As we dive into the excitement of the 2024 Summer Olympics, it’s hard not to be inspired by the dedication and energy of the athletes. While we might not be vaulting over hurdles or nailing triple backflips, we can still channel that Olympic spirit into our mortgage game. Think of it as our own quest for gold—minus the spandex. From teamwork to perseverance, we can learn plenty from these champions to help us excel in our industry.
So, grab your coffee (our version of a protein shake), and let’s see how we can turn Olympic inspiration into mortgage victories. Ready, set, mortgage!
Update From FNMA Lender Letter
LL-2023-05 Outlines changes to policies previously published in LL-2021-12 (December 14, 2022). The updates aim to simplify and streamline servicer reporting through a phased implementation, excluding reverse mortgage loans. Key Updates:
Effective Date for Cash Simplification Changes:
These changes will take effect with the September 2024 loan reporting cycle.
2. Reporting Due Date for Summary Reporting Mortgage Loans:
Servicers must submit a LAR 96 (reporting borrower payment activity) no later than the first business day after processing the payment transaction.
If no payment is received, a LAR 96 must be reported by the 22nd calendar day of the reporting period (or the preceding business day if the 22nd falls on a weekend or holiday).
Corrections and additional activities must be reported by the first business day after processing, but no later than 8 p.m. Eastern Time on the first business day of the following month.
3. Changes to P&I Remittance Requirements:
Expanding the transaction type 96 (LAR) format and modifying P&I remittance requirements for summary reporting A/A remittance type mortgage loans.
These changes aim to ensure timely and accurate reporting, enhancing the overall efficiency of the mortgage servicing process. For more details, you can view the full Lender Letter.
Thought Leadership in Mortgage - The Future or a Fad?
You might have been hearing the term “thought leadership” more often, especially if you’re on LinkedIn.
But what does it actually mean? And more importantly, why should you care?
Thought leadership is a marketing strategy that involves sharing authentic content to establish an expert's authority and credibility in their field. The goal is to educate, inform, and inspire your target audience by providing value from your experience.
Maybe you read that and thought to yourself, “I already do that. Duh.”
But the biggest differentiator in this strategy is storytelling and educating to guide your client to the sale. Not consultative selling. Not education based selling. This is truly a format that leverages your experience, connections, failures and wins to grow your client base and your network.
The Olympics are here, and we're bringing the excitement to MQMR with a series of fun online events! Games and activities will test our knowledge, skills, and creativity. Here's what we have lined up:
Olympic Trivia: Show off your Olympic knowledge in our trivia contest! Do you know which country has won the most gold medals? Who holds the record for the fastest 100m sprint? Who will earn bragging rights?
Typing Test: Channel your inner Olympian and compete in a speed typing test. How fast can you go? Get ready to flex those fingers!
Fantasy Olympic Draft: Create your dream team of Olympic athletes and compete for the top spot on our leaderboard. Who will pick the ultimate winning team?
Wear Your Country's Jersey: Show your support and pride by wearing your favorite country's jersey.
Olympic Scavenger Hunt: A virtual scavenger hunt with Olympic-themed clues. It's time to explore, discover, and win!
We would love to hear about what you are doing as an organization to celebrate the Olympics.