🔥 Why are you in the mortgage business? - The Letter X

Oct 10, 2020 1:51 pm



Presented by: EPM

I am in it for legacy.

One of the great things about this business is that it is generational. The mortgage industry is more than just a job for me, it is a family business.

I was born into this business and had the greatest teach ever in my mother, who is the President & CEO of Mason-McDuffie Mortgage.

I am a second generation Mortgage Professional and I am excited to be able to bring in the 3rd generation with my son Nick.


Nick has joined me at EPM as our Performance Development Coordinator and I look forward to having him carry on the legacy of serving this amazing industry.

My hat is off to all of you who are in this industry for legacy and I hope you enjoy this week’s TLX!

Say Yes Every Day 

Laura Brandao - President of AFR Wholesale

This week say yes to NATURE! There is so much beauty around us, this week take time to look down, around and up as you take in the sights and scents of the world around you.

Sharing is Caring! Remember to share your personal referral link (bottom of email) for a chance to win a $50 Amazon Gift Card! 


Diana Bajramovic of MBS Highway

“Millennials Underestimate Down Payment Needs”

It seems as though Realtor Magazine hasn’t heard of loan programs other than your conventional 20% down. In this article titled Millennials Underestimate Down Payment Needs, Realtor Magazine states that “88% (of millennials) have significantly less savings than the average national down payment amount, which is $62,200.” Granted, they mention that there are other loan programs available, but make the argument that these alternative programs could come at a higher cost to buyers.


Use This to Educate Your Buyers

Don’t let your customers read articles like this and assume that they are out of luck with purchasing a home. Use headlines like this as a way to educate your buyers and become the trusted Advisor by using tools like our Social Studio script “Real Estate Fact vs. Fiction.” Let them know that they could potentially purchase a home with as little as 5% or even 3% down, based on the programs available. Furthermore, the strength in appreciation across the country is something that should be explained to let you customers know that purchasing a home is a profitable investment, and customizing your Social Studio script for your market can help you illustrate this point.


Combat misinformation from the media and help your customers not get discouraged. Get in front of them on social media and show that you’re the true expert in their market.

The News X Recap!

The number of forbearance plans plunged last week as those that went into effect in the early days of the pandemic hit the end of their initial six-month terms Black Knight said nearly one-fifth of the plans ended, as the number fell by 649,000 mortgages or 18 percent of the previous week's total. A total of 2.97 loans remain in forbearance.

New York, New York. There were 15,963 apartments for rent in September, up from 5,299 a year earlier, according to data from Douglas Elliman and Miller Samuel. The vacancy rate in Manhattan, which is typically 2% to 3%, is now nearly 6%.

In what should be no surprise to anyone, the CFPB’s assessment of the TRID Integrated Disclosure Rule issued a number of key findings, including the fact that the rule resulted in sizable implementation costs for mortgage companies.

The Mortgage Bankers Association (MBA) said the volume of purchase mortgage applications declined for a second week but refinancing more than recovered from last week's 7 percent loss.

The state of California’s new Department of Financial Protection and Innovation (DFPI), a reorganization of the previous Department of Business Oversight (DBO), will not have enforcement authority over the state’s reverse mortgage businesses according to officials with both the new DFPI, and the California Department of Real Estate (DRE).

Gary Keller is stepping down from his post as CEO of Keller Williams while the brokerage undergoes a broader corporate restructuring. According to KW Keller will now serve as executive chairman of the board.

The mortgage industry has undergone significant digital transformation in the last five years. Five years ago, point-of-sale solutions were only just beginning to gain traction and a mass email about winterizing your house was considered an innovative marketing tactic. We’ve come such a long way so quickly, but with countless tools at your fingertips, how should lenders evaluate their options and determine which technology solutions to invest in?  

How do you sell a house that nobody wants? Colorado Home at the Center of Netflix Murder Documentary Hangs in Limbo.

Bowtie Economist Quick Hits

The Friday File: Last month, a team of wave engineers determined that Brazilian big wave surfer Maya Gabeira, assisted by her tow-partner Sebastian Steudner, who was sea-dooing at 50 mph while slinging her onto the lip of the giant wave, rode the biggest wave of the year. It was 73.5 feet high! This is the first time a woman has held this title. The biggest wave ever ridden, 78 feet. 

The delinquency rate for mortgages on one-to-four-unit residential properties, including loans in forbearance if a payment was not made, jumped from 4.36% in 20Q1 to 8.22% in 20Q2. This is the biggest quarterly jump ever and 8.22% is the highest rate since 11Q2. The rate peaked in 10Q1 at 10.06%. The good news, the 30-day delinquency rate fell 1/3 of a percentage point, suggesting new delinquencies may have peaked. 

In 2019, median family income was $58,600. With less than a HS diploma it was $30,800; with a HS diploma it was $45,800; with some college it was $51,200; and with a college degree it was $95,700. Median income for the bottom quintile was $17,700 and was $36,700 for the next lowest quintile. For those in the bottom half of the top quintile, $150,400, and for the top half, $283,000. 

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

Today’s Renters Are Tomorrow’s Home Buyer Pipeline

Most originators today have more borrowers in their pipeline than they have the capacity to manage. And because of this most are likely not thinking beyond today, about next year’s pipeline of clients.  

In a recent article in Builder, they cited the America at Home Study, conducted both pre and post covid for consumer sentiment regarding homeownership. 


Almost half (46%) of respondents (consumers 25 – 74 years old with household incomes of $50,000 plus) now prefer to own versus rent – estimating the potential of 7.4 million households. This sentiment grew substantially from the pre-covid survey, suggesting that the first-time home buyer segment may be even larger next year and beyond then currently forecasted. 

Now is the time to market to this renter segment in your community, building awareness to your brand and services.  Consider offering these renters resources to help them with preparation and mortgage readiness.   

To learn how FinLocker can help you, check out this short video featuring our partners at VettedVA and how FinLocker enables their Veteran’s on the journey to achieve the dream of homeownership

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”. 



Today I see young, new originators jumping into this industry who are eager to learn. They are attracted by our robust education system and on-boarding. Our company helps them learn todays products and systems while addressing philosophical mindsets, emotional intelligence, and change.

Every part of the process is measured, and all is inspected. While we still see people occasionally fail, our retention rate is far higher than our competition and so is our time to production. In fact, we have doubled the production of our sales force 80%of the time in under 18 months. Why? Execution of our program implementation.

To be the very best, you must:

• Apply what you learn

• Act on the notes that you write during class and in work

• Measure what you are doing, regularly

• Practice what is new until it becomes innate.

If you are a leader you must:

• Ensure you have your team’s attention, if they don’t show up for training, they won’t learn

• Deliver amazing training and shared knowledge

• Implement follow up inspections to measure the execution success of every person

• Verbalize the expectation

• Follow through

Finally, I find that if you want your troops to shovel harder, you must grab a shovel yourself. Too many leaders let authority go to their head. They sit in their plush seats in their Ivory towers and bark down orders to a fleet that cannot flank right as asked without casualty and the reaction of your troops is defiance because they see the leadership as out of touch.

The very best way to get that fleet to attack that hill is to place yourself amongst them and run shoulder to shoulder at the hill. You will be more relatable. You will be more believable and most of all, you will give applicable and relevant guidance from the ground.

Inspect what you Expect, set up at least three Check Points where you measure in tangible terms the results of a project, performance, or production.

Motivate your subordinates participate and to expect inspections after they leave the classroom, or the change is implemented.

Coach from the field not the sideline. Be relevant. Earn respect through integrity and hard work.

Leadership is earned not rewarded. Management is a job, but Leadership is a responsibility and an honor.

Non-QM X: Highly Qualified Non-QM News

Tom Hutchens - EVP of Production at Angel Oak Mortgage Solutions

The refi boom won’t last forever. Capitalizing on the low rate environment doesn’t set you up for long-term growth. How are you really planning to expand your business?


Brokers and LOs who understand the importance of helping non-QM borrowers have a chance to close more loans and make new referral partners in the process. Mortgage professionals are popping up week after week to grow their client base and capitalize on an underserved ― but deserving ― sector of the market.


Non-QM growth is coming from both sides of the equation. A flurry of new homebuyers has emerged bringing an influx of demand as many

migrate to the suburbs. This mass exodus should impact the non-QM market as well — given more borrowers will seek mortgages that suit their unique needs. As brokers see the long-term need and understand the

shifting landscape that promotes demand for non-QM, there’s significant growth opportunity. 


Institutional investors are also eager to get involved in the secondary market. According to Inside Mortgage Finance, investor demand for non-agency residential mortgage backed securities (NA RMBS) is at pre-pandemic levels. Oversubscription of securitizations issued in the COVID-19 era exemplify investor confidence returning to the NA RMBS arena. The quick comeback of the secondary mortgage market is important because it allows lenders to continue to make new loans and keep up with rising demand. 


For those who have not yet tested the non-QM waters, but are itching to try it out - I’m here to help or answer questions.

Mamapreneur: Real Talk with a Side of Mom Jeans

Jess Vogelpohl Southwest Coaching

Excuses, excuses


I bet you NEVER makes excuses....

I bet your team doesn’t either...


....jk, 🤣they probably make a ton, and I bet you do too. YUP, I said it.


❌I don't have enough time to prospect. WRONG!

❌ I'm SO busy. LAME!

❌It's the market, it's the economy. NOPE!

❌INSERT the 5,985 other excuses you can come up with as to why you aren't hitting your goals.


Top producers ALWAYS find a way, not an excuse. And, you’re losing your marbles if you think you will be in a season of life without being pulled in a million directions. Are YOU finding a way?

Podcasts of the Week!

Grit and Sweat with Shawn Harper

Positively Charged

Build a Business, Not a Job w/Matt DeLuzio

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 Tallinger of Class Valuation


Make sure you tell JT you saw him in The Letter X!

The Edumarketer

Ginger Bell

Everything You Need to Know About Promoting Your Facebook Live Event and Growing an Excited Audience


Last week, I shared how to start streaming on Facebook Live and this week I am sharing how to grow your audience. Facebook live is an easy way to educate your real estate agents and borrowers.

Unless you’re the spontaneous type and plan to go live right away, you’ll need to promote your livestream ahead of time. Advertising your upcoming livestream ensures that you’ll have an audience ready to interact with you the moment you go live.

My three tips can help you grow viewership long before you’re live on Facebook:

1. Tag Friends, Family, Partners, and Other Brands

Generate excitement about your upcoming livestream by tagging people you think would enjoy the content. Tag friends and family and ask them to share the post with their network. Or tag your business partners and brands you’ve done business with too. Just make sure you are providing value to that audience and you aren’t “that guy” on Facebook who “keeps tagging me in really irrelevant posts that I have no interest in.” Yes, don’t be that guy. As always, use tact!

The more people who know about your livestream, the larger the audience that’ll tune in!

2. Share the Livestream Link on Other Platforms

Let the world know you’re planning to go live by cross-posting about it on other social media platforms such as Twitter, Instagram, or LinkedIn.

3. Send the Link To Your Email Subscribers

Remember to inform your email subscribers about your livestream, too. Send them a message about the upcoming Facebook Live event along with the livestream link and a calendar invite. Recipients who accept the calendar invite will be notified right when it’s time to log onto Facebook for the event.

Next week I will be sharing What to Do Once You're Live.

Always pass on what you have learned!

Mortgage X Marketing Manifesto

Andrew Pawlak, CEO of Leadpops

"The Most Important Phrase in Marketing You've Probably Never Heard" (Part 1) 

Conversion Rate Optimization (CRO)

Everyone gets so caught up in driving traffic -- getting clicks and eyeballs -- they never stop to think about what happens "post click." 

As in -- what/where people are getting driven to. 

When it comes to digital marketing, you hear a lot about SEO and PPC...

But without CRO, you'll spend a lot of time and money driving clicks that don't convert into anything.

Last time I checked, you can't refinance a click... 

Or help a click buy a house. 

See what I'm getting at? 

Here are some important questions to ask yourself when examining the effectiveness of your current marketing efforts:

What happens when consumers click onto my website or landing page? 

Where do I take them if they open up my email and actually read the content?

Or read my blog? 

Or see my post, or watch my video on social media?

What's my call-to-action, and what happens next?

You can't expect people to take action on their own.

These days, most potential clients won't just call you, or start filling out an online loan application because you've done a good job of staying in front of them with your marketing.

If you're spending time and effort posting on social media, sending out emails, networking with Realtors, creating videos, blogging, running ads on social media or Google -- all that's great to get traffic and exposure...

But you're still going to need to optimize to convert clicks into leads (AKA future clients), or you're missing out on a ton of opportunities. 

Take a look at what some of the most successful marketing and lead generation companies in the mortgage space are doing. 

Yes, they spend a lot of money on marketing...

But they're not just putting all that effort into marketing and driving traffic without having first optimized to convert the traffic they get into leads. 

There's a very specific formula they follow to make sure they're converting those clicks into real, tangible consumers shopping for mortgages.

And what exactly is the formula to convert clicks into clients? 

I'll share the specifics in Part 2 of: 

"The Most Important Phrase in Marketing You've Probably Never Heard"

...in next week's The Letter X.

Remember to share your personal referral link below for a chance to win a $50 Amazon Gift Card! I hope you enjoyed TLX #25! Have a great weekend.