TRID TRIVIA- True or False
The lender must require income and asset documentation to release a loan estimate of fees.
FALSE. We can ask for it, but its not mandatory. However...and that is a big however.... to be accurate and consult them correctly, its a best practice. Encourage clients to submit this information to get a pre approval letter!
NO FEES can change once the CD (Closing Disclosure ) has been released to the buyer.
FALSE. As long as the fee in question does not affect the APR by >.125%, the CD can be updated up until the closing hour!
ps. CLICK HERE to see why mortgage rates were HIGHER this week!
pss. Send us your next buyer! We are closing CONV/FHA loan in less than 30 days still! AND with lots of communication and accuracy!
Monday, December 21, 2015
Monday, December 14, 2015
Time to SLOW DOWN!
A few signs from the universe this week that I need to slow down. (1) Doctor said my cortisol levels are through the roof (stress hormone) (2) 94 year old roommate/Grandma says she never sees me sit down, 3) Read a chapter in the book 'The Carpenter' about fear, and how that drives our overachieving, stress, etc. BINGO! Bottom line , I'm working on all of it. Yoga, reading, relaxing here I come ....but I could not refrain from setting my phone timer for 30 minutes while reading this morning so I didn't go too long. You know, stuff to do.
TRID TRIVIA- True or False
ps. Send us your next buyer! We are closing CONV/FHA loan in less than 30 days still! AND with lots of communication and accuracy!
TRID TRIVIA- True or False
- The seller can sign their documents in the 3 day waiting period after the CD Is delivered. TRUE! Just check with the lender though. Not all may feel that way. Legacy says its ok!
- Title has to give the agents both sides of the fees (buyer and seller). FALSE. There is a lot of gray area here. Title companies have a fiduciary responsibility, but also privacy policy concerns. There is an ALTA form that is a combined fee document. http://www.alta.org/cfpb/documents.cfm But not all title companies agree on releasing to the agents. Be sure to ask your title company if you can see the ALTA form before closing.
ps. Send us your next buyer! We are closing CONV/FHA loan in less than 30 days still! AND with lots of communication and accuracy!
Upcoming Events
Lunch & Learn:
The Loan Process - Contract to Close
Wednesday, December 16th
@ 12:00pm
At our office
*Lunch Included!*
RSVP to Annette:
713-579-3606
Annette.ernstein@legacymutual.com
Monday, December 7, 2015
TRID Trivia!
The Hernandez Team has 19 TRID loans under their belt, and we have learned some things!!!!!!!!!!
TRID TRIVIA:
- 'A' CD (Closing Disclosure) is required to be delivered 3 days before closing. Not necessarily the 'FINAL' CD. In other words, changes can and are happening (as long as they are not APR related fees)
- There is no more HUD Statement. Title companies now have a different document, the Texas Disclosure T-64, (one for buyer, and one for seller) in which they sign (in addition to the CD).
- If the borrower signs the CD the DAY IT IS RECEIVED, then closing is 3 days later. If they do not, closing is 6 days later.
- Legacy is having a Title Roundtable on 12/10! Our 2 head ops guru's will be here to share tactics with them to ensure on time closings! If you want to be sure your title company is included, email me!
Why Should you Attend my Time Management talk on Wed 12/9? Because I have simple tactics you can implement TODAY that will save you 5 hours a week, and create more prospecting time!
Let me show you that balance is possible! It's closer to your reach than you think. I am a working mommy that manages her household (hubby, 2 kids, nanny, dog, parents in law, and 94 yr old grandma - yes ALL of them live with me! ), a lending team of 10 closing 20 loans a month, and a second job as a business coach for The Core Training...........all in 42 hours a week.
Ok, my writing time block is over....gotta dash! xoxoxoxo Jennifer
ps. CLICK HERE to see what mortgage rates did this week and why!
pss. Send us your next buyer! We are closing CONV/FHA loan in less than 30 days still! AND with lots of communication and accuracy!
Upcoming Events
-
Lunch & Learn:
Time Management
Wednesday, December 9th
@ 12:00pm
At our office
*Lunch Included!*
-
Lunch & Learn:
The Loan Process - Contract to Close
Wednesday, December 16th
@ 12:00pm
At our office
*Lunch Included!*
RSVP to Annette:
713-579-3606
Annette.ernstein@legacymutual.com
Monday, November 23, 2015
TRID Mythbusters!
My 10 year old kid is trying to tell me that having an Ipad at school is mandatory. Now that is a rumor if I ever heard one....he just wants to get out of the punishment I dished out to him for getting behavior marks at school. Nice try big guy.
Speaking of rumors......
TRID Rumors We are Hearing- True or False!?
- Buyers/Sellers cannot be in the same room at closing . FALSE!
- The Pre Approval Letter must match the 3rd Party Financing Addendum. FALSE
- Getting the TREC form signed allowing realtors to have a copy of CD/LE must be accepted by the lender. FALSE -Many lenders are not 'caring' if you have that form in the file. Legacy does! We will give you a copy if that form is signed!
- Saturdays count as one of the 3 days for the CD Delivery. TRUE! Legacy is working on Saturday this weekend to initiate CD's so borrowers can close Tuesday!
In the markets:
READ HERE to see what happened with rates this week!
Hope you have a safe and joyous Thanksgiving!
Upcoming Events
-
Prospects Seminar/Lunch & Learn:
Retirement Planning in the
World Today
Monday, November 23rd
@ 12:00pm
At our office
*Lunch Included!*
-
Lunch & Learn:
TRID Best Practices
Tuesday, December 1st
@ 1:00pm
At our office
*Lunch Included!*
RSVP to Annette:
713-579-3606
Annette.ernstein@legacymutual.com
Monday, November 16, 2015
Make 2016 Your Best Year Ever!
Happy Friday !
So 13 has actually always been a lucky number for me. It's all about what you believe you know? The power of positive thinking! Today is going to finish a great day!
As you are reading this, I am finishing a 2 day conference with the Core Training Inc (our biannual summit) this year in Scottsdale. As many of you know, I am in my 6th year as a coaching student, and my 4th year as one of the Core's Lender Coaches! So.....be sure to attend one of my 'Learns' next week on HOW TO MAKE 2016 YOUR BEST YEAR EVER! Just a short 60 minutes of your time, and you will have a take away , I guarantee you! I know what I am talking about! I live and breathe this stuff! Pass to a coworker as well, and just be sure to RSVP to the RIGHT!
As a teaser...check out this 30 minute webinar about how to get a corporate account! This could explode your business this year! https://youtu.be/uTlKIxQ9GVw
I was honored to be highlighted in an article by Floify (one of our trusted vendors) this week. You can check it out HERE!
In the markets:
READ HERE to see what happened with rates this week!
Upcoming Events
-
Lunch & Learn:
How to Make 2016 Your
Best Year Ever!
Wednesday, November 18th
@ 12:00pm
At our office
*Lunch Included!*
-
Breakfast & Learn:
How to Make 2016 Your
Best Year Ever!
Thursday, November 19th
@ 9:30am
At Tradition Title Company
4000 Washington Ave, 77007
*Breakfast Included!*
-
Prospects Seminar/Lunch & Learn:
Retirement Planning in the
World Today
Monday, November 23rd
@ 12:00pm
At our office
*Lunch Included!*
RSVP to Annette:
713-579-3606
Annette.ernstein@legacymutual.com
Monday, November 9, 2015
Rates are up!
Happy Friday!
Whoooop! We are taking my kids to their first Texas A&M football game! I am an Aggie, and have not been back in over a decade! I know, I'm a slacking alumni, but now my kids are at the age they can enjoy it. So here we go!!!!!!!! Beat the heck outa Auburn!
In the markets:
As of late Thursday, the rates were at the highest level in 7 weeks. Fed Chair Janet Yellen in recent Fed meetings almost all but promised that there will be a rate hike in December. In other words, investors are bracing themselves, and with that positive news means increased earnings for banks and the like. Profits! Banks have been earning very little for a long time. With the overnight funding rate at almost zero percent....that is free money!? On the other hand, businesses will have to spend more to borrow. Uh Oh...the pendelum swings both ways. Either way, this kind of news makes markets go crazy. Good and bad. So stocks have been up, and that makes bonds suffer, with lower prices from lower demand, and therefore, higher yields (rates).
Then we had a mid day reprice when the jobs report came out stronger than expected. More signaling of a strengthening ecomony, and more ammo for the rate hike (possibly) in December.
Stay tuned.........
Upcoming Events
Lunch & Learn:
How to Make 2016 Your
Best Year Ever!
Wednesday, November 18th
@ 12:00pm
At our office
*Lunch Included!*
-
Breakfast & Learn:
How to Make 2016 Your
Best Year Ever!
Thursday, November 19th
@ 9:30am
At Tradition Title Company
4000 Washington Ave, 77007
*Breakfast Included!*
RSVP to Annette:
713-579-3606
Annette.ernstein@legacymutual.com
Monday, November 2, 2015
Hocus Pocus
Did you know that rubbing Vick's Vapor Rub on your feet and putting socks on at night will HELP YOUR COUGH/COLD!? I know... I thought that too, that my mother in law's 'trick' was a bunch of Mexican old wive's tale hocus pocus. But it works! Just ask my 5 year old that was cured the other night! Fever and non stop coughing, GONE!
Speaking of hocus pocus...have you closed your first TRID transaction yet? We have!
In the markets:
The statement released following Wednesday's Fed meeting was not good for mortgage rates. This week's economic data was roughly neutral. As a result, mortgage rates ended the week higher.
Central banks around the world have had a heavy influence on mortgage rates recently. Last week, the increased willingness of theEuropean Central Bank (ECB) to expand its bond buying program had a favorable effect, while China's policy changes had an offsetting effect. This week, it was the U.S. Fed. Even though many recent economic reports in the U.S. contained signs of a slowing economy, the Fed statement explicitly kept the door open for a federal funds rate hike at its December meeting. The hawkish tone surprised investors and caused an unfavorable reaction in mortgage rates.
Upcoming Events
Lunch & Learn:
TRID: Best Practices
Wednesday, November 4th
@ 12:00 pm
*Lunch Included*
RSVP: annette.ernstein@legacymutual.com
Monday, October 19, 2015
Just BE!
Today for Boss's Day , at our daily team meeting we were reminiscing about the 'old ' days, when credit reports were received on that glossy paper and it took 3 hours, or how I did not get an answer from underwriting from Chase (I was a broker back then) , so I took the next day 6 am flight to Dallas and sat in their lobby until I got one! Of my 10 team members and processors only one of them was with me back then (my brother Kenny- 13 years!). The rest of them are spoiled by technology, paperless technology and 30 second credit reports. Immediate gratification.
Aren't we all that way now ? Stuck in the 'current' hysteria of now now now!? When do we ever have time to just 'Be'. Be in the moment, do the best you can, and that is enough! So I am working on that currently with a spiritual coach I have. Just 'being'. Hmmmm. That is a new concept for me. Can I still highlight on my checklist when I do that?
In the Markets
Wow, what a ride! Rates have been really up and down this week. WE are ending the week with market suggestions to lock, as the market has been rallying and pushing bonds lower after the news of the lower CPI (Consumer Price Index) which shows inflation at the consumer level . It declined .2%. News of inflation being under control (hence not going up) makes stock investors happy, and therefore bonds suffer, increasing the yields to attract more buyers!
All in all, its a GREAT TIME TO BUY A HOME! Check out this chart of interest rates, and endorses the reason your buyers should purchase sooner than later! The honeymoon we have been on for 5+ years is surely to end.
Upcoming Events
Lunch & Learn:
The Loan Process - Contract to Close
Wednesday, October 21st
@ 12:00pm
At our office
*Lunch Included!*
-
Lunch & Learn/Client Seminar:
Basic Wills
Friday, October 30th
@ 12:00pm
At our office
*Lunch Included!*
RSVP to Annette:
713-579-3606
Monday, October 12, 2015
Everything You Need to Know About TRID!
How has your first week of 'TRID' gone (that went into effect Oct 3)? Here are some TIPS from me. This quick 3 minute video could SAVE YOUR NEXT TRANSACTION!
Be sure to WATCH my library of FAQ videos for TRID .. Your buyers and sellers can watch them too. I have made short, 2 minute videos to address certain questions your clients are sure to have.
The CFPB (Consumer Protection Financial Bureau) recently released a bulletin addressing MSA's , or marketing service agreements. This is to include direct payments for a 'desk rental fee', or even paying for leads through online portals. The bulletin explains that while marketing services agreements are usually framed as payments for advertising or promotional services, in some cases the payments are actually disguised compensation for referrals. Any agreement that entails exchanging a thing of value for referrals of settlement service business likely violates federal law, regardless of whether a marketing services agreement is part of the transaction. Be sure to check with your companies legal before you entice a lender or title company to pay for marketing. The bulletin is HERE
In the Markets
Beware of the news! Freddie Mac and Fannie Mae release what is going on to the media usually Monday or Tuesday. By the time the news prints, and you see the news Friday (for example) it is OLD NEWS. Rates have increased this week after the nice lows of last week. The labor market has reported that Initial Jobless Claims is down. We are not sure yet if that is a real number since many of the labor pool that may not be working may not be participating in unemployment (they have exceeded the allowed time), or just not claiming unemployment. So the numbers can be misleading.
For Houston, in January, we saw an anticipated Job Creation number of 105,700. Now in October, that number has been revised to 55,000. A big drop. Many of the agents are telling us that borrowers are hesitant to look , for fear of job loss.
There IS insurance available for borrowers in the case of 'Involuntary' Unemployment. Call me for details!
Upcoming Events
-
Lunch & Learn:
How to Build Team
Wednesday, October 14th
@ 12:00pm
At our office
*Lunch Included!*
-
Lunch & Learn:
The Loan Process - Contract to Close
Wednesday, October 21st
@ 12:00pm
At our office
*Lunch Included!*
RSVP to Annette:
713-579-3606
Monday, October 5, 2015
TRID is here!
Yes, TRID (TILA RESPA Integrated Disclosures) is here! If the loan was not disclosed by EOB Friday , then it will be under the new rules.
We are ready!
Here is a VIDEO to show your buyers/sellers! (5 min)
Watch this to see WHY you should be in my office Wed Oct 7 at 12:00!
In the markets:
Read here about the weeks turbulent up/down for mortgage rates!
Upcoming Events:
Lunch & Learn:
October 3rd Changes
Wednesday, October 7th @ 12:00pm
Lunch & Learn:
How to Build a Team
Wednesday, October 14th @ 12:00pm
*Both events held at our office with lunch included!*
RSVP to Annette:
713.579.3613
annette.ernstein@legacymutual.com
Tuesday, September 29, 2015
Ready for the October 3rd Changes?
OK, October 3rd is almost here! We at the Hernandez Team are EXCITED! Because we are ready, and here for you every step of the way.
1. If you need a refresher on the rules, come to our social Monday night (see the right bar), and I will be going over 'what you need to know to survive'.
2. Use my checklists! Closing Checklist and Lender Questions
3. Show these videos to your buyers and sellers!
In the markets:
Upcoming Events:
Lunch & Learn:
October 3rd Changes
Wednesday, October 7th @ 12:00pm
At our office - Lunch Included!
RSVP: 713.579.3606
annette.ernstein@legacymutual.com
Monday, September 21, 2015
Fall is on it's way!
Jen is on a long weekend retreat with the CORE this weekend! Fall is on it's way, maybe soon we can all say hello to cooler weather!
In the markets:
READ HERE as to why this week's rates are steady after the Fed decided not to raise the rates!
Upcoming Events
Lunch & Learn:
Basic Home Budgeting - How to Save 20% of Your Gross Monthly Income
Wednesday, September 23rd
@ 12:00pm
At Our Office
*Lunch Included*
-
Referral Partner Social:
Goodbye HUD/TIL, Hello TRID!
Monday, September 28th
@ 5:30
At Anejo's Uptown
1180-1 Uptown Park Blvd
77056
RSVP to Annette:
713-579-3606
|
Wednesday, September 9, 2015
Monday, August 31, 2015
The Power of Communication
In the markets:
To find out why rates were slightly higher last week, READ HERE!
Upcoming Events
October 3rd Changes Training
Wednesday, September 2nd @ 9:00am
At Tradition Title
4000 Washington Ave, Suite 200
77007
OR
12:00pm
At Legacy Mutual Mortgage
2500 CityWest Blvd, Suite 750
77042
-
Lunch & Learn:
Using Video to Explode Your Business
Wednesday, September 9th @ 12:00pm
At Legacy Mutual Mortgage
2500 CityWest Blvd, Suite 750
77042
RSVP to Annette:
713.579.3606
Annette.Ernstein@legacymutual.com
Monday, August 24, 2015
Be an A Player!
| August 21st, 2015 |
TGIF!
As a coach for THE leading lender business coaching company, The Core Training, I have been honored to be teaching today the teams of our coaching students! Once a year in Dallas we gather the 'assistants' and 'loan partners' (670 of them this year!) and teach them about structure, being relevant, and most of all 'A' players! It's a unique opportunity indeed.
Speaking of A Player? What are we as sales people doing to be A Players to our clients and referral sources? Just food for thought. Look at the goals you set in January, DIG IN WHEREVER YOU ARE, and recommit yourself to finish the year strong! You can do it! If you would like some one on one help, reach out to me! As a paid business coach, I am good at this stuff!
In the markets:
To find out why rates were lower this week, READ HERE!
~Jen
Upcoming Events
Lunch & Learn: Credit Score Basics @ 12:00pm
At our office - lunch included!
Oct 3 Changes Training
Wednesday, September 2nd
@ 9:00am At Tradition Title 4000 Washington Ave, Suite 200 77007
OR
12:00pm
At our office - lunch included!
RSVP to Annette:
713-579-3606
|
Monday, August 17, 2015
Change Happens Fast!
Grandma fell this week...she's fine! TG! But it happened right under my nose. I had 'tucked her in' at 8:30, and she got out of bed needing who knows what, and fell, escaping only with a slight skin tear on the wrist.
My point in the story is simple: Things can turn, and FAST. Sounds like the real estate business, doesn't it? Especially in lending. To avoid pitfalls our team 3 months ago started to have a download meeting at the beginning of each month. We read surveys, identify 3 things that went well, and 3 not so well from the prior month, and we enact CHANGE to our process on the spot!
Just know we are ON IT! Ready to get better and more efficient at every turn!
In the markets:
READ HERE why rates ended slightly higher this week.
Enjoy the last dog days of summer!
~Jen
Upcoming Events
Cocktails for Crayons: Open House and Supply Drive 5:30 - 7:30pm
3709 Ella Blvd
Houston, TX 77018
_
Up Your Social Media Game!
Wednesday, August 19th
@ 9:00am At Tradition Title 4000 Washington Ave, Suite 200 77007
_
Lunch & Learn:
Contract to Close, Know all the 'Lenders' Steps!
Wednesday, August 19th
@ 12:00pm
At our office - lunch included!
|
Wednesday, June 24, 2015
Power Tools Newsletter: 5 Secrets to Marketing Success!!
| ||||||
Inbound
Marketing: 5 Secrets to Success
With traditional
marketing, you push your message out and hope folks respond,
using online and offline ads, direct mail, emails, brochures. With inbound marketing, you pull people in with content they want to know about using blogs, opt-in e-newsletters, emails, social media, and website offers. Customers are in charge on the Internet, so inbound marketing is key to attracting them. Here are five secrets to inbound success.
1) Set goals you can
achieve. It’s easy to go
crazy with inbound marketing. Instead, prioritize
your channels—blog, website, e-newsletter, emails, social media—and focus on those with the most potential. List specific goals: write one blog and one social post per week and one website offer per month; get 10 people a month to opt in to your e-newsletter.
2) Make blogging your
top priority. Inbound gurus say
your website blog is key. Every new
post adds an indexed page to your site and another opportunity to show up in search engines. It tells search engines to crawl your site frequently for new content to rank. New posts are also new opportunities to pull in leads. Include calls-to-action (CTAs) at the top, bottom, or in sidebars, and include links to landing pages and other posts.
3) Spend time picking
content. For topics,
instead of thinking about your business, focus
on what your audience wants to know. What are their questions, needs, interests? What will drive them to your site? Consider demographics such as gender, family makeup, life stage— and come up with topics for each segment.
4) Re-purpose current
materials. Old school isn’t
necessarily old hat. Your traditional
materials contain good content. Post a print article or sales piece as a downloadable PDF and give it to people who opt in to your e-newsletter. Create a landing page offering a demo or consultation. Turn an overview brochure into an About Us page.
5) Keep tinkering. Measure results and adjust. Don’t go nuts, just track some of
these:
web page, blog posts, social page views; click through rates (percentage of visitors who clicked on your CTAs); email bounce rates; sources for leads; social followers and friends. These tell you what your audience wants to know, even help you clean up email lists. while putting together your best year ever.... Enjoy a great month! |
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