicable blogs!

    Open House Tips

    Mortgage Terminology

    Financing Condo Tips

    Holding Lenders to a Higher Standard

  • Pre-Approval, Pre-Qualification,Loan Approval, or Loan Committment? Which is it?

    Posted Under: Home Buying in Wisconsin  |  May 1, 2009 10:48 AM  |  1,744 views  |  No comments


    Where do I begin?  Why is the terminology SO different from Lender to Lender, and Why can't I just get a straight answer?.....Well, here is the best I CAN DO!  


          


    Pre-qualification letter:
      This is merely a letter that the lender provides to the realtor when asked, to send on with the OTP, that shows the SELLER that the customer has made application, had credit pulled, and in the "eyes" of that particular lender, should not be a problem to get financed.  This letter is not much, but is MUCH better than someone who hasnt even applied yet!   MANY LOOPHOLES though.  Possibly, one addition here would be that the funder or lender has run DU, LP, DO, or something similar to obtain an electronic approval. 


    Pre-approval letter:  These are available through the USDA rural housing loans, etc....but many underwriters are not looking at files unltess there is appraisal&title and they KNOW it is going to close!   More importantly, AND THIS IS VERY IMPORTANT- Companies are monitoring most lenders closing ratios VERY VERY CLOSELY!  These are also called TURN RATIOS!   If we submit a file, we have to close it...otherwise it goes against our closing ratio and could drop our pricing, or get us cut off from using that specific lender!  Correspondent lenders and Mortgage Bankers may provide a "pre-approval" letter based on the fact that they have an inhouse underwriter/and/or are responsible for the facts within the loan file should it get sold.  Their risk is that they may have to "buy it back" should there be anything wrong with the file.  In other words, not alot of people are going out on a limb for this type of letter anymore without contingencies, and/or stipulations!  Sadly, these can also be used as "loopholes" should the need arise!  The USDA does these though!~ Overall, opinions DIFFER greatly on this document! 


    Loan Committment:  I personally would like to see MORE of these issued with CONDITIONS!  That way, the loan is approved, subject to things like, satisfactory appraisal, title, and verbal verification of employment etc...Most Realtors want a "clean" one of these though, meaning no stipulations!  Obviously, the program that the borrower is utilizing comes into play here, as well as the length of time the OTP states that this is necessary to get to the seller within!  Once again, Realtors and Lenders have to adapt, and be willing to accept change in this arena.  This is a committment to LEND!  This is what EVERYONE wants to see!  This is the "good news" document!  :)  Another varying opinion though is on the borrowers signature!  Some Realtors need it and want it, others dont care! 

    Recently, a very active BLOGGER here on AR did a blog on this very subject.  I partially disagreed with her blog, however...she did a WONDERFUL job of showing how this subject varies both in understanding as well as philosophy!  Different areas of the country have different ideas or guidelines in this area as well....but just because "it's the way it has always been done", doesnt make it right, or the right way to do it!

    My ideas and/or definitions here are merely driven towards 20 years experience and over 9000 loans closed!  That however, does not make me smart, smarter, better, or more knowledgeable.  It only makes me experienced!  I love learning, and love teaching!  I love constructive criticism, and suggestions! 

    Feel free to email me any questions to Darin@osmwi.com




    Please visit my profile at www.activerain.com/krovy

    Other applicable blogs you may enjoy are listed in the links below!

    What does a customer need for loan approval?

    Mortgage Terminology 101

    Open House Suggestions

    Show me some LOVE!  The Movie Wall-E

    Be positive and stay focused! 

    Darin   -   Your "Lender for Life"

    One Source Mortgage, LLC  608-592-2227

     

    Proudly Serving the entire State of Wisconsin since 2003!


 
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