Think Outside The Bank!

Connecting Investors with Tenants

Kelly (Byrnes) Waugh, CMPS, CMC (Fairway Independent Mortgage Corp) — Thu, 19 May 2011 17:33:16 -0700

Ok, so I recently received my CMPS designation and part of the course, the instructor suggested a great way to help all these buyers that currently have good credit, good jobs, but maybe had to go through a short sale and still want to buy. Current guidelines say if you had a short sale or foreclosure and want to purchase a home through FHA, you have to wait a full 3 years. Its 7 years if you want to go conventional. (depends on the amount down too, could be less if you put more down). If you had a BK 7 they require a full 2 years from the date it was discharged / dismissed. So in the meantime, what we want to do is create an investor pool for these kinds of borrowers to come in and purchase a home for these future homeowners.

So lets break it down how this would work. If the borrower who had a short sale (we'll call her Sue) comes to me and we discover, she's excellent except for the fact she has to wait a few years to buy, then I partner her up with an investor that will help! The investor (we'll call her Jane) will let Sue go out and find a home that is worth below market value (which is key) along with the help of a trusted realtor. Jane then buys the home for Sue using a traditional non-owner occupied loan. That means that Jane only has to put 20% down on traditional lending or 10% down on HomePath homes. Sue would be required to put 5% down and give to Jane as a non-refundable cost.

At the same time that Jane buys the home for Sue, we also work out with the help of an experienced real estate attorney the details of the lease back as well as the future purchase and future purchase price. This future purchase price will also be adjusted so that the new purchase price will be beneficial for both Jane and Sue. That is where the idea of buying below market value comes in because without that part, it may not be as beneficial to either party. We are also careful not to violate any due on sale clause and make sure that the lender is aware of all contracts that co-inside with the purchase.

Sue agrees that she will rent the home back from Jane until the time comes when she is approved to purchase the home herself. The 5% non refundable down payment that Sue put down originally will go towards her purchase of the home when the time comes to buy it back from Jane.

The benefit for Sue is that she is able to buy a below market home that will be worth more in the future even after she pays off Jane. Sue gets to pick the home and can find one she really likes rather than pick from the few that offer seller financing.

The benefit for Jane is that she only has 15% into the investment and holds it there for max 2 years. Her mortgage on the property is paid for by Sue for the entire length of time, she can take the write off of the rental property and she makes more money on the sale!

Of course there will be other issues that could arise and each deal will be different but the concept I think could work and we have already a few clients that are very interested! I'm working on taking this to my local Metrolina REIA group that is filled with hungry investors.

Have you gone through this or worked with a client to help make this happen? Please tell me your experiences! I would love to hear your feed back.

Thanks!

Please don't keep me a secret!

Kelly (Byrnes) Waugh,CMPS, CMC

Certified Mortgage Coach

Fairway Independent Mortgage

O : 704.200.2323 / C: 704.578.4577 / F: 704.765.4367

KellyB@FairwayNC.com / www.KellyWaugh.com

NMLS#: 70328

Mortgage Banker Designations...what does it all mean?

Kelly (Byrnes) Waugh, CMPS, CMC (Fairway Independent Mortgage Corp) — Mon, 02 May 2011 08:32:58 -0700

I am pleased to announce that I recently became a Certified Mortgage Planning Specialist (CMPS®). Less than 2% of mortgage bankers and brokers hold this designation.

You can be assured that as a mortgage professional with CMPS, I have has met rigorous peer-developed and reviewed standards endorsed by a national professional body. Recognized for its preeminence within the industry, the CMPS curriculum represents the core knowledge expected of residential mortgage advisors, regardless of the diversity of specializations within the industry.

The CMPS curriculum incorporates the five essential skill sets related to integrating a client’s mortgage, debt and home equity strategy into their overall financial plan:

Financial Market and Interest Rate Analysis
Cash Flow & Debt Analysis
Real Estate Investment Planning
Mortgage & Real Estate Taxation
Ethics and Compliance

The CMPS curriculum is approved nationwide for continuing education credit for Certified Financial Planners and Certified Public Accountants and is approved in several states for CE credit for loan originators.

You can learn more by visiting the CMPS Institute website at:

http://www.cmpsinstitute.org/public/financial_advisors

I look forward to discussing this exciting information with you and answer any questions you may have about my new designation.

Kelly Waugh, CMPS, CMC

Please don't keep me a secret!

Kelly (Byrnes) Waugh,CMPS, CMC

Certified Mortgage Coach

Fairway Independent Mortgage

O : 704.200.2323 / C: 704.578.4577 / F: 704.765.4367

KellyB@FairwayNC.com / www.KellyWaugh.com

NMLS#: 70328

Renters have so much to GAIN by pursuing Home Ownership!

Kelly (Byrnes) Waugh, CMPS, CMC (Fairway Independent Mortgage Corp) — Tue, 29 Mar 2011 13:45:09 -0700

Charlotte, NC - Buying a home vs. renting is a big decision that takes careful consideration, as most mortgage consultants will agree. But the rewards of home ownership are great. For many years, purchasing real estate has been considered an extremely profitable investment. It is an achievement that offers a sense of pride, financial stability and potential tax advantages.

Yes, there are certain responsibilities associated with owning a home. Landlords will often argue the benefits of renting, and for obvious reason. If you are renting, you're helping them make their mortgage payment.

The numbers are staggering if you look at it this way. If you are paying $1,000 per month for an apartment, and you know your rent will increase 5% every year, then over the next five years you will pay your landlord $66,309. If you are currently renting a house, you may be paying much more than that each month. Either way, you gain no equity by shelling out this monthly housing expense and you certainly won't benefit when the property value goes up!

However, if you were to purchase your own home or condominium, you would be on your way toward building equity. By choosing a fixed-rate loan program, you can have the comfort of knowing that your monthly mortgage payment will never go up. In fact, you would have the option of refinancing to a lower interest rate at some point in the future should interest rates drop lower than the rate you'd currently be locked in at, and this would cause your monthly mortgage commitment to go down.

And not only would your own home give you added space, your own back yard and overall privacy-home ownership would also give you some tax advantages. Depending on your tax bracket, owning a home is often less expensive than renting after taxes. Interest payments on a mortgage below $1 million are tax-deductible, and your mortgage consultant should help you evaluate the tax advantages of various loan scenarios, and share this information with your tax consultant to glean feedback on your behalf.

To find the loan program that is right for you, your mortgage consultant will need to evaluate your monthly household income, current assets and savings, as well as any monthly obligations you may have for credit card payments, car payments, child support, etc. These prequalification factors, along with the report of your credit score, will determine how much house you can afford and what interest rate you will pay for financing. It is also important to let your mortgage consultant know what your future goals are, because this will help narrow down which loan option is the best fit for your long-term needs.

There are many different types of loan programs available, including "low" down payment mortgage programs. The most common and beneficial loan for people buying their first home is the FHA loan, which only requires a 3.5% down payment. In addition, FHA allows a seller to cover up to 6% of a buyer's closing costs which really helps decrease the amount of money it takes to buy a home. Many people also don't know that FHA allows the lowest credit scores of any loan available today, only needing a 640 score in
most cases.

If there is any time to buy it is NOW! Why? Because home prices are low today. Low home values are surely not good for people selling homes but they are great news for people wanting to buy a home. Don't miss this opportunity to take advantage of the current market before home values rise.

Please don't keep me a secret!

Kelly (Byrnes) Waugh,CMPS, CMC

Certified Mortgage Coach

Fairway Independent Mortgage

O : 704.200.2323 / C: 704.578.4577 / F: 704.765.4367

KellyB@FairwayNC.com / www.KellyWaugh.com

NMLS#: 70328

Funding Friday Week 17 comes to a close

Kelly (Byrnes) Waugh, CMPS, CMC (Fairway Independent Mortgage Corp) — Fri, 25 Mar 2011 08:51:20 -0700

Hope you all had a fantastic week! Major changes are taking place in our industry but the plan is to stay focused and stay positive! With a positive attitude, I feel confident we'll all get through this just fine. OK, so below is my list of items I wanted to get done and then if I was able to accomplish them or not is listed next to it. Thanks for following along:

* Meet with one Realtor to discuss the HOA loan program DONE! I met with a great agent that deals with higher end homes and he completely understood the product! I think this could be a great way to get him more closings as well so its win/win for all parties involved.

* Meet with two Financial Planner to discuss the HOA loan Program DONE! I'm leaving in 15 minutes to meet the second one. So far, also great success with financial planners since this is a very unique program that Ameriprise Financial is the servicer for. Click on the link to learn more.

* Get together a minimum of 25 things to add to my "365 Things to do around Lake Norman" BLOG and post in Hoot suite for April 1st launch date Almost Done! I have about 10 new items and I have put them onto the Hootsuite account but most of the items that I searched for, the events were for March. I saved a few great sites I could pull events from so that as they come out for the April month, I can get those in there asap. I hope to have the rest complete today!

* Call all of the Realtors on Friday on my follow up list to check in and see how things are going. Will Be DONE Today! I do this usually in the afternoons when the agent isn't too busy to talk.

* Read three more chapters of the "Like ability Factor" Not Done :( I will work on this over the weekend. I took Thursday off since it was my birthday and it put me a little behind. Love the book and plan to get to it more over the weekend when its quitter.

* Get minimum 1 new loan submitted DONE!

* Take one Underwriting Refresher training class DONE! I took a class on the Homepath programs and posted a blog about my findings. Great program for our area, maybe not all areas, but most of the homes in our area are in excellent shape!

Thanks for following along and reading my blogs! Please check out and Like my 365 things to do page so we can get a total of 25 people to like it. Once we get 25 people, then we can get a username of 365LKN!

Have a great weekend and we'll see you next week.

Please don't keep me a secret!

Kelly (Byrnes) Waugh,CMPS, CMC

Certified Mortgage Coach

Fairway Independent Mortgage

O : 704.200.2323 / C: 704.578.4577 / F: 704.765.4367

KellyB@FairwayNC.com / www.KellyWaugh.com

NMLS#: 70328

Why aren't more people selling or buying Home Path homes??

Kelly (Byrnes) Waugh, CMPS, CMC (Fairway Independent Mortgage Corp) — Wed, 23 Mar 2011 16:14:44 -0700

If you are an Agent and aren't familiar with HomePath homes, then please keep reading! Or if you are a potential buyer and are looking for a great foreclosure deal, this is the place to look! Basically HomePath homes are homes that are foreclosures that Fannie or Freddie own. Since they want them off their books fast and they create what we can and can't do, they are offering unique financing for these types of loans for all kinds of borrowers.

With the mortgage industry tightening up, this is one of the last unique and special programs out there. Not only are these loans for primary residences, but for second and INVESTMENT property!!! Here are the main points to know:

Can be purchase with as little as 3% down, and this can be a gift from a family member
660 credit score for 97% financing on primary
620 credit score for 80% financing on primary
660 for up to 90% financing on Second home
660 for up to 85% financing on Investment home
Investors can purchase with as little as 15% down
NO APPRAISALS NEEDED!!!
NO MORTGAGE INSURANCE for primary, second homes or investments
Special Rates as well
If the property requires some repairs, they even offer a rehab loan for them to help get them up to your standards.

Check out www.HomePath.com and view properties that qualify in your area. They have everything from small condos to large jumbo homes! If you have a client that is just outside of the FHA debt to income ratios, consider homepath. Without that mortgage insurance, you could get approved for more since the mortgage insurance can put your debt ratios over the edge on a typical FHA.

Please don't keep me a secret!

Kelly (Byrnes) Waugh,CMPS, CMC

Certified Mortgage Coach

Fairway Independent Mortgage

O : 704.200.2323 / C: 704.578.4577 / F: 704.765.4367

KellyB@FairwayNC.com / www.KellyWaugh.com

NMLS#: 70328

I'm Back!! Money Making Mondays are here again (Week 17)

Kelly (Byrnes) Waugh, CMPS, CMC (Fairway Independent Mortgage Corp) — Mon, 21 Mar 2011 11:49:22 -0700

I'm so excited to be back! I took a couple weeks off from my AR Blog to get another blog started but I didn't want to stop working on this one. My accountability blog has been very helpful for me and hopefully for others as well to stay focused and maintain the right amount of money making activities in my list of to dos each week. So here is what my plans are for this week:

* Meet with one Realtor to discuss the HOA loan program

* Meet with two Financial Planner to discuss the HOA loan Program

* Get together a minimum of 25 things to add to my "365 Things to do around Lake Norman" BLOG and post in Hoot suite for April 1st launch date

* Call all of the Realtors on Friday on my follow up list to check in and see how things are going.

* Read three more chapters of the "Like ability Factor"

* Get minimum 1 new loan submitted

* Take one Underwriting Refresher training class

OK, that's it for the week! I started working with Bliss Sawyer as a personal coach for my business this past week and am very excited about the possibilities with her. I am going to take full advantage of the time we talk and work towards taking my business to another level! This year is going to be tough but I plan on making it my best year yet! Follow along and if you have any other ideas for me, please do share!!

Please don't keep me a secret!

Kelly (Byrnes) Waugh,CMPS, CMC

Certified Mortgage Coach

Fairway Independent Mortgage

O : 704.200.2323 / C: 704.578.4577 / F: 704.765.4367

KellyB@FairwayNC.com / www.KellyWaugh.com

NMLS#: 70328

Who doesn't love automation!

Kelly (Byrnes) Waugh, CMPS, CMC (Fairway Independent Mortgage Corp) — Fri, 11 Mar 2011 11:05:54 -0800

I recently was introduced to a program called www.POSTLING.com This allows me to go in on a Monday or Friday depending on which day is slower and schedule out that weeks status updates for all my blogs, facebook fan pages, linked in, twitter, you name it! I am a huge fan of programs that offer automation and allow me to spend a few minutes to get done something that would eat my time and my focus away if I had to do it every day! This seems to be a fairly simple program and FREE that I am starting to use weekly for my status updates on social media. Its the wave of the future and we need to roll with it!

What other sites that you use for automation that you wouldn't mind sharing? Thanks and have a wonderful Friday!

Please don't keep me a secret!

Kelly (Byrnes) Waugh,CMPS, CMC

Certified Mortgage Coach

Fairway Independent Mortgage

O : 704.200.2323 / C: 704.578.4577 / F: 704.765.4367

KellyB@FairwayNC.com / www.KellyWaugh.com

NMLS#: 70328

How am I supposed to do everything all the time?

Kelly (Byrnes) Waugh, CMPS, CMC (Fairway Independent Mortgage Corp) — Wed, 09 Mar 2011 11:16:34 -0800

So normally, I do a weekly accountability blog that keeps me focused and on top of my game. I have decided to take a week off but still want to re-organize and stay focused.

My weeks are slammed as are most peoples. I work hard to build relationships and add to my social media accounts. I have face to face appointments, call on Realtors, write hand written thank you notes and honestly there are a thousand other things I want and could be doing. I really don't know how people manage to do it all.

So my goal is start a marketing plan and then work from there. How many of us have started something and never finished it. It was a great and unique idea but it gets lost in the work load of other great ideas and you end up never finishing. So with that being said, I am going to use this Seven Step Marketing plan to get me focused. Research studies have shown that small businesses with a marketing plan experience a 24 to 30 percent improvement in sales over those without. Do you have a plan?

Here is a link to the one I want to use but if you have something that you think could work better or has worked already, please do share!

http://www.box.net/shared/2rnirpfgp9

Please don't keep me a secret!

Kelly (Byrnes) Waugh,CMPS, CMC

Certified Mortgage Coach

Fairway Independent Mortgage

O : 704.200.2323 / C: 704.578.4577 / F: 704.765.4367

KellyB@FairwayNC.com / www.KellyWaugh.com

NMLS#: 70328

Money Making Monday - Week #16 (short week)

Kelly (Byrnes) Waugh, CMPS, CMC (Fairway Independent Mortgage Corp) — Mon, 28 Feb 2011 17:00:25 -0800

Hey Everyone,

I hope you had a wonderful weekend! We enjoyed record temps in the 80's here in beautiful Charlotte, NC. With good weather, comes new potential homeowners. I have had a record amount of pre-approvals lately so its just a matter of time before people start pulling the trigger. I feel like this spring is going to be big! I know people are scared and fearful of the unknown, but your business is what you make of it. In the past 12 months alone, over 700 homes sold in the small town of Huntersville NC. I don't see why we can't focus on the glass half full instead of all the ones that haven't sold, etc. My goal is to stay positive and see the good in everything I do. This week is going to be a short one for me because I am leaving for a short weekend trip away on Thursday so I only have today, tomorrow and Wednesday to get everything done I want and need to. Here is my list:

Meet with two potential referral partners
Plan a customer appreciation event with one of my financial planners for the month of March
Go to one networking event
Close one loan
schedule 5 new appointments for next week
Follow up with pre-approvals from past week
Create list of referral partners to send marketing campaign to

I could go on and on, but I only have two days left now. Wish me luck and stay positive! If we can survive this market, we can survive any market :-)

Please don't keep me a secret!

Kelly (Byrnes) Waugh,CMPS, CMC

Certified Mortgage Coach

Fairway Independent Mortgage

O : 704.200.2323 / C: 704.578.4577 / F: 704.765.4367

KellyB@FairwayNC.com / www.KellyWaugh.com

NMLS#: 70328

Funding Friday Week #15 - Loving being so productive!

Kelly (Byrnes) Waugh, CMPS, CMC (Fairway Independent Mortgage Corp) — Fri, 25 Feb 2011 13:53:00 -0800

Ok, so this week I was able to get quite a bit done. I still have some calls to make and a few more appointments but I'm going to buckle down this afternoon and wrap up the rest of my list before I leave for the weekend! Here is what I was able to get accomplished:

Physically call on 20 new Realtors (or keep calling until I get my 5 appointments below) I called on about 5 so far and set up two appts (one that I already went on and another scheduled for next week. Going to stay here until I finish this one
Set up 5 new appointments with new Realtors (See above)
Start Birthday List of my referral partners and create a celebration system for them all DONE! Not everyone posts their birthday on here but the ones that do, I am going to start making a big deal about them! I know I love it when people make a big deal about mine.
Learn the new HOA program inside and out so I can start focusing on marketing it to CFP's DONE! I have even created my first HOA video that explains what this unique loan product is all about!!
Create a minimum of one new video marketing clip Here the link to the short 90 second video...not loving it but its done and I am going to work on perfecting this!
Call on 5 local large corporations to be added to their intranet discounts DONE! I went to the chamber of commerce site and found a bunch of fortune 500 companies that are headquartered in Charlotte and went on their website to ask to give their employees a discount...some replies and some I have to follow up on.
Take one new refresher training course for my industry this week - I want to make this a weekly priority so that I keep up to date on all changes and unique loopholes out there! Knowledge is Power now! DONE! I think Knowledge is power in our industry so this will be normal for me to take a minimum of one refresher course per week.

Hope I'm at keeping some of you motivated that it is possible to keep moving and pressing on even in a tough market. If you have more time than clients, then we need to just buckle down and find new business! Stay focused and positive and it will come :-)

Have a great weekend

Please don't keep me a secret!

Kelly (Byrnes) Waugh,CMPS, CMC

Certified Mortgage Coach

Fairway Independent Mortgage

O : 704.200.2323 / C: 704.578.4577 / F: 704.765.4367

KellyB@FairwayNC.com / www.KellyWaugh.com

NMLS#: 70328

Do you have balance in your life?

Kelly (Byrnes) Waugh, CMPS, CMC (Fairway Independent Mortgage Corp) — Fri, 25 Feb 2011 11:52:42 -0800

Happy Friday everyone! Although most agents work well into the weekend and often couldn't tell you what day it is since they are 24/7, I think its always positive to make sure you have balance in your life. I recently learned that the top reason for divorce with people in our industries are our work schedules.

So with that being said, I will be taking off next weekend from Thursday through Sunday for a short trip to Florida! Believe it or not, but I'm a Harley riding lady and my husband and I are taking our bikes down to Daytona Bike Week! We all need some time to release in whatever makes us happy! I have been riding for about 8 years now and absolutely love it! Riding in the Mountains of NC or to the beaches in Florida helps me unwind and spend quality time with my husband.

What is your passion? Is it being with your family, golfing, boating? whatever it is, make sure you take time and keep balance in your life. In your calendar, put your personal items in first and if they are important to you, don't let work push it around. Its much easier said than done and when that buyer comes to town at the last minute and you already had plans with your family to do something special, make sure you have your priorities in line with whats really important.

Please don't keep me a secret!

Kelly (Byrnes) Waugh,CMPS, CMC

Certified Mortgage Coach

Fairway Independent Mortgage

O : 704.200.2323 / C: 704.578.4577 / F: 704.765.4367

KellyB@FairwayNC.com / www.KellyWaugh.com

NMLS#: 70328

Bank of America and Their Short Sales

Kelly (Byrnes) Waugh, CMPS, CMC (Fairway Independent Mortgage Corp) — Thu, 24 Feb 2011 15:19:48 -0800

Make sure if you are doing short sales, you are aware of everything available to help get the process moving! One of my co-workers attended a short sale seminar at BofA in Charlotte, NC yesterday and here are the cliff notes:

Short sales:

•· REOs and short sales are 6 times higher than they were a couple of years ago

•· BofA has 3000 employees in their short sale department now (although it's hard to tell that!)

•· Unless BofA owns AND services the loan, they have to go back to the investor(s) to negotiate terms on a short sale - due to CDOs, the investors could be pension funds, government entities, etc...not easy to do.

•· Wells Fargo actually holds more of its own loans than BofA does, so Wells is able to negotiate short sale terms easier and faster since they are the investor in most cases.

•· Low ball Offers to Purchase only clog the system

•· BofA tries to mitigate the losses to its investors (over 500 of them)

•· Suggestion to everyone doing a short sale - PULL TITLE UP FRONT because the seller may not be aware of all of the liens on the property

•· "Equator" is the task-driven "negotiator" system most everyone uses (it is based on the property address) - if required items aren't submitted to Equator in the allotted time frame (usually 14 days) it knocks the file out of the system and pushes it back to "start". The listing agent and the seller can access Equator for updates. The buyer's agent can only access if they have 3^rd party authorization from the seller.

•· BofA requires 90 days MINIMUM on a short sale!!!! (Again, Wells is faster since most of their loans are portfolio).

•· H-UD-1 is required 72 hours prior to closing and NO CHANGES ARE ALLOWED!!!!

•· No relative or close friend can purchase a short sale!!

•· They are finally changing the order of things from needing an Offer to Purchase to start the ball rolling to having the distressed homeowner call upfront to start the ball rolling - 866-880-1232 for borrowers with Realtors to call:

•o BofA must first try HAMP (modification) - but most of these have/will fail due to unemployment

•o Then they must try HAFA (Home Affordable Foreclosure Alternatives) - but only a small percentage of loans are eligible for this (no jumbos, no FNMA or Freddie, etc)

•o Then they can put them in their BofA short sale program that takes all types of loans - BofA has delegated authority from their investors upfront to negotiate on these loans

•· The go-to man for any issues on BofA short sales is John Ciresi - e-mail ONLY at john.ciresi@bankofamerica.com

Hope this helps you and your clients get through some of the tougher short sales with BofA!

Please don't keep me a secret!

Kelly (Byrnes) Waugh,CMPS, CMC

Certified Mortgage Coach

Fairway Independent Mortgage

O : 704.200.2323 / C: 704.578.4577 / F: 704.765.4367

KellyB@FairwayNC.com / www.KellyWaugh.com

NMLS#: 70328

Why is it so hard to find Jumbo loans???

Kelly (Byrnes) Waugh, CMPS, CMC (Fairway Independent Mortgage Corp) — Mon, 21 Feb 2011 10:09:41 -0800

The good news is that slowly but surely, we are discovering that more and more lenders are willing to take the risk for jumbo loans again. Its a slow process but its happening! We've even seen loans that we haven't seen in years come back which is very promising! Believe it or not, my Jumbo loans that we do have available are some of the lowest rates out there...some still in the 3% range. One of my favorite programs that recently came back is called the HOA loan. or Home Ownership Accelerator. This program is not for everyone, but for the right client, it can mean saving hundreds of thousands of dollars in interest.

For example, a traditional 30 year fixed at 1,000,000 at 5.375% is carries an interest charge of 102%, meaning if you borrow 1,000,000 you pay over 1,000,000 in interest. To me that is just plain nuts. Most people were raised with the idea of 30 year fixed are the only way to go and for some people (most people) this is true!

But, most people on average refi their home every 3-5 years. The problem with buying new loans over and over again is you keep starting over. If you refinanced three times over the course of 10 years in your home, you have basically bought 90 years worth of mortgages in only 10 years. The banks know that the average consumer refinances every 3-5 years, so do you know what the banks do? They front load all the interest into the loan. In the 1^st (5-years) of your loan, you pay 25% of the interest charge and you are only 15% through the term of the loan. So in my 1,000,000 example, the banks charge you 1,000,000 to borrower 1,000,000 and in the first 5 years you pay 250k. It is no wonder why Americans are in so much debt all they ever do is pay interest.

Then lets say, you are scared of the market or investing so you hold your money in conservative savings accounts or Money Markets earning you next to nothing in interest. In this example, you are holding 100k with a local bank and that same local bank is also holding that 1,000,000 note on your home mortgage at 5.375%. Does that local bank only charge you interest on 900k until you use the 100k in your savings accounts? Not likely, but The HOA loan does. Basically we save our clients thousands a year by floating liquid assets against your mortgage but still offer you access to the money at anytime you need it. We even give you checks and a debit card for it. Other countries like Australia, Canada and the UK have been using this loan for years.

Again, this isn't for everyone but for someone who has good equity in their home, loan amounts between 300k - 2.5M and liquid assets, this could work perfectly for!

I personally am excited about these jumbo mortgage options coming back and look forward to a productive year. I make it my personal goal to find the outside of the box loans that could help people use their mortgage to help further their financial goals!

Please don't keep me a secret!

Kelly (Byrnes) Waugh,CMPS, CMC

Certified Mortgage Coach

Fairway Independent Mortgage

O : 704.200.2323 / C: 704.578.4577 / F: 704.765.4367

KellyB@FairwayNC.com / www.KellyWaugh.com

NMLS#: 70328

Money Making Monday - Week #15 Time to step it up!

Kelly (Byrnes) Waugh, CMPS, CMC (Fairway Independent Mortgage Corp) — Mon, 21 Feb 2011 09:17:21 -0800

OK, so this accountability blog has really helped me focus on whats important and how to get better appointments, but now I want to work on how to be a better sales person. So this week will be about still getting out and marketing my services, but stepping out of my comfort zone as well:

Physically call on 20 new Realtors (or keep calling until I get my 5 appointments below)
Set up 5 new appointments with new Realtors
Start Birthday List of my referral partners and create a celebration system for them all
Learn the new HOA program inside and out so I can start focusing on marketing it to CFP's
Create a minimum of one new video marketing clip
Call on 5 local large corporations to be added to their intranet discounts
Take one new refresher training course for my industry this week - I want to make this a weekly priority so that I keep up to date on all changes and unique loopholes out there! Knowledge is Power now!

That should do it for now! Thanks for following along and by all means, join in if you feel like something like this could help boost your business!

Have a great week and I'll update you on my progress on Friday!

Please don't keep me a secret!

Kelly (Byrnes) Waugh,CMPS, CMC

Certified Mortgage Coach

Fairway Independent Mortgage

O : 704.200.2323 / C: 704.578.4577 / F: 704.765.4367

KellyB@FairwayNC.com / www.KellyWaugh.com

NMLS#: 70328

Funding Friday - Week #14 wraps up nicely!

Kelly (Byrnes) Waugh, CMPS, CMC (Fairway Independent Mortgage Corp) — Fri, 18 Feb 2011 12:54:25 -0800

Hey Everyone,

Spring is here! Its going to be over 70 degrees today in the Carolina's and its gorgeous out! I'm excited to start helping all the buyers and clients that will come out from the winter caves and take advantage of this smart time to buy! Here is what I did that helped me stay productive this week:

Close one loan DONE!
Add two more loans to the pipeline DONE! Two new refi's and one purchase :)
Deliver my air horns...was not able to do these on Friday after getting food poisoning...YUK! I delivered these on Tuesday. Not everyone was able to get theirs but the ones that I delivered personally looked promising!
Add rest of my pre-apps into outlooks new follow up system I created last week DONE! Still not sure this is the best format for follow up so I'm looking for any suggestions on a follow up plan or system. Help!
Call on larger companies to offer discount to their intranet employees! I really like this one Although I really like this idea, its more time consuming than I originally thought. I'm going to work on this more next week.
Create Craigslist ads to match companies I offer discounts to
Do One Realtor Presentation about the new NC Contract DONE! WE had a great turn out at our office on Wednesday that helped agents get better prepared and I have a link to the new Due Diligence checklist for NC if anyone wants it.
Meet with 4 people from one of my networking groups. DONE

Pretty good week! Look forward to a few more closings and more buyers in the coming weeks

Have a great weekend!

Please don't keep me a secret!

Kelly (Byrnes) Waugh,CMPS, CMC

Certified Mortgage Coach

Fairway Independent Mortgage

O : 704.200.2323 / C: 704.578.4577 / F: 704.765.4367

KellyB@FairwayNC.com / www.KellyWaugh.com

NMLS#: 70328

FHA MIP Increases and Refinance Changes...Be Aware of the Changes

Kelly (Byrnes) Waugh, CMPS, CMC (Fairway Independent Mortgage Corp) — Tue, 15 Feb 2011 16:29:36 -0800

OK, so there are tons of changes taking place in our industry and I want to make it part of my job to keep you informed. Per the new mortgagee letter 11-10, FHA has announced that there will be increases to their annual mortgage insurance premiums on their standard FHA programs. Here are 6 things that you need to be aware of:

These changes are effective April 18th, 2011.
The Annual Insurance Premium will increase .25% for standard forward mortgages. The Upfront Mortgage Insurance remains at 1.00%. Currently its .90 for over 95% LTV
The Annual Premium is now 1.15% for LTVs GREATER than 95% on 30 year loans.
The Annual Premium is now 1.10% for LTVs EQUAL to or LESS than 95% on 30 year loans.
The Annual Premium is now .50% for LTVs GREATER than 90% on 15 year loans.
The Annual Premium is now .25% for LTVs EQUAL to or LESS than 90% on 15 year loans.

These changes could mean the difference between your buyer getting approved or denied. My grandmother has been a real estate agent for most of her adult life and one thing that made her so successful was the fact that she made herself aware of the mortgage side. Keep up to date on the changes as best you can so you can shine above the rest. I'll keep updating you on the changes and do my best to keep them in layman's terms. If you ever have any questions about guidelines or need additional understanding...I'm here to help.

Please don't keep me a secret!

Kelly (Byrnes) Waugh,CMPS, CMC

Certified Mortgage Coach

Fairway Independent Mortgage

O : 704.200.2323 / C: 704.578.4577 / F: 704.765.4367

KellyB@FairwayNC.com / www.KellyWaugh.com

NMLS#: 70328

Looking for easy and cheap Mobile Site

Kelly (Byrnes) Waugh, CMPS, CMC (Fairway Independent Mortgage Corp) — Tue, 15 Feb 2011 09:25:29 -0800

Does anyone know of a good place to purchase and use a mobile site? I want to create one where borrowers can calculate their payments while they are out on the road and even email me their info so I can get them a prequal

Any suggestions or ideas would be great. Ultimately, I want to have an easy site that people can use when they scan my QR codes!

Thanks for your help.

Please don't keep me a secret!

Kelly (Byrnes) Waugh,CMPS, CMC

Certified Mortgage Coach

Fairway Independent Mortgage

O : 704.200.2323 / C: 704.578.4577 / F: 704.765.4367

KellyB@FairwayNC.com / www.KellyWaugh.com

NMLS#: 70328

These accountability blogs are working! (Week #14)

Kelly (Byrnes) Waugh, CMPS, CMC (Fairway Independent Mortgage Corp) — Tue, 15 Feb 2011 09:23:01 -0800

Wow! What a week already and its only Tuesday. Normally I do my accountability blog on Mondays but yesterday flew by. Spring is here and people are starting to buy. My biggest surprise is that more and more refi's are now coming out. Everyone is noticing that the market changing and rates are not going to be 3%, so they better take advantage! Either way, here are my list of goals for week #14 in my accountability blog:

Close one loan
Add two more loans to the pipeline
Deliver my air horns...was not able to do these on Friday after getting food poisoning...YUK!
Add rest of my pre-apps into outlooks new follow up system I created last week
Call on larger companies to offer discount to their intranet employees! I really like this one
Create Craigslist ads to match companies I offer discounts to
Do One Realtor Presentation about the new NC Contract
Meet with 4 people from one of my networking groups.

I'm hoping to be back on schedule today!

Have a fantastic week and stay positive. :-)

Please don't keep me a secret!

Kelly (Byrnes) Waugh,CMPS, CMC

Certified Mortgage Coach

Fairway Independent Mortgage

O : 704.200.2323 / C: 704.578.4577 / F: 704.765.4367

KellyB@FairwayNC.com / www.KellyWaugh.com

NMLS#: 70328

I need someone to tell me how to get there fast!

Kelly (Byrnes) Waugh, CMPS, CMC (Fairway Independent Mortgage Corp) — Fri, 11 Feb 2011 08:35:27 -0800

Since I will be hand delivering some information to numerous offices today, I wanted a software program that could help me find my way. I used the ever useful Google and found www.findthebestroute.com How perfect! I was able to input up to 25 addresses into the easy to use system and it optimized the best route to take to save me the most time. I'm hoping it works but so far, and based on the google maps it let me export it too, I think its going to work perfect! The best part is that its free too!

Thanks!

Please don't keep me a secret!

Kelly (Byrnes) Waugh,CMPS, CMC

Certified Mortgage Coach

Fairway Independent Mortgage

O : 704.200.2323 / C: 704.578.4577 / F: 704.765.4367

KellyB@FairwayNC.com / www.KellyWaugh.com

NMLS#: 70328

Funding Friday Week #13 - Office week worked!

Kelly (Byrnes) Waugh, CMPS, CMC (Fairway Independent Mortgage Corp) — Fri, 11 Feb 2011 08:28:48 -0800

So this week, I needed some time to catchup and do some follow up with all the appointments I've made in the past few weeks. I felt like I was so removed from my normal follow up and I needed a week to get back on track. I was still able to get what I needed done and even fit in quite a few appointments even without trying but it was over all a very productive week! Here is what I accomplished:

Create a follow up flow chart for referral partners DONE! I started implementing in in Outlook with color coding what I needed to do next. So far so good. Will still need some tweaking but I like it!
Create a follow up flow chart for pre-approvals DONE! Same thing with the above flow chart...still needs to be implemented but the follow up is good.
Create a follow up flow chart for turn downs which could be pre-approvals in the future DONE! I have created a template email with good content and then I will be adding them automatically to my drip campaign.
Call all Realtors on my 16 week list Monday and Friday DONE! I have called everyone on Monday...Since I'm personally dropping off the gifts today, I will talk to them in person!
Drop off Air Horns and Air Horn letters to each of them later this week Will be done by end of day.
Call list of Realtors regarding our Updated Purchase Contract event we are hosting at our office and offer a spot to those that attended the seminar we sponsored last week DONE! We should have a decent turnout.
Call everyone I pre-approved in the last two weeks and touch base on their progress. DONE! Instead of calling I sent a personal note to them to follow up. Then I put them color coded in my outlook to call next week and follow up.
Take one underwriting guideline training to refresh my memory DONE! I actually took two. One on VA lending and one on the updated GFE / TIL guidelines. Great info and refresher courses.

I feel great about this past week and it allowed me to get so much better organized. Back to the grind and the appointments next week. Have a great weekend!

Please don't keep me a secret!

Kelly (Byrnes) Waugh,CMPS, CMC

Certified Mortgage Coach

Fairway Independent Mortgage

O : 704.200.2323 / C: 704.578.4577 / F: 704.765.4367

KellyB@FairwayNC.com / www.KellyWaugh.com

NMLS#: 70328

Money Making Monday Week #13 - Office Week!

Kelly (Byrnes) Waugh, CMPS, CMC (Fairway Independent Mortgage Corp) — Mon, 07 Feb 2011 10:25:40 -0800

OK so last week I was about a day behind on my accountability blog and I think with all the appointments I was setting, I wasn't creating enough time for strong follow up like I'm known for. This week, I'm all about systems and catching up so that I don't get that behind again. Here is my plan:

Create a follow up flow chart for referral partners
Create a follow up flow chart for pre-approvals
Create a follow up flow chart for turn downs which could be pre-approvals in the future
Call all Realtors on my 16 week list Monday and Friday
Drop off Air Horns and Air Horn letters to each of them later this week
Call list of Realtors regarding our Updated Purchase Contract event we are hosting at our office and offer a spot to those that attended the seminar we sponsored last week
Call everyone I pre-approved in the last two weeks and touch base on their progress.
Take one underwriting guideline training to refresh my memory

That is enough for me this week. I want to make sure my goals are attainable and profitable. This week is all about getting better organized and keeping in touch with the ones that I've already spoke to. Follow along with me if you want to get motivated. Or if you have suggestions to help me attain any of these goals, I would love to hear them! Have a very productive week...spring is coming and the buyers are out there! Get focused!

Please don't keep me a secret!

Kelly (Byrnes) Waugh,CMPS, CMC

Certified Mortgage Coach

Fairway Independent Mortgage

O : 704.200.2323 / C: 704.578.4577 / F: 704.765.4367

KellyB@FairwayNC.com / www.KellyWaugh.com

NMLS#: 70328

Funding Friday Catchup for Week #12

Kelly (Byrnes) Waugh, CMPS, CMC (Fairway Independent Mortgage Corp) — Mon, 07 Feb 2011 09:43:27 -0800

Last week was packed with meeting and appointment after meeting and appointment so I really didn't have much computer time. Here is what I managed to get done throughout the week. I'm thinking this week will be more office time and less appointments so I can catch up on all that I've been doing the past few months:

Meet with at least one BLOC and BNI member for one to one DONE! I actually met with two BNI members
Meet with minimum of two financial planner to discuss HOA program for clients DONE! Great meetings with both!
Take another refresher class on unique program to keep my mind fresh and up to date on underwriting guidelines I tried to get on the call but due to weather issues, I believe it was cancelled. I did review the slides though!
Meet with two Realtors to discuss marketing ideas DONE! I actually met with a few!
Present at local church about helping people become homeowners and educating on credit DONE! Great event! They had a few people from all aspects of financial assistance and everyone rotated into our class. Very cool!
Call all Realtors on my 16 week marketing program to let them know I'm available when their current lender is not :-) Did not get this done unfortunately but this week I'm going to get this done and send out my airhorns!
Go to two networking events and set up appointments to sit down with at least one new person from each DONE!

It was a very long week and super busy but very productive! I'm looking forward to an office week to catch up!

Please don't keep me a secret!

Kelly (Byrnes) Waugh,CMPS, CMC

Certified Mortgage Coach

Fairway Independent Mortgage

O : 704.200.2323 / C: 704.578.4577 / F: 704.765.4367

KellyB@FairwayNC.com / www.KellyWaugh.com

NMLS#: 70328

The 2011 Business Card- 6 Key Elements You Don’t Want to Miss!

Kelly (Byrnes) Waugh, CMPS, CMC (Fairway Independent Mortgage Corp) — Wed, 02 Feb 2011 11:46:27 -0800

Once again, another great article from these guys! I recently added my QR code to the back of my card as another way to market my site! Updating your marketing is key in this business!

Via RealSupport Real Estate Virtual Assistant (RealSupport Inc.):

While business cards may seem a little “old school” in today’s electronically driven environment; they’re still very necessary for Real Estate agents. Whether you’re meeting up with potential clients, have a knack for finding leads at your local coffee shop or plan on attending networking events on a regular basis; the classic business card is still the “go to” for sharing your information.

So, when’s the last time you updated your business card?

We understand there’s a lot going on, but if you find yourself crossing an old email address off your card and writing in a new one, or your social media information is no where to be found on your card; it’s time to update!

Business cards for 2011 are showing up in all shapes, sizes and are even used for multiple purposes rather than just hosting your pertinent information. I took a quick look at some of the business cards that are currently on the market and was impressed by the endless creativity going into these options.

For those of you who are eco-friendly; you can choose the business card which carries a small sprouting plant that can be removed and planted. A pop-up of a full length picture of yourself is another option for those who’d like to showcase all the hard work you’ve been putting in at the gym! And my personal favorite... the chocolate version! (Talk about people waiting in line to get your business card! ) While it may seem an ingenious idea; I’m not sure how practical it is for people to actually hold onto your information.

Whatever style you decide to go with for 2011; there are a few key elements you’ll want to include.

1. Basics- In all the creativity, you don’t want to forget the basic information. Include your name, company name, email, phone, fax, address and website.

2. Social Media- Include any links to Facebook, Twitter, LinkedIn, YouTube, Your Blog and any other way you can connect with people in the social media realm. Having this information on your card will let people see you’re on top of what’s going on in today’s marketing strategies.

3. Picture- Whether it’s your company logo, a picture of yourself or the area you serve; having an image on your card will give people that visual that you want to come to mind when you come to mind. It will also help them remember you better.

4. Color- While black and white is classic; having a pop of color will help your card to stand out and will make it more aesthetically pleasing.

5. Multi-Purpose- You may not choose to go with the seedling attached to your business card, but having your card serve another purpose can be a great tool! Imagine meeting a buyer who hasn’t started their home search. Turn over to the back of your card and fill in the location and times of your open house for the upcoming weekend! A blank space on the back side could also be used as a reminder for a meeting you just set up or can be given as a coupon for a free cup of coffee the next time you meet up with that person! Be creative!

6. QR Codes- Don’t miss this one! The tool that many of our clients are turning to are a great addition to a business card! People can quickly scan your card with their smartphone and be directed immediately to your website! QR codes should also be added to any print marketing; be sure to contact us for more information.

These are just a few key things you’ll want to consider including in your card as you update it for the new year. If you have questions or would like us to design your 2011 business card; let us know!

I would like to say we offer a chocolate version, but I’m pretty sure if it was in our office for more than a day; you’d probably never see it!

Allie Coyle
Marketing & Copywriting Coordinator

The RealSupport, Inc. Team
1232 West Northwest Highway
Palatine, IL 60067
Office: (847) 705-1655
Fax: (847) 589-8989
Info@RealSupportinc.com

Connect With Us:
Our Website
Client Testimonials
"Like" Us On Facebook
Follow Carrie on Twitter
Follow Erica on Twitter

RealSupport Inc. - Providing superior Real Estate Virtual Assistant services to Real Estate professionals nationwide since 2000.

Please don't keep me a secret!

Kelly (Byrnes) Waugh,CMPS, CMC

Certified Mortgage Coach

Fairway Independent Mortgage

O : 704.200.2323 / C: 704.578.4577 / F: 704.765.4367

KellyB@FairwayNC.com / www.KellyWaugh.com

NMLS#: 70328

Unique new program for sophisticated borrowers

Kelly (Byrnes) Waugh, CMPS, CMC (Fairway Independent Mortgage Corp) — Wed, 02 Feb 2011 11:44:14 -0800

Recently a new home loan program has been brought back into our industry. Its not for everyone, but it can be a very unique and useful tool for some. Basically this loan program helps borrowers use their mortgage as a financial tool to pay off debt, save interest and increase their net worth, all without changing how much they spend.

How it works is this: You simply deposit your monthly paychecks directly into this innovative line-of-credit, reducing your loan balance until you pay your bills. While you aren't using the deposited money it keeps your principal balance lower, which can save you tens of thousands of dollars of interest over time. Plus, the money you save on interest remains in the account, further reducing your balance. So, just by changing where you deposit your income, you could pay off your loan years earlier with no change to spending habits or the family budget.

Overall, by flowing your day-to-day income and expenses through this line-of-credit, and parking liquid cash accounts such as savings and CDs in the account, you could accelerate your loan pay-down fast enough to completely pay the loan off in about half the time. Which means, even if you are a baby-boomer, you can actually retire mortgage-free! While this sounds too good to be true, this loan really does work! If this sounds intriguing enough to discuss in greater detail, give me a call.

Here is a link to the video that explains what its all about: http://www.hoamovie.com/

Check it out and let me know what your thoughts are. I would love to hear your opinions.

Please don't keep me a secret!

Kelly (Byrnes) Waugh,CMPS, CMC

Certified Mortgage Coach

Fairway Independent Mortgage

O : 704.200.2323 / C: 704.578.4577 / F: 704.765.4367

KellyB@FairwayNC.com / www.KellyWaugh.com

NMLS#: 70328

Money Making Monday (actually Tuesday) Week #13

Kelly (Byrnes) Waugh, CMPS, CMC (Fairway Independent Mortgage Corp) — Tue, 01 Feb 2011 19:33:39 -0800

Wow! When I started this accountability blog, I had no idea how it would change my business. Back over three months ago, I was looking for a way to jump start my business and learned about this idea from Bliss Sawyer. She was doing this after moving to a new city and I thought, what better way to improve my business. Well I can officially say, I'm the busiest I've ever been. Hence the reason why I'm a day late in doing this one. So here is what my goals are for the week:

Meet with at least one BLOC and BNI member for one to one
Meet with minimum of two financial planner to discuss HOA program for clients
Take another refresher class on unique program to keep my mind fresh and up to date on underwriting guidelines
Meet with two Realtors to discuss marketing ideas
Present at local church about helping people become homeowners and educating on credit
Call all Realtors on my 16 week marketing program to let them know I'm available when their current lender is not :-)
Go to two networking events and set up appointments to sit down with at least one new person from each

That should do it! This week is full of tons of appointments but the more appointments the better!! Game on!

Please don't keep me a secret!

Kelly (Byrnes) Waugh,CMPS, CMC

Certified Mortgage Coach

Fairway Independent Mortgage

O : 704.200.2323 / C: 704.578.4577 / F: 704.765.4367

KellyB@FairwayNC.com / www.KellyWaugh.com

NMLS#: 70328