Okere Precious

Is Your Lender Hired or Fired? Author: Tan Akles-Fitch IF YOUR LENDER DON’T DO THESE THINGS FIRE THEM!!! R.I.C.H Academy Inc Page 3 R.I.C.H Academy Inc Yet, week over week, and month over Description month, realtors still go without interviewing This course reveals additional secret sauce recipe that can be used to INCREASE your business by utilizing Mortgage Lenders and Mortgage Brokers to catapult your business and help some of the​ non-qualified RENTERS get qualified. Most Realtors that adopt this secret recipe increase their business by 42% or more. unlimited lenders and mortgage broker to make sure they provide exceptional service to the clients you are referring them to. So my question to you is ………… Should your lender be HIRED or FIRED? Page 4 This Course Introduces After this course you will be able to The missing link to help you close more deals Concepts of adding new systems to increase your business What and when the new three systems can be used do? Question Lenders to be able to get more clients approved. Identify 3 new systems to take your business to the next level we? Understand when you can use them to increase your production Apply all three systems to catapult your business to the next level Explore multiple options and ways for a client to be approved. unlimited Page 5 Who takes this course This course is for beginning, intermediate, or advanced consultants in the field of real estate or mortgage lending. Adopting these principles will help realtors sell more houses and lenders close more deals. If you are advanced and seeking new ideas to increase your conversion rate for clients, this course is accessible and​ filled with information guaranteed to change your conversion rates. Individuals who would like to expand their knowledge to the tools available thru mortgage companies.. Real Estate and Mortgage Professionals who would like to integrate additional systems into their business Anyone interested in taking their business to the next level unlimited Page 6 You receive…… 20 minute video lecture divided into 4 modules with PowerPoint presentation 3 specific recipes for increased business conversion Example scenarios of when to use the recipes Minimum of one additional closed deal just by implementing these systems but I guarantee if you keep up with the numbers it will exceed one closed deal by far. unlimited R.I.C.H Academy Inc Page 7 Get your Certificate You will have a short quiz at the end of the course. Upon Successful Completion you willreceive your certificate. It will be delivered digital via email. unlimited Page 8 Course Curriculum Course Curriculum 01 Course Overview and Instructor Introduction 02 Introduction to Simulators a. Reminder to leave a review for the course. b. Introduce yourself to the class a. What is a simulator b. 2 reasons to use a lender simulator I. To turn a buyer from denied to approved. II. To complete what if scenarios. For Example if they paid this then their scores will go up by this many points. 03 Introduction to Rapid Rescores a. What is a Rapid Rescore? b. 6 examples of when to use a rapid rescore i. When a collection that is reporting unpaid that have been paid. A Rapid rescore can be completed to correct the inaccuracy and boost the credit score. . unlimited Page 9 Course Curriculum Cont. 03 Course Curriculum ii. When a collection is reporting as a judgment on the CAIVRS report but a client can prove that it was paid iii. When a state or federal tax lien have been reporting as open and it have been closed and need to be withdrawed. iv. When a judgment is showing open after the fact that your wages have been garnished and the amount is collected. v. When your student loans are deferred but are showing past due. vi. When a car have been repossessed but redeemed These are the main 6 scenarios that I see over and over that lenders use rapid rescores but there are several hundreds of reasons 04 Introduction to Discount Points a. What is Discount Points? b. How to calculate them? c. What is a break even point d. One main reasons to use discount points i. To get a lower mortgage payment unlimited Page 10 Course Curriculum Cont. 05 Sum it all up a. .For Scenario purposes only: b. Mr. Tatriel Haven and his wife Vanessa came to me as their realtor in hopes of purchasing a home.I ask them did they know about what the Course Curriculum credit scores were. Neither of them had a clue. I had them pulled their own credit reports at procredit2.com​ to give me a guideline of which lender to send them to. We discussed their report and they had 9 derogatory accounts between the two of them but their scores was less than 520. I also asked did they have downpayment saved or would they be using 401K for downpayment money. Tatriel had $47,000 in his 401K and Vanessa had $23,000 in her 401K and they had $7000 in their bank account that they received from tax returns. unlimited Page 11 I had them sign a buyers agency agreement and I had them sign an agreement for the lender to share their personal information with me. I called the lender to tell him the situation. I asked them what price range they wanted to be in as long as their income allowed and they said $200,000.00. I called the lender to tell him the situation and let them share their personal information with us and ask them to meet me again in 72 hours to get back with them. In the meantime. I gave them home work of bringing in all of the information on the ​HOME BUYER SCHOOL ONLINE CHEAT SHEET​. Immediately, the lender ran their application and ran a simulator to see what needed to be done to get them to a 580 middle score. According to the simulation if Tatriel opened two new accounts and made one payment and paid off his ATT bill of 432.00 and his Direct Tv bill of 290.00 his middle score would go up to a 587. When the simulation was ran on Vanessa she needed to open one new installment account and pay her Macy’s card which had a $500 limit down to $50.00, because she was over her limit by $22 meaning the balance was $522, and pay Verizon $112.97. This cause her scores to go to a 625 middle score. The next day, I give them a phone call to let them know what was discovered when the simulator was ran. In the meantime I give the the cheatsheet to bring back within three days. You can find the cheat sheet here ​CHEATSHEET​. unlimited 11 Page 12 Table Vanessa Tatriel Macys-$472.00 Direct TV- $- Lift the Scores Credit Card One Self Lender Installment Account A oneselflender.com account cost $12 to start it up. Boost the Scores Credit Card Total unlimited $1122 Outcome RE_SCORED RE_SCORED RE-SCORED and ADDED to credit report RE-SCORED and ADDED to credit report Total $484 $484 Totall $1606 Page 13 Course Curriculum Cont. 3 days go by and we meet up again for us to send in the paperwork that was asked for to the lender. After talking with the lender they were pre-qualified for $200,000 . They were pre-qualified for 200,000 and three days later turned in paperwork to turn the pre-qualification to a preapproval. We go out shopping r and find a house on Day #1. We wrote up the offer and sent it in. ANOTHER ONE FROM DENIED TO APPROVED in a matter of DAYS. Please note: liftthescores.com and boostthescores.com the cards take 7 days to arrive and reports to the credit bureau on day 14 do not have the lender pull again before day 14. Moving forward to DISCOUNT POINTS Now the home is under contract and its time for the lender to disclose we have a phone conversation concerning their disclosures that the lender should send within 3 days of receiving a contract. Tatriel and Vanessa learn that their interest rate is 5.25% on a 30 year fixed when the lender disclosures came out. We discussed the fact that the lender had them pegged for a 5.25 interest rate on a 30 year fixed mortgage borrowing $200, 000.As their realtor, I provided them value by asking them did they possible talk to their lender to see why their rate was 5.25%. They replied they had not. I informed them that they could buy the rate down with a little extra cash and possibly get a lower interest rate. unlimited Page 14 Course Curriculum Cont. Let’s look at the facts to buy down points it 1% of your mortgage amount or $1000 for every $100,000 that is borrowed. So to be clear on what happens they are basically paying some of the interest on the loan upfront. 1 point is equal to .25% off the interest rate. So on a $200,000loan if they purchase 1 point they would go from a 5.25% to a 5.00% interest rate. This one point will cost them $1963.00 on a basic FHA loan with 3.5% down. Lets look at the chart below for all visual review. This is an example of a standard FHA LOAN with 3.5 % down the chart will change if this is USDA, AHFA or 100% FHA. More people that qualify are FHA borrower with 3.5% down unlimited Page 15 Course Curriculum Cont. Credit reports and scores are ​provided​ as your Financial Report Card . The same financial action may have different effects on different people’s scores, depending on the specific information in their credit reports. Do your lender do RAPID RESCORES? WHAT IS A RAPID RESCORE? Basically a “rapid rescore "is when a mortgage lender submits proof to a credit reporting agency of recent changes or update to an account that is not yet reflected on the credit report. For example if a credit card is maxed out and the client paid that account down to less than 30%. A Rapid rescore will be needed. Another example is when an account is showing unpaid but the client paid it off days, weeks, or months ago. A rapid rescore will be needed to correct the inaccurate information on a credit report. unlimited Page 16 Course Curriculum Cont. Rapid Rescores do cost the lender money and the money is paid to the credit reporting agency to have the new information updated within an expedited time frame which is usually 3 days or less. Once the credit report is updated, a new credit score can be generated to reflect the updates and result in a higher score. This service is offered only through lenders, so a rapid rescore cannot be requested by a realtor or anyone that is not a mortgage lender. A rapid rescore is usually recommended to be used when a current credit score falls within a few points of the score that is needed to qualify for a better rate or loan terms​.A rapid rescore can also be used to help a client update their status from denied to approved. It is also used to help a client refrain from paying 10% down and allowing them to pay 3.5% down or from 3.5% down to 0 down Perfect Scenario_ The client you represent want a $100,000 home and they have 579 middle credit score on Equifax and $3500 saved in their bank account. A simulator is ran to and it shows that Equifax and can go up 45 points if the a client uses $1200 of the saved money to pay down their Capital One Credit Card. Well if the client spends $1200 of the saved money that leave the client with $2300 for downpayment. This may be true but having a624 middle score now might qualify the client for USDA and Alabama Housing or 100% FHA Financing .​ unlimited Page 17 This scenario takes them from denied to approved just by using creative avenues ways to help them become approved. (Knowing the guidelines and credit score requirements for each loan will help in this situation) However, a great lender will already know this information. unlimited Page 18 Table Cost per Point No points 1 point -$1963. 2 points -$3926.00 Annual Percentage Rate or APR 5.25% 5% 4.75% Monthly Payment with P & I and PMI 1221.11 1190.91 1161.11 Taxes $100.00 per month $100.00 per month $100.00 per month Insurance $100.00 per month $100.00 $100 per month Total Mortgage 1421.11 1390.91 1361.11 Monthly Savings None $30.50 savings per month 60 savings per month $- $- 65 Payments or 5.5 years 66 Months or 5 years .6 month Total Savings Over the Life of the Loan None How many payments to break even? None unlimited Page 19 Definitions HOW TO CALCULATE THE NUMBERS At $200,000-3.5% down payment ($7000.00)=$193,000 APR - Annual Percentage Rate On a Standard FHA Loan you have to pay 1.75% upfront P - Principal mortgage insurance premium which is financed back into the P & I- Principal and Interes PMI - Private Mortgage Insurance loan. 193000 X 1.75%=- +3377.50=196,377.50 Total loan amount will be 196,378 which makes the unlimited discount point cost $1937.00 Page 20 Lets CHAT for a FEW……… What makes an EXCELLENT LENDER ? Have you ever had a lender that SAVED a DEAL for you after it was denied by someone else? SWEEEEETT? Like Cupcakes? HIRED!!! unlimited Page 21 Lets CHAT for a FEW……… What makes an EXCELLENT LENDER ? Have you ever had a lender that out right denied a client and didn’t give them anything to work on to make them a future client? STOP !!! FIRED!! unlimited Page 22 Lets CHAT for a FEW……… What makes an EXCELLENT LENDER ? Have you ever WORKED super HARD to find that client Had a lender deny a loan after you worked hard to find a client that perfect HOME? NOOOOOOOOOOOOOOOO OOOOOOOOO! FIRED! unlimited Page 23 Lets CHAT for a FEW……… What makes an EXCELLENT LENDER ? Have you ever had a client back out because the lender have their payment excessively high? ANGGGGKKKKKK! WRONG ANSWER! FIRED! unlimited Page 24 What is a SIMULATOR? A credit score simulator is an educational tool that estimates multiple financial decisions and or actions that may help or hurt your scores. For Example unlimited Page 25 For Example What might happen if you open a new credit card account How making a late payment might affect your scores What happens if you pay your credit card down by X amt of $ unlimited How adding a car loan or mortgage might change your scores How paying down your balances or building a record of on-time payments might influence your scores after a number of months. WHAT IS DISCOUNT POINTS? Page 27 WHAT IS DISCOUNT POINTS? Mortgage points​ can also be referred to as ​discount points​ which can be defined as fees paid directly to the lender at closing in exchange for a reduced interest rate. This is also called “buying down the rate,” which can lower your monthly ​mortgage​ payments. One ​point​ costs 1 percent of your ​mortgage​ amount (or $1,000 for every $100,000).While this do make the lender extra money sometimes it can keep the buyer from walking away if they are adamant about what they want their payments to go over. In today’s word in order to create a more perfect home buying experience it is detrimental to all realtors businesses that they use lenders that have the ability to runsimulations and perform rapid rescores. If not, PLEASE UNDERSTAND you are DOING YOURSELF a DISSERVICE. MEANING if your lender do not have this ability in the nicest voice possible or in my O.T. Genasis Voice “ YOU NEED TO CUT IT” HAHAHAHAHAHAH! (Google the Artist and the SONG) Get the Scissors and CUT THEM OFF! unlimited Page 28 WHAT IS DISCOUNT POINTS? As an added BONUS if you don’t know the difference between a pre-qualification and a pre-approval it is simply the client turning in all necessary paperwork from ​HOME BUYER/SELLER SCHOOL DOCUMENTS Make absolutely sure before you give a client an amount that paperwork is turned in and the lender have reviewed everything on the cheatsheet. At the end of the day to sum it up. If you went for a job interview and someone did a better job at the interview process. Which candidate would you HIRE or KEEP? Now ask yourself is your lender hired or fired? Make the necessary adjustments and INCREASE your conversion rate unlimited Page 29 Credentials 2015- Licensed in July-- Closed my first Real Estate Deal 37 days after being a licensed agent. 2015- Capped my First 6 months in Real Estate 2016 Keller Williams Rookie of the year for the Southeast Region( AL, GA, TN) 2016- Double Gold Medal from Keller Williams Realty International 2016 Keller Williams Awards of Excellence from Jan thru Dec in my Market Center 2017 - Broke the Cap Record for Keller Williams Vestavia 2017- Maintained the Keller Williams Vestavia Cap Record of 32 days. 2017 Keller Williams #5 GCI earner in the State of Alabama 2017- Owner of 23 Rental Properties and a Mobile Home Park 2017- Triple Gold Medal from Keller Williams Realty International 2018- Author of​ How to Launch your Own Credit Repair Business 2018- Launched Online Training School - 6 Figure Real Estate Academy 2018- Broker/Owner RE/MAX Franchise 2019- Launched R.I.C.H Academy Inc. unlimited All about Tan Akles- Fitch Page 30 Any Question? Let’s get interactive WHAT unlimited WHY WHERE WHEN WHO HOW