🔥 I Am Running for President! - The Letter X

Oct 03, 2020 1:31 pm




Presented by: EPM

Who wants to be my running mate? After that dumpster fire of a debate (using that term loosely) I think it is time to throw my hat in the ring.


But enough of politics since I am sure you get enough of that on Facebook. Congrats to everyone who made it through another month of record volume, long turn times, and client’s who don’t think it is “worth it” to move from 4.25% to 2.89%.

Excited for this week as we welcome two more contributors to the Letter X with Tom Hutchens of Angel Oak Mortgage Solutions and Andrew Pawlak of Leadpops. Looking at the TLX open rates, new weekly subscribers and lack of unsubscribes it looks like you all are digging what I am throwing down, so I am going to keep doing it.

Please let me know how this weekly “un-newsletter” can be better and I will gladly do that. With that, please enjoy this week of TLX!

Lending, Leadership, and Life

Eddy Perez - President & CEO of EPM

In this episode of Lending, Leadership, and Life, we’re talking about inspiration and how it’s not the same as motivation.

One is what gets you there and one is what gets you over the bumps in the road.


Say Yes Every Day 

Laura Brandao - President of AFR Wholesale

This week say yes to LEADERSHIP!  We often think that leadership is a job or a

role but it’s not! Leadership is a mindset where you choose to be a strong

example, you put other’s first, you treat everyone equally, you listen, learn,

share and take responsibility.  This week stand tall and lead because

together we can make positive change.

Sharing is Caring! Remember to share your personal referral link

(bottom of email) for a chance to win a $50 Amazon Gift Card! 


Presented By: MBS Highway

Housing is Hot Hot Hot

According to ATTOM, there is an affordability crisis. This couldn’t be further from the truth. We have to be cautious with information from ATTOM as they notoriously negatively skew housing data in an attempt to invoke fear. They stated that median home prices as per the latest Existing Home Sales report were up 11.4%. But, this does not mean that home prices rose that much, rather, that more higher priced homes sold. According to the FHFA House Price Index, home values rose 6.5%. This only encompasses homes with conforming loan amounts. We also got data from Case-Shiller that showed 5% appreciation.


ATTOM claims that wages are not keeping pace with appreciation even though these numbers are very strong. According to the latest Jobs Report, wages are up 5.3%. Keep in mind that wages and appreciation do not have to be equal for homes to remain affordable. Think about it logically; you don’t spend 100% of your income on housing expenses.


Don’t let the media fool you and especially don’t let the media fool your customers. Take the role of an Advisor and make sure you explain the true numbers.


For accurate daily market and housing data, be sure to watch the Daily Morning Update on MBS Highway.

The News X Recap!

Mortgage Lender IPO Season is here! Not to be outdone by Rocket and UWM, Caliber Home Loans Inc. filed for an initial public offering on Friday with plans

to list on the New York Stock Exchange under the ticker "HOMS.

Also in the IPO news the last couple of weeks was LoanDepot. I figured they would be the next Big Box lender to go, but Caliber and AmeriHome has beat them to the punch.

Fresh off of AIME Fuse, the association announced the Spark program, a small-business grant program with an initial focus on women and minorities in the mortgage industry. I applaud their efforts to encourage diversity in the channel.

The number of Americans skipping mortgage payments drops to lowest level since April — but some borrowers face bigger challenges.

When ever there is a mortgage market pinch (like the great recession) everyone always looks for the death of TPO. BUT…As the world structures with the 2020 crisis of COVID-19, the wholesale and correspondent platforms are seeing a surge in production levels at record production results.

Speaking of COVID-19 Here are 3 ways the pandemic has changed buying a home and getting a mortgage — for the better

As a born and raised Californian I can assure you that California will ALWAYS California.  California voters will decide whether to significantly expand the state’s strongest-in-the-nation rent control regulations and amend California’s constitution to change commercial property tax assessments, ending the protections given to California property owners in 1978.

Bowtie Economist Quick Hits

Business closures among law firms are very low at 1.6/1,000

firms; architects at 2/1,000 and accountants at 2.9/1,000 are also profoundly

low. Conversely, burger joints at 56/1,000 and breakfast and brunch restaurants

at 57/1,000 have suffered profoundly. The state with the most closed businesses - Hawaii with 22.8 closures per 1,000, CA is next at 19/1,000. On 1/1/2020 there were 209 Michelin-starred US restaurants, today 29, a closure rate of 860/1,000! 

New housing, and thus existing housing, has become increasingly more expensive because of burdensome land use regulations, increasingly costly building codes, a labor shortage, and higher input costs. Another rarely mentioned reason is industry consolidation. The share of homes built by public builders has roughly doubled to 30% since 2000. As competition declines, firms gain market power and increasingly act as monopolists and reduce supply to deliberately boost profits.

The number of ex-servicepersons in the US is 18 million, or 7% of the adult population. In the House of Representatives, it is 18%, and it is 19% in the Senate. While vastly overrepresented, this is a far cry from the 1965-1975 period when it was 70% in both chambers and peaked at 80% in the Senate in 1975. Why? - the end of the draft and a shrinking army.

Good things come to those who Mastermind! Have you joined the Mortgage X Mastermind yet? I would like to invite you to join our community that is 100% focused on helping MODERN industry professionals crush it. 

The Vieaux

Brian Vieaux - President of FinLocker

The MBA has released their updated forecast with full year 2020 origination volume of 3.1 Trillion and a drop in 2021 to 2.2 Trillion. The segment driving this year over year reduction is refinance, with a forecasted drop of nearly 65%. Purchase volume is forecasted to be slightly higher in 2021. While it is wise to “make hay while the sun is shining”, it is critical that you have a focus on the purchase segment as well.

Over the last few weeks, I have been writing here about grooming and nurturing “next year’s” pipeline of home buyers. In a recent survey produced and published by Cultural Outreach, they found that Next Gen first time home buyers are looking for financial education and guidance in the process.

This is where local originators can differentiate themselves as a valued part of the solution. The survey found that “Confidence” is the primary non-financial concern among NextGen Home Buyers. They need and want help with education on the mortgage process, including very specific areas like Appraisal, Interest Rate, Title Insurance, etc. Establish ways to provide this needed education and become that trusted local resource to fill this void. There are many tech solutions available for local originators to leverage to help here. 

To learn about how FinLocker can help you in this regard feel to contact me directly.

2020 Vision

Christine Beckwith – 2020 Vision

For Success Coaching


Easy Steps to Raise Your Bottom Line Through Execution and Leadership


The Definition of Rhetoric is: All Talk. No Action. The opposite of that is a quote I love from Will Rogers “Even if you are on the right track you’ll get run over if you just sit there”. 



To inspect what you expect is not micro management. No one invests in something they expect returns on without a daily monitoring—except

when it comes to human behavior. Think about this. Can you name someone who enrolls, implements, and stipulates change without a desired outcome?

A remarkable story that demonstrates this came out of the imploding mortgage industry in 2007. AnnieMac had to shift gears, as did all other companies. I was tasked to lead the charge on our core value proposition in a new model, Realtor Partnership curriculum and technology. At the time, we adapted this differentiator, it was being offered to other lenders as well. For two years, we were one of a small group of lenders in a race to create elite offerings, at a time when real estate was being punished by the crimes of our past. And then there was one. We found ourselves alone in the field as the only lender getting real, tangible results with this program.

Why? Execution. We had put the tool in place, implemented a training program and a help desk. We escalated visibility of the program in all departments, in recruiting and sales, as well as retention. We made this program top of mind and from this base, grew our (then minimal) purchase platform to tens of thousands of realtor affiliations, all while watching our competition die on the vine. This program failed for all but six of our all six of our competitors. Inspect what you Expect.

This three part series finishes next week!

Non-QM X: Highly Qualified Non-QM News

Tom Hutchens - EVP of Production at Angel Oak Mortgage Solutions

The non-qualified mortgage (non-QM) market is an important section of the industry that offers a powerful set of tools for brokers and Realtors to expand their business and help creditworthy borrowers. This weekly column is dedicated to keep you informed on all things non-QM to help you stay on top of the changes, updates and news to keep you in the know. I’m Tom Hutchens, executive vice president of production at Angel Oak Mortgage Solutions in Atlanta, Georgia, a wholesale lender with a primary focus on non-QM. 

Short recap: Following the COVID-19 outbreak, non-QM originators reintroduced products with revised guidelines reflective of new economic realities. The reintroduction of non-QM products was met with an increase in demand and the industry has hardly looked back since. According to the Mortgage Bankers Association (MBA), during the week of September 23, 2020, new purchases have boomed across the mortgage industry and for non-QM, almost 75% of transactions are purchases. The MBA also reported purchase activity outpaced 2019 for the 19th consecutive week.

Low rates and red-hot demand have helped revive the housing market. Non-QM can be a useful tool as the homebuying season continues into the fall, especially as the refi boom winds down. Lately we have seen many scenarios where borrowers just miss qualifying for Agency loans and are turned away. The deal was brought to us to save and we got it closed. Take the time to learn more about non-QM and how you can close more loans using these products.

Mamapreneur: Real Talk with a Side of Mom Jeans

Jess Vogelpohl Southwest Coaching

Sales Advice from a 5yo:

“Mama, when you say “maybe” it’s usually means “no” more times than it means “yes.”




Oooohhh man. She’s right. I do mean “no” when I say “maybe.” So, why do we get so excited when our prospects give us a “maybe?” Truly get to the root of that maybe, understand the hesitation, and get a “no” if need be! Don’t live in the land of maybes! Booooo!


Truly learning to close our prospects for a decision is a learnable, teachable and coachable skill! It doesn’t mean your skeezy, slick or “too salesy,” it just means you’re helping them make a decision and saving EVERYONE’S time!


Can I get an amen?!

Podcasts of the Week!

Disruption is a Change That Lasts

The Culture Matters Podcast

The Life of an LO Superstar

Next Level Loan Officers

Podcasts of the REAL Disrupt Network

Positively Charged

The Marketing Trench

Confident Closers

Blondes Have More Funds

Next Level Loan Officers

Laugh Lend and Eat

Treasure Coast Podcast

Charlotte Real Estate Buzz

Culture Matters Podcast

Virtual Coffee with Estie Briggs

Mortgage X Podcast

Mortgage Interrupt

Mortgage Industry Professional of the Week

Jon Hill – Total Expert


The Edumarketer

Ginger Bell

How to Make Your Facebook Live Streams More Interactive! Part Two

Have a Call-to-Action (CTA)

Throughout the Facebook live video, remember to shout out your call-to-action (CTA). Typical Facebook Live CTAs include:

·      Liking the business page

·      Subscribing to a video channel or email newsletter

·      Sharing the video

·      Commenting on the livestream

·      Clicking the link in the video description

Remind viewers to do this multiple times throughout the video. But be careful—you don’t want to overdo it and come across as spammy. Again, try it a few different ways, you’ll find the one that’s right for you. It always seems scary to start, because we often try to be perfect. Of course, your first try isn’t going to be the best thing you’ve ever done, but without your first try you’ll never get to your hundredth!

Continue Promoting the Live Stream

Your Facebook live event can be saved as a video and used for future promotions. Generate more demand for future livestreams by continuing to promote your video well after the original livestream. And, as you promote the previous livestream, it’ll keep garnering engagement, which leads new fans to your page and other content. It’s a win-win!

Get Started with Your First Facebook Livestream

Now that you know how to go live on Facebook, what are you waiting for? Hit that big blue live button and start growing a loyal live stream audience!

Need help honing your message or organizing your Facebook Live strategy or production? Reach out to me today! My team and I can help with any aspect of your Facebook production from creating a show outline to having a producer on with you live to moderate your show. But if you never go live, none of this will help you. So, get out there and start streaming, and let me know how it goes!


Mortgage X Marketing Manifesto

Andrew Pawlak, CEO of Leadpops

Post & Pray


Posting content about mortgage, real estate, etc. without providing any type of call-to-action.


Insanity = Doing that over and over, and wondering why you're getting minimal (or no) results.


Being educational and consultative is great. And not every post should be a sales pitch.


But if you're just putting out content without ever driving your audience into an easy way to engage with you -- you're missing out on a lot of opportunities.


By "an easy way to engage with you" -- I'm not just talking about them calling you. And I'm DEFINITELY not talking about trying to get them to fill out a loan application too early in the relationship.


Take a look at some of the biggest players in the mortgage lead generation space and you will always find the same recipe:


a. Content/Info

b. Call-to-Action

c. Button / Link

d. Gamified Lead Form


These are billion dollar companies that have spent years testing and developing these strategies.


It's easy to replicate, and if you're consistent, doing the same thing yourself will make you a lot of money...


While allowing you to help more people.

It's a win-win.


And it's never too late to start.

Remember to share your personal referral link below for a chance

to win a $50 Amazon Gift Card! I hope you enjoyed TLX #24! Have a great