Top 5 things I learned at NAPMW

Over the last few months, my traveling schedule has been getting busier with more opportunities.  Personally, I love to get out of my normal environment and see new places and meet new people.  On April 5^th and 6^th I had the pleasure of attending the NAPMW conference in Las Vegas!

Before we get to my top 5 list, I want to offer a special thanks to Rolanda Legg for the invitation to speak at the event.  Also to Tobi Libbra for her top-notch job hosting me at the event and making sure everything went smooth as soon as I stepped off the plane.

NAPMW Las Vegas

Whenever you attend a trade conference you will always get something out of it.  Whether that is a piece of information to advance your career, earn a new client, or create a network connection.  For me, I scored big in Las Vegas and can honestly say I found all three! (I am not sure what Vegas saying to yell out here, but all the comes to mind is Yahtzee but that is not right!)

One of the things that separate this NAPMW event from the rest, the attendees were a real mix of the real estate business. We had members who were credit vendors, digital consultants, real estate agents, loan officers, and closers.  I would dare say that we had the complete origination chain in attendance.

Lesson 1

Looking for more opportunity to sell? According to Patricia Claproth of Freddie Mac, the rental housing need is growing, many families need affordable rental houses.   If you are a loan officer, the time is now to educate your prospective clients on the business opportunities to rent out houses. Freddie Mac is expanding their offers to get good borrowers into investment loans with smaller down payments on some programs.

Lesson 2

For the wholesale readers, Lindsey represented a nationwide servicer explaining the importance of knowing what your servicer is sending your closed clients.  Make sure you are keeping open the communication with your closed client and doing semiannual tune-ups on their mortgages.  Questions like “Is your rate still the best?  Or, Did your tax escrow payment change? Or, Would a potential move from a thirty year fixed to a shorter term  loan benefit you?”, are all great communication points.  Bottom line Lindsey stated that if you are not communicating with your clients’ others may be, so don’t lose out!

Lesson 3

USDA is FAST… no more horror stories on the 2-3 week turn times on USDA reviews as they are averaging 2-4 day turn times.  The national group now has overflow, so if a regional center gets overloaded they now offer load balancing.  This is only one of the many improvements provided by Ticia Weare of USDA in Nevada.  A few other points from Ticia was the expanded acceptance of outbuildings and the direct loan program offered by USDA.  The direct loan program is great for a borrower with lower loan amounts and lower fico scores.  Realtors that creates more opportunities to close in case your loan officer can not assist!

Lesson 4

90% of a lost PIW on DU findings are due to an appraisal order after the PIW had been offered on the findings.  In 2016 Fannie Mae disconnected the credit portion of the approval from the collateral portion of the approval.  In my opinion, many people still don’t think that is true since PIWs disappear from time to time. I for one have been guilty of trying to figure out if I changed the ratios or reserves that might have to cause the lost PIW.  Theresa Jackson from Fannie Mae confirmed that after research 90% was due to the lender ordering that appraisal after the PIW was issued.  Keep in mind the UCDP is connected to DU findings, if DU finds an appraisal order outstanding, it will wait for the value to come in, and cancel the PIW.  My tip for you here, run DU before you order the appraisal, and create a rock-solid process that no one accidentally orders an appraisal!

Lesson 5

There is an awesome website that lists almost every single Down Payment Assistance Program (DPA) available on a house.  One of the most challenging things new borrowers must face is where to get the money for a down payment from., now you have more answers, Down Payment Resource!  For my loan officer friends use this site to research programs that you can change your borrowers’ mind from “just my lender” to the superstar who made a family’s dream come true.  Which one do you think will get you more referrals?   I must give credit to MGIC’s Debra Nelson for turning me onto that site.

One “bonus” item I can share with you… don’t miss next years NAPMW event!  That is all for this week, thanks for reading!