Full Transcript
https://www.youtube.com/watch?v=js1GVM9vZ5U
[00:00] Good morning, everybody.
[00:02] Welcome to the Loan Officer Breakfast Club.
[00:03] friendly Pepsi lion
[00:05] Just so you know, Carl's talking about penguins, too.
[00:07] That's what he's talking about.
[00:09] I'm not even kidding.
[00:10] It's a great way to start the day.
[00:13] Talking about how to eat a penguin.
[00:15] You know, I mean, why not?
[00:17] Why not?
[00:19] Wow, who do we got in the house today?
[00:20] What makes them so special?
[00:22] You know, the chickens You know, let's talk about it.
[00:23] I agree with you.
[00:26] I agree with you.
[00:27] I agree with you.
[00:29] We need to talk about this, Carl.
[00:31] We need We need to talk about this.
[00:34] Yeah. What does make them so special?
[00:36] You know? You know, I You know, the guys over What is it?
[00:37] Chick-fil-A, is it, that has the cows with the billboard that says eat more chicken?
[00:39] Yeah.
[00:41] Yeah, it's like, you know, well, I can't go eat a penguin, but I can't go eat a manatee, but oh, you can eat those cows, you know.
[00:48] You can eat them.
[00:50] Like I don't even need to eat them.
[00:51] I wonder if they do get eaten.
[00:52] You know, Justine, do they?
[00:55] Is there such a thing?
[00:57] Justine, are they Is it on the Are they protected somehow?
[01:00] somehow?
[01:01] Yeah, I've never heard of that. I think they are protected.
[01:03] they are protected.
[01:05] Maybe in other places people do.
[01:06] So, they had They had a lobbyist, apparently, and and quails did not.
[01:09] Yeah, that's right. Exactly.
[01:12] Well, I mean, how good
[01:14] It's where the suit came from. Yeah.
[01:16] It's the very first lobbyist came from the penguins.
[01:18] the penguins.
[01:19] Yeah. There you go. Yeah.
[01:22] Mhm. Good Canadian humor, Chris. We love it, man. We love it.
[01:24] I'm going to give you that and the laugh track.
[01:27] city do you live in, Justine?
[01:29] Cape Town. So, you're in Cape Town.
[01:31] Okay.
[01:32] Yes.
[01:33] Yes. Close to the penguins. Close to the penguins. Yeah.
[01:36] penguins. Yeah.
[01:38] Have you been there, Chris?
[01:41] No, not yet.
[01:44] I'm I'm going I'm going next spring. Oh, that's amazing. Mhm.
[01:46] I have family
[01:47] You can't have a penguin as a pet, right? Oh, sorry, Mark. Go ahead, what?
[01:49] What did you say, Mark?
[01:51] family there, but never met them.
[01:53] Perfect reason to go. Yeah, the Glazers are there.
[01:56] Well, that's They found out you live in the States, they went, "Ah, yeah."
[02:02] the States, they went, "Ah, yeah."
[02:02] Not so much.
[02:05] Justine, are the Glazers famous in Cape Town?
[02:09] I've never heard of them, but maybe.
[02:12] I've never heard of them, but maybe.
[02:12] Well, works for me, then.
[02:16] The Glazers.
[02:16] Yeah.
[02:18] The dominant force in Cape Town.
[02:18] Yeah.
[02:20] Yeah.
[02:20] Justine, top two things to do.
[02:22] Top two things to do for Carl.
[02:24] In Cape Town.
[02:25] Yeah.
[02:26] Okay, um Table Mountain,
[02:29] Chapman's Peak Drive, and one more, you have to go to the wine farms.
[02:33] Those are my top three things.
[02:34] Okay. The what farms?
[02:34] Wine.
[02:36] farms.
[02:36] Do they Do they have bourbon farms?
[02:38] Do they have bourbon farms?
[02:42] No.
[02:42] Do they have bourbon farms?
[02:44] Also known as wine country.
[02:47] In America, it's wine country, yeah.
[02:50] Well, um gosh, there was something I was going to say about that.
[02:52] Oh, okay.
[02:52] So, when Carl gets there, number one restaurant in Cape Town, what is it in your opinion?
[03:00] Oh, that's so difficult.
[03:00] What do you like, Carl?
[03:02] Steak, fish?
[03:02] Penguin.
[03:05] like, Carl? Steak, fish? Penguin.
[03:07] Something with wheat grass and tofu.
[03:10] wheat grass and tofu.
[03:11] Yeah, there's a lot of vegan restaurants out there.
[03:14] Vegan penguin and bourbon.
[03:16] Yeah, you'll find something.
[03:19] You'll find something. Everything is catered.
[03:21] Ah, Michael Harris, of course, with his
[03:23] Michael Harris, of course, with his his quick search showing us all the
[03:25] his quick search showing us all the predators that eat penguins, but it
[03:27] predators that eat penguins, but it doesn't look like there's people or
[03:28] doesn't look like there's people or humans in certain places.
[03:31] Historically, people have eaten penguins, though it's not common today
[03:35] and many species are protected.
[03:37] So, it does happen.
[03:40] Chris, did you hear about It
[03:41] On a serious note, we'll actually swing over to mortgages now.
[03:43] Yeah, which totally my fault that we did.
[03:45] Did you totally my fault that we did.
[03:47] Did you hear about Lacey Oliphant?
[03:50] No, tell me.
[03:53] So, Lacey, I'm reading my little note here, she had a baby 4 months ago.
[03:57] Right?
[03:59] So, just, you know, just went through a pregnancy, which one would assume would, you know, take a
[04:00] you know, it's obviously a wonderful thing and does it affect business?
[04:03] Well,
[04:06] thing and does it affect business?
[04:06] Well, of course, right?
[04:06] Of course.
[04:08] of course, right?
[04:08] Of course.
[04:08] But get this.
[04:10] So, here it is, 4 months later, she jumped back into it, started making her calls.
[04:13] Um
[04:16] best month ever.
[04:19] best month ever.
[04:19] 4 months after here, March closed 10 units in March.
[04:23] Really?
[04:24] Really?
[04:24] With a while while holding a bottle to a 4-month-old.
[04:26] Wow.
[04:26] Wow.
[04:26] It's impressive.
[04:29] That's very impressive.
[04:30] Well, you know, what what what motivates you to find out this stuff?
[04:33] She found out what how how much college costs 18 years from now and she went, "Okay.
[04:37] Let's get to it."
[04:37] It is not It is not for the faint of heart.
[04:42] I I can attest to that right now.
[04:44] Yeah.
[04:44] Yeah, I think it's the I just saw some new numbers somewhere.
[04:48] I think it's like $330,000 or something like that to raise a kid from, you know, birth to 18 these days.
[04:56] I charge mine much more than that.
[05:02] So, your kids can either be They can either be overhead or profit center, you know.
[05:10] Just remember, when you turn six.
[05:11] Just remember, when you turn six, there's some chores you need to be getting done.
[05:12] That's it.
[05:15] Yeah. Make those t-shirts.
[05:16] Remember that 11-year-old, they're our IT people and for a happy meal, they'll fix our computer.
[05:21] If that's true.
[05:25] All right.
[05:27] Hey, well, guess what, guys?
[05:30] It is Flex Capacitor Wednesday, my friends.
[05:32] So, we're going to see how much time is officially left in the year.
[05:35] What is the capacitance level, Justine, of the rest of the year?
[05:37] How much time do we have to meet our goals?
[05:39] Yep, you have 71% left.
[05:46] 71% of the year is left, which means we get to next week, cuz I think it's about 2% or so per week that it drops off.
[05:53] Brothers and sisters, we're going to be in the 60s.
[05:57] This year is just flying by.
[05:58] Flex Capacitor is in the chat, so we've got it there.
[06:01] So, that is our capacitance level of the year left.
[06:03] In the chat, how you doing?
[06:05] Ahead of schedule?
[06:07] Behind schedule?
[06:07] On par?
[06:07] Which way are
[06:10] Behind schedule? On par? Which way are you doing?
[06:11] I love that you bring that up, though.
[06:13] Yeah, that's a funny segue, huh?
[06:15] Yeah, because next week Carl's doing a master class, Carl and Jim are on the exact topic.
[06:20] Yeah, what what we found We did a lot We did some serious homework on this and we found We found 10 things that, um, like top producers have in common.
[06:29] These 10 things.
[06:34] And it was like over and over and over and over these these 10.
[06:38] Not everybody had all 10, but these were the 10 things that we found that they had in common.
[06:41] And so, what we're doing is kind of like, um a report card, I guess, a self- Or maybe like a a fit going You're going for a physical or a self-assessment kind of thing that on this class is going And we're doing as a workshop format.
[06:56] Is it on this class we're going to leach each We're going to list each one of these and kind of explain how they're doing it and then you're going to just, you know, no I mean you know, nobody's going to be posting numbers or anything, but you know, kind of doing a self-assessment of how are you doing?
[07:11] how are you doing How are you doing on each one of these?
[07:13] How are you doing on each one of these?
[07:15] And I think, you know, taking an honest look at yourself and looking in the mirror and taking a gut punch, perhaps, if the year's not going like you want and frankly, patting yourself on the back if if the year's going extremely well for you.
[07:23] And so, so it's kind of a a self a group self-assessment workshop that we're doing of these the top 10 things we found that people like Lacey, who closed 10 units in March, what do they have in common?
[07:38] Same thing I saw Bill Deavers. I saw you had an excellent March, also. Good for you, buddy.
[07:41] So, that's open to everybody, right?
[07:43] These are open to everybody. So, this is carlmasterclass.com.
[07:47] You They just register there. Yeah.
[07:49] And these master classes, too, they fill up quick, so get get get registered, get And when the time comes, get in early.
[07:57] Um, so, that's going to be great, man. Kind of a a Q1 self-assessment sort of deal.
[08:01] Actually, actually, brother, Q1's gone.
[08:03] Like, we're That's what I mean. Like, I mean, we're approaching halfway through Q2.
[08:07] I mean, it's crazy. It is nuts, man.
[08:10] And instead of wait Everybody waits until like June, July, like at the
[08:13] until like June, July, like at the halfway point to to kind of like, all halfway point to to kind of like, all right, how am I doing?
[08:16] Don't wait till the first half is over.
[08:18] Like, attack it in the first quarter.
[08:19] If you see you're a little you know, falling a little behind, looking at these 10 things, I think it'll help you self-identify where you need to focus on it and start focusing on it.
[08:26] Don't Don't wait till the game's over.
[08:27] Yeah, there's a famous Rush song called Time Stands Still.
[08:29] Mhm.
[08:32] Of course, Chris knows it.
[08:34] He's from Canadia.
[08:35] So,
[08:37] but that time stands still.
[08:38] Yeah, somebody should put that video link into the chat, so everybody can enjoy it, you know.
[08:43] If you're getting value from this already, go ahead and tap that like button.
[08:46] It helps more loan officers find content that actually makes a difference.
[08:49] And hey, if staying ahead of the market and learning what's really working in our industry matters to you, hit that subscribe button and ring that bell, so you don't miss another episode.
[08:58] We read every comment, so drop your thoughts down below.
[09:00] We'd love to hear from you and know what's working or what you'd like us to cover next.
[09:04] Thanks for tuning in and we'll catch you here next time.
[09:07] All right, Carl Master Class.
[09:09] All right, well, here we go.
[09:10] Let's get started.
[09:12] I'm going to bring up some wonder wonderful
[09:14] going to bring up some wonder wonderful people.
[09:15] We're going to We're going to bring up Katrina Haggerty and Mark Glazer.
[09:18] And these fine fine people are with 80 Mortgage.
[09:22] So, last week, remember, team, we had Chris No, sorry, Kimber White.
[09:26] Was that last week? I think it was.
[09:28] Yeah, so last week we had Kimber White from NAM and he was talking about the all the condo changes and and how he's taking advantage of it by doing getting this information and doing real estate presentations, real estate office presentations, sales presentations, that kind of a thing.
[09:43] Just let the people know what's going on.
[09:44] Let the realtors know what's going on.
[09:45] Know the pros and cons, all that kind of stuff.
[09:47] And he's just having wild success with it.
[09:49] Picking up deals.
[09:52] Right?
[09:52] Because Hey, our realtor base, they're hungry for information.
[09:56] If something's changed that could impact if they can get a house a condo listed or get a condo sold, they need to know.
[10:01] They want to know.
[10:03] And so this is great information to kind of get a package together and start getting the word out about what's going on.
[10:10] If you remember, I think it I think if you just go to the NAM website, nam.org, there's some link there that
[10:15] nam.org, there's some link there that you can actually download like a you can actually download like a a snapshot PDF sheet of the rules and a snapshot PDF sheet of the rules and how they you know, what they are and and how they you know, what they are and and how you can take advantage of them that how you can take advantage of them that kind of thing.
[10:26] So making use of that would be good to go out and do presentations.
[10:30] Now, with that in mind, this is why we wanted to bring Katrina and Mark on is because even though these rules have changed in some things for the better that might make it more accessible, right, to to get into a condo as a buyer, uh sometimes they just still don't fit the box, right?
[10:45] They just don't fit the box.
[10:47] But if you're doing a presentation, you're getting the word out there that you're like, you know, well versed in this and expert per se, then you'll start getting in you know, inquiries from real estate partners.
[10:55] Hey, I've got a somebody looking condo. What do you think about this, right?
[11:00] In the event that you cannot do it Fannie Freddie, well, that's why Katrina and Mark are here, right?
[11:04] So they have a product.
[11:06] They're with AD Mortgage.
[11:08] Katrina, Mark, welcome to the to the to the broadcast.
[11:11] We're we're glad to have you guys here today.
[11:13] We were hoping we could just learn a little bit about in the
[11:15] just learn a little bit about in the event that we have a condo complex that.
[11:18] event that we have a condo complex that you know, it's not fitting Fannie.
[11:20] you know, it's not fitting Fannie Freddie for some reason, you know, like what can what can.
[11:22] Freddie for some reason, you know, like what can what can how can you help in in those situations?
[11:27] how can you help in in those situations? What do you what do you got cooking over there?
[11:29] there? Oh, well, good morning and thank you.
[11:31] Oh, well, good morning and thank you Breakfast Club for having us join your your morning.
[11:35] your morning. Um we're delighted to be here.
[11:37] Um we're delighted to be here. This is our first time and uh it's pretty exciting.
[11:39] our first time and uh it's pretty exciting. I love all the banter and I have a cousin actually from South Africa.
[11:47] Africa. So um we get to hear all about her experiences all the time and how often.
[11:50] often uh you know, when she goes back home and it sounds like a beautiful place and I can't wait to go myself.
[11:55] sounds like a beautiful place and I can't wait to go myself. Um all right.
[11:57] Um all right. So non-warrantable condos, let's dig in.
[11:59] let's dig in. Um it's a it's a big topic and we're here to help you save more deals.
[12:06] and we're here to help you save more deals. Um so AD Mortgage on a non-warrantable condo, obviously it's for a purchase or a refinance.
[12:11] non-warrantable condo, obviously it's for a purchase or a refinance. There is flexible uh underwriting qualifying criteria and
[12:19] underwriting qualifying criteria and it's for obviously primary second homes.
[12:21] it's for obviously primary second homes, investment properties, um new construction, condo tells, um properties with minimal litigation, all with minimal litigation, all all allowable here at AD.
[12:31] all allowable here at AD.
[12:33] Um you know, as you all know, Fannie is currently changing their guidelines,
[12:35] changing their guidelines, um but AD still has limited review, which is amazing.
[12:41] No budget um and no um no condo docs.
[12:45] So explain it just so we in case we don't know what that means, limited review, just a little detail on that.
[12:46] Yeah.
[12:51] So we have there are two kinds.
[12:54] There is limited review and there's full review and um Mark, since you're an expert in the limited review, uh you know, I know um things have changed.
[12:56] So currently up to date, the difference between the limited and the full.
[12:59] Okay.
[13:02] So let's begin.
[13:05] So as you all know that Fannie Mae has their process of approving condominium per its reviews, full reviews for uh new
[13:20] Per its reviews, full reviews for uh new construction and existing condos.
[13:23] Construction and existing condos. Uh what's occurring now is Fannie changed their rules and they say now everything is a full review, but when the loan goes into the Fannie process, they do look at it.
[13:33] Uh they may or may not approve if it's missing several things, but AD Mortgage's solution to this is the non-warrantable condo limited project review.
[13:43] So limited project review doesn't care about the budget. It doesn't care about uh the condo docs. It's looking at the property as it is currently.
[13:55] If there's special assessments and there's some construction going on, but do not pose safety issues, we do exceptions for those.
[14:04] If in situations where condominiums now are not carrying proper insurances, such as some condos aren't carrying their windstorm coverage, we'll permit windstorm on the borrower's HO-6 policy.
[14:20] windstorm on the borrower's HO-6 policy at the loan amount.
[14:22] at the loan amount.
[14:24] Believe it or not, Ripley's, some condominiums, even if they're in a flood zone, aren't carrying their flood insurance.
[14:29] and we have exceptions to permit the borrower to get a separate flood policy.
[14:35] As we move back to condominiums, as you know, people are very litigious.
[14:40] They love to sue.
[14:42] If you have minimal litigation going on in the condominium, uh we have exceptions for that.
[14:47] If there's major litigation and perhaps the master policy has coverage under their liability to cover it, exceptions for that.
[14:55] So basically overall, when Fannie Mae is no longer saying their condo is approved, you pivot to a non-QM lender as AD Mortgage can help you.
[15:08] And uh here we will be able to look at the condominium with our nine-question limited condo approval letter, very limited to its uh definition and uh we can perhaps give exceptions for these.
[15:20] can perhaps give exceptions for these various things that are missing in a various things that are missing in a condominium that could not get Fannie Mae approved anymore, AD Mortgage here stands ready to do limited condo approval on these condos, condominiums, new construction, condo tells, whether they're uh long-term rental on the 1007 or short-term rental, we're here to help.
[15:42] Let me ask you this, Mark.
[15:47] Um totally clear on like the things that you're not worried about, right, in the review.
[15:51] But what are the main things that you are making sure are okay?
[15:53] Like is there like the here's what we here's what we're going to make sure is okay.
[15:56] This, this, and this.
[15:57] You know, the other stuff we can kind of probably get around, but what are the things that you're making sure are okay in that review?
[16:04] Well, when you're looking at the condominium and more likely after the submission and we're getting the title work, if there's issues where there's open permits, we're worried about that.
[16:16] If there's issues with uh where the uh the new construct where the
[16:21] uh the new construct where the contractors put on those contractor contractors put on those contractor liens, you know what I'm saying?
[16:26] When they when they start a project, things of that nature, we are those are the major concerns.
[16:30] You can't close a loan if there's open if there's open mechanics liens.
[16:34] You can't close a loan if there's uh issues with that impair title to be uh free and clear title, you know, without any kind of a cloud on it.
[16:45] That's the major stuff.
[16:48] Everything else, depending on how it's explained, whether an engineer's report could say that the special assessment that's going on uh doesn't pose a safety issue or let's say your subject property if there's balcony >> on, man?
[17:01] What's going on? You got a file?
[17:04] Hold on.
[17:04] >> Pardon? Got it.
[17:06] No, it was some somebody was unmuted.
[17:08] They're working a deal.
[17:09] It's okay.
[17:10] It happens on Breakfast Club all the time.
[17:11] >> Yeah.
[17:14] So pretty much uh we're looking to these things and we're trying to basically say to you that for for example, in the state of Florida, limited review is 70% investor,
[17:22] Florida, limited review is 70% investor, 75% primary.
[17:25] 75% primary.
[17:27] Outside of the state of Florida, it's 75% investor up to 85 primary.
[17:32] And 75% investor up to 85 primary.
[17:35] And again, we need the uh Hello. We need our limited condo review letter.
[17:37] Dexter, you're unmuted or someone's him.
[17:39] We got him. Go ahead.
[17:41] So on. So basically that's what we're looking for.
[17:43] Again, it gives a loan officer the ability to go to a realtor's office and they say, "Hey, I know you're using those other LOs, but are they have the ability?
[17:54] Do they give you the ability to close a loan in a condominium that's been giving you problems?
[18:01] Call the LO, for example, call me.
[18:04] And then I have a lender, AD Mortgage, that will do limited condo review in condominiums that perhaps have issues.
[18:11] It's a great door opener here at AD Mortgage.
[18:14] Yeah.
[18:16] Hey Kristen, keep an eye on the chat and field some questions for us cuz there's going to be there's already a bunch.
[18:19] Maybe we can grab a couple real quick.
[18:21] Yeah.
[18:21] Yeah.
[18:23] couple real quick.
[18:23] Yeah.
[18:23] Yeah.
[18:23] If you want to do it now?
[18:25] Yeah, we might as well because we've only, you know, we're 10 minutes till the top and You got it.
[18:28] I'd rather get some questions flowing.
[18:30] So a little bit of a rapid fire if that works for you guys.
[18:32] Uh Sharon wants to know, when would you need a limited and when would you need a full in the non-QM world?
[18:38] Well, pretty much I think you're covered even with a limited project review because we do 75% investor outside of Florida and it's 70 in Florida and once again, 75 primary in Florida and up to 85% primary outside of the state of Florida.
[18:58] So I really don't think a full review is going to be needed under those circumstances.
[19:01] If you're going over those LTVs, that's the Fannie world, to be honest.
[19:06] Mm, okay.
[19:06] What about the insurance required for fidelity coverage with the HOAs?
[19:10] Is it still three times?
[19:13] Okay.
[19:13] So pretty much when our condo review looks at it, it's not a question of just when they look at the the master policy, if it's in line with the number of units, with the values and so on,
[19:26] of units, with the values and so on, that they do those calculations for us.
[19:29] that they do those calculations for us.
[19:31] Okay, cool. Mike wants to know, how do you get exceptions?
[19:34] Oh, we're good at those.
[19:35] Yeah. So except AD Mortgage is a pretty unique uh lender out there.
[19:38] We write our own bonds and we do our own securitizations.
[19:45] So we're not reliant on Bank of A or Bank of B to sell to.
[19:51] We we pretty much write our own guidelines and we create once again our own bonds and our own securitizations.
[19:58] whereby if we need an exception, we go to an exception committee.
[20:03] We type it up. It's a pretty simple app and if it makes sense to the exception committee, they approve it.
[20:09] Awesome. And one more if it's cool, Frank.
[20:10] Um a couple questions uh regards to pricing tools and down payments.
[20:16] So, do you have anything that calculates that?
[20:17] Do you have a tool that people can use or something on the website or
[20:21] Absolutely. You go to ADMortgage.com.
[20:25] Once again, ADMortgage.com.
[20:29] You click on the quick pricer.
[20:32] You click on the quick pricer. In order to access the quick pricer,
[20:35] In order to access the quick pricer, uh pretty much uh you if you are not
[20:38] uh pretty much uh you if you are not currently with ADMortgage,
[20:41] currently with ADMortgage, you could check with either Katrina or I
[20:43] you could check with either Katrina or I for the password if you're not currently
[20:45] for the password if you're not currently signed up. Pretty simple password, but
[20:48] signed up. Pretty simple password, but you just want to give us a shout for it.
[20:50] you just want to give us a shout for it. And then you could then do the uh any of
[20:53] And then you could then do the uh any of your uh calculations right there and all
[20:56] your uh calculations right there and all the programs are right there. It's a
[20:57] the programs are right there. It's a pretty nice uh thing to do. Yeah, your
[20:59] pretty nice uh thing to do. Yeah, your monthly calculations will your monthly
[21:01] monthly calculations will your monthly calculations will come up. And like we
[21:03] calculations will come up. And like we stated before, 75%
[21:07] stated before, 75% um non-owner and second home and then 85
[21:10] um non-owner and second home and then 85 owner occ outside of Florida. And then
[21:12] owner occ outside of Florida. And then >> Are you
[21:12] >> Are you There was a question on that. Are you
[21:13] There was a question on that. Are you talking LTV or concentration? No, LTV.
[21:17] talking LTV or concentration? No, LTV. Concentration is not an issue. It's
[21:19] Concentration is not an issue. It's >> Okay. That's a Fannie Mae-ism. I always
[21:22] >> Okay. That's a Fannie Mae-ism. I always tell everybody, take your
[21:25] tell everybody, take your Fannie Mae hat off and put on your
[21:27] Fannie Mae hat off and put on your smooth non-QM hat.
[21:31] smooth non-QM hat. Your sleek streamlined
[21:33] Your sleek streamlined uh Hey, um Katrina, do do us a favor.
[21:35] uh Hey, um Katrina, do do us a favor. Put your Put your email in the in the
[21:37] Put your Put your email in the in the chat right now. Just you go ahead and
[21:38] chat right now. Just you go ahead and drop your email in there. So, I got you
[21:40] drop your email in there. So, I got you guys are going to have questions. We're
[21:41] guys are going to have questions. We're also going to give you guys a PDF. We're
[21:42] also going to give you guys a PDF. We're going to put it in the chat that you can
[21:43] going to put it in the chat that you can download as well. Kristen, let's keep
[21:45] download as well. Kristen, let's keep going. What else What else do we got
[21:46] going. What else What else do we got there? All right. Is there a minimum
[21:47] there? All right. Is there a minimum credit score?
[21:49] credit score? Uh so, minimum credit scores we go down
[21:52] Uh so, minimum credit scores we go down to 620 in the non-QM space.
[21:56] to 620 in the non-QM space. Awesome. And a couple questions about
[21:58] Awesome. And a couple questions about the nine-question review questionnaire
[22:00] the nine-question review questionnaire that y'all use. Um is there a minimum
[22:03] that y'all use. Um is there a minimum FICO for that product? Uh it all depends
[22:06] FICO for that product? Uh it all depends on loan-to-values. Again, we rely We'll
[22:08] on loan-to-values. Again, we rely We'll We'll let you have on the quick pricer
[22:10] We'll let you have on the quick pricer which is directly connected to our
[22:12] which is directly connected to our guidelines. You'll run it. Every
[22:15] guidelines. You'll run it. Every scenario is different.
[22:17] scenario is different. And when do the new building guidelines
[22:19] And when do the new building guidelines go into effect?
[22:21] go into effect? Uh I just I haven't I haven't looked at
[22:23] Uh I just I haven't I haven't looked at from our credit committee. They had put
[22:25] from our credit committee. They had put it out. I believe they're slowly going
[22:28] it out. I believe they're slowly going out. Um Did somebody say it was in May?
[22:31] out. Um Did somebody say it was in May? I thought I heard Does anybody on the
[22:32] I thought I heard Does anybody on the chat have anything different? I heard it
[22:34] chat have anything different? I heard it was August.
[22:36] was August. You heard it was August. Okay. Mhm.
[22:38] You heard it was August. Okay. Mhm. But I'm still alive.
[22:40] But I'm still alive. >> We got We got Rudy with his hand up,
[22:41] >> We got We got Rudy with his hand up, too. We want to get to Rudy.
[22:45] Hi. Thanks for enjoying Loan Officer
[22:46] Hi. Thanks for enjoying Loan Officer Breakfast Club here on YouTube. I just
[22:47] Breakfast Club here on YouTube. I just wanted to drop in and remind you that if
[22:50] wanted to drop in and remind you that if you're a newer loan officer and you're
[22:51] you're a newer loan officer and you're trying to get to that two or three deals
[22:53] trying to get to that two or three deals a month or if you're seasoned and you're
[22:55] a month or if you're seasoned and you're trying to get from 50 to 60 or 60 to 80,
[22:58] trying to get from 50 to 60 or 60 to 80, Mortgage Marketing Animals has you
[22:59] Mortgage Marketing Animals has you covered. We've got the full gamut from
[23:02] covered. We've got the full gamut from start to finish, top to bottom,
[23:04] start to finish, top to bottom, everything you need is at
[23:06] everything you need is at mortgagemarketinganimals.com.
[23:07] mortgagemarketinganimals.com. There's a reason that
[23:09] There's a reason that mortgagemarketinganimals.com
[23:10] mortgagemarketinganimals.com is the number one mortgage coaching
[23:13] is the number one mortgage coaching platform in the country. So, check it
[23:15] platform in the country. So, check it out. mortgagemarketinganimals.com.
[23:18] out. mortgagemarketinganimals.com. I just wanted to give him a little
[23:19] I just wanted to give him a little testimonial.
[23:21] testimonial. I was look I was bouncing around on
[23:22] I was look I was bouncing around on their site because I I use them for my
[23:25] their site because I I use them for my ITINs.
[23:26] ITINs. I've got a lot of
[23:27] I've got a lot of um
[23:28] um folks that
[23:29] folks that Speaking of ITINs, we just went to 80%
[23:32] Speaking of ITINs, we just went to 80% ITINs.
[23:33] ITINs. Yeah, well you That was pretty darn
[23:35] Yeah, well you That was pretty darn good. Yeah, there for a while you were
[23:37] good. Yeah, there for a while you were the only ones doing uh 85 and then uh
[23:41] the only ones doing uh 85 and then uh and uh
[23:42] and uh and
[23:53] but yeah, some things changed and
[23:54] but yeah, some things changed and everything. I get it, but uh but yeah,
[23:56] everything. I get it, but uh but yeah, you guys are pretty good at uh executing
[23:58] you guys are pretty good at uh executing that kind of stuff as well. So, it's
[24:00] that kind of stuff as well. So, it's pretty good. Shout out from Rudy. Oh my
[24:03] pretty good. Shout out from Rudy. Oh my god,
[24:04] god, What an endorsement.
[24:06] What an endorsement. I've closed a bunch of I've closed a
[24:07] I've closed a bunch of I've closed a bunch of ITINs for them.
[24:09] bunch of ITINs for them. That's it. The floodgates are open now,
[24:11] That's it. The floodgates are open now, Katrina. It's over. You might as well
[24:13] Katrina. It's over. You might as well just
[24:14] just just man the phones. Man the phones. All
[24:17] just man the phones. Man the phones. All right, Mario. We just went to second
[24:19] right, Mario. We just went to second homes for foreign nationals. So, we're
[24:21] homes for foreign nationals. So, we're expanding our guidelines on the
[24:23] expanding our guidelines on the >> condo tells when other non-QM lenders
[24:26] >> condo tells when other non-QM lenders tell you, "Yeah, yeah, we won't request
[24:27] tell you, "Yeah, yeah, we won't request a full
[24:28] a full um
[24:29] um um
[24:30] um a full review or limited." And then they
[24:33] a full review or limited." And then they ask you for additional stuff in the
[24:34] ask you for additional stuff in the limited review which actually is 20 20
[24:36] limited review which actually is 20 20 questions instead of three. ADMortgage
[24:38] questions instead of three. ADMortgage comes through with only three questions
[24:40] comes through with only three questions and that's it. You make it happen. We
[24:41] and that's it. You make it happen. We close.
[24:42] close. So.
[24:43] So. Thank you, man. Awesome. Thank you,
[24:45] Thank you, man. Awesome. Thank you, Mark, for everything you do. Look at all
[24:46] Mark, for everything you do. Look at all these cool
[24:47] these cool accolades you guys are getting.
[24:50] accolades you guys are getting. Man. David David Bolton, let's go. What
[24:52] Man. David David Bolton, let's go. What you got?
[24:55] David. See, this is what we do. You guys
[24:57] David. See, this is what we do. You guys are new here. When they don't answer
[24:58] are new here. When they don't answer quickly, I do this.
[25:00] quickly, I do this. I'm on.
[25:03] I'm on. I thought I thought you I thought you
[25:04] I thought I thought you I thought you unmuted me. That's why.
[25:07] unmuted me. That's why. What What do you believe that is the
[25:08] What What do you believe that is the reasoning behind Fannie Mae
[25:12] reasoning behind Fannie Mae um
[25:12] um changing the building guidelines? Is it
[25:14] changing the building guidelines? Is it for them to get out of the condo market?
[25:17] for them to get out of the condo market? So,
[25:18] So, >> degree?
[25:19] >> degree? Fannie Mae has their own massive
[25:21] Fannie Mae has their own massive portfolio.
[25:22] portfolio. So, I'm sure over a period of time as
[25:25] So, I'm sure over a period of time as they do their portfolio reviews and
[25:27] they do their portfolio reviews and their concentrations,
[25:29] their concentrations, uh they may have a larger concentration
[25:31] uh they may have a larger concentration of condominiums and they're basically
[25:33] of condominiums and they're basically want to wean it down a little bit and do
[25:36] want to wean it down a little bit and do a mix with condos, single-family homes,
[25:40] a mix with condos, single-family homes, PUDs in order to make the uh their
[25:43] PUDs in order to make the uh their portfolio a balanced portfolio.
[25:46] portfolio a balanced portfolio. Thank you.
[25:48] Thank you. Hey, let's do this since we're close to
[25:49] Hey, let's do this since we're close to the top, Katrina. One more time, if you
[25:50] the top, Katrina. One more time, if you can drop your contact info into the
[25:52] can drop your contact info into the chat. If you guys got questions for
[25:53] chat. If you guys got questions for Katrina, drop your email and your phone
[25:55] Katrina, drop your email and your phone if you dare. I would if I were you.
[25:57] if you dare. I would if I were you. Uh so, your your email
[25:59] Uh so, your your email >> specific things in the chat. So, if
[26:00] >> specific things in the chat. So, if people have questions about pricing and
[26:01] people have questions about pricing and thing, Katrina, is that the best way to
[26:03] thing, Katrina, is that the best way to to get specifics answered? Absolutely.
[26:06] to get specifics answered? Absolutely. Yep. Every scenario is a little
[26:07] Yep. Every scenario is a little different. Nothing's No, I'll bring
[26:09] different. Nothing's No, I'll bring Frank. Hold on. Hold on. I got him.
[26:11] Frank. Hold on. Hold on. I got him. People are unmuting like crazy this
[26:12] People are unmuting like crazy this morning. Apologies.
[26:15] morning. Apologies. But uh hey, let's get the the PDF in the
[26:17] But uh hey, let's get the the PDF in the chat, too, Jen Z, if we can. So, the
[26:19] chat, too, Jen Z, if we can. So, the handout. Yeah. So, there There's There's
[26:21] handout. Yeah. So, there There's There's a handout you guys can download.
[26:22] a handout you guys can download. Sharon's got her hand up. What do you
[26:23] Sharon's got her hand up. What do you got, Sharon? I just have a quick
[26:25] got, Sharon? I just have a quick question. I just want clarity. I'm
[26:26] question. I just want clarity. I'm looking at the non-warrantable condo PDF
[26:28] looking at the non-warrantable condo PDF and it does say three months reserves
[26:30] and it does say three months reserves for loan amounts lower than a million.
[26:31] for loan amounts lower than a million. Is that three months borrower reserves
[26:33] Is that three months borrower reserves or are you still talking about the three
[26:35] or are you still talking about the three months HOA? There is no HOA reserves.
[26:38] months HOA? There is no HOA reserves. That's the borrower. We don't care about
[26:40] That's the borrower. We don't care about budgets. We don't care about condo docs.
[26:43] budgets. We don't care about condo docs. It's just our limited condo review
[26:45] It's just our limited condo review letter, master insurance, and the HO6.
[26:49] letter, master insurance, and the HO6. All right. I appreciate it. My Fannie
[26:50] All right. I appreciate it. My Fannie Mae hat is really tight.
[26:55] Awesome. So, we've got the downloads
[26:57] Awesome. So, we've got the downloads there. There's two of them for you guys.
[26:58] there. There's two of them for you guys. Uh they're in the chat. Go ahead and
[27:00] Uh they're in the chat. Go ahead and grab them while we're still here. Mark
[27:01] grab them while we're still here. Mark put his contact information in. Katrina
[27:04] put his contact information in. Katrina put her contact information in. Um
[27:09] put her contact information in. Um Yeah, I'm not sure what Katie put there.
[27:11] Yeah, I'm not sure what Katie put there. I'm trying to open it up. I can't. I
[27:13] I'm trying to open it up. I can't. I don't know. Yeah. So, uh but anyways, um
[27:16] don't know. Yeah. So, uh but anyways, um so see what I mean? I think this is just
[27:18] so see what I mean? I think this is just a great segue from from last week where
[27:20] a great segue from from last week where we you know, we're talking about This is
[27:21] we you know, we're talking about This is a great get out there. Let's get some
[27:24] a great get out there. Let's get some condo presentations going, right?
[27:27] condo presentations going, right? And I guess I I'm saying just don't
[27:29] And I guess I I'm saying just don't worry if you get a lead from the realtor
[27:31] worry if you get a lead from the realtor partner and it doesn't fit Fannie
[27:32] partner and it doesn't fit Fannie Freddie, right? We've got You've got AD.
[27:34] Freddie, right? We've got You've got AD. Okay, you've got AD. And just so you
[27:36] Okay, you've got AD. And just so you know, guys, we don't have any
[27:37] know, guys, we don't have any relationship with AD. We're not We're
[27:39] relationship with AD. We're not We're just We got actually turned on to AD
[27:42] just We got actually turned on to AD from Sharon Wofford. Right? Wasn't it?
[27:44] from Sharon Wofford. Right? Wasn't it? Sharon, wasn't it you? Who Who connected
[27:46] Sharon, wasn't it you? Who Who connected us?
[27:47] us? I don't remember. No, I think it was
[27:49] I don't remember. No, I think it was JoAnn. JoAnn's JoAnn JoAnn Hanson.
[27:51] JoAnn. JoAnn's JoAnn JoAnn Hanson. That's it. Well, two superstar ladies. I
[27:53] That's it. Well, two superstar ladies. I get them confused. Yeah. Yeah. Yeah.
[27:56] get them confused. Yeah. Yeah. Yeah. Yeah, you do. Okay. Yeah, it was JoAnn.
[27:57] Yeah, you do. Okay. Yeah, it was JoAnn. JoAnn, the Connecticut Crusher,
[28:00] JoAnn, the Connecticut Crusher, um said, "Hey, man." I I reached out to
[28:02] um said, "Hey, man." I I reached out to her and said, "You know, I'd love to get
[28:03] her and said, "You know, I'd love to get some kind of a cool unique product on
[28:05] some kind of a cool unique product on the show that might be helpful." And
[28:07] the show that might be helpful." And people said, "Katrina. AD."
[28:10] people said, "Katrina. AD." So, that's why we're here.
[28:11] So, that's why we're here. >> just just so you know, JoAnn JoAnn, I
[28:13] >> just just so you know, JoAnn JoAnn, I saved a deal for JoAnn. Um you know, she
[28:16] saved a deal for JoAnn. Um you know, she came to me and she said, "I know I knew
[28:18] came to me and she said, "I know I knew I should have came to you first." And
[28:20] I should have came to you first." And you know,
[28:21] you know, she went to another lender and of course
[28:23] she went to another lender and of course came came back and and we closed and
[28:26] came came back and and we closed and everybody was happy and the realtor
[28:28] everybody was happy and the realtor obviously was giving her a tough time.
[28:31] obviously was giving her a tough time. Um but she looked like the hero. So, it
[28:33] Um but she looked like the hero. So, it was great.
[28:34] was great. Yeah, them realtors and them tough
[28:36] Yeah, them realtors and them tough times. They're so fun.
[28:38] times. They're so fun. It's the best part about being in the
[28:39] It's the best part about being in the mortgage business. Having a deal start
[28:42] mortgage business. Having a deal start to go sideways. to realtors now like we
[28:44] to go sideways. to realtors now like we used to do a million years ago?
[28:46] used to do a million years ago? Can you walk in an office and go, "Hey,
[28:49] Can you walk in an office and go, "Hey, here's breakfast." Do Do the LOs still
[28:52] here's breakfast." Do Do the LOs still do that?
[28:53] do that? Yeah, we've had that conversation. Not a
[28:55] Yeah, we've had that conversation. Not a lot anymore, man. Not a lot. You know,
[28:57] lot anymore, man. Not a lot. You know, it's really different, too, Mark. You
[28:59] it's really different, too, Mark. You must be How long you've been in the biz,
[29:00] must be How long you've been in the biz, Mark? Cuz you're you're you're talking
[29:01] Mark? Cuz you're you're you're talking my language.
[29:03] my language. Uh 35 plus. Okay. Yeah, you're you're
[29:05] Uh 35 plus. Okay. Yeah, you're you're like me. I'm a 40-year guy. That It's
[29:07] like me. I'm a 40-year guy. That It's It's a you know, when we used to go into
[29:09] It's a you know, when we used to go into the real estate offices with the with
[29:10] the real estate offices with the with the bagels or whatever, there was full
[29:12] the bagels or whatever, there was full of realtors.
[29:13] of realtors. They're all That's why you went in
[29:14] They're all That's why you went in there. That's where they all were,
[29:15] there. That's where they all were, right? These days,
[29:17] right? These days, everybody works from home. Crickets.
[29:19] everybody works from home. Crickets. Yeah, you know, it's crickets. So,
[29:21] Yeah, you know, it's crickets. So, >> Frank. So, you mentioned I said 35 plus
[29:24] >> Frank. So, you mentioned I said 35 plus and then you said what it was. I started
[29:26] and then you said what it was. I started in May of '86. Okay. Well, then there
[29:29] in May of '86. Okay. Well, then there you go. See, you you beat me. I'm
[29:31] you go. See, you you beat me. I'm January '87. So, But uh I did I always
[29:34] January '87. So, But uh I did I always like 35 plus so I don't give away that
[29:36] like 35 plus so I don't give away that I'm like old. Yeah, not do it, brother.
[29:39] I'm like old. Yeah, not do it, brother. Wear it as a badge of honor, my friend.
[29:42] Wear it as a badge of honor, my friend. Just like that incredible haircut you've
[29:44] Just like that incredible haircut you've got going on.
[29:45] got going on. All right. My word. All right. Well,
[29:48] All right. My word. All right. Well, this was a lot of fun. What do you guys
[29:50] this was a lot of fun. What do you guys think? Good show? Good stuff? Good
[29:52] think? Good show? Good stuff? Good information? Today is Wednesday, my
[29:55] information? Today is Wednesday, my friends. Who's going to tell us what
[29:56] friends. Who's going to tell us what we're doing today? I think Katrina,
[29:58] we're doing today? I think Katrina, since you're our guest, look around at
[30:01] since you're our guest, look around at all these beautiful faces and pick
[30:02] all these beautiful faces and pick someone to tell us what we're supposed
[30:04] someone to tell us what we're supposed to do on Wednesday. Pick somebody. Come
[30:05] to do on Wednesday. Pick somebody. Come on. Come on. Mhm. Let's go.
[30:09] on. Come on. Mhm. Let's go. Uh Sue.
[30:12] Uh Sue. Sue Moody? Good one.
[30:14] Sue Moody? Good one. >> Good one.
[30:15] >> Good one. >> Yes, it is uh call your database day.
[30:18] >> Yes, it is uh call your database day. So, pick two letters and uh start
[30:21] So, pick two letters and uh start calling whatever week you're on.
[30:24] calling whatever week you're on. There you go. What What What's the
[30:25] There you go. What What What's the purpose of the call, Sue? What are we
[30:26] purpose of the call, Sue? What are we doing here? Thank them for their
[30:29] doing here? Thank them for their business and then ask them if they have
[30:32] business and then ask them if they have any friends, family, co-workers,
[30:35] any friends, family, co-workers, acquaintances, neighbors, whatever.
[30:38] acquaintances, neighbors, whatever. Mhm. That might need some might need
[30:40] Mhm. That might need some might need some help, right?
[30:41] some help, right? >> Yeah. Yeah. Sue, I'm going to be honest
[30:43] >> Yeah. Yeah. Sue, I'm going to be honest with you. That sounds incredibly too
[30:45] with you. That sounds incredibly too easy. I don't believe it. You know, what
[30:48] easy. I don't believe it. You know, what would you say to that? It is. And And
[30:50] would you say to that? It is. And And actually, since I've been doing this for
[30:53] actually, since I've been doing this for a year, it's kind of funny. So, now I
[30:55] a year, it's kind of funny. So, now I have customers just calling me.
[30:58] have customers just calling me. Wonderful. That I don't even Yeah,
[31:00] Wonderful. That I don't even Yeah, they're calling me before I call them.
[31:02] they're calling me before I call them. So. Wonderful. Yeah, because you're
[31:04] So. Wonderful. Yeah, because you're staying in touch, right? You're leaving
[31:06] staying in touch, right? You're leaving voicemails. You're touching base and
[31:08] voicemails. You're touching base and then something pops up 2 months later
[31:10] then something pops up 2 months later and they go, "Hey, Sue. I got a pal that
[31:12] and they go, "Hey, Sue. I got a pal that needs some help, right?" Yep.
[31:15] needs some help, right?" Yep. It's weird how that works.
[31:17] It's weird how that works. It's weird how that
[31:18] It's weird how that >> but Sue, what if I get their voicemail?
[31:20] >> but Sue, what if I get their voicemail? Yeah, what do I do? I just leave a
[31:22] Yeah, what do I do? I just leave a message.
[31:23] message. No, you call them on WhatsApp and
[31:25] No, you call them on WhatsApp and frighten them that you know
[31:27] frighten them that you know how to get them.
[31:29] how to get them. I found you. You can't hide from me. Or
[31:32] I found you. You can't hide from me. Or Or you Or you call from an alternate
[31:34] Or you Or you call from an alternate phone that you don't normally call from
[31:35] phone that you don't normally call from and they pick up. Psych, right? Look at
[31:38] and they pick up. Psych, right? Look at Look at Rudy Devers, man. I don't have
[31:40] Look at Rudy Devers, man. I don't have that problem very often. Yeah. R- Rudy
[31:43] that problem very often. Yeah. R- Rudy Devers, three three this month. And the
[31:45] Devers, three three this month. And the problem I have is we end up
[31:47] problem I have is we end up chit-chatting about catching up on life
[31:49] chit-chatting about catching up on life and then I don't get through my list.
[31:51] and then I don't get through my list. Yeah. Yeah. Yeah, but that's good stuff,
[31:53] Yeah. Yeah. Yeah, but that's good stuff, man. We talked yesterday. I think it was
[31:54] man. We talked yesterday. I think it was all about relationships here. This is
[31:56] all about relationships here. This is what it's always going to be about. It's
[31:57] what it's always going to be about. It's what it's about. It's the I got a guy
[32:00] what it's about. It's the I got a guy business, right? That's what this is.
[32:02] business, right? That's what this is. You know, somebody starts talking about
[32:03] You know, somebody starts talking about mortgage, "I got a guy." Or "I got a
[32:04] mortgage, "I got a guy." Or "I got a gal," right? That's what it's about. So.
[32:07] gal," right? That's what it's about. So. Hey, Katrina and Mark. Thank you so
[32:09] Hey, Katrina and Mark. Thank you so much, man. You guys were great today.
[32:11] much, man. You guys were great today. Super appreciate you being here. One
[32:13] Super appreciate you being here. One more time, get the contact information
[32:15] more time, get the contact information into the chat if you can, just to be
[32:17] into the chat if you can, just to be safe. Um just drop it in there. We'll
[32:19] safe. Um just drop it in there. We'll wait There you go. Jen- Justine's all
[32:21] wait There you go. Jen- Justine's all over it. There's some some links there.
[32:23] over it. There's some some links there. Um maybe emails and and and phone
[32:26] Um maybe emails and and and phone numbers one more time in the chat if you
[32:27] numbers one more time in the chat if you want to reach out to them, just because
[32:29] want to reach out to them, just because we're about to push the goodbye button
[32:30] we're about to push the goodbye button here. And I just want to make sure you
[32:31] here. And I just want to make sure you guys have time to time to get it. So,
[32:34] guys have time to time to get it. So, all right, man. So, good deal. Kristen,
[32:35] all right, man. So, good deal. Kristen, Jen Z, Justine, what do you think? Good
[32:38] Jen Z, Justine, what do you think? Good day? Good day. Great day. That's the
[32:40] day? Good day. Great day. That's the good stuff. Yeah.
[32:40] good stuff. Yeah. >> Good day. All right. Well, then let's
[32:43] >> Good day. All right. Well, then let's >> Thank you guys. Thank you so much for
[32:44] >> Thank you guys. Thank you so much for being here. We'll have you back again.
[32:45] being here. We'll have you back again. You're amazing. All right. You guys have
[32:48] You're amazing. All right. You guys have a great day. Catch up with you all
[32:49] a great day. Catch up with you all later. See you. Adios.
[32:51] later. See you. Adios. Great week.
[32:52] Great week. Have a wonderful day, everybody.