June 2008 The New Quick Mortgage Minute
Weekly Newsletter for Your Business! 
 
Sam		 Dear Sam,
 
It is soooo HOT!!  It is too hot to be outside unless you are in a pool and that gave me an idea for you.
 
Why not sponsor a "Customer Appreciation Pool Party"?  Just find a pool that would be appropriate and call several service providers to help sponsor it and send out invitations to all of your past clients from several years back.  Make sure to invite any current clients too! 
 
This will be a great way to beat the heat and have a lot of fun too, networking with past customers, service providers and current clients.
 

poolparty1

 
Talk your BIC into doing one for the whole office to really make this successful!  If you make it a big event, you can even promote it in your print ads and on the radio, etc., to help you draw in new prospects as well.  This will let the public know that your office has fun and they reward clients too.
 
At the party, you could have children and adult water games, music, volleyball and refreshments as well as a hotdog and hamburger cookout.  For offices that support my business, call me so I can help with this idea too.  I love pool parties, especially when it is over 100 degrees outside like this past weekend!
 
Sam Thompson, Senior Mortgage Advisor
Mortgage Services, PHH Mortgage
 
843-230-7929
__________________
 
"If you can dream it, you can do it. Always remember this whole thing was started by a mouse."
 
-- Walt Disney, Animator, Film Producer 
 

justone2
 
That's all I am asking you for!  For every realtor that reads my emails to close just one loan by the end of this year!  I would really appreciate you if you do and I want you to see how we do it and then, I am sure that you will keep calling us for your clients!  We make it look easy!!
 
Just give me a 'sample order' to see if I am worthy of your business...  Just tell your buyers that "Sam has been dieing to show me how good he is.  Let's give him a try to see if he is as good as he says."
 
Call me!
 
FHA - Compensating Factors.
 
 
charliebrown
 
Are your other favorite lenders
giving up too easily?
 
FHA processing has become the best way to get buyers in our market approved and this requires a housing ratio of 31% and total debt ratio of 43%.  But, there are some other acceptable compensating factors that might warrant using higher monthly expense to income ratios and total obligations to income ratios such as:
  • The customer has successfully demonstrated the ability to pay housing expenses equal to or greater than the proposed monthly housing expense for the new mortgage.
  • The customer makes a large down payment toward the purchase of the property.
  • The customer has demonstrated a conservative attitude toward the use of credit and an ability to accumulate savings.
  • Previous credit history shows that the customer has the ability to devote a greater portion of income to housing expenses.
  • The customer receives compensation or income not reflected in effective income, but directly affecting the ability to pay the mortgage, including food stamps and similar public benefits.
  • There is only a minimal increase in customer's housing expense.
  • The customer has substantial cash reserves after closing.
  • The customer has substantial non-taxable income.
  • The customer has potential for increased earnings.
  • The home is being purchased as a result of the relocation of the primary wage-earner, and the secondary wage earner has an established history of employment, is expected to return to work, and reasonable prospects exist for securing employment in a similar occupation in the new area. The availability of such possible employment must be documented.
The bottom line, call me first so I can make sure your clients are getting good advice and steered in the best program for their situation.  Otherwise, they may end up in the wrong program costing them more or they may even get declined!!
  
WE LOVE FHA BUYERS and like Charlie Brown, we keep trying when the others give up!! 

 
 


My brands* that I represent are:
 
phhlogo     cblogo 
 
    c21logo    eralogo
 
Want to jazz up your website?  Add the "get approved" graphic below and then put my website link in the properties of the image as follows.  Call me if you need help with this.

*Any time I am working with your client, if you are under a specific brand, I am projecting your brand logo in all that I say and do as do my colleagues.
 
Weekly Tip -  Referral Networking!
 
referral 
 
Referrals can come from many sources!
 
With the price of gas around $4/gallon and the temperatures over 100 degrees, now might be the time to think about referring out some clients looking for properties in the outskirts of your territory.  These are the ones taking you out for tons of miles, time away from your office and gallons of gas in areas that you do not know very well.
Think about this! 
 
Why not take a top producing agent or new agent with lots of potential in a neighboring area to lunch to get to know them better.  These relationships can help you recieve and give out referrals in building a better referral base.  Get them to understand how you can help them and save them time and money too! 
 
If you live in a town that is more attractive than a neighboring town, this makes you more attractive as a reciever of a neighboring agent referral and vice-versa.
 
There are plenty of agents riding around in BMW's that only make their living off referrals and now that gas is so high, you need to think more like them too.
 
Also, don't forget to ask for referrals from your sellers.  If they are moving out of town and will be buying a new home in another state, ask if you can find them a great realtor in your network that endorses your same professionalism and enthusiasm.  Since they like you, they will welcome your request and then you can get a referral fee!
 
Don't forget to ask if they need a great Mortgage Advisor too to help them with their next purchase!  (Had to put this in!)  We can pre-approve and close them in all 50 states!! 
 
Include us in your referral offer to sell your 'one-stop shopping' to help you make their entire transaction go as smoothly as possible. 
 

 
Weekly Mortgage Commentary Snippet
Mortgage Commentary Week of June 9-13
 

 locklocklocklock

This week brings us the release of five pieces of data for the markets to digest. The most important news will be posted late in the week, so we may see the most movement in rates during those days. The first part of the week will likely be driven by stock market gains or losses.

If I were considering financing/refinancing a home, I would.... Lock if my closing was taking place within 7 days... Lock if my closing was taking place between 8 and 20 days... Lock if my closing was taking place between 21 and 60 days... Lock if my closing was taking place over 60 days from now... This is only my opinion of what I would do if I were financing a home. It is only an opinion and cannot be guaranteed to be in the best interest of all/any other borrowers. ©Mortgage Commentary 2008

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