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FILE: 0_-NEED_TO_SPLIT–Dan__Michelle_240911__paragraphs.txt
Michelle: And let me.
Michelle: Okay.
Michelle: guessing you don’t see my screen yet.
Dan Deppen: No, not yet.
Michelle: Alright
Dan Deppen: Oh, maybe I need to.
Dan Deppen: There’s always
Dan Deppen: now try it, I think, for some reason zoom disables it by default, and I cannot get that default like fixed.
Michelle: Okay.
Michelle: All right.
Dan Deppen: Should let you know.
Michelle: Okay.
Michelle: how’s that.
Dan Deppen: That I can see that.
Michelle: Okay.
Michelle: Alright. I
Michelle: pulled up a couple of documents.
Michelle: You. You might already be aware of this. Just a couple of things as far as
Michelle: income.
Michelle: So
Michelle: basically, if the person, the W 2 wage earner.
Michelle: we’re to make sure we have 2 of their most recent pay stubs
Michelle: and their last year’s Wto.
Dan Deppen: If.
Michelle: We are self-employed. We want either the previous year’s tax return
Michelle: and or 12 months of
Michelle: current bank deposits, or if they get 1099 s.
Dan Deppen: Huh!
Michelle: They can also send in current P and l’s
Michelle: But most of the time.
Michelle: as you know, people submit, tax returns a lot of times
Michelle: they write off so much that
Michelle: the income isn’t sufficient. So if we do get tax returns and we calculate and it’s not high enough. Sometimes we ask for the 12 months of bank deposits.
Dan Deppen: Okay.
Michelle: So when we do that, we do have a little calculator here, that this is what we use for.
Dan Deppen: Well, I’m seeing the pipeline
Dan Deppen: on here. Not I don’t know if you were showing a calculator.
Michelle: Oh, gosh! That’s the only thing you’re saying.
Dan Deppen: Yeah.
Michelle: Okay, I must have shared the wrong thing. So let me go back.
Michelle: Yeah. I pulled up. I pulled up a a monitor, so I thought I was sharing that screen instead.
Michelle: Okay, let’s do this again.
Michelle: All right. How’s that?
Dan Deppen: That looks good. Yeah, I can see the excel the CTO self-employed bank statements. Yeah.
Michelle: Okay, Tucker, quit.
Michelle: Okay? So yeah, I was explaining this sheet here.
Michelle: so the income types.
Michelle: And this is the
Michelle: document or the excel spreadsheet we use for calculating self-employed income if they send us bank deposit. So we basically put the company’s name up here.
Michelle: And then, of course, you can change the date, you know.
Michelle: As the the years change.
Michelle: they’re all this is all formulas. So if we put in, you know.
Michelle: say 2,000,
Michelle: let’s just do 2,000 a month, or throw in some random numbers.
Michelle: Happen where?
Michelle: Okay? So you can see
Michelle: it. It totals the gross down here.
Dan Deppen: Huh!
Michelle: We take 25% off for
Michelle: bank deposits.
Michelle: and for self-employed bank deposits, for you know, cost of
Michelle: oh.
Dan Deppen: Like like as like a tax estimate you mean so like, so that you’re you’re estimating their
Dan Deppen: after tax.
Michelle: Yeah, yeah, exactly. So so we’re not going to fully credit them for the total amount they’re putting in their bank, because obviously, they have have to pay taxes. They have to pay, you know. Possibly.
Michelle: You know, insurance employees, you know anything that’s involved with their business.
Michelle: So it it automatically takes the 25% off, and then it divides it by 12.
Michelle: So you end up with just with this calculation this person would get credited for 1416, a month.
Dan Deppen: Gotcha.
Michelle: So that’s how that calculator works.
Dan Deppen: No.
Michelle: Then we
Michelle: for income type. If they get a pension or social security disability. Va, we ask for their award letters.
Michelle: Sometimes they have 1099 s. From the previous year. They send us.
Michelle: And typically
Michelle: anything that’s not taxable.
Michelle: we add 25%.
Michelle: So let’s say, their social security disability. They get a thousand dollars a month. We would do the calculation of a thousand plus 25%,
Michelle: which would be.
Dan Deppen: That would be, for, like the pretax, the the assumed, like pre-tax income.
Michelle: Yeah. So because, yeah, it’s not taxable. It’s just standard to give them an extra 25% for that.
Michelle: So
Michelle: yeah, we would add, it would be like a thousand
Michelle: yeah, 1212, 50 a month.
Dan Deppen: Okay.
Michelle: Now, the only caveat with that is, when we plus it up 25%
Michelle: that is not included when we do residual income, which is another calculator.
Michelle: That is this calculator.
Michelle: So
Michelle: what we do with this one is we
Michelle: and I I. When we get into a file, I’ll show you a little bit more. But we basically put in their name
Michelle: their name. We need to know their family size.
Michelle: So that’s basically who’s living in the house if if they have 2 children, but they don’t live with them, but they pay child support. We they don’t need to be included in that number. But we add
Michelle: the family size, the subject property, state, the total gross monthly income that they have.
Michelle: We add in
Michelle: from our byte.
Michelle: our our calculations, their P. And I their taxes, insurance, any hoas or escrow service fees.
Michelle: Then, after pulling their credit and finding all of their actual debt, we put the debt in here. I grab the number from Byte, and I stick it in here on other just the total amount
Michelle: we grab the monthly
Michelle: or the total square footage goes in this
Michelle: box. So typically, I go into
Michelle: zillow or realtor.com if they’re you know, it typically tells you what the square footage of the house is, it gives you a calculation. So
Michelle: it’s
Michelle: 1,500.
Michelle: It’s going to cost them $210
Michelle: towards the residual income for that property per month.
Dan Deppen: Yeah.
Michelle: I have so much trouble pulling this
Michelle: getting out of this.
Michelle: I can’t drag and drop cause this bar’s in my way.
Dan Deppen: Yeah.
Michelle: So anyways, there’s there’s instruction sheet on here basically tells you what to do. This is the qualification worksheet.
Michelle: We have a P. And I chart, which
Michelle: basically tells you percentages, it’s all drawn out.
Michelle: Residual income. So this is where we would go. If the property
Michelle: is 79,999 and less for per, for residual income. We would grab the family size, let’s say, a family of 3, and they’re in Indiana. So that would be
Michelle: Midwest.
Dan Deppen: So.
Michelle: We? We throw this number in if it’s over 80 grand for family of 3, we would grab this number 8 89.
Michelle: So.
Dan Deppen: That residual income number get used.
Michelle: Yes, so
Michelle: so when we have all these numbers plugged in here, we put this number down here, for this is how much they have to have.
Michelle: and
Michelle: this value
Michelle: it has to be more than this number.
Michelle: so I’ll.
Dan Deppen: Gotcha. So that’s what they need at least like left over after they’ve paid their bills.
Michelle: Exactly so. But as I was stating, for if they only have social security income.
Michelle: the only the only that’s the only time this calculation is, gonna be a little bit off.
Michelle: or well, what it is is. It’ll give you the calculation down here of the percentage, and it should match the percentage of your file. Let’s just
Michelle: Let’s just pull one up. As an example.
Michelle: one that I know like this.
Michelle: Julio, I I just worked, so I’ll pull this one up and show you
Michelle: how his calculations turned out.
Michelle: So we always want to have the 10 0. 8 viewed in the over pane on this side.
Michelle: Let me see if I can.
Michelle: There. Okay, so when we scroll down here.
Michelle: you’re going to see this total obligations income amount here 2448.
Michelle: That number
Michelle: is what we want to match at the bottom of the screen.
Michelle: So if we go into Julio’s file.
Michelle: okay, there we go.
Michelle: and I’ve already calculated his.
Michelle: So he’s self-employed. So here’s his self-employed
Michelle: deposits.
Michelle: So I plugged in all of his numbers
Michelle: over here in his calculations.
Michelle: This is where we put all of our information for underwriting and processing all the income, the credit. All of that. So yes, the self employed bank deposits.
Michelle: and I put the total number
Michelle: that it calculates to one that or
Michelle: 104,000
Michelle: 4 0, 9.
Michelle: And
Michelle: if you don’t click somewhere it’ll
Michelle: keep pulling you down. So then subtract 25% divided by 12 supports, 65, 26 a month. That amount shows up here on total income.
Michelle: So then
Michelle: we go
Michelle: to the residual screen. Let’s just
Michelle: go here and do Chavez
Michelle: When we go to the borrower info screen we will see
Michelle: how many peoples in his family. So
Michelle: him and 2 children so 3.
Michelle: And the state
Michelle: typically the State. When we plug it in like yesterday, I showed you on the home screen.
Michelle: We don’t fill any information out until
Michelle: so this one’s already been approved. So the le has been sent out. So it’s showing green.
Michelle: Okay, so
Michelle: so, and that also the application date is marked. It was approved on the 10, th
Michelle: and the address is put in.
Michelle: So those are the 2 items, I said, don’t do until we get the approval.
Dan Deppen: The end. Yeah.
Michelle: So this is in North Carolina.
Michelle: So we’re going to go back, and
Michelle: it will be in North Carolina.
Michelle: His gross monthly income.
Michelle: As I mentioned.
Michelle: We’re going to take that from here 65, 26,
Michelle: and then we’re going to go down to the Pni is over here
Michelle: 4, 98, 24
Michelle: property taxes? None, because this is a modular home.
Michelle: This is a Sherman file.
Michelle: So homeowners insurance.
Michelle: I. We always calculate a 85 for his for just an estimate, unless they actually give us a policy, and we can use that.
Michelle: And then the hoa dues
Michelle: as 5, 25,
Michelle: and if it was a file that had taxes and an escrow fee, for example, I would just total those, or I put taxes in, but then I total
Michelle: or put the escrow
Michelle: fee in here like the 35, or whatever it is per month.
Michelle: So this number here 11 0. 8 should match over here.
Michelle: So it does.
Michelle: Then we have
Michelle: all other monthly payments of 4, 89
Michelle: that’s going here under their debt.
Michelle: and then
Michelle: monthly square footage calculated 1,500. That’s an estimate for modulars. I just throw in an estimate amount, and then I put not provided
Michelle: here.
Michelle: but most of the time, if you can find it
Michelle: just plug in the right amount
Michelle: then we have.
Michelle: Now, this is one of these things that’s to me is a little
Michelle: Whatever amount you plug in here for taxes. It does a calculation.
Michelle: but it if you left it at 0, it’s still gonna show up
Michelle: the correct amount, because the tax calculator
Michelle: is, I’m guessing it. It’s a tax calculator that is actually using the numbers after the end of the year, when they reevaluate taxes. It’s very minimal amounts.
Michelle: But we want this percentage to stay
Michelle: what this percentage should be for their Dti
Michelle: publications for income.
Michelle: So
Michelle: I can show you what the tax calculator does. But like I said, it’s it’s
Michelle: it’s really
Michelle: one of those items.
Michelle: So I have it. But.
Dan Deppen: The tax calculator within Byte is that where it’s being.
Michelle: No, so
Michelle: Here is the tax calculator. I have it saved on bookmarks.
Michelle: I’ll show you what it looks like. So here we go.
Michelle: So when we go in here we plug in the information.
Michelle: this will always be monthly.
Michelle: and the State is North Carolina.
Michelle: He had 2 dependents.
Michelle: and then we’re going to take his income
Michelle: of 65, 26, and plug that in here it’s w 2 wages. It goes here.
Michelle: Self-employment goes here.
Michelle: So 65, 26.
Michelle: So this is going to
Michelle: tell us
Michelle: that these are the mounts
Michelle: that should get plugged in there. So self-employment tax.
Michelle: no social security, no medicare. So total taxes are very minimal for his income.
Michelle: So basically 76, 84.
Michelle: So if we plug in
Michelle: on that calculator
Michelle: and obviously, they say federal, state, social security.
Michelle: They can be alternate or altered to whatever you know, when it’s
Michelle: self-employment, it’s a little bit
Michelle: It has different amounts or different items pop up
Michelle: so self-employed tax. You don’t want to put anything in these boxes because they are have formulas, so we will scroll over here and put the number. So 76,
Michelle: 84.
Michelle: So basically, it rounds to 77.
Michelle: So this number 24
Michelle: matches this number here. And that’s what we want.
Michelle: So then
Michelle: we would go in, and we would
Michelle: save this, as
Michelle: you only want to print pages one. Because if you don’t, it will print.
Michelle: This second page that shows that
Michelle: other little box that’s not necessary.
Michelle: So we always do pages one
Michelle: go into print, and it’s a ctu self-employed. I’m sorry, Ctu. Residual income worksheet.
Michelle: I’m not going to save that, because I already did it in his file.
Michelle: and so I’ll show you that
Michelle: I can
Michelle: get back. This toolbar messes me up. Okay?
Michelle: Oh, interesting. I did not.
Michelle: so I guess I will save that because I don’t have it in his file yet.
Michelle: So that
Michelle: so yeah, I will save this one.
Michelle: and then I will
Michelle: grab that, and I’ll stick it in his file.
Michelle: Okay? So anyways, as I stated, you know, this number should match. But if they have social security disability and we plus it up by 25%,
Michelle: this number
Michelle: is not going to match
Michelle: this number in on your calculation, because when we put their total income in. So let’s just say this was social security income
Michelle: and we plused it up. So let’s just say it was instead.
Michelle: well, let’s see, 65, 26 minus 25% would be
Michelle: 4,008 95.
Michelle: So that changes this number. And
Michelle: so when we go down to residual
Michelle: this
Michelle: number 33 obviously doesn’t match anymore.
Dan Deppen: Right.
Michelle: But we know that that’s because this number was plused up for 25%. So we can’t. We can’t use the extra 25% for their residual income.
Dan Deppen: Okay.
Michelle: Okay. So the other thing, like I said, you want to make sure that this number plugged in is always less than this number.
Michelle: and if it’s not, it’ll give you an error. But if this number is more than either.
Michelle: sometimes you know it, they will meet Dti, but they won’t meet residual income. And that’s that’s typically only.
Michelle: or people that make about 2,000 a month or less. Or they have lots of dependents.
Michelle: because, as you see, on this residual income chart, the more dependents you have, the more they have to have.
Michelle: And then.
Michelle: if there’s over 5,
Michelle: you’re going to be adding another $80
Michelle: for a family up to 7.
Dan Deppen: The Dti. Is looking at
Dan Deppen: debt and income, but if you have more dependents and your expenses are higher.
Dan Deppen: then at.
Michelle: Yeah.
Dan Deppen: Yeah problems, yeah.
Michelle: Yep, yep. So you want to make sure they they always, even though they’re the Dti can be 57% or under
Michelle: for primary you. They still have to meet residual income as well, because
Michelle: and and it’s usually in scenarios like I said, if if it’s about 2,000 a month or less.
Michelle: It seems like that’s when you really want to be cognizant of the residual income. But
Michelle: but we do put this calculation in anything that is owner occupied. So if it’s an investment property, I don’t do this calculation.
Michelle: and that I just dawned on me that I didn’t take the actual
Michelle: number off of the spreadsheet on this one. So it was North Carolina
Michelle: enough.
Michelle: What was the total
Michelle: cost of this? So up here you have your property information. So the sales price is 26,000.
Michelle: So
Michelle: North Carolina would be south. So 7, 72.
Michelle: So this needs to be changes, 7, 72,
Michelle: and then I have to
Michelle: reprint that and replace it.
Michelle: I didn’t catch that.
Michelle: So does that make a little bit of sense?
Dan Deppen: It does. Yeah.
Michelle: Okay.
Michelle: okay. So I’m gonna
Michelle: move this to trash and
Michelle: oops.
Michelle: Okay.
Michelle: so
Michelle: I’m going to get out of this file.
Michelle: And
Michelle: I’m going to pull up this other one that I was working on this morning.
Michelle: and I realized they sent me income documentation, and I realized I had set it aside to work
Michelle: the income with you, and I
Michelle: went and did it myself this morning.
Michelle: So anyways,
Michelle: As so far
Michelle: little bit
Michelle: from yesterday as I
Michelle: showed. Here’s the
Michelle: on the home screen. We put in all the borrowers information.
Michelle: When we scroll down we have the subject property we’ve plugged in the Zip code. It’s a manufactured home as well.
Michelle: I started this on 8 21. So when I clicked on that
Michelle: and hit the lock dates, all this information populated
Michelle: the primary resident purchase seller carry with the government box checked.
Michelle: The purchase price is 40,000
Michelle: with the base loan at 21, 6, 6, 5.
Michelle: Let me pull up the
Michelle: terms.
Michelle: Okay.
Michelle: so it’s
Michelle: 7 years.
Michelle: This is this is what
Michelle: this is another Sherman file. So a lot of his.
Michelle: They either send like the screenshot. Yesterday I showed you, or this one, I think, comes from Soho.
Michelle: So
Michelle: he actually has his loan number.
Michelle: The loan number
Michelle: right here
Michelle: a little bit of their information, but
Michelle: that’s like a.
Dan Deppen: German loan number that he assigned or.
Michelle: Yeah, it is.
Dan Deppen: So.
Michelle: So in invite, you will see
Michelle: our number is up here. It’s this 23
Michelle: O, 2, 5, 1, 7, MB.
Michelle: So that’s that is the our, our loan, our byte number that we use for everything.
Michelle: So we I plugged in all his information 84 term at 16.5.
Michelle: So then.
Michelle: all that information pops up over here.
Michelle: Now.
Michelle: this is
Michelle: this, when we when we started doing this originally, these were some of the things that
Michelle: Russ said would be his portion for underwriting. But it’s very simple and easy to do while you’re processing, so I just do it. This mortgage originator
Michelle: is always clicked as the seller
Michelle: I click these items in.
Michelle: There’s always no appraisal.
Michelle: You have these options, but no.
Dan Deppen: Okay.
Michelle: Basil.
Michelle: escrow shows up here. That’s the front page where we hit wave both.
Michelle: The qualifying rate is always the rate used for qualifying.
Michelle: and the underwriting.
Dan Deppen: That’s the interest rate that the seller is charging or.
Michelle: No this is just, for it’s just for
Michelle: for bite purposes of how all all of the information populates Max might have a well, it’s not. It’s not going to be the initial bought down rate or other. So it’s always going to be your rate for use for qualifying. So that.
Dan Deppen: In this case, like 16.5%, is the rate that the borrower is paying on the loan.
Michelle: Exactly, and that’s the rate that we’re using to qualify them for for their change.
Dan Deppen: Can you get that from the from the seller? Whoever’s or the.
Michelle: Exactly. Exactly. Yep, yep, cause we obviously don’t.
Michelle: Don’t have anything to do with the
Michelle: the rate that’s being used. All of that information is being given to us by the loan or the the
Michelle: I’m sorry the lender.
Michelle: So the underwriting method is always always manual.
Michelle: because we’re actually popular, adding and working it ourselves.
Michelle: So down here, under the underwriting comment.
Dan Deppen: Collins.
Michelle: Is how we’re working the file. So
Michelle: when we go back to the borrower info.
Michelle: okay.
Michelle: so
Michelle: this person they did.
Michelle: So this is the authorization form. We need to have signed signed back.
Michelle: And I.
Michelle: If I didn’t send you a copy of it, I can.
Michelle: But they need to have this. This needs to be in the file before we pull credit.
Michelle: And this person actually has
Michelle: his wife listed on here. But she’s
Michelle: she didn’t send in an application.
Michelle: and I did confirm this morning that there she’s not going on unless she needs to be on.
Dan Deppen: So you’ll just pull credit for Lyle.
Michelle: Exactly, and then sometimes, if it’s not enough, then we add a co-borrower.
Michelle: and if that’s the case, we go back to the home screen.
Michelle: and you have an option here to add a co-borrower.
Michelle: And then so if you clicked on this.
Michelle: you’re going to get.
Dan Deppen: But.
Michelle: A box pop up to add in all of that person’s information.
Michelle: But since we’re not doing that right now, I’m going to delete a bar order, and I will
Michelle: click this second one.
Michelle: And yes, I’m sure.
Michelle: so it’ll be back to just this person.
Dan Deppen: Yeah.
Michelle: So I plugged in this
Michelle: the the application I worked the other day.
Dan Deppen: Okay.
Michelle: All his personal information is here. He’s married.
Michelle: and here is his employment. So
Michelle: did I get to this yesterday, when when I was plugging in processing.
Dan Deppen: Think so.
Michelle: Okay, so
Michelle: you can go in here and click edit
Michelle: on any of these, and you will have your pop-up screen
Michelle: to add any information that you need to.
Michelle: So this person?
Michelle: this is all of his employment information. He’s been in line of work for 13 years, 8 months.
Michelle: His base income
Michelle: I am going to delete just to show you how.
Dan Deppen: And that defaults to monthly.
Michelle: Yes. So let’s go and pull up.
Michelle: I did his stub end of 8 31. So let’s go back and find the
Michelle: the stub that
Michelle: okay, this one is this.
Michelle: the that period ending is 8, 31.
Michelle: So when we look at this, we’re gonna look. His regular
Michelle: earning hours are $25.
Michelle: So our 1st calculation
Michelle: is going to be 25
Michelle: times 40,
Michelle: and then times 52, and then we divided by 12 to get his monthly
Michelle: rate.
Michelle: So we do 3 calculations. And we usually typically take the lowest of the 3, unless there is some reason to use a different one.
Michelle: But we be, we’re conservative and use the lowest.
Michelle: So, for instance, if
Michelle: yeah, so there are certain life events that could cause somebody to have a lower, like
Michelle: last year’s income, for example, like they were out of work for a month, due to
Michelle: an injury or Fmla to care for, you know, family, or
Michelle: they were in the middle of moving, or something like that. If there’s a life event that explains a lower income, then we can use a different one.
Michelle: So in this event, when we take 25 by 40, by 52, divided by 12,
Michelle: that comes to 4, 33 a month.
Michelle: his year to date. We take the year to date income
Michelle: and typically year to date. Income is only for regular
Michelle: earning hours. We can use holiday. We typically do not use bonuses
Michelle: and vacation, of course, is their earned income.
Michelle: Now, I did take his total income for this calculation just because of the type of job he’s working.
Dan Deppen: No.
Michelle: Because this he’s basically
Michelle: works for
Michelle: commission type type work.
Michelle: Then that’s a little different. So I took the 32,000,
Michelle: 7, 99, 78,
Michelle: and because
Michelle: there’s 31 days in August
Michelle: I divided it by 8, because it’s 8 full months
Michelle: that comes out to 40, 58, or 40, 50 a month.
Michelle: So let’s say
Michelle: that this was 8 11.
Michelle: The calculation to do that, and I do have a sheet
Michelle: that explains this
Michelle: somewhere.
Michelle: Not there.
Michelle: I thought I had it pulled up.
Michelle: Okay, here. Calculating income.
Michelle: Okay.
Michelle: yeah. I’ll send you this, too, because it explains how to do all these calculations.
Dan Deppen: Okay.
Michelle: Also the 12 month deposits.
Michelle: Okay, so here’s the the calculation example
Michelle: year to date.
Michelle: So we’re going to take.
Michelle: Okay. So for instance, a pay stub is 1115.
Michelle: So that means they work 10 full months, plus 15 days of November.
Michelle: So the formula would be 15, divided by 30, because there’s 30 days in November.
Michelle: and that is point 5 of a month.
Michelle: So
Michelle: you’re going to take the year to date and divide it by
Michelle: 10 full months.
Michelle: and then point 5 for that part of November.
Michelle: Does that make sense.
Dan Deppen: Yeah.
Michelle: Okay.
Michelle: So for example, if we change this to 8, 11,
Michelle: what we would do is we would take 11 and divide it by
Michelle: 31, since there’s 31 days
Michelle: in August.
Michelle: and that would be
Michelle: point 3 5 4. So we would change
Michelle: this from 8. It would be changed to 7.3 5
Michelle: to get this number.
Michelle: Then the last calculation we do is W. 2. So we take their last year’s income
Michelle: and divide it by 12,
Michelle: so he had actually 2 w twos for last year.
Michelle: So the 1st one
Michelle: he made 34,007, 63,
Michelle: and
Michelle: the second one
Michelle: he made
Michelle: 81, 2960. So I added those 2 together
Michelle: to get
Michelle: and or I didn’t put the total calculation. But I I took the 2 together, and then divided them by 12.
Michelle: And it what am I doing? And it comes to 35, 74, a month.
Michelle: So his lowest income out of these 3
Michelle: would have been his last year’s income of 35, 74.
Michelle: So we’re go in.
Michelle: We’re going to click the plus arrow here, or plus sign to go into the pop up screen to enter his information.
Michelle: If it was self employment income, we click this box. But it’s not so we’re going to do monthly
Michelle: now. You can. Also, if if somebody receives salary and they get paid, you know.
Michelle: $2,000
Michelle: every 2 weeks, you could go in and click the semi-monthly
Michelle: give them the 2,000
Michelle: rate, and it would
Michelle: popular. It would calculate the
Michelle: the monthly income for you. So right here 2,000 times 2, twice a month is 4,000.
Michelle: But typically we go in
Michelle: and we do the monthly rate
Michelle: from our calculation.
Michelle: we’re going to do? 35, 74, because that was the lowest number.
Michelle: And then our calculation
Michelle: shows up over here 35, 74,
Michelle: and you see from now, from
Michelle: the income I gave him credit for.
Michelle: and all the
Michelle: term information we plugged in from the lender
Michelle: that gives them a total obligation. Dti. Of just under 29.
Michelle: So 28.5 8.
Michelle: So he has plenty of income right now. But we haven’t pulled his credit.
Michelle: So until credit is pulled, we’re
Michelle: we, you know you. You just never know until you see what kind of mess that can be.
Michelle: Okay. So let’s go back
Michelle: yesterday.
Michelle: and you got the corrected Byte instructions I sent to you.
Dan Deppen: Yeah.
Michelle: Okay, I did. I did correct a few things that I knew were
Michelle: that should have been changed.
Michelle: Like the party screen. This should have said loan processor. I changed that.
Michelle: and then I changed. So this is all under the URL borrower info tab, instead of it, was showing the individual pages since they’re all now.
Michelle: That was
Michelle: originally it was the 10 0 3, page one, page 2, page 3. You had to click on different pages to go. Do them all now. They’re all under this early borrower tab. So everything here. So if there were 2 borrowers
Michelle: there would be 2 names showing up here.
Michelle: and you just click on each individual name to pop up to their individual screen.
Michelle: So if his wife was added, then we’d go to
Michelle: to hers. Go into edit and add her personal information as well.
Michelle: Let’s see.
Michelle: trying to remember where we
Michelle: got off yesterday.
Dan Deppen: Yeah. I don’t remember exactly where we were.
Michelle: So you just want to make sure, like, when you’re reviewing their
Michelle: their application and their income, make sure they have a 2 year history. It is a requirement.
Michelle: You will find
Michelle: you will find there is a lot of with seller finance. There is a lot of
Michelle: excuses. Why, they don’t have a 2 year income, or they switched from this job to this job. You want to make sure it’s, you know, within the same
Michelle: field of work. They didn’t. You know they didn’t work last year as a welder? And now this year they’re working in a restaurant. I mean, that’s that’s just not right. So, you know, if if they, if they’re a welder and they
Michelle: have worked in that field for 10 years.
Michelle: and yet they
Michelle: they have different
Michelle: employers that they work for.
Michelle: That’s that’s a whole different story. So that that’s fine.
Dan Deppen: Common.
Michelle: But we want to make sure that they’re a solid 2 year income history. That’s not jumping from one job to another job to another job.
Dan Deppen: And I’m guessing. You see, people where they were. Maybe they were working, but they were probably getting paid under the table so they can’t show.
Michelle: Exactly.
Dan Deppen: All the history.
Michelle: And so in those cases.
Michelle: if their employer was.
Michelle: write a
Michelle: a vo e verification of employment letter.
Michelle: they can have that.
Dan Deppen: Accent.
Michelle: As long as it is.
Michelle: you know a good
Michelle: reputable letter that is sent
Michelle: or and and then they basically say how much that person makes, or if they
Michelle: send 12 bank statements showing that they are depositing this money into a bank account each month, and it’s verifiable income.
Michelle: then you can do the calculation for that.
Michelle: because there, yeah, there are scenarios, and that’s a a lot of the borrowers. That’s why they can’t get an actual mortgage because
Michelle: they’re not getting a pay stub, or they’re not getting.
Michelle: you know, some sort of income like that. That’s
Michelle: verifiable to a bank.
Dan Deppen: Right.
Dan Deppen: You’ve heard of the same thing happening. Actually, when people sell businesses, they’re like, we’ll actually make a lot more than that.
Michelle: Yes, yup!
Dan Deppen: I went through all your stuff. It was actually, I was actually surprised, like how tightly
Dan Deppen: when I like. I went through the bank statements, like line by line, added everything up, and it synced like exactly with the tax return, so that that was nice made it easier.
Michelle: Well, good cause, you know, that’s how it should be.
Michelle: So yeah. And sometimes you will get bank statements, and it’s a 1 borrower, and it’ll be a joint bank statement, and then you have to verify that that other person isn’t putting any income into that account.
Michelle: Yeah, sometimes, you know it’s like the bank statement was opened up by
Michelle: when the when the person was still at home with a parent, and that parents name is on there, but they don’t have anything to do with the bank account or you know different scenarios like that. Sometimes.
Michelle: you know you have to.
Michelle: You have to get some. And and I usually, if those are scenarios. And I ask, I keep that stuff in their file. Their response. So that because
Michelle: you know anything that they state, or they put on their application.
Michelle: You have to take that as
Michelle: that’s being truthful, so
Michelle: it’s mortgage fraud. If they lie, so you keep that stuff documented in their file.
Dan Deppen: Oh!
Michelle: So we we process from what is actually provided to us, from them.
Michelle: You can tell them that that makes the lender and us indemnified from any falsehoods based on the applicant lying.
Michelle: Did you hear, Max.
Dan Deppen: No! Can you repeat that.
Michelle: Dan, if
Michelle: that indemnifies the lender or seller, or us as the underwriter, in the event that the applicant lies on the application.
Michelle: So there’s a section on a loan application where borrowers essentially
Michelle: swear isn’t swearing or attesting
Michelle: that he’s telling the truth.
Michelle: And that way, let’s say they have 8 dependents, and we only show one.
Michelle: and they wouldn’t have met residual income, or they have a they have a bankruptcy pending. But they lied and said they didn’t. As long as we have the application, and we worked according to what they wrote. We’re all indemnified from that.
Dan Deppen: There’s the there’s a
Dan Deppen: originator. Have any obligation like to verify
Dan Deppen: information that the borrower gives them.
Michelle: Not really, and that is exactly why
Michelle: on the loan application. It gives them a warning, saying
Michelle: penalty for mortgage. Fraud can be a hundred $1,000 fine and up to a year in prison
Michelle: so, or we’re signing at the end of their loan application. Say, saying, I attest that everything I’ve put in here is true. We’re not necessarily required
Michelle: unless we just nest, you know, unless we just suspect their lying. We’re not required.
Michelle: Nobody approving a loan is required to go out and do additional verification to ensure that they’re telling the truth.
Dan Deppen: Jeff.
Michelle: Okay?
Michelle: So yeah, the employment history is required.
Michelle: we do want to see 2 years of of good, solid employment history.
Michelle: if they have child support, spousal maintenance. That income must continue for the next 3 years. So they have get child support, and their child is 17.
Michelle: That’s not going to continue for 3 years, so that can’t be.
Dan Deppen: Oh, gotcha!
Michelle: Now, if they have child support, for, let’s say, a 3 and a 5 year old.
Michelle: and it’s a thousand dollars a month that can be plused up 25%.
Dan Deppen: Okay.
Michelle: So that income
Michelle: would go
Michelle: okay for starters. So that’s employment and income is here.
Michelle: If they have secondary additional employment. Let’s say they work a side job
Michelle: they have. They have to have done it for 2 years.
Michelle: So let’s say they.
Michelle: he works at this Rv. Place
Michelle: during the day and at nighttime he bartends, and he’s done that for 5 years. You can go in and add a secondary
Michelle: employment.
Michelle: You do your secondary calculation down here under your comments.
Michelle: and then you could add in that extra, let’s say $500 a month.
Michelle: So
Michelle: let’s say.
Michelle: And then also, if he hasn’t worked
Michelle: 2 years or more, and you have that or that
Michelle: former employment history that would go down here.
Michelle: you would just add.
Michelle: click the plus sign. You always get this pop-up box, you’d put his previous employer
Michelle: and start and end date a lot of times. They don’t have the exact dates, they’re say, like September of 22 to
Michelle: September of 23. So I would just do like 9, 1 of 22 to 9, 1 of 23. But
Michelle: but yeah, they you just want to stick in and make sure you have their former employment
Michelle: if they have other income. So this is where we get in with child support or social security.
Michelle: click this plus button, the income type. You have all these different types of income. They have a trust that they get money for each month.
Michelle: unemployment benefits
Michelle: social security.
Michelle: Here’s disability, child support.
Michelle: So you can see there’s quite a few.
Michelle: So let’s say, this borrower only gets social security income.
Michelle: That would. You would click this box
Michelle: and you would click the frequency and put in them out up here.
Michelle: If they list any assets
Michelle: on their
Michelle: on their application, you can put assets here. It doesn’t
Michelle: really change our review as far as debt to income.
Michelle: We’re we’re not. We’re not fully.
Michelle: you know. We’re we’re putting as much information in here as we receive. But a lot of people don’t add a lot of stuff on their application.
Michelle: So if there’s any earnest money associated. So let’s say the person paid a thousand dollars earnest money that would go in this block right here.
Dan Deppen: Pass.
Michelle: And then.
Michelle: if they have
Michelle: on.
Michelle: see
Michelle: so liabilities
Michelle: is where I was thinking real estate showed up higher. But once we pull credit
Michelle: This will auto populate
Michelle: with all of their abilities from their credit report.
Michelle: If they have.
Dan Deppen: Integrated. So you’re pulling credit like through Byte, and then it shows up in here.
Michelle: Exactly.
Dan Deppen: Oh, cool!
Michelle: And I will show you that. Max, did you want
Michelle: to do credit with him, or did you want me to?
Michelle: Go ahead, and then we can always hit again deeper. Okay.
Michelle: so other liabilities, if they list that they pay child support that’s going to go here.
Michelle: So the expense type. You have alimony, child, support. You know any anything like that that any other in or expenses they might list that they have to pay each month that would go here
Michelle: if they currently own their home.
Michelle: and they list that on their
Michelle: on their application that will go down under here.
Michelle: If you pull their credit and they have a mortgage on their credit, it will auto populate in here.
Michelle: Then this is just subject property information left
Michelle: gifts or grants if they’re getting a
Michelle: $5,000 gift
Michelle: in here.
Michelle: If they have rental income.
Michelle: this is rental income on the property you want to purchase, but if they have typical, if they have rental income on
Michelle: something else
Michelle: that would go in here,
Michelle: you would click in
Michelle: and add it. It. Would you put the address in
Michelle: the status, let’s say, retained rental.
Michelle: The type is a single family. You would put the gross rental income they get. Let’s say they get a thousand dollars a month for this particular property.
Michelle: They’re going. Byte’s going to take 25% away from it for vacancy factor
Michelle: and click. Ok. And now you see, over here they have another 7, 50 a month added to their income.
Michelle: going to take that and delete it since that was hypothetical.
Michelle: Okay, so
Michelle: let’s move on.
Michelle: So we’ve done monthly income combined housing expenses, information
Michelle: expenses.
Michelle: so that
Michelle: this is
Michelle: this is pertaining to
Michelle: the loan. Estimate page one. So I might need to add that on that sheet. So when we go on to.
Michelle: we go from the borrower tab. Then we go to the loan. Estimate page one. Because we’ve now already added in all the borrowers information.
Michelle: When we go down here.
Michelle: What we’re going to do.
Michelle: This is going to be
Michelle: blank.
Michelle: There’s going to be prepayment. Penalty should always be marked. No
Michelle: if they have a prepayment penalty.
Michelle: then that’s a red flag. That is not something that they should have for Dodd-frank.
Dan Deppen: Right.
Michelle: You’re gonna click on your scheduled closing date. You can, if they have an actual date, and it’s at least.
Michelle: you know, 10 days or so out, you can click that date. Otherwise, I just typically pick a date. That’s about 2 weeks away. So obviously, this 9 6, we’re already past that. So I’m just going and change it to the 16.th
Michelle: Actually, that’s not. That’s not even far enough. I’ll change it to the 23, rd
Michelle: and then
Michelle: the 1st payment date will auto populate.
Michelle: and if you change this
Michelle: and this isn’t
Michelle: out far enough it’ll have a fill button. Here. You click the fill button, and it’ll change that 1st payment date.
Michelle: So the loan estimate page 2
Michelle: is the next
Michelle: on
Michelle: or instructions.
Michelle: So we want to enter
Michelle: the hazard insurance.
Michelle: any taxes? Hoas
Michelle: if there’s a second mortgage.
Michelle: so
Michelle: on Sherman’s.
Michelle: we’ll go to his
Michelle: terms.
Michelle: and sometimes you have a purchase agreement. You can work off. Sometimes they’re the terms that someone fills out from our website.
Michelle: but you want to make sure you have complete terms. So his he always wants an application fee of 2 95
Michelle: underwriting fee of 5 75 and a closing fee of 7 95.
Michelle: So that’s where they go in here.
Michelle: You want to click. Make sure these boxes are not blue whenever you have something filled in.
Michelle: So I typed in the application fee
Michelle: of 2 95, the closing fee of 7, 95, and the underwriting fee
Michelle: of 5, 75. When we go down.
Michelle: scroll down, and some people will give you all kinds of things to add.
Michelle: it’s just. It’s just what they want on
Michelle: they should. They should be giving you the loan. Estimate should be as accurate as possible for the fees, because you shouldn’t be changing fees for borrowers. It should be
Michelle: telling them. Basically, you know this, what the loan your loan’s gonna cost you
Michelle: But for Sherman’s there’s typically these 3 fees.
Michelle: Then we scroll
Michelle: all the way down.
Michelle: these are government fees.
Michelle: The Prepaids is where, when we
Michelle: jump to that 1st page I showed you yesterday for escrow.
Michelle: They auto populate in here from from that page.
Michelle: So we have. The hazard insurance is not escrow for 85,
Michelle: and association uses 500 a month for this property. They should both be not escrowed
Michelle: unless they’re supposed to be
Michelle: And then this up here. The pre page or pre page auto populates from whatever you had put in
Michelle: down here.
Dan Deppen: Okay.
Michelle: Daily interest is right here. Some
Michelle: some people want the daily interest. Let’s say they give you an actual closing date, and you know what it is?
Michelle: and you click the fill button or put the 28 days. And it’s going to give you whatever that that daily interest is for that particular loan. I don’t do that on Sherman’s. It’s just extra fees that
Michelle: that he doesn’t add.
Michelle: Oh.
Michelle: it it’s it! It’s a little bit learning what each individual
Michelle: lender is looking for. Sometimes, most of the time. I don’t mess with it unless somebody comes and says, Well, we need interest from
Michelle: this date to this date. Those are more, more.
Dan Deppen: Just monthly.
Michelle: Yeah.
Dan Deppen: So.
Michelle: Yep. And so when we when we come down to the bottom.
Michelle: it’s going to give us a little screenshot
Michelle: of
Michelle: the details
Michelle: from the transaction. So you’re gonna see the sales price.
Michelle: The total closing costs
Michelle: is that 2, 95
Michelle: All those fees added up above are going to be your closing costs.
Michelle: and then we have. If there’s any credits you add them in here.
Michelle: and if there was, let’s say the borrower had 5 or $1,000 escrow. I’m sorry. Earnest money
Michelle: that would show up right here, it would say a thousand.
Michelle: So currently, their total closing cost is 1665,
Michelle: and the down payment between
Michelle: the fees and the purchase price is here. Your cash to close
Michelle: here should match down here.
Michelle: cash to borrower and cash to close.
Michelle: Then we go to.
Dan Deppen: Oh, well, so they’re basically putting like, 50% down.
Michelle: So, yeah, so this
Michelle: this particular one.
Michelle: I didn’t really want to pull credit with you, because I’m
Michelle: this one is one. I think I explained you yesterday what
Michelle: Sherman asked us to still go through and work this, but
Michelle: I already am aware that the borrower
Michelle: has been 60 days late on their mortgage, which is a.
Dan Deppen: No.
Michelle: Automatic automatic. No, for Dodd frank standards.
Michelle: so they cannot be 60 days
Michelle: or more late on a mortgage and and legally loaned money to them. They can’t be going through a foreclosure and legally loan money to them.
Michelle: but they have a large down payment. They’re selling their home, and they have a large down payment, and Sherman has already said that he’s okay with not getting this
Michelle: certified for Atr.
Michelle: and
Michelle: that he still wanted us to work it. So this is probably not a great example of one to pull credit and show you.
Michelle: But
Michelle: Anyways, I I will, just to show you how that process works.
Michelle: when we go down
Michelle: we do have a credit.
Michelle: a screen here.
Michelle: These are all different companies
Michelle: that can be used.
Michelle: We happen to use this credit reporting services.
Dan Deppen: So.
Michelle: In blue.
Michelle: We would click on that
Michelle: actually double click, and
Michelle: his information is all plugged in here.
Michelle: and if there, if we had already pulled credit. This reference number would show up.
Michelle: So
Michelle: what we do.
Michelle: It’s an ordering a new report. We’re going to go down here and we’re going to click, submit it.
Michelle: And then this report. It’s a soft pull. It’s being pulled from
Michelle: the credit reporting services.
Michelle: And yes, we would like to view it.
Michelle: and the longer it waits, usually the worse it is, but not always.
Michelle: I’m going to go up here and click print.
Michelle: because then we have the opportunity to
Michelle: to pull it up and look at it.
Michelle: So his information is all in here.
Michelle: and Max can go over a little bit more detail
Michelle: of
Michelle: credit typically
Michelle: so
Michelle: I don’t know if he mentioned to you my daughter.
Michelle: we have had her work files. She can do.
Dan Deppen: And she.
Michelle: He knows how to do all the processing.
Michelle: She does not. She does not pull credit. We’ve never had her pull, credit or review credit.
Michelle: So this typically would be the underwriter portion.
Dan Deppen: Okay.
Michelle: But
Michelle: I
Michelle: I know how to do it myself. So
Michelle: I can. I can do this and show it to you. Max can go into more detail in depth.
Michelle: but his credit score that pops up
Michelle: is 5, 31.
Dan Deppen: She’s well under 600.
Michelle: Yeah, and 6, 20 is the number.
Michelle: That
Michelle: if it’s under 6 20,
Michelle: they have to have a verification of rent or mortgage.
Michelle: and we already know that’s going to be an issue.
Michelle: So
Michelle: we’re going to go back to bite.
Michelle: We take this, we hit close
Michelle: and we want to import debts.
Michelle: otherwise we have to manually put them all in which is not fun.
Michelle: So this is something that we integrated with this particular credit reporting services.
Michelle: So we import the debts.
Michelle: We go up here. We’re going to click hide items with the 0 balance.
Michelle: and then we’re going to move them all.
Michelle: Now.
Michelle: if we had already pulled credit before, all of these would be down on this side already.
Dan Deppen: And that would be like the ride over like like you were updating it, or something.
Michelle: Yup, Yup, or you can click on these and delete them and then take these ones and move them all.
Michelle: But yeah, so we’re gonna move these.
Michelle: And then we’re going to hit close
Michelle: and close this. Now you see, the Dti changed up to 90%,
Michelle: whereas I think it was at like 35.
Michelle: So we’re going to get out of this screen. We’re going to go back to the borrower screen which all of these debts are now going to be auto populated.
Michelle: Can you scroll down
Michelle: to liabilities? Now you see these debts auto-populated?
Michelle: Now
Michelle: this installment is only 4 payments left. Anything that’s 10
Michelle: 10 payments or less.
Michelle: We don’t have to count against them.
Michelle: So I’m gonna click on this one and I’m gonna click on it.
Dan Deppen: Yes.
Michelle: Hit. Okay, that’s gonna bring him down a little bit.
Michelle: And then this
Michelle: this one right here is an open 30 day. So when we go back and look at the credit report.
Michelle: Let’s go down and look a little bit here.
Dan Deppen: One quick question I just thought of when your daughter was helping with those like like, how old is she?
Michelle: This year.
Dan Deppen: I I was I
Dan Deppen: I have a nephew that may want to help, but he’s like 17.
Michelle: Okay.
Michelle: yeah, and that I don’t.
Michelle: I don’t know. Max might have more information. I don’t honestly know if there’s any.
Michelle: can’t can’t find their injuries. Yeah, no.
Michelle: no. Can a minor enter due processing?
Michelle: Oh, yeah, at my moment. Yeah, you can hire anybody. Okay? Okay, yeah.
Michelle: It. It requires licensing. And their behavior is basically controlled by the
Michelle: you know, whoever they work with. Okay, did you hear, Max? He’s he’s.
Dan Deppen: Yeah.
Michelle: He’s not aware of any stipulations on a minor. It it
Michelle: for processing. So they’re not actually doing the mortgage stuff. They’re just doing the processing, and then they would be working under you.
Michelle: So.
Dan Deppen: So.
Dan Deppen: no.
Dan Deppen: Okay, so.
Michelle: On that subject. This, the open accounts.
Michelle: so this one main
Michelle: is open. He’s got 22 months revolving.
Michelle: And so you want to look for open accounts that they have at least
Michelle: 24 months of good payment history. So he’s got 22 months here. He’s got a
Michelle: credit union of 3 months.
Michelle: and
Michelle: so the date they opened
Michelle: is here.
Michelle: The high credit limit is here.
Michelle: It’s installed.
Dan Deppen: I don’t tell you what kind of loan it is like. It appears to be like an auto loan just from the size, but.
Michelle: Most of the time it will say an auto.
Michelle: My guess is, yeah, this is a secured loan, so it could possibly be some type of a mortgage, even.
Dan Deppen: Yeah, it could be like another mobile home or.
Michelle: Yeah.
Michelle: yep, so. But they’re they don’t have anything past due.
Michelle: Yeah. And he’s they’ve been paying it good for 22 months. My guess is just because
Michelle: well, let’s let’s go back to his application super quick, just because, like I had said, he commented, that
Michelle: that. So when I looked at his application
Michelle: when I got down to the declarations.
Michelle: or actually it was here.
Michelle: What’s your current? Monthly housing? Payment 1166.
Michelle: But he clicked. That I have been late on 3 or more payments over the last 12 months.
Michelle: so that this is a red flag to me. That’s why I responded back and asked.
Michelle: keyholes team to verify because he owns and he’s been late.
Michelle: So I inquired on that, and they said, Yes, he has a mortgage, and they have been late, for I asked if it’s been 60 days or more, and they said, Yes, so that’s when I told them. Well, we won’t be able to underwrite this loan for you, because it will not meet Dodd frank requirements, nor will they be able to provide a verification of rent.
Michelle: If the credit score is under 6, 20,
Michelle: and that’s when they came back and said,
Michelle: they wanted us to work it anyways.
Michelle: So
Michelle: yeah, you want to.
Michelle: You want to look at declarations?
Michelle: And make sure that
Michelle: you’re asking some of those questions before you start working the file and spending the time doing that, because.
Michelle: if you already know, there’s a red flag ahead of time. Might as well get over it
Michelle: before starting to input any information.
Dan Deppen: I.
Michelle: So back.
Dan Deppen: Yeah, I can see where. If they’re getting a giant down payment.
Dan Deppen: they would be okay with it, because the collateral is covering it. I guess the.
Dan Deppen: The risk from the lender perspective is if you start doing a bunch of those.
Dan Deppen: and some of those borrowers do default because they just don’t pay their bills.
Dan Deppen: and they complain like that that could get weird.
Michelle: Oh, yeah. Yeah.
Dan Deppen: They don’t want you saying like.
Dan Deppen: Okay, I’m gonna lend to this guy.
Dan Deppen: I know he doesn’t pay his bills, and he’s an idiot. But that’s okay, because I’m getting a big down payment. I can just do well foreclosing on him
Dan Deppen: when he does his dumb stuff, like, you know, I think.
Dan Deppen: yeah.
Michelle: And we do have some lenders that they will say that. Well, I don’t really care what his credit score is, because he’s given me $50,000 down payment, and we usually try to. You know, explain, or you know you you really want to
Michelle: prescreen your borrowers and not just you don’t want to just go with the 1st one with the biggest down payment. You want to make sure that they are qualified to make your those monthly payments, because foreclosing and all of that alone is a huge hassle you just don’t want to deal with, and the more people
Michelle: that are
Michelle: doing things like that and putting people in. Those are the ones that give seller finance a bad name. So you don’t want that as well.
Dan Deppen: Well, yeah, cause our plan could also be just to resell the loan, too. They’re like, not only could I foreclose, but I’m not even gonna hold the loan, anyhow. So yeah.
Michelle: Like that. Yep, true.
Michelle: Okay. So back to this. All these are all their closed accounts.
Michelle: So 1st of all, I’m going to go down to underwriter comments.
Michelle: and I’m going to state
Michelle: the credit
Michelle: reflects ample open lines
Michelle: in good standing.
Michelle: because this, you know, this is this is about 24 months of good
Michelle: good, open credit.
Michelle: So then we’re going to go down. These are all closed accounts.
Michelle: and then we want to go and start looking at derogatories.
Michelle: So here’s his mortgage. This is the red flag.
Michelle: He’s not only 60 days late, he’s also 90 plus days late. So he’s currently delinquent. 60 days.
Dan Deppen: What? What does that? 6, 7, and 2 mean in red.
Michelle: So he has
Michelle: been 30 days late
Michelle: 6 times.
Dan Deppen: It’s been.
Michelle: 50 days late up to 60 days late, 7 and 90 plus. He’s now at.
Dan Deppen: I wonder how we could be 60 days late, more often than 30 days late.
Michelle: Yeah, and
Michelle: that might be.
Dan Deppen: Not a big deal. I was just curious. Yeah.
Michelle: Yeah, that is a good question. Max might have better knowledge on that. That doesn’t make sense to me, either.
Michelle: But but yeah, you want to look here, especially if it’s a mortgage. Now, if this was just a regular loan, anything else, let’s say it was like
Michelle: a car payment.
Michelle: yeah, yeah, we we want to know that they can pay their housing payment on time, since we’re looking at giving them a home loan. So
Michelle: if this was a was not a mortgage, we would just
Michelle: basically make them make this current but because it is a mortgage that
Michelle: that’s not ideal, because
Michelle: well, it it shows us they can’t make their mortgages on time.
Dan Deppen: Right.
Michelle: So
Michelle: that’s that’s like a critical element certifying. Apr. The lender has an obligation not to irresponsibly lock them into a mortgage when we’ve already determined. They can’t pay their current mortgage consistently.
Dan Deppen: Right.
Michelle: Okay.
Michelle: So this mortgage should be showing up
Michelle: on
Michelle: that. So it doesn’t show up here under liabilities. Because, like, I said, if they have a mortgage, it’ll be down here.
Michelle: so here’s their mortgage.
Dan Deppen: Okay.
Michelle: If we click and open up that screen we will see. You know the information. Their unpaid balance is 108
Michelle: with a monthly payment of 1116 a month, so their current monthly.
Dan Deppen: Document.
Michelle: Of 1116 a month. They’re having troubles paying well.
Michelle: this mortgage total is a thousand 21. So.
Dan Deppen: Much different.
Michelle: Yeah. So if they’re not able to keep current on their current monthly mortgage.
Michelle: technically, should we should a lender be giving them.
Dan Deppen: Well, unless they’re they’re total.
Dan Deppen: PITI like, like, if that 1116 on the current one is just the pni.
Dan Deppen: you know, maybe their total payment with taxes and insurance, and whatever is.
Michelle: True.
Michelle: Yeah.
Dan Deppen: Higher. So they, you know, might argue, well, I’m doing this. And I’m
Dan Deppen: knocking down my payments. $400. Yeah, because if they’re at
Dan Deppen: 88% Dti with the new loan.
Dan Deppen: With that other one they might be at 100. They might be.
Michelle: Well, yeah, exactly.
Michelle: And so but yeah, that’s that’s just a.
Dan Deppen: But I get it like as a lander. I just say, no, just stay away. Not gonna happen. Yeah.
Michelle: Yeah. Oh, yeah. And and the other thing, too, is mostly
Michelle: usually mortgage companies.
Michelle: They will.
Michelle: Well, I guess they don’t always require taxes and or insurance to be paid
Michelle: through there. So yeah, you’re correct. That could be an issue.
Michelle: But currently, yeah, they’re past due. 1135. So
Michelle: let’s see, let’s go down farther, so I will actually go
Michelle: in here.
Michelle: and put current
Michelle: your
Michelle: ogatory.
Michelle: I’m sorry.
Michelle: Mortgage
Michelle: asked you.
Michelle: and
Michelle: it was current. It’s currently 60.
Michelle: Now let’s look at the rest of derogatories.
Michelle: credit Union. It was
Michelle: It was past due once.
Michelle: only 30 days.
Michelle: and it’s now current.
Michelle: So this was the last late date was 9 22.
Michelle: It was 30 days late, so that this one’s fairly old. So if this was the only derogatory account that they had.
Michelle: I would go into the notes and say
Michelle: minor, because this was 30 days less minor, older, derogatory
Michelle: account now current.
Dan Deppen: Cause cause one blip within 30 days could be anything right like they could have mailed the check, and it got turned to sender. And by, you know, that could be anything. Yeah.
Michelle: Yep, and if it’s if it’s old, if it’s 6 months or older, you know that that’s fairly minor. So
Michelle: then we get down to collection accounts. So now you see, what we want to look for is any of these that are open
Michelle: and they
Michelle: it’s an open collection.
Michelle: and it has the open amount is 1,616 or 1699. So when we go and look and bite, it is going to assign that entire. That’s part of why this Dti is so high. We’re going to always look for these.
Michelle: So
Michelle: when you look at this
Michelle: open 30 day, you see that the monthly payment
Michelle: is for the full amount.
Michelle: So
Michelle: if we click this not counted and go back and look, Dti is going to be
Michelle: within reasonable amount, which is fine.
Dan Deppen: Oh!
Michelle: But what we would do is we would condition because they have to make this
Michelle: this good with the lender. They would have to
Michelle: either pay this in full.
Michelle: or they would have to set up
Michelle: a monthly payment plan.
Michelle: and they would have to send us proof, showing they have a monthly payment plan. Let’s say the payment plan is
Michelle: they have to pay them back
Michelle: $60 a month for
Michelle: until it’s paid off, so we would put. Once they sent us proof of that letter.
Michelle: we would put the monthly amount that they are obligated to pay back
Michelle: in there.
Michelle: and
Michelle: now their monthly payment is $60, and then that brings uti to here.
Dan Deppen: It’s interesting. They had 2 debts on there that were sold to other people.
Michelle: Yeah, and typically that’s what happens with the
Michelle: when they turn them over to collections, they’re sold to a different
Michelle: to be taken care of.
Michelle: But I’m gonna click this back to
Michelle: not camp. Well, actually, I’m gonna leave that and leave it.
Dan Deppen: They have to say where the down payment came from, because I’m curious how this guy who doesn’t pay his bills, came up with like 20,000 bucks.
Michelle: Well.
Dan Deppen: I think I see.
Michelle: Issue with this one is because they’re planning on selling this home.
Michelle: So.
Dan Deppen: Oh, they’re saying! That’s where it’s coming from.
Michelle: Yep. So this current mortgage they have. They’re planning on selling this.
Michelle: Now, if this was going to be a secondary residence. They’re keeping this 1st mortgage, but they want to have a second residence somewhere, or they’re buying this as an investment.
Michelle: then.
Michelle: Well, 1st of all, we would change on the home.
Dan Deppen: How much time do they have to sell it like cause? Now it’s kind of. Now this is kind of conditional on them.
Michelle: Exactly.
Dan Deppen: Handling the other property, and I mean that huh?
Michelle: Yep, and and a lot of that will come down to conditions that Max can explain to you when he starts doing the underwriting with you.
Michelle: So.
Dan Deppen: Yeah, I’m just talking this through. So what the guy is doing is like he’s behind on everything.
Dan Deppen: But he’s got equity in the property, probably because whenever he bought it right, like values have gone up.
Michelle: True.
Dan Deppen: So he’s using the equity to
Dan Deppen: overcome the bad credit
Dan Deppen: and get into a new place.
Michelle: Correct with, so yeah.
Dan Deppen: But
Dan Deppen: given who he is, he’ll he’ll he’ll get upside down again.
Dan Deppen: At which point
Dan Deppen: Sherman can strip the equity.
Michelle: Yeah.
Dan Deppen: You know that? That’s what’s gonna yeah.
Michelle: Now, unfortunately, a lot of times, too, when you think about
Michelle: especially
Michelle: modular homes that are on a rented lot.
Michelle: If somebody moves in.
Michelle: Is there going to be a lot of equity built up
Michelle: on that property if they have to take it back or sell it?
Michelle: you know, just being that cause. Modulars are a little bit more
Michelle: in that category, as like a vehicle, especially when it’s on a rented lot.
Michelle: Now, if it’s on land, it’s a little different.
Michelle: But
Michelle: yeah, yeah, it’s
Michelle: interesting scenarios for sure.
Michelle: Now, the other, the other thing, too.
Michelle: for this particular loan we do know he’s married.
Michelle: and he has a wife that has in the file. They sent in A. W. 2 for her.
Michelle: but they didn’t want to use her income
Michelle: unless needed.
Dan Deppen: What’s her income?
Michelle: So her w 2 wages for last year were 25,000.
Dan Deppen: Yeah.
Michelle: So you know, technically, could they? They can. They afford
Michelle: but we didn’t pull her credit either, so we don’t know how much stuff’s on her credit, either.
Michelle: Yeah. So.
Dan Deppen: More. Yeah.
Michelle: Exactly so. Maybe that’s why she’s not on as well.
Michelle: There’s also scenarios where we put the husband and wife on, and we pull credit, and then we realize one of them.
Michelle: Credit is atrocious, and
Michelle: you can go in and delete that borrower, and it will delete all of that borrowers particular debt as well.
Michelle: So
Michelle: If any of this was only her debt, and you deleted her as a borrower.
Michelle: they would disappear.
Dan Deppen: Yeah.
Michelle: Her income would disappear, but also any of her personal debt would disappear
Michelle: so technically, if
Michelle: if they were able to make this one this one get
Michelle: send in a monthly payment.
Michelle: That would work. Then they they would qualify.
Michelle: let’s just say example. They don’t have any mortgage issue at all.
Michelle: and we would condition for this particular
Michelle: debt to have a monthly income for monthly payment plan.
Michelle: They
Michelle: could essentially they could qualify just fine.
Dan Deppen: What’s the Dti that you’re looking for? Was it 41 or.
Michelle: So they’re 40.6 1 right here.
Dan Deppen: What’s the requirement?
Michelle: 57, and below
Michelle: that, now, that is for
Michelle: owner occupied. If it’s an investment that’s up to the investor, how if if they you pull and get everything worked. And let’s say it’s 70%.
Michelle: Go back to the investor. You share your findings with them. Say.
Michelle: this is an investment property.
Michelle: there, because a lot of times, you know, they’re going to get rental income
Michelle: for that property, or they’re doing something.
Dan Deppen: All right, and all the Dodd Frank stuff doesn’t apply.
Michelle: Exactly.
Dan Deppen: If it’s a rental property, and so.
Dan Deppen: Yeah.
Michelle: And and we do actually get quite, quite a decent amount of investment properties.
Michelle: Or if they’re if it’s a secondary residence.
Michelle: it doesn’t apply as well. So.
Dan Deppen: Do you ever, if it’s an investment property do you ever just use like the
Dan Deppen: qualify it? Based on
Dan Deppen: rental income versus
Dan Deppen: the borrowers
Dan Deppen: Dti like like, can you just qualify it on its own.
Michelle: Yes, and for for instance, also on that scenario.
Michelle: So I’ll show you right now like so his
Michelle: his primary residence.
Michelle: I’m sorry.
Michelle: I’m trying to
Michelle: find.
Dan Deppen: Oh, give me 1 min. I’m gonna run to the restroom quick. I’m gonna come back in a second.
Michelle: Sure sounds good.
Dan Deppen: Yeah.
Michelle: Mike, alaminated
Michelle: Speaker, that
Michelle: we’re
Michelle: not on rock. If I chase that investment crowd.
Michelle: there’s no longer in a little.
Michelle: That’s the number, right?
Michelle: Yeah. Well.
Michelle: good work. The teeth.
Michelle: Yeah.
Dan Deppen: Hey? I’m back. Had a reload. Coffee, too.
Michelle: Oh, no problem at all.
Michelle: I
Michelle: I’m going to try to.
Michelle: How how much time do you have today for.
Dan Deppen: I got I mean, I I can go to the top of the hour.
Dan Deppen: I’m flexible.
Michelle: Okay.
Dan Deppen: Or or if you had other stuff to do, too, we could pick it up
Dan Deppen: later tomorrow, too. So
Dan Deppen: I’m pretty open.
Michelle: Okay.
Michelle: Alright.
Michelle: let’s go back here.
Michelle: also. Just
Michelle: something to point out
Michelle: this. Hcm, right here has popped up.
Dan Deppen: For reverse mortgages, or.
Michelle: No, so that means it’s a high.
Dan Deppen: And.
Michelle: Mortgage.
Dan Deppen: Oh, oh, yeah, cause it’s like 16.5%. And.
Michelle: Exactly 6.5%.
Michelle: So 6.5% over the Apor, this will pop up
Michelle: hpml. Most of them are Hpmls.
Michelle: But all of Sherman’s.
Michelle: Because his aprs are always or interest is always high. This will always be read and populated.
Michelle: so all of his will require when we go into
Michelle: the conditions screen. And like yesterday, you had commented about having bites. There’s certain things that you can go in and have them
Michelle: done.
Dan Deppen: Yes. Yeah.
Michelle: Yeah. So in this condition screen, this is part of underwriting. We have some templates
Michelle: that are already auto-populated.
Michelle: You click into the credit and
Michelle: loan is Hcm. Right here
Michelle: they are required
Michelle: to go through this home buyer education course
Michelle: and send you the certificate of proof that they did it anything that has this? Hcm.
Dan Deppen: What? And so you you require that on all Sherman stuff.
Michelle: Yes.
Dan Deppen: Okay.
Michelle: And we have tried to have him send that in with their applications, but he doesn’t want to do that.
Michelle: So in anything you click on here.
Michelle: We’re gonna hit. Okay. And it all.
Dan Deppen: Are you doing that afterwards, or is it more like they just get notified? Hey? You should go do this, and maybe they do, and maybe they don’t or.
Michelle: Well, you won’t approve their file until they meet any of these conditions that we set forth.
Michelle: So we already know that they have A. A.
Michelle: They’re
Michelle: They have a credit scored of less than 6 20
Michelle: anytime. A credit score is 6, 20, or less. This condition is required
Michelle: buyer to obtain signed dated letter from current landlord.
Michelle: Of course, if it’s a mortgage they have to show that their mortgage is current. We already know it’s not so they’re not going to be able to fulfill that condition.
Michelle: If
Michelle: on their credit score.
Michelle: Let’s see, I’m just gonna hit. Okay, because
Michelle: I
Michelle: so and then those populate. But
Michelle: I somehow lost my credit. I’ll show you a good way to find it.
Michelle: Any byte has the ability to store documents as well.
Michelle: Are you.
Dan Deppen: Better, now.
Michelle: So when Matt does.
Michelle: does the
Michelle: lone dog
Michelle: stuff? Well, if he shares documents from anybody else that’s invite.
Michelle: you can add it in. I don’t. Personally it would be something that would be a benefit. But if you go up to this little box here, store documents and click on it
Michelle: being
Michelle: like. So the credit report that we pulled out of Byte is right here.
Michelle: so just double click on it. It’ll reopen.
Dan Deppen: You could like, add all the original like application, info, and everything the borrower sent you, and all those photos so like it was all in one place.
Michelle: Exactly so honestly. That would probably be
Michelle: a beneficial thing to do. I think Max has probably explained numerous times that we’re not very tech, savvy, and.
Dan Deppen: Sure. Yeah.
Michelle: And and there’s also
Michelle: a way. So. And we used to do this, there is a link
Michelle: where the borrower could actually go into the link and fill out the application, invite
Michelle: and upload their documents and everything.
Michelle: and that if
Michelle: in a perfect scenario it would be excellent to do to implement, but the issue is
Michelle: somewhere I wanted. The issue is when they
Michelle: they were doing it.
Michelle: There’s no mandatory field, so they would not fill out a whole bunch of information, and then we would have to ask for it.
Michelle: and we’ve tried to work with Byte and see if they they could make fields mandatory that had to be filled out.
Dan Deppen: They told me.
Michelle: No. So unless there’s been changes to that. Another thing he consider is shopping other vendors in time. There’s about 15 los systems. Byte is one of the smallest. He could easily get a Los system and vetted ahead of time. That did all that for you.
Dan Deppen: There. There was one i i had a conversation with a a gentleman.
Dan Deppen: What was he? He’s like an attorney. He actually helped
Dan Deppen: create a lot of the
Dan Deppen: mortgage laws for Colorado, like like the Colorado
Dan Deppen: flavors of all of this.
Michelle: Yup!
Dan Deppen: And and you know he told me about a bunch of them, and and he pointed me this one called Lending Docs. That’s new. They’re almost like kind of in Beta.
Dan Deppen: But they’re taking on people for like 30 bucks a month, and we’ll grandfather them in. And it
Dan Deppen: it looked interesting. So that’s something I’ll look at down the road. But for me.
Dan Deppen: I’d rather like
Dan Deppen: you, you know.
Michelle: Sure, my main mission.
Dan Deppen: We’ll just be like getting my arms around everything right throughout the gate, like, I’ll just run everything like you guys have. And then, as I get deeper into it.
Michelle: Yes.
Dan Deppen: We’ll look at where I can make improvements. But yeah, I wouldn’t want to like Rip out the los and put a new one in on day one that would just be disruptive.
Michelle: Absolutely the other. The other thing to bear in mind is, I’m going to connect you with this guy I told you about that. We were turned on to. That
Michelle: is big into
Michelle: mortgage.
Michelle: AI
Michelle: his name is Russ, and we’ll connect you to him.
Michelle: And that guy was telling us that
Michelle: They’ve got mortgage AI systems that could automate the majority of all this stuff for you. So I think it has huge potential implications for how you would scale and automate your business.
Dan Deppen: Yeah, it seems like this whole process is just kind of begging for automation.
Michelle: Absolutely.
Dan Deppen: And and I suspect maybe the reason Byte won’t require fields is then people will get stuck, and if they can’t like like what it should do is
Dan Deppen: I don’t know how like it actually behaves for them, but
Dan Deppen: like you have your required fields. But you allow customers to in upload stuff incrementally. And then you send them reminders. Hey, we’re missing this, hey? We’re missing that, hey? We don’t have that right until they
Dan Deppen: and yeah.
Michelle: AI, you’ll actually have a a bot
Michelle: that would actually be sending those auto reminding emails out to
Michelle: the the various players. So you know right now the way we manually have to keep writing needs lists, and we have to keep manually doing all this
Michelle: through AI as it’s been explained to me. It can.
Dan Deppen: Perfect.
Michelle: So that all of those things are automatically done for you.
Dan Deppen: Yeah. Do. Do you use any of the reporting features
Dan Deppen: and bite? I assume they have them. But.
Michelle: No, we don’t and thank God, because it’s seller finance. And we’re not doing full loan originations. We’re not required to do any kind of reporting, so.
Dan Deppen: Oh, right? Yeah, I know. I know that I was thinking more along the lines of like.
Dan Deppen: it would be nice to have a dashboard view like within the Los, that just says, Okay, here’s the files. Here’s what we’re missing like, like, here’s where everyone is stuck. So you could just kind of go in and like 0 in on like, okay, this needs attention that needs attention. Yeah.
Michelle: Yeah, other people I’ve looked at who had more sophisticated systems. They’ve got investor portals. And so yeah, through the investor portal, it treats it like a Crm. Basically you
Michelle: your defaults, and until all the defaults are checked green, it continues to remind the transaction coordinator, the borrower, and the investor, like every day of this is still missing. This is still missing. So you’re exactly right, like particular file, but it would be automated so that it’s doing all that work for you without you having to do it.
Dan Deppen: Yeah. And then the investors in the loop, like, I don’t know. Do you?
Dan Deppen: Do you get like a lot of pains from investors like.
Michelle: Yes.
Dan Deppen: What’s going on? What’s going on? What’s going on? What is it? Yeah.
Michelle: In fact, worse. Here’s what happens a lot. And and it’s it’s again. It’s begging for somebody that can automate the system to take care of this.
Michelle: We have these situations where somebody brings us a file, and they say, Please keep all of the following people copied on every email. So it’s the seller or 2, sometimes 2 and 3 partners they all want to know. Then they have a transaction coordinator. Then there’s a buyer’s agent, and then there’s a seller’s agent. And they’re basically asking you, yeah, please keep all of us updated on the status of everything at all times. And it’s an absolute nightmare from our standpoint, trying to do that
Michelle: and so again
Michelle: through an investor portal with some AI technology. I I know it’s capable of having it all plumbed so that the system is doing all that for you.
Dan Deppen: Yeah. And and honestly, you don’t even need to use AI to do that.
Michelle: Okay.
Dan Deppen: Necessarily, yeah.
Michelle: We’re just ignorant of what the right approach is. We can see it in our mind’s eye. What needs to be done? We just don’t know how to get there.
Dan Deppen: I get it? Yeah. And and it’s 1 of those things, too, where some of this stuff, like
Dan Deppen: simple for me to say. But when you get into the nitty gritty of doing it, and like there’s a lot of friction like it’s. It’s also much easier said than done, even if you know how to do it. Yes.
Michelle: Yes, another thing I’m gonna do is I’m gonna hook you up with a guy that I had a a free consultation with. He develops chat bots.
Michelle: and he was showing me what could be done with a chat. Bot! Like to.
Dan Deppen: I mean.
Michelle: Website.
Dan Deppen: Yeah, I.
Michelle: And very cheap.
Dan Deppen: I I was
Dan Deppen: briefly
Dan Deppen: helping out
Dan Deppen: a hard money lender, and they were using
Dan Deppen: Oh, shoot! I forget the name of it now it. It was a little bit more of a sales type, chat, bot.
Dan Deppen: but they had, like all these routines that could run, and it was kind of cool, because you could log in and see a dashboard so like the AI would run all the chats.
Michelle: Yup!
Dan Deppen: You know, they would do like cold outreach.
Dan Deppen: And then it would kind of tell you like when when the AI like was like, okay, I need a person, or Hey, I’m confused.
Dan Deppen: you know. Then you could jump in, and it was kind of cool, because the conversations like it could start as like
Dan Deppen: the AI Chatbot’s doing it.
Dan Deppen: and then the human takes over for a while, and then and then the human can give it back to the AI like when it gets to a certain point.
Michelle: Here’s where the chat bot will save you a ton of pain.
Michelle: We get 2 or 3 notifications from the website daily with people just writing stuff like we’re interested in doing a deal. Can somebody show us how to get started?
Michelle: And then we have to take the time to read that. And then I have to write them back an email. And I have to forward them all the right documents. Or I have to call them on the phone, and the redundancy just kills us. And that guy showed me that with a chat bot
Michelle: it would answer all their questions for them right there.
Michelle: and it could even automate sending them the links to the application and the authorization. And it could give them an automated list of all the things that they need to send back
Michelle: without you ever even physically, writing or talking to that investor.
Michelle: It has. Houston.
Dan Deppen: That’s the ultimate step, like like the interim step. I’ll probably do. I forget what it’s called, but there’s
Dan Deppen: an application you can buy right lately. I I know you’ve been sending me a lot of those emails and thanks for doing that. So I’m gonna start like compiling my list. But you, you know, I’m guessing, like
Dan Deppen: most of those have can have like kind of canned responses depending on the question.
Dan Deppen: And so there, there’s this one app like, I can’t remember what it’s called. But
Dan Deppen: you can basically have hot keys, right? So you could have a snippet when you’re replying. And you do the hot key. And it’s like, Okay, this is where you tell them.
Michelle: Yup!
Dan Deppen: Where do I start? Or this is the answer to this, and so you can just reply, and you can go through and do hot key, hot key, Hotkey, and I’ll just fill in all the stuff. Yeah.
Dan Deppen: the chat.
Michelle: Had to wait.
Dan Deppen: Eventually teach the chat bot to do that.
Michelle: Yes, and and for, like $249. That guy I consulted with will build that entire thing for you. So anyway, I’ll connect you with that guy as well.
Dan Deppen: Yeah, that sounds great.
Michelle: Well,
Michelle: I know you wanted to finish up here. So I’m gonna just I’m gonna get out of this particular file. You always click the X up here while you’re in processing. I just click in processing or submitted
Michelle: and close it out.
Dan Deppen: Like auto saves, I assume.
Michelle: Yup. It does.
Dan Deppen: Those you know.
Michelle: So. What I did want to show you super quick.
Michelle: We did have.
Dan Deppen: Can go over a little bit, too, if we need to. That sort of thing.
Michelle: Okay, so I wanted to go 1st and show you super quick. There was a
Michelle: hey, Max, did you get rid of Michael Kearse’s email.
Michelle: Oh, I was. Gonna show him how to build up.
Michelle: How do we build it?
Dan Deppen: Should be archive, you could search for it.
Michelle: Yeah, well, yeah.
Michelle: you can still go back to the email and drop. Yeah.
Michelle: So
Michelle: whoop.
Michelle: okay. So this morning
Michelle: we got in
Michelle: this new So
Michelle: this person works for Lee. I’m sorry, Michael Kiers, so all of Michael Pierce’s files.
Michelle: we do not we? We only do an income review for him. So it’s a little bit different.
Michelle: Max does all of these. I build the file, but then he pretty much just reviews the income. It’s super quick and easy, and he will.
Michelle: He can work this and go over it with you.
Michelle: But I I just wanted to show you, because it’s basically how we build the files. So
Michelle: he sent in
Michelle: these documents today, see attached.
Michelle: So we would go in.
Michelle: I would download these new documents.
Dan Deppen: I’m not familiar with Michael. Curse Bill Kirs. Yeah.
Michelle: Okay.
Michelle: yeah, yeah, nice guy,
Michelle: so yeah, the application and
Michelle: statements are all in here. I just work out of a processing folder. So I just stick them in there
Michelle: where they’re all
Michelle: get rid of this, since
Michelle: I already put that in.
Michelle: So
Michelle: So this Christopher
Michelle: April Dean puts it in the subject line.
Michelle: So, Max, that he already built
Michelle: file
Michelle: so we would go down. We would put his their names in. It’s Michael cures.
Michelle: I always put this
Michelle: this lee
Michelle: in here.
Dan Deppen: Assistant, or whatever.
Michelle: Yeah, yep, that’s his assistant and and they. He likes to be included in the email correspondence, of course.
Michelle: So it’s Michael cares.
Michelle: The date is 9, 11. We got it. Max, invoice, Tim, the 9, 11,
Michelle: and remarks, basically is just ready when paid.
Michelle: So let’s see.
Dan Deppen: Like
Dan Deppen: you’ve already done the underwrite. You’re waiting for them to make the second payment or.
Michelle: Nope, Nope. So the we invoiced.
Michelle: So currently, we invoiced only this 1st initial 1 19 fee.
Michelle: so which we usually typically.
Dan Deppen: Invoice. Not. Cause. Okay.
Michelle: Yep. So Max invoiced it because we got got the information.
Michelle: We usually don’t invoice until we have the terms, and you know enough information to actually process. So the application and the income documents. And then we invoice.
Michelle: So
Michelle: he built the file. Those ones are 119, but they should be 200 pretty soon.
Michelle: I haven’t got to that point yet. But but so Max took all those email or the files out of that email, he added them in here.
Michelle: So we have this. The application here’s the OS form
Michelle: filled out application.
Michelle: This is another thing. Written applications. Of course there’s no copy and pasting. You gotta make sure you can read it. It’s a little bit. It’s a little more time consuming
Michelle: it is nice when they
Michelle: they send in ones that you can actually copy and paste out of.
Michelle: But anyway, so he built the the file.
Michelle: Now.
Michelle: he responded back to the email that
Michelle: receive. Thank you. One of these should be the term sheet.
Michelle: Start to get better. Yeah, I know.
Michelle: Oh, yeah, and it won’t be from Lee because it actually came from the website.
Michelle: So this, when some comes from the website, this is what looks like, new form
Michelle: ctu term sheet.
Michelle: So this is the term sheet. It came from Michael Kirs. The borrowers names are here.
Michelle: the lender company. This is what he’s using
Michelle: his phone number.
Michelle: borrowers, email addresses and their phone numbers. It’s going to be primary. And then the street address is right under that.
Michelle: Here’s all the terms.
Michelle: Now another thing.
Michelle: Freddie, who builds our website.
Michelle: He changed the term sheet for us, and we have found out a lot of investors. Go to put interest rate, it won’t take decimals.
Michelle: So
Michelle: there’s a few things that need to be.
Dan Deppen: Oh, like, so you can’t put like 9.9.
Michelle: Yep. So a lot of times they will come down here special notes for us. They will come down and tell us it’s actually 9.9. It won’t let me do that, or when they, if they send in a purchase agreement, I review the purchase agreement and make sure that the numbers
Michelle: are correct, and you you can tell if they put in. You know the
Michelle: the P. And I is 8, 99,
Michelle: and let’s say.
Michelle: we put in 10, and the P. And I is off. You know, this interest rate is is wrong.
Michelle: So yeah, that’s that’s something we need to have him correct and fix, because, yeah, that it’s it’s a little bit of a mess. But so this.
Dan Deppen: Text that that’s that’s a form on the website.
Michelle: It is
Michelle: Yup, and so we copy and paste this term sheet.
Michelle: Add that. And so yeah, here’s the terms right? Here.
Michelle: It’s just copied off of that and put in in the file.
Michelle: Now
Michelle: this is jumping forward just a little bit. Michael Kearse
Michelle: only ever
Michelle: uses us or income review. He does not go all the way through the underwriting.
Michelle: Max basically does very minimal work on his files, plugs, and stuff. Does the income calculation
Michelle: he doesn’t pull. He doesn’t pull credit, either. I don’t believe
Michelle: we charge him the same 1 19 fee. But Max does do income reviews for a few other people, and he charges him them 200. We just haven’t made that change with Michael Kirs yet, and didn’t want to do that right now.
Dan Deppen: He’s only paying the 1 19 just for the minimal.
Michelle: Yes, and and like, I said, though Max has does do income reviews first, st
Michelle: an off person here and there, and charges 200.
Michelle: So Michael, care should be changed to 200 for that, because he never ever finalizes and gets the underwriting done.
Dan Deppen: Why do people do that? Out of curiosity.
Michelle: We don’t really know why, and we’ve told him
Michelle: why they only do the Income Review.
Michelle: Well, I think just because
Michelle: they, like Michael cares just have no regard for dog Frank or Atr care less so. All he wants to know is specifically, how much money does the borrower have? Can they pay for his payment.
Michelle: and he’s not interested in paying for anything else. Yep, so, and we’ve told him numerous times so. And he’s aware that these are not Dodd, Frank, compliant. We’re not approving in any sort of way. And he knows that. And so, yeah.
Michelle: yeah, I can show. So so, for instance, he still continues to want to use us for only that.
Michelle: And so none of these have been certified. As being
Michelle: dodd-frank compliant.
Michelle: They’re very minimal. So yeah, here’s the the Income Review that Max did for this particular one. This is what he sends back. He
Michelle: he does the borrower’s name. Their PITI. He calculates income out for him.
Michelle: and then he shares
Michelle: his comments about the
Michelle: what he reviewed
Michelle: he sends this to Michael. That’s that’s done and done, and that’s
Michelle: that’s he’s happy with it.
Michelle: So.
Dan Deppen: Really weird that he would underwrite. I think that he would care about that one dimension and not care about the other dimensions.
Michelle: Yup, and we’ve we it. It took us quite a while to make, because at 1st we were working them as regular
Michelle: under rights. We were sending conditions out.
Michelle: his borrowers would work conditions, and then he would tell us, no, that we they don’t need to have conditions sent to him, and it took us quite a while before we realized what he really wanted. And we said, Well, that’s fine. We can.
Michelle: We can just do an income review for you tell you, if they make enough money.
Michelle: But but yeah, that’s basically it. So
Michelle: this particular one, Matt stated.
Michelle: These borrowers do not have the ability to meet Dodd-frank requirements based on lack of work or income history.
Dan Deppen: It sounds like he’s got some volume.
Michelle: Yep, he does. Actually, he’s probably
Michelle: the next
Michelle: most after Sherman.
Michelle: But we have. No, there’s no liability with doing his income reviews, because we’re not approving anything
Michelle: so.
Dan Deppen: Yeah, no, I get that. I’m just
Dan Deppen: yeah. It’ll be interesting. One of the things I’ll do, too, is, I’ll, you know, eventually get on the phone with all these people. So I’d like to understand, like how they do business and what they’re
Dan Deppen: processes are.
Michelle: Yup, yeah. And you know, if whether or not he’s putting these people in and they’re just renting
Michelle: and he he wants them reviewed to rent. But yeah, the.
Dan Deppen: Arilla is in Pennsylvania.
Michelle: Yes, yes, pretty much.
Michelle: almost.
Michelle: yeah. So anyways,
Michelle: basically.
Michelle: yeah, that with his.
Michelle: you just
Michelle: they’re very minimal files they have.
Michelle: Yeah, there, he doesn’t no credit review, nothing like that. So they’re just basically reviewing income. And like, I said,
Michelle: he never ever gets charged the second fee, because we never get to an approval point with him.
Michelle: And that’s that’s what he wants doesn’t make a lot of sense to me. But
Michelle: yeah, it is what it is, so.
Dan Deppen: This idea is.
Dan Deppen: as long as I got enough money to pay me, I don’t care what else they do as long as they get a big enough down payment I can foreclose if I need to.
Michelle: Yup, Yup, that’s that, possibly. Yeah. And and Michael Curse is a very smart man, Max said. He’s got like a higher higher degree.
Michelle: So he’s very knowledgeable and smart. It has nothing to do with. You know him.
Dan Deppen: Right now. I know there’s different ways to do it, and I think this will be interesting for me to get into talking to these people, because
Dan Deppen: I’ll learn a lot like you’ll get to kind of see how everybody does it.
Dan Deppen: you know, cause no 2 people do it the same way.
Michelle: Yeah, that’s true.
Dan Deppen: Yeah.
Michelle: Yep, we have. Do we have people that have very minimal
Michelle: costs on their les. Basically, they have our 744 fee on the le, and then the you know, taxes and insurance and
Michelle: escrow fee, and that’s it, and that’s all they want. Then we have other people. We send them out in La, and they’re like, Well, you don’t have all these fees, and then they send us.
Michelle: You know we have numerous fees that we.
Dan Deppen: Token.
Michelle: In fact, I can show you one that I just worked. How many?
Michelle: Oh, goodness!
Michelle: Such a hard time getting out of that!
Michelle: And
Michelle: pull up.
Michelle: This one, for instance.
Michelle: You can also like, invite. You can search for a name.
Michelle: or whatever and have
Michelle: have something pop up.
Michelle: you know, if you’re if you’re just trying to search for something, I keep mine.
Michelle: Alphabetical order.
Michelle: It’s just easier for me.
Dan Deppen: Well on the road when I get in here, you know I told you I did one deal with Sherman. I’m interested to go in and look at that one.
Michelle: Hello!
Dan Deppen: Well.
Michelle: Sure.
Michelle: So this Keith Campbell.
Michelle: this one we just I just worked last week, and this one has
Michelle: tons of fees in it, and I will show you just
Michelle: as an example, the loan estimate. Page 2.
Michelle: All of the fees that
Michelle: are plugged in.
Michelle: So when they they send you
Michelle: like a settlement cost fees, or or they have the fees they want, added. They tell you what they are, and then you basically
Michelle: plug them all in
Michelle: to match.
Michelle: So
Michelle: you know.
Dan Deppen: Yeah. And that doesn’t hurt my head, because some of that stuff is more like a traditional.
Michelle: Exactly.
Dan Deppen: Transaction, right? Like a lot of those fees are typical. That’s why they’re in the
Dan Deppen: yeah template.
Michelle: Yep, exactly. And so, yeah, but yeah.
Michelle: everybody. Everybody does things differently. So
Michelle: you can see, too. Up here, you know, once the le is sent out.
Michelle: This changes to green. If you’re in the middle of working it, it’ll be yellow before you actually send it.
Michelle: The CD needs to be sent, so it’s not green yet.
Dan Deppen: I mean once it’s sent, not just completed, but sent.
Michelle: Exactly. Now you see this one, for example, Hcm is green.
Michelle: Most of most of the files we work. They are green. It’s typically only key hold that is red, and we require that. Hcm course.
Michelle: does he.
Dan Deppen: What’s Pml mean? What’s the one that.
Michelle: Why, how?
Michelle: Max, yeah.
Michelle: Hpml, okay, so anything, 1.5% over current Apr is a high priced mortgage loan.
Michelle: So a lot of them are Hpmls.
Michelle: yeah, very. I’m guessing.
Dan Deppen: Like all seller finance ones. Are you guys don’t
Dan Deppen: have a list of like all the usury rates in all the States by chance. Do you.
Michelle: No, tells no, and we put that off on our investors that we do not check that that is up to them. We we monitor. Federal compliance, not State.
Dan Deppen: Right.
Michelle: So, yeah, yeah, no. Yeah. Those the state specific usury laws are are required for the lender to review. Because, yeah, Dodd, Frank doesn’t measure interest rate. They don’t have any prohibitions or limits on theirs is whether or not you can meet residual income.
Michelle: Can you? Did you hear, Max?
Dan Deppen: Yeah, that sense. I might look into that just to like
Dan Deppen: flag people cause they may like
Dan Deppen: not know what they are, you know it’s their responsibility, but it might like.
Michelle: Yeah. Yeah. And we had a prior term sheet we used to send out. And we did have that
Michelle: that that term sheet. It did
Michelle: have some verbiage.
Dan Deppen: One of the other things I need to think through is
Dan Deppen: This would be a down the road thing, but I do want to help people
Dan Deppen: resell the loans, if that’s their intent.
Dan Deppen: You know, she’d almost wanna like.
Dan Deppen: somehow, out of this process, also, like generate like a
Dan Deppen: like a due diligence package. So somebody wants to buy the loan they’re like. Here’s all the stuff, you know.
Michelle: Huh?
Michelle: Yeah. And yeah, and this, this was a
Michelle: on the previous term sheet we used to use before we
Michelle: put on a term sheet on our
Michelle: website. But it basically says that it
Michelle: our service limits to the note being federally compliant, not state. We’re all required Dodd-frank
Michelle: ability to repay standards. So we don’t. We do not specialize in specific note origination laws in each State as the note originator in your State. You will need to consult
Michelle: with an attorney and ensure you’re in compliance with your State’s usury laws and any other applicable laws relating to your business activities.
Michelle: So
Michelle: that was on
Michelle: on here when we
Michelle: before we put it onto the website. And yeah, that probably would be a
Michelle: a good note to add on there as well.
Dan Deppen: Yeah.
Michelle: So we we tried doing the full on origination with a
Michelle: an affiliate at one time.
Michelle: But it just it. It just wasn’t a smooth process.
Michelle: and the particular guy that we were working with that told us he could do it. In all states it just. It was just one problem after another after another. And so.
Dan Deppen: It was like an affiliate with like a licensed, or Mlo, where they could do the full.
Michelle: Yes.
Dan Deppen: Yeah, well, yeah, I mean, it’s tricky, because
Dan Deppen: the licensing is different in every state. So like that would actually require somebody
Dan Deppen: to get the licensing everywhere, which is.
Dan Deppen: which would be kind of brutal.
Michelle: Exactly, and.
Dan Deppen: Yeah.
Michelle: And you know Max got his license in Texas, Texas was one of the easier States.
Michelle: There are some States that actually require your require you to work under someone else, and actually, physically go into a building.
Michelle: So there’s there’s lots of yeah. There’s lots of states that are have different different mandates and and requirements for
Michelle: for being an armlo in their state.
Dan Deppen: You know.
Dan Deppen: Yeah, that that is something I’m gonna look at, too, or at least like, look if it’s possible to get it in
Dan Deppen: like the the key States.
Dan Deppen: So like one of the things I’ll do later is I’ll go in and look at like the history of all the ones that have been done, and see, like the map, the heat map of Like, where they all are.
Michelle: Sure. Yeah. And majority is Texas. Arizona.
Dan Deppen: House.
Michelle: yeah, those are the 2 really big ones.
Dan Deppen: Did you see a lot of Florida.
Michelle: Yeah, we mostly Florida, I want to say.
Michelle: would be mobile homes. It seems like with Sherman.
Michelle: the the issue with
Michelle: when he sends us one from Florida, though, typically the lot rent is like a thousand dollars a month.
Michelle: And
Michelle: it’s it’s way more even than a PITI. So
Michelle: yeah, it’s just don’t see a lot of actual homes in Florida. It’s usually like with mobile homes.
Dan Deppen: Analysis. I’ll probably have to filter it like with and without. Sherman.
Michelle: Exactly. Yeah. Yeah. Sherman.
Michelle: yeah. South Carolina and Florida, I want to say, or
Michelle: probably a lot of his.
Michelle: Or maybe North Carolina, one of the Carolinas.
Michelle: So
Michelle: well.
Dan Deppen: Cool. So so when when did you want to pick it up again?
Michelle: You know I
Michelle: that is, I’ll leave that up to you.
Dan Deppen: Let’s let me look at why.
Michelle: I know I know. Next Monday
Michelle: I will not be able to do anything. Next Monday.
Michelle: We’re actually going to be
Michelle: out of town to go sign on that other business.
Dan Deppen: Yeah. How’s that going.
Michelle: Good. We just signed
Michelle: papers yesterday on that one at the bank. So.
Michelle: yeah, yeah, just lots of
Michelle: lots of learning curves and teaching curves. And yeah, just everything all at once. So crazy.
Dan Deppen: That reminds me, I gotta follow up with that attorney today, cause they said they would have a draft of our agreement like middle of this week.
Michelle: Okay.
Dan Deppen: So need to make sure we get that. And
Dan Deppen: yeah, thankfully, my bank account didn’t get nuked this morning and chase
Dan Deppen: open it so.
Dan Deppen: and you guys use intuit payments.
Michelle: We do? Yep, we do. So I could show you that real quick, basically what it looks like.
Dan Deppen: Yes, I started to look at this the other day, and I was a little confused by their website of like exactly what I needed. So this is good
Dan Deppen: cause I was gonna start getting some of that stuff set up.
Michelle: Yep, so
Michelle: When we go into into it.
Michelle: so are you familiar with it at all?
Dan Deppen: I mean, I’m familiar with quick books online, but not so much like the accepting payments.
Michelle: Okay, so we used to use square. That’s what Russ always used. So that’s what we use.
Michelle: We switched over into it probably last October. I want to say.
Michelle: We basically. So if you go
Michelle: here, you would create your invoice.
Michelle: And we have all kinds of customers listed, though, for instance,
Michelle: I type in Sherman.
Michelle: His name auto populates
Michelle: his email, all of that.
Michelle: If
Michelle: somebody you don’t have you just click, add new.
Michelle: You’d go in and
Michelle: you’d put their company name
Michelle: and then their email address
Michelle: their 1st name, last name.
Michelle: Oh, goodness! What is going on? But yeah, their email, any information you want on their phone number whatever hit save.
Michelle: And then
Michelle: their information would be loaded.
Michelle: We have auto populated some of the things to make it easier, so that when payments come in it it grabs them. It knows what payments they are. So we have our closing dock, fee
Michelle: our final under 8 and our processing
Dan Deppen: And then that just auto populates.
Michelle: So like that one for Michael Keir’s income review.
Michelle: So let’s say we’re doing a processing fee.
Michelle: So it pops up.
Michelle: We’d go
Michelle: go down. Click, the service date would be today.
Michelle: We have either hours or services. It’s always we.
Michelle: It’s always a service. We click type in the description. Loan processing fee, for let’s say Smith, property is 2 0 1
Michelle: 40th street, and then tab over and do. The rate is the 1 19, it auto populates. And then you do review and send
Michelle: it’s gonna give me errors because I don’t have everything filled out for customer
Michelle: but basically, that’s it. It sends straight to that person’s
Dan Deppen: Oh, and then and then I gotta go a little bit. One other thing I just thought of, too. I don’t need it like right this minute. But
Dan Deppen: like like, I know, like Sherman has special pricing. And there were the reviews. Could you guys just like compile a list of like
Dan Deppen: any customers, and any special pricing that.
Michelle: Sure.
Dan Deppen: That exists. Just so. I I know.
Michelle: Yup, yeah, there’s it. There’s not a lot of difference right now. Yeah.
Michelle: well, any just income reviews are
Michelle: yeah, 200.
Michelle: We didn’t like. I said. Michael. Kirs is the only exception to that, and that’s just because we were we. He, Max, was going to change it to 200, but we knew we didn’t want to do that transition in between
Michelle: selling it. So we figured we’d just wait until you took over and then change it.
Dan Deppen: Cents. Yeah, just a simple list. And maybe it’s only like 5 or 6 things like, here’s the standard pricing. And here’s the one or 2
Dan Deppen: special ones. And yeah, my plan with that, at least like day, one like, I’ll just kind of leave everything as is but.
Michelle: Yeah.
Dan Deppen: I’ll be looking to raise
Dan Deppen: price on some of the stuff.
Michelle: Sure. Yeah. And so in quick books, too, you know, it’ll show you right here we have actually 9 customers.
Michelle: With 49, 19 that are. This is only when it’s 30 days or more late. So
Dan Deppen: What are your terms like when you send.
Michelle: You know which
Michelle: they are so quickbooks automatically
Michelle: calculates them to. Here. I’ll pull up the sales, so if we go to invoices
Michelle: you can see a lot of these are loan Doc fees, and they’re not actually sent out. Max just saves them. So we wait for a check to come in the mail typically from title after they.
Dan Deppen: Oh!
Michelle: Close.
Michelle: So a lot of these are are outstanding. I just talked
Michelle: with both of these 2.
Michelle: yesterday. A check should be coming out, but like
Michelle: my heads up, this particular one.
Dan Deppen: Huh!
Michelle: He’s not gonna pay us we? I might as well just take these out of here.
Michelle: We just had.
Dan Deppen: Worry on him.
Michelle: He is somebody that used to send
Michelle: files to Keyhole for Sherman. That’s how we met him.
Michelle: And then he went out on his own when Sherman wasn’t having, was having some funding issues.
Michelle: and
Michelle: he now has some borrowers that, and he actually took earnest money. Sherman doesn’t take any earnest money. But he he actually kind of just went mia. And so if you get anything from, and I’ll put this in an email from this particular Bernard Mower. Hope realty. Don’t work with him.
Dan Deppen: Okay.
Michelle: So I I will.
Dan Deppen: No, I’ve in in my
Dan Deppen: my note training course. I actually have, like a video there on like bad actors and stuff more on the investment side. Not this. But yeah, I’ll
Dan Deppen: I’ll probably compile a list.
Michelle: Sure. Okay, yeah. And then
Michelle: so they’re until they are 30 days late. Well, maybe it’s more than that, because this one’s 27
Michelle: then they mark up as that
Michelle: But if they’re
Michelle: like this one says it’s due in 8 days. So I invoiced it on 8 20.
Michelle: So when they hit get to about 30 days late. Then they’re overdue.
Michelle: but you can see. I mean, we got.
Dan Deppen: I mean, I’ve always kind of like, like I have certain vendors that use intuit for invoices like. So till and Burley, my one main attorney.
Dan Deppen: Does that. And and it’s just kind of nice, because I’ve got my intuit account linked.
Dan Deppen: you know, to my bank and credit card. And so they email me an invoice. I click on it.
Dan Deppen: and then I go in, and then you just hit sign in and then you pay it. And then like it’s done.
Michelle: Yup!
Dan Deppen: It’s like super simple.
Michelle: Yeah, and so, yeah, this, of course, it categorizes, you know. All the the income that comes in
Michelle: sometimes.
Michelle: Sometimes. Well, like, when we 1st started before we put in the
Michelle: the loan, processing the
Michelle: complete underwrite all those things.
Michelle: You would get money coming in. But you would have to go in here to categorize. So you can see it, says one to review
Michelle: it actually would make you go in and figure out who it was that paid you, and that was pretty much a pain.
Michelle: So now, intuit kind of
Michelle: figures it out themselves.
Michelle: and and you’re not going in every single day and trying to categorize this income or this
Michelle: this
Michelle: asset that you just received went to this particular sale.
Michelle: It it just does it itself.
Michelle: So.
Dan Deppen: Okay, cool. And then
Dan Deppen: did you?
Dan Deppen: Did you want to try to do this? Maybe like Friday morning
Dan Deppen: again.
Michelle: Today’s
Michelle: Tuesday’s. Today’s Wednesday.
Dan Deppen: Day.
Michelle: Okay. Sure.
Dan Deppen: Tomorrow, too. I don’t know. Maybe easier just to like. Take a day off in the middle and.
Michelle: Yeah, it’s up to you. It might be good to if tomorrow, if we got on. If another file came in to start from finish, build it.
Michelle: put it in, invoice it. Show you that whole thing.
Dan Deppen: Do you want to do it? Tomorrow at at 9 again.
Michelle: Yeah, we could do that. And then, if there’s anything in there 1st thing in the morning, I had told Max to save that one for me so I could show you. But he forgot so hopefully. Yeah, there will be something like that tomorrow. And then we could
Michelle: go in hopefully. There’s something to do. Start from finish. Put it all in byte and work it from there, and just show you the entire
Michelle: you know. Start to finish.
Dan Deppen: Sounds good.
Dan Deppen: And and then what’s your schedule like next week? She said, you guys were were traveling to do the other transaction. Are you guys basically like out of pocket next week or.
Michelle: Monday, for sure. But
Michelle: honestly let me look at my
Michelle: my personal calendar.
Michelle: hold on one sec.
Dan Deppen: Actually give me a second. I’m gonna step away for somebody.
Michelle: Okay.
Michelle: right?
Michelle: We just love it.
Michelle: What?
Michelle: Only day I won’t be around.
Michelle: I am on Monday. I’ll be out of town.
Dan Deppen: Yeah. I’m back.
Michelle: Okay, no problem. It looks like Monday is my only day. I have something going on next week. So.
Dan Deppen: Hey? That sounds good. Well, let’s meet up tomorrow. I’ll send another meeting invite, and then we can kind of go from there and then
Dan Deppen: depending on when I get back
Dan Deppen: from the attorney, and when, like, we can start to 0 in on a on a updated closed date.
Dan Deppen: then 2.
Michelle: Sounds great. Yeah, and I’ll try to
Michelle: between the time we meet tomorrow I’ll try to send you an email with a few, you know, kind of
Michelle: clarifying things with certain bar or certain lenders and any other documents. I think you might want
Michelle: anything like that. So I’ll try to send to you.
Dan Deppen: That sounds great. Okay? Awesome. Well, thank you.
Michelle: You’re welcome.
Dan Deppen: Alright! Talk to you tomorrow.
Michelle: Your day.
Dan Deppen: Yeah.
Michelle: Bye.
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FILE: 2-1__Find_Note_Sellers_Now_101.txt
So how do we find note sellers? This is the number one question I get when I look at the content I’ve put out either in my newsletter or on my YouTube channel. Anything regarding where to find note sellers. Um, the, the engagement there is just like through the roof compared to any other subject. So if you bought this course, this is probably, I’m willing to bet one of the main things you’re looking to find out.
So let’s get into it. Um, know that after this module. You’ll have access to all the inventory you need. So I’ll show you where to find all kind of the, the sites that are easy to get to can get to you right away. And then I’ll also show you how to prospect to uncover new sources that I might not know about.
But I kind of wanna start by understanding the note ecosystem and where notes come from. So one of the places they come from, obviously, are banks. When people first get into notes, the first thing they want to do is call banks because. Banks originate notes. That totally makes sense. But they come to from a lot of other places as well.
They come from, uh, non QM lenders. They come from what I call special lenders. There were a lot of companies around the time of the financial crisis that bought a bunch of eos from Fannie and then created land contracts and mortgages from those that are now on the market. So all these other specialty lenders and originators.
Um, that are the so ultimate source of a lot of these notes. The biggest one, or one of the biggest ones too, is seller finance. And this is one of the biggest sources of notes that you can find to buy from. Uh, from what I understand, this is actually a $30 billion a year industry that was actually way bigger than I realized.
So there are lots of notes out there. Banks are one source. They’re not the only one, but I wanna talk about them first because this is the thing that everybody. Kind of anchors on. So if you look at what happens with bank notes and where they come from. So when banks originate them, they’re generally often packaging these up.
And they might land in big hedge funds, they might land in small hedge funds, they can land in REITs, they can land in mortgage backed securities, all sorts of different places. These are usually pretty big players. And in this world of loan trading. A $10 million mortgage trade is considered small in there in this world.
So that’s why banks rarely sell to individuals. I do know people who have bought from banks. I got really close to doing it one time and then the bank kind of pulled the rug out from under me ’cause they worked at a deal with the borrower right before they were about to sell it to me, and it would’ve been a home run deal had I gotten it.
But it’s really, really hard for individuals to buy from banks. If you are gonna do it, it’s gonna tend to be. A smaller bank, probably a regional one, preferably one you already have a relationship with. It’s probably gonna be some one-off deal where they have some asset with some hair on it that they’re just looking to get rid of.
Um, it is kind of the holy grail of note investing though. If you can pull this off, it’s a great feat. Um, again, this is where everyone wants to start with. This is actually probably the last place. You should look. Again, I’m not saying it’s impossible. I know people who have done it. I came really, really close one time, but don’t focus on this.
You might wanna focus on this down the road a little bit, but for now, let’s not worry about the banks, right? So much. Um, so if you are buying from the banks, right? So like I said, in this world, like a $10 million trade is small. Probably need at least a few million dollars. Um, for them to be interested in you as a buyer.
If you’re a one-off buyer, you’re like, Hey, I wanna buy a $30,000 note from my IRA man, that’s gonna be tough. Um, and when they do sell one-offs, it’s usually gonna be some kind of distressed asset, some special situation that’s making it difficult for them to dispose of otherwise. Um, the one that I was looking at from a bank, there was a situation from a borrower where.
Just given this borrower status, they thought it would look bad if they did it, you know? So sometimes people will sell for those reasons, whereas I’m a small individual, I’m not gonna make the newspaper. And you know, it was one that needed to be foreclosed on, so I didn’t mind. But buying from banks is kind of tough.
So where do we go? Right? So at the end of the day, when it comes to the world of monitoring, there are only so many sellers that will sell to an individual. It’s a pretty small number. So there are some smaller funds. Out there, there are some reputable brokers who manage sales for some of these smaller funds and also some other medium sized funds as well.
Um, a lot of times you can buy notes just from other individuals. That’s where I get a lot of mine. It might be through relationships you have directly, or it could be when these individuals just list on a platform like Paper Stack or something like that. Um, you can also go to people who are. Originating seller finance notes.
These are people who might have res or they’ve done rehabs and their exit plan is to originate a note and then sell the note off to you. So let’s get into what some of these sources actually are. Now, if we look at the history of no buying sources, it’s really interesting. So I spent a lot of time digging through county websites, looking where some of the well known and not so well known.
No buyers have bought over the years and it’s pretty funny ’cause you kind of see this timeline. So from, I don’t know, maybe like 2014 to 2016, everybody was buying from Condor Capital. You can actually still buy from Condor Capital, but I don’t recommend it because it always too expensive. Um, and then it kind of flipped to Harvard Portfolio, where Harvard Portfolio.
Um, much like window rock and home opportunity here, bought a ton of res from Vannie and Freddie around the time of the financial crisis, put borrowers into them on land contracts and over time sold those land contracts off. So during I’d say maybe the 16, 17, up through the beginning of 19, 2019 time period, everybody was by Harbor and then it kind of flipped to Window Rock, which is really the same as home opportunity.
Um, they wound that down. I guess. What is it? Maybe like early 2000, maybe late 2019. And then lately I’m seen a little bit more, uh, US Mortgage Resolution, uh, Rob Pha helps ’em sell their stuff. So my point here is when you look down through this, like everybody’s buying from the same sources, and this is really funny ’cause you know, you talk to people at conferences and stuff, everybody loves to allude to their secret sources.
But when you go in the county records and look at what people are actually buying. Um, a lot of it matters to the same places, right? So don’t get that, like, fear of missing out when people are like alluding to have all these awesome sources and whatnot. ’cause they, they might, uh, but they probably don’t.
So, you know, where do, do people get them beyond these sort of traditional sources? Well, I mean, like I said, individuals is where I like to buy them. Build a network of investors and then. Be, develop a reputation as a reputable buyer, and then people will let you know when they have stuff for sale. Um, also like smaller funds, especially when they’re about to shut down.
Um, we’ve got these brokers and then online exchanges, which tend to come and go. Paper Stack, in my opinion, is kind of the big dog right now. Um, no Trade X is getting bigger and actually just relatively recently, FCI Exchange was always the big exchange. And then they. They kind of screwed up their business.
They changed the name of it without really communicating it well. And then, uh, in, was it late 2020, early 21, uh, they shut that down. And there are some other teeny tiny exchanges out there as well. But I’m gonna start by talking about Paper Stack. This is kind of my opinion. Um, sort of the big dog. Uh, I really like their process for buying and selling notes when we get in.
A little bit later when we start talking about the actual closing process. I’ll explain how this process works at Paper Stack versus some other places. But at the end of the day, what I like about it is the escrow funds. They have an auditor, um, and it’s pretty good. Now on here, sellers tend to ask for really high prices, and when I list stuff for sale buyers like to low ball.
So a lot of times there’s stuff on there that doesn’t necessarily trade. Um, but I like the people, I like the platform. Um, and it’s something that I seem to be using increasingly as time goes by. Uh, some of the other note exchanges. And again, there’ll be handout with the course, which I will update periodically.
So always download the handout, um, to get the latest ’cause by the time you watch, this is possible, some of these places have come and gone, or there might be new ones that have popped up. But, uh, there are things like loan MLS, uh, note Tradex, which I bought from before. Watermark Exchange. That’s er, who I bought from before.
Um, note Trader Exchange, which I don’t actually have, um, a lot of experience with. And like I said, new ones kind of popping up all the time. The other big, um, kind of easy to grab source is note Direct. So this is Run, this is from Colonial Funding, which is run by Bob Repa, and they’re affiliated with, uh, 80 Speed.
And note school, but even if you’re not part of Note School, you can buy directly from them. Now with these guys, one of the things I like about them is, you know, the quality of their assets is usually pretty good. Bob Repa is not gonna sell you something with a fatal title flaw or sell you something with a trashed property if, if you at all knows about it.
So it’s good from that standpoint. So you don’t have to be, you know, they’re not gonna try to hose you like some sellers. Absolutely will. Um, the rub is the pricing is pretty high. So it’s kind of like if you’re buying some stuff maybe for your self-directed IRA, you just kind of care about the quality.
You’re not necessarily concerned about maximizing the return. Um, that can be okay. So there’s some good aspects of this, but the pricing in my opinion is, is definitely on the high side. Now, direct source, RE, this is a broker. This is actually, his name is John Keith. Um, but if you go here, you can sign up for his list.
Um, he hasn’t been as active. Uh, since 2020, but when Harbor was selling their stuff off and, and, um, window Rock was selling theirs, John Keith was the one, um, dispensing of most of those assets. So if you get on his email list, he will send you stuff on a regular basis. And that’s, you know, one of the good sources.
I bought maybe most of my stuff through. Um, another good one is SN trading, or which is part of SNSC, the loan servicer, but they have a trading wing and that’s run by a guy named Dave Polio. Um, a lot of sometimes funds, a lot of times individuals send loans to Dave and then he’ll email his list with them.
Um, this is another pretty good source and probably the most steady, um, source of no inventory. One of the good things about Dave is if you. Make an offer and it’s not accepted, and you ask him what it’s sold for, he’ll tell you, which is kind of nice. Um, but yeah, that’s one of the other kind of key sources.
And one of my favorite things to do is just to buy directly from other individuals. So I do this all the time. So what happens is, right, an investor has no, and you know, a lot of the people who are investing in notes, right? They’re investing in other sorts of real estate. They’re hustling, they’re doing this, they’re doing that.
And a lot of times they want to free up cash for some new deal, or a lot of times they’re using outside money like I do and their partner wants to do, some other dealer wants to free up the cash. And so they’re selling for that reason. Um, and I’ve got a pool of people who know me as a trusted buyer.
They kind of know my criteria. They know my pricing is reasonable and that if it’s something that fits my model and we agree on price and there are no major issues. I’m gonna close. I’m gonna close fairly quickly. I’m gonna do it. Reliably. So a lot of times I end up seeing inventory, uh, before it hits the street, which is kind of cool when you get into that position.
It takes a little time to build that up. But, uh, once you get a couple deals under your belt, you’ll be able to start, start doing that. Um, and it’s really important to let sellers know what it is you’re looking for. Right. So we’re, we’re gonna talk about setting up our filters and applying criteria, but let them know what you’re looking for.
Performing, non-performing in other specific states, or there are other criteria? ’cause if people know what you’re looking for, for one, it indicates your credibility. Like you’ve thought things through and then they know what to send you, right? That nobody’s gonna wanna just send you like everything that comes across their desk.
But you know, if they know that, hey, Dan buys this and that, and then they get that or they see it, then they need to reach out and let me know and they know I’ll be able to move on it. You also wanna let sellers know how much capital you’re looking to deploy. Um, and when you’re looking right, so a lot of times it’s is seasonal where you have money that you need to deploy, you know that it, this is all very cyclical kind of.
So when you are actively looking, let your network know. Let your, uh, potential sellers know. Let ’em know that you’re looking and what you’re looking for, and then it sets them up, um, to help you and send you inventory. Okay? So your homework assignment is to go create an. Account on Paper Stack. I want you to also go and create an account on notes, direct sign up with John Keith, the direct source re and Dave Polio at SN training, and then download the seller’s list.
So there’s, there’s more comprehensive list, um, in the download, but it’s really important that you get set up on these now because that’s where they’re gonna give you access to tapes. We’re gonna work on building your business model and your filtering process. So you’re gonna want access to those tapes.
You can start testing out. Your process on those now. So that’s how you can get a bunch of known sources and that’s gonna be, you know, 90 some percent of what you need. Just with those sources I showed you. That should keep you very busy for a long time. However, if you wanna uncover other folks you might not be aware of, you wanna search through the county records.
I found this to be the best way to find stuff. Um, and in the county records you can get. All kinds of stuff. So you can get property detail reports. In some cases. You can pull tax records, you can pull copies of assignments. Um, and by doing these things you can tell who owns what properties and mortgages, where they bought them from, who they’re selling to.
And that’s where you can put together that map of, of the market. When I spent a lot of time doing this, that was interesting how, you know, in the years past you saw the condor face, the harbor face, the window rock face. You know, it’s kind of incredible. At the end of the day, there aren’t that many sources, but I have found some gems you can find, um, you know, in some cases, depending on how the property’s listed, people buying in an IRA, and then you can go approach ’em and find these kind of one off deals that are completely off the grid.
So we pull property reports, so we wanna go to Netter online, NETR. Online, uh, it’s not Netra or Neter, uh, but if you go to a property data store, you can create an account. You gotta put some money on that. These property detail reports are not free. I forget what they cost. I think it’s only like $2 or something.
It’s pretty cheap. Um, but you can get a lot of good property data for pretty cheap right there. Now, I also like to go through and look at the tax records and pull up deeds and pull up assignments. And so what you’re gonna wanna do for tax records is go to the treasurer’s websites. When you’re on netter online, you’re gonna navigate to the count, you’re gonna pick the state, you’re gonna navigate to the county.
And then it’ll have a bunch of county websites. The treasurer’s gonna have the tax records. Um, and then they will, uh, and then you, I got this, my bullet backwards. Sorry about that. Uh, the recorder is gonna have your assignments and deeds and now different counties. Use different names. So that can get a little bit tricky sometimes.
Uh, but you can find everything you need in there. And again, the name of the game is we’re looking at, you wanna start looking up entities you know of or maybe addresses from a tape, see who owns it, and then start doing searches on that owner to see where they bought it from. Follow the chain of assignments or look, um, at where other transactions that party may have done to see where they’re selling to.
Um, and not all of these records are accessible. So sometimes they’re by subscription only. Sometimes they just don’t have the data available at all. Um, so depending on what county you’re looking in, you may or may not be able to get it. If you’re in Michigan, a lot of the times you gotta pay $2 to pull the tax records.
It’s kind of annoying. Um, so it varies. So you’re not always gonna get the data you want. Sometimes you gotta wait to pull the OE report to get more information. Finding assignments. So to find an assignment can be a little bit tricky. And again, this kind of varies county by county. Um, a lot of times you gotta find the parcel number, which you can usually find in the tax records or pulling on one of the, um, sometimes people give it to you on the tape, you can find it in other places.
Um, you might need to pull the tax records though to get this. Um, and what’s really cool is some counties, when you’re searching through the tax tax records, you can search by the entity name. So if you’re looking at. Contract for deeds. Then the CFD owner’s gonna be on title and their name’s gonna be on the tax records.
And so you can do searches by the conveyor, the Convey, or both. That basically means like who the buyer was, who to sell it was. Um, and one of the good counties to check is Hamilton County and Ohio. Just because they give you access to all the data and the search function is really easy to use. Some of these, the data’s technically there, but man, it’s a pain.
To get to. So if you wanna do a test search, you can search for Fusion notes and see what stuff I bought in that county, um, or better yet, do a search for Harbor Portfolio and start following where these things have gone. So, particularly good counties to search. So I already mentioned Hamilton, Ohio, um, Bexar, Texas, Wayne, Michigan, Escambia, Florida, that’s Pensacola, Marion, Indiana.
These are some of the ones where. The data is readily available and easy to search. They’re also decently sized populated counties, so if any, you know, fairly active note investor has probably touched on at least one of these counties. So it’s a good way to find people’s stuff. Now, what can we expect when we’re out there trying to find sources, looking for notes?
Um. And one of the things you’ll find when you talk to people at conferences or whatever, they’re like, oh yeah, I got my secret off the grid sources, man, do you have yours? Oh, you don’t. Oh, you’re, you’re, you’re buying on paper stock. Oh man, yeah. I got all these cool sources over here and some of those same people when I looked up their stuff, I got their entity names.
You see Condor and Harbor all over the freaking place. So people are gonna say that it may or may not be true. Don’t, um, get caught up in some kind of fear of missing out. ’cause most of the people are full of crap when they say this. Now when you start approaching sellers, right, a lot of times if you’re brand new to notes, they’re gonna be kind of standoffish.
So do not take this personally. I kind of did when I started. I found this really weird, right? I mean, if you think about it in any other aspect of life, if somebody’s selling something and you’re interested in buying it and you have money, there’s not really a problem. You might be discussing price, but the fact, you know, usually the person’s willing to sell.
Um, note training is a little different, right? And, and the reason is, and I didn’t really understand this until I started selling notes, is so many note buyers, especially brand new ones, are just insanely flaky and they’re time wasters. So when you show up and they don’t know you and they just know that you’re new, they don’t know that you’re someone who’s for real that’s gone through this course and is actually serious about buying notes and someone who’s just kind of a bozo who’s gonna waste their time.
So don’t take it personally. I just kind of expect that, I’m just giving you kind of a friendly heads up on that. Now, a lot of note sellers are bad actors, right? I mean, some of these people are fantastic to work with, some of them not so great. Um, so one of the types of bad note sellers you went into are the people who don’t actually own notes.
They’ll get ahold of a tape and then send it out, pretend it’s theirs, and try to broker it and play middleman. People refer to these as joker brokers. Um, these deals never worked out because what they’re trying to do is negotiate a price with you and then go back to the seller and negotiate a lower price and collect a spread and make everything happen.
And then sometimes you even get there. But there are multiple Joker brokers in the Daisy chain, right? So it’s like Joker Broker gets a tape from a seller, pretends it’s his, another Joker broker ceases tape. They make a deal that Judge Joker broker tries to find another buyer, and, and these things never work out.
Um, it’s a nightmare. So that’s why y you know, you, you wanna make sure you understand that you’re dealing with the actual seller, or if it’s a broker, it’s a reputable broker that John Hughes or Dave Polio or someone like that. The other type of bad seller you can run into are a lot of people will try to sell you loans with known flaws, fatal flaws in a lot of cases.
So I’m talking. Gnarly title issues that may or may not be able to work, worked out. Properties are in poor condition or they’re trashed. I’ve not had this happen, but I know other people who have, uh, made an agreement to buy a loan, got eyes on the property and found out the property wasn’t, the house wasn’t even there.
It was demolished. There was just a lot, and you know, people will do this with ligament taxes. People will try to sell loans that have been lost in tax sale. People will try to sell loans. That are passed to statute of limitations and cannot be foreclosed on all sorts of things. So that’s why when we get into our due diligence process, that is super, super, super critical.
We have a really solid dialed in thorough due diligence process to, to weed these people out. Um, the other thing they’ll do too is sometimes it’s not quite so egregious as trying to sell you a bad loan or an, or a. You know, an unenforceable loan, but sometimes they don’t provide you all the information.
Sometimes they make you go back and ask for things. You gotta ask for the servicing notes, or you ask for something legit. They go, oh, do you really need that? Or their communication is bad. You know, you ask ’em some questions and they answer one and they don’t answer all of ’em, or they take a long time to respond.
Um, the other big thing is a lot of ’em will pressure you to go fast, especially when you’re new. And to kind of look past issues. If you find something, go, no, no, no. That’s not an issue. I had one recently contract for deed, found out there’s a $3,300 water bill and that water bill is tied and the contract for deed, if I buy that note, I’m on the deed.
I’m on the hook for the water bill if I buy that thing. So I went back to the seller and so this isn’t gonna work. Um, and they said, oh, no, no, no, no, no, no. You’re not on the hook for the water. Build a borrowers, you don’t have to worry about it. Well, that’s not true. I knew that wasn’t true. And I called back the city just to, I said, Hey, I’ll double check it.
And the city said, yes, you absolutely would be on the hook. And oh by the way, that water bill’s not 3,300 like it was last week. Now it’s 3,800. So, you know, be careful with that. And also, you know, don’t let them try to pressure into going too fast. I think you do want to go fast to be a good counterparty, but it’s still probably gonna take you two weeks or so.
Uh, sometimes I can go faster, but it’s legit to take two weeks from when the offer gets accepted to get your OE and BPO and all your final due diligence done. Um, I’ve had people try to get me to close in like two days, which isn’t even possible because you can’t even get the OE report by then. And those are big red flags in the seller, but they try to push you into stupid stuff.
The other one that, that I’ve run into and, and, um, from, from one guy in particular, Daniel Rosario from r and r, I’ll call him out. I don’t mind. Um, there were two times I tried to buy notes from him. I’ve never closed a deal with him and, ’cause I found problems with the assets both times. And both times he was pressuring me to go fast and said, oh, well, you know, I’ve already got another buyer and he offered more so I can just sell it to him.
If you don’t want this, you know, you know, this is, this is, you’re gonna miss out. And the first time he did, he did this. I was like, okay, fine. Sell it to him. And then he goes, no, no, no, no, no, no. I wanna sell it to you. And then like a year later I was gonna do another deal with him and he did the same damn thing because, oh, well, you know, I already got another buyer with, with a higher offer.
They said the exact same spiel. So maybe it was a coincidence. I don’t know. Probably not. In fact, I know it’s not. Um, then I’m going to keep in mind too, right, is the no investing world is small. And so when I went into this, I thought this would enforce. Good behavior, right? Like it’s kind of insane to be a bad actor in a small industry where everybody knows each other because everybody talks, but that doesn’t stop some people.
So the reality is not everybody acts in their own best interest. This applies to known sellers, applies to borrowers. That sometimes applies to vendors. Just kind of keep that in mind. So if the seller’s doing something, you’re like, well wait a second. This guy wouldn’t sell me a bad note and try to rip me off, or he wouldn’t lie to me because I’m gonna tell people it’s a small industry that would be stupid.
So he must not be doing this. You can’t make that assumption ’cause it’s not necessarily true. That’s, that’s my main point here. Okay. So now you know how to find note sellers. You should now have access to all the tapes that you need. Um, so let me know if you have questions about this, but this should really get you going.
On finding note sellers. Again, make sure you download that list and look at it. I’ll update it periodically. Um, but that should really keep you busy finding notes for quite a while.
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FILE: Bankruptcy101withDanielSinger_94.txt
I think today we’re gonna, I’m gonna spare you the, uh, the PowerPoint presentation. Oh, awesome. Because I think we’ve seen it once, and I’ve seen it many times and I don’t think we need to see it again. And instead, I figured maybe we would just go through a real life loan, one that I bought, um, and missed a ton of issues.
This is probably one of the most complex loans that I’ve ever dealt with on a bankruptcy standpoint. I’ll, I’ll keep it really high level so we won’t get in sort of the nitty and gritty, but one of the issues I think that presented itself was a fairly new issue. One that I think Sherman actually reached out a week earlier on, one that I almost got burned on and lost my entire investment.
Um, so I, I, that’s why I kind of picked this one. Um, for those, a quick intro for those that went, we’re on the last one. My name is Daniel Singer. I’m the managing partner at the Singer Law Group. We’re a creditor’s rights firm based here. In Orange County, California. I do apologize to Fuqua and all of you for being a little tardy.
I, I didn’t realize, I forgot that you’re on Eastern Standard time, not central time. So I, I do apologize about that. I’m gonna blame that one on the coronavirus as well. Um, we do, uh, we’re a full suite of services, so we offer traditional real estate litigation, troubled loan workout, wrongful foreclosure cases.
But we also have a somewhat unique practice where we do nationwide bankruptcy work. So, uh, for example, you’ve acquired a portfolio of bankruptcy loans. You’re trying to get your transfer of claims, your proof of claims on file, but we’re one stop shop. We can file those for you and really less than 24 hours in every district across the country.
It’s sort of a unique service that, that we offer. We also do plan review, um, pre-acquisition, bankruptcy due diligence. And then a full suite of borrower outreach. So loss mitigation, supplementing outreach and collection efforts, uh, in conjunction with your home loan servicer. So without further ado, I’ll kind of give you a backstory into this loan.
A client of our,
can I, can I just stop for one second? Um, just to show of hands, and Tijuana, Trevor, Tony, Mimi, can, uh, if you can, uh, zoom in, uh, so we can see your, uh, face, if that’s okay. Just a show of hands. Raise your hand if you, um, have used PACER before.
Also, Daniel, this is a smaller group. These are actually the, uh, investors that are participating in the Mastermind.
So this is not open to the public. Just wanna let you know that.
Okay.
Alright. So probably about half have used Pacer before Daniel. All yours.
All right. So I was presented with an opportunity to buy. A second mortgage in the great state of Georgia. Uh, the investor had bought it, decided that they wanted to exit a fund, and this was sort of the trailing loan and the fund that probably should have tipped me off that there was a potential problem with it.
But I said, you know what? It’s, um, it, the price point was where I wanted it to be. Uh, I had, it was represented that there was a bankruptcy filed in 2010. So I said, you know what? There’s some good due diligence out there. Uh, I’ll, I’ll move forward with it. Uh, and anytime I hear the word bankruptcy. Pacer obviously is an essential tool in my toolbox that I use to really do my due diligence.
I don’t really rely on any representations from a seller with respect to the contents of a bankruptcy. Pacer is one of those systems that our government kind of got, right? It is a federal docking or, um, sort of document maintenance system, and it has any federal case, so not just bankruptcy, but it has civil, it has criminal, it has appellate cases, uh, all stored in one system, which for the average note buyer is free.
You can sign up for free. It’s pacer, P-E-C-E-R, I think.gov. Uh, and as long as you keep your number of views under a certain amount each month, any look is really free. And I think as you’ll see tonight, part of the goal is not just to really understanding bankruptcy. But understanding how your due diligence using PACER on bankruptcy loans really can save you a tremendous amount of money.
In fact, I think you can really find as much information just from a pacer really under $10 that you would using a BPO, an o and e report, um, servicing income, et cetera. It’s just truly a wealth of information that you don’t, and you will never get from a seller, partly because they just wouldn’t have access to a lot of that information.
So I’ll share my screen with you. Can everybody see my screen? I apologize for all my children’s Zoom meetings that they have with their school, where like everybody else doing some at home schooling here. Can everybody see this Pacer Landing page? Yes. Okay. So this is the loan that I bought. Let me get back to just the beginning of this pacer.
Lemme close that. So this is the PACER system. If you were to go online, you were to type in the pacer URL. This is essentially the landing page that you would get to, and again, it has appellate, bankruptcy, civil and criminal cases. I’ll tell you, when I buy, when I buy loans, I’ll go on pacer and just type in somebody’s name from a criminal standpoint.
And you’d be surprised the information that you get when nobody can figure out where the borrower’s located. And since you find them in some federal penitentiary somewhere, and now you have some good contact information for a borrower. So again, it’s really all federal cases. I always go to find a case.
I typically find that the best way to do any bankruptcy information is to get a court case number. It’s not always available from a seller, or it’s not always available from a seller data tape. So there’s other ways you can do it. If you have a social security number, you can do it by a full social security number.
You can do it by the borrower’s name in the last four digits of a social security number, right? When clients call and say, well, I have a borrower first and last name, if I type in Smith John, right? And I don’t have any other information, there could be thousands of Smith Johns and in many times Pacer will just return to say there’s just too many Smith Johns for to look up.
So it’s really difficult to do it with just a borrower first and last name. The most accurate way to do it is a full social security number or a case number. So for our purposes today, we’re gonna review Mr. Case. Michael Williams is his name. I have his case number, and he filed the case in the Northern District of Georgia, right?
So again, I type in the case number. This is always gonna really be your primary landing page. This isn’t a specific setting that I’ve put on my system. You’re gonna have these, so these are all the dropdowns that you can look into. The first thing that I always go to is a history and documents, and it takes me right to this, to the The docket report, right?
So you can see everything that Mr. Williams has filed in this, this case of his. It tells you from the start chapter, the case number of the judge if there was a discharge, entered the date that it was closed, or terminated or dismissed, the last filing. It’s all right here. This is just sort of a snapshot of everything that’s been filed in the case.
All right? And for the most part, whether it’s a chapter seven or a chapter 13, the case is always commenced with the filing of a bankruptcy schedule, right? You’ll usually see it on top, but it’s called voluntary petition. If it’s incomplete, you’ll see it kind of how he did it here, where it’ll be later filed of multiple documents.
The reason why this case caught me off guard is. There’s a rule of thumb across the board that a debtor can strip a second in a chapter seven case, right? So I typed in the case, Mr. Williams, right here, chapter seven, and the first thing that came to my mind was great. I have a fully secured second on a property.
’cause he filed a chapter seven. All right. Now I’m not, that isn’t the end of my due diligence, but that was my initial thinking. So we’ll go a step further and we pull all his schedules up. Typically, max is about 30, is what you’ll usually get billed for, but it’s around 50 some odd pages is the full complete schedules.
Now, the schedules will always generally look the same. Sometimes the districts have ’em out of order. So it usually starts with a general petition. This particular district starts it a little different, and they’ll start with a statement of financial affairs. So we’re not gonna get thrown with, oh, you know, this district has.
Generally the contents are the same, the order and sometimes how they follow more generally different. I read the schedules like a book, right? I go through every individual’s schedule line by line, knowing that a majority of it is probably not relevant to your loan at hand, but it’s really just a good learning tool and you learn a lot about this individual borrower, right?
So for our purposes, I’m just gonna skip to the Schedule A ’cause that’s normally what you would see. So we’re gonna come back to all of these schedules, and I apologize for making anybody seasick, but so most districts will start with the Schedule A, which is your list of all real property, right? So 1 6 7 Regency Park Drive.
I match it up with my data tape. That’s the asset that I’m looking to buy. That’s the property he resides at. It’s disclosed here. If he had multiple properties, whether it’s a rental property, an investment property, his second home, his primary residence, it’ll all be listed here right in his schedule A, and then he dis, dis declares the full market value of the property.
I know for my purposes, he had a 20 or $30,000 first lien on the property that he was current on and that he’s been current on since 2010. He had, he shows a value of $96,000. My UPB was $42,000 was the payoff of my loan. I should have said that from the start. So he’s all in it for about a hundred grand.
He’s declared the value of the house is 96,000 bucks. You know, debtors have a somewhat good idea of what their house is worth. They tend, for various purposes, will devalue their house in a bankruptcy. But if I had an appraisal at 200,000 and he’s at a hundred thousand. There’s probably a some sort of issue on the interior of the home that I should kind of make note of as to why we’re a hundred thousand do dollars off and our estimation of value tells you his cars, he is driving, right?
So now we go from Schedule A, which is real property to Schedule B, which is personal property. He has a Buick LeSabre and a shovel Chevy. Chevy Blazer gives you the value of the property, right? Why has this become important as we’ll? See, let’s say it was some Mercedes 2020 Mercedes that was worth a hundred grand that had nothing owed on it.
It’s an asset that he could potentially borrow against to settle and pay my obligation. So the goal is I go through all of these schedules, is one to verify that the data tape that I’m getting matches up with documents that are sworn under penalty of perjury. And then two, I’m kind of creating my loss mitigation strategy, right?
I have a $40,000 loan. He has a first mortgage that he’s paying. There’s obviously a desire for him to retain and remain in the property. Okay, so what other assets can he liquidate? Can he borrow against that? He can sort of pay me off, right? One of them could potentially be a car, right? Appliances are probably not a viable opportunity.
The four dogs that he has is probably not a viable opportunity, but again, it’s information that you can kind of understand. Look at. If he had four dogs, three cats, two birds, 10 turtles, and you had a foreclose, can you imagine what’s that? The inside of that house could potentially look like with all those animals residing in it.
Also, if you’re in a district like the central district of California, which is big, heavy in farm industrial or in Wisconsin, or parts of Iowa, and let’s say he had 300 cattle, right? It could be a farmland. So it’s an indication here of. Hey, look, there is potential as I sort of liquidate and work out my strategy, what are some of the obstacles that I’m gonna get against?
Now if I’m having to evict them, I’m gonna have to disclose not to the sheriff. This individual has four dogs to kind of keep an eye out, right? In some states they require you to pay more money to remove a tenant that has pot, you know, that had his animals in it. He has a bank account, 300 bucks, not much there, but we’ll stop here.
Let’s say he had a 401k, right? And let’s say that he had a hundred thousand dollars in a 401k. Well, we all know that you can borrow against your 401k. He owes me 42 grand. Hey Mr. Williams, if you can write me a check today for 30 grand, we’ll settle that account. Not a bad deal for him. It’s a, represents a $10,000 savings.
So right now we’ve gone through what, three pages of documents. We kind of have a general sense of what the house is worth. The cars that he drives, and we’re starting to understand some liquidated or liquidable assets or assets that he can borrow against to settle my obligation. I mean, I haven’t never found a data tape that provides you whether a borrower has a 401k or the types of cars that they drive.
No, OE report would provide that, and certainly no BPO unless the BPO person captured the cars in the driveway. We paid $3, or at least I would’ve had to pay $3 because of the volume that we, we use Pacer. But for you, it still would’ve been free. So, great information So far. He has some life insurance policies that he’s probably paying some obligations for, a nephew, a daughter.
The children will come into play as we sort of move on through the plan, and I’ll explain why. Again, going through this, trying to understand secured assets, making sure that my asset is listed, which it was unsecured personal property that we can maybe sell or he can borrow against to liquidate, to satisfy my obligation.
This is our Schedule C here. Um, again, we’re trying to, going through, looking at property. These are all gonna be all the exemptions. The exemptions have recently changed with the stimulus package, and what an exemption is, is let’s say that Mr. Williams has a Chevy Blazer that’s worth $6,000 and he owes nothing against it.
Well, in a Chapter seven case, the trustee could come in and would sell that asset. And say, okay, anything above the exemption and exemption, let’s say for hypothetical purposes is 50% of the fair market value. You keep borrower, and the rest I’m gonna pay back to the unsecured creditors. So again, if he had a Chevy Blazer worth five and he could a $2,500 exemption, that court would sell the Chevy Blazer and to pay off some of his unsecured obligations.
It only really works if the amount of the debt owed against the personal or real property is less than its fair market value. And that would include the trustee’s fees and closing costs because the trustees don’t work for free. And in fact, in most districts, the trust portion of their compensation comes from commissions they receive for liquidating assets.
So the exemptions have increased under the new stimulus package. It’s not material for our purposes. ’cause very rarely do we come across a situation where a debtor has some really expensive piece of artwork or some car that they owe nothing against, but it does occur. So just something to keep in mind.
Let’s say for hypothetical purposes on my house, I had a first in a chapter seven and he only owed 21,000 on it, let’s just say. And the house is worth a hundred. He would have to sell that house or somehow come up to some deal with me or the trustee because he has all that equity. That equity now is owned by the estate or the trustee, and then to pay off the unsecured.
Everybody understand that point?
Again, it doesn’t come up very often. I’ve only seen it one time in my practice since 2003 doing it, and it was a very high value chapter seven case. Um, but for the most part, the run of the mill debtor that we’re dealing with is not gonna have a lot of assets that are high value that the trustee can sell.
So here’s my Schedule D. My Schedule D is sort of in correlation to that chapter. The, the secured. This will list all of the secured lenders. Now I’m gonna explain why he has me as his secured lender and it’ll understand as we go back. But let’s say this is, uh, you know, FCI lender services that he’s put on there, he’ll put the claim amount, which is what he believes is the payoff amount, and he’ll either typically call, and this is how you’ll know if it debt or usually is gonna file.
Right before a foreclosure sale, you’ll get a notice from FCI saying, or your servicer, hi, the borrowers requested a payoff statement. Well, unless the borrower’s paying off the loan, it’s most likely that they’re trying to get that information. ’cause they’re gonna file bankruptcy and they wanna know the amount of the claim or the amount of the payoff is really what that’s saying.
Right. The value of his collateral, which he’s estimated at $96,000. Okay. And then you’ll be that unsecured per portion. Okay. Now a good, good sort of point of note is that if I’m buying a loan from Daniel Singer, right? That’s a good way to see that. This is Daniel Singer’s the actual note holder. It’s listed here.
Right. And he’s the seller under my loan. So it’s a good way to sort of keep some of the sellers honest to weed out. Am I dealing with directly with the seller, Omar, dealing with the broker and now he had a first on there as well that I described $38,000. To some home affordable housing loan that he received.
Actually, this is a third, I apologize. This is a third. He got a AMP loan after he got a second, and here’s the HE lender on it, and then here’s his first from Select portfolio. Right, so now I know his first lien balance he’s saying is approximately 72,000. He has what he thinks is a second, which is arguably a third for 38,000.
And then he has me right here for $0. Okay. For the purpose of our discussion, let’s ignore the Daniel Singer and we’re just going that we’re buying this loan from GHFA, affordable housing 38 grand. There’s a first in there. 72. You can match it up with your credit report if that’s something that you have access to,
Daniel, that 14,392, that’s the deficit of 72 plus 38 minus 96.
Yep. Okay. Okay,
so let’s say if we stopped here and we see that there’s a first of 72, the house is worth 96, right? In a traditional chapter 13. The one benefit we know, we at least know for sure if this is a primary residence, is he cannot strip my loan off right here. All right? I don’t have to look for a motion.
I don’t have to look for a complaint or an adversary proceeding. And why do we know that? Because the rules as it is today, states that if there’s a penny of equity in the property over and above what’s owed to the first, then I have a fully secured claim. So if the first is the, the house is worth 96, the first is 72, I have a fully secured second on this house.
This is his admission. This isn’t, you know, well, I’ve decided this is his admission, that we have a fully secured second on this house.
And if the first was a hundred thousand.
Right Now, let’s say we flipped that around and the first was a hundred thousand dollars and he owes the house is worth 96 4. I know without looking at that docket, that there’s the potential that he can strip off this second
even in a seven.
Not in a seven, only in a 13. Okay. Right.
So let’s say this was a newly filed case and you’re looking at the newly filed case to buy the second, you would have to sort of factor into your due diligence that, okay, today there’s no pending lien strip, but in the future there could possibly be a pending lien strip. Again, under Sherman’s scenario that if the first had a loan balance of a hundred and the fair market value was 96.4.
Not to say that he could do that without a motion or without your opportunity to object. Just knowing that, hey, there could be a potential added cost of having to fight a lien strip. Okay. Our schedule E and F are, are priority, unsecured and our, and our non-priority unsecured claims. So priority is typically anything owed to the state.
Child support, property taxes, IRS, liens, unsecured medical debt, credit card debt. Those are the two primarily most, I’m sorry, non-priority claims are medical and, um, credit card debt. So I, I always look at the unsecured priorities. Why? Because it usually disclose tax obligations, municipal liens, IRS liens, which in many cases remain affixed to the property.
Should I have to foreclose, right? So if this was a $70,000 tax lien and I foreclosed, not that I’m inheriting the $70,000 tax lien, I just know that I’m gonna now have to deal with the IRS to get the tax lien removed. So that’s gonna extend out my liquidation strategy anywhere from 90 to 120 plus days.
And he has an IRS obligation. Now, it’s not uncommon for debtor’s attorneys to simply notify the IRS for courtesy purposes only because in many cases they don’t know if their clients have future obligations that they’re gonna owe. So they’ll put them down here. So if you see the zero and the zero, his attorney is just simply putting it down as an abundance of caution as, Hey, we don’t think we have an obligation, but if we do, we’re including them in our plan.
And then you go through, right here starts his, his Amex, his Capital One, and all his medical debt. You know, I don’t spend a lot of time with the under credit card information. I do though try to look out for the medical obligations. Because if there’s a ton of medical debt, it could mean that I potentially have a borrower that has some physical ailments that, you know, trying to remove them from a house may not be, you know, the ideal outcome.
Right? Or maybe they’re a caretaker for somebody as well, a spouse, a child that has, um, you know, health issues, bar with health issues also tends to be distracted from their obligations to pay, right? If the health issues haven’t gone away and they’re lingering, that’s an obligation that they’re gonna future have, that they’re not gonna be solely focused on the mortgage payments.
Something the court of keep track of on your due diligence as to is this gonna be a good borrower for a loan mod candidate? Having done thousands of evictions and foreclosures, I take no real pride in having to evict or displace a homeowner that has health issues. It’s very challenging as a lender, it’s a very challenging on a state.
It’s hard to ask a local sheriff in some small county to displace a homeowner that really has nowhere to go and has serious health issues. Right? So we’re not really in the business of foreclosing. Our real goal is to try to get the ball under a loan modification. Really being mindful that they have life circumstances as well, that they’re dealing with, that we don’t really wanna be on the cover of some newspaper that, you know, singer Law Group just evicted, uh, a borrower that has some terminal illness.
It is just really bad press that nobody wants to be a part of. So I’m gonna jump up to Schedule G. We have a lot of clients that buy land sale contracts, okay? If you’re buying a land sale contract, you are not gonna be a secured creditor in Schedule D. You’re gonna be a contract in Schedule G, right?
Clients call saying, I’m not scheduled, I don’t know what to do. It’s because you’re not a secured creditor in Schedule G. You really have nothing more than an executory contract, and you’re gonna be right here in Schedule G. Okay? We don’t see a lot of seconds that are in Schedule G, ’cause I don’t think there’s many second land sale contracts.
But if you are buying land sale contracts, be mindful that that should be notated. Co debtor spouses or co debtors of any kind will all be notated here. It’s not uncommon for a, for a married couple to be strategic filers. So what does that mean? The husband will file bankruptcy. They’ll try to go through the bankruptcy process.
The bankruptcy process ends, right? Then the spouse files bankruptcy because in theory, if they do it right, it could give them 6, 7, 8 years of the benefit of the automatic stay by doing it that way. And it is not, despite what everybody says when they call me, it is not an attempt to hinder or delay a creditor.
The courts have made that well clear. A husband and wife can be strategic filers in a bankruptcy. There is no obligation that the married couple filed the same time, right? So if on your data tape it has Mr. And Mrs. Smith, and only Mr. Smith filed, and you’re thinking, Hey, I’m gonna get this thing out of bankruptcy, understand that you’re gonna have to face Mrs.
Smith. Once you resolve Mr. Smith. Now they could be a non-married couple. That just happened to be Cobar was under account, sister, brother, parents, whatever it is. So now you know, hey, look it, I also have Mr. Smith or Mr. Williams in here as potential revenue source on a loss mitigation, but I also have a co debtor who’s listed here that is an obligor under the loan that is not subject to the protections of the automatic stay.
Right? So they can still get calls, they can get letters. They don’t get that protection that Mr. Williams gets.
So here’s our schedule. I, I put this as my sort of one of my top schedules or, or buckets of information that I, uh, like to digest. And this is the borrower’s income, right? This is really where I get more into, I’m calling it my loss mitigation strategy. Or look at the next few slot pages as a loan modification application, right?
Because what it’s requiring the debtor to do is to say to the court, Hey, look at, here’s what I do for a living, right? My employment status, here’s where I’m employed, and here’s my income, and we’re gonna walk through it. Here’s all my monthly obligations, right? And then it spits out a number at the end, I say, okay, here’s my disposable income.
Now, again, if you treat it as a modification application, you look at it like that and you say, okay, well, let’s digest it. Mr. Williams, he’s disabled. Okay? So if I have a sort of modification process in my head and I say, okay, well, I, I really wanna make sure that they have some gainful employment. Why?
Because they’re gonna need some revenue to pay the ongoing obligations when Mr. Williams is not, he’s disabled. So hopefully he’s getting some sort of social security income, some sort of benefits of some kind to opt to to, to pay my monthly obligation. Right. If not, I know that this asset is not gonna be loan modifiable.
I’m not sure if that’s a word, but if it is, I just made that up and you can contribute that to the senior law group modifiable. Right. So I would have to move on to my other strategies. Right. And what would those be? Deed in lieu of foreclosure, short sale. Right now, those are all great opportunities, but as I go back up through my schedules again, I’m a second and I noticed on there that he has some tax obligations that are potential.
I, I was a second and he had a third, right? So I know, okay, now a deed in lieu is not gonna be an obligation or not gonna be a loss mitigation possibility because I’m not taking the property subject to potential third, right? Or some other obligations that he has. Okay, so now I’ve scratched off modification.
Again, assuming he has no income, I scratched off deed and li and really the only viable plan under that chart would be, this would be a good short sale opportunity for him. But let’s say he was gainfully employed. He put down his gross wages here, right? Getting W2 income. If he has a spouse, whether they’re a filing spouse or a, or a, the filing spouse, they would put their wages here if they’re contributing as well, and he’d go through all his payroll deductions, okay?
I don’t know about anybody else, but I know from all the loans that I’ve looked at, no seller’s ever told me, oh, you’re buying Mr. Williams’ loan. And just so you know, he works down at the local store. You know, he works on a factory or whatever it is. You know, he’s disabled. Here’s the money he makes. This is valuable information that you really would not get anywhere else other than digesting these bankruptcy schedules.
Okay? So when clients say, well, why do you like buying loans in bankruptcy? This is the reason why, because you get information that you simply can’t get anywhere else. As we work our way, if he has a rental property of any kind, he has to disclose his rent income. If he’s getting spousal support of any kind, he has to.
He has to put that. I think as the future, you’re gonna start to see a lot more filings. Unemployment compensation’s gonna be a big one. Right now they get 75% plus the $600. That’s gonna be a weighing factor. If that change is going forward, how is that gonna impact your loan modification strategy? Right?
If you just lost some sort of government stimulus incentive right now, I’m gonna have to sort of rechange that figure as we get towards the end. He does get social security income of $1,100 and he’s on food stamps of 8,500 bucks, right? This borrower, I could tell regardless of what his monthly obligations are, if you didn’t know the status of the first, let’s just say you pulled a credit and the first is not reporting.
I could probably tell that he’s probably gonna struggle to make his total monthly obligations unless the lenders here first and a second really offer him a favorable deal. That’s me not knowing the status of the first. Certainly we do know we have the benefit of knowing here that he’s current, so he’s meeting that obligation and then it goes into the expenses, right?
So now we know on a monthly basis he’s saying, this is his monthly income. It’s 1,258 bucks, and then we just start going through all his expenses. Let’s say that he had a bunch of dependents and let’s say the dependents were under the age of 18, right? Dependents are an indication, in my opinion, in my experience, that a borrower that has dependents residing at the property is unlikely, wanna get displaced.
Having done many again, EVs and foreclosure, it’s a very traumatic experience for a borrower to have to go through a foreclosure. I think as Fuqua sort of talked about beginning when they stepped that, that net notice of defaults filed. They get bombarded with solicitations from every Joe Schmo attorney that’s offering loan mod assistance, bankruptcy assistance, credit card consolidation assistance.
They’re also getting hit with every real estate investor. I’ll buy your house at cheap. I’ll help you it. I mean, the amount of mail that you’ll see that these borrowers get, it is staggering, right? So they’re getting hit all the time with solicitations. Door knockers are coming probably to their house, right?
And then when it finally comes down to an eviction, having the sheriffs knock on your front door with kids, it is a horrible, horrible experience. In California, they give you a total of 20 minutes to remove all your stuff. I don’t know about you. I have three young children, eight, five, and one, and I would not wanna subject anybody to that experience.
So I think is a good indication when you have a debtor, generally speaking, that has dependent. That to me is somebody that’s a good loan mod candidate because they’re most likely gonna wanna retain the property. They’re not gonna wanna displace their family relocate, find new schooling for their kids.
Okay? Then we’ll come to the housing expenses, and this individual has 4 27. I can assure you that this monthly payment is to the first. It does not include any other OB obligors, right? And it is not uncommon for many cases. So they just put zero because they haven’t paid for so long. So they probably have no idea what the monthly obligation is, right?
So you would have to factor that in if this was zero, and then you come all the way down, you’re saying, Hey, great, he has this positive cash flow. And you’re like, oh, wait a minute. It doesn’t because he hasn’t factored in the first and the second. He shows he’s paying real estate taxes, homeowner’s insurance here.
If you’re buying an asset in San Francisco, in New York. Another community that has, if Florida, that has really high HOAs, you’ve gotta take that in consideration. If you’re gonna have strategy is to foreclose and own the house. What if the monthly HOA was a thousand dollars? Right? That really sort of starts factoring into, Hey, is this something an asset that I really want to go?
And, you know, homeowner’s insurance is right here, here at zero, I’m sorry. Uh, HOA is here at zero. Looks like he’s keeping his home, his own homeowner’s insurance policy. Now as a second, obviously taxes and insurance are not necessarily a factor in buying the asset because they’re usually impounded by the first.
But if you’re buying a first and they’re not impounded and you’re not sure if there’s a forced place policy in place, this could be good indication that maybe the borrower is maintaining his own policy, his utilities, his food, et cetera. Let’s say this was a family of five, right? And it won’t be uncommon that we’ll see a family of five with young kids to have food and housing expenses of $203.
Now I know what my family eats and I know what most families eat, and it’s not $203. So when you’re going through this statement of obligations here, really sort of taking consideration is really okay. Like let’s, what’s really practical here, $203 for a family of four would not be, it would probably be somewhere around $2,000.
Let’s say they’re on a tight, tight budget. Let’s call it a thousand dollars. So the end number here of his net income that he has is gonna adjust, right? Because you’re like, yeah, food and expenses, medical care, personal care, laundry, educational costs. It’s gonna far exceed what most likely the debtor’s putting here.
The federal, I, I don’t wanna cut you off. Is is eight o’clock what we usually do at eight o’clock ’cause we take a little bathroom break and come back. We have a bunch of questions in the chat. Okay. Um, so let’s, let’s all take a 10 minute break. We’ll come back, um, and we’ll start off with the questions and then you can continue on this sheet, Daniel.
Great. Let’s be back at, uh, 10 after eight. Everybody. Daniel, can you go to the docket page? Yeah,
go up to the top. So it says up at the top it’s a chapter seven. Right. But we are looking at all of these schedules.
Yeah, I think he converted
so that’s why I was confused when you’re saying if it’s a chapter seven and you’re looking at what he owes the first and what the estimate of the property is, you know.
It can’t be stripped though, right?
Well, it could be initially right? ’cause he filed a 13, but he’s converted it. He converted it to a seven.
So if it was a 13, we would see a plan.
Yeah. Usually there’s a plan right here.
Uh, initial chapter 13 plan. Yeah. But then he, in midway he converted it and that’s why down we’re seeing schedules.
Yeah. He converted it right around here, probably. Yeah. Right here.
And that’s why we’re seeing the schedules.
Yeah. Typically. Well, the schedules, I mean, we’ll get to the conversion, but the schedules, you know, the schedules will always be the schedules.
But typically we wouldn’t see schedules here. If it was a 13th.
Yeah, no, you would see ’em here. It would just be right here. The voluntary petition
in the,
he filed the bare, he filed a barebone, uh, bare bone schedule, uh, case. And then he waited, you know, 10, almost 10 days to file his schedules.
But I’ve never seen schedules. When I look at a 13, all I do is go into the chat, the, the bankruptcy plan.
Right. And see if, if I’m good or not good, and, and how they’re distributing it. Right?
Yeah. I mean, I, I go through the schedules first before I do the plan, because I wanna know more about him than I do about my treatment.
But if, so, all I’m asking in a chapter 13, forget about the conversion. Yeah. If I have a pure chapter 13.
Yeah. Where am I finding the schedules?
Same way you’d find ’em right here. The schedules would be here, it’d be in the voluntary petition. Okay. And then the next document you would see would be the schedules, which, I mean the plan, which is right here. Okay. But what he did is he didn’t file his schedules.
He just filed the, the three documents to start the petition Uhhuh. Right. So he just did his petition right here. Right. This is what you’d see in any case. And that’s all he filed. He didn’t file his schedules. I see. So he filed them later on.
I see.
So,
Hmm. I can cover that point.
No, no, no, no. That that’s fine. It’s just, I saw chapter seven at the top, and then I saw chapter 13 throughout here. Yeah. And then when I was asking about, we were talking about the deficit of here’s what the loan is. Yeah. He owes, and then here’s what, um, so has this been a thorn in your side?
This particular one? No. I,
I, I, I got paid off at full.
You did?
Yeah.
You are 30 something thousand or more?
40 42 and change
- Where’d he get the money from?
His attorney paid it.
Wow. What a nice attorney. You, you, I gotta find him as my attorney.
Well, what happened? I, I’ll, I’ll give you the backstory. So I bought it in 2010.
He stripped, he stripped a loan,
the attorney did.
He didn’t complete his plan. Uhhuh, he completed his plan, but he didn’t get a discharge because the attorney forgot to file the remaining financial certificate. Okay. Okay. So I, I, I, I go along, I’m like, Hey, wait a minute. Like you and I talked the other day, he didn’t get a discharge.
He’s not entitled to strip the loan.
Okay?
So I buy the loan and I threatened to foreclose on him. And he says, wait a minute, I stripped you back in 2010. And I said, wait a minute. No you didn’t because your attorney forgot to file the document. Ugh. Right Now the case law has changed though, since he filed it, that now you don’t need the discharge, it’s just completion of the plan.
Like we discussed, like we discussed, right? But his attorney missed the date to go back to the court and get an order saying such.
So the attorney felt obligated and paid your 40 something thousand dollars?
Well, I went to court and I said, and, and I, I, I appeared in the case and I said to the judge, your honor, it’s attorney malpractice.
Why should I, the debtor have to pay for the attorney? So they call their malpractice carrier and pig me off.
Wow. What, in that scenario, would the borrower have any option to sue that lawyer?
Oh yeah. The borrowers, I mean, the judge said to the, the borrower, Hey, if your guy doesn’t step forward and make this right by you, you, you, you need to go seek another attorney’s advice.
Mm-hmm. Which he would sue him and yeah, he would sue. Ultimately, he’d have to be firm.
That’s handling, this is the largest debtor’s firm in Georgia, so, you know, to them it was probably nothing. I only paid five
alone though, so in case, but, but in this case, you just got totally lucky.
Yes, yes, in the sense that I got lucky that the attorney didn’t file the paperwork.
I knew though that the attorney committed malpractice and didn’t file the paperwork.
Okay.
Yeah. This, this to me looks like it’s like a hybrid that I’m looking between a seven and a 13, right?
Um, I mean, for 2,500 bucks is worth the risk.
Yeah, I would
say. But I mean, the good thing is you definitely came out
good on it.
I’m sorry. He said you definitely came out good on it. Definitely came
out good at it,
right?
No, I should say that I, I did all of the pleading, the, the pr, I mean, I did all of the paperwork myself, so to fight, I mean, he fought me tooth and nail and he sued me in state court, which I fought him tooth and nail on as well. So if I had to factor in the legal fees and costs of fighting him, it probably wouldn’t have been a home run deal.
Right.
If we have enough time, Daniel, which I’m sure we will, can we just look at a plain Jane 13?
Yeah. Mm-hmm.
If you have one, I can put it into the docket. Um,
let me see if I, if not, I’m sure I have one. Yeah, let me see if I do. I was looking before.
Hey Daniel, uh, this is Ryan Kaza. Um, appreciate all your information here. This is great. Happy to help. Um, I wanted to ask you, how did you know, you just knew from experience and in your practice, obviously, that he missed, that he missed filing that from your own research?
So the benefit of the court docket is, and, and the, and the federal courts, I think do it, uh, the better than the state is that they, the, the, the clerk of the court will send out a notice. Warning debtor’s attorney, Hey, you need to file this document. Right? Anything that’s mailed in a case, it gets filed on the docket.
So there was a notice that probably went out to the attorney from the clerk of the court and you need to file whatever document it was, right? It’s usually the post bankruptcy, financial, uh, certification course. And for whatever reason, you know, debtors attorneys in general, they probably get thousands of dollars of mail a day.
They just do it, they just pick up on it. But it says it right here. I mean, like, for example, here’s one right here. There’s a certificate of mailing stuff. If you can
mute your, uh, stuff.
So you know, when you go through this, when you go through the dockets, you know, you don’t have to actually go through every single one to understand, I mean, you can kind of piece together what’s happening simply based.
Off the captions in the docket, right? Here’s a meeting of creditors. It was held and concluded. Right? Here’s the discharge case. Converted, you know, so you don’t have to spend the money opening up each individual piece. And I think you can even click on, you know, the little icon and it tells you, you know, what’s going on.
That’s great. Thank you.
At what point I buy a loan and I know that it’s been foreclosed on. Uh, excuse me. I buy a loan and I know that there’s a BK on it. Um, at what point am I too late to file a claim?
So if you go to your, your read your, uh, deadlines and schedules, let’s see when his schedule is. So yeah, let’s take that scenario.
Let’s say I bought this in today and the bar date was eight 13. You’re too late. Shit outta us. The bankruptcy court used to allow creditors to come in and file motions requesting to file late proof of claim.
Mm-hmm.
But what would happen, it was, it would impair the administration because you get these creditors that would come in years after the fact and try to get their claims in, and they’d have these confirmed, these confirmed plans, and all of a sudden now the debtor would owe more money than they originally scheduled.
So unless there’s some real extenuating circumstances, I think in today’s world you’re starting to see some of that, where some of the bankruptcy courts are a little more flexible with the due date, the deadlines, because of the COVID pandemic. But even that being said, it’s a pretty much a hard deadline.
If you buy this loan in eight 14, there’s no claim. You’re probably not allowed to bring a claim in. Mm-hmm. Now you can work something out with the debtor and see if the debtor can file a late claim for you, which they have the right to do, but then you’re stuck with that claim amount
and on a 13, you know, they’re obviously the lawyer’s gonna try to strip the second. Right. Um, so it’s just so unfair when they bought the loan, the equity was there, and now two years, three years later, there is no equity. Right. And so that’s the premise of we’re gonna strip your loan because of, well, the equity is based on the time
they filed.
Okay.
Not based on the time the claim is filed or based on the time that the confirmation hearing is held.
It’s when the borrower filed the bank. That’s
the triggering point, is the day they filed. Where it gets unfair is that, let’s say they filed, they dismiss and then they refile today when the housing market’s down.
Right. That’s when you’d say, oh, man, that, you know, this was a secure claim two years ago, but today in our environment, the house is now not worth it, and it’s based on today’s date.
We have a question from Tony. Are you looking to kill your kids? Daniel? Me? Yeah.
No, I’m, I was gonna try to close, close the door.
Oh, my wife does a good job with that.
Um, does a lien strip effectively nullify the second mortgage note?
Okay, so a lien strip simply takes a secured claim and treats it as an unsecured claim for the purposes of the bankruptcy, right? So you, you, you go from, you know, on the same level as a, as the mortgage company to now you’re on the same level as the Amex account and, and then at the conclude, and you’re paid out pro rata.
So let’s see if we can jump into this plan.
See the case number dropped in the box.
So let’s say that he’s paying out, you know, 3% to the unsecured creditors. You’d essentially get 3%. You know, you get your pro rata share of that 3%, you know he’s paying out five. Let’s say it’s 5.75% is what’s going out. So you would just take all the unsecured creditors, and that would be your pro rata share of your secured claim.
And now let’s say he goes through the tire case, he finishes his plan, you now have an unsecured loan and you would be potentially obligated to reconvey the loan or release the claim. Satisfy the mortgage. I mean,
but if the, so go back to your, your question. It’s not that, does the lien strip void or the claim, your, your, your, your loan, it just changes the designation in the bankruptcy
from the secured to an unsecured, to a
secured, to an unsecured claim. It doesn’t render the loan, um, void until conclusion of the case.
Right. And we know then that there’s a small percentage of the borrow that will go to the entire life of the plan.
So as soon as they fall out the plan, you can just go foreclosure. There’s no, right
now that unsecured claim is no longer unsecured. It goes back to its secured status if it’s
dismissed, if they didn’t follow through with the plan.
Right. If it’s dismissed,
correct. Yes. Mm-hmm.
Yeah. What we usually do is we check them every 90 days to see where the plan is at, if it’s dismissed or we’ll get a notice. Also, you can go into, um, pacer or to the, to that, uh, trustee site and set alerts. There’s one system, I forgot the name of it. My asset manager set it up where every time there’s something happened with the bankruptcy with my company, we get an email alert if somebody foul or whatever.
You can do that. Um,
there. Yeah. The easiest thing I tell people is you file a notice of appearance. I mean, they’re right here. You could probably just, I think in most cases you can file ’em yourself and you just set up your own ECF email account. So that’s what It’s the ECF email. Yeah, yeah, yeah. You just do, you know, whatever notes at EC.
Right. And it just constantly goes to one designated email account that you’d never miss it.
Yep.
The only thing is as soon as you open it, it is gone. So you Right. But let’s say that’s the case, right? Yeah. But then you at least know that, Hey, wait a minute, somebody just filed a motion to strip my loan.
Yeah. You
get notice of it. You gotta download it quickly. We had a question on this. Uh, Daphne had a question. How do you find the pro write a percentage so we get stripped? Uh, how do you find it? Where is it going to be at the show? You know, where, where’s, what am I getting? I, I’m still getting $3 bankruptcy checks.
And you’ll, I mean, in many
cases people will get what am gonna do with this. They’ll, they’ll get ’em for years. Yeah. No, it’s torture. The conclusion of the case is torture. Oh yeah. I mean, to account for the $3. It, it’s it silly that they do. I’ll take the $3. Yeah.
Where are, where are we that you’re looking at this?
Okay, so this is the chapter. This is the Chapter 13 plan Uhhuh.
Now the unfortunate part is that many, many districts use different plan types, so you know, this isn’t consistent across the board. So you will see, like Texas has their own format. California, we have kind of a different format than Georgia does.
So don’t get thrown if you’re like, wait a minute, the plan is not the same in my district where I’m buying the asset because it’ll, it’ll look different. The contents are generally the same in many districts. The amount going to the unsecured is up here, right? It’ll say it right here. It says that the first line, the borrowers paying 0.1% to the unsecured, right?
In this particular one,
let’s see where he has it. I think it’s down
on the bottom.
Unsecured
attorney gets paid
right here, non priority. Unsecurity claims you get nothing. 0% to them.
I would say the majority of situations we sign now are 0%. It’s usually a 0% plan.
Now, Fuqua, back to Fuquas point about the $3. If you’re boarding a loan at a servicer, it’s important that you deboard that loan when it’s stripped. ’cause if you’re only getting three bucks and you’re paying $95 a month for the servicing of it, it just, the math doesn’t make sense. So what we’ve actually started to do with a lot of our clients is if we see that as a clear case.
We bought the loan. They haven’t stripped it yet, but we know that it’s unsecured, that they’re gonna strip it. We’ll actually reach out to the debtor’s attorneys and say, Hey, will you stipulate to strip the loan? Then we take the order and bring it to the servicer so we can deboard the loan from servicing.
And the attorneys will cooperate with you on that most of the time. Absolutely.
Yep. Yeah, they’ll cooperate because they don’t want to, then they don’t have to file their motion and it’s, you know, when you know you bought in a pool of seconds and you’re always gonna get one that’s gonna get stripped.
That’s just how it works. The debtors can sit on those motions for a period of time as they work through the court system, and you’re paying that 95 bucks a month, right? So you’re just losing money every single month. It’s easier just to agree, Hey, look at Treat my claim like this. I take my order, I bring it to my servicer, and I have them adjust my servicing on it.
Here we got more questions real quick. Um, we start from the top. Someone says, just give a quick, uh, explanation of differences between BK seven, BK 13. Okay. Yeah. So a BK
13 is, look at it as a borrower that is looking for a court assisted repayment plan, right? They’re saying, Hey, your Honor, I make X amount of dollars every single month.
I have X amount of obligations every single month. I need your help in getting everybody to sort of back off, right? Stop the call, stop the letters, stop the wage garnishments, and give me time to start paying everybody, right? So it’s typically for wage earners of some kind, whether it’s social security, W2, self-employment income that had the ability to pay everybody back on a monthly basis, right?
So that is the obligation of a Chapter 13 debtor. They’re required to pay their mortgage back in full every single month, right? They’re required to pay the full monthly mortgage payment, plus all the arrears back over the life of the plan, right? Whereas the chapter seven debtor is somebody just saying, look at my income is insufficient to pay anybody back.
At this time. I wanna just simply walk away from my debts personally. Meaning, you can come after my property, you can foreclose, you can repo my car, but you can’t sue me personally for the money. Many states have deficiency rights, meaning if you’re owed a hundred grand on a mortgage and you foreclosed and the house is only worth $50,000, the lender has a deficiency of 50 grand.
They can actually pursue the borrower for that 50 grand. So in a chapter seven, you’re immune yourself of that personal liability. But I wanna be clear, and this this comes up all the time, simply ’cause an individual files a chapter seven and gets a discharge. It doesn’t mean you don’t have the right to foreclose.
You absolutely have the right to foreclose. You just don’t have the right to sue the borrower for a deficiency, right? You’ll see deficiencies in unsecured seconds. The first wipes out the second, and now is an unsecured loan, and the second lean just says, Hey, I want to pursue them for a deficiency. If the borrower has a chapter seven discharge, you would not be able to do that.
Similarly, if they had a chapter 13 discharge, you would not be able to do that. Once they get a discharge, you can no longer pursue them personally.
The reason why I say we start off why, while why Chapter thirteens usually die in the vine is if a borrower is not able to pay their monthly mortgage payment today, right? There’s no modifications. The court on its own is not going to modify a loan in a chapter 13, right? So if the borrower owes 500 bucks a month today, they’re gonna owe 500 bucks tomorrow when they file that bankruptcy, right?
And let’s say they’re $25,000 in arrears, that arrears has to be paid off in full throughout the life of the plan. So again, if you can’t pay the 500 bucks. How are you gonna pay the 500 bucks plus all that rears back amortize over a life of plan? It’s very, very challenging to maintain the pam, the plan payment for the life of plan for a debtor.
Which is why I say when you’re going through the schedules, use it more as a loss mitigation tool to figure out what the bar can realistically play a mod. Because statistically speaking, they’re not gonna maintain the bankruptcy throughout the life of the plan, whether it’s 36 months or 60 months depending on the plan.
Awesome.
Can you tell me what position the liens are in from Schedule D, I guess in that this was older when you, before we went to the break. Sure.
Well, you wouldn’t necessarily be able to tell it, tell it from Schedule B because there’s no obligation for the borrower to, to notate, Hey, this is a first, and this is my second.
Again, I apologize for making anybody seasick here, but in many cases they will, they’ll notate somewhere around here first or a second. Um, but for the most part, you just know, okay, well, I’m not buying the loan from select portfolio servicing. Right? I’m buying it from, in this case, let’s say GHFA, affordable, right?
And the first usually has a greater loan balance than the second. Okay? Now, if the loan is disputed, which sometimes they’ll mark on there, that could be a tip off that they’re trying to, they’re trying to strip off the loan, right? Or many times they’ll put in here loan subject to a motion to value. So going back to, you know, why I don’t skip over some of this stuff is because again, it’ll be a good indication as to what’s to follow on a newly purchased or a newly filed chapter in this case, 13 that you may not see because it, the borrow just hasn’t done it yet.
So you’re buying the loan. It was only filed a couple days ago. There’s no motion to strip, let’s say there’s no plan filed yet, right? And on the schedules, it notates value disputed lien strip. Right? I know that, you know, I’m probably gonna be buying an unsecured loan.
Daniel, let me ask you for the sake of, uh, everyone here that is fairly new to this.
If we’re looking at these documents, uh, bk, uh, plan or these schedules. To, to kind of calm everybody down. It reads like a book. And so for every 20 that I’m reading, there’s going to be similarities. Of course, you’re kind of reading the same story over and over again. Yes. So I don’t want everyone to look at this crossey and say, holy shit, what did I get myself into?
You know, there we’re reading it like a book, but you’re going to find the same plots, the same characters. Absolutely.
Yep. And adding into the fact that for the purposes of this discussion, I picked one that I own that was, you know, fairly unique. Right. So to your point, absolutely it is not gonna be this overwhelming amount of information that I’m gonna spend hours and hours every time.
On these bankruptcies as the more you, you look through these, you could really bang these, you know, bang the reviews out really in a matter of a few minutes. Mm-hmm. You know exactly what to look for. You know exactly where something’s gonna be on a schedule. It’s usually universal across the board. You can say, okay, great, I’ll go to Schedule D the plan docket done.
Right. You don’t really need necessarily to go through line item by line item as we are under all this information.
Alright, last question and then we’ll, we’ll get you back on schedule. Um, this is from Jay. I wanna read this before he goes to sleep under expenses. I see the borrowers typically add in the amount of the second mortgage, even though they have not paid for years.
I understand they’re trying to run up their expenses so they can pay us less, but is there a way to challenge this mostly for chapter 30? No.
So to, to to to that que to that point, whether the borrower has. You notate it down or not. Again, the court cannot modify on its own the monthly mortgage payment.
What the debtors, what this really imp this number, sort of, um, impacts is the amount that’s gonna go to the unsecured creditors. So if the borrower has zero disposable income, there’s no money left over to go to the unsecured creditors. So it’s a 0% plan. Let’s say the borrower had $5,000 of surplus. It’s just more money that the trustee’s gonna take to play the unsecured.
So whether they include the full amount, and you’re right, most of the time they don’t. It has no bearing or i, I implication on your claim or your, uh, right to receive the monthly mortgage payment. It only really matters as to what’s really gonna go to the unsecured. Again, from a loss mitigation strategy of what the borrower truly can afford in a mortgage payment.
Right. If he puts down that the payment’s 4 27, it’s really 1327, where’s this borrower going to get that surplus to pay you?
Exactly.
Now, back to the, you know, the $3 check. If you’re an unsecured creditor and there’s a ton of surplus income here, well then, you know, it may be a $6 check every single month. Right. And if you paid virtually nothing for it, it may be a home run. Right? $6 checks every month for six years, you know, for 60 months it adds up when you only paid a couple pennies for the asset.
I’ll take that check. Right? Exactly. No. Hey, nice. So I, I got one question before I let you get to the presentation. I know Sherman’s gonna come me for this real quick. Um, let’s say someone has a LLC and the member of the LLC is a trust. And they deed the property o over to that. Can you still, if they file bankruptcy, um, I’m trying to get the question.
Can you pierce through that and still get the property if the, if the trust is the member of the LLC.
Okay. So if you, the LLC files bankruptcy and the member of the trust, I’m not sure I understand. The, the
trust
is the member of the LLC. Okay. So the trust is the member and who filed bankruptcy. Yeah.
Would that go, that would
go the LLC would be
the, the bankruptcy entity, not the trust, right?
That’s right. Yeah. All, all right. Thank the members of an of a filing LLC sign the schedules as the member, but it’s the LLC that is actually the debtor.
Gotcha. Thanks to answer. Not the
members. Whether the member is a trust, whether the member is an individual, whether regardless of their position, they’re not the debtors, it is simply the LLC.
Awesome. Let’s get back on track.
Daniel, do you wanna look at my, uh, 13? Sure. I got a social for you.
Did you get that? Oh, hold on a second. Email it to him. Don’t lie. Or give him a case number.
Oh, uh, probably just do this, why don’t you gimme the borrower’s, uh, full, uh, name and then, uh, last four digits.
Sure.
That’s a good idea. Uh, her first name is, uh, l Verna, E-L-V-E-R-N-A-E-L-V,
I’m sorry,
E-L-V-E-R-N-A, Alverna last name. And the last name is Mayfield, M-A-Y-F-I-E-L-D. The last four, uh, 2 6 1 0. And the reason why we asked for the last
four in the, in the first and last name is when you see, when you file your bankruptcy.
Information is actually readily available to the public at large. So Sherman didn’t disclose, you know, personal identifiable information of the borrower. That information is available for the public at large. And you’ll go, if you go to that docket that he provided, and you go to the party list, right?
Here’s Elvira’s in El Verna’s information first, last name, and it actually provides you the last four digits of your social security number.
So we’re not divulging anything,
right? We’re not breaching any confidential or any, I thought he is about to give the whole social they Hold on a second. Yeah, yeah.
I wa I wa I was point to that point. Let’s say you only had a case number and you had no social security information and you wanted to pull, do some sort of, um, you know, uh, uh, credit report on her. Now at least you have the last four digits of the social security number. Right. So at least you have that.
What’s funny is that if I’m looking at a credit report and I know that the person’s in bankruptcy, patient gives the last four, and the credit report gives the first BBBB five. Yeah.
Yeah. Okay. So there you go. Then you can piece it together. We broke the system. Yeah. We’ll, kind of, we’ll quickly just stop on this page since we’re on it, and you know, when you have Verna here, and I’m doing my loss mitigation, so I bought my, my loan, I’m, I’m helping the servicer, my outreach.
Hopefully you’re not doing your own, but you now have a point of contact if you wanna offer alverna a loan mod. Right? Because here’s her attorney. You have the attorney’s contact information right here. It is not uncommon for us to just email the attorney and say, you know, attorney for alverna jab borrow on a loan modification, right?
They haven’t paid for a while. I can secretly from stay, if not. Point of contact.
Remind everybody with a chat. Anyone in bankruptcy. If the bar is in bankruptcy, we are not allowed to make contact with them, correct? To Daniel’s point, we’re gonna make contact through their attorney
Right now, if Verna’s your neighbor and you wanna contact Verna, we’d tell clients look at, just reach out to debtor’s attorney.
Identify who you are. Hi, I am the lender. You know, we’d like to speak to your clients regarding loan modification. We’re happy to facilitate that process through your office. Alternatively, do you give us permission to contact your client directly? Debtor’s attorneys make no money on loan modifications for the most part.
So many times they don’t even wanna deal with it. So it’s just as easy for them to tell you, fine, you have my permission to contact my client directly. And there you go. Then you can go contact Alverna.
Beautiful. So
in the previous case, the reason why we switched focus is the previous case started out as a 13 and it converted to a.
This was a true 13 from start to finish, right as we’ll. Go here and we’ll see. Again, the docket looks I virtually identical to what we went over, and the schedules will be virtually identical with every case where there’s a 13 or seven. This is the first document that they’re always filed, and it’s the voluntary petition, right?
This will look the same in every court case, whether it’s 7, 13, 11 twelves. You won’t see many twelves. It’s farmland, right? We see, we see quite a bit of ’em here in certain parts of California, but for the most part, you won’t see any twelves. The most typical types of loan, the bankruptcies you’ll see is are the sevens and the thirteens.
Right? To the question about the LLC, most likely you’ll see that through an 11. Right. So you’re just going through this information again, universal to, to Sherman’s point early. It’s gonna be across the board. It’s gonna be very, the same vanilla borrower name. You verify the last four digits of the social security number.
Where you live is the property address, hopefully, right? Don’t blow by that point, because if the property you’re buying, the loan is not secured on Duffield Street, but some other property, you gotta question whether the borrower still residing there or is it a second home? Is it a rental property, et cetera.
Right. So this voluntary petition is the starting package that every borrower that files a 7, 13, 11, or 12 is gonna file. It’ll look the same in every court, right? You can, this is that one document that you can kind of really just blow by. There’s not much material information here other than I like to just verify the property address.
That’s it. But you can do that by other purposes as well. And if we go to the schedules, which are right here, right? Hopefully they’re gonna look virtually identical to the ones we just saw from Mr. Williams.
Would you go through the schedules or would you just look at the chapter plan?
Right? To see where, where you lay? I’ll, yeah, I’ll pull the chapter plan, but, okay. Just to show that point that it’s pretty vanilla. So here’s the chapter 13 plan. The chapter 13 plan is the reorganizing structure of how the debtor’s gonna pay everybody back, right?
The length of terms, 60 months to either 60 or 36, right? The trustee’s fees not greater than 10%. That is fairly aggressive for a trustee to be making on a monthly basis to administer their plan. The attorney’s fees are get paid by the way this gets paid before you. I’m sorry, this get paid before the unsecured creditors.
Hmm.
Okay.
And then we just start going through this and you’ll see, okay. This is where the, the debtor’s paying back. The secured lenders right here. So Ally Financial, presumably is a first America’s servicing company. Could be the, either the second or the servicing agent for the second interest rate, 0%. It should be note rate, right?
Some debtor’s attorneys just don’t know it, so they put 0%, he’ll be amount to cure the default. This is the pre-petition arrears, right? Explain that. It’s 0%
pre-petition
arrears. So pre-petition is from the, the time the borrower secured the loan until the day before they filed bankruptcy. This was the amount of money that they, this was the accrued interest up until the day of filing.
This is paid back in this case, over 60 months. And it is right. It’s 0% interest. You do not get interest on accrued interest that was accrued prior to the filing of the bankruptcy.
So this, this chat, this plan is derived from the various, uh, A, B, C-D-E-F-G, et cetera. From that, we, we make the plan.
That’s correct. Yep. So 4,300 bucks, amortize that over 60 months, whatever that number is, plus the monthly PAM payment. And he’s saying it’s pursuant to the loan doc. So essentially what he’s saying is whatever that monthly payment is on the loan, that’s what I’m paying now.
Okay. And that’s his plan. This is a very basic vanilla plan. This would be an indication of, okay, how much am I gonna get back every single month? Um, and so you wouldn’t even need to go through your schedules and you already know, okay, he’s paying me back. I’m buying the America servicing loan. Right? If it said he’s gonna strip it, it’ll tell you somewhere in the plan loans that are being avoided, right?
Right here, loans that are being avoided. So if you are listed here, you know there’s gonna be a lien strip. You don’t need to know what the value of the first is. You don’t need to go through that process. You know that you’re gonna be stripped. Many of our clients will just go right to the plan. That’s the first document they look at.
They don’t go through the schedules. All the 52, whatever it is, they just simply go to the plan.
If the debtor’s surrendering the, the, uh, collateral, it’ll be right here. Meaning the debtor’s just simply saying, I don’t want it. Come get it. I want no personal obligations under it. You can just come foreclose. If it’s right here and your plan is to do a loan modification, you can change that plan.
There’s gonna be most likely no loan mod. It’s very hard, unless you’re gonna really offer a sweet deal to a debtor to get them to agree to stay in a house after they’ve surrendered it. Land sale contract, you’re gonna be right here.
Any questions on the plan?
I see sometimes that at the beginning, uh, of the docket report, there’s the chapter plan, and then there’s an amended one, and then maybe there’s another amended one. So it’s important to go to the latest plan. That’s correct.
Now, in some districts though, they only require you on the amended plan to add the language that you’re amending.
So let’s say that the plan was paying everybody back and that the amended plan, they just changed, you know, we’re gonna now avoid the auto loan. It would just be one document. You wouldn’t see any of this information. All you would see would be the auto lender. So you don’t know how you’re being treated,
right? So here they’ve, they’ve changed it here. There’s an ally, they removed American servicing. So here’s, you know, so they’re kind of moving it around. But this is unique, right? Not every district is, is like that. So yes, I always start with the most recent plan. So I scroll to the bottom and then I just work my way up and I just go through one amended plan.
Or you can do it the reverse and just follow it that way. In many cases, there’ll be like 30 amended plans. You kind of know. From one of them ended plans or the original plan, whether you’re gonna be stripped or not, if that’s sort of your concern.
Yeah, I saw something about, um, there’s a, a case to look at the value of the property.
Um,
I think it was up further.
Yeah. I mean, so what I, what what you would do is, so, and most, there’s, let’s go back to then let’s focus on the, those lien stripping. There’s, there’s really three ways to do it. You can do it through a plan, right as we just went over. You can put language in the plan that upon confirmation the loan’s gonna be stripped.
That’s one way. The other way is you file a motion to value or motion to void the loan. You would have to see that motion on the docket, right? So you don’t need to go, it’s right here, right? Motion to determine the value of the property. So if you see this on the docket, you know right away, this is a potential lien strip.
They’re potentially stripping the value of the house, the four. The third way is through an adversary proceeding or a complaint, and so what you would see is you would see just something on here called complaint, and then when you click on it, it would give you a court case number and there’d be a separate bankruptcy court case going in conjunction with this one, where the borrower has essentially, quote unquote, sued the lender to value the collateral.
Okay? Most districts are going away from that. They’re still, like, for example, one district in California that follows that procedure, but for the most part, it’s either by way of a motion, in this case, a motion to value collateral, which is right here or through the plan, right? In this case, this is, they’re valuing the link in navigator.
I can’t tell you how many times we’ve gotten to clients that say, oh, it’s a, it’s a motion of value. It’s strip. I said, well, did you pull the, the motion? No, but it’s a motion to value. Well, you can value really anything, right? You can value a mechanic’s lien. You can value in some cases, um, a, a judgment or an auto loan, right?
So it’s important, but you, before you go back to the seller and say, oh, your loan is unsecured, take a second and actually pull the motion to make sure it’s your property.
You’d have to pay 20 cents though, right? Um, go to number 75, Daniel. Okay. Right here. The, uh, what’s that word, Pacific? Yeah. What’s that mean?
No idea you couldn’t bullshit.
We don’t, California. It’s a judicial, it’s a judicial
language. Okay. Yeah, the chat box is lighten up. This, I’ve never seen so many questions in a presentation. Uh, we appreciate this guys. Keep ’em coming. This is crazy. Yes, I see it like lighten up. Uh, this is a good one. It says, um, well this is a good one for you Dan.
You be sure to drop your information, um, for sure in the chat box. But it says, you mentioned your office does reviews in this docs, can you send every one of your fee schedules, et cetera? Um, sure. Yeah. And then I can Well, you’ll
send it to me and then I’ll post it to everybody. Yeah, yeah. So typically if
you’re calling us saying, Hey, you know, we want to do review, what we usually do for, you know, Sherman and others, if you just say, Hey, I saw your thing.
I was in this group with Sherman. Can you look at it? We’ll do it for free for you, but you gotta notate to me that you were at with Quan and Sherman. ’cause if you just say, I went through some of your presentations, we won’t know how you came to us. I got 10 right now for you. No problem. Yeah, we’ll gladly do ’em for you.
All right. I’m gonna send them to you. Yeah. Again, for our, you know, for your students here tonight, we’ll gladly review their bankruptcies at no charge.
Got you. I, I like how you specified for students. All right, so another question. So
I, I, I mentioned that, let just make sure a clear point. I mentioned there’s three ways.
There’s a, a, a fourth way to strip. We don’t really see it, which is an objection to a claim. Right? And so here they’re objecting to the claim and typically it’s done because the claim is untimely.
So here they’re objecting to, it’s an inaccurate claim, right? So if you were to file that claim that we talked about on the break, and it was past the claims bar date, we’ll quickly go What that means. They would object to it, and you would see it on here that there’s been an objection to that claim. So just kind of keep an eye for those four methods.
We’re really looking for two, but there’s, I guess, arguably four. To go back to that point, a question arose is that let’s say I’m buying a loan, right? And when you buy a loan in bankruptcy, you as a lender are obligated by statute to file that claim, or you file your request that the borrower pay you back and it’s presented in form of a claim, right?
And we’ll go through quickly of what a claim would look like,
and we can just pick any one of ’em. We just wanna make sure. So we’ll pick this one. For HSBC, this document is universal throughout. So in every district you’ll see the same claim form, and it’s essentially a loan payoff, a reinstatement report, and all the collateral attached to it, right? So it tells you who the lender is.
Where the servicer is. So America servicing is the servicer where payments are to be delivered to how much the claim is worth, right? And then you have to attach the breakdown, okay, how did you arrive at those accrued interest? The fees, the costs, et cetera. If you’re buying seconds and you’re not sure what the value of the first is, here’s a good way to figure it out, right?
Because it gives you the breakdown right here, the amount to cure the payoff statement, the interest rate, right? If there was a loan modification, you would’ve had to attach the loan modification to this document, okay? And we’ll quickly show that.
It’s usually the second one.
I, I owe
you like $8. Yeah, that’s okay.
Right. So this document actually wasn’t filed correctly. There’s an actual document, it’s called the four 10 A, that they needed to file this. This attorney didn’t do it right, they missed that document. But the four 10 A would give you a breakdown. It’s essentially the reinstate. It gives you a line of itemization of what is owed, pre-petition advances for taxes and insurance, for impound, for escrow, et cetera, right?
And then here’s your loan doc. So now you get the loan documents for the first, or for yourself, if you’re curious as to, you know, again, you get all the assignments. All the assignments are required to be attached to it. Okay? So maybe they did it, they just didn’t do it in order.
No, they didn’t. Right? So you go through it. Here’s all the assignments, right? So if you’re kind of questioning, Hey, look at the OE report didn’t produce all of the assignments. It should be filed with your claim
if the, the, the court gives dates as to when these claims are must be filed. Right. And it’s the deadline, the schedule, and in this case, all claims were due, uh, July of 2016. If you buy this loan today and there’s no claim filed, you can’t come in and file a late claim. Right? That opportunity has come and gone.
So well, what does that mean to me? That means to me that whatever the, whatever the credit or the debtor put down on their plan as my obligation, that’s what I receive. So let’s say it was a hundred thousand dollars in arrears at the time the debtor filed it, and the debtor only puts down 4,300 bucks.
You just got 4,300 bucks. And let’s say that the monthly payment was x, you know, 1200 bucks and the debtor put 600 bucks, you arguably only get 600 bucks. So it’s important to kind of read those plans and say, okay, if the plan payment here is significantly less than that claim and there’s no claim, I could be stuck with that reduced monthly payment.
I also look at this, if there’s no information on the credit report of who the first is, but it’s a bk, it’s in bankruptcy, I can go and I’ll look at Pacer and uh, do a little backtracking to see, uh, most of the time who the, uh, senior lien is with. Right.
Yeah. And we do for, you know, a lot of our clients that are buying, um, big portfolios of seconds, we’ll do the Secure Trek for you.
So you’ll give us the tapes, we run through ’em, we’ll tell you what has a bankruptcy on it, and then we’ll actually pull the information for you and we’ll do secured unsecured. If it’s secured and you wanna know who owns the first, we’ll provide that the, uh, loan number for the first. So we have a number of services that will offer on the pre-acquisition due diligence side.
Stacy wants to know, would it be a good idea to look at a borrower’s info in Pacer prior to bidding on the loan?
You know, it’s a lot of information that. You know, if you’re not sure whether you’re actually gonna successfully win the bid, I’m not sure I would invest the time and, and, you know, all the nominal amount of money to go through all this.
If you’re not even sure that the, the seller’s gonna accept your bid. Now, if you bid 30 cents on unsecured second, and then you go through this and you realize that it’s an unsecured loan, you know, I probably fade my bid.
Well, you can go back to the, I’m assuming you could go back to the seller, right? If you were bidding, you know, supposedly on a secured and find out that it’s unsecured.
Right.
And a lot of times we just don’t have the time, or you don’t get the information from, uh, a tape to, to really digest the bankruptcy information before you have to submit those bids. So we always submit the bids, okay. It’ll be accepted. Then we come back and we really digest the information.
We have, um, 10 minutes left in the program here.
Um. Daniel, do you have anything else you wanna add looking at this stuff or do you wanna open it up to uh, q and a? I’ll open
up to questions. Yeah. You did a great job, man. Yeah. Thank you so much. Yep, yep, yep.
And if you think he’s smart now, you should wait till this Thursday, Daniel, you have it on your schedule this Thursday, right?
Yep. And, and it’s seven to nine Eastern standard time, time. I got it right. That’s a good thing you didn’t have to fly here. Um, does anybody have any, does anybody have any questions that was willing to do? That’s right. I know you are. Yep. Yep. He’s always willing to do it.
Yep.
Um, does anybody have any questions for Daniel?
Uh, Thursday he’s gonna be with us talking about foreclosure, uh, and today. Any questions at all about bankruptcy?
Yeah. Someone asked a question. I don’t know if this was asked already. It says on your bk, is the LLC borrower or was the property quit claim to the LLC prior to filing? Okay, so
you’re gonna get, uh, in New York, for example, if you’re buying assets in the bros, you will see a lot of these transfers in bank.
You know, they’ll go from one debtor in a bankruptcy court, they’ll set up some LLC and they’ll transfer ’em again. So transfers prior to the filing of a bankruptcy are an indication of a bad faith filing. Right? Not to say that they are bad faith, but is a, generally speaking, an indication. So if you have an LLC that was created, and let’s say it was newly created, and then moments before, you know, uh, in 2016, Alverna transfers her interest in some LLC and then the LLC that was newly created files bankruptcy.
The court will kind of say, well, why did you transfer your asset to a newly formed LLC and then file bankruptcy under that
LLC? Got it. One, one last question. We could do this like in two minutes, is in an adversarial proceeding and your experience, uh, how much does the court put their thumb on the scale when it comes to evaluating valuation for lien stripping purposes?
The court is not an appraisal. Right. They’re not an appraiser, so they’re simply, most likely they’re gonna take debtor’s, appraiser and your appraisal and they’ll cut it down the middle. That’s usually how the court usually decides.
Yeah. One thing I learned also is when I see that the, the debtor came with the BPO, I’m gonna get a appraisal to Trump that.
Yes. Um, so it’ll overrule any BP. Yeah.
The debtor is a value or a value by a pre, uh, BPO certainly does not have the weight of a interior exterior appraisal.
You can also force an interior appraisal right through ba.
Yes. So if you, if a debtor’s trying to value a property, they have to allow the lender the opportunity to do a full interior and exterior inspection of a property.
Daniel. So on that note, um, I, I, I’ve been through this before where the outside of the property looks great and we got an exterior appraisal and we’re like, okay, we’re not getting stripped. Yeah. And then the borrower, um, we do an interior. The court says, do an interior, and it’s a hellhole inside. And because the borrower has not maintained the property, we get stuck.
Is there any way around that?
So there are cases, I’ll say that if the borrower intentionally committed interior waste to devalue the property, then the borrower doesn’t get the benefit of the lien strip. But now to prove that, you would have to bring a borrower up to the stand and say, Hey, you allowed, you know, the property to fall in disrepair.
You put holes in the wall, you know, mold, uh, whatever it is, simply to devalue the house. It’s a really, really tough burden to establish. Right.
Can you go back to the menu, Daniel? What? Go back to the menu. The menu. Go back, go back one. You know, where was the summary? Right. Okay. So right there, out of all of these, I don’t know, 15, um, the docket report, uh, which identify which are the ones we’re gonna look at and which are the ones we really don’t need to.
Yeah. So I think the docket report probably pulls you to the same place as the. History and the documents do, it does Uhhuh.
Yeah.
I though I, I find that the history report provides you these little, little icons sometimes. Right? Right. And the docket report doesn’t, and I like to look at the little icons.
So for me, number one is the history and the documents. I go there every single time. Uhhuh, that’s the first place I go to creditors. And the claims register obviously is important for what we discussed. And then the, you know, the deadline and the schedules is, is sort of number three. Okay. All this other information, you know, is not terribly relevant.
Now, I will say in the Williams case that we, we discussed the associated cases will be any other cases that the individual filed. Right? So if they had prior bankruptcy cases, if they have an adversary proceeding, it would be right there in the associated cases. So if you are unsure whether the debtor filed prior to this one.
This is where it would be, and you can, you know, you can click on it and if this was an adversary proceeding on a lien strip, it would indicate that if this was a prior case, it would indicate that, but they would all be on that associated cases. I mean, the case summary, the creditors, I mean, nobody cares.
All the other creditors per se, the list of creditors, this should have no real information. The trustee, that’s more for your servicer. Um, but yeah, those sort of, the three or four would be the, the, the, the most
priority. Right. In case summary, just to get the name of the attorney, if we wanted to make contact with them,
well, you can go to the parties, right?
That’s where you’ll go for the, this will tell you all the parties involved. Okay.
All right. That brings us to the end of the show. Great. As you sound like you get more energy when you talk about bankruptcy. Oh, I mean, bankruptcy
and foreclosure. I mean especially, you know, foreclosure with the moratorium. I mean, there’s so much misinformation out there now about what you can and can, you know, can I foreclose, can I not foreclose?
Am I required to offer a forbearance agreement? I will try to do my best to have it fully digested into the group before Thursday. We appreciate that. Daniel,
also, what about that, uh, motion you were saying that for if they filed, so Pelosi gave up on it. Oh, wow.
Stimulus package. It
passed.
It did not, no. Oh, it did not pass.
Awesome,
awesome, awesome. No, no, no.
Now the only thing that did is that they potentially, there is now you can actually petition the court just like you would requesting a lender for bear under a government enterprise loan. You now have the right to ask the bankruptcy court to force the lender to give you a 90 day forbearance in a bankruptcy.
Hmm,
right. We’re fighting one now where the debtor’s asking for eight months. So kind of keep an eye on that. You’ll start seeing this called, these motions from moratoriums on plan payments. You’ll start seeing more and more of those filed.
And just last question from me, uh, what we’re going through now, uh, is this a great time to buy available seconds or not such a great time?
I mean, there’s always, if, if seconds are available and the price is right, why not? I agree. Good answer.
Why not? All right. Let’s thank, uh, Daniel for his time. He did amazing job as always. Thank you. Thumbs up. And, um, if anybody has
any other questions between now and Thursday, feel free to email me. I’ll give it to you.
It’s Daniel, that’s D-A-N-I-E-L at Dinger. Law group.com or you can reach me at 9 4 9 4 4 9 1 5 7 4 or through Sherman or Fuqua.
Yep. And we’ll upload his fee sheet and everything. Once he send it to Sherman, we’ll upload it in that resource, guys, so you guys can reach out to Daniel having help you with your bankruptcy and foreclosures.
Once again, thanks everybody for coming. We’ll see you Thursday. Thank you everybody, and uh, thanks again to Daniel. Goodnight everybody.
All right. All right.
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FILE: CTU_Training_-_Client_Onboarding__Seller_Finance_Process__and_RMLO_Workflow_03-04-2026.txt
CTU – Client Onboarding Call
CTU Training – Client Onboarding, Seller Finance Process, and RMLO Workflow_03-04-2026.txt
When new clients want information on how to originate a loan / work with us, we’ve been sending them to the weekly Thursday call here: https://us06web.zoom.us/meeting/register/rivv1dFnSX-rZhjBxp840w
If they can’t make that or don’t want to wait, also send them this link to a pre-recorded call: https://youtu.be/Jxv88pc0MZc. It’s the same content I go over every week, without the Q&A at the end.
CTU TRAINING TRANSCRIPT
Topic: Client Onboarding, Seller Finance Deal Structure, and CTU RMLO Workflow
Stage of Loan Process:
Pre-Screening → Underwriting → Closing → Loan Servicing
Systems Discussed:
Zoho CRM
Byte (LOS)
DocMagic
Google Drive
Summary:
This training provides a full overview of how to structure a seller finance deal and how to work with Call The Underwriter (CTU) throughout the process. It explains the importance of borrower quality, ability-to-repay (ATR), and compliance with Dodd-Frank and TRID. The session walks through CTU’s RMLO workflow from term sheet submission through underwriting, disclosures, and final package delivery. It also covers key timelines, vendor coordination (title, attorney, servicer), and how to create high-quality, compliant loans that are enforceable and valuable as financial assets.
Key Concepts:
- Focus first on borrower quality and affordability, not just compliance
- Dodd-Frank requires verifying ability-to-repay (ATR)
- TRID requires Loan Estimate (7 business days before closing) and Closing Disclosure (3 business days before closing)
- Compliance increases loan value, enforceability, and resale potential
- CTU process: term sheet → borrower docs → underwriting → LE → CD → final package
- Underwriting includes income calculation, credit review, DTI, and loan conditions
- Self-employed income typically requires 12 months of bank statements and expense analysis
- Loan conditions help strengthen file quality but may be waived by lender
- Title companies, attorneys, and loan servicers play key roles in the transaction
- Final package includes all disclosures, 1008, ATR certification, and supporting documentation
Sources:
Internal CTU Client Onboarding training call.
Index:
seller finance process, RMLO workflow, borrower pre-screening, Dodd-Frank ATR, TRID timing rules, loan estimate, closing disclosure, underwriting process, income calculation, DTI, loan conditions, title company coordination, loan servicing, DocMagic, CTU onboarding
Below is a transcript of an internal CTU training call.
All right, everyone. Thanks for joining.
0:02
So, we’ll be going through our weekly uh
0:04
call the underwriter client onboarding
0:06
call. So, what I would do like to do
0:08
here is just kind of give an overview of
0:11
a little bit on how to put together a
0:12
seller finance deal and then how to work
0:15
with call the underwriter and you know
0:17
kind of what our processes are and what
0:20
to expect when you engage with us to
0:22
underwrite one of your deals. So, Call
0:25
the Underwriter has been around for
0:26
several years now. Um I’m not the
0:28
original owner. I picked it up about 18
0:31
months ago, but we provide RMLO services
0:34
for investors in all 50 states and we do
0:38
hundreds of loans every year. We’ve
0:40
probably seen more seller finance loans
0:42
than anyone else out there. I’m willing
0:44
to wager. Uh relatively small team.
0:48
There’s three of us at the moment. Uh
0:50
myself and two other underwriters
0:52
that’ll probably be expanding uh
0:54
throughout 2026. But we’re primarily
0:56
providing underwriting and compliance
0:58
services for people who are originating
1:01
seller finance loans for owner occupied
1:04
borrowers. We also have the ability to
1:06
produce loan documents and closing
1:08
packages across all 50 states. And then
1:10
we have some other uh
1:13
individual services we offer, but
1:15
basically we’re working with primarily
1:17
real estate investors and the ones who
1:19
are really focused on creating really
1:21
high quality near uh bank grade loans.
1:27
So, what to think about when creating a
1:29
loan? Sometimes people come to us and
1:31
they’re very concerned about the
1:32
compliance, which is obviously
1:35
very important, but I would urge you
1:37
first to think about
1:39
what kind of borrower you have and how
1:41
to make the most solid highquality loan.
1:43
Right? So, one of the things we help
1:44
people with is making sure their
1:46
borrower is creditw worthy and then also
1:49
making sure that your borrower can
1:50
afford the loan. uh where the compliance
1:53
stuff comes into play like in general
1:55
the compliance bar for DoddFrank is
1:57
relatively low. Um but when you have a
2:00
compliant loan what it really does for
2:02
you most of all is it gives you a really
2:05
valuable asset. So if you ever decide to
2:07
sell the loan, sell a partial in the
2:09
loan, borrow against the loan, uh having
2:12
a compliant loan allows you to deal with
2:14
banks. And when you deal with banks,
2:17
they’re going to tend to be the easiest
2:18
to work with versus, you know, dealing
2:20
with an individual. Um, and they’re
2:23
going to pay top dollar for that as
2:25
well. And then the other place
2:27
compliance really comes into play would
2:29
be enforcability. So, god forbid your
2:32
borrower does default and you end up in
2:35
court and the borrower decides to fight
2:36
you, um, should the borrower try to
2:39
claim that you didn’t follow the
2:41
consumer rules or you did something
2:43
predatory or something like that. Well,
2:45
then you’re going to have the full
2:46
underwriting package that you’ll, you
2:49
know, show to everyone and that
2:51
basically snuffs, you know, any kind of
2:53
enforcibility
2:55
concern. So, just a real high level
2:57
overview on compliance. Compliance is
2:59
something I could give like a two-day
3:00
workshop on, honestly. But the things
3:03
that are like most important that you
3:05
really need to know when you’re creating
3:06
a loan are okay, number one, the the
3:10
rules for owner occupied loans kick in
3:14
when a default means someone can lose
3:16
their primary residence, right? So these
3:18
rules that we’re talking about here,
3:20
this is different than hard money
3:22
lending, other kinds of um investor
3:26
loans. But when you’re talking about
3:27
owner occupied loans, that’s where we
3:29
get into a different rule book. The
3:31
other kind of thing to point out too is
3:34
that you know typically when people are
3:37
doing
3:39
in investor transactions right it’s very
3:41
buyer beware when you’re dealing with
3:43
consumers it’s not a buyer beware rule
3:46
world right so even if the um your buyer
3:50
borrower is willing to sign up for
3:52
something that’s not in their best
3:53
interest you can still get in trouble
3:55
even if you both agree uh the main there
3:59
there’s a host of different laws on the
4:02
books that that come into play, but kind
4:04
of the main ones to think about are
4:06
DoddFrank, which basically just means
4:08
you need to validate that your borrower
4:10
has the ability to make payments on the
4:13
loan, right? Which you should want to do
4:15
anyways. And then there’s TRID, uh,
4:18
which means that there’s a lot that goes
4:21
into that, but basically you need to
4:23
send a loan estimate to your borrower
4:25
seven business days before you close and
4:27
a closing disclosure three business days
4:28
before you close. So the idea there is
4:31
borrowers have the opportunity to read
4:32
all the fine print if they want to well
4:34
before closing. They’re not getting
4:36
changes tossed at them at the closing
4:38
table at the last minute. And then
4:41
there’s also some other limits on
4:44
uh upfront fees you can charge or you
4:47
know ongoing fees. There’s limits on
4:50
late fees and different things. There’s
4:51
there’s a host of different uh minutia
4:54
that we help investors with.
4:56
So for TRID, which is like I said, it’s
4:58
a big complicated thing. It’s actually a
5:01
acronym of acronyms. So it’s from the
5:03
TER resp.
5:06
And so this just means you need to send
5:08
those disclosures out ahead of time.
5:10
It’s something that’s required by the
5:12
CFPB. Um, and it does apply to all
5:15
consumer mortgage loans, whether it’s,
5:17
you know, including seller finance,
5:19
whether it’s a traditional mortgage deed
5:21
of trust or land contract or whatever.
5:26
Um, and then it also defines rules where
5:28
you might have to resend disclosures if
5:30
if certain fees change during the
5:33
process. And really, the whole purpose
5:34
of this is just that
5:36
everything is very transparent with the
5:38
borrower. They know what they’re
5:40
getting. They know what they’re paying.
5:41
They’re not getting surprises, right?
5:42
which those,
5:44
you know, having both parties to a
5:46
transaction on the same page just
5:48
benefits everyone and actually reduces
5:50
your um reduces your uh um foreclosure
5:55
rate. And so at the end of the day, like
5:57
my my take from spending the last couple
5:59
years like really really nerding out on
6:02
this stuff is that at the end of the
6:05
day, all these compliance rules that
6:06
some people are kind of afraid of are
6:08
really just telling me to do things that
6:10
I want to do as an investor anyways and
6:13
that are in my best interest. Right? If
6:15
I’m making a loan and I expect to
6:17
collect payments, I want to know the
6:18
borrower can afford to make payments.
6:20
Um, I want to be on the same page as the
6:22
borrowers so we don’t have um any kind
6:26
of uh confusion over what the terms are
6:29
or how this thing is going to work.
6:32
Okay. So, our RMLLO process, so I’ll
6:34
talk about this a little bit and then
6:36
I’ll zoom out uh to kind of the overall
6:38
flow of putting together a seller
6:40
finance deal. But our process starts
6:43
when you submit a term sheet to us. So,
6:45
there’s a link on the call the
6:46
underwriter website for that. We get the
6:49
term sheet, then we’ll reach out to your
6:50
borrower. We’ll collect their
6:53
application authorization to pull credit
6:55
and income docs. Once we get through all
6:57
of that, we’ll go through actual loan
6:59
underwriting process. And then we’ll
7:02
generate the trade disclosures, the loan
7:04
estimate and closing disclosure. And
7:06
then at the end of the process, we’ll
7:08
send you the final package that has
7:10
everything we all the data that we
7:12
either collected or generated throughout
7:15
the process. Um, for people who haven’t
7:17
done seller finance deals before, you
7:20
know, we at Call the Underwriter do one
7:22
piece of it, right? But there are other
7:24
vendors you’ll need as well. So, when
7:26
you’re finding a buyer, you can work
7:28
through an agent or sometimes people
7:30
will do it through Facebook Marketplace,
7:32
Craigslist, or all of the above. And
7:35
then once you found your borrower
7:38
and [clears throat] you’ve pre-screened
7:39
them and you’ve agreed to terms, that’s
7:42
when you’ll engage with us. uh we have
7:45
an RMLLO. So if you’re doing a loan with
7:47
an owner occupied borrower, you’re going
7:50
to need an RMLLO to handle all of the
7:52
compliance and underwriting work. The
7:54
good thing about it is you can pass the
7:56
cost on to the borrower, right? So you
7:58
can add that underwriting cost as a
8:01
closing cost to the borrower. So
8:02
basically the lender will have to pay us
8:05
because we work on behalf of lenders and
8:08
so you float that cost for a little bit
8:10
but then get paid back at the end. Um, I
8:13
also recommend closing through a title
8:15
company. You don’t absolutely have to,
8:16
but I think it’s a best practice. Um,
8:20
also not a terrible idea to have a real
8:22
estate attorney involved to review
8:24
everything, especially if you’re doing a
8:25
more creative type deal. You know, if
8:27
you’re doing like wrap or wrap loans and
8:29
sub twos and that kind of stuff or, you
8:32
know, lease options, things like that.
8:34
oftentimes there are very
8:37
state specific rules around, you know,
8:40
how those need to work or specific
8:42
disclosures. So, it’s good to have a
8:43
real estate attorney. And then after
8:45
you’ve created the loan, you’re going to
8:47
want to have it boarded with a licensed
8:50
loan serer. So, that loan serer is going
8:52
to
8:54
send statements to your borrower,
8:56
collect payments, keep track of the
8:57
amortization table. They’re going to
8:59
help you in the event that the loan does
9:01
default. And just like with the RMLLO
9:04
work, you can pass that monthly loan
9:06
servicing cost on to the borrower. So,
9:08
and there’s also a lot of compliance in
9:10
the ongoing servicing that’s actually
9:13
more intense than in the origination.
9:16
So, the good thing about handling
9:19
compliance on the upfront origination
9:21
and the ongoing servicing is it’s
9:24
basically free to you as long as you
9:25
disclose that to your borrower upfront
9:27
and bake that into the deal. So, you
9:29
don’t have to pay for any of that. And
9:31
then you don’t have to, but some people
9:33
engage with a transaction coordinator,
9:35
especially with the more complex um
9:37
creative deals. And then on the call the
9:40
underwriter website, we’ve got a page
9:41
with some of the vendors that we work
9:42
with. Um we work with many more than
9:44
that, but we just list like starting
9:46
points if you’re doing this for the
9:47
first time.
9:49
Okay, so the overall transaction, this
9:52
is my eye chart, right? It’s actually
9:54
not quite as complicated, I think, as
9:56
I’m making it look here. So for you,
9:59
you’re the investor slash seller slash
10:02
lender, right? You’re going to find your
10:04
buyer either through an agent or on your
10:07
own or however. Once you find your
10:09
buyer, you’re going to want to
10:10
pre-screen them. And that’s just a short
10:12
conversation to make sure that they can
10:15
document their income. They don’t have
10:17
like active foreclosures or
10:19
bankruptcies, other kinds of red flag
10:21
things that are going to disqualify
10:24
them from being able to get a a
10:25
compliant loan. So once you’ve got your
10:28
borrower, you’ve done some initial
10:30
vetting, you’ve agreed to your terms, so
10:32
your sale price, loan terms, etc.,
10:35
you could be under contract at this
10:37
point or or not. Most people are, it’s
10:39
not required. Um, but at that point,
10:41
then you’ll be ready to engage with us.
10:43
You’ll submit the term sheet form.
10:45
There’s a link on the call the
10:46
underwriter website.
10:48
We’ll reach out to the borrower and get
10:51
all their their docs that we need. So
10:52
their loan application, credit
10:54
authorization, income docs. Once we have
10:56
that, we go through the underwriting
10:58
process and then we’ll generate a draft
11:01
loan estimate, the 108, which is the
11:02
official underwriting form, and then
11:05
we’ll send that to you, the lender, to
11:06
review first. Um, and we’ll have with
11:09
that are recommendations on how to
11:11
proceed. And it’s also an opportunity to
11:14
make any corrections. Sometimes things
11:15
change between when the term sheet was
11:17
submitted and we get to the loan
11:19
estimate or you know maybe there’s
11:22
something
11:24
somebody didn’t put in right on the term
11:25
sheet or whatever. So once you’ve
11:27
approved that we’ll make any corrections
11:29
needed and then send it to the borrower.
11:31
Once we send it to the borrower that
11:32
starts the seven business day trade
11:34
clock and then we’ll later follow up
11:37
with the closing disclosure. And then
11:40
with the closing disclosure, sometimes
11:42
um people use ours or they have it
11:44
generated by the title company. Um it
11:47
depends. And then at the end of the day,
11:48
we’ll deliver the final package. Um
11:51
we’re generally not directly involved
11:53
with the actual detailed closing unless
11:55
sometimes when we’re preparing uh the
11:57
loan documents themselves. So timelines
12:00
that are important.
12:02
It’s generally a bit good idea to plan
12:05
to get us the term sheet and started at
12:07
least two weeks before you close. And
12:09
the reason for that is it generally
12:11
takes a couple days for the borrower to
12:13
get all their information to us. Once we
12:16
have everything, it’s about one to two
12:18
business days typically for us to do the
12:20
underwriting, just depending on how
12:23
complex or simple the file is and and
12:26
what’s in our queue at the time. And
12:29
then you’ve got to review the loan
12:30
estimate. And then once we get that out,
12:32
there’s seven business days for treads.
12:35
So you figure couple days for borrower
12:37
docs, couple days for underwriting,
12:39
seven business days, maybe a Sunday,
12:40
maybe a holiday. That two weeks goes
12:43
goes pretty quick all in all. Sometimes
12:46
people come to us and they’re on a, you
12:47
know, Tuesday and they’re like, “Hey,
12:48
I’m closing Friday.”
12:51
You’re not going to be able to do that
12:52
compliantly because you’re going to have
12:54
the seven business day window for TRID.
12:58
And then when you submit the term sheet
12:59
to us, um, if you’re new to us, if you
13:02
haven’t done with one with us before,
13:04
you’ll get an email with a link to fill
13:06
out a client acknowledgement.
13:08
And what this does is um, it just kind
13:12
of outlines a lot of the policies and
13:14
procedures that actually I’m talking
13:16
about in this presentation. And so that
13:18
just makes sure that we’re on the same
13:20
page and you know what to expect as far
13:23
as how the process flow is going to
13:25
work, when you’re going to get invoices,
13:27
when to expect different things.
13:31
And then talking a little bit about our
13:33
underwriting process. So this starts
13:35
once we get everything from the
13:36
borrower. We can’t start this till we
13:39
get everything in. Um and what we’re
13:41
going to do is we’re going to go through
13:43
their pay information. We’re going to
13:45
calculate their usable monthly income.
13:47
We’re going to do a soft credit pull. It
13:49
gives us the same data as a hard credit
13:51
pull, but that’s going to give us not
13:53
just their credit score, any credit
13:55
blemishes like collection accounts or
13:58
recent inquiries. It’s also going to
13:59
show their other monthly debt
14:01
obligations, right? So, if they have
14:03
auto loans, student debt, credit card
14:05
payments, installment loans, etc., we’ll
14:08
get that which we’ll be able to roll
14:09
into their total debt to income ratio.
14:12
Right? Once we have all that
14:13
information, we know the PITI on the new
14:16
loan because he gave us that on the term
14:18
sheet. We know their other monthly debt
14:20
payments from the credit report and then
14:23
we’ve determined their gross monthly
14:24
income based on the income documentation
14:27
that they’ve provided to us. We’re also
14:30
going to create any loan conditions that
14:32
may exist. So loan conditions are things
14:34
that we recommend having the borrower
14:37
clear before you close. Now, depending
14:40
on what the loan condition is, the
14:42
lender can choose to wave them in many
14:45
cases, but these are things we recommend
14:47
clearing up to create the cleanest
14:50
possible file and in the most valuable
14:52
possible loan. So, if they’ve got
14:54
accounts on their uh credit report that
14:56
are in collections, we’ll ask that they
14:58
either be brought current or show that
15:00
they’ve put a payment plan in place with
15:03
the lender. uh if the borrower’s credit
15:05
score is below 620, then we’ll add a
15:08
condition to get a verification of rent.
15:10
And so that’s just a way of mitigating a
15:13
lower credit score because there’s some
15:14
borrowers who have lower credit scores,
15:16
they have credit blemishes, but maybe
15:18
they make always make their housing
15:19
payments on time. So that’s a way of
15:21
documenting that.
15:23
If they have student deferred student
15:25
loans, which is very common, uh you
15:27
don’t want to have a scenario where the
15:29
borrower meets debt to income
15:31
requirements and can afford the loan
15:34
because their student loans are deferred
15:35
and then that deferment period ends and
15:38
student loan payments kick in and all of
15:40
a sudden they can’t afford the property.
15:42
So, we may ask them to go into their um
15:44
student loan account and calculate what
15:47
their anticipated payments are when the
15:49
deferment period ends. uh answer any
15:52
recent credit inquiries or sometimes
15:54
we’re just missing information, things
15:56
like that. Uh the way we determine
15:58
monthly income, so across the mortgage
16:00
industry, gross monthly income is what’s
16:04
used. And so for W2 employees, it’s
16:07
pretty simple. We just need to get their
16:09
two most recent payub and a copy of last
16:11
year’s W2. If they’re self-employed,
16:14
which is probably the majority of seller
16:15
finance borrowers, it’s a little more
16:18
involved, uh, we’ll typically need to
16:20
get their 12 most recent bank statements
16:22
showing all of their business activity.
16:24
And what we’ll do is we’ll take the
16:26
average of the deposits
16:28
from their business revenue. Um, but
16:31
then to get their actual income level,
16:33
we’ll apply an expense ratio, right? So
16:35
that expense ratio will depend on the
16:38
type of business that they have. So, if
16:39
they’re just like a
16:42
consultant type person, well, their
16:44
expenses might be very low. If it’s a
16:47
contractor that has a bunch of employees
16:49
and a crew and a bunch of equipment, it
16:51
might be much higher, right? And then if
16:54
they have uh like a fixed monthly income
16:58
through social security, VA benefits,
17:00
disability, that kind of thing, that’s
17:02
super simple. um we just need to get the
17:04
award level and then or the award letter
17:07
and then in that case we actually tend
17:09
to plus up the income because they’re
17:10
typically not paying income tax on that.
17:13
So the equivalent gross income would
17:14
actually be a little bit higher than
17:16
what those letters show.
17:19
And then once we’ve gone through that
17:20
process, we’ll generate a draft of the
17:22
loan estimate and we’ll send it to you
17:24
the investor with the um the 108 which
17:27
is the underwriting form that has the
17:28
underwriting comments and everything.
17:30
shows the debt to income ratio, a copy
17:33
of the credit report, and then all the
17:34
loan conditions we recommend to review.
17:37
So, once you’ve reviewed that and
17:39
approved it, uh we’ll then we’ll send it
17:41
to the borrower. We’ll email it to the
17:43
borrower and copy you, and then we’ll
17:44
also send it to them uh to Esign, and
17:47
that starts the seven business day clock
17:49
for TRID. Now, the way that you count
17:52
the days, this can be a little
17:53
confusing, and don’t worry, you don’t
17:55
have to know this. Um, we can just tell
17:57
you and our software just tells us this,
17:59
but basically Saturday counts as a
18:01
business day. Sunday’s federal holidays
18:04
don’t. You don’t count the day that the
18:07
loan estimate gets delivered to the
18:09
borrower. And also, these dates are
18:11
based on when it’s delivered to the
18:13
borrower, not when they sign. Borrowers
18:15
aren’t technically required to sign. We
18:17
have them do it just because it removes
18:18
all doubt that they had at them. And
18:21
then the closing day does count. So,
18:24
like let’s say we’re talking about the
18:25
three business day waiting period for
18:28
the closing disclosure. So, today’s
18:30
Thursday. So, if we were to send out a
18:31
closing disclosure today,
18:34
Thursday is day zero, Friday’s day one,
18:37
Saturday is day two. Sunday doesn’t
18:39
count. Monday would be day three. And
18:41
then you can also close on that day. So,
18:43
if a closing disclosure went out today,
18:45
that meant that would mean that you
18:47
could close Monday.
18:49
Um, and then the closing disclosure. So,
18:53
we’ll send out the loan estimate. We’ll
18:54
follow up in a business day or two with
18:56
the CD and we’ll just send that to the
18:59
lender initially. So, the reason we just
19:01
send it to the lender initially is most
19:04
of the time, uh, you can use our CD if
19:07
you want, but a lot of times people will
19:09
use a CD from their title company or
19:11
attorney that has all of the detailed
19:13
recording and and other costs associated
19:15
with it.
19:17
Sometimes, um, they want us to rebalance
19:20
the CD. So, sometimes we’ll send the CD
19:22
to you, send it to the title company,
19:24
and then the title company comes back
19:26
with all the detailed final fees, and
19:29
then we can update our CD and balance it
19:32
with the final numbers from the title
19:34
company. The only thing I emphasize
19:36
though is that um we’ve had some title
19:39
companies who like send us 10 different
19:40
revisions. We’re not really equipped to
19:43
do like revision after revision at the
19:46
last minute. So, we just ask that they
19:47
kind of wait till they have the final
19:48
numbers sent it to us so that we can do
19:50
it once. If we start getting into a
19:52
bajillion revisions, then then we do
19:54
have additional fees to to spin those.
19:57
And we also can’t balance against HUD
19:59
ones. So, um it’s just a different
20:03
format. And so title companies have
20:06
never had a problem either redlinining
20:09
our CD with the fees or sending us their
20:11
fees in a CD format and then we can
20:14
update ours
20:16
and then when we’re all done we’ll send
20:18
you a zip file with everything that that
20:21
we’ve generated during the process. So
20:23
copies of disclosures the 108 we will
20:26
create um an ability to repay cert which
20:30
is basically just a statement from us
20:32
saying that we’ve reviewed the file and
20:33
we feel that it meets DoddFrank
20:35
requirements and then copies of the loan
20:37
application credit report the raw income
20:39
data everything that that’s come
20:42
through. And so we will email you the
20:44
zip file. You’ll want to hang on to that
20:45
in case you ever need it later or decide
20:47
to sell the loan. Um but we never delete
20:50
we archive all of our data. So, for some
20:51
reason, you know, you get three years
20:53
down the line and you need the file and
20:55
you can’t find it, just let us know and
20:57
we’ll get you another copy of it.
21:00
So, the way the pricing works is our
21:02
RMLLO service is a flat $799 fee and we
21:06
invoice it in two stages. So, when you
21:08
submit the term sheet, you’ll get an
21:09
initial invoice for 199 and then when
21:12
you’ve approved the LE, you’ll get an
21:15
invoice for the remaining 600. The
21:17
reason we break it into two stages is
21:19
sometimes even if you pre-screen well,
21:21
borrowers don’t work out. So if you have
21:23
a borrower that doesn’t work out, you’re
21:25
only out the 199 and not the entire
21:28
$799. But then it also leaves an
21:30
incentive for lenders to pre-screen
21:32
their borrowers, right? So when files
21:34
come to us, you know, there needs to
21:36
have been some initial pre-screen of the
21:38
the lender. We don’t really like sift
21:41
among multiple borrowers to find the
21:43
right borrower. Once you found your
21:44
borrower, then we go through and
21:46
thoroughly vet them. And then one one
21:49
thing to call out too is because uh
21:51
rules on
21:54
invoicing and non-refundable fees in the
21:57
mortgage world are very different than
21:58
what they are in the in the say rental
22:01
world. Um because we work on behalf of
22:04
lenders and we don’t work on behalf of
22:06
consumers. We can’t legally invoice the
22:09
borrower directly. So we send the
22:10
invoice to the lender. the lender pays
22:13
us and then the lender gets reimbursed
22:15
by the borrower uh when they close.
22:18
Right? So, and then if you are having us
22:21
prepare the actual loan docs, the
22:24
mortgage deed of trust and closing
22:25
package, then we have an additional 595
22:28
fee. We can do that as well. You can
22:30
also get those from your title company,
22:32
attorney,
22:33
etc.
22:35
So, when the 199 fee uh goes out, so
22:39
we’ll need that paid before we start
22:41
work on the file uh after we get
22:44
everything from the borrower. And then
22:46
we’ll send the second invoice when the
22:48
LE when you’ve approved the LE and then
22:50
we’ve sent it to the borrower. But we
22:52
will need that paid before we continue
22:54
on with the closing disclosure and uh
22:56
final package. Uh we do have a number of
22:58
payment options. uh you can do credit
23:00
card or a we also have the ability to
23:02
turn on PayPal if you want to do that as
23:06
well. And then if you want to have us
23:08
prepare the loan documents and closing
23:10
package, uh we work with a vendor called
23:12
Doc Magic. So we can create loan docs
23:14
compliantly in all 50 states, even the
23:17
attorney states. Uh these are for
23:19
residential loans. If it’s a commercial
23:22
loan, that’s a different ballgame. Um,
23:25
we can’t do them if it’s a wrap loan
23:27
just because some states have specific
23:30
disclosure requirements that our vendor
23:31
is not set up to handle. We also can’t
23:34
do loan docks on chatt loans. So, we
23:38
underwrite mobile home loans all day
23:40
long. So, if you need to underwrite a
23:41
mobile home loan, we do a lot of those.
23:44
Or if it’s a manufactured home connected
23:47
to land, we can do land docks for those.
23:49
But if it’s just a pure mobile home
23:51
loan, which is like an auto loan, uh we
23:53
can’t do the loan docks for that. And
23:57
then also, we’re licensed brokers in
23:59
Texas, Florida, and Colorado. So
24:02
sometimes, uh investors are doing seller
24:05
finance because that’s the best way for
24:08
them to sell a property. Uh sometimes if
24:10
a property is lower dollar value or, you
24:15
know, they just have a self-employed
24:16
borrower, banks don’t like to deal with
24:18
them. But there’s an increased we work
24:20
with a number of wholesale lenders who
24:22
offer nonQM loans that often fit the
24:25
same borrower profiles as seller
24:27
finance. So if you’re potentially
24:29
interested in having your borrower uh
24:31
get financed by someone else or you
24:34
basically want to get paid in cash uh if
24:37
you have a property in these states, let
24:38
us know and we can often uh work with
24:41
our wholesale partners to get them loans
24:43
as well. We can also do DSCR loans and
24:45
and other kinds of things in those
24:47
states. So, if you need additional help,
24:50
there’s a lot of information on our
24:51
website. There’s a full pre-screening
24:53
guide. There’s also that investor guide
24:55
and and vendor list that I mentioned
24:57
about. You’re always welcome to attend
24:59
another one of these weekly calls. We do
25:01
them on Thursdays at noon and the link
25:03
to registers on the call theunderwriter
25:05
website. Um, or if you just have a
25:07
general question, always drop us an
25:09
email at team@callyunderwriter.com.
25:12
And then we got more information on our
25:14
uh YouTube channel that’ll be expanding
25:17
uh before too long. And then if you want
25:20
a training course, there’s a link uh
25:21
Fred and Tracy really have a good course
25:23
on seller finance and there’s a link to
25:25
that on the call the underwriter website
25:28
as well. So, thanks for joining. That’s
25:30
what I’ve got for you today and I’ll
25:33
stop the recording now and open it for
25:35
questions.
25:42
Oops.
========================================
FILE: CTU_Training_-_Closing_Disclosure_Review__TRID_Timing__and_Final_Approval_Process_03-04-2026.txt
CTU Training – Closing Disclosure Review, TRID Timing, and Final Approval Process_03-04-2026.txt
CTU TRAINING TRANSCRIPT
Topic: Closing Disclosure (CD) Review, TRID Timing, and Final Approval Process
Stage of Loan Process:
Underwriting → Closing Preparation → Final Approval
Systems Discussed:
Byte (LOS)
Closing Disclosure (CD)
TRID Compliance
Google Drive
Summary:
This training focuses on reviewing the Closing Disclosure (CD) for accuracy prior to closing, ensuring compliance with TRID timing requirements, and confirming all final loan terms and fees. It explains how to identify discrepancies, coordinate with lenders and closing agents, and determine whether changes require redisclosure or impact the earliest closing date. The session emphasizes precision, documentation, and clear communication to prevent delays at closing.
Key Concepts:
- CD must be reviewed carefully for accuracy before closing
- TRID requires a 3-day review period for certain changes
- Not all changes trigger a new waiting period—know the thresholds
- Final numbers must align with lender and closing agent figures
- Clear documentation and communication are critical to avoid delays
- CTU’s role is to ensure compliance and accuracy, not to create confusion with multiple CDs
- Always confirm whether a revised CD is required before making updates
Sources:
Internal CTU training call between Dan Deppen and Wendy Zollner.
Index:
Closing Disclosure review, TRID 3-day rule, redisclosure requirements, CD accuracy, final loan terms, lender coordination, title company coordination, earliest closing date, compliance review
Below is a transcript of an internal CTU training call.
WEBVTT
1
00:00:02.600 –> 00:00:09.290
Dan Deppen: Yeah, so, let’s see, do I… oh, I’ve got the second open. That’s why these are in red.
2
00:00:09.640 –> 00:00:10.410
Wendy Zollner: Okay.
3
00:00:10.670 –> 00:00:15.870
Dan Deppen: When these are in red, this means it’s referencing the first, so I’m actually gonna the first…
4
00:00:26.110 –> 00:00:27.280
Dan Deppen: Damn.
5
00:00:28.180 –> 00:00:29.670
Dan Deppen: Yeah, so…
6
00:00:31.210 –> 00:00:38.209
Dan Deppen: Credit in, in, for compliance is kind of a funny thing, because all the stuff is technically, like, up to the lender.
7
00:00:38.210 –> 00:00:39.000
Wendy Zollner: Okay.
8
00:00:39.000 –> 00:00:43.740
Dan Deppen: If this guy has a BK… so when the BK was dismissed.
9
00:00:44.850 –> 00:00:50.000
Dan Deppen: That means not discharged, so they didn’t go all the way through, so that implies, like, they went into BK,
10
00:00:50.880 –> 00:00:54.789
Dan Deppen: And then, failed to make payments on the plan.
11
00:00:55.030 –> 00:00:55.490
Wendy Zollner: Okay.
12
00:00:55.490 –> 00:00:58.979
Dan Deppen: Now, you can also go into Pacer and pull all this stuff up.
13
00:00:59.740 –> 00:01:08.149
Dan Deppen: I don’t feel like we necessarily need to do that here, although that’s another… I have done that on a few of them, where, like, I wanted more information on what happened.
14
00:01:08.730 –> 00:01:14.329
Dan Deppen: But for me, personally, like, if I’m the lender, like, forget compliance for a minute.
15
00:01:14.770 –> 00:01:20.699
Dan Deppen: Department of Ware has 518 credit, they filed bankruptcy at one point, and then didn’t follow through on the plan.
16
00:01:20.860 –> 00:01:27.900
Dan Deppen: Which, generally, people do that when they’re trying, like, to delay a foreclosure, slow rule things, like, it’s a dark sign.
17
00:01:27.960 –> 00:01:31.070
Wendy Zollner: Like, you know, they.
18
00:01:32.060 –> 00:01:39.339
Dan Deppen: their risk of default, no matter what their DTI is, is gonna be through the roof. Like, I would not mess with the borrower.
19
00:01:39.340 –> 00:01:45.450
Wendy Zollner: Yeah, and if it’s not a primary residence, they have no… incentive to…
20
00:01:45.600 –> 00:01:57.360
Dan Deppen: Yeah, because, you know, I’ve had borrowers on loans that I’ve bought that were renting the property out and collecting rent and just not paying the mortgage. That’s a common thing. Yeah. And so a guy like this, man, is gonna be a…
21
00:01:57.710 –> 00:01:59.190
Dan Deppen: prime candidate.
22
00:01:59.460 –> 00:02:01.040
Wendy Zollner: Yeah, 100% agree.
23
00:02:01.040 –> 00:02:05.419
Dan Deppen: to do something like that, but is this… is this a Ryan Hasey one?
24
00:02:05.420 –> 00:02:07.179
Wendy Zollner: Yeah, it is. Yeah.
25
00:02:07.180 –> 00:02:08.699
Dan Deppen: Yeah, that, that guy…
26
00:02:09.350 –> 00:02:14.619
Dan Deppen: I mean, he’s a nice enough guy, like, I’ve talked to him on the phone a number of times, but his deals are…
27
00:02:15.110 –> 00:02:15.930
Dan Deppen: ugly.
28
00:02:16.150 –> 00:02:16.570
Wendy Zollner: Yeah.
29
00:02:16.570 –> 00:02:17.420
Dan Deppen: Absolutely.
30
00:02:17.820 –> 00:02:21.090
Wendy Zollner: How weird, he gets just the really bad borrowers.
31
00:02:21.430 –> 00:02:27.650
Dan Deppen: Yeah, and I, he… I believe that was him that told me, like, some of these…
32
00:02:28.160 –> 00:02:32.240
Dan Deppen: Properties, like, he kind of messed up when he originally…
33
00:02:32.510 –> 00:02:39.479
Dan Deppen: acquired them, and then I think he invested with somebody that was kind of like a bad guy type thing. So he’s had, like, all kinds of problems.
34
00:02:39.480 –> 00:02:40.160
Wendy Zollner: Oh, okay.
35
00:02:40.160 –> 00:02:45.480
Dan Deppen: And he’s trying to use seller finance, like, to kind of try to maneuver out, but…
36
00:02:45.660 –> 00:02:51.910
Dan Deppen: you know, and I don’t know if these are just bad properties as well, where they’re not getting… decent…
37
00:02:52.040 –> 00:02:57.350
Dan Deppen: borrowers, but the whole thing has just been kind of a mess. It’s kind of funny how some people will…
38
00:02:58.670 –> 00:03:02.080
Dan Deppen: Cycle through properties and…
39
00:03:02.470 –> 00:03:08.110
Dan Deppen: Borrowers, and it’s like, you do the one that… and they never quite, like, go all the… the way.
40
00:03:08.450 –> 00:03:09.030
Wendy Zollner: Yeah.
41
00:03:10.400 –> 00:03:16.810
Dan Deppen: Okay, so, anyways… Did they… I’m getting… okay, 5 open collections.
42
00:03:18.120 –> 00:03:19.520
Dan Deppen: One charge off…
43
00:03:23.950 –> 00:03:28.970
Dan Deppen: So, one thing to note is that if this is a…
44
00:03:29.200 –> 00:03:33.099
Dan Deppen: investment property or second home, then Dodd-Frank does not apply.
45
00:03:33.600 –> 00:03:34.500
Wendy Zollner: Okay.
46
00:03:34.700 –> 00:03:38.680
Dan Deppen: So… the…
47
00:03:42.510 –> 00:03:46.940
Dan Deppen: If this was owner-occupied, could this be Dodd-Frank compliant? It’s…
48
00:03:49.630 –> 00:03:53.939
Dan Deppen: I think it could be, if he really has, like, a 31% DTI.
49
00:03:56.890 –> 00:03:59.290
Dan Deppen: But I know we said that that might not be…
50
00:03:59.290 –> 00:03:59.710
Wendy Zollner: Yeah.
51
00:03:59.710 –> 00:04:03.680
Dan Deppen: So, yeah, so just ask them to clarify
52
00:04:03.980 –> 00:04:08.879
Dan Deppen: Whether it’s a second, you know, primary residence, second, or investment.
53
00:04:09.100 –> 00:04:09.860
Wendy Zollner: Okay.
54
00:04:10.580 –> 00:04:12.770
Dan Deppen: And then get those other…
55
00:04:13.070 –> 00:04:17.360
Dan Deppen: Mortgage statements, and then also just ask them specifically.
56
00:04:18.089 –> 00:04:23.729
Dan Deppen: Are they keeping the existing mortgage, or is that getting, like, sold and paid off, or what’s happening with that?
57
00:04:24.650 –> 00:04:25.750
Wendy Zollner: Okay, yeah.
58
00:04:25.750 –> 00:04:28.550
Dan Deppen: Matt, like, directly, so we don’t have to interpret.
59
00:04:36.180 –> 00:04:39.879
Dan Deppen: And then, obviously, go back and change the loan purpose once you hear back from them.
60
00:04:40.610 –> 00:04:41.230
Wendy Zollner: Okay.
61
00:04:41.230 –> 00:04:44.889
Dan Deppen: And then there will be an update to the DTI, so that’ll kind of tell the story.
62
00:04:45.250 –> 00:05:00.379
Wendy Zollner: So, the DTI, if, they have… they do have that, mortgage payment, then I would have to manually enter some of their debts, then, it sounds like, because normally we just import it from the credit report, and then it automatically.
63
00:05:00.550 –> 00:05:05.959
Dan Deppen: Yeah, you’ll have to manually put it in, so if you go to ERLA Borrower Info.
64
00:05:06.170 –> 00:05:07.030
Wendy Zollner: Okay.
65
00:05:07.210 –> 00:05:10.349
Dan Deppen: It’ll let you do that. You hit the plus sign here.
66
00:05:11.100 –> 00:05:12.720
Wendy Zollner: Oh, okay, okay.
67
00:05:12.720 –> 00:05:14.699
Dan Deppen: And then you can put in
68
00:05:14.910 –> 00:05:18.029
Dan Deppen: What it is, so in this case, it would be mortgage.
69
00:05:20.710 –> 00:05:21.240
Wendy Zollner: Okay.
70
00:05:21.240 –> 00:05:23.209
Dan Deppen: And then you can put in the different…
71
00:05:25.190 –> 00:05:30.090
Dan Deppen: just say conventional, doesn’t really matter. You don’t necessarily have to fill in all of this stuff.
72
00:05:30.390 –> 00:05:33.119
Dan Deppen: What really matters is the monthly payment.
73
00:05:33.120 –> 00:05:34.930
Wendy Zollner: It was 2080.
74
00:05:36.210 –> 00:05:36.840
Dan Deppen: Okay.
75
00:05:36.840 –> 00:05:39.910
Wendy Zollner: 2080, I don’t know if we want to add it now, or just…
76
00:05:39.910 –> 00:05:41.319
Dan Deppen: I’ll add it now.
77
00:05:41.320 –> 00:05:42.040
Wendy Zollner: Okay.
78
00:05:42.930 –> 00:05:49.779
Dan Deppen: Oh, and then Byte does some weird stuff, too, where a lot of times, if there’s a first mortgage, it assumes that it’s being paid off.
79
00:05:50.230 –> 00:05:53.670
Dan Deppen: Oh. So when I added in, let’s see what it did.
80
00:06:00.800 –> 00:06:02.579
Wendy Zollner: It did not add it to the…
81
00:06:02.580 –> 00:06:08.609
Dan Deppen: Did not add it. So if I go to show all liabilities, see, it kind of took that out.
82
00:06:09.290 –> 00:06:13.840
Dan Deppen: And now I gotta remember how to… Oh.
83
00:06:14.040 –> 00:06:15.110
Dan Deppen: Maybe it…
84
00:06:16.980 –> 00:06:22.279
Wendy Zollner: If it’s, not listed as a primary residence, maybe?
85
00:06:23.040 –> 00:06:27.299
Dan Deppen: Yeah, I think it’s assuming that it gets paid off. I think you’re right.
86
00:06:28.060 –> 00:06:30.559
Dan Deppen: I was thinking, though, there was a…
87
00:06:32.250 –> 00:06:36.930
Dan Deppen: Is it resubordinated? I was thinking there was a selection to, like, keep it in.
88
00:06:38.170 –> 00:06:38.830
Dan Deppen: But it…
89
00:06:38.830 –> 00:06:40.129
Wendy Zollner: Yeah, because we’re not…
90
00:06:40.130 –> 00:06:45.359
Dan Deppen: That might be what it is. I think you’re right. Let me go over to…
91
00:06:45.750 –> 00:06:50.540
Dan Deppen: Oh, I guess I could have done that on the 1008. I didn’t have to go to home to change the…
92
00:06:50.750 –> 00:06:55.730
Dan Deppen: The loan type, but we’ll change it to… Let’s make it second home.
93
00:06:57.840 –> 00:07:01.130
Dan Deppen: Wait, oops, not that.
94
00:07:03.600 –> 00:07:05.729
Dan Deppen: Let’s make an investment property.
95
00:07:08.540 –> 00:07:14.979
Wendy Zollner: What our, none of our data shows whether it’s, like, maybe it’s a duplex or something, and…
96
00:07:15.540 –> 00:07:19.049
Wendy Zollner: We wouldn’t know that, right?
97
00:07:21.510 –> 00:07:30.429
Dan Deppen: Generally, generally that doesn’t matter too much. There are hooks in Byte where you can indicate all of that stuff. Oh, this is still trying to…
98
00:07:31.200 –> 00:07:34.329
Dan Deppen: Oh, it says not counted, up here. See where it says not counted?
99
00:07:34.330 –> 00:07:35.390
Wendy Zollner: Yeah, yeah.
100
00:07:35.390 –> 00:07:40.370
Dan Deppen: I think, because it’s a mortgage, if we go explain, counted…
101
00:07:41.360 –> 00:07:47.860
Dan Deppen: When the account type is mortgage or keylocked, the not counted will be checked to indicate the property payment is not included directly.
102
00:07:48.120 –> 00:07:56.620
Dan Deppen: If the mortgage is on the present owner-occupied, the payment will be a component of the proposed Oh.
103
00:07:56.620 –> 00:07:57.420
Wendy Zollner: Hmm.
104
00:07:59.070 –> 00:08:04.830
Dan Deppen: If the mortgage is not on the owner-occupied, it will be a component of the net rental income associated.
105
00:08:06.130 –> 00:08:09.169
Wendy Zollner: It doesn’t give you the option to uncheck it, though.
106
00:08:10.220 –> 00:08:13.209
Dan Deppen: Yeah, so you know what we’re gonna do in this case?
107
00:08:14.810 –> 00:08:16.469
Dan Deppen: Is just call it other.
108
00:08:16.470 –> 00:08:17.310
Wendy Zollner: Okay.
109
00:08:20.700 –> 00:08:23.120
Wendy Zollner: Now, do you have to uncheck not counted?
110
00:08:23.120 –> 00:08:23.880
Dan Deppen: Yeah.
111
00:08:24.980 –> 00:08:26.439
Wendy Zollner: Okay, now it showed up.
112
00:08:27.150 –> 00:08:27.710
Dan Deppen: That’s kind of…
113
00:08:27.710 –> 00:08:32.299
Wendy Zollner: Say, $3,500 in other monthly payments.
114
00:08:33.450 –> 00:08:35.339
Dan Deppen: Yeah, cause it threw it over here.
115
00:08:36.059 –> 00:08:38.889
Wendy Zollner: But why did it… put 30…
116
00:08:39.309 –> 00:08:42.019
Wendy Zollner: Oh, all monthly payments, okay. It added the…
117
00:08:42.020 –> 00:08:46.440
Dan Deppen: Yeah, because right now it’s saying there are not any other monthly payments in here. Yeah.
118
00:08:47.510 –> 00:08:49.510
Dan Deppen: You know, it’s showing just that one.
119
00:08:52.510 –> 00:08:53.700
Wendy Zollner: Okay, so it just…
120
00:08:53.700 –> 00:08:58.410
Dan Deppen: Usually in by… yeah, so now they would be at, like, 7,400. Now…
121
00:08:58.970 –> 00:09:01.890
Dan Deppen: The other thing… actually, the other thing to ask them…
122
00:09:02.640 –> 00:09:07.740
Dan Deppen: If it’s an investment property, what’s the net rental income expected?
123
00:09:08.520 –> 00:09:08.870
Wendy Zollner: Yeah.
124
00:09:08.870 –> 00:09:16.450
Dan Deppen: So, the other way you would do this, like, if it’s truly a rental property, Then, under income.
125
00:09:17.030 –> 00:09:17.800
Wendy Zollner: Oh…
126
00:09:17.800 –> 00:09:24.570
Dan Deppen: You know, we would add in here, like, rental income. So maybe their rental income is whatever, and then in theory it would come.
127
00:09:25.120 –> 00:09:26.230
Dan Deppen: back down.
128
00:09:26.230 –> 00:09:32.719
Wendy Zollner: And they did put that in their application as, I think it was… I’ll find it real quick.
129
00:09:32.720 –> 00:09:38.770
Dan Deppen: Yeah, so go… you can go ahead and add that in. Okay, so add in whatever they said in there.
130
00:09:39.040 –> 00:09:40.430
Wendy Zollner: Application.
131
00:09:40.720 –> 00:09:41.230
Dan Deppen: Yup.
132
00:09:41.450 –> 00:09:45.230
Wendy Zollner: Rental income… Okay.
133
00:09:46.400 –> 00:09:47.380
Wendy Zollner: 12.
134
00:09:48.080 –> 00:09:49.290
Wendy Zollner: Thousand?
135
00:09:50.710 –> 00:09:54.970
Wendy Zollner: 12,000. Expected monthly rental income, $12,000.
136
00:09:56.410 –> 00:09:57.790
Wendy Zollner: That doesn’t sound right.
137
00:09:57.790 –> 00:10:03.529
Dan Deppen: That doesn’t make sense. Yeah, so I would just, when you ping them with the laundry list of stuff, I would just get that.
138
00:10:03.780 –> 00:10:04.490
Dan Deppen: As well.
139
00:10:04.490 –> 00:10:08.360
Wendy Zollner: the rental… Income.
140
00:10:08.670 –> 00:10:09.700
Wendy Zollner: Okay.
141
00:10:12.640 –> 00:10:14.040
Wendy Zollner: Okay, okay.
142
00:10:14.040 –> 00:10:17.979
Dan Deppen: And I’m guessing, too, like, if this person’s truly, like, renting the property.
143
00:10:18.990 –> 00:10:24.920
Dan Deppen: Given that there’s been, like, a few spins with this one, it’s probably a messed up property. This whole thing is probably not gonna go well.
144
00:10:25.180 –> 00:10:26.470
Wendy Zollner: Yeah, okay.
145
00:10:26.560 –> 00:10:29.970
Dan Deppen: I think he also bought this… Sub 2.
146
00:10:31.080 –> 00:10:36.490
Dan Deppen: I think that’s the other thing. Yeah, okay. These are, like, crazy sub-2 ones, so…
147
00:10:38.500 –> 00:10:43.419
Dan Deppen: Okay, so I think that’s about it. I’ll just pull up the…
148
00:10:43.550 –> 00:10:48.939
Dan Deppen: second. I mean, really… and now, granted, I haven’t done one of these in a minute.
149
00:10:49.930 –> 00:10:54.959
Dan Deppen: But… In general, I don’t think you have to do a whole ton.
150
00:10:55.080 –> 00:11:00.040
Dan Deppen: With the second, other than… You know, input the loan terms.
151
00:11:00.760 –> 00:11:03.809
Wendy Zollner: Oh, and it looks like Lone Code isn’t there.
152
00:11:04.690 –> 00:11:05.679
Wendy Zollner: Like.
153
00:11:05.680 –> 00:11:08.549
Dan Deppen: Yeah, so I would fill out that stuff.
154
00:11:08.550 –> 00:11:09.340
Wendy Zollner: Okay.
155
00:11:09.490 –> 00:11:15.499
Dan Deppen: And then when you’re ready to print the LE, you know, you’ll put in, like, the application date and some of the other stuff.
156
00:11:16.580 –> 00:11:18.590
Dan Deppen: To date, registered, blah blah blah.
157
00:11:18.830 –> 00:11:19.759
Dan Deppen: And all of that.
158
00:11:19.760 –> 00:11:21.869
Wendy Zollner: Oh yeah, that was missing too, okay, yeah.
159
00:11:21.870 –> 00:11:26.560
Dan Deppen: But other than that, the other stuff should be synced and come over, right?
160
00:11:26.560 –> 00:11:26.920
Wendy Zollner: Thank you.
161
00:11:26.920 –> 00:11:34.039
Dan Deppen: red is coming over. Parties should have come over as well. Yeah, see, all the parties are filled in.
162
00:11:34.040 –> 00:11:34.590
Wendy Zollner: Okay.
163
00:11:34.590 –> 00:11:41.210
Dan Deppen: Same with Erlib Borrower, you know, there’s not… It’s just referencing the first.
164
00:11:42.300 –> 00:11:43.130
Dan Deppen: Okay.
165
00:11:44.860 –> 00:11:46.460
Wendy Zollner: Okay, so then I’ll print.
166
00:11:46.460 –> 00:11:50.839
Dan Deppen: Yeah, and see, like, here’s our liability that we added for the mortgage, like, that shows up.
167
00:11:51.060 –> 00:11:52.010
Dan Deppen: Okay.
168
00:11:52.010 –> 00:11:52.550
Wendy Zollner: Cool.
169
00:11:53.080 –> 00:11:53.660
Dan Deppen: Nope.
170
00:11:53.930 –> 00:11:55.370
Wendy Zollner: So then I’ll ask.
171
00:11:55.520 –> 00:12:03.510
Wendy Zollner: the borrower those questions, and then… should I just go ahead and get… do the LE and send it to the lender at the same time, so they can
172
00:12:03.870 –> 00:12:05.179
Wendy Zollner: look at it.
173
00:12:05.560 –> 00:12:06.520
Wendy Zollner: Instead of having.
174
00:12:06.520 –> 00:12:11.899
Dan Deppen: No, because don’t do that yet, because I think we want confirmation from the borrower, because if it’s…
175
00:12:13.420 –> 00:12:19.630
Dan Deppen: An investment property and a rental, or if they’re paying it off, like, that’s gonna wildly impact
176
00:12:19.740 –> 00:12:21.619
Dan Deppen: the, the Ellie, so I think…
177
00:12:21.620 –> 00:12:22.150
Wendy Zollner: Okay.
178
00:12:22.150 –> 00:12:24.919
Dan Deppen: We kind of need that info,
179
00:12:26.820 –> 00:12:31.149
Dan Deppen: We kind of need that info first, before we can send the LE out.
180
00:12:31.170 –> 00:12:39.800
Wendy Zollner: And then also, this borrower listed that they are self-employed, and then they didn’t give me any self-employment income, so I guess I need to add.
181
00:12:39.800 –> 00:12:40.300
Dan Deppen: Oh.
182
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Wendy Zollner: 2.
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Wendy Zollner: They gave me V8.
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Dan Deppen: They gave me just the VA.
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Wendy Zollner: Yeah.
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Dan Deppen: Yeah, yeah, definitely ask them for that as well. I just know, like, hey, we’ve got your VA income.
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Dan Deppen: But you indicated self-employment income, so we need blah blah blah.
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Wendy Zollner: For that.
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Dan Deppen: Yep.
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Wendy Zollner: So, for the self-employment income, it’s 12 bank statements, but we don’t need also a tax return or any…
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Dan Deppen: No, it’s basically, we can do either or.
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Wendy Zollner: Okay.
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Dan Deppen: So, 12 tax returns, or I’m sorry, 12 bank statements covers it.
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Wendy Zollner: Okay.
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Dan Deppen: We can also do two tax returns instead.
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Dan Deppen: However, you know, typically, depending on the nature of the business and the deductions, tax returns tend to understate the actual income, so we end up, like, not doing tax returns.
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Wendy Zollner: Okay.
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Dan Deppen: A whole lot, plus… It’s,
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Dan Deppen: I find it a little better anyways to have the bank statements, because it’s giving you more recent data, depending on where you are in the calendar and when the tax return is filed. Like, if they said, hey, I’ll give you…
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Dan Deppen: two tax returns, but I haven’t filed 2025 yet. I’ll give you 23 and 24.
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Dan Deppen: Shoot, now you’re looking, like, 15 months in the review.
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Wendy Zollner: Yeah.
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Dan Deppen: Could be anything.
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Dan Deppen: Yeah.
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Wendy Zollner: Not… not super…
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Dan Deppen: So in that case, I would kind of want some bank statements anyhow, you know, 6 months, at least, or whatever.
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Wendy Zollner: Yeah, because some… because the SOP says, like.
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Wendy Zollner: Previous tax… year’s tax return, and or… and slash or 12 months Current.
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Dan Deppen: Yeah, sometimes they give us both, like, we can take both, like, it’s kind of nice as a smell test to have…
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Dan Deppen: To have both, but it’s not required.
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Wendy Zollner: Okay, cool.
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Wendy Zollner: Okay, yeah, that one.
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Wendy Zollner: So I’ll get…
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Wendy Zollner: Contact the borrower, all the questions we had for them, copy the lender, see what they say back, and then…
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Wendy Zollner: Go from there. Okay.
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Wendy Zollner: Yeah, perfect. Cool. Awesome.
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Wendy Zollner: Cool.
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Dan Deppen: Cool, but yeah, but I’m around all day, and then I was gonna maybe… I know you’re… you’re… you’re out.
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Dan Deppen: and you got stuff going on, I was gonna see if maybe there was time tomorrow to get…
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Dan Deppen: Together with Christine, just to…
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Dan Deppen: touch bases, I don’t know if there’s anything specific going on, but I don’t want to, like, disappear on everybody.
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Wendy Zollner: Yeah.
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Dan Deppen: I don’.
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Wendy Zollner: Yeah, yeah, totally, it’s a good idea to get, keep… it’s easier, like, if we keep in touch, and then we know.
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Dan Deppen: Yeah.
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Wendy Zollner: That, and so tomorrow… so, let’s see…
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Dan Deppen: Later on in the afternoon.
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Wendy Zollner: Yeah, tomorrow, I have an appointment for my mom in the morning, and also I’ll get on in the, like, at 8 and check the email, and then I’ll come back in the afternoon and…
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Wendy Zollner: Get some work done.
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Dan Deppen: Okay.
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Wendy Zollner: After that.
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Dan Deppen: So maybe I’ll ping Christine, maybe we could… yeah, just… because she’s usually on in the afternoons anyways, maybe a time tomorrow afternoon, just to…
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Wendy Zollner: Yeah.
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Dan Deppen: Kind of sync up and see how things are going.
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Wendy Zollner: Yeah, no, and I didn’t… I didn’t let her know that I was gonna be out. I should probably let her know I was gonna be out Friday and Monday, so…
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Dan Deppen: Okay, we can talk about that. I mean, I can… Cover mornings and stuff.
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Wendy Zollner: Okay.
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Dan Deppen: As well, so…
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Wendy Zollner: Okay, cool.
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Dan Deppen: Because there’s a way I kind of want to do that now and then, I don’t… I mean, it’s nice that you guys have just been kind of handling things, which is what I’ve wanted.
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Dan Deppen: But I also don’t want to get, like…
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Dan Deppen: too removed from that, either. I want to stay in… yeah.
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Wendy Zollner: Yeah, so that’s a good thing to know, because, like, I’m, like, assuming you’re kind of, like, perusing the emails once in a while, so if it’s something…
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Dan Deppen: That… I am, yeah.
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Wendy Zollner: directly, and the message is, like, Eddie Speed called, and I’m, like, assuming you’re gonna see that and get the.
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Dan Deppen: Oh, I haven’t seen that one yet, I haven’t.
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Wendy Zollner: Yeah, he left a message yesterday.
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Dan Deppen: Oh, okay.
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Wendy Zollner: Stuff like… so there’s a couple messages in… in there that… they’re asking directly for you, not like a deal question, but, like, a…
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Dan Deppen: Yeah, so those, those I will get to, so yeah, I’ll call Eddie back. I wonder what he’s up, it’s interesting, like…
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Dan Deppen: Got some ideas I want to explore. Yeah, that’s… It’s funny, like…
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Dan Deppen: Eddie’s very friendly at… you know, when I helped them, they were kind of putting together their play to convert.
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Dan Deppen: the rentals to notes, and he’s like, oh yeah, we’re gonna do, like, 25,000 of these, and I need to do all the RMLO work.
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Wendy Zollner: Oh. Yeah, that’s good.
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Dan Deppen: We’ve done, like, a couple. We’ve done, like, a couple of it.
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Wendy Zollner: Yeah, okay, so that’s a little short of $25,000, but maybe it’s.
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Dan Deppen: But, you know, but on the other hand, I mean, the guy does operate at a big scale, like, he’s done a lot, you know, like.
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Wendy Zollner: Yeah.
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Dan Deppen: equal to… You know, he’s a guy…
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Dan Deppen: It would be cool to get, like, a specific play.
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Wendy Zollner: Yeah.
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Dan Deppen: you know, because he’ll do stuff. The other one I’ve been working on is with,
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Dan Deppen: Mark Monroe and William Tingle setting up their affiliate stuff, so…
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Dan Deppen: I’m changing the way I was gonna do that, like, originally I gave them, like, a custom term sheet link.
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Dan Deppen: Which we’re still gonna have, but then… and then…
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Dan Deppen: Mark was like, you know, it’s hard just to give somebody the term sheet links, so I’m like, yeah, I’ll make you guys, like, custom landing pages, and I’ve got a draft of that together, and then I was like, well, wait a minute.
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Dan Deppen: the better way to do this, what I should really have on there is, like, a lead magnet where someone submits their email.
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Wendy Zollner: Okay.
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Dan Deppen: So, I’m gonna build…
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Dan Deppen: Over the course of the next week or so, hopefully, like, build a lead magnet, and put that on their landing page, and then build the backend so that if someone
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Dan Deppen: Downloads through their landing page, They get tagged so they can get…
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Dan Deppen: credit. It’s not hard to do, but you just… Gotta do all the…
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Wendy Zollner: Right.
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Dan Deppen: the steps, and then on… it’s kind of funny, too, so we’re doing cold email for the call the mortgage guy.
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Wendy Zollner: And I started cold emailing, and I didn’t realize this, but…
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Dan Deppen: Apparently, Steve just started, like…
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Dan Deppen: really, like, mass email, like, trying to send a lot. I’m like, dude, like, you can’t… and Google Workspace throttled it for him, which was kind of nice.
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Dan Deppen: And I’m like, yeah, don’t… no more than, like, 20, 25 new ones a day, and then, like, you know, we can step it up.
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Dan Deppen: Like, by 5.
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Dan Deppen: But…
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Dan Deppen: I’ve also been digging into the cold email thing, and yesterday I had a guy on Upwork fix some DMART stuff and email deliverability stuff on… because I’ve also got the call the underwriter domain and the call the mortgage guy.
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Dan Deppen: But what I’m probably gonna do to really, like, spin up the cold email is, make some other…
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Dan Deppen: domains, like, calltheunderwriter.co.
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Wendy Zollner: Boldenwarriesguy.co. Okay.
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Dan Deppen: Or you can make multiple accounts that you warm up, and then, like, start emailing from those, so that that’s a way to, like, do that.
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Wendy Zollner: That’s cool, yeah.
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Dan Deppen: Sure, so, but that’s a whole…
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Dan Deppen: So I’ve got, like, all these projects.
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Wendy Zollner: Yeah, you have so many irons in the fire right now, it’s hard to, like, how do you have the time to do it all and manage it?
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Dan Deppen: I kind of don’t. I mean, I don’t know, I do my best with it, and then the Node Accelerator started this week.
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Wendy Zollner: Okay.
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Dan Deppen: That’s been good. It’s funny, I’ve run that a couple times, and, like, both times I’ve run it, I’ve had, like, two people.
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Dan Deppen: And it was funny, so I…
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Dan Deppen: offered, Albert to do it for free, because he had done it before, and he’s a good guy, and I’m like, so that way, I’ll at least have, like, a little bit of critical mass, so if I get, like, one, I’ve got, like, you know, a little more action.
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Dan Deppen: And I ended up getting, like, 5 people that paid.
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Wendy Zollner: Wow, nice.
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Dan Deppen: So now we’ve got a group.
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Dan Deppen: of 6. In fact, Sunday, as I was getting back from Crested Butte, one guy I talked to him on the phone, I had, like, 2 more people… I had 2 people sign up. That put it to 5, so…
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Dan Deppen: So, so that was pretty cool. So now I’ve…
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Dan Deppen: I’m gonna do, like, a wave of note buying.
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Dan Deppen: with that… Yeah. Cohort.
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Wendy Zollner: Nice. So you take them through… you do their, like, coaching with them, and then…
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Dan Deppen: Yeah, it’s basically twice-a-week coaching calls. You kind of take them through the Note Launchpad stuff. So basically, I built that Note Launchpad course 5 years ago, originally.
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Wendy Zollner: Yeah, I remember I was still working with you when you… Yeah. Yeah.
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Dan Deppen: Yeah, and then, and it’s funny, I run a couple relaunches a year, and I’ve kind of continued to bring
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Dan Deppen: New people, and there’s probably been…
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Dan Deppen: Like, 130 people that have bought that, like.
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Wendy Zollner: Nice.
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Dan Deppen: Yeah.
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Wendy Zollner: That’s awesome!
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Dan Deppen: And, but then, a couple years ago, I was getting… people were asking,
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Dan Deppen: Well, can you just, like, walk me through this?
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Wendy Zollner: And so that’s…
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Dan Deppen: And it kind of… Started the six-week…
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Dan Deppen: thing, and then, like I said, like, the first time I ran, I got a couple. The second time I tried to run, I got nobody. The third time, I got two. The fourth time I tried to run, I got nobody.
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Dan Deppen: And so, I wasn’t even sure if it was gonna go, and then now I got, like, 5…
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Wendy Zollner: Wow.
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Dan Deppen: somehow. But, you know, I do need to buy some additional notes, because I’ve got some cash in my self-directed IRA, and I have a couple investors that have been
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Dan Deppen: wanting to do stuff, so I was like, okay, in the midst of all the other stuff going on, I’ll kind of batch it.
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Dan Deppen: where I’ll try to deploy all this money, like, kind of in a cycle, and then I’ll do it.
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Dan Deppen: Alongside the Node Accelerator cohort, so that’ll kind of make it different, hopefully get them.
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Wendy Zollner: That’s cool, yeah.
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Dan Deppen: more engaged, but it’s funny, we had the first call on Monday, I was a little disappointed. They weren’t, like.
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Dan Deppen: super highly engaged, like, talking about goals, like, so what are you guys trying to do? Nobody had much to say. I’m like…
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Dan Deppen: He has paid, like, 3,000 bucks to do this, like, come on, like, you don’t have any, like…
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Wendy Zollner: Yeah, they’re, like, too shy to talk or speak up on the Zoom call, or…
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Dan Deppen: I guess so, like, hopefully they loosen up, but I’m like…
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Wendy Zollner: Yeah.
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Dan Deppen: I mean… I mean, I’m content to do it where they just watch me go buy stuff, but I’m like, you know, why don’t you…
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Dan Deppen: Go do it, too, like, right?
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Wendy Zollner: Yeah, I know. Yeah, you need, like, a plant or something to get people to get started talking or something, I don’t know.
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Dan Deppen: Well, that’s what I was hoping Albert would do. Maybe he will do that, because Albert has done it before, and Albert has bought some stuff, so that’s…
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Wendy Zollner: Right.
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Dan Deppen: That’s cool.
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Wendy Zollner: Cool. That’s… that’s good. That’ll keep you busy. Extra busy.
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Dan Deppen: Yeah, no kidding. Well, what I’m trying to do is get stuff, like I talked about, like, get stuff to, like, a critical mass by about…
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Dan Deppen: mid-year.
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Dan Deppen: Yes, yeah. And then, like, the new project stuff is just gonna kinda slow down.
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Wendy Zollner: Yeah, yeah, because he’ll be even… yeah, busy with, like, personal stuff on the second half of the year.
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Dan Deppen: Yeah, it’s like… it’s like, get married.
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Dan Deppen: daughter goes to college, the other daughter goes back to college, sell my house, move, all that, like, there’s gonna be just a bunch, so… Yeah.
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Wendy Zollner: That’s pretty major. Major life stuff, yeah.
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Dan Deppen: Yeah, I got a bunch of that this year, so…
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Wendy Zollner: Yeah.
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Wendy Zollner: Oh, you’ll be busy, for sure.
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Dan Deppen: Yeah, so… Alright, cool. Well, thanks, we’ll have a good one, and I’ll talk to you. Yeah, but I’m around all day, so just give me a holler if you need anything.
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Wendy Zollner: Okay, thanks, Dan.
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Dan Deppen: Love it.
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Wendy Zollner: Bye.
========================================
FILE: CTU_Training_-Daily_Operations_Wrap_Up.txt
So wrapping up our daily operations. So we talked about kind of the standard flow that I like to use, answering the phone, answering texts, answering emails, updating the pipeline, creating the queue of the files that need to be worked, how we handle invoices and payments. And then this will be covered.
Later in the training, but you know, actually working the files. So what I do is once I get through this whole loop, like let’s say I’ve, you know, come on. I’ve answered emails, phone calls, updated the pipeline, invoices are good. I’ve worked the files that need to be worked. I’m through everything. Well then basically I just loop back and go again.
Like, have any new emails come in, have any new voicemails or texts, do I need to make any updates to the pipeline? And you just kind of run back through it. Again. Now, if for some reason like, like you’ve looped through here twice and there’s absolutely nothing to do, don’t sweat it. Give me a ping because I have a gigantic backlog of things that can always be, be worked, um, can have you help with marketing things other backend.
Sorts of stuff, like we never run out of things to do here, but this is kind of the template that I like to use when I work a shift to go through. And like I said, if you get through the whole thing, you just loop back around and do it again. I find it’s a little best to do these one at a time, especially when I’m in the middle.
Of working files. I don’t like to break out of that and start responding to emails or phone calls ’cause it’s real easy to get rabbit hold on things. And then sometimes it’s hard to jump back into the middle of a file ’cause I easily lose context. So that’s how we do that. Um, any questions on this, please let me know.
Gimme a holler.
========================================
FILE: CTU_Training_-_Loan_Estimate__Closing_Disclosure__and_TRID_Timing_01-21-2026.txt
CTU Training – Loan Estimate, Closing Disclosure, and TRID Timing.txt
CTU TRAINING TRANSCRIPT
Topic: Loan Estimate (LE), Closing Disclosure (CD), and TRID Timing Requirements
Stage of Loan Process:
Disclosures / Pre-Closing
Systems Discussed:
Byte (LOS)
Email Delivery / E-sign Process
Summary:
This training explains how and when to generate and send the Loan Estimate (LE) and Closing Disclosure (CD), including TRID timing requirements. It covers lender approval of the LE, borrower delivery, the 3-day review rule, and how CDs are handled when a closing attorney is involved.
Key Concepts:
- Loan Estimate must be approved by lender before sending to borrower
- LE is sent to borrower via email and e-sign
- TRID 3-day review period before closing
- Closing Disclosure may be prepared by attorney or lender
- Borrower signs only the final CD used for closing
- Avoid sending conflicting CDs to borrower
- Timing impacts earliest possible closing date
Sources:
Internal CTU training call between Dan Deppen and Wendy Zollner.
Training Index:
Loan Estimate & Closing Disclosure – How to generate, send, and manage LE/CD with TRID timing and borrower delivery rules.
Below is a transcript of an internal CTU training call.
WEBVTT
1
00:00:02.580 –> 00:00:05.230
Dan Deppen: Okay, so the closing date?
2
00:00:05.710 –> 00:00:09.329
Dan Deppen: This thing that says scheduled closing date, that is the closing date.
3
00:00:09.330 –> 00:00:10.700
Wendy Zollner: That is… okay, that is the.
4
00:00:10.700 –> 00:00:15.259
Dan Deppen: Yeah, so you can get these in… which file was this?
5
00:00:15.490 –> 00:00:19.529
Wendy Zollner: 29 Eccles, or something? Okay. 29…
6
00:00:19.530 –> 00:00:20.320
Dan Deppen: Yeah.
7
00:00:20.320 –> 00:00:20.980
Wendy Zollner: Yeah.
8
00:00:24.000 –> 00:00:25.240
Wendy Zollner: Yeah, that one.
9
00:00:27.900 –> 00:00:35.770
Dan Deppen: light gets very slow, especially when I’m sharing on Zoom, even though I bought this, like, fancy gaming laptop. Not that I really do gaming, but I just wanted to, like.
10
00:00:35.960 –> 00:00:40.520
Wendy Zollner: I run, like, 3 monitors, and I’m always doing loads of stuff, so I’m like, I’m just biting the bullet.
11
00:00:41.010 –> 00:00:41.600
Wendy Zollner: Yeah.
12
00:00:41.600 –> 00:00:47.630
Dan Deppen: And buying a computer with a big horse, with a big CPU, and a big video card.
13
00:00:47.850 –> 00:00:50.709
Dan Deppen: But yeah, so the closing date…
14
00:00:50.900 –> 00:00:54.099
Dan Deppen: Like, everything in Byte, it’ll show up in a lot of places.
15
00:00:54.100 –> 00:00:55.340
Wendy Zollner: Okay, yeah.
16
00:00:55.340 –> 00:00:58.459
Dan Deppen: So, it’ll show up on the homepage up here.
17
00:00:58.740 –> 00:01:02.219
Dan Deppen: What’s a little weird is in the homepage, it does not show the funding date.
18
00:01:02.730 –> 00:01:08.030
Dan Deppen: Okay. So I think… was that loan estimate page 1? I should have these memorized. Yeah, I think…
19
00:01:08.030 –> 00:01:09.309
Wendy Zollner: So, yeah, it was.
20
00:01:09.310 –> 00:01:10.120
Dan Deppen: Yeah.
21
00:01:11.670 –> 00:01:12.020
Wendy Zollner: That’s right.
22
00:01:12.020 –> 00:01:14.669
Dan Deppen: It’s the funding date and the closing date.
23
00:01:14.670 –> 00:01:15.220
Wendy Zollner: Okay.
24
00:01:15.360 –> 00:01:20.650
Dan Deppen: Generally, what we do when we’re… like, let’s say it’s a brand new file that’s coming in, and you’re entering them.
25
00:01:21.550 –> 00:01:24.549
Dan Deppen: I’ll put the closing date and the funding date about 2 weeks out.
26
00:01:24.740 –> 00:01:31.990
Dan Deppen: Just as a placeholder. Sometimes they give us a closing date on the term sheet, sometimes they don’t, sometimes it’s fuzzy.
27
00:01:32.180 –> 00:01:34.599
Dan Deppen: It really doesn’t matter too, too much.
28
00:01:35.250 –> 00:01:37.960
Dan Deppen: So that was my…
29
00:01:37.960 –> 00:01:43.590
Wendy Zollner: In this case, if you were planning on printing the disclosure…
30
00:01:43.790 –> 00:01:49.640
Wendy Zollner: So today, for example, you would still put it for 3 days out from today or something, right?
31
00:01:49.640 –> 00:01:54.640
Dan Deppen: Yeah, cause they can close… And if we look at,
32
00:01:57.190 –> 00:02:01.940
Dan Deppen: So, the other thing, too, I’ll kind of jump around here. So, when you’re counting days.
33
00:02:02.230 –> 00:02:04.580
Wendy Zollner: for disclosures, right? So…
34
00:02:04.880 –> 00:02:10.010
Dan Deppen: Closing disclosure goes out 3 business days before your close. Loan estimate goes out 7 business days.
35
00:02:10.680 –> 00:02:11.510
Wendy Zollner: Okay?
36
00:02:11.690 –> 00:02:14.090
Dan Deppen: And this should be written down somewhere in there, but…
37
00:02:14.090 –> 00:02:15.130
Wendy Zollner: I’m sure it is, yeah.
38
00:02:15.130 –> 00:02:20.039
Dan Deppen: You don’t… and also, the clock starts when the document is
39
00:02:20.290 –> 00:02:23.879
Dan Deppen: received by the borrower. They don’t actually have to sign those.
40
00:02:24.940 –> 00:02:32.950
Dan Deppen: We’ve started doing e-sign, just because some of the banks that buy these, like First National Acceptance, have gotten really funny about the dates.
41
00:02:33.160 –> 00:02:33.490
Wendy Zollner: We’ll just.
42
00:02:33.490 –> 00:02:38.430
Dan Deppen: Having an e-sign kind of shows, well, at least, like, you know they received it by this date, because they frickin’ e-signed it.
43
00:02:38.430 –> 00:02:39.849
Wendy Zollner: Right, okay.
44
00:02:39.850 –> 00:02:41.889
Dan Deppen: You don’t count the day that it goes out.
45
00:02:42.570 –> 00:02:44.770
Dan Deppen: You can count the day you close.
46
00:02:46.180 –> 00:02:46.840
Wendy Zollner: Okay.
47
00:02:46.840 –> 00:02:49.460
Dan Deppen: You can also count Saturday as a business day.
48
00:02:50.300 –> 00:02:55.410
Dan Deppen: So you’re basically not counting Sundays and federal holidays.
49
00:02:57.190 –> 00:02:59.200
Dan Deppen: So today’s the 21st.
50
00:03:00.390 –> 00:03:04.420
Dan Deppen: So, if we sent something… if we sent a CD today.
51
00:03:05.290 –> 00:03:13.649
Dan Deppen: The 21st is Day 0, the 22nd is Day 1, the 23rd is Day 2, and then 24th would be Day 3.
52
00:03:14.390 –> 00:03:17.599
Wendy Zollner: Oh, okay. So then the answer’s the 24th, not the.
53
00:03:17.600 –> 00:03:22.330
Dan Deppen: Yeah, so if we have it set as the 26th for Monday, that’s okay, because they’re still packed.
54
00:03:22.800 –> 00:03:23.500
Wendy Zollner: Okay.
55
00:03:25.910 –> 00:03:31.049
Dan Deppen: And then the fees… okay, so typically, especially when we’re starting a file.
56
00:03:32.440 –> 00:03:40.370
Dan Deppen: We’ll take the insurance and property tax cost from the term sheet,
57
00:03:40.630 –> 00:03:43.990
Dan Deppen: But then, a lot of times, like, they just put in, like, an estimate.
58
00:03:44.640 –> 00:03:51.390
Dan Deppen: and sometimes they send us something later. This 29 Eccles file has been floating back and forth for a long time.
59
00:03:51.580 –> 00:03:54.999
Dan Deppen: So without trying to, like, dig up the whole history and email.
60
00:03:55.640 –> 00:04:00.060
Dan Deppen: Which will be in there, like, you could do that. That’s the other thing, too, you’ll know this, but…
61
00:04:00.690 –> 00:04:03.850
Dan Deppen: You know, when you’re done with an email, you always archive it, never delete it.
62
00:04:04.380 –> 00:04:09.540
Dan Deppen: One of the things the previous owners did was they would hard delete emails, and so, like, so much of the history.
63
00:04:09.540 –> 00:04:11.149
Wendy Zollner: Yeah. Oh, man.
64
00:04:11.150 –> 00:04:11.760
Dan Deppen: on.
65
00:04:11.920 –> 00:04:12.370
Wendy Zollner: Yeah.
66
00:04:12.370 –> 00:04:17.729
Dan Deppen: But generally, like, I would just interpret, like, this file’s been around for a while.
67
00:04:18.860 –> 00:04:27.810
Dan Deppen: If the numbers in byte are different than what was on the term sheet, that means at some point they sent us an update. In fact, I remember now, we did go back and forth
68
00:04:28.040 –> 00:04:29.300
Dan Deppen: on this one.
69
00:04:29.470 –> 00:04:35.549
Dan Deppen: Because they actually did the thing, even though, David Call and crew, he’s one of the best customers.
70
00:04:35.820 –> 00:04:40.969
Dan Deppen: Okay. Although I don’t know what’s going on lately, they had a guy leave, he may have come back.
71
00:04:41.480 –> 00:04:46.220
Dan Deppen: The last month, they’ve been very disorganized, and I’m not sure what… changed.
72
00:04:46.220 –> 00:04:47.120
Wendy Zollner: Okay.
73
00:04:47.570 –> 00:04:50.509
Dan Deppen: But we did have some back and forth over the,
74
00:04:50.620 –> 00:04:57.190
Dan Deppen: escrow amounts, because they did the thing, like, that other lady did, where they emailed said… one of the people said, hey, these are wrong.
75
00:04:57.290 –> 00:04:58.410
Dan Deppen: And I’m like.
76
00:04:59.250 –> 00:05:07.029
Dan Deppen: Fantastic, tell me what numbers to put in, because at the end of the day, right, like, we’re not a title company, so we’re not, like…
77
00:05:08.070 –> 00:05:15.300
Dan Deppen: Verifying proof of insurance, and going to the county, like, they give us the numbers, we put them in.
78
00:05:15.720 –> 00:05:16.460
Wendy Zollner: Right?
79
00:05:16.460 –> 00:05:18.980
Dan Deppen: So if they’re like, hey, your numbers are wrong, great.
80
00:05:19.240 –> 00:05:21.150
Dan Deppen: Give us the right numbers, we’ll put them in.
81
00:05:22.130 –> 00:05:22.850
Dan Deppen: That’s.
82
00:05:23.220 –> 00:05:26.069
Wendy Zollner: So that’s on… on them to give us the right numbers.
83
00:05:26.070 –> 00:05:34.629
Dan Deppen: Yeah, yeah, it’s like, hey, these are wrong, great. Tell us what… plus, if they’re saying they’re wrong, that implies they know what they are, so if they know what they are, just tell us, and we’ll put them in.
84
00:05:34.630 –> 00:05:36.509
Wendy Zollner: That’ll be common sense, yeah, to me.
85
00:05:36.510 –> 00:05:39.470
Dan Deppen: Yeah, but not everybody… does that.
86
00:05:39.470 –> 00:05:39.970
Wendy Zollner: Yeah.
87
00:05:39.970 –> 00:05:46.950
Dan Deppen: It’s just, it’s fine. So I would just leave these alone, like, just leave them the way they are if they’re different than the term sheet.
88
00:05:47.110 –> 00:05:47.930
Wendy Zollner: Okay.
89
00:05:48.750 –> 00:05:52.419
Dan Deppen: And then verifying the fees, so what typically happens is…
90
00:05:55.610 –> 00:05:59.699
Dan Deppen: When they submit the term sheet, they’re not all the way down the road.
91
00:06:00.480 –> 00:06:04.320
Dan Deppen: So they’re not gonna know… like…
92
00:06:04.570 –> 00:06:12.780
Dan Deppen: The recording fees, and taxes, and… you know, sometimes there’s, like, delinquent taxes to catch up.
93
00:06:12.780 –> 00:06:16.269
Wendy Zollner: Their title company will figure that out. Okay.
94
00:06:16.900 –> 00:06:19.959
Dan Deppen: So they’ll generally give that to us later in the game.
95
00:06:20.160 –> 00:06:22.419
Dan Deppen: when we get to the CD stage.
96
00:06:22.590 –> 00:06:23.420
Wendy Zollner: Okay.
97
00:06:23.420 –> 00:06:26.150
Dan Deppen: And this is… I’m gonna jump ahead a little bit.
98
00:06:26.540 –> 00:06:32.310
Dan Deppen: to the CD rebalancing thing, which came to a head, like, in December.
99
00:06:32.490 –> 00:06:33.260
Wendy Zollner: Okay.
100
00:06:33.520 –> 00:06:39.910
Dan Deppen: So, we will send out the loan estimate, we’ll send out the closing disclosure, most…
101
00:06:40.500 –> 00:06:46.179
Dan Deppen: Investors will actually use a closing disclosure generated by their title company.
102
00:06:46.440 –> 00:06:49.349
Wendy Zollner: Okay. It has all the final costs, that’s fine.
103
00:06:49.640 –> 00:06:55.190
Dan Deppen: Sometimes their title company comes back and says, hey, here’s all our final numbers, make your CD match this.
104
00:06:56.180 –> 00:06:58.290
Dan Deppen: And we can do that. Now…
105
00:06:59.170 –> 00:07:02.800
Dan Deppen: It’s interesting, because in the past, that would happen, like.
106
00:07:04.140 –> 00:07:07.560
Dan Deppen: Maybe 1 out of 20 files, they would ask us to do it.
107
00:07:07.930 –> 00:07:12.040
Dan Deppen: It was like a nightmare, because our configurations in byte would be different than theirs.
108
00:07:12.760 –> 00:07:22.010
Dan Deppen: And now, I’ve got most of an SOP together on rebalancing that I did in December, and I made a bunch of updates to Byte to make that
109
00:07:22.150 –> 00:07:23.180
Dan Deppen: Easier.
110
00:07:23.430 –> 00:07:24.280
Wendy Zollner: Okay.
111
00:07:24.280 –> 00:07:29.279
Dan Deppen: And then, in the new processes for 2026, there were, like, some important caveats.
112
00:07:29.710 –> 00:07:31.789
Wendy Zollner: We’ll balance it for them.
113
00:07:32.290 –> 00:07:36.669
Dan Deppen: but they need to either take RCD and redline it.
114
00:07:37.330 –> 00:07:48.789
Dan Deppen: or give us their numbers in a CD format. Sometimes they’ll try to give it to us in a HUD1 format, and that is a completely different format in lines, and they don’t map to this. So, like, if we try to make it match from a HUD,
115
00:07:49.140 –> 00:07:56.209
Dan Deppen: There’s all this, like, criss-crossing, and you gotta put things on different levels, and it literally takes hours, and so we just said, like.
116
00:07:57.300 –> 00:08:03.770
Dan Deppen: we can’t balance to a HUD. You can give it to us in CD format, you can redline our CD, but no HUD.
117
00:08:03.950 –> 00:08:05.769
Wendy Zollner: can’t do it. Okay, right.
118
00:08:06.010 –> 00:08:10.000
Dan Deppen: And then, the official policy is we’ll rebalance it once.
119
00:08:11.180 –> 00:08:18.939
Dan Deppen: But if they come back again, then we’ll charge them $50 to rebalance it again, because some of these title companies will come back.
120
00:08:19.130 –> 00:08:29.249
Dan Deppen: Over and over and over and over again, update it, update it, update. And we’re not really in the business of, like, update CD print, update CD print, update CD print. We had one in December, literally did it, like, 10 times.
121
00:08:29.560 –> 00:08:31.170
Wendy Zollner: Wow, yeah.
122
00:08:31.170 –> 00:08:35.950
Dan Deppen: And then… and then the lender was getting mad at us. Like, whoa, dude, like, we can’t, we…
123
00:08:36.440 –> 00:08:43.509
Dan Deppen: So, now… The intent behind that, like, $50 fee is not to collect $50 fees.
124
00:08:44.670 –> 00:08:49.980
Dan Deppen: It’s for the lender and their title company to say, hey, before you send us the numbers to rebalance.
125
00:08:50.520 –> 00:08:53.910
Dan Deppen: Make sure everything’s finalized. Make sure you’re clear
126
00:08:54.070 –> 00:08:59.700
Dan Deppen: On your closing date, because if the closing date shifts, then, like, prepaid interest shifts, and, you know, like…
127
00:09:00.160 –> 00:09:02.139
Dan Deppen: It’s like ripple effects, right?
128
00:09:03.720 –> 00:09:08.519
Dan Deppen: And a lot of times, title companies come back, like, oh, we forgot this, oh, we gotta add that. Like, so just, just…
129
00:09:08.800 –> 00:09:11.199
Dan Deppen: Double-check it, measure twice, cut once.
130
00:09:11.350 –> 00:09:11.730
Wendy Zollner: Yeah.
131
00:09:11.730 –> 00:09:17.410
Dan Deppen: do it. The reality is, if they come back, oh my god, like, we forgot this one thing, we’ll do it for them again.
132
00:09:17.880 –> 00:09:22.370
Dan Deppen: The goal of that is to avoid this, like, merry-go-round.
133
00:09:22.370 –> 00:09:23.490
Wendy Zollner: Yeah, okay.
134
00:09:23.490 –> 00:09:33.110
Dan Deppen: those things. So those, you know, when you’re, like, if you’re doing the loan estimate, entering the file, you’re not going to have a lot of that stuff. You’re going to have the estimates from the term sheet.
135
00:09:33.290 –> 00:09:38.339
Dan Deppen: Insurance and taxes, if they want to pass on servicing fees, that will be in there.
136
00:09:39.520 –> 00:09:43.310
Dan Deppen: And then the other stuff, they’ll generally give to us later.
137
00:09:43.310 –> 00:09:56.720
Wendy Zollner: But in this, like, this example, where we’re sending the CD, the… one of the instructions was to verify the fees, so do I have to go back and find the attorney fee somewhere, and the…
138
00:09:56.720 –> 00:09:59.840
Dan Deppen: What that means is go back to the term sheet.
139
00:10:00.490 –> 00:10:01.270
Wendy Zollner: Okay.
140
00:10:01.510 –> 00:10:05.240
Dan Deppen: So, like, on this one, let me get into it.
141
00:10:10.450 –> 00:10:17.070
Dan Deppen: And in theory, you don’t really need to double-check if everything’s entered correctly the first time, but…
142
00:10:20.370 –> 00:10:22.299
Dan Deppen: I have been known to miss things.
143
00:10:29.060 –> 00:10:32.870
Dan Deppen: So it basically just means go back to the fee section of the term sheet.
144
00:10:32.870 –> 00:10:33.610
Wendy Zollner: Okay.
145
00:10:34.150 –> 00:10:36.830
Dan Deppen: Because sometimes, and I think these guys do it too.
146
00:10:46.950 –> 00:10:49.009
Dan Deppen: Yeah, see how they have a loan origination?
147
00:10:50.330 –> 00:10:51.530
Dan Deppen: Most lenders don’t.
148
00:10:52.020 –> 00:10:52.760
Wendy Zollner: Okay.
149
00:10:52.980 –> 00:10:59.099
Dan Deppen: And sometimes we’ve had it where, like, they put something on the term sheet and it just gets missed in the initial file entry.
150
00:10:59.510 –> 00:11:04.819
Dan Deppen: And then we send the Arlene, they’re like, hey, where’s this? It really just means double-check it against the term sheet.
151
00:11:05.670 –> 00:11:06.680
Wendy Zollner: Okay.
152
00:11:06.680 –> 00:11:09.400
Dan Deppen: Another thing that’s a good thing to just look at?
153
00:11:09.740 –> 00:11:11.600
Dan Deppen: Is there special notes?
154
00:11:11.760 –> 00:11:13.620
Dan Deppen: Anything we should know?
155
00:11:14.430 –> 00:11:15.160
Wendy Zollner: Okay.
156
00:11:15.360 –> 00:11:19.050
Dan Deppen: Loan origination fee is also included in the addendum, so just…
157
00:11:19.250 –> 00:11:21.220
Dan Deppen: You know, to me, that just means…
158
00:11:23.000 –> 00:11:25.480
Dan Deppen: Make sure the loan origination fee is in there.
159
00:11:25.650 –> 00:11:26.560
Wendy Zollner: Okay.
160
00:11:26.920 –> 00:11:27.740
Wendy Zollner: Okay.
161
00:11:29.400 –> 00:11:33.200
Dan Deppen: And then the other question I know you had was…
162
00:11:33.510 –> 00:11:37.220
Dan Deppen: This thing, the closing costs, do not match your closing cost setup.
163
00:11:37.810 –> 00:11:44.640
Dan Deppen: So, I mentioned that… when we had all these, like, CD rebalancing FASCOs in December, I updated our template.
164
00:11:45.060 –> 00:11:49.719
Dan Deppen: To basically give more open spaces to make it easier to do.
165
00:11:50.000 –> 00:11:52.440
Wendy Zollner: Because one of the problems we had was.
166
00:11:53.030 –> 00:12:00.400
Dan Deppen: The title company would list, like, a bajillion fees, and we didn’t have enough space on our template, so you’d start, like, combining things together.
167
00:12:00.530 –> 00:12:05.009
Dan Deppen: And holy hell, Changing the template setup in Byte is…
168
00:12:05.600 –> 00:12:11.339
Dan Deppen: Not easy. You would think it would be dirt simple. It was… it was, like, a long time to get that fixed.
169
00:12:11.340 –> 00:12:12.430
Wendy Zollner: Yeah, yeah.
170
00:12:12.630 –> 00:12:15.819
Dan Deppen: So… What this means is…
171
00:12:16.040 –> 00:12:19.579
Dan Deppen: This file was created back… originally back in November.
172
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Dan Deppen: And it doesn’t follow the original setup.
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Wendy Zollner: Oh, okay, okay.
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Dan Deppen: So, if you wanted to add those lines, you can click here, and it will just update it.
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Dan Deppen: Which won’t change anything, it won’t change numbers, it’ll just add these other lines.
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Wendy Zollner: Okay, interesting.
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Dan Deppen: And so this is… these are like the deltas, like the other lines that were added.
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Wendy Zollner: Okay.
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Dan Deppen: Error.
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Dan Deppen: So I’m gonna go ahead and update it.
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Wendy Zollner: Okay.
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Dan Deppen: And basically, it added a bunch of extra spaces everywhere.
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Wendy Zollner: Okay.
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Dan Deppen: You know, so if we did end up in a CD rebalance situation, we’ve got all these other spaces.
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Wendy Zollner: Okay.
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Dan Deppen: That’s what that was.
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Dan Deppen: And then I think you had another question.
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Dan Deppen: Oh, earliest closing date, we’ll talk about that, to HPML… So, the earliest closing date
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Dan Deppen: Which, what screen was that on?
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Dan Deppen: There’s also this compliance page.
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Dan Deppen: Which can be helpful. So, I was just talking about the rules around,
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Dan Deppen: counting days for the loan estimate and closing disclosure. Byte will also do that for you.
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Wendy Zollner: Okay?
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Dan Deppen: I think it’s further down.
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Dan Deppen: Yeah.
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Dan Deppen: So here, so just based on everything to date, Like, it’ll calculate…
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Wendy Zollner: Whoa!
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Wendy Zollner: Place it for you, okay.
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Dan Deppen: So this was the earliest closing date based on when the first loan estimate went out, January 7th.
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Dan Deppen: Now, since then, we had delays, they had revisions, we had to update it, blah blah blah blah blah. So now, this is the earliest closing date based on the latest version that went out.
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Wendy Zollner: Okay.
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Dan Deppen: So having our scheduled closing date as the 26th is…
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Dan Deppen: is okay. That’s where that comes from.
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Dan Deppen: The eSign thing, so if we send out a package for eSign.
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Dan Deppen: It’ll turn yellow when you send it out.
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Dan Deppen: And then when they sign it, it will turn green.
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Wendy Zollner: Okay.
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Dan Deppen: Now, the thing that’s wonky is…
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Dan Deppen: there’s, like, a 3-day deadline. Like, if we send something for eSign and they don’t sign it within 3 days.
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Dan Deppen: It’ll, like, report an error, and you can never make that error go away.
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Wendy Zollner: Okay.
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Dan Deppen: You can resend it, and it’ll show, like, the other package, but that’s just the way that that works. But if you see the green, it means we sent an e-sign, and they signed it.
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Wendy Zollner: Okay.
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Dan Deppen: HPML means High Priced Mortgage Loan.
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Wendy Zollner: Okay.
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Dan Deppen: You can create a high-priced mortgage loan.
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Dan Deppen: However, a high-priced mortgage loan will not be a QM or qualified mortgage.
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Wendy Zollner: Right.
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Dan Deppen: Now, if the loan is going to be purchased by the government, Fannie or Freddie.
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Dan Deppen: It needs to be a QM loan.
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Dan Deppen: So what that red flag really tells you is the government can’t buy it. Well, the government doesn’t buy any of these. You know, banks buy a few of them, so that doesn’t matter.
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Dan Deppen: And it just means that the fees and or the interest rates are, like, outside
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Dan Deppen: certain limits. And again, like, Byte calculates this automatically and kind of tells you.
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Wendy Zollner: Okay.
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Dan Deppen: So we really don’t care about QM. And the other thing you’ll see, too, is the fee, like, limits. That’s another area that’s kind of…
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Dan Deppen: soft.
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Wendy Zollner: Okay.
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Dan Deppen: Like, the government says, hey, if fees and interest rates are over a certain limit, we consider it a high-priced loan.
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Dan Deppen: And when it is a high-priced… or was it high-priced or high cost? Now I’m getting confused on the difference. There’s also a high-cost mortgage.
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Wendy Zollner: Okay.
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Dan Deppen: On one of them, I think it’s the high cost.
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Dan Deppen: you have to add a loan condition for them to take an online FANI course. It’s like a financial literacy.
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Wendy Zollner: Oh, okay, okay.
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Dan Deppen: That just says, so on mobile home loans, that always flags, because most of the mobile home loans, they’re,
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Dan Deppen: Just want to double check that I am recording, right? I think I was.
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Wendy Zollner: Yeah.
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Dan Deppen: Okay, good.
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Dan Deppen: Most of the mobile home loans, like, those interest rates are, like, 14-18%.
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Dan Deppen: Because, you know, it’s a different class of loan.
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Dan Deppen: So it always triggers that high-cost thing, and we always have to add that loan condition to,
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Dan Deppen: For them to take that, Fannie.
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Dan Deppen: Of course.
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Wendy Zollner: Okay.
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Dan Deppen: But for our purposes, we can kind of ignore that.
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Dan Deppen: Because it doesn’t apply to us so much.
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Wendy Zollner: Okay.
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Dan Deppen: And… A sign… okay, I think… and I talked about that one, so I think we’ve got those.
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Wendy Zollner: So, one sec, on the set, let me look at 7 here for 7.
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Wendy Zollner: So, on… on the line 7, then go to the closing disclosure page 3, check the earliest closing date, and make sure it works with the planned closing date. So, that means I’m…
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Wendy Zollner: We have the scheduled closing date as 1-26, and the earliest you can close is 1-24, so we are with.
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Dan Deppen: So we’re good.
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Wendy Zollner: Planned, okay.
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Dan Deppen: And if we’re not good, Then what you’re gonna do is go in and update.
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Dan Deppen: The closing and funding dates to push them out.
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Wendy Zollner: Okay.
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Dan Deppen: Okay, cool. I’m not gonna get into it right now. Sometimes, like, if fees change from the loan estimate, you have to do this cure stuff.
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Dan Deppen: I don’t want to get into that right this moment.
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Dan Deppen: We’ll wait till there’s a file where that’s applicable.
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Wendy Zollner: Okay.
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Dan Deppen: And I’ll show you how to handle that, but… yeah.
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Wendy Zollner: And then I… so then I’ll just keep going through the SOP to continue that.
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Wendy Zollner: Pretty? Yep.
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Dan Deppen: Yeah, and then just get it to the point where you’ve got the draft email, and let me know, and I’ll give it a quick once-over, and then we can hit send.
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Wendy Zollner: Okay, cool.
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Dan Deppen: And then… In the meantime, and I’ll try to stay a little over…
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Dan Deppen: So in the Gmail, this is great, it’s like, so a bunch of forms came in overnight, which is per… I was hoping this would happen.
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Wendy Zollner: Yeah.
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Dan Deppen: And these are pretty easy to triage.
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Wendy Zollner: Okay.
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Dan Deppen: And I did get… right now, they only send them to me, maybe I can update it, I did get…
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Dan Deppen: I’ll get notifications in my email, this is, like, my Dan email.
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Dan Deppen: That… Zapier failed.
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Dan Deppen: So this is Zapier, right? It’s when an authorization form comes in, it’ll try to automatically move it to the Google Drive folder, and that whole thing is a little flaky.
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Wendy Zollner: Okay.
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Dan Deppen: But just kind of, like, running down through these, right? I’ll just go through them in real time, and then we’ll record them.
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Dan Deppen: So the income docs, these do…
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Dan Deppen: are not set up to try to move automatically to the Drive folder.
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Dan Deppen: And also, the statuses are screwed up.
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Wendy Zollner: In a CRM.
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Dan Deppen: So, we have a lot like this, like, I’ll just download them all, it’ll download them as a zip.
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Dan Deppen: Extract them all… And then in… So this is 534 Horner.
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Dan Deppen: A 537 order.
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Dan Deppen: Is that the right folder? Because I feel like this one is… Newer.
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Dan Deppen: Oh, Honor, I spelled it wrong. So, Lance, it’s this one.
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Wendy Zollner: Okay.
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Dan Deppen: The one thing it’ll do when it creates the Google Forms is it will, create these folders for income docs and disclosures. We kind of separate those just to make them easier to manage.
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Dan Deppen: So here, there were a bunch of other files that came in.
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Dan Deppen: Yesterday.
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Dan Deppen: But basically, I’m just going to copy all these over in here.
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Wendy Zollner: Okay.
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Dan Deppen: And then, in the…
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Dan Deppen: CRM…
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Dan Deppen: Kurtz.
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Dan Deppen: Yeah, this was Kurtz, right?
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Dan Deppen: Oh, Lance.
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Dan Deppen: See, this is weird, because we’ve got… Lance…
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Dan Deppen: And he’s referencing this address, but then we have other stuff for Lance referencing a different address.
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Dan Deppen: I thought we had everything yesterday, so that’s weird.
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Wendy Zollner: Would you look up the address?
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Wendy Zollner: Or just the borrower’s name.
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Dan Deppen: You can look up any of them.
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Wendy Zollner: But you’re looking at Kurtz and not Lance.
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Dan Deppen: Yeah.
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Wendy Zollner: Is that, like, the co-borrower or something?
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Dan Deppen: Oh, wait.
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Dan Deppen: Now I am mixed up. These are different. So this is… okay, so Lance, let me do this.
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Dan Deppen: Okay, there we are.
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Dan Deppen: Now I got the right one.
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Wendy Zollner: Okay.
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Dan Deppen: Yeah, and so this one, we kind of had everything yesterday, so I’m not sure why they sent more stuff. Sometimes borrowers will, like, send another copy of the application.
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Dan Deppen: Or they’ll send the auth again.
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Wendy Zollner: Okay.
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Dan Deppen: Why?
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Dan Deppen: I got the right Google Drive folder, and I’ve got the right one. So, the status was already tagged as we had everything, so I’m just gonna download everything and move it in. So that one we got…
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Dan Deppen: this copy of the auth, I think we already have.
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Dan Deppen: So, Chris Lance, off.
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Dan Deppen: He sent in, like, another… we got that yesterday. I’m just gonna say that…
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Wendy Zollner: Okay.
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Dan Deppen: And then… Another application, I… Don’t know why that guy did that.
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Wendy Zollner: Right.
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Wendy Zollner: It’s not, like.
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Dan Deppen: We’ll just move it all in, and then we work the file, we can go through it.
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Wendy Zollner: Okay.
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Dan Deppen: So this one, income, Rainy Terry, this was a term sheet that came in overnight.
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Wendy Zollner: Okay.
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Dan Deppen: So you can either search in Drive, or if you go to, like, MyDrive, it’ll just show them in order.
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Dan Deppen: So here’s the file.
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Dan Deppen: So this one, the application and the auth already came over automatically.
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Dan Deppen: So, if they get moved.
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Dan Deppen: when they come in through Zoho, if the Zapier works and they get moved to the drive folder automatically.
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Dan Deppen: It’ll also append The file name with the last name and first name of the borrower.
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Wendy Zollner: Okay.
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Wendy Zollner: Nice.
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Dan Deppen: So now, what I kind of want to know is, okay, do I have everything here for this borrower? Are there one or two?
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Dan Deppen: You can look at the term sheet, and it’ll tell you.
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Wendy Zollner: Okay.
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Dan Deppen: The other easy way to know if there’s one or two
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Dan Deppen: is if we go to the CRM,
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Dan Deppen: It’ll read the term sheet, and so there are actually two borrowers.
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Dan Deppen: So for the status, for these also, say, link sent, not received.
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Dan Deppen: If the lender said there was one borrower, then these would say NA.
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Wendy Zollner: Okay.
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Dan Deppen: So it looks like we still need info from… another borrower.
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Dan Deppen: But sometimes, The lender will say there’s one or two borrowers, and the borrowers will say the opposite.
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Wendy Zollner: Oh, okay.
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Dan Deppen: So just to, like, wrap my head around what’s going on with this, I’m gonna…
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Dan Deppen: All these forums have that question.
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Dan Deppen: Am I the only one, or two on primary, two on co?
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Wendy Zollner: Okay.
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Dan Deppen: So this says there are two borrowers, so we’re maybe waiting for the other two. Or maybe the other one came in, and it’s in the email, but the Zapier didn’t move over.
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Wendy Zollner: Okay.
352
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Dan Deppen: Okay.
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Dan Deppen: So now, but the income never automatically moves, so I need to…
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Wendy Zollner: Okay.
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Dan Deppen: Save all of this.
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Dan Deppen: And again, at some point, this will become, like, automatic and bulletproof to where we don’t have to, like.
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Dan Deppen: Double-check everything, but…
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Wendy Zollner: Yeah.
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Dan Deppen: This is where we are.
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Dan Deppen: And that came in this morning.
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Dan Deppen: And so, since this status, like, didn’t update.
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Dan Deppen: I’m just gonna copy this one.
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Dan Deppen: Sweet.
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Wendy Zollner: It wouldn’t update, because it didn’t actually move it into the Google Drive folder anyway, even though you got it in email, it just.
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Dan Deppen: It’s actually a different automation that’s supposed to update the status.
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Wendy Zollner: Oh, okay. That’s right.
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Dan Deppen: It’s kind of two different… Things.
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Wendy Zollner: Oh, okay, so…
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Wendy Zollner: The one automation moves it from the email to the drive folder, another one updates the deal notes, okay.
370
00:27:02.700 –> 00:27:03.360
Dan Deppen: Yep.
371
00:27:03.520 –> 00:27:06.889
Dan Deppen: And then, as I go, sometimes I’ll just update the status here.
372
00:27:07.130 –> 00:27:07.940
Wendy Zollner: Okay.
373
00:27:08.170 –> 00:27:11.850
Dan Deppen: So, like, the deal status, right, we’re still waiting for the borrower to dance.
374
00:27:13.320 –> 00:27:15.610
Dan Deppen: So, let’s say missing info we’re holding.
375
00:27:15.610 –> 00:27:16.480
Wendy Zollner: Okay.
376
00:27:16.480 –> 00:27:19.540
Dan Deppen: I need to reset this… that just goes to that by default.
377
00:27:20.380 –> 00:27:21.830
Wendy Zollner: Oh, right, okay.
378
00:27:22.100 –> 00:27:26.890
Dan Deppen: And then, next action, I need to change this to default, just to team, like, whoever gets to it.
379
00:27:28.410 –> 00:27:35.740
Dan Deppen: And then the structure of the status, so I’ll just put the date, my initials, and then what’s going on, so I’ll say 121DD, oops.
380
00:27:37.480 –> 00:27:38.200
Dan Deppen: Hmm.
381
00:27:39.010 –> 00:27:43.630
Dan Deppen: And then, use abbreviations B1 and B2 for borrower, primary co-borrower.
382
00:27:43.630 –> 00:27:44.290
Wendy Zollner: Okay.
383
00:27:52.860 –> 00:27:56.540
Dan Deppen: And then actions for today we don’t need to worry about yet, because there’s no action to take.
384
00:27:56.540 –> 00:27:57.240
Wendy Zollner: Okay.
385
00:27:57.470 –> 00:27:59.060
Dan Deppen: So I can archive that.
386
00:28:00.320 –> 00:28:01.840
Dan Deppen: this was…
387
00:28:04.730 –> 00:28:10.700
Dan Deppen: the application that he sent in for Terry. I just want to make sure this isn’t, like, accidentally the code borrower before I…
388
00:28:10.700 –> 00:28:11.650
Wendy Zollner: Right.
389
00:28:12.780 –> 00:28:13.540
Dan Deppen: Oh.
390
00:28:17.360 –> 00:28:24.199
Dan Deppen: And like I said, once I fix the automations, this… yeah, that’s the right one. There will be less of this, like, check, check, check to make sure we’re not missing stuff.
391
00:28:24.200 –> 00:28:24.610
Wendy Zollner: Yeah.
392
00:28:24.610 –> 00:28:30.999
Dan Deppen: Because I’ve had it before, where, like, they’ve sent us stuff, and we didn’t realize it, and then we suspect updates, where is this, and then they get mad, like, I already sent that.
393
00:28:31.000 –> 00:28:31.820
Wendy Zollner: Yeah.
394
00:28:32.500 –> 00:28:34.539
Dan Deppen: Okay, so that we got.
395
00:28:36.470 –> 00:28:40.820
Dan Deppen: And then the auth for Terry, that we got, so I can archive that.
396
00:28:40.820 –> 00:28:41.430
Wendy Zollner: Huh?
397
00:28:41.890 –> 00:28:43.699
Dan Deppen: Okay, received a payment.
398
00:28:44.770 –> 00:28:46.050
Dan Deppen: This is a good one.
399
00:28:46.350 –> 00:28:47.110
Wendy Zollner: Okay.
400
00:28:48.000 –> 00:28:51.049
Dan Deppen: So notice how this says, like, PLD Blah?
401
00:28:52.160 –> 00:28:56.930
Dan Deppen: When you see that, it came in through this payment link, it’s not referencing an invoice.
402
00:28:57.260 –> 00:28:58.040
Wendy Zollner: Okay.
403
00:28:58.340 –> 00:29:03.589
Dan Deppen: That means that… Zoho payments didn’t connect it to the invoice.
404
00:29:04.100 –> 00:29:04.530
Wendy Zollner: Okay.
405
00:29:04.530 –> 00:29:09.379
Dan Deppen: On maybe 20% of the payments that come in, it doesn’t match it to the invoice.
406
00:29:10.090 –> 00:29:15.270
Dan Deppen: And I don’t know why, because there’s a very simple way to match it, like, I don’t understand the problem.
407
00:29:16.090 –> 00:29:21.460
Dan Deppen: But when you see this, you’ll want to go into Zoho Payments.
408
00:29:23.000 –> 00:29:27.029
Dan Deppen: And so, like, the invoices we see in the invoice section here.
409
00:29:29.330 –> 00:29:36.609
Dan Deppen: And actually, this is our investment and mortgage, right? So this is the 199 invoice that’s showing open.
410
00:29:36.820 –> 00:29:37.580
Wendy Zollner: Okay.
411
00:29:38.440 –> 00:29:43.640
Dan Deppen: But if you go to Payments Received, this will show you the list of payments that have come in.
412
00:29:44.640 –> 00:29:45.580
Wendy Zollner: Okay.
413
00:29:45.580 –> 00:29:48.510
Dan Deppen: So you can see all of these where…
414
00:29:50.680 –> 00:30:00.070
Dan Deppen: they’re matched to an invoice, so this payment, invoice, payment, invoice. And then this one that came in from Art Investment and Mortgage doesn’t match to an invoice.
415
00:30:00.400 –> 00:30:01.340
Wendy Zollner: Yep.
416
00:30:01.340 –> 00:30:04.199
Dan Deppen: So the way you fix it is you click on the payment.
417
00:30:05.430 –> 00:30:08.249
Dan Deppen: And there’s, like, an invoices SOP in there, too.
418
00:30:08.250 –> 00:30:09.010
Wendy Zollner: Okay.
419
00:30:09.290 –> 00:30:10.380
Dan Deppen: And then edit.
420
00:30:11.100 –> 00:30:16.010
Dan Deppen: And then what’s really funny is it shows Unpaid invoices for that customer.
421
00:30:17.300 –> 00:30:21.500
Dan Deppen: So here’s a payment for $199, and here’s an open invoice for $199.
422
00:30:21.500 –> 00:30:23.280
Wendy Zollner: It’s so… but it couldn’t match it.
423
00:30:23.280 –> 00:30:25.410
Dan Deppen: Why on earth it didn’t just match it.
424
00:30:25.410 –> 00:30:26.050
Wendy Zollner: Yeah.
425
00:30:26.050 –> 00:30:27.340
Dan Deppen: I can’t tell you.
426
00:30:27.340 –> 00:30:28.040
Wendy Zollner: Yeah.
427
00:30:28.040 –> 00:30:32.450
Dan Deppen: But all you do is say, oh, okay, apply 199 of this to that invoice.
428
00:30:33.950 –> 00:30:34.730
Wendy Zollner: Okay.
429
00:30:35.190 –> 00:30:38.309
Dan Deppen: Now, the amount in excess is 0, and then save it.
430
00:30:41.740 –> 00:30:48.830
Dan Deppen: So now, when we go back to the invoices, It’ll show paid.
431
00:30:49.920 –> 00:30:51.199
Wendy Zollner: Okay, cool.
432
00:30:51.200 –> 00:30:57.870
Dan Deppen: And then, I want to double-check in the CRM, because my whole, like, automation to, like, update invoice payment status has been really screwed up.
433
00:30:58.680 –> 00:31:02.550
Dan Deppen: So I want to go to this 5601 Cloverland and see what it did.
434
00:31:05.680 –> 00:31:11.250
Dan Deppen: We’re already there. I want to hit refresh, because something happened in the background, right? You always, like, want to refresh.
435
00:31:14.130 –> 00:31:16.290
Dan Deppen: So that actually updated correctly.
436
00:31:16.460 –> 00:31:17.230
Wendy Zollner: Okay.
437
00:31:17.230 –> 00:31:20.590
Dan Deppen: So invoice 703, it showed it as paid status today.
438
00:31:22.480 –> 00:31:30.860
Dan Deppen: So that’s good. And then a lot of times, I like to call it out in the status as well, because it means, like, if this is a new customer, we can start the file once we get everything.
439
00:31:31.350 –> 00:31:33.530
Wendy Zollner: Okay, okay, cool, yep.
440
00:31:36.880 –> 00:31:38.830
Dan Deppen: Okay, so I can archive that.
441
00:31:40.530 –> 00:31:44.370
Dan Deppen: This is just where we get copied, so when they send in a term sheet.
442
00:31:45.310 –> 00:31:50.469
Dan Deppen: One of the things that happens automatically, right, is it sends the invoice to the lender.
443
00:31:51.390 –> 00:31:53.220
Dan Deppen: And it copies the team email.
444
00:31:53.340 –> 00:31:54.350
Dan Deppen: on it.
445
00:31:54.420 –> 00:31:56.869
Wendy Zollner: Mainly just so that we kind of know, like.
446
00:31:56.870 –> 00:31:57.930
Dan Deppen: it went
447
00:31:58.550 –> 00:32:04.029
Dan Deppen: Or, if we’re following up later, we maybe just, like, reply to this email, you know, with the borrower.
448
00:32:04.030 –> 00:32:08.800
Wendy Zollner: Do we have to check Zoho on anything, or are we just… No. Okay.
449
00:32:08.800 –> 00:32:09.950
Dan Deppen: Just archive it.
450
00:32:09.950 –> 00:32:10.570
Wendy Zollner: Okay.
451
00:32:13.500 –> 00:32:22.629
Dan Deppen: And then here was the actual term sheet that came in. Now, the term sheet automation that kicks off, like, creating the CRM and moving a copy of the term sheet in the Google Drive folder.
452
00:32:22.630 –> 00:32:24.590
Wendy Zollner: That’s been rock solid.
453
00:32:24.870 –> 00:32:26.070
Wendy Zollner: Okay, that’s good.
454
00:32:26.070 –> 00:32:30.060
Dan Deppen: You know, that, you don’t really have to… to worry about?
455
00:32:30.060 –> 00:32:38.679
Wendy Zollner: The term sheet, it, creates the Google Drive folder, subfolders, and the Zoho CRM deal.
456
00:32:38.680 –> 00:32:44.839
Dan Deppen: kicks off a flurry of stuff. Some of it happens within Zoho Flow, some of it happens within Zapier.
457
00:32:45.090 –> 00:32:45.810
Wendy Zollner: Okay.
458
00:32:45.810 –> 00:32:49.270
Dan Deppen: But for any deal, the term sheet submission is like the lead domino.
459
00:32:49.270 –> 00:32:49.980
Wendy Zollner: Okay.
460
00:32:50.130 –> 00:32:55.450
Dan Deppen: Now… Before all that was in place, there are some people, like Kierce’s people.
461
00:32:56.080 –> 00:33:00.800
Dan Deppen: Who have links to, like, the raw, application.
462
00:33:02.200 –> 00:33:05.419
Dan Deppen: And sometimes, like, people think they’re being helpful, and they’re like.
463
00:33:06.650 –> 00:33:13.559
Dan Deppen: hey, Mr. Borrower, fill this out and send this to them, and then sometimes we get these, like, phantom applications from people, and you’re like.
464
00:33:14.010 –> 00:33:18.510
Dan Deppen: who is this? Because nothing’s in our system without a term sheet, and that actually creates more work.
465
00:33:18.530 –> 00:33:21.639
Wendy Zollner: Right. You know, so I’ve been trying to train people, like.
466
00:33:23.890 –> 00:33:27.460
Dan Deppen: the easiest thing is just send the term sheet. It doesn’t really help us.
467
00:33:28.030 –> 00:33:31.730
Dan Deppen: To do other stuff ahead of time, it actually just kind of mucks up.
468
00:33:32.010 –> 00:33:38.610
Wendy Zollner: Do you have, like, like, an onboarding initial customer email or something? Like, here’s the process?
469
00:33:38.650 –> 00:33:43.190
Dan Deppen: So, I’ve got the acknowledgement form set up.
470
00:33:43.550 –> 00:33:47.379
Dan Deppen: And I’ve got to add it to the automation that’s been on my list of things to do.
471
00:33:47.730 –> 00:33:48.260
Wendy Zollner: Okay.
472
00:33:48.260 –> 00:33:49.120
Dan Deppen: This week.
473
00:33:49.360 –> 00:33:53.290
Dan Deppen: Because what I needed was my guy on Upwork in India.
474
00:33:53.940 –> 00:34:01.260
Dan Deppen: So, one of the… to add in, so, one of the things that happens right when they submit the term sheet, the CRM deal gets created.
475
00:34:01.660 –> 00:34:03.769
Dan Deppen: The invoices get created.
476
00:34:07.420 –> 00:34:13.040
Dan Deppen: And then these custom links for all the borrower docs get created, we email those out.
477
00:34:13.489 –> 00:34:21.890
Dan Deppen: And this is actually done within Zoho Deluge, which is… it’s one of those things, I could figure it out, but it’s a little bit beyond me, so it’s easier to just have the Upwork guy build the stuff.
478
00:34:22.120 –> 00:34:22.710
Wendy Zollner: Yeah.
479
00:34:22.719 –> 00:34:26.019
Dan Deppen: I had to have him go in and create the,
480
00:34:26.499 –> 00:34:30.229
Dan Deppen: Automation to create custom links for the client acknowledgement.
481
00:34:31.239 –> 00:34:31.999
Wendy Zollner: Okay.
482
00:34:33.250 –> 00:34:38.119
Dan Deppen: And that got in, and then I went on vacation, and then what I need to add in…
483
00:34:42.260 –> 00:34:42.899
Dan Deppen: And so…
484
00:34:42.909 –> 00:34:44.959
Wendy Zollner: Are you okay on time, Dan?
485
00:34:44.960 –> 00:34:48.450
Dan Deppen: Yeah, I’m okay, I’ll move something. I’ll go till, like, half past.
486
00:34:48.449 –> 00:34:50.320
Wendy Zollner: Okay. Because this is important.
487
00:34:54.750 –> 00:34:56.139
Dan Deppen: So this is, like…
488
00:34:57.000 –> 00:35:01.899
Dan Deppen: One of the main things that kicks off a lot of stuff, like when the term sheet gets submitted.
489
00:35:01.900 –> 00:35:02.630
Wendy Zollner: Hmm.
490
00:35:03.010 –> 00:35:08.220
Dan Deppen: But it does do this decision where it goes and looks in, like, is this a new customer or an existing one?
491
00:35:09.060 –> 00:35:13.369
Dan Deppen: And then if it’s a new customer, like, it creates the customer account in Zoho.
492
00:35:13.370 –> 00:35:13.960
Wendy Zollner: Okay.
493
00:35:13.960 –> 00:35:17.880
Dan Deppen: sets the flag, like, in the CRM, is this a new customer or not?
494
00:35:19.010 –> 00:35:24.400
Dan Deppen: But then in this chain, where it’s a new customer, I need to add in a thing where it emails them
495
00:35:24.730 –> 00:35:26.949
Dan Deppen: The link to the acknowledgement form.
496
00:35:27.490 –> 00:35:28.040
Wendy Zollner: Okay.
497
00:35:28.040 –> 00:35:29.020
Dan Deppen: to fill out.
498
00:35:29.020 –> 00:35:34.380
Wendy Zollner: And the acknowledgement is understanding the process, the payment terms, all that.
499
00:35:34.940 –> 00:35:40.450
Dan Deppen: Exactly, yeah, so what that looks like… so I don’t have a hotkey for the link…
500
00:35:54.690 –> 00:35:57.049
Dan Deppen: So then we’ll get this that says…
501
00:35:57.400 –> 00:36:00.359
Dan Deppen: Hey, we have a weekly onboarding call you can join.
502
00:36:00.590 –> 00:36:01.309
Wendy Zollner: Hmm, cool.
503
00:36:01.310 –> 00:36:04.420
Dan Deppen: How the pricing works, we build it in two stages.
504
00:36:05.070 –> 00:36:07.989
Dan Deppen: You, the lender, are responsible for invoices.
505
00:36:08.160 –> 00:36:13.050
Dan Deppen: And back to that other conversation, like, if I send this to the borrower and I don’t close, I gotta refund them.
506
00:36:13.450 –> 00:36:14.679
Wendy Zollner: Right, yep.
507
00:36:14.680 –> 00:36:22.860
Dan Deppen: You know, and then we’ve also had people, like, go through the whole thing, and they go, we never closed, so I’m not paying. We did everything, like, we didn’t, you know…
508
00:36:23.090 –> 00:36:23.640
Wendy Zollner: Wow.
509
00:36:23.640 –> 00:36:31.090
Dan Deppen: When we start, right, so if they’re new… and this doesn’t call out the customer discrimination.
510
00:36:31.570 –> 00:36:33.519
Dan Deppen: This just kind of says, hey.
511
00:36:33.860 –> 00:36:36.759
Dan Deppen: Pay the $199 invoice before we start.
512
00:36:38.270 –> 00:36:41.479
Dan Deppen: Pay the second invoice before we send the closing disclosure.
513
00:36:41.480 –> 00:36:42.250
Wendy Zollner: Right.
514
00:36:42.620 –> 00:36:50.939
Dan Deppen: So, the customers that are… we’ve already worked with, that are kind of grandfathered in and know this, they’re not going to get this, right? Because when they submit a deal, it’s going to go down the other track.
515
00:36:50.940 –> 00:36:51.690
Wendy Zollner: Yeah, it doesn’t…
516
00:36:51.690 –> 00:36:53.209
Dan Deppen: For the new people, this is…
517
00:36:53.740 –> 00:36:55.089
Dan Deppen: The way it works, out the gate.
518
00:36:55.090 –> 00:36:55.540
Wendy Zollner: Right.
519
00:36:55.540 –> 00:37:00.939
Dan Deppen: And then the CD rebalancing stuff, and then what happens if you cancel, blah blah blah blah blah blah.
520
00:37:01.480 –> 00:37:07.359
Wendy Zollner: And then… but then if you wanted to add, the app… loan application comes from
521
00:37:07.490 –> 00:37:12.680
Wendy Zollner: call the underwriters, not from you, or whatever. You can add stuff in here down the road if you want to.
522
00:37:12.680 –> 00:37:17.389
Dan Deppen: Yeah, but if they did that, then they would have already done that before they submitted the term sheet, and they weren’t.
523
00:37:17.410 –> 00:37:19.469
Wendy Zollner: Yeah, yeah, yeah.
524
00:37:19.470 –> 00:37:21.380
Dan Deppen: But yeah.
525
00:37:21.670 –> 00:37:22.949
Wendy Zollner: That’s a good point, yeah.
526
00:37:23.870 –> 00:37:24.510
Dan Deppen: Okay.
527
00:37:24.510 –> 00:37:25.780
Wendy Zollner: Cool, okay, thank you.
528
00:37:26.280 –> 00:37:32.440
Dan Deppen: Yeah, so there’s that, and then sometimes I’ll just take a look at it to see if there’s anything interesting, especially if it’s somebody new.
529
00:37:33.320 –> 00:37:38.229
Dan Deppen: You know, you don’t have to do this, but I’m like, okay, you know, there’s two borrowers.
530
00:37:39.200 –> 00:37:42.760
Dan Deppen: The lean type, most of these are vanilla first position loans.
531
00:37:42.760 –> 00:37:43.550
Wendy Zollner: Okay.
532
00:37:43.680 –> 00:37:48.529
Dan Deppen: I keep adding options… We don’t really care if it’s a wrap or a sub-two.
533
00:37:49.780 –> 00:37:53.350
Dan Deppen: But… It’s just helpful to know.
534
00:37:54.560 –> 00:38:02.459
Wendy Zollner: So what I thought we… I was looking at yesterday, I thought it said, like, a bond title or something, maybe it was under other…
535
00:38:02.460 –> 00:38:03.890
Dan Deppen: That’s a land contract.
536
00:38:03.890 –> 00:38:05.320
Wendy Zollner: Oh, okay, okay.
537
00:38:05.320 –> 00:38:07.559
Dan Deppen: Really, here, they would put first position lean.
538
00:38:10.300 –> 00:38:16.349
Dan Deppen: And then, sometimes people are creating two loans, a first and a second, with the intention of selling the first and keeping the second.
539
00:38:18.640 –> 00:38:22.340
Wendy Zollner: Okay, so if they click other, then it has a field they can fill in.
540
00:38:22.590 –> 00:38:23.270
Dan Deppen: Yeah.
541
00:38:23.270 –> 00:38:23.880
Wendy Zollner: Okay.
542
00:38:25.520 –> 00:38:29.030
Dan Deppen: And then… I like to look at that.
543
00:38:29.430 –> 00:38:31.810
Dan Deppen: Like, special notes, anything we should know?
544
00:38:31.810 –> 00:38:32.600
Wendy Zollner: Okay.
545
00:38:33.340 –> 00:38:35.430
Dan Deppen: Please call the lender rep when you can.
546
00:38:35.780 –> 00:38:41.030
Dan Deppen: That’s… Not at all helpful, like, what do you need to say?
547
00:38:41.030 –> 00:38:41.970
Wendy Zollner: Regarding what?
548
00:38:41.970 –> 00:38:42.870
Dan Deppen: Yeah.
549
00:38:43.020 –> 00:38:49.420
Dan Deppen: Yeah, and it’s funny, like, I’ve had back and forth, like, you know, I’m working hard to push people, like, to email.
550
00:38:50.340 –> 00:39:00.449
Dan Deppen: Or at least a text, and I have had some people where I’ve had multiple back and forths, like, I need to talk to you, what do you want? I need to talk to you, what do you want? I need to talk to you, what’s your question? Okay, I’ll talk to you. And then it’s something really stupid.
551
00:39:00.450 –> 00:39:00.880
Wendy Zollner: Yeah.
552
00:39:01.800 –> 00:39:03.629
Dan Deppen: Why didn’t you just text me that?
553
00:39:03.630 –> 00:39:04.430
Wendy Zollner: Yeah.
554
00:39:08.180 –> 00:39:12.769
Dan Deppen: Okay, and then new income, so this file for Brent?
555
00:39:13.560 –> 00:39:18.610
Dan Deppen: They are adding, A cosigner.
556
00:39:18.840 –> 00:39:19.680
Wendy Zollner: Okay.
557
00:39:20.390 –> 00:39:27.769
Dan Deppen: So that’s what this is. And… because I’ve been working the file, I just happen to know that. And as you get in, like, the mix on this, like, you’ll just sort of…
558
00:39:28.800 –> 00:39:30.899
Dan Deppen: be familiar with some of the.
559
00:39:30.900 –> 00:39:31.370
Wendy Zollner: Yeah.
560
00:39:31.370 –> 00:39:32.140
Dan Deppen: going on.
561
00:39:33.010 –> 00:39:35.519
Dan Deppen: But at first, you’d be like, how on earth would I have known that?
562
00:39:35.980 –> 00:39:40.570
Wendy Zollner: Yeah, just once you get to seeing them coming in, He did.
563
00:39:40.570 –> 00:39:43.499
Dan Deppen: And the other thing I’ll do sometimes, just to try to keep docs…
564
00:39:43.770 –> 00:39:48.080
Dan Deppen: easier, is sometimes I’ll just make little… subfolders.
565
00:39:48.080 –> 00:39:48.860
Wendy Zollner: Okay.
566
00:39:49.070 –> 00:39:52.160
Wendy Zollner: But you’re calling this a co-signer, not co-borrower?
567
00:39:53.510 –> 00:39:55.770
Dan Deppen: It’s the same thing. Same thing, okay.
568
00:39:57.230 –> 00:39:58.620
Dan Deppen: They’re on the hook for the loan.
569
00:39:58.770 –> 00:39:59.900
Wendy Zollner: Yeah, okay.
570
00:40:00.210 –> 00:40:03.700
Dan Deppen: They’re not necessarily residing in the property, but they’re on the hook for the loan.
571
00:40:03.880 –> 00:40:09.529
Dan Deppen: The other thing that’s important to know that comes up sometimes, it’s like, sometimes if a borrower doesn’t qualify.
572
00:40:11.890 –> 00:40:16.320
Dan Deppen: you might… You know, they might bring on a cosigner to get more income.
573
00:40:17.010 –> 00:40:21.200
Dan Deppen: Sometimes you want them to take a borrower off because their credit is just hot garbage.
574
00:40:21.200 –> 00:40:23.010
Wendy Zollner: Oh, okay, yep.
575
00:40:23.260 –> 00:40:27.310
Dan Deppen: But the important thing to know is that the borrowers on the loan
576
00:40:28.090 –> 00:40:30.470
Dan Deppen: Can be different than the borrowers on the deed.
577
00:40:31.230 –> 00:40:31.890
Wendy Zollner: Okay.
578
00:40:31.890 –> 00:40:34.210
Dan Deppen: So, whoever you have on the loan.
579
00:40:34.800 –> 00:40:40.480
Dan Deppen: You’ve got to qualify their income, make sure they have enough income, make sure their credit’s okay.
580
00:40:41.280 –> 00:40:42.150
Wendy Zollner: Okay.
581
00:40:42.510 –> 00:40:45.640
Dan Deppen: Beyond that, they can put whoever the heck they want on the deed.
582
00:40:46.750 –> 00:40:51.000
Dan Deppen: That’s a different thing. So sometimes, it’s like… a couple
583
00:40:52.210 –> 00:40:56.469
Dan Deppen: And one of them has enough income on their own, and the other one has horrific credit.
584
00:40:56.950 –> 00:40:59.989
Dan Deppen: But they both want to be on the property, so it’s like, fine, just…
585
00:41:00.900 –> 00:41:02.849
Dan Deppen: Put one person on the loan.
586
00:41:03.540 –> 00:41:05.450
Dan Deppen: And you can both be on the deed.
587
00:41:05.450 –> 00:41:07.300
Wendy Zollner: Huh, okay, that’s cool, I didn’t.
588
00:41:07.300 –> 00:41:09.380
Dan Deppen: That comes up a decent bit.
589
00:41:09.380 –> 00:41:10.150
Wendy Zollner: Okay.
590
00:41:14.210 –> 00:41:19.149
Dan Deppen: Oh, and they sent the new loan app. So the other thing I’m gonna do is kind of…
591
00:41:22.580 –> 00:41:24.069
Dan Deppen: Rename this…
592
00:41:24.360 –> 00:41:25.210
Wendy Zollner: Okay.
593
00:41:25.600 –> 00:41:27.010
Dan Deppen: Cosigner…
594
00:41:38.780 –> 00:41:43.510
Dan Deppen: Yeah, the other thing, too, and we’ll get into this more when we get into, like, the actual underwriting part of it.
595
00:41:44.740 –> 00:41:46.860
Dan Deppen: Is when,
596
00:41:47.440 –> 00:41:53.639
Dan Deppen: something doesn’t work. You know, some files are just awful, like, just… sorry, dude, like, nothing you can do, like…
597
00:41:54.380 –> 00:42:04.839
Dan Deppen: But a lot of times, I like to at least present options. Sometimes they’re easy options, sometimes they’re not easy options, but I like to present them, okay, this is where it stands, this is why this is not good, here are some things you could do.
598
00:42:05.120 –> 00:42:06.180
Wendy Zollner: Okay.
599
00:42:06.250 –> 00:42:07.060
Dan Deppen: To fix it.
600
00:42:07.060 –> 00:42:08.740
Wendy Zollner: To qualify, basically, okay.
601
00:42:11.910 –> 00:42:14.440
Dan Deppen: And I happen to know that this is the guy’s dad.
602
00:42:15.250 –> 00:42:16.559
Wendy Zollner: Oh, okay, cool.
603
00:42:26.840 –> 00:42:28.129
Dan Deppen: Oh, what am I doing?
604
00:42:31.780 –> 00:42:37.310
Dan Deppen: So, I’m just also gonna make a note in the CRM. Okay.
605
00:42:47.510 –> 00:42:51.049
Dan Deppen: And you don’t have to keep the entire history, I like to keep some of the history.
606
00:42:51.210 –> 00:42:54.460
Dan Deppen: Okay. And then when I add a comment, put the new one at the top.
607
00:42:54.460 –> 00:42:55.220
Wendy Zollner: Okay.
608
00:42:55.220 –> 00:42:58.600
Dan Deppen: Because what happens is, if this gets long, it cuts it off.
609
00:42:58.950 –> 00:42:59.530
Wendy Zollner: At the bottom.
610
00:42:59.530 –> 00:43:03.500
Dan Deppen: Put it at the bottom, then you can’t see the… Yeah, without clicking on it.
611
00:43:16.460 –> 00:43:20.310
Dan Deppen: And so the next action is gonna be… update file
612
00:43:26.220 –> 00:43:27.930
Dan Deppen: And include cosigner.
613
00:43:29.020 –> 00:43:29.890
Wendy Zollner: Okay.
614
00:43:33.610 –> 00:43:36.380
Dan Deppen: So the status is actually ready to…
615
00:43:39.040 –> 00:43:41.339
Dan Deppen: This is a little bit of an unusual one.
616
00:43:42.230 –> 00:43:46.480
Dan Deppen: So I got this placeholder, miscellaneous action needed, because this is a little outside the bounds of…
617
00:43:47.050 –> 00:43:47.890
Wendy Zollner: Okay.
618
00:43:49.290 –> 00:43:50.550
Dan Deppen: So that’s updated.
619
00:43:50.550 –> 00:43:53.660
Wendy Zollner: So then, in this… in that one… back in that…
620
00:43:53.930 –> 00:44:01.610
Wendy Zollner: Zoho deal there, the Auth… Auth2 app to Income 2, are those all.
621
00:44:02.950 –> 00:44:03.769
Dan Deppen: These didn’t…
622
00:44:03.770 –> 00:44:04.880
Wendy Zollner: neighbor.
623
00:44:05.750 –> 00:44:10.370
Dan Deppen: I think originally there was one borrower And he’s…
624
00:44:10.370 –> 00:44:18.940
Wendy Zollner: You don’t need to put it in the… in that second borrower, place, because they’re a cosigner. You don’t need to add that to that.
625
00:44:19.160 –> 00:44:24.970
Dan Deppen: Those statuses are more handy, like, as files are coming in, and you’re trying to figure out, like, can I start?
626
00:44:24.970 –> 00:44:25.360
Wendy Zollner: Okay.
627
00:44:25.360 –> 00:44:27.639
Dan Deppen: Or what am I missing when I follow up?
628
00:44:28.370 –> 00:44:38.469
Dan Deppen: This one, we’ve kind of been through the file. I know they’re adding a cosigner. I just got all three things for the cosigner. So, as far as I’m concerned, like, in this status, like.
629
00:44:38.580 –> 00:44:41.910
Dan Deppen: I know what we need to do, so I don’t so much care about this stuff.
630
00:44:42.120 –> 00:44:42.910
Wendy Zollner: Okay, cool.
631
00:44:42.910 –> 00:44:45.879
Dan Deppen: This is more when we’re triaging, because sometimes, like.
632
00:44:46.200 –> 00:44:48.509
Dan Deppen: They’ll send in everything but one thing.
633
00:44:48.510 –> 00:44:49.360
Wendy Zollner: Right.
634
00:44:49.360 –> 00:44:53.739
Dan Deppen: They get into this loop of, like, following up, and that’s where these statuses are… are handy.
635
00:44:53.740 –> 00:44:55.010
Wendy Zollner: Yeah, okay.
636
00:44:57.000 –> 00:44:58.640
Dan Deppen: Okay, so we got that.
637
00:45:01.790 –> 00:45:04.010
Dan Deppen: Didn’t we just get an auth from that guy?
638
00:45:05.790 –> 00:45:09.760
Dan Deppen: This is the borrower, he already sent us an auth, why did he send… I’m just gonna…
639
00:45:09.900 –> 00:45:13.589
Dan Deppen: Ignore that. He already… we’ve already pulled credit on that guy.
640
00:45:13.590 –> 00:45:14.330
Wendy Zollner: Okay.
641
00:45:14.950 –> 00:45:20.280
Dan Deppen: And then… Okay, so Jen Deavers…
642
00:45:23.910 –> 00:45:30.939
Dan Deppen: borrowers’ bank statements are sufficient for us to calculate income. Okay, so this was some… oh, the other thing, too, when you’re replying in these.
643
00:45:31.830 –> 00:45:36.600
Dan Deppen: So we use the team email, right? And that’s kind of nice, just so that whoever’s on can respond.
644
00:45:36.600 –> 00:45:37.320
Wendy Zollner: Yep.
645
00:45:37.320 –> 00:45:42.850
Dan Deppen: And that’s my way of getting people, like, the fastest response, right? Because any three of us can respond.
646
00:45:43.790 –> 00:45:47.410
Dan Deppen: But when I reply, I always put my name, so that way we know.
647
00:45:47.630 –> 00:45:48.240
Wendy Zollner: Yeah.
648
00:45:48.240 –> 00:45:53.949
Dan Deppen: Because sometimes I get scatterbrained, and I’ve seen emails, and I’m like, that was another thing Shantae would, like, sometimes do, and sometimes not.
649
00:45:54.670 –> 00:45:58.919
Dan Deppen: And I have forgotten, like, to put my name, so sometimes you see, like, a response, and it’s like.
650
00:45:59.980 –> 00:46:01.580
Dan Deppen: Did I send that? I don’t remember saying that.
651
00:46:01.580 –> 00:46:02.420
Wendy Zollner: Right, right.
652
00:46:02.420 –> 00:46:05.489
Dan Deppen: It’s just kind of handy. It’s like, oh, okay, Christine was working
653
00:46:05.990 –> 00:46:08.669
Dan Deppen: this one, I kind of know what…
654
00:46:09.080 –> 00:46:12.779
Dan Deppen: was going on. And then a lot of times, too, it also lets…
655
00:46:13.140 –> 00:46:15.110
Dan Deppen: The lenders or the borrowers know.
656
00:46:15.510 –> 00:46:20.389
Dan Deppen: Okay. Right, so if I was going back and forth with Wendy, and then Dan jumped in, okay, Dan might not know.
657
00:46:21.250 –> 00:46:23.710
Dan Deppen: It just gives everybody, like, it just orients everybody.
658
00:46:23.710 –> 00:46:24.440
Wendy Zollner: Yeah.
659
00:46:28.830 –> 00:46:32.659
Dan Deppen: Can you please give me a call? The borrower is saying she did not
660
00:46:33.690 –> 00:46:36.810
Dan Deppen: I’m trying to help on my end, but cannot see the portal.
661
00:46:37.860 –> 00:46:40.499
Dan Deppen: I feel like I’m in the limbo. Okay, that’s not good.
662
00:46:40.860 –> 00:46:41.630
Wendy Zollner: Yeah.
663
00:46:42.070 –> 00:46:45.200
Dan Deppen: And she’s a new client, as well.
664
00:46:46.420 –> 00:46:50.609
Dan Deppen: So what I want to do here is go in and see, like, what are we missing, what are we not missing?
665
00:46:51.120 –> 00:46:51.490
Wendy Zollner: Okay.
666
00:46:51.490 –> 00:46:54.589
Dan Deppen: Now, at some point, there is a way within,
667
00:46:55.090 –> 00:46:59.470
Dan Deppen: Zoho to set up a portal that clients can see, but it’s…
668
00:47:00.180 –> 00:47:01.910
Dan Deppen: It’s a whole thing, and it’s not…
669
00:47:02.770 –> 00:47:04.850
Dan Deppen: Straightforward, so we haven’t done that.
670
00:47:04.850 –> 00:47:05.180
Wendy Zollner: Okay.
671
00:47:05.180 –> 00:47:11.599
Dan Deppen: As of yet, so I’m going to go into the CRM and into the drive folder.
672
00:47:16.840 –> 00:47:22.779
Dan Deppen: And for me, especially as an Amazon guy, when a customer’s confused, that’s like… Not good.
673
00:47:22.780 –> 00:47:24.769
Wendy Zollner: Yeah, there’s some breakdown there, yeah.
674
00:47:24.770 –> 00:47:28.659
Dan Deppen: And what that means is, right, the process is not where it needs to be, which it’s not.
675
00:47:28.910 –> 00:47:32.369
Dan Deppen: Right? So, like, when I see that, I’m like…
676
00:47:33.110 –> 00:47:35.500
Dan Deppen: Oh, okay, I want… she needs…
677
00:47:36.600 –> 00:47:39.179
Dan Deppen: Love, and to know where things are, like, right away.
678
00:47:39.420 –> 00:47:40.490
Dan Deppen: Yeah.
679
00:47:40.490 –> 00:47:41.330
Wendy Zollner: Totally.
680
00:47:41.330 –> 00:47:43.389
Dan Deppen: Okay, so we’ve got auth, app.
681
00:47:46.400 –> 00:47:50.460
Dan Deppen: I don’t see the income, although that’s weird, because Christine said she had the income.
682
00:47:51.640 –> 00:47:52.520
Dan Deppen: Are there one bar…
683
00:47:52.520 –> 00:47:53.600
Wendy Zollner: Yeah, right, yeah.
684
00:47:53.600 –> 00:47:54.150
Dan Deppen: True.
685
00:47:55.930 –> 00:47:57.470
Dan Deppen: Only one borrower.
686
00:47:57.780 –> 00:47:58.640
Dan Deppen: Okay.
687
00:48:03.250 –> 00:48:04.769
Dan Deppen: So, did we get the income?
688
00:48:04.770 –> 00:48:09.369
Wendy Zollner: Did she say, that’s all we need, but not that we got it?
689
00:48:10.480 –> 00:48:15.749
Dan Deppen: Oh, the borrower’s 12 months of bank statements are sufficient for us to calculate the income.
690
00:48:16.650 –> 00:48:18.750
Wendy Zollner: Oh, what kind of income docs does the system ask?
691
00:48:18.750 –> 00:48:21.630
Dan Deppen: Okay, so she hasn’t submitted them.
692
00:48:22.160 –> 00:48:23.160
Dan Deppen: Yet.
693
00:48:27.810 –> 00:48:28.789
Wendy Zollner: So in this case…
694
00:48:28.790 –> 00:48:30.230
Dan Deppen: bank statements, what the heck?
695
00:48:30.700 –> 00:48:33.889
Dan Deppen: Okay, I just want to see if there’s any other…
696
00:48:34.850 –> 00:48:37.160
Dan Deppen: There’s the term sheet, now, okay.
697
00:48:38.280 –> 00:48:40.930
Dan Deppen: Now, the other thing you can do sometimes…
698
00:48:42.230 –> 00:48:46.330
Dan Deppen: Like, when a borrower submits a form,
699
00:48:47.380 –> 00:48:53.880
Dan Deppen: it’ll send us an email, and usually that’s what triggers us to look. Sometimes, like, whether those emails get, like, archived by accident, or…
700
00:48:54.750 –> 00:49:03.650
Dan Deppen: fall into the ether. Oh my god, I had a big problem in November where a lot of the Zoho emails started going to spam, and we didn’t notice it. I had, like, 80 emails in spam.
701
00:49:03.660 –> 00:49:08.880
Wendy Zollner: Yeah. And it was terrible, because we started, like, you know, we’re emailing people, hey, we’re missing this, we’re missing this, or like, I sent it.
702
00:49:09.700 –> 00:49:11.040
Dan Deppen: Well, we don’t have it.
703
00:49:12.350 –> 00:49:16.090
Dan Deppen: Like, I sent this 3 times, and then they’re all in spam, and I was like, oh my goodness.
704
00:49:16.090 –> 00:49:18.540
Wendy Zollner: Right. But if you go into Zoho Forms.
705
00:49:20.620 –> 00:49:24.660
Dan Deppen: You can see everything that came in through here, and you can also get a copy of them.
706
00:49:24.860 –> 00:49:25.430
Wendy Zollner: Okay, cool.
707
00:49:25.430 –> 00:49:28.450
Dan Deppen: But, like, for income documentation, if I go all entries.
708
00:49:32.500 –> 00:49:34.529
Dan Deppen: I can see everything that’s come in.
709
00:49:35.240 –> 00:49:43.809
Dan Deppen: And then it defaults to 10 records, but I can add more records. So this was the Chris Lance one, the Terry Rainey one, Ross.
710
00:49:44.150 –> 00:49:48.540
Dan Deppen: Elsin, that was the, 574 Brent.
711
00:49:49.770 –> 00:49:52.369
Dan Deppen: Kurtz, that I was getting confused with Lance.
712
00:49:53.470 –> 00:50:00.060
Dan Deppen: Brandy, and this person was… I think Marie Ramos…
713
00:50:00.060 –> 00:50:01.030
Wendy Zollner: Ramos?
714
00:50:01.220 –> 00:50:02.530
Dan Deppen: Maria Ramos.
715
00:50:04.550 –> 00:50:11.720
Dan Deppen: Okay, so we don’t have… yeah, so that was Marie Ramos, so looking at income, I just wanted to double check that, like, she didn’t send something in.
716
00:50:11.720 –> 00:50:12.500
Wendy Zollner: Yeah.
717
00:50:12.980 –> 00:50:13.930
Dan Deppen: So we don’t.
718
00:50:14.180 –> 00:50:16.500
Dan Deppen: So what I’m gonna do is email…
719
00:50:18.180 –> 00:50:21.310
Dan Deppen: her back. Oh, I also kind of want to see what she said.
720
00:50:21.510 –> 00:50:25.660
Dan Deppen: She said she tried to call, I don’t know if she sent any… Tax.
721
00:50:29.450 –> 00:50:31.400
Dan Deppen: That’s a different thing.
722
00:50:32.360 –> 00:50:37.829
Dan Deppen: sometimes, quote, you gotta, like… Give it a minute to update to get the latest.
723
00:50:37.830 –> 00:50:38.710
Wendy Zollner: Okay.
724
00:50:44.160 –> 00:50:46.670
Dan Deppen: Okay, so this is Jan Ingram, so that’s her.
725
00:50:47.740 –> 00:50:49.090
Dan Deppen: She left a voicemail.
726
00:50:50.740 –> 00:50:52.690
Dan Deppen: Christine texted her back.
727
00:50:53.390 –> 00:50:54.869
Dan Deppen: So these are texts.
728
00:50:55.060 –> 00:50:55.970
Wendy Zollner: Okay.
729
00:50:55.970 –> 00:51:02.789
Dan Deppen: But, if you have a call with somebody, it also records the call and puts it in here, and then it also creates, like, AI cliff notes.
730
00:51:02.790 –> 00:51:03.510
Wendy Zollner: Okay.
731
00:51:05.270 –> 00:51:11.620
Dan Deppen: So she told her, hey, 12 bank statements should suffice, which she… Christine also told her that over email.
732
00:51:14.170 –> 00:51:18.430
Dan Deppen: The initial fee is blah blah blah. Okay, thanks, I’ll work on submitting the term sheet.
733
00:51:19.130 –> 00:51:20.910
Dan Deppen: And then she tried to call back.
734
00:51:21.570 –> 00:51:26.929
Dan Deppen: So I’m not sure why she feels in the dark, because we’ve told her, like, hey, we need the bank statements, and…
735
00:51:26.930 –> 00:51:27.590
Wendy Zollner: Right.
736
00:51:27.820 –> 00:51:29.699
Dan Deppen: We would have told the borrower that.
737
00:51:30.720 –> 00:51:31.830
Dan Deppen: as well.
738
00:51:32.160 –> 00:51:33.100
Wendy Zollner: Okay.
739
00:51:33.220 –> 00:51:38.609
Wendy Zollner: And so they… she let… called and left a message, and then you guys can just text
740
00:51:38.870 –> 00:51:41.620
Wendy Zollner: Back through that app, or… or call.
741
00:51:41.620 –> 00:51:42.120
Dan Deppen: Yes.
742
00:51:42.120 –> 00:51:43.660
Wendy Zollner: One or the other? Okay.
743
00:51:43.660 –> 00:51:48.289
Dan Deppen: Yeah, and I kind of like text, especially, like, if you’re sending somebody a link to something.
744
00:51:48.970 –> 00:51:52.230
Dan Deppen: Like, I use TextExpander for my hotkeys, if somebody’s like.
745
00:51:52.460 –> 00:52:01.909
Dan Deppen: how do I submit a deal? And I go, oh, you submit the term sheet, and I can send them the link on this, right? It’s like, I can use my text expander hotkey, ZTS, and I can give them the term
746
00:52:02.300 –> 00:52:03.260
Dan Deppen: take over.
747
00:52:03.430 –> 00:52:04.160
Wendy Zollner: Cool.
748
00:52:04.380 –> 00:52:06.719
Dan Deppen: That, which is kind of handy.
749
00:52:08.770 –> 00:52:12.680
Dan Deppen: haven’t really been talking to people since I’ve been… I want to find one where,
750
00:52:16.900 –> 00:52:22.640
Dan Deppen: That’s the voicemail. Where’s one ref… You act with somebody.
751
00:52:24.960 –> 00:52:26.080
Dan Deppen: Here we go.
752
00:52:26.200 –> 00:52:31.239
Dan Deppen: So here’s one where I talk to somebody for 20 minutes. That’s the other thing, too, when you end up on the phone with somebody.
753
00:52:31.590 –> 00:52:33.390
Dan Deppen: It’s usually 20, 30 minutes, just…
754
00:52:33.390 –> 00:52:34.170
Wendy Zollner: Yeah.
755
00:52:34.170 –> 00:52:38.570
Dan Deppen: the way it goes, and that’s why I’m trying to avoid it. But I mean, in the meantime.
756
00:52:39.700 –> 00:52:42.849
Dan Deppen: That being said, like, don’t hesitate to pick up the phone.
757
00:52:43.660 –> 00:52:53.130
Dan Deppen: And call people, because it builds connections with people. And, you know, if you get into a conversation with someone, and you don’t know the answer, and you’re like, something I should know, like, that’s cool, just be like.
758
00:52:53.500 –> 00:52:55.710
Dan Deppen: Hey, I gotta go talk to Dan and get back to you.
759
00:52:55.940 –> 00:52:56.810
Wendy Zollner: Fine.
760
00:52:56.810 –> 00:53:12.690
Dan Deppen: you know, that… I expect you not to have all the answers for a while. Yeah. But it does actually show, like, you know, it records the whole 20-minute call, so… not that you would want to do this, but it, you know, you could listen to all 20 minutes, and then it gives you this AI-powered summary.
761
00:53:13.300 –> 00:53:14.130
Wendy Zollner: Okay.
762
00:53:14.130 –> 00:53:20.990
Dan Deppen: So there’s some confusion over the loan closing date, I explained the TRID rules, Blah blah blah.
763
00:53:22.300 –> 00:53:23.000
Wendy Zollner: Okay.
764
00:53:23.000 –> 00:53:28.320
Dan Deppen: So that can help, too, like, if somebody, you know, if Christine had a phone call, you know, you can get synced up.
765
00:53:29.370 –> 00:53:33.960
Wendy Zollner: And when you look at, like, Jen’s voicemail, it looked pretty, like, pretty straight.
766
00:53:34.480 –> 00:53:37.459
Wendy Zollner: Ant question, just, oh yeah, we need 12 months of…
767
00:53:37.570 –> 00:53:45.640
Wendy Zollner: That didn’t really require a phone call, even though she was a new customer, it would be… It’s…
768
00:53:45.640 –> 00:53:51.300
Dan Deppen: Yeah, I mean… And she actually attended last week’s Thursday call.
769
00:53:51.300 –> 00:53:52.480
Wendy Zollner: Oh, okay.
770
00:53:53.590 –> 00:53:54.630
Wendy Zollner: Okay.
771
00:53:55.850 –> 00:53:56.620
Wendy Zollner: Hmm.
772
00:53:57.000 –> 00:54:00.469
Dan Deppen: You know, if in doubt, just call them back.
773
00:54:00.730 –> 00:54:05.239
Dan Deppen: especially early on, like, it does have mileage. Like, there’s this trade-off between
774
00:54:06.180 –> 00:54:10.110
Dan Deppen: Clients like it when we call them back. It kind of builds connection.
775
00:54:11.510 –> 00:54:13.109
Dan Deppen: It’s also a huge time suck.
776
00:54:13.110 –> 00:54:13.720
Wendy Zollner: Yeah.
777
00:54:14.140 –> 00:54:15.770
Dan Deppen: But especially out the gate.
778
00:54:17.140 –> 00:54:21.289
Dan Deppen: Don’t hesitate to call, because also, like, you’ll learn a lot. Like, they’ll ask stuff and be like.
779
00:54:21.670 –> 00:54:23.629
Dan Deppen: I don’t know, I gotta go figure that out, like, it’ll…
780
00:54:23.630 –> 00:54:25.220
Wendy Zollner: Right. Yeah.
781
00:54:25.220 –> 00:54:27.930
Dan Deppen: A lot. So, I would say just, like, use your judgment.
782
00:54:28.760 –> 00:54:34.610
Dan Deppen: If something works on text, working on text, but in the meantime, like, don’t hesitate to call them, because you’ll learn a bunch when…
783
00:54:34.610 –> 00:54:40.720
Wendy Zollner: Especially if, like, she’s still confused after that conversation, then… Yeah, it’s like…
784
00:54:40.720 –> 00:54:45.959
Dan Deppen: Yeah, I’m really confused. I’m not sure how she’s confused, because she attended the weekly call.
785
00:54:46.440 –> 00:54:49.030
Dan Deppen: Christine told her on email, and told her on text.
786
00:54:50.750 –> 00:54:51.430
Wendy Zollner: Yeah.
787
00:54:51.720 –> 00:54:56.010
Dan Deppen: what… what I’m gonna do after this is I’m gonna give her a phone call.
788
00:54:57.980 –> 00:55:03.940
Dan Deppen: Maybe I’ll just do that while we’re on, and I’ll put her on speaker. Let’s do that.
789
00:55:03.940 –> 00:55:05.220
Wendy Zollner: Yeah, okay, yeah.
790
00:55:08.030 –> 00:55:10.710
Dan Deppen: Don’t give yourself away, go on mute so I don’t…
791
00:55:10.710 –> 00:55:11.910
Wendy Zollner: Yeah, I’ll mute myself.
792
00:55:31.430 –> 00:55:36.409
Dan Deppen: Hey Jen, this is Dan Deppin from Call the Underwriter. How you doing?
793
00:55:36.870 –> 00:55:55.799
Dan Deppen: Hey there, good, how are you? Good, good. So, I just wanted to follow up with you. So, I think you had a question about the income docs that we need from the borrower? Yeah, so, again, this is my first deal, so I’m not really sure how all this works. I mean, I know they filled out the application, and their credit authorization, and then…
794
00:55:56.030 –> 00:55:58.589
Dan Deppen: What happens once they do that?
795
00:55:59.190 –> 00:56:04.399
Dan Deppen: Yeah, so… so once we get the income docs, which are the last piece, and I’ll… I’ll…
796
00:56:04.520 –> 00:56:06.189
Dan Deppen: Explain that in a second.
797
00:56:06.670 –> 00:56:12.170
Dan Deppen: But once we get everything from the borrower, and they did send their application and credit authorization already.
798
00:56:12.600 –> 00:56:18.259
Dan Deppen: Okay. Then we’ll go through the underwriting process, so we’ll put all the data in our loan origination software.
799
00:56:18.320 –> 00:56:35.420
Dan Deppen: We’ll run a soft credit pull, we’ll also pull in their other monthly liabilities from that, calculate the DTI, create the 1008, we’ll go through the income docs and determine their usable monthly income. So since this borrower is self-employed, and they’re sending bank statements.
800
00:56:35.870 –> 00:56:55.060
Dan Deppen: we’ll take the average of the last 12 deposits, and then we’ll apply an expense ratio based on the type of business they have, and off the top of my head, I don’t know, you know, what that is. And then we’ll write everything up in the 1008 and the underwriting notes to say, like, okay, here’s their income, here’s how we calculated it.
801
00:56:55.510 –> 00:57:05.130
Dan Deppen: This is their debt to income, this is their credit score, and then here are our, you know, recommendations based on everything we found, and then any loan conditions that were
802
00:57:05.400 –> 00:57:07.159
Dan Deppen: That we created along the way.
803
00:57:07.820 –> 00:57:11.410
Dan Deppen: Yeah, yeah, that makes sense. So, what…
804
00:57:12.360 –> 00:57:28.579
Dan Deppen: How does it work where… how do you know what type of documentation to ask for? Yeah, so, so when they… Yeah, so, so in… so, so after you filled out the term sheet, the borrower got an email with the links for the…
805
00:57:28.630 –> 00:57:35.960
Dan Deppen: loan application and credit authorization, which they filled out, and then also the income documentation. When they go into that income documentation form.
806
00:57:36.100 –> 00:57:48.960
Dan Deppen: It asks them, like, what kind of income do you have? Is it W-2, self-employed? Or, like, you know, defined benefits, Social Security, VA, disability, that kind of thing?
807
00:57:49.290 –> 00:57:59.570
Dan Deppen: And then… and then it’ll… and then it’ll tell them within that form, here’s what we need. So what it just said was… Got it, okay. Like, hey, if you’re self-employed, we need… Yeah, then we need, like, 12 complete…
808
00:57:59.790 –> 00:58:05.840
Dan Deppen: bank statements. And what I’ll do after this call, too, is I’ll email the borrower, and I’ll copy you, and just kind of…
809
00:58:07.200 –> 00:58:10.870
Dan Deppen: Make it, like, explicit, hey, we’ve got your other stuff.
810
00:58:11.400 –> 00:58:28.440
Dan Deppen: I see you’re self-employed, so we’ll need 12, like, complete bank statements, should be able to download them. Sometimes people will send us, like, the front page, and then we have to go back, because we need all the pages, because depending on… Right. Sometimes, if it’s, like, a dedicated business
811
00:58:28.730 –> 00:58:47.789
Dan Deppen: checking account just for that business, well, then it becomes easier, but then, like, sometimes people have their business stuff munged. Yeah, it’s not… Then we have to… it’s not… it’s a personal, so I don’t think it’s, like… Okay, and that’s not unusual for us. So what I’ll… what I’ll do is I’ll email them and copy you, and just kind of explain.
812
00:58:47.790 –> 00:58:53.019
Dan Deppen: All of that, and then they can just email us, the docs at the team at CallTheUnderwriter.
813
00:58:53.500 –> 00:59:05.889
Dan Deppen: Okay, so I guess what I was just trying to get, just an idea of how… that helps me understand the process. I’m in the business, so I understand a lot of this stuff. So, so,
814
00:59:06.220 –> 00:59:21.370
Dan Deppen: So, once they fill out the application and the credit authorization, at that point, then they’re… then they’re… then they get sent this income form document. Well, no, they would have gotten all three… they would have gotten all three in the same email, and I think you should have been copied on that.
815
00:59:22.260 –> 00:59:44.319
Dan Deppen: As well, there’s, like… I was not… yeah, I wasn’t… and I’ll go back and double check, but… and I’m not… I feel like I’m in the dark, just because I’m not… I don’t know how, like, I’ve not been copied on anything, and then also, too, is this all done through a portal? Do they have, like, a link that… that takes them to a portal where they fill out all their information and upload their documents in a portal?
816
00:59:44.450 –> 00:59:50.189
Dan Deppen: No, we don’t… we don’t have a portal set up yet, but basically, they just fill out those 3 links.
817
00:59:50.740 –> 00:59:53.189
Dan Deppen: And then if we don’t have everything.
818
00:59:53.300 –> 01:00:10.240
Dan Deppen: you know, we’ll send them, like, reminders, hey, we’re still missing this or that. Okay. And then once we get everything from them, it’s usually, like, a business day or two for us to turn around the underwrite, and then we’re getting back to you with the thing. So, usually what happens is everybody, you know, somebody submits.
819
01:00:10.430 –> 01:00:13.780
Dan Deppen: All of their stuff, and then it’s like a day or two for us.
820
01:00:13.930 –> 01:00:23.029
Dan Deppen: To turn it around, so it usually goes, you know, pretty quick. Down the road, we’ll probably set up a portal of some sort.
821
01:00:23.340 –> 01:00:34.389
Dan Deppen: Yeah, that’s fine. So right now, they’re basically looking for emails, and then the way they upload, or the way they send you documents is through the… is just through email. Correct, yeah.
822
01:00:34.460 –> 01:00:47.019
Dan Deppen: And am I… am I gonna be copied? Am I typically copied on all the correspondence? Yes. Emails? Okay. Yeah, yeah, and you… you should have been on the first one, but I will go back.
823
01:00:47.460 –> 01:00:52.290
Dan Deppen: And check that, because, like, we actually have some, like, automations built, so when you submit the term sheet.
824
01:00:53.330 –> 01:01:03.079
Dan Deppen: You know, it… and then on the back end, like, it actually generates custom links for those docs, because those links they get are, like, tied to that deal, so all the data kind of comes together.
825
01:01:03.540 –> 01:01:06.920
Dan Deppen: On our back end, and then it should send it to…
826
01:01:07.030 –> 01:01:11.720
Dan Deppen: you know, the borrower, then a co-borrower email if there is one, and then CC the lender.
827
01:01:11.890 –> 01:01:14.499
Dan Deppen: email, but I’ll go back and double check that that…
828
01:01:14.690 –> 01:01:18.460
Dan Deppen: went out correctly, because we do have automations misfire.
829
01:01:19.130 –> 01:01:37.699
Dan Deppen: Okay, that’s fine, yeah. Yeah, if you will just let me know on that. I’m gonna go ahead and tell her that you’re gonna resend or send her an email, requesting the 12-month bank statements. I’ll explain it needs to be the full pages, all pages, even blank pages, you know, all pages. And…
830
01:01:37.800 –> 01:01:45.500
Dan Deppen: And then, is there anything else at this point that you think you need with Regarding self-employment.
831
01:01:46.520 –> 01:01:58.190
Dan Deppen: No, that should do it. If for some reason we have other questions, we’ll let them know. Sometimes we get ones where, between what they put on the application and what’s on the bank statements.
832
01:01:58.490 –> 01:02:03.360
Dan Deppen: You can’t even tell what kind of business it is, so sometimes we come back and ask for clarification.
833
01:02:03.600 –> 01:02:12.910
Dan Deppen: on that, but we’ll have to, like, get into the files first. Yeah, that’s fine. Yeah, that’s fine, yeah. Now, now, she’s not a, U.S. citizen, she’s got a
834
01:02:12.910 –> 01:02:24.460
Dan Deppen: That’s fine. And so she’s got a passport and an ITIN number, and so… Yeah, the ITIN… yeah, the ITIN number’s good. So, so the way that works, right, is the…
835
01:02:24.460 –> 01:02:30.689
Dan Deppen: The requirement for Dodd-Frank, one of the elements of Dodd-Frank is credit, so we have to be able to pull credit.
836
01:02:30.690 –> 01:02:45.190
Dan Deppen: And so we just need either an SSN or an I-10 is fine. So if she’s got an I-10 number, then that’s all good. You don’t have to be a U.S. citizen or have different… the main… the main requirement on that is just the ability to pull credit, which… which we can do.
837
01:02:46.140 –> 01:02:52.709
Dan Deppen: Okay, and I told her, and I don’t know what we’re gonna find with credit, if she’s gonna have any credit.
838
01:02:52.890 –> 01:02:59.799
Dan Deppen: I think she should, the way that she… So, if she doesn’t… But it’s not, then I’ve already talked to her about off,
839
01:02:59.870 –> 01:03:16.269
Dan Deppen: alternative documentation that we can dive into if we need to. Yeah, absolutely, and… Some of the things that she’s got. And that’s super common, especially with ITIN borrowers, where, you know, they don’t use credit, like, she’ll pull the credit report and it’s blank, that’s actually…
840
01:03:17.670 –> 01:03:28.219
Dan Deppen: actually consider that a very positive sign. It’s definitely way better than… than bad credit, but then, yeah, if we see that, then we’ll add a loan condition to collect two examples of bills they’ve paid.
841
01:03:28.340 –> 01:03:31.729
Dan Deppen: For 12 months, because, you know, typically people are paying,
842
01:03:32.270 –> 01:03:40.570
Dan Deppen: utility bills or, you know, other subscriptions, like, people generally always have stuff. They’re… they’re paying every month, so that’s not an issue.
843
01:03:41.700 –> 01:03:51.359
Dan Deppen: That sounds good. Well, I appreciate you giving me a call, and I’ll just give her a heads up that the email’s coming through to look out for it, and, then hopefully we can…
844
01:03:52.230 –> 01:03:57.139
Dan Deppen: get this rolling with her. Okay, awesome. So, I’ll send that here in the next few minutes.
845
01:03:57.570 –> 01:04:00.389
Dan Deppen: Perfect. Thank you, Dan. Alright, no problem, have a good one.
846
01:04:00.530 –> 01:04:02.209
Dan Deppen: Okay, you too, bye. Bye.
847
01:04:05.750 –> 01:04:07.549
Dan Deppen: Okay, so hopefully you could hear all that.
848
01:04:07.550 –> 01:04:08.829
Wendy Zollner: Yeah, I heard it.
849
01:04:08.830 –> 01:04:11.719
Dan Deppen: Yeah, so that’s one, too, right, where.
850
01:04:12.010 –> 01:04:19.099
Wendy Zollner: You know, like I said, generally, like, I try to put stuff on text and email, but in this case, like, since she was genuinely confused, like, phone calls…
851
01:04:19.330 –> 01:04:24.799
Dan Deppen: the way to go. And some of this, too, right, is if people are doing their first one of these, which it sounds like she is.
852
01:04:24.800 –> 01:04:25.490
Wendy Zollner: Yeah.
853
01:04:25.490 –> 01:04:28.730
Dan Deppen: They just get nervous, it’s high stakes, you don’t want to screw up, right?
854
01:04:28.730 –> 01:04:29.390
Wendy Zollner: Right.
855
01:04:29.580 –> 01:04:33.180
Dan Deppen: And so, sometimes talking to people just… helps.
856
01:04:33.180 –> 01:04:36.610
Wendy Zollner: And if she’s not seeing the emails come through that she’s getting.
857
01:04:36.610 –> 01:04:44.430
Dan Deppen: Yeah, so that… So, one thing we can do… Is search the sent mail.
858
01:04:44.800 –> 01:04:45.480
Wendy Zollner: Okay.
859
01:04:49.860 –> 01:04:52.719
Dan Deppen: And you can do this within Google as well, to see what went out.
860
01:04:53.190 –> 01:04:54.360
Dan Deppen: Okay, here we go.
861
01:04:55.550 –> 01:04:59.910
Dan Deppen: Action needed. Complete your loan application. So this is what goes out to the borrower.
862
01:04:59.910 –> 01:05:00.710
Wendy Zollner: Okay.
863
01:05:01.780 –> 01:05:03.120
Dan Deppen: So she was copied.
864
01:05:03.300 –> 01:05:03.710
Wendy Zollner: Yeah.
865
01:05:03.710 –> 01:05:05.170
Dan Deppen: Maybe it went to her spam.
866
01:05:05.550 –> 01:05:07.130
Wendy Zollner: Oh, right, right.
867
01:05:07.500 –> 01:05:13.189
Dan Deppen: So what I’m gonna do… Is just reply all to this.
868
01:05:13.190 –> 01:05:14.100
Wendy Zollner: Okay.
869
01:05:18.110 –> 01:05:19.750
Dan Deppen: Received your…
870
01:05:25.410 –> 01:05:35.629
Dan Deppen: Sanction, thanks for… Sendignals… Now we just need our…
871
01:05:45.620 –> 01:05:47.725
Dan Deppen: deployed… Meanwhile…
872
01:06:07.960 –> 01:06:08.970
Dan Deppen: 42…
873
01:06:24.880 –> 01:06:29.010
Dan Deppen: I’m kind of pushing on the download, because sometimes people will just start sending, like, cell phone photos.
874
01:06:29.010 –> 01:06:30.990
Wendy Zollner: Yeah, exactly, yeah.
875
01:06:30.990 –> 01:06:32.769
Dan Deppen: We’ve had.
876
01:06:47.580 –> 01:06:48.940
Wendy Zollner: So, in the…
877
01:06:49.650 –> 01:06:58.579
Wendy Zollner: For the credit authorization and loan application, that was easy for them, because they just had to fill out a form, but that income documentation, they have to upload, actually upload their…
878
01:06:58.580 –> 01:07:12.509
Dan Deppen: Yeah, so maybe they gotta go get them, maybe they gotta log into their bank, and then by just respond… replying to this too, right? Like, it’s got Jen on it, and then it kind of confirms to her, oh, I did get that email, or maybe she didn’t see it and went to spam, you know? Yeah.
879
01:07:12.640 –> 01:07:13.740
Wendy Zollner: Whatever.
880
01:07:13.920 –> 01:07:17.320
Dan Deppen: So, okay, cool. Well, I’m gonna run now, because I got…
881
01:07:17.810 –> 01:07:21.529
Dan Deppen: I’ll call it 10 and do some other stuff.
882
01:07:23.850 –> 01:07:26.100
Dan Deppen: What next? Is there something in the pipeline?
883
01:07:26.650 –> 01:07:29.389
Wendy Zollner: I can… I’ll keep working on that one cut,
884
01:07:29.390 –> 01:07:35.310
Dan Deppen: Yeah, just keep working on that one, and then just ping me. I have a handful of calls today, but I’ll be, like, on and off calls, so…
885
01:07:35.600 –> 01:07:36.230
Wendy Zollner: Alright, yeah.
886
01:07:36.230 –> 01:07:39.140
Dan Deppen: They’ll be around, so just ping me as you get questions and whatnot.
887
01:07:39.410 –> 01:07:40.800
Wendy Zollner: Cool. Thanks, Dan.
888
01:07:40.800 –> 01:07:42.240
Dan Deppen: Alright, no problem, talk to you later.
889
01:07:42.240 –> 01:07:43.100
Wendy Zollner: Alright, bye.
890
01:07:43.100 –> 01:07:43.800
Dan Deppen: Bye.
========================================
FILE: CTU_Training_-_Pipeline_Deal_Management__Process_Overview_01-20-2026.txt
CTU Training: Pipeline Workflow, Deal Management, and Operational Process Overview
January 20, 2026
Summary
This training session walks through the core workflow used at Call The Underwriter (CTU) to manage active loan files and daily operations. Dan demonstrates how to navigate the Zoho CRM pipeline, specifically the CTU Active Deals view, and explains how deals move through the underwriting and disclosure process.
The discussion covers how team members should monitor deals, identify next actions, and maintain organization within the pipeline. Dan explains how the pipeline functions as the central hub for tracking loan progress, coordinating tasks, and ensuring that each deal moves through underwriting, disclosures, and closing steps efficiently.
The training emphasizes the importance of:
Using the correct CRM pipeline views to track active files
Monitoring deals to determine next required actions
Keeping pipeline comments and statuses updated so the team can see progress
Maintaining consistent workflow practices to avoid missed steps
This session is part of onboarding and operational training for CTU staff, helping team members understand how deals are tracked and managed from intake through underwriting and disclosure stages
TRAINER: Dan Deppen
WEBVTT
1
00:00:00.000 –> 00:00:01.940
Dan Deppen: I think later, in case you wanna…
2
00:00:02.320 –> 00:00:06.350
Wendy Zollner: How was your trip to North Carolina?
3
00:00:06.780 –> 00:00:13.199
Dan Deppen: It was good, we had a good time, so basically just hung out, stayed with my sister and hung out with my parents and stuff.
4
00:00:13.450 –> 00:00:14.700
Wendy Zollner: That’s cool.
5
00:00:14.700 –> 00:00:16.070
Dan Deppen: We were scared to get to…
6
00:00:16.890 –> 00:00:20.119
Dan Deppen: See them a little bit, and then some of them are gonna come out.
7
00:00:20.460 –> 00:00:24.639
Dan Deppen: In May, my, my younger daughter graduates high school.
8
00:00:24.920 –> 00:00:25.909
Wendy Zollner: Oh, wow.
9
00:00:25.910 –> 00:00:28.749
Dan Deppen: From Erie, and then they’ll be back out for the wedding.
10
00:00:29.930 –> 00:00:35.399
Dan Deppen: Which is good, because my… My whole family is very East Coast-centric.
11
00:00:35.680 –> 00:00:36.280
Wendy Zollner: Yeah?
12
00:00:36.280 –> 00:00:36.950
Dan Deppen: It’s…
13
00:00:37.290 –> 00:00:42.390
Dan Deppen: Often, like, pulling teeth. I mean, they come out here, but it’s like pulling teeth to get them to come out here.
14
00:00:42.390 –> 00:00:42.940
Wendy Zollner: Yeah.
15
00:00:44.430 –> 00:00:49.910
Wendy Zollner: Well, I’m glad they’re making it… making it out then. Those are two very important things.
16
00:00:49.910 –> 00:00:56.719
Dan Deppen: Yeah, it’ll be nice. Okay, so… so this is the kind of normal pipeline, and actually, I…
17
00:00:57.210 –> 00:00:59.529
Dan Deppen: These days, I just kind of use this.
18
00:00:59.880 –> 00:01:00.580
Wendy Zollner: Okay.
19
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Dan Deppen: But I don’t know if you’re able to get to this, you gotta make sure you’re on that view that says CTU Active Deals.
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Wendy Zollner: Okay, so…
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Dan Deppen: And then… And then there’s also the ones that are on hold, or ones that are just closed.
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Wendy Zollner: Okay, hold on, so CTU, so I’m in there. Okay, my… mine is a little bit different.
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Wendy Zollner: My, I’ll have to look at that.
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Dan Deppen: So, the other thing to look at… is, I mean…
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Dan Deppen: List view, so if you go up here.
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Dan Deppen: There’s also this Kanban view that I don’t use, because I don’t really use the stages.
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Wendy Zollner: Okay.
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Dan Deppen: The stage just has, like, active, it’s on that pipeline, on hold, it’s on the uphold pipeline, or closed.
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Dan Deppen: So if you do Kanban view, you’ll just get, like, gibberish.
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Dan Deppen: So you want to be on list?
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Dan Deppen: And then, the way that…
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Dan Deppen: I like to do it when I’m gonna update something, I just click anywhere on the deal, and then it opens it up.
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Dan Deppen: And then I just update within here.
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Wendy Zollner: Okay.
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Dan Deppen: But alternatively, the way you can do it that may have been shown in the video, and this was what I was doing initially, but I just don’t like it as much, but you can do it.
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Dan Deppen: To get the spreadsheet view, you’ve got to go Actions, and then Zoho Sheet View.
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Wendy Zollner: Okay.
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Wendy Zollner: I mean, I like the deal view, that’s pretty…
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Dan Deppen: Yeah.
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Wendy Zollner: Also, okay.
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Dan Deppen: Like, if you’re gonna make a bunch of updates, you can do it in here.
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Dan Deppen: You know, so you could just kind of, like, hammer down the list and make, you know.
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Dan Deppen: All the comments, and then that’s where you have to make sure you hit save.
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Wendy Zollner: Okay.
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Dan Deppen: Otherwise, it won’t.
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Wendy Zollner: Huh, okay. If you… if you’re in the deal and you make a change, does it automatically save?
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Dan Deppen: It does.
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Wendy Zollner: Okay.
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Dan Deppen: But the one thing To watch out for is, when you’re on here, you have to refresh a lot.
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Wendy Zollner: Because, like, sometimes, like, if you make a change.
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Dan Deppen: It’ll save it in the deal, but then you go back, it’ll give you, like, the old view of the pipeline, or if, like, somebody else is in it making changes, you won’t see the updates until you actually hit refresh.
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Wendy Zollner: Okay.
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Dan Deppen: In general, Zoho kind of works that way. You just sort of want to…
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Dan Deppen: Refresh a lot, if you think somebody else might be in.
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Wendy Zollner: Okay, that makes sense.
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Dan Deppen: And they’re doing stuff. And then…
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Dan Deppen: The Thinkific course, thanks for going through that.
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Dan Deppen: Yeah.
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Wendy Zollner: That was good.
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Dan Deppen: I have… oh, maybe a card.
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Wendy Zollner: That was helpful.
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Dan Deppen: This morning, I added there were…
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Dan Deppen: 2 that weren’t there, I added the videos for 7.
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Wendy Zollner: Okay.
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Dan Deppen: Calling credit And then the one through 9, sending the second invoice.
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Wendy Zollner: Okay, so video.
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Dan Deppen: And they’re, like, they’re, like, 2-3 minutes.
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Wendy Zollner: Okay.
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Dan Deppen: Videos. And then, you said that one, you were just getting the sound.
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Wendy Zollner: Yeah, there… it was, like, it… it didn’t record your screen, the byte,
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Wendy Zollner: the byte software, it was just showing, like, a different…
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Dan Deppen: It’s weird, because in here, it shows the video, so something may have just glitched. Maybe just, like, try it again and, like, just refresh it or something.
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Wendy Zollner: Okay. Because, yeah, when I looked at it, it was that, what you’re seeing right there, that was all I ever saw.
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Wendy Zollner: The whole time.
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Dan Deppen: Oh, because when I open it, In here.
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Dan Deppen: Oh, it got stuck. Oh, it never…
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Wendy Zollner: Yeah, that was exactly what I saw the whole time.
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Dan Deppen: I think I was… I may have, like, recorded the wrong screen.
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Dan Deppen: when I did it.
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Wendy Zollner: Yeah.
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Dan Deppen: Okay. So I’ll have to go back and update.
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Dan Deppen: That one, and then… what I’m gonna do over the next week or so is update
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Dan Deppen: Like the rest of these.
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Wendy Zollner: Okay.
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Dan Deppen: But, for now, most all… and I still have to do some cleanup on this, but…
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Dan Deppen: That underwriting manual is your friend. Like, basically everything is kind of in here.
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Dan Deppen: There’s some stuff I’m gonna clean up and make more simple, and then this morning I was adding a section of the main ad for a while on underwriting comments.
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Wendy Zollner: Okay.
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Dan Deppen: I’ll finish updating that.
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Wendy Zollner: Cool.
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Dan Deppen: Later today.
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Wendy Zollner: I mean, I, like, overviewed this, I didn’t, like, read it word for.
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Dan Deppen: No, it…
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Wendy Zollner: I’ll go back and…
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Dan Deppen: Yeah, I think… I think the easiest thing is…
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Dan Deppen: For me to give you, like, some of these different things to work.
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Dan Deppen: And go take the SOPs and the videos, go try to work on them.
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Wendy Zollner: Yeah.
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Dan Deppen: And when you get stuck, just ping me.
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Dan Deppen: with questions, or if you’re like, oh, I think I got through the whole thing.
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Dan Deppen: Then we’ll just, like, meet, like, once a day for a while, and then we can kind of go, like, back through it. Either, like, okay, we did that, like, yeah, that looks perfect, or…
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Dan Deppen: you know, we need to adjust these things, and there could be things that I need to update in the SOPs as well, because, like, I’ve changed processes over time, and I’ve been, like.
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Dan Deppen: So not necessarily all the stuff is…
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Wendy Zollner: Perfectly. Yeah.
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Wendy Zollner: Yeah, I knew, yeah, I figured that.
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Dan Deppen: Same.
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Wendy Zollner: it evolves more rapidly than you can keep, you know, the SOP changing.
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Wendy Zollner: Which…
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Dan Deppen: Yeah, so I just try to keep it, like, in the ballpark, but what I want to do…
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Dan Deppen: like, while I’m getting you up to speed, is actually there’s a lot of stuff in here I’ve been meaning to do, like, there’s underwriting comments, and so…
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Dan Deppen: over the next week or two, like, I’m gonna go through and, like.
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Dan Deppen: Try to get all these a lot.
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Dan Deppen: Tighter.
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Wendy Zollner: Okay.
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Dan Deppen: For where we are. And then the… Oh.
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Dan Deppen: You asked about Clockify?
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Wendy Zollner: Oh, yeah.
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Dan Deppen: That’s… that’s up to you. The main thing is just, at the end of every week, send me your hours, like, if it,
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Dan Deppen: If it’s helpful, if it just makes it easier to use Talkify or another app, let me know, and I’ll get you a seat.
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Wendy Zollner: Okay.
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Dan Deppen: When Shantae was here, she liked to use that.
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Wendy Zollner: Yeah.
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Dan Deppen: Although she would really just log…
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Dan Deppen: time and clockify and then not do much, so…
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Wendy Zollner: Yeah, I did.
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Dan Deppen: Oh, fuck.
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Wendy Zollner: I, I use… I’ve used it in the past, but I have a spreadsheet. I just track, like, what I’m doing and what… and the time I work, so I don’t… I’m fine using a spreadsheet. I didn’t…
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Dan Deppen: Yeah, that’s perfect. And then, like, at the end of the week, you can just give me, like, the total, you know?
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Wendy Zollner: Like, you want it every, like, Friday or something?
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Dan Deppen: Yeah.
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Wendy Zollner: Okay.
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Dan Deppen: Yeah, Friday or Saturday, whenever you’re done, and then what I do is, I’ll just go into,
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Dan Deppen: QuickBooks Online.
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Dan Deppen: And then tee up the ACH, and I think it notifies you… when I tee it up.
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Wendy Zollner: Okay. But then, you know, it takes, like.
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Dan Deppen: Whatever, 2 business days for it to actually hit.
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Wendy Zollner: Okay.
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Dan Deppen: the bank, but…
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Dan Deppen: when I looked the other day, I had that turned on, so I think all your QuickBooks stuff is set up.
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Wendy Zollner: Yeah, I… it… yeah, I set it up on my side, I don’t think it came through on yours. Yeah, I didn’t… I mean.
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Dan Deppen: Yeah, it did. Because when I… if I log in…
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Dan Deppen: I’ll show you what it looks like on my side… Oh.
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Dan Deppen: So annoying, like, when you’re in the…
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Dan Deppen: Whenever I change IPs now, like, to log in to anything, like, it just…
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Wendy Zollner: Yeah.
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Dan Deppen: Module, please.
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Dan Deppen: Yeah, so that’s all set, and I was able to turn this on, so everything is all, like…
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Wendy Zollner: Alright, cool.
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Dan Deppen: Good to go there. And then…
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Dan Deppen: If there weren’t any other, like, outstanding questions, we can kind of go through the pipeline.
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Wendy Zollner: Okay. Yeah, I think I got…
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Wendy Zollner: Hold on, let me go back. I gotta minimize this.
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Wendy Zollner: That was that.
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Wendy Zollner: I got into the… SOP folder. When I click that link, it says request access for that SOP.
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Dan Deppen: So, the whole trick is you have to be logged in.
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Wendy Zollner: Okay.
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Dan Deppen: to that Google account, right? So I’ve got, like, a bajillion Google accounts I log into.
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Wendy Zollner: Yeah.
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Dan Deppen: At different points, so, like, for the team email, you need to be here. For this, you need to be here.
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Dan Deppen: This, this one, I’m going to…
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Dan Deppen: at some point, get rid of and consolidate everything into the team account.
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Dan Deppen: This is an old, like, free account that the previous owners made.
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Wendy Zollner: Yeah.
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Dan Deppen: And some of the automations are tied to it, and so it’s one of those things, eventually I’ll bite the bullet, migrate the data.
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Wendy Zollner: Right.
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Dan Deppen: Update all the automations, but, like…
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Dan Deppen: It’s a bunch of admin work that…
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Wendy Zollner: Yeah.
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Dan Deppen: But just… deferring for right now. It’s not that big a deal just to log into the…
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Dan Deppen: The different accounts, but you’ll need to be logged in to that.
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Dan Deppen: To see it.
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Wendy Zollner: So I have, like, all 3 of my emails open at once, like, the Wendy at, and the team at.
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Dan Deppen: And .
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Wendy Zollner: info at… so those e… those email boxes opened.
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Wendy Zollner: And then I just clicked on…
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Wendy Zollner: the Google Apps when I was in the,
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Wendy Zollner: in… what is it, info at? Call the underwriters, I clicked on that, and then I got into the CTU SOP.
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Dan Deppen: Okay.
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Wendy Zollner: From there…
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Dan Deppen: Yep.
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Wendy Zollner: And the… so the info ad has all this… the SOPs, and then the…
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Wendy Zollner: deals, are they… where… what… I think.
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Dan Deppen: They’re… they’re in the… they’re in the, I’m sorry, the… the deals are also in the drive folder associated with info.
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Wendy Zollner: Okay.
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Dan Deppen: Now, what I did was, because it filled up.
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Dan Deppen: Some of the old, old deals?
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Dan Deppen: I did migrate over to the team drive. So, like, if you go into the team drive.
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Dan Deppen: There is some other stuff there.
189
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Dan Deppen: Like, there’s some… Slide decks and whatnot.
190
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Dan Deppen: But then there’s some of these old deals that I pulled over.
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Dan Deppen: Now, you notice the way that they used to do it.
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Dan Deppen: They just had… they used to just have the deals and drive by the primary borrower’s name.
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Dan Deppen: Which is brutal, because, like, if somebody in the emails you’re asking about…
194
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Dan Deppen: A file referencing a street address or a lender.
195
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Dan Deppen: It was hard to find.
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Wendy Zollner: Yeah, for…
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Dan Deppen: And so that’s why I changed it.
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Dan Deppen: Yeah. To this naming scheme we have now, where it’s like… Primary borrower, street address…
199
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Dan Deppen: And then lender last name, so it just… Makes it easier to see.
200
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Wendy Zollner: Yeah, plus, if you just do a search on one of those, it’ll…
201
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Dan Deppen: Yeah, you can lock into it very quick. And then, remember, in the CRM, you can do the same thing?
202
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Dan Deppen: I call it, like, the magic search button, but… and it’s a little… I feel like it’s a little hidden, but this red magnifone glass…
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Dan Deppen: if you hit the red magnifying glass and search, it searches across, like, all of Zoho.
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Dan Deppen: And that makes it…
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Wendy Zollner: My, Zoho looks different. I don’t have that…
206
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Dan Deppen: Why don’t you share a screen, and I can see where you’re at, and then I’ll…
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Wendy Zollner: It’s, needs you to enable participant screen sharing.
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Dan Deppen: Oh.
209
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Dan Deppen: This is…
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Dan Deppen: Try it now.
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Wendy Zollner: Okay, cool, thanks.
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Wendy Zollner: Okay, can you see the… deal.
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Dan Deppen: Yeah, yep, so you’re in the active deal pipeline, you’ve…
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Wendy Zollner: I don’t have all this stuff up on the top, and you had a whole bunch of…
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Dan Deppen: Whoa.
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Wendy Zollner: Side.
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Wendy Zollner: I guess I have the same things, though, as you did, with the search buttons.
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Dan Deppen: Hmm…
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Wendy Zollner: Maybe it’s just a setting?
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Dan Deppen: Yeah, okay, interesting. That… Hold on, let me see if I can…
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Dan Deppen: See if I can figure this out.
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Wendy Zollner: Oh, here’s home.
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Dan Deppen: Squared.
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Wendy Zollner: I can look at it more, too, later. It’s not urgent, just…
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Dan Deppen: You might, chatGPT that one, too, because…
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Wendy Zollner: Yeah, I can do that.
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Dan Deppen: I don’t recall.
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Dan Deppen: Doing anything special to get it to look like that.
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Wendy Zollner: Okay, I can do that.
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Dan Deppen: Yeah, but you need that.
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Dan Deppen: It’s search a record. You need that search button.
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Wendy Zollner: I did… I do see there’s one here, I guess that’s… is that the…
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Dan Deppen: Click that, which is that? I’m like, okay, so that’s giving you the same thing.
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Wendy Zollner: Okay.
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Dan Deppen: And usually, I just search under all modules.
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Dan Deppen: Depends on what you’re doing, but…
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Wendy Zollner: Okay.
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Dan Deppen: It’s kind of nice, because then it just searches across everything and lets you know what’s what.
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Wendy Zollner: And you can put in, like.
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Dan Deppen: So it looks like, yeah, the same thing, it’s just along the top instead of the side.
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Wendy Zollner: Yeah, and it cuts it off with these little dots, and so you have the whole…
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Dan Deppen: Yeah, I kinda like the way I have it.
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Wendy Zollner: Yeah, I do.
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Dan Deppen: Me too.
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Dan Deppen: But Zoho’s support is pretty good. You can either…
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Dan Deppen: You can find their support email online pretty easy.
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Wendy Zollner: Okay, I can check it out.
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Dan Deppen: And…
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Wendy Zollner: You also don’t have this, where it says, like, number of records.
250
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Dan Deppen: Yeah, see, I find that handy.
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Wendy Zollner: Oh, there I go.
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Dan Deppen: as well.
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Wendy Zollner: Did you say that again?
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Dan Deppen: I find that handy as well, where it shows, like, the total records.
255
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Wendy Zollner: Okay.
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Dan Deppen: Just cause it, you know, it just lets you know, like, how many things are…
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Wendy Zollner: are open.
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Wendy Zollner: Okay.
259
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Wendy Zollner: Cool. Okay.
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Dan Deppen: Let’s see if…
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Dan Deppen: No forms have come in, but a couple emails have come in, so we could run through, like, a little bit of that.
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Wendy Zollner: Okay. And then one last one before we start that is the team calendar.
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Dan Deppen: Oh, yeah.
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Wendy Zollner: So I’m in the team email box.
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Dan Deppen: So go to the nine dots in the upper right, where it says Google Apps.
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Wendy Zollner: Right here.
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Dan Deppen: Yeah, and then click Calendar.
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Dan Deppen: And then you can add it in there.
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Wendy Zollner: But wouldn’t I see other people’s… anything in here, or no?
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Wendy Zollner: Because in your video example, there was people I’d put their… Time’s in there.
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Dan Deppen: Yeah, no one’s done that right now.
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Wendy Zollner: Okay, okay.
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Dan Deppen: Because I had Shantae doing it, Christine hasn’t been doing that yet. I’ll get her to do that, and that was the other thing I was gonna talk to you about, so…
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Dan Deppen: Do… do mornings or afternoons tend to work better?
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Dan Deppen: Oh.
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Wendy Zollner: I can’t… I’m…
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Dan Deppen: Because where we started was originally… Shante did mornings.
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Wendy Zollner: Hmm.
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Dan Deppen: For when Christine came back, she was like, I can do afternoons, so she’s kind of doing afternoons now.
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Dan Deppen: But there’s not necessarily any magic to that, that she might be able to do mornings or vice versa, so just between the two of you, I just kind of wanted… and I’ll put some time on the calendar tomorrow, just to, like, for the three of us.
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Wendy Zollner: Yeah.
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Dan Deppen: just sync up. Like I said, from my perspective, I kind of don’t…
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Dan Deppen: Care who does… who’s on when.
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Wendy Zollner: Okay.
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Dan Deppen: you know, I just want to have the business day mostly covered, just so that we can get back to people on emails, like, within a few hours.
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Dan Deppen: You know, we don’t even have to cover the entire business day, really, right? Just so that somebody’s on to…
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Wendy Zollner: Yeah, mostly looks like I could do mornings pretty consistently. There’s a few times when I have to, like, take my mom to a doctor appointment, and…
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Wendy Zollner: So that… there’s a few conflicts like that, but.
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Dan Deppen: And that… and that’s totally fine, so then maybe we’ll just plan on mornings for now.
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Dan Deppen: And that might work better, too,
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Dan Deppen: And the on-ramp phase, because, like, earlier this morning, I went and I, like, cleaned up all the emails.
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Dan Deppen: But what we could do is start…
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Dan Deppen: just meeting first thing in the morning, and we can kind of go through the emails together, so I can just kind of show you, like, how I…
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Wendy Zollner: triage those, because I think you’ll learn a lot.
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Wendy Zollner: Okay, that sounds good.
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Dan Deppen: Going through that, so…
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Wendy Zollner: Yeah.
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Wendy Zollner: So, like, what, do you want, like, 8 or 9, or what time… start time works?
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Dan Deppen: 8 is ideal if it works for you. Okay. Because then that’s, like, 9.
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Dan Deppen: Central Time, a lot of the clients are in the Central Time. I mean, they’re scattered.
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Dan Deppen: Throughout, but the majority will be in, like, the central time zone, and then Eastern.
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Wendy Zollner: Okay.
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Dan Deppen: time zone.
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Wendy Zollner: Yep, alright, not 8 AM, that works.
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Dan Deppen: Okay, cool. That’ll be good. Yeah, cause, because Christine’s been coming on.
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Dan Deppen: like, in the afternoons, and then she’s in East Coast time. Like I said, let me make a note. I will.
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Wendy Zollner: I have one, possible… Doctor appointment on Thursday.
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Wendy Zollner: But…
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Dan Deppen: And that stuff’s totally fine, yeah, if you just want to, like, just note that stuff on the calendar, like, hey, I’m offline.
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Wendy Zollner: Picard.
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Dan Deppen: earlier in these times, then I know, that way if there’s too much wind, like, I know just to, like, go in and check.
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Dan Deppen: That’s all. I don’t… yeah. There’s really… the good thing about this stuff is there really is a lot of flexibility, and especially when it comes to…
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Dan Deppen: the actual underwriting of the files, right? Like, the main thing is, once we have everything.
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Dan Deppen: That we get it back to the lender in a business day or two.
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Dan Deppen: But whether he actually worked the file.
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Dan Deppen: In the middle of the day, 3 o’clock in the morning.
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Dan Deppen: It really doesn’t.
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Dan Deppen: It doesn’t matter. The business hours are just more about, like.
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Dan Deppen: being able to respond to people, like, within a few hours. That’s really the intent, so…
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Wendy Zollner: Yeah, and if I have it on my phone, like, I can respond anywhere.
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Dan Deppen: Yeah, that’s super easy.
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Dan Deppen: Like, like, I was doing that in the airport yesterday.
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Wendy Zollner: Yeah.
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Dan Deppen: With a guy. We had a borrower reach out from a deal that was from back in, like, November or December.
325
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Dan Deppen: And this… this vendor, I’m trying to get ahold of him today, he…
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Dan Deppen: Apparently, it’s a little unclear whether they actually closed the loan or not.
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Wendy Zollner: Oh, no.
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Dan Deppen: And the guy’s like, where do I send payments? Like, I haven’t heard anything, and I don’t know how to get ahold of the lender. And it’s like…
329
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Dan Deppen: Okay, that’s… that’s new, like, I don’t know why you would do all of this.
330
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Dan Deppen: So, like I said, you’ll see, like, these plants are kind of…
331
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Dan Deppen: All over the map, like, some of them… They’re pros. Some of them… Are complete knuckleheads.
332
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Dan Deppen: Some of them… Just don’t know what they don’t know.
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Wendy Zollner: Right.
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Dan Deppen: Right? And so they do kind of silly things because, like, they don’t know, so there’s a lot of…
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Dan Deppen: some degree of training that goes on, and that’s why, too, I’ve been starting those,
336
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Dan Deppen: Thursday call, so if you wanted to attend the Thursday call, that would be good, too.
337
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Wendy Zollner: Yeah.
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Dan Deppen: The link is on the Poly Underwriter website.
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Wendy Zollner: Because eventually.
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Dan Deppen: I want you to host those as well. Okay. Down the road, you know, but…
341
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Dan Deppen: Because that was where… I think I mentioned it last time, but what I started doing was, like, so last year, I would have the same conversation with lenders, like, 10 times a week.
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Dan Deppen: So everybody’s like, I want to talk to you and understand, like, how does this work, and then go through the same thing. So now I said, okay.
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Dan Deppen: I’m doing these on Thursdays.
344
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Dan Deppen: noon Eastern, it’s 10 o’clock our time.
345
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Dan Deppen: You know, sign up for the next one.
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Dan Deppen: And then I’ll still get on with people one-on-one if I need to, but…
347
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Dan Deppen: So far, it’s been good, like, I’ve run two of them, and each one had, like…
348
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Dan Deppen: Last week, so both of them have had, like, 4 or 5 people show up.
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Wendy Zollner: Nice.
350
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Dan Deppen: Which is good. And then last week, like, 20 people registered for it.
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Wendy Zollner: Wow.
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Dan Deppen: And 17 of the emails were new.
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Wendy Zollner: Wow!
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Dan Deppen: So I’m like, I’m like, oh, so now it’s lead gen as well.
355
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Wendy Zollner: Yeah, no kidding!
356
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Dan Deppen: That wasn’t really part of the plan.
357
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Wendy Zollner: Yeah. It’s a nice bonus, but…
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Dan Deppen: But yeah, when the time’s right, I’d love for, you know, you to take over doing those.
359
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Wendy Zollner: Sure, yeah.
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Dan Deppen: As well, so… and then the other thing I gotta do this week…
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Dan Deppen: Not today, because I’m in the co-working spot, but… I’m gonna record…
362
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Dan Deppen: Kind of like a master copy of that.
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Dan Deppen: customer presentation.
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Dan Deppen: So that,
365
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Dan Deppen: you know, we can also just send people the link, so if they’re like, I can’t make the call or whatever, like, well…
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Dan Deppen: You know, here’s the link, watch this, if you still have questions, let us know.
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Wendy Zollner: Right, okay, yeah.
368
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Dan Deppen: I’m trying to get…
369
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Dan Deppen: off the phone, because then I end up just spending the entire day on the phone, and you can’t really do anything.
370
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Wendy Zollner: Yeah.
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Dan Deppen: yeah.
372
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Wendy Zollner: When you… once you get all the files from the borrower, how long does it take, usually, for a standard, the standard process from start to finish?
373
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Dan Deppen: So… Some of it depends on the file. Like, if it’s basically a clean file.
374
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Dan Deppen: We have everything, there’s nothing weird.
375
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Dan Deppen: And they’re, like, W-2 employees are going off of pay stubs?
376
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Dan Deppen: I’ve done them in as little as an hour, but that’s, like…
377
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Dan Deppen: After having done a lot of them, and just being able to hammer through the process. You’re not gonna do that on the gate.
378
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Wendy Zollner: Yeah, yeah.
379
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Dan Deppen: You know, if it’s bank statements, and… they’re kinda…
380
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Dan Deppen: Bank statements come in different flavors, some are fairly straightforward, some are challenging if they have everything lunged together.
381
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Dan Deppen: You know, it can easily take…
382
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Dan Deppen: A couple hours, if it’s a more challenging file, and then sometimes we get into this, like, stop-start, where…
383
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Dan Deppen: You realize, like, we need something from the borrower, they’re waiting for that, then you’re getting that, and…
384
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Dan Deppen: You know, so once you get the process down.
385
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Dan Deppen: It can really be anywhere from 1 hour to a couple hours.
386
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Wendy Zollner: Okay.
387
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Dan Deppen: Out the gate.
388
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Dan Deppen: Probably take a couple hours. I would… I would…
389
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Wendy Zollner: Yeah.
390
00:25:35.160 –> 00:25:36.329
Dan Deppen: I would expect.
391
00:25:36.330 –> 00:25:36.790
Wendy Zollner: Okay.
392
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Dan Deppen: Just because, you know, you’re getting familiarized with Bytes, and you’re, you know, putting all the info in. Now, down the road.
393
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Dan Deppen: Someday, when I get the Zoho export to byte import.
394
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Dan Deppen: Built.
395
00:25:50.970 –> 00:25:54.580
Dan Deppen: It should go quite a bit quicker.
396
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Dan Deppen: And it’s actually a lot faster than what it used to be, just because a lot of the settings
397
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Dan Deppen: are contained in the template. So, like, a lot of stuff we used to have to manually set, you don’t have to set.
398
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Wendy Zollner: Yeah.
399
00:26:06.180 –> 00:26:08.190
Dan Deppen: You know, a lot of stuff we can just input.
400
00:26:08.320 –> 00:26:14.329
Dan Deppen: in some of those custom screens, like, those, like, I’m steadily adding, so it’s like… Bit by bit.
401
00:26:14.520 –> 00:26:18.699
Dan Deppen: You know, getting a little bit faster, because what I really want to do is try to spend
402
00:26:19.590 –> 00:26:23.759
Dan Deppen: Less time doing, like, data entry, and then more time…
403
00:26:23.930 –> 00:26:28.959
Dan Deppen: On the actual underwriting, that requires… you know, judgment.
404
00:26:29.220 –> 00:26:29.740
Wendy Zollner: Yeah.
405
00:26:29.740 –> 00:26:37.229
Dan Deppen: So, like, especially on the bank statement ones, there’s judgment around what you include, what you don’t, what expense ratio you use, and then…
406
00:26:37.750 –> 00:26:42.989
Dan Deppen: And then the SRP that I was working on today, the underwriting comments, like how to get
407
00:26:43.120 –> 00:26:45.390
Dan Deppen: those, so that’s really where I want people…
408
00:26:45.590 –> 00:26:46.040
Wendy Zollner: Yeah.
409
00:26:46.040 –> 00:26:48.640
Dan Deppen: They spend the majority of their time, so the data entry is…
410
00:26:49.000 –> 00:26:56.569
Dan Deppen: Actually, it’ll probably feel intense at first, but God, there’s a lot of data entry. It’s actually, like, way less than what it was.
411
00:26:57.000 –> 00:27:01.559
Dan Deppen: Before. And over time, you know, kind of strip out.
412
00:27:01.870 –> 00:27:02.640
Wendy Zollner: Yeah.
413
00:27:03.220 –> 00:27:04.430
Dan Deppen: Probably more of that.
414
00:27:05.080 –> 00:27:13.300
Wendy Zollner: That’s cool. But yeah, because the only thing, like, when I see a bunch of manual data entry, I always think of potential errors, or potential typos.
415
00:27:13.300 –> 00:27:23.570
Dan Deppen: Absolutely, yeah, yeah, and… and I even had, like, copying and paste, like, if you copy and paste, like, out of the PDF term sheet, like, on an email.
416
00:27:23.900 –> 00:27:29.289
Dan Deppen: It will sometimes, like, drop letters in the middle of the email, and then cause it to hit.
417
00:27:29.760 –> 00:27:30.350
Dan Deppen: Yeah.
418
00:27:30.350 –> 00:27:30.970
Wendy Zollner: Yeah.
419
00:27:31.430 –> 00:27:34.069
Dan Deppen: But yeah, that definitely is more air prone.
420
00:27:34.590 –> 00:27:35.360
Wendy Zollner: Okay.
421
00:27:35.540 –> 00:27:38.829
Dan Deppen: As well. But, you know, a far sight better than the,
422
00:27:40.260 –> 00:27:52.510
Dan Deppen: emails I was getting with all the cell phone images of, like, hand scrolling, where, like, you can’t even read it, and you’re, like, zooming in and trying to decipher, like, is that an L, is that an I, is that an O, is that a 0? You know, it’s like…
423
00:27:52.510 –> 00:27:54.579
Wendy Zollner: Yeah, so you’ve come a long ways.
424
00:27:54.580 –> 00:28:00.399
Dan Deppen: It actually has, yeah. And there’s, you know, good ways to go, but it’s way better than…
425
00:28:00.400 –> 00:28:01.609
Wendy Zollner: Yeah, that’s cool.
426
00:28:01.610 –> 00:28:06.820
Dan Deppen: Yeah, and then… and then after they send you that thing, just trying to figure out what freaking file it goes to, because…
427
00:28:09.300 –> 00:28:19.219
Dan Deppen: everything in byte is just by borrower name, but maybe it’s the co-borrower, so you’re like, which file… you know, it’s just… it was so bad. I honestly don’t know how they did it.
428
00:28:19.480 –> 00:28:19.980
Wendy Zollner: Yeah.
429
00:28:19.980 –> 00:28:24.119
Dan Deppen: before, like… But Michelle…
430
00:28:25.550 –> 00:28:34.250
Dan Deppen: the owner’s wife, who’s actually Christine’s mom, so… so Christine is the daughter of the… owners.
431
00:28:34.500 –> 00:28:35.430
Dan Deppen: Life.
432
00:28:35.640 –> 00:28:36.080
Wendy Zollner: Okay.
433
00:28:36.080 –> 00:28:39.640
Dan Deppen: So she’s… doing stuff, but, like, her mom, Michelle, was like.
434
00:28:40.970 –> 00:28:44.459
Dan Deppen: crazy fast, somehow, doing this stuff, like, I don’t know how she…
435
00:28:44.980 –> 00:28:45.530
Wendy Zollner: Whoa.
436
00:28:45.530 –> 00:28:46.390
Dan Deppen: it, but…
437
00:28:46.530 –> 00:28:52.320
Wendy Zollner: I mean, she probably… how long do they… did they have under… call the underwriter? Like, years? Many years?
438
00:28:52.680 –> 00:28:53.729
Dan Deppen: They had it.
439
00:28:54.520 –> 00:28:55.870
Dan Deppen: About 4 years.
440
00:28:55.870 –> 00:28:56.690
Wendy Zollner: Okay.
441
00:28:57.220 –> 00:28:58.420
Dan Deppen: Altogether, although…
442
00:28:58.420 –> 00:28:59.020
Wendy Zollner: Yeah.
443
00:28:59.340 –> 00:29:05.149
Dan Deppen: Don’t tell Christina Michelle’s… Terrible at… Train, like, it was, like…
444
00:29:05.910 –> 00:29:12.439
Dan Deppen: That was so painful, like, that took, like, forever. And, you know, because a lot of the stuff wasn’t written down, so, like, I had to…
445
00:29:12.690 –> 00:29:15.989
Dan Deppen: build the SOPs later, and then the other thing, too, was…
446
00:29:16.410 –> 00:29:19.000
Dan Deppen: So it was… so it was started by Russ O’Donnell.
447
00:29:19.710 –> 00:29:25.140
Dan Deppen: Max bought it from Russ sometime in 2020, and then I bought it from them in the fall of 24.
448
00:29:25.910 –> 00:29:26.650
Dan Deppen: And…
449
00:29:27.120 –> 00:29:34.999
Dan Deppen: you know, Max came into it with no background in loans at all. Russ just… but Russ kind of taught him a script. Do this, do this, do this, do this.
450
00:29:35.690 –> 00:29:39.899
Dan Deppen: And… Matt, just giving you some of the history, so…
451
00:29:40.040 –> 00:29:43.720
Dan Deppen: Max was very good at doing that, right? Like, his background was in…
452
00:29:44.390 –> 00:29:47.410
Dan Deppen: The military and firefighting, so he’s very good with…
453
00:29:47.870 –> 00:29:52.780
Dan Deppen: you know, he’ll follow the procedure. And they were very good at how they did things, and very diligent, and very, you know…
454
00:29:53.190 –> 00:29:58.479
Dan Deppen: And that was good, but the problem was they got into, like, there were some things they were doing that really didn’t make sense.
455
00:29:58.930 –> 00:30:00.419
Dan Deppen: And so if I asked them, like.
456
00:30:02.400 –> 00:30:07.299
Dan Deppen: well, why do you do it that way? Why not this way? It has to be this way. It has to be this way.
457
00:30:07.590 –> 00:30:12.330
Dan Deppen: So, I’ve changed a bunch of stuff, you know, over time.
458
00:30:13.020 –> 00:30:14.699
Dan Deppen: As well, so…
459
00:30:14.700 –> 00:30:16.259
Wendy Zollner: Wow, that’s cool, yeah.
460
00:30:16.750 –> 00:30:17.660
Dan Deppen: Yeah.
461
00:30:18.170 –> 00:30:21.380
Dan Deppen: Yeah, absolutely, and it’ll continue to evolve.
462
00:30:21.380 –> 00:30:21.860
Wendy Zollner: Yeah.
463
00:30:21.860 –> 00:30:26.590
Dan Deppen: as we go, and I’ve continued to, like, learn a lot about this stuff as well, so it’s… it’s a deep…
464
00:30:26.990 –> 00:30:27.340
Wendy Zollner: Good.
465
00:30:27.340 –> 00:30:28.190
Dan Deppen: Stop it.
466
00:30:28.380 –> 00:30:30.949
Dan Deppen: So, let me get into…
467
00:30:32.220 –> 00:30:36.899
Dan Deppen: Just see what emails have come in. I don’t think any of these are gonna be earth-shattering.
468
00:30:38.170 –> 00:30:40.029
Dan Deppen: But kind of what I do…
469
00:30:41.750 –> 00:30:43.910
Dan Deppen: And I think I’m gonna get…
470
00:30:44.740 –> 00:30:48.920
Dan Deppen: you and Christine licenses to Superhuman, so this is the team Gmail.
471
00:30:49.260 –> 00:30:50.200
Wendy Zollner: Okay?
472
00:30:50.200 –> 00:30:56.119
Dan Deppen: But I use this thing called Superhuman that’s, like, 30 bucks a month, but I like it, because it’s got a bunch of hotkeys and it’s fast.
473
00:30:56.400 –> 00:30:57.160
Wendy Zollner: Okay?
474
00:30:57.340 –> 00:31:00.129
Wendy Zollner: And what it started to… Is that an AI-type.
475
00:31:00.130 –> 00:31:04.879
Dan Deppen: Yeah, because what it started doing there, really, like, on its own.
476
00:31:06.660 –> 00:31:12.870
Dan Deppen: If you emailed somebody, like, a question, or requested info, and you didn’t hear back.
477
00:31:13.860 –> 00:31:19.259
Dan Deppen: Then, like, 2 days later, it’ll pop it back up in the inbox, and it’ll have, like, a draft follow-up.
478
00:31:20.080 –> 00:31:23.449
Dan Deppen: And the draft follow-ups are actually, like, really good. Like, most…
479
00:31:24.460 –> 00:31:29.510
Dan Deppen: AI tools, I don’t like the writing as is, because it sounds like nothing that I would write.
480
00:31:29.510 –> 00:31:30.250
Wendy Zollner: Right.
481
00:31:30.650 –> 00:31:38.780
Dan Deppen: But these are actually, like, really good, so sometimes you can just hit send, or just… Nice. And there’s stuff that’s like, oh, I forgot about that.
482
00:31:39.010 –> 00:31:39.790
Wendy Zollner: Yeah, okay.
483
00:31:39.790 –> 00:31:43.360
Dan Deppen: I don’t know if it’s got… yeah, so, like, these are just some auto-drafts.
484
00:31:45.050 –> 00:31:50.080
Dan Deppen: And, and some of them… they were already taken care of, right? So I didn’t send them.
485
00:31:51.360 –> 00:31:53.470
Wendy Zollner: So you didn’t end up meeting him, but…
486
00:31:53.860 –> 00:31:58.009
Dan Deppen: Yeah, but, like, here, like, you know, so I sent the guy, here’s the CD…
487
00:31:58.980 –> 00:32:03.539
Dan Deppen: And then I had some questions, follow-up on the invoice, blah blah blah.
488
00:32:04.920 –> 00:32:13.709
Dan Deppen: And then it kind of had this draft, like, hey, wanna see if you had a chance to look at this, blah blah blah blah. Now, I think it was already taken care of, there was, like, another email thread.
489
00:32:14.510 –> 00:32:19.250
Dan Deppen: That took care of it. But so far, I’m finding this, like, very handy.
490
00:32:19.500 –> 00:32:20.800
Wendy Zollner: That’s cool, okay.
491
00:32:20.800 –> 00:32:25.289
Dan Deppen: Overall, so probably just… Maybe next week, get you guys.
492
00:32:25.740 –> 00:32:34.190
Dan Deppen: the licenses for those. But what I can do is just go through these, and I can just fill you in on some of the files. Like, once you get, like, in the mix of going through the emails and…
493
00:32:34.700 –> 00:32:41.469
Dan Deppen: the CRM, you’ll know what’s going on with these. Okay, so this is my guy… This is the lender.
494
00:32:42.100 –> 00:32:46.630
Dan Deppen: with the borrower, who’s saying, where do I send my payments?
495
00:32:47.370 –> 00:32:48.840
Wendy Zollner: Okay. Oh, okay.
496
00:32:52.580 –> 00:32:58.000
Dan Deppen: So he’s saying they didn’t close, because the borrower Wanted to make installments.
497
00:32:59.210 –> 00:33:04.630
Dan Deppen: This file’s been put on hold unless you would recommend a second mortgage to cover closing costs. Oh.
498
00:33:05.670 –> 00:33:09.130
Dan Deppen: So, that’s interesting. So, if he’s saying they didn’t close.
499
00:33:09.500 –> 00:33:14.130
Dan Deppen: And the borrower didn’t have enough money for the down payment, why is the borrower paying me saying.
500
00:33:14.280 –> 00:33:17.100
Dan Deppen: We close the loan, where do I send my stuff? That’s…
501
00:33:17.100 –> 00:33:18.429
Wendy Zollner: Right, and…
502
00:33:19.400 –> 00:33:21.810
Dan Deppen: So, here’s the deal, though, like…
503
00:33:22.430 –> 00:33:24.380
Dan Deppen: This is a file we got done.
504
00:33:24.410 –> 00:33:25.860
Wendy Zollner: With the underwriting?
505
00:33:26.980 –> 00:33:28.859
Dan Deppen: So it’s kinda not our problem.
506
00:33:29.010 –> 00:33:35.609
Dan Deppen: I was… and this lender’s relatively new at this, and they’re a little disorganized, so I was like, oh crap, maybe they really did something weird.
507
00:33:35.750 –> 00:33:36.610
Wendy Zollner: Right.
508
00:33:38.940 –> 00:33:45.279
Wendy Zollner: So then the… did… I wonder if the guy took possession of the property, or any… or… he could…
509
00:33:45.280 –> 00:33:48.549
Dan Deppen: Yeah, and I don’t know what’s going on, and some of this stuff, like…
510
00:33:50.520 –> 00:33:56.970
Dan Deppen: when you have disorganized borrowers and disorganized lenders, like, if we… if we’re done with our part and we got paid, I kinda don’t care.
511
00:33:56.970 –> 00:33:57.960
Wendy Zollner: Yeah.
512
00:33:57.960 –> 00:33:59.689
Dan Deppen: You know, it’s kinda not our problem.
513
00:34:02.530 –> 00:34:10.749
Wendy Zollner: But in this case, like, would you have… in the underwriting process, would you have recognized that they can’t… they can’t afford.
514
00:34:10.900 –> 00:34:20.690
Dan Deppen: a down payment, or the closing costs, or anything like that during your… No, because they… because they… you know, the lender makes a deal with the borrower, and that’s kind of between them.
515
00:34:20.690 –> 00:34:21.650
Wendy Zollner: Yeah.
516
00:34:21.659 –> 00:34:22.549
Dan Deppen: You know…
517
00:34:22.940 –> 00:34:23.730
Wendy Zollner: Yeah.
518
00:34:34.540 –> 00:34:36.190
Dan Deppen: opening the room…
519
00:34:38.880 –> 00:34:44.120
Wendy Zollner: For the closing costs. Now, a lot of these people don’t have loan services or even know what they are.
520
00:34:45.300 –> 00:34:46.030
Wendy Zollner: Right.
521
00:34:56.739 –> 00:35:02.159
Dan Deppen: And then, if anybody ever asks for, like, loan servicer recommendations.
522
00:35:03.780 –> 00:35:09.449
Dan Deppen: He didn’t, so I’m just leaving it alone. But the 3 I kind of recommend…
523
00:35:10.200 –> 00:35:14.339
Dan Deppen: Like, on the website, We’ve got the investor guide page.
524
00:35:14.510 –> 00:35:15.240
Wendy Zollner: Okay.
525
00:35:16.050 –> 00:35:21.709
Dan Deppen: And this is, like, intended, because some people are like, How do I do this?
526
00:35:21.710 –> 00:35:22.600
Wendy Zollner: Yeah.
527
00:35:22.600 –> 00:35:25.650
Dan Deppen: And sometimes people are like, Can you do…
528
00:35:26.210 –> 00:35:32.769
Dan Deppen: what the title company does, and all this stuff. We don’t do that, we just do the underwriting piece. So, when people get into those questions.
529
00:35:34.020 –> 00:35:38.620
Dan Deppen: I’ll often refer them here, and it just kind of has an outline of, like, here’s how you do this.
530
00:35:38.980 –> 00:35:40.690
Dan Deppen: Here’s the vendors you need.
531
00:35:41.330 –> 00:35:43.159
Dan Deppen: And then ones we work with…
532
00:35:43.590 –> 00:35:46.039
Dan Deppen: You know, we’ll generally recommend these three.
533
00:35:46.260 –> 00:35:47.050
Wendy Zollner: Okay.
534
00:35:47.380 –> 00:35:53.339
Dan Deppen: loan servicers. Provident and Note Servicing Center give us referrals.
535
00:35:53.720 –> 00:35:54.889
Wendy Zollner: Oh, cool, okay.
536
00:35:54.890 –> 00:36:00.829
Dan Deppen: Madison actually does all of those stuff themselves, but I use them a lot, too, and they’re very, like, friendly as far as, like, new
537
00:36:01.640 –> 00:36:04.190
Dan Deppen: It’s not with finance people.
538
00:36:04.210 –> 00:36:08.339
Wendy Zollner: And then in my own loan portfolio, I also use Allied.
539
00:36:08.850 –> 00:36:10.260
Dan Deppen: NFCI.
540
00:36:10.260 –> 00:36:11.080
Wendy Zollner: Yeah.
541
00:36:11.080 –> 00:36:13.270
Dan Deppen: I don’t actively recommend them.
542
00:36:13.420 –> 00:36:15.319
Wendy Zollner: Does FCI…
543
00:36:15.700 –> 00:36:22.800
Dan Deppen: FCI is great once you get the loan boarded, but their whole loan boarding process for the last year has been a freaking nightmare.
544
00:36:23.210 –> 00:36:23.700
Wendy Zollner: Okay.
545
00:36:23.700 –> 00:36:29.090
Dan Deppen: And so, I don’t want to subject… Anybody to their onboarding process.
546
00:36:29.630 –> 00:36:30.350
Wendy Zollner: Okay.
547
00:36:30.350 –> 00:36:38.530
Dan Deppen: Ally does a really good job on my loans, but it’s weird, like, they’re not licensed in most of the states that they work in, and they keep saying it’s okay, but, like.
548
00:36:38.820 –> 00:36:40.230
Wendy Zollner: I don’t understand, so…
549
00:36:40.230 –> 00:36:41.760
Dan Deppen: That whole thing is just weird.
550
00:36:42.210 –> 00:36:43.080
Dan Deppen: But…
551
00:36:43.750 –> 00:36:49.610
Dan Deppen: And actually, the guy, it’s funny, Sir Tom at Note Servicing Center, and I have some loan service there.
552
00:36:50.610 –> 00:36:53.020
Dan Deppen: He refers a lot of people.
553
00:36:53.630 –> 00:36:57.570
Dan Deppen: So I refer people back, although actually using them daily, I kind of don’t like them.
554
00:36:57.800 –> 00:36:59.099
Wendy Zollner: Oh, yeah.
555
00:36:59.330 –> 00:37:06.479
Dan Deppen: But he sends us a lot of referrals, so I send people his way, so… So that’s that.
556
00:37:06.480 –> 00:37:07.210
Wendy Zollner: Cool.
557
00:37:08.300 –> 00:37:16.010
Dan Deppen: And then… Please check with Julie. Okay, this was one where I followed up on an invoice this morning.
558
00:37:17.320 –> 00:37:20.329
Dan Deppen: So, fine, check with Julie, and then…
559
00:37:20.870 –> 00:37:23.530
Dan Deppen: So this one, 1990 Long Beach…
560
00:37:31.350 –> 00:37:36.880
Dan Deppen: His response doesn’t really change the status, but… You know, it’s basically,
561
00:37:38.850 –> 00:37:45.380
Dan Deppen: whole final file pending invoice, so this is one where we’ve done all the work, we’ve sent them all the stuff.
562
00:37:46.530 –> 00:37:52.139
Dan Deppen: So the only reason this is really hanging open is because we’re waiting on the invoice, and then we’ll send them the final file.
563
00:37:52.530 –> 00:37:53.320
Wendy Zollner: Okay.
564
00:37:53.460 –> 00:37:54.550
Dan Deppen: Once we do that.
565
00:37:55.160 –> 00:37:59.690
Wendy Zollner: And they can’t really proceed with anything until they have the final file, like.
566
00:37:59.690 –> 00:38:00.650
Dan Deppen: Oh, they can.
567
00:38:00.880 –> 00:38:01.800
Wendy Zollner: They can.
568
00:38:02.070 –> 00:38:07.689
Dan Deppen: Once we send them the closing disclosure, they can go close, and we’ve had people take the stuff and close and not pay us.
569
00:38:08.980 –> 00:38:09.500
Wendy Zollner: Okay.
570
00:38:09.500 –> 00:38:12.289
Dan Deppen: And I actually might look into filing liens.
571
00:38:12.980 –> 00:38:14.729
Dan Deppen: A couple properties for that.
572
00:38:14.730 –> 00:38:15.560
Wendy Zollner: Yeah.
573
00:38:15.560 –> 00:38:21.119
Dan Deppen: But yeah, they could, and that’s why, too, in the new process for this year.
574
00:38:22.160 –> 00:38:25.360
Dan Deppen: If it’s a new customer, or someone who’s slow-paid us.
575
00:38:26.140 –> 00:38:30.320
Dan Deppen: then you need to pay the second invoice before we send the CD.
576
00:38:30.620 –> 00:38:38.030
Dan Deppen: to cut down on this cost, because a lot of these people, they like to just make you chase them. Like, they’ll eventually pay, but they want you to chase them.
577
00:38:38.030 –> 00:38:38.690
Wendy Zollner: Right, yeah.
578
00:38:38.690 –> 00:38:48.099
Dan Deppen: Yeah, so… So that’ll get, you know, so there will be less of that.
579
00:38:48.320 –> 00:38:52.170
Dan Deppen: Going forward. But a lot of these people, like, in January, like, were already in the queue.
580
00:38:52.350 –> 00:38:53.450
Wendy Zollner: Right, yeah.
581
00:38:53.450 –> 00:38:54.140
Dan Deppen: for.
582
00:38:55.360 –> 00:38:57.570
Dan Deppen: Okay, so that one, I could just…
583
00:38:58.440 –> 00:39:03.590
Dan Deppen: archive. The other thing I like in Superhuman is you can set reminders.
584
00:39:04.030 –> 00:39:10.349
Dan Deppen: So, like, I can say, just remind me… Thursday, we’ll just do that.
585
00:39:11.420 –> 00:39:12.140
Wendy Zollner: Nice.
586
00:39:12.140 –> 00:39:19.220
Dan Deppen: And then… this one… So this was one…
587
00:39:20.830 –> 00:39:25.830
Dan Deppen: And this is a common thing we get from lenders, right? So we sent them a closing disclosure.
588
00:39:26.930 –> 00:39:27.730
Dan Deppen: And they’re like.
589
00:39:28.050 –> 00:39:32.480
Dan Deppen: the property taxes are wrong. I’ve asked you to update this. Well, number one, I look back.
590
00:39:35.370 –> 00:39:42.239
Dan Deppen: they never gave us different numbers, and they didn’t ask us to update it. Right, right. A lot of times, like, this is wrong! Make it right.
591
00:39:42.720 –> 00:39:46.170
Dan Deppen: You know, and so then you have to go back, and it’s like…
592
00:39:46.810 –> 00:39:50.740
Dan Deppen: Yeah, let me know what it is, and I will… Update it.
593
00:39:50.740 –> 00:39:51.760
Wendy Zollner: Right, yeah.
594
00:39:51.760 –> 00:39:53.919
Dan Deppen: It was the 16th, and then we get crickets.
595
00:39:54.700 –> 00:40:00.910
Dan Deppen: And so this was, an auto email at SuperhumanTo.
596
00:40:00.910 –> 00:40:01.740
Wendy Zollner: Okay.
597
00:40:02.090 –> 00:40:06.250
Dan Deppen: You know? And this was nice, right, because I sent that before I went on vacation.
598
00:40:06.930 –> 00:40:07.630
Wendy Zollner: Yep.
599
00:40:07.630 –> 00:40:12.760
Dan Deppen: And then this just popped up as, like, a reminder. Like, oh, great, so I was able just to send that to them.
600
00:40:13.040 –> 00:40:13.800
Wendy Zollner: Nice.
601
00:40:13.800 –> 00:40:18.560
Dan Deppen: Checking back in, you know, the property tax figure, and… We’ll make the update.
602
00:40:22.200 –> 00:40:23.859
Dan Deppen: Oh, wow. Now she’s saying…
603
00:40:29.170 –> 00:40:31.720
Wendy Zollner: But she still never gave you the actual figure, though.
604
00:40:32.040 –> 00:40:33.100
Dan Deppen: Yeah…
605
00:40:37.050 –> 00:40:38.230
Dan Deppen: So…
606
00:40:41.520 –> 00:40:44.569
Dan Deppen: So what I’m gonna do in this case is I’m gonna…
607
00:40:45.060 –> 00:40:52.100
Dan Deppen: And you’ll notice within Byte, I have these files open. Byte gets unhappy if you have more than a couple files open.
608
00:40:52.100 –> 00:40:52.780
Wendy Zollner: Okay.
609
00:40:53.310 –> 00:40:57.200
Dan Deppen: It’s very old school, so… and it’s slow to close them, so a lot of times, like.
610
00:40:57.410 –> 00:41:03.269
Dan Deppen: you really don’t want 5 open. I’m gonna go and just start closing some of these that I had open.
611
00:41:03.270 –> 00:41:03.810
Wendy Zollner: Bye.
612
00:41:05.040 –> 00:41:11.579
Dan Deppen: And, you know, by… Is what it is, so it’s a process even just to close files.
613
00:41:11.580 –> 00:41:12.860
Wendy Zollner: Yeah, yeah.
614
00:41:14.030 –> 00:41:21.589
Wendy Zollner: It’s, like, amazing how robust it is, like, how much… It’s a massive, massive,
615
00:41:21.980 –> 00:41:24.829
Wendy Zollner: Amount of information it can contain.
616
00:41:25.310 –> 00:41:27.949
Dan Deppen: And that’s why, right, like, you know.
617
00:41:28.320 –> 00:41:35.269
Dan Deppen: they built the original version of this years ago, they made updates over time, they got all the stuff. What they really need to do is rebuild it from the ground up.
618
00:41:36.280 –> 00:41:37.210
Wendy Zollner: Yeah.
619
00:41:37.210 –> 00:41:38.940
Dan Deppen: But that’s a lot of work, and…
620
00:41:39.110 –> 00:41:42.310
Dan Deppen: You know, having worked in software organizations, you never quite have
621
00:41:43.350 –> 00:41:48.810
Dan Deppen: The resources and time to do that, and so that’s why, like, applications kind of get pigeonholed in the past.
622
00:41:48.810 –> 00:41:49.680
Wendy Zollner: Yeah.
623
00:41:49.680 –> 00:41:52.529
Dan Deppen: And that’s a little bit what’s happened here.
624
00:41:55.070 –> 00:42:02.430
Dan Deppen: Oops, so I need to get on 2025 tab. I was pulling up some old files to do the underwriting comments SOP.
625
00:42:04.380 –> 00:42:06.530
Wendy Zollner: So you’re looking at the past, okay.
626
00:42:09.200 –> 00:42:14.469
Dan Deppen: So you can search by… Okay, my streets thought it was, like, 8.34 or something.
627
00:42:17.740 –> 00:42:20.070
Dan Deppen: So what I want to do is just confirm.
628
00:42:20.470 –> 00:42:21.770
Dan Deppen: what we had.
629
00:42:33.640 –> 00:42:39.229
Dan Deppen: So, for property taxes, actually, the easiest way to find that is on loan estimate page 2.
630
00:42:50.700 –> 00:42:51.590
Dan Deppen: in…
631
00:42:53.300 –> 00:42:55.019
Wendy Zollner: So we’ve got…
632
00:42:55.370 –> 00:42:56.980
Dan Deppen: 145.20.
633
00:42:58.880 –> 00:42:59.730
Wendy Zollner: Okay.
634
00:42:59.730 –> 00:43:01.579
Dan Deppen: So I want to go back to the term sheet.
635
00:43:12.430 –> 00:43:15.440
Dan Deppen: You can actually get the term sheet out of the CRM as well.
636
00:43:15.780 –> 00:43:16.260
Wendy Zollner: Okay.
637
00:43:16.260 –> 00:43:19.119
Dan Deppen: Most of these things, there’s, like, multiple ways you can get at it.
638
00:43:20.290 –> 00:43:22.389
Dan Deppen: So I just want to double-check what we did.
639
00:43:22.630 –> 00:43:23.330
Wendy Zollner: Okay.
640
00:43:29.010 –> 00:43:29.830
Dan Deppen: Oh.
641
00:43:31.400 –> 00:43:35.659
Dan Deppen: So they actually put annual property tax $145.20.
642
00:43:41.810 –> 00:43:42.830
Dan Deppen: I think…
643
00:43:43.340 –> 00:43:48.340
Dan Deppen: What I must have done was said, okay, that doesn’t look right, and assumed that they gave me the monthly.
644
00:43:49.020 –> 00:43:51.700
Wendy Zollner: Oh, right, right.
645
00:43:51.700 –> 00:43:55.750
Dan Deppen: But this… might be… land.
646
00:43:56.850 –> 00:43:59.640
Wendy Zollner: Sale price $50,000, yeah?
647
00:43:59.940 –> 00:44:00.540
Dan Deppen: Frankly.
648
00:44:00.540 –> 00:44:01.010
Wendy Zollner: manufacturing.
649
00:44:01.010 –> 00:44:01.400
Dan Deppen: Really?
650
00:44:01.400 –> 00:44:03.639
Wendy Zollner: house. Oh, a manufactured house.
651
00:44:04.380 –> 00:44:08.640
Dan Deppen: Yeah, so I’m gonna check… Zillow.
652
00:44:08.640 –> 00:44:12.179
Wendy Zollner: Okay. Is there… there’s a link in there to go to Zill, or no?
653
00:44:12.380 –> 00:44:14.519
Dan Deppen: No, I’m just copying the address.
654
00:44:20.210 –> 00:44:24.520
Dan Deppen: the Zillow… We’ll often tell you.
655
00:44:25.930 –> 00:44:28.119
Dan Deppen: What the property tax amount is?
656
00:44:31.350 –> 00:44:32.130
Wendy Zollner: Yeah.
657
00:44:33.080 –> 00:44:36.000
Wendy Zollner: I never knew if I could trust that or not, that…
658
00:44:36.000 –> 00:44:38.610
Dan Deppen: It can’t, but it’ll tell me order of magnitude, right, if it’s.
659
00:44:38.610 –> 00:44:39.010
Wendy Zollner: Yeah.
660
00:44:39.010 –> 00:44:41.949
Dan Deppen: 45 a month or a year, it should give me the…
661
00:44:42.660 –> 00:44:46.750
Dan Deppen: Yeah, I wouldn’t, take it as… Gospel.
662
00:44:46.750 –> 00:44:47.520
Wendy Zollner: Yeah.
663
00:44:53.230 –> 00:44:53.920
Dan Deppen: Hmm.
664
00:44:59.670 –> 00:45:04.120
Dan Deppen: I’m not finding the taxes anywhere. Let me see if PropStream has it.
665
00:45:04.640 –> 00:45:07.210
Dan Deppen: I can give you the login to this, too.
666
00:45:07.400 –> 00:45:08.010
Wendy Zollner: Okay.
667
00:45:08.010 –> 00:45:12.370
Dan Deppen: I use PropStream for quite a bunch of stuff in both my businesses.
668
00:45:12.370 –> 00:45:12.950
Wendy Zollner: Okay.
669
00:45:12.950 –> 00:45:18.040
Dan Deppen: It’s, like, 100 bucks a month or something like that, but it’s… really handy.
670
00:45:24.330 –> 00:45:25.000
Dan Deppen: Soldier.
671
00:45:33.080 –> 00:45:36.310
Dan Deppen: That’s all these dumb pop-ups that keep telling it not to show, and then…
672
00:45:47.180 –> 00:45:50.710
Dan Deppen: So, I’m thinking, so this is actually an RV park.
673
00:45:50.950 –> 00:45:51.790
Wendy Zollner: Okay.
674
00:45:52.420 –> 00:45:57.200
Dan Deppen: So the property taxes must be on… A lot.
675
00:45:57.960 –> 00:45:59.360
Wendy Zollner: The lot.
676
00:45:59.860 –> 00:46:04.390
Dan Deppen: So maybe it really is… 145s.
677
00:46:04.580 –> 00:46:12.259
Wendy Zollner: Yeah, because they wouldn’t charge… Property tax on a mobile home, or do they?
678
00:46:12.620 –> 00:46:16.970
Wendy Zollner: Because that’s a… That’s his… okay.
679
00:46:16.970 –> 00:46:18.989
Dan Deppen: It depends.
680
00:46:19.430 –> 00:46:20.800
Wendy Zollner: It depends.
681
00:46:21.040 –> 00:46:26.310
Dan Deppen: So, what I’ll do… It’s just…
682
00:46:28.670 –> 00:46:34.859
Dan Deppen: go back in here. Now, the other thing that kind of stinks about Byte is you can’t do math within Byte.
683
00:46:34.860 –> 00:46:36.360
Wendy Zollner: Hmm, okay.
684
00:46:36.360 –> 00:46:43.189
Dan Deppen: You know, right? Like, I just want to take this divided by 12. Any modern application, you could just go divided by 12, right?
685
00:46:44.170 –> 00:46:49.220
Dan Deppen: White won’t do that, so you gotta, like… Pull up the calculator.
686
00:46:49.220 –> 00:46:50.010
Wendy Zollner: Okay.
687
00:47:00.220 –> 00:47:02.609
Dan Deppen: And so we had sent the CD,
688
00:47:03.130 –> 00:47:05.930
Dan Deppen: So now I gotta reprint the CD.
689
00:47:06.870 –> 00:47:13.769
Dan Deppen: So, if you want to print something in Byte, like, if I want to print the Ellie, I can be on any of the loan estimate screens.
690
00:47:13.770 –> 00:47:14.700
Wendy Zollner: Okay.
691
00:47:14.700 –> 00:47:18.450
Dan Deppen: If I want to print the closing disclosure, I gotta go to a closing disclosure screen.
692
00:47:18.770 –> 00:47:19.570
Wendy Zollner: Okay.
693
00:47:21.530 –> 00:47:23.999
Wendy Zollner: Does it matter which one? 1, 2, or 3?
694
00:47:24.350 –> 00:47:25.599
Wendy Zollner: Can be A.
695
00:47:25.900 –> 00:47:26.320
Wendy Zollner: Okay.
696
00:47:26.950 –> 00:47:28.470
Dan Deppen: And then I go print.
697
00:47:30.900 –> 00:47:36.680
Dan Deppen: And then what it’ll do by default, right, so I’m on a close and disclosure screen, so it’s got all the close and disclosure pages.
698
00:47:36.680 –> 00:47:37.480
Wendy Zollner: Okay?
699
00:47:37.780 –> 00:47:42.380
Dan Deppen: And then it also, by default, pulls up, so I have the 1008 open and the overview.
700
00:47:43.020 –> 00:47:47.389
Dan Deppen: It’ll pull that as well. Now, in this case, I don’t want to print the 10-lead, I’m just printing the CD.
701
00:47:47.780 –> 00:47:48.380
Wendy Zollner: Okay.
702
00:47:48.380 –> 00:47:49.839
Dan Deppen: So I just unchecked that.
703
00:47:51.370 –> 00:47:54.990
Dan Deppen: And then, I actually have to hit the print icon again, a second time.
704
00:47:57.980 –> 00:47:59.769
Dan Deppen: And then I’ll print as PDF.
705
00:48:01.840 –> 00:48:04.850
Dan Deppen: And then it’ll ask me to print the flag as disclosed.
706
00:48:13.880 –> 00:48:15.349
Dan Deppen: And then I’ll just label it.
707
00:48:16.120 –> 00:48:21.520
Dan Deppen: Let’s see the… usually I put the street address in it. Sometimes I don’t have it.
708
00:48:22.910 –> 00:48:23.950
Dan Deppen: Handy.
709
00:48:24.960 –> 00:48:26.689
Dan Deppen: Let’s call it updated.
710
00:48:42.500 –> 00:48:43.690
Dan Deppen: And then…
711
00:49:02.700 –> 00:49:05.049
Dan Deppen: I’ll just try to spell it out for him.
712
00:49:06.030 –> 00:49:07.270
Wendy Zollner: Yeah, okay.
713
00:49:08.350 –> 00:49:09.450
Dan Deppen: And then, whatever that.
714
00:49:09.580 –> 00:49:11.700
Wendy Zollner: You know, $12.10 a month, I think.
715
00:49:14.200 –> 00:49:15.170
Dan Deppen: Yeah.
716
00:49:30.320 –> 00:49:32.489
Dan Deppen: And then, let me check what I was originally…
717
00:49:41.890 –> 00:49:49.820
Dan Deppen: I just want to see where we were on this thing, like… sometimes when you get all this back and forth and days go on, like, you lose track of, like, where the hell were we?
718
00:49:49.820 –> 00:49:50.650
Wendy Zollner: Yeah.
719
00:49:52.770 –> 00:49:55.990
Dan Deppen: As far as my search button today, 8.34…
720
00:50:09.110 –> 00:50:14.079
Dan Deppen: Okay, so basically we’re done, we just sent them the updated CD, we had an invoice open.
721
00:50:14.080 –> 00:50:14.930
Wendy Zollner: Okay.
722
00:50:15.420 –> 00:50:22.100
Dan Deppen: And so then, what I’ll do is also send a reminder of the invoice, and that will send the final file once we get the invoice.
723
00:50:22.370 –> 00:50:26.520
Dan Deppen: But I want to double check, so we’ve got these, like, invoice paid statuses.
724
00:50:27.060 –> 00:50:30.840
Dan Deppen: And they’ve really been glitching, so I would almost, like, don’t trust…
725
00:50:30.990 –> 00:50:31.460
Wendy Zollner: Okay.
726
00:50:31.460 –> 00:50:35.679
Dan Deppen: and a voice paid static, because what I noticed this morning has been happening.
727
00:50:35.920 –> 00:50:41.580
Dan Deppen: sometimes an invoice will get paid, and it will update, like, a different deal. So a different deal will say an invoice was paid, and…
728
00:50:41.580 –> 00:50:44.240
Wendy Zollner: Oh, no. Oh, no.
729
00:50:44.240 –> 00:50:45.880
Dan Deppen: I don’t know what’s going on.
730
00:50:45.880 –> 00:50:46.940
Wendy Zollner: Yeah.
731
00:50:46.940 –> 00:50:50.200
Dan Deppen: So what I’m gonna do is just double-check invoice 588.
732
00:50:51.220 –> 00:50:51.980
Wendy Zollner: Okay.
733
00:50:52.260 –> 00:50:56.520
Dan Deppen: So if I go into the invoices…
734
00:51:00.440 –> 00:51:04.119
Dan Deppen: Yeah, and this has been open for, like, 30-some days. This has been open for a while.
735
00:51:04.280 –> 00:51:05.070
Wendy Zollner: Yeah.
736
00:51:05.190 –> 00:51:10.610
Wendy Zollner: Is that when, like, you guys originally had finished that file, basically?
737
00:51:11.400 –> 00:51:15.920
Dan Deppen: Yeah, so we sent this to them, like, a month ago, and then there’s just been all this, like, weird, like, back and forth.
738
00:51:15.920 –> 00:51:17.090
Wendy Zollner: Yeah, okay.
739
00:51:17.090 –> 00:51:22.110
Dan Deppen: So what I’m gonna do is I’m gonna email her… A link to the invoice.
740
00:51:23.160 –> 00:51:27.800
Dan Deppen: And then I’m also gonna send an invoice reminder through here, so she’ll get… 2?
741
00:51:27.940 –> 00:51:28.660
Wendy Zollner: Yeah.
742
00:51:28.830 –> 00:51:32.780
Dan Deppen: So to create the link He goes, share.
743
00:51:34.320 –> 00:51:36.830
Dan Deppen: You can go generate link and then copy link.
744
00:51:36.830 –> 00:51:37.310
Wendy Zollner: Okay.
745
00:51:37.310 –> 00:51:45.950
Dan Deppen: And then, since it gives that, like, gigantic link… I like to just, do it as… Text…
746
00:51:49.530 –> 00:51:51.230
Wendy Zollner: Oh, the text, and then put it…
747
00:51:51.770 –> 00:51:53.419
Wendy Zollner: Embedded in there? Okay.
748
00:52:08.820 –> 00:52:11.849
Dan Deppen: And what I’ll do is I’ll just put, like, the number of the invoice.
749
00:52:11.850 –> 00:52:12.780
Wendy Zollner: Okay.
750
00:52:45.080 –> 00:52:48.430
Dan Deppen: See, then I can just, you know, add it as a link.
751
00:52:48.430 –> 00:52:49.260
Wendy Zollner: Yeah, okay.
752
00:52:49.260 –> 00:52:55.320
Dan Deppen: Because if I say, like… you know, it’s here, and I paste it, then you get that, like, nasty…
753
00:52:55.880 –> 00:52:57.790
Wendy Zollner: Yeah, it looks terrible.
754
00:52:58.480 –> 00:52:59.210
Dan Deppen: Yeah.
755
00:53:00.320 –> 00:53:03.330
Dan Deppen: And then… Mary Hester.
756
00:53:04.880 –> 00:53:09.990
Dan Deppen: So, Steve Hatcher was the guy that sent it in. I’m really not sure, like, who…
757
00:53:11.690 –> 00:53:12.950
Wendy Zollner: Where she came in at?
758
00:53:12.950 –> 00:53:16.500
Dan Deppen: Where she came in at? Yeah. Send that to her.
759
00:53:17.760 –> 00:53:18.969
Dan Deppen: And then I’m gonna…
760
00:53:23.360 –> 00:53:25.280
Wendy Zollner: Oh, send it within there, okay.
761
00:53:25.280 –> 00:53:27.769
Dan Deppen: Yeah, cause, see, her name wasn’t really tied to it.
762
00:53:27.890 –> 00:53:29.219
Dan Deppen: In the invoice.
763
00:53:30.080 –> 00:53:35.160
Dan Deppen: So maybe… She didn’t see it. People have different structures sometimes.
764
00:53:36.150 –> 00:53:39.210
Dan Deppen: Just one lender, like, does it all.
765
00:53:39.380 –> 00:53:40.290
Wendy Zollner: Right.
766
00:53:40.450 –> 00:53:45.910
Dan Deppen: Sometimes they have somebody that’s working for them, sometimes there’s, like, an agent involved, and the agent submits it.
767
00:53:46.320 –> 00:53:51.930
Wendy Zollner: Well, like, this… you have Trey Kane, was that… that person wasn’t even on that email.
768
00:53:52.280 –> 00:53:59.889
Dan Deppen: Well, and his name… that name showed up as something different before, so I don’t know really who this person is that’s been the main person I’ve been corresponding with.
769
00:53:59.890 –> 00:54:02.070
Wendy Zollner: Oh, okay, interesting.
770
00:54:04.930 –> 00:54:06.889
Dan Deppen: Okay, so I did that.
771
00:54:07.090 –> 00:54:11.200
Dan Deppen: And then I’ll want to update the status in here so I know what I did.
772
00:54:11.200 –> 00:54:12.050
Wendy Zollner: Okay.
773
00:54:13.030 –> 00:54:15.310
Dan Deppen: And then in the comments,
774
00:54:15.890 –> 00:54:19.459
Dan Deppen: I’ll often, like, keep some of the old ones, so you can just sort of see…
775
00:54:19.460 –> 00:54:20.200
Wendy Zollner: Yeah.
776
00:54:20.550 –> 00:54:24.740
Wendy Zollner: the chain. I put this comment in this morning when I followed up, so…
777
00:54:25.940 –> 00:54:27.569
Dan Deppen: I don’t really need that one.
778
00:54:27.570 –> 00:54:28.370
Wendy Zollner: Yeah.
779
00:54:28.370 –> 00:54:30.260
Dan Deppen: Anywhere else in the Sony sink.
780
00:54:33.480 –> 00:54:35.490
Dan Deppen: CD and invoice reminder.
781
00:54:35.490 –> 00:54:36.260
Wendy Zollner: Okay.
782
00:54:37.450 –> 00:54:43.700
Dan Deppen: And then… This action is the same, send the HR cert and final file once we’ve got everything.
783
00:54:43.700 –> 00:54:44.510
Wendy Zollner: Right?
784
00:54:44.750 –> 00:54:49.250
Dan Deppen: And then this is the same team, the deal status, so basically we’re holding on the final, final, pending
785
00:54:49.530 –> 00:54:50.760
Dan Deppen: the invoice.
786
00:54:51.630 –> 00:55:06.030
Wendy Zollner: So if the final file, they need that for their records, or… because you said once they get the, like, disclosure, they can move forward with finalizing the loan, right? But they can’t…
787
00:55:06.630 –> 00:55:07.200
Dan Deppen: Yeah.
788
00:55:07.200 –> 00:55:07.870
Wendy Zollner: The other car.
789
00:55:07.870 –> 00:55:14.089
Dan Deppen: Final File does for them is it’ll include a statement from us saying that we feel it’s Dodd-Frank compliant.
790
00:55:14.090 –> 00:55:14.899
Wendy Zollner: Okay.
791
00:55:14.900 –> 00:55:18.880
Dan Deppen: So if they want to sell the loan, that’s very handy to give to the seller.
792
00:55:18.880 –> 00:55:19.510
Wendy Zollner: Okay.
793
00:55:19.510 –> 00:55:24.730
Dan Deppen: Or, if they ever have to foreclose, they ever get questioned on anything, then that has…
794
00:55:24.970 –> 00:55:26.730
Dan Deppen: Everything that they need.
795
00:55:26.900 –> 00:55:27.590
Wendy Zollner: Okay.
796
00:55:27.590 –> 00:55:35.380
Dan Deppen: you know, you’re right, like, they can just say, hey, I got the TRID disclosures, and I know my borrow’s good, so I’m just gonna close this and move along.
797
00:55:35.670 –> 00:55:39.550
Dan Deppen: They can do that. And that’s why we’re adding the speed bump in.
798
00:55:39.830 –> 00:55:42.890
Dan Deppen: to new people, and we’re not sending the CD until you…
799
00:55:42.890 –> 00:55:43.400
Wendy Zollner: Yeah.
800
00:55:43.400 –> 00:55:47.869
Dan Deppen: Even then, like, they could take the loan estimate, and a lot of times,
801
00:55:48.840 –> 00:55:51.840
Dan Deppen: their title company will create the CD anyways.
802
00:55:52.280 –> 00:55:53.740
Wendy Zollner: Oh, okay, interesting.
803
00:55:53.740 –> 00:55:59.040
Dan Deppen: So there’s things people can do, but now we’ve got the bumpers in there to where basically they could do that once.
804
00:55:59.350 –> 00:56:00.740
Wendy Zollner: Right, yeah.
805
00:56:01.370 –> 00:56:06.780
Dan Deppen: And there’s value in… You really learn, like, who’s who.
806
00:56:07.060 –> 00:56:08.630
Wendy Zollner: Yeah, right, yeah.
807
00:56:08.630 –> 00:56:13.149
Dan Deppen: And this kind of person, too, like, you can tell how, like, she’s kind of snippy.
808
00:56:13.150 –> 00:56:17.340
Wendy Zollner: Those are the people that don’t like to pay. It all gets, like…
809
00:56:17.340 –> 00:56:18.290
Dan Deppen: Duh.
810
00:56:21.540 –> 00:56:26.340
Dan Deppen: It tends to go together when someone is, like, organized…
811
00:56:27.190 –> 00:56:31.030
Dan Deppen: Apply, pays their bills. Find good borrowers.
812
00:56:31.710 –> 00:56:34.910
Dan Deppen: And then the flip side is, disorganized.
813
00:56:35.350 –> 00:56:37.170
Dan Deppen: Doesn’t like to pay bills.
814
00:56:38.010 –> 00:56:42.579
Dan Deppen: Finds terrible borrowers, makes bad loans, like, they kind of go…
815
00:56:43.130 –> 00:56:43.980
Wendy Zollner: Yeah.
816
00:56:43.980 –> 00:56:44.820
Dan Deppen: Together.
817
00:56:44.820 –> 00:56:45.390
Wendy Zollner: Yeah.
818
00:56:45.390 –> 00:56:48.760
Dan Deppen: Yeah, so…
819
00:56:49.120 –> 00:56:50.130
Wendy Zollner: Interesting.
820
00:56:50.550 –> 00:56:55.940
Dan Deppen: Yeah, so she opened the email, that’s the other nice thing about Superhuman, is it tells you when people opened emails.
821
00:56:55.940 –> 00:56:57.260
Wendy Zollner: Cool, okay.
822
00:56:57.610 –> 00:57:01.889
Dan Deppen: And I’ve even… Like, especially, like, if it’s invoice follow-ups.
823
00:57:04.490 –> 00:57:10.199
Dan Deppen: I’ve even, like, if it’s one where it’s like, okay, this person’s made a hard case, I’ll even say, like.
824
00:57:10.450 –> 00:57:13.609
Dan Deppen: Hey, I haven’t heard back from you, I see you’re opening my emails.
825
00:57:13.780 –> 00:57:16.479
Dan Deppen: But what’s going on? And then a lot of times, they’ll respond.
826
00:57:16.480 –> 00:57:17.300
Wendy Zollner: Yeah.
827
00:57:17.300 –> 00:57:18.099
Dan Deppen: Okay. After.
828
00:57:18.420 –> 00:57:20.179
Dan Deppen: So, I see you’re sorry.
829
00:57:20.360 –> 00:57:21.670
Dan Deppen: That’s funny.
830
00:57:22.340 –> 00:57:27.020
Dan Deppen: But I have a feeling she’s not gonna just up and pay the invoice, just by the way she’s behaved, like…
831
00:57:27.020 –> 00:57:28.020
Wendy Zollner: Yeah.
832
00:57:28.020 –> 00:57:33.029
Dan Deppen: It’s interesting how you can get a read on lenders and borrowers once you start seeing, you know.
833
00:57:33.250 –> 00:57:33.980
Wendy Zollner: Right.
834
00:57:34.290 –> 00:57:35.499
Dan Deppen: A lot of these.
835
00:57:36.000 –> 00:57:37.970
Wendy Zollner: Yeah, how they communicate with you.
836
00:57:38.920 –> 00:57:39.660
Wendy Zollner: Yeah.
837
00:57:41.590 –> 00:57:46.980
Dan Deppen: Okay, so… There’s that one, so I can archive that.
838
00:57:47.220 –> 00:57:49.549
Dan Deppen: And then this one from Jason.
839
00:57:51.340 –> 00:57:55.160
Dan Deppen: So this guy, Jason Roberts, you’ll see stuff from him.
840
00:57:55.160 –> 00:57:55.800
Wendy Zollner: Okay.
841
00:57:55.800 –> 00:57:58.729
Dan Deppen: He’s kind of a unique customer.
842
00:57:59.820 –> 00:58:02.159
Dan Deppen: He’s looking at doing,
843
00:58:02.390 –> 00:58:06.350
Dan Deppen: Actually, let me do this, since we’re kind of at the end of the hour.
844
00:58:06.700 –> 00:58:14.250
Dan Deppen: Let’s set a time to talk tomorrow, and I’ll look through the pipeline and see if there’s anything I can turn you loose on before I get too far down the rabbit hole.
845
00:58:14.250 –> 00:58:15.380
Wendy Zollner: Yeah, okay.
846
00:58:15.380 –> 00:58:21.640
Dan Deppen: with this, what… what time… Do you have time in the morning? You know, maybe if you’re around…
847
00:58:21.870 –> 00:58:28.090
Dan Deppen: at, like, 8 in the morning, maybe we could do, like, a first thing, and then what I could do is just we could go through all the emails together, because usually.
848
00:58:28.870 –> 00:58:32.230
Dan Deppen: There’s, like, some forms, like, applications will come in overnight.
849
00:58:32.820 –> 00:58:33.970
Dan Deppen: and stuff.
850
00:58:34.220 –> 00:58:36.970
Wendy Zollner: Yeah, I’ll see you tomorrow morning.
851
00:58:37.620 –> 00:58:40.829
Dan Deppen: Well then, I’ll set that up for 8.
852
00:58:41.250 –> 00:58:43.859
Dan Deppen: After we hang up. And then…
853
00:58:44.290 –> 00:58:46.760
Dan Deppen: what I like to do is just kind of go through the…
854
00:58:47.500 –> 00:58:49.959
Dan Deppen: Pipeline and filter by deal status.
855
00:58:52.410 –> 00:58:58.450
Dan Deppen: And see what we got. So these are holding… that’s a Kierce… Reading on that.
856
00:58:59.780 –> 00:59:02.160
Dan Deppen: So we have a bunch of these pending invoices.
857
00:59:02.380 –> 00:59:03.849
Wendy Zollner: Hmm, okay.
858
00:59:04.860 –> 00:59:05.430
Dan Deppen: Oh.
859
00:59:15.120 –> 00:59:23.210
Dan Deppen: So this one… you can… send the CD.
860
00:59:23.720 –> 00:59:25.109
Dan Deppen: If you want. Okay.
861
00:59:25.110 –> 00:59:25.980
Wendy Zollner: Okay.
862
00:59:26.540 –> 00:59:30.320
Dan Deppen: And… If you get stuck, so what you want to do…
863
00:59:33.420 –> 00:59:37.070
Dan Deppen: Is it in the SOP, so it’ll be this, like, number 6, sending the CD?
864
00:59:39.050 –> 00:59:39.750
Wendy Zollner: Okay?
865
00:59:39.750 –> 00:59:41.390
Dan Deppen: Go here and go show outline.
866
00:59:43.170 –> 00:59:46.239
Dan Deppen: You can kind of just go through the whole thing.
867
00:59:46.650 –> 00:59:47.450
Wendy Zollner: Okay.
868
00:59:47.860 –> 00:59:52.579
Dan Deppen: And if you want, Maybe just go through it.
869
00:59:52.990 –> 00:59:55.009
Dan Deppen: And then draft the email.
870
00:59:55.260 –> 00:59:55.890
Wendy Zollner: Okay.
871
00:59:55.890 –> 00:59:57.209
Dan Deppen: But don’t hit send.
872
00:59:57.610 –> 01:00:03.399
Dan Deppen: And just send me a ping, and say, hey, I’ve got this teed up, and then I can kind of go through and take a look at it.
873
01:00:03.770 –> 01:00:04.470
Wendy Zollner: Okay.
874
01:00:04.650 –> 01:00:07.269
Dan Deppen: Before we hit send. I think that would be a good…
875
01:00:08.340 –> 01:00:08.780
Wendy Zollner: Yeah.
876
01:00:08.780 –> 01:00:12.330
Dan Deppen: to work on. It’s kind of in the middle of the process, but…
877
01:00:13.600 –> 01:00:16.850
Dan Deppen: I think that would be good for you to get started on.
878
01:00:17.830 –> 01:00:18.770
Dan Deppen: And then…
879
01:00:18.770 –> 01:00:30.689
Wendy Zollner: a template of, words, you know, like, that you repeat all the time, like, sending the CD that you just have, like, a template, or is it in your SOP already? Oh, it is.
880
01:00:30.690 –> 01:00:38.950
Dan Deppen: Yeah, it’s in here. The other thing I can set you up on… is called Text Expander.
881
01:00:39.820 –> 01:00:45.579
Dan Deppen: Other people have not liked to use this, but I like it, and I can set you up with it if you want.
882
01:00:47.050 –> 01:00:48.619
Dan Deppen: I use this a bunch.
883
01:00:48.620 –> 01:00:50.460
Wendy Zollner: Let me wait until I get…
884
01:00:51.000 –> 01:00:53.940
Wendy Zollner: I’ll get up to speed on the other software.
885
01:00:54.350 –> 01:00:56.009
Wendy Zollner: And then… Okay.
886
01:00:56.010 –> 01:01:02.490
Dan Deppen: And then let me know when you’re ready for this, because what it’ll do is, like, I’ll have all kinds of different things that you type a lot.
887
01:01:04.300 –> 01:01:06.450
Dan Deppen: Like, if somebody says, how does this work?
888
01:01:07.240 –> 01:01:07.790
Wendy Zollner: I do like…
889
01:01:07.790 –> 01:01:08.390
Dan Deppen: There’s…
890
01:01:08.390 –> 01:01:08.800
Wendy Zollner: Yeah.
891
01:01:08.800 –> 01:01:11.620
Dan Deppen: I’ve got this standard email on how it works.
892
01:01:12.020 –> 01:01:14.600
Dan Deppen: And then you can create different hotkeys.
893
01:01:14.820 –> 01:01:18.670
Wendy Zollner: Does your, does Christine use this, too, now?
894
01:01:19.080 –> 01:01:19.800
Dan Deppen: No.
895
01:01:20.180 –> 01:01:24.759
Wendy Zollner: Oh, cause I love the… Just copy, paste, kind of repeat.
896
01:01:24.760 –> 01:01:28.270
Dan Deppen: Yeah, because, like, if someone emails and is like, hey, how does this work?
897
01:01:28.540 –> 01:01:29.880
Dan Deppen: I’ll definitely use…
898
01:01:29.880 –> 01:01:30.660
Wendy Zollner: that?
899
01:01:30.660 –> 01:01:38.839
Dan Deppen: H-I-W, right? So then I would just go, like, start an email, and then I could do the hotkey, zoom HIW, and then it…
900
01:01:39.120 –> 01:01:40.090
Wendy Zollner: Oh, wow.
901
01:01:40.090 –> 01:01:43.549
Dan Deppen: Right? Okay. And then you’re not, like, manually… because…
902
01:01:43.550 –> 01:01:44.340
Wendy Zollner: Yeah.
903
01:01:44.340 –> 01:01:46.220
Dan Deppen: A lot of this stuff is kind of…
904
01:01:46.650 –> 01:01:54.139
Dan Deppen: repetitive. Now, what I haven’t done yet that I need to is all of the emails and the SOPs. I need to get all of those in the text expander.
905
01:01:54.560 –> 01:01:57.949
Wendy Zollner: Okay. And they’re clearly labeled, and that’ll make life. Yeah.
906
01:01:58.530 –> 01:01:58.900
Dan Deppen: A little.
907
01:01:59.230 –> 01:02:00.670
Dan Deppen: But yeah, what I would do is…
908
01:02:00.670 –> 01:02:01.610
Wendy Zollner: use that.
909
01:02:01.610 –> 01:02:05.230
Dan Deppen: Yeah, for now, take that one, like, just…
910
01:02:05.870 –> 01:02:09.230
Dan Deppen: Create the draft, and then ping me, and I’ll go take a look at it.
911
01:02:09.230 –> 01:02:09.650
Wendy Zollner: Okay.
912
01:02:09.650 –> 01:02:14.629
Dan Deppen: And then I’ll set up a time… I’ll set up a call for us to meet, like, tomorrow morning at 8.
913
01:02:14.900 –> 01:02:18.970
Dan Deppen: And then hopefully, like, some emails roll in overnight, and we can kind of go through, like.
914
01:02:19.390 –> 01:02:23.089
Dan Deppen: Here’s a turn sheet that came in, here’s a loan application that came in.
915
01:02:23.540 –> 01:02:28.410
Dan Deppen: And then, if we’re lucky, One of these will be ready.
916
01:02:28.800 –> 01:02:29.950
Dan Deppen: Should be worked.
917
01:02:30.530 –> 01:02:31.070
Wendy Zollner: Okay.
918
01:02:31.070 –> 01:02:31.480
Dan Deppen: Yeah.
919
01:02:31.480 –> 01:02:32.980
Wendy Zollner: Yeah, sounds good.
920
01:02:33.500 –> 01:02:33.840
Dan Deppen: Okay.
921
01:02:34.010 –> 01:02:35.149
Wendy Zollner: Thanks, Dan.
922
01:02:35.150 –> 01:02:40.840
Dan Deppen: Awesome. Well, thanks, Wendy. Yeah, we’re good. And then we’ll just kind of keep doing this, like, day by day, like, we’ll kind of, like…
923
01:02:41.010 –> 01:02:42.439
Dan Deppen: Meet, whoever’s stuff.
924
01:02:42.640 –> 01:02:44.450
Dan Deppen: I’ll give you stuff, and then…
925
01:02:44.820 –> 01:02:48.510
Dan Deppen: You know, hopefully before too long, we’ve, like, kind of touched, at least.
926
01:02:49.170 –> 01:02:53.390
Dan Deppen: On all the bases. And then, always, like I said, don’t be afraid to ping me.
927
01:02:53.850 –> 01:02:57.729
Dan Deppen: As questions come up, and you can always text me, too, because if I’m on…
928
01:02:58.330 –> 01:03:04.720
Dan Deppen: calls or other things. Sometimes I see emails a little slower, so you’re not… you’re not gonna bother me. If I’m busy in the middle of something.
929
01:03:05.370 –> 01:03:09.450
Dan Deppen: I’ll just respond when I’m… Abel, you know, it’s not a big deal.
930
01:03:09.450 –> 01:03:16.840
Wendy Zollner: Alright, cool. I mean, I might just reserve text for, like, if it’s kind of hot, hot item or something, if it doesn’t have a time…
931
01:03:17.360 –> 01:03:20.110
Dan Deppen: Okay. Sensitive thing, I’ll just send you an email.
932
01:03:20.470 –> 01:03:21.910
Dan Deppen: That’s cool. Perfect.
933
01:03:21.910 –> 01:03:22.290
Wendy Zollner: Alright.
934
01:03:22.290 –> 01:03:22.630
Dan Deppen: Alright.
935
01:03:22.630 –> 01:03:23.200
Wendy Zollner: Thanks, Dan.
936
01:03:23.200 –> 01:03:24.330
Dan Deppen: Talk to you later. Thanks.
========================================
FILE: CTU_Training_-_Rebalance_Closing_Disclosure__CD__Process_and_Adjustments_02-16-2026.txt
CTU Training – Rebalance Closing Disclosure (CD) Process and Adjustments_02-16-2026
CTU TRAINING TRANSCRIPT
Topic: Rebalancing the Closing Disclosure (CD) and Handling Fee Adjustments
Stage of Loan Process:
Closing Preparation → CD Review → Final Adjustments
Systems Discussed:
Byte (LOS)
Closing Disclosure (CD)
TRID Compliance
Summary:
This training explains how to properly rebalance a Closing Disclosure (CD) when fees or loan terms change. It covers when rebalancing is required, how to adjust line items correctly, and how to ensure compliance with TRID timing rules. The session emphasizes accuracy, clear communication with lenders and attorneys, and avoiding unnecessary redisclosures.
Key Concepts:
- Rebalancing is required when fees, credits, or loan terms change
- Adjustments must be made carefully to maintain accurate cash-to-close
- Certain changes may trigger a new 3-day waiting period under TRID
- Coordination with lenders and closing agents is critical
- Always verify final numbers match the attorney’s CD when applicable
- Avoid unnecessary redisclosures unless required by regulation
Sources:
Internal CTU training call between Dan Deppen and Wendy Zollner.
Index:
Rebalancing Closing Disclosure, CD adjustments, TRID timing, earliest closing date, title company numbers, redlined CD, HUD vs CD format, cash to close, revised disclosures, closing prep
Below is a transcript of an internal CTU training call.
WEBVTT
1
00:00:02.430 –> 00:00:09.339
Dan Deppen: Okay, I’m gonna go through an example of rebalancing a CD. So this is the CD that came back.
2
00:00:09.610 –> 00:00:19.360
Dan Deppen: from the title company, and so we need to make our CD invite match this. So basically, we’re just gonna run down through the entire thing.
3
00:00:19.510 –> 00:00:25.600
Dan Deppen: And match all of the numbers, but as we get into the closing disclosure pages 2 and beyond.
4
00:00:25.890 –> 00:00:30.229
Dan Deppen: There’s some other different stuff we have to do. It’s a little different than what we normally do.
5
00:00:30.470 –> 00:00:37.610
Dan Deppen: Okay, so just running down. So just… the stuff on page 1 should not change, but it’s worth taking a look at. So loan amount.
6
00:00:37.800 –> 00:00:42.270
Dan Deppen: 116.1, we have that here, interest rate 10%.
7
00:00:42.990 –> 00:00:54.040
Dan Deppen: P&I 101886, Estimated escrows… Smart ride, 1284.94 total.
8
00:00:56.430 –> 00:01:02.789
Dan Deppen: Taxes and insurance and escrow… okay. Now, these numbers we can’t verify until we get to the end.
9
00:01:03.760 –> 00:01:09.809
Dan Deppen: So, section… So, going into our closing disclosure…
10
00:01:10.310 –> 00:01:12.340
Dan Deppen: So we’re gonna go into page 2.
11
00:01:19.420 –> 00:01:22.119
Dan Deppen: So right now, they have nothing in Section A.
12
00:01:22.620 –> 00:01:25.769
Dan Deppen: Section B did not shop.
13
00:01:26.160 –> 00:01:30.189
Dan Deppen: They have the doc prep for $5.95, we have that here.
14
00:01:32.100 –> 00:01:37.579
Dan Deppen: Section C, where they did shop, what you can do is fill in
15
00:01:38.660 –> 00:01:42.999
Dan Deppen: the fees, and then to get them to show in Section C,
16
00:01:43.390 –> 00:01:48.930
Dan Deppen: You check this box for shop, so only some of these… Have that?
17
00:01:50.180 –> 00:01:54.470
Dan Deppen: Oh, and if there have been any changes to the template, you can click here.
18
00:01:54.990 –> 00:01:57.399
Dan Deppen: And it’ll just give you the latest version.
19
00:01:57.660 –> 00:02:02.780
Dan Deppen: Of the template, this won’t… Change your actual… Numbers.
20
00:02:04.380 –> 00:02:06.290
Dan Deppen: Okay, so in our…
21
00:02:11.140 –> 00:02:13.429
Dan Deppen: Title fees, we got 1, 2…
22
00:02:17.660 –> 00:02:23.790
Dan Deppen: 2, 3, 4… 6, 17… 11.
23
00:02:29.030 –> 00:02:32.649
Dan Deppen: So generally, Title fees were not…
24
00:02:32.940 –> 00:02:38.770
Dan Deppen: shop for, unless the borrower picked the title company, so we can just leave those here, so…
25
00:02:38.980 –> 00:02:43.160
Dan Deppen: Some of these are going to be kind of random, some of them are going to be in the template.
26
00:02:47.790 –> 00:02:49.869
Dan Deppen: Oh man, it’s not gonna let me copy-paste.
27
00:02:51.280 –> 00:02:52.190
Dan Deppen: Oops.
28
00:02:52.630 –> 00:02:54.060
Dan Deppen: It’s not what I wanted.
29
00:03:08.200 –> 00:03:09.180
Dan Deppen: 15.
30
00:03:28.700 –> 00:03:30.550
Dan Deppen: It’s interesting, they have another…
31
00:03:33.560 –> 00:03:35.690
Dan Deppen: Okay, we’re just gonna have to start.
32
00:03:36.270 –> 00:03:39.540
Dan Deppen: Typing these in manually, because this copy-paste isn’t happening.
33
00:03:55.980 –> 00:03:58.470
Dan Deppen: It’s weird, because they have doc prep in here.
34
00:03:59.140 –> 00:04:00.050
Dan Deppen: Twice.
35
00:04:38.840 –> 00:04:40.810
Dan Deppen: Shipping and handling, that’s a new one.
36
00:04:49.110 –> 00:04:52.460
Dan Deppen: And then I think our settlement agent fee is actually in the template.
37
00:05:02.700 –> 00:05:03.990
Dan Deppen: Oh, there’s two.
38
00:05:08.000 –> 00:05:10.710
Dan Deppen: Settlement fees, they put them in different places.
39
00:05:25.730 –> 00:05:27.420
Dan Deppen: Title search…
40
00:05:31.910 –> 00:05:35.169
Dan Deppen: We’ve got there. Okay, so now I’m basically gonna go and plug in…
41
00:05:35.620 –> 00:05:38.989
Dan Deppen: All of these, so 50 for closing letter.
42
00:05:39.750 –> 00:05:45.650
Dan Deppen: And we have to note whether it’s borrower paid or seller paid, and put it in the right column, so in…
43
00:05:46.040 –> 00:05:50.779
Dan Deppen: Byte. It’s got the borr column here, and here where it says others, that’s the seller.
44
00:06:04.250 –> 00:06:09.690
Dan Deppen: Sometimes you can combine fees onto lines if you need to, but it’s always cleaner if you can,
45
00:06:11.860 –> 00:06:14.609
Dan Deppen: Have it… just have it exactly like they do.
46
00:06:23.380 –> 00:06:25.280
Dan Deppen: And then the settlement fee.
47
00:06:28.360 –> 00:06:29.749
Dan Deppen: Find it there…
48
00:06:32.990 –> 00:06:34.740
Dan Deppen: insurance binder…
49
00:06:38.230 –> 00:06:44.810
Dan Deppen: Title search… 300, so on the…
50
00:06:45.920 –> 00:06:49.090
Dan Deppen: Seller paid, it looks like I got 135 in here.
51
00:06:49.660 –> 00:06:50.660
Dan Deppen: Twice?
52
00:06:53.300 –> 00:06:54.879
Dan Deppen: Just gonna dig that one out there.
53
00:06:56.390 –> 00:07:05.250
Dan Deppen: And then… For my total loan costs here, 15… 10 matches this.
54
00:07:09.340 –> 00:07:12.590
Dan Deppen: Okay, so they’re all lines. Now moving down…
55
00:07:16.550 –> 00:07:24.980
Dan Deppen: Taxes… The other thing we can do in here, too, is put who it’s paid to.
56
00:07:25.810 –> 00:07:26.880
Dan Deppen: Just classic.
57
00:07:29.240 –> 00:07:30.640
Dan Deppen: title insurance…
58
00:07:48.710 –> 00:07:54.270
Dan Deppen: That’s the fee that’s going to call the underwriter, so that will actually get paid out through to the seller.
59
00:08:11.130 –> 00:08:12.100
Dan Deppen: Okay, cool.
60
00:08:12.290 –> 00:08:14.410
Dan Deppen: Now, moving on to the taxes.
61
00:08:15.740 –> 00:08:19.629
Dan Deppen: Recording fees, 25 deed, 115, mortgage.
62
00:08:27.800 –> 00:08:31.550
Dan Deppen: It’s just paid out to the county, you don’t have to put in what that is.
63
00:08:33.270 –> 00:08:34.690
Dan Deppen: City, county.
64
00:08:39.220 –> 00:08:44.370
Dan Deppen: That’s… Strange that they have…
65
00:08:45.300 –> 00:08:50.200
Dan Deppen: City-county taxes in twice, so we’ll just… we have two lines for it, so we’ll just do that.
66
00:09:12.490 –> 00:09:14.020
Dan Deppen: Oh, I see what happened.
67
00:09:14.200 –> 00:09:16.900
Dan Deppen: Pulled a ton of… Staff.
68
00:09:32.740 –> 00:09:40.460
Dan Deppen: 748.52, 748.52… Initial escrow payment at closing.
69
00:09:44.270 –> 00:09:48.240
Dan Deppen: 2 months at 208.33, 2 months at 57.
70
00:09:52.640 –> 00:09:57.259
Dan Deppen: Okay, and there’s no… Oh, loan servicing on here.
71
00:09:58.080 –> 00:09:59.190
Dan Deppen: Check that out.
72
00:10:01.390 –> 00:10:05.440
Dan Deppen: 53216, 532-16, other…
73
00:10:14.310 –> 00:10:15.160
Dan Deppen: Yes.
74
00:10:19.400 –> 00:10:20.849
Dan Deppen: So we have a seller…
75
00:10:55.070 –> 00:11:01.869
Dan Deppen: Okay, and so here we got 183081, $18.30.81. Total closing costs $334081.
76
00:11:04.290 –> 00:11:08.030
Dan Deppen: 33, 40, 81… Now…
77
00:11:09.250 –> 00:11:14.000
Dan Deppen: Notice here, we’ve got this lender credits cure, we’re gonna have to fix that on the next page.
78
00:11:27.000 –> 00:11:29.180
Dan Deppen: Just gonna override this value with zero.
79
00:11:41.950 –> 00:11:43.800
Dan Deppen: Vendor Credit Secure Zero.
80
00:11:46.300 –> 00:11:50.180
Dan Deppen: Cash to close, 15-24081.
81
00:11:53.300 –> 00:11:57.710
Dan Deppen: Page 3… 15-240-81.
82
00:11:58.070 –> 00:12:04.740
Dan Deppen: Oftentimes, there’s other stuff in here that will change this.
83
00:12:05.570 –> 00:12:13.550
Dan Deppen: Okay, so let’s go through these sections and check them. So, section K… 129…
84
00:12:13.940 –> 00:12:20.329
Dan Deppen: 33, 40, 81 in closing costs gives us… 132, 340, 81.
85
00:12:20.600 –> 00:12:27.060
Dan Deppen: down section L, Already paid, $117.1, earnest money of 1.
86
00:12:27.990 –> 00:12:37.419
Dan Deppen: Loan amount 16.1… And then there’s our cash to close. Now, on the seller side, $129,
87
00:12:37.540 –> 00:12:40.550
Dan Deppen: Due from seller at closing, $885.
88
00:12:42.730 –> 00:12:43.980
Dan Deppen: 128.
89
00:12:44.990 –> 00:12:52.730
Dan Deppen: To seller. Now, typically, they will put in here, like, a reference for the loan, so the amount to the seller is different, but…
90
00:12:52.910 –> 00:12:56.850
Dan Deppen: This is what the title company gave us, so this is what we are…
91
00:12:57.160 –> 00:12:59.120
Dan Deppen: Rolling with, and that’s how we do that.
========================================
FILE: CTU_Training_-_Underwriting_Workflow__Income_Review__and_Pipeline_Execution_02-19-2026.txt
CTU TRAINING TRANSCRIPT
Topic: Underwriting Workflow, Income Analysis, and Pipeline Execution
Stage of Loan Process:
Processing → Underwriting → Decision Support
Systems Discussed:
Zoho CRM
Byte (LOS)
Google Drive
Summary:
This training walks through the end-to-end underwriting workflow after borrower documents are received. It covers how to move files through the pipeline, evaluate income (especially self-employed borrowers), calculate DTI, and create underwriting outputs including the 1008 and underwriting comments. The session also emphasizes how to manage deals in Zoho, handle income-only scenarios, and communicate risk and compliance (Dodd-Frank Ability to Repay) to lenders.
Key Concepts:
- Underwriting begins after application, credit auth, and income docs are received
- All borrower data is entered into Byte (LOS)
- Soft credit pull used to identify liabilities and calculate DTI
- Income is analyzed based on type (W-2, self-employed, benefits, etc.)
- Self-employed income calculated using 12-month bank statement averaging
- Expense ratios applied to determine usable income
- Underwriting output includes 1008, DTI, income calculation, and risk assessment
- Loan conditions created based on findings
- Underwriter provides recommendation, but lender makes final decision
- Income-only reviews may show affordability but still fail Dodd-Frank compliance
- Zoho pipeline used to track deal status, comments, and next steps
- Files should always be moved forward with a clear next action
Sources:
Internal CTU training call between Dan Deppen and Wendy Zollner.
Index:
Underwriting Workflow & Income Analysis – How to process borrower documents, calculate income and DTI, create 1008, and move files through Zoho pipeline.
Below is a transcript of an internal CTU training call.
WEBVTT
1
00:00:01.660 –> 00:00:02.690
Dan Deppen: I’ll do the…
2
00:00:03.040 –> 00:00:07.830
Wendy Zollner: It took me a while, because I was, like, sifting through the credit report, and…
3
00:00:08.230 –> 00:00:12.839
Wendy Zollner: I’m not very fast at it yet, so it was taking me a while to get through it.
4
00:00:12.840 –> 00:00:20.400
Dan Deppen: Yeah, why isn’t it giving me the… That’s so strange. It’s not…
5
00:00:21.070 –> 00:00:23.750
Dan Deppen: Oh, there it is. It was hiding the share button.
6
00:00:27.090 –> 00:00:29.120
Dan Deppen: Not share screen options.
7
00:00:29.980 –> 00:00:31.020
Dan Deppen: There we go.
8
00:00:31.020 –> 00:00:31.880
Wendy Zollner: Or maybe I can…
9
00:00:31.880 –> 00:00:36.329
Dan Deppen: But no, this looks really great for just, like, going from the SOP, this is, like, really good.
10
00:00:36.910 –> 00:00:38.179
Wendy Zollner: Oh, cool, okay.
11
00:00:38.350 –> 00:00:41.249
Dan Deppen: So, yeah, so I’m liking this. Okay, so you’ve got…
12
00:00:41.250 –> 00:00:44.179
Wendy Zollner: Have you looked at the credit report, though, to see what…
13
00:00:44.180 –> 00:00:45.249
Dan Deppen: Huh? I’ll pull it.
14
00:00:45.250 –> 00:00:45.620
Wendy Zollner: What happened?
15
00:00:45.620 –> 00:00:48.960
Dan Deppen: I’ll pull it up in a minute, but I’ll just go through.
16
00:00:49.380 –> 00:00:53.959
Dan Deppen: I’ll go through this first. So, yeah, borrower name, address, PITI,
17
00:00:55.140 –> 00:01:01.610
Dan Deppen: Gross income, that’s good. The only thing I would do here was just add a comment on, like, the dollars per month.
18
00:01:01.720 –> 00:01:02.619
Dan Deppen: for each one.
19
00:01:03.020 –> 00:01:03.690
Wendy Zollner: Okay.
20
00:01:03.690 –> 00:01:05.010
Dan Deppen: Not that it, you know, these are.
21
00:01:05.019 –> 00:01:07.529
Wendy Zollner: Oh, it’s in the… it’s in the spreadsheet, so…
22
00:01:08.030 –> 00:01:13.920
Dan Deppen: Yeah, we usually don’t send them the spreadsheet, we just send them this. What I do is, I use the spreadsheet.
23
00:01:14.040 –> 00:01:18.330
Dan Deppen: To, like, plug in all the numbers, because it makes it easier for me to get all the info.
24
00:01:18.650 –> 00:01:22.489
Dan Deppen: And then I fill out the doc. That’s kind of how I do it.
25
00:01:22.490 –> 00:01:23.830
Wendy Zollner: Okay.
26
00:01:43.520 –> 00:01:45.289
Wendy Zollner: She’s not full-time, though.
27
00:01:45.740 –> 00:01:46.370
Wendy Zollner: She’s like…
28
00:01:46.370 –> 00:01:46.970
Dan Deppen: Oh, God.
29
00:01:46.970 –> 00:01:48.970
Wendy Zollner: 32 hours a week.
30
00:01:49.500 –> 00:01:53.790
Dan Deppen: Oh, okay, then what I’ll do is I’ll just do the… Subtraction.
31
00:01:53.790 –> 00:01:55.530
Wendy Zollner: the… Okay.
32
00:01:56.700 –> 00:01:57.540
Wendy Zollner: Yeah.
33
00:02:01.630 –> 00:02:03.860
Dan Deppen: Was that 1830, or was that 1810?
34
00:02:04.030 –> 00:02:05.070
Wendy Zollner: 18…
35
00:02:05.200 –> 00:02:06.260
Dan Deppen: Oh, 1813.
36
00:02:06.260 –> 00:02:06.970
Wendy Zollner: Okay.
37
00:02:08.970 –> 00:02:13.300
Dan Deppen: Cool, front-end DTI is low, and for these guys, that’s all they really care about.
38
00:02:13.630 –> 00:02:15.240
Wendy Zollner: Oh, really? Wow, okay.
39
00:02:15.240 –> 00:02:19.959
Dan Deppen: Which, I… don’t agree with that. I actually,
40
00:02:20.430 –> 00:02:26.319
Dan Deppen: I don’t remember if I told you, but this guy William Tingle that has this, like, training course thing for sub-2s.
41
00:02:26.600 –> 00:02:32.690
Dan Deppen: And I’m gonna start presenting to his group once a month, and this morning was the first one.
42
00:02:32.690 –> 00:02:33.320
Wendy Zollner: Oh, cool!
43
00:02:33.320 –> 00:02:39.470
Dan Deppen: Somebody asked about that, because that’s, like, a common thing people do, like, I’m a little skeptical of it, but…
44
00:02:40.220 –> 00:02:40.800
Wendy Zollner: Yeah.
45
00:02:40.800 –> 00:02:43.139
Dan Deppen: Okay, so credit score low.
46
00:02:44.460 –> 00:02:50.950
Dan Deppen: Chapter 7 discharge, 13 collection accounts, 6 credit inquiry… 6… yeah, that’s, like, so bad.
47
00:02:51.050 –> 00:02:54.200
Dan Deppen: These are the typical of the borrowers who have that kind of model as well.
48
00:02:54.200 –> 00:02:54.640
Wendy Zollner: Yeah.
49
00:02:54.640 –> 00:02:56.300
Dan Deppen: They’re junky.
50
00:02:56.560 –> 00:02:58.209
Dan Deppen: B2…
51
00:02:58.260 –> 00:03:10.150
Wendy Zollner: Okay, a little bit better… I think the inquiry… credit inquiries were from borrower 1 and Joint, so that’s a combination of all of them, the six, I just put it under his.
52
00:03:10.370 –> 00:03:14.349
Dan Deppen: Okay, and that… Other payments of $21.03 is…
53
00:03:14.540 –> 00:03:17.989
Dan Deppen: Hi, so normally, like, I just leave it at that.
54
00:03:18.410 –> 00:03:20.829
Dan Deppen: But since this is so high, I’ll…
55
00:03:21.060 –> 00:03:23.349
Dan Deppen: Want to say, like, kind of what it was.
56
00:03:27.080 –> 00:03:29.349
Dan Deppen: So we can pull this guy up…
57
00:03:32.740 –> 00:03:34.570
Wendy Zollner: That’s what I looked at on the…
58
00:03:34.570 –> 00:03:37.490
Dan Deppen: Yeah. That summary pay… payment summary.
59
00:03:37.490 –> 00:03:44.140
Wendy Zollner: This dude will make the loan, but that’s freaking crazy. This guy is gonna file bankruptcy again as soon as he can.
60
00:03:44.310 –> 00:03:50.239
Dan Deppen: Yeah, so auto loan… yeah, so it’s mostly auto loans, so $17.91 and auto payments.
61
00:03:51.090 –> 00:03:55.210
Dan Deppen: The only place that… that can occasionally make sense…
62
00:03:55.970 –> 00:04:00.840
Dan Deppen: If, like, they’re a contractor and own a business, like, sometimes it’ll be, like, they own a couple trucks.
63
00:04:01.480 –> 00:04:08.770
Wendy Zollner: No, no, he works at a pizza place, and she works at, like, a retail clothing store or something.
64
00:04:08.940 –> 00:04:14.170
Dan Deppen: Yeah… I always find it fascinating when, like.
65
00:04:17.350 –> 00:04:21.650
Dan Deppen: I’ll have… like, people will have a level of debt that, like.
66
00:04:22.360 –> 00:04:27.359
Dan Deppen: I would not be comfortable with at all, and they have, like, a way lower level of income, like…
67
00:04:27.360 –> 00:04:28.490
Wendy Zollner: Yeah, yeah.
68
00:04:28.490 –> 00:04:30.160
Dan Deppen: Like, you gotta be nuts.
69
00:04:30.160 –> 00:04:30.600
Wendy Zollner: Yeah.
70
00:04:30.600 –> 00:04:33.069
Dan Deppen: Like, even if people say yes, like, why would you do that?
71
00:04:33.330 –> 00:04:34.070
Wendy Zollner: Yeah.
72
00:04:34.260 –> 00:04:36.990
Dan Deppen: Okay, so we’ll… I’ll just say that,
73
00:04:49.820 –> 00:04:54.360
Dan Deppen: Totaling, I think it said it in here.
74
00:04:54.360 –> 00:04:55.730
Wendy Zollner: 179.
75
00:04:55.880 –> 00:04:56.370
Dan Deppen: Yeah…
76
00:04:56.370 –> 00:04:59.149
Wendy Zollner: How did you determine it’s 3 auto loans?
77
00:05:00.690 –> 00:05:06.439
Dan Deppen: Oh, I’ll show you. Going down here through the credit lines?
78
00:05:07.150 –> 00:05:10.959
Dan Deppen: It tells you what time they are, so this is auto, auto, and auto.
79
00:05:10.960 –> 00:05:11.750
Wendy Zollner: Okay.
80
00:05:11.750 –> 00:05:15.009
Dan Deppen: And then this kind of adds up to the… whatever that amount was.
81
00:05:15.010 –> 00:05:16.569
Wendy Zollner: Okay, that makes sense.
82
00:05:16.840 –> 00:05:22.460
Dan Deppen: Yeah, revolving is typically credit card, so it looks like a Montgomery Ward card.
83
00:05:22.460 –> 00:05:25.969
Wendy Zollner: I didn’t even know Montgomery Ward still existed. I didn’t either.
84
00:05:31.820 –> 00:05:34.320
Dan Deppen: Some of these are hard to figure out what they are.
85
00:05:34.680 –> 00:05:39.859
Dan Deppen: See, that one’s closed, but it refers to it as a credit card. Sometimes there’s, like, installment loans.
86
00:05:41.300 –> 00:05:44.580
Dan Deppen: So yeah, so back in DTI, that’s, like, super high.
87
00:05:44.580 –> 00:05:49.760
Wendy Zollner: And what… you said something about 57%, the D… what was that, the DTI?
88
00:05:49.760 –> 00:05:57.929
Dan Deppen: Okay, so we use… as a baseline, 57% as our threshold for Dodd-Frank compliance.
89
00:05:57.930 –> 00:05:58.820
Wendy Zollner: Okay.
90
00:05:58.820 –> 00:06:03.300
Dan Deppen: Now, in Dodd-Frank, it doesn’t actually specify a number.
91
00:06:03.720 –> 00:06:10.070
Dan Deppen: But some of the government loan programs under certain circumstances will allow up to 57%.
92
00:06:10.450 –> 00:06:17.180
Wendy Zollner: So we use that as, like, a guidepost. So, like, if the government allows that under certain circumstances, well, then it must be compliant.
93
00:06:17.900 –> 00:06:18.830
Wendy Zollner: Okay.
94
00:06:18.910 –> 00:06:28.430
Dan Deppen: Now… A borrower could be under 57% and still not be compliant if they have, like, no residual income.
95
00:06:28.850 –> 00:06:40.200
Dan Deppen: So, like, let’s say it’s, like, a borrower with… Whatever, some disability benefits of… $1,500 a month.
96
00:06:41.400 –> 00:06:45.720
Dan Deppen: And their DTI is at 55%, so they’ve got, like.
97
00:06:46.180 –> 00:06:53.860
Dan Deppen: 600, 700 bucks left over, and now they’ve got, like, 3 kids, and they’re in California. Well, that don’t work. Like, that don’t…
98
00:06:53.860 –> 00:06:54.410
Wendy Zollner: Yeah.
99
00:06:54.410 –> 00:06:57.790
Dan Deppen: You know, so mileage varies. Or, you could have somebody
100
00:06:58.090 –> 00:07:02.340
Dan Deppen: you know, let’s say they’ve got a big income, they make $25K a month.
101
00:07:02.740 –> 00:07:10.529
Dan Deppen: But their DTI is at, like, 65%, because they got boats and cars and this and that. Well, now the residual income’s actually still pretty big.
102
00:07:10.530 –> 00:07:11.030
Wendy Zollner: Right.
103
00:07:11.030 –> 00:07:29.700
Dan Deppen: like, they can afford to make payments. It’s not great, but it, you know, that could be okay. So… so, like, for credit, like, for 620 and then DTI of 7… of 57%, those are, like, our starting guideposts, but then there’s always, compensating factors, you know, after that.
104
00:07:31.970 –> 00:07:35.949
Dan Deppen: These comments are really good, yeah, so hi…
105
00:07:36.950 –> 00:07:40.949
Dan Deppen: I mean, 18 clients, Jesus Christ, like… and this dude will make this loan, like…
106
00:07:40.950 –> 00:07:44.810
Wendy Zollner: Oh, and yeah, I’m sure, they, they… Yeah.
107
00:07:44.810 –> 00:07:48.080
Dan Deppen: Because what he’s looking at is, hey, they’re making this.
108
00:07:49.420 –> 00:07:51.039
Dan Deppen: I’m asking them to pay this.
109
00:07:52.070 –> 00:07:53.110
Dan Deppen: So I’m good.
110
00:07:54.190 –> 00:07:54.969
Dan Deppen: you know, I don’t
111
00:07:55.390 –> 00:08:04.690
Dan Deppen: But that’s… that’s what some people do. And then on the Dodd-Frank compliant, I’ll try to give them advice on, like, what they could do.
112
00:08:05.830 –> 00:08:12.229
Wendy Zollner: And this is the 8… 8 ability to repay type thing, right? So…
113
00:08:12.710 –> 00:08:21.160
Dan Deppen: Yeah, to make… compliant… Mmm… Borrowers would need to…
114
00:08:26.190 –> 00:08:28.219
Dan Deppen: It’s current, or foot.
115
00:08:28.970 –> 00:08:31.440
Dan Deppen: payment plans in.
116
00:08:32.400 –> 00:08:36.359
Dan Deppen: place, and then it’s actually compliant from a DTI standpoint.
117
00:08:36.610 –> 00:08:37.390
Wendy Zollner: Okay.
118
00:08:52.480 –> 00:08:53.370
Wendy Zollner: Okay.
119
00:08:57.600 –> 00:09:01.279
Dan Deppen: And then… I kinda like having it in one page.
120
00:09:01.740 –> 00:09:02.760
Dan Deppen: Yeah.
121
00:09:04.120 –> 00:09:07.279
Wendy Zollner: I get it, like, there’s probably things we can take out.
122
00:09:17.380 –> 00:09:21.480
Dan Deppen: I think this one I can take out, because it’s a little redundant with the collections accounts.
123
00:09:21.480 –> 00:09:22.250
Wendy Zollner: Yeah.
124
00:09:24.700 –> 00:09:27.040
Dan Deppen: And I’ll just remove a space. There we go.
125
00:09:27.910 –> 00:09:34.219
Dan Deppen: Yeah, and then we’re good, and then, I’ll just save… just… I would go ahead and just save this as a PDF.
126
00:09:34.220 –> 00:09:36.280
Wendy Zollner: And then email it to the lender.
127
00:09:37.290 –> 00:09:38.090
Wendy Zollner: Okay.
128
00:09:38.090 –> 00:09:42.909
Dan Deppen: And that’s it. No, that was great, yeah. I mean, these are meant to be, like, pretty quick and simple.
129
00:09:43.160 –> 00:09:47.399
Dan Deppen: You know, we just do those for, like, the $1.99, and… but then, send him…
130
00:09:47.700 –> 00:09:50.999
Wendy Zollner: the PDF of this, you do not need to send them the spreadsheet.
131
00:09:51.080 –> 00:09:53.310
Dan Deppen: But then also include the credit report.
132
00:09:53.540 –> 00:09:57.760
Wendy Zollner: Okay. Let’s talk about the credit report real fast. Okay.
133
00:10:01.180 –> 00:10:05.990
Dan Deppen: just to… I guess we did a little bit of this, but just to give you my take on it. I mean…
134
00:10:10.490 –> 00:10:15.089
Dan Deppen: Basically, when you’ve got 12 charge-offs and 18 accounts and collections, like, you’re done.
135
00:10:15.290 –> 00:10:15.770
Wendy Zollner: Yeah.
136
00:10:15.770 –> 00:10:23.729
Dan Deppen: There’s nothing to look at. Yeah. I’m actually surprised their scores aren’t sub-500, because usually when you see that, it will actually go below 500.
137
00:10:24.170 –> 00:10:24.790
Wendy Zollner: Okay.
138
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Dan Deppen: The 6 inquiries… is weird, like… Are they…
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Dan Deppen: I don’t know what that is, like, that’s unusual.
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Dan Deppen: 9 disputes, like… So generally, like, these people are crumbums, basically, right?
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Wendy Zollner: Yeah.
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Dan Deppen: They just don’t pay anything, and then they just try to dispute stuff occasionally to see if they can get it to go away. Now, if you had, like, let’s say you had a different sort of borrower, like, let’s say their credit was…
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Dan Deppen: north of 700, and everything was clean, except for one account, and they disputed it? Oh, well…
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Dan Deppen: That’s probably a legit dispute.
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Wendy Zollner: Right, right.
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Dan Deppen: When you see a bunch of disputes, but then a bunch of jacked up accounts, like, unless these are the unluckiest people on the face of the planet.
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Dan Deppen: You know, that, that’s just… they’re, they’re just… they’re not gonna pay.
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Wendy Zollner: Yeah, no.
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Dan Deppen: But, you know, this particular client, he’s not asking us to tell us whether we think the borrower’s gonna pay or not.
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Dan Deppen: He’s just asking, like, what’s their income?
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Wendy Zollner: Yeah, okay.
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Dan Deppen: You know, so we give them the other data. But yeah, 523 is subterranean.
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Dan Deppen: The fact that they had a past bankruptcy is especially bad in a note, because
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Dan Deppen: you know, people tend to do that more than once, right? So what they’re gonna do is they’re gonna default on this bad boy.
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Wendy Zollner: Yep.
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Dan Deppen: And… When he starts foreclosure, they’ll file bankruptcy to delay it.
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Dan Deppen: And it looks like this is in… is the properties in Ohio, I assume, if these people live in.
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Wendy Zollner: Yeah, yeah, I think so.
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Dan Deppen: Yeah, so it’s a judicial state, so, like, that’ll be gnarly.
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Wendy Zollner: Oh, wow, okay.
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Dan Deppen: Right? Because you might have a one-year process to go through foreclosure, you get all the way through, you get up to the day of the sheriff’s auction, then they file bankruptcy. Now you’re going through the proof of claim and putting, you know, and that’s going to add, like, another year in expense to what stuff.
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Wendy Zollner: Yeah.
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Dan Deppen: But…
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Wendy Zollner: And when they blend the report, it was… it’s like… I don’t know if it matters, but I was, like, trying to figure out which one… I see the borrower’s B and the co-borrowers C over there, but it was hard to look at.
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Dan Deppen: Both of them at the same time. Yeah, so basically, J means joint, it’s in both of their names.
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Wendy Zollner: Okay.
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Dan Deppen: B means primary borrower, and C means co-borrower.
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Wendy Zollner: Okay.
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Dan Deppen: So… Oh, yeah, so delinquency, this is primary, primary, primary…
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Dan Deppen: But the collections is where this kind of matters.
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Dan Deppen: So, primary… When you see LVNV funding, that’s a company that buys bad credit card debt.
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Wendy Zollner: Okay.
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Dan Deppen: So that means it was bought, and that’s where usually they’ll tell you who the original creditor was?
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Wendy Zollner: Okay.
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Dan Deppen: So, Capital Bank, Petland, it looks like maybe that was, like, a credit card tied to a Petland store or something?
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Wendy Zollner: Okay.
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Dan Deppen: I don’t know what… some of this stuff, it’s hard to know what it is.
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Dan Deppen: And I don’t know if we need, like, a different kind of account to get this, but, like, if you click the links, like, they don’t work.
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Wendy Zollner: Oh.
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Dan Deppen: So I don’t know if that’s some other service or something… something? I don’t know, if I log in, maybe it’ll let me… no, I can’t… I can never get to those, so… Okay. I don’t… I’ve never asked them.
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Dan Deppen: Vive Financial…
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Dan Deppen: Credit… this looks like these are mostly credit cards. Okay, there’s our AT&T, so we’ve got our… Right.
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Wendy Zollner: Our mobile phone.
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Dan Deppen: mobile phone.
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Dan Deppen: Electronic Bank Disputed, Bank of Missouri…
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Dan Deppen: Original credit or 10 First Energy, so that’s maybe, like, a power bill or something.
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Dan Deppen: Or a gas bill.
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Dan Deppen: GEICO…
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Dan Deppen: But let me look at the… so this is… so some of these are co-borrower.
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Wendy Zollner: Yeah, it’s… yes, yes, the,
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Dan Deppen: But it’s mostly…
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Wendy Zollner: Hi.
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Dan Deppen: borrower, which, I mean, it doesn’t really matter, like, it’s such a shitshow, like, just, you know.
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Wendy Zollner: Yeah, I think 5 of the 18 were the co-borrower.
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Dan Deppen: Oh yeah, and they wiped an auto loan and bankruptcy. They’re gonna wipe those three…
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Wendy Zollner: Yeah.
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Wendy Zollner: And then, did you see what was the inquiries for?
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Dan Deppen: Oh.
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Wendy Zollner: More auto loans.
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Dan Deppen: Banking, finance, auto, Hyundai. I got 4 cars, like, why do you need another car?
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Wendy Zollner: I know.
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Dan Deppen: Oh yeah, Auto, Hyundai.
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Dan Deppen: I think Ally does… yeah, like, why are they shopping for cars? Like, what’s the deal with the cars? I don’t know.
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Wendy Zollner: I don’t know.
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Dan Deppen: I mean, and I’m curious what…
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Dan Deppen: kind of cars they are, because I think these were pretty healthy.
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Wendy Zollner: Yeah, they’re pretty substantial.
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Dan Deppen: They borrowed 37K…
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Wendy Zollner: I’m like, $800 a month car payment right there in that one car. I don’t know if there’s a real correlation, but in… what I’ve noticed is… I would call it, like, I don’t know if poor people is the right word, but…
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Wendy Zollner: Maybe, maybe it is, but that… the more… the lower the income, the more cars you have.
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Wendy Zollner: I don’t know. Yeah, that’s a thing, like, I don’t know, and I think of, like.
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Dan Deppen: Where I was originally from in central Pennsylvania, it’s kind of like the coal mining areas, and then when I was 10, my family moved to Florida, but we get back there now and then. I was actually just back there last fall.
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Dan Deppen: But, like, growing up till I was 10, just knowing, like, my dad’s friends and stuff, you know, it’s like a little coal mining town, there’s not a lot going on there.
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Dan Deppen: people are very into their cars and stuff, and it’s like, I hung out with my uncle, and he had this, like, new truck, and…
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Dan Deppen: my one cousin, like, works at a shop that, like, does, like… I don’t know, it’s just, like, a cultural thing. People like their cars, like, it’s just…
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Wendy Zollner: Yeah.
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Dan Deppen: It’s a priority, whereas,
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Dan Deppen: Yeah, I mean, my car’s decent, but it’s more of a necessary evil, you know? It’s like.
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Wendy Zollner: Yeah.
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Dan Deppen: Yeah.
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Wendy Zollner: Yeah, exactly. It’s like, ugh.
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Wendy Zollner: Anyway…
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Dan Deppen: So, anyhow, yeah, but that’s… yeah, no, great job on that. Yeah, so just ship that off to him, and
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Dan Deppen: We’ll call it good, so…
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Wendy Zollner: Thanks for going over that with me.
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Dan Deppen: But I think everything else is looking good. I kind of triaged some of the emails this morning, and…
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Dan Deppen: I know, like, you’re probably about done now, but then Christine will be on later, and I like how,
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Dan Deppen: There are fewer deals in the active pipeline, like, that shrunk, like, at one point, there were, like, 30-some, but most of them were just, like, dead.
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Wendy Zollner: Right.
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Dan Deppen: And now we’ve got, like, this smaller number.
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Dan Deppen: But they’re turning over and converting to revenue, so it’s like, the actual number of deals in the queue.
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Wendy Zollner: Hmm.
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Dan Deppen: has shrunk.
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Dan Deppen: But then, like, the revenue flowing through the pipe.
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Dan Deppen: has increased, and I think it’s just because
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Dan Deppen: when things are dead, we’re clearing them out. We’re better about, like, following up and pushing them kind of up or out and through, and…
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Dan Deppen: you know, some of the new policies, like, we’re just making sure we get paid before we move on, and so, yeah, that whole thing, I like how it’s getting, like, just a lot.
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Dan Deppen: Cleaner.
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Wendy Zollner: That’s good, good. I’m glad.
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Dan Deppen: Yeah.
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Wendy Zollner: smoother.
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Dan Deppen: So now I’m working on… I’ve got, on the note buying side, I’m gonna… I’m trying to kick off, like, a note accelerator thing.
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Dan Deppen: And then I’m gonna do a launch pad relaunch, so I’m getting all that stuff kind of queued up.
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Wendy Zollner: Cool.
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Dan Deppen: This week, but then, I’m gonna start feeding I’m gonna build a…
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Dan Deppen: kind of a special email sequence for new people, and when I start pulling Contacts, and scrubbing them, and…
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Dan Deppen: Throwing them through the pipe here.
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Wendy Zollner: Nice. Okay.
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Dan Deppen: directly, so hoping to see, like, an increase in activity from that. I don’t know how much of a time lag there will be, you know, because…
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Dan Deppen: People submit stuff when they have a deal, so it’s not like…
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Wendy Zollner: Right.
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Dan Deppen: transactional. You gotta… you gotta start, like, the pipe, and then it’ll take some amount of time for stuff to start showing up, so…
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Wendy Zollner: Yeah, yeah, and probably a few… a few touchpoints before they, like, remember to call the underwriter.
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Dan Deppen: Yeah, but I think the William Tingle thing would be good, too, because he’s got, like, 60, 70 people in his group, and I mean, they are doing, like, sub-twos, like, they’re creating notes as, like, part of what they…
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Wendy Zollner: Yeah.
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Dan Deppen: John.
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Wendy Zollner: That’s cool. That’s very cool.
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Dan Deppen: So I think that’ll be, like…
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Dan Deppen: really good, and he’s a pretty squared-away guy, too, it seems like. Like, some of those people are kinda…
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Dan Deppen: All over the place, or they… you know…
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Dan Deppen: or they have students that do wacky things, like… like the guy on this file, that’s a Michael Keir student.
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Wendy Zollner: Yeah.
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Dan Deppen: You know, and they… I don’t like your model to begin with, and then, yeah.
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Wendy Zollner: Right, so it’s better to partner with the people that are more aligned with, like, how you think.
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Dan Deppen: Yeah, and I’m also setting up the affiliate thing, because…
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Wendy Zollner: Cool, okay.
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Dan Deppen: WMS, like, basically, the deal…
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Dan Deppen: He goes, you’re doing an affiliate thing? I’m like, yeah, I can give you, like, 20% of revenue for people you refer. And then he goes, well.
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Dan Deppen: What about this? What if you gave me 10% and you gave, like, a 10% discount to the students?
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Dan Deppen: So I’m also, like… I’m like, yeah, but I gotta build the plumbing for that, because this
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Dan Deppen: Like, you know, you can’t do, like, an off-the-shelf, like, affiliate for a digital pro… you know, this is different.
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Wendy Zollner: Yeah.
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Dan Deppen: So I’m getting that built out, and then I had a conversation with Mark Monroe earlier. I don’t know if you know him.
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Wendy Zollner: –
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Dan Deppen: he’s got… On… he’s got this Facebook group for seller finance.
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Dan Deppen: It’s called Seller Financing Homes.
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Dan Deppen: Should just pop up, because, hold on, where is it?
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Wendy Zollner: Just…
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Dan Deppen: I have so much… like, I never go on Facebook, but I have… oh, this one.
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Wendy Zollner: There, okay, there you go.
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Dan Deppen: So he’s got this group.
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Dan Deppen: 205,000 people in it.
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Wendy Zollner: Wow, cool.
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Dan Deppen: So he’s got multiple people just moderating spam.
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Dan Deppen: A year ago, this was, like, 160.
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Dan Deppen: Okay. He’s spending $1,500 a month just to moderate, just to keep this thing under control.
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Wendy Zollner: Wow. Wow.
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Dan Deppen: And he’s like, I don’t really have a way to monetize it.
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Dan Deppen: So, I’m gonna set him up.
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Dan Deppen: With a 20% affiliate deal that he’s gonna promote within this group.
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Wendy Zollner: Oh, that’s a good idea.
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Dan Deppen: That’s gonna be friggin’… yeah.
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Wendy Zollner: Wow, that’s cool. That’s huge, Dan.
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Dan Deppen: Yeah, so that could be good, because I’ve, like, occasionally posted in these groups, but it’s tricky because it’s, like.
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Dan Deppen: I want to post in there, but, you know, you don’t want to just advertise, you want to be, you know, it’s kind of
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Dan Deppen: And then it becomes work, like, to come up with something that does that, so I think what I’m gonna do is…
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Dan Deppen: Then approach more of these people with these groups and say, hey, like.
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Dan Deppen: If you want to promote this within the group, I’ll give you a link, and you can get this, you know.
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Wendy Zollner: I like it.
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Dan Deppen: people will go for that, so I think I’ll get a lot of mileage. So, I really appreciate, like, you and Christine kind of just…
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Dan Deppen: Getting a lot of this, like, file stuff done, because now it frees me up to do this stuff.
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Dan Deppen: Put more in the pipe.
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Dan Deppen: And then you’re also beefing up the SOPs, so then when the time comes, the more goes on the pipe, like, I’ll need additional help.
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Dan Deppen: Then it can… yeah, so that’s… that’s all, you know.
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Wendy Zollner: Yeah.
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Dan Deppen: Kinda.
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Dan Deppen: Chunk… chunking along, so…
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Wendy Zollner: Yeah, chug it along.
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Dan Deppen: Yeah, so…
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Wendy Zollner: Cool.
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Dan Deppen: Alright, cool. Well, thanks for all your help with that, but yeah, I’ll be around today, but…
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Dan Deppen: On different things, but yeah, just send me a text or give me a holler if you need anything, so…
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Wendy Zollner: Okay, cool. Thanks, Dan.
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Dan Deppen: Alright, Antonio, talk to you later.
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Wendy Zollner: Bye.
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Dan Deppen: But…
========================================
FILE: CTU_Training_-_Zoho_Active_Deals_Pipeline_and_Term_Sheet_Workflow_01-15-2026.txt
CTU TRAINING TRANSCRIPT
Topic: Zoho CRM Active Deals Pipeline and Term Sheet Automation
Stage of Loan Process:
Deal Intake / Loan Processing Setup
Systems Discussed:
Zoho CRM
Zoho Flow
CTU Active Deals Pipeline
Summary:
Dan explains how a submitted lender term sheet automatically creates a deal in Zoho, triggers workflow automations, and begins the borrower document collection process. The Zoho pipeline tracks deal status, borrower documentation (credit authorization, loan application, income docs), and internal comments and actions.
Key Concepts:
- Term sheet submission triggers automations
- Zoho creates a new deal record
- Zoho Flow creates lender account records
- Active Deals Pipeline tracks processing status
- Document collection status for Borrower 1 and Borrower 2
- Internal comments and action tracking
Below is a transcript of an internal CTU training call.
Sources:
Internal CTU training call between Dan Deppen and Wendy Zollner.
Training Index File
Zoho Active Deals Pipeline – How term sheet submission automatically creates a Zoho deal, lender account, and borrower document tracking workflow.
WEBVTT
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Wendy Zollner: Alright, awesome.
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Dan Deppen: So don’t feel like you have to, like, just remember.
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Dan Deppen: All that stuff. But we’ve got this, CTU Active Deals Pipeline.
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Dan Deppen: And so these are the deals that are actually, like, active, and something is going on with them.
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Dan Deppen: But when that term sheet gets submitted, It’ll create a deal.
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Dan Deppen: And then it’ll have… like a workflow status. Okay, so this term sheet came in on 1-5.
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Dan Deppen: And then…
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Dan Deppen: We’ll need to get, like, the credit authorizations and loan applications and income docs, so it’ll tell us the status of those.
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Dan Deppen: And then it has it for two borrowers, and then it kind of knows, like, on the term sheet, they’ll tell us if there’s one borrower or two. If there’s one borrower, then for the borrower 2, it’ll just kind of say NA.
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Dan Deppen: And then we’ve got, like, other statuses, and then these are, like, the comments where we’ll update stuff.
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Dan Deppen: And then if there’s actions that need to take place, we’ll put those.
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Dan Deppen: in there.
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Dan Deppen: One of the other things that happens… in Zoho Flow, is based on…
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Dan Deppen: The lender name and the company name.
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Dan Deppen: That’s how it creates, like, the customer account within Zoho.
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Dan Deppen: And so that will get created as part of the process, too.
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Dan Deppen: So in Zumbra…
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Wendy Zollner: account, is that, like, the borrower, basically, or the…
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Dan Deppen: a lender.
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Wendy Zollner: Okay.
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Dan Deppen: Like the customer, the lender. The borrowers don’t really have accounts.
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Wendy Zollner: Okay, so you could have one lender with… that has many borrowers going through.
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Dan Deppen: Yes. Okay. Yep, yep. Yeah, so the term sheet comes in, the CRM deal gets created, the customer account will get created.
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Dan Deppen: And so in Zoho… so there’s other… there’s a lot of stuff that’s happening outside of Zoho Flow.
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Wendy Zollner: Okay.
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Dan Deppen: But then this will, like, fetch the customer.
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Dan Deppen: So the term sheet coming in kicks this off. It’ll grab the customer associated with the term sheet.
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Dan Deppen: And then it’ll grab the deal. It’s got this delay because… you know…
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Dan Deppen: the Forms app will actually create the CRN deal, but, you know, that can take a little bit of time, and so these might run at different speeds, so some of these automations just have little delays in them, so that
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Dan Deppen: It syncs up.
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Wendy Zollner: Okay.
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Dan Deppen: And then, for emailing, Zoho also has the Zoho campaigns.
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Dan Deppen: So, I actually use this for the, email list.
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Wendy Zollner: Okay, cool.
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Dan Deppen: That’s not what I wanted.
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Dan Deppen: So this is the actual email list.
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Dan Deppen: 1304, and then there’s some other…
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Dan Deppen: Stuff… so the lender will also get added to this list.
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Wendy Zollner: Okay.
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Dan Deppen: When it comes in.
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Dan Deppen: And then it goes and looks and says, is this a new customer or not? Like, does that customer already exist now?
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Dan Deppen: This is not… really a foolproof thing, because if you look at the way that the customer names are.
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Dan Deppen: or the accounts are created in the CRM,
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Dan Deppen: It’s the company name they put dash, and then the lender’s last name.
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Dan Deppen: So sometimes, like, People will,
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Dan Deppen: Spell the same thing different ways.
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Wendy Zollner: Okay.
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Dan Deppen: You know, so there’s duplication, right? So, like, AM pion, AM pion…
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Dan Deppen: So, it might flag it as somebody new when they’re really not.
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Wendy Zollner: Okay.
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Dan Deppen: It’s not that big a deal. At this point, I don’t have a great fix.
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Wendy Zollner: Okay.
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Dan Deppen: for that.
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Dan Deppen: So, if they already… and then… so, if they don’t already exist as a customer.
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Dan Deppen: Then it will create one.
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Dan Deppen: And from there, these flows are, like, the same. So if the customer exists, it kind of grabs that customer entity.
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Dan Deppen: And if it doesn’t, then it makes one.
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Wendy Zollner: Okay.
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Dan Deppen: And then it creates the invoices. So, I might have mentioned before, but we invoice in two stages.
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Wendy Zollner: Yeah.
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Dan Deppen: So it’s $7.99, but this will create invoice 1 and Invoice 2.
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Dan Deppen: And then it will send Invoice 1 automatically.
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Wendy Zollner: Okay.
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Dan Deppen: So it creates the 199 invoice and sends it to them.
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Dan Deppen: And then it also creates invoice 2.
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Dan Deppen: Now, it doesn’t, send InvoiceTo, because we don’t send invoice to until…
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Dan Deppen: The lenders approved a loan estimate, like, down the line.
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Wendy Zollner: Okay.
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Dan Deppen: So what happens is, invoice 2 just gets saved as a draft.
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Wendy Zollner: Okay.
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Dan Deppen: So the way it looks… In the invoices module.
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Dan Deppen: And by the way, this is one of my
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Dan Deppen: big problems I’m working on that I’ve put new processes in place for. This is my outstanding balances.
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Wendy Zollner: Yeah.
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Dan Deppen: No bueno.
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Dan Deppen: I’ll tell you what, you thought.
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Dan Deppen: It’s kind of interesting, because these people are supposed to be underwriting borrowers to make sure they pay, and these are some of the least credit-worthy folks.
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Dan Deppen: Out there, so…
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Wendy Zollner: Yeah.
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Wendy Zollner: But like…
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Dan Deppen: But, like, what it’ll do, so, like, this one, Messer 117 Church.
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Dan Deppen: You know, so it created… so, like, this is invoice 1, this is invoice 2.
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Dan Deppen: for $199 and $600. And then, this is maybe a better example.
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Dan Deppen: Right? So, like, this first invoice, $199, it got sent, they paid it.
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Dan Deppen: We haven’t sent the loan estimate yet, so Invoice 2 is set as a draft.
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Wendy Zollner: Okay.
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Dan Deppen: And then, we’ll get into this later, but then… so basically, invoice 2 we send manually, so when it’s time to send it.
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Dan Deppen: You know, you’ll just pull up.
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Dan Deppen: That one will make a couple changes, like change it to today’s date.
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Dan Deppen: And then send it off.
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Wendy Zollner: Okay.
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Wendy Zollner: So that one is… it doesn’t get triggered automatically, you have to remember to go back in and submit that second invoice.
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Dan Deppen: Yep.
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Dan Deppen: And it’s really kind of, like, all part of the SOPs, like, once you get into the flow.
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Wendy Zollner: Okay.
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Dan Deppen: It’s kinda easy. The thing, too, like, if we look in the, CRM,
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Dan Deppen: And I added this relatively recently.
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Dan Deppen: But in this deal status field, these are, like, standard statuses.
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Dan Deppen: like, an order, right? So when it comes in, like, we’re missing everything.
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Dan Deppen: Maybe we’re ready to start the file. Maybe we don’t have everything, but we could start the file if we wanted to.
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Dan Deppen: And then, you know, ready to send the LE, and then after we’ve sent the LE, we’re waiting for the review, then we send the LE to the borrower, you know, so…
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Dan Deppen: It’s just all kind of part of the… The flow.
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Wendy Zollner: It kind of… this part kind of looks a little bit like Pipedrive that you used for… Same thing, I mean, it’s just another CRM.
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Dan Deppen: In fact, recently.
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Dan Deppen: So that I didn’t have to pay for two CRMs. I had Wendy move all the FusionNote stuff into here.
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Wendy Zollner: Oh, cool.
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Dan Deppen: It’s treated separately for what we’re doing, you can sort of ignore it.
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Wendy Zollner: Okay.
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Dan Deppen: But in case you see that stuff.
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Dan Deppen: There’s another view somewhere for Fusion Notes Pipeline.
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Wendy Zollner: Oh, okay.
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Dan Deppen: So that stuff’s actually in here.
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Wendy Zollner: Oh, cool, okay.
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Dan Deppen: as well.
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Dan Deppen: different company, different deal, but I’m like, why am I paying $88 a month to Pipedrive? I’m already paying Zoho, I can just…
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Wendy Zollner: Yeah.
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Dan Deppen: it.
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Wendy Zollner: Yeah.
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Dan Deppen: from within here.
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Dan Deppen: Yeah, and then… so that’s about it on…
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Dan Deppen: Zoho Flow, but then the other stuff that happens within Deluge, so Zoho also has this thing called Deluge, which you can use for programming automations.
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Wendy Zollner: Okay.
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Dan Deppen: That one’s a little beyond me, I haven’t gotten into that. I’ve got a guy…
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Dan Deppen: in, like, India or something, on Upwork, when I need stuff there, like, he can do them for me, it’s pretty good.
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Dan Deppen: But he’s done some, you know, fancier stuff.
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Dan Deppen: for me there.
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Dan Deppen: So the other thing that happens…
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Dan Deppen: So, for the application, auth, and income, we have different Zoho forms.
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Wendy Zollner: Okay. So within, like, the Zoho Forms module.
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Dan Deppen: A lot of this stuff you can ignore.
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Dan Deppen: And there’s also Spanish versions of these forums.
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Wendy Zollner: Okay.
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Dan Deppen: But, like, this is the income documentation upload form.
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Dan Deppen: The loan application, the actual term sheet.
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Dan Deppen: The other thing that’s important to know, like, later on we’ll talk about how, like, when people submit their stuff to us, how it comes in, it usually comes in over email.
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Dan Deppen: sometimes, whatever, we don’t see it, or emails get lost, or deleted, or whatever. If you ever have a case where somebody’s like, hey, I sent my authorization form in, but we don’t see it, and it’s not anywhere.
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Dan Deppen: You can go into Zoho Forms, and you can go All Entries.
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Dan Deppen: And anything that was sent was in here.
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Wendy Zollner: Cool.
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Dan Deppen: You know, so you can… so there’s typically multiple ways to get at any… part of data.
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Wendy Zollner: Okay.
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Dan Deppen: But…
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Dan Deppen: And then there’s, like, standard links to these forms, right? So one of the challenges I was having before, too, was
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Dan Deppen: especially when these forms were analog, people would send stuff in, they’re like, who is this person?
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Dan Deppen: And, you know, spend lots of time just trying to figure out, like, what deal does this even go to, you know?
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Dan Deppen: So, the way these work now… when the… CRM deal is created.
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Dan Deppen: Oh, the other thing, too, is when it creates those invoices.
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Dan Deppen: it populates the CRM with the deal, so, like, it adds the numbers for invoice 1 and Invoice 2.
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Wendy Zollner: Nice.
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Dan Deppen: And now, these automations are a little touchier, but it seems to be fixed now. When someone pays an invoice, that will… should update, too, with the date.
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Wendy Zollner: Okay, cool.
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Wendy Zollner: It also puts the links to the invoice, like, should you need it or someone wants a link, they’re just there.
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Wendy Zollner: Okay, and when they pay the invoice, that still goes through Zoho, the payment? Or do you have.
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Dan Deppen: Yeah, yeah, so when… when people pay within Our invoices, they actually get
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Dan Deppen: There’s actually a few options. So right now, I’ve got everything going through Zoho Payments.
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Wendy Zollner: Okay.
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Dan Deppen: And when they do that, they can pay by credit card, or they can do ACH.
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Wendy Zollner: Okay, cool.
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Dan Deppen: Now, what I haven’t set up yet that I’m gonna do before too long, Is allow people to,
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Dan Deppen: leave ACH on file so we can just do a pull. You know how, like, with loan servicers, right? Like, when they charge me for
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Dan Deppen: loan servicing, I’m not, like… paying them, we have an ACH agreement, they just debit my bank account.
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Wendy Zollner: Right.
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Wendy Zollner: Yep.
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Dan Deppen: And so, one of the things I’m going to do, because right now I’m not charging transaction fees, so I get kind of eaten alive on, like, 3% transaction fees.
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Wendy Zollner: Yeah.
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Dan Deppen: at some point later this year, I’m gonna change it where I’m like, hey, pricing’s the same.
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Dan Deppen: But if you use credit card or whatever, then there’s a… then there’s a transaction fee equal to what we pay. But if you want to put your ACH on file.
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Dan Deppen: Where we’ll just debit you when it comes in, then there are no transaction fees.
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Wendy Zollner: Yeah.
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Dan Deppen: So, I think…
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Wendy Zollner: Good incentive, yeah.
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Dan Deppen: That will help a lot, and that will also help with… Chasing down these Yahoos.
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Wendy Zollner: Yeah.
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Wendy Zollner: Yeah.
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Dan Deppen: this stuff. And then, we’ll get into it later, too, but I’ve also adjusted
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Dan Deppen: policies for now, like, if somebody’s new, or somebody’s tagged.
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Dan Deppen: As a slow payer, or they’ve got an open invoice.
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Dan Deppen: well then, we’re not gonna move their stuff past a certain point until they pay the invoice. Now.
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Dan Deppen: Most of the other people, like, who have done stuff with us, and they’re good, like.
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Dan Deppen: We’re just gonna forge ahead.
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Wendy Zollner: So we’re really gonna do some discrimination between people, so it’s like.
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Dan Deppen: People who were in the bad bucket, or new, or people who were, like, established, and it’s like, okay, they paid their bills.
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Dan Deppen: And we’re gonna treat them.
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Dan Deppen: Very differently. And I’ve banned a couple people, too.
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Wendy Zollner: Yeah, okay.
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Dan Deppen: It’s like, yeah, sorry, like, we’re not… Doing this.
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Wendy Zollner: About doing work for free, so you can, you know…
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Dan Deppen: Yeah, it’s funny too, right? Like, it’s a known thing, but the people who are…
189
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Dan Deppen: The most challenging to get to pay are also the biggest pain in the butt.
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Wendy Zollner: Yeah.
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Dan Deppen: You know, it’s just… it goes… it’s funny how that goes together.
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Dan Deppen: But where I was heading with this is…
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Dan Deppen: So, going down, so a lot of this invoice stuff populates automatically. Now, if they enter the account the right way.
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Dan Deppen: if they have flags, it will show up here, right? So remember, like, in flow, it kind of says whether it’s a new customer or an existing one. So it’ll tell you here in the CRM, okay, they’re a returning customer.
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Dan Deppen: And there’s no flags.
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Wendy Zollner: Okay.
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Dan Deppen: So you would kind of know, like, let’s say the borrower submitted all their information, I could start the file.
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Dan Deppen: There’s no other files to start, but they haven’t paid the invoice.
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Dan Deppen: Well, as a returning customer, there’s no flags.
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Dan Deppen: You can just forge ahead, start entering the file, because we know it’s going to work out.
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Wendy Zollner: Right, okay.
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Dan Deppen: If they were new, or if they were tagged as, like, a bozo, well then, it’s like, yeah, sorry, we’re gonna wait. Maybe we’ll send them a reminder. Hey, we got all this stuff.
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Dan Deppen: But we got this invoice, like, just get this taken care of and we’ll get going on this.
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Wendy Zollner: Okay, yeah, that’s fair.
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Dan Deppen: Yeah.
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Dan Deppen: And then, this section just kind of fills automatically, we don’t really have to do much with this.
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Dan Deppen: And then there’s, like, the lender… so this is populating from the term sheet.
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Wendy Zollner: Okay.
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Dan Deppen: And then another field to kind of keep an eye on, sometimes I meant to move this up higher.
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Dan Deppen: But at the end of the term sheet, there’s a field that just says, special notes, anything we should know.
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Dan Deppen: And so, sometimes they tell us something like.
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Dan Deppen: Hey, I’m creating a first and a second, or hey, there’s some weird… thing.
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Dan Deppen: Sometimes people have those weird things, they don’t put it anywhere.
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Wendy Zollner: And then they get mad that we didn’t know. It’s like, we never knew about that.
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Dan Deppen: And then subject property, loan terms, borrower… now… Jumping down to the bottom.
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Dan Deppen: When this gets created, this also creates custom links for the authorization application and income docs.
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Wendy Zollner: Okay.
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Dan Deppen: So these link to the normal form, like, this is our… Credit authorization form.
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Dan Deppen: So, CRS that we use for credit.
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Dan Deppen: They require us to have this, and even though it’s special to call the underwriter, like, they had to approve it.
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Wendy Zollner: Okay.
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Dan Deppen: And so they can do audits, right? So they can come back and go, hey, send us the…
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Dan Deppen: Auth forms for these 5…
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Dan Deppen: credit reports you pulled. Now, it’s funny, they haven’t audited me once in, like, a year and a half, but… Wow.
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Dan Deppen: But if they did, and we didn’t have them, it would be a big problem.
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Wendy Zollner: Okay.
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Dan Deppen: But… these links are associated with the CRM deal.
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Dan Deppen: So when someone, say, fills out the loan application using this link, Then, it fills in…
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Dan Deppen: All the borrower info.
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Wendy Zollner: Okay, cool.
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Dan Deppen: blah, blah, blah, blah, blah. Now, it’s not quite…
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Dan Deppen: If they make a mistake, it can goof this up.
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Dan Deppen: Because what this does is… in our loan application, this is basically the Fannie 1003 form.
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Wendy Zollner: Okay.
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Dan Deppen: with our version of it. So when I built this, I just went down on the 1003 form.
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Dan Deppen: Because you’ll find that everything in here maps.
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Dan Deppen: to what’s in the loan origination software. So even though it’s our form, it’s really a 1003.
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Wendy Zollner: Okay.
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Dan Deppen: But when it asks them here, I’m the only borrower.
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Dan Deppen: Or, there’s 2 borrowers on the primary, two borrowers on the co-borrower.
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Wendy Zollner: Okay.
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Dan Deppen: If they say I’m the only borrower, or I’m the primary.
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Dan Deppen: Then, when this fills in, it’ll fill in on the primary borrower’s side.
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Wendy Zollner: Okay.
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Dan Deppen: If they say there’s two borrowers and I’m the co-borrower, then it will fill on the right side.
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Wendy Zollner: Now, if one of the borrowers fills that correctly, and the other.
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Dan Deppen: Like, if one says… if they both say they’re the primary.
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Dan Deppen: Then the second one that submits is going to overwrite the first.
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Wendy Zollner: Oh, okay, yeah.
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Dan Deppen: Which is okay, because we’ve still got… all the data.
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Dan Deppen: In here, it’s just maybe not as convenient.
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Wendy Zollner: Okay.
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Dan Deppen: And, you know, there’s really nothing… and I have had a few people do that, there’s not much you can do.
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Wendy Zollner: Okay.
255
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Dan Deppen: to stop them.
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Dan Deppen: But that is super helpful as well, right? And then there’s some other automations so that when these get filled out.
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Dan Deppen: That is what is triggering these things up here, right? So if someone submits
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Dan Deppen: Through that auth link, and they said they were primary.
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Dan Deppen: then Auth1 status updates. If they submit that auth link and they said they were the co-borrower.
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Dan Deppen: Then it updates this one.
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Wendy Zollner: Cool, okay.
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Dan Deppen: Now, I gotta fix some things. Like, it’s funny, so some of these automations are, like, rock solid.
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Dan Deppen: Others are like, meh, and I’m… tweaking them.
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Wendy Zollner: Hi.
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Dan Deppen: The updates for the app and all statuses are really good. For income, it’s been a little sketch, so I gotta figure out what’s going on.
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Wendy Zollner: Okay.
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Dan Deppen: There.
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Dan Deppen: But that’s a lot of the stuff that happens behind the scenes, and the other thing that I just put in, but I’ve not included in Zoho Flow yet.
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Dan Deppen: Oh, and it wasn’t even created in this, but this client acknowledgement pricing disclosure form.
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Dan Deppen: So the new term sheets that are created, there will be another link here.
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Dan Deppen: And I need to go into Zoho Flow and update it. So for the one where it’s a new customer.
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Dan Deppen: It will send them this client acknowledgement form.
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Dan Deppen: And that’s something new for… for this year.
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Dan Deppen: Cuz… you know, some people are new, they don’t know, or maybe I spent…
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Dan Deppen: Half an hour talking to them on the phone, they don’t remember, whatever.
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Dan Deppen: It’s this one…
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Dan Deppen: And so, when somebody’s new, it asks them to fill out this, and this is just basically, here’s how everything works.
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Wendy Zollner: So we kind of level set, right? Because the previous owners did things a different way, I changed a bunch of stuff, and then I’ve, over time, like, changed little things. Right.
279
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Dan Deppen: So, it just basically means, like, Here’s the pricing structure.
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Dan Deppen: And then a big one, and this just came up this morning.
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Dan Deppen: Lender responsibility for invoices, so because
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Dan Deppen: We work on behalf of lenders, and not consumers. Legally, we have to invoice the lender.
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Dan Deppen: Now… sometimes, They will forward the invoice to the borrower and ask them to pay it.
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Dan Deppen: They can do that.
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Dan Deppen: But…
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Dan Deppen: If they have the borrower pay an invoice, and then for whatever reason they don’t close the loan, they have to refund them.
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Dan Deppen: Right? I mean, that’s a big consumer no-no to collect a fee from somebody to apply for a loan and then not give them a loan. Like, you cannot do that. And what happened this morning was when Knucklehead…
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Dan Deppen: had forwarded invoice to a borrower, borrower paid it, we did the review. My advice to him was.
289
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Dan Deppen: This could be compliant, but it’s super risky. I don’t know.
290
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Dan Deppen: He didn’t move forward, which was fine, but then he wouldn’t refund the borrower.
291
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Dan Deppen: So the borrower submitted a, charge dispute.
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Dan Deppen: through Zoho.
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Wendy Zollner: Okay.
294
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Dan Deppen: Wow.
295
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Dan Deppen: which, even though I’m not the one that did it, I want no part of that, so I just, like.
296
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Dan Deppen: Accepted the dispute and, you know, put in the thing, and said, hey, we… because the…
297
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Dan Deppen: Borrower who submitted the dispute said he didn’t get the service.
298
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Dan Deppen: But you didn’t get the loan, but we delivered the honor, so I said.
299
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Dan Deppen: We delivered what we were supposed to do, but our policy, if someone wants a refund, we give it to them, so we’re accepting the dispute, blah blah blah, give the consumer their money, because I don’t want to get into a thing where consumer complains.
300
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Wendy Zollner: Yeah, really.
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Dan Deppen: And then I emailed both the borrower and the lender, and I said, hey, like, Here’s what happened.
302
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Dan Deppen: We delivered the income review, If you didn’t move forward, you need to refund him.
303
00:22:01.690 –> 00:22:06.980
Dan Deppen: since you didn’t, and we had the dispute, I paid it, and, like, this $15 fee.
304
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Dan Deppen: So I’m like, you owe me for that, and I sent him an invoice for that, and I said, you are…
305
00:22:12.240 –> 00:22:19.480
Dan Deppen: we’re not doing anything for you until you pay that. And so I tag him… I tagged all that stuff in the CRM, so if that comes through that way, like…
306
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Dan Deppen: You’ll see that.
307
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Wendy Zollner: Yeah, so, so are you, as a result of that, like.
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Wendy Zollner: you really don’t want them to forward the invoice to the borrower at all, right? Because that… obviously, that…
309
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Wendy Zollner: can happen.
310
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Dan Deppen: They can, and I don’t care if they do, this is the only time that’s ha- this is the first time that’s happened.
311
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Wendy Zollner: Okay.
312
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Dan Deppen: 18 months.
313
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Wendy Zollner: Okay, cool.
314
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Dan Deppen: And…
315
00:22:45.950 –> 00:22:53.580
Dan Deppen: you know, so it’s not like it’s been an ongoing thing, but I’ve got this thing kind of spelled out, like, hey, if you’re gonna do that.
316
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Dan Deppen: This is what you gotta do.
317
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Wendy Zollner: Yeah.
318
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Dan Deppen: One of the things that lenders don’t understand, right, is they…
319
00:23:02.260 –> 00:23:04.569
Dan Deppen: or a mistake I feel like they make.
320
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Dan Deppen: Is they want us to give them the answer that they want to hear.
321
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Wendy Zollner: Right.
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Dan Deppen: And from their perspective, it’s almost like, I’m paying you to tell me that my loan is okay.
323
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Dan Deppen: And if you didn’t tell me my loan is okay, I didn’t get any value. That’s actually not true.
324
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Wendy Zollner: Right.
325
00:23:23.100 –> 00:23:27.860
Dan Deppen: Because if you think about it, like, I find this borrower, we’re under contract, I’m gonna take this loan.
326
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Dan Deppen: And it was gonna be a bad loan, and then I find out it was gonna be a bad loan, so I can stop and do it differently.
327
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Dan Deppen: That’s a tremendous value for.
328
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Wendy Zollner: status.
329
00:23:37.760 –> 00:23:46.750
Dan Deppen: 200 bucks versus, like, the nightmare of the non-performing loan and the, you know, all of that, you know.
330
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Wendy Zollner: Nope.
331
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Dan Deppen: Now, the other thing, too, I’ve learned is…
332
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Dan Deppen: You know, these are, like, the note creator people.
333
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Dan Deppen: There’s a little bit of overlap with the note buying people, but not a lot.
334
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Wendy Zollner: Okay.
335
00:24:02.900 –> 00:24:06.250
Dan Deppen: You know, they are distinctly different crowds.
336
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Wendy Zollner: Okay.
337
00:24:07.580 –> 00:24:17.360
Dan Deppen: You know, like, I had created a handful of notes where I’d done, you know, non-performers, get REOs, sell them, but it’s kind of a corner case. Like, a lot of these people are, like, cash buyers, fix and flippers.
338
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Wendy Zollner: Okay.
339
00:24:18.530 –> 00:24:22.639
Dan Deppen: and other stuff. And, you know, it’s interesting how some of them
340
00:24:23.310 –> 00:24:25.830
Dan Deppen: Are shocked to learn that you can even, like, sell a loan.
341
00:24:26.690 –> 00:24:29.579
Dan Deppen: Oh, really? You can… so, yeah, it’s faster, like, you can do whatever you want that.
342
00:24:29.980 –> 00:24:36.020
Dan Deppen: I’m like, you could even sell a partial if you want, and that blows their mind, like, what? Like, yeah, you can do all, like…
343
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Dan Deppen: So it’s interesting, the mindset of the two crowds.
344
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Wendy Zollner: Yeah.
345
00:24:40.670 –> 00:24:43.950
Dan Deppen: And sometimes they don’t understand, it’s like…
346
00:24:45.850 –> 00:24:57.049
Dan Deppen: you’re creating this loan, like, you’re expecting to collect payments, it’s like a big deal if you don’t get them. And, you know, since they don’t come from the note world, like, a lot of these people, they may have experience with evictions, but not foreclosures.
347
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Wendy Zollner: Right, okay, yeah.
348
00:24:58.330 –> 00:25:04.600
Dan Deppen: And a lot of times, they kind of, in their head, are thinking, like, Foreclosure equals eviction.
349
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Dan Deppen: No, that ain’t the case.
350
00:25:07.640 –> 00:25:08.400
Wendy Zollner: Yeah.
351
00:25:08.400 –> 00:25:12.520
Dan Deppen: So that… Kind of runs people amok.
352
00:25:13.170 –> 00:25:18.290
Dan Deppen: some time, and so that’s where I had this borrower payments and refund responsibility.
353
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Dan Deppen: And then it kind of says, okay, we’re not starting until you pay the first invoice.
354
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Dan Deppen: And it’s nice too, right, because the existing people aren’t gonna get this, and we’re just gonna work their stuff.
355
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Dan Deppen: And then second invoice, we want that paid before we… we’ll send it when we send the LE, but then we’ll want that paid before we send the CD.
356
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Dan Deppen: And then the rebalancing stuff we’ll talk about later, because…
357
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Dan Deppen: It’ll just be a rabbit hole.
358
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Wendy Zollner: Okay. And then the other thing, too, is sometimes people don’t move forward.
359
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Dan Deppen: After we send the loan estimate, for whatever reason, But this also clarifies, like.
360
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Dan Deppen: So we send a loan estimate to the borrower first, or to the lender first, and they approve.
361
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Dan Deppen: And then after we approve, they send it to… we send it to their borrower. So what this says is that if they approve, we send it to the borrower, like, they’re owed for the $600. So I’ve had people come back and say, oh, well, we didn’t close for this reason, so I’m not going to pay.
362
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Dan Deppen: So now it’s kind of… spelled out.
363
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Wendy Zollner: Yeah.
364
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Dan Deppen: In there.
365
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Wendy Zollner: ship.
366
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Dan Deppen: And then, like, lender decision authority, that’s the other thing, too, is like…
367
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Dan Deppen: It’s crazy to me how people, like, don’t understand that
368
00:26:38.400 –> 00:26:43.119
Dan Deppen: They’re making the loan, like, at the end of the day, like, the investor is the decider.
369
00:26:43.120 –> 00:26:43.700
Wendy Zollner: Right.
370
00:26:43.700 –> 00:26:46.070
Dan Deppen: We’re like a consultant. We’ll tell them
371
00:26:46.370 –> 00:26:49.539
Dan Deppen: This is going to be compliant, this is not going to be compliant.
372
00:26:50.170 –> 00:26:54.440
Dan Deppen: And, if it’s compliant, This is the relative risk level.
373
00:26:54.770 –> 00:26:57.450
Dan Deppen: that you’re dealing with. Like, hey, this is compliant.
374
00:26:58.520 –> 00:27:00.199
Dan Deppen: But I personally wouldn’t do it.
375
00:27:00.840 –> 00:27:01.480
Dan Deppen: Or…
376
00:27:01.660 –> 00:27:02.310
Wendy Zollner: Okay.
377
00:27:02.310 –> 00:27:04.970
Dan Deppen: It’s totally clean, or yeah, it’s just kind of…
378
00:27:05.900 –> 00:27:15.929
Dan Deppen: road, these are the risk factors, these are the things that reduce the risk. And we always try to do, and this comes into, like, the underwriting comments and the 1008, is kind of give them color around
379
00:27:16.670 –> 00:27:20.359
Dan Deppen: what we’re recommending, right? So there’s kind of, like, the hard numbers of…
380
00:27:21.080 –> 00:27:24.419
Dan Deppen: This is your debt-to-income, this is the credit score.
381
00:27:24.690 –> 00:27:29.029
Dan Deppen: But then there’s also sort of the softer recommendation of.
382
00:27:30.050 –> 00:27:31.980
Dan Deppen: This is high risk, low risk.
383
00:27:32.630 –> 00:27:34.339
Dan Deppen: This is how we recommend.
384
00:27:34.770 –> 00:27:45.840
Dan Deppen: Proceeding, because the thing is, we see a lot of these. Some of the lenders don’t. Some of the lenders do. You know, some of them are higher volume, some of them are just doing one-offs, and so, you know, you give them, like, debt-to-income credit, like.
385
00:27:46.020 –> 00:27:49.049
Dan Deppen: They’re not necessarily, like, experienced enough, like.
386
00:27:49.450 –> 00:27:55.040
Dan Deppen: to make the decision based on just the data. So we give them the data, but then we give them
387
00:27:55.790 –> 00:28:01.220
Dan Deppen: Recommendations, and then kind of an understanding of, like, what’s increasing the risk, what’s decreasing.
388
00:28:01.500 –> 00:28:02.659
Wendy Zollner: Okay, yeah.
389
00:28:03.330 –> 00:28:09.839
Wendy Zollner: So you can kind of give them, this is the risk level, high, medium, low, and this is why, okay?
390
00:28:09.840 –> 00:28:12.940
Dan Deppen: Yeah, and most… and people really appreciate that.
391
00:28:13.700 –> 00:28:17.979
Dan Deppen: like, they like that a lot, and I think that’s one of the things we do better than some of the other RMLOs.
392
00:28:17.980 –> 00:28:18.690
Wendy Zollner: Yeah.
393
00:28:18.690 –> 00:28:22.180
Dan Deppen: But then there are also people who, like, don’t… think.
394
00:28:22.550 –> 00:28:27.499
Dan Deppen: Like, a lender, and it’s like… Just tell me it’s okay.
395
00:28:28.530 –> 00:28:29.150
Wendy Zollner: Right.
396
00:28:29.150 –> 00:28:34.810
Dan Deppen: you’re not gonna tell me it’s okay, I’m gonna close it anyway, but then I’m not gonna pay you because you didn’t give me the answer I wanted.
397
00:28:34.810 –> 00:28:35.450
Wendy Zollner: Right.
398
00:28:35.450 –> 00:28:41.060
Dan Deppen: Yeah, there’s a lot of… there’s some… I’ve done a lot of cleanup with the customer.
399
00:28:41.430 –> 00:28:42.370
Dan Deppen: Base.
400
00:28:43.720 –> 00:28:50.569
Dan Deppen: So, you know, that’s the stuff in the CRM, and then the other thing it’ll do too, like, some of the files it will attach.
401
00:28:52.080 –> 00:28:52.790
Wendy Zollner: Okay.
402
00:28:52.790 –> 00:28:56.799
Dan Deppen: Now, there’s other automations within Zapier.
403
00:28:58.210 –> 00:29:03.650
Dan Deppen: And then the other thing that will happen is… Not that one.
404
00:29:05.380 –> 00:29:09.589
Dan Deppen: It’ll create a file in Google Drive, So we do keep…
405
00:29:11.930 –> 00:29:19.800
Dan Deppen: the actual files go in a Google Drive folder, that’s this admin one. Oh, did you want to try to log in? I’ll… I’ll just, like, give you the code or accept.
406
00:29:20.330 –> 00:29:21.040
Wendy Zollner: Yeah.
407
00:29:21.040 –> 00:29:26.330
Dan Deppen: whatever. And then I think there was another one, too, we needed to do, like, through the YouTube or whatever.
408
00:29:27.550 –> 00:29:30.209
Wendy Zollner: Yeah, you want me to do that? Let me go find it.
409
00:29:30.210 –> 00:29:32.760
Dan Deppen: Let’s do it quick before we forget, and then that way…
410
00:29:33.510 –> 00:29:37.820
Dan Deppen: Because the main thing I wanted to do for today was just make sure you could, like, get into everything.
411
00:29:38.340 –> 00:29:39.930
Wendy Zollner: Yeah, good.
412
00:29:40.550 –> 00:29:42.949
Wendy Zollner: Hmm, hold on.
413
00:29:43.820 –> 00:29:46.169
Wendy Zollner: Minimize my screen.
414
00:29:51.670 –> 00:29:52.480
Wendy Zollner: Good.
415
00:29:53.930 –> 00:29:56.000
Wendy Zollner: Let me find my notes, so…
416
00:30:05.580 –> 00:30:10.749
Wendy Zollner: Okay, so the Google… Google Drive shared account, that’s the first one, let me go there.
417
00:30:13.300 –> 00:30:18.699
Dan Deppen: And it’s a little confusing, because there’s the team Google email, and then that admin…
418
00:30:19.970 –> 00:30:23.269
Dan Deppen: at some point, I’m gonna migrate away from this
419
00:30:23.580 –> 00:30:26.820
Dan Deppen: drive account and move everything to the Team Drive account.
420
00:30:27.520 –> 00:30:27.990
Wendy Zollner: Okay.
421
00:30:27.990 –> 00:30:33.810
Dan Deppen: This is the one that the previous owner was using, and he said it’s set up as a free account, so he didn’t want to pay for Google Workspace.
422
00:30:33.810 –> 00:30:35.339
Wendy Zollner: Oh, okay.
423
00:30:35.340 –> 00:30:40.840
Dan Deppen: But now that I’ve got a bunch of automations tied to this, what I want to do eventually is migrate everything over to the team.
424
00:30:42.510 –> 00:30:46.220
Dan Deppen: But I haven’t done that yet, because I don’t want to rebuild all those automations right this minute.
425
00:30:46.220 –> 00:30:47.150
Wendy Zollner: Yeah.
426
00:30:47.670 –> 00:30:52.320
Dan Deppen: Not that it’s a big deal, like, really, you just gotta go into Zapier and,
427
00:30:52.930 –> 00:30:55.869
Dan Deppen: connect it to a different Google account, but still…
428
00:30:57.990 –> 00:31:02.900
Wendy Zollner: Okay, so hold on, it’s… I gotta somehow, I gotta figure… it’s in…
429
00:31:03.410 –> 00:31:09.069
Wendy Zollner: No, okay, it says, I’m logged into… when do you call the underwriters.
430
00:31:10.390 –> 00:31:10.980
Wendy Zollner: Email.
431
00:31:10.980 –> 00:31:17.920
Dan Deppen: Yeah, so you’ll end up logging into 3 different Google accounts, so there will be, like, the Wendy at Call the Underwriter for email.
432
00:31:18.570 –> 00:31:24.049
Dan Deppen: team at Call the Underwriter for email, and then this one for the Google Drive folders.
433
00:31:25.360 –> 00:31:27.600
Dan Deppen: This is the admin Bailey one.
434
00:31:29.410 –> 00:31:37.640
Wendy Zollner: Okay, hold on. So, the team… let me try… okay, the team one… Go to that one.
435
00:31:53.100 –> 00:31:56.989
Wendy Zollner: So that one… okay, choose another count… team…
436
00:31:57.960 –> 00:31:58.820
Dan Deppen: Okay.
437
00:32:13.620 –> 00:32:19.270
Wendy Zollner: Okay, open the YouTube app on iPhone and enter 1515.
438
00:32:19.970 –> 00:32:20.760
Dan Deppen: Alright.
439
00:32:24.830 –> 00:32:27.069
Dan Deppen: That YouTube… hit resend.
440
00:32:27.460 –> 00:32:28.110
Wendy Zollner: Alright, hold on.
441
00:32:28.110 –> 00:32:31.099
Dan Deppen: It’s so clunky, like, sometimes it works, and sometimes it…
442
00:32:32.650 –> 00:32:35.040
Wendy Zollner: I just clicked resend, it’s 33.
443
00:32:35.670 –> 00:32:36.340
Dan Deppen: Okay.
444
00:32:43.340 –> 00:32:45.640
Dan Deppen: Why is it not giving me…
445
00:32:46.370 –> 00:32:47.980
Dan Deppen: Hold on. Oh, there we go.
446
00:32:49.430 –> 00:32:52.639
Dan Deppen: Yes, that’s me trying to sign in in Longmont. 33?
447
00:32:52.640 –> 00:32:53.310
Wendy Zollner: Yep.
448
00:32:56.890 –> 00:33:01.180
Dan Deppen: Yes, it’s me. Oh, it asked me for another number. Did it give you another number?
449
00:33:01.420 –> 00:33:03.100
Wendy Zollner: No, it’s logging in.
450
00:33:03.100 –> 00:33:03.640
Dan Deppen: Okay.
451
00:33:03.970 –> 00:33:10.190
Wendy Zollner: Okay, so now that’s the team… Okay, that’s the team one.
452
00:33:10.190 –> 00:33:12.499
Dan Deppen: Yeah, a team I call the underwriter.
453
00:33:12.910 –> 00:33:16.129
Wendy Zollner: And then I have the Wendy at Call.
454
00:33:17.050 –> 00:33:25.930
Dan Deppen: And then the other one was the info.calltheunderwriter at gmail. I think that’s the one we’re… Oh, that… Okay, so that one…
455
00:33:28.310 –> 00:33:34.389
Wendy Zollner: That… so that one, what… What link do I go to to get into that one?
456
00:33:34.970 –> 00:33:36.009
Dan Deppen: Yeah, just Google.
457
00:33:36.340 –> 00:33:40.909
Dan Deppen: It’s another Google account, so you would just, like, go to google.com and try to log in.
458
00:33:42.630 –> 00:33:45.940
Dan Deppen: Or, like, in this case, like, I could go add another account.
459
00:33:46.580 –> 00:33:50.350
Dan Deppen: Right? And then any Google sign-in.
460
00:33:52.640 –> 00:33:58.550
Wendy Zollner: Oh, add another account. Okay, here it is. Okay, so then it’s… Intro…
461
00:34:07.280 –> 00:34:13.100
Wendy Zollner: I might have to do this again in a couple weeks, because I’m gonna get a new computer, but.
462
00:34:13.100 –> 00:34:20.530
Dan Deppen: Oh, that’s fine. I got a new computer, around December, and… It’s a huge pain.
463
00:34:20.530 –> 00:34:20.900
Wendy Zollner: the past.
464
00:34:20.909 –> 00:34:21.689
Dan Deppen: This is funny.
465
00:34:21.690 –> 00:34:22.400
Wendy Zollner: Yeah.
466
00:34:22.409 –> 00:34:26.809
Dan Deppen: And then it seemed like some things that wanted me, like, to authenticate, like, multiple times, I’m like, oh my god, like…
467
00:34:26.810 –> 00:34:27.320
Wendy Zollner: Yeah.
468
00:34:27.760 –> 00:34:30.779
Dan Deppen: That’s my phone. That’s my YouTube account, still it.
469
00:34:30.780 –> 00:34:31.650
Wendy Zollner: No, right?
470
00:34:31.659 –> 00:34:33.879
Dan Deppen: It didn’t change in 2 seconds, like…
471
00:34:34.539 –> 00:34:42.519
Wendy Zollner: And whoever’s asking me to do the same thing 4 times. Didn’t matter, because if I’m a bad guy that also has my phone… Yeah.
472
00:34:42.900 –> 00:34:44.089
Dan Deppen: I still do that, like…
473
00:34:44.090 –> 00:34:55.320
Wendy Zollner: It’s like Zoho has their own authenticator app. Okay, so now it says two-step verification. A text message was just sent to the phone number that ends in 24, but is that… is that the…
474
00:34:55.320 –> 00:34:57.199
Dan Deppen: That’s me. That’s my number.
475
00:34:57.200 –> 00:34:59.580
Wendy Zollner: Your personal one, not the…
476
00:34:59.580 –> 00:35:01.819
Dan Deppen: Yeah, that’s my personal one.
477
00:35:01.820 –> 00:35:05.740
Wendy Zollner: Okay, because the one phone has a phone number that ends in 24 as well.
478
00:35:07.030 –> 00:35:14.210
Dan Deppen: Oh, does it? Oh. Anyways, it is… where’s the… here, I’ll try to stick it in the chat.
479
00:35:21.610 –> 00:35:23.650
Dan Deppen: There you go, I put the code in the chat.
480
00:35:32.930 –> 00:35:35.369
Dan Deppen: Oh, that’s funny, that does end in 2-4, I didn’t realize.
481
00:35:35.370 –> 00:35:38.389
Wendy Zollner: Yeah, so that’s what I was thinking, like, what am I missing?
482
00:35:38.530 –> 00:35:39.300
Dan Deppen: Huh.
483
00:35:44.200 –> 00:35:49.990
Wendy Zollner: Where I was looking for it in that one phone, directory.
484
00:35:50.250 –> 00:35:54.360
Wendy Zollner: Okay, so now I have… Let me write that.
485
00:35:54.570 –> 00:36:00.659
Wendy Zollner: I got the Wendy, At Polyne Writers, I have Team, and then Info.
486
00:36:01.100 –> 00:36:03.380
Wendy Zollner: Okay, I got logged into that.
487
00:36:04.800 –> 00:36:10.140
Wendy Zollner: What else? So, I got Zoho… oh, you said the… CRS…
488
00:36:10.940 –> 00:36:13.659
Wendy Zollner: link went to my Wendy at all the other.
489
00:36:13.660 –> 00:36:18.100
Dan Deppen: Yeah, so that, you will actually log in through Byte, so don’t worry about that one.
490
00:36:18.100 –> 00:36:20.970
Wendy Zollner: Oh, I did get logged into Byte, as well.
491
00:36:20.970 –> 00:36:23.830
Dan Deppen: Did you… should you really get it downloaded and logged in?
492
00:36:23.830 –> 00:36:25.199
Wendy Zollner: I lost… yeah.
493
00:36:25.510 –> 00:36:26.389
Wendy Zollner: Yeah, I have…
494
00:36:26.390 –> 00:36:27.380
Dan Deppen: Okay, let’s…
495
00:36:27.380 –> 00:36:30.910
Wendy Zollner: open, it’s… I see the welcome to the dashboard.
496
00:36:31.330 –> 00:36:31.960
Wendy Zollner: Fair enough.
497
00:36:31.960 –> 00:36:34.429
Dan Deppen: Let’s talk about that for a couple minutes, too.
498
00:36:35.910 –> 00:36:42.310
Dan Deppen: So when you come in to buy, and you’ll notice, right, like, this is very, like, 1990s.
499
00:36:42.880 –> 00:36:45.409
Dan Deppen: I think, like, Byte started in the 80s.
500
00:36:45.590 –> 00:36:46.120
Wendy Zollner: Okay.
501
00:36:46.120 –> 00:36:51.389
Dan Deppen: Sometimes, it’s super clunky, like, if I was doing this from scratch, I probably would not have selected byte.
502
00:36:52.480 –> 00:36:53.570
Dan Deppen: But…
503
00:36:53.680 –> 00:37:00.320
Dan Deppen: You know, because we do seller finance, and a lot of stuff is backwards from the traditional world. There’s been a lot of customization, and…
504
00:37:01.020 –> 00:37:04.459
Dan Deppen: It’s easier to roll with this than to,
505
00:37:05.930 –> 00:37:11.979
Dan Deppen: you know, try to use something else, and customize it, and all of that. Although, I mean…
506
00:37:12.120 –> 00:37:15.370
Dan Deppen: It’s got its issues, like, it’ll crash occasionally.
507
00:37:17.720 –> 00:37:22.860
Dan Deppen: But it does work pretty well, and the thing I like about them is they’re not that… they’re pretty cheap compared to other…
508
00:37:23.310 –> 00:37:26.000
Dan Deppen: LOSs, and their support is really good.
509
00:37:27.040 –> 00:37:30.390
Wendy Zollner: Cool. So if you ever need something, you need to email them or whatever, like.
510
00:37:30.710 –> 00:37:33.820
Dan Deppen: They’re really responsive, so it’s, you know, it’s fine.
511
00:37:35.610 –> 00:37:38.570
Dan Deppen: But when you get into Byte, you want to go to the pipeline.
512
00:37:38.800 –> 00:37:40.590
Wendy Zollner: Okay. And that’s where you can see…
513
00:37:40.990 –> 00:37:43.340
Dan Deppen: All the deals and everything?
514
00:37:44.470 –> 00:37:46.940
Dan Deppen: So what happens is, right, so, like.
515
00:37:47.580 –> 00:37:52.370
Dan Deppen: the deal comes in, the CRM file gets created,
516
00:37:52.940 –> 00:38:05.429
Dan Deppen: And then, when the borrowers submit their stuff, hopefully, like, everything populates in the CRM, so we’ve got kind of everything in the CRM. But then we gotta get moved over into a Byte file. And what Byte does is.
517
00:38:06.190 –> 00:38:08.400
Dan Deppen: Well, it does a lot of things.
518
00:38:08.680 –> 00:38:13.020
Dan Deppen: For one, it will create the loan estimates and closing disclosures.
519
00:38:13.380 –> 00:38:13.790
Wendy Zollner: Okay.
520
00:38:13.790 –> 00:38:17.820
Dan Deppen: that are required by TRID, it integrates…
521
00:38:18.160 –> 00:38:21.760
Dan Deppen: with CRS, so we can pull credit reports directly.
522
00:38:22.530 –> 00:38:23.740
Dan Deppen: From here.
523
00:38:24.410 –> 00:38:38.590
Dan Deppen: We… it will also connect with Doc Magic that we’re now using to create loan docs, so it’s… it’s optional, but when… if people want us to provide the note of mortgage or deed of trust, we can now do that.
524
00:38:39.070 –> 00:38:39.400
Wendy Zollner: Cool.
525
00:38:39.400 –> 00:38:44.910
Dan Deppen: And so, within the byte file, we can send the data to DocMagic, and then in DocMagic, you can create
526
00:38:45.230 –> 00:38:48.260
Dan Deppen: That’s a whole other, like, down-the-road thing.
527
00:38:48.720 –> 00:38:49.350
Wendy Zollner: Okay.
528
00:38:49.570 –> 00:38:51.419
Dan Deppen: But it does work.
529
00:38:51.550 –> 00:38:53.140
Dan Deppen: You know, pretty well.
530
00:38:53.900 –> 00:38:57.499
Dan Deppen: Overall, so just show them what these look like, and it is pretty slow.
531
00:39:00.140 –> 00:39:05.649
Dan Deppen: So once you get in here, like, one of the things you’ll want to do, and I think this should be in the SOPs.
532
00:39:05.800 –> 00:39:06.520
Wendy Zollner: Okay.
533
00:39:06.730 –> 00:39:14.079
Dan Deppen: Or you could screen grab it now if you wanted to, but… So we have these different screens, right? And these are the ones I have set up as favorites.
534
00:39:16.180 –> 00:39:23.280
Dan Deppen: Now, a lot of the different bits of data, like borrower name, social securities, loan parameters, blah blah blah.
535
00:39:24.060 –> 00:39:26.629
Dan Deppen: Can be entered on, like, 5 different screens.
536
00:39:27.270 –> 00:39:30.680
Wendy Zollner: So if you enter a piece of data on one screen, then just everything.
537
00:39:31.730 –> 00:39:32.770
Dan Deppen: Updates.
538
00:39:32.890 –> 00:39:36.610
Dan Deppen: is kind of the way it works. So, like, on the home screen, the main one.
539
00:39:37.980 –> 00:39:40.759
Dan Deppen: You know, the date the application came in.
540
00:39:41.650 –> 00:39:44.629
Dan Deppen: Some of the borrower info, but not all.
541
00:39:45.950 –> 00:39:53.110
Dan Deppen: Subject property info, lock info, And then loan info in terms of, like, interest rate, term.
542
00:39:54.240 –> 00:40:09.150
Dan Deppen: And then it’ll calculate the P&I. So what I like to do is put the 1008 transmittal in the overview. So the other way that Byte works, and I explained this in some of the videos, but this is like your main screen, so when I click here, like, whatever screen, it’ll show up here.
543
00:40:10.790 –> 00:40:16.609
Dan Deppen: But then, if I want to say, like, show an overview pane, that’s the one on the right, so I can kind of look at two screens.
544
00:40:16.750 –> 00:40:17.550
Wendy Zollner: Okay.
545
00:40:18.130 –> 00:40:19.359
Dan Deppen: At one time.
546
00:40:20.370 –> 00:40:24.169
Dan Deppen: The other thing this will do is a lot of compliance checks.
547
00:40:25.220 –> 00:40:26.270
Dan Deppen: as well.
548
00:40:27.770 –> 00:40:30.610
Dan Deppen: So, like, for our loan estimate.
549
00:40:30.730 –> 00:40:34.509
Dan Deppen: you know, if we’ve created those, it kind of has the history, right? So, like.
550
00:40:34.900 –> 00:40:39.100
Dan Deppen: It was initially created on 1-7, it was revised on 1-3.
551
00:40:40.410 –> 00:40:45.220
Dan Deppen: And then, you know, there’s the tread rule that… when…
552
00:40:45.830 –> 00:40:50.569
Dan Deppen: After… the loan estimate has to get to the borrower 7 business days before you close.
553
00:40:50.710 –> 00:40:53.710
Dan Deppen: We count Saturdays as a business day.
554
00:40:54.280 –> 00:40:58.259
Dan Deppen: The day that you send it doesn’t count. The day that you close can count.
555
00:40:59.360 –> 00:41:02.459
Dan Deppen: But rather than remember all that, like, Byte will just tell you.
556
00:41:02.890 –> 00:41:03.790
Wendy Zollner: Oh, cool.
557
00:41:03.790 –> 00:41:09.609
Dan Deppen: So this was sent to them, the last revision, on the 13th, so that means they can close as early as the 22nd.
558
00:41:10.190 –> 00:41:11.370
Wendy Zollner: Okay, cool.
559
00:41:11.370 –> 00:41:15.010
Dan Deppen: It will also look for flags on, like, fees and things like that.
560
00:41:16.490 –> 00:41:20.690
Dan Deppen: So there’s, like… It’s called, like, a high-cost mortgage.
561
00:41:22.590 –> 00:41:29.079
Dan Deppen: Or something that’s been, like, the QM limits, right? So there’s, like, QM limits for, like, a government-conforming loan.
562
00:41:30.410 –> 00:41:39.970
Dan Deppen: those are just limits that need to be satisfied for the government to buy a loan. That doesn’t mean it’s a non-compliant loan, it just means the government won’t…
563
00:41:40.470 –> 00:41:45.049
Dan Deppen: buy it. You know, but some people, like, if they want to sell it to a bank or whatever.
564
00:41:46.500 –> 00:41:49.689
Dan Deppen: They might deliberately be trying to create, like, a QM.
565
00:41:49.900 –> 00:41:57.449
Dan Deppen: type loan, and so… and so Byte will, like, automatically just tell you how it falls in terms of interest rates and fees and…
566
00:41:57.860 –> 00:42:04.420
Dan Deppen: That kind of stuff. And then if the fees are high, you get into what’s called, like, a high-priced mortgage or a high interest rate.
567
00:42:04.880 –> 00:42:09.079
Dan Deppen: So sometimes, too, like, if the fees are over a certain percentage.
568
00:42:09.530 –> 00:42:13.229
Dan Deppen: Of the loan balance, it’ll set off certain flags.
569
00:42:13.560 –> 00:42:21.510
Dan Deppen: Or, if the interest rate is some amount over the average prime offer rate, It may set off…
570
00:42:22.310 –> 00:42:28.429
Dan Deppen: different flags, and so Byte’s nice, because it just sort of manages all that stuff for you. With Byte, it doesn’t do great.
571
00:42:29.900 –> 00:42:32.439
Dan Deppen: Is when there are state-specific rules.
572
00:42:32.820 –> 00:42:35.629
Dan Deppen: Which there sometimes are. So…
573
00:42:35.990 –> 00:42:42.569
Dan Deppen: One of the things I always tell clients is I always recommend having a real estate attorney in that state review their stuff.
574
00:42:43.980 –> 00:42:49.200
Dan Deppen: Like, for example, Pennsylvania has…
575
00:42:49.660 –> 00:42:57.159
Dan Deppen: special limits on interest rate that float with the prime rate, and they’re really low. Like, I think right now it’s, like, 7.2%.
576
00:42:58.080 –> 00:43:00.740
Wendy Zollner: Which is crazy, right? Because that’s, like…
577
00:43:00.800 –> 00:43:02.989
Dan Deppen: That’s almost like a normal rate right now.
578
00:43:05.660 –> 00:43:09.880
Dan Deppen: So if it’s a higher-risk borrower that’s compliant but can’t get a loan from a bank.
579
00:43:10.330 –> 00:43:12.170
Dan Deppen: You can’t lend to that person a…
580
00:43:12.600 –> 00:43:16.259
Dan Deppen: 7.5%. It’s not really gonna make sense. You better be at 10.
581
00:43:16.630 –> 00:43:17.250
Wendy Zollner: Yeah.
582
00:43:17.250 –> 00:43:19.409
Dan Deppen: Pennsylvania can’t do it. Now.
583
00:43:20.910 –> 00:43:26.399
Dan Deppen: Most states, that’s totally fine. So, if you put a loan in here, and it’s Pennsylvania, 10%,
584
00:43:26.630 –> 00:43:28.599
Dan Deppen: It’s not gonna set off a flag.
585
00:43:29.200 –> 00:43:29.830
Wendy Zollner: Okay.
586
00:43:29.830 –> 00:43:33.330
Dan Deppen: Now, the stuff that I know about, like, I’ll tell people.
587
00:43:34.010 –> 00:43:36.609
Dan Deppen: But the other thing, too, is, like, North Carolina.
588
00:43:37.350 –> 00:43:38.830
Dan Deppen: late fees.
589
00:43:39.240 –> 00:43:44.569
Dan Deppen: Most states allow a late fee to be 5% of the payment, and that used to be our default.
590
00:43:45.010 –> 00:43:47.449
Dan Deppen: North Carolina decided it should only be 4.
591
00:43:47.780 –> 00:43:48.540
Wendy Zollner: Oh, wow.
592
00:43:48.540 –> 00:43:56.109
Dan Deppen: I think some other states are like that, too. So, in our default settings, I just changed it to 4 because no lender ever cares.
593
00:43:56.470 –> 00:43:56.930
Wendy Zollner: Yeah.
594
00:43:56.930 –> 00:43:59.619
Dan Deppen: So, you know, I’ve done a few things in here to try to…
595
00:44:00.350 –> 00:44:06.549
Dan Deppen: mitigate that. But, you know, it would be. And then, the other thing we have a lot of…
596
00:44:06.740 –> 00:44:10.170
Dan Deppen: Are clients doing WRAP loans? Are you familiar with those at all?
597
00:44:11.230 –> 00:44:12.100
Wendy Zollner: No.
598
00:44:12.860 –> 00:44:13.650
Wendy Zollner: Nope.
599
00:44:13.650 –> 00:44:17.910
Dan Deppen: So, wraps are subject-tos, and actually my… I’m gonna…
600
00:44:19.180 –> 00:44:21.150
Dan Deppen: I’m getting married later this year.
601
00:44:21.150 –> 00:44:22.120
Wendy Zollner: Oh, cool, congrats!
602
00:44:22.120 –> 00:44:26.969
Dan Deppen: Thanks, August 1st, Colorado’s 150th birthday at Redwoods.
603
00:44:27.030 –> 00:44:28.290
Wendy Zollner: Nice!
604
00:44:28.290 –> 00:44:34.990
Dan Deppen: And, my fiance, Allison, lives, down in Loji, in Denver.
605
00:44:35.410 –> 00:44:38.220
Dan Deppen: And so my youngest daughter is graduating high school.
606
00:44:38.620 –> 00:44:41.339
Dan Deppen: So this is a wild year for me, because…
607
00:44:41.550 –> 00:44:46.139
Dan Deppen: I’ve got, like, the first half of the year, like, to get business done, and then it gets weird, because…
608
00:44:46.860 –> 00:44:49.189
Dan Deppen: You know, my daughter graduates high school.
609
00:44:50.150 –> 00:44:54.120
Dan Deppen: And she’s accepted into CU, so she’s gonna go over to CU Boulder.
610
00:44:56.040 –> 00:44:58.419
Dan Deppen: We’re gonna move her into college.
611
00:44:58.880 –> 00:45:02.430
Dan Deppen: I’m gonna move in with my fiance, and then her house is smaller.
612
00:45:03.800 –> 00:45:05.880
Dan Deppen: So I gotta figure out what to do.
613
00:45:06.110 –> 00:45:10.819
Dan Deppen: with a lot of this stuff, and then I’ll either… I might rent or sell my house.
614
00:45:11.600 –> 00:45:16.719
Dan Deppen: So I, like… second half, like, I got all kinds of… it’s… there’s gonna be a lot going on.
615
00:45:16.830 –> 00:45:19.010
Dan Deppen: But anyways, one thing I might do…
616
00:45:20.020 –> 00:45:24.409
Dan Deppen: when I sell my house, eventually, is what I could do…
617
00:45:25.110 –> 00:45:28.260
Dan Deppen: is do owner… sell it on owner finance, and do a wrap loan.
618
00:45:28.590 –> 00:45:29.350
Wendy Zollner: Okay.
619
00:45:29.980 –> 00:45:33.470
Dan Deppen: So, you know, so I find a seller finance borrower.
620
00:45:33.680 –> 00:45:36.190
Dan Deppen: And let’s say, so I sell my house.
621
00:45:37.140 –> 00:45:46.729
Dan Deppen: And, you know, the balance of that loan will end up being something larger than the balance on my current mortgage, because I’ve been in here a while and whatever, right?
622
00:45:47.800 –> 00:45:51.329
Dan Deppen: And then, yeah, maybe I create that… maybe that’s… maybe they’re…
623
00:45:51.660 –> 00:45:55.930
Dan Deppen: Paying me 7, 7.5%, whatever it ends up being.
624
00:45:57.080 –> 00:46:01.109
Dan Deppen: The loan I have now on my house through Chase is at 2.75%.
625
00:46:02.030 –> 00:46:02.990
Wendy Zollner: Wow, yeah.
626
00:46:02.990 –> 00:46:05.120
Dan Deppen: So I leave the Chase loan in place.
627
00:46:06.570 –> 00:46:15.539
Dan Deppen: And so now, I’m paying my balance at 2.75%, but now I’m collecting on a larger balance at 7.5%, and I get a down payment.
628
00:46:15.900 –> 00:46:16.740
Wendy Zollner: Ugh, wow.
629
00:46:16.740 –> 00:46:20.239
Dan Deppen: borrower, and I mean, I can create, like, a 2K monthly spread.
630
00:46:20.240 –> 00:46:20.950
Wendy Zollner: Wow.
631
00:46:20.950 –> 00:46:21.560
Dan Deppen: bad.
632
00:46:21.730 –> 00:46:22.560
Dan Deppen: Now.
633
00:46:24.130 –> 00:46:28.559
Dan Deppen: the devil… I’ve never actually done one of those myself, but I have a… but a lot of our clients do those.
634
00:46:28.900 –> 00:46:29.700
Wendy Zollner: Okay.
635
00:46:29.700 –> 00:46:40.539
Dan Deppen: Now, you can take that a notch further and do a Subject 2, and there’s actually a big Colorado group that does Subject 2 stuff, and I had so many clients out of that community actually join Pace Morby’s
636
00:46:41.420 –> 00:46:46.639
Dan Deppen: $10,000 thing last year, so I’m in that, and there’s actually, like, a Colorado subgroup that meets up.
637
00:46:47.300 –> 00:46:52.390
Dan Deppen: Now and then, so what they’ll do is, and this is where… and this is, like, hard mode, okay?
638
00:46:54.410 –> 00:47:01.309
Dan Deppen: And if you know what you’re doing, it’s fine. The problem is a lot of people either don’t know what they’re doing, or they’re screwballs, and…
639
00:47:01.960 –> 00:47:12.800
Dan Deppen: you can really mess this up. Let’s say I go about… and right now, right? Like, the Colorado real estate market’s pretty soft, right? Like, prices are declining, stuff’s hanging on the market.
640
00:47:13.870 –> 00:47:20.650
Dan Deppen: So you go find somebody, hey, you know, they were listed for 6 months, it expired, they couldn’t sell it, or it’s stale, and you go, hey.
641
00:47:22.250 –> 00:47:27.520
Dan Deppen: And you do something like look it up on PropStream, you’re like, hey, they got one of those 2.75% mortgages.
642
00:47:27.900 –> 00:47:28.490
Wendy Zollner: Mmm.
643
00:47:28.490 –> 00:47:31.159
Dan Deppen: to kind of roll up and say, hey, Mr. Seller, no problem.
644
00:47:32.170 –> 00:47:36.090
Dan Deppen: I can give you your full asking price, we’ll take this off your hands. However.
645
00:47:37.290 –> 00:47:40.549
Dan Deppen: I’m gonna buy it subject to your existing mortgage.
646
00:47:41.060 –> 00:47:46.230
Dan Deppen: And so… I’m gonna… we’re gonna leave that mortgage in place, and I’m gonna make payments on it.
647
00:47:47.050 –> 00:47:49.080
Wendy Zollner: Wow, cool, okay.
648
00:47:49.080 –> 00:47:58.759
Dan Deppen: Right? And so that’s how you can kind of inherit. But maybe I don’t want to… maybe I’m just doing as investment. I can take it a notch further and go, okay, now I wheel around.
649
00:47:59.690 –> 00:48:02.420
Dan Deppen: and I find a buyer, and I say, hey, Mr. Buyer.
650
00:48:03.190 –> 00:48:07.200
Dan Deppen: Oh, you’re self-employed, you can’t get a loan from a bank? I’ll give you a seller finance loan.
651
00:48:08.220 –> 00:48:12.850
Dan Deppen: Right? And now I create a seller finance loan at… 7%.
652
00:48:13.600 –> 00:48:15.939
Dan Deppen: And I walk out of the picture, and I walk.
653
00:48:16.950 –> 00:48:17.350
Wendy Zollner: Right.
654
00:48:17.350 –> 00:48:18.940
Dan Deppen: And now I’m up.
655
00:48:19.830 –> 00:48:20.840
Wendy Zollner: Wow.
656
00:48:20.840 –> 00:48:25.629
Dan Deppen: So there’s a lot of people doing that. Now, the rub is…
657
00:48:25.980 –> 00:48:30.780
Dan Deppen: And then, I gotta get going a little bit. Sorry, I didn’t realize we went over the hour.
658
00:48:32.010 –> 00:48:36.399
Dan Deppen: The bank usually has the right to call a loan due on sale, because there was a sale.
659
00:48:38.140 –> 00:48:44.679
Dan Deppen: So, if that happens… It doesn’t happen a lot, it’s happening more than it used to.
660
00:48:45.210 –> 00:48:50.109
Dan Deppen: I better have a way to deal with that, that’s not just walking away, especially if you’re out of the deal.
661
00:48:50.150 –> 00:48:51.800
Wendy Zollner: Right? Because…
662
00:48:51.800 –> 00:49:00.479
Dan Deppen: You could imagine, like, your seller, that loan is still attached to them, it affects their credit. So if you just walk away and this whole thing defaults.
663
00:49:01.470 –> 00:49:03.230
Dan Deppen: It smashes their credit.
664
00:49:03.500 –> 00:49:03.980
Wendy Zollner: Yeah.
665
00:49:03.980 –> 00:49:06.110
Dan Deppen: And then the person you sold it to.
666
00:49:07.830 –> 00:49:15.130
Dan Deppen: there’s this other lien that’s in first position the bank can foreclose, even though, right? So, done wrong, it can be a living.
667
00:49:15.300 –> 00:49:20.379
Dan Deppen: Nightmare. Done right, it can be a right strategy, so if it does get called due on sale, you have to,
668
00:49:21.660 –> 00:49:25.219
Dan Deppen: You just have a… you either have to be able to mitigate that.
669
00:49:25.980 –> 00:49:28.050
Dan Deppen: Have the funds to pay it off?
670
00:49:28.260 –> 00:49:36.580
Dan Deppen: or… and or have created a really good loan so I can wheel around and sell that 7% loan, and pay off the underlying, and…
671
00:49:36.830 –> 00:49:38.609
Dan Deppen: Unwind the thing.
672
00:49:39.320 –> 00:49:52.009
Dan Deppen: Should I need to. A lot of people are drawn to it, because you can architect it where you don’t have money in the deal. And the thing that’s freaking scary, Wendy, is the people doing that stuff have the least general knowledge of loans. I’m like.
673
00:49:52.490 –> 00:49:53.150
Wendy Zollner: Wow.
674
00:49:53.150 –> 00:50:03.070
Dan Deppen: That’s where I talked about the note creators being different than the note buyers. Note buyers are… absurdly… stupidly.
675
00:50:03.250 –> 00:50:05.290
Dan Deppen: conservative. A note buyer…
676
00:50:05.400 –> 00:50:17.640
Dan Deppen: Most note buyers don’t like to buy notes. A note buyer will find any reason to walk away from a deal. Like, everything can be perfect and will find one little speck of it. They’ll be like, I’m out. The note creators are like.
677
00:50:18.220 –> 00:50:20.699
Dan Deppen: I’m doing this, how do I get this done?
678
00:50:20.950 –> 00:50:21.370
Wendy Zollner: Right.
679
00:50:21.370 –> 00:50:23.259
Dan Deppen: Right? And they’re, like…
680
00:50:23.660 –> 00:50:29.849
Dan Deppen: The other direction, where they’ll wander into stuff they don’t even have experience with, and be overly aggressive, and not, you know…
681
00:50:30.780 –> 00:50:35.949
Dan Deppen: So the contrast between the two crowds is kind of fascinating to me.
682
00:50:36.260 –> 00:50:55.159
Wendy Zollner: That’s really interesting, and I wondered… I wondered if you could do that, because, like, my rental that I’ve owned for 23 years now, it had a fire, the tenants had a pretty major fire, so I’m rebuilding it, and I’m like, once I rebuilt it, it’s all brand new, I don’t want to rent it again, so I was going to sell it, but then I’m like, well, I don’t want to do 1031,
683
00:50:55.290 –> 00:50:57.569
Wendy Zollner: But I, you know, so I’m like.
684
00:50:57.570 –> 00:51:02.280
Dan Deppen: Yeah, so the other thing a lot of clients are doing, especially,
685
00:51:03.530 –> 00:51:08.260
Dan Deppen: older landlords, right? Like, a lot of people have built up these rental portfolios, and
686
00:51:08.680 –> 00:51:13.800
Dan Deppen: You know, they might even own them free and clear, they’ve, you know, they’ve got a low cost, like, they’ve owned them for decades or whatever.
687
00:51:14.130 –> 00:51:16.950
Dan Deppen: And they get to the point where it’s like, well, I don’t…
688
00:51:17.590 –> 00:51:22.139
Dan Deppen: I don’t want to be on the hook for property management, I don’t really want to deal with them, but I like the cash flow.
689
00:51:22.140 –> 00:51:22.900
Wendy Zollner: Yeah.
690
00:51:23.150 –> 00:51:26.549
Dan Deppen: They can sell them on owner finance, basically convert it to a loan.
691
00:51:27.490 –> 00:51:29.780
Dan Deppen: So now you’re still getting cash flow.
692
00:51:30.260 –> 00:51:32.670
Dan Deppen: You’re not on the hook for property management.
693
00:51:33.850 –> 00:51:36.579
Wendy Zollner: And can you still do the wrap, where… because I still have.
694
00:51:36.580 –> 00:51:36.980
Dan Deppen: Yeah.
695
00:51:36.980 –> 00:51:37.699
Wendy Zollner: need to pay off.
696
00:51:37.700 –> 00:51:40.990
Dan Deppen: Yeah, you can still do that. Yeah. Yeah, you can still do that.
697
00:51:40.990 –> 00:51:41.370
Wendy Zollner: Okay.
698
00:51:41.370 –> 00:51:46.709
Dan Deppen: And it’s kind of nice, too, right? Because depending, you know, if you’ve got, like, a low-cost basis.
699
00:51:47.500 –> 00:51:49.049
Dan Deppen: It’s an installment sale.
700
00:51:49.360 –> 00:51:56.810
Dan Deppen: Yeah. So, you’re not necessarily taking the same tax hit, right? Like, you’re collecting a down payment, you’ll pay tax on, like, what you’ve…
701
00:51:57.140 –> 00:52:01.079
Dan Deppen: Collected, but instead of getting hit with taxes on, like, the whole thing.
702
00:52:01.700 –> 00:52:04.770
Dan Deppen: Or having a 1031, or whatever, at least, like.
703
00:52:05.290 –> 00:52:08.389
Dan Deppen: spreads those out. Now, the rub is…
704
00:52:09.270 –> 00:52:15.439
Dan Deppen: a loan is a self-liquidating asset, right? So unlike a property that could potentially appreciate over time.
705
00:52:15.760 –> 00:52:23.599
Dan Deppen: if you’re going to hold on to it, you know, you’re creating a loan where that balance is going to come down over time. So, you know, if you’re 25 years old.
706
00:52:24.640 –> 00:52:28.400
Dan Deppen: You might not want to do that, but if somebody’s more in the case of, like.
707
00:52:28.870 –> 00:52:35.069
Dan Deppen: I’m basically retired, or semi-retired, or I’m stepping back, and I’ve created these 30-year loans, well, then they might not care.
708
00:52:35.310 –> 00:52:35.980
Wendy Zollner: Right.
709
00:52:35.980 –> 00:52:38.070
Dan Deppen: So there’s different things to consider.
710
00:52:38.260 –> 00:52:39.639
Dan Deppen: Yeah, cool.
711
00:52:39.950 –> 00:52:40.640
Dan Deppen: house.
712
00:52:41.640 –> 00:52:45.459
Wendy Zollner: That’s… well, maybe I’ll talk to you more about it when I get to that point, but…
713
00:52:45.460 –> 00:52:50.129
Dan Deppen: Well, yeah, and I’ve been going down that rabbit hole, and I’ve got access to all the Pace Morby stuff.
714
00:52:50.130 –> 00:52:50.830
Wendy Zollner: Okay.
715
00:52:50.830 –> 00:52:54.989
Dan Deppen: Which is actually really… Good. It’s funny,
716
00:52:55.400 –> 00:52:57.389
Dan Deppen: People have different opinions on him.
717
00:53:00.000 –> 00:53:03.019
Dan Deppen: And you hear a lot of bats, but the thing is, like, to me.
718
00:53:05.210 –> 00:53:10.079
Dan Deppen: If you look at what he actually teaches and what they do, and you do it well, like, with skill and thought and ethics.
719
00:53:10.320 –> 00:53:11.530
Dan Deppen: It’s great.
720
00:53:11.970 –> 00:53:14.940
Dan Deppen: In the hands of a knucklehead, you know, it’s like…
721
00:53:16.890 –> 00:53:23.839
Dan Deppen: you know, it can be like giving a 14-year-old a bunch of wine coolers and then putting them behind the wheel, right? Like, in the wrong hands.
722
00:53:24.140 –> 00:53:25.120
Dan Deppen: Yes.
723
00:53:25.120 –> 00:53:27.430
Wendy Zollner: It can be bad. If you do it…
724
00:53:27.960 –> 00:53:31.620
Dan Deppen: Correctly, it can be… Really good.
725
00:53:31.880 –> 00:53:34.920
Wendy Zollner: Yeah. Yeah, depends on how you use it, yeah.
726
00:53:34.920 –> 00:53:45.069
Dan Deppen: Yeah, totally. Yeah, it’s like… yeah, it’s like… it’s like guns or alcohol or whatever, you know? They can have their place. Used wrong, it could be really bad. Yeah, 100%.
727
00:53:45.890 –> 00:53:54.250
Dan Deppen: So… but I’ll probably knock it off for there, and then, so what I would do is get into Thinkific. If you have trouble getting back into anything, just give me a holler.
728
00:53:54.250 –> 00:53:54.940
Wendy Zollner: Okay.
729
00:53:55.210 –> 00:54:00.460
Dan Deppen: And I was just start kind of going through those Thinkific videos, and then also go through, like, the underwriting manual.
730
00:54:01.180 –> 00:54:01.550
Wendy Zollner: Okay.
731
00:54:01.550 –> 00:54:06.480
Dan Deppen: In the underwriting manuals, it’s perpetual work in process, so there might be stuff in there that doesn’t make sense.
732
00:54:06.480 –> 00:54:07.200
Wendy Zollner: Okay.
733
00:54:07.420 –> 00:54:10.059
Dan Deppen: And then, when I come back next week.
734
00:54:11.270 –> 00:54:15.510
Dan Deppen: Let’s meet up, and then maybe we’ll live, like, start walking through, like, entering.
735
00:54:16.160 –> 00:54:20.390
Wendy Zollner: some files, or if you get through it, you’re like, I’m looking for more, I’ve got other…
736
00:54:21.710 –> 00:54:26.479
Dan Deppen: videos and Zoom recorded where I’ve walked through some of that stuff, I can send you some of that stuff.
737
00:54:26.750 –> 00:54:28.410
Wendy Zollner: Okay, yeah, sounds good.
738
00:54:28.410 –> 00:54:34.000
Dan Deppen: And then, just at the end of the week or beginning of next week, just send me an email or text, just let me know how many hours you worked.
739
00:54:34.370 –> 00:54:34.800
Wendy Zollner: Okay.
740
00:54:34.800 –> 00:54:36.110
Dan Deppen: And then I’ll tee stuff.
741
00:54:36.530 –> 00:54:37.480
Wendy Zollner: Okay, cool.
742
00:54:37.480 –> 00:54:43.830
Dan Deppen: through… through QuickBooks, and then, like, the way, like, I plan on…
743
00:54:46.330 –> 00:54:59.060
Dan Deppen: doing things is basically, I think I said, like, like, for now, kind of the training phase was going to do, like, $20 an hour, but then once we kind of get through the stuff where you’re, like, just up and going reasonably on this.
744
00:54:59.680 –> 00:55:03.390
Dan Deppen: Then I’ll change that to 25, and that shouldn’t take very long.
745
00:55:03.390 –> 00:55:04.530
Wendy Zollner: Okay, yeah.
746
00:55:04.530 –> 00:55:06.850
Dan Deppen: And then the other thing I’ll do…
747
00:55:07.060 –> 00:55:12.709
Dan Deppen: next week is I’ll set up some time where we can talk to Christine, just so you guys can meet.
748
00:55:12.850 –> 00:55:14.450
Wendy Zollner: Okay, yeah, that’d be great.
749
00:55:14.450 –> 00:55:20.390
Dan Deppen: You know, because you’ll see each other on email and stuff, and she’s great. She’s actually the daughter of
750
00:55:21.260 –> 00:55:24.729
Dan Deppen: So Max Bailey owned it before, Michelle is his wife.
751
00:55:25.410 –> 00:55:28.010
Dan Deppen: Christine’s Michelle’s daughter.
752
00:55:28.780 –> 00:55:29.190
Wendy Zollner: Cool.
753
00:55:29.190 –> 00:55:34.720
Dan Deppen: And it’s funny, because she would occasionally, like, enter files into Byte for them, but didn’t do that much.
754
00:55:35.850 –> 00:55:41.989
Dan Deppen: And then… I had hired her before, but then I had her doing a whole lot more. I showed her how to do all, like, the other stuff, and…
755
00:55:42.120 –> 00:55:48.110
Dan Deppen: Great, and then… And then she was busy over the summer and left, like, mid, early.
756
00:55:48.910 –> 00:55:53.779
Dan Deppen: last year, but then she’s like, I might have more time. So she’s in Georgia, she’s got, like, 3 kids, and then…
757
00:55:53.910 –> 00:55:56.490
Dan Deppen: Her husband’s in the army and is always, like.
758
00:55:56.850 –> 00:55:59.540
Dan Deppen: Off doing stuff, so for her, it’s like a little…
759
00:56:00.200 –> 00:56:01.950
Dan Deppen: She’s just got a lot on her plate.
760
00:56:01.950 –> 00:56:02.810
Wendy Zollner: Yeah.
761
00:56:02.810 –> 00:56:09.100
Dan Deppen: But she likes doing this stuff, like, part-time, and it’s nice, too, because it is flexible, right? Like, for me, the big thing is just kind of…
762
00:56:10.030 –> 00:56:12.669
Dan Deppen: When people are working files, like, knowing
763
00:56:12.960 –> 00:56:24.320
Dan Deppen: when they’re on, just so that when customers have… when people have emails and stuff, that we can respond in a reasonable amount of time. But, you know, it’s not the kind of thing where we gotta respond to messages in, like, 2 minutes.
764
00:56:25.070 –> 00:56:26.660
Wendy Zollner: 2 hours is fine.
765
00:56:26.830 –> 00:56:27.170
Wendy Zollner: Yeah.
766
00:56:27.170 –> 00:56:28.459
Dan Deppen: No, just so that it…
767
00:56:29.220 –> 00:56:30.040
Wendy Zollner: Yeah.
768
00:56:30.040 –> 00:56:31.930
Dan Deppen: Happens at some point, some.
769
00:56:32.180 –> 00:56:33.230
Wendy Zollner: Sounds good.
770
00:56:33.360 –> 00:56:34.250
Wendy Zollner: Cool.
771
00:56:34.510 –> 00:56:43.199
Dan Deppen: Okay, cool, but yeah, hopefully that gets you up and going. Yeah, I’ll let you know if anything… A little bit. Like I said, there’s a lot of stuff, it might be, like, a little bit overwhelming at first, because there’s so much…
772
00:56:43.540 –> 00:56:50.499
Dan Deppen: minutiae, but… Once you get to a certain point, you’re probably like, oh, it’s one of those things
773
00:56:51.010 –> 00:56:52.540
Dan Deppen: Once you know it, it’s easy.
774
00:56:52.540 –> 00:56:53.350
Wendy Zollner: Yeah.
775
00:56:53.350 –> 00:56:55.539
Dan Deppen: You gotta just, like, get over that.
776
00:56:56.010 –> 00:56:56.870
Wendy Zollner: Right, get through the…
777
00:56:56.870 –> 00:57:01.570
Dan Deppen: But I’m trying to use the Thinkific course and stuff in the SOP, like, to make it easier to…
778
00:57:02.610 –> 00:57:03.990
Wendy Zollner: To get up to speed, yeah.
779
00:57:03.990 –> 00:57:08.969
Dan Deppen: But yeah, always just holler, and then I’ll introduce you to Christine, and feel free to ping her with questions, too.
780
00:57:08.970 –> 00:57:09.380
Wendy Zollner: Okay.
781
00:57:09.440 –> 00:57:10.290
Dan Deppen: Cool.
782
00:57:10.550 –> 00:57:11.620
Wendy Zollner: Thanks, Dan!
783
00:57:11.620 –> 00:57:14.509
Dan Deppen: Yeah, no problem, no, thanks for your help, I appreciate it.
784
00:57:14.510 –> 00:57:20.359
Wendy Zollner: Have a good trip to North Carolina, and then, we’ll… I’ll let you know if anything, if I can’t get into anything, or questions.
785
00:57:20.360 –> 00:57:26.190
Dan Deppen: Yeah, like I said, if anything comes up, don’t hesitate to ping me. If I’m in the middle of something, I’ll just answer you when I get back, you know?
786
00:57:26.640 –> 00:57:27.120
Wendy Zollner: Cool.
787
00:57:27.120 –> 00:57:28.050
Dan Deppen: That could bother me.
788
00:57:28.370 –> 00:57:28.849
Wendy Zollner: aren’t they?
789
00:57:28.850 –> 00:57:30.210
Dan Deppen: Alright, catch you later.
790
00:57:30.210 –> 00:57:31.010
Wendy Zollner: Sure, bye.
791
00:57:31.010 –> 00:57:31.660
Dan Deppen: But…
========================================
FILE: CTU_Training___Borrower_Communication__Conditions_Management__and_Documentation_Follow-Up_02-05-2026.txt
CTU Training – Borrower Communication, Conditions Management, and Documentation Follow-Up_02-05-2026.txt
CTU TRAINING TRANSCRIPT
Topic: Borrower Communication, Conditions Management, and Documentation Follow-Up
Stage of Loan Process:
Processing → Underwriting → Conditions → Pre-Closing
Systems Discussed:
Zoho CRM
Byte (LOS)
Email / Communication Workflow
Summary:
This training focuses on managing borrower communication, requesting and tracking underwriting conditions, and following up on required documentation. It emphasizes clear, specific communication with borrowers and lenders to ensure all required documents are received in a timely manner. The session highlights the importance of setting expectations, avoiding vague requests, and maintaining organized tracking of outstanding items. Effective follow-up and documentation management help keep files moving forward and prevent delays in underwriting and closing.
Key Concepts:
- Clear and specific document requests improve response quality
- Avoid vague language—list exactly what is needed (e.g., 12 bank statements, 2 years tax returns)
- Track all outstanding conditions within the system
- Follow up consistently on missing documentation
- Keep lender copied on key communications for visibility
- Set expectations with borrowers on timelines and requirements
- Incomplete documentation delays underwriting and closing
- Organized condition tracking improves efficiency and turnaround times
Process Notes:
- Send detailed initial document request to borrower
- Log all communication in Zoho
- Track conditions and outstanding items in Byte or CRM
- Follow up regularly until all items are received
- Confirm completeness before moving file forward
Common Issues:
- Borrowers providing incomplete or partial documents
- Vague requests leading to back-and-forth communication
- Lack of follow-up causing delays
- Missing documentation discovered late in process
- Poor tracking of outstanding conditions
Source:
Internal CTU Training – Borrower Communication and Conditions Management (02-05-2026)
WEBVTT
1
00:00:01.300 –> 00:00:04.890
Dan Deppen: So there was a question that…
2
00:00:05.420 –> 00:00:11.679
Dan Deppen: a client had that Jamie said, The… where was it?
3
00:00:25.230 –> 00:00:26.070
Dan Deppen: Hold on.
4
00:00:26.410 –> 00:00:27.630
Dan Deppen: The…
5
00:00:34.520 –> 00:00:42.289
Dan Deppen: Oh. Well, anyways, this isn’t the right version I was looking at, but you know how, like, in the projected payments and the escrows?
6
00:00:43.380 –> 00:00:46.889
Dan Deppen: It shows, like, is this in escrow, taxes, homeowners insurance?
7
00:00:47.590 –> 00:00:53.260
Dan Deppen: I just wanted to show you where that comes from in Byte, because it’s not necessarily obvious.
8
00:00:54.920 –> 00:00:56.770
Wendy Zollner: Okay. So, in…
9
00:00:57.740 –> 00:00:59.299
Dan Deppen: I’ll just open this one.
10
00:01:04.590 –> 00:01:06.820
Dan Deppen: It’s in Loan Estimate, page 2.
11
00:01:07.050 –> 00:01:07.960
Wendy Zollner: Okay?
12
00:01:08.120 –> 00:01:12.009
Dan Deppen: the escrow set up, but I just wanted to show you the way that this behaves, because it…
13
00:01:12.870 –> 00:01:14.959
Dan Deppen: It’s not necessarily intuitive.
14
00:01:15.100 –> 00:01:15.840
Wendy Zollner: Okay.
15
00:01:17.030 –> 00:01:23.410
Dan Deppen: So down here in Section G, and so this one was not escrowed, so actually this is kind of a good example, right?
16
00:01:25.630 –> 00:01:28.529
Dan Deppen: Those boxes will get checked.
17
00:01:28.710 –> 00:01:33.379
Dan Deppen: on the Elite, if the disbursement is monthly.
18
00:01:33.730 –> 00:01:34.540
Wendy Zollner: Okay.
19
00:01:37.070 –> 00:01:38.449
Dan Deppen: If it’s anything else.
20
00:01:38.450 –> 00:01:40.880
Wendy Zollner: Auto-populate right now?
21
00:01:41.320 –> 00:01:49.790
Dan Deppen: Yeah, like here, like, if I said escrowed monthly, if you notice, like, the… something over here changed, like PITI, 14.
22
00:01:49.790 –> 00:01:50.190
Wendy Zollner: Yeah.
23
00:01:50.190 –> 00:01:55.399
Dan Deppen: Like, if I change this, Oh, it just changed cash to close, that’s weird.
24
00:01:56.150 –> 00:02:01.309
Dan Deppen: But, like, right now, like, if I want to pre… like, print preview the LE page 2.
25
00:02:01.710 –> 00:02:04.729
Wendy Zollner: It should have taxes and insurance not checked.
26
00:02:05.210 –> 00:02:09.430
Dan Deppen: So you can do this print preview thing if you just want to see, like, verify what’s.
27
00:02:09.430 –> 00:02:11.579
Wendy Zollner: Oh, cool. Okay. Nice.
28
00:02:11.580 –> 00:02:14.160
Dan Deppen: Yeah, because I used to just print the whole thing.
29
00:02:14.440 –> 00:02:17.080
Dan Deppen: And then you actually have to tab between the pages.
30
00:02:17.080 –> 00:02:17.830
Wendy Zollner: Okay.
31
00:02:19.460 –> 00:02:22.929
Dan Deppen: Right, if I go to page 1, so right now in escrow, no.
32
00:02:22.930 –> 00:02:23.800
Wendy Zollner: Okay.
33
00:02:23.800 –> 00:02:25.650
Dan Deppen: And the other monthly servicing.
34
00:02:27.430 –> 00:02:30.370
Wendy Zollner: Now, if I just change these…
35
00:02:31.530 –> 00:02:37.030
Dan Deppen: to monthly… Or let’s say I leave taxes off, and I change that to monthly.
36
00:02:37.030 –> 00:02:37.700
Wendy Zollner: Okay.
37
00:02:37.980 –> 00:02:42.829
Dan Deppen: Then it should say yes for insurance and loan servicing, but not for the other one.
38
00:02:47.840 –> 00:02:56.359
Dan Deppen: Yeah, so no one. So, that’s where that comes from, because we’ve had that before, where it’s like, hey, wait a minute, like, I put everything on Ellie page 2.
39
00:02:56.930 –> 00:03:03.050
Dan Deppen: And then the lender’s like, that didn’t show up. The problem I had, and where I kind of…
40
00:03:04.110 –> 00:03:07.159
Dan Deppen: led things amok. So, in the template file.
41
00:03:08.100 –> 00:03:11.370
Dan Deppen: So there’s this template file that everything is geared off of.
42
00:03:11.370 –> 00:03:11.940
Wendy Zollner: Yeah.
43
00:03:11.940 –> 00:03:13.539
Dan Deppen: You don’t want to mess with, but if you do.
44
00:03:13.540 –> 00:03:14.070
Wendy Zollner: No.
45
00:03:14.070 –> 00:03:15.320
Dan Deppen: template files.
46
00:03:17.640 –> 00:03:22.559
Dan Deppen: I had an error in here where, in the template file, the property tax one wasn’t set.
47
00:03:22.900 –> 00:03:25.530
Dan Deppen: And so that’s why when she sent that one.
48
00:03:25.950 –> 00:03:26.590
Wendy Zollner: Okay.
49
00:03:26.590 –> 00:03:29.530
Dan Deppen: It came out that way. I’ve since fixed it.
50
00:03:30.440 –> 00:03:36.330
Dan Deppen: I wanted to let you know how that works, in case, like, something weird like that comes up, where they’re like, hey, this isn’t showing up.
51
00:03:36.600 –> 00:03:51.129
Wendy Zollner: Yeah, I noticed that the other day, because when you go down the SOP, it tells you to check that, make sure those are… those all say monthly, and one of them was blank, so that must have been that one, the boxes one.
52
00:03:51.130 –> 00:03:57.380
Dan Deppen: And then, when you put the number of months of escrow, this is what should affect the cash to close.
53
00:03:57.380 –> 00:03:57.880
Wendy Zollner: Okay.
54
00:03:57.880 –> 00:04:00.070
Dan Deppen: That’s how many they collect up front.
55
00:04:00.070 –> 00:04:00.630
Wendy Zollner: Okay.
56
00:04:00.630 –> 00:04:02.410
Dan Deppen: Bunts is standard.
57
00:04:03.890 –> 00:04:05.240
Wendy Zollner: 2 months is standard?
58
00:04:05.240 –> 00:04:12.259
Dan Deppen: Two months is standard, and I don’t know that Byte will even let you do more. Sometimes if you put in… because there are…
59
00:04:13.490 –> 00:04:19.810
Dan Deppen: might be under RESPA, I’m not sure where that’s located, but there are actually limit, like, like.
60
00:04:20.370 –> 00:04:25.789
Dan Deppen: consumer laws that define limits on what you can collect in escrows, right? So the idea is…
61
00:04:27.770 –> 00:04:36.259
Dan Deppen: You know, the mortgage company is collecting escrows, so they can pay them at the end of the month, and, you know, they want to have, like, a little cushion, but, like…
62
00:04:38.290 –> 00:04:44.629
Dan Deppen: to get a loan from a bank, they can’t just say, well, you know what, just for us to be extra safe, we’re gonna make you pay all this extra money.
63
00:04:44.630 –> 00:04:45.180
Wendy Zollner: Right.
64
00:04:45.180 –> 00:04:50.850
Dan Deppen: just gonna hold on to it, like, there’s limits on that. So, sometimes if you,
65
00:04:51.110 –> 00:04:56.599
Dan Deppen: put something in and, like, you exceed some limit, Byte will, like, automatically make adjustments.
66
00:04:56.840 –> 00:04:59.590
Wendy Zollner: Does it tell you it’s doing that, or just does it…
67
00:04:59.970 –> 00:05:03.539
Dan Deppen: You have to look in certain places. It’s not intuitive.
68
00:05:03.690 –> 00:05:08.090
Dan Deppen: So I’m not going to get into all that now, but… and then sometimes people want to collect…
69
00:05:08.320 –> 00:05:11.039
Dan Deppen: Like, a month of insurance up front.
70
00:05:11.040 –> 00:05:11.780
Wendy Zollner: Okay.
71
00:05:11.780 –> 00:05:17.500
Dan Deppen: And so, if there are, like, other things up front, not ceding the escrow, then that goes in after we pays.
72
00:05:17.500 –> 00:05:18.230
Wendy Zollner: Okay.
73
00:05:18.370 –> 00:05:20.640
Dan Deppen: Typically, we’re leaving prepaids alone.
74
00:05:20.970 –> 00:05:25.990
Wendy Zollner: But that’ll be in the term sheet and in Zoho, if it’s the case.
75
00:05:25.990 –> 00:05:31.719
Dan Deppen: It should be, but what happens more often than not, if a lender wants to do that, they tell us, like, at the end.
76
00:05:31.720 –> 00:05:42.030
Wendy Zollner: Or in the notes, okay. Yeah, or we send them a leader review, and they go, oh, hey, we need to collect a month of insurance. Okay. 12 months of insurance, or… Okay, that makes sense.
77
00:05:42.030 –> 00:05:50.940
Dan Deppen: whatever, because I just went back and forth through some of those rules, because David Cole and them, like, were wanting to collect, like, a bunch of extra escrow just to be safe for them, and I was like…
78
00:05:51.790 –> 00:05:55.770
Dan Deppen: can’t really do that, like, that’s not… like, you’re not supposed to do that.
79
00:05:55.770 –> 00:05:56.860
Wendy Zollner: Yeah, yeah.
80
00:05:57.730 –> 00:06:02.559
Dan Deppen: Okay, so email… so I just wanted to share that, because that…
81
00:06:02.920 –> 00:06:07.339
Dan Deppen: Came up, and it’s one of those… one of those things, like, once you know byte,
82
00:06:09.360 –> 00:06:11.859
Dan Deppen: It becomes automatic, but it’s kind of…
83
00:06:11.870 –> 00:06:12.820
Wendy Zollner: Okay.
84
00:06:13.810 –> 00:06:19.460
Dan Deppen: Okay, so it looks like, yeah, there was a term sheet that came in yesterday. I don’t know this person.
85
00:06:19.730 –> 00:06:20.590
Dan Deppen: Okay.
86
00:06:21.580 –> 00:06:24.809
Dan Deppen: They came in through Note School, so I’ve got…
87
00:06:27.640 –> 00:06:30.189
Dan Deppen: So we’ll see how that goes.
88
00:06:33.590 –> 00:06:37.709
Wendy Zollner: Do you know… you know the Note School people? Are you familiar with them?
89
00:06:38.410 –> 00:06:47.359
Dan Deppen: So, I know Eddie Speed pretty well, and Wayne, I forget his last name, that does a lot of their training,
90
00:06:48.280 –> 00:06:51.759
Dan Deppen: Last year, I recorded a session for them on…
91
00:06:52.330 –> 00:06:56.820
Dan Deppen: Like, underwriting and originating seller finance books, like, for their note school.
92
00:06:56.820 –> 00:06:57.390
Wendy Zollner: Yeah.
93
00:06:57.390 –> 00:07:00.510
Dan Deppen: People, so basically, they refer people over.
94
00:07:00.510 –> 00:07:01.150
Wendy Zollner: Nice.
95
00:07:01.150 –> 00:07:01.830
Dan Deppen: us.
96
00:07:02.080 –> 00:07:02.460
Wendy Zollner: Okay.
97
00:07:02.530 –> 00:07:04.020
Dan Deppen: At one point.
98
00:07:04.360 –> 00:07:11.059
Dan Deppen: Eddie… well, and he put it together, but, like, last year, Eddie was putting together this play to, like, convert rental properties to notes.
99
00:07:11.950 –> 00:07:12.949
Dan Deppen: And he’s like.
100
00:07:13.650 –> 00:07:17.520
Dan Deppen: oh yeah, we’re gonna do, like, 12,000 of these, and I want you to do all the RMLO work.
101
00:07:17.690 –> 00:07:21.370
Dan Deppen: Sweet, but we’ve done, like, a couple.
102
00:07:21.370 –> 00:07:25.159
Wendy Zollner: 12,000. A little far away from that, so far.
103
00:07:25.540 –> 00:07:29.359
Dan Deppen: Yeah, it’s creating too long… okay, so here’s another thing to kind of pay attention to.
104
00:07:29.360 –> 00:07:35.889
Wendy Zollner: Okay. I added this to the term sheet relatively recently. Okay. But I’m creating both a first and a second.
105
00:07:37.000 –> 00:07:41.629
Dan Deppen: So, our standard form is really set up for, like, one loan.
106
00:07:41.630 –> 00:07:42.360
Wendy Zollner: Okay.
107
00:07:43.030 –> 00:07:46.380
Dan Deppen: Because the other thing we’ve had happen a lot is somebody
108
00:07:46.810 –> 00:07:58.410
Dan Deppen: you know, they submit the term sheet, we’ve even gone, like, through the whole thing, like, we send the LE, they approve it, we send the CD, and they come back at the last minute and go, hey, there’s two loans here, where’s the other loan? And I’m like.
109
00:08:00.530 –> 00:08:06.670
Dan Deppen: Yeah. They’ve never received any information, like, we’re gonna need the terms and stuff.
110
00:08:06.670 –> 00:08:07.010
Wendy Zollner: Hmm.
111
00:08:07.010 –> 00:08:10.920
Dan Deppen: But this will be a good template, because when we get the data.
112
00:08:11.300 –> 00:08:14.010
Dan Deppen: On this, let me know, we’ll do this one together.
113
00:08:14.010 –> 00:08:14.400
Wendy Zollner: Okay.
114
00:08:14.400 –> 00:08:20.240
Dan Deppen: Because within Byte, you can create what’s called a… Simultaneous…
115
00:08:21.380 –> 00:08:21.970
Wendy Zollner: Okay.
116
00:08:22.350 –> 00:08:30.850
Dan Deppen: You can create… it’ll automatically, like, create two files, and basically you update one file, and then you put the loan terms for the second, but they’re, like…
117
00:08:31.540 –> 00:08:32.110
Dan Deppen: So…
118
00:08:32.110 –> 00:08:33.379
Wendy Zollner: That’s very cool.
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Dan Deppen: together, and that is in the SOP someplace.
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Wendy Zollner: Fair.
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Dan Deppen: Okay, so our calculations are working, that was a good suggestion.
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Wendy Zollner: Boom.
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Dan Deppen: Pass on the fees, no loan docs.
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Dan Deppen: Monthly servicing fee passed on, that’s good. Oh, and they have their own loan origination fee, which you can completely do.
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Wendy Zollner: Okay.
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Dan Deppen: So that’s $1,800. I was gonna look at what’s the loan amount.
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Dan Deppen: To see if they’re maybe bordering on…
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Wendy Zollner: 90,000.
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Dan Deppen: 90,000, I mean…
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Dan Deppen: For my money, best practice is to keep total fees under 3%. I mean, if you go to 5%, that’s okay, so they’re probably alright.
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Wendy Zollner: Okay.
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Dan Deppen: And it’s Texas.
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Dan Deppen: I don’t know that total companies.
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Dan Deppen: They want to close on the 16th? That’s pretty tight. Okay, that’s cool. Well, I mean, this one, there’s nothing to do now, we’ll just wait and see what comes in.
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Wendy Zollner: Okay.
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Dan Deppen: But maybe, like, if we don’t get anything today, then, like, bright and early tomorrow.
137
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Wendy Zollner: Okay.
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Dan Deppen: Send a ping.
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Wendy Zollner: So, follow up.
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Dan Deppen: And I still have it on my backlog of things to do to,
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Dan Deppen: automate those pings, but I’ve got to get the CRM better first.
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Wendy Zollner: Yeah, no, yeah, no.
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Dan Deppen: Because at one point, I had some auto-pings, but then the CRM statuses were unreliable, because it was based on how data got entered, and then they were misfiring, so I turned it off.
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Dan Deppen: This is just the invoice. And then, too, because these people are brand new.
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Dan Deppen: We’re not gonna start the file until they pay the invoice.
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Wendy Zollner: Okay, so that’s a new lender.
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Dan Deppen: Unless, like, there’s nothing else to do, and for training purposes, it makes sense to go ahead and jumpstart it, but…
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Wendy Zollner: Okay.
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Wendy Zollner: Okay, cool.
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Dan Deppen: Actually, I should look at how…
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Dan Deppen: That came through, because I don’t recognize them at all. Let me just see if that… and normally, you don’t have to do all this stuff, like, when deals come in, I’m just more…
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Dan Deppen: Curious.
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Wendy Zollner: The, like, one of the things in Zoho
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Wendy Zollner: Is… it says it got, like, the income information, but it doesn’t tell us if it’s all there, or if it’s the right stuff, or if it’s…
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Dan Deppen: Valerie. Yeah, that’s It’s right, there’s not really a way to automate that.
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Wendy Zollner: I wonder if we… if you have a… if we have a field that just… we fill in that says validated, or…
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Wendy Zollner: not validated or something, I don’t know.
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Dan Deppen: I think you could do that here.
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Dan Deppen: Okay, yeah. I mean, this is really the income status, like, you can manually overwrite any of this stuff.
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Wendy Zollner: Very cool. Yeah.
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Dan Deppen: Or, like…
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Dan Deppen: You know, the other thing I could do when I fix this, instead of just having the date.
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Dan Deppen: Like, like, I could say it’s the date… you know…
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Dan Deppen: Received, not validated yet. Yeah. You know, something like that, that just means, like, it came in.
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Wendy Zollner: Yeah.
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Dan Deppen: And, and by and large,
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Dan Deppen: Most of the time, when they send income, like, we do get everything.
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Wendy Zollner: Okay.
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Dan Deppen: Not always.
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Wendy Zollner: Okay.
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Dan Deppen: What I’ve been kind of doing is once something comes in, I just treat it as, like, we got it, and we start going, and then if we need more stuff, then we…
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Wendy Zollner: Okay, cool.
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Dan Deppen: Ping him.
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Wendy Zollner: Okay.
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Dan Deppen: Okay.
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Dan Deppen: This is a land doc. So when we do the loan docs, it spits out all kinds of stuff. That was… Okay.
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Dan Deppen: Let me see if that was listed as…
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Dan Deppen: Oh, I just happen to have that open.
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Dan Deppen: Because I want to know, too, why the second Home Riders spin out.
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Dan Deppen: And they probably listed this as second home, or… Yeah. Yeah, yeah, yeah.
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Dan Deppen: Okay.
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Wendy Zollner: Oh, so it says secondary resident instead of vacant land.
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Dan Deppen: Yeah…
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Wendy Zollner: Yeah, I noticed sometimes the lender has one occupancy, and the borrower has a different one on their application.
185
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Dan Deppen: Shrinking.
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Wendy Zollner: As vacant land, or second resident?
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Dan Deppen: Oh, sorry, it was…
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Dan Deppen: How… I don’t know how to explain this. Basically, the answer is…
189
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Dan Deppen: You know, this whole process we’re doing.
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Dan Deppen: It’s for, like, owner-occupied, right?
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Wendy Zollner: Right.
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Dan Deppen: And when it comes to vacant land that someone plans to build on, or could build on.
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Dan Deppen: It’s a little bit of a legal gray area, right?
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Wendy Zollner: Okay?
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Dan Deppen: You know, someone could buy vacant land.
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Dan Deppen: But if they can’t afford it, and then they slap a mobile home on it, and get evicted.
197
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Dan Deppen: Like, that’s a problem.
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Dan Deppen: So, what some lenders… what some land people do, like this guy and others, to cover themselves, is they just run it through the full lender writing process. Then they know their borrower can pay.
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Wendy Zollner: Okay.
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Dan Deppen: There’s never any questions.
201
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Dan Deppen: about the compliance, you know, should they build on it later? Okay.
202
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Dan Deppen: And if they ever sell the loan, then they’ve got all the T’s crossed and I started. Because if somebody’s buying the loan, and even, like.
203
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Dan Deppen: the compliance department and banks like FNAC.
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Dan Deppen: they… Don’t understand or care about all the nuances.
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Wendy Zollner: Okay.
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Dan Deppen: If you’re selling a loan to FNAC,
207
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Dan Deppen: And you say, oh, well, they’re like, hey, I don’t see trade, I don’t see this, I don’t see that, and you go, well, it’s not owned or occupied, it was vacant land.
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Dan Deppen: And there was this, and there was that, you know.
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Dan Deppen: that will stall things out, like, they’ll get stuck. Whereas if you go, no, I got all the stuff, here we go.
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Wendy Zollner: Right, yeah.
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Dan Deppen: Then you’re good, that’s… why we do it like this. So, you know, it’s not their primary residence.
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Dan Deppen: But we treated the whole thing as, like, an owner-occupied, and so it spits out the second home run.
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Wendy Zollner: I gotcha. Okay.
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Dan Deppen: You know what, I think I’m just gonna leave this here rather than get into the hole.
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Wendy Zollner: Yeah.
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Wendy Zollner: Because so they may have bought the land
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Wendy Zollner: Planning to have it as a second residence later when they build on it.
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Dan Deppen: Yeah, I’m gonna go less is more with this response, and just let it there.
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Wendy Zollner: Yeah.
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Dan Deppen: Walnut.
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Dan Deppen: Oh, so this is one where Superhuman created an auto response?
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Wendy Zollner: Oh, and it didn’t send it yet.
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Dan Deppen: No, no, no, what it’ll do…
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Dan Deppen: And I… maybe we’ll do this next week. I need to get you set up on that.
225
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Wendy Zollner: Okay.
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Dan Deppen: It’s kind of expensive, but I find it… handy.
227
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Wendy Zollner: Okay.
228
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Dan Deppen: But I feel like there was other email traffic about this one that I saw.
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Wendy Zollner: Okay.
230
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Wendy Zollner: Oh yeah, that one? Okay.
231
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Dan Deppen: Previty, yeah. Yeah.
232
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Dan Deppen: Oh, received, received.
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Dan Deppen: Received, received.
234
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Dan Deppen: And then the income statuses don’t work. Oh!
235
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Dan Deppen: Yeah, Christine sent the LE the other day.
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Wendy Zollner: Oh, okay.
237
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Wendy Zollner: Oh, so the income was received.
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Dan Deppen: Yeah, I don’t… Know that she’s been updating the other statuses, and honestly, like.
239
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Dan Deppen: Once we get stuff and start in on a file.
240
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Dan Deppen: Then this other stuff doesn’t matter too much, really.
241
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Wendy Zollner: Yeah, yeah.
242
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Dan Deppen: hard over about, like, going back and… I mean, really, like, once we’re into the file, it’s kind of the…
243
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Dan Deppen: the standard deal status, the comments, and then what happens next. Okay. If somebody’s… Gotta own it.
244
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Wendy Zollner: Yeah, those statuses are just while we’re waiting for all that information to get submitted.
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Dan Deppen: Yeah, so that I can just kind of delete, because we’ve got the stuff, we don’t need to…
246
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Wendy Zollner: Okay.
247
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Dan Deppen: Because what Superhuman will do…
248
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Dan Deppen: It will draft a follow-up if there was no response to that email, and so there was no response to that email, but they filled out
249
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Dan Deppen: forms, and so…
250
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Wendy Zollner: Right, right, yeah.
251
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Dan Deppen: And then, I gotta fix this. This was another automation I made for when a term sheet comes in.
252
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Dan Deppen: That just kind of tells us some of the key data.
253
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Wendy Zollner: Okay.
254
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Dan Deppen: But I’ve got something out of sync where it’s not filling in, like, this is firing before the customer data gets populated.
255
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Dan Deppen: In the CRM, so this stuff is, like, never filling.
256
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Dan Deppen: Yeah. But it does tell us loan docs.
257
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Dan Deppen: And then, when I get it fixed, it’ll tell us if they’re…
258
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Dan Deppen: new, because I’ve still got to put the tracking system in place for loan docs, that’s kind of ad hoc.
259
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Wendy Zollner: Okay.
260
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Dan Deppen: And then this is just us CC’d. So when someone sends a term sheet, I might need to clean that up at some point where we’re not getting, like, pelted with emails.
261
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Dan Deppen: When a term sheet comes in.
262
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Dan Deppen: Okay, so a loan condition question.
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Dan Deppen: Indigen. Okay, so… So this is the condition where if someone has nothing on their credit report.
264
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Dan Deppen: We ask them to provide two examples of bills that they’ve paid. Okay. Which usually is never… an issue.
265
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Wendy Zollner: Yeah.
266
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Wendy Zollner: Boy, that’s.
267
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Dan Deppen: I’m just gonna call this, like, a special case.
268
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Wendy Zollner: Yeah.
269
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Dan Deppen: And I’m just gonna say, give us…
270
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Dan Deppen: What you’ve got since then, that’s completely fine.
271
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Wendy Zollner: Okay.
272
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Dan Deppen: It’s kind of a unique case.
273
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Wendy Zollner: Yeah.
274
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Dan Deppen: And it really won’t impact their ability to sell the note.
275
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Wendy Zollner: Okay.
276
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Dan Deppen: Did she sign the loan estimate? So this was…
277
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Dan Deppen: I’m not even sure which one this was.
278
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Dan Deppen: Kelly Owens. I hate it, sometimes they email you and they don’t give you, like, enough info when they have multiple deals, and you’re like.
279
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Wendy Zollner: Yeah, yeah.
280
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Dan Deppen: I’m like, what is this?
281
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Dan Deppen: The other kind of leak in the system
282
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Dan Deppen: Is when we do send things out for e-sign. If they e-sign it, it just emails me.
283
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Wendy Zollner: I don’t have, like, an automated way to let, like, the lender know.
284
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Wendy Zollner: Oh, okay, yep.
285
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Dan Deppen: Okay, yeah, so she’s assigned everything.
286
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Wendy Zollner: It just emails you, it doesn’t email the team either?
287
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Dan Deppen: No, because of the way Byte is set up, because I’m, like, the owner of the account, like, it’s a rule.
288
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Dan Deppen: Dang.
289
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Dan Deppen: What I might be able to do, just in my email, is set up an auto-forward. Oh, I could do that.
290
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Wendy Zollner: Yeah, forever.
291
00:20:46.350 –> 00:20:53.569
Dan Deppen: get an email from OneSpan, then send it. The other thing that’s goofy is it’ll send me,
292
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Dan Deppen: a link, like, it’ll say, click here to open it, and that never works. Like, I have to go in to Byte.
293
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Wendy Zollner: Okay.
294
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Dan Deppen: Even though it just sends it to me, like, I can’t just open it. Yeah, yeah.
295
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Dan Deppen: So, it’s more of a notification, and it just gives you the borrower’s name, so maybe I could set up, like, an auto-forward to the team, just so that there’s awareness of this got signed.
296
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Wendy Zollner: Yeah.
297
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Dan Deppen: Okay.
298
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Dan Deppen: I mean…
299
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Dan Deppen: And they’re really worried about creating, like, top-tier notes that they can sell.
300
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Wendy Zollner: Okay.
301
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Dan Deppen: Right.
302
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Wendy Zollner: Okay, cool.
303
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Dan Deppen: No issues, but…
304
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Dan Deppen: Okay…
305
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Dan Deppen: Okay, so this is where Christine sent… the LE2…
306
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Wendy Zollner: Okay.
307
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Dan Deppen: under…
308
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Dan Deppen: And then Seth. So, Seth is the actual lender, but he’s got people that work for him, like Charmaine and Jan.
309
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Wendy Zollner: Okay.
310
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Dan Deppen: Sometimes it gets tricky, like, figuring out, like, who all to include.
311
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Dan Deppen: It’s not always obvious. Oh, that’s funny, Seth uses Superhuman, too. I didn’t realize it put that scent via SuperHuman.
312
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Wendy Zollner: Funny.
313
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Dan Deppen: I thought I turned that off of mine, but…
314
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Wendy Zollner: I notice it gives us, like, sometimes a reminder thing in our,
315
00:23:41.100 –> 00:23:45.969
Dan Deppen: Yeah, and then you can’t open it, because I’m using it through, that’s why I just need to get you an account.
316
00:23:47.330 –> 00:23:53.180
Dan Deppen: On there. It’s, like, 40 bucks a month or something, but I… I think it’s worth it, and for this.
317
00:23:53.940 –> 00:23:58.350
Dan Deppen: It’ll probably be helpful for you to have just, like, the pop-up, like, draft reminder emails.
318
00:23:58.630 –> 00:23:59.270
Wendy Zollner: Yeah.
319
00:24:00.810 –> 00:24:01.810
Dan Deppen: Okay.
320
00:24:04.170 –> 00:24:11.239
Dan Deppen: Okay, yeah, so Charmaine… Sent it to him…
321
00:24:11.860 –> 00:24:17.700
Dan Deppen: Yeah, and I think I’ve talked to Jermaine and Jan. It’s funny, too, like, a lot of these folks, like, I’ve noticed this with other lenders.
322
00:24:18.570 –> 00:24:23.269
Dan Deppen: They have people with, like, American-looking names, but you talk to them, and I think they’re, like, in the Philippines.
323
00:24:23.270 –> 00:24:24.360
Wendy Zollner: Yeah, yeah.
324
00:24:24.360 –> 00:24:26.009
Dan Deppen: running it, right?
325
00:24:27.010 –> 00:24:29.170
Wendy Zollner: Probably a virtual assistant, yeah.
326
00:24:29.170 –> 00:24:30.710
Dan Deppen: Yeah, I have…
327
00:24:31.370 –> 00:24:37.820
Dan Deppen: ask people why I don’t do that. My theory has been I’d rather just have people that are US-based, and then…
328
00:24:38.650 –> 00:24:41.990
Dan Deppen: You know, can kind of do, like, what you’re doing, where it’s like…
329
00:24:42.270 –> 00:24:49.699
Dan Deppen: Okay, yeah, follow the SOP. Oh, wait, something doesn’t look right. Okay, ask a question. Okay, it needs to be fixed, and then just go fix it, like…
330
00:24:50.340 –> 00:24:52.520
Dan Deppen: You can’t do that kind of stuff with…
331
00:24:52.820 –> 00:24:54.200
Wendy Zollner: So, yeah.
332
00:24:55.120 –> 00:24:58.519
Dan Deppen: Okay, so the question is, did the LE get sent?
333
00:25:00.110 –> 00:25:07.249
Dan Deppen: Yeah, so it was just sent to the lender. Okay, so… Can you… After this,
334
00:25:07.920 –> 00:25:09.690
Dan Deppen: Send this to the borrower.
335
00:25:10.330 –> 00:25:16.129
Dan Deppen: Copy the lender, and then… So there will be an email and an e-sign.
336
00:25:17.570 –> 00:25:34.429
Wendy Zollner: Okay, yeah. I did a e-sign LE, yesterday, and I was actually, wishing we had a video on it, because I wasn’t… I’m pretty sure I did it right, but I felt a little bit,
337
00:25:36.040 –> 00:25:38.269
Wendy Zollner: I don’t know, not… not…
338
00:25:38.470 –> 00:25:39.569
Dan Deppen: Not super confident.
339
00:25:39.570 –> 00:25:45.479
Wendy Zollner: Yeah, I’m not super confident with it, and I tried… I searched all the SOPs, and then…
340
00:25:45.950 –> 00:25:48.630
Wendy Zollner: I think it’s right, but I was,
341
00:25:48.850 –> 00:26:01.390
Wendy Zollner: I struggled a little bit with it, and since the LE was approved with no changes, I sent the LE that was already in the file, I didn’t reprint it.
342
00:26:01.390 –> 00:26:03.219
Dan Deppen: If there were no changes, that’s fine.
343
00:26:03.220 –> 00:26:04.170
Wendy Zollner: Okay.
344
00:26:04.170 –> 00:26:04.740
Dan Deppen: Nope.
345
00:26:04.990 –> 00:26:05.840
Wendy Zollner: Okay.
346
00:26:05.840 –> 00:26:11.529
Dan Deppen: Okay, yeah, see, I don’t really, like, explain… How to do it.
347
00:26:13.130 –> 00:26:19.970
Wendy Zollner: Yeah, and the Thinkific course about the… that section, it just refers to the, SOA.
348
00:26:19.970 –> 00:26:20.960
Dan Deppen: SOP.
349
00:26:20.960 –> 00:26:21.730
Wendy Zollner: Yeah.
350
00:26:23.480 –> 00:26:31.330
Wendy Zollner: And if you have… I don’t know if you… not… this isn’t urgent or anything, but if you do have, like, transcripts of those Thinkific things, then…
351
00:26:31.550 –> 00:26:36.020
Wendy Zollner: I can input it into the chat GPT and…
352
00:26:36.320 –> 00:26:40.660
Dan Deppen: Yeah, I do, actually, because I can get those out of.
353
00:26:41.340 –> 00:26:46.020
Wendy Zollner: Would you rather me… I don’t know if… I can fill the…
354
00:26:46.820 –> 00:26:54.359
Wendy Zollner: chat GPT on your platform, if you want. I’m just building, like, a SOP ChatGBT, so I can ask questions from it.
355
00:26:54.360 –> 00:26:59.670
Dan Deppen: How are you using that exactly? Is that, like, a project you created within, like, a paid GPT account?
356
00:26:59.670 –> 00:27:15.749
Wendy Zollner: Yeah, yeah, I created a project, I uploaded all the files, like your transcripts of our training, the SOP, I was gonna upload a few other things I found that looked useful, and I’m just using it as, like, an SOP.
357
00:27:16.040 –> 00:27:18.199
Wendy Zollner: Question and answer thing.
358
00:27:19.600 –> 00:27:22.200
Wendy Zollner: It pops up stuff really fast, it’s really good.
359
00:27:22.720 –> 00:27:24.380
Dan Deppen: Yeah.
360
00:27:24.600 –> 00:27:31.700
Wendy Zollner: Because I’ll be like, I know Dan said something about credit scores under 620, what was it? And then it looks… can look it up for me.
361
00:27:33.580 –> 00:27:38.429
Wendy Zollner: Or I said, I know Dan showed me this. We’ll keep putting him in yours for now.
362
00:27:38.430 –> 00:27:44.109
Dan Deppen: What I’ll do is I… I took a note, I’ll either send those to you, or better yet, I can just…
363
00:27:44.760 –> 00:27:45.600
Wendy Zollner: Okay, it’s not urgent.
364
00:27:45.600 –> 00:27:54.229
Dan Deppen: login to Zoom, because I sent you the Zapier login yesterday, too. I’m guessing the first time, like, it’ll want to, like, text me or do something.
365
00:27:54.230 –> 00:27:55.010
Wendy Zollner: Okay.
366
00:27:55.010 –> 00:27:57.930
Dan Deppen: to let you in, but, like, in Zoom…
367
00:27:58.660 –> 00:28:02.540
Dan Deppen: Because also, you might need to set up your own Zoom calls with clients at some point.
368
00:28:04.230 –> 00:28:08.560
Dan Deppen: And I paid for, like, extra storage, so it’s got recordings going back.
369
00:28:08.770 –> 00:28:09.900
Wendy Zollner: Oh, cool, okay.
370
00:28:10.100 –> 00:28:13.389
Dan Deppen: a while, I’ll just have to see, like, how obvious…
371
00:28:14.500 –> 00:28:16.900
Dan Deppen: These are… I think I labeled them…
372
00:28:18.210 –> 00:28:19.780
Dan Deppen: when I was doing them.
373
00:28:20.300 –> 00:28:25.559
Dan Deppen: But I’ve got… Yeah, some of these, I think, were, like, Thinkific ones.
374
00:28:25.560 –> 00:28:26.270
Wendy Zollner: Okay.
375
00:28:27.060 –> 00:28:30.149
Dan Deppen: Maybe the easiest thing is I can just,
376
00:28:30.610 –> 00:28:37.579
Dan Deppen: give you access to the Zoom account, because then you can go in and you download. It’s kind of weird, like, it downloads
377
00:28:37.980 –> 00:28:40.640
Dan Deppen: You can’t just download the transcript, like, it’ll give you the.
378
00:28:40.640 –> 00:28:41.280
Wendy Zollner: Yeah.
379
00:28:41.300 –> 00:28:42.239
Dan Deppen: And so, just.
380
00:28:42.240 –> 00:28:42.930
Wendy Zollner: Yeah.
381
00:28:43.160 –> 00:28:44.080
Wendy Zollner: Delete.
382
00:28:44.080 –> 00:28:44.949
Dan Deppen: Video or whatever.
383
00:28:44.950 –> 00:28:47.020
Wendy Zollner: Exactly, yeah, just download it all.
384
00:28:47.280 –> 00:28:48.030
Dan Deppen: Yeah.
385
00:28:48.030 –> 00:28:55.000
Wendy Zollner: move the transcript over, and then I delete the rest of them. So I wonder if I can share this project with…
386
00:28:55.360 –> 00:28:56.869
Wendy Zollner: With, like, you or someone.
387
00:28:56.870 –> 00:29:06.899
Dan Deppen: Look into that. The thing that I was using for the note buying one, and I’ve got another account, was this Coach Fox. Did I show you this before?
388
00:29:07.140 –> 00:29:09.009
Wendy Zollner: Yeah, you did, that was really cool.
389
00:29:09.010 –> 00:29:17.170
Dan Deppen: Yeah, so… You know, maybe… In the meantime, keep building yours, because…
390
00:29:17.170 –> 00:29:17.510
Wendy Zollner: Sure.
391
00:29:17.510 –> 00:29:18.090
Dan Deppen: Then…
392
00:29:18.400 –> 00:29:28.110
Dan Deppen: you can use that right now. See if there’s a way to share it. What I like about this one is for at least customer-facing stuff, like, maybe yours is, like, the internal one.
393
00:29:28.110 –> 00:29:28.720
Wendy Zollner: Hmm.
394
00:29:28.720 –> 00:29:32.889
Dan Deppen: And then this is more customer-facing, or we could put it all in here, I’m kinda…
395
00:29:33.770 –> 00:29:35.290
Dan Deppen: Kinda open to it.
396
00:29:35.490 –> 00:29:36.800
Wendy Zollner: Okay, cool, yeah.
397
00:29:36.870 –> 00:29:38.420
Dan Deppen: Hmm… okay.
398
00:29:39.930 –> 00:29:42.760
Dan Deppen: Okay, but yeah, I’ll let you do this one after the call.
399
00:29:43.470 –> 00:29:47.089
Wendy Zollner: Yeah, so that’s the LAM, L-E,
400
00:29:47.460 –> 00:29:51.689
Wendy Zollner: Yeah. Send Ellie to the borrower and the lender, and then send the e-sign.
401
00:29:51.960 –> 00:29:58.690
Dan Deppen: Yeah, so basically, real quick, and it looks like you’ve… you figured it out last time, but, like, if I’m gonna send an LE…
402
00:29:59.150 –> 00:30:05.129
Dan Deppen: you know, I go to one of the Ellie pages, I’m basically printing, So I go print…
403
00:30:07.170 –> 00:30:10.150
Dan Deppen: And then, it’s an LE, so I would do my print set.
404
00:30:10.670 –> 00:30:14.419
Dan Deppen: And then instead of print here, like I normally would, I just go e-sign.
405
00:30:14.750 –> 00:30:22.340
Wendy Zollner: Okay, okay. And then it gave me that, like, note up there, there’s documents that are not… and I was like, oh, I hope that’s okay.
406
00:30:22.450 –> 00:30:23.100
Wendy Zollner: So…
407
00:30:23.100 –> 00:30:27.629
Dan Deppen: Yeah, that’s when you do the standard print. I think I need to update the print set.
408
00:30:28.720 –> 00:30:29.430
Wendy Zollner: Okay.
409
00:30:29.710 –> 00:30:35.420
Wendy Zollner: Yeah, cause… Yeah, it was just a few things, like, I had to make assumptions that, okay, I guess…
410
00:30:35.570 –> 00:30:40.480
Wendy Zollner: all the disclosures are going, and then that message I got.
411
00:30:40.480 –> 00:30:45.140
Dan Deppen: Yeah, because if I do a normal print, It gives me,
412
00:30:45.780 –> 00:30:47.629
Dan Deppen: What the hell did that do? Oh, there it goes.
413
00:30:47.970 –> 00:30:49.020
Dan Deppen: you know.
414
00:30:49.160 –> 00:30:50.740
Wendy Zollner: Yeah, so that’s…
415
00:30:50.740 –> 00:30:54.690
Dan Deppen: And I think these are some old… forms.
416
00:30:54.690 –> 00:30:55.460
Wendy Zollner: Okay.
417
00:30:55.460 –> 00:31:00.150
Dan Deppen: That aren’t really part of the post… Trid…
418
00:31:00.150 –> 00:31:00.900
Wendy Zollner: Oh, okay.
419
00:31:00.900 –> 00:31:02.370
Dan Deppen: crisis world.
420
00:31:02.370 –> 00:31:03.160
Wendy Zollner: Okay.
421
00:31:03.160 –> 00:31:09.230
Dan Deppen: And so you just say, no, it sounds like an e-sign, maybe they don’t give you the option to remove them, which I didn’t actually notice before.
422
00:31:09.230 –> 00:31:11.240
Wendy Zollner: In that e-sign, it sounds like it…
423
00:31:11.400 –> 00:31:16.180
Wendy Zollner: would remove it automatically for you, is what I… when I read that.
424
00:31:16.180 –> 00:31:17.020
Dan Deppen: Oh.
425
00:31:17.020 –> 00:31:19.979
Wendy Zollner: Right, that the documents are not applicable.
426
00:31:19.980 –> 00:31:23.629
Dan Deppen: Oh, perfect. Okay, good. Yeah, then that’s good.
427
00:31:23.630 –> 00:31:24.360
Wendy Zollner: Okay.
428
00:31:25.360 –> 00:31:27.239
Dan Deppen: Yep, so that’s how that works.
429
00:31:27.620 –> 00:31:29.220
Dan Deppen: And then…
430
00:31:43.240 –> 00:31:47.119
Dan Deppen: Oh, that’s a good question. Do they need to? This is something I was hoping Tidal would know.
431
00:31:47.430 –> 00:31:48.720
Wendy Zollner: Oh, okay.
432
00:31:56.550 –> 00:31:58.080
Dan Deppen: I’m gonna go with no.
433
00:32:13.810 –> 00:32:16.429
Dan Deppen: I don’t… I didn’t even realize you would record such a thing.
434
00:32:16.630 –> 00:32:18.590
Dan Deppen: But I don’t think they need that.
435
00:32:18.900 –> 00:32:25.250
Dan Deppen: If we have time then, I’ll show you some other stuff in that closing package. I’m also gonna schedule a time
436
00:32:26.270 –> 00:32:28.650
Dan Deppen: For maybe early next week.
437
00:32:28.770 –> 00:32:32.799
Dan Deppen: To meet with you and Christine and go through how to do the loan docs.
438
00:32:32.800 –> 00:32:34.190
Wendy Zollner: Okay, cool, yeah.
439
00:32:34.190 –> 00:32:35.800
Dan Deppen: Cause I’ve got that a little more.
440
00:32:36.130 –> 00:32:37.959
Dan Deppen: Dialed. Now. Okay.
441
00:32:42.570 –> 00:32:45.529
Dan Deppen: This is one where I was following up on an invoice.
442
00:32:47.330 –> 00:32:48.110
Wendy Zollner: Okay.
443
00:32:52.890 –> 00:32:59.189
Dan Deppen: But the other superhuman thing I’m gonna do is I’m gonna set… it’s also good for setting reminders, so he said they’re gonna do it.
444
00:32:59.670 –> 00:33:00.699
Wendy Zollner: Yep.
445
00:33:00.700 –> 00:33:12.180
Dan Deppen: This is a guy… So The other thing I’ve been doing, like, bit by bit, Is… cleaning up… Invoices…
446
00:33:13.680 –> 00:33:21.859
Dan Deppen: So we’ve got, like, this 15K in outstanding invoices, but as I was going through it, actually, a lot of these are just from dead deals where they never got closed.
447
00:33:22.250 –> 00:33:28.509
Dan Deppen: Okay. Some of them are people I’m actually chasing around. The people I’m actually chasing around should be in the pipeline.
448
00:33:28.790 –> 00:33:29.600
Wendy Zollner: Okay.
449
00:33:29.600 –> 00:33:36.920
Dan Deppen: And I’m probably gonna update The pipeline, like, deal status to have, like, a collections?
450
00:33:36.920 –> 00:33:37.630
Wendy Zollner: Okay.
451
00:33:37.630 –> 00:33:38.610
Dan Deppen: 1…
452
00:33:38.610 –> 00:33:39.600
Wendy Zollner: Yeah, totally.
453
00:33:39.600 –> 00:33:44.890
Dan Deppen: But… Joe…
454
00:33:46.620 –> 00:33:49.700
Wendy Zollner: Yeah, like, we can follow up on payment status.
455
00:33:49.700 –> 00:33:53.010
Dan Deppen: Yeah, but, like, a lot of these, especially that are, like, $149.
456
00:33:53.890 –> 00:33:56.470
Dan Deppen: You know, these are deals that, like, never went anywhere.
457
00:33:57.130 –> 00:33:57.960
Wendy Zollner: Okay.
458
00:33:58.960 –> 00:34:01.749
Wendy Zollner: So, do you have to cancel those?
459
00:34:02.610 –> 00:34:09.569
Dan Deppen: Yeah, so what I’ll do in that case, like, what I’m doing, and I’ll handle these for now, like, I’ll get them caught up, because I know more of the background on them.
460
00:34:09.570 –> 00:34:10.320
Wendy Zollner: Right.
461
00:34:10.560 –> 00:34:15.290
Dan Deppen: But, like, weird lending, like, this… these never went anywhere, those are just…
462
00:34:15.980 –> 00:34:16.620
Wendy Zollner: Okay.
463
00:34:16.750 –> 00:34:21.210
Dan Deppen: You can just delete them from the system.
464
00:34:22.630 –> 00:34:25.839
Dan Deppen: But what I’ve been doing is just voiding them.
465
00:34:26.050 –> 00:34:31.630
Dan Deppen: Like, I don’t even know what this was. Like, sometimes people submit a term sheet, an invoice gets generated, and nothing happens.
466
00:34:31.639 –> 00:34:32.469
Wendy Zollner: Okay.
467
00:34:33.159 –> 00:34:37.409
Dan Deppen: So, just void, and then… It just wants you to type something.
468
00:34:37.409 –> 00:34:38.149
Wendy Zollner: Okay.
469
00:34:38.670 –> 00:34:40.730
Dan Deppen: So, like, that’s not real, I know that.
470
00:34:40.739 –> 00:34:42.469
Wendy Zollner: Yeah, so then…
471
00:34:42.469 –> 00:34:46.659
Dan Deppen: And same thing, this weird lending guy, like, I’ve never heard of this person, like, that’s not…
472
00:34:46.900 –> 00:34:47.570
Wendy Zollner: Yeah.
473
00:34:47.570 –> 00:34:49.290
Dan Deppen: So what I’ve been doing is just…
474
00:34:51.090 –> 00:34:55.759
Dan Deppen: Taking a couple minutes in the morning. Now, this one, I did…
475
00:34:57.120 –> 00:34:59.819
Dan Deppen: Hanging about Everly May, that’s Desi Arnaz.
476
00:35:00.300 –> 00:35:04.199
Dan Deppen: And this was one that, like, fell through the cracks, okay.
477
00:35:04.590 –> 00:35:13.330
Dan Deppen: they had, like, a helper person, and then, like, switched helper people, and I think, like, they never… like, the new person just never paid the invoice, and then, like, we didn’t catch it.
478
00:35:13.470 –> 00:35:14.300
Wendy Zollner: Okay.
479
00:35:14.300 –> 00:35:17.579
Dan Deppen: Either, in general, I’m more concerned about
480
00:35:18.460 –> 00:35:24.140
Dan Deppen: This is one Sherman had hanging out. I’m just gonna void that, because I don’t even know where that land. Things got so weird with him.
481
00:35:24.870 –> 00:35:25.970
Dan Deppen: At the end.
482
00:35:32.450 –> 00:35:40.320
Dan Deppen: But yeah, I’ll go through these and get them caught up, so we should have them, and actually, this is better than what it was, but… because it’s funny, I look at that, like.
483
00:35:40.780 –> 00:35:42.450
Dan Deppen: Totally, and I panic.
484
00:35:44.080 –> 00:35:46.559
Dan Deppen: Oh, that’s Ellie. Here, I’ll answer her right now.
485
00:35:46.560 –> 00:35:48.050
Wendy Zollner: Okay, okay.
486
00:35:50.430 –> 00:35:51.340
Dan Deppen: Hey, Ellie!
487
00:35:52.790 –> 00:35:55.230
Dan Deppen: Hi, Dan, good morning, how are you? Good, how are you doing?
488
00:35:56.140 –> 00:36:01.920
Dan Deppen: I’m good. Hey, I’m just calling to clarify, State Road. Do you have a quick second? Yeah, I do.
489
00:36:03.270 –> 00:36:12.429
Dan Deppen: Sweet. So, I was having… this poor lady has essentially always had husbands who were charitable with money, and…
490
00:36:12.750 –> 00:36:20.579
Dan Deppen: they all died, finally, or like, you know, he’s dead. Anyway, you’re supposed to do the opposite, aren’t you? Like, they’re supposed to have money.
491
00:36:20.720 –> 00:36:36.200
Dan Deppen: And then you’re like, no, no. Right? Yeah. Right? I know. She’s like, I’ve had nothing to do with any of it, my name hasn’t been on anything until he died in August, and now she has stuff in her name. Yeah, and I actually just sent you an email, like, 2 minutes ago.
492
00:36:37.110 –> 00:36:44.319
Dan Deppen: Yeah. So this is kind of a unique case, right? Like, where, yeah, just nothing was in her name, which is unusual, but I think given that
493
00:36:44.620 –> 00:36:48.510
Dan Deppen: Everything was in her husband’s name, and he just passed away a few months ago.
494
00:36:48.700 –> 00:36:54.419
Dan Deppen: Just send what you have, if anything, and then we’ll clear the condition, and we’ll just add a comment.
495
00:36:54.920 –> 00:36:59.980
Dan Deppen: you know, in the file about it. I don’t think anybody’s gonna care about that. The only thing is, like.
496
00:37:00.360 –> 00:37:04.500
Dan Deppen: if… You know, typically, like, let’s say a bank is buying the loan.
497
00:37:05.020 –> 00:37:11.139
Dan Deppen: You know, they’ll go through, like, they’ll look at the credit report, they’ll look at whatever, and if they’re like, oh, there’s no established credit.
498
00:37:11.680 –> 00:37:18.860
Dan Deppen: They might just, anyways, like, want to see, like, some additional seasoning between they buy it… before they buy it, maybe.
499
00:37:19.020 –> 00:37:28.669
Dan Deppen: Right? Like, meaning they just want to see that she’s made payments on the loan for a few months before they buy it. But, you know, that’s case by case, depending on
500
00:37:28.910 –> 00:37:31.480
Dan Deppen: The seller, but… Yeah.
501
00:37:32.600 –> 00:37:43.880
Dan Deppen: Yeah, and I mean, her landlord sent a letter saying, like, she’s lived… I think she’s lived there for years and never had a late payment, so, like, that’s gotta help. Oh, no, it totally does, and…
502
00:37:44.840 –> 00:37:46.930
Dan Deppen: My saying is always true, right, like.
503
00:37:47.130 –> 00:37:50.269
Dan Deppen: No credit is, like, infinitely better than bad credit.
504
00:37:51.220 –> 00:38:07.700
Dan Deppen: You know what I mean? Like, there’s… there’s… you know, it’s had credit, made payments, or had credit missed payments, and then in the middle would be, like, you know, it was never late on anything, like, that counts for a lot. But I just call out that, like, you know, it’s not a compliance thing, like, it’s not a problem with the loan, but…
505
00:38:07.980 –> 00:38:14.500
Dan Deppen: Some buyers might just be like, well, hey, I’d like to see that she’s actually made these payments for a few months before I take on the loan. That’s all.
506
00:38:14.690 –> 00:38:28.720
Dan Deppen: Okay. Yeah. Okay, and I do have one, she sent me her Dominion, like, a letter from Dominion, saying, hey, like, you’ve had service with us from September, beginning of September 2025. Oh, that’s a utility.
507
00:38:29.840 –> 00:38:37.819
Dan Deppen: Her utility, yes. Yeah, then I would, like, yeah, then if she has that, send that to us, and we’ll put it in the file, because we can note that as well.
508
00:38:38.370 –> 00:38:48.450
Dan Deppen: Right. It does show one 30-day delinquent bill. I’m not sure why there’s no account balance, so, like, she’s fully up-to-date on it, but is this gonna hurt her more than help her, or is that fine?
509
00:38:49.060 –> 00:38:54.089
Dan Deppen: In that case, let’s just leave it out so it doesn’t, like, create confusion.
510
00:38:54.390 –> 00:38:57.609
Dan Deppen: Because that’s really, like, a nothing thing, like, yeah.
511
00:38:58.510 –> 00:39:02.690
Dan Deppen: It’s only been 4 months, it’s been November, October, November, just been 5 months.
512
00:39:03.130 –> 00:39:07.160
Dan Deppen: Yeah, so that could cause more confusion for people having it in than out.
513
00:39:07.260 –> 00:39:10.930
Dan Deppen: Since it shows a 30-day… and that could have just been the whole, like…
514
00:39:11.300 –> 00:39:20.659
Dan Deppen: account transfer. Yeah. Yeah, yeah, that’s… yeah. But the problem is, like, with bankers, They don’t, like…
515
00:39:21.830 –> 00:39:30.290
Dan Deppen: you never know what they’re gonna latch into. Like, if you ever have to explain anything to a banker, it’s always challenging, so it’s easier just to… probably better just leave it out than…
516
00:39:31.810 –> 00:39:46.830
Dan Deppen: Okay, so arguably better to just waive this entire condition. I can see… I’ll call her back. She’s… she still needs to send me the proof that that credit, that, like, 3 grand has been paid off, which she did. She’s just trying to get the, like, proof of it.
517
00:39:47.190 –> 00:39:49.980
Dan Deppen: Should I push her to get anything? I’ll see if she…
518
00:39:50.300 –> 00:39:54.879
Dan Deppen: like, I don’t know that she’s gonna get anything for that second edition, I guess is the point.
519
00:39:56.540 –> 00:40:03.490
Dan Deppen: Yeah, and that’s fine, we can just… we can do the second… I don’t have it open in front of me, the second one being the…
520
00:40:04.510 –> 00:40:09.570
Dan Deppen: like, 12 months of no late payment. Yeah, we’ll just… we’ll just waive that one.
521
00:40:09.900 –> 00:40:15.089
Dan Deppen: And take it out of there, and just note that, like, nothing was in her name until, like, a few months ago.
522
00:40:16.030 –> 00:40:18.649
Dan Deppen: Okay. And that should be fine. Yeah.
523
00:40:18.880 –> 00:40:19.800
Dan Deppen: Okay.
524
00:40:20.010 –> 00:40:26.979
Dan Deppen: Alright, cool, so I’ll just get the, credit letter, and then I think… are you working on the note and mortgage for this one as well?
525
00:40:27.560 –> 00:40:46.999
Dan Deppen: I believe we are. This was the state one. Did I… did I request the, like, legal description and stuff from you already, or… You requested the legal description, and I sent that over to you. The only thing is… I had a question about the address. What did you ask specifically about it?
526
00:40:47.740 –> 00:40:57.629
Dan Deppen: You asked for, like, the state of residence, I think, of the… of the lender, and then the address, and I just wasn’t sure. I need to check with Haley.
527
00:40:57.800 –> 00:41:08.259
Dan Deppen: Because it’s, like, I think this is the LLC that technically is, like, registered in Wyoming, but the mailing address is the PO Box in Charleston. Okay, and let me do this. I will,
528
00:41:09.110 –> 00:41:14.560
Dan Deppen: I was just working on a more, like, master list of everything we need on the loan doc, some of the stuff we may already have.
529
00:41:15.040 –> 00:41:17.840
Dan Deppen: I’ll send that over to you here.
530
00:41:18.530 –> 00:41:23.059
Dan Deppen: Probably do. And in just a minute,
531
00:41:27.860 –> 00:41:29.120
Dan Deppen: reattach it.
532
00:41:30.230 –> 00:41:32.860
Dan Deppen: Because our… our loan dock vendor is new.
533
00:41:33.340 –> 00:41:39.550
Dan Deppen: And it’s a little different process than what we had had, like, in years past, but this is actually, like.
534
00:41:40.780 –> 00:41:47.229
Dan Deppen: in my opinion, much nicer, because we have more control over it. We used to kind of have to, like, throw it over a transom.
535
00:41:47.420 –> 00:41:53.550
Dan Deppen: to somebody, and then they would ping you. So this is nice, too, so we also have the ability, like, if something comes up.
536
00:41:54.030 –> 00:41:55.570
Dan Deppen: We can make last minute.
537
00:41:55.680 –> 00:41:56.780
Dan Deppen: Changes.
538
00:41:57.560 –> 00:42:02.360
Dan Deppen: Okay. But I’m just getting the whole workflow together, so I just emailed you that Excel.
539
00:42:03.700 –> 00:42:09.920
Dan Deppen: checklist. And some of it’s not applicable, because South Carolina’s a mortgage state, right? Not deed of trust.
540
00:42:11.260 –> 00:42:16.660
Dan Deppen: I believe. Right. Yeah, so, like, there’s some stuff in there, like, if it’s a deed of trust state for, like, trustee, but…
541
00:42:16.780 –> 00:42:22.809
Dan Deppen: Basically, that’s stuff that will show up in the loan docs, and so it’ll just potentially be on file when it gets…
542
00:42:23.100 –> 00:42:24.310
Dan Deppen: Recorded.
543
00:42:24.730 –> 00:42:26.660
Dan Deppen: And so…
544
00:42:27.130 –> 00:42:33.180
Dan Deppen: you just want to make sure you have the correct address, right? Like, sometimes people have their official address they put on
545
00:42:33.330 –> 00:42:37.720
Dan Deppen: Stuff for that, which is not necessarily, like, a physical address that they don’t want.
546
00:42:38.240 –> 00:42:42.480
Dan Deppen: Out there, and then, too, like, it’ll ask you, like, if it’s a…
547
00:42:44.040 –> 00:42:48.230
Dan Deppen: Yeah, like the type of company, and it gives you, like, a lot of different options.
548
00:42:48.570 –> 00:42:51.750
Dan Deppen: in the loan software, so I just wanted to validate.
549
00:42:51.860 –> 00:42:54.760
Dan Deppen: All of that stuff, so it’s right when everything gets recorded.
550
00:42:56.240 –> 00:42:58.960
Dan Deppen: Okay, so do you need me to…
551
00:43:00.020 –> 00:43:06.179
Dan Deppen: build this out, yeah. Yeah, and some of that is,
552
00:43:08.100 –> 00:43:17.149
Dan Deppen: sort of repetitive, right? Like, if… like, sometimes, like, if people are self-servicing the loan, well then, that information’s just the same. And you can just put on there, like, it’s the same as…
553
00:43:17.960 –> 00:43:26.619
Dan Deppen: the lender, right? Or, like, the trustee stuff, it’s not a need to trust state, so that’s NA. Just the main things are…
554
00:43:27.280 –> 00:43:36.969
Dan Deppen: the legal description, which I know you already sent me, you know, the parcel number, and then… and then the lender info, like, how you want that to be held.
555
00:43:39.550 –> 00:43:46.590
Dan Deppen: Okay, and again, lender… the lender name is, like, your choice financing, but street address would be the actual registered address
556
00:43:46.690 –> 00:43:52.070
Dan Deppen: But then… when recorded, mailed to, would be our PO Box.
557
00:43:52.070 –> 00:44:09.570
Dan Deppen: Exactly, right? Yeah, so if you have, like, a registered agent, right? So, like, your official address might be, like, a registered agent address in Wyoming or something like that? Yeah. Right, but then when the docs get recorded at the county and sent back, you might want them to send you, you know, send it to you wherever in South Carolina, yeah.
558
00:44:10.070 –> 00:44:18.639
Dan Deppen: Exactly, okay. All right, let me try to fill this out and send it back to you. Okay, perfect. Alright, then as soon as… yeah, when we get that back,
559
00:44:18.920 –> 00:44:22.119
Dan Deppen: We’ll build out those docs and then send them over to you.
560
00:44:23.340 –> 00:44:29.759
Dan Deppen: To review. Alright, let me find out when they’re closing tomorrow, when she’s scheduled. Okay.
561
00:44:30.770 –> 00:44:33.919
Dan Deppen: Alright, thank you, I’ll be in touch. Alright, sounds good. Bye.
562
00:44:34.080 –> 00:44:34.960
Dan Deppen: Alright, bye.
563
00:44:37.310 –> 00:44:41.489
Dan Deppen: Okay, cool. So, I did not realize that they were closing tomorrow, and
564
00:44:41.650 –> 00:44:46.370
Dan Deppen: I owed her docs on those, so I have to… Take a nap.
565
00:44:48.180 –> 00:44:50.260
Dan Deppen: Oh, you’re on mute. Sorry.
566
00:44:52.870 –> 00:44:55.690
Wendy Zollner: Okay, yeah, I muted just so I wouldn’t make any noise.
567
00:44:55.890 –> 00:44:57.240
Dan Deppen: Oh, that was smart, yeah.
568
00:44:57.240 –> 00:45:01.189
Wendy Zollner: How long will it take you to do those loan docs?
569
00:45:01.190 –> 00:45:03.260
Dan Deppen: Not very long, shouldn’t take very long.
570
00:45:03.260 –> 00:45:03.950
Wendy Zollner: Okay.
571
00:45:05.930 –> 00:45:08.739
Wendy Zollner: But you got, like, 3 meetings in a row today.
572
00:45:10.050 –> 00:45:16.430
Dan Deppen: Yeah, so I can’t really do much until 11, but maybe the other call will go sooner.
573
00:45:25.830 –> 00:45:32.399
Dan Deppen: Maybe what I’ll do… if it times out once I get that stuff from her,
574
00:45:34.070 –> 00:45:39.630
Dan Deppen: If you’re around, I can ping you, and if you’re available, we could do them together, or either way, like, I’ll record it.
575
00:45:40.000 –> 00:45:43.379
Wendy Zollner: Okay, yeah, I’m… I’m available later today.
576
00:45:43.950 –> 00:45:46.720
Dan Deppen: Okay, so that one you’re sending out…
577
00:45:53.500 –> 00:45:56.009
Dan Deppen: Oh, and she wants me to update.
578
00:45:57.330 –> 00:45:58.580
Dan Deppen: this…
579
00:46:07.360 –> 00:46:08.160
Dan Deppen: Hmm.
580
00:46:08.590 –> 00:46:13.070
Wendy Zollner: An updated mortgage? Is that a loan doc, or is that…
581
00:46:14.740 –> 00:46:16.649
Dan Deppen: I think that’s the…
582
00:46:42.610 –> 00:46:43.759
Wendy Zollner: Oh, right there.
583
00:47:05.020 –> 00:47:06.300
Wendy Zollner: Oh, there you go.
584
00:47:07.720 –> 00:47:14.690
Dan Deppen: I’ve also got the fancy version of Adobe, which comes in very… I spend a lot of money on software every month. I mean, between Fusion Notes and this.
585
00:47:17.420 –> 00:47:20.209
Dan Deppen: Probably spending over $1,200 bucks a month.
586
00:47:20.590 –> 00:47:20.940
Wendy Zollner: Yeah.
587
00:47:20.940 –> 00:47:22.030
Dan Deppen: various things.
588
00:47:22.030 –> 00:47:22.800
Wendy Zollner: Yeah.
589
00:47:25.140 –> 00:47:30.790
Dan Deppen: And I don’t know why it does this prepare doc for reading thing. Like, what it does is it, like, scans through so that you can go in and edit.
590
00:47:32.160 –> 00:47:33.750
Dan Deppen: I think that’s saved.
591
00:47:49.560 –> 00:47:53.460
Dan Deppen: But it is clunky. It… Adobe does weird stuff, like it…
592
00:47:53.460 –> 00:47:54.360
Wendy Zollner: Yeah.
593
00:47:55.310 –> 00:47:58.840
Dan Deppen: Okay, there we go. I’m gonna send that to her, fix that. Awesome.
594
00:48:05.540 –> 00:48:10.770
Dan Deppen: See, in the past, with Focus Docs, there would have been a whole, like, back and forth, back and forth.
595
00:48:10.900 –> 00:48:15.679
Dan Deppen: So this process, like, we’re almost gonna have to learn to be half a title company in some ways.
596
00:48:15.680 –> 00:48:16.470
Wendy Zollner: Okay.
597
00:48:17.070 –> 00:48:22.819
Dan Deppen: But… When we get everything dialed, it’ll be nice, because we can just rip these things out, you know?
598
00:48:22.820 –> 00:48:24.130
Wendy Zollner: Cool. Yeah.
599
00:48:25.800 –> 00:48:26.630
Dan Deppen: Okay.
600
00:48:30.810 –> 00:48:32.139
Dan Deppen: So, this is…
601
00:48:36.860 –> 00:48:39.180
Dan Deppen: So this Rick Hardy one was super weird.
602
00:48:44.910 –> 00:48:48.389
Dan Deppen: Okay, we didn’t hear back from them, that was just one cent from me.
603
00:48:55.730 –> 00:48:59.870
Dan Deppen: Yeah, so this Cloverland one with Rick, right, did you… I don’t know if you saw that yesterday?
604
00:49:01.730 –> 00:49:06.090
Wendy Zollner: Yeah, there was, like, multiple mortgages on it, and they were going for, like, 2 more mortgages.
605
00:49:06.090 –> 00:49:10.859
Dan Deppen: Yeah, and this is the guy that magically, like, couldn’t sign the doc, because…
606
00:49:12.810 –> 00:49:19.170
Dan Deppen: And this is where Christine thought she was taking crazy pills, because she’s like, wait, I thought I fixed everything.
607
00:49:47.720 –> 00:49:53.160
Wendy Zollner: So you actually discovered that when you looked up PropStream, I don’t… yeah, that was interesting.
608
00:49:57.140 –> 00:49:57.950
Dan Deppen: Yeah.
609
00:50:04.340 –> 00:50:06.519
Wendy Zollner: He’s a scammer.
610
00:50:08.240 –> 00:50:08.950
Dan Deppen: Yeah.
611
00:50:15.490 –> 00:50:25.669
Dan Deppen: I just told her that to make her feel better, because she was feeling bad, because, like, he was doing the thing where, I don’t know what’s wrong with you guys, I’m not getting the thing, and then the lender’s like, hey, what’s wrong with you people? And she’s like.
612
00:50:26.210 –> 00:50:28.799
Dan Deppen: I don’t know what I did, like, I was trying to get…
613
00:50:28.800 –> 00:50:29.580
Wendy Zollner: Yeah.
614
00:50:29.580 –> 00:50:30.949
Dan Deppen: I feel like that’s not…
615
00:50:31.240 –> 00:50:35.990
Wendy Zollner: It’s not what happened. He was trying to make you think we were crazy.
616
00:50:36.650 –> 00:50:38.299
Dan Deppen: Yeah, and it’s funny how…
617
00:50:38.510 –> 00:50:44.869
Dan Deppen: Borrowers will do that, and they can very easily, like, induce the lender to think, like, it’s super simple.
618
00:50:45.020 –> 00:50:45.620
Wendy Zollner: Yeah.
619
00:50:45.620 –> 00:50:48.609
Dan Deppen: to do. So this is actually a scent, this went to Jamie.
620
00:50:50.130 –> 00:50:55.719
Dan Deppen: I’m just gonna let that in there for him to confirm that’s correct. I’m actually gonna see Jamie on my next call.
621
00:50:55.720 –> 00:50:57.510
Wendy Zollner: Oh, cool, okay. Oh, yeah.
622
00:50:57.510 –> 00:51:01.910
Dan Deppen: Okay, so I think we’re good. I’m gonna relay the coffee before the next…
623
00:51:02.120 –> 00:51:03.280
Wendy Zollner: Sounds good, not…
624
00:51:03.280 –> 00:51:05.380
Dan Deppen: Oh, and then,
625
00:51:05.820 –> 00:51:12.570
Dan Deppen: when I get that stuff from Ellie, and I’m ready to do the loan docs, whenever, I’ll ping you. It might be later in the day, if you’re not around, like, that’s cool, but I’ll just…
626
00:51:13.150 –> 00:51:14.880
Wendy Zollner: Yeah, you can text me if…
627
00:51:14.880 –> 00:51:20.910
Dan Deppen: I’ll send you a text and give you a heads up, like, hey, I’m doing this if you want to join, but no big deal, I’ll record it either way.
628
00:51:20.910 –> 00:51:22.270
Wendy Zollner: Cool, thanks, Dan.
629
00:51:22.270 –> 00:51:23.430
Dan Deppen: Alright, have a good one.
630
00:51:23.430 –> 00:51:24.900
Wendy Zollner: You too. Bye.
========================================
FILE: CTU_Training___Credit_Review__Liabilities_Analysis__and_Underwriting_Risk_Assessment_01-27-2026.txt
CTU Training – Credit Review, Liabilities Analysis, and Underwriting Risk Assessment_01-27-2026.txt
CTU TRAINING TRANSCRIPT
Topic: Credit Review, Liabilities Analysis, and Underwriting Risk Assessment
Stage of Loan Process:
Pre-Screening → Underwriting → Loan Approval
Systems Discussed:
Zoho CRM
Byte (LOS)
Summary:
This training focuses on reviewing borrower credit reports, analyzing liabilities, and assessing overall underwriting risk. It explains how to evaluate credit history, identify red flags, and ensure all debts are accurately included in the debt-to-income (DTI) calculation. The session emphasizes that credit is not just about the score, but about understanding the borrower’s financial behavior and risk profile. Proper credit analysis supports Dodd-Frank Ability-to-Repay (ATR) compliance and helps produce stronger, more defensible loan files.
Key Concepts:
- Credit review goes beyond score to evaluate payment history and behavior
- All liabilities must be included in DTI calculation
- Common liabilities include:
- Credit cards
- Auto loans
- Student loans
- Personal loans
- Review for late payments, collections, and charge-offs
- Identify undisclosed or missing debts
- Credit inquiries may indicate new or pending debt
- Monthly payment obligations must be accurate for DTI
- Strong credit profiles improve loan quality and reduce risk
- Weak or inconsistent credit increases underwriting scrutiny
Process Notes:
- Review full credit report, not just summary or score
- Verify all liabilities are included in Byte
- Cross-check liabilities against borrower disclosures
- Investigate recent credit inquiries
- Document any concerns or compensating factors
Common Issues:
- Missing liabilities not included in DTI
- Incorrect monthly payment amounts
- Undisclosed debts discovered on credit report
- Recent inquiries indicating new obligations
- Over-reliance on credit score without deeper analysis
Source:
Internal CTU Training – Credit Review and Risk Assessment (01-27-2026)
WEBVTT
1
00:00:00.230 –> 00:00:05.659
Dan Deppen: So that’s okay, we’ll just have to… Deal with it.
2
00:00:07.470 –> 00:00:09.129
Wendy Zollner: Okay, here we go, I see it.
3
00:00:10.740 –> 00:00:13.140
Wendy Zollner: Can you see the… I might have to share it.
4
00:00:13.140 –> 00:00:16.659
Dan Deppen: So now, go save, like, hit the save icon in the upper left.
5
00:00:20.210 –> 00:00:26.450
Dan Deppen: And so what I’ll do is I’ll save that wherever, like, usually in my downloads, and then I’ll drag that over to the drive folder.
6
00:00:27.880 –> 00:00:30.070
Wendy Zollner: Do you put the person’s name, or just save it like this?
7
00:00:30.070 –> 00:00:34.239
Dan Deppen: I just put it like that, because there’s only one credit report per…
8
00:00:36.440 –> 00:00:37.850
Wendy Zollner: Do you want to open the file?
9
00:00:38.100 –> 00:00:43.509
Dan Deppen: That’s just asking if you want to open up the Explorer. It doesn’t matter.
10
00:00:43.510 –> 00:00:45.249
Wendy Zollner: No, we don’t want to open.
11
00:00:46.840 –> 00:00:50.080
Dan Deppen: Okay, so let’s take a look at this.
12
00:00:52.560 –> 00:00:56.230
Dan Deppen: So… Score 666.
13
00:00:56.490 –> 00:00:57.640
Dan Deppen: Which is good.
14
00:00:58.950 –> 00:01:03.630
Dan Deppen: Couple late payments, but nothing past due, which is good.
15
00:01:04.060 –> 00:01:04.959
Wendy Zollner: Okay.
16
00:01:05.640 –> 00:01:13.899
Dan Deppen: They’ve got 2,665… Dollars in auto payments a month, which is… A lot. Now, usually.
17
00:01:13.900 –> 00:01:15.189
Wendy Zollner: Usually, if you.
18
00:01:15.190 –> 00:01:21.820
Dan Deppen: to see that. Like, sometimes you’ll see people, and they have, like, 3 truck payments.
19
00:01:22.520 –> 00:01:26.859
Dan Deppen: What that tip, you know, sometimes it’s people that just like to ball, and they have cars, but…
20
00:01:26.860 –> 00:01:27.400
Wendy Zollner: Yeah.
21
00:01:27.400 –> 00:01:31.420
Dan Deppen: You know, oftentimes, it’s like a self-employed contractor or something.
22
00:01:31.600 –> 00:01:34.590
Dan Deppen: And they have, like, cars associated with their business.
23
00:01:34.740 –> 00:01:35.520
Wendy Zollner: Okay.
24
00:01:35.700 –> 00:01:41.070
Dan Deppen: So, if I had to just guess without knowing anything else about this file, that’s probably what it is.
25
00:01:41.070 –> 00:01:46.800
Wendy Zollner: Yeah, when I entered his, employment information, he said he was, like.
26
00:01:46.960 –> 00:01:51.159
Wendy Zollner: 25% owner, self-employed of this business, so…
27
00:01:51.540 –> 00:01:55.030
Dan Deppen: Yeah, so that could be what it is, and what we might end up doing is…
28
00:01:57.120 –> 00:02:02.380
Dan Deppen: Depending on how DTI shakes out and everything looks, we may end up pinging him and asking him about that.
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Wendy Zollner: Okay.
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Dan Deppen: But the credit score is 6666, so that’s above our 620 threshold, so we don’t need to add
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Dan Deppen: a loan condition for the VOR.
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Wendy Zollner: Okay.
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Dan Deppen: No accounts are past due, so we won’t have loan conditions for those.
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Dan Deppen: There are, in that derogatory summary, you know, a few payments that have been late at some point or another.
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Wendy Zollner: Yeah.
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Dan Deppen: But that’s basically okay, we don’t need to add any loan conditions for that.
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Wendy Zollner: Okay.
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Dan Deppen: And then credit… The inquiries is zero, so we don’t have a… .
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Wendy Zollner: Oh, that’s.
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Dan Deppen: The loan condition to explain inquiries.
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Wendy Zollner: Bye bye.
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Dan Deppen: So, let’s scroll down and just look at what the debts are.
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Dan Deppen: Oh, wow, 60 and 80K auto loan. Those sound like work trucks or something.
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Wendy Zollner: Yeah.
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Dan Deppen: SyncBank is a credit card, Capital One
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Dan Deppen: That’s a 30K auto loan they paid off.
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Wendy Zollner: Oh, that was an odd one.
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Dan Deppen: Capital One, Capital One… okay, yeah, just go down to the next page.
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Dan Deppen: Oh, interesting. That’s an auto loan that CRD Fuman…
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Wendy Zollner: Yeah, this one.
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Dan Deppen: Yeah, it looks like it’s paid off, it was behind at some point. It also shows you the dates where the payments were behind.
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Wendy Zollner: So notice, like, a lot of those payments behind it was, like, 2019, 2020.
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Dan Deppen: I know there’s some into 2022.
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Wendy Zollner: Yeah, yeah.
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Dan Deppen: You know, but if that’s, like, 4 years ago.
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Dan Deppen: One, the accounts… we only really care if the account’s in collections.
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Wendy Zollner: Okay.
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Dan Deppen: And that was, you know, several years ago, so I’m not…
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Dan Deppen: So there’s really nothing on this credit report that I’m super concerned about, other than just, like, the mental note of…
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Dan Deppen: let’s see how their DTI looks, and if those auto payments put them over on DTI, then, like, maybe they’re associated with the business.
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Wendy Zollner: Okay. Yeah.
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Dan Deppen: So, since you’ve saved this, you can close this and hit the X in the upper right.
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Dan Deppen: And then now, don’t, no, no, no, yeah, go, now go import debt.
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Dan Deppen: Oh, actually, hold on, close this a second. Before we do this… Go over to the 1008,
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Dan Deppen: You can close that for a minute.
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Wendy Zollner: Well, I can.
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Dan Deppen: Yeah, you can get back in.
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Dan Deppen: Go look at the DTI and the 1008.
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Dan Deppen: On the right.
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Wendy Zollner: Oh, okay.
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Dan Deppen: Oh, you can do it that way, or you can drag the… yeah.
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Wendy Zollner: Gotta get this out of my way here.
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Wendy Zollner: Okay, so where would that be?
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Dan Deppen: Scroll down a little. Underwriting information.
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Dan Deppen: So right now… Oh, they’ve got $50K a month in monthly income.
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Wendy Zollner: No, not a month, I think it’s a year. I don’t think it’s a month.
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Dan Deppen: Okay, when… We input income and the early borrower info, it’s always… Gross monthly.
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Wendy Zollner: Monthly, okay.
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Dan Deppen: Yeah.
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Wendy Zollner: Awful, so…
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Dan Deppen: So let’s fix that quick.
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Dan Deppen: So, go over…
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Wendy Zollner: Let me double check so I make sure I’m not inputting it incorrectly.
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Dan Deppen: Well, this is bank statement, so I’m guessing we need to verify… yeah, like, I’m guessing that’s just what they put on their application, maybe?
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Dan Deppen: The easiest thing is probably to go to the Google Drive folder and look at the income.
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Wendy Zollner: Damn.
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Wendy Zollner: In here.
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Dan Deppen: Yeah.
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Dan Deppen: Yeah, so it looks like they sent us a bunch of bank statements.
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Wendy Zollner: Oh yeah, that’s the.
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Dan Deppen: Oh, this was the one where we needed that. Okay, so close this…
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Dan Deppen: Go up a folder, and let’s look at his loan application and see what he said.
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Dan Deppen: So I think it’ll end up being down a ways.
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Dan Deppen: What I often do when I’m inputting the file.
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Dan Deppen: is whatever they stated their income was on the application, I’ll put that invite just as a placeholder.
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Wendy Zollner: Okay.
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Dan Deppen: So as I’m going through, I get, like, sort of an idea of what their debt to income. Oh, he said.
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Wendy Zollner: It does say month, yeah. Yeah.
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Dan Deppen: Well, you know, Go back a second to one of those bank statements.
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Dan Deppen: I mean, that could be real, because he’s gone…
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Wendy Zollner: Yeah.
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Dan Deppen: like, $132K in deposits.
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Wendy Zollner: Yeah, true.
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Wendy Zollner: Okay.
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Dan Deppen: Okay, so we’re rolling with that. Alright, cool. Let’s go back to Byte.
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Dan Deppen: And… just look at what the debt to income was.
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Dan Deppen: So, it’s under qualifying ratios, it’s, like, right in the middle of the screen on the left.
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Wendy Zollner: Okay, look right here.
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Dan Deppen: And so, it’s 7.4%, which is like…
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Wendy Zollner: Wow. Okay.
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Dan Deppen: Minuscule.
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Wendy Zollner: Yeah.
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Dan Deppen: So, what we’re gonna do now is we’re gonna pull in the other debts, and then see how that changes. This is a little bit of an atypical file, because usually, like, your…
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Dan Deppen: You know, your debt to income might be 30 or 40%.
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Wendy Zollner: Yeah.
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Dan Deppen: It vets in, and it goes to whatever.
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Dan Deppen: So, let’s go back to credit.
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Dan Deppen: Yeah, and go back into CRS.
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Dan Deppen: Now I’ll go Import Debts.
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Dan Deppen: You want to go high… no, no, go hide items with zero balance.
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Dan Deppen: And then go move all.
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Dan Deppen: Yep, and then close.
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Dan Deppen: And then close again.
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Dan Deppen: So now their DTI is 13%, which is still… Minuscule.
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Wendy Zollner: Right.
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Dan Deppen: And in the middle, Right? See where it says, like, all other payments, $28.88?
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Wendy Zollner: Yeah.
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Dan Deppen: Those are the other monthly payments that it pulled in.
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Dan Deppen: From the credit report.
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Wendy Zollner: That was all his auto payments or something.
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Dan Deppen: Yeah, I just wanted to show you kind of how all that stuff… where all that stuff…
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Wendy Zollner: No.
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Dan Deppen: comes from.
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Wendy Zollner: Yeah, that’s good to know, because it’s… this… this is hard to get used to, because there’s so many fields in there, and so much data to look at. It’s like…
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Dan Deppen: Yeah, it’s the kind of thing, like…
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Dan Deppen: It goes really slow at first, but then, like, as you get the hang of it.
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Wendy Zollner: Yeah.
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Dan Deppen: It’s actually…
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Dan Deppen: pretty easy. But let’s go back to the Google Drive, to the application, and look at what he said, like, his business was.
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Wendy Zollner: So when I was entering, all the information in Byte, I was using the… all the information in the deal CRM.
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Dan Deppen: Yeah, you can do… well, some of the… but some data doesn’t come over into the CRM.
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Wendy Zollner: Okay.
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Dan Deppen: Like, a lot of… A lot of it’s in there, but some of it’s not.
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Wendy Zollner: When you enter into BITE, do you usually just go straight to the original loan application, then?
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Dan Deppen: No, well, no, what I, what I do is, actually, I will,
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Dan Deppen: I’ll do it from the CRM. That will get most of the stuff.
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Wendy Zollner: Okay.
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Dan Deppen: And then I might go back to the term sheet or the application, like, as needed.
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Wendy Zollner: Okay.
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Dan Deppen: You see, there’s the… so this application is based on the Fannie Mae 1003 form?
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Wendy Zollner: Okay.
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Dan Deppen: And so… but it’s set up so that the ones with the red stars that are required, those are the ones, like, we absolutely have to have.
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Dan Deppen: in Byte, and most of that is what comes over to the CRM, but then a lot of times there’s, like, other data, and I can’t really…
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Dan Deppen: Bring it all over, because one, it gets cluttered, and two, there’s some limits on fields.
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Dan Deppen: in the CRM, so, you know, some stuff you end up… like, all of this stuff comes over, but there’s some stuff that…
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Dan Deppen: Ends up not. But, yeah, let’s keep going down to the part where it talks about
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Dan Deppen: Like, employment? Okay, there we go.
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Dan Deppen: Monstar Construction.
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Wendy Zollner: You said owner.
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Dan Deppen: He’s the owner of a.
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Wendy Zollner: He said in the comments, yeah, he’s, like, 25% owner or something like that, and…
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Dan Deppen: Yeah, so I don’t quite understand the logic behind that, but on… the Fannie Mae form.
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Dan Deppen: And on, like, all the official, like, government mortgage docs, if somebody’s self-employed, they want to know if their ownership share.
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Dan Deppen: is more or less than 25%. I guess that’s how they determine, like, you’re sort of the
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Dan Deppen: owner versus maybe you own a small piece. I’m not sure what they actually do with that data.
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Dan Deppen: Okay.
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Dan Deppen: So… what I would…
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Dan Deppen: So I know we have a question into him to get all of the bank statements.
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Dan Deppen: And by the way, too, sometimes…
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Dan Deppen: With bank statements, you know, you get people that are…
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Dan Deppen: kind of unsophisticated, and they’re like, well, I get paper statements in the mail, and…
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Dan Deppen: I don’t know how to send all the pages, and they start sending, like, cell phone photos of different things, and it’s a mess.
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Wendy Zollner: Yeah.
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Dan Deppen: If this guy owns a construction business making $50K a month, like, he can download the statements.
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Wendy Zollner: Yeah.
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Dan Deppen: Pretty readily, should he so choose, you know.
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Wendy Zollner: Yeah, or somebody can do it for them, yeah.
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Dan Deppen: Yeah. Yeah. So, what we’re gonna do… is…
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Dan Deppen: And you can do this afterwards?
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Dan Deppen: But start going through the income. Let me… here, let me share for a little bit, I’ll pull up…
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Wendy Zollner: Yeah.
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Dan Deppen: this… thing open, but this is good, and what I was thinking we would do, too, is…
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Dan Deppen: We’ll go through this a little bit today. And, I gotta figure out my… Notifications and learn to…
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Dan Deppen: turn stuff. It’s funny, I recorded a podcast the other day, and I was listening to it this morning, which I normally never do, and I had dings and dongs in the background like crazy the whole time. I’m like, this is not good.
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Wendy Zollner: That’s funny.
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Dan Deppen: Oh, alright. Oh, okay.
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Wendy Zollner: I’m gonna…
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Dan Deppen: I’m gonna share in a sec.
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Wendy Zollner: Before I forget, I’m gonna move that credit report over to his.
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Dan Deppen: Yeah, that’s a good idea. I usually do that right away, just so I don’t forget. Plus, if I’m doing multiple files, they have the same name, I don’t want to, like.
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Wendy Zollner: Yeah, we don’t want to get.
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Dan Deppen: Lose track of what’s where.
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Dan Deppen: Wrong folder.
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Dan Deppen: Okay.
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Dan Deppen: But I was thinking what we do is we’ll… I’ll… I’ll give you, like, an overview of this for now.
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Wendy Zollner: Okay.
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Dan Deppen: And then I’ll let you take a swing at…
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Dan Deppen: Figuring out the usable income based on the bank statements, even though we don’t have all the pages.
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Wendy Zollner: Yeah.
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Dan Deppen: And then… tomorrow… I’ll have to look at my counter. Maybe we’ll meet at 9 instead of 8 tomorrow?
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Wendy Zollner: Okay.
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Dan Deppen: And then, the other thing I’ll do is, like, if you come on around 8, I’ll let you go through the emails that come in overnight.
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Wendy Zollner: Yeah.
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Dan Deppen: And then…
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Dan Deppen: you know, you might get stuck on a few, whatever, then we’ll meet at 9 if there’s emails you weren’t sure what to do with.
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Wendy Zollner: Yeah.
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Dan Deppen: We’ll go through those, so that’ll start to get you up to speed on handling those.
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Wendy Zollner: Okay.
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Dan Deppen: Tomorrow, we’ll talk more about Doing the income and, like, the actual underwriting.
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Wendy Zollner: Okay.
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Dan Deppen: Piece of it.
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Dan Deppen: There’s also a checklist I need to save, I’ve been meaning to send you, of just kind of, like, all the different things.
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Dan Deppen: To do, so we can keep track.
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Wendy Zollner: I’ve been starting to list myself of just, like.
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Dan Deppen: Yeah, I started to make one right before you came on, I’ve just gotta, like, save it and send it over to you.
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Wendy Zollner: Okay.
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Dan Deppen: But in the…
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Dan Deppen: Should be in the underwriting manual, and I am gonna probably, later this afternoon, take a sweep through here and just start cleaning up.
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Dan Deppen: Some of these things?
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Wendy Zollner: Yeah, I was thinking, like, when you do your recordings, can’t we just send it to chat, and it can document the SOP for us? Yeah? Okay.
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Dan Deppen: Yeah, yeah, we can do some of that, too.
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Dan Deppen: It wouldn’t give you screenshots, necessarily.
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Wendy Zollner: I think it won’t give us screenshots, but it’ll tell us the timestamp of when we should take a screenshot.
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Dan Deppen: Yeah.
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Wendy Zollner: Perhaps.
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Dan Deppen: So… This one is bank statements, right?
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Wendy Zollner: Okay. And I’ll let you, like, kind of go through and read through this later.
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Dan Deppen: If it’s W2, it’s pretty easy.
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Dan Deppen: So, like, let’s say we’re gonna go based on last year’s W-2, they give you the annual income.
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Dan Deppen: And then you’re basically just dividing by 12.
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Dan Deppen: But then you’re also checking it against the recent pay stubs, so a lot of times, like, maybe they make more money, the pay stubs are a little higher.
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Dan Deppen: Then you would go based off of the pay stubs.
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Wendy Zollner: Okay. If it’s higher.
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Dan Deppen: If it’s the same… so, it depends.
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Wendy Zollner: Okay.
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Dan Deppen: So let’s say they’ve had the same job the whole time.
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Dan Deppen: And they made… $15 an hour last year, and now they’re making, like, $16.5.
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Dan Deppen: Well then, we’d use the current, because of job stability.
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Wendy Zollner: Yeah.
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Dan Deppen: You’re actually going to kind of tend to default more to the current.
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Dan Deppen: The other thing a lot of times you’ll use, depending on what point of the year it is, the pay stub will also give you the year-to-date income.
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Wendy Zollner: Okay.
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Dan Deppen: So sometimes they’ll send you pay stubs where people will work
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Dan Deppen: You know, sometimes they just work 40 hours a week.
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Dan Deppen: And they’ve had the same job for 2 years.
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Dan Deppen: And it’s, like, dirt simple. Sometimes.
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Dan Deppen: You know, they worked a different job last year.
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Dan Deppen: This job is new, it pays more, but they’ve only been there for 4 months.
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Wendy Zollner: Right.
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Dan Deppen: You know, so you gotta kinda use some judgment, or other times, they’ll send us a bunch of pay stubs, and it’s like, well, they worked.
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Dan Deppen: 40 hours, then they work 20 hours, then they work 15 hours, then they work 30 hours, and when I see that, I try to use
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Dan Deppen: If you have, like… so if… let me back up.
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Dan Deppen: So if there’s kind of, like, consistency in the income, like, hey, they always work 40 hours a week at this rate.
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Dan Deppen: Then you’re basically gonna use the pay rate.
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Dan Deppen: Times 40 hours a week, times 52 weeks a year, divided by 12 months.
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Wendy Zollner: Okay.
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Dan Deppen: And that’s, like, the official way to do it, based on that. Now, if it’s more uneven.
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Dan Deppen: then what I’ll tend to do, especially if you’re a little deeper into the year.
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Dan Deppen: If they were in the same job, I might just use the total W-2 income for the previous year and, you know, average that over 12.
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Wendy Zollner: Right.
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Dan Deppen: Or… you know, I might take the year-to-date income on the pay stub.
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Dan Deppen: And then back that into, like, whatever the monthly… the average monthly income.
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Wendy Zollner: Okay.
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Dan Deppen: would be. But that’s W2. We don’t… don’t have an example of that right now.
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Dan Deppen: If it’s… Social Security VA benefits, we actually just got one of these in.
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Wendy Zollner: Lancaster, yeah.
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Dan Deppen: That’s super simple, we just need, the award letter.
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Wendy Zollner: Hmm, okay.
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Dan Deppen: Now… The other thing to note… on those… Alright, off.
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Dan Deppen: I thought there was a,
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Dan Deppen: Well, whatever. I thought there was an award letter. Maybe you or somebody got to it before I did.
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Dan Deppen: If it’s in… oh, wait, did I have that open twice?
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Dan Deppen: What am I doing?
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Dan Deppen: Sorry, now the Zoom thing’s getting in my way.
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Dan Deppen: Oh, that’s weird, I must have gone to the wrong…
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Dan Deppen: If it… but anyways, if it’s an award letter, it’s simple, because it looks like this.
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Wendy Zollner: Hmm, okay.
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Dan Deppen: Now…
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Dan Deppen: The trick with the award letter, the one, like, wrinkle.
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Dan Deppen: It’s usually taxes aren’t deducted from that.
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Wendy Zollner: Okay.
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Dan Deppen: So we actually have to compensate for that.
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Dan Deppen: So we plus that up by 25%. So typically, you’re always using, like, gross income, right? So if they’re W-2, whatever.
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Dan Deppen: It’s all based on gross.
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Dan Deppen: Of course, the reality is their take-home is going to be something less than that, right?
286
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Wendy Zollner: Right.
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Dan Deppen: But with, like, Social Security, because they’re not deducting taxes, to get it Apples to apples.
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Dan Deppen: you actually want to plus it up 25%, right? Because, like, Social Security income of…
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Dan Deppen: You know, $1,000 a month might be the equivalent of 1200 a month.
290
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Dan Deppen: With taxes and deductions taken out.
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Dan Deppen: So you, so you plus it up the other way.
292
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Dan Deppen: And then, with… Bank statements, or 1099 income.
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Dan Deppen: We go the other direction, we take an expense factor, right?
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Wendy Zollner: Okay.
295
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Dan Deppen: So, if we know nothing about the business.
296
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Dan Deppen: the default expense factor is 25%, so if they say, okay, you know, you average
297
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Dan Deppen: The deposits on the… on the bank statement, so you really don’t have to worry too much about
298
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Dan Deppen: the individual line items of the expenses and try to figure all that out. What we really do is we take…
299
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Dan Deppen: The average of the deposits.
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Dan Deppen: And then, based on the type of business, Apply an expense factor.
301
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Dan Deppen: And then reduce the deposits by that expense factor, and that’s the usable… Income.
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Wendy Zollner: Okay.
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Dan Deppen: So… what I want you to do with that file, even though we still need to get
304
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Dan Deppen: Complete copies of the bank statements.
305
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Dan Deppen: Take an average of the deposits.
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Dan Deppen: And then, use the default expense factor of 25% for now.
307
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Wendy Zollner: Okay.
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Dan Deppen: And I think I started to put some guidelines in here of, like, different businesses.
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Wendy Zollner: Oh, yeah, okay.
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Dan Deppen: We’re probably, ultimately, and this is all, like, ChatGPT stuff, like, I’ve done a lot of looking at, like, best practices in the industry.
311
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Dan Deppen: You know, if they’re like…
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Dan Deppen: you know, independent, contractor, but they’re doing, like, remote copywriting. You know, their expenses are almost nothing, right?
313
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Wendy Zollner: Right.
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Dan Deppen: But if this guy’s got, like, a bunch of construction equipment, and a crew, and blah blah blah, like, their expense ratio could be, like, 70%, you know? Yeah.
315
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Dan Deppen: So, it probably needs to be, you know, like trucking and logistics, 50 to 70.
316
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Wendy Zollner: Yeah, and the one right above it.
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Dan Deppen: Yeah, construction and trades, 40 to 65.
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Wendy Zollner: And that’s what his thing said, what the name of the business was… something construction, right?
319
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Dan Deppen: So let’s do this. Do it… use 40%.
320
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Dan Deppen: Now, in this case, he’s got way more than enough income. His DTI’s gonna be super low, no matter what we use.
321
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Wendy Zollner: Yeah.
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Dan Deppen: But just go ahead and use 40, I think that’s a reasonable thing for a construction job. If it was,
323
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Dan Deppen: If the DTI was gonna be, like, a little more borderline, or their credit was more borderline.
324
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Dan Deppen: then sometimes what I’ll do is, when you get the full statements, I’ll actually start picking through a couple of them.
325
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Dan Deppen: to back in, they’re like, okay, what’s their real expense ratio? Like, how much are they transferring?
326
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Dan Deppen: personal account. But this one, since…
327
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Dan Deppen: the income seems to be overwhelmingly high. It’s not gonna matter, we don’t have to, like, get down in the weeds.
328
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Wendy Zollner: Okay. Okay.
329
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Dan Deppen: We’ll just take a reasonable number, which is 40%, and then… We’ll roll with it.
330
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Wendy Zollner: If it was close, then you kind of look a little more closely at it.
331
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Dan Deppen: Then you would look more closely at it.
332
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Wendy Zollner: Okay.
333
00:22:43.380 –> 00:22:48.000
Dan Deppen: Yeah, and then, you know, the other things you do sometimes, too, is say, well, okay, if these…
334
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Dan Deppen: vehicles that might be on their personal credit are really part of the business, then a lot of times you kind of, like, might roll those into the business expenses and extract them from the other DTI, because really, like, the business is paying for those, not…
335
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Dan Deppen: Ham.
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Wendy Zollner: Okay, that’s good.
337
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Dan Deppen: Yeah, and then there is a… spreadsheet somewhere, I’ve had different… versions…
338
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Dan Deppen: This is gonna give me a lot of the wrong stuff, because it’s gonna give me income.
339
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Dan Deppen: Review stuff.
340
00:23:35.580 –> 00:23:36.870
Dan Deppen: But there’s a template.
341
00:23:37.390 –> 00:23:40.580
Dan Deppen: Not in… so income reviews are something different.
342
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Wendy Zollner: Okay.
343
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Dan Deppen: And we’re gonna explain that another time when Michael Kierce has another file ready.
344
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Wendy Zollner: Okay.
345
00:23:47.310 –> 00:23:48.679
Dan Deppen: income worksheet.
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00:23:51.290 –> 00:23:56.060
Dan Deppen: That’s your template. You can do, like, a save as of this, and then modify it as needed.
347
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Wendy Zollner: Okay.
348
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Dan Deppen: And actually, Oh, this is not…
349
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Dan Deppen: the version that I want. I’m gonna update this right now. I’ve got… see, when I do stuff in Excel, I just do it, like, real time fast, so I don’t worry too much about templates.
350
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Wendy Zollner: Yeah.
351
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Dan Deppen: This was one that was more complicated, I was backing out.
352
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Dan Deppen: a lot of stuff.
353
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Wendy Zollner: Okay.
354
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Dan Deppen: So what you can do is just kinda… Insert rows…
355
00:24:43.490 –> 00:24:47.479
Wendy Zollner: And you really want 12 statements, right? 12 months of statements.
356
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Dan Deppen: Yeah, we can use fewer.
357
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Dan Deppen: If the income is more stable.
358
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Wendy Zollner: Okay.
359
00:24:55.900 –> 00:25:03.899
Dan Deppen: And what month it is doesn’t really matter. A lot of times, what I like to do, though, is, like, in a spreadsheet, these don’t have to be in order.
360
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Wendy Zollner: Okay.
361
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Dan Deppen: Sometimes, like, when you look at the bank statement files in Drive, right, you get them in all different orders, like.
362
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Dan Deppen: here’s April, here’s October. You don’t have to, like… I used to, like, try to put them in order, and I realized there’s no point in doing that.
363
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Dan Deppen: I just put the dates in here, and then the deposits.
364
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Wendy Zollner: Okay.
365
00:25:38.850 –> 00:25:40.829
Dan Deppen: And then, expense ratio…
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Dan Deppen: Yeah, and these guys had, like, huge deposits, but let’s say it’s, like, $10,000, $12,000, $11,000, whatever, oops.
367
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Wendy Zollner: Right.
368
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Dan Deppen: you know.
369
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Wendy Zollner: Yeah.
370
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Dan Deppen: Whatever, there’s my total, there’s my average in 50, and just to make sure I didn’t do something wrong.
371
00:26:44.860 –> 00:26:48.100
Dan Deppen: Yeah, so if it was 25%, it would be 15K.
372
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Dan Deppen: So if you just search this, like, income worksheet template, you can use this, and then…
373
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Dan Deppen: what I like to do is make a copy of it.
374
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Dan Deppen: And put it in the drive folder.
375
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Dan Deppen: Which is a little tricky sometimes with Google Drive, I don’t know if you’ve done that, but…
376
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Wendy Zollner: Like, if you.
377
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Dan Deppen: have the drive folder open, like, let’s say I was gonna put it… Here, not there.
378
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Dan Deppen: Huh?
379
00:27:12.350 –> 00:27:16.620
Dan Deppen: Like, if I’ve just opened that folder, and then I go here, and I go make a copy.
380
00:27:17.500 –> 00:27:21.079
Dan Deppen: And pick the folder, then it’ll show, like, the recent one.
381
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Wendy Zollner: Okay.
382
00:27:21.730 –> 00:27:23.440
Dan Deppen: I can select, and then it’ll…
383
00:27:23.960 –> 00:27:27.180
Wendy Zollner: Otherwise, you have to select all locations, and then go find it.
384
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Dan Deppen: Yeah, you don’t want to do that, it’s a nightmare. That’s one of the… I mean, I love Google Drive, but that’s one of the downsides, is, like, file manager… like, folder.
385
00:27:33.970 –> 00:27:34.360
Wendy Zollner: Yeah.
386
00:27:34.360 –> 00:27:37.170
Dan Deppen: like… Impossible.
387
00:27:38.450 –> 00:27:43.840
Dan Deppen: Oops, now that’s… I think it’s in that way. Yeah, so go ahead and take a swing at that.
388
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Wendy Zollner: Okay.
389
00:27:44.860 –> 00:27:49.040
Dan Deppen: And see how that looks. Now, to answer your other question, right, we always ask for 12.
390
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Dan Deppen: 12 is the gold standard.
391
00:27:52.660 –> 00:27:56.680
Dan Deppen: Sometimes, you know, there are reasons why they can’t get as 12.
392
00:27:57.860 –> 00:28:03.649
Dan Deppen: like… The business is newer, or they changed banks, and they can’t get whatever.
393
00:28:04.960 –> 00:28:06.599
Dan Deppen: We can do fewer.
394
00:28:08.400 –> 00:28:12.849
Dan Deppen: if… The monthly deposit behavior is pretty stable.
395
00:28:14.130 –> 00:28:15.839
Dan Deppen: You know, so if they’re, like…
396
00:28:16.250 –> 00:28:19.940
Dan Deppen: $10,000 a month, $12,000 a month, $8,000 a month.
397
00:28:21.370 –> 00:28:26.409
Dan Deppen: We can live with that, and then what I’ll end up doing is, in the underwriting comments in Byte.
398
00:28:27.370 –> 00:28:31.780
Dan Deppen: And, and, oh, I don’t have it open. But that, that’s another… actually.
399
00:28:34.120 –> 00:28:37.870
Dan Deppen: Let’s do this. We’ll do more income stuff tomorrow.
400
00:28:38.100 –> 00:28:38.860
Wendy Zollner: Okay.
401
00:28:39.040 –> 00:28:42.999
Dan Deppen: on Wednesday, and then Thursday, let’s talk about underwriting comments.
402
00:28:43.380 –> 00:28:44.190
Wendy Zollner: Okay.
403
00:28:44.190 –> 00:28:45.480
Dan Deppen: Remind me of that.
404
00:28:45.620 –> 00:28:48.100
Dan Deppen: But in the comments in Byte.
405
00:28:48.660 –> 00:28:54.059
Dan Deppen: You know, you’ll put in notes on… How the income was calculated.
406
00:28:54.580 –> 00:28:57.010
Dan Deppen: Like, basically, hey, this is based on…
407
00:28:57.360 –> 00:29:02.459
Dan Deppen: Year-to-date income from pay stubs, this is based on 12 bank statements, or…
408
00:29:03.870 –> 00:29:09.900
Dan Deppen: This was based on only 6 bank statements, but they couldn’t get the old ones because they changed banks, and…
409
00:29:10.500 –> 00:29:12.529
Dan Deppen: The income was very stable.
410
00:29:13.220 –> 00:29:23.319
Dan Deppen: I saw a file once on a note that somebody sent me. They were, like, looking to sell it or something, and it was done by another Armo. It was actually done by Texas Pride. Texas Pride is, like, the big competitor.
411
00:29:23.520 –> 00:29:24.300
Wendy Zollner: Okay.
412
00:29:24.520 –> 00:29:27.819
Dan Deppen: And they sent me, like, the whole package, and it showed how they did the income.
413
00:29:29.150 –> 00:29:31.580
Dan Deppen: And they only used 6 bank statements.
414
00:29:32.120 –> 00:29:35.070
Dan Deppen: And, like, month one was, like, $30K in income.
415
00:29:35.570 –> 00:29:39.200
Dan Deppen: And the other months were, like, Zero or a thousand?
416
00:29:39.490 –> 00:29:40.510
Wendy Zollner: Whoa.
417
00:29:40.510 –> 00:29:46.840
Dan Deppen: And then they averaged it, And said, oh, your average monthly income is $6K.
418
00:29:47.120 –> 00:29:49.690
Wendy Zollner: And your DTI is 25%.
419
00:29:49.890 –> 00:29:56.210
Dan Deppen: Because the person even said, oh, you know, I originated this loan, it’s got a really low DKI, it’s only 25%, it’s super good, and I looked at it, and I was like.
420
00:29:57.600 –> 00:29:59.900
Dan Deppen: Yeah, and…
421
00:30:01.330 –> 00:30:07.640
Dan Deppen: couldn’t really find the guy’s business online anywhere. It was supposed to be some dog kennel thing, and there was, like, no ev… like, I’m like…
422
00:30:09.740 –> 00:30:11.479
Dan Deppen: Okay, if it’s a dog kennel.
423
00:30:13.800 –> 00:30:17.510
Dan Deppen: Wouldn’t there be some evidence that this dog kennel existed?
424
00:30:17.510 –> 00:30:18.270
Wendy Zollner: Yeah.
425
00:30:18.270 –> 00:30:19.929
Dan Deppen: And if it’s a dog kennel.
426
00:30:21.500 –> 00:30:23.820
Dan Deppen: Why would their income be that?
427
00:30:24.410 –> 00:30:26.660
Dan Deppen: insanely lumpy, that doesn’t quite…
428
00:30:26.660 –> 00:30:28.110
Wendy Zollner: Right, yeah.
429
00:30:28.110 –> 00:30:31.370
Dan Deppen: Now, if they’re a real estate investor and they’re doing fix and flips.
430
00:30:31.860 –> 00:30:32.410
Wendy Zollner: Right.
431
00:30:32.410 –> 00:30:42.429
Dan Deppen: okay, yeah, like, a deal hit here, and then, you know, that’s… that’s different. But then you would be like, hey, sorry, we need longer track record, and maybe we need…
432
00:30:42.870 –> 00:30:44.260
Dan Deppen: tax returns.
433
00:30:44.510 –> 00:30:48.680
Dan Deppen: Oh, yeah. To see how this works. That’s the other thing we can go to.
434
00:30:48.820 –> 00:30:55.320
Dan Deppen: we end up… Not using tax returns a whole lot, because based on the nature of their business.
435
00:30:55.990 –> 00:30:59.679
Dan Deppen: you know, it often understates the income by a lot, right?
436
00:30:59.680 –> 00:31:00.200
Wendy Zollner: Yeah.
437
00:31:00.200 –> 00:31:01.730
Dan Deppen: They’re, you know.
438
00:31:01.980 –> 00:31:06.280
Dan Deppen: A real estate investor, and they got this big rental portfolio, and they make lots of money.
439
00:31:06.970 –> 00:31:16.370
Dan Deppen: you know, they might be claiming epic depreciation, their tax return might not show any income, you know, and they’ll be like, okay, well, we need the bank statements to see how much are actually.
440
00:31:16.580 –> 00:31:17.670
Wendy Zollner: Yeah, okay.
441
00:31:17.670 –> 00:31:23.080
Dan Deppen: I mean, so… you know, I mean, overall, the process is pretty straightforward, but…
442
00:31:23.400 –> 00:31:29.520
Dan Deppen: There’s always these little nuances based on the type of income, and, you know, there’s a lot of cases where
443
00:31:30.140 –> 00:31:36.369
Dan Deppen: discretion is required, right? Like, is this enough bank statements? Or is this income…
444
00:31:37.190 –> 00:31:44.069
Dan Deppen: stable enough. And a lot of times, you end up, like, just explaining that to the lender and trying to define the risk level.
445
00:31:45.330 –> 00:31:48.449
Dan Deppen: Yeah. To them, you know, what’s the right expense ratio?
446
00:31:48.880 –> 00:31:54.230
Dan Deppen: for this particular type of business, and that kind of thing, and that’s part of why I’m so…
447
00:31:54.770 –> 00:31:56.970
Dan Deppen: You know, it’s got a ways to go, but…
448
00:31:57.390 –> 00:32:00.109
Dan Deppen: That’s part of why I’m so hell-bent on trying to
449
00:32:00.930 –> 00:32:03.449
Dan Deppen: Get rid of as much of, like, the manual
450
00:32:03.900 –> 00:32:08.010
Dan Deppen: Admin stuff, so you can kind of focus on the part that requires
451
00:32:08.140 –> 00:32:11.660
Dan Deppen: you know, thinking through it and going, okay, and making a decision, because…
452
00:32:11.910 –> 00:32:13.420
Dan Deppen: You know, some of this stuff you…
453
00:32:13.900 –> 00:32:16.640
Dan Deppen: It’s not really a good way to boil it down to…
454
00:32:17.090 –> 00:32:21.699
Dan Deppen: the formula, a lot, like, a lot of people ask, oh, well, you know, AI will just be able to do all this, right? And I’m like…
455
00:32:22.740 –> 00:32:24.340
Dan Deppen: Maybe eventually.
456
00:32:24.340 –> 00:32:25.230
Wendy Zollner: Right.
457
00:32:25.230 –> 00:32:29.710
Dan Deppen: But… Not right now. Yeah. I don’t really have a good way of…
458
00:32:29.850 –> 00:32:36.130
Dan Deppen: Doing that, I am gonna look at an AI tool that will extract data from bank statements and pay stubs.
459
00:32:36.130 –> 00:32:36.850
Wendy Zollner: Okay.
460
00:32:36.850 –> 00:32:42.450
Dan Deppen: And then also do… Some math, so one of the things that’s big is…
461
00:32:43.320 –> 00:32:48.919
Dan Deppen: fraud in terms of people dunning pay statement… pay stubs and bank statements. I’ve got,
462
00:32:49.610 –> 00:32:55.999
Dan Deppen: a friend who works for the HUD Inspector General, and he said they estimate, like, 30% of loans have some element of fraud in them.
463
00:32:56.170 –> 00:33:00.390
Dan Deppen: Not necessarily, like, a gigantic fraud, but, like, something’s funny.
464
00:33:00.950 –> 00:33:09.010
Dan Deppen: And one of the big things they look for is if somebody’s gonna fake a pay stub, what they’ll usually do is take a pay stub and, like, change a number with Photoshop.
465
00:33:09.100 –> 00:33:13.280
Wendy Zollner: But they won’t make it so that the totals line up, so what they’ll do is, like.
466
00:33:13.280 –> 00:33:17.780
Dan Deppen: They have… HUD has, like, in-house tools they’ve built. My friend’s a data guy.
467
00:33:17.910 –> 00:33:21.060
Dan Deppen: Where they’ll, like, extract all the numbers and then do the math.
468
00:33:21.300 –> 00:33:25.190
Dan Deppen: And if something… and so I was talking to this company last week, Doc Spire.
469
00:33:26.330 –> 00:33:32.780
Dan Deppen: That does a lot of similar things, and, like, they’ll do that for you, and actually give you a report with, like, flags that they can say, hey, this bank statement.
470
00:33:33.660 –> 00:33:37.140
Dan Deppen: The total deposits doesn’t actually equal what was in.
471
00:33:38.420 –> 00:33:43.449
Dan Deppen: The pages, because… you know, I know that stuff happens a lot, and…
472
00:33:44.310 –> 00:33:48.450
Dan Deppen: My guess would be that it would happen more often in seller finance.
473
00:33:48.450 –> 00:33:48.940
Wendy Zollner: Hmm.
474
00:33:48.940 –> 00:33:55.379
Dan Deppen: So… Yeah, I’ve been trying to figure out how to, like, reasonably get some kind of tool.
475
00:33:56.140 –> 00:34:02.089
Wendy Zollner: Yeah, because, like, how responsible are we for spotting fraud in this underwriting?
476
00:34:02.210 –> 00:34:03.260
Wendy Zollner: you know.
477
00:34:04.500 –> 00:34:07.959
Dan Deppen: I mean, it’s a soft thing. If we can…
478
00:34:08.909 –> 00:34:13.040
Dan Deppen: I don’t have anybody asking me, like, hey, can you make sure these are legit?
479
00:34:13.500 –> 00:34:14.260
Wendy Zollner: Yeah.
480
00:34:15.760 –> 00:34:19.299
Dan Deppen: But if there is fraud and we can spot it, that’s, like, a huge value.
481
00:34:19.650 –> 00:34:20.940
Wendy Zollner: Yeah.
482
00:34:20.940 –> 00:34:22.710
Dan Deppen: The clients, you know.
483
00:34:23.050 –> 00:34:25.150
Dan Deppen: And, if I could start doing that.
484
00:34:25.820 –> 00:34:32.149
Dan Deppen: I could market that as well. Hey, we had this thing, it looked great, but guess what? They were bad, because we… we have really good tools.
485
00:34:32.770 –> 00:34:34.909
Dan Deppen: processes. Is your arm all doing this?
486
00:34:35.260 –> 00:34:35.900
Wendy Zollner: Yeah.
487
00:34:35.909 –> 00:34:37.279
Dan Deppen: I’ll give you a hint, the answer’s no.
488
00:34:37.489 –> 00:34:41.589
Wendy Zollner: Yeah, I mean, definitely a competitive advantage, for sure, yeah.
489
00:34:41.590 –> 00:34:48.220
Dan Deppen: Yeah, and, you know, it’s a funny thing too, right? Like, marketing-wise, I think one of the things I’ve struggled with
490
00:34:50.719 –> 00:34:53.210
Dan Deppen: A lot of times, people use us because
491
00:34:54.510 –> 00:35:00.409
Dan Deppen: they’re fearful of the compliance stuff, like, oh my god, if I do this wrong, I’m gonna, like, go to jail or something.
492
00:35:00.660 –> 00:35:01.330
Wendy Zollner: Yeah.
493
00:35:01.820 –> 00:35:08.480
Dan Deppen: The reality is, if you’re doing, like, a one-off, you know, because I’ve looked at where people have gotten in trouble for originating incorrectly.
494
00:35:09.960 –> 00:35:15.629
Dan Deppen: The people who really get in trouble are typically doing, like, objectively terrible stuff at scale.
495
00:35:15.760 –> 00:35:21.370
Wendy Zollner: Yeah. So, like, if you… it’s interesting, too, right, because if you look at the rules, and that’s another thing that makes people uncomfortable, is…
496
00:35:21.370 –> 00:35:27.359
Dan Deppen: like, Dodd-Frank is gray, right? It’s at the lender’s discretion. There’s not. And, you know, these rules have…
497
00:35:27.810 –> 00:35:32.319
Dan Deppen: Gray zones all over the place that, in theory, someone could come along and be, hey, wait a minute.
498
00:35:33.070 –> 00:35:37.680
Dan Deppen: But in reality, like, when I’ve looked at the cases where attorney generals have gone after people, like.
499
00:35:39.100 –> 00:35:44.689
Dan Deppen: It’s not like the lender was in some gray zone, and they decided, like, they’re usually, like…
500
00:35:45.130 –> 00:35:47.779
Wendy Zollner: Yeah, way outside the gray zone.
501
00:35:47.780 –> 00:35:51.570
Dan Deppen: Generally. Now, if I was smart, if I wanted to, I could, like, hype up
502
00:35:51.960 –> 00:35:57.060
Dan Deppen: the fear of the CFPB getting people, and that would drive business.
503
00:35:59.200 –> 00:36:00.920
Dan Deppen: In my mind, though, that’s not…
504
00:36:01.530 –> 00:36:05.299
Dan Deppen: really the reason you should do it. I mean, the one reason you should do it, and I’m shocked that more
505
00:36:05.950 –> 00:36:07.949
Dan Deppen: Lenders don’t see it this way, is that, like.
506
00:36:09.820 –> 00:36:13.490
Dan Deppen: if I’m making a loan, think of it as, like, an even higher stakes.
507
00:36:14.460 –> 00:36:15.779
Wendy Zollner: rental tenant.
508
00:36:16.540 –> 00:36:19.579
Dan Deppen: I gotta know who I’m dealing with, and that they’re gonna pay me.
509
00:36:19.780 –> 00:36:20.620
Wendy Zollner: Yeah.
510
00:36:20.620 –> 00:36:24.719
Dan Deppen: Like, that’s number one, but for a lot of people, that’s, like, back of the boat.
511
00:36:25.180 –> 00:36:25.800
Wendy Zollner: Hmm.
512
00:36:26.480 –> 00:36:30.410
Dan Deppen: And then, you know, the other thing I get into a lot is people want
513
00:36:31.250 –> 00:36:38.990
Dan Deppen: they just want me to give them the answer they want to hear, and if they don’t get that, they’re like, okay, well, we’re closing this anyways, and I’m not paying you because I didn’t get the answer I wanted, there was no violence, like…
514
00:36:38.990 –> 00:36:42.540
Wendy Zollner: Yeah. What they don’t realize, like, well, hey, if you found a borrower, and you were gonna…
515
00:36:42.620 –> 00:36:44.549
Dan Deppen: go into this loan, and then I found out.
516
00:36:44.940 –> 00:36:47.400
Dan Deppen: It’s not a good idea, like, it’s pretty huge.
517
00:36:47.710 –> 00:36:48.450
Wendy Zollner: Yeah.
518
00:36:48.450 –> 00:36:49.220
Dan Deppen: Value.
519
00:36:49.510 –> 00:36:50.030
Dan Deppen: You know.
520
00:36:50.190 –> 00:36:52.369
Wendy Zollner: Yeah, that, yeah.
521
00:36:52.530 –> 00:36:56.939
Wendy Zollner: That’s… yeah, it’s interesting, some people just want to close the loan, they don’t care.
522
00:36:57.390 –> 00:37:01.720
Dan Deppen: They don’t, and it’s funny, and they’re often in a hurry, and, you know, sometimes people have…
523
00:37:03.010 –> 00:37:13.209
Dan Deppen: depending on how it’s structured, sometimes they have other financing, or even, like, hard money financing they’re trying to, like, to pay off as part of when they get the down payment closed list, and so they’re like, I have to get this closed, you know, because it’s costing me money.
524
00:37:13.210 –> 00:37:14.400
Wendy Zollner: Hmm, yeah.
525
00:37:15.760 –> 00:37:23.609
Dan Deppen: But putting yourself in, like, a 30-year loan with a bad borrower can be rough. The other thing that happens a lot, too, and I talked about a bunch of this stuff in,
526
00:37:24.840 –> 00:37:26.950
Dan Deppen: My, Cash Flow Expo.
527
00:37:27.050 –> 00:37:33.770
Dan Deppen: session that I recorded, and then I had, like, so many things that, like, they didn’t fit, so that’s why I did a podcast, and I did, like, the overflow.
528
00:37:34.130 –> 00:37:34.900
Wendy Zollner: Yeah.
529
00:37:34.900 –> 00:37:41.020
Dan Deppen: But… A lot of these people are not familiar with notes, like, they haven’t, like, owned.
530
00:37:41.670 –> 00:37:42.289
Wendy Zollner: So they haven’t.
531
00:37:42.290 –> 00:37:43.960
Dan Deppen: done foreclosures.
532
00:37:44.400 –> 00:37:52.289
Dan Deppen: And a lot of times in their head, they really, like, underestimate what could potentially be involved, and they kind of equate it to an eviction.
533
00:37:52.290 –> 00:37:52.990
Wendy Zollner: Right.
534
00:37:52.990 –> 00:37:55.620
Dan Deppen: you know, oh, I’ll just evict them, but they don’t realize, like.
535
00:37:57.390 –> 00:38:02.380
Dan Deppen: If the borrower wants to fight, even if they’re raising just complete nonsense objections.
536
00:38:02.680 –> 00:38:06.769
Dan Deppen: They can get court dates pushed out a couple times, and that’s, like, a month or two, like, every time.
537
00:38:07.430 –> 00:38:09.740
Dan Deppen: And you can do that in… any state.
538
00:38:09.890 –> 00:38:17.660
Dan Deppen: Like, yeah, Texas is 45 days. Well, guess what? Like, if the borrower so chooses, they can turn that into 4 or 5 months. Pretty simple.
539
00:38:17.800 –> 00:38:20.530
Dan Deppen: And they don’t have to have a good reason, they can, you know…
540
00:38:20.780 –> 00:38:27.039
Wendy Zollner: Right, yeah, I think you sent me that. I listened to whatever the podcast recording that you did recently.
541
00:38:27.040 –> 00:38:28.850
Dan Deppen: Oh, that was the Cash Flow Expo one.
542
00:38:28.850 –> 00:38:29.320
Wendy Zollner: Yeah.
543
00:38:29.770 –> 00:38:35.539
Wendy Zollner: Yeah, because you were talking about the examples, which we know from Fusion Notes, how you’ve experienced that, yeah.
544
00:38:35.540 –> 00:38:43.670
Dan Deppen: Yeah, and then… and then if they want to really kick it up a notch and they file bankruptcy, you know, you’re looking at another year for that, and several thousand dollars just in there.
545
00:38:43.790 –> 00:38:46.649
Dan Deppen: Then you get through that, then you gotta pick up the foreclosure.
546
00:38:48.580 –> 00:38:55.280
Dan Deppen: So usually, like, a year or two can go by, and, you know, those kind of people who are gonna not pay drag out of foreclosure, like.
547
00:38:55.960 –> 00:38:56.320
Wendy Zollner: Yeah.
548
00:38:56.320 –> 00:39:02.080
Dan Deppen: They’re not paying taxes and insurance. It’s not that they’re deliberately damaging the property, but usually, like, they live like pigs.
549
00:39:02.080 –> 00:39:05.740
Wendy Zollner: Yeah. You know, they don’t just neglect finances, they neglect kind of everything. They’re not…
550
00:39:06.060 –> 00:39:13.089
Dan Deppen: Fixing stuff, and doing maintenance, and… you know, so now you got this… usually you got a mess on your hands.
551
00:39:13.360 –> 00:39:14.530
Wendy Zollner: Yeah, yeah.
552
00:39:14.530 –> 00:39:16.040
Dan Deppen: That you get it back.
553
00:39:16.150 –> 00:39:17.100
Dan Deppen: So…
554
00:39:17.610 –> 00:39:20.449
Wendy Zollner: They’re underestimating the risk, and they’re,
555
00:39:20.800 –> 00:39:23.380
Wendy Zollner: Pushing it… pushing it through, regardless of…
556
00:39:23.380 –> 00:39:28.200
Dan Deppen: Yeah, they’re not thinking about it. And the other kind of funny thing, too, is especially, like, the sub-2 people.
557
00:39:30.580 –> 00:39:39.110
Dan Deppen: I haven’t done one of those myself, but I consider that hard mode. Like, there’s a lot going on in those, but what’s funny is those people know the least about loans, so it’s like…
558
00:39:40.500 –> 00:39:42.919
Dan Deppen: The people doing the fanciest stuff
559
00:39:43.370 –> 00:39:47.200
Dan Deppen: Are the most aggressive and have the least… Knowledge.
560
00:39:47.340 –> 00:39:48.030
Wendy Zollner: Yeah.
561
00:39:48.030 –> 00:39:55.589
Dan Deppen: But they get them done, and it’s funny, because that crowd is very different than, like, the note buying crowd. I’m kind of down on the note buying crowd, honestly.
562
00:39:55.630 –> 00:39:58.189
Wendy Zollner: Yeah. That buying crowd will, like, find.
563
00:39:58.630 –> 00:40:01.200
Dan Deppen: Any reason whatsoever not to do a deal.
564
00:40:01.340 –> 00:40:04.749
Dan Deppen: You know, I got frustrated last year, because last year.
565
00:40:05.770 –> 00:40:10.439
Dan Deppen: 2025, my plan was, hey, I’m gonna sell down most of my loan portfolio to free up
566
00:40:11.050 –> 00:40:16.230
Dan Deppen: Time and money and… Cut loose some investors, just put everything and call the underwriter.
567
00:40:16.870 –> 00:40:17.510
Dan Deppen: And…
568
00:40:17.620 –> 00:40:24.539
Dan Deppen: it was really hard to get people… it was just… I sold a couple notes, but I ended up just giving up, because everybody would, like, just get stuck, or you’d get these, like…
569
00:40:24.900 –> 00:40:27.390
Dan Deppen: low bowl offers, and I was like, okay, I’ll make it easy.
570
00:40:29.480 –> 00:40:40.300
Dan Deppen: I basically did all the due diligence on a couple of them, and I did the pricing. I’m like, here’s the pricing, here’s the return, here’s the due diligence, here’s the stuff, here’s everything, and I kind of put it on a pillow.
571
00:40:40.440 –> 00:40:45.440
Dan Deppen: Right. Too many students, and I still didn’t get takers, so I’m like, alright, we’re done. Like…
572
00:40:46.080 –> 00:40:50.359
Dan Deppen: it’s easier to hold these things and just collect money. Trying to sell them is apparently…
573
00:40:50.630 –> 00:40:56.289
Dan Deppen: In the meantime, like, I would have, like, call the underwriter clients coming, hey, I had this loan I created a few years ago, do you want to buy it?
574
00:40:56.840 –> 00:40:59.689
Dan Deppen: And so I actually went a little bit the other…
575
00:40:59.820 –> 00:41:04.229
Dan Deppen: direction with the note portfolio without really even trying.
576
00:41:04.540 –> 00:41:09.360
Wendy Zollner: Yeah, you got, yeah, you acquired more instead of, yeah, divesting.
577
00:41:09.360 –> 00:41:13.060
Dan Deppen: Because stuff just comes to me sometimes, and they’re good deals, and…
578
00:41:13.060 –> 00:41:13.550
Wendy Zollner: Yeah.
579
00:41:13.550 –> 00:41:22.369
Dan Deppen: But, yeah, that dichotomy between the people who buy loans who are doing low-risk stuff are… will find any reason not to do anything, but then the people doing really…
580
00:41:22.950 –> 00:41:29.060
Dan Deppen: risky stuff, we’re just like, well, I’m doing this, it’s just a matter of how this is going down, so… Yeah.
581
00:41:29.060 –> 00:41:30.200
Wendy Zollner: That’s funny.
582
00:41:31.040 –> 00:41:39.789
Dan Deppen: It’s funny to see all the different investors and all their different ways of doing things, so… Yeah. So what I’ll do now, there were only… there weren’t many emails this morning, so I’ll just go through those.
583
00:41:39.790 –> 00:41:40.510
Wendy Zollner: Okay.
584
00:41:40.510 –> 00:41:45.879
Dan Deppen: Work on the, let me know what you come up with on the income for those.
585
00:41:46.640 –> 00:41:47.170
Dan Deppen: And then…
586
00:41:47.170 –> 00:41:47.730
Wendy Zollner: Yeah.
587
00:41:47.730 –> 00:41:50.349
Dan Deppen: kind of go through that SOP.
588
00:41:50.930 –> 00:41:51.380
Wendy Zollner: Okay.
589
00:41:51.380 –> 00:41:53.110
Dan Deppen: For the income, and then…
590
00:41:53.560 –> 00:41:59.439
Dan Deppen: if I get through the pipeline later, we’ll kind of see what else is in there. Or feel free to, to, like, peruse the pipeline and be like, hey Dan, like.
591
00:41:59.830 –> 00:42:01.890
Dan Deppen: It looks like I can do stuff on this one.
592
00:42:02.080 –> 00:42:04.060
Dan Deppen: Just let me know. I’ll be around.
593
00:42:04.340 –> 00:42:09.960
Dan Deppen: Okay, and I didn’t even… I didn’t check your email… all your emails, I was just working on that first one.
594
00:42:09.970 –> 00:42:10.600
Wendy Zollner: That we just.
595
00:42:10.600 –> 00:42:12.440
Dan Deppen: Oh, no, that’s fine. Yeah, yeah.
596
00:42:12.440 –> 00:42:19.360
Wendy Zollner: Okay, because I know we had outstanding stuff for that Lancaster, and the final file’s due for…
597
00:42:19.560 –> 00:42:24.810
Wendy Zollner: those two, Strat and Lynch final files. Okay.
598
00:42:25.320 –> 00:42:29.889
Wendy Zollner: Alright, I’ll look… yeah, I’ll go back and look at my email, and then I’ll let you know if I have questions, and…
599
00:42:30.520 –> 00:42:36.930
Dan Deppen: Okay, perfect. And then I’ll set an invite for… like I said, I’ll do it for 9 tomorrow, so if you want it tomorrow morning…
600
00:42:37.100 –> 00:42:43.259
Dan Deppen: Come on at 8 or whenever, and then we’ll see. Maybe we’ll get lucky, like, yesterday, and there’s more stuff that comes in after night.
601
00:42:43.680 –> 00:42:44.130
Wendy Zollner: Yeah.
602
00:42:44.130 –> 00:42:50.329
Dan Deppen: through and, like, triage them, and then when you get stuck on things or have questions, let me know, then we’ll meet at 9, and then we’ll kind of finish going through them.
603
00:42:50.570 –> 00:42:51.100
Wendy Zollner: Okay.
604
00:42:51.100 –> 00:42:54.450
Dan Deppen: And then we can get back into more of the… the income…
605
00:42:54.950 –> 00:42:59.599
Wendy Zollner: Yeah, the income and then the underwriting comments on Thursday. Okay, sounds good.
606
00:42:59.600 –> 00:43:01.800
Dan Deppen: Cool, awesome. Alright, well, thanks, Wendy.
607
00:43:01.800 –> 00:43:03.410
Wendy Zollner: Alright, see ya. Bye.
========================================
FILE: CTU_Training___Escrow_Setup__PITI_Calculation__and_Loan_Estimate_Adjustments_03-19-2026.txt
CTU Training – Escrow Setup, PITI Calculation, and Loan Estimate Adjustments_03-19-2026.txt
CTU TRAINING TRANSCRIPT
Topic: Escrow Corrections, Escrow Setup, PITI Calculation, and Loan Estimate Adjustments
Stage of Loan Process:
Deal Setup → Underwriting → Loan Estimate → Pre-Closing
Systems Discussed:
Byte (LOS)
Zoho CRM
Summary:
This training focuses on how escrow settings, taxes, and insurance impact PITI calculations and Loan Estimate (LE) accuracy. It covers how to correctly set escrow as waived or collected, how changes affect monthly payment and cash to close, and how to ensure updates are properly reflected in Byte. The session emphasizes validating all inputs before issuing the LE and understanding how small changes can require redisclosure. The goal is to produce accurate loan estimates that align with lender expectations and avoid multiple revisions.
Key Concepts:
- Escrow settings (waived vs collected) directly impact PITI
- Taxes and insurance must be accurate for correct payment calculation
- Changes to escrow affect both monthly payment and cash to close
- Byte must be updated correctly for recalculations to occur
- Incorrect escrow setup leads to inaccurate Loan Estimates
- LE must be accurate before sending to avoid redisclosure
- Small changes can trigger new disclosures and delay timelines
- Alignment with lender expectations is critical before issuing LE
Process Notes:
- Confirm escrow structure with lender before setup
- Enter correct tax and insurance amounts in Byte
- Verify PITI recalculates after any change
- Review full LE for accuracy before sending
- Obtain lender approval prior to issuing LE
Common Issues:
- PITI not updating after escrow changes
- Incorrect tax or insurance inputs
- Misunderstanding escrow waiver vs collection
- Sending LE before confirming numbers
- Multiple LE revisions due to setup errors
Source:
Internal CTU Training – Escrow and Loan Estimate Adjustments (03-19-2026)
WEBVTT
1
00:00:01.620 –> 00:00:07.159
Dan Deppen: I’m gonna start working on that chatbot thing, and the repository, and so…
2
00:00:08.500 –> 00:00:12.769
Dan Deppen: what I’ll probably end up doing is just give you the login to the Zoom account, because it…
3
00:00:13.030 –> 00:00:17.420
Dan Deppen: I pay to, like, keep all the recordings, because there’s probably stuff in there we’ll want to pull.
4
00:00:18.390 –> 00:00:27.119
Dan Deppen: Okay, but on this one, so they want to collect monthly escrows, but they don’t want to collect the 2 months up front, is that…
5
00:00:27.120 –> 00:00:47.020
Wendy Zollner: That… that’s what… that’s how I’m reading it. So Martin… Martin discussed it with Christine yesterday, but he’s like, remove the escrowed amounts, it was $767 in G, initial escrow payment at closing, but the total escrowed amount is $387 a month.
6
00:00:47.430 –> 00:00:55.350
Dan Deppen: Okay, so just, like, I want to confirm what we’ve got so far. So, here we’ve got, yeah, Insurance 116,
7
00:00:55.820 –> 00:01:05.120
Dan Deppen: Property taxes, 232, so that’s our 3 whatever, and then it’s collecting 2, so just to confirm what shows up on the LE now…
8
00:01:05.129 –> 00:01:05.899
Wendy Zollner: Okay.
9
00:01:06.090 –> 00:01:09.860
Dan Deppen: So I’ll do the… I like the print preview thing, because you don’t have to…
10
00:01:09.860 –> 00:01:12.019
Wendy Zollner: I didn’t even know you could do that, so that’s…
11
00:01:12.020 –> 00:01:17.049
Dan Deppen: Yeah, it’s kind of handy, and then what you do on the left is you can tab through the different pages.
12
00:01:17.480 –> 00:01:18.100
Wendy Zollner: Nice.
13
00:01:18.100 –> 00:01:26.299
Dan Deppen: But a lot of times, like, what Byte actually prints on the disclosure is, like, not intuitive based on what’s in the file.
14
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Wendy Zollner: Yeah.
15
00:01:27.510 –> 00:01:34.820
Dan Deppen: So here’s our 767 initial escrow payment at closing, which I think he wants that to be zero.
16
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Dan Deppen: And then the…
17
00:01:41.050 –> 00:01:41.850
Wendy Zollner: Now says.
18
00:01:41.850 –> 00:01:49.750
Dan Deppen: The estimated taxes, insurances, but we want that… we want that the same, right? Because we want everything escrowed, is that true?
19
00:01:50.180 –> 00:01:55.589
Wendy Zollner: Yes, but it’s supposed… it’s supposed to be $3.87 per month, so if something got…
20
00:01:55.710 –> 00:01:57.530
Wendy Zollner: There’s something not right here.
21
00:01:57.530 –> 00:02:07.320
Dan Deppen: Okay, well, we can look at that. Okay. So… in… So, we’ve got 116…
22
00:02:08.720 –> 00:02:12.129
Wendy Zollner: Oh, the… Insurance is supposed to be $120.
23
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Wendy Zollner: 120.
24
00:02:14.540 –> 00:02:15.490
Dan Deppen: 2020 even?
25
00:02:15.490 –> 00:02:20.039
Wendy Zollner: Yeah, and that’s what brings that monthly escrow to $387.
26
00:02:20.240 –> 00:02:21.019
Dan Deppen: Okay, cool.
27
00:02:21.740 –> 00:02:28.410
Dan Deppen: Alright, so… I think the way this should work is having these set to monthly.
28
00:02:28.800 –> 00:02:32.899
Dan Deppen: Is what has it show up in the regular payment, you know, basis.
29
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Wendy Zollner: Okay.
30
00:02:33.230 –> 00:02:35.200
Dan Deppen: over here. Yeah.
31
00:02:35.760 –> 00:02:40.080
Dan Deppen: In theory, we should be able to change these to zero, and it should fix.
32
00:02:40.080 –> 00:02:42.760
Wendy Zollner: And that’s what I tried to do, and it did not allow me.
33
00:02:42.760 –> 00:02:43.580
Dan Deppen: work.
34
00:02:43.580 –> 00:02:48.789
Wendy Zollner: No, it said… well, see if it works for you, but update months in reserves.
35
00:02:50.600 –> 00:02:55.529
Wendy Zollner: And I said yes, but then it didn’t do it. So I couldn’t do it.
36
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Dan Deppen: Bro.
37
00:02:56.150 –> 00:02:57.360
Wendy Zollner: it back to 2.
38
00:02:57.360 –> 00:02:58.959
Dan Deppen: We have to override it.
39
00:02:59.510 –> 00:03:00.550
Wendy Zollner: Oh.
40
00:03:01.980 –> 00:03:08.579
Dan Deppen: How do I… Oh, aggregate… I think it might be here in this aggregate adjustment.
41
00:03:08.580 –> 00:03:09.470
Wendy Zollner: Okay.
42
00:03:09.470 –> 00:03:17.039
Dan Deppen: Not 100%. Oh, yeah, yeah, okay, actually, hold on, let me go back, let me go back. I saw something right as I clicked it.
43
00:03:17.610 –> 00:03:20.960
Dan Deppen: And this is one of the things I absolutely despise about Bite.
44
00:03:22.500 –> 00:03:27.629
Dan Deppen: Besides it taking forever just to get back where I was.
45
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Wendy Zollner: Yeah.
46
00:03:29.110 –> 00:03:32.390
Dan Deppen: You notice how, like, I put in zeros and this said zero?
47
00:03:32.390 –> 00:03:33.519
Wendy Zollner: Oh, yeah.
48
00:03:33.520 –> 00:03:36.550
Dan Deppen: But this says 7… 74.
49
00:03:36.550 –> 00:03:37.200
Wendy Zollner: Yeah?
50
00:03:37.600 –> 00:03:39.360
Dan Deppen: And then this digger, so…
51
00:03:39.930 –> 00:03:52.249
Dan Deppen: Byte has a lot of hardwired rules, right? So, like, in the traditional world, you are always going to have at least 2 months of escrows. So what this is doing is saying, like, if this was a conventional loan.
52
00:03:52.610 –> 00:03:55.809
Dan Deppen: that would never be zero, so even though I put zero.
53
00:03:56.430 –> 00:03:58.189
Dan Deppen: I’m gonna change it to 2.
54
00:03:58.330 –> 00:04:09.660
Dan Deppen: On the back end. Now, in this case, it actually, like, moved the numbers back to 2 so you could see them, but, like, in cash to close, I’ve seen it do weird stuff, where, like, it’s doing calculations in the background that don’t even show up.
55
00:04:09.880 –> 00:04:10.409
Wendy Zollner: Exactly.
56
00:04:10.410 –> 00:04:13.810
Dan Deppen: So, this is the key. The good thing…
57
00:04:14.170 –> 00:04:18.889
Dan Deppen: that I like about Byte is everything can be overridden.
58
00:04:19.450 –> 00:04:20.140
Wendy Zollner: Okay.
59
00:04:20.140 –> 00:04:25.560
Dan Deppen: So in general, if you see a number, or also, like, even, like, on a cash-to-close number sometimes.
60
00:04:26.350 –> 00:04:28.489
Dan Deppen: If you click on it, it’ll open a screen.
61
00:04:28.910 –> 00:04:31.219
Dan Deppen: So this is what it’s calculating.
62
00:04:31.500 –> 00:04:34.409
Dan Deppen: And we’re gonna say override the value of 0.
63
00:04:35.210 –> 00:04:36.040
Wendy Zollner: Okay.
64
00:04:36.840 –> 00:04:40.650
Dan Deppen: and now it’ll let me do it. Because, see, we often…
65
00:04:40.870 –> 00:04:51.140
Dan Deppen: end up overriding things, because some of the finance deals get screwy, and, you know, they’re different, and they don’t follow the conventional guidelines, and, you know, you get lenders doing different stuff.
66
00:04:51.280 –> 00:04:51.990
Wendy Zollner: Yeah.
67
00:04:51.990 –> 00:04:54.990
Dan Deppen: sometimes… So that…
68
00:04:55.580 –> 00:04:59.650
Dan Deppen: Now, I wonder if I click this, is it gonna set it all back to 2? I bet it is.
69
00:05:00.840 –> 00:05:03.240
Dan Deppen: Yeah, so we’re just not gonna touch that.
70
00:05:03.240 –> 00:05:06.589
Wendy Zollner: Okay, don’t… yeah, okay, so that will make it revert back, okay.
71
00:05:06.590 –> 00:05:11.799
Dan Deppen: I think… I think that’ll make it revert back. So now, like, before I actually…
72
00:05:12.050 –> 00:05:14.090
Dan Deppen: Print it to check it.
73
00:05:15.800 –> 00:05:25.720
Dan Deppen: So, on… Yeah, so initial escrow payment, that’s now zero, how I want.
74
00:05:26.240 –> 00:05:28.520
Dan Deppen: And I’m gonna look at page 1…
75
00:05:29.050 –> 00:05:36.440
Dan Deppen: And now that’s 387, so I didn’t screw anything else up, so that’s all you need to… do, so…
76
00:05:36.440 –> 00:05:38.110
Wendy Zollner: Okay, that wasn’t too hard.
77
00:05:38.800 –> 00:05:41.970
Wendy Zollner: You just have to know what… yeah, okay. That’s cool.
78
00:05:41.970 –> 00:05:48.549
Dan Deppen: Yeah, and in general, like, especially with rebalancing, that comes up a lot, where, like, Byte’s trying to do some weird thing in the backend.
79
00:05:48.760 –> 00:05:49.610
Wendy Zollner: Yeah.
80
00:05:49.900 –> 00:05:55.120
Dan Deppen: and then you find the number that doesn’t make sense, and you click on it, and you go override. Now, granted, like.
81
00:05:57.540 –> 00:06:04.540
Dan Deppen: I would prefer not to be overwriting things, because it’s a little dangerous, right? Because now Byte’s not doing math.
82
00:06:05.230 –> 00:06:06.120
Wendy Zollner: Yeah.
83
00:06:06.310 –> 00:06:07.070
Dan Deppen: But… Yeah.
84
00:06:07.240 –> 00:06:10.760
Dan Deppen: There are a number of times where we have to do it.
85
00:06:11.020 –> 00:06:12.760
Dan Deppen: Or it gives you the wrong number.
86
00:06:12.760 –> 00:06:16.680
Wendy Zollner: Right, and I was afraid that if I took that out.
87
00:06:17.100 –> 00:06:25.309
Wendy Zollner: I didn’t know to override it, but I was afraid it would not collect the monthly escrow, so I thought it was gonna… it was tied together, so I didn’t…
88
00:06:25.310 –> 00:06:34.220
Dan Deppen: No, yeah, and that’s the other thing they don’t make obvious, is, like, what drives what, right? So I think, like, the monthly escrow is driven by this disbursement column.
89
00:06:35.190 –> 00:06:38.330
Dan Deppen: And then the initial upfront is collected.
90
00:06:38.330 –> 00:06:39.849
Wendy Zollner: Oh, okay, cool, yeah.
91
00:06:39.850 –> 00:06:46.469
Dan Deppen: I’ve even had it go the other way and adjust. Like, I’ve had people that say, I want to collect, like, 12 months, and there’s actually rules…
92
00:06:46.700 –> 00:06:50.560
Dan Deppen: around what you can collect up front. Like, you can’t tell somebody, hey, I want to collect
93
00:06:51.030 –> 00:07:09.299
Dan Deppen: three years of property taxes, just because I’m personally going to feel better if it’s sitting like that, but, you know. And so, a lot of times, the automatic bite adjustments are for very good reasons, or compliance reasons, but a lot of times, too, I think a lot of this stuff is geared
94
00:07:09.560 –> 00:07:17.150
Dan Deppen: For the con… the, qual… you know, the conforming… the whole, like, qualified mortgage world, which has…
95
00:07:17.280 –> 00:07:24.799
Dan Deppen: specific rules… For qualified mortgages, which are actually different than Compliance rules.
96
00:07:25.120 –> 00:07:26.680
Wendy Zollner: Right, and so… Right, right.
97
00:07:26.690 –> 00:07:28.269
Dan Deppen: A lot of times, we end up…
98
00:07:29.260 –> 00:07:35.060
Dan Deppen: overriding stuff, right? Because there’s no compliance requirement that the lender has to collect 2 months.
99
00:07:35.290 –> 00:07:45.569
Dan Deppen: up front, you know, if they’re doing that. But, I think for, like, a lot of the government programs, like, they do. That’s just part of how it goes. So… Anyways…
100
00:07:45.570 –> 00:07:53.729
Wendy Zollner: On the upper part, it says, the closing costs on this do not match your closing costs set up. Click here to update closing costs.
101
00:07:53.730 –> 00:08:05.649
Dan Deppen: Oh, that’s the… okay, so that’s the template, which I don’t know why it’s doing that, but that just means… so I’ve gone through over time and made adjustments to the template to add lines.
102
00:08:05.650 –> 00:08:06.760
Wendy Zollner: I see, yeah.
103
00:08:06.760 –> 00:08:13.479
Dan Deppen: And… and that just means… I mean, you can always click it, it’s basically probably going to add some lines, because there might be a template with some more lines.
104
00:08:13.870 –> 00:08:14.320
Wendy Zollner: Okay.
105
00:08:14.320 –> 00:08:16.220
Dan Deppen: Or you can leave it alone, yeah.
106
00:08:16.220 –> 00:08:17.220
Wendy Zollner: Oh, yeah.
107
00:08:17.600 –> 00:08:22.190
Wendy Zollner: I’ll leave it alone. Okay, cool. That’s exactly what I needed.
108
00:08:22.190 –> 00:08:29.469
Dan Deppen: I mean, maybe at some point in the future, if I get the call the mortgage guy kick in, which I’m using the Arrive LOS for that.
109
00:08:30.440 –> 00:08:32.460
Dan Deppen: which is super nice, like, SaaS.
110
00:08:32.679 –> 00:08:33.589
Wendy Zollner: Oh, cool, okay.
111
00:08:33.590 –> 00:08:37.779
Dan Deppen: Like, it’s, just for grins, where is that?
112
00:08:47.230 –> 00:08:52.020
Dan Deppen: you know, Bite is like… Hanging on from the 80s.
113
00:08:52.320 –> 00:08:53.330
Wendy Zollner: Yeah.
114
00:08:53.330 –> 00:08:54.609
Dan Deppen: Where’s the login?
115
00:08:54.610 –> 00:08:59.480
Wendy Zollner: I’m surprised it still works on any, you know, internet platform.
116
00:09:01.340 –> 00:09:08.459
Dan Deppen: Yeah, it’s… wait, where’s my… oh, there it is, there’s my bookmark to actually log in to the thing.
117
00:09:14.540 –> 00:09:17.200
Wendy Zollner: That looks… already looks more modern.
118
00:09:17.600 –> 00:09:22.700
Dan Deppen: Oh, no, it’s totally modern. Yeah, it’s like what you would, you know, expect.
119
00:09:23.230 –> 00:09:27.750
Dan Deppen: Oh, I’m gonna do the… It’s funny, I got so many friggin’…
120
00:09:28.990 –> 00:09:29.940
Wendy Zollner: Authenticator.
121
00:09:29.940 –> 00:09:35.019
Dan Deppen: Authenticators, like, I don’t… I have… I struggle to remember what’s where.
122
00:09:35.020 –> 00:09:39.040
Wendy Zollner: I know. I try to keep them all in the Google Authenticator.
123
00:09:39.100 –> 00:09:42.219
Dan Deppen: That’s mostly what I have, and actually that one’s in Google.
124
00:09:47.660 –> 00:09:51.930
Dan Deppen: But, like, this is the one loan that came in, but it’s, you know, it’s completely different.
125
00:09:52.210 –> 00:09:52.950
Wendy Zollner: Yeah.
126
00:09:52.950 –> 00:09:53.860
Dan Deppen: Animal.
127
00:09:53.970 –> 00:10:03.799
Dan Deppen: You know, but what’s kinda cool… About this… is… So, it’s got…
128
00:10:04.630 –> 00:10:08.799
Dan Deppen: you know, I’ve got my own, like, custom link to an application.
129
00:10:09.280 –> 00:10:14.430
Dan Deppen: And so this is, like, geared for the conventional world, right? So this all starts with the application, there’s no term sheet.
130
00:10:14.820 –> 00:10:18.499
Dan Deppen: And so if someone fills out the application, it goes into here.
131
00:10:18.500 –> 00:10:19.080
Wendy Zollner: Okay.
132
00:10:19.080 –> 00:10:24.369
Dan Deppen: And then I can make, you know, edits… as needed.
133
00:10:25.310 –> 00:10:29.240
Dan Deppen: and whatnot. And then, the thing with docs…
134
00:10:30.580 –> 00:10:42.979
Dan Deppen: is pretty nice, so they’ve also got, like, a portal, and they can upload docs, and then they show up here, and I can go in and triage them, and say, like, what’s what, and I can, like, request docs.
135
00:10:43.120 –> 00:10:55.159
Dan Deppen: through here, and it’ll tell me, like, what I have, and what I don’t have, and, you know, this deal kind of died off, but, you know, you can send stuff for e-sign, and blah blah blah, and then, because… and then…
136
00:10:55.860 –> 00:10:59.989
Dan Deppen: Yeah, and then you can crate all this stuff and then send it to the wholesale.
137
00:11:00.200 –> 00:11:04.029
Wendy Zollner: I like the little dashboard, too, where it’s got loan amount, and the.
138
00:11:04.030 –> 00:11:04.800
Dan Deppen: Yeah.
139
00:11:04.800 –> 00:11:06.039
Wendy Zollner: All that up there.
140
00:11:06.040 –> 00:11:08.270
Dan Deppen: The problem, though, is, like.
141
00:11:09.450 –> 00:11:17.300
Dan Deppen: I might be able to adapt this for seller finance, right? But it would require, like, an in-depth knowledge of getting everything. And then that becomes a whole…
142
00:11:17.790 –> 00:11:18.300
Wendy Zollner: So it’s.
143
00:11:18.300 –> 00:11:20.959
Dan Deppen: project versus Byte, where
144
00:11:22.420 –> 00:11:30.809
Dan Deppen: we have it set up. It works. I’m not a fan of it, but, you know, if I go on Homer’s Odyssey to, like, make arrive work.
145
00:11:30.960 –> 00:11:38.740
Dan Deppen: with seller finance, it could take God knows how much time. You could hit hiccups, you know, there could be showstopper problems, like…
146
00:11:38.740 –> 00:11:39.400
Wendy Zollner: Right.
147
00:11:39.400 –> 00:11:43.530
Dan Deppen: Later on, and it doesn’t really, like, move the business.
148
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Wendy Zollner: Well, and every time you try and customize this type of thing, then when they make an update, it breaks something, and…
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Wendy Zollner: Usually, I don’t know if it always does, but it’s…
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Dan Deppen: Yeah.
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Wendy Zollner: It’s hard to manage.
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Dan Deppen: Exactly. So… so right now, I’ve got two LOSs, but down the line, like, you start doing a lot of work in… call the mortgage guy and pumping loans through Arrive, and I… if I really, like, get my head wrapped around Arrive, and I’m like, oh, I know how this works and how I can do it.
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Dan Deppen: Maybe at some point, I’ll take the leap, but right now, it’s just a project that wouldn’t be real.
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Wendy Zollner: Yeah, right, it wouldn’t add any value.
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Dan Deppen: Useful, so…
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Wendy Zollner: Cool.
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Dan Deppen: Bye. Thanks. Cool.
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Wendy Zollner: I had my first Spanish-only, borrower, so…
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Dan Deppen: Okay.
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Wendy Zollner: I just… I just used, chat to translate his message, and .
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Dan Deppen: Perfect, yeah.
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Wendy Zollner: Okay, so normally, I think I sent you an email, too, but normally, when… if you know they’re Spanish-only speaking, do you just send them the Spanish forms, and have them fill out the Spanish forms?
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Dan Deppen: You can… I only do that when they request it. The problem with the Spanish forms is they’re not tied to the CRM.
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Dan Deppen: So, if they fill out the Spanish forms, we just kind of have to, like, watch it, and then add everything.
165
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Wendy Zollner: Okay.
166
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Dan Deppen: I’ve only had a couple that said, oh, we really need the Spanish forms.
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Dan Deppen: And since I found that one guy who can get on the phone with people.
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Dan Deppen: In a year, it was, like, last April, I got him lined up.
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Dan Deppen: He has actually spoken with exactly one borrower.
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Wendy Zollner: Okay.
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Dan Deppen: time. So, what seems to go on is.
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Dan Deppen: I think it’s just people make assumptions. My borrower speaks Spanish, so I need someone who speaks Spanish to talk to my borrower. It’s a hard requirement.
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Dan Deppen: So… I’ve removed that as an objection by a prototy Music.
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Wendy Zollner: Right.
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Dan Deppen: Yes, absolutely. Oh, you need someone? We can absolutely do that, no problem. But then when it comes down to it, they never take us up on it.
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Wendy Zollner: Yeah.
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Dan Deppen: Which is fine, but…
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Wendy Zollner: Also, this one, he got his authorization form filled out, and
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Wendy Zollner: You know, actually, if you want to take a look at it real quick, it’s…
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Wendy Zollner: Which one is it?
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Dan Deppen: Yeah.
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Wendy Zollner: because he sent in, I think it’s Antonio.
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Wendy Zollner: The type of pay stub he sent in, I want to know if… no, I’m sorry, that’s not the right one, hold on.
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Wendy Zollner: Shoot, what was this? Oh.
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Dan Deppen: What’s the street address for the beginning of it?
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Wendy Zollner: 12 Bethlehem.
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Dan Deppen: Okay…
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Wendy Zollner: So he needed help with his…
189
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Wendy Zollner: loan application, and he’s partially filled it out, so I went.
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Dan Deppen: Oh, wait, wait, wait, we wanna have him…
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Dan Deppen: But what I’d like to have him do, just to share the…
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Dan Deppen: So he sent us these, which is normal, because they have, like, an app.
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Dan Deppen: But what I would like him to do is say, view pay stub and send us that.
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Wendy Zollner: Okay, I asked…
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Dan Deppen: Because this doesn’t give a… okay, perfect. Yeah, because, I mean, it kind of shows the deductions, but really, you want the ones, like, with the line item. Now.
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Dan Deppen: At the end of the day, like, my…
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Dan Deppen: amateur sleuthing of this is… this looks kind of legit. Like, they probably didn’t fake.
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Wendy Zollner: Yeah.
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Dan Deppen: But it’s best to get, like, the actual.
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Wendy Zollner: Yeah, I’ll get that too hard to ask.
201
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Dan Deppen: And that gets tricky sometimes, too, when people are on mobile, right? Like, a lot of people are, like, just on their phone, they’re not…
202
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Wendy Zollner: Right.
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Dan Deppen: doing this, not sure.
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Wendy Zollner: on his phone, he can click that. I said we needed the pay stub that showed, like, how many hours he worked and hourly pay, and that’s what I thought we always needed, that.
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Dan Deppen: We do, you’re right. Yep, absolutely.
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Wendy Zollner: Okay, and then… so I did ask for that, and the W2, which was missing, and then all I did was look at the fields that he was missing on the loan app, and I just had chat translate it to Spanish. And so I told him, I sent him
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Wendy Zollner: the list of questions, and then if he answers in Spanish, I’ll just have chat translate it, and I’ll add it to the loan app, like, I’ll fill out the form for him. Is that okay?
208
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Wendy Zollner: Okay.
209
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Dan Deppen: Yeah, perfect.
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Wendy Zollner: Okay, cool.
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Dan Deppen: No, that, that works. Yep.
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Wendy Zollner: Alright, very, very cool.
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Dan Deppen: Alright, cool. Yeah, I thought it was easier just to jump on. Yeah, you caught me at a good time, because I had the…
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Dan Deppen: I was presenting… I’m presenting to the William Tingle Group now, once a month.
215
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Wendy Zollner: Oh, cool.
216
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Dan Deppen: Sub 2 stuff, that was at 9, and then I had the… the Thursday onboarding call, where only one guy showed up for that and needed something, like, different. Yeah, and then I also got… did they tell you,
217
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Dan Deppen: I’m talking to Mel Dorman’s group? – I don’t know, but she has a…
218
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Dan Deppen: She did, like, a TED talk, and, like, her social media blew up, but she’s got, like, some kind of seller finance group.
219
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Wendy Zollner: Cool.
220
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Dan Deppen: And, yeah, I’m gonna start talking to them in a couple weeks. I like getting in on, like, the educational programs, because they’re…
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Wendy Zollner: That’s very cool. Yeah.
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Dan Deppen: So it was funny, because I got done with the other call, and then you texted me right after, so that timed out good, so I was like, okay, we’ll just get on it, yeah.
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Wendy Zollner: Yeah, that… it helps. It’s easier than trying to explain it in a text, so thank you.
224
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Dan Deppen: Yeah, no problem. Yeah, and it looks like… I told you about… they’re throwing my crazy California-Oakland deal.
225
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Wendy Zollner: –
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Dan Deppen: Yeah, turning off.
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Wendy Zollner: the recording?
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Dan Deppen: Yeah, well, we don’t have to… it doesn’t matter, I’m gonna have to do it with the… well, I can’t anyways, because it’s not related to…
========================================
FILE: CTU_Training___Income_Documentation__DTI_Calculation__and_Borrower_Qualification_01-26-2026.txt
CTU Training – Income Documentation, DTI Calculation, and Borrower Qualification_01-26-2026.txt
CTU TRAINING TRANSCRIPT
Topic: Income Documentation, Debt-to-Income (DTI) Calculation, and Borrower Qualification
Stage of Loan Process:
Pre-Screening → Underwriting → Loan Approval
Systems Discussed:
Zoho CRM
Byte (LOS)
Summary:
This training focuses on how to evaluate borrower income, calculate debt-to-income (DTI), and determine overall borrower qualification. It covers required documentation for different income types, including W2, self-employed, and alternative income sources. The session emphasizes the importance of verifying income to meet Dodd-Frank Ability-to-Repay (ATR) requirements and ensuring that borrowers can reasonably afford the loan. Accurate income analysis and DTI calculation are critical to producing compliant, defensible loan files and avoiding risk for the lender.
Key Concepts:
- Dodd-Frank requires verification of Ability-to-Repay (ATR)
- Income must be documented and supportable, not stated or assumed
- W2 income requires recent pay stubs and employment verification
- Self-employed income typically requires:
- 12 most recent bank statements, or
- Last 2 years of tax returns, or
- 1099s for contractor income
- DTI = total monthly debt ÷ gross monthly income
- All liabilities must be included in DTI calculation
- Inconsistent or undocumented income cannot be used
- Strong documentation increases loan quality and compliance
- Lenders may request exceptions, but unsupported income creates risk
Process Notes:
- Collect complete income documentation before underwriting
- Review consistency of income over time
- Calculate DTI using verified income only
- Document all assumptions and calculations clearly
- Communicate missing or insufficient documentation early
Common Issues:
- Borrowers unable to document income
- Missing bank statements or incomplete tax returns
- Cash income with no verifiable paper trail
- Miscalculated or overstated income
- DTI exceeding acceptable thresholds
Source:
Internal CTU Training – Income Review and Borrower Qualification (01-26-2026)
WEBVTT
1
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Dan Deppen: But kind of my routine is, like, I’ll go through the emails that came in, and then, like, make all the appropriate updates on the pipeline.
2
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Wendy Zollner: Okay.
3
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Dan Deppen: And then kind of look at, okay, given all that, like.
4
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Dan Deppen: what needs to be done first, and then I’ll kind of make my short list of files to…
5
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Wendy Zollner: And then, do you go through the phone messages as well, then?
6
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Dan Deppen: Yeah, yeah, you want to do that as well.
7
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Wendy Zollner: Okay.
8
00:00:29.930 –> 00:00:34.000
Dan Deppen: But I kind of like going through the emails first, because sometimes the messages are, like.
9
00:00:34.910 –> 00:00:43.119
Dan Deppen: what’s the status of this? Did you get this? And blah blah blah, so usually, like, when I go through the emails, then it’ll have, like, an updated…
10
00:00:43.690 –> 00:00:46.819
Dan Deppen: status, and then I’ll go to the phone. That’s just my way of doing it.
11
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Wendy Zollner: Okay.
12
00:00:47.280 –> 00:00:50.870
Dan Deppen: Like, a magic prescription for how to… how to do that, you know?
13
00:00:50.870 –> 00:00:53.079
Wendy Zollner: Yeah, sounds like a good process.
14
00:00:53.300 –> 00:01:02.220
Dan Deppen: Yeah, but I’ll go to, like, the form stuff first, and then I’ve got… So, the status of…
15
00:01:02.890 –> 00:01:07.299
Dan Deppen: The income docs when they come in, and then when invoices are paid, is like…
16
00:01:07.680 –> 00:01:10.310
Dan Deppen: all messed up, so they get…
17
00:01:10.310 –> 00:01:10.850
Wendy Zollner: Okay.
18
00:01:10.850 –> 00:01:22.080
Dan Deppen: guy to fix some stuff, but now he’s getting pokey, so now I’m wondering if I need to, like, find another guy to do that. It’s not that hard to do. So basically, in here…
19
00:01:26.240 –> 00:01:30.579
Dan Deppen: The term sheet status and the app and all status you can trust pretty well.
20
00:01:30.580 –> 00:01:31.360
Wendy Zollner: Okay.
21
00:01:31.640 –> 00:01:33.760
Dan Deppen: The ones you can’t, it’s just the income.
22
00:01:34.470 –> 00:01:36.939
Dan Deppen: And then, like, the invoice paid.
23
00:01:37.460 –> 00:01:38.190
Wendy Zollner: Okay.
24
00:01:38.330 –> 00:01:42.610
Dan Deppen: Because it’s also done things where originally, and I don’t know if…
25
00:01:42.910 –> 00:01:50.700
Dan Deppen: it’s fixed or not, but I had a problem where, like, there was an automation that would say, look, if the invoice is paid, and then make an update.
26
00:01:51.370 –> 00:01:58.079
Dan Deppen: And it would sometimes do that if, like, an invoice changed in some way, not necessarily was paid.
27
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Dan Deppen: And then sometimes, like, it would update, like, the wrong…
28
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Dan Deppen: Deal. So, the invoice paid, you have to kind of, like, Can’t trust right now.
29
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Wendy Zollner: Okay.
30
00:02:08.350 –> 00:02:15.060
Dan Deppen: But hopefully we get that fixed. So basically, when the term sheet gets created, and it creates all these custom links.
31
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Dan Deppen: the deal ID of the CRM gets…
32
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Dan Deppen: added to that form, so then the automations, like, reference the deal ID.
33
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Wendy Zollner: Okay.
34
00:02:24.890 –> 00:02:30.090
Dan Deppen: And some things, like the deal ID, like, isn’t populating in the form, so it’s not connecting.
35
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Dan Deppen: So, anyways, that’s, like, the… Crux of it.
36
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Dan Deppen: Okay.
37
00:02:38.230 –> 00:02:43.460
Dan Deppen: So 145 Krause, wow, this looks new. There were… looks like some term sheets came in.
38
00:02:47.140 –> 00:02:52.319
Dan Deppen: But this was… So, an auth form for 145 Krause?
39
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Dan Deppen: So I’ll go to the… And I…
40
00:03:06.000 –> 00:03:09.570
Dan Deppen: It’s really weird, because I’m not seeing a deal for 144 Kraus.
41
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Wendy Zollner: Google Drive folder.
42
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Dan Deppen: Yeah, that’s where I was searching, yeah.
43
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Wendy Zollner: Yeah.
44
00:03:17.590 –> 00:03:25.639
Dan Deppen: And… sometimes you gotta watch how these get sorted. Like, I like to sort by created time.
45
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Wendy Zollner: Okay.
46
00:03:28.530 –> 00:03:31.230
Dan Deppen: But I’m not seeing, like, a 145 Krause.
47
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Dan Deppen: Anywhere.
48
00:03:32.510 –> 00:03:33.200
Wendy Zollner: Hmm.
49
00:03:33.680 –> 00:03:35.960
Dan Deppen: So this could be, like, a Wildcat.
50
00:03:37.030 –> 00:03:37.860
Wendy Zollner: Okay.
51
00:03:41.750 –> 00:03:45.270
Dan Deppen: Now, there is a thing in here where it…
52
00:03:45.700 –> 00:03:47.550
Dan Deppen: Ask them who the lender is.
53
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Wendy Zollner: Okay.
54
00:03:48.640 –> 00:03:53.390
Dan Deppen: Which, of course, they didn’t tell us. So I don’t know what to do, so we can’t really do anything with this.
55
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Wendy Zollner: Okay.
56
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Dan Deppen: So, what I’ll do in that case is…
57
00:04:00.970 –> 00:04:02.460
Dan Deppen: reply to them.
58
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Dan Deppen: Or forward it to them.
59
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Dan Deppen: Stop reading.
60
00:04:24.310 –> 00:04:30.060
Dan Deppen: Probably, yeah… Give us the name N.
61
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Dan Deppen: It’s funny, too, because at one point, before I had it, where the forms were tied to deals.
62
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Dan Deppen: And especially way back before, before these forms were even being used, there were some other forms, right? Like, nothing was connected, so, like, you had to, like, figure out.
63
00:04:53.680 –> 00:04:54.370
Wendy Zollner: Right?
64
00:04:54.370 –> 00:04:56.469
Dan Deppen: a deal.
65
00:04:56.580 –> 00:05:05.549
Dan Deppen: And then, you know, since then, it’s updated with the deal ID, and it goes out automatically, and that’s kind of nice, but there’s still some people who have a hold of these links, even though I don’t think I have them.
66
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Dan Deppen: Publicly out there, like, so they would have had to have gotten this from, like, a previous client that had
67
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Dan Deppen: the old link.
68
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Wendy Zollner: Right. Even though I’ve, like…
69
00:05:16.570 –> 00:05:24.560
Dan Deppen: pulled a list on email, like, numerous times, and there’s actually another email going out today that mentions that, like, just submit the term sheet, don’t use…
70
00:05:24.980 –> 00:05:32.319
Dan Deppen: those other things. Right. And then, I’ll just archive this. There’s not really a good mechanism, like, to keep track of these.
71
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Wendy Zollner: Okay.
72
00:05:33.840 –> 00:05:39.569
Dan Deppen: But we’ll just have to kind of remember, like, if we see something for this come in, like, oh, we might have the auth form.
73
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Wendy Zollner: Okay.
74
00:05:41.340 –> 00:05:46.140
Dan Deppen: Okay, so this was testing, so this would have been my guy in India trying to fix…
75
00:05:46.140 –> 00:05:46.880
Wendy Zollner: Okay.
76
00:05:49.130 –> 00:05:51.010
Dan Deppen: Same thing here…
77
00:05:51.010 –> 00:05:53.709
Wendy Zollner: So you just, you just then…
78
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Dan Deppen: Just archive them.
79
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Wendy Zollner: Okay.
80
00:05:55.520 –> 00:06:00.220
Dan Deppen: Yeah, and then these pre-screening forms, we don’t do anything with these either.
81
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Wendy Zollner: Oh, yeah, okay.
82
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Dan Deppen: On the… you might have seen this, but…
83
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Wendy Zollner: Yeah, and you told me that they can use that, and they get… they get…
84
00:06:09.250 –> 00:06:13.760
Dan Deppen: Yeah, so what they can do is send this link to their borrower.
85
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Dan Deppen: And then if they fill it out.
86
00:06:18.670 –> 00:06:21.389
Dan Deppen: You know, it’ll ask for the lender contact.
87
00:06:22.160 –> 00:06:28.700
Dan Deppen: And then it’ll email a copy to us and whoever they put for the lender contact. Now, sometimes they do that right, sometimes…
88
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Dan Deppen: They don’t… the lender’s like, hey, did somebody send something in?
89
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Dan Deppen: In which case, you can go back and find it.
90
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Dan Deppen: and send it to them. And you can either find it through looking through the email, or…
91
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Dan Deppen: going to the Forms app.
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Wendy Zollner: Okay.
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Dan Deppen: And then go into, like, all entries.
94
00:06:50.050 –> 00:06:51.829
Dan Deppen: Then you can see what came in.
95
00:06:52.030 –> 00:06:52.660
Wendy Zollner: Okay.
96
00:06:52.660 –> 00:06:54.100
Dan Deppen: And we can get it to them.
97
00:06:54.410 –> 00:06:55.280
Dan Deppen: But…
98
00:06:55.510 –> 00:07:00.059
Dan Deppen: The only thing I… I mean, we don’t have to do anything with these, the only thing I really…
99
00:07:00.660 –> 00:07:06.180
Dan Deppen: do with them is, I’ll try to take a look and see who the lender is, to see if I know them or what’s going on.
100
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Wendy Zollner: Okay.
101
00:07:07.200 –> 00:07:10.560
Dan Deppen: So, like, this person, Brandon Chatuk, like, I’ve never heard of.
102
00:07:10.820 –> 00:07:12.100
Wendy Zollner: Hmm. Okay.
103
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Dan Deppen: We get a lot of… it’s funny, like, we’ll get a lot of references through…
104
00:07:17.380 –> 00:07:27.460
Dan Deppen: you know, education groups, real estate groups, like, somebody would be like, you know, they’ll go to the be like, hey, I’m doing this seller finance deal, how do I do this? And somebody would be like, you need to call the underwriter.
105
00:07:27.710 –> 00:07:29.709
Dan Deppen: And then I’ll ask them a lot of times, like.
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Dan Deppen: Oh, who referred us? Oh, it was Bob… Whatever, and I’m like…
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Dan Deppen: So a lot of times, like, I’ve never heard of any of these people.
108
00:07:36.970 –> 00:07:37.980
Wendy Zollner: Wow, that’s…
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Dan Deppen: At all. And they’re, like, not in my…
110
00:07:40.590 –> 00:07:45.450
Dan Deppen: system. So… so that’s interesting, so we’ll know what that is if that comes in.
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00:07:46.170 –> 00:07:49.880
Dan Deppen: Okay, so here’s a real income one, 87-acre lot.
112
00:07:50.720 –> 00:07:56.170
Dan Deppen: So these, the files don’t automatically try to move to the Google Drive folder.
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00:07:57.410 –> 00:08:07.240
Dan Deppen: Because what I would have done on that other auth form was just make sure that the file moved… that the PDF moved over to the Google Drive folder, and I made some changes to that, too, that should be more reliable now.
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Wendy Zollner: Okay.
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00:08:08.210 –> 00:08:12.020
Dan Deppen: Basically, what I’ve learned is, like, everything… you have to have…
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Dan Deppen: If you have a deal ID connected to the form, and everything is connecting based on the deal ID,
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Dan Deppen: Then you’re good.
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Wendy Zollner: Okay.
119
00:08:20.610 –> 00:08:23.820
Dan Deppen: But if someone sends a form, like, not…
120
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Dan Deppen: through a term sheet, then there’s no deal ID, then, like, everything breaks.
121
00:08:28.900 –> 00:08:35.270
Wendy Zollner: Okay. And he didn’t have… he doesn’t have a deal ID working for the income doc, so as soon as I get that, then I can build that other…
122
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Wendy Zollner: Okay.
123
00:08:36.370 –> 00:08:38.299
Dan Deppen: Automation, so these, like…
124
00:08:38.309 –> 00:08:41.809
Wendy Zollner: docs are not… do not move over automatically, okay.
125
00:08:41.809 –> 00:08:44.279
Dan Deppen: The income do not correct.
126
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Dan Deppen: We’re gonna try to fix that.
127
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Wendy Zollner: Yeah.
128
00:08:48.910 –> 00:08:51.279
Dan Deppen: But, right now, they do not.
129
00:08:52.070 –> 00:08:53.200
Dan Deppen: And it…
130
00:08:53.790 –> 00:08:58.810
Dan Deppen: I won’t get into that, but there are some wrinkles with how income works, like, it might be a little tricky to do.
131
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Wendy Zollner: Okay.
132
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Dan Deppen: About 87 acre… Oops, that’s not what I wanted to do.
133
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Dan Deppen: So I’ll just… you know, basically unzip the file, and then, sorry, Mark.
134
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Dan Deppen: Fat-fingering stuff.
135
00:09:28.110 –> 00:09:30.500
Dan Deppen: And then I just want to check the CRM.
136
00:09:30.710 –> 00:09:35.870
Dan Deppen: You know, and at some point, once I get destabilized, we won’t have to do as much of this, like, check, check, check, check, check.
137
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Wendy Zollner: Yeah.
138
00:09:36.330 –> 00:09:37.640
Dan Deppen: Right now, we kinda…
139
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Wendy Zollner: Yeah, I get it. Until it’s… until it’s, reliable, we’ll just check it.
140
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Dan Deppen: Yeah… And then, so we did get income.
141
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Dan Deppen: So now, like on this one, right.
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Dan Deppen: We know it’s a single borrower, because over here it’s at NA.
143
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Dan Deppen: I got that from the term sheet. We’ve got terms off app.
144
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Dan Deppen: an income, So this is a file you can start.
145
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Wendy Zollner: Okay.
146
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Dan Deppen: So I’ll just update these statuses.
147
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Wendy Zollner: So basically, ready to start entering it into Byte, right?
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Dan Deppen: Yeah, and usually when there’s something that, like, ready to work a file, I put it in caps.
149
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Wendy Zollner: Okay, cool.
150
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Dan Deppen: And then the deal status… Ready to enter into bite, and write.
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Wendy Zollner: Okay, cool.
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Dan Deppen: Cool.
153
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Dan Deppen: What’s that?
154
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Dan Deppen: Okay, and this was their application. We saw the status in there.
155
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Wendy Zollner: Yep.
156
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Dan Deppen: But let me go back here and see. Okay, so… The application did move over.
157
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Wendy Zollner: Okay.
158
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Dan Deppen: And when it moves an application or an auth over, it also adds in the borrower’s name.
159
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Wendy Zollner: Oh, that’s cool.
160
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Dan Deppen: But I don’t see the auth, so I’m guessing the next email is going to be for the auth, but it didn’t move over for whatever reason.
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Dan Deppen: There’s our off…
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Dan Deppen: And I already,
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Dan Deppen: You know, we already did the CRM status, so I know that’s good on this one…
164
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Dan Deppen: So that one should be ready to go for you. I just want to take a quick glance at the income and see what they sent us.
165
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Dan Deppen: So, they sent… like… A snap of, like, of everything.
166
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Wendy Zollner: Yeah.
167
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Dan Deppen: It does show the deposits, which is good, but we need… All of the pages.
168
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Dan Deppen: So we’re gonna have to email them.
169
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Wendy Zollner: like, they need to send the actual statements, right? Not just the… screenshot of…
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Dan Deppen: Yeah…
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Wendy Zollner: So this guy’s… this is Ethan…
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Dan Deppen: what am I gonna say here?
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Dan Deppen: And I was kind of like, thank them for whatever they submitted.
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Wendy Zollner: Yeah, yeah.
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Dan Deppen: Let me chat.
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Dan Deppen: Thank you.
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Dan Deppen: So I put my name on it, so if you guys see that, you know that I followed up. And then I want to CC the lender.
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Dan Deppen: As well, so just, they know what’s going on, right? And so that just heads off.
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Wendy Zollner: And then would you normally, oh, you wouldn’t…
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Wendy Zollner: would you normally have CC’d him on just the request? Or did… or you didn’t send it yet? Okay, I gotcha.
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Dan Deppen: Yeah, I was just pulling it from the CRM.
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Wendy Zollner: And then… would you also make a note normally in the Zoho CRM that you requested that? Okay.
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Dan Deppen: Absolutely, yep. Yep. No, that’s perfect, yep. But yeah, and then, you know, so this is nice to kind of recognize, okay, we got… you send in all your stuff.
184
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Dan Deppen: But here’s what we need, and then the lender CDC’d.
185
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Wendy Zollner: Hmm.
186
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Dan Deppen: So that heads off the question of, like.
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Dan Deppen: Because a lot of times, if you don’t do that, then you get the email, like, how’s it going? Where’s the stuff? My guy said he sent in all the stuff. Oh, well.
188
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Wendy Zollner: Right.
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Dan Deppen: You know, and it just spawns all this back and forth, and then if you…
190
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Dan Deppen: take it a notch further, like Shantae did, and don’t respond for a day, then it just… you get more, and it’s like…
191
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Wendy Zollner: Yeah.
192
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Dan Deppen: And then the box fills up with just, like, nonsense.
193
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Wendy Zollner: So anytime you contact a borrower, you just copy the lender, just so they’re in the loop on everything.
194
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Dan Deppen: Unless they tell us not to. Yeah, I’ve had one or two lenders, like, get mad.
195
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Wendy Zollner: Yeah.
196
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Dan Deppen: Yo.
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Dan Deppen: Why are you sending me all this stuff? Just tell me when you’re done. But those are, like, corner cases.
198
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Wendy Zollner: Bye.
199
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Dan Deppen: And 99% of the time, you just copy them, then they’re in the loop, they feel, you know, they know where everything stands without having to ping us.
200
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Wendy Zollner: Yeah.
201
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Dan Deppen: But yeah, we do wanna… Update this…
202
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Dan Deppen: And we can still start the file.
203
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Wendy Zollner: Okay.
204
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Dan Deppen: Do they pay the invoice? That would be the other question, because this guy is new.
205
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Wendy Zollner: Mmm. It says returning customer, though.
206
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Dan Deppen: Yeah…
207
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Dan Deppen: Yeah, he did.
208
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Dan Deppen: That just didn’t update in the CRM.
209
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Wendy Zollner: And you see when he paid it?
210
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Dan Deppen: There is a way to do that.
211
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Wendy Zollner: I guess it’s not… it doesn’t matter, just that it was paid.
212
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Dan Deppen: Yeah, but no, it’s… okay, so what I think we want to do is see where it says payments received?
213
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Dan Deppen: And actually, this was some stuff I was updating.
214
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Dan Deppen: This weekend in Thinkific.
215
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Wendy Zollner: Okay.
216
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Dan Deppen: So… If you go into Invoices tab, you can see all the invoices.
217
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Dan Deppen: But then there’s also payments received.
218
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Wendy Zollner: Okay, yep.
219
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Dan Deppen: So Zoho kind of treats them as separate things, right? And that’s where I think I was telling you how typically it just auto-matches.
220
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Dan Deppen: sometimes… It doesn’t.
221
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Wendy Zollner: Yeah, sometimes it fails.
222
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Dan Deppen: But what I think this will do.
223
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Dan Deppen: If we go back here, this should be a link to the payment.
224
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Wendy Zollner: Oh, okay, right.
225
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Dan Deppen: came in.
226
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Dan Deppen: So this actually came in on the 22nd.
227
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Wendy Zollner: Alright, cool.
228
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Dan Deppen: So… I will update.
229
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Dan Deppen: Daph.
230
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Dan Deppen: Now, It’s a little…
231
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Dan Deppen: I guess it took them 3 days to get it in, that’s not too bad.
232
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Dan Deppen: Could have been looking for the bank statement.
233
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Wendy Zollner: Yeah, I guess what?
234
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Dan Deppen: Like, usually if someone goes over, like, 3 days to get their stuff, it can be a little bit of a red flag.
235
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Dan Deppen: You know?
236
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Wendy Zollner: But that was, like, over the weekend, I guess, too, so…
237
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Dan Deppen: Yeah, it was over.
238
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Wendy Zollner: The Broncos were… I guess they didn’t… they probably don’t care about the Broncos, but…
239
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Dan Deppen: Yeah, they might not, I don’t is, but…
240
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Wendy Zollner: Yeah.
241
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Dan Deppen: Texas, so you.
242
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Wendy Zollner: Oh, okay.
243
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Dan Deppen: or not.
244
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Wendy Zollner: That hasn’t been done for a while, so they’re not worried about that, but… Yeah, so the… it said this was a returning customer, but you said it was a new customer, is that…
245
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Dan Deppen: It’s somebody that I don’t recognize.
246
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Dan Deppen: It looks for their email, and it did one the other day that it said it tagged them as returning.
247
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Dan Deppen: And I couldn’t find them.
248
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Wendy Zollner: Yeah.
249
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Dan Deppen: So I might have an issue there too, although that seemed like it was working.
250
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Dan Deppen: Oh, no, he is returning, so he did this other one.
251
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Wendy Zollner: Okay.
252
00:18:11.310 –> 00:18:13.010
Dan Deppen: So there’s another one that came in.
253
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Wendy Zollner: So the deals that are in your Zoho, are those only the deals that you’ve done since you owned Call the Underwriter? Like, any prior deals, would they not have transferred over?
254
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Dan Deppen: No, none of them are… no, in fact, there are a lot of deals
255
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Dan Deppen: since I owned Call the Underwriter that are not in here either, because it was, like, some months later until I actually started doing this. And then, you know, and then the system evolved a lot, you know, over time, and blah blah blah. Where you can find old stuff, that’s a good question. A lot of the old stuff will be in the drive folder.
256
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Wendy Zollner: Okay.
257
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Dan Deppen: But this filled up at one point.
258
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Dan Deppen: So, what the old owners did when this would fill up, they just started deleting stuff, so a lot of the old, old stuff is gone, which is…
259
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Wendy Zollner: Yeah, okay.
260
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Dan Deppen: You didn’t want to pay, like, $10 a month, or whatever it is, I mean, like.
261
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Dan Deppen: Some of the stuff they did just amazes me, but what I did was, I started migrating, so when this filled up on me.
262
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Dan Deppen: I migrated some of the data over to the team drive.
263
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Wendy Zollner: Oh, okay, cool.
264
00:19:16.090 –> 00:19:19.890
Dan Deppen: So if somebody, sometimes, like, people come back and they’re like, hey, do you have this old file?
265
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Dan Deppen: It might be in the team drive, but then stuff beyond a certain point.
266
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Dan Deppen: is just gone. Now, what I’m gonna do at some point is…
267
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Dan Deppen: just increase the storage in the team drive, and we’ll run everything out of the team drive, and I’ll nuke this free one.
268
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Wendy Zollner: Yeah.
269
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Dan Deppen: It’s one of those things where now I have a lot of automations tied to it, it’s a lot of work.
270
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Dan Deppen: it doesn’t really help anything in the short term, so it’s, like, on the list, but I haven’t…
271
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Wendy Zollner: Yeah.
272
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Dan Deppen: Done that… yet.
273
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Wendy Zollner: Cool.
274
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Dan Deppen: Okay.
275
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Dan Deppen: Okay, so that was his auth form, and I think that was the one that I… Moved over…
276
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Dan Deppen: So I can archive that.
277
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Dan Deppen: Gillespie Ridge, so this looks like a new… Loan app.
278
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Dan Deppen: Let’s see if this is the CRM… There it is.
279
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Dan Deppen: Yeah, so this was the same guy, so he submitted, like…
280
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Dan Deppen: Back-to-back. I think, oh, I talked to him as well, I believe.
281
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Dan Deppen: So…
282
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Wendy Zollner: So there’s 2 borrowers…
283
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Dan Deppen: Yep.
284
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Wendy Zollner: Okay.
285
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Dan Deppen: Yep, so 2 borrowers… Gillespie Ridge…
286
00:21:01.680 –> 00:21:03.749
Dan Deppen: So we got the auth forms for both.
287
00:21:05.600 –> 00:21:06.999
Wendy Zollner: And the loan app for…
288
00:21:07.000 –> 00:21:08.990
Dan Deppen: Holly moved over.
289
00:21:10.140 –> 00:21:17.909
Dan Deppen: So let me see what… Okay, and this was for Holly, so we got that.
290
00:21:18.180 –> 00:21:20.330
Wendy Zollner: Is Holly the primary, or the…
291
00:21:21.220 –> 00:21:23.350
Dan Deppen: So she said she’s the co-borrower.
292
00:21:23.350 –> 00:21:24.100
Wendy Zollner: Okay.
293
00:21:24.100 –> 00:21:26.409
Dan Deppen: Now, here’s what can happen.
294
00:21:28.540 –> 00:21:32.659
Dan Deppen: These will update based on whether they say they’re primary or co-borrower.
295
00:21:33.030 –> 00:21:33.820
Wendy Zollner: Okay.
296
00:21:34.220 –> 00:21:39.300
Dan Deppen: But if they put the wrong one, It’s gonna overwrite the other.
297
00:21:39.850 –> 00:21:41.569
Wendy Zollner: Oh, okay. Yeah.
298
00:21:41.570 –> 00:21:48.800
Dan Deppen: So, you know, it looks like we at least got multiple auth forms, but this didn’t update, so they both could have said they were the co-borrower.
299
00:21:49.180 –> 00:21:50.969
Wendy Zollner: Oh, okay, yep.
300
00:21:50.970 –> 00:21:52.980
Dan Deppen: And I really don’t have a fix for that.
301
00:21:53.420 –> 00:21:54.870
Wendy Zollner: Yeah, okay.
302
00:21:56.060 –> 00:22:00.669
Dan Deppen: So… Let’s go back to emails…
303
00:22:01.220 –> 00:22:03.849
Dan Deppen: Okay, so Holly’s application we have…
304
00:22:06.090 –> 00:22:08.300
Dan Deppen: I just wanna see if there’s any other for that.
305
00:22:08.500 –> 00:22:09.230
Wendy Zollner: Okay.
306
00:22:14.810 –> 00:22:16.089
Dan Deppen: I’m not seeing it.
307
00:22:19.450 –> 00:22:21.839
Dan Deppen: So what I kind of want to know is…
308
00:22:25.500 –> 00:22:26.709
Wendy Zollner: So we have two authorizations.
309
00:22:26.710 –> 00:22:32.329
Dan Deppen: Where’s my application for Javier? So, I’m gonna go into Forms and just search under Maziel.
310
00:22:32.550 –> 00:22:33.390
Wendy Zollner: Okay.
311
00:22:39.970 –> 00:22:43.500
Wendy Zollner: Forms… you gotta find the loan app form, okay?
312
00:22:43.500 –> 00:22:45.490
Dan Deppen: Yep, and then go all entries.
313
00:22:45.640 –> 00:22:47.150
Wendy Zollner: So there’s Holly.
314
00:22:48.150 –> 00:22:50.430
Dan Deppen: But I can also just do a Ctrl-F.
315
00:22:50.800 –> 00:22:52.270
Dan Deppen: But that’s the same.
316
00:22:53.700 –> 00:22:56.840
Dan Deppen: Yeah, so we just have it for her. We’re missing it for…
317
00:22:57.190 –> 00:22:57.810
Wendy Zollner: Okay.
318
00:22:59.730 –> 00:23:07.339
Dan Deppen: So we have my comments, so we got the auth for both, we need…
319
00:23:08.580 –> 00:23:12.049
Dan Deppen: And then a lot of times in the abbreviations, we’ll call them B1, B2.
320
00:23:12.310 –> 00:23:13.450
Wendy Zollner: Yep, okay.
321
00:23:13.450 –> 00:23:18.170
Dan Deppen: So I just want to see which is which. It looks like Holly is B2, because of the way she filled it out.
322
00:23:20.480 –> 00:23:22.330
Dan Deppen: Oh, no, he’s got Holly as primary.
323
00:23:23.430 –> 00:23:25.569
Dan Deppen: And how he is, B2.
324
00:23:25.570 –> 00:23:28.319
Wendy Zollner: And she has herself as co-borrower.
325
00:23:30.180 –> 00:23:31.140
Dan Deppen: Yeah, it’s kind of weird.
326
00:23:31.140 –> 00:23:32.430
Wendy Zollner: it out, yeah.
327
00:23:35.990 –> 00:23:41.210
Dan Deppen: And then I also just want to see, did they send any income data? I don’t think they did.
328
00:23:48.460 –> 00:23:51.830
Dan Deppen: Oh, it looks like this… yeah, those were the tests that the dude was doing.
329
00:23:53.020 –> 00:23:55.240
Dan Deppen: Not seeing income from either of them.
330
00:23:55.620 –> 00:23:56.530
Wendy Zollner: Okay.
331
00:23:56.530 –> 00:23:58.309
Dan Deppen: So that’s fine.
332
00:24:01.110 –> 00:24:02.140
Dan Deppen: So…
333
00:24:17.470 –> 00:24:23.039
Dan Deppen: And I updated this deal status, where now it defaults to just missing info holding when they submit a timesheet.
334
00:24:23.600 –> 00:24:25.270
Dan Deppen: So that’s where that one is.
335
00:24:26.010 –> 00:24:26.800
Wendy Zollner: Okay.
336
00:24:30.450 –> 00:24:34.430
Wendy Zollner: Do you… but would you normally send them an email saying we received
337
00:24:34.560 –> 00:24:37.079
Wendy Zollner: Part, but we still need the rest, or just.
338
00:24:37.080 –> 00:24:44.309
Dan Deppen: Yeah, at some point. So that’s… that’s something I might do, like, especially if they just sent the stuff in, like, over the weekend.
339
00:24:44.310 –> 00:24:44.980
Wendy Zollner: Yeah.
340
00:24:45.120 –> 00:24:46.010
Dan Deppen: Blake.
341
00:24:46.670 –> 00:24:50.839
Dan Deppen: one of the things I might do, so I’ll kind of, like, sweep through the emails, sweep through the calls.
342
00:24:50.970 –> 00:24:58.649
Dan Deppen: then go work the files, and then when I’m kind of done doing that, like, then go back and be like, okay, what emails came in in the meantime?
343
00:24:59.340 –> 00:25:00.550
Dan Deppen: Update those.
344
00:25:00.960 –> 00:25:10.690
Dan Deppen: And then, like, start doing a sweep through the pipeline, so there might be ones where, like, okay, we’ve been holding on this for a day, let me send them a ping. Okay, we’re waiting on this, let me send them a ping, and then you sort of, like, start.
345
00:25:10.850 –> 00:25:11.260
Wendy Zollner: Okay.
346
00:25:11.260 –> 00:25:12.030
Dan Deppen: finishing them.
347
00:25:12.550 –> 00:25:12.940
Wendy Zollner: Okay.
348
00:25:12.940 –> 00:25:14.839
Dan Deppen: Sometimes you don’t have time to do all that, because you’re kind.
349
00:25:14.840 –> 00:25:15.270
Wendy Zollner: Yeah.
350
00:25:15.270 –> 00:25:21.719
Dan Deppen: time, dependent on what you… get into, 19 Apple Lane.
351
00:25:25.280 –> 00:25:28.720
Dan Deppen: Seems like a lot of… oh yeah, there’s… okay, it seems like a lot of new ones came in.
352
00:25:28.720 –> 00:25:29.890
Wendy Zollner: Yeah, it does.
353
00:25:30.990 –> 00:25:33.509
Dan Deppen: So there’s the auth, so that updated.
354
00:25:42.200 –> 00:25:45.169
Dan Deppen: And it came over, so that’s good, so we got that.
355
00:25:47.630 –> 00:25:51.659
Dan Deppen: I swear they just submitted the auth.
356
00:25:56.960 –> 00:26:00.290
Wendy Zollner: Alright, it says, Saturday I came through, came in?
357
00:26:00.520 –> 00:26:01.340
Dan Deppen: Yeah…
358
00:26:06.690 –> 00:26:10.670
Wendy Zollner: That’s probably the easiest one to fill out, too, for the customer.
359
00:26:10.670 –> 00:26:14.499
Dan Deppen: It is, yeah, I don’t know if they opened the app and they were like, oh, I can’t deal with this right now, you know.
360
00:26:14.500 –> 00:26:15.200
Wendy Zollner: Yeah.
361
00:26:15.810 –> 00:26:17.420
Dan Deppen: Okay, payments.
362
00:26:17.680 –> 00:26:18.510
Dan Deppen: So…
363
00:26:19.020 –> 00:26:25.169
Dan Deppen: this, and this was another thing I was writing up, and this is… you’ll find the stuff in the… there’s an invoice SOP we’ll talk about.
364
00:26:25.450 –> 00:26:26.440
Dan Deppen: Later…
365
00:26:26.440 –> 00:26:27.150
Wendy Zollner: Okay.
366
00:26:27.610 –> 00:26:31.500
Dan Deppen: But a lot of times, if it comes in and it references an invoice.
367
00:26:31.710 –> 00:26:34.910
Dan Deppen: You know, then I’ll go in the CRM and make sure it’s updated.
368
00:26:35.040 –> 00:26:35.570
Wendy Zollner: Okay.
369
00:26:35.570 –> 00:26:38.889
Dan Deppen: But when you see these ones that say PL, that means payment.
370
00:26:39.000 –> 00:26:42.080
Dan Deppen: I think it means payment link, but it basically means a payment.
371
00:26:42.970 –> 00:26:45.840
Dan Deppen: But this means that the payment didn’t match to the invoice.
372
00:26:46.240 –> 00:26:47.020
Wendy Zollner: Okay.
373
00:26:47.170 –> 00:26:49.380
Wendy Zollner: So it’s an unmatched payment.
374
00:26:49.380 –> 00:26:50.279
Dan Deppen: It’s an unmatched payment.
375
00:26:50.810 –> 00:26:53.339
Wendy Zollner: Okay. So, what you do there…
376
00:26:54.210 –> 00:26:58.540
Dan Deppen: And then, just so you’re… For awareness, you can go through this.
377
00:26:59.390 –> 00:27:02.700
Dan Deppen: Oops, that’s not what I wanted. You can go through this later.
378
00:27:05.530 –> 00:27:09.039
Dan Deppen: So I’m trying to rush through this a little bit, I hope I’m not rushing too much, but.
379
00:27:09.040 –> 00:27:09.899
Wendy Zollner: No, you’re good.
380
00:27:10.780 –> 00:27:14.739
Dan Deppen: Hard stop. There’s this invoicing SOP.
381
00:27:15.310 –> 00:27:15.770
Wendy Zollner: Okay.
382
00:27:15.770 –> 00:27:17.769
Dan Deppen: He kind of explains all this stuff.
383
00:27:18.040 –> 00:27:18.640
Wendy Zollner: Okay.
384
00:27:19.720 –> 00:27:23.500
Dan Deppen: But… What you wanna do…
385
00:27:24.020 –> 00:27:26.469
Dan Deppen: Initially, you’ll go to the payments received.
386
00:27:27.580 –> 00:27:30.110
Dan Deppen: And then when you see there’s no invoice tied.
387
00:27:32.130 –> 00:27:36.199
Dan Deppen: something got missed, and that… and also the email did mention FDB.
388
00:27:39.520 –> 00:27:47.020
Dan Deppen: So you’ll click that… And I don’t know why this says paid, because this is actually a payment. Oh.
389
00:27:47.020 –> 00:27:47.839
Wendy Zollner: Yeah, it’s the payment.
390
00:27:47.840 –> 00:27:48.980
Dan Deppen: Not an invoice.
391
00:27:48.980 –> 00:27:49.880
Wendy Zollner: Yeah.
392
00:27:49.880 –> 00:27:51.150
Dan Deppen: But you go edit.
393
00:27:51.950 –> 00:27:55.420
Dan Deppen: And what’s really bizarre, and this is why I don’t understand why they don’t match.
394
00:27:55.830 –> 00:28:04.719
Dan Deppen: It actually shows the invoice tied to the customer, like, it’ll show you… and if they had, like, other old ones, it’ll show you, like, here’s any open invoices related to this customer.
395
00:28:04.880 –> 00:28:05.700
Wendy Zollner: Yeah.
396
00:28:06.000 –> 00:28:06.520
Dan Deppen: That’s true.
397
00:28:07.410 –> 00:28:15.249
Dan Deppen: Yeah, it’s weird, because it’s the same customer, one invoice, the same amount, why didn’t it just do it? So what you have to do is manually go in and say, apply.
398
00:28:15.430 –> 00:28:17.899
Dan Deppen: $1.99 of that payment to this.
399
00:28:18.160 –> 00:28:18.810
Wendy Zollner: Okay.
400
00:28:19.870 –> 00:28:24.969
Dan Deppen: And save, and then… the invoice… will update.
401
00:28:25.840 –> 00:28:29.209
Dan Deppen: So actually, I want to go back. So that was invoice 721.
402
00:28:32.860 –> 00:28:37.450
Dan Deppen: So, like, if we go over to the invoices tab, now it should show $7.21.
403
00:28:37.450 –> 00:28:37.830
Wendy Zollner: Yeah.
404
00:28:37.830 –> 00:28:38.390
Dan Deppen: period.
405
00:28:38.390 –> 00:28:39.590
Wendy Zollner: Okay, cool.
406
00:28:39.590 –> 00:28:40.920
Dan Deppen: And so, I’m just gonna…
407
00:28:41.270 –> 00:28:44.269
Wendy Zollner: But it won’t update in the CRM.
408
00:28:44.390 –> 00:28:45.130
Wendy Zollner: Currently.
409
00:28:45.130 –> 00:28:49.619
Dan Deppen: No, not yet. Like I said, this will get easier once I get some of this stuff fixed, but…
410
00:28:49.620 –> 00:28:50.080
Wendy Zollner: Yeah.
411
00:28:50.420 –> 00:28:55.980
Dan Deppen: And a lot of the stuff, like, you’ll test it, and it looks like it’s working, and then you find out, like, it’s not always working, and it’s like…
412
00:28:56.360 –> 00:29:00.500
Wendy Zollner: Yeah, I get it, like, certain cases, it… there’s… yeah, I get it.
413
00:29:00.500 –> 00:29:10.130
Dan Deppen: And the guy I’m using at one point was, like, super snappy, now it’s, like, taking days to do stuff, so I need to… what I could do is bite the bullet and just learn how to do deluge.
414
00:29:10.730 –> 00:29:13.010
Dan Deppen: Which I don’t think is that hard, but it’s like…
415
00:29:13.790 –> 00:29:15.420
Dan Deppen: I really don’t want to go down that rabbit hole.
416
00:29:15.420 –> 00:29:15.990
Wendy Zollner: Yeah.
417
00:29:15.990 –> 00:29:16.770
Dan Deppen: But, yeah.
418
00:29:16.770 –> 00:29:19.929
Wendy Zollner: Yeah, because you’re working on, like, marketing and other stuff, like.
419
00:29:19.930 –> 00:29:23.730
Dan Deppen: Yeah, I got other stuff to do, like, it’s not hard for somebody that knows how to do it, I just need.
420
00:29:23.730 –> 00:29:24.170
Wendy Zollner: Yeah.
421
00:29:25.400 –> 00:29:27.950
Dan Deppen: Okay, so that’s that one.
422
00:29:29.610 –> 00:29:33.849
Dan Deppen: This is just us getting copied when a term sheet comes in.
423
00:29:34.330 –> 00:29:37.699
Dan Deppen: You know, it automatically sends the invoice to the lender.
424
00:29:38.010 –> 00:29:38.520
Wendy Zollner: Okay.
425
00:29:38.520 –> 00:29:44.509
Dan Deppen: and it copies it, us, on it. That’s just, like, an indication to us that it went through.
426
00:29:45.360 –> 00:29:50.710
Dan Deppen: So, like, if you ever had a borrower or a lender be like, hey, I never got that invoice, like, you could search.
427
00:29:50.870 –> 00:29:57.910
Dan Deppen: Oh, okay, I know that went out because we got it. There’s also ways within Zoho Flow
428
00:29:58.070 –> 00:30:01.499
Dan Deppen: To see that, but searching email is often the easiest thing.
429
00:30:01.660 –> 00:30:02.430
Wendy Zollner: Okay.
430
00:30:03.140 –> 00:30:06.269
Dan Deppen: And then, also, what I’ll do is, like, let’s say somebody’s…
431
00:30:06.870 –> 00:30:10.059
Dan Deppen: We’re waiting for someone to pay an invoice, or…
432
00:30:10.160 –> 00:30:15.799
Dan Deppen: I don’t remember if this person’s new or not, but let’s say, hey, we have all the stuff for Raystar at the file, but we’re waiting for them to pay the invoice.
433
00:30:16.410 –> 00:30:22.950
Dan Deppen: then a lot of times, I’ll pull this email up and just reply to them and say, hey, we’ve got all your stuff, we’re ready to go, can you please take care of this invoice?
434
00:30:23.090 –> 00:30:26.129
Wendy Zollner: Okay. That’s cool, yeah, that’s nice.
435
00:30:26.470 –> 00:30:33.219
Dan Deppen: Okay, so this was their term sheet that came in, and then, you know, the term sheet status in the CRM and moving it to the Google Drive has been
436
00:30:33.360 –> 00:30:36.020
Dan Deppen: pretty bulletproof, so I’m happy about that.
437
00:30:37.550 –> 00:30:39.719
Dan Deppen: And then… where else did I get?
438
00:30:39.990 –> 00:30:44.900
Dan Deppen: Okay, so here’s… Oh, that’s interesting. They actually paid 2 invoices.
439
00:30:46.470 –> 00:30:55.520
Dan Deppen: 667… And 685. So this… these people are also ordering loan docs.
440
00:30:56.020 –> 00:30:56.840
Wendy Zollner: Okay?
441
00:30:57.990 –> 00:31:01.019
Dan Deppen: So that’s why it’s a higher dollar amount, basically.
442
00:31:01.430 –> 00:31:08.459
Dan Deppen: Yeah, cause there’s another $5.95 for the loan dots. I’m not sure how they got the $12.50, but… whatever.
443
00:31:11.310 –> 00:31:16.590
Dan Deppen: So one of the things I can do, too, just to find the CRM deal that these are tied to, is I can go…
444
00:31:18.740 –> 00:31:20.120
Dan Deppen: Do it that way.
445
00:31:20.120 –> 00:31:20.920
Wendy Zollner: Okay.
446
00:31:22.950 –> 00:31:24.430
Dan Deppen: And so, I want to mark…
447
00:31:26.400 –> 00:31:29.879
Dan Deppen: And see, I think this got improperly marked as paid previously.
448
00:31:29.880 –> 00:31:30.860
Wendy Zollner: Hmm.
449
00:31:33.670 –> 00:31:40.400
Dan Deppen: And I don’t have hooks in here for the loan doc invoices, because that’s kind of new, or it’s come back as new since.
450
00:31:43.670 –> 00:31:44.959
Dan Deppen: So I’m just gonna say that.
451
00:31:47.810 –> 00:31:48.680
Dan Deppen: Wait.
452
00:31:49.170 –> 00:31:50.400
Dan Deppen: Wait, wait, wait.
453
00:31:51.390 –> 00:31:53.550
Dan Deppen: That might not be a loan doc invoice.
454
00:31:55.100 –> 00:31:58.700
Wendy Zollner: Okay. I’m gonna go back and search that other one, but I’ll see…
455
00:31:58.700 –> 00:32:00.879
Dan Deppen: There might be a loan doc on another file.
456
00:32:00.880 –> 00:32:03.429
Wendy Zollner: The other one was $6.85, I think.
457
00:32:03.430 –> 00:32:09.450
Dan Deppen: Yeah, I’ll search that in a minute, but what I want to do is just update the other status. You can see where Christine said that,
458
00:32:09.730 –> 00:32:13.959
Dan Deppen: She sent an invoice reminder, and then we’re ready to send the final file.
459
00:32:14.150 –> 00:32:14.950
Wendy Zollner: Okay.
460
00:32:15.100 –> 00:32:18.179
Dan Deppen: So I’ll change the deal status to ready to send final file.
461
00:32:25.660 –> 00:32:31.089
Dan Deppen: Invoice paid… And then for today.
462
00:32:31.890 –> 00:32:37.190
Dan Deppen: So this is another one you can tee up if you wanted to go through SOP for this.
463
00:32:37.440 –> 00:32:38.250
Wendy Zollner: Okay.
464
00:32:40.100 –> 00:32:45.490
Dan Deppen: Before you hit send on it, just let me know, or let me look at the draft, and I can make sure that the ATR cert is okay.
465
00:32:50.280 –> 00:32:52.990
Wendy Zollner: Yeah, I don’t… yeah.
466
00:32:55.680 –> 00:33:00.109
Wendy Zollner: And there’s a SOP for that process in there.
467
00:33:00.270 –> 00:33:05.200
Dan Deppen: Yeah, it’s in the… It’s in the underwriting manual.
468
00:33:05.390 –> 00:33:06.160
Wendy Zollner: Okay.
469
00:33:08.860 –> 00:33:12.270
Dan Deppen: And it’s, like, the last… section.
470
00:33:12.650 –> 00:33:13.410
Wendy Zollner: Okay.
471
00:33:15.720 –> 00:33:19.150
Dan Deppen: There’s actually two copies of it, I gotta delete the one, just…
472
00:33:19.530 –> 00:33:19.930
Wendy Zollner: Okay.
473
00:33:19.930 –> 00:33:22.090
Dan Deppen: Sending final final insert.
474
00:33:22.340 –> 00:33:23.090
Wendy Zollner: Okay.
475
00:33:23.520 –> 00:33:25.280
Dan Deppen: So, basically…
476
00:33:26.110 –> 00:33:31.420
Dan Deppen: the high-level Cliff Notes are… you’ll print the… make sure a copy of the 1008 is in the file.
477
00:33:31.710 –> 00:33:34.009
Dan Deppen: A lot of times there was already, but…
478
00:33:34.130 –> 00:33:36.349
Dan Deppen: And then creating the ATR cert.
479
00:33:36.890 –> 00:33:38.430
Dan Deppen: If you need the template.
480
00:33:38.800 –> 00:33:42.099
Dan Deppen: let me know, I might have sent you the template at one point, if not, I’ll…
481
00:33:42.640 –> 00:33:45.140
Dan Deppen: get it to you. It’s a PowerPoint template.
482
00:33:46.920 –> 00:33:53.470
Dan Deppen: And then you go into Google Drive, and you…
483
00:33:55.240 –> 00:33:58.460
Dan Deppen: Basically, download the file, it’ll download it as a zip.
484
00:33:58.460 –> 00:33:59.210
Wendy Zollner: Okay.
485
00:33:59.210 –> 00:34:08.469
Dan Deppen: And then email it to them. Occasionally, there’s, like, some file in there that’s gigantic, and it won’t, like, email it, in which case, I’ll usually just take that file out, because usually it’s some dumb, like…
486
00:34:10.730 –> 00:34:19.119
Dan Deppen: sale contract doc, or, you know, something that’s not… Yeah. You know, it won’t be, like, a disclosure, or one of our forms, or the other stuff, so…
487
00:34:19.120 –> 00:34:19.699
Wendy Zollner: Okay.
488
00:34:20.600 –> 00:34:21.480
Dan Deppen: Alright.
489
00:34:22.400 –> 00:34:27.760
Dan Deppen: And then, let’s look at $685, I just want to see what that was in invoice.
490
00:34:32.500 –> 00:34:34.000
Dan Deppen: So, this one out.
491
00:34:34.570 –> 00:34:36.259
Dan Deppen: Oh, this was for a different deal.
492
00:34:38.120 –> 00:34:40.130
Dan Deppen: This was for stat, Gabby.
493
00:34:40.139 –> 00:34:40.699
Wendy Zollner: Okay.
494
00:34:42.520 –> 00:34:44.849
Dan Deppen: Oh, I see why it was $12.50.
495
00:34:45.620 –> 00:34:47.969
Dan Deppen: Because they were 2 Invoice 2s.
496
00:34:48.460 –> 00:34:49.300
Wendy Zollner: Okay.
497
00:34:49.860 –> 00:35:00.249
Dan Deppen: Before the new year, the price has been $7.99 for a while. Before the new year, it was,
498
00:35:01.419 –> 00:35:06.909
Dan Deppen: The split was $149,650, and then after January, I made the split $199,600.
499
00:35:06.910 –> 00:35:07.480
Wendy Zollner: Okay.
500
00:35:07.480 –> 00:35:12.919
Dan Deppen: He paid two invoice twos. One was a 650 that was from before, and then one was a 600.
501
00:35:12.920 –> 00:35:15.960
Wendy Zollner: That was after. Okay.
502
00:35:15.960 –> 00:35:17.590
Dan Deppen: Let me find this guy…
503
00:35:21.590 –> 00:35:23.550
Dan Deppen: Oh yeah, same thing, that was on…
504
00:35:24.000 –> 00:35:30.089
Dan Deppen: Hold, pending final invoice, so now we can… Send the final file…
505
00:35:51.890 –> 00:35:58.740
Dan Deppen: So that’s another one you can work on at all. When people do pay invoices, especially after we chase them around a little, I like to get the files out the next day.
506
00:35:59.020 –> 00:35:59.870
Wendy Zollner: Okay.
507
00:36:02.940 –> 00:36:04.440
Dan Deppen: So there’s that.
508
00:36:06.140 –> 00:36:07.200
Dan Deppen: Julie.
509
00:36:09.730 –> 00:36:14.439
Dan Deppen: This is where… so, this lady’s gonna give me a hard time on the invoice.
510
00:36:14.710 –> 00:36:15.540
Wendy Zollner: Okay.
511
00:36:23.080 –> 00:36:24.830
Dan Deppen: Although, when did I send that Friday?
512
00:36:25.180 –> 00:36:28.490
Dan Deppen: I sent it late on Friday. I don’t want to send this yet.
513
00:36:28.740 –> 00:36:29.490
Wendy Zollner: Okay.
514
00:36:30.260 –> 00:36:33.089
Wendy Zollner: Too soon, they didn’t have time to react to it.
515
00:36:33.260 –> 00:36:34.360
Dan Deppen: Yeah…
516
00:36:34.640 –> 00:36:35.420
Wendy Zollner: Okay.
517
00:36:39.090 –> 00:36:44.430
Dan Deppen: I’m just gonna say, remind me… Tomorrow.
518
00:36:45.000 –> 00:36:45.940
Wendy Zollner: Okay.
519
00:36:47.470 –> 00:36:48.890
Dan Deppen: So we’ll do that.
520
00:36:53.380 –> 00:36:55.370
Dan Deppen: This was the guy testing.
521
00:36:55.370 –> 00:36:56.470
Wendy Zollner: Oh, okay.
522
00:36:58.920 –> 00:37:05.000
Dan Deppen: This is another one from a test. So, when the term sheet comes in and the loan application goes out.
523
00:37:05.630 –> 00:37:10.960
Dan Deppen: with all the links, like, we get copied on that again, because I’ve had people say, like, I had a lender last week, it’s like.
524
00:37:11.900 –> 00:37:17.520
Dan Deppen: oh, did you send the stuff to the borrower? I’m like, yeah, we should have sent it out on my… I never saw that, and then I went through, and I’m like, here it is.
525
00:37:17.520 –> 00:37:18.210
Wendy Zollner: No.
526
00:37:18.330 –> 00:37:20.160
Dan Deppen: Because it may have gone to their spam.
527
00:37:20.370 –> 00:37:21.519
Wendy Zollner: Right, yep.
528
00:37:21.520 –> 00:37:26.069
Dan Deppen: You know, so… It’s just helpful, like, for traceability, like.
529
00:37:26.070 –> 00:37:27.050
Wendy Zollner: Yeah.
530
00:37:27.050 –> 00:37:29.389
Dan Deppen: without having to dig through Zoho.
531
00:37:29.900 –> 00:37:35.029
Dan Deppen: Automations… Can you send me the loan app?
532
00:37:46.130 –> 00:37:48.280
Dan Deppen: I’ll respond to this guy later.
533
00:37:48.280 –> 00:37:48.730
Wendy Zollner: Okay.
534
00:37:48.780 –> 00:37:49.620
Dan Deppen: longer.
535
00:37:56.860 –> 00:37:58.779
Dan Deppen: Here’s where I should have gone bottom up.
536
00:38:00.890 –> 00:38:05.239
Dan Deppen: This was when we’re, Dave Friedman’s team?
537
00:38:06.300 –> 00:38:10.219
Dan Deppen: He’s a pretty frequent client. They do a lot of stuff in South Carolina.
538
00:38:10.720 –> 00:38:18.710
Dan Deppen: I emailed them on Friday, because they sent in two new deals, and on one of them, they said they wanted us to provide the loan docs, and the other one, they didn’t.
539
00:38:19.520 –> 00:38:22.679
Dan Deppen: So I sent him a follow-up, Illy follow-up email, and I was like.
540
00:38:23.460 –> 00:38:28.529
Dan Deppen: I just want to double-check what you wanted, because it was one of each. I didn’t know if it was none of each, or, you know, whatever.
541
00:38:28.530 –> 00:38:29.350
Wendy Zollner: Right.
542
00:38:29.530 –> 00:38:34.419
Dan Deppen: But then she said we’re doing full owner financing with underwriting on one, and then the other one
543
00:38:34.720 –> 00:38:37.190
Dan Deppen: It’s an investment, we just want it underwritten.
544
00:38:38.080 –> 00:38:39.169
Dan Deppen: I’m like, okay.
545
00:38:39.370 –> 00:38:40.150
Wendy Zollner: Okay.
546
00:38:42.240 –> 00:38:43.429
Dan Deppen: So that’s fine.
547
00:38:43.660 –> 00:38:46.170
Dan Deppen: That guy I need… I’ll get back to later.
548
00:38:59.360 –> 00:39:02.729
Dan Deppen: Oh, they’re changing things. So,
549
00:39:02.910 –> 00:39:05.870
Dan Deppen: These other folks, now I’m drawing a blank on the guy’s name.
550
00:39:06.370 –> 00:39:07.900
Dan Deppen: for Carolina.
551
00:39:10.780 –> 00:39:15.940
Dan Deppen: I don’t know why I’m blanking on his name. He also does South Carolina stuff, they do a lot of stuff through us.
552
00:39:16.770 –> 00:39:17.950
Dan Deppen: they…
553
00:39:18.430 –> 00:39:25.460
Dan Deppen: had been working, like, clockwork, and then they got, like, super disorganized recently, and I was like, what on earth is going on?
554
00:39:25.460 –> 00:39:26.170
Wendy Zollner: Right?
555
00:39:26.260 –> 00:39:30.009
Dan Deppen: Apparently, like, they lost two employees, or they had some disruption.
556
00:39:31.050 –> 00:39:34.200
Dan Deppen: And now it sounds like they’re creating new…
557
00:39:34.770 –> 00:39:35.300
Wendy Zollner: Oh, yeah.
558
00:39:35.300 –> 00:39:38.219
Dan Deppen: You’re jiggering their processes, so I’ll go back to that.
559
00:39:38.390 –> 00:39:48.220
Wendy Zollner: Okay. Later, because I gotta bounce off, like, in a minute. Yeah, do you want me to start on the Final Files ones, or the one that, needs to be entered into Byte?
560
00:39:49.340 –> 00:39:53.700
Dan Deppen: Go ahead and start on the final files.
561
00:39:53.850 –> 00:39:54.660
Wendy Zollner: Okay.
562
00:39:54.660 –> 00:39:56.620
Dan Deppen: Cause that’ll be sort of easiest.
563
00:39:56.620 –> 00:39:57.090
Wendy Zollner: Okay.
564
00:39:57.090 –> 00:40:03.000
Dan Deppen: There’s that other one, and then, and then once you get those, then move to entering the other file.
565
00:40:03.260 –> 00:40:03.800
Wendy Zollner: Okay.
566
00:40:03.800 –> 00:40:08.279
Dan Deppen: invite, and then I’m gonna hang up here, and then I’ll email you
567
00:40:08.540 –> 00:40:12.989
Dan Deppen: the PowerPoint template for the ATR cert, in case I didn’t do that before.
568
00:40:12.990 –> 00:40:13.690
Wendy Zollner: Okay.
569
00:40:13.810 –> 00:40:20.429
Dan Deppen: And then… but I’ll be online. I have a few calls and whatnot, and I gotta drive back and forth to the business mail place in the snow.
570
00:40:20.430 –> 00:40:24.720
Wendy Zollner: Okay. And I’ll just send you any questions in email or whatever.
571
00:40:24.720 –> 00:40:26.510
Dan Deppen: Yeah, but I’ll be around.
572
00:40:26.810 –> 00:40:28.690
Wendy Zollner: Alright, cool. Thanks, Dan.
573
00:40:28.780 –> 00:40:33.419
Dan Deppen: Alright, thank you, you have a good one. You too. Oh, wait, and then don’t forget to send me hours and stuff.
574
00:40:33.420 –> 00:40:35.409
Wendy Zollner: I just… I just sent him, yeah, this morning.
575
00:40:35.410 –> 00:40:38.000
Dan Deppen: Oh, okay. Very good. Okay.
576
00:40:38.120 –> 00:40:38.650
Dan Deppen: Catch on.
577
00:40:38.800 –> 00:40:39.300
Dan Deppen: Right.
========================================
FILE: CTU_Training___Loan_Document_Preparation__DocMagic_Workflow__and_Final_Package_Delivery_02-12-2026.txt
CTU Training – Loan Document Preparation, DocMagic Workflow, and Final Package Delivery_02-12-2026.txt
CTU TRAINING TRANSCRIPT
Topic: Loan Document Preparation, DocMagic Workflow, and Final Package Delivery
Stage of Loan Process:
Closing → Loan Documents → Final Package → Post-Close
Systems Discussed:
DocMagic
Byte (LOS)
Zoho CRM
Google Drive
Summary:
This training focuses on preparing final loan documents using DocMagic, ensuring accuracy of all loan terms, and delivering a complete loan package for closing. It covers how data flows from Byte into DocMagic, how to review documents for accuracy, and how to package all required materials for the lender and closing parties. The session emphasizes attention to detail, consistency across documents, and ensuring compliance before final delivery. The goal is to produce a complete, accurate, and professional loan package ready for execution and servicing.
Key Concepts:
- DocMagic is used to generate final loan documents
- Data must flow correctly from Byte to DocMagic
- All loan terms must match across LE, CD, and final docs
- Final package must be complete and organized
- Accuracy is critical to avoid post-closing issues
- Documents must meet compliance and legal standards
- Consistency across systems ensures enforceability
Process Notes:
- Verify all loan data in Byte before generating documents
- Generate loan docs in DocMagic
- Review all documents for accuracy and completeness
- Ensure alignment with LE and CD
- Compile and deliver final package to lender/closing parties
Common Issues:
- Data mismatches between Byte and DocMagic
- Missing or incorrect loan terms in documents
- Incomplete loan package
- Errors discovered after documents are generated
- Lack of final review before delivery
Source:
Internal CTU Training – Loan Document Preparation and DocMagic Workflow (02-12-2026)
WEBVTT
1
00:00:03.380 –> 00:00:10.020
Dan Deppen: So, just for the sake of the recordings, you know, using later, so… Okay, so he wants us to make changes to the escrows.
2
00:00:11.740 –> 00:00:14.600
Dan Deppen: So there’s a tax adjustment, insurance adjustment.
3
00:00:16.110 –> 00:00:19.439
Dan Deppen: Let me just real quick check his math, just make sure nothing’s…
4
00:00:23.700 –> 00:00:25.139
Dan Deppen: Yeah, so that’s right.
5
00:00:25.290 –> 00:00:25.700
Wendy Zollner: No.
6
00:00:25.700 –> 00:00:27.739
Dan Deppen: And then we’re gonna add the servicing fee.
7
00:00:32.100 –> 00:00:33.200
Dan Deppen: So…
8
00:00:47.800 –> 00:00:50.160
Dan Deppen: You’re gonna go to Loan Estimate page 2.
9
00:00:50.560 –> 00:00:51.420
Wendy Zollner: Okay.
10
00:00:52.390 –> 00:00:55.080
Dan Deppen: And you’ll change the numbers in Section G.
11
00:00:55.360 –> 00:00:56.040
Wendy Zollner: Okay.
12
00:00:57.900 –> 00:01:05.169
Dan Deppen: So right now, we’ve got this for insurance, that for insurance, so he gave us the annual numbers, we’ll just have to divide, see whatever those are.
13
00:01:05.170 –> 00:01:05.860
Wendy Zollner: Okay.
14
00:01:06.510 –> 00:01:08.760
Dan Deppen: And then he also wanted us to add
15
00:01:09.050 –> 00:01:11.789
Dan Deppen: The $25 for monthly loan servicing.
16
00:01:12.080 –> 00:01:13.949
Wendy Zollner: Okay, so right there, yeah.
17
00:01:13.950 –> 00:01:16.080
Dan Deppen: We’ll put the $25 in there.
18
00:01:16.390 –> 00:01:17.000
Wendy Zollner: Okay.
19
00:01:17.000 –> 00:01:22.010
Dan Deppen: And then for it to show up, this disbursement column needs to be monthly, which it already is.
20
00:01:23.050 –> 00:01:23.900
Wendy Zollner: Okay.
21
00:01:24.070 –> 00:01:25.540
Dan Deppen: So you’re good there.
22
00:01:25.540 –> 00:01:26.440
Wendy Zollner: Okay.
23
00:01:26.440 –> 00:01:31.329
Dan Deppen: And then… he gave… I think he gave a total…
24
00:01:32.050 –> 00:01:38.210
Wendy Zollner: The 1637, the payment should… stay the same at 1637 after we change the…
25
00:01:38.210 –> 00:01:41.340
Dan Deppen: Yeah, and I’m guessing that’s the P&I. Oh, wait, no.
26
00:01:43.060 –> 00:01:43.670
Wendy Zollner: Hmm.
27
00:01:47.480 –> 00:01:49.350
Dan Deppen: Let’s just do it real time.
28
00:01:49.350 –> 00:01:51.930
Wendy Zollner: Just do it to… Okay.
29
00:01:52.720 –> 00:01:53.630
Wendy Zollner: So…
30
00:01:53.630 –> 00:01:57.929
Dan Deppen: So we had $1,100 for insurance, $2,300 for taxes…
31
00:02:03.410 –> 00:02:05.410
Dan Deppen: 9167…
32
00:02:15.880 –> 00:02:25.370
Dan Deppen: 19167… Oh, I guess he’s saying the changes in insurance and taxes match the 25.
33
00:02:27.060 –> 00:02:29.950
Dan Deppen: So now we’ve got 1636.89.
34
00:02:30.620 –> 00:02:33.160
Wendy Zollner: Yeah, he said 1637, okay.
35
00:02:33.160 –> 00:02:36.689
Dan Deppen: Okay. Okay, so that’s good. So, I’ll just leave that in.
36
00:02:36.840 –> 00:02:37.580
Wendy Zollner: Yeah.
37
00:02:39.020 –> 00:02:40.330
Dan Deppen: So you’ll…
38
00:02:41.730 –> 00:02:43.290
Wendy Zollner: Update the… or…
39
00:02:43.600 –> 00:02:53.699
Wendy Zollner: do the LE, now that all the numbers are different, I’ll send it e-signed to the borrower, and then email the borrower, copy the lender on the, new.
40
00:02:53.700 –> 00:02:58.769
Dan Deppen: Yeah, and then for the application, we’re missing the application date.
41
00:02:59.480 –> 00:03:00.850
Wendy Zollner: Mmm, okay.
42
00:03:00.850 –> 00:03:04.639
Dan Deppen: So that needs to go… In there, we’ll just make that today’s date.
43
00:03:05.720 –> 00:03:06.440
Wendy Zollner: Okay.
44
00:03:07.280 –> 00:03:08.659
Dan Deppen: Oh, wait, no, it’s in there.
45
00:03:09.430 –> 00:03:10.070
Wendy Zollner: Hmm.
46
00:03:14.130 –> 00:03:17.630
Wendy Zollner: Not… no income entered in 1003.
47
00:03:25.880 –> 00:03:26.570
Dan Deppen: Oh.
48
00:03:28.380 –> 00:03:29.730
Dan Deppen: There’s no income there.
49
00:03:30.190 –> 00:03:31.310
Wendy Zollner: Oh, yeah.
50
00:03:31.970 –> 00:03:37.359
Dan Deppen: How on earth… Did that happen?
51
00:03:38.520 –> 00:03:41.849
Dan Deppen: Because let me go back to the email and see what got sent.
52
00:03:45.180 –> 00:03:46.960
Dan Deppen: So you created a 10 away.
53
00:03:47.720 –> 00:03:49.550
Dan Deppen: Oh wait, I had zero income.
54
00:03:50.990 –> 00:03:52.899
Dan Deppen: What, in the name of God.
55
00:04:01.510 –> 00:04:03.459
Dan Deppen: Is there something in the comments?
56
00:04:06.600 –> 00:04:07.580
Dan Deppen: Oh…
57
00:04:09.480 –> 00:04:13.379
Wendy Zollner: Oh, she’s using her assets of $150,000 to cover loan costs.
58
00:04:13.700 –> 00:04:15.310
Wendy Zollner: Is in the comments.
59
00:04:15.310 –> 00:04:16.880
Dan Deppen: Yeah, okay, okay.
60
00:04:17.089 –> 00:04:20.310
Dan Deppen: Verified assets to repay loan. Okay.
61
00:04:20.310 –> 00:04:20.940
Wendy Zollner: Hi.
62
00:04:21.190 –> 00:04:24.179
Dan Deppen: That’s cool. And then we got this other light for fees.
63
00:04:25.920 –> 00:04:27.700
Wendy Zollner: The other what for fees?
64
00:04:27.700 –> 00:04:28.850
Dan Deppen: this thing?
65
00:04:29.310 –> 00:04:31.040
Wendy Zollner: Oh, okay, yes, okay, I see that.
66
00:04:31.040 –> 00:04:33.240
Dan Deppen: So, when you make a change.
67
00:04:33.430 –> 00:04:37.649
Dan Deppen: Because what happened was, like, she would have said, print and disclose.
68
00:04:38.900 –> 00:04:45.670
Dan Deppen: You have to go in here and put a reason, so I just always put settlement.
69
00:04:46.750 –> 00:04:50.209
Wendy Zollner: And this doesn’t even get referenced anywhere.
70
00:04:51.040 –> 00:04:54.699
Dan Deppen: And then check the boxes and hit OK, just make the light go away.
71
00:04:54.880 –> 00:04:59.810
Wendy Zollner: That, okay, that’s one of the things that got me… caught me off guard, one of the…
72
00:04:59.810 –> 00:05:04.309
Dan Deppen: I always make sure all the lights are, like, green before we send, and then for this…
73
00:05:08.380 –> 00:05:10.950
Dan Deppen: I’m just gonna put something in here.
74
00:05:14.690 –> 00:05:15.820
Dan Deppen: Let’s say not.
75
00:05:19.840 –> 00:05:21.450
Dan Deppen: Okay. Using assets.
76
00:05:21.450 –> 00:05:22.110
Wendy Zollner: Hmm.
77
00:05:28.180 –> 00:05:29.550
Dan Deppen: I’m just gonna say zero.
78
00:05:29.950 –> 00:05:30.700
Wendy Zollner: Okay.
79
00:05:31.050 –> 00:05:34.119
Dan Deppen: To see if it makes that light… yeah, they just made that light go away.
80
00:05:34.120 –> 00:05:34.930
Wendy Zollner: Okay.
81
00:05:34.930 –> 00:05:39.280
Dan Deppen: So we just kind of documented, okay, the income is actually zero, it’s not.
82
00:05:39.280 –> 00:05:42.070
Wendy Zollner: It’s not forgotten, or blank, or…
83
00:05:42.070 –> 00:05:45.889
Dan Deppen: Yeah, so now you can print, disclose the CD,
84
00:05:46.740 –> 00:05:50.000
Dan Deppen: And then also print and send e-sign.
85
00:05:50.890 –> 00:05:55.540
Wendy Zollner: Okay, and we’re doing the LE first, right? The LE.
86
00:05:55.540 –> 00:05:56.160
Dan Deppen: Yes.
87
00:05:56.160 –> 00:05:56.760
Wendy Zollner: Okay.
88
00:05:56.860 –> 00:05:57.740
Wendy Zollner: Okay.
89
00:05:57.740 –> 00:06:01.310
Dan Deppen: Yeah, so basically we’re sending the LE to the borrower, so you’ll…
90
00:06:02.730 –> 00:06:03.340
Wendy Zollner: Yeah.
91
00:06:03.340 –> 00:06:06.149
Dan Deppen: So you’ll disclose it, print it as a PDF,
92
00:06:06.720 –> 00:06:08.970
Dan Deppen: Email it to the borrower, copy the lender.
93
00:06:10.340 –> 00:06:12.700
Dan Deppen: With the loan conditions, if there are any.
94
00:06:13.280 –> 00:06:18.610
Dan Deppen: You don’t have… you don’t send, like, the credit report in 1008, because the borrower doesn’t really need to see… Right.
95
00:06:18.980 –> 00:06:21.640
Dan Deppen: So you’ll email it to them so they have it in email.
96
00:06:21.760 –> 00:06:27.560
Dan Deppen: But then you’ll come back and you’ll go print again, but this time, instead of print PDF, you’ll go print e-sign.
97
00:06:28.170 –> 00:06:28.810
Wendy Zollner: Okay.
98
00:06:28.810 –> 00:06:29.819
Dan Deppen: And send it.
99
00:06:30.740 –> 00:06:33.689
Wendy Zollner: Okay, so you normally email first, then e-sign.
100
00:06:33.820 –> 00:06:34.410
Wendy Zollner: Okay.
101
00:06:34.410 –> 00:06:38.239
Dan Deppen: I mean, you can do it in either order, it doesn’t totally matter, but…
102
00:06:38.420 –> 00:06:39.000
Wendy Zollner: Okay.
103
00:06:39.270 –> 00:06:40.390
Wendy Zollner: That’s cool.
104
00:06:41.360 –> 00:06:44.840
Wendy Zollner: Okay, I know that one makes sense.
105
00:06:45.470 –> 00:06:49.760
Wendy Zollner: Let’s see if there was… Make sure…
106
00:06:50.590 –> 00:06:53.240
Wendy Zollner: I’m just looking at the next ones.
107
00:06:54.690 –> 00:07:04.760
Wendy Zollner: Yeah, so on the next one, the… LAWBS Holdings, LLC, Lamb Chapel, 309 Walnut.
108
00:07:05.380 –> 00:07:06.040
Dan Deppen: Oh, okay.
109
00:07:06.040 –> 00:07:09.519
Wendy Zollner: I sent attached, revised note.
110
00:07:12.760 –> 00:07:15.120
Wendy Zollner: DOT, personal guarantee.
111
00:07:17.690 –> 00:07:25.499
Wendy Zollner: Do you have final ALTA and docs for the seller to sign on Tuesday? Is that… tell us, or are they actually asking
112
00:07:25.970 –> 00:07:26.910
Wendy Zollner: Internally.
113
00:07:26.910 –> 00:07:27.940
Dan Deppen: This is an email.
114
00:07:28.260 –> 00:07:30.589
Wendy Zollner: Yeah, sorry, sorry, yeah.
115
00:07:31.790 –> 00:07:34.460
Wendy Zollner: from… Kristen.
116
00:07:34.930 –> 00:07:36.950
Wendy Zollner: Christian, yeah, right there.
117
00:07:38.370 –> 00:07:43.199
Dan Deppen: Revised note, and personal guarantee for review. This has already been approved.
118
00:07:43.900 –> 00:07:45.490
Dan Deppen: by the seller.
119
00:07:50.120 –> 00:07:52.780
Dan Deppen: Okay, that looks like it’s for the title company.
120
00:07:53.520 –> 00:07:56.240
Wendy Zollner: Okay, we were just copied on it, basically.
121
00:07:56.520 –> 00:08:01.590
Dan Deppen: Yeah, sometimes we get copied on traffic for closing that doesn’t have anything to do with us.
122
00:08:01.590 –> 00:08:02.400
Wendy Zollner: Okay.
123
00:08:05.890 –> 00:08:08.290
Wendy Zollner: So… the…
124
00:08:08.290 –> 00:08:11.710
Dan Deppen: I needed a note to rebalance the CD.
125
00:08:14.330 –> 00:08:17.100
Wendy Zollner: We did have it… okay, let me go look at that one.
126
00:08:19.090 –> 00:08:27.780
Dan Deppen: Still showing a closing date. You’ll be balancing with Dana, who’s representing the buyer. I’m sure she will get back to you as time allows.
127
00:08:29.390 –> 00:08:30.340
Dan Deppen: Okay.
128
00:08:31.630 –> 00:08:32.970
Wendy Zollner: Yeah, that’s the last…
129
00:08:32.970 –> 00:08:34.560
Dan Deppen: But we’re still waiting.
130
00:08:35.600 –> 00:08:38.960
Wendy Zollner: Rebalance CD once information received.
131
00:08:39.070 –> 00:08:40.540
Wendy Zollner: What’s the last?
132
00:08:40.590 –> 00:08:41.840
Dan Deppen: Yeah.
133
00:08:45.050 –> 00:08:47.780
Dan Deppen: So I’m just gonna add a note in the CRM.
134
00:08:51.160 –> 00:08:52.610
Dan Deppen: come from Dana.
135
00:08:54.080 –> 00:08:54.880
Wendy Zollner: Okay.
136
00:08:56.630 –> 00:09:00.390
Dan Deppen: They’re closing the 17th, which is…
137
00:09:02.320 –> 00:09:03.170
Wendy Zollner: Cheers.
138
00:09:03.170 –> 00:09:03.820
Dan Deppen: Okay.
139
00:09:04.360 –> 00:09:05.600
Wendy Zollner: Yeah, Tuesday.
140
00:09:08.470 –> 00:09:12.499
Dan Deppen: I might be skiing Tuesday, so… Okay.
141
00:09:19.250 –> 00:09:20.470
Wendy Zollner: Where are you gonna go?
142
00:09:21.450 –> 00:09:28.850
Wendy Zollner: I’ll go to Keystone if I go. I haven’t been out, like, at all this year, so I wanted to try to go this Tuesday, but then… so in the summer.
143
00:09:28.850 –> 00:09:34.449
Dan Deppen: there’s a golf league I play on Tuesday, so what I did last year was, like, oh, let’s make Tuesday, like, the ski day, like, I go up ski in the morning.
144
00:09:35.700 –> 00:09:41.929
Dan Deppen: And then this year, I haven’t been at all, because it’s been so crappy, but then I was looking at it this morning, and they’re calling for, like, high winds, so I’m like,
145
00:09:42.270 –> 00:09:45.989
Dan Deppen: I’m sort of a fair weather skier. I’m not obviously not that.
146
00:09:46.370 –> 00:09:48.100
Dan Deppen: Yeah, yeah.
147
00:09:49.670 –> 00:09:53.479
Wendy Zollner: I get it, I’m… fair weather, very fair weather skier.
148
00:09:58.460 –> 00:10:00.229
Dan Deppen: I’m just gonna send a follow-up.
149
00:10:01.020 –> 00:10:03.010
Wendy Zollner: Is President’s Day on Monday?
150
00:10:03.830 –> 00:10:04.570
Dan Deppen: Yeah…
151
00:10:04.570 –> 00:10:05.310
Wendy Zollner: Okay.
152
00:10:12.180 –> 00:10:20.160
Dan Deppen: Sync today… Funding is… Even though I’ll be around on Monday, I’m saying, like…
153
00:10:22.480 –> 00:10:23.150
Wendy Zollner: Yeah.
154
00:10:42.750 –> 00:10:44.860
Dan Deppen: It’ll be nice with the exclamation point.
155
00:10:45.100 –> 00:10:46.800
Wendy Zollner: Heh, yeah.
156
00:10:46.800 –> 00:10:58.659
Dan Deppen: Yeah, that’s one of these things, like, title companies like to do everything at the last minute, and they like to wing us things, and so I’m trying to get us out of the business of being, like, on call, kind of like last Friday with the closing.
157
00:10:58.660 –> 00:11:00.980
Wendy Zollner: Yeah, that was crazy, yeah.
158
00:11:01.360 –> 00:11:02.000
Dan Deppen: Yeah.
159
00:11:02.000 –> 00:11:07.839
Wendy Zollner: Right, so that one we’re… we’re… we don’t have any more to do on that one until they get back to us.
160
00:11:08.300 –> 00:11:16.230
Dan Deppen: Correct. And then, there was another one, I think…
161
00:11:22.870 –> 00:11:25.930
Dan Deppen: 1693…
162
00:11:33.740 –> 00:11:39.970
Dan Deppen: ready to send Ellie to lender for review pending invoice. And this invoice got paid.
163
00:11:40.370 –> 00:11:41.289
Dan Deppen: Like, this morning.
164
00:11:41.370 –> 00:11:42.420
Wendy Zollner: Okay.
165
00:11:43.560 –> 00:11:46.810
Dan Deppen: So, if you want to take this one, you can send the LE out.
166
00:11:46.810 –> 00:11:47.940
Wendy Zollner: to the…
167
00:11:48.010 –> 00:11:48.980
Dan Deppen: lender.
168
00:11:49.860 –> 00:11:50.540
Wendy Zollner: Okay.
169
00:11:57.190 –> 00:12:00.569
Dan Deppen: So I can do the other one first, like, send the one to Hans.
170
00:12:01.090 –> 00:12:03.060
Wendy Zollner: Okay, that one’s…
171
00:12:03.880 –> 00:12:04.980
Dan Deppen: And then…
172
00:12:05.790 –> 00:12:15.029
Dan Deppen: And then send this one out, and that’ll be just to the lender, right, with the conditions, and… let’s take a look at the file quick and see if there’s any, like, color commentary.
173
00:12:15.500 –> 00:12:16.240
Wendy Zollner: Okay.
174
00:12:16.580 –> 00:12:17.660
Dan Deppen: And…
175
00:12:35.370 –> 00:12:38.210
Dan Deppen: Credit 653, that’s good.
176
00:12:38.580 –> 00:12:41.549
Dan Deppen: DTI, 30%, that’s real good.
177
00:12:43.430 –> 00:12:45.640
Dan Deppen: Are there any conditions?
178
00:12:46.840 –> 00:12:47.540
Dan Deppen: No.
179
00:12:49.330 –> 00:12:52.949
Dan Deppen: One collection account for $106, like, that’s no big deal.
180
00:12:53.160 –> 00:12:54.060
Wendy Zollner: Okay.
181
00:12:54.350 –> 00:12:59.599
Dan Deppen: So, what I would… Say, in the commentary section, just say.
182
00:13:00.670 –> 00:13:03.649
Dan Deppen: Credit is very good, DTI is very low.
183
00:13:05.160 –> 00:13:09.489
Dan Deppen: There’s one condition for a small account and collection, but overall looks very solid.
184
00:13:10.890 –> 00:13:11.730
Wendy Zollner: Okay.
185
00:13:17.210 –> 00:13:18.450
Wendy Zollner: Okay, cool.
186
00:13:19.050 –> 00:13:19.650
Dan Deppen: Yeah.
187
00:13:20.900 –> 00:13:23.370
Dan Deppen: And then… let’s see…
188
00:13:27.950 –> 00:13:37.000
Dan Deppen: I think that should be good to know. I was going through some of this earlier. This one, like, like, these two were just needing info.
189
00:13:40.320 –> 00:13:41.250
Dan Deppen: That…
190
00:13:44.850 –> 00:13:51.900
Dan Deppen: I’ll have to check that one later, that’s weird, it seems like, because if you look at the created time, like, this came in a couple weeks ago, and we’re still missing info, like…
191
00:13:52.220 –> 00:13:52.759
Dan Deppen: It’s probably not.
192
00:13:52.760 –> 00:13:55.869
Wendy Zollner: Yeah, yeah, and I know, like, I…
193
00:13:56.070 –> 00:14:04.780
Wendy Zollner: I try to do reminders on every, like, everything, but I’m not… I don’t… I’m not fast enough to get through all of it.
194
00:14:04.780 –> 00:14:08.610
Dan Deppen: That’s fine, because that’ll get faster over time. I would,
195
00:14:09.140 –> 00:14:13.089
Dan Deppen: Focus on the actual, like, sending the disclosures out first.
196
00:14:13.090 –> 00:14:13.880
Wendy Zollner: Okay.
197
00:14:13.880 –> 00:14:18.869
Dan Deppen: Oh, and with that other one, too, for Hans that you’re sending to the borrower.
198
00:14:19.420 –> 00:14:23.819
Dan Deppen: Then you’ll also want to send invoice to… With that. Oh, yeah, okay.
199
00:14:25.800 –> 00:14:26.680
Wendy Zollner: Okay.
200
00:14:27.090 –> 00:14:37.289
Wendy Zollner: on, that Mosby, yeah, the note was final reminder sent to borrowers, for docs, and they never got back to us. Put on hold.
201
00:14:37.710 –> 00:14:39.650
Wendy Zollner: If not proceed, so…
202
00:14:39.650 –> 00:14:41.080
Dan Deppen: Oh, Rama, this one?
203
00:14:41.080 –> 00:14:45.839
Wendy Zollner: Mosby… no, the Mosby one that came in January 24th, yeah.
204
00:14:52.600 –> 00:14:54.969
Dan Deppen: Okay, so that one’s just not gonna go…
205
00:14:57.210 –> 00:14:59.890
Dan Deppen: It’s weird, too, because they paid the first invoice, but…
206
00:15:00.270 –> 00:15:05.209
Wendy Zollner: And the lender was copied on the… all the reminders, so.
207
00:15:09.910 –> 00:15:12.619
Dan Deppen: Okay, I mean, there’s only so much we can do.
208
00:15:12.620 –> 00:15:13.250
Wendy Zollner: Yeah.
209
00:15:13.250 –> 00:15:15.469
Dan Deppen: So, what I might do…
210
00:15:16.140 –> 00:15:21.690
Dan Deppen: Like, since we sent the final reminder on the 9th, and, you know, we’ve been pinging going back, like, 2 weeks…
211
00:15:22.370 –> 00:15:26.029
Dan Deppen: I’m just gonna set this one… I’m gonna call it closed dead.
212
00:15:26.030 –> 00:15:26.730
Wendy Zollner: Okay.
213
00:15:27.120 –> 00:15:28.480
Dan Deppen: But if they come back…
214
00:15:29.170 –> 00:15:30.220
Wendy Zollner: We’ll just reopen it.
215
00:15:30.220 –> 00:15:43.529
Dan Deppen: just reopen it. I could call it on hold, but normally I’ll do on hold if they come back and go, hey, we’re delaying this, or something’s going on. If it’s just, like, we’re kind of giving up on it, I’ll just call it closed dead.
216
00:15:43.900 –> 00:15:46.730
Wendy Zollner: Yeah, yeah, if they never responded, then…
217
00:15:46.820 –> 00:15:55.320
Dan Deppen: It’s not really on hold, okay. It’s weird how we’ve had a lot of those where both the borrower and the lender will just kind of fade away, like, they’ll just not…
218
00:15:56.340 –> 00:16:01.349
Dan Deppen: And it’s funny, like, that’s such a common thing, like, my kids will do that.
219
00:16:02.330 –> 00:16:03.050
Wendy Zollner: Yeah.
220
00:16:03.780 –> 00:16:12.160
Dan Deppen: Like, the other day, my fiance’s parents, they have season tickets to the CU, basketball games and the football games. They’re, like, huge, like, whatevers.
221
00:16:13.090 –> 00:16:14.000
Dan Deppen: And…
222
00:16:15.610 –> 00:16:24.950
Dan Deppen: Allison and I were like, oh, we can go, but maybe Isabelle and her boyfriend want to go. And so she was texting Isabelle, like, hey, do you want to go? And she just wanted to answer. And then I talked to Isabel, I’m like.
223
00:16:25.610 –> 00:16:30.730
Dan Deppen: So we were gonna go do… oh, yeah, no, we don’t want to. And I’m like, okay, well then you just say, no.
224
00:16:30.930 –> 00:16:31.290
Dan Deppen: Yeah.
225
00:16:31.290 –> 00:16:34.069
Wendy Zollner: For people, like, no answer means no. Right.
226
00:16:34.070 –> 00:16:36.660
Dan Deppen: Which is… it’s an ad.
227
00:16:36.870 –> 00:16:41.719
Dan Deppen: thing. It’s like… it’s like you didn’t… did you not want to say no, because you felt like…
228
00:16:42.900 –> 00:16:46.959
Dan Deppen: That would bother the person, because when you don’t do anything, like, that bothers them a lot more.
229
00:16:46.960 –> 00:16:54.369
Wendy Zollner: Yeah, I know, right? I know. You’re just, like, trying to avoid conflict or something, but they’re not… they just don’t want to admit they don’t want to go.
230
00:16:54.680 –> 00:16:55.420
Wendy Zollner: Or don’t want.
231
00:16:55.420 –> 00:17:01.259
Dan Deppen: Yeah, and they were under no obligation, it’s just like, you know, it’s like, hey, deal fell through, whatever.
232
00:17:01.260 –> 00:17:02.500
Wendy Zollner: Right, exactly.
233
00:17:02.500 –> 00:17:02.950
Dan Deppen: You know.
234
00:17:02.950 –> 00:17:06.199
Wendy Zollner: So this one, that one, they already had paid the $199?
235
00:17:06.450 –> 00:17:10.679
Wendy Zollner: Yeah, they did. They don’t really get a refund or anything, right? They’re just… they paid it, and…
236
00:17:10.720 –> 00:17:17.859
Dan Deppen: No. Yeah, okay. No, because the idea is, right, like, they need to be pre-screening the borrowers, right? Like, you’re going into this process when
237
00:17:18.260 –> 00:17:23.309
Dan Deppen: You have a borrower who had a discussion, like, they want to buy the property, and now…
238
00:17:23.690 –> 00:17:25.499
Dan Deppen: We’re vetting everything.
239
00:17:25.500 –> 00:17:26.210
Wendy Zollner: Yeah.
240
00:17:26.369 –> 00:17:35.779
Dan Deppen: it’s not… like, because I’ve had people who were like, well, let me just send people to you, I’ll send you a couple people, and you kind of figure out who makes sense. Like, that’s not what we do.
241
00:17:35.780 –> 00:17:37.090
Wendy Zollner: Right, yeah.
242
00:17:37.090 –> 00:17:40.649
Dan Deppen: And… and they don’t want us to do that, because if…
243
00:17:42.460 –> 00:17:45.060
Dan Deppen: If we were to do that.
244
00:17:45.460 –> 00:17:51.599
Dan Deppen: I mean, we could if we really wanted to, but… but then the incentives are misaligned, right? It’s like, it’s not my deal.
245
00:17:51.890 –> 00:17:52.600
Wendy Zollner: Right.
246
00:17:52.600 –> 00:17:55.669
Dan Deppen: I have no real incentive to find the best…
247
00:17:56.040 –> 00:18:01.329
Dan Deppen: borrower, like, if I’m doing a deal and I’m putting on a loan I’m gonna hold for 30 years, like, you don’t…
248
00:18:01.570 –> 00:18:05.550
Dan Deppen: You can’t outsource that to anybody else.
249
00:18:05.880 –> 00:18:08.290
Dan Deppen: So yeah, no, it’s… it’s fine.
250
00:18:09.310 –> 00:18:10.299
Wendy Zollner: Okay.
251
00:18:10.300 –> 00:18:13.599
Dan Deppen: And then the one… the other one I just want to check real quick was Ingram.
252
00:18:14.460 –> 00:18:17.600
Dan Deppen: Because I feel like I’ve… Lost track of that one.
253
00:18:19.160 –> 00:18:20.110
Wendy Zollner: Oh, that one.
254
00:18:20.480 –> 00:18:21.630
Wendy Zollner: Great moves.
255
00:18:25.980 –> 00:18:28.689
Dan Deppen: So we’re waiting on Invoice 2.
256
00:18:31.960 –> 00:18:33.380
Dan Deppen: Oh, we got something yesterday.
257
00:18:33.380 –> 00:18:43.570
Wendy Zollner: That was, the lender sent, like, I guess that was one of the… oh, the loan conditions, so I didn’t… I probably needed to do something in the byte file, but I didn’t…
258
00:18:43.840 –> 00:18:48.800
Dan Deppen: Okay, I will… I’ll let you handle those other two. I’ll follow up on this.
259
00:18:48.800 –> 00:18:49.630
Wendy Zollner: Okay.
260
00:18:49.630 –> 00:18:52.149
Dan Deppen: Because she had also ordered loan docs.
261
00:18:52.150 –> 00:18:52.900
Wendy Zollner: Oh, okay.
262
00:18:52.900 –> 00:18:58.370
Dan Deppen: And I sent… that thing, like, a couple days ago, so I’ll just ping her back and be like.
263
00:18:59.370 –> 00:19:07.039
Dan Deppen: hey, like… confirm you need us to do this. Also, we got the second invoice hanging open, I think.
264
00:19:08.360 –> 00:19:09.380
Wendy Zollner: Yeah, okay.
265
00:19:09.380 –> 00:19:10.950
Dan Deppen: Let me double check that real.
266
00:19:10.950 –> 00:19:16.060
Wendy Zollner: Got some loan docs, let’s see, Harmony Lane, is that the one we’re looking at?
267
00:19:16.480 –> 00:19:17.450
Dan Deppen: Yeah…
268
00:19:17.450 –> 00:19:21.679
Wendy Zollner: They gave you, they filled out your sheet.
269
00:19:22.530 –> 00:19:23.380
Dan Deppen: Oh, good.
270
00:19:23.380 –> 00:19:25.249
Wendy Zollner: So that might… is that the same one?
271
00:19:25.750 –> 00:19:26.610
Dan Deppen: Yeah…
272
00:19:26.610 –> 00:19:27.490
Wendy Zollner: Okay.
273
00:19:28.960 –> 00:19:31.019
Wendy Zollner: Yeah, so there, it’s in there.
274
00:19:31.020 –> 00:19:32.039
Dan Deppen: Oh, perfect, okay.
275
00:19:32.040 –> 00:19:33.030
Wendy Zollner: No.
276
00:19:33.820 –> 00:19:36.470
Wendy Zollner: Okay, so that one’s for that, that goes with that.
277
00:19:37.070 –> 00:19:40.169
Wendy Zollner: Okay, then Ellie… which one are you looking at?
278
00:19:40.170 –> 00:19:43.370
Dan Deppen: Okay, so I’ll take care of that one, I’ll let you handle the other two.
279
00:19:43.970 –> 00:19:44.700
Wendy Zollner: Okay.
280
00:19:45.240 –> 00:19:49.160
Wendy Zollner: Cool. Okay. Yeah, any,
281
00:19:51.140 –> 00:19:54.100
Wendy Zollner: Yeah, I guess we… you had something for Ellie.
282
00:19:54.300 –> 00:19:59.730
Wendy Zollner: Do you mind pointing out what changes I’m looking for on a cleared conditions page?
283
00:19:59.860 –> 00:20:04.810
Wendy Zollner: That’s at Owens… 2148 State Road.
284
00:20:07.150 –> 00:20:09.059
Dan Deppen: Oh, oh,
285
00:20:13.560 –> 00:20:15.950
Dan Deppen: Oh, amended condition page…
286
00:20:24.460 –> 00:20:30.520
Dan Deppen: So that’s weird. It doesn’t… So all the conditions were cleared.
287
00:20:32.490 –> 00:20:33.310
Wendy Zollner: Okay.
288
00:20:34.670 –> 00:20:38.980
Dan Deppen: But when you reprint the conditions, they don’t actually show them.
289
00:20:39.970 –> 00:20:40.480
Wendy Zollner: Hmm.
290
00:20:42.140 –> 00:20:46.440
Dan Deppen: like… It shows it on our software.
291
00:21:03.830 –> 00:21:05.489
Dan Deppen: So here, they’re cleared.
292
00:21:07.070 –> 00:21:08.129
Wendy Zollner: You’re not sharing it yourself.
293
00:21:08.130 –> 00:21:11.609
Dan Deppen: Oh, we’ve gotta go… oh, okay, sorry, let me go.
294
00:21:17.140 –> 00:21:21.980
Dan Deppen: So I think what we need to do… it’s weird, so if you print it, like, so if I go print preview.
295
00:21:23.110 –> 00:21:24.459
Dan Deppen: Actually, let me go back.
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Dan Deppen: Before I do that.
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Dan Deppen: So… If I scroll over, like, it shows where these were cleared, right? Boom, boom, boom, boom, boom.
298
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Wendy Zollner: Is that just a box you checked or something, and it unpopulated that?
299
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Dan Deppen: Yeah, so if you go, like, if I double-click one of these…
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Wendy Zollner: I can go.
301
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Dan Deppen: Cleared.
302
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Wendy Zollner: Oh, okay.
303
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Dan Deppen: comes in.
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Wendy Zollner: Cool, okay.
305
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Dan Deppen: But if I just do print preview.
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Dan Deppen: It shows the conditions, it doesn’t show the status.
307
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Wendy Zollner: Oh, interesting.
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Dan Deppen: So what I need to do is go Hide Cleared up here.
309
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Wendy Zollner: Okay.
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Dan Deppen: And then it hides them. Now, if I do print.
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Wendy Zollner: The preview.
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Dan Deppen: It still shows them.
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Wendy Zollner: What the hell?
314
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Dan Deppen: I need to contact the bite people.
315
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Wendy Zollner: Okay.
316
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Dan Deppen: So I almost wanna, like… I mean, I can take, like, a screen capture.
317
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Dan Deppen: You know?
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Wendy Zollner: Right.
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Wendy Zollner: Yeah?
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Dan Deppen: I’ll send her that. So, okay, I’ll let you get back to it.
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Wendy Zollner: Okay.
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Dan Deppen: screen capture and do that, and I’ll have to ping Byte to ask him why that won’t.
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Dan Deppen: Some of these bike things drive me insane, and it’s like, the stuff is, like, from the 80s, like…
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Wendy Zollner: I know.
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Dan Deppen: how is this not all just wrung out and bulletproof? Like, how does this stuff exist? Like, I don’t get it.
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Wendy Zollner: Yeah. Do they have, like, a documentation, for their…
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Wendy Zollner: Like, how… what the fields mean, or…
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Dan Deppen: But the search is very challenging. It’s not, like, a smart search. Like, you have to search on a… you know what I mean? It’s… Yeah. It’s like,
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Dan Deppen: you know, it’s like a pre-Google, like, late 90s…
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Wendy Zollner: Search kind of thing, right?
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Dan Deppen: ask, like, in the way that it happens to be in there, you ain’t gonna find it. Okay. So…
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Wendy Zollner: Yeah.
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Wendy Zollner: Cool. Alright.
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Dan Deppen: Alright, thanks, we’ll have a good one.
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Wendy Zollner: Alright, see you later. Bye.
========================================
FILE: CTU_Training___Loan_Document_Preparation__Final_Review__and_Closing_Readiness_02-10-2026.txt
CTU Training – Loan Document Preparation, Final Review, and Closing Readiness_02-10-2026.txt
CTU TRAINING TRANSCRIPT
Topic: Loan Document Preparation, Final Review, and Closing Readiness
Stage of Loan Process:
Closing → Final Review → Loan Documents → Funding
Systems Discussed:
DocMagic
Byte (LOS)
Zoho CRM
Google Drive
Summary:
This training focuses on preparing loan documents for closing, performing a final review of all loan terms, and ensuring the file is fully ready for execution. It covers how to verify accuracy across the Loan Estimate (LE), Closing Disclosure (CD), and final documents, as well as how to identify and correct discrepancies before sending documents out. The session emphasizes attention to detail, consistency across systems, and confirming that all conditions and requirements have been satisfied. The goal is to deliver a clean, accurate, and fully compliant loan package ready for closing without delays.
Key Concepts:
- Final review ensures all loan terms match across LE, CD, and documents
- DocMagic is used to generate final loan documents
- Accuracy is critical to avoid closing delays or redisclosure
- All conditions must be cleared before document preparation
- Consistency across Byte, DocMagic, and disclosures is required
- Final package must be complete and ready for execution
- Errors at this stage can delay funding or require corrections
Process Notes:
- Verify all loan data in Byte before generating documents
- Confirm LE and CD match final loan terms
- Generate documents in DocMagic
- Review all documents for accuracy and completeness
- Ensure all conditions are cleared prior to closing
- Deliver finalized package to lender and closing parties
Common Issues:
- Mismatched terms between LE, CD, and final documents
- Conditions not fully cleared before document prep
- Data inconsistencies between Byte and DocMagic
- Missing or incorrect loan details
- Last-minute corrections delaying closing
Source:
Internal CTU Training – Loan Document Prep and Closing Readiness (02-10-2026)
WEBVTT
1
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Dan Deppen: Okay, so… This has its own SOP doc. It’s this one here.
2
00:00:09.860 –> 00:00:18.810
Dan Deppen: Okay. In the folder, and basically, what I’ll do is just run down this. So, I’ve got some notes at the top, this is, like, things I’m still kind of working on.
3
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Dan Deppen: And why is that image not showing up? My computer’s been doing weird things… oh, there it goes. Computer’s been doing weird stuff lately.
4
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Dan Deppen: there is… this dark magic.
5
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Dan Deppen: Instruction set here.
6
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Wendy Zollner: Okay.
7
00:00:39.370 –> 00:00:45.480
Dan Deppen: you know, it’s just like a PDF thing, but there is, like, if you need, like, general info on how this works.
8
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Dan Deppen: There might be stuff in here that’s valuable.
9
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Wendy Zollner: Okay, that’s cool.
10
00:00:51.040 –> 00:00:52.119
Dan Deppen: I did it…
11
00:00:52.730 –> 00:00:57.169
Dan Deppen: A lot of just by, like, going out… going through and kind of, like, figuring it out.
12
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Dan Deppen: Because there’s not necessarily, like, all the detail in here that you would want, but…
13
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Wendy Zollner: Okay.
14
00:01:02.500 –> 00:01:11.350
Dan Deppen: Works okay, and then… Alright, so, as far as, like, the workflow, the automations…
15
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Dan Deppen: I still need to build out… I think you saw from the other email, like, I’ve got some of the hooks in the CRM.
16
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Dan Deppen: At this point, but… Basically, when we do loan dots.
17
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Dan Deppen: There’s some other information we’re gonna need from the lender that we don’t get as part of the normal process.
18
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Dan Deppen: So, for right now… You can just download…
19
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Dan Deppen: This as a spreadsheet and email it to them.
20
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Wendy Zollner: Email it to them, okay?
21
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Dan Deppen: But at some point, this will be, like.
22
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Dan Deppen: Structured into the flow, where they get, like, an auto email with it, but that’s not there yet.
23
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Wendy Zollner: Right.
24
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Dan Deppen: So… Like, just kind of going through, like, what we need.
25
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Dan Deppen: So, the closing date, like, that’s real important.
26
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Dan Deppen: And then these top 3 are kinda in italics. The parcel number…
27
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Dan Deppen: And then the property legal description.
28
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Dan Deppen: That stuff is uber important, because it’ll get kicked back from the county when they try to record it. If any of that stuff is wrong, it’ll cause major problems.
29
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Wendy Zollner: Hi.
30
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Dan Deppen: Down the line, so…
31
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Dan Deppen: In theory, we can look some of that stuff up in the property records, but especially with, like, some of these land deals that we’ve done.
32
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Dan Deppen: Where they’ve, like, parceled them out, like, it’s not obvious, because there’s not a street address to it.
33
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Dan Deppen: So what I’ve been doing, and no one’s had a problem with this, I just go back to the lender, and I’m like, give us the parcel number and the legal description, and then we just copy-paste it in.
34
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Wendy Zollner: Okay.
35
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Dan Deppen: Boom.
36
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Dan Deppen: So…
37
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Dan Deppen: the county… and a lot of this data, too, right? Like, this is gonna… this is all gonna show up in the loan doc package.
38
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Dan Deppen: Down, down the line.
39
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Wendy Zollner: Okay.
40
00:02:56.670 –> 00:02:59.450
Wendy Zollner: The county it’s recorded in, you know, the…
41
00:02:59.470 –> 00:03:05.020
Dan Deppen: And then the lender name, and then we need, like, all their address and everything, which we don’t normally collect.
42
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Wendy Zollner: Okay.
43
00:03:07.850 –> 00:03:10.650
Dan Deppen: State that the entity’s registered in…
44
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Dan Deppen: And then the type, and you’ll see when we get into, like, Doc Magic, it has all these options for how it…
45
00:03:17.560 –> 00:03:18.599
Dan Deppen: Shows that.
46
00:03:20.210 –> 00:03:28.860
Dan Deppen: And then borrower vesting, this is one that I have a note in the front of the SOP, I’ve got to kind of, like, figure out the process for this, but it gives you a bunch of options.
47
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Wendy Zollner: Okay.
48
00:03:30.320 –> 00:03:38.740
Dan Deppen: And I’m not even sure what all those are. Loan servicer info, so one of the things it’ll do in the closing package is it’ll print out,
49
00:03:39.550 –> 00:03:45.700
Dan Deppen: First payment letter, it’ll tell you about, like, servicing transfer, this is who’s gonna service it, that kind of stuff.
50
00:03:48.050 –> 00:03:52.359
Dan Deppen: And then, after record it, Courted, where to send it.
51
00:03:53.010 –> 00:04:00.010
Dan Deppen: Sometimes this is different than the, the actual lender address, right?
52
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Wendy Zollner: Okay.
53
00:04:00.760 –> 00:04:06.890
Dan Deppen: But sometimes people will have, like, an official address, Of their entity.
54
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Dan Deppen: Which could even be, like, a registered agent, but then there’s, like, where they physically want to mail.
55
00:04:12.590 –> 00:04:15.470
Dan Deppen: The hard copy, when it comes back, could be different.
56
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Wendy Zollner: Okay.
57
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Dan Deppen: Like, it could go to their attorney’s office, it could go to, you know, some other address.
58
00:04:22.110 –> 00:04:29.799
Dan Deppen: And then trustee info, this is if it’s a deed of trust, which, like, you know, certain states, actually, like Colorado or deed of trust states.
59
00:04:30.110 –> 00:04:30.550
Wendy Zollner: Okay.
60
00:04:30.550 –> 00:04:32.539
Dan Deppen: Then they need to put in, like, the trustee…
61
00:04:32.950 –> 00:04:37.389
Dan Deppen: info. That’s basically, like, from what I understand, like, who holds the docs.
62
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Wendy Zollner: Okay.
63
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Dan Deppen: Afterwards, okay?
64
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Dan Deppen: So we get that.
65
00:04:42.690 –> 00:04:48.619
Dan Deppen: And then we go over to DocMagic and add the lender. So, for the sake of today, like, I’m not gonna go through, like, setting up.
66
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Dan Deppen: Dockmagic, there’s instructions for their down here… somewhere?
67
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Wendy Zollner: Yeah, I got through Appendix A, I did not get through Appendix B.
68
00:05:00.210 –> 00:05:04.230
Dan Deppen: Yeah, so what I would do is just try that, like, later on.
69
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Wendy Zollner: Okay.
70
00:05:04.740 –> 00:05:09.620
Dan Deppen: If you run into problems, just let me know. You might run into problems, because it’s a little funky.
71
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Wendy Zollner: Okay.
72
00:05:10.870 –> 00:05:13.179
Dan Deppen: But anyways, I’ve got it.
73
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Dan Deppen: Set up here…
74
00:05:24.360 –> 00:05:27.870
Dan Deppen: Okay, that scared me for a minute. I was like, is it not gonna do anything?
75
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Wendy Zollner: Just really slow.
76
00:05:30.930 –> 00:05:36.520
Dan Deppen: Yeah, and I’m not sure… I feel like something’s going on with my computer, it’s normally not like that.
77
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Wendy Zollner: Okay.
78
00:05:37.500 –> 00:05:42.569
Dan Deppen: I thought… Oh, maybe it’s down…
79
00:05:43.790 –> 00:05:47.859
Dan Deppen: in the appendix, but somewhere in here, I actually put the username and password.
80
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Wendy Zollner: Yeah, it’s in there.
81
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Dan Deppen: to get into Doc Magic. I’ve… I’ve got mine set up as, like, a hotkey with text expander.
82
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Wendy Zollner: Okay. Oh, cool, that’s smart.
83
00:06:00.820 –> 00:06:03.249
Dan Deppen: They just do that, and then it fills it.
84
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Wendy Zollner: Okay.
85
00:06:12.510 –> 00:06:17.799
Dan Deppen: So I’ll just kind of run through some of these, and then the one I was gonna do was one…
86
00:06:19.630 –> 00:06:22.650
Dan Deppen: 65-something or other, Jamie’s.
87
00:06:22.830 –> 00:06:23.630
Wendy Zollner: Yeah.
88
00:06:26.400 –> 00:06:30.819
Dan Deppen: And then they also… Jamie filled out.
89
00:06:31.320 –> 00:06:32.600
Dan Deppen: that form.
90
00:06:35.630 –> 00:06:38.560
Dan Deppen: Which apparently I didn’t put in here. I should have done that.
91
00:06:40.810 –> 00:06:46.439
Wendy Zollner: Are you gonna… do you want a separate file folder within that deal for, loan docs or anything?
92
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Dan Deppen: Yeah.
93
00:06:48.690 –> 00:06:53.380
Dan Deppen: Yeah, we should do that as well. So I did this for some of the other ones, I didn’t actually…
94
00:06:55.150 –> 00:06:57.080
Dan Deppen: Write it out in there.
95
00:06:57.080 –> 00:06:57.810
Wendy Zollner: Okay.
96
00:07:12.460 –> 00:07:16.650
Dan Deppen: And what was this other thing? Oh, this was an example of another deed that he sent.
97
00:07:18.450 –> 00:07:24.129
Dan Deppen: Which have legal descriptions, stuff… Yeah… oh, goodness.
98
00:07:26.840 –> 00:07:32.430
Dan Deppen: That’s our… The other reason I like them to give it to us is we can copy-paste.
99
00:07:33.130 –> 00:07:36.549
Dan Deppen: You know, because if you try to pull it out of an existing dock, it’s kind of hairy.
100
00:07:36.550 –> 00:07:37.450
Wendy Zollner: Yeah…
101
00:07:37.690 –> 00:07:39.440
Dan Deppen: But I’m just gonna put that…
102
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Dan Deppen: In there as well, just so we have all the stuff.
103
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Dan Deppen: In the same spot.
104
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Dan Deppen: You know, I wonder if my internet…
105
00:08:09.010 –> 00:08:12.230
Dan Deppen: And the co-working spot is goofy. Maybe that’s…
106
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Wendy Zollner: Yeah.
107
00:08:12.900 –> 00:08:14.100
Dan Deppen: the problem.
108
00:08:14.920 –> 00:08:20.340
Dan Deppen: I don’t know if you ever use this. I do this if I’m, like, on hotel or airplane Wi-Fi, just to see what I’m dealing with.
109
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Dan Deppen: Like, when I do this at home, it rips, and it’s like, you know, 2, 3, 400, whatever…
110
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Wendy Zollner: It still says zero.
111
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Dan Deppen: This thing isn’t even going.
112
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Wendy Zollner: It’s not even registering.
113
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Dan Deppen: Yeah, what’s weird is the Zoom is working.
114
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Wendy Zollner: Yeah, luckily.
115
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Dan Deppen: Oh, I wonder if my…
116
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Dan Deppen: I’ve got this…
117
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Wendy Zollner: it.
118
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Dan Deppen: And a lot of times, it just screws stuff up, so I…
119
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Dan Deppen: Turn it off.
120
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Dan Deppen: There it goes. Oh, actually, okay, no, we’re fine. 100’s, like, great.
121
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Wendy Zollner: Cool.
122
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Dan Deppen: Because on airplanes, like, if I have 10, like, I can do…
123
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Dan Deppen: A lot of things. Okay, so anyways, that’s okay.
124
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Dan Deppen: So, basically, what we’re gonna do, like, to give you, like, zoom out and give the big picture, in…
125
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Dan Deppen: Doc magic, so you can get into it through the app, you can also get into it through the website.
126
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Dan Deppen: For the sake of creating the docs, we do it through the app.
127
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Dan Deppen: But if you log in here through the same, password, You can see…
128
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Dan Deppen: some stuff, like, I think, like, some of these files will actually show up.
129
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Dan Deppen: Over here, where you can download them.
130
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Dan Deppen: And then, their support… is really good, too. So if you go, like, Customer Support.
131
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Dan Deppen: You can either send them an email, or… There’s some way to do… If I just click support.
132
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Wendy Zollner: Oh, there’s a chat on the bottom that says you can chat with them.
133
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Dan Deppen: Yeah, there’s a way to do chat. It’s funny, like, there’s not always somebody on chat, like, sometimes you click it and it doesn’t work.
134
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Dan Deppen: But when somebody’s there, they’re, like, really good.
135
00:10:14.480 –> 00:10:15.490
Wendy Zollner: That’s cool.
136
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Dan Deppen: That’s another thing you can do.
137
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Dan Deppen: But what we’re gonna do…
138
00:10:21.230 –> 00:10:24.339
Dan Deppen: Is we gotta set up the lender and the dark magic.
139
00:10:24.760 –> 00:10:25.890
Dan Deppen: app, so…
140
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Dan Deppen: And the DocMagic app contains the different lender information, and what’s nice is you can save it, it saves.
141
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Wendy Zollner: Okay.
142
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Dan Deppen: So you set these up as alternative lenders?
143
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Dan Deppen: So, like, this was, like, a test one that I did.
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Dan Deppen: And then these are the two that we’ve done so far. So kind of the nice thing is, like, if Scout Land Group does more.
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Dan Deppen: We would want to double-check nothing changed, but ideally, like.
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Dan Deppen: It’ll be the same lender profile, you won’t necessarily need to send that… set that up.
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Wendy Zollner: Okay.
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Dan Deppen: every time. So we set up the lender profile in DocMagic.
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Dan Deppen: Then we’re gonna go to Byte, and I should get that going. I had to reboot, so, like, everything closed.
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Dan Deppen: Then, we make sure everything’s right in our file in Byte, and there are a few things that we’ll need to, like, update and change to get this to work.
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Wendy Zollner: Okay.
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Dan Deppen: And then,
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Dan Deppen: send the byte file over to DocMagic.
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Dan Deppen: And then there’s some more stuff we have to do in there to finalize the file.
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Dan Deppen: And then we print it.
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Wendy Zollner: Okay.
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Dan Deppen: So, all in all, shouldn’t be too bad, I gotta get the auth thing going.
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Dan Deppen: And we’ll see how this goes, but hopefully we can kind of run through…
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Dan Deppen: this, so we’re gonna add lender… And then, you’ll see these… Right.
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Dan Deppen: Oh.
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Dan Deppen: My lender instructions aren’t detailed out. I thought I had…
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Dan Deppen: More detail in here. Apparently, I did not.
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Dan Deppen: So, I’m gonna take a note to add… That stuff. N…
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Dan Deppen: That’s weird, because I could have sworn that I did that.
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Dan Deppen: I wonder if I have it.
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Dan Deppen: Well, whatever. I’ll do it.
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Dan Deppen: I’ll do it later.
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Dan Deppen: But basically, yeah, fill out the lender, beneficiary, loss pay, and trustee info.
169
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Dan Deppen: So I’m gonna go Add.
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Dan Deppen: To create a new one.
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Dan Deppen: And so, generally, the lender and beneficiary are the same. I’m not sure what would be different.
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Dan Deppen: Same thing with lost payee.
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Wendy Zollner: Okay. Make payments to…
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Dan Deppen: We’ll be the servicer.
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Dan Deppen: And then… Trustee info, if it’s a deed of trust.
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Dan Deppen: This stuff we can ignore.
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Dan Deppen: And then… licensing will… Oh, there’s actually some other steps. Maybe I need to…
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Dan Deppen: I’ve got that in another step, but I should probably put it… in here.
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Dan Deppen: Okay.
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Dan Deppen: So, going through what Jamie sent…
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Dan Deppen: Oh, that’s weird, I can’t… I’m trying to get everything to show on the screen, but it doesn’t…
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Wendy Zollner: Oh, there it is, it’s showing.
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Dan Deppen: Yeah… Cylinder Integrity Income Fund…
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Dan Deppen: I’m just gonna copy-paste this down…
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Dan Deppen: And we’re also gonna ask them to, review this, but…
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Dan Deppen: We do need to be super… the… these docs do scare me to a degree, because…
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Wendy Zollner: Nope.
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Dan Deppen: I’m worried…
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Dan Deppen: lenders won’t review them the way they should, and if something’s wrong, they’ll get hosed later. I actually made that mistake myself when I had somebody else create docs for me.
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Dan Deppen: When I was doing, a conversion, and I was busy, and I didn’t really review them, and then some stuff was screwed up, now I gotta fix it.
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Wendy Zollner: Ugh.
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Dan Deppen: So, it’s one of those things, like, I’m worried about it because I’ve been the one to do it, like…
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Dan Deppen: Oregon State, Maryland, a Maryland LLC…
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Dan Deppen: And you’ll see, too, when you pick the org type, it gives you, like, a bajillion options.
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Wendy Zollner: Okay.
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Dan Deppen: So it’s an LLC, so Limited Liability Company. Sometimes there’s even, like, variations on that.
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Dan Deppen: and phone…
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Dan Deppen: Recorded county…
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Dan Deppen: Up here, I’ve got a little bit out of order.
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Dan Deppen: Basically, Washington…
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Dan Deppen: And then, what’s nice is the other stuff, it should kind of autofill, like, if I just click here.
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Wendy Zollner: Bye.
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Dan Deppen: It, it kind of.
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Wendy Zollner: Oh, nice.
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Dan Deppen: the same, so you can just keep…
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Wendy Zollner: Okay.
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Dan Deppen: Click, click, click.
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Wendy Zollner: Okay.
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Dan Deppen: And now that’s in there.
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Dan Deppen: Similar thing with lost pay, I can just kind of go click, click.
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Dan Deppen: There is no assignee. I’m not even sure what that’s for. I think that has to do with when,
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Dan Deppen: You’re creating a loan and immediately assigning it over to someone.
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Wendy Zollner: Okay, yeah.
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Dan Deppen: So servicer, Madison Management… And it’s funny, because now it still, like, wants to autofill.
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Wendy Zollner: Oh, okay, yeah.
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Dan Deppen: I gotta delete it, so, like, it’s helpful, and then it’s a pain.
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Wendy Zollner: Will it store, like, make payments to servicer-type things in there for later? Or just…
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Dan Deppen: Yeah, that’s what it… that’s what it’s gonna… that’s what it’s gonna leverage. It’s gonna pull.
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Dan Deppen: from this.
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Dan Deppen: And fill a lot of that stuff out.
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Dan Deppen: So, it looks like he uses Casey Wilson to store the collateral.
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Wendy Zollner: Okay.
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Dan Deppen: Just not… Uncommon…
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Dan Deppen: Cool, and then this was in…
225
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Dan Deppen: Yeah, so I’m guessing this is not a deed of trust state, so he didn’t fill it. Okay. So we’ll just leave that blank.
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Dan Deppen: This stuff, I don’t… we should just be able to leave blank.
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Wendy Zollner: Okay.
228
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Dan Deppen: And then, the licensing info, for the most part, we can leave blank.
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Dan Deppen: But for NMLS, I do this in another state spot, but I want to put NA Seller Carry.
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Dan Deppen: Now, one of the things you’ll see that keeps happening that I’m still kind of figuring out is…
231
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Dan Deppen: In our Doc Magic profile, fares.
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Dan Deppen: our company info, which is technically Seller Finance Services.
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Dan Deppen: LLC, call the underwriter as a DBA.
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Wendy Zollner: Okay.
235
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Dan Deppen: And there is a company NMLS number, because we are licensed in a handful of states.
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Dan Deppen: And sometimes that license number, like, finds its way.
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Dan Deppen: Into the docks, and we have to go in and clean it up.
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Wendy Zollner: Okay.
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Dan Deppen: We can’t have our license numbers showing up in the docs, because that implies
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Dan Deppen: We’re doing it as a licensed activity in that state, which is probably in a state we’re not
241
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Dan Deppen: licensed in.
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Wendy Zollner: Okay.
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Dan Deppen: Now, by default, the way all the Doc Magic stuff sets up is usually there’s an originator who is licensed, so it’s just kind of like assuming that.
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Dan Deppen: So it wants to propagate that stuff everywhere, but in this case, it’s seller financed. They’re not using a license, they don’t need one.
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Dan Deppen: So I’ve been putting in, like, just NA seller carries, so if that shows up somewhere, it doesn’t…
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Dan Deppen: Cause an issue.
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Wendy Zollner: Okay.
248
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Dan Deppen: And then we just click Add.
249
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Dan Deppen: And now we should be good.
250
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Dan Deppen: As far as that step.
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Dan Deppen: And then, we need to,
252
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Dan Deppen: change a few setup things in Byte.
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Wendy Zollner: Okay.
254
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Dan Deppen: So on the home page, we’re going to make the origination channel Retail?
255
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Dan Deppen: And then we gotta make the loan program code conventional.
256
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Dan Deppen: If you don’t do that, It spews an error when it…
257
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Dan Deppen: Comes over into here, because the other thing that we’ve got in… Doc Magic…
258
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Dan Deppen: Are these loan programs that they’ve loaded for me?
259
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Wendy Zollner: Okay.
260
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Dan Deppen: And they have other ones they can load, like, for variable rates, like, different things.
261
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Dan Deppen: And I think what it’s doing is, like, it takes the state and it takes the loan program, and that’s what it uses, like, to figure out everything it needs in the closing package.
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Dan Deppen: So if you say seller carry, it gets confused and it doesn’t know what to do.
263
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Wendy Zollner: Okay.
264
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Dan Deppen: But basically, these follow fixed-rate conventional loans.
265
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Wendy Zollner: Okay.
266
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Dan Deppen: Even though it’s not conventional.
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Dan Deppen: and I forget the dictionary condition of conventional, but I believe it means, like, a QM loan you’re gonna sell to the government.
268
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Dan Deppen: As far as setting up, like, the rates and the documents, like, all of that.
269
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Dan Deppen: is the same. So if we have it set a seller carry.
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Dan Deppen: in our docs, then it chokes when you try to send it over. Now.
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Wendy Zollner: Okay.
272
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Dan Deppen: I’m not changing… I could change the template to conventional.
273
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Dan Deppen: But then that creates confusion on people. They’re like, well, it’s not a conventional loan, it’s a seller-carry loan.
274
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Dan Deppen: So… That’s just something we need.
275
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Dan Deppen: to do.
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Dan Deppen: So…
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Wendy Zollner: 16… wait.
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Dan Deppen: This 165 Dove Lane? Yeah.
279
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Wendy Zollner: Yeah.
280
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Dan Deppen: And now it’s gonna do the whole thing to me where it’s, like, byte plus zoom, so it’s gonna be…
281
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Wendy Zollner: Right.
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Dan Deppen: Unhappy.
283
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Wendy Zollner: So, in the SOP, I believe the origination channel is always retail, is that true?
284
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Dan Deppen: Oh, okay, so I did change that one.
285
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Wendy Zollner: Okay.
286
00:22:01.470 –> 00:22:03.459
Dan Deppen: Because that doesn’t hurt anything.
287
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Wendy Zollner: Okay.
288
00:22:04.830 –> 00:22:07.220
Dan Deppen: But then down here, Loan Program Code.
289
00:22:10.540 –> 00:22:12.229
Dan Deppen: Fixed rate, conventional.
290
00:22:12.720 –> 00:22:13.560
Wendy Zollner: Okay.
291
00:22:18.160 –> 00:22:22.420
Dan Deppen: Okay, and then… I think there are a few other things to check. Okay, the…
292
00:22:22.730 –> 00:22:25.850
Dan Deppen: On the party screen, under Loan Officer.
293
00:22:26.640 –> 00:22:29.570
Dan Deppen: And this is something I may be able just to change…
294
00:22:30.550 –> 00:22:35.459
Dan Deppen: my profile, but this is one area I think it was pulling our… my NMLS number.
295
00:22:38.050 –> 00:22:39.160
Wendy Zollner: Oh, okay.
296
00:22:44.900 –> 00:22:49.410
Dan Deppen: Because what Byte is doing is it’s treating, like, loan officer as originator.
297
00:22:49.410 –> 00:22:50.910
Wendy Zollner: Oh, okay.
298
00:22:50.910 –> 00:22:56.550
Dan Deppen: Whereas, in reality, The originator is the seller.
299
00:22:57.580 –> 00:23:07.759
Dan Deppen: and they don’t have a license. That’s why in our byte profile, and this was set up by Russ O’Donnell a long time ago, for the company, because the company, the originator is different every time.
300
00:23:08.000 –> 00:23:10.940
Dan Deppen: It has this thing where it says, see page 3 of Loan Estimate.
301
00:23:11.300 –> 00:23:12.199
Wendy Zollner: Okay, oh, okay.
302
00:23:12.200 –> 00:23:13.790
Dan Deppen: So that’s the way, like…
303
00:23:14.440 –> 00:23:19.189
Dan Deppen: it ties it back. But I found that if I don’t put something in here.
304
00:23:20.260 –> 00:23:24.230
Dan Deppen: It will, sometimes grab.
305
00:23:24.540 –> 00:23:29.120
Dan Deppen: my… or company. Yeah, because, see, there’s NMLSID, which is kind of…
306
00:23:31.090 –> 00:23:34.949
Dan Deppen: It’s actually grabbing my animal or something, that’s interesting, but okay.
307
00:23:38.100 –> 00:23:43.259
Dan Deppen: Seller finance really does not fit into the conventional mortgage world, so, like, all these tools, right?
308
00:23:43.260 –> 00:23:43.840
Wendy Zollner: Yeah.
309
00:23:43.840 –> 00:23:49.190
Dan Deppen: Nationsoftware, like, It’s all designed for the conventional stuff, because this is so niche.
310
00:23:49.190 –> 00:23:50.060
Wendy Zollner: Yeah.
311
00:23:50.060 –> 00:23:53.050
Dan Deppen: We’re literally, like, the only people doing this, like, at scale, you know?
312
00:23:53.050 –> 00:23:53.830
Wendy Zollner: Yeah.
313
00:23:55.000 –> 00:23:57.230
Wendy Zollner: So we had to find our own workarounds, which is fine.
314
00:23:58.450 –> 00:24:00.409
Dan Deppen: Oh, that’s weird, it won’t let me…
315
00:24:01.890 –> 00:24:04.540
Dan Deppen: Oh, I think I need to unassign the username.
316
00:24:08.800 –> 00:24:10.080
Dan Deppen: And that can…
317
00:24:10.080 –> 00:24:10.900
Wendy Zollner: Okay.
318
00:24:29.630 –> 00:24:32.849
Dan Deppen: Wait, did I say to fill in the company info? No.
319
00:24:36.850 –> 00:24:42.930
Dan Deppen: Yeah, so then, in builder or seller, we want to put the lender data.
320
00:24:43.270 –> 00:24:44.210
Dan Deppen: Also…
321
00:24:45.470 –> 00:24:48.880
Wendy Zollner: That’s part of the SOP, currently.
322
00:24:49.420 –> 00:24:52.599
Dan Deppen: Yeah, but normally we don’t have their address and all that.
323
00:24:52.600 –> 00:24:53.790
Wendy Zollner: Oh, right.
324
00:24:53.790 –> 00:24:56.630
Dan Deppen: We need to, we need, we need to throw that part in.
325
00:25:01.070 –> 00:25:04.769
Dan Deppen: And just double check that the entity name is the same.
326
00:25:04.770 –> 00:25:06.570
Wendy Zollner: You know? Right, okay.
327
00:25:07.590 –> 00:25:11.880
Dan Deppen: Sometimes, too, lenders have, like, different entities they’ll use. Like, Michael Kierce will do that.
328
00:25:12.160 –> 00:25:12.990
Wendy Zollner: Okay.
329
00:25:40.190 –> 00:25:45.110
Dan Deppen: And I just kind of throw the NA seller carry anywhere in case it, like, tries to pull a value.
330
00:25:45.110 –> 00:25:46.080
Wendy Zollner: Yeah.
331
00:25:54.670 –> 00:26:01.140
Dan Deppen: Okay, and then… you know, I’ve got it in here to put the legal description in byte.
332
00:26:02.650 –> 00:26:06.529
Dan Deppen: The thing that I’ve noticed, though, is you end up having to make edits.
333
00:26:07.130 –> 00:26:09.290
Dan Deppen: in Dark Magic, anyways.
334
00:26:09.820 –> 00:26:10.260
Wendy Zollner: Correct.
335
00:26:11.140 –> 00:26:15.010
Dan Deppen: If you have, like… like, a lot of times, like, there’s, like, paragraphs and spaces.
336
00:26:15.890 –> 00:26:22.289
Dan Deppen: However you enter it into Byte, when it comes over to DocMagic, it just comes in as a blob. So you’ve gotta, like, rebuild.
337
00:26:22.530 –> 00:26:23.260
Wendy Zollner: Okay.
338
00:26:23.260 –> 00:26:30.289
Dan Deppen: the paragraphs, but I think it’s not the worst idea in the world to just add this stuff in the byte, like, so it’s all in there for posterity.
339
00:26:30.960 –> 00:26:36.400
Dan Deppen: And not in two places, so that’s the, subject property screen.
340
00:26:39.600 –> 00:26:44.340
Dan Deppen: So, I’m gonna throw in the parcel number and the description.
341
00:26:47.430 –> 00:26:52.569
Dan Deppen: So here’s the parcel number, and then I just put it in the long legal description.
342
00:26:52.760 –> 00:26:53.550
Wendy Zollner: Okay.
343
00:27:03.590 –> 00:27:05.450
Dan Deppen: Yeah, see, he attached.
344
00:27:06.390 –> 00:27:08.000
Dan Deppen: The deed… shit.
345
00:27:08.000 –> 00:27:09.679
Wendy Zollner: Okay. Which is…
346
00:27:09.680 –> 00:27:12.400
Dan Deppen: Sure, I mean, that’s what I would do if I was him, but…
347
00:27:12.400 –> 00:27:15.220
Wendy Zollner: you… Copy that, or not really?
348
00:27:15.460 –> 00:27:17.590
Dan Deppen: I might be able to, I think I got a trick.
349
00:27:17.820 –> 00:27:18.590
Wendy Zollner: Okay.
350
00:27:18.860 –> 00:27:21.820
Dan Deppen: And this is where I might need to get you Adobe licensing.
351
00:27:21.940 –> 00:27:22.730
Wendy Zollner: Okay.
352
00:27:24.260 –> 00:27:29.600
Dan Deppen: But my version of Adobe… Should allow me to…
353
00:27:31.160 –> 00:27:33.840
Dan Deppen: Edit, and then copy-paste the text.
354
00:27:35.280 –> 00:27:38.440
Dan Deppen: So it’ll do this thing where it runs through, which…
355
00:27:38.810 –> 00:27:45.539
Dan Deppen: is usually quick, but can be… take a while if it’s, like, a big dock. Like, it goes through and parses and allows you to…
356
00:27:46.210 –> 00:27:47.500
Dan Deppen: Edit text.
357
00:27:47.980 –> 00:27:48.740
Wendy Zollner: Okay.
358
00:27:58.980 –> 00:28:00.629
Dan Deppen: Oh, so it’s still converting.
359
00:28:02.810 –> 00:28:06.420
Dan Deppen: Okay, I think it… Oh, page 1.
360
00:28:09.230 –> 00:28:10.339
Dan Deppen: Might have it.
361
00:28:11.760 –> 00:28:12.990
Wendy Zollner: Yeah, okay.
362
00:28:13.760 –> 00:28:15.309
Dan Deppen: Yeah, so it’s got these little…
363
00:28:16.290 –> 00:28:18.020
Dan Deppen: Well, I’m still doing more stuff.
364
00:28:19.500 –> 00:28:22.159
Dan Deppen: Oh, and I was doing a patient… Adobe’s a little bit clunky.
365
00:28:23.610 –> 00:28:28.880
Dan Deppen: But it’s also, I think, a lot of processing power, like, to parse through, because this is, like, a scan.
366
00:28:28.880 –> 00:28:29.440
Wendy Zollner: Yeah.
367
00:28:29.910 –> 00:28:32.690
Dan Deppen: Copy, and it’s not even straight, and…
368
00:28:32.690 –> 00:28:33.420
Wendy Zollner: Yep.
369
00:28:33.840 –> 00:28:34.729
Dan Deppen: Blah, blah, blah.
370
00:28:37.840 –> 00:28:40.579
Dan Deppen: But now, like, it lets me click in these boxes.
371
00:28:42.800 –> 00:28:44.589
Dan Deppen: And I can copy-paste stuff.
372
00:28:47.580 –> 00:28:53.670
Dan Deppen: Now, I’m putting, like, paragraph breaks in here, but like I said, when this comes over to DocMagic, that’s not necessarily gonna come with it.
373
00:28:53.950 –> 00:28:54.810
Wendy Zollner: Okay.
374
00:28:59.160 –> 00:29:00.860
Dan Deppen: Looks like Adobe’s thinking.
375
00:29:02.260 –> 00:29:10.740
Dan Deppen: on page 3… Again, this is another thing we have to be kind of, like, hyper-careful, just cause…
376
00:29:10.890 –> 00:29:14.330
Dan Deppen: Oh, it won’t let me scroll down. Oh, out well.
377
00:29:21.130 –> 00:29:23.210
Dan Deppen: It’s kind of funny, like, it won’t let me…
378
00:29:23.940 –> 00:29:26.549
Wendy Zollner: Scroll while you’re copying it.
379
00:29:26.550 –> 00:29:33.009
Dan Deppen: Yeah… And I’m just right-click, copy-pasting, just to make sure it doesn’.
380
00:29:33.010 –> 00:29:33.530
Wendy Zollner: Bye.
381
00:29:33.530 –> 00:29:34.810
Dan Deppen: Do anything weird.
382
00:29:38.400 –> 00:29:39.460
Wendy Zollner: And,
383
00:29:40.050 –> 00:29:50.150
Wendy Zollner: different… different, software programs in the past, when I copy and paste from one to the other, like using Amazon, for example, Amazon Seller.
384
00:29:50.270 –> 00:29:54.789
Wendy Zollner: you put… you had to put, like, the HTML code in there to give it a paragraph.
385
00:29:55.400 –> 00:29:59.300
Wendy Zollner: And then it… Paragraph over. I don’t know if that’s the same thing.
386
00:29:59.300 –> 00:30:02.830
Dan Deppen: Yeah, but I have a feeling, like, Byte’s not gonna accept that, like…
387
00:30:02.830 –> 00:30:03.620
Wendy Zollner: Yeah.
388
00:30:03.620 –> 00:30:10.499
Dan Deppen: My guess is, you’re right, like, you need to do something like that for it to come over correctly, but it doesn’t, like, allow you to do that. Yeah.
389
00:30:10.720 –> 00:30:13.840
Wendy Zollner: Probably won’t recognize it. It’s too old of software to do that.
390
00:30:14.220 –> 00:30:19.030
Dan Deppen: Yeah, but okay, but that’s in there, so I think that’s good.
391
00:30:24.440 –> 00:30:26.900
Dan Deppen: And now we go over to the doc prep screen.
392
00:30:27.250 –> 00:30:28.030
Wendy Zollner: Okay.
393
00:30:29.190 –> 00:30:33.980
Dan Deppen: So this works in kind of a similar way to the credit screen.
394
00:30:35.140 –> 00:30:35.800
Wendy Zollner: Okay.
395
00:30:35.800 –> 00:30:43.399
Dan Deppen: So, you’ll select Doc Magic out the gate, and then it… Should ask you for credentials.
396
00:30:43.960 –> 00:30:44.430
Wendy Zollner: Okay.
397
00:30:44.430 –> 00:30:46.629
Dan Deppen: I forget exactly what that looked like.
398
00:30:48.740 –> 00:30:51.960
Dan Deppen: So there’s that. Loan proceeds too, you can ignore that.
399
00:30:53.430 –> 00:30:58.699
Dan Deppen: And then loan program code, so this is actually, like, connected to the DocMagic account.
400
00:30:59.010 –> 00:30:59.730
Wendy Zollner: Okay.
401
00:31:00.030 –> 00:31:08.029
Dan Deppen: So it’s pulling, like, this is the same list we saw in the app. So, like, if I were to have them add something to the app, then it… you can hit refresh and it’ll show up here.
402
00:31:08.030 –> 00:31:09.280
Wendy Zollner: Oh, cool, okay.
403
00:31:09.280 –> 00:31:12.279
Dan Deppen: But it’s almost always going to be all fixed loans.
404
00:31:14.090 –> 00:31:19.560
Dan Deppen: And then lender code, See how, like, ours isn’t in there?
405
00:31:20.600 –> 00:31:22.499
Dan Deppen: If I refresh it, it should show up.
406
00:31:25.810 –> 00:31:26.660
Dan Deppen: Come on.
407
00:31:28.610 –> 00:31:29.540
Dan Deppen: -Oh.
408
00:31:31.520 –> 00:31:33.080
Dan Deppen: Oh, login form.
409
00:31:33.080 –> 00:31:33.660
Wendy Zollner: Oh.
410
00:31:33.660 –> 00:31:34.670
Dan Deppen: new one.
411
00:31:36.490 –> 00:31:40.599
Dan Deppen: I think we go defaults. Oh, I had to change the password.
412
00:31:42.090 –> 00:31:45.789
Dan Deppen: It made me change the password recently, since I’ve done this.
413
00:31:45.790 –> 00:31:46.540
Wendy Zollner: Okay.
414
00:31:46.540 –> 00:31:49.979
Dan Deppen: So to enter the password, I just now figured out, go defaults.
415
00:31:49.980 –> 00:31:54.279
Wendy Zollner: Okay, that is not intuitive. This is a classic bite thing, like… Okay.
416
00:31:54.280 –> 00:31:57.410
Dan Deppen: Like, you would think you would, like, click on this, and it would ask you or something.
417
00:31:57.410 –> 00:31:58.360
Wendy Zollner: Yeah.
418
00:31:59.090 –> 00:32:02.140
Wendy Zollner: Yeah, not user intuitive at all.
419
00:32:02.740 –> 00:32:08.610
Dan Deppen: Yeah… So now I can use my… Oops.
420
00:32:11.160 –> 00:32:13.749
Dan Deppen: Oh, it doesn’t like my hotkey within…
421
00:32:15.220 –> 00:32:17.629
Dan Deppen: It’s blocking my text expander.
422
00:32:20.480 –> 00:32:22.630
Dan Deppen: That’s okay, cause I’ve got the…
423
00:32:24.880 –> 00:32:27.560
Dan Deppen: I think I updated this with the right password.
424
00:32:27.560 –> 00:32:33.929
Wendy Zollner: Yeah, it is, because I just used it, well, to download all that stuff. Maybe I didn’t really log in yet, I guess, but…
425
00:32:34.140 –> 00:32:36.530
Dan Deppen: And then close, so now I’ll refresh.
426
00:32:38.510 –> 00:32:39.499
Dan Deppen: There it is.
427
00:32:40.120 –> 00:32:41.430
Dan Deppen: Integrity Income Fund.
428
00:32:41.430 –> 00:32:42.120
Wendy Zollner: nice.
429
00:32:44.020 –> 00:32:47.889
Dan Deppen: Now, we want to do an audit of the process.
430
00:32:48.070 –> 00:32:51.439
Dan Deppen: So the package type, like, we’ll always be doing closing docs.
431
00:32:52.220 –> 00:32:59.700
Dan Deppen: But you can actually do other stuff, like, you can actually do loan estimates, Closing disclosures.
432
00:33:00.150 –> 00:33:06.440
Dan Deppen: This adverse action denial, so, like, in the more conventional world, like, where the borrower’s coming to you if you’re like.
433
00:33:06.930 –> 00:33:14.449
Dan Deppen: hey, we got nothing for you, we’re not approved, then legally, like, you have to tell them that, like, within a certain amount of time.
434
00:33:16.740 –> 00:33:21.909
Dan Deppen: Yeah, or loan estimate, closing disclosure, compliance, like, there’s all kinds of stuff you can do within
435
00:33:22.430 –> 00:33:26.189
Dan Deppen: Doc magic, and maybe down the road we’ll use… Some of that.
436
00:33:26.350 –> 00:33:27.090
Wendy Zollner: Okay.
437
00:33:27.510 –> 00:33:30.420
Dan Deppen: But we’ll be doing closing docs. Method…
438
00:33:31.150 –> 00:33:34.749
Dan Deppen: I don’t even know what this is, but it always needs to be seamless.
439
00:33:34.750 –> 00:33:35.520
Wendy Zollner: Okay.
440
00:33:35.520 –> 00:33:38.640
Dan Deppen: And it should default there. Now, the action…
441
00:33:39.530 –> 00:33:49.059
Dan Deppen: we always want to audit first, and this will run through and look for errors. Now, if it spits out any fatal errors, that means we can’t move it to DocMagic.
442
00:33:49.600 –> 00:33:50.150
Wendy Zollner: Okay.
443
00:33:50.150 –> 00:33:55.819
Dan Deppen: If it submits warnings, we may or may not want to address some of those, but we can send it to Duck Magic. Now.
444
00:33:56.180 –> 00:34:08.679
Dan Deppen: what happens is, because this is designed for, like, QM loans, and seller finance loans usually do not fall into the QM guidelines, like, interest rates are too high, like, DTI is over 43%,
445
00:34:09.060 –> 00:34:14.420
Dan Deppen: It’ll spit out all these… Warnings that aren’t really applicable.
446
00:34:14.600 –> 00:34:15.400
Wendy Zollner: Okay.
447
00:34:15.409 –> 00:34:21.189
Dan Deppen: But I’ll go audit, and then submit, and then just say, just submit, I’m not disclosing.
448
00:34:21.469 –> 00:34:23.799
Wendy Zollner: I don’t know why this comes up. Oh…
449
00:34:23.799 –> 00:34:29.249
Dan Deppen: because the… In the closing package, it actually creates a copy of the closing disclosure.
450
00:34:29.250 –> 00:34:30.440
Wendy Zollner: Okay, yeah.
451
00:34:30.440 –> 00:34:35.520
Dan Deppen: Which we don’t need, but we’re not actually, like, issuing an updated closing disclosure.
452
00:34:37.219 –> 00:34:39.130
Dan Deppen: So it gave us warnings.
453
00:34:40.250 –> 00:34:44.870
Dan Deppen: Doc prep, paid by, and what this is doing, like, this stuff, like, what it’s paid by.
454
00:34:46.100 –> 00:34:50.060
Dan Deppen: It’s actually looking at the closing disclosure and saying.
455
00:34:55.310 –> 00:34:56.720
Dan Deppen: Man, this is a slow one.
456
00:34:58.000 –> 00:34:59.400
Wendy Zollner: On Zoom, yeah.
457
00:34:59.400 –> 00:35:04.199
Dan Deppen: Yeah, Zoom and Byte are a bad combo. Like, see how, like, some of these, like, fill in automatically?
458
00:35:04.800 –> 00:35:07.579
Dan Deppen: Like, it has fees where stuff isn’t filled in, so it…
459
00:35:07.970 –> 00:35:12.840
Dan Deppen: But we don’t have to worry about that, because Tidal will take care of all that.
460
00:35:13.150 –> 00:35:13.670
Wendy Zollner: Bye.
461
00:35:15.870 –> 00:35:20.380
Dan Deppen: So we basically should be able to… Ignore.
462
00:35:20.860 –> 00:35:27.380
Dan Deppen: all of these. Listing agent… You know, settlement agent, we don’t care.
463
00:35:28.050 –> 00:35:31.620
Wendy Zollner: But still, we have to look through all those just in case there’s.
464
00:35:31.620 –> 00:35:36.550
Dan Deppen: Yeah, you want to scan through them just in case something… Jones out.
465
00:35:36.550 –> 00:35:37.320
Wendy Zollner: Okay.
466
00:35:40.320 –> 00:35:43.150
Dan Deppen: This is interesting, no property county.
467
00:35:50.030 –> 00:35:51.309
Dan Deppen: We might need that.
468
00:35:55.050 –> 00:36:00.230
Wendy Zollner: Oh, okay. Yeah. You populated it in the Doc Magic.
469
00:36:01.220 –> 00:36:04.409
Dan Deppen: Well, that was the county that it’s gonna be recorded in.
470
00:36:04.410 –> 00:36:04.970
Wendy Zollner: Yeah.
471
00:36:05.780 –> 00:36:07.929
Dan Deppen: County, and that was Washington, right?
472
00:36:07.930 –> 00:36:08.750
Wendy Zollner: Yeah.
473
00:36:12.530 –> 00:36:15.579
Wendy Zollner: So this doesn’t normally populate, then, during the…
474
00:36:15.730 –> 00:36:19.149
Dan Deppen: But just for giggles… I’m gonna say…
475
00:36:29.930 –> 00:36:33.529
Dan Deppen: This isn’t foolproof, but I just want to see if it gives me the same answer.
476
00:36:33.690 –> 00:36:35.300
Dan Deppen: Yeah, Washington. Okay.
477
00:36:35.300 –> 00:36:35.930
Wendy Zollner: Bye.
478
00:36:36.640 –> 00:36:41.140
Dan Deppen: Just to make sure I’m not hosing something. So I think this all looks okay.
479
00:36:43.100 –> 00:36:46.019
Dan Deppen: So I’m gonna send it over to Doc Magic now.
480
00:36:46.250 –> 00:36:47.100
Wendy Zollner: Okay.
481
00:36:47.470 –> 00:36:48.790
Dan Deppen: So we’re gonna change action.
482
00:36:49.290 –> 00:36:52.110
Dan Deppen: Oh, well, to process. It’s funny, it actually defaulted back.
483
00:36:52.230 –> 00:36:53.010
Wendy Zollner: Hmm.
484
00:36:53.010 –> 00:36:58.160
Dan Deppen: Now when we go submit, it will send it over. So we do the same thing, I’m not disclosing…
485
00:36:59.520 –> 00:37:04.700
Dan Deppen: Like I said, I… It’s annoying how that pops up, like, because we’re just sending it over.
486
00:37:04.700 –> 00:37:06.290
Wendy Zollner: Right. Yeah.
487
00:37:07.060 –> 00:37:09.850
Dan Deppen: Now, I think it did its thing. Of course, it didn’t give us, like, a…
488
00:37:10.020 –> 00:37:12.069
Dan Deppen: I think it would have given us an error.
489
00:37:12.990 –> 00:37:13.999
Dan Deppen: Had it not.
490
00:37:15.170 –> 00:37:15.540
Wendy Zollner: Okay.
491
00:37:15.540 –> 00:37:19.819
Dan Deppen: But actually, it does kind of repeat these warnings. If you notice, that’s like a duplicate.
492
00:37:19.820 –> 00:37:20.560
Wendy Zollner: Yeah.
493
00:37:22.330 –> 00:37:29.920
Dan Deppen: So now, if we come over here… I’ll just cancel.
494
00:37:31.260 –> 00:37:32.929
Dan Deppen: I think we go open.
495
00:37:33.320 –> 00:37:36.630
Dan Deppen: We gotta open the file within Doc Magic.
496
00:37:45.230 –> 00:37:46.259
Dan Deppen: There it is.
497
00:37:48.180 –> 00:37:52.480
Dan Deppen: So those are Alex Jacob Wells, And it was audited.
498
00:37:52.480 –> 00:37:53.820
Wendy Zollner: But not processed.
499
00:37:54.840 –> 00:37:57.059
Dan Deppen: So now I’ll double-click this to open.
500
00:37:59.550 –> 00:38:04.520
Dan Deppen: Save changes. This is this other one where I added the lender. We don’t need to do that.
501
00:38:07.960 –> 00:38:09.619
Dan Deppen: And so, here’s our loan.
502
00:38:11.650 –> 00:38:16.580
Dan Deppen: And basically what we’re gonna do is just go through the tabs and make updates as needed.
503
00:38:18.030 –> 00:38:22.869
Dan Deppen: The stuff on the general page, I don’t think we need to update anything.
504
00:38:24.010 –> 00:38:26.860
Dan Deppen: This is the date they’re closing, 2-17.
505
00:38:31.630 –> 00:38:36.320
Dan Deppen: Borrowers, sellers, One of the things you’ll see, like, on the…
506
00:38:36.720 –> 00:38:41.839
Dan Deppen: borrowers and sellers… oh, and I might need to update this, but they have these little magnifying glass things.
507
00:38:43.240 –> 00:38:45.210
Dan Deppen: You click those, and then there’s more detail.
508
00:38:45.210 –> 00:38:46.519
Wendy Zollner: Oh, okay, yeah.
509
00:38:46.520 –> 00:38:48.420
Dan Deppen: So that’s really where he felt… again, like…
510
00:38:49.020 –> 00:38:52.929
Dan Deppen: Doc Magic’s a different company than Byte, but it’s a similar deal, like, very not.
511
00:38:53.330 –> 00:39:01.899
Dan Deppen: intuitive. And this is actually pulling in all the underwriting information as well, because it can use this to create, you know, closing packages and other things.
512
00:39:02.330 –> 00:39:05.490
Dan Deppen: But mainly, you just want to make sure their contact info
513
00:39:05.830 –> 00:39:14.480
Dan Deppen: is correct. But, like, all the underwriting, income, assets, liabilities, it’s actually pulling all the stuff over from Byte, we don’t have to worry about it.
514
00:39:16.430 –> 00:39:21.270
Dan Deppen: And then on the… Seller named Jamie Bateman.
515
00:39:24.330 –> 00:39:26.410
Dan Deppen: The seller is not Jamie Bateman.
516
00:39:28.920 –> 00:39:33.619
Dan Deppen: Why is it, it’s… it’s… Integrity, income, blah blah blah.
517
00:39:36.480 –> 00:39:37.900
Dan Deppen: Oh, corporate name.
518
00:39:46.160 –> 00:39:49.559
Dan Deppen: That’s so strange that it didn’t bring that over, because we had that in there.
519
00:39:49.880 –> 00:39:50.940
Wendy Zollner: Yeah, we did.
520
00:39:50.940 –> 00:39:51.800
Dan Deppen: invite.
521
00:39:52.550 –> 00:39:53.919
Dan Deppen: So I’m gonna add that.
522
00:39:58.080 –> 00:40:00.660
Dan Deppen: Because Jamie’s not selling it in his personal name.
523
00:40:01.180 –> 00:40:02.590
Dan Deppen: Oh, you know what, though?
524
00:40:02.960 –> 00:40:05.600
Dan Deppen: I don’t think that comes up on the loan docs.
525
00:40:05.930 –> 00:40:07.060
Wendy Zollner: Oh, okay.
526
00:40:07.060 –> 00:40:13.680
Dan Deppen: Because this will actually produce, like, the whole pa… like, you could basically play title company and, you know, do your own clothes with this if you wanted to.
527
00:40:14.820 –> 00:40:20.690
Dan Deppen: Okay, so property, owner-occupied… This other stuff we don’t have to worry about.
528
00:40:21.390 –> 00:40:22.110
Wendy Zollner: Okay.
529
00:40:22.440 –> 00:40:26.329
Dan Deppen: It’s interesting that county did not come over, even though we put it in.
530
00:40:28.060 –> 00:40:31.429
Dan Deppen: And then here’s where it just gave me a blob of text.
531
00:40:32.240 –> 00:40:32.990
Wendy Zollner: Yeah.
532
00:40:33.160 –> 00:40:38.609
Dan Deppen: So I need to go in and find… The paragraph breaks.
533
00:40:39.870 –> 00:40:42.739
Dan Deppen: Actually, let’s just go right to the source.
534
00:40:46.650 –> 00:40:50.750
Dan Deppen: As follows, to wit… lot.
535
00:40:50.750 –> 00:40:56.340
Wendy Zollner: So if you copy and paste it back in to DocMagic, would it keep your paragraph breaks, or not?
536
00:40:56.340 –> 00:40:57.640
Dan Deppen: Yeah, it would.
537
00:40:57.910 –> 00:40:59.010
Wendy Zollner: It would, okay.
538
00:40:59.010 –> 00:41:02.859
Dan Deppen: Yeah, so maybe the better way to do it is to,
539
00:41:05.290 –> 00:41:07.699
Dan Deppen: And notice it won’t let you put a space.
540
00:41:08.250 –> 00:41:11.360
Dan Deppen: Like, you can put one break, but that’s it?
541
00:41:19.620 –> 00:41:21.230
Dan Deppen: I know that’s a break.
542
00:41:22.010 –> 00:41:24.090
Dan Deppen: But there was one in between, I think.
543
00:41:29.900 –> 00:41:33.050
Dan Deppen: As follows… Oh.
544
00:41:34.340 –> 00:41:36.879
Dan Deppen: I missed this one, that was the one I missed.
545
00:41:38.290 –> 00:41:39.909
Dan Deppen: This falls to it…
546
00:41:43.720 –> 00:41:46.029
Dan Deppen: Oh, that’s not really a break there.
547
00:41:49.210 –> 00:41:54.910
Dan Deppen: I think I want one after beginning… what we’ll do is we’ll print this and take a look at it, and see if we…
548
00:41:55.130 –> 00:41:55.890
Wendy Zollner: Okay.
549
00:41:56.620 –> 00:41:57.590
Dan Deppen: beginning…
550
00:42:14.370 –> 00:42:17.320
Wendy Zollner: Parcel 2, yeah, beginning.
551
00:42:17.990 –> 00:42:18.469
Dan Deppen: There it is.
552
00:42:18.470 –> 00:42:19.810
Wendy Zollner: After the colon?
553
00:42:20.220 –> 00:42:21.570
Dan Deppen: Yeah, so try that.
554
00:42:27.350 –> 00:42:35.060
Dan Deppen: I’m not really sure about the mineral rights stuff, I’m not sure if that’s a land thing or what. Like, I know in Colorado, like, mineral rights are separated, but…
555
00:42:35.060 –> 00:42:36.160
Wendy Zollner: Yeah.
556
00:42:36.360 –> 00:42:39.989
Dan Deppen: And there’s gonna be stuff… We’re learning about this, and honestly, like.
557
00:42:40.930 –> 00:42:46.080
Dan Deppen: eyes wide open, like, I’m taking a little bit of rest, there’s a chance we do some of these and we miss some stuff we just didn’t know about.
558
00:42:46.080 –> 00:42:46.820
Wendy Zollner: Okay.
559
00:42:46.820 –> 00:42:48.900
Dan Deppen: But we’re gonna kinda get these going, and…
560
00:42:48.900 –> 00:42:50.790
Wendy Zollner: Yeah, we’ll learn as we go.
561
00:42:50.790 –> 00:42:51.500
Dan Deppen: Yeah.
562
00:42:53.230 –> 00:42:56.999
Dan Deppen: Loan terms, obviously important, but these all just come over.
563
00:42:58.090 –> 00:43:03.049
Dan Deppen: We really don’t want to mess with these, because then it’ll be out of sync with what’s in Byte.
564
00:43:04.810 –> 00:43:08.550
Dan Deppen: But, not assumable, no prepayment penalty.
565
00:43:09.190 –> 00:43:13.880
Dan Deppen: Partial payments not accepted. Those were byte template selections, too.
566
00:43:14.480 –> 00:43:22.049
Dan Deppen: providers, See, this is where, like, it throws ours in as a default with our…
567
00:43:22.570 –> 00:43:23.750
Dan Deppen: So I want that.
568
00:43:23.930 –> 00:43:24.930
Dan Deppen: out of there?
569
00:43:27.980 –> 00:43:30.530
Wendy Zollner: Okay, how did you get the delete to come up?
570
00:43:30.700 –> 00:43:32.510
Dan Deppen: I right-clicked. I had to click in…
571
00:43:32.510 –> 00:43:33.330
Wendy Zollner: did, right?
572
00:43:33.330 –> 00:43:35.060
Dan Deppen: Click this, and then right-click.
573
00:43:35.260 –> 00:43:37.520
Dan Deppen: Okay. Now, this one…
574
00:43:41.850 –> 00:43:46.229
Dan Deppen: We can just delete that, too, because it doesn’t have any, like, pertinent information.
575
00:43:46.230 –> 00:43:47.030
Wendy Zollner: Okay.
576
00:43:48.150 –> 00:43:50.830
Dan Deppen: Title insurance really is only gonna come up
577
00:43:55.640 –> 00:44:03.039
Dan Deppen: I think we can really delete all these, because we’re not trying to create, like, a full-blown CD with everything that everything is paid to.
578
00:44:03.040 –> 00:44:03.800
Wendy Zollner: Okay.
579
00:44:05.740 –> 00:44:08.930
Dan Deppen: And then I believe the rest of these…
580
00:44:10.720 –> 00:44:13.429
Dan Deppen: You know, again, this is, like, disclosure stuff, right?
581
00:44:14.140 –> 00:44:16.839
Dan Deppen: Doesn’t matter. Prepaids, disclosure stuff.
582
00:44:17.290 –> 00:44:20.700
Dan Deppen: Doesn’t really impact… the closing docs?
583
00:44:20.700 –> 00:44:21.480
Wendy Zollner: Okay.
584
00:44:21.830 –> 00:44:23.199
Dan Deppen: So we should be good.
585
00:44:24.470 –> 00:44:29.440
Dan Deppen: So now, we’ll run another audit from within here, it’s kind of the same process.
586
00:44:30.570 –> 00:44:32.290
Dan Deppen: So you click this audit key.
587
00:44:32.570 –> 00:44:33.360
Wendy Zollner: Okay.
588
00:44:38.740 –> 00:44:42.229
Dan Deppen: And it should just give us the same set of warnings that it gave us before.
589
00:44:42.510 –> 00:44:43.270
Wendy Zollner: Okay.
590
00:44:43.370 –> 00:44:48.770
Dan Deppen: It’s interesting that document date is more than 5 days in the future, is a… Warning.
591
00:44:48.770 –> 00:44:49.750
Wendy Zollner: a warning.
592
00:44:50.320 –> 00:44:54.560
Dan Deppen: Yeah, vesting to read does not match default. I think that saying that
593
00:44:57.540 –> 00:45:09.369
Dan Deppen: the lender it’s vesting to is not the same as, like, our Doc Magic account, because normally the way Doc Magic works, right, you’re like a commercial lender, you’re doing a lot of these, and so everything is under the same lender name.
594
00:45:10.010 –> 00:45:10.970
Wendy Zollner: Okay.
595
00:45:10.970 –> 00:45:14.449
Dan Deppen: Whereas ours are all different, no title company, who cares?
596
00:45:15.310 –> 00:45:17.350
Dan Deppen: This is, like, a QM thing.
597
00:45:17.350 –> 00:45:18.140
Wendy Zollner: Okay.
598
00:45:18.140 –> 00:45:21.740
Dan Deppen: It’s over the ARPR by 1.5%, blah blah blah…
599
00:45:22.580 –> 00:45:29.169
Dan Deppen: So that’s all fine, and then either from here, or we could close this and go up here, but we’re gonna process next.
600
00:45:29.670 –> 00:45:32.250
Dan Deppen: And then this is gonna actually create the docs.
601
00:45:34.780 –> 00:45:36.910
Dan Deppen: We can just hit process, we don’t need to…
602
00:45:44.410 –> 00:45:46.349
Dan Deppen: Man, we’re actually gonna make it in time.
603
00:45:46.360 –> 00:45:48.180
Wendy Zollner: Okay, awesome!
604
00:45:48.180 –> 00:45:55.859
Dan Deppen: And then it’ll pull this up. It’ll also send an email somewhere, and I think you can get through it through the DocMagic website, but I just click here to download your docs.
605
00:45:55.860 –> 00:45:56.640
Wendy Zollner: Okay.
606
00:45:58.470 –> 00:46:07.270
Dan Deppen: Mine opens in a tab, like, I’ll always download a copy, because the other thing we’re gonna have to do that we probably won’t have time for today is go in and edit and strip out
607
00:46:07.650 –> 00:46:09.720
Dan Deppen: Some of this stuff that we don’t need.
608
00:46:09.720 –> 00:46:10.440
Wendy Zollner: Okay.
609
00:46:10.990 –> 00:46:14.839
Dan Deppen: At some point, I might see if they can make me, like, a custom closing package.
610
00:46:15.550 –> 00:46:16.929
Wendy Zollner: Yeah, that’d be cool.
611
00:46:18.610 –> 00:46:23.850
Dan Deppen: But… so if you look at just some of the stuff that’s in here, and in the SOP,
612
00:46:24.720 –> 00:46:26.539
Dan Deppen: I added this yesterday.
613
00:46:28.280 –> 00:46:31.580
Dan Deppen: I talk about, like, what to strip out and what’s in here.
614
00:46:31.580 –> 00:46:32.090
Wendy Zollner: Okay.
615
00:46:32.090 –> 00:46:34.689
Dan Deppen: So, so you can just kind of go through this later?
616
00:46:34.850 –> 00:46:35.460
Wendy Zollner: Okay.
617
00:46:36.210 –> 00:46:43.070
Dan Deppen: But this loan detail report, which is actually pretty cool, I’m stripping it out, though, because it’s designed for QM loans.
618
00:46:43.790 –> 00:46:49.280
Dan Deppen: But it’s got, like, all, like, this would be a nice thing to send, like, to a loan buyer, like FNAC, if you were selling the loan.
619
00:46:49.940 –> 00:46:55.690
Dan Deppen: The reason I’m taking it out is… because…
620
00:46:56.340 –> 00:47:01.140
Dan Deppen: It does all this data validation stuff and throws, like, assuming you’re doing, like, a full-blown closing.
621
00:47:01.140 –> 00:47:01.920
Wendy Zollner: Right.
622
00:47:02.360 –> 00:47:08.120
Dan Deppen: And then there’s also stuff in here, which I’m actually not seeing here… yeah, compliance summary.
623
00:47:08.910 –> 00:47:09.600
Wendy Zollner: Yeah.
624
00:47:09.600 –> 00:47:11.659
Dan Deppen: And what this is saying is.
625
00:47:12.250 –> 00:47:15.030
Dan Deppen: And what I hate is it goes, ability to pay QM.
626
00:47:15.830 –> 00:47:19.230
Dan Deppen: it fails the QM test because of a higher interest rate.
627
00:47:20.630 –> 00:47:23.690
Dan Deppen: If I send this to lenders, they’re gonna go, oh my god.
628
00:47:23.690 –> 00:47:24.180
Wendy Zollner: Yeah.
629
00:47:24.180 –> 00:47:26.950
Dan Deppen: doesn’t have ability to repay. Oh my god.
630
00:47:26.950 –> 00:47:27.870
Wendy Zollner: Right, right.
631
00:47:27.870 –> 00:47:31.759
Dan Deppen: not compliant, and… I just know…
632
00:47:33.560 –> 00:47:34.100
Wendy Zollner: Yeah.
633
00:47:34.250 –> 00:47:45.830
Dan Deppen: We’ll lose that discussion, like, every time if you’re like, no, this is designed for this world, you’re compliant, it doesn’t fit QM… it doesn’t say QM compliance, it just says compliance fail.
634
00:47:45.830 –> 00:47:47.639
Wendy Zollner: And then… Yeah.
635
00:47:47.640 –> 00:47:49.520
Dan Deppen: It’s… it’s a problem, right?
636
00:47:50.240 –> 00:47:53.360
Dan Deppen: So… So, I’ve been going through and just…
637
00:47:53.660 –> 00:47:58.059
Dan Deppen: taking this out. But if we did have somebody that’s like, I want to build a full QM loan.
638
00:47:58.340 –> 00:48:03.889
Dan Deppen: then we can give them this. In fact, I had one potential customer ask about this, because they get this from…
639
00:48:05.090 –> 00:48:06.330
Dan Deppen: Texas Pride.
640
00:48:06.590 –> 00:48:07.340
Wendy Zollner: Okay.
641
00:48:08.640 –> 00:48:12.009
Dan Deppen: And David does, like, all, like, the fee analysis and all that stuff.
642
00:48:13.410 –> 00:48:19.349
Dan Deppen: And then the other thing we’ll take out, like, it’ll build a copy of the loan application based on all the info.
643
00:48:19.570 –> 00:48:20.020
Wendy Zollner: Okay.
644
00:48:20.020 –> 00:48:22.030
Dan Deppen: We’ve already got ours, so we don’t need it.
645
00:48:24.370 –> 00:48:29.830
Dan Deppen: Although… We could, at some point, leave this in the package, because it’s nice to have everything together.
646
00:48:30.150 –> 00:48:30.950
Wendy Zollner: Okay.
647
00:48:32.600 –> 00:48:34.560
Dan Deppen: lender info…
648
00:48:34.730 –> 00:48:38.940
Dan Deppen: This stuff we can strip out, and then where we start keeping stuff is when you get into the note.
649
00:48:39.360 –> 00:48:40.130
Wendy Zollner: Okay.
650
00:48:40.360 –> 00:48:44.690
Dan Deppen: And then, this will create, like, the appropriate addendums.
651
00:48:45.300 –> 00:48:48.180
Dan Deppen: So there’s this one saying, hey, there’s a late fee.
652
00:48:50.260 –> 00:48:51.700
Dan Deppen: the actual note.
653
00:48:53.230 –> 00:48:57.349
Dan Deppen: And this is where… Yeah, the actual note…
654
00:48:57.910 –> 00:49:00.770
Dan Deppen: Blah blah blah… I don’t see anything funny.
655
00:49:03.180 –> 00:49:07.290
Dan Deppen: And then it also throws some error pages we need to strip out, like this one.
656
00:49:07.710 –> 00:49:08.550
Wendy Zollner: Okay.
657
00:49:08.550 –> 00:49:15.919
Dan Deppen: Because there’s not an NMLS number for the originator, it gives you this error. Well, the originator’s the seller, so you don’t need it.
658
00:49:16.990 –> 00:49:20.129
Dan Deppen: So I’ve just been going in and cutting those out.
659
00:49:20.300 –> 00:49:21.120
Wendy Zollner: Okay.
660
00:49:24.890 –> 00:49:25.530
Dan Deppen: Oh.
661
00:49:26.950 –> 00:49:28.650
Dan Deppen: This is a deed of trust state.
662
00:49:29.250 –> 00:49:32.959
Dan Deppen: So, it’ll automatically create a mortgage or deed of trust based on the state.
663
00:49:33.130 –> 00:49:33.800
Wendy Zollner: Okay, cool.
664
00:49:33.800 –> 00:49:37.170
Dan Deppen: So, we are going to need the trustee info.
665
00:49:38.300 –> 00:49:44.389
Dan Deppen: From them, and… and then And then reprint this, so I’m not gonna bother, like, cutting this up.
666
00:49:45.040 –> 00:49:45.560
Dan Deppen: Right now.
667
00:49:45.560 –> 00:49:52.810
Wendy Zollner: When you cut it up, are you basically, like, saving it as a PDF and custom selecting the pages, or how are you…
668
00:49:52.810 –> 00:49:56.509
Dan Deppen: Yeah, what I’m doing is I download it, and I make a copy.
669
00:49:56.830 –> 00:49:57.670
Wendy Zollner: Okay.
670
00:49:57.670 –> 00:49:59.519
Dan Deppen: And then I open it with Adobe.
671
00:50:02.070 –> 00:50:04.270
Dan Deppen: I don’t really want to do all of that.
672
00:50:04.550 –> 00:50:06.949
Dan Deppen: No, I don’t want it to scan the whole thing.
673
00:50:06.950 –> 00:50:07.820
Wendy Zollner: Oh, yeah.
674
00:50:07.820 –> 00:50:10.329
Dan Deppen: Sometimes it tries to, but it’s gonna take, like, a day to…
675
00:50:10.330 –> 00:50:12.269
Wendy Zollner: Yeah. Oh, yeah, because it was, like.
676
00:50:12.270 –> 00:50:15.879
Dan Deppen: The movie’s brutal, you’re just doing it, like, just stop, stop, stop.
677
00:50:15.880 –> 00:50:17.280
Wendy Zollner: being too helpful.
678
00:50:17.420 –> 00:50:19.820
Dan Deppen: But you go Edit, Organize Pages.
679
00:50:20.040 –> 00:50:21.759
Wendy Zollner: Oh, okay, okay.
680
00:50:21.760 –> 00:50:25.290
Dan Deppen: And… Oh, that’s funny, it only shows…
681
00:50:25.650 –> 00:50:26.289
Wendy Zollner: That was the…
682
00:50:26.480 –> 00:50:28.560
Dan Deppen: This was the other one, but…
683
00:50:28.560 –> 00:50:29.400
Wendy Zollner: Yeah.
684
00:50:29.830 –> 00:50:33.800
Dan Deppen: I’ve got it in the other thing, but basically, like, you can go, okay, delete this page, boom.
685
00:50:33.800 –> 00:50:34.700
Wendy Zollner: Okay.
686
00:50:35.080 –> 00:50:37.140
Dan Deppen: And that’s… that’s how I do that part.
687
00:50:37.390 –> 00:50:38.080
Wendy Zollner: Okay.
688
00:50:38.320 –> 00:50:43.979
Dan Deppen: But deed of trust, just to go through this real quick, because I’m going to get booted and…
689
00:50:43.980 –> 00:50:44.450
Wendy Zollner: Yeah.
690
00:50:44.450 –> 00:50:47.209
Dan Deppen: And I don’t want to stay in late like the last person did.
691
00:50:47.210 –> 00:50:48.290
Wendy Zollner: Yeah, right.
692
00:50:49.690 –> 00:50:53.099
Dan Deppen: The problem is they schedule these, like, line to line, so it’s hard to, like.
693
00:50:55.220 –> 00:50:57.489
Wendy Zollner: Yeah, you don’t have time to prep, prepare, or run.
694
00:50:57.490 –> 00:50:59.859
Dan Deppen: Yeah, so there’s another page to take out.
695
00:51:00.530 –> 00:51:01.240
Wendy Zollner: Okay.
696
00:51:01.240 –> 00:51:03.859
Dan Deppen: So you’re… but you’re looking at 104…
697
00:51:03.860 –> 00:51:05.120
Wendy Zollner: pages here.
698
00:51:05.450 –> 00:51:08.060
Dan Deppen: Yeah, and a lot of them will get stripped out, though.
699
00:51:08.210 –> 00:51:08.890
Wendy Zollner: Okay.
700
00:51:09.100 –> 00:51:14.869
Dan Deppen: general closing instructions. I forget what I did. I went through yesterday, and I started updating the SOP with, like, what to leave.
701
00:51:14.870 –> 00:51:16.360
Wendy Zollner: Oh, okay, good.
702
00:51:16.650 –> 00:51:18.460
Dan Deppen: And had some note… and had some…
703
00:51:20.130 –> 00:51:24.710
Dan Deppen: Comments, but then there’s also, ba-buh…
704
00:51:26.410 –> 00:51:34.250
Dan Deppen: This kind of shows you the other docs that come with it. Consumer credit score, affidavit and agreement, late addendum fee, transfer of servicing.
705
00:51:35.920 –> 00:51:40.500
Dan Deppen: Insurance requirements, so they basically signed this thing saying you have to have insurance.
706
00:51:42.410 –> 00:51:45.650
Dan Deppen: The W9 I’ve been taking out, I’m not really sure they need that.
707
00:51:45.850 –> 00:51:46.710
Wendy Zollner: Okay.
708
00:51:53.000 –> 00:51:57.710
Dan Deppen: Yeah, servicing, transfer… 2… Oh!
709
00:52:01.720 –> 00:52:03.019
Dan Deppen: That didn’t fill in.
710
00:52:04.430 –> 00:52:05.840
Wendy Zollner: We’ll have to look at that.
711
00:52:07.860 –> 00:52:10.920
Dan Deppen: Well, it’s not really a servicing transfer, it’s more like…
712
00:52:13.220 –> 00:52:19.300
Dan Deppen: That’s where it’s starting, but… And then it also generates this assignment, so if we’re doing the $1,500 thing.
713
00:52:20.010 –> 00:52:22.080
Dan Deppen: Where we’re gonna originate in our name.
714
00:52:22.280 –> 00:52:22.720
Wendy Zollner: Okay.
715
00:52:22.720 –> 00:52:27.339
Dan Deppen: Then, I’ll set up a lender for seller finance services.
716
00:52:27.630 –> 00:52:31.420
Dan Deppen: And then it has a thing for the assignee, and so then they would use this doc.
717
00:52:31.930 –> 00:52:35.629
Dan Deppen: And so, all of this would get signed, and it would get transferred over.
718
00:52:36.550 –> 00:52:37.450
Dan Deppen: 2.
719
00:52:37.790 –> 00:52:41.749
Dan Deppen: But it’s kind of nice, we have a mechanism now, we can just generate that assignment.
720
00:52:41.750 –> 00:52:43.130
Wendy Zollner: Yeah, that’s very cool.
721
00:52:48.030 –> 00:52:49.930
Dan Deppen: I’m not sure what this is.
722
00:52:52.300 –> 00:52:57.439
Dan Deppen: This one will strip out acknowledgement of receipt of appraisal, because there’s typically not an appraiser.
723
00:52:57.440 –> 00:52:59.110
Wendy Zollner: Yeah.
724
00:52:59.110 –> 00:53:03.270
Dan Deppen: And so, this came out, right? See how, like, it defaults, it tries to throw in an N… it always wants an N.
725
00:53:03.270 –> 00:53:03.820
Wendy Zollner: Yeah.
726
00:53:03.830 –> 00:53:05.270
Dan Deppen: For everything, and…
727
00:53:10.230 –> 00:53:15.300
Dan Deppen: Yeah, and then a copy of the closing disclosure will strip that out, because we don’t need that.
728
00:53:16.980 –> 00:53:20.129
Dan Deppen: But there’s just all kinds of stuff at spews. Patriot Act.
729
00:53:20.980 –> 00:53:22.360
Wendy Zollner: Wow, yeah.
730
00:53:22.360 –> 00:53:31.220
Dan Deppen: You know, the equal opportunity… Is there… Impound authorization for escrows.
731
00:53:31.650 –> 00:53:32.100
Wendy Zollner: Okay.
732
00:53:32.100 –> 00:53:34.439
Dan Deppen: We’re signing up for escrows.
733
00:53:34.660 –> 00:53:37.410
Dan Deppen: It actually creates this initial escrow disclosure.
734
00:53:39.370 –> 00:53:41.050
Dan Deppen: Which is kinda cool.
735
00:53:41.930 –> 00:53:47.240
Dan Deppen: Notice saying, if you don’t pay, we’re gonna report it. Whether they do or not, but it kinda…
736
00:53:50.580 –> 00:53:55.030
Dan Deppen: First payment letter, Which is nice, because I’ve had borrowers call me
737
00:53:55.480 –> 00:53:57.809
Dan Deppen: After we’ve done deals and been like.
738
00:53:58.140 –> 00:54:02.700
Dan Deppen: I don’t know how to get ahold of the lender, where do I send my money? Like, they never… I never heard back from them.
739
00:54:02.700 –> 00:54:03.410
Wendy Zollner: growth.
740
00:54:05.930 –> 00:54:06.840
Wendy Zollner: Yeah.
741
00:54:07.370 –> 00:54:15.679
Dan Deppen: Yeah, signatures, yeah, and then… Yeah, just everything under the sun, so it’s, yeah, pretty cool, actually.
742
00:54:16.010 –> 00:54:20.840
Dan Deppen: It’s a lot more than loan docs, and then I gotta bail in a minute, but, I also…
743
00:54:21.380 –> 00:54:23.119
Dan Deppen: Teed up an email that goes out.
744
00:54:23.440 –> 00:54:24.680
Dan Deppen: Thursday.
745
00:54:25.360 –> 00:54:30.490
Dan Deppen: to the list, kind of talking about the loan dock offering, and, like, more of the details of what’s in it, because…
746
00:54:30.720 –> 00:54:34.860
Dan Deppen: I’ve always thought of it as, like, just loan docs, but it’s actually, like, a lot more.
747
00:54:34.860 –> 00:54:38.279
Wendy Zollner: Yeah. It’s a mortgage, so… Yeah, very cool.
748
00:54:38.280 –> 00:54:43.450
Dan Deppen: Yeah, so, anyhow, hopefully that… help, so I will…
749
00:54:43.640 –> 00:54:47.400
Dan Deppen: Make a note to follow up with them on the trustee info.
750
00:54:47.940 –> 00:54:55.339
Dan Deppen: And then set a reminder to, like, re-run the docs about 5 days before close. Okay.
751
00:54:55.680 –> 00:55:01.740
Dan Deppen: Because we want to get it enough time before close so that, like, if they need stuff or something’s wrong, we can fix it.
752
00:55:01.740 –> 00:55:02.500
Wendy Zollner: Right.
753
00:55:02.500 –> 00:55:06.220
Dan Deppen: But… We don’t need to be, like, so far in advance that…
754
00:55:06.330 –> 00:55:09.910
Dan Deppen: They might slide the date, and then we get into this revolving chain, so…
755
00:55:10.300 –> 00:55:11.219
Wendy Zollner: Cool. Thank you.
756
00:55:11.220 –> 00:55:15.079
Dan Deppen: Yeah, hopefully it’s not too bad, like, it’s one of those things, lots of little nitpicky stuff, but…
757
00:55:15.270 –> 00:55:15.950
Wendy Zollner: Yeah.
758
00:55:15.950 –> 00:55:18.580
Dan Deppen: I feel like once we get this down, it’ll be pretty smooth.
759
00:55:18.830 –> 00:55:20.229
Wendy Zollner: Yeah, I think so.
760
00:55:20.520 –> 00:55:21.450
Wendy Zollner: Oops.
761
00:55:21.760 –> 00:55:24.160
Dan Deppen: Alright, cool. Alright, well, have a good one.
762
00:55:24.160 –> 00:55:25.770
Wendy Zollner: You too. Bye.
763
00:55:25.770 –> 00:55:26.320
Dan Deppen: Yep.
========================================
FILE: CTU_Training___Loan_Estimate_Accuracy__Fee_Validation__and_TRID_Timing_01-23-2026.txt
CTU Training – Loan Estimate Accuracy, Fee Validation, and TRID Timing_01-23-2026.txt
CTU TRAINING TRANSCRIPT
Topic: Loan Estimate (LE) Accuracy, Fee Validation, and TRID Timing Requirements
Stage of Loan Process:
Underwriting → Loan Estimate → Pre-Closing → Closing Disclosure
Systems Discussed:
Byte (LOS)
Zoho CRM
DocMagic
Summary:
This training focuses on preparing accurate Loan Estimates (LE) and ensuring all fees, escrows, and loan terms are correct before sending to the borrower. It highlights the importance of validating lender inputs, confirming title and closing costs, and ensuring compliance with TRID timing rules. The session reinforces that the LE sets the foundation for the entire loan file, and errors at this stage can create downstream issues with the Closing Disclosure (CD) and closing timeline. The goal is to produce a clean, accurate LE that minimizes revisions and supports a smooth closing process.
Key Concepts:
- LE must be accurate before sending to borrower to avoid redisclosure
- Validate all lender-provided terms before generating LE
- Title fees and closing costs must be confirmed before inclusion
- Escrow settings (waived vs collected) impact payment and cash to close
- Taxes and insurance must be accurate to ensure correct PITI calculation
- LE triggers the 7-business-day TRID waiting period before closing
- LE and CD cannot be issued on the same day
- Errors on LE often carry through to CD if not corrected early
- Clear communication with lender is critical before sending LE
Process Notes:
- Review all loan terms and fees before generating LE
- Confirm title company fees when available
- Double-check escrow, tax, and insurance inputs
- Send LE only after lender approval of numbers
- Monitor TRID timing once LE is issued
Common Issues:
- Missing or incorrect title fees
- Incorrect escrow settings or insurance amounts
- Sending LE before lender confirms numbers
- Multiple LE revisions causing delays
- Misalignment between LE and final CD
Source:
Internal CTU Training – Loan Estimate Accuracy and TRID Workflow (01-23-2026)
WEBVTT
1
00:00:00.060 –> 00:00:00.860
Wendy Zollner: Okay.
2
00:00:02.270 –> 00:00:04.980
Dan Deppen: What you do to refresh?
3
00:00:05.510 –> 00:00:09.129
Dan Deppen: is in the search over here, just basically have the search blank.
4
00:00:09.310 –> 00:00:10.150
Wendy Zollner: Okay.
5
00:00:10.150 –> 00:00:11.800
Dan Deppen: And then if you hit search.
6
00:00:13.010 –> 00:00:16.300
Dan Deppen: It’ll just pull everything back up, and we’ll basically refresh it.
7
00:00:16.309 –> 00:00:17.369
Wendy Zollner: Okay, cool.
8
00:00:17.370 –> 00:00:21.410
Dan Deppen: And here, too, like, you can look, so on Lancaster, the date modified.
9
00:00:22.180 –> 00:00:29.130
Dan Deppen: So this was just modified at 10.10 AM, so probably, like, when you closed it, like, anything that hadn’t saved and synced.
10
00:00:29.700 –> 00:00:31.839
Dan Deppen: It did, so that’s kind of a way, too, to…
11
00:00:32.509 –> 00:00:33.249
Wendy Zollner: Okay, cool.
12
00:00:33.250 –> 00:00:34.650
Dan Deppen: Double-check that we’re not…
13
00:00:35.260 –> 00:00:40.170
Dan Deppen: You know, and this is the thing too, right? Like, modern SaaS software, that’s not a concern. This is, like, 90s…
14
00:00:40.320 –> 00:00:40.820
Wendy Zollner: Yeah.
15
00:00:40.820 –> 00:00:42.330
Dan Deppen: That you gotta worry about.
16
00:00:47.790 –> 00:00:50.700
Dan Deppen: Okay, then let me pull up the…
17
00:00:51.510 –> 00:00:57.569
Dan Deppen: the SOP, I’ve kind of got… just gonna move over to Haw… Okay, so…
18
00:01:00.510 –> 00:01:01.950
Wendy Zollner: So, what…
19
00:01:02.620 –> 00:01:06.289
Wendy Zollner: Do you want me to just kind of go ask my questions, or do you want to see if it’s.
20
00:01:06.290 –> 00:01:09.959
Dan Deppen: Yeah, no, just, just go… Okay. Ask your questions.
21
00:01:09.960 –> 00:01:16.239
Wendy Zollner: So, one on the, in the Zoho deal, it says it’s a RAP loan, but I didn’t see, like, there was any field.
22
00:01:16.240 –> 00:01:32.179
Dan Deppen: Oh yeah, yeah, so, so for us, from the underwriting perspective, it really doesn’t make a difference whether it’s a wrap loan or not. So this whole process, bite entry, and even all the underwriting, the disclosures, it doesn’t impact us.
23
00:01:33.320 –> 00:01:40.150
Dan Deppen: The reason we ask is sometimes, like, if they are, if they order loan docs.
24
00:01:41.500 –> 00:01:51.910
Dan Deppen: I don’t want to do loan docs if there’s a wrap loan, because sometimes there are special requirements that we’re not set up. So that’s a flag, because one of the things that’s happened in the past when we would use focus docs for the docs.
25
00:01:52.500 –> 00:02:01.829
Dan Deppen: they wouldn’t do them for RAP loans, and we would get all the way down the track, we’d have this loan reporter in, and then someone would come back, and the seller would be like, oh, it’s a wrap loan, and then they would be like.
26
00:02:02.270 –> 00:02:06.430
Dan Deppen: Well, we can’t do it, we’re out, and then they need docs, and then there’s, like, this whole fiasco.
27
00:02:06.430 –> 00:02:07.720
Wendy Zollner: Yeah, okay.
28
00:02:07.720 –> 00:02:10.619
Dan Deppen: And sometimes there’s just, like, wrinkles with…
29
00:02:10.949 –> 00:02:15.390
Dan Deppen: the title company, like, if they come back and they ask us to rebalance the CD,
30
00:02:16.080 –> 00:02:22.290
Dan Deppen: They’ll go, hey, well, you know, your CD doesn’t mention the other loan or the wrap, and it’s like, we didn’t know it was a wrap, so we don’t have any of that.
31
00:02:22.290 –> 00:02:22.920
Wendy Zollner: Hmm.
32
00:02:22.920 –> 00:02:26.680
Dan Deppen: And there, so sometimes, it’s just good… to know.
33
00:02:26.680 –> 00:02:27.260
Wendy Zollner: Yeah.
34
00:02:27.260 –> 00:02:33.480
Dan Deppen: That that’s in there, and then also where it could come into play with underwriting.
35
00:02:33.980 –> 00:02:37.050
Dan Deppen: You know, if you’re… if you’re doing a wrap loan.
36
00:02:38.450 –> 00:02:45.720
Dan Deppen: the stakes are kind of higher, right? So, if I’m the lender and it’s a wrap loan, I’m gonna… all things being equal, I’m gonna have a tighter set of standards.
37
00:02:46.040 –> 00:02:46.480
Wendy Zollner: Okay.
38
00:02:46.480 –> 00:02:53.320
Dan Deppen: wrap versus a non-wrap, because if I get in a default scenario, not only do I have all the expense and pain of the default stuff.
39
00:02:53.500 –> 00:03:00.709
Dan Deppen: But now I gotta keep paying on a wrap loan, so if we have one that’s maybe, like, a little more… like, let’s say it’s compliant.
40
00:03:01.090 –> 00:03:06.110
Dan Deppen: But it’s kind of marginal, you know, DTI is, like, 54%,
41
00:03:06.630 –> 00:03:10.889
Dan Deppen: Credits, a little sketch. You might tell the borrower, hey, this is compliant.
42
00:03:11.840 –> 00:03:13.330
Dan Deppen: But it’s risky.
43
00:03:13.670 –> 00:03:21.339
Dan Deppen: it’s kind of especially risky on a RAP loan, so, like, can you deal with it if they default, right? Because the other thing that happens, too, especially with…
44
00:03:22.200 –> 00:03:25.900
Dan Deppen: the rap creators. Now, some of the rap creators are…
45
00:03:27.260 –> 00:03:30.499
Dan Deppen: Long-term investors have done a lot of this, they know what they’re doing.
46
00:03:31.620 –> 00:03:38.609
Dan Deppen: But a big chunk of them are, like, Pace Morby Sub 2 people, who often have very little understanding of how loans.
47
00:03:38.740 –> 00:03:40.840
Wendy Zollner: Work, and really stick.
48
00:03:40.900 –> 00:03:45.429
Dan Deppen: their neck out. So if it’s, like, a Pace Morby person, too, if someone, like, hey, dude, like.
49
00:03:46.260 –> 00:03:49.330
Dan Deppen: This may not be the best buyer for this kind of…
50
00:03:49.530 –> 00:03:55.020
Dan Deppen: deal. Now, those people, they’ll always forge ahead and do it anyways, but… Yeah.
51
00:03:55.460 –> 00:04:02.000
Dan Deppen: the best advice. So yeah, that… so that doesn’t actually impact, your underwriting.
52
00:04:02.220 –> 00:04:03.520
Wendy Zollner: Okay, cool.
53
00:04:03.820 –> 00:04:05.600
Wendy Zollner: Let’s see…
54
00:04:05.820 –> 00:04:13.910
Wendy Zollner: Okay, so the borrower… the primary borrower… I think this was the file that they didn’t get to, like, fully fill out and submit.
55
00:04:13.910 –> 00:04:16.519
Dan Deppen: Oh, because we had, like, the Excel file.
56
00:04:16.529 –> 00:04:28.979
Wendy Zollner: Yeah, so the, borrower, the primary borrower did not have an address filled in, and nor did he have, like, a citizen residency type, so I didn’t know if that stuff was, like.
57
00:04:28.980 –> 00:04:30.200
Dan Deppen: this.
58
00:04:30.760 –> 00:04:32.830
Dan Deppen: They are a married couple, like…
59
00:04:33.720 –> 00:04:40.739
Dan Deppen: they have the same last name, and the co-borrower said they were married, I would just assume it’s the same for the others. It’s not gonna…
60
00:04:40.900 –> 00:04:44.450
Dan Deppen: It’s not really gonna change… anything…
61
00:04:44.570 –> 00:04:49.970
Dan Deppen: you know, in terms of DTI, the main thing we need different between the borrowers would be the,
62
00:04:50.420 –> 00:04:57.879
Dan Deppen: the SSNs and date of births, because we’ll use that to pull credit, so as long as you’re pulling credit on the right person, it’s not really going to change in underwriting.
63
00:04:58.350 –> 00:04:58.930
Wendy Zollner: Okay.
64
00:04:58.930 –> 00:04:59.520
Dan Deppen: Decision.
65
00:05:00.980 –> 00:05:03.560
Wendy Zollner: Okay, so…
66
00:05:03.790 –> 00:05:14.979
Wendy Zollner: Okay, so the… so when I was doing the new data entry file, that went pretty well, where I was basically copying from the Zoho deal and pasting it into this screen here.
67
00:05:14.980 –> 00:05:15.760
Dan Deppen: Yeah.
68
00:05:15.760 –> 00:05:19.310
Wendy Zollner: And then, one thing I was gonna ask you, I don’t know if this is…
69
00:05:19.460 –> 00:05:26.930
Wendy Zollner: Like a… just out of curiosity, when you get down to the, tax and insurance?
70
00:05:27.180 –> 00:05:27.650
Dan Deppen: So…
71
00:05:27.990 –> 00:05:32.040
Wendy Zollner: You can’t just copy and paste it, you actually have to do the calculation, because this…
72
00:05:32.040 –> 00:05:37.810
Dan Deppen: Oh, and you can’t do the calculation in bytes, so I ended up just pulling up, like, the windows, which is
73
00:05:38.230 –> 00:05:38.930
Dan Deppen: feeling…
74
00:05:39.090 –> 00:05:46.019
Wendy Zollner: Yeah, so the only thing I was thinking is, is there a way that Zoho can have a field that calculates it for us, that we can copy and paste?
75
00:05:46.020 –> 00:05:48.220
Dan Deppen: It actually does.
76
00:05:55.020 –> 00:05:56.770
Dan Deppen: And it… let me see where that…
77
00:05:57.950 –> 00:06:00.970
Wendy Zollner: I’m in the… I just went in the deal.
78
00:06:01.190 –> 00:06:03.050
Dan Deppen: It will,
79
00:06:04.640 –> 00:06:11.910
Dan Deppen: It’s actually in one of the fields in the thing, but I forget where it shows up. It doesn’t show it in the PDF for some reason.
80
00:06:12.780 –> 00:06:16.319
Wendy Zollner: So I’m in… I’m not in the term deal sheet, I’m in the,
81
00:06:17.310 –> 00:06:21.319
Wendy Zollner: the Zoho deal CRM part of the…
82
00:06:22.220 –> 00:06:23.550
Dan Deppen: Oh…
83
00:06:23.550 –> 00:06:25.870
Wendy Zollner: Should I be looking at the term sheet, or…
84
00:06:26.910 –> 00:06:32.630
Dan Deppen: Let me look at… yeah, so I have something in the term sheet that calculates it, maybe I just need to map that to the deal.
85
00:06:33.110 –> 00:06:33.700
Wendy Zollner: Okay.
86
00:06:36.190 –> 00:06:37.899
Dan Deppen: I thought I did anyways.
87
00:06:39.110 –> 00:06:40.799
Dan Deppen: Yeah, so it’s got this, like…
88
00:06:40.800 –> 00:06:43.070
Wendy Zollner: Yeah, you do have it right there.
89
00:06:43.390 –> 00:06:44.030
Wendy Zollner: Okay.
90
00:06:44.030 –> 00:06:44.550
Dan Deppen: Yeah, so the…
91
00:06:44.550 –> 00:06:47.600
Wendy Zollner: No, it’s just not in the… When.
92
00:06:47.600 –> 00:06:51.120
Dan Deppen: You know, if I just unhide these, I bet you it’ll show it in the PDF.
93
00:06:52.240 –> 00:06:52.980
Wendy Zollner: Okay.
94
00:06:53.800 –> 00:06:56.240
Wendy Zollner: So when I’m in the…
95
00:06:56.240 –> 00:06:59.080
Dan Deppen: Why is visibility… it won’t let me…
96
00:07:02.730 –> 00:07:04.930
Dan Deppen: Oh, I just had to click it, that’s weird.
97
00:07:10.500 –> 00:07:17.600
Wendy Zollner: So is that… does that mean visibility in… it’ll show the customer, the client who’s filling out the term sheet?
98
00:07:17.730 –> 00:07:18.299
Wendy Zollner: These fields.
99
00:07:18.300 –> 00:07:21.210
Dan Deppen: Yeah, so what the… so what the client should see?
100
00:07:22.260 –> 00:07:23.930
Dan Deppen: Now that I’ve updated it.
101
00:07:29.160 –> 00:07:31.119
Dan Deppen: Well, it’s not on this page, so I’ll just…
102
00:07:36.860 –> 00:07:38.560
Dan Deppen: I’ll sprint omitator.
103
00:07:51.940 –> 00:07:55.670
Wendy Zollner: Oh, they’re… Does it… I wonder if it… does it automatically calculate it for them, then?
104
00:07:55.670 –> 00:07:59.480
Dan Deppen: It should, so if I say it’s 1200, yeah.
105
00:08:00.080 –> 00:08:01.480
Wendy Zollner: Oh, good, okay.
106
00:08:01.480 –> 00:08:04.890
Dan Deppen: Yeah, so we’ll leave it like that. I think that’ll make it a little bit easier for everybody.
107
00:08:04.890 –> 00:08:06.530
Wendy Zollner: Yeah, that’s cool.
108
00:08:06.670 –> 00:08:11.800
Dan Deppen: And then when… and then the PDF will come in, and then the next step would be…
109
00:08:27.250 –> 00:08:33.950
Dan Deppen: This is the part, so there’s different ways to automate different things within Zoho?
110
00:08:33.950 –> 00:08:34.730
Wendy Zollner: Okay.
111
00:08:35.880 –> 00:08:41.970
Dan Deppen: So the way that the CRM deal actually gets created is actually within the form itself.
112
00:08:42.260 –> 00:08:43.240
Wendy Zollner: Okay?
113
00:08:43.240 –> 00:08:51.200
Dan Deppen: So, when a form gets submitted, It kicks off this… creating the CRM deal.
114
00:08:51.200 –> 00:08:51.930
Wendy Zollner: Okay.
115
00:08:54.190 –> 00:08:56.160
Dan Deppen: So, if I go to…
116
00:08:59.810 –> 00:09:01.549
Wendy Zollner: Yeah, I see annual insurance.
117
00:09:01.550 –> 00:09:07.689
Dan Deppen: I don’t know if I need to set up the field. I’ll try to do this real time.
118
00:09:08.860 –> 00:09:17.139
Wendy Zollner: This might be a better thing to do later, but I’m gonna take a swing at it. Yeah, I mean, it was just a minor, like, thing. I wasn’t really sure how…
119
00:09:17.580 –> 00:09:21.690
Wendy Zollner: Easy or hard it would be if they’re… or even possible to add it.
120
00:09:21.690 –> 00:09:24.829
Dan Deppen: Oh, it… I mean, just about anything is possible.
121
00:09:25.450 –> 00:09:26.650
Wendy Zollner: Yeah, but how hard it is.
122
00:09:26.650 –> 00:09:27.179
Dan Deppen: And I think.
123
00:09:27.180 –> 00:09:27.989
Wendy Zollner: It’s worth it.
124
00:09:27.990 –> 00:09:32.690
Dan Deppen: hard. I’m gonna try to do it in 5 minutes here, but I might get stuck.
125
00:09:32.690 –> 00:09:34.480
Wendy Zollner: That’s cool.
126
00:09:35.480 –> 00:09:37.950
Dan Deppen: Edit, edit page layout.
127
00:10:19.470 –> 00:10:22.290
Dan Deppen: So now I’ve got those fields in the CRM deal.
128
00:10:22.290 –> 00:10:23.090
Wendy Zollner: Okay.
129
00:10:24.830 –> 00:10:28.140
Dan Deppen: Now, if I go here, I’m gonna refresh it just for grins.
130
00:10:57.870 –> 00:10:58.663
Dan Deppen: And then…
131
00:11:11.260 –> 00:11:12.680
Wendy Zollner: That’s very cool.
132
00:11:14.770 –> 00:11:19.110
Dan Deppen: I think I fixed it, so I think now… Let’s test it, right?
133
00:11:20.750 –> 00:11:22.670
Dan Deppen: So I’m gonna close this…
134
00:11:23.290 –> 00:11:36.480
Dan Deppen: And now, when you run a test like this, you end up with, like, all kinds of crap I gotta delete, because it’s gonna kick off other automations, and create a Google Drive folder, and create invoices, blah blah blah blah blah. So whenever you see stuff that’s just, like, kind of blank.
135
00:11:36.980 –> 00:11:39.179
Dan Deppen: If you see a deal and it says, like.
136
00:11:39.680 –> 00:11:43.580
Dan Deppen: Dan Deppin, 660 SunUp, that’s me doing a test.
137
00:11:43.860 –> 00:11:44.600
Wendy Zollner: her, yeah.
138
00:11:44.600 –> 00:11:48.670
Dan Deppen: Alright, so if you see, like, my name and my address, like, that’s a… that’s a test.
139
00:11:49.260 –> 00:11:55.449
Wendy Zollner: Okay, cool. I see it in the CRM deal now that I’m looking at.
140
00:11:55.750 –> 00:12:02.059
Wendy Zollner: But yeah, of course, it’s not… it’s not populated with information. I see the blank, field.
141
00:12:02.060 –> 00:12:02.850
Dan Deppen: Right.
142
00:12:18.020 –> 00:12:24.999
Dan Deppen: Okay, so annual property tax… Well, 2400, we’ll call this 1200.
143
00:12:40.200 –> 00:12:51.750
Dan Deppen: And sometimes you gotta wait a little bit, because sometimes there’s delays built in some of the automations that kind of, like, cascade and, you know, do different things, but actually that CRM creation should kick off.
144
00:12:53.180 –> 00:12:54.240
Wendy Zollner: Okay, cool.
145
00:12:54.450 –> 00:12:55.510
Dan Deppen: Right away.
146
00:13:15.540 –> 00:13:17.689
Dan Deppen: So, it might take a couple minutes.
147
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Wendy Zollner: Okay.
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Dan Deppen: to create, but… you’ve always got to test this stuff, too, because sometimes I put in little things that just seem like no-brainers, and then something doesn’t work.
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Wendy Zollner: Yeah, right, yeah, you never know for sure how it’s gonna come out.
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Dan Deppen: Or, what I’ve done with some of the invoicing stuff, it works.
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Dan Deppen: But then it’s also updating when other actions happened that I didn’t mean for it to…
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Wendy Zollner: Yeah, right, there’s some other unintended consequence that you didn’t think.
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Dan Deppen: Okay, so there we go, so there’s the deal that came in.
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Wendy Zollner: Okay.
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Dan Deppen: There we go.
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Wendy Zollner: Awesome! Okay.
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Dan Deppen: So that works.
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Wendy Zollner: I love… I love it. So then the… yeah, so then that whole section, the…
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Wendy Zollner: Now can be copied and pasted.
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Wendy Zollner: In, bite from the deal.
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Wendy Zollner: Okay, so then…
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Dan Deppen: Right.
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Dan Deppen: Triumph…
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Wendy Zollner: Oh yeah, I gotta delete all.
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Dan Deppen: There’s always, like, cleanup.
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Wendy Zollner: Yeah.
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Dan Deppen: One of these, and then…
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Wendy Zollner: So, you deleted out of Zoho, then you deleted out of Drive, oh, and .
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Dan Deppen: Yeah, it’ll create invoices, so these may not have kicked off yet.
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Dan Deppen: But a lot of times, too, like, I’ll see these, like, I’ll be searching invoice, oh, here was one, you know, that was a test, I need to just delete that.
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Wendy Zollner: Okay.
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Dan Deppen: So I can do that later, so… Okay, cool. So what, what other questions?
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Wendy Zollner: Okay, so then, so that…
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Wendy Zollner: section went pretty well, and then, let’s see, for… oh, for the home page.
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Wendy Zollner: Let’s see, the homepage… File Assignment section.
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Wendy Zollner: Oh, yeah, it was… there was a discrepancy in what your video showed, and the… I wanted to make sure they were not two different things, because the SOP said the file assignment section loan officer should be not assigned, but in the template, it was assigned, so I wanted to make sure this isn’t this… these are not two different things that.
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Dan Deppen: Oh, just… no, wait, so the… the SOP said don’t assign it?
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Wendy Zollner: Yeah.
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Dan Deppen: Okay, that’s right, yeah, just put my name is Loan Officer. I will…
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Wendy Zollner: You want me to update the SOP?
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Dan Deppen: Yeah.
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Wendy Zollner: Okay.
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Wendy Zollner: Yeah, that was the other question I was gonna…
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Wendy Zollner: go… I didn’t know if you wanted me to make any updates in there.
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Wendy Zollner: Yeah.
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Dan Deppen: Okay, now I got that moron that tried to text me last night. I emailed this morning, said, I’ll call you at 11.15.
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Dan Deppen: when I’m done with this other one, and now he’s trying to call and text again. I’m like, I told you when I.
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Wendy Zollner: Yeah.
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Dan Deppen: It’s fine.
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Wendy Zollner: Like, he’s having a breakdown of emergency.
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Dan Deppen: weird. I’m like… Yeah.
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Wendy Zollner: Yeah, he thinks it’s an emergency. Okay, I added that to the SOP.
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Wendy Zollner: I just wanted to make sure I wasn’t… it wasn’t, like, two different things, because it’s hard to tell with this.
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Dan Deppen: Yeah.
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Wendy Zollner: Okay, subject property info.
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Wendy Zollner: subject property.
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Wendy Zollner: Okay, so in the… SOP, it says, do not enter the street address, but I entered the street.
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Dan Deppen: Oh, I need to update that, too, yeah. Okay.
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Wendy Zollner: Okay, because I entered the street address in the new file data entry screen, and it just pulled it into here. I didn’t know why it said, do not enter the street address.
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Dan Deppen: Yeah, so the reason behind that, I’m updating that now.
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Dan Deppen: So… In Origination Rules.
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Dan Deppen: If you collect a full application from a borrower, then you need to get them a loan estimate within 3 business days.
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Wendy Zollner: Okay.
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Dan Deppen: You’re deemed to have collected an application when there are, like, 6 different pieces of information.
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Dan Deppen: One of which is the street address of the property.
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Wendy Zollner: Okay.
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Dan Deppen: So what they used to do was leave that open so that you didn’t technically
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Dan Deppen: Collect an application, because sometimes you can’t get it out within 3 business days, because you need other info from the borrower, and then you’re going back and forth.
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Dan Deppen: The reality is, nobody’s keeping track of that.
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Wendy Zollner: Yeah, okay.
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Dan Deppen: So, and then when you don’t put the street address, when you’re looking at it in the pipeline view.
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Dan Deppen: Now everything’s by borrower, and depending on how that was entered, that can be tricky.
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Wendy Zollner: Yeah, okay.
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Dan Deppen: So I changed that and said, okay, we just put the damn street address in so that we can see what’s what in here, because nobody else is looking at this.
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Wendy Zollner: Okay, okay, cool. I make sure I didn’t do one of them wrong,
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Dan Deppen: Because what they’d always do, too, was leave off the application date, because that’s another one as well, and the street address, so…
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Dan Deppen: A lot of times, if I’ve got all the information, I just go ahead and put the application date.
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Dan Deppen: Okay. Because if you put all that in, and then we get delays, and the loan estimate comes out later.
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Dan Deppen: Bite can bark at you with some warnings, saying, hey, this time came out.
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Wendy Zollner: So the main thing is don’t put that application date
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Wendy Zollner: Don’t populate that until we do have everything.
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Dan Deppen: Yeah, and it depends, like, if it’s a reliable client, and I feel like I have everything, I’ll just fill out, you know, everything in there, because what should happen, I think.
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Dan Deppen: Yeah, see how, like, this application thing is, yellow?
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Wendy Zollner: Yeah.
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Dan Deppen: That means we have… we don’t have a full application yet, so if I try to print the LE,
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Dan Deppen: It should…
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Dan Deppen: should stop me. Or at least it might let me print it, but not let me, disclose it, I would think.
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Dan Deppen: But maybe it will.
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Dan Deppen: Yeah, see, I got an error, so it says… oh, this is the counseling agency’s list, this is another thing, but…
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Wendy Zollner: Okay.
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Dan Deppen: Borrower’s current resident zip code is blank.
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Dan Deppen: So it should kind of stop me, but if I go in here and I make the application date today.
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Wendy Zollner: Alright, did I freeze up, or did you freeze up?
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Dan Deppen: No, I froze. I’m trying to.
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Wendy Zollner: Okay.
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Dan Deppen: Okay, so if I put in the application date now.
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Dan Deppen: Then this should go.
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Wendy Zollner: Okay.
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Dan Deppen: So now it’s got the application, and it’s saying.
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Dan Deppen: Hey, LE disclosure required by 127.
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Wendy Zollner: Okay. Oh, okay, cool. Yeah.
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Dan Deppen: And it’s counting the 3 business days, right? So if we do the math, it should work. So today.
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Dan Deppen: is day zero. The 24th, Saturday counts, day one.
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Dan Deppen: Sunday doesn’t… Sunday, the…
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Dan Deppen: 25th doesn’t count, the 26th would be Day 2, and then the 27th is Day 3.
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Wendy Zollner: Okay.
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Dan Deppen: So Byte will do a lot of that.
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Wendy Zollner: That’s cool. Yeah.
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Wendy Zollner: Okay, so then… MIP…
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Dan Deppen: So, in theory, like, what we would have to do, and again, like, nobody’s following up on this, nobody cares.
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Dan Deppen: But let’s say we tag it as an application, they submitted their application, but we’re like, hey, we can’t…
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Dan Deppen: get… A loan estimate, because we’re… we actually need some other bank statements information.
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Dan Deppen: please borrow or provide them, borrower doesn’t provide them, and we get to the end of the three days, then we would actually have to send, like, an adverse action saying.
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Dan Deppen: You’re turned down.
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Dan Deppen: Because we don’t We don’t have the info, right?
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Wendy Zollner: Yeah. Oh, wow, okay.
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Dan Deppen: But we don’t want to… and that just creates confusion, and so we’ll just skip it.
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Wendy Zollner: Okay. Okay. Okay, so the next part. MIP percent.
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Wendy Zollner: Hold on, I gotta… I wrote some of this last night, and then the other part… MIP% enter not financed.
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Wendy Zollner: Base amount was already entered from File Data Entry 1.
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Wendy Zollner: I’m in person.
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Dan Deppen: Yeah, so as long as you have set to set the not finance, that should be good.
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Wendy Zollner: Okay.
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Wendy Zollner: Oh, because it said enter, not finance before you enter the base loan amount, so an automation doesn’t trigger the MIP FFF paid in cash.
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Wendy Zollner: But the base amount is entered in file data.
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Dan Deppen: Yeah, sometimes that happens. It should be okay, though. Lately, it’s been… Okay.
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Wendy Zollner: So… The P&I from Bite, 10.08 is $23.27.89, and Zoho, it’s a $10 difference. Is that very.
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Dan Deppen: That’s fine. Yeah, all you’re really looking for there…
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Dan Deppen: Like, if it’s… if it’s the same or in the ballpark, you know you’re good.
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Dan Deppen: Sometimes it’s wildly off.
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Wendy Zollner: Okay.
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Dan Deppen: And that can be a flag, like, to ping the lender and say, hey, is this the term you wanted? Because sometimes what happens is…
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Dan Deppen: They’ll give us… They’ll say the term is 360 months.
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Dan Deppen: And then they’ll give us a P&I that maps to, like, 180 months.
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Dan Deppen: Okay. So sometimes, if it’s a different number, you’re like, oh wait, they gave us the number for this term, and then I would just email
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Dan Deppen: The lender and said, hey, you gave us
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Dan Deppen: these terms, the PNI would be this, but then you mentioned this P&I, which would be this term.
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Dan Deppen: Can you confirm?
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Wendy Zollner: Yeah.
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Dan Deppen: we wanted.
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Wendy Zollner: Okay, so that’.
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Dan Deppen: So really, it’s just, like, a double check.
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Wendy Zollner: Okay, cool. I, I, that’s what I was wondering, like, how much dollar-wise is close enough, or…
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Dan Deppen: Yeah, if it’s within a dollar, you know, a few dollars, a few pennies, you know, then that’s fine. What you’re really looking for is, like, a gross…
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Dan Deppen: Error, like, maybe they had a different term, or they had something else.
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Wendy Zollner: Yeah, that makes sense, what we’re looking for.
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Wendy Zollner: If, yeah, they made a mistake on that.
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Wendy Zollner: Okay.
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Wendy Zollner: I said, I cannot find the escrow, yes or no info in Zoho. I’m probably not looking in the right place, but I did find it on the term sheet.
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Dan Deppen: Oh… Did I not map that over yet?
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Wendy Zollner: Well, I don’t know. I had it. I might not have just seen it, because there’s so.
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Dan Deppen: I thought I did that at one point, but maybe I didn’t, right?
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Wendy Zollner: Maybe there’s just… well, I wouldn’t just take my word for it, because there’s so many fields… no, there is a field in here.
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Wendy Zollner: Wait, what am I looking at? No, I’m seeing it now. There’s escrows, yes, I see it.
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Wendy Zollner: I miss… I missed it.
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Dan Deppen: Okay, no problem.
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Wendy Zollner: Okay, so I’m seeing that. Okay, well, I found the information, I just was…
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Dan Deppen: Okay, yeah, so that…
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Dan Deppen: Because at one point, that was not in the CRM, and then you had to, like, go to the term sheet, and…
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Wendy Zollner: Yeah, okay, well, I didn’t see it, but now I see where it is.
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Wendy Zollner: Okay, so I’m just,
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Wendy Zollner: I’m just, like, going over my notes here. Okay, then in the Bytes… in the Byte Parties page,
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Wendy Zollner: when I’m entering… I had to enter the builder, so the lender populated as the TVPH, and then I tried to go in to add a builder, and I tried to use the select from lender list, so it could
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Wendy Zollner: use the data already populated in Lender to populate Builder, but I couldn’t… I couldn’t get it to work, so I had to.
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Dan Deppen: Yeah, so what you gotta do… Here’s the trick.
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Wendy Zollner: Okay.
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Wendy Zollner: So if I pull this up, right, so I just double-click this, so this is under lender, right?
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Dan Deppen: And then if I go here, I can go…
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Dan Deppen: add to the Cardex as a new lender. So if I do this…
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Dan Deppen: It will save it as a lender for next time, but not as a builder.
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Wendy Zollner: Hmm.
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Dan Deppen: Right?
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Wendy Zollner: Okay, right.
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Dan Deppen: But, if I go… but if I just click that anyhow, right?
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Dan Deppen: So if I hit OK, it’s gonna save it as a lender.
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Wendy Zollner: Okay.
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Dan Deppen: But what I can do is change the category.
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Wendy Zollner: Oh…
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Dan Deppen: Select Builder.
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Wendy Zollner: Okay, so I was doing it…
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Dan Deppen: Or I could do a random one, like, let me save them as an appraiser just for giggles.
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Wendy Zollner: Okay.
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Dan Deppen: So I say add to it as a lender, but I’m not really adding as a lender. I’m going to add them as an appraiser.
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Dan Deppen: you know, now if I were to go up here…
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Dan Deppen: Let’s say select from list, they show up on the appraiser list.
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Dan Deppen: And I could add them in.
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Dan Deppen: As an approach.
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Wendy Zollner: So if… so what I thought was, when I got to this screen and lender was already populated, I assumed it was already in the cardex as a lender, which maybe that’s not true to assume that I just pulled.
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Dan Deppen: No.
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Wendy Zollner: Okay, it pulled it from somewhere else. And plus, I also thought that this was a repeat customer, and I’m not sure why I was thinking that, but I thought it, and maybe I read it somewhere.
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Dan Deppen: No, they’re not. Let’s see if it populated right in the, Let’s go back here.
332
00:26:59.840 –> 00:27:04.060
Wendy Zollner: So I thought if it was a repeat customer, then it should have already been in there, but…
333
00:27:04.330 –> 00:27:04.880
Wendy Zollner: If it’s.
334
00:27:04.880 –> 00:27:06.550
Dan Deppen: Put in the CardX invite.
335
00:27:08.180 –> 00:27:10.280
Wendy Zollner: In Cardex.
336
00:27:10.630 –> 00:27:13.049
Wendy Zollner: Yeah, if it was already… if they were already…
337
00:27:13.270 –> 00:27:17.049
Dan Deppen: Oh, I mean, if they were a repeat customer, they should be in there.
338
00:27:17.050 –> 00:27:18.010
Wendy Zollner: Yeah, okay.
339
00:27:18.010 –> 00:27:24.940
Dan Deppen: However… Not everybody that’s entered files always saves them in the cardex, so… Yeah.
340
00:27:25.120 –> 00:27:25.700
Wendy Zollner: Okay.
341
00:27:25.900 –> 00:27:30.279
Dan Deppen: This is the one we’re doing, right? Lancaster?
342
00:27:30.280 –> 00:27:31.559
Wendy Zollner: Yeah, that’s one, yeah.
343
00:27:33.770 –> 00:27:37.089
Dan Deppen: Oh, they did get flagged as returning. Okay, so they have used us before.
344
00:27:39.020 –> 00:27:41.160
Dan Deppen: I didn’t realize that. I thought they were new.
345
00:27:43.680 –> 00:27:49.089
Wendy Zollner: Yes, but yeah, it’s funny, because I’m like, I know I saw that somewhere, but now I don’t remember where I saw that.
346
00:27:50.270 –> 00:27:51.130
Wendy Zollner: What.
347
00:27:51.130 –> 00:27:55.700
Dan Deppen: Show me attachments… Huh.
348
00:27:56.120 –> 00:27:57.800
Dan Deppen: It says they’re returning.
349
00:27:59.030 –> 00:28:00.950
Dan Deppen: But it only shows the one deal.
350
00:28:00.950 –> 00:28:03.630
Wendy Zollner: And they don’t have any past invoices or anything?
351
00:28:05.590 –> 00:28:08.580
Dan Deppen: So let me do my other search under TVPH.
352
00:28:09.600 –> 00:28:11.779
Dan Deppen: And do my magic button search.
353
00:28:20.180 –> 00:28:22.639
Wendy Zollner: Oh, there’s only one deal associated with them.
354
00:28:22.640 –> 00:28:25.560
Dan Deppen: Yeah, that’s not right.
355
00:28:28.800 –> 00:28:30.310
Dan Deppen: Let’s do this.
356
00:28:31.220 –> 00:28:33.979
Dan Deppen: So… what time did this come in?
357
00:28:39.240 –> 00:28:40.880
Wendy Zollner: 8.17 PM.
358
00:28:41.630 –> 00:28:43.150
Dan Deppen: On the 21st.
359
00:28:43.500 –> 00:28:45.810
Wendy Zollner: Yeah, so… Wednesday.
360
00:28:50.120 –> 00:28:55.040
Dan Deppen: So I’m gonna go to Zoho Flow, and I’m gonna look at the run, and see why it went down that path.
361
00:28:59.180 –> 00:29:01.460
Dan Deppen: Oh, one of these failed, that might have been a test.
362
00:29:04.990 –> 00:29:08.089
Dan Deppen: Oh, this was the test I just did, I think something morphed, but…
363
00:29:08.090 –> 00:29:08.670
Wendy Zollner: Oh, God.
364
00:29:08.670 –> 00:29:09.560
Dan Deppen: That’s okay.
365
00:29:13.470 –> 00:29:18.090
Dan Deppen: So 1021 at 8… so 16 was when this actually fired initially.
366
00:29:18.230 –> 00:29:19.100
Wendy Zollner: Okay.
367
00:29:21.170 –> 00:29:24.100
Dan Deppen: And I can double-check that it’s got the right
368
00:29:24.750 –> 00:29:26.429
Dan Deppen: that I’ve got the right file.
369
00:29:27.470 –> 00:29:31.249
Dan Deppen: Yeah, TVS, blah blah blah blah blah blah, so this is the right one.
370
00:29:31.250 –> 00:29:32.060
Wendy Zollner: Okay.
371
00:29:34.770 –> 00:29:37.339
Dan Deppen: So, it fetched the customer, it looks like it…
372
00:29:46.200 –> 00:29:48.250
Dan Deppen: Contact. Decision…
373
00:29:54.100 –> 00:29:57.690
Dan Deppen: Does customer exist that’s been successfully determined?
374
00:30:13.720 –> 00:30:14.320
Wendy Zollner: Huh.
375
00:30:24.520 –> 00:30:29.789
Dan Deppen: So when it looked to see if they were an existing customer, oh, it went by the email.
376
00:30:31.040 –> 00:30:31.890
Wendy Zollner: Okay?
377
00:30:35.070 –> 00:30:37.619
Dan Deppen: So maybe they used a different company name.
378
00:30:38.980 –> 00:30:40.980
Wendy Zollner: Yeah, right, that’s true.
379
00:30:42.840 –> 00:30:44.290
Dan Deppen: I thought I had it set.
380
00:30:44.450 –> 00:30:46.189
Dan Deppen: This is actually… well…
381
00:30:56.320 –> 00:30:58.899
Dan Deppen: Hmm, I don’t know. I’ll have to look at that later, but…
382
00:30:58.900 –> 00:30:59.610
Wendy Zollner: Yeah.
383
00:30:59.780 –> 00:31:00.750
Wendy Zollner: Okay.
384
00:31:03.130 –> 00:31:03.910
Dan Deppen: Okay.
385
00:31:04.530 –> 00:31:09.400
Wendy Zollner: Okay, so then… That’s… explains that.
386
00:31:10.860 –> 00:31:23.980
Wendy Zollner: Okay, so loan… oh, loan estimate page 1, client’s desired closing date from the term sheet is 2-3, and we had set 2 weeks out as 2-4. Is that not a big deal, or…
387
00:31:24.770 –> 00:31:27.849
Wendy Zollner: If they had a… a close… a suit.
388
00:31:27.850 –> 00:31:28.950
Dan Deppen: They had what?
389
00:31:28.950 –> 00:31:35.409
Wendy Zollner: They want a closing date of 2-3, and when… if we set it for 2 weeks out, it’s 2-4.
390
00:31:35.410 –> 00:31:39.750
Dan Deppen: So, the question is, can we get… It done by then.
391
00:31:43.310 –> 00:31:44.950
Dan Deppen: Which we technically can.
392
00:31:45.120 –> 00:31:49.090
Dan Deppen: If everything goes fast. So in that case, just use the date that they put.
393
00:31:49.780 –> 00:31:50.440
Wendy Zollner: Okay.
394
00:31:50.440 –> 00:31:52.960
Dan Deppen: Assuming it’s a somewhat credible date.
395
00:31:53.380 –> 00:31:59.889
Dan Deppen: Yeah, right, yes. You know, if they said, like, if we’re… if they sent us this, like, today the 23rd, and they’re like, we’re closing Tuesday.
396
00:32:00.860 –> 00:32:01.520
Wendy Zollner: Yeah.
397
00:32:01.520 –> 00:32:07.530
Dan Deppen: you can’t do that compliantly, so then you would just go to the two weeks and, you know, whatever. But since this is…
398
00:32:07.960 –> 00:32:12.420
Dan Deppen: very tight, but technically doable. We’ll just roll with what they have for now.
399
00:32:13.240 –> 00:32:14.130
Wendy Zollner: Okay.
400
00:32:14.270 –> 00:32:22.340
Wendy Zollner: Then on loan estimate page 3, Let’s see… Using retail… oh.
401
00:32:22.490 –> 00:32:26.709
Dan Deppen: So a lot of this stuff now gets filled by the, template.
402
00:32:26.710 –> 00:32:28.609
Wendy Zollner: Okay, yeah, that’s what I thought.
403
00:32:28.610 –> 00:32:33.920
Dan Deppen: Another change that may have changed since the SOP is The late payment.
404
00:32:33.920 –> 00:32:34.240
Wendy Zollner: Yeah.
405
00:32:34.240 –> 00:32:37.829
Dan Deppen: It used to be, 4 pers- used to be 5%.
406
00:32:38.140 –> 00:32:43.360
Wendy Zollner: And it used to be 5 days, I think? No. Yeah, 5 days and… 4%.
407
00:32:43.360 –> 00:32:50.390
Dan Deppen: Yeah, the reason I went to 10 days, 4%, is because some states, like North Carolina, have different requirements.
408
00:32:50.390 –> 00:32:51.360
Wendy Zollner: Okay.
409
00:32:51.360 –> 00:33:00.749
Dan Deppen: And lenders never care about this, so rather than have to, like, go, okay, this is a standard 08, but this is North Carolina, or this is that state, now we have to change it.
410
00:33:00.950 –> 00:33:06.799
Dan Deppen: I just kind of went lowest common denominator. If the lender doesn’t like it, and they want us to change it, then we’ll change it.
411
00:33:07.010 –> 00:33:09.170
Wendy Zollner: Okay, yeah, that makes sense.
412
00:33:09.170 –> 00:33:09.790
Dan Deppen: Yeah.
413
00:33:10.090 –> 00:33:18.239
Wendy Zollner: And then the last one… In the SOP, it said, set new construction to bank, but it didn’t say…
414
00:33:18.240 –> 00:33:19.889
Dan Deppen: So, just leave it blank.
415
00:33:19.890 –> 00:33:23.239
Wendy Zollner: Okay, yeah, that’s what I thought, because I’m like, but it didn’t say…
416
00:33:23.350 –> 00:33:30.140
Wendy Zollner: in certain conditions or not certain conditions, it just said, set it to blank, and I’m like, that doesn’t make sense, but…
417
00:33:30.400 –> 00:33:36.290
Dan Deppen: We haven’t had any that are new construction loans, so it doesn’t… Just ignore it.
418
00:33:36.290 –> 00:33:38.029
Wendy Zollner: Yeah, okay, I’ll ignore that.
419
00:33:38.170 –> 00:33:45.709
Wendy Zollner: Okay, and then on loan estimate page 3… oh, the origination channel, they had Consumer Direct, but I think.
420
00:33:45.710 –> 00:33:47.870
Dan Deppen: Oh, change that to retail.
421
00:33:48.410 –> 00:33:50.229
Wendy Zollner: Okay, so, origination…
422
00:33:50.230 –> 00:33:55.279
Dan Deppen: It was Consumer Direct originally, because the client wanted something to show up a certain way.
423
00:33:56.960 –> 00:34:01.560
Dan Deppen: But with the new… Doc Vendor, Doc Magic.
424
00:34:01.780 –> 00:34:08.170
Dan Deppen: For some reason, when you send the data to DocMagic, if the original channel is Consumer Direct, then it barfs.
425
00:34:08.639 –> 00:34:09.419
Wendy Zollner: Okay.
426
00:34:09.420 –> 00:34:12.260
Dan Deppen: They just sent it to retail, and then the loan docs weren’t.
427
00:34:12.260 –> 00:34:16.209
Wendy Zollner: It was set to retail in one of the two,
428
00:34:16.409 –> 00:34:20.499
Wendy Zollner: places in SOPs are not set to retail in both of those.
429
00:34:20.500 –> 00:34:21.330
Dan Deppen: Okay, perfect.
430
00:34:22.310 –> 00:34:24.970
Wendy Zollner: Okay, so then back to my question.
431
00:34:34.270 –> 00:34:38.019
Wendy Zollner: Fill out exclamation marks. Assumption not allowed.
432
00:34:38.300 –> 00:34:42.490
Wendy Zollner: Well, I guess that this is where I started getting really confused, was… I didn’t…
433
00:34:42.600 –> 00:34:46.170
Wendy Zollner: Exclamation marks. This is loan… Estimate page…
434
00:34:46.179 –> 00:34:48.299
Dan Deppen: What part of the SOP are you on?
435
00:34:48.880 –> 00:34:51.619
Wendy Zollner: This is… what page?
436
00:34:52.110 –> 00:34:56.800
Wendy Zollner: 17. I’m on page 17, loan estimate, page 3.
437
00:34:57.510 –> 00:34:58.520
Wendy Zollner: And…
438
00:35:01.330 –> 00:35:07.749
Wendy Zollner: I don’t… it doesn’t look the same as the picture they have. Yeah, I started getting lost here. Fill out XL.
439
00:35:07.750 –> 00:35:08.340
Dan Deppen: Oh…
440
00:35:08.340 –> 00:35:09.010
Wendy Zollner: groups.
441
00:35:09.670 –> 00:35:12.040
Dan Deppen: So, a lot of this stuff is now in the template.
442
00:35:12.580 –> 00:35:13.360
Wendy Zollner: Okay.
443
00:35:13.360 –> 00:35:15.269
Dan Deppen: So, assumption not allowed is right here.
444
00:35:15.270 –> 00:35:18.859
Wendy Zollner: Oh, because it… so it wasn’t an exclamation mark, that’s why.
445
00:35:19.320 –> 00:35:19.970
Wendy Zollner: It already was.
446
00:35:19.970 –> 00:35:23.009
Dan Deppen: Yeah, because if it’s… if it’s blank.
447
00:35:23.690 –> 00:35:24.110
Wendy Zollner: Yeah.
448
00:35:24.110 –> 00:35:26.379
Dan Deppen: It gives you the explanation mark.
449
00:35:26.740 –> 00:35:28.250
Dan Deppen: Okay, that makes sense.
450
00:35:28.250 –> 00:35:29.630
Wendy Zollner: That’s why I couldn’t.
451
00:35:29.630 –> 00:35:31.250
Dan Deppen: Nice.
452
00:35:36.620 –> 00:35:37.960
Wendy Zollner: Okay, so…
453
00:35:38.730 –> 00:35:42.210
Dan Deppen: So, I’m just gonna put a note here.
454
00:35:42.210 –> 00:35:42.780
Wendy Zollner: Okay.
455
00:35:47.270 –> 00:35:48.299
Dan Deppen: I’ll just say.
456
00:36:00.600 –> 00:36:03.509
Dan Deppen: And I’ll delete that thing about the exclamation part.
457
00:36:04.580 –> 00:36:08.679
Wendy Zollner: Yeah, that part, I didn’t realize… I didn’t think about the fact that the…
458
00:36:09.090 –> 00:36:11.650
Wendy Zollner: Template changed it, and we wouldn’t see it.
459
00:36:11.840 –> 00:36:15.109
Wendy Zollner: I just changed these, too, if that… if you… if you…
460
00:36:15.340 –> 00:36:17.890
Dan Deppen: Yeah, and I’ll change the screen grab real quick.
461
00:36:18.090 –> 00:36:18.890
Wendy Zollner: Okay.
462
00:36:23.630 –> 00:36:30.780
Wendy Zollner: than the, unless it’s HCM and all keyhole keyhole loans are HCM…
463
00:36:31.700 –> 00:36:37.560
Dan Deppen: Well, and keyhole loans are basically done at this point, so Sherman’s not really a customer.
464
00:36:39.080 –> 00:36:42.209
Wendy Zollner: Okay. Should I delete that? Those.
465
00:36:52.530 –> 00:36:53.020
Wendy Zollner: read this.
466
00:36:53.020 –> 00:36:58.620
Dan Deppen: It’s not letting me edit this. It’s, like, my computer, like, is unhappy. It’s not letting me edit the screenshot.
467
00:36:58.820 –> 00:36:59.215
Wendy Zollner: Huh?
468
00:37:03.710 –> 00:37:06.510
Dan Deppen: Yeah, just delete those keyhole references.
469
00:37:07.280 –> 00:37:07.970
Wendy Zollner: Okay.
470
00:37:24.150 –> 00:37:29.269
Dan Deppen: Yeah, for some reason, like, my whole Google Chrome is, like, hosing up, like, it won’t let me do anything with my tabs.
471
00:37:29.640 –> 00:37:30.690
Wendy Zollner: Oh, no.
472
00:37:31.250 –> 00:37:32.959
Wendy Zollner: Everything just froze up.
473
00:37:33.940 –> 00:37:48.000
Wendy Zollner: You know, Zoom is okay, Byte is okay, my snipping tool with the screenshot is okay, but Chrome is not happy. Did you notice, how Microsoft went down yesterday? Like, people weren’t getting emails for…
474
00:37:48.200 –> 00:37:50.109
Wendy Zollner: 5 hours or something?
475
00:37:50.330 –> 00:37:56.749
Dan Deppen: No, I didn’t see that. When I worked at AWS, I mean, AWS has had a couple of outages of, like,
476
00:37:57.520 –> 00:38:00.360
Dan Deppen: They’re East 1. Yeah.
477
00:38:00.480 –> 00:38:03.650
Dan Deppen: There was one that happened while I was there, and that was, like.
478
00:38:04.470 –> 00:38:10.319
Dan Deppen: Pandemonium, because so many things run on that, like, if it happens to go down, it’s just like…
479
00:38:11.060 –> 00:38:14.060
Dan Deppen: It’s like international news, you know?
480
00:38:14.060 –> 00:38:30.280
Wendy Zollner: Oh, yeah. Yeah, and it was down for… for hours. It was more… probably more like 6 or 7 hours, and it looks like the emails that went out during that time did not get delivered, they just disappeared into the ether to almost people’s, like, automatic
481
00:38:30.340 –> 00:38:34.849
Wendy Zollner: invoice emails and stuff like that. It looks like those did not go through.
482
00:38:36.030 –> 00:38:38.350
Dan Deppen: Yeah, that’s bad. That stuff is…
483
00:38:38.830 –> 00:38:42.230
Wendy Zollner: Yeah, well, like, that’s really bad if that happened.
484
00:38:42.230 –> 00:38:44.879
Dan Deppen: I might have to just, like, crash Chrome and…
485
00:38:45.260 –> 00:38:50.450
Wendy Zollner: Alright, you wanna… you gotta… or you still have time, or you gotta make a call to that guy anyway?
486
00:38:50.450 –> 00:38:59.130
Dan Deppen: No, I got time. The guy said that he wasn’t available at 11.15. He was available for, like, 10 minutes, and then at 12.15, so I told him I would call him at 12.15.
487
00:38:59.290 –> 00:39:00.010
Wendy Zollner: Okay.
488
00:39:03.390 –> 00:39:06.790
Wendy Zollner: If you have to… you want to call back, or do…
489
00:39:07.030 –> 00:39:09.730
Dan Deppen: No, because it’s past the 15 minutes. I’ll call them.
490
00:39:09.730 –> 00:39:14.070
Wendy Zollner: I mean, for us, do I… do you need me to get off of Zoom, and then you can re…
491
00:39:14.390 –> 00:39:18.810
Dan Deppen: No, because I’m gonna try just killing Chrome and restarting it.
492
00:39:19.660 –> 00:39:20.360
Wendy Zollner: Okay.
493
00:39:20.360 –> 00:39:22.880
Dan Deppen: Because the other things kind of appear to be…
494
00:39:23.220 –> 00:39:26.890
Dan Deppen: Still working, although I can hear you, although the Zoom video froze now.
495
00:39:27.430 –> 00:39:28.800
Wendy Zollner: Oh, can you still hear me?
496
00:39:28.800 –> 00:39:30.250
Dan Deppen: Yeah, I can still hear you.
497
00:39:30.690 –> 00:39:31.460
Wendy Zollner: Okay.
498
00:39:40.180 –> 00:39:41.040
Wendy Zollner: I’m feeling.
499
00:39:45.280 –> 00:39:50.629
Dan Deppen: Well, let’s do this. Let’s just… well, we might try to wrap it up soon. Let me just make sure I get through all your questions, and then…
500
00:39:50.630 –> 00:39:56.589
Wendy Zollner: The rest of them are the employ… employment history? No, at the resident?
501
00:39:56.750 –> 00:40:01.030
Wendy Zollner: They… they only gave me one month of history?
502
00:40:01.140 –> 00:40:07.519
Wendy Zollner: So they’re renting a place that they’ve only been at one month, so there’s no two-year history, and then employment.
503
00:40:07.810 –> 00:40:11.809
Wendy Zollner: Or if there’s no employment, and then income.
504
00:40:12.200 –> 00:40:19.569
Wendy Zollner: this is where maybe they’ve submitted those files. I haven’t looked for the files yet, but the income that’s been entered into the
505
00:40:20.000 –> 00:40:26.519
Wendy Zollner: application, it just shows Donna has $900 a month in Social Security, but nothing else.
506
00:40:27.110 –> 00:40:34.389
Wendy Zollner: And then I stopped at page 20 of the SOP, because I got… I… it was monthly income, assets, all that stuff, I just…
507
00:40:34.560 –> 00:40:35.380
Wendy Zollner: Nope.
508
00:40:35.670 –> 00:40:37.340
Wendy Zollner: We’re gone. We’re gone.
509
00:41:00.500 –> 00:41:04.419
Dan Deppen: Oh, there you are. Okay, my Zoom… I was just texting you, my Zoom, like, hosed up when I was…
510
00:41:04.420 –> 00:41:07.370
Wendy Zollner: Yeah, I saw that. I just waited, I thought you’d be back.
511
00:41:07.660 –> 00:41:08.750
Dan Deppen: Okay, so…
512
00:41:10.110 –> 00:41:11.499
Wendy Zollner: Oh, I was…
513
00:41:11.500 –> 00:41:17.759
Dan Deppen: Okay, she had a question about income. I did catch the part where you said her app said $900 and nothing else.
514
00:41:18.080 –> 00:41:23.289
Wendy Zollner: Yeah, so in the app, it’s just her social security, and there’s none for the primary borrower.
515
00:41:24.160 –> 00:41:26.260
Dan Deppen: On his app, he said he had zero income.
516
00:41:26.260 –> 00:41:33.730
Wendy Zollner: Yeah, he didn’t fit… he didn’t finish anything past the address, like, citizen… U.S. citizen, nothing else in his was populated.
517
00:41:33.730 –> 00:41:39.419
Dan Deppen: Okay, in that case then, we will need to, if I can do this…
518
00:41:39.870 –> 00:41:42.820
Dan Deppen: See if anything else came through on him.
519
00:41:44.400 –> 00:41:47.670
Dan Deppen: And then, .
520
00:41:50.650 –> 00:41:51.810
Wendy Zollner: And by that.
521
00:41:52.480 –> 00:41:55.959
Dan Deppen: And then email him and say, hey, we’re missing this other info.
522
00:42:00.050 –> 00:42:02.239
Dan Deppen: So his name was Steve Lancaster.
523
00:42:02.430 –> 00:42:03.890
Wendy Zollner: Yeah. Yep.
524
00:42:07.160 –> 00:42:11.439
Dan Deppen: entries… So there’s Donna, hers came through fully.
525
00:42:15.290 –> 00:42:16.870
Dan Deppen: Steve’s did not.
526
00:42:17.730 –> 00:42:20.090
Dan Deppen: We just had that partial entry.
527
00:42:21.490 –> 00:42:28.210
Dan Deppen: So, I am gonna email… him… What was his email address?
528
00:42:29.320 –> 00:42:29.970
Dan Deppen: Fair enough.
529
00:42:29.970 –> 00:42:31.709
Wendy Zollner: Let me go get it for you.
530
00:42:31.710 –> 00:42:35.840
Dan Deppen: Or Adonis, there she is. Okay.
531
00:42:35.840 –> 00:42:36.820
Wendy Zollner: You found it.
532
00:42:37.030 –> 00:42:37.830
Wendy Zollner: Okay.
533
00:42:43.280 –> 00:42:45.589
Dan Deppen: Oh, Christine emailed him.
534
00:42:46.690 –> 00:42:52.060
Dan Deppen: I’ll sort of look at the timeline. Okay, so this was me, because we were going back and forth, they were having issues.
535
00:42:52.060 –> 00:42:53.429
Wendy Zollner: Oh, yeah, okay.
536
00:42:53.430 –> 00:42:59.820
Dan Deppen: I see a partially completed and saved for Steven, not seeing anything from you, and then Steven said, is this fixed?
537
00:43:00.450 –> 00:43:05.129
Dan Deppen: And then Christine said… and see, this is nice too, right, because that’s all, like, the shared email and…
538
00:43:05.590 –> 00:43:10.260
Dan Deppen: They sign their names. I just received the application for Donna. I have bank statements.
539
00:43:10.650 –> 00:43:17.849
Dan Deppen: with both of their names and a 2023 tax return, I’m still missing Steven’s application and any additional income.
540
00:43:20.300 –> 00:43:24.180
Dan Deppen: They want. Oh, she thought she was talking to the lender.
541
00:43:24.580 –> 00:43:25.920
Wendy Zollner: Oh, okay.
542
00:43:26.700 –> 00:43:29.079
Wendy Zollner: Yeah, instead of the actual borrower.
543
00:43:29.080 –> 00:43:36.800
Dan Deppen: So what I’m gonna do is I’m gonna reply… And I’m gonna copy… Donna?
544
00:43:37.130 –> 00:43:37.710
Wendy Zollner: Okay.
545
00:43:37.710 –> 00:43:43.920
Dan Deppen: So she’s in the loop, because it could be a case, too, especially if these people are old, like, one looks at their email and one doesn’t.
546
00:43:44.410 –> 00:43:45.230
Wendy Zollner: Yeah, that’s true.
547
00:43:45.230 –> 00:43:49.119
Dan Deppen: And then I am also gonna copy the lender, you know.
548
00:43:50.110 –> 00:43:53.319
Dan Deppen: Use your judgment on these, but a lot of times.
549
00:43:53.500 –> 00:43:55.859
Dan Deppen: I like to just put the lender in the loop.
550
00:43:56.330 –> 00:44:02.830
Dan Deppen: Or the borrower in the loop, and then just everybody knows. And that can avoid, like, the lender pinging us, going, hey, where’s the file?
551
00:44:02.830 –> 00:44:04.350
Wendy Zollner: Yeah, exactly.
552
00:44:04.350 –> 00:44:15.089
Dan Deppen: and then they kind of know, oh, they’re waiting on this guy’s application, and then just everybody kind of knows, right? That was another thing that Shantae just refused to do, and then you would.
553
00:44:15.090 –> 00:44:16.020
Wendy Zollner: No, huh?
554
00:44:16.020 –> 00:44:24.399
Dan Deppen: And then… and then the lender would email, hey, where’s my file? And then she just, like, would email them back, and then everybody’s freaking out. All you gotta do is just copy them on it, and then everybody’s…
555
00:44:24.400 –> 00:44:25.050
Wendy Zollner: Yeah.
556
00:44:25.220 –> 00:44:25.820
Wendy Zollner: Yeah.
557
00:44:26.410 –> 00:44:27.690
Wendy Zollner: Duh.
558
00:44:30.220 –> 00:44:37.419
Dan Deppen: Let’s see, so the… Oh, the TVHS office, that was the one we were just…
559
00:44:38.280 –> 00:44:42.659
Dan Deppen: talking about, because I think this guy just pinged, like, last night, asking, like, where’s my stuff?
560
00:45:10.350 –> 00:45:11.940
Dan Deppen: And then I’ll give them the link.
561
00:45:12.640 –> 00:45:16.730
Dan Deppen: Two, even though it’s, like, in the email chain, and we kind of know he has it.
562
00:45:17.020 –> 00:45:17.780
Wendy Zollner: Yeah.
563
00:45:18.330 –> 00:45:19.879
Dan Deppen: You know, just make it…
564
00:45:20.430 –> 00:45:24.649
Wendy Zollner: So by finish, he’s gonna have to re… redo it, is that correct?
565
00:45:24.650 –> 00:45:29.910
Dan Deppen: Yeah, or he could pick up the safe, but these people are so technologically troubled.
566
00:45:29.910 –> 00:45:30.540
Wendy Zollner: Yeah.
567
00:45:30.540 –> 00:45:35.810
Dan Deppen: if you try to get him back to a safe thing, like, that’s never gonna happen. I’m like, just, here’s the link, you know?
568
00:45:35.810 –> 00:45:37.040
Wendy Zollner: Yeah, true.
569
00:45:37.980 –> 00:45:41.759
Wendy Zollner: Okay, okay, then that part makes sense.
570
00:45:46.380 –> 00:45:49.889
Dan Deppen: So, we’ll have to kind of hold on that for now.
571
00:45:50.130 –> 00:45:50.880
Wendy Zollner: Okay.
572
00:45:51.430 –> 00:45:56.710
Dan Deppen: I wanna see what…
573
00:46:02.180 –> 00:46:04.550
Dan Deppen: Why is the byte file not jumping out at me?
574
00:46:04.920 –> 00:46:07.000
Dan Deppen: Or the Google Drive folder.
575
00:46:07.520 –> 00:46:08.480
Dan Deppen: There we are.
576
00:46:10.310 –> 00:46:13.960
Dan Deppen: So what do we got for income? We’ve got…
577
00:46:17.310 –> 00:46:20.760
Dan Deppen: a page Of a bank statement.
578
00:46:20.760 –> 00:46:21.680
Wendy Zollner: Wow.
579
00:46:21.680 –> 00:46:23.770
Dan Deppen: Another page of a bank statement.
580
00:46:25.770 –> 00:46:27.190
Dan Deppen: I don’t know what that is.
581
00:46:29.640 –> 00:46:35.850
Dan Deppen: Oh, and then… A part of a tax return from 2023.
582
00:46:37.570 –> 00:46:44.210
Wendy Zollner: Is, 2023 tax statement relevant when it should have been 2024 was last year?
583
00:46:44.210 –> 00:46:49.960
Dan Deppen: Yeah, the only way it’s relevant is if, they were providing the last 2 years.
584
00:46:50.220 –> 00:46:51.430
Wendy Zollner: Oh, okay.
585
00:46:51.770 –> 00:46:54.550
Dan Deppen: But if you have just one year and it’s two years ago, that’s no good.
586
00:46:54.830 –> 00:46:55.580
Wendy Zollner: Yeah.
587
00:46:57.030 –> 00:47:01.309
Dan Deppen: Let’s just get the application from him first. I think I already hit send on that email.
588
00:47:02.730 –> 00:47:07.390
Dan Deppen: I should have also included, like, the income stuff, but let’s just see what they come back.
589
00:47:07.390 –> 00:47:07.930
Wendy Zollner: Yeah.
590
00:47:07.930 –> 00:47:11.670
Dan Deppen: And then we’ll have to ask them about… the income.
591
00:47:11.670 –> 00:47:15.710
Wendy Zollner: I feel like their only income is Social Security, but.
592
00:47:16.710 –> 00:47:18.520
Dan Deppen: And that could be the case.
593
00:47:18.810 –> 00:47:25.469
Dan Deppen: And that could be okay if it’s both of them, but let’s just, like, look at this and try to project where we’re gonna go.
594
00:47:26.360 –> 00:47:27.110
Wendy Zollner: Okay.
595
00:47:27.360 –> 00:47:29.720
Dan Deppen: So how old are they? Yeah, they’re both…
596
00:47:30.140 –> 00:47:36.270
Dan Deppen: you know, so 870, 864, so there’s a decent chance it’s both Social Security income.
597
00:47:38.110 –> 00:47:45.110
Dan Deppen: that’s gonna get real tight if their P&I is, like, $2,300, right? Because the Social Security income might be…
598
00:47:46.240 –> 00:47:47.680
Dan Deppen: 2K a month?
599
00:47:47.680 –> 00:47:49.930
Wendy Zollner: Hers, hers is $900 a month.
600
00:47:50.490 –> 00:47:56.129
Dan Deppen: Yeah, I mean, I mean, I would say, like, if I didn’t see that, I was just guessing, I’m like, okay.
601
00:47:56.430 –> 00:48:02.159
Dan Deppen: maybe their total combined is, like, 4K a month? Yeah, because she’s 64, right? She’s not at the…
602
00:48:02.160 –> 00:48:03.319
Wendy Zollner: Oh, yeah.
603
00:48:03.320 –> 00:48:15.119
Dan Deppen: You know, if they’re… but let’s say, like, I didn’t know that, and I said, okay, we got two borrowers, they’re old, they’re probably both on Social Security, if that’s the case, maybe their combined Social Security is, like, 4K between the two of them.
604
00:48:15.380 –> 00:48:23.180
Dan Deppen: If their PITI is… 2700, like, it’s not gonna work, like, their DTI’s gonna be, like.
605
00:48:23.450 –> 00:48:25.200
Dan Deppen: Probably north of 60.
606
00:48:25.370 –> 00:48:27.640
Dan Deppen: And that’s if they don’t have any other debts.
607
00:48:27.890 –> 00:48:28.830
Wendy Zollner: Yeah.
608
00:48:28.830 –> 00:48:36.510
Dan Deppen: So that’s a rough one. Now… Typically, Let’s pull their credit.
609
00:48:36.920 –> 00:48:37.790
Dan Deppen: Okay.
610
00:48:40.370 –> 00:48:42.039
Dan Deppen: So if we pull their credit.
611
00:48:46.180 –> 00:48:46.910
Dan Deppen: And…
612
00:48:48.220 –> 00:48:54.630
Dan Deppen: Oh, I just gotta fill in this other… See now, Byte 2, right, it’s pulling all the data, it goes, hey, we’re missing this stuff from the borrower.
613
00:48:54.630 –> 00:48:55.330
Wendy Zollner: Yeah.
614
00:48:55.330 –> 00:49:00.589
Dan Deppen: So I’ll just, like, super quick go in here and do this. I know you were gonna do this, but…
615
00:49:16.840 –> 00:49:18.989
Dan Deppen: If their credit is really bad.
616
00:49:19.850 –> 00:49:24.959
Dan Deppen: Then, it could be that they really don’t have the income, and they’re just knuckleheads.
617
00:49:24.960 –> 00:49:25.830
Wendy Zollner: Okay.
618
00:49:25.830 –> 00:49:28.079
Dan Deppen: But if their credit’s good.
619
00:49:29.480 –> 00:49:33.950
Dan Deppen: And you’re like, wait a minute, they only have Social Security, their debt to income is sky high?
620
00:49:34.770 –> 00:49:38.730
Dan Deppen: Usually, people with good credit aren’t trying to take loans that they can’t afford.
621
00:49:38.730 –> 00:49:39.600
Wendy Zollner: Yeah.
622
00:49:39.600 –> 00:49:42.310
Dan Deppen: So that would tell me we’re probably missing some income.
623
00:49:42.310 –> 00:49:42.770
Wendy Zollner: Okay.
624
00:49:42.770 –> 00:49:56.460
Dan Deppen: I wouldn’t be surprised if they come and go, oh, well, I have this pension from the company. Oh, now you have it, right? So that’s… you can kind of, like, as you do these over time, you can almost, like, smell what’s…
625
00:49:56.780 –> 00:49:57.490
Wendy Zollner: Yeah.
626
00:49:57.490 –> 00:49:57.930
Dan Deppen: But it’s…
627
00:49:57.930 –> 00:50:00.130
Wendy Zollner: It’s predictive, it becomes predictable.
628
00:50:00.130 –> 00:50:09.909
Dan Deppen: Yeah, so based on what I see on the credit, I’m gonna make a prediction on… oh, now we’re not responding. My computer’s… I don’t know what’s going on here. Oh, but I got it.
629
00:50:15.830 –> 00:50:19.770
Dan Deppen: 590, bunch of charge-offs, some collections.
630
00:50:20.940 –> 00:50:27.700
Dan Deppen: 6.35, that’s not the worst, so this is kind of like… not… Horrible.
631
00:50:28.180 –> 00:50:28.620
Wendy Zollner: Okay.
632
00:50:28.620 –> 00:50:30.809
Dan Deppen: This is actually a fairly typical
633
00:50:31.460 –> 00:50:33.540
Dan Deppen: Credit profile of what we see.
634
00:50:33.540 –> 00:50:34.340
Wendy Zollner: Okay.
635
00:50:34.340 –> 00:50:37.209
Dan Deppen: You know, so we got, like, 590, $635…
636
00:50:37.420 –> 00:50:44.829
Dan Deppen: some past due accounts… I’m willing to bet that one of the past due accounts or charge-offs is a cell phone bill. It, like, always is, but let’s take a.
637
00:50:44.830 –> 00:50:45.580
Wendy Zollner: Right.
638
00:50:45.580 –> 00:50:58.780
Dan Deppen: and see. Like, usually if there’s one collections account, it’s a cell phone. If there’s multiple, at least one of them’s a cell phone. I’ve even seen one where they have, like, collections from Verizon, collections from AT&T, and you can see, like, they just went through the cell phone companies as they got…
639
00:50:59.030 –> 00:51:00.450
Wendy Zollner: Oh, wow, yeah.
640
00:51:00.450 –> 00:51:01.280
Dan Deppen: Want.
641
00:51:04.080 –> 00:51:10.700
Dan Deppen: So as agreed, as agreed, recreational merchandise? I don’t know what that is. So did they buy, like, a…
642
00:51:11.800 –> 00:51:15.870
Dan Deppen: This is in Idaho, they buy, like, a snowmobile or a boat or something, I don’t know.
643
00:51:15.870 –> 00:51:17.899
Wendy Zollner: Yeah, or like a camper or something.
644
00:51:17.900 –> 00:51:19.289
Dan Deppen: Yeah, it could be.
645
00:51:20.490 –> 00:51:23.800
Dan Deppen: Account closed, these are paid, paid, paid.
646
00:51:24.750 –> 00:51:28.879
Dan Deppen: Charge off, so Capital One credit card, dispute resolved.
647
00:51:29.960 –> 00:51:34.219
Dan Deppen: Synovus, I think that might be credit card. I know I’ve heard of Synovus.
648
00:51:36.830 –> 00:51:46.069
Dan Deppen: Capital One Dispute, Capital One Dispute, so a lot of these sort of like the same thing through Capital One. LVNV Funding, when you see that.
649
00:51:46.830 –> 00:51:49.539
Dan Deppen: That’s a company that will buy bad debt.
650
00:51:49.770 –> 00:51:53.409
Dan Deppen: So when you see LVNV funding, that’s usually, like.
651
00:51:53.920 –> 00:51:59.010
Dan Deppen: Some existing bad credit card debt, or some other debt that, like, they bought.
652
00:51:59.010 –> 00:52:03.060
Wendy Zollner: And a lot of times, it’ll say where it originally came from, so this says…
653
00:52:03.370 –> 00:52:05.580
Dan Deppen: Credit Bank One North America.
654
00:52:05.880 –> 00:52:08.460
Wendy Zollner: Okay. So that was likely, like, a bank one…
655
00:52:08.530 –> 00:52:16.089
Dan Deppen: credit card, they defaulted, the credit card bank one gave up chasing them and sold it to LVNV.
656
00:52:16.370 –> 00:52:17.060
Wendy Zollner: Okay.
657
00:52:18.260 –> 00:52:22.330
Dan Deppen: This one was settled for less than full balance with Citi.
658
00:52:24.750 –> 00:52:27.719
Dan Deppen: Settled for less than full balance.
659
00:52:28.130 –> 00:52:36.130
Dan Deppen: paid… Collections… Charge-offs purchased by another lender.
660
00:52:39.550 –> 00:52:42.750
Dan Deppen: Where were the collections accounts? Oh.
661
00:52:43.440 –> 00:52:51.630
Dan Deppen: LNV… okay, so… It looks like the stuff they’re behind on is bad credit card debt.
662
00:52:51.970 –> 00:52:52.810
Wendy Zollner: Okay.
663
00:52:55.430 –> 00:52:56.950
Dan Deppen: No inquiries.
664
00:53:01.070 –> 00:53:05.749
Dan Deppen: So… No mortgages either, right?
665
00:53:06.460 –> 00:53:09.649
Dan Deppen: So, what we’ll do in this case, so one, I’ll…
666
00:53:10.670 –> 00:53:15.670
Dan Deppen: save this so I can put a copy in the, drive folder.
667
00:53:15.850 –> 00:53:16.640
Wendy Zollner: Okay.
668
00:53:18.560 –> 00:53:24.989
Dan Deppen: And then I went to… Do the import debts thing.
669
00:53:25.380 –> 00:53:26.849
Wendy Zollner: Okay? Oh, okay.
670
00:53:27.730 –> 00:53:31.319
Dan Deppen: And this was one, I think we did an example the other day, but it was a bad example.
671
00:53:32.060 –> 00:53:34.539
Dan Deppen: So now it shows up all this stuff, right?
672
00:53:35.150 –> 00:53:37.610
Dan Deppen: But some of these are, like, zero balance old.
673
00:53:38.920 –> 00:53:42.600
Dan Deppen: So we go hide items with zero balance, and then move on.
674
00:53:42.950 –> 00:53:43.730
Wendy Zollner: Okay.
675
00:53:48.230 –> 00:53:52.159
Dan Deppen: So now, when it says all other payments, $12.88.
676
00:53:52.400 –> 00:53:58.580
Dan Deppen: it’s pulling that from the credit report. So that’s where yet, right? So now they’re gonna have
677
00:53:59.050 –> 00:54:05.380
Dan Deppen: $2,700 in housing payments, I’ve got $1,288 in other obligations, like $4K a month.
678
00:54:05.560 –> 00:54:06.390
Wendy Zollner: Yeah.
679
00:54:07.340 –> 00:54:14.180
Dan Deppen: So, just back of the napkin, to get to a DTI of, like, 50%, you know, they need, like, 8K.
680
00:54:15.350 –> 00:54:21.430
Wendy Zollner: in gross income, if it’s really just Social Security that’s not tracking Yeah.
681
00:54:21.430 –> 00:54:26.880
Dan Deppen: So this one’s… looking bad. Now, the other thing too, right, their credit is not…
682
00:54:26.990 –> 00:54:30.459
Dan Deppen: awesome. They have a tendency not to pay their credit cards.
683
00:54:32.810 –> 00:54:36.089
Dan Deppen: But there are borrowers who…
684
00:54:37.660 –> 00:54:42.839
Dan Deppen: don’t like to pay any of their bills. There are borrowers who don’t like to pay their bills, but they’ll pay their housing.
685
00:54:43.610 –> 00:54:44.350
Wendy Zollner: Yeah.
686
00:54:44.350 –> 00:54:52.019
Dan Deppen: And so that’s why we’ll add a loan condition, mainly for the low credit score, for a 12-month verification of rent letter.
687
00:54:52.220 –> 00:54:52.920
Wendy Zollner: Okay.
688
00:54:52.920 –> 00:54:56.300
Dan Deppen: So the way, you know, we would kind of mitigate that.
689
00:54:56.640 –> 00:55:02.760
Dan Deppen: is, in the way that I would look at it as a lender, It’s this one.
690
00:55:03.720 –> 00:55:07.380
Dan Deppen: And then we’re also… there were no credit inquiries.
691
00:55:08.490 –> 00:55:10.850
Dan Deppen: We do have credit delinquencies.
692
00:55:10.850 –> 00:55:21.989
Wendy Zollner: they… and they… I don’t know if this doesn’t really apply to their credit, but they didn’t have 12… or they didn’t have 2 years of, history, a residential history, or, you know.
693
00:55:21.990 –> 00:55:29.469
Dan Deppen: Yeah, so what we’re gonna do to mitigate that, we’re gonna get this verification of rent letters, so we just want some evidence that they’ve
694
00:55:29.750 –> 00:55:33.729
Dan Deppen: Made their last… their last 12 months of housing payments on time.
695
00:55:33.730 –> 00:55:34.600
Wendy Zollner: Okay.
696
00:55:34.600 –> 00:55:39.140
Dan Deppen: So the way that, you know, you kind of look at that as a lender is, let’s say the borrower has bad credit.
697
00:55:40.120 –> 00:55:45.229
Dan Deppen: and they’re late on housing payments. Well, that’s sky-high risk, right? And…
698
00:55:45.430 –> 00:55:51.359
Dan Deppen: you know, so Dodd-Frank is a big gray area, right? But one of the elements is credit.
699
00:55:51.780 –> 00:55:55.510
Dan Deppen: But if you know as a lender, like, hey, this dude doesn’t pay their bills.
700
00:55:55.680 –> 00:55:58.619
Dan Deppen: And they don’t like to pay their housing bills, and…
701
00:55:58.830 –> 00:56:02.069
Dan Deppen: I’m putting them in a loan where their housing payment has increased.
702
00:56:02.070 –> 00:56:02.850
Wendy Zollner: Right.
703
00:56:04.940 –> 00:56:14.969
Dan Deppen: even if they had the income to do it, you can kind of get in trouble as a lender. A judge could view that poorly, like, dude, like, you knew this guy was going to default. You knew they were a deadbeat.
704
00:56:15.250 –> 00:56:17.850
Wendy Zollner: Which is kind of weird to people, right? It’s like.
705
00:56:17.850 –> 00:56:21.750
Dan Deppen: wait, why am I in trouble? Because they were… well, you knew they were a deadbeat, and they weren’t gonna pay.
706
00:56:22.000 –> 00:56:22.910
Wendy Zollner: Right.
707
00:56:22.980 –> 00:56:23.680
Dan Deppen: Right.
708
00:56:24.090 –> 00:56:28.499
Dan Deppen: But let’s say their credit is kind of scratchy.
709
00:56:28.970 –> 00:56:31.540
Dan Deppen: But they always make their housing payments on time.
710
00:56:32.380 –> 00:56:46.259
Dan Deppen: that’s a different animal. So now, if I’m foreclosing, I say, look, you know, yeah, their credit was rough. However, we validated that they make their housing payment on time. We didn’t significantly increase their housing payment. We verified they had enough income to pay it.
711
00:56:46.760 –> 00:57:00.330
Dan Deppen: that’s a different ballgame. So your risk of default goes way down if they’re the type of borrower who pays their housing, and from a compliance standpoint, you’re less likely to run into, like, a regulatory or enforceability issue, because
712
00:57:01.210 –> 00:57:04.360
Dan Deppen: To show that they make their housing payments on time, and they had.
713
00:57:04.630 –> 00:57:05.230
Wendy Zollner: Yeah.
714
00:57:05.230 –> 00:57:10.039
Dan Deppen: If you just drag someone off the street, you’re like, hey, yeah, their credit score was 480,
715
00:57:10.400 –> 00:57:14.429
Dan Deppen: They never made a payment in their life, but they gave me a 30% down payment.
716
00:57:14.430 –> 00:57:15.150
Wendy Zollner: Right.
717
00:57:15.510 –> 00:57:16.190
Wendy Zollner: Yeah.
718
00:57:16.220 –> 00:57:19.929
Dan Deppen: Then you’re in rough territory there, you know.
719
00:57:19.930 –> 00:57:26.079
Wendy Zollner: Do you have, like, a floor of the credit rating that you’re like, no, we’re not gonna approve anything below.
720
00:57:26.080 –> 00:57:32.109
Dan Deppen: No, but here’s what happens. So, the credit floor we look at is 620.
721
00:57:32.330 –> 00:57:32.940
Wendy Zollner: Okay.
722
00:57:32.940 –> 00:57:38.740
Dan Deppen: If it’s below 620, we add the loan condition to get the verification of rent letter.
723
00:57:39.650 –> 00:57:40.760
Wendy Zollner: Okay.
724
00:57:40.960 –> 00:57:49.619
Dan Deppen: And when it’s below that, you know, often there’s other things we want them to fix, like the accounts and collections, we want them to bring that current.
725
00:57:50.580 –> 00:57:57.289
Dan Deppen: What happens in practice is, if someone’s got a 480 credit score, they’ve probably got 12 accounts and collections.
726
00:57:57.410 –> 00:58:08.579
Dan Deppen: And they’re never in their life gonna bring all those current, or get pro… So if the credit score’s low enough, there’s gonna be enough other conditions that the borrower’s just never gonna satisfy the conditions.
727
00:58:08.580 –> 00:58:09.280
Wendy Zollner: Okay.
728
00:58:09.280 –> 00:58:16.379
Dan Deppen: Anyhow, so it kind of takes care of itself. Like, in theory, someone could come along with a 4 credit score and clean up
729
00:58:16.790 –> 00:58:22.479
Dan Deppen: All the conditions, but the probability of somebody with that credit score doing that is, like, no.
730
00:58:23.020 –> 00:58:23.780
Wendy Zollner: Okay.
731
00:58:23.780 –> 00:58:25.930
Dan Deppen: So, the… the…
732
00:58:28.170 –> 00:58:38.739
Dan Deppen: de facto credit score you end up with, where someone might actually fill all the conditions and have that credit score is probably 540, 550, if I had to guess.
733
00:58:38.740 –> 00:58:40.190
Wendy Zollner: Hmm. Okay.
734
00:58:40.610 –> 00:58:44.750
Dan Deppen: You know, or… but then there’s other things too, right? Like, mileage varies.
735
00:58:44.980 –> 00:58:50.680
Dan Deppen: Maybe the credit score is lower because they don’t have much of a credit history.
736
00:58:51.210 –> 00:58:51.939
Wendy Zollner: Oh, right.
737
00:58:51.940 –> 00:58:57.069
Dan Deppen: They got one credit bump, and now they’re gonna… you know, so there’s always, like, corner cases.
738
00:58:57.070 –> 00:58:58.080
Wendy Zollner: Right.
739
00:58:58.570 –> 00:59:04.330
Wendy Zollner: Do you ever… do you notice a correlation in credit score and income level? Like, do they…
740
00:59:04.330 –> 00:59:04.770
Dan Deppen: Oh, yeah.
741
00:59:04.770 –> 00:59:05.700
Wendy Zollner: Yeah, kind of? Okay.
742
00:59:05.700 –> 00:59:08.719
Dan Deppen: Oh, yeah, yeah, I mean, if the, you know…
743
00:59:09.230 –> 00:59:13.540
Dan Deppen: The… the worst credit scores tend to have, like, low…
744
00:59:14.170 –> 00:59:18.019
Dan Deppen: Income levels, you know, for the most part.
745
00:59:18.260 –> 00:59:19.340
Wendy Zollner: Yeah, okay.
746
00:59:20.600 –> 00:59:21.290
Dan Deppen: But…
747
00:59:21.580 –> 00:59:22.290
Wendy Zollner: Cool.
748
00:59:22.490 –> 00:59:24.939
Dan Deppen: Yeah, so that’s the other thing too, right, is like…
749
00:59:26.180 –> 00:59:37.470
Dan Deppen: you know, when you get into low credit, there’s, like, too many conditions to overcome, their income’s probably not great to begin with, so the whole thing is kind of sketched from a DTI standpoint. And then you get ones where, like.
750
00:59:37.870 –> 00:59:43.929
Dan Deppen: Their credit’s, like, $7.50, and… their DTI is, like, 30, and they have, you know, the…
751
00:59:43.930 –> 00:59:45.140
Wendy Zollner: Yeah, yeah.
752
00:59:45.140 –> 00:59:50.200
Dan Deppen: You know, yeah, they do have a little bit of a tendency to track together, so kind of that, like.
753
00:59:52.560 –> 01:00:01.749
Dan Deppen: high 500s, low 600s, there might be some bumps, but then those can be cleaned up. They’re kind of like your typical seller finance.
754
01:00:01.750 –> 01:00:02.350
Wendy Zollner: Okay.
755
01:00:02.350 –> 01:00:06.429
Dan Deppen: You know? But then you do see ones where,
756
01:00:07.070 –> 01:00:12.940
Dan Deppen: Credit score and income is much higher, maybe they’re self-employed, or maybe they worked out some good deal with the seller, or whatever.
757
01:00:12.940 –> 01:00:16.049
Wendy Zollner: Yeah, okay. Yeah, that’s cool.
758
01:00:17.190 –> 01:00:25.620
Dan Deppen: So let me do this. I’m gonna run now. If you have more questions, just email them to me. I’m gonna try to get through some of the emails, and then I can,
759
01:00:27.460 –> 01:00:37.409
Dan Deppen: look through the pipeline, if there’s anything you can do, I can just send you, like, hey, you can take a swing at these ones, but it’s also Friday and, you know, whatnot. Some of this stuff we don’t get till Monday, that’s fine.
760
01:00:37.930 –> 01:00:41.830
Wendy Zollner: Yeah, yeah, whatever you need me to do, I’m still available, so… yeah.
761
01:00:41.830 –> 01:00:42.580
Dan Deppen: Okay.
762
01:00:42.580 –> 01:00:43.200
Wendy Zollner: Yeah.
763
01:00:44.450 –> 01:00:48.329
Dan Deppen: Alright, sounds good. Yeah, let me go through, I’ll try to find something else for you to…
764
01:00:48.830 –> 01:00:56.550
Dan Deppen: to work on, and then I know Christine will be on later, too, if she’s not on already, so… Okay. Yeah, then we’ll go from there, and then what about…
765
01:00:56.760 –> 01:00:58.439
Dan Deppen: We’ll just kind of keep…
766
01:00:59.170 –> 01:01:09.389
Wendy Zollner: Yeah, I put my time in to next week, so 8 to 12, whatever, I can be flexible, but that… I’m pretty open next week, I don’t have any appointments for my mom, so…
767
01:01:09.390 –> 01:01:10.090
Dan Deppen: Okay.
768
01:01:10.830 –> 01:01:12.760
Dan Deppen: And then, what’s a good time to meet?
769
01:01:14.010 –> 01:01:19.510
Wendy Zollner: Monday? Like, I could just do, like, bright and early at 8. Yeah, I can do 8 AM on Monday.
770
01:01:19.730 –> 01:01:22.399
Wendy Zollner: Okay, I’ll… I’ll set that up. Okay.
771
01:01:22.580 –> 01:01:26.529
Dan Deppen: After this, and then we’ll just kind of keep going, but yeah, so, I mean…
772
01:01:27.160 –> 01:01:29.579
Dan Deppen: You know, the byte entry’s looking good.
773
01:01:30.030 –> 01:01:33.730
Dan Deppen: You know, next week we’ll move into, like, the actual, like, underwriting.
774
01:01:34.650 –> 01:01:35.140
Wendy Zollner: Okay.
775
01:01:35.140 –> 01:01:37.910
Dan Deppen: Part of it, and, you know, it should go faster.
776
01:01:38.690 –> 01:01:39.819
Wendy Zollner: Cool. Sounds good.
777
01:01:39.820 –> 01:01:40.460
Dan Deppen: I know.
778
01:01:40.840 –> 01:01:42.850
Wendy Zollner: Sounds good. Thanks, Dan.
779
01:01:42.850 –> 01:01:45.380
Dan Deppen: Alright, cool. Well, have a good weekend. I’ll talk to you later.
780
01:01:45.380 –> 01:01:46.480
Wendy Zollner: Alright, you too. Bye.
781
01:01:46.480 –> 01:01:47.350
Dan Deppen: Alright, bye.
========================================
FILE: CTU_Training___Loan_Structuring__Terms_Review__and_Deal_Setup_in_Byte_02-06-2026.txt
CTU Training – Loan Structuring, Terms Review, and Deal Setup in Byte_02-06-2026.txt
CTU TRAINING TRANSCRIPT
Topic: Loan Structuring, Terms Review, and Deal Setup in Byte
Stage of Loan Process:
Pre-Screening → Deal Setup → Underwriting
Systems Discussed:
Byte (LOS)
Zoho CRM
Summary:
This training focuses on how to structure a seller-financed loan and properly set up deal terms in Byte before underwriting begins. It covers reviewing the lender’s term sheet, entering accurate loan details, and ensuring all inputs align with the intended deal structure. The session emphasizes that correct setup is critical, as errors at this stage will impact calculations, disclosures, and downstream documents. The goal is to build a clean, accurate loan file from the start to support efficient underwriting and compliance.
Key Concepts:
- Loan structure must match lender’s agreed-upon terms
- Accurate data entry in Byte is critical for correct calculations
- Key inputs include:
- Loan amount
- Interest rate
- Term and amortization
- Taxes and insurance
- Escrow settings (waived vs collected)
- Incorrect setup leads to errors in LE, CD, and PITI calculations
- Review term sheet carefully before entering data
- Ensure consistency across all systems and documents
- Clean setup reduces rework and file revisions
Process Notes:
- Review term sheet before entering data into Byte
- Enter all loan terms accurately in LOS
- Double-check escrow, tax, and insurance inputs
- Verify calculations before moving to underwriting
- Align data between Zoho and Byte
Common Issues:
- Mismatched loan terms between term sheet and Byte
- Incorrect escrow settings affecting payment calculations
- Errors in taxes or insurance inputs
- Misalignment between systems
- Needing to rework files due to setup errors
Source:
Internal CTU Training – Loan Structuring and Deal Setup (02-06-2026)
WEBVTT
1
00:00:00.000 –> 00:00:09.850
Wendy Zollner: You have, you have… The main, like, Google, like, workspace, account, like, for all the… the.
2
00:00:09.850 –> 00:00:15.890
Dan Deppen: Yeah, so… so the… the Dan called the Underwriter account is the admin account.
3
00:00:16.580 –> 00:00:17.220
Wendy Zollner: Okay.
4
00:00:17.220 –> 00:00:18.030
Dan Deppen: that.
5
00:00:18.290 –> 00:00:25.499
Dan Deppen: And then underneath that are… the… there’s the team account, your account, and Christine’s account.
6
00:00:25.980 –> 00:00:29.160
Wendy Zollner: Okay, and the admin account’s under a different… a different one.
7
00:00:29.160 –> 00:00:30.640
Dan Deppen: It’s a free one.
8
00:00:30.640 –> 00:00:31.360
Wendy Zollner: Oh, okay.
9
00:00:31.360 –> 00:00:32.150
Dan Deppen: account.
10
00:00:32.150 –> 00:00:35.550
Wendy Zollner: Okay. It’s a free one that Max and Michelle had made.
11
00:00:35.780 –> 00:00:38.649
Dan Deppen: So, at some point… and…
12
00:00:40.420 –> 00:00:45.500
Dan Deppen: And what had happened in the past was that they had a free account because they didn’t want to pay for Google Workspace.
13
00:00:46.080 –> 00:00:56.349
Dan Deppen: and then the dry folder filled up, and then they just, like, deleted all of the stuff, so there’s a lot of stuff that’s just gone. Yeah. And then last year, at one point.
14
00:00:57.250 –> 00:01:05.750
Dan Deppen: it filled up again, and so I took a bunch of the old files, and I migrated them to the team at Call The Underwriter.
15
00:01:06.550 –> 00:01:11.079
Dan Deppen: drive. So, if you ever have somebody ping… like, sometimes people ping us, and they’re like.
16
00:01:12.300 –> 00:01:17.080
Dan Deppen: Hey, you did this loan for us 3 years ago, we lost the file, can you send me the file?
17
00:01:17.410 –> 00:01:18.060
Wendy Zollner: Okay.
18
00:01:18.060 –> 00:01:20.550
Dan Deppen: So, if that happens and you don’t see it.
19
00:01:20.830 –> 00:01:25.099
Dan Deppen: In the main one, it could be in the Team 1, depending on how old it was.
20
00:01:25.670 –> 00:01:28.289
Dan Deppen: What I need to do at some point is…
21
00:01:29.100 –> 00:01:37.150
Dan Deppen: Just migrate everything from that free account to the team account, Work everything out of there.
22
00:01:37.540 –> 00:01:40.910
Dan Deppen: But now I’ve also got a bunch of automations tied to the…
23
00:01:41.530 –> 00:01:43.889
Dan Deppen: Admin account, so that’s gonna be, like…
24
00:01:45.000 –> 00:01:46.539
Dan Deppen: A little bit of a project.
25
00:01:46.540 –> 00:01:46.950
Wendy Zollner: Okay.
26
00:01:46.950 –> 00:01:51.610
Dan Deppen: You do that, and a lot of testing, and it doesn’t necessarily, like, Move the business forward.
27
00:01:51.610 –> 00:01:51.940
Wendy Zollner: Right.
28
00:01:51.940 –> 00:01:57.069
Dan Deppen: One of those things, like… It’s risky, and it’s a lot of work, and there’s not, like…
29
00:01:57.510 –> 00:02:01.689
Wendy Zollner: of immediate benefit, even though it’s kind of dumb to have this free account.
30
00:02:01.690 –> 00:02:03.699
Dan Deppen: Hanging out there, but it is what it is.
31
00:02:03.700 –> 00:02:06.639
Wendy Zollner: Yeah, it’s not… it’s a low priority thing for me.
32
00:02:06.640 –> 00:02:14.690
Dan Deppen: Yeah, it’s like higher risk, decent amount of work, like, there’s a lot of other stuff that has more, like, business gain.
33
00:02:14.690 –> 00:02:15.190
Wendy Zollner: Yeah.
34
00:02:15.190 –> 00:02:16.500
Dan Deppen: Attached to it.
35
00:02:16.570 –> 00:02:18.140
Wendy Zollner: That’s in front.
36
00:02:18.140 –> 00:02:20.419
Dan Deppen: But okay, but let’s go through this.
37
00:02:20.420 –> 00:02:20.780
Wendy Zollner: Okay.
38
00:02:20.780 –> 00:02:22.590
Dan Deppen: You know how I do it, so I’ll just…
39
00:02:23.410 –> 00:02:34.949
Wendy Zollner: Yeah, and I’m, like, starting to feel like I’m getting the hang of it more, but then, like, yesterday I was trying to go through it, and, just, like, I had a bunch of questions, and…
40
00:02:35.280 –> 00:02:35.760
Dan Deppen: Damn.
41
00:02:35.760 –> 00:02:42.059
Wendy Zollner: so, you go in and you do deal status, and you sort it by…
42
00:02:42.200 –> 00:02:44.729
Dan Deppen: Yeah, cause for me, that’s just a little bit…
43
00:02:45.510 –> 00:02:49.479
Dan Deppen: easier, because… and then I can also see, like, when it was created.
44
00:02:50.730 –> 00:02:53.890
Wendy Zollner: Okay, so then, let’s see, so my first thing…
45
00:02:53.890 –> 00:02:56.030
Dan Deppen: So this one… oh yeah, go ahead.
46
00:02:56.460 –> 00:03:13.100
Wendy Zollner: Okay, so yeah, that one just came in. So the… the first thing I was seeing is, like, all these missing info hold, and but, like, when I see that, I’m thinking, but that doesn’t mean there’s no work to do on it, because it might require, like, a follow-up or, you know.
47
00:03:13.100 –> 00:03:13.570
Dan Deppen: Yeah, no.
48
00:03:13.570 –> 00:03:14.980
Wendy Zollner: Or something like that, right?
49
00:03:14.980 –> 00:03:17.390
Dan Deppen: Yeah, when you see missing info hold.
50
00:03:18.520 –> 00:03:24.190
Dan Deppen: the first thing is, like, send a follow-up. So without looking at it, like, for me, like, okay, this came in.
51
00:03:25.160 –> 00:03:26.709
Dan Deppen: Two days ago now.
52
00:03:28.290 –> 00:03:33.820
Dan Deppen: And we’re missing info, so I’m gonna email the borrower and… Copy the lender.
53
00:03:34.410 –> 00:03:35.140
Wendy Zollner: Okay, so then.
54
00:03:35.140 –> 00:03:37.909
Dan Deppen: And I’m also gonna check the comments, right?
55
00:03:37.910 –> 00:03:41.770
Wendy Zollner: Because I think I did email… No, maybe not.
56
00:03:41.770 –> 00:03:44.590
Dan Deppen: Maybe not, but yeah, so… so what I would do, like, with.
57
00:03:44.590 –> 00:03:47.659
Wendy Zollner: Oh, waiting for Invoice 1, that’s a new customer.
58
00:03:48.220 –> 00:03:50.209
Wendy Zollner: Waiting for invoice before starting.
59
00:03:50.210 –> 00:03:56.440
Dan Deppen: Okay, so in that case, what I would do… Is email the lender.
60
00:03:57.130 –> 00:04:01.570
Dan Deppen: Oh, wait, but we also don’t… Have any info.
61
00:04:01.570 –> 00:04:02.400
Wendy Zollner: Yeah.
62
00:04:02.870 –> 00:04:03.630
Dan Deppen: Okay.
63
00:04:05.810 –> 00:04:10.520
Dan Deppen: So I would do… Both.
64
00:04:11.130 –> 00:04:16.030
Dan Deppen: So… paying… The borrower, copy the lender.
65
00:04:17.360 –> 00:04:20.830
Dan Deppen: And say, hey, you know, we need your stuff to start your file.
66
00:04:22.370 –> 00:04:28.440
Dan Deppen: And then send a second email just to the lender, And say, hey, like.
67
00:04:29.880 –> 00:04:33.369
Dan Deppen: You know, we got your term sheet, we just followed up with the borrower.
68
00:04:34.020 –> 00:04:39.649
Dan Deppen: You know, the invoice was still open, just so you know, when the borrower sends in their stuff, we’ll need the invoice taken care of.
69
00:04:40.030 –> 00:04:41.449
Dan Deppen: To start on the file.
70
00:04:42.250 –> 00:04:47.300
Dan Deppen: And there’s not necessarily, like, an SOP for that, because that’s a little bit new as of… Right.
71
00:04:47.770 –> 00:04:52.890
Dan Deppen: January, because before we would just kind of, like, plow ahead and worry about it later, then it would turn into…
72
00:04:53.600 –> 00:04:54.410
Dan Deppen: Issues.
73
00:04:54.410 –> 00:04:55.490
Wendy Zollner: Right, right.
74
00:04:56.350 –> 00:05:09.880
Wendy Zollner: So when we say it’s a new customer, you’ve never heard of them before, waiting for payment before starting, that just means before starting entering it into Byte, we still need to get the docs and… and the communication with the lender.
75
00:05:09.880 –> 00:05:13.730
Dan Deppen: Yeah, I mean, we need all the stuff from the borrower, and we need the invoice.
76
00:05:13.730 –> 00:05:15.729
Wendy Zollner: Okay. So since we’re waiting on Bo.
77
00:05:15.950 –> 00:05:18.120
Dan Deppen: Just follow up on both.
78
00:05:18.120 –> 00:05:18.830
Wendy Zollner: Okay.
79
00:05:18.880 –> 00:05:21.419
Dan Deppen: But they have to be two emails, because…
80
00:05:22.260 –> 00:05:22.970
Wendy Zollner: Yeah.
81
00:05:22.970 –> 00:05:29.949
Dan Deppen: you know, when you ping the borrower for the docs, you want to CC the lender, but you don’t want to tell the borrower you’re waiting for the lender to make a payment.
82
00:05:30.020 –> 00:05:31.729
Wendy Zollner: No, yeah, totally.
83
00:05:32.270 –> 00:05:35.990
Dan Deppen: So, so that ends up being few emails.
84
00:05:36.260 –> 00:05:37.990
Wendy Zollner: Okay, that makes sense.
85
00:05:39.390 –> 00:05:41.520
Dan Deppen: Maybe some of these, I’ll just, like…
86
00:05:42.190 –> 00:05:44.199
Dan Deppen: Put little notes in next action.
87
00:05:44.200 –> 00:05:45.070
Wendy Zollner: Okay.
88
00:05:46.790 –> 00:05:50.240
Dan Deppen: And, again, like, when I put my initials, that just means, like.
89
00:05:50.510 –> 00:05:52.759
Dan Deppen: I put the initials in, not that…
90
00:05:52.760 –> 00:05:53.560
Wendy Zollner: Yeah.
91
00:05:53.560 –> 00:06:11.200
Dan Deppen: Yeah. That was another… I need to let it go, but, like, there was another thing I had with Shantae, was if I put my initials in, she’d assume I’m gonna do it, and we had a discussion, like, 10 times. No, no, no, that’s just saying, like, who left, you know, because sometimes there’s a question of, like, well, wait a minute, who did that? Like, it’s just nice to know.
92
00:06:12.200 –> 00:06:13.009
Dan Deppen: You know, cause then…
93
00:06:13.010 –> 00:06:13.390
Wendy Zollner: Agree.
94
00:06:13.390 –> 00:06:17.049
Dan Deppen: Question about something, You know, that way, if you get a question like.
95
00:06:18.360 –> 00:06:21.259
Dan Deppen: wait, why does Dan want me to do this? Well, then you can just ping me.
96
00:06:21.260 –> 00:06:22.200
Wendy Zollner: Yeah.
97
00:06:22.200 –> 00:06:25.370
Dan Deppen: I’ve been, like, wondering, what was that? Did I do it and forget? Did Christine.
98
00:06:25.370 –> 00:06:36.289
Wendy Zollner: Yep. No, that’s super helpful, I get it, and I know that unless it says next action owner Dan, that it’s not… you’re not, like, taking ownership of it, you’re just making a note.
99
00:06:36.480 –> 00:06:37.170
Dan Deppen: Right.
100
00:06:37.170 –> 00:06:37.860
Wendy Zollner: Yeah.
101
00:06:42.670 –> 00:06:43.320
Wendy Zollner: One sec.
102
00:06:43.320 –> 00:06:44.800
Dan Deppen: I’ll just leave it like that.
103
00:06:44.930 –> 00:06:48.710
Dan Deppen: And then, yeah, but if I was gonna take the next action.
104
00:06:48.710 –> 00:06:49.980
Wendy Zollner: Yeah.
105
00:06:49.980 –> 00:06:54.109
Dan Deppen: That’s why I added this field for the next action. So if I do that…
106
00:06:54.520 –> 00:06:57.809
Dan Deppen: Then that means, like, oh… Dan says he’s got it.
107
00:06:57.810 –> 00:06:58.520
Wendy Zollner: Yeah.
108
00:06:58.710 –> 00:06:59.150
Dan Deppen: No.
109
00:06:59.150 –> 00:07:02.650
Wendy Zollner: Yep, and then I’ll, like, leave it alone until you say otherwise, or…
110
00:07:02.650 –> 00:07:04.510
Dan Deppen: Yeah. Stat, the owner.
111
00:07:04.710 –> 00:07:05.450
Wendy Zollner: status.
112
00:07:05.450 –> 00:07:10.300
Dan Deppen: If you ever do see that, just in case, like, I do that and space it, don’t ever be afraid to ping me and be like.
113
00:07:11.010 –> 00:07:16.059
Dan Deppen: Hey, Dan, this one was sitting out, it had your name on it, I just want to make sure you didn’t want me to get that or something.
114
00:07:16.060 –> 00:07:30.360
Wendy Zollner: Well, and that was… yeah, that’s a good point, because that was the other, like, kind of question is, are the deal statuses, are they sometimes stale? Like, they’re no longer valid, and they just didn’t get moved forward?
115
00:07:30.520 –> 00:07:33.210
Wendy Zollner: So, I had to…
116
00:07:33.660 –> 00:07:39.259
Wendy Zollner: go in there and see if it’s still the case, right? If it’s still missing, or if it’s not.
117
00:07:39.620 –> 00:07:40.380
Dan Deppen: Right.
118
00:07:40.640 –> 00:07:41.410
Wendy Zollner: Yep.
119
00:07:41.630 –> 00:07:42.410
Wendy Zollner: Okay.
120
00:07:43.660 –> 00:07:46.250
Dan Deppen: And so, for this, I would say it just,
121
00:07:48.340 –> 00:07:50.939
Dan Deppen: I’ll give you some background on this file, too.
122
00:07:59.880 –> 00:08:04.400
Dan Deppen: So, so this is a CIRS file, which is income only.
123
00:08:05.270 –> 00:08:09.679
Wendy Zollner: Income only, okay. So, yeah, what do you… yeah, tell me more about that.
124
00:08:09.680 –> 00:08:11.239
Dan Deppen: sometimes I put…
125
00:08:14.400 –> 00:08:17.339
Dan Deppen: Where’s the file name? How do I edit the file name?
126
00:08:18.400 –> 00:08:21.170
Dan Deppen: Sometimes I will,
127
00:08:27.690 –> 00:08:30.529
Dan Deppen: Like, just manually throw that in there so it kinda…
128
00:08:31.020 –> 00:08:35.689
Wendy Zollner: Oh, okay, I wondered if you could change that, or if it would throw something off in your…
129
00:08:35.940 –> 00:08:36.570
Dan Deppen: No.
130
00:08:36.570 –> 00:08:37.230
Wendy Zollner: them.
131
00:08:37.919 –> 00:08:38.809
Wendy Zollner: Okay.
132
00:08:43.520 –> 00:08:47.680
Dan Deppen: So once we get a complete file for them to work, hopefully, like, next week.
133
00:08:48.350 –> 00:08:51.350
Dan Deppen: We’ll sit down and go through that. There’s a whole SOP for it.
134
00:08:51.720 –> 00:08:52.950
Dan Deppen: Okay.
135
00:08:53.800 –> 00:08:55.530
Wendy Zollner: Income only.
136
00:08:55.530 –> 00:08:58.000
Dan Deppen: And they’re actually pretty easy.
137
00:08:58.260 –> 00:09:02.920
Wendy Zollner: Are the document requirements the same, or are they less?
138
00:09:03.220 –> 00:09:04.380
Dan Deppen: They’re the same.
139
00:09:04.570 –> 00:09:09.549
Wendy Zollner: So they still would do two pay subs, and a W-2, and…
140
00:09:10.040 –> 00:09:14.330
Wendy Zollner: Is it the same, like, rate they get charged, or is it a different rate?
141
00:09:14.730 –> 00:09:19.029
Dan Deppen: No, so what happens is they just pay the initial $1.99.
142
00:09:20.510 –> 00:09:23.930
Dan Deppen: And then we delete the second 600 invoice.
143
00:09:24.380 –> 00:09:25.170
Wendy Zollner: Okay.
144
00:09:26.230 –> 00:09:27.040
Wendy Zollner: Because, like.
145
00:09:27.040 –> 00:09:28.150
Dan Deppen: Not opening.
146
00:09:30.240 –> 00:09:30.900
Wendy Zollner: Hmm.
147
00:09:31.300 –> 00:09:35.269
Dan Deppen: It’s weird, okay. But yeah, anyways, there’s an SOP in there for this.
148
00:09:36.170 –> 00:09:37.739
Dan Deppen: But we can do one…
149
00:09:38.740 –> 00:09:42.039
Dan Deppen: together. It’s a little more manual process, but it’s pretty quick.
150
00:09:42.220 –> 00:09:42.940
Wendy Zollner: Okay.
151
00:09:43.840 –> 00:09:50.280
Dan Deppen: But the thing I was gonna point out on this one is… Cures has sent us…
152
00:09:52.030 –> 00:09:55.910
Dan Deppen: This is probably at least the third file for this 415 electric.
153
00:09:55.910 –> 00:09:57.640
Wendy Zollner: Oh, okay, yeah.
154
00:09:57.640 –> 00:10:03.090
Dan Deppen: Which tells me that… It’s probably a troubled property.
155
00:10:03.630 –> 00:10:07.560
Dan Deppen: Right? Like, people go under contract, and then they look into it, and they’re like, oh no.
156
00:10:07.680 –> 00:10:10.259
Dan Deppen: So, this is probably not going anywhere.
157
00:10:10.260 –> 00:10:10.860
Wendy Zollner: Okay.
158
00:10:10.860 –> 00:10:15.569
Dan Deppen: And it’s been a few days, and we don’t have the app, which is a little weird.
159
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Wendy Zollner: Yeah, it’s been a few days.
160
00:10:19.670 –> 00:10:20.430
Dan Deppen: Yeah, and…
161
00:10:20.430 –> 00:10:20.870
Wendy Zollner: Yeah.
162
00:10:20.870 –> 00:10:23.149
Dan Deppen: the lender to CC…
163
00:10:26.310 –> 00:10:27.760
Dan Deppen: is Daniel.
164
00:10:28.340 –> 00:10:29.979
Dan Deppen: Oops, that’s not what I wanted.
165
00:10:37.740 –> 00:10:42.860
Dan Deppen: And then, sometimes that could prompt him to be like, oh, hey, they actually sent us…
166
00:10:43.250 –> 00:10:47.390
Dan Deppen: This other stuff, like, sometimes they collect data directly.
167
00:10:47.810 –> 00:10:49.480
Dan Deppen: And forget to, like, send it to us.
168
00:10:50.080 –> 00:10:51.650
Wendy Zollner: Oh, okay, yeah.
169
00:10:51.650 –> 00:10:53.389
Dan Deppen: So I just said one more paying.
170
00:10:53.650 –> 00:10:57.720
Dan Deppen: After that… We’re gonna kinda just…
171
00:10:59.420 –> 00:11:03.179
Dan Deppen: You know, if we don’t hear anything on Monday, maybe we just kind of put it on hold.
172
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Dan Deppen: to get.
173
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Wendy Zollner: Yeah.
174
00:11:04.280 –> 00:11:06.290
Dan Deppen: Pipeline, and we stopped following up.
175
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Wendy Zollner: Okay.
176
00:11:12.560 –> 00:11:19.729
Dan Deppen: Because I’m trying to declutter the pipeline, it’s actually a lot better. We got 21 active. At one point, we had, like, over 30, but a lot of them were, like, dead.
177
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Wendy Zollner: Yeah.
178
00:11:21.600 –> 00:11:23.920
Dan Deppen: Okay, so that’s that one.
179
00:11:24.810 –> 00:11:29.890
Dan Deppen: Belle… I haven’t seen any, I don’t know…
180
00:11:30.500 –> 00:11:32.250
Dan Deppen: Oh, this one, we got an auth.
181
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Dan Deppen: And nothing else.
182
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Wendy Zollner: Yeah.
183
00:11:37.530 –> 00:11:40.500
Dan Deppen: And it’s been since 126.
184
00:11:41.520 –> 00:11:43.020
Dan Deppen: Okay, so this one?
185
00:11:46.730 –> 00:11:48.159
Dan Deppen: So we’re gonna say send…
186
00:11:53.140 –> 00:11:53.980
Dan Deppen: Ben…
187
00:11:57.240 –> 00:11:57.990
Wendy Zollner: Okay.
188
00:11:58.760 –> 00:12:00.760
Dan Deppen: You know, then just put it on hold.
189
00:12:00.980 –> 00:12:07.679
Wendy Zollner: And the final follow-up is going to the borrower and copying the lender, so the lender’s on notice, like…
190
00:12:07.880 –> 00:12:09.660
Wendy Zollner: That we sent it again.
191
00:12:10.290 –> 00:12:15.360
Dan Deppen: Yeah, and you can tell them in the follow-up, like, hey, like.
192
00:12:15.770 –> 00:12:20.380
Dan Deppen: This is the last reminder on this, like, if we don’t hear anything on Monday, we’re just gonna put this on hold.
193
00:12:21.120 –> 00:12:21.990
Wendy Zollner: Okay.
194
00:12:22.280 –> 00:12:23.170
Wendy Zollner: Yeah.
195
00:12:23.500 –> 00:12:25.060
Dan Deppen: They did pay the invoice.
196
00:12:27.790 –> 00:12:30.200
Dan Deppen: I think, unless that was a misfire.
197
00:12:41.380 –> 00:12:46.340
Dan Deppen: I’m hoping this weekend to fix all this stuff, but it’s like, things always come up. No, that was paid.
198
00:12:47.420 –> 00:12:52.640
Dan Deppen: We have had ones where… Term sheet comes in.
199
00:12:53.330 –> 00:12:56.210
Dan Deppen: Never make contact with the borrower or the lender.
200
00:12:56.370 –> 00:13:00.799
Wendy Zollner: And it fades away, and there’s been ones where I’ve eventually, like, called our, like, friend Lender, and he’s like.
201
00:13:00.830 –> 00:13:03.479
Dan Deppen: Oh yeah, no, that’s canceled. It’s like…
202
00:13:03.480 –> 00:13:04.290
Wendy Zollner: Okay.
203
00:13:04.770 –> 00:13:09.889
Dan Deppen: Cool, why didn’t you just reply to one of our 10 emails and be like, it’s dead?
204
00:13:09.890 –> 00:13:10.590
Wendy Zollner: Right, yeah.
205
00:13:10.740 –> 00:13:14.609
Dan Deppen: My kids will do the same thing. I had it with my daughter.
206
00:13:15.030 –> 00:13:29.890
Dan Deppen: recently, somebody had tickets to the CU game. They were like, do you and your boyfriend want them, we can use them. And she just went. I talked to him, like, Isabel, like, what the hell’s going on? Oh, yeah, no, we’re not gonna go. Like, for a lot of people, like, no response means no. Yeah. Which I don’t… Yeah, you’re like…
207
00:13:30.510 –> 00:13:34.819
Dan Deppen: I don’t get that, but that’s a thing out there for some folks.
208
00:13:34.820 –> 00:13:42.489
Wendy Zollner: yeah, the newer generation. I’m like, no, that just means you didn’t get the message. It doesn’t mean you said no.
209
00:13:42.770 –> 00:13:48.039
Dan Deppen: I don’t know if it’s, like, an aversion… okay, so this one is JKR and Associates Roberts.
210
00:13:48.040 –> 00:13:48.840
Wendy Zollner: Okay.
211
00:13:49.580 –> 00:13:53.399
Dan Deppen: I’m gonna put this on hold, and the reason is…
212
00:13:59.070 –> 00:14:03.259
Dan Deppen: it’s kind of a unique thing. So, I was talking to this guy for a while, Jason Roberts.
213
00:14:04.180 –> 00:14:06.630
Dan Deppen: And he sent, like, a handful of deals through.
214
00:14:07.840 –> 00:14:13.770
Dan Deppen: They’re making… they’re doing, like, foreclosure rescue loans, so, like, if somebody’s, like, behind on their first.
215
00:14:14.710 –> 00:14:16.710
Dan Deppen: They want to make them alone of, like.
216
00:14:17.020 –> 00:14:20.079
Dan Deppen: 20 to 60K to reinstate the loan.
217
00:14:20.820 –> 00:14:23.630
Dan Deppen: And so they’re kind of using their homemade, you know, it’s this whole thing.
218
00:14:24.140 –> 00:14:27.669
Dan Deppen: But then what he’s trying to do is line up investors to fund the loans.
219
00:14:27.920 –> 00:14:28.410
Wendy Zollner: Okay.
220
00:14:28.410 –> 00:14:32.230
Dan Deppen: And so a lot of these have just kind of, like, drug out, and it’s been weird.
221
00:14:32.520 –> 00:14:38.700
Dan Deppen: And then we finally got one, like, to the finish line. He couldn’t fund it, so I’m like… and I kind of told him, like, dude, like…
222
00:14:40.070 –> 00:14:46.360
Dan Deppen: We are not… Taking applications and stuff if you can’t.
223
00:14:46.860 –> 00:14:48.210
Dan Deppen: Fund these, so…
224
00:14:49.020 –> 00:14:54.799
Dan Deppen: I don’t know. Like, I’m just putting his stuff on hold, that if he sends us another one… I thought I had all of his stuff on hold.
225
00:14:54.940 –> 00:15:02.490
Dan Deppen: Actually, but if he sends us another one, then we’ll have a conversation, almost like, I need to see, like, proof of funds, like, you have to show…
226
00:15:02.490 –> 00:15:03.200
Wendy Zollner: Yeah.
227
00:15:03.650 –> 00:15:05.160
Dan Deppen: Before we even, like…
228
00:15:05.480 –> 00:15:13.520
Dan Deppen: contact the borrower, do anything, like, I need to know you… because you can’t exercise people to collect applications, like, because we had one or two where
229
00:15:14.300 –> 00:15:19.730
Dan Deppen: Borrower sent their stuff, we went back and forth, went through the underwrite, did the stuff, said this looks good.
230
00:15:20.480 –> 00:15:21.950
Dan Deppen: And then they couldn’t fund it.
231
00:15:22.020 –> 00:15:23.800
Wendy Zollner: I’m like… Wow.
232
00:15:23.800 –> 00:15:24.750
Dan Deppen: Pretty bad, yeah.
233
00:15:24.750 –> 00:15:26.190
Wendy Zollner: Yeah, no kidding.
234
00:15:26.190 –> 00:15:28.759
Dan Deppen: And what’s weird, too, is, I mean, he is, like…
235
00:15:30.620 –> 00:15:33.290
Dan Deppen: I don’t get the sense that he’s a bad guy.
236
00:15:34.300 –> 00:15:38.789
Dan Deppen: They’ve done a lot of, like, cash buying, like, just other things in real estate.
237
00:15:39.590 –> 00:15:45.399
Dan Deppen: And for a while there, he was worried about licensing. He was another guy that wanted me to go out and get licensed in 5 states.
238
00:15:45.400 –> 00:15:46.250
Wendy Zollner: Wow, yeah.
239
00:15:46.250 –> 00:15:47.349
Dan Deppen: And all this stuff.
240
00:15:48.880 –> 00:15:50.100
Dan Deppen: And I was like, well.
241
00:15:51.700 –> 00:15:55.849
Dan Deppen: you can do 3 a year without a license. Why don’t we just put a couple through? You know? Just…
242
00:15:56.250 –> 00:15:59.760
Dan Deppen: Do a few, like, get them done before we launch in.
243
00:16:00.280 –> 00:16:08.130
Dan Deppen: It’s like, oh, you know, I got these funders in Texas, they gotta do a lot, we gotta do, like, 50 a month, it’s like, I can’t do one or two, because I gotta do, like, 30 a month.
244
00:16:08.200 –> 00:16:09.230
Wendy Zollner: Right.
245
00:16:10.310 –> 00:16:16.119
Dan Deppen: And then I finally convinced them to do one or two, and then they couldn’t fund those, so I’m like… Yeah. Fund 50 a month, so…
246
00:16:16.120 –> 00:16:16.790
Wendy Zollner: Yeah.
247
00:16:17.710 –> 00:16:23.539
Dan Deppen: It’s interesting with the clients, like, you have to get them, like, they have to show their cards before you actually, like…
248
00:16:23.710 –> 00:16:25.529
Dan Deppen: can invest too much.
249
00:16:25.600 –> 00:16:26.839
Wendy Zollner: Yeah, for sure.
250
00:16:28.750 –> 00:16:29.970
Dan Deppen: Goodman.
251
00:16:34.550 –> 00:16:39.079
Dan Deppen: Okay, so Christine pinged the lender, that’s good.
252
00:16:39.630 –> 00:16:47.490
Dan Deppen: And this is also income-only, so Goodman works with Kierce. Michael Kierce does a lot of deals using…
253
00:16:48.170 –> 00:16:52.989
Dan Deppen: what’s called the slow flip method. It’s actually getting increasingly popular, I’m not a fan of it.
254
00:16:53.790 –> 00:16:57.030
Dan Deppen: So Kiris does a bunch of his own deals, and he’s setting up a fund.
255
00:16:57.410 –> 00:17:00.320
Dan Deppen: But he also has this coaching group where he, like, teaches people.
256
00:17:01.030 –> 00:17:01.730
Wendy Zollner: Okay.
257
00:17:01.730 –> 00:17:04.569
Dan Deppen: And so, I’ll do income only for his people.
258
00:17:04.950 –> 00:17:05.849
Dan Deppen: For now
259
00:17:06.220 –> 00:17:13.700
Dan Deppen: you know, hopefully later this year we get things, like, on a little different spot. I’ll tell them to do the whole thing or nothing, but I’m not there yet.
260
00:17:14.329 –> 00:17:16.300
Dan Deppen: Goodman’s one of those guys.
261
00:17:16.569 –> 00:17:21.479
Dan Deppen: he’s a little disorganized, but he’s not a bad guy. It’s funny, because one of the things that cures…
262
00:17:23.230 –> 00:17:28.750
Dan Deppen: And his people will do is they’ll forward that first invoice to the borrower, and they’ll make the borrower pay the invoice.
263
00:17:29.320 –> 00:17:30.250
Wendy Zollner: Yeah.
264
00:17:30.250 –> 00:17:33.969
Dan Deppen: Which is okay, you can do that, right? But the problem is.
265
00:17:35.010 –> 00:17:43.930
Dan Deppen: if they… and I’ve told them this, and it’s actually the stuff, like, if you don’t extend credit to the borrower, you have to give them that money back, because there’s all kinds of, like.
266
00:17:45.110 –> 00:17:52.500
Dan Deppen: It’s not what they’re doing, but there’s, like, all kinds of, like, fraud schemes and stuff around collecting money from people to get a loan, and then they don’t get the loan, and…
267
00:17:53.300 –> 00:17:59.479
Dan Deppen: So anyways, he had one a couple weeks ago that I guess didn’t go through, and the borrower did a chargeback.
268
00:18:00.540 –> 00:18:03.140
Dan Deppen: And I saw the chargeback, and I was like…
269
00:18:05.130 –> 00:18:18.360
Dan Deppen: Oh, shit, so I immediately, like, accepted the charge back. I’m like, hey, here you go. But then I pinged Gray Goodman, and I sent him an invoice for, like, the… at the time, it was $149, plus they charged me this $15 fee, and I’m like.
270
00:18:18.780 –> 00:18:21.969
Dan Deppen: Do you need to pay this invoice before we do anything?
271
00:18:21.970 –> 00:18:22.610
Wendy Zollner: Yeah.
272
00:18:22.610 –> 00:18:27.690
Dan Deppen: And so we talked on the phone, he was good about it. He seemed to legitimately, like, not understand those rules.
273
00:18:28.190 –> 00:18:33.379
Dan Deppen: And he’s like, hey, no problem. He paid the invoice, did the thing. So that… so that was cool. That was very cool.
274
00:18:34.440 –> 00:18:39.789
Dan Deppen: But… he’s also… this is not the first deal for Waterston Avenue.
275
00:18:40.000 –> 00:18:41.059
Wendy Zollner: Okay, oh, okay.
276
00:18:41.060 –> 00:18:47.150
Dan Deppen: This might be… so one of the things that Kierce does, and I think he teaches, is he goes and he buys
277
00:18:48.070 –> 00:18:52.480
Dan Deppen: like, $40,000 properties just straight off the MLS, sight unseen.
278
00:18:52.870 –> 00:18:53.650
Wendy Zollner: Okay.
279
00:18:53.980 –> 00:18:54.880
Dan Deppen: Like, in…
280
00:18:55.110 –> 00:19:01.680
Dan Deppen: shithole towns in central Pennsylvania, where I’m actually originally from. Like, I actually know some of these areas. It’s bad.
281
00:19:01.680 –> 00:19:02.110
Wendy Zollner: Yeah.
282
00:19:02.110 –> 00:19:03.010
Dan Deppen: and…
283
00:19:03.890 –> 00:19:16.040
Dan Deppen: he’ll just wheel around and sell them on owner finance for $80,000 or $90,000, but I’m guessing some of these are just so jacked up, they can’t sell them, so since this is the second go-round with this property, it just could be that
284
00:19:16.180 –> 00:19:20.219
Dan Deppen: And this has been out since 123, the borrower probably backed out.
285
00:19:20.220 –> 00:19:20.990
Wendy Zollner: Yeah.
286
00:19:21.600 –> 00:19:23.100
Dan Deppen: So I think what I’m gonna do…
287
00:19:23.250 –> 00:19:26.459
Dan Deppen: Actually, now, we don’t have to do anything. I’m just gonna put this on hold.
288
00:19:27.230 –> 00:19:28.010
Wendy Zollner: Okay.
289
00:19:28.660 –> 00:19:29.570
Dan Deppen: And then…
290
00:19:29.860 –> 00:19:42.589
Dan Deppen: Because if it comes back, we can always find it, right? So, like, if somebody pings about a deal, like, hey, this is, you know, Barkley or Watterson, you can always use the magic search record, and it’ll pull it just the same, no matter what pipeline.
291
00:19:42.590 –> 00:19:44.010
Wendy Zollner: hold or not, it’ll still show.
292
00:19:44.010 –> 00:19:50.960
Dan Deppen: Yeah, so if somebody quizzes you, if someone asks about a deal, and it’s not on the active pipeline, just do the search.
293
00:19:50.960 –> 00:19:51.800
Wendy Zollner: Okay.
294
00:19:51.800 –> 00:19:56.479
Dan Deppen: And maybe it’s on hold, or maybe it was one that we closed dead that is coming back.
295
00:19:56.840 –> 00:20:01.429
Wendy Zollner: Is that red search, button the same as the one on the top?
296
00:20:01.990 –> 00:20:03.310
Dan Deppen: It should be.
297
00:20:03.310 –> 00:20:10.259
Wendy Zollner: Because mine, I don’t have a red one, I just have a one, like, the very top where it says search next to the… above home.
298
00:20:10.260 –> 00:20:12.310
Dan Deppen: Does it give you all modules?
299
00:20:12.310 –> 00:20:13.180
Wendy Zollner: Yeah.
300
00:20:13.180 –> 00:20:15.010
Dan Deppen: Yeah, so that, that should be the same.
301
00:20:15.010 –> 00:20:15.760
Wendy Zollner: Okay.
302
00:20:15.760 –> 00:20:19.949
Dan Deppen: I don’t know why, like, the UI layout would be different, but…
303
00:20:20.230 –> 00:20:21.989
Wendy Zollner: I have a different version than you, I don’t know.
304
00:20:23.060 –> 00:20:26.500
Dan Deppen: Maxwell, this is the goofy guy that.
305
00:20:26.500 –> 00:20:28.169
Wendy Zollner: Oh, that was in your class the other day?
306
00:20:29.190 –> 00:20:31.600
Dan Deppen: And this goes back to 120.
307
00:20:31.710 –> 00:20:32.510
Wendy Zollner: Mmm.
308
00:20:32.510 –> 00:20:35.300
Dan Deppen: So, like, we’ve sent… follow-up.
309
00:20:35.880 –> 00:20:39.530
Dan Deppen: law, haven’t heard anything, I’m just gonna go close dead.
310
00:20:40.890 –> 00:20:44.750
Wendy Zollner: Did, did you have a lot of people in your class yesterday?
311
00:20:44.990 –> 00:20:46.120
Dan Deppen: There were, like, 4.
312
00:20:46.120 –> 00:20:46.920
Wendy Zollner: Wow, nice!
313
00:20:46.920 –> 00:20:52.810
Dan Deppen: One was a repeat, two people didn’t talk, but I was surprised, and one signed up the last minute, and I’m like…
314
00:20:53.060 –> 00:20:56.220
Dan Deppen: Cool, cause, I have not.
315
00:20:56.670 –> 00:20:59.969
Dan Deppen: sent any emails to my list, right? Like, people either, like.
316
00:21:00.760 –> 00:21:05.539
Dan Deppen: Looked at the email from a couple weeks ago, or went to the website, and wandered in.
317
00:21:05.830 –> 00:21:06.960
Wendy Zollner: That’s cool.
318
00:21:07.370 –> 00:21:14.769
Wendy Zollner: Do you ever, like, kind of survey them before you start? Like, hey, who’s done a seller finance deal before, or who’s new.
319
00:21:14.770 –> 00:21:25.129
Dan Deppen: You know, I’ve tried, and, like, nobody talks. It’s weird. Oh. Everybody wants to talk out… nobody wants to talk out the gate. Like, but then they’ll get chatty, like, at the end.
320
00:21:25.130 –> 00:21:25.910
Wendy Zollner: Yeah.
321
00:21:26.090 –> 00:21:30.879
Dan Deppen: But… I need to figure out how to prompt them, because what I don’t want to do
322
00:21:33.180 –> 00:21:39.899
Dan Deppen: is run through a standard spiel that covers everything where maybe people, like, don’t need some of that stuff. Like, if I know what they want, then I can just…
323
00:21:40.170 –> 00:21:41.020
Wendy Zollner: Yeah…
324
00:21:41.020 –> 00:21:41.899
Dan Deppen: Give them what they need.
325
00:21:41.900 –> 00:21:47.869
Wendy Zollner: They’re too shy to ask. I wonder if they would put it in the chat, like, just put a… post a question in the chat, or…
326
00:21:48.720 –> 00:21:54.460
Wendy Zollner: anything to get them started, like, where are you from, or what kind of deals are you doing, or…
327
00:21:54.460 –> 00:21:59.459
Dan Deppen: Yeah, that’s not a bad idea. So, okay, so this one was the Sherman deal.
328
00:21:59.460 –> 00:22:02.669
Wendy Zollner: Oh yeah, I wanted to know what we’re supposed to do with him now, because…
329
00:22:05.870 –> 00:22:07.460
Wendy Zollner: Oh, look at it She.
330
00:22:07.460 –> 00:22:11.670
Dan Deppen: Yeah, so the borrower told you that she was probably backing out. Yeah.
331
00:22:11.840 –> 00:22:13.449
Dan Deppen: We followed up.
332
00:22:14.600 –> 00:22:19.109
Wendy Zollner: Sherman told us to tell her that he’s gonna charge her anyway.
333
00:22:19.110 –> 00:22:23.490
Dan Deppen: We didn’t do that, we’re just… I don’t need to get back to him on that, like, I’m not even engaging him.
334
00:22:23.790 –> 00:22:24.650
Wendy Zollner: Okay.
335
00:22:24.970 –> 00:22:30.080
Dan Deppen: I’m just gonna call this one closed dead. Again, like, we can… if it comes back.
336
00:22:30.080 –> 00:22:30.850
Wendy Zollner: Yeah.
337
00:22:30.850 –> 00:22:33.609
Dan Deppen: We, we, we can… Search it out.
338
00:22:33.610 –> 00:22:36.440
Wendy Zollner: Well, I was just worried, because I know you were… you wanted to, like.
339
00:22:37.050 –> 00:22:46.549
Wendy Zollner: have good communication with him for this… this round, and see how it goes, but, and we didn’t tell him anything since that last,
340
00:22:47.560 –> 00:22:52.780
Wendy Zollner: the last time I told… told him the borrower was… Reconsidering, basically.
341
00:22:52.780 –> 00:22:56.790
Dan Deppen: Yeah, you know what we could do? Maybe… I’ll do this.
342
00:23:14.060 –> 00:23:18.220
Dan Deppen: I’m just gonna tell them, hey, look, borrower told us she wasn’t interested, she’s not responding, like.
343
00:23:18.340 –> 00:23:19.560
Dan Deppen: I don’t know what to do.
344
00:23:21.050 –> 00:23:26.610
Dan Deppen: Because on the phone, she said, oh, I’m at work, I’ll do it when I get home from work, and obviously she never did, so…
345
00:23:26.880 –> 00:23:35.430
Dan Deppen: Yeah, and whenever, like… Actions and words diverge, like, that’s just… that’s telling you something.
346
00:23:35.430 –> 00:23:36.020
Wendy Zollner: Yeah.
347
00:23:36.020 –> 00:23:39.880
Dan Deppen: You know, it’s… It’s kind of like poker, you know, you…
348
00:23:41.720 –> 00:23:49.230
Dan Deppen: There’s what people say, and then there’s what they do, and then there’s how what they say matches what they do, and the meta stuff, and…
349
00:23:49.230 –> 00:23:49.820
Wendy Zollner: Totally.
350
00:23:49.950 –> 00:23:52.059
Dan Deppen: So I’ll take care of that.
351
00:23:57.640 –> 00:24:05.509
Dan Deppen: I sent Ellie to Lender, Borrower has rough credit history. Lender may want to discuss different options.
352
00:24:11.070 –> 00:24:12.840
Dan Deppen: So, I’m just gonna say…
353
00:24:17.200 –> 00:24:18.370
Dan Deppen: Sendlender.
354
00:24:19.840 –> 00:24:20.850
Dan Deppen: Follow up.
355
00:24:21.950 –> 00:24:26.569
Wendy Zollner: So then, the follow-up is, just,
356
00:24:26.960 –> 00:24:29.889
Wendy Zollner: Checking on your approval for that.
357
00:24:30.340 –> 00:24:35.280
Wendy Zollner: A loan estimate, or what direction you want to go in, or something like that?
358
00:24:35.670 –> 00:24:36.710
Dan Deppen: Yeah…
359
00:24:44.750 –> 00:24:45.470
Wendy Zollner: Okay.
360
00:24:46.090 –> 00:24:49.040
Dan Deppen: And then see, like, if they want to talk, tell them, like.
361
00:24:49.210 –> 00:24:51.200
Dan Deppen: If they want to talk to her more deeply, like.
362
00:24:51.600 –> 00:24:53.509
Dan Deppen: You can set up a time with me.
363
00:24:53.790 –> 00:24:54.500
Wendy Zollner: Okay.
364
00:24:54.500 –> 00:24:55.630
Dan Deppen: To do that?
365
00:25:01.590 –> 00:25:04.060
Wendy Zollner: You don’t have, like, a calendar link or anything, do you?
366
00:25:04.390 –> 00:25:05.429
Dan Deppen: I do, actually.
367
00:25:05.430 –> 00:25:07.620
Wendy Zollner: Oh, is it… are you using the Google one?
368
00:25:08.220 –> 00:25:10.170
Dan Deppen: Now, I’ve got a Calendly here, let me…
369
00:25:11.310 –> 00:25:17.199
Wendy Zollner: I used to use Calendly, but I saw that Google has one now. I haven’t tried it yet, but…
370
00:25:21.610 –> 00:25:23.550
Dan Deppen: I’ll send it to both of you.
371
00:25:23.830 –> 00:25:24.500
Wendy Zollner: Okay.
372
00:26:08.870 –> 00:26:13.419
Dan Deppen: It’s funny, though, how just having that link on the website has drawn people in.
373
00:26:14.960 –> 00:26:18.710
Wendy Zollner: For your, introductory course, your onboarding course?
374
00:26:19.140 –> 00:26:25.349
Dan Deppen: Yeah, well, it’s not even a course, it’s really just, like, if you want… if they want to talk to me about something, you know?
375
00:26:25.780 –> 00:26:30.709
Dan Deppen: it’s really answering the question, because the ping I get, like, a million times a week is.
376
00:26:30.920 –> 00:26:34.300
Dan Deppen: Hey Dan, can I just talk to you on the phone so you can explain to me how this works?
377
00:26:34.300 –> 00:26:35.260
Wendy Zollner: Yeah.
378
00:26:35.260 –> 00:26:40.480
Dan Deppen: Over and over. So that’s the call this week. Oh, you want to hear how it works? Show up on Thursday.
379
00:26:41.440 –> 00:26:45.179
Dan Deppen: So, with those links I sent, right, so I would say.
380
00:26:46.970 –> 00:26:52.919
Dan Deppen: If somebody’s like, hey, I want to talk to Dan about how this works, like, cool, you should join the next Thursday call.
381
00:26:53.830 –> 00:26:54.540
Wendy Zollner: Okay.
382
00:26:54.700 –> 00:26:58.830
Dan Deppen: And then, if it’s like, it can’t wait till then, you know, then…
383
00:26:58.970 –> 00:27:04.190
Dan Deppen: they can do Calendly, but if it’s more like this one, like, hey, let’s go through the nitty-gritty of
384
00:27:04.450 –> 00:27:06.410
Dan Deppen: How to handle this file.
385
00:27:06.900 –> 00:27:10.279
Dan Deppen: That’s, like, the Calendly one, because they’re not going to want to discuss their file.
386
00:27:10.280 –> 00:27:11.530
Wendy Zollner: Yeah, okay.
387
00:27:11.530 –> 00:27:12.550
Dan Deppen: Oh, Nicole.
388
00:27:15.510 –> 00:27:23.060
Wendy Zollner: Yes, deal… deal-specific kind of stuff is more Calendly, and in general is the… join the call, okay.
389
00:27:24.700 –> 00:27:29.470
Dan Deppen: Okay, so it looks like this one, we can send… you’re sending the CD today, so that’s good.
390
00:27:32.080 –> 00:27:33.020
Wendy Zollner: Oh, okay.
391
00:27:33.020 –> 00:27:33.750
Dan Deppen: of all that.
392
00:27:33.880 –> 00:27:34.610
Dan Deppen: Yeah.
393
00:27:38.790 –> 00:27:40.180
Wendy Zollner: Lender approved.
394
00:27:40.670 –> 00:27:42.850
Wendy Zollner: LE. Scent L-E.
395
00:27:43.880 –> 00:27:47.659
Wendy Zollner: Okay, yes, I did. I sent the Ellie, and then the…
396
00:27:48.050 –> 00:27:52.990
Wendy Zollner: It bounced back, then I found her correct email address. Okay.
397
00:27:52.990 –> 00:27:57.919
Dan Deppen: Okay. But then, when you send the CD, and the SOP should tell us.
398
00:27:58.620 –> 00:28:00.230
Dan Deppen: You’re just sending it to the lender.
399
00:28:01.630 –> 00:28:03.420
Wendy Zollner: To lender only, okay.
400
00:28:04.040 –> 00:28:11.979
Dan Deppen: Because if they’re… title companies creating the CD, or they’re doing something, like, then that can create…
401
00:28:12.440 –> 00:28:18.390
Wendy Zollner: So it’s… I always send the CD to lender only, but there’s exceptions, right? So…
402
00:28:18.670 –> 00:28:24.359
Dan Deppen: Yeah, if they want us to send it to the borrower, if they want to use RCD, then you can send it to the borrower.
403
00:28:24.730 –> 00:28:30.260
Wendy Zollner: And that would be… the lender would tell us that at the… after I… after they approve the… the
404
00:28:30.680 –> 00:28:34.060
Wendy Zollner: say, I want to send that to the borrower as well, okay.
405
00:28:34.060 –> 00:28:34.640
Dan Deppen: Yep.
406
00:28:40.230 –> 00:28:41.410
Dan Deppen: What the…
407
00:28:41.410 –> 00:28:43.800
Wendy Zollner: That one, I started working on the…
408
00:28:43.800 –> 00:28:45.130
Dan Deppen: Oh, I shouldn’t be the next.
409
00:28:45.130 –> 00:28:47.569
Wendy Zollner: CD, and then,
410
00:28:48.330 –> 00:28:53.899
Wendy Zollner: I was… because I hadn’t done very many of them, so I was looking at the whole SOP, and then…
411
00:28:55.470 –> 00:28:59.610
Wendy Zollner: I don’t know, I sent you that email, I guess I got confused about… the.
412
00:28:59.610 –> 00:29:02.239
Dan Deppen: Oh, there was, I, I…
413
00:29:02.560 –> 00:29:04.360
Dan Deppen: I know I answered that last night, but no.
414
00:29:04.360 –> 00:29:04.800
Wendy Zollner: Yeah.
415
00:29:04.810 –> 00:29:05.549
Dan Deppen: I wouldn’t…
416
00:29:05.550 –> 00:29:08.929
Wendy Zollner: Let’s see, let me find it… so the one… There we go.
417
00:29:09.940 –> 00:29:12.340
Wendy Zollner: Update it, just update it so it’s…
418
00:29:12.560 –> 00:29:16.929
Wendy Zollner: reflected on it when the CD goes out, so it doesn’t matter that the loan estimate had
419
00:29:17.120 –> 00:29:21.760
Wendy Zollner: yes, escrows, as long as I make the CD, say no.
420
00:29:21.760 –> 00:29:22.440
Dan Deppen: Right, yeah.
421
00:29:22.440 –> 00:29:25.900
Wendy Zollner: I thought I had to go back and fix stuff, and .
422
00:29:25.900 –> 00:29:31.009
Dan Deppen: If you do, you can potentially get into changes where…
423
00:29:31.700 –> 00:29:33.810
Dan Deppen: You have to reissue the LE.
424
00:29:34.180 –> 00:29:35.070
Wendy Zollner: Okay.
425
00:29:35.070 –> 00:29:38.069
Dan Deppen: But if you do, Byte should tell you with the flags.
426
00:29:38.500 –> 00:29:40.680
Wendy Zollner: Oh, really? Okay, okay.
427
00:29:40.680 –> 00:29:41.370
Dan Deppen: And.
428
00:29:41.410 –> 00:29:45.279
Wendy Zollner: And then, the other thing, the other place you can look…
429
00:29:45.280 –> 00:29:47.589
Dan Deppen: if you’re not sure, is the compliance tab.
430
00:29:48.710 –> 00:29:51.029
Wendy Zollner: And that’s over there, okay.
431
00:29:51.030 –> 00:29:55.849
Dan Deppen: The compliance screen? Yeah, and I’m not the master of the compliance screen. I think you gotta scroll down.
432
00:29:55.850 –> 00:29:56.780
Wendy Zollner: Okay.
433
00:29:56.780 –> 00:30:00.279
Dan Deppen: To get to it, but they should have the,
434
00:30:03.720 –> 00:30:05.380
Dan Deppen: Disclosure history.
435
00:30:07.070 –> 00:30:13.059
Dan Deppen: Where it should tell you, like, down here, if you need to, like, resend a CD, or something.
436
00:30:13.340 –> 00:30:16.489
Wendy Zollner: But it… oh, okay, yeah, okay, I see what you’re saying.
437
00:30:17.850 –> 00:30:20.159
Wendy Zollner: Okay, so look at that.
438
00:30:20.160 –> 00:30:23.459
Dan Deppen: And then this also tells you your earliest closing date.
439
00:30:23.620 –> 00:30:25.639
Dan Deppen: Based on everything that’s happened.
440
00:30:26.980 –> 00:30:30.079
Wendy Zollner: Yeah, I noticed… On one of them…
441
00:30:30.080 –> 00:30:31.869
Dan Deppen: Oh wait, this CD already went out.
442
00:30:32.130 –> 00:30:34.249
Wendy Zollner: That’s a… not the… that’s not the deal.
443
00:30:34.250 –> 00:30:36.020
Dan Deppen: Oh, oh, oh, this is Owens, yeah.
444
00:30:36.020 –> 00:30:36.490
Wendy Zollner: Yeah.
445
00:30:36.490 –> 00:30:37.070
Dan Deppen: Sorry.
446
00:30:37.300 –> 00:30:39.590
Wendy Zollner: Okay.
447
00:30:40.810 –> 00:30:47.289
Wendy Zollner: Earliest closing… Yeah, so in this one, on the earliest closing, I think it’s interesting how
448
00:30:47.690 –> 00:30:59.889
Wendy Zollner: older ones above, say, a later date than the most recent date is 2-7, but the previous ones were 2-10 and 2-9. Does that make sense?
449
00:31:00.710 –> 00:31:03.759
Dan Deppen: Not really. Okay. I’m not sure I understand it, but I’m.
450
00:31:03.760 –> 00:31:12.030
Wendy Zollner: But you just used the last, most recent one, that it said, earliest closing 2-7, and you’re like, okay, that’s the… right, that’s the one we use.
451
00:31:12.030 –> 00:31:12.790
Dan Deppen: Yeah.
452
00:31:12.790 –> 00:31:13.440
Wendy Zollner: Okay.
453
00:31:14.390 –> 00:31:15.020
Dan Deppen: Nope.
454
00:31:27.490 –> 00:31:30.489
Dan Deppen: That’s Budniac… oh, and then where are we at with Ramos?
455
00:31:35.870 –> 00:31:38.649
Dan Deppen: Okay, so this is when we can send the CD today.
456
00:31:39.870 –> 00:31:44.210
Wendy Zollner: So this one, the… so there’d be more… more steps, though, because…
457
00:31:45.220 –> 00:31:48.429
Wendy Zollner: You sent the LE to borrower, and then…
458
00:31:48.580 –> 00:31:54.610
Wendy Zollner: The second invoice is triggered, or it already got sent.
459
00:31:56.520 –> 00:32:02.320
Dan Deppen: Oh, double-check that. The… I need to talk to Christine about that, because she hasn’t…
460
00:32:02.760 –> 00:32:04.990
Dan Deppen: I wanted to update the invoice statuses.
461
00:32:05.920 –> 00:32:09.299
Wendy Zollner: Oh, okay, I see right there, it’s the scent, okay.
462
00:32:09.750 –> 00:32:14.970
Dan Deppen: But you know what? On this one… So do this…
463
00:32:19.910 –> 00:32:25.910
Wendy Zollner: Would I… if I look at the invoice, can I tell if it’s been… said.
464
00:32:25.910 –> 00:32:26.610
Dan Deppen: Yes.
465
00:32:27.110 –> 00:32:29.880
Wendy Zollner: So I know it’s generated, oh, it says draft, so that means it’s not.
466
00:32:29.880 –> 00:32:35.070
Dan Deppen: I’m gonna say, double-check that invoice was sent. Yeah, if it’s a draft, that means it was not sent.
467
00:32:35.980 –> 00:32:39.200
Wendy Zollner: And then all you do is say.
468
00:32:39.820 –> 00:32:43.540
Dan Deppen: So this is $6.94, I’ll just get this now.
469
00:32:43.810 –> 00:32:47.310
Wendy Zollner: And then… for… so…
470
00:32:48.340 –> 00:32:58.919
Wendy Zollner: when you’re in there, let me ask you a question. On above, it says credits available $199, apply now. Does that mean for this particular customer, or just somewhere out there in general?
471
00:32:58.920 –> 00:33:03.229
Dan Deppen: Yeah, that means for this customer, so that kind of… oh, see what happened?
472
00:33:04.060 –> 00:33:05.230
Dan Deppen: Okay, so…
473
00:33:05.230 –> 00:33:06.879
Wendy Zollner: Oh, it didn’t get applied.
474
00:33:06.990 –> 00:33:09.250
Dan Deppen: See how this is the other invoice, the.
475
00:33:09.250 –> 00:33:09.770
Wendy Zollner: Yeah.
476
00:33:09.770 –> 00:33:11.259
Dan Deppen: And it’s showing overdue.
477
00:33:11.260 –> 00:33:11.910
Wendy Zollner: Yep.
478
00:33:12.760 –> 00:33:18.959
Dan Deppen: And I was saying how, like, sometimes a payment comes in, and for whatever reason, it doesn’t match it. It looks like it’s what happened here.
479
00:33:20.500 –> 00:33:21.190
Wendy Zollner: So then…
480
00:33:21.190 –> 00:33:23.270
Dan Deppen: to this invoice, and I go edit.
481
00:33:24.490 –> 00:33:25.810
Wendy Zollner: Oh, okay.
482
00:33:26.150 –> 00:33:27.759
Wendy Zollner: Wait, where was edit?
483
00:33:28.300 –> 00:33:29.150
Dan Deppen: I’m sorry.
484
00:33:29.150 –> 00:33:29.549
Wendy Zollner: Go back.
485
00:33:29.550 –> 00:33:33.999
Dan Deppen: Actually, I’m in the wrong spot. This isn’t what we want to do, anyhow.
486
00:33:34.360 –> 00:33:35.970
Dan Deppen: It’s up here in the upper left.
487
00:33:35.970 –> 00:33:37.109
Wendy Zollner: Oh, I… okay.
488
00:33:38.910 –> 00:33:44.020
Dan Deppen: what I think I need to do is go to… payments received.
489
00:33:44.770 –> 00:33:46.060
Wendy Zollner: So you can’t…
490
00:33:46.060 –> 00:33:53.339
Dan Deppen: I can also… I think I can do the Apply Now. Before I hit Apply Now, I just want to show you the payment… something in the payments received.
491
00:33:53.340 –> 00:33:54.100
Wendy Zollner: Okay.
492
00:33:54.100 –> 00:33:55.340
Dan Deppen: And then I’ll go back.
493
00:33:56.650 –> 00:34:01.879
Dan Deppen: So, like, So these are the actual payments, right?
494
00:34:01.880 –> 00:34:02.610
Wendy Zollner: Yeah.
495
00:34:02.900 –> 00:34:05.420
Dan Deppen: And if they don’t have an invoice number.
496
00:34:06.280 –> 00:34:09.349
Dan Deppen: That means they didn’t get applied to an invoice.
497
00:34:09.350 –> 00:34:10.219
Wendy Zollner: Right.
498
00:34:14.929 –> 00:34:15.600
Wendy Zollner: Can you…
499
00:34:15.600 –> 00:34:19.710
Dan Deppen: What’s weird is I don’t actually see the one that would have been the Jen Ingram one, unless it.
500
00:34:19.710 –> 00:34:20.210
Wendy Zollner: Yeah.
501
00:34:20.219 –> 00:34:21.789
Dan Deppen: Jesuits, it was this one.
502
00:34:22.400 –> 00:34:23.440
Wendy Zollner: Oh, it’s down there?
503
00:34:23.440 –> 00:34:25.820
Dan Deppen: No, Fast Local Offer, that was her.
504
00:34:26.000 –> 00:34:26.440
Wendy Zollner: Okay.
505
00:34:26.440 –> 00:34:27.800
Dan Deppen: Back in January.
506
00:34:27.800 –> 00:34:31.209
Wendy Zollner: Oh, so there’s quite a few that haven’t been applied then.
507
00:34:31.219 –> 00:34:40.059
Dan Deppen: Yeah, there’s some on the Kierce ones. So actually, this needs to be… it’s written up somewhere, but part of the daily routine. Once you get…
508
00:34:40.569 –> 00:34:42.689
Dan Deppen: More in the flow of the pipeline.
509
00:34:42.690 –> 00:34:43.250
Wendy Zollner: Yeah.
510
00:34:43.250 –> 00:34:46.149
Dan Deppen: part of the daily routine, and I’ve been a little…
511
00:34:46.370 –> 00:34:49.719
Dan Deppen: Negligent in this would be just going in and checking these.
512
00:34:50.690 –> 00:34:58.599
Wendy Zollner: Yeah, okay. I was trying to check the, one that came in yesterday, and I was… I…
513
00:34:58.950 –> 00:35:03.989
Wendy Zollner: wasn’t remembering the process correctly, so I know you go to Payments Received, you see
514
00:35:04.270 –> 00:35:06.640
Wendy Zollner: One that hasn’t been applied.
515
00:35:06.640 –> 00:35:11.430
Dan Deppen: Yeah, so now if I go edit, It will actually show…
516
00:35:12.000 –> 00:35:15.169
Dan Deppen: Open invoices associated with that customer.
517
00:35:16.230 –> 00:35:19.640
Wendy Zollner: So you wanted to edit the payment receipt, is what you did?
518
00:35:19.640 –> 00:35:25.469
Dan Deppen: Yeah, you actually edit it in the payment, so… but if I apply it here, it’ll apply to that invoice.
519
00:35:27.130 –> 00:35:29.179
Wendy Zollner: Okay, so that was a different invoice, okay.
520
00:35:29.180 –> 00:35:35.710
Dan Deppen: What I want to do, because that looks new, I want to go back to the invoice and see what happens when I click Apply Now.
521
00:35:36.080 –> 00:35:37.180
Wendy Zollner: Okay, cool.
522
00:35:48.200 –> 00:35:51.289
Dan Deppen: Interesting, yeah, so, okay, so if I just go apply now…
523
00:35:51.800 –> 00:35:53.389
Wendy Zollner: I’ll apply credits to invoice 69.
524
00:35:53.390 –> 00:35:57.670
Dan Deppen: pulls up the payment, and then says, what do you want to apply? I want to apply the $199.
525
00:35:58.590 –> 00:36:01.590
Dan Deppen: And now it should be good. So that’s easier than going back to payment.
526
00:36:01.590 –> 00:36:07.349
Wendy Zollner: Yeah, it is. So that’s… 5M Group 1?
527
00:36:07.350 –> 00:36:09.840
Dan Deppen: So that’s… so 5M is Michael Kierce.
528
00:36:09.840 –> 00:36:13.500
Wendy Zollner: And he has a bunch of outstanding credits unapplied as well.
529
00:36:13.500 –> 00:36:15.750
Dan Deppen: And his are hard to keep track of.
530
00:36:15.750 –> 00:36:16.200
Wendy Zollner: Okay.
531
00:36:16.270 –> 00:36:18.419
Dan Deppen: So many, and they come…
532
00:36:19.000 –> 00:36:24.700
Dan Deppen: back and forth and back and forth. What I try to do is just look at the, the dates to see what…
533
00:36:25.550 –> 00:36:26.639
Dan Deppen: When they would line up.
534
00:36:26.640 –> 00:36:34.360
Wendy Zollner: Is his the one that they get income only, so they get two invoices generated, but then you have to delete the second one?
535
00:36:35.140 –> 00:36:36.299
Wendy Zollner: Or no, it’s a different…
536
00:36:36.470 –> 00:36:39.630
Dan Deppen: Yes, yes, yes, exactly, exactly.
537
00:36:39.780 –> 00:36:44.719
Dan Deppen: So, with this one, The payment came in February 5th.
538
00:36:47.020 –> 00:36:47.990
Wendy Zollner: Yeah, yesterday.
539
00:36:47.990 –> 00:36:53.640
Dan Deppen: And there are these two open invoices. This one is from back in December, so it’s probably not the one from December.
540
00:36:53.910 –> 00:36:56.450
Dan Deppen: It’s probably more this one in January.
541
00:36:56.670 –> 00:36:58.649
Wendy Zollner: Okay, yeah, the one. Yeah, okay.
542
00:36:58.650 –> 00:37:02.729
Dan Deppen: I’m just gonna apply it to that one. Oh, plus, I know it’s January because…
543
00:37:03.000 –> 00:37:05.320
Dan Deppen: It’s a $1.99 invoice, the pricing…
544
00:37:05.320 –> 00:37:06.050
Wendy Zollner: Oh, right.
545
00:37:06.050 –> 00:37:07.559
Dan Deppen: It’s a split change, so it’s got.
546
00:37:07.560 –> 00:37:07.970
Wendy Zollner: Yeah.
547
00:37:09.150 –> 00:37:11.909
Dan Deppen: So I’ll just apply it to that, and then go save.
548
00:37:11.910 –> 00:37:12.590
Wendy Zollner: Okay.
549
00:37:12.860 –> 00:37:14.439
Dan Deppen: We should be good there.
550
00:37:16.870 –> 00:37:18.620
Dan Deppen: Do we have any others hanging out.
551
00:37:20.160 –> 00:37:22.980
Dan Deppen: We gotta go back a bit to Castle Roots.
552
00:37:25.490 –> 00:37:29.510
Dan Deppen: That’s weird, because it doesn’t show an invoice, so I’m just gonna let that go for now.
553
00:37:30.080 –> 00:37:30.890
Wendy Zollner: Okay.
554
00:37:30.890 –> 00:37:37.310
Dan Deppen: Okay, and I just… I want to get back through the pipeline before, because I gotta stop at that. The other thing with… with…
555
00:37:38.490 –> 00:37:39.770
Dan Deppen: Ingram.
556
00:37:41.320 –> 00:37:49.510
Dan Deppen: So we’re gonna send the CD, send the invoice. We’re a little bit out of order on this one, like, the invoice should have got sent when the lender approved.
557
00:37:50.090 –> 00:37:51.800
Wendy Zollner: The LE, yeah?
558
00:37:51.800 –> 00:37:56.569
Dan Deppen: move the LE, since we didn’t do that, and I don’t want to hang things up.
559
00:37:57.150 –> 00:38:00.589
Dan Deppen: If we’ve had some other back and forth, we’re just gonna go ahead and send.
560
00:38:01.760 –> 00:38:04.809
Dan Deppen: Send the CD and the invoice.
561
00:38:04.940 –> 00:38:12.569
Dan Deppen: So we’ll have to do this like we used to be. There’s… there’s a chance she gets squirrely with me, and I end up having to chase her around, but we’ll… I’ll deal with that.
562
00:38:12.570 –> 00:38:18.830
Wendy Zollner: Okay, so that one, you can be send… CD… To lender only, right? Lender…
563
00:38:19.730 –> 00:38:23.169
Wendy Zollner: Only, and we’re sending the invoice.
564
00:38:24.310 –> 00:38:24.960
Dan Deppen: Yep.
565
00:38:26.860 –> 00:38:27.600
Wendy Zollner: Okay.
566
00:38:31.350 –> 00:38:40.149
Dan Deppen: So, Lynch, I just haven’t… updated the status. This one is basically… Done. This one, we can…
567
00:38:42.880 –> 00:38:50.130
Wendy Zollner: Yeah, like, I wasn’t sure if, when you’re doing loan docs or a different process, if it was the same
568
00:38:50.360 –> 00:38:52.630
Wendy Zollner: Processed after that.
569
00:38:52.910 –> 00:38:57.899
Dan Deppen: Yeah, Part of it is I gotta build the loan doc process, part of it was I got…
570
00:38:58.390 –> 00:39:01.659
Dan Deppen: going on the loan docs, and I never updated the CRM.
571
00:39:05.160 –> 00:39:06.970
Dan Deppen: I’m just gonna say…
572
00:39:15.430 –> 00:39:17.500
Dan Deppen: I should be able to send the final file.
573
00:39:18.170 –> 00:39:18.870
Wendy Zollner: Okay.
574
00:39:19.450 –> 00:39:20.269
Dan Deppen: And then…
575
00:39:20.270 –> 00:39:21.120
Wendy Zollner: I think that it…
576
00:39:21.420 –> 00:39:21.840
Dan Deppen: Do that.
577
00:39:21.840 –> 00:39:26.899
Wendy Zollner: Yeah. Check the invoices were paid. The invoice for the loan doc was paid, for sure.
578
00:39:27.050 –> 00:39:27.820
Wendy Zollner: But… Okay.
579
00:39:27.820 –> 00:39:35.050
Dan Deppen: And, and they’re, A good client, too, so… That’s why I’m not… super worried about.
580
00:39:35.050 –> 00:39:35.820
Wendy Zollner: Okay.
581
00:39:38.410 –> 00:39:39.460
Wendy Zollner: Yeah, then the rest of the.
582
00:39:39.460 –> 00:39:41.890
Dan Deppen: So this one is actually done, pending…
583
00:39:44.300 –> 00:39:48.320
Wendy Zollner: CDC sent… So that means… oh, hold.
584
00:39:49.500 –> 00:39:51.460
Dan Deppen: Oh, but we need to create…
585
00:39:56.840 –> 00:39:59.420
Dan Deppen: I’m gonna call this Miscellaneous action needed.
586
00:39:59.780 –> 00:40:00.550
Wendy Zollner: Okay.
587
00:40:03.190 –> 00:40:04.610
Dan Deppen: I’m just gonna say…
588
00:40:15.890 –> 00:40:17.730
Wendy Zollner: Oh, that one’s a loan dock one?
589
00:40:17.730 –> 00:40:18.280
Dan Deppen: Hi, man.
590
00:40:18.280 –> 00:40:21.669
Wendy Zollner: I feel like there… we need to have, like, different product types.
591
00:40:22.110 –> 00:40:23.579
Wendy Zollner: Summarized on the top, like.
592
00:40:23.580 –> 00:40:31.750
Dan Deppen: Yeah, and what I gotta do is, I just need a couple hours to sit down and figure out how I want to handle it, and then implement it, and I haven’t been able to do that yet.
593
00:40:31.750 –> 00:40:32.500
Wendy Zollner: Yeah.
594
00:40:38.440 –> 00:40:43.469
Dan Deppen: Owens, this one I just sent… this is the one I’m monitoring the loan docs now.
595
00:40:43.470 –> 00:40:44.380
Wendy Zollner: Okay.
596
00:40:44.380 –> 00:40:52.970
Dan Deppen: The other thing, so you’re aware, that I told Friedman, Is that they could…
597
00:40:54.010 –> 00:40:56.909
Dan Deppen: Send payment from title at the end.
598
00:40:57.240 –> 00:40:59.800
Wendy Zollner: Okay. Okay, cool.
599
00:41:12.500 –> 00:41:18.600
Dan Deppen: That’s something I’ve generally tried to avoid, because then you get into this whole thing where, like, oh, we didn’t get it from Tidley, we’re trying to tidily, and then…
600
00:41:18.600 –> 00:41:19.160
Wendy Zollner: Yeah.
601
00:41:19.160 –> 00:41:22.019
Dan Deppen: It was full, like, hours of work, like, just trying to get the payment.
602
00:41:22.550 –> 00:41:26.539
Dan Deppen: But these people, we do… A lot with, like, they’re good to work with.
603
00:41:27.150 –> 00:41:28.639
Dan Deppen: You know, it’s a little different animal.
604
00:41:28.780 –> 00:41:29.510
Wendy Zollner: Okay.
605
00:41:36.090 –> 00:41:37.990
Dan Deppen: Where did we land on this one?
606
00:41:40.080 –> 00:41:41.060
Dan Deppen: Oh.
607
00:41:46.700 –> 00:41:48.200
Dan Deppen: We’re waiting on…
608
00:42:05.130 –> 00:42:07.140
Dan Deppen: So if we’ve done everything.
609
00:42:13.430 –> 00:42:17.939
Dan Deppen: I’m a little surprised we’re needing to change… I’ve talked to this guy before.
610
00:42:18.950 –> 00:42:23.680
Dan Deppen: I’m a little surprised we’re having to chase him around for an invoice, but… Whatever.
611
00:42:23.680 –> 00:42:24.270
Wendy Zollner: Bye.
612
00:42:25.080 –> 00:42:27.280
Wendy Zollner: Looks like she reminded him yesterday.
613
00:42:27.560 –> 00:42:34.709
Dan Deppen: Yeah… This guy, I had correspondence with yesterday and updated.
614
00:42:34.910 –> 00:42:35.650
Wendy Zollner: Okay.
615
00:42:36.990 –> 00:42:40.440
Dan Deppen: This guy, this is Paleo. I’ll follow up with him.
616
00:42:42.890 –> 00:42:45.169
Dan Deppen: And then, this was the one… oop.
617
00:42:45.830 –> 00:42:49.350
Dan Deppen: Meziel, it looks like we’re ready to send the final file.
618
00:42:49.350 –> 00:42:50.190
Wendy Zollner: Okay.
619
00:42:52.050 –> 00:42:57.150
Dan Deppen: And then stat… I sent updated loan docs.
620
00:42:59.270 –> 00:43:05.550
Dan Deppen: Yesterday… okay, and it looks like they paid… the invoice…
621
00:43:08.190 –> 00:43:11.100
Dan Deppen: Yeah, so that one, you can send the final file.
622
00:43:11.100 –> 00:43:17.500
Wendy Zollner: Is the file file, it’s the same process, whether there’s loan docs or, or no loan docs? Okay.
623
00:43:17.500 –> 00:43:18.020
Dan Deppen: Nope.
624
00:43:20.070 –> 00:43:20.420
Wendy Zollner: Okay.
625
00:43:20.420 –> 00:43:28.890
Dan Deppen: I think everything’s been taken care of there… Okay, oh, our miscellaneous action.
626
00:43:30.040 –> 00:43:30.909
Dan Deppen: Cure… oh, this is.
627
00:43:30.910 –> 00:43:35.490
Wendy Zollner: I think I put that one in for Hyde, I think I said… no.
628
00:43:35.490 –> 00:43:40.320
Dan Deppen: Received income docs, Oh, Christine completed the income review.
629
00:43:42.050 –> 00:43:44.399
Wendy Zollner: Oh, it’s income review only, okay.
630
00:43:46.420 –> 00:43:54.539
Wendy Zollner: So, if it’s… that… that’s confusing. If it’s income review only, we just… we’re doing the underwriting kind, but…
631
00:43:54.790 –> 00:43:58.910
Wendy Zollner: what if it goes forward? Then, do you still do the rest of it?
632
00:43:58.910 –> 00:44:01.319
Dan Deppen: Nope, Kirsten, it was the rest of it.
633
00:44:01.320 –> 00:44:07.029
Wendy Zollner: He never needs the rest of it. Okay. Nope. So it’s a… it’s actually a separate product. He’s buying.
634
00:44:07.030 –> 00:44:08.670
Dan Deppen: It’s a separate product, yeah.
635
00:44:08.670 –> 00:44:09.340
Wendy Zollner: Yeah, okay.
636
00:44:10.610 –> 00:44:16.190
Dan Deppen: That I will hopefully get rid of at some point. I was hoping to do that last year, it hasn’t happened yet.
637
00:44:16.630 –> 00:44:19.910
Wendy Zollner: Like, get rid of, like, you don’t want to do the income only, or…
638
00:44:19.910 –> 00:44:24.200
Dan Deppen: Yeah, just tell them, like, you’ve got to do the whole thing, or not.
639
00:44:24.910 –> 00:44:25.670
Wendy Zollner: Yeah.
640
00:44:25.890 –> 00:44:36.450
Dan Deppen: But it’s kind of… Easy money, and he sends people our way, and… You know, it’s…
641
00:44:36.980 –> 00:44:39.049
Dan Deppen: But I don’t like…
642
00:44:40.850 –> 00:44:45.519
Dan Deppen: how they do things, you know, and I just… I don’t really, like, long-term want to be associated.
643
00:44:45.820 –> 00:44:46.190
Wendy Zollner: Oh.
644
00:44:46.190 –> 00:44:50.619
Dan Deppen: Even though we’re kind of, like, off to the side, I don’t think we really have liability in it, just kind of…
645
00:44:50.620 –> 00:44:52.540
Wendy Zollner: Yeah, okay.
646
00:44:53.930 –> 00:44:57.290
Dan Deppen: So I’m just going to leave that one alone, since Christine did that.
647
00:44:58.250 –> 00:45:00.939
Dan Deppen: Okay. And then this was the Bateman one.
648
00:45:01.560 –> 00:45:07.710
Dan Deppen: Yeah, Dan, and that one’s on me. So, okay, so I think that’s good. So there should be some stuff in there for you to chalk.
649
00:45:08.030 –> 00:45:09.850
Dan Deppen: Yeah, definitely. And then…
650
00:45:09.970 –> 00:45:17.950
Dan Deppen: Like I said, ping me if you have questions. Today, I’m going to be a little harder to reach, because I’m going to be on calls, and they’re going to be going a lot, like, running around.
651
00:45:18.680 –> 00:45:21.270
Dan Deppen: For a chunk of today.
652
00:45:21.550 –> 00:45:25.570
Wendy Zollner: Yeah, if it’s, like, yeah, if it’s… not really urgent, I’ll just…
653
00:45:25.790 –> 00:45:29.799
Wendy Zollner: wait till Monday, or I’ll ask Christine if it’s something.
654
00:45:29.800 –> 00:45:33.669
Dan Deppen: Or send me an email, and I’ll get to it tomorrow. Like, don’t hesitate.
655
00:45:33.670 –> 00:45:34.090
Wendy Zollner: Right.
656
00:45:34.090 –> 00:45:37.250
Dan Deppen: Send me an email on something, so it’s, like, in my queue.
657
00:45:37.250 –> 00:45:40.289
Wendy Zollner: Yeah, and I try to label it not urgent if it’s not, like, anything.
658
00:45:40.290 –> 00:45:45.480
Dan Deppen: No, and I appreciate that, because that lets me know, like, at least, like, depending on what’s going on, like.
659
00:45:45.860 –> 00:45:46.350
Wendy Zollner: Yeah.
660
00:45:46.350 –> 00:45:53.610
Dan Deppen: Yeah, because if I’m putting out some other fire, I can go, okay, I’ll look at that one a little bit later. I appreciate you doing that, that helps me.
661
00:45:54.380 –> 00:46:00.000
Dan Deppen: Cool. Alright. And then, let me see real quick if, oh, we did hear back from Ellie.
662
00:46:20.100 –> 00:46:22.360
Dan Deppen: Okay, that wasn’t answer.
663
00:46:59.940 –> 00:47:02.020
Dan Deppen: Oh god, they changed the address.
664
00:47:02.250 –> 00:47:03.610
Wendy Zollner: Oh, no!
665
00:47:03.610 –> 00:47:05.139
Dan Deppen: I have to, like…
666
00:47:05.370 –> 00:47:06.740
Wendy Zollner: Oh, no…
667
00:47:14.750 –> 00:47:21.099
Dan Deppen: Okay, well, anyways, I’m gonna hang up. I’ll just email them back and ask them what time they’re closing, because this thing about,
668
00:47:21.750 –> 00:47:24.849
Dan Deppen: Them needing to include the servicing fee?
669
00:47:25.710 –> 00:47:28.440
Dan Deppen: I need to go figure that out, that’s not a, like, do it.
670
00:47:29.320 –> 00:47:29.720
Wendy Zollner: Okay.
671
00:47:29.720 –> 00:47:30.750
Dan Deppen: asking calls.
672
00:47:31.000 –> 00:47:31.770
Wendy Zollner: Okay.
673
00:47:32.010 –> 00:47:33.280
Dan Deppen: thing.
674
00:47:33.280 –> 00:47:35.249
Wendy Zollner: Alright, well, good luck.
675
00:47:35.880 –> 00:47:36.360
Wendy Zollner: Hopefully.
676
00:47:36.360 –> 00:47:36.920
Dan Deppen: It doesn’t.
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Wendy Zollner: gone.
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Dan Deppen: Yeah, I gotta…
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Dan Deppen: I gotta figure that one out, so… Okay, cool. Alright, well, thanks for that. We’re getting there. I think we’re pretty close, so… yeah, then next week, hopefully there’s, like, an income one.
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Wendy Zollner: Yeah, okay.
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Dan Deppen: And then, you know, hopefully next week we’ll meet at some point and start running you guys through…
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Dan Deppen: Bondocks, I would say the… the…
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00:47:59.740 –> 00:48:03.160
Dan Deppen: Just kind of, like, the three things remaining is the,
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Dan Deppen: The income docs, which is actually pretty straightforward. I just have to show you how to do it.
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Wendy Zollner: Hmm.
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Dan Deppen: And then, the CD rebalancing, And then the, .
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Wendy Zollner: Loan docs. Loan docs. Income only, loan docs, CD rebalance.
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Dan Deppen: Yep, the loan looks in that…
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00:48:24.240 –> 00:48:27.549
Dan Deppen: In the loan docs, like, I’m still, like, adjusting the process.
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Wendy Zollner: Okay.
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Dan Deppen: I think it’s something that will be easy, it’s probably going to be a little bit tricky at first. Same thing with the CD rebalance, like, there’s some weird nuances.
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Wendy Zollner: Okay.
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Dan Deppen: invite, so… cool.
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Wendy Zollner: Cool. Thanks, Steve.
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Dan Deppen: Sure, thanks, talk to you later.
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Wendy Zollner: Talk to you later. Bye.
========================================
FILE: CTU_Training___Rebalance_CD_and_Closing_Disclosure_Adjustments_01-22-2026.txt
CTU Training – Rebalance CD and Closing Disclosure Adjustments_01-22-2026.txt
CTU TRAINING TRANSCRIPT
Topic: Rebalancing Closing Disclosures (CD), Fee Adjustments, and Final Loan Accuracy
Stage of Loan Process:
Underwriting → Closing → Final CD → Loan Funding
Systems Discussed:
Byte (LOS)
DocMagic
Zoho CRM
Summary:
This training focuses on how to rebalance and correct the Closing Disclosure (CD) to ensure accuracy before sending to the borrower. It covers how changes to fees, escrows, taxes, and insurance impact loan calculations and what steps are required to properly update the CD in Byte. The session emphasizes the importance of aligning all figures, ensuring compliance with TRID timing rules, and avoiding errors that could delay closing. The goal is to produce a clean, accurate CD that reflects the final loan structure and is ready for borrower review and signing.
Key Concepts:
- CD must reflect final and accurate loan terms before sending to borrower
- Rebalancing ensures all fees, escrows, and totals align correctly
- Changes to taxes, insurance, or escrows impact PITI and cash to close
- Byte must be updated correctly for changes to flow through calculations
- LE and CD cannot be sent on the same day (TRID rule)
- CD requires a 3-business-day waiting period before closing
- Title fees and closing costs must match final title company numbers
- Escrow settings (waived vs collected) directly impact loan structure
- Accuracy is critical to avoid redisclosure and closing delays
Process Notes:
- Confirm all fees before generating final CD
- Update Byte fields (escrow, insurance, taxes) before regenerating CD
- Verify PITI recalculates correctly after any change
- Cross-check CD against title company figures
- Ensure timing compliance before sending CD to borrower
Common Issues:
- PITI not updating after escrow changes
- Incorrect insurance or tax amounts carried over
- Title fees missing or inaccurate
- Sending CD before confirming all numbers
- Needing multiple CD revisions due to incomplete updates
Source:
Internal CTU Training – Rebalance CD Workflow (01-22-2026)
WEBVTT
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Dan Deppen: Alright, so, welcome to Creating Top Tier Notes. So, in this section, I’m going to talk about seller finance.
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Dan Deppen: And how that the bestseller financiers Create the most flexible notes.
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Dan Deppen: And, you know, there are about 100,000 plus seller finance notes created every year, depending on, you know, how you count those, plus there are a lot that get created that are…
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Dan Deppen: Land contracts that aren’t even recorded
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Dan Deppen: And I would, contend that…
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Dan Deppen: Probably 90-95% of these that are created are really… junky notes
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Dan Deppen: Overall. This happens for a variety of reasons,
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Dan Deppen: Most likely, people don’t… most of the time, people just don’t.
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Dan Deppen: know how to go about creating great notes. There’s not really a lot of good information out there on the topic. The topic can kind of be deep and complex, and we’re going to get into a lot of that
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Dan Deppen: Today, sometimes people think it’s…
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Dan Deppen: Better to create, not as good notes, which isn’t… really true.
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Dan Deppen: But we’re gonna get into what separates the people who create, you know, the majority of notes that
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Dan Deppen: nobody wants to buy, people don’t really want to hold, have high default rates, versus the people that really create solid notes that give them a lot of good cash flow, and a lot of options, and what they can do with them. So let’s get into it.
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Dan Deppen: So, first, a little bit about me. So, my name is Dan Deppin. I’m the owner of Call the Underwriter. I’ve been involved in notes, for about 8, 9 years.
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Dan Deppen: At this point, and then, about 2024,
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Dan Deppen: I acquired Call the Underwriter, so a lot of my experience has been in
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Dan Deppen: Buying notes, I still have a portfolio of over… 50 notes.
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Dan Deppen: And then these days, spend a lot of time helping real estate investors originate.
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Dan Deppen: new notes. And I’m on my third career now, so some of my background, so I started… I did the first 10 years of my career as a mechanical engineer in the aerospace industry.
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Dan Deppen: Then I did my MBA, then I was a product manager in the high-tech industry, worked for some startups, and then also some big companies like Oracle.
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Dan Deppen: NAWS, but now I’m focused on real estate investing and call the underwriter and helping, investors create
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Dan Deppen: really great notes. So that’s my fiance, Allison, on our trip to Iceland.
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Dan Deppen: The other year.
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Dan Deppen: Okay, so before I get into…
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Dan Deppen: the common mistakes and what separates the pros, I just wanted to level set with just a couple super high-level seller finance basics, so that we’re all talking about
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Dan Deppen: the same thing. So, if you’re not familiar with seller finance yet.
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Dan Deppen: The way this works is, when you sell a piece of property, It’s basically like a traditional…
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Dan Deppen: real estate sale, but instead of a more conventional one, where, let’s say, the buyers
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Dan Deppen: Gonna get a mortgage from a bank, or, you know, some other kind of lender.
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Dan Deppen: The seller of the property is gonna basically act as the bank.
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Dan Deppen: And hold the loan.
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Dan Deppen: that gets created. So, property sold in a traditional way.
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Dan Deppen: The seller will collect a down payment.
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Dan Deppen: And then the seller’s also gonna hold that mortgage for the remainder.
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Dan Deppen: of the selling price, and now that seller has all the same rights as a bank, right? So they can sit back, they can hold that loan, and collect monthly cash flow. So in some ways,
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Dan Deppen: It could have some similarities to, say, having a rental property, and the fact that it’s generating
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Dan Deppen: monthly cash flow, except you’re not actually the owner of the property anymore, right? You’re the owner of this loan. But, as the owner of a loan, what’s great about that is what some people don’t realize is,
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Dan Deppen: A well-originated, solid mortgage loan is a really super valuable asset, and it gives you a lot of tools and flexibility.
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Dan Deppen: As an investor, so… Typically, people just want to hold them.
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Dan Deppen: For cash flow, but sometimes they create loans with the intention of selling them, either right away.
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Dan Deppen: or later, you can sell part of your loan called a partial. I’ll talk about that a little bit later in the presentation. You can also borrow against your loans, right? So just like a piece of property, a loan’s a valuable asset.
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Dan Deppen: That lenders will lend against.
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Dan Deppen: As well. So this is what we’re talking about, and…
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Dan Deppen: I’m specifically also in this presentation, talking about owner-occupied.
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Dan Deppen: loans, okay? So this is where, you know, you sell the property, the borrower is gonna be an owner-occupant, homestead buyer, not…
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Dan Deppen: You know, a fix and flip loan, or, you know, some other kind of…
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Dan Deppen: investor loan. Okay, so getting into the most common mistakes that I see.
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Dan Deppen: at Call the Underwriter, and, you know, keep in mind, we see hundreds of loans a year, and I get the opportunity to work with investors everywhere from
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Dan Deppen: Once you are extremely experienced, all the way to, you know, brand new. And so…
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Dan Deppen: part of what I’m going to share in this are some of the most common things that I see, so you can avoid some of those mistakes. And number one thing that I see a lot, and this is because
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Dan Deppen: You know, sometimes when investors are doing seller finance.
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Dan Deppen: They have experience in other kinds of lending, or a lot of experience in investor transactions, and so they have a little bit of a tendency to think like a hard money lender, because often.
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Dan Deppen: That’s some of their experience is in hard money lending, but…
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Dan Deppen: As you’ll see in this, when we’re doing consumer lending to owner-occupied borrowers, it’s… it’s a very different
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Dan Deppen: beast, right? So, an owner-occupied loan is not the same as an investor loan. Now, you can still do seller finance.
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Dan Deppen: on an investor loan. In fact, we help
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Dan Deppen: a lot of clients underwrite borrowers, for those kind of loans, where someone… and this is kind of especially common.
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Dan Deppen: If someone has a rental property that they want to basically convert to a loan. So they’ve got a rental property, they’ve got tenants in it.
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Dan Deppen: They might sell that property to another investor, Create a loan for them, And now that investor’s gonna…
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Dan Deppen: Pay on that loan, but then continue to operate it.
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Dan Deppen: As a rental property, so in that case, you’re not a homestead buyer, it’s a little bit of a…
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Dan Deppen: a different set of rules. But in general, when we’re talking about owner-occupied loans.
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Dan Deppen: it’s a different rulebook than investor loans, hard money loans, and the big…
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Dan Deppen: thing to keep in mind, the way that I view this, is that
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Dan Deppen: If you have a loan, the way to tell the difference, right, is if you have a loan.
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Dan Deppen: And the borrower defaults, that means that somebody could lose their primary residence.
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Dan Deppen: Then that’s where this other rulebook…
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Dan Deppen: kicks in, right? If the borrower’s not…
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Dan Deppen: An owner-occupant, and maybe a default means they lose an investment or something else.
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Dan Deppen: Then it’s typically a different…
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Dan Deppen: rulebooks. That’s a good way to think about it. So, you know, when you look at people who come at these from a hard money background and want to do hard money type things.
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Dan Deppen: In owner-occupied, you know, in the hard money world, he’s typically got very high interest rates, right?
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Dan Deppen: Lots of points and fees, and then typically hard money lenders want to
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Dan Deppen: You know, get their money back in a relatively short amount of time, so they often have balloon features, right, that might be 12, 18, 24 months.
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Dan Deppen: Out.
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Dan Deppen: The owner… the structure of an owner-occupied loan is completely different, right? So, the interest rates are typically going to be…
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Dan Deppen: quite a bit lower than a hard money loan, right? Because your owner-occupant isn’t flipping the property, they’re gonna…
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Dan Deppen: stay on this property for a long time, you’re probably creating a 30-year loan, or at least a 15- or 20-year loan. And so the interest rates are going to be quite a bit lower.
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Dan Deppen: Partially, that’s just because It’s gonna make sense.
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Dan Deppen: For everyone, but then there can also be, depending on the state you’re in.
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Dan Deppen: limits on interest rates. Now, some states don’t technically have Limits, but then there’s… Practical limits that kick in.
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Dan Deppen: As well, but then there’s states like Pennsylvania that have actually relatively low limits that float with,
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Dan Deppen: prime rate.
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Dan Deppen: And there’s a lot of variation.
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Dan Deppen: State by state.
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Dan Deppen: Points and fees… This is another one that’s generally
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Dan Deppen: cap to some degree. Now, one of the things I should explain, too, is a lot of these consumer laws around owner-occupied loans.
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Dan Deppen: Are very gray.
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Dan Deppen: So, a lot of the rules don’t necessarily have hard limits.
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Dan Deppen: in terms of what you can do. A lot of times, the limit comes down to how this might be viewed by a judge later, so we tend to follow best practices, and a lot of this is a risk management thing. I recommend not trying to get
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Dan Deppen: Super aggressive on your interest rates and points and fees, and things like that, because that can come to bite you.
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Dan Deppen: later. So, again, mileage varies on fees based on the state you’re in, the loan size, sometimes the property type, but you’re generally looking at limits around 3-5%.
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Dan Deppen: For the most part. And then there are balloon features. So, on an owner-occupied loan, you can have
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Dan Deppen: balloon features, they generally need to be… if you do have a balloon, it needs to be at least 60 months out, but I generally strongly discourage people from putting balloon features
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Dan Deppen: in owner-occupied loans. And you need to stop and think about
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Dan Deppen: why you want that in there, right? So, on a hard money loan, typically.
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Dan Deppen: The investor wants the balloon feature in there, because they want to get their money back and roll it over into something else.
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Dan Deppen: And that works okay for the borrower, because if the borrower’s doing, like, a fix and flip on a hard money loan, they’re going to borrow the money, do their work, exit the property, pay the loan back.
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Dan Deppen: On an owner-occupied loan.
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Dan Deppen: If you’re gonna do a balloon, you gotta understand, like, what’s the mechanism that the borrower’s gonna pay you back?
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Dan Deppen: And if they can do that in, like, 2 years, why aren’t they just… Paying for that.
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Dan Deppen: now. So, in owner-occupied loans, a balloon feature is really a recipe for a foreclosure. Or, more likely, like, if, let’s say you put in a balloon feature, borrower’s paying reliably, you get to the balloon, and they go, I don’t have the money, and I can’t refinance.
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Dan Deppen: You’re probably not gonna foreclose, you’re probably gonna restructure the loan, so if you are gonna do that in that situation.
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Dan Deppen: Why have the balloon?
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Dan Deppen: In the first place, so I strongly discourage those.
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Dan Deppen: And, you know, the other thing too, right, is these laws are quite…
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Dan Deppen: serious. And the reason these laws exist is they’re designed to prevent consumers
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Dan Deppen: From losing homes, and of course, you know, the crop of existing rules were created in the wake.
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Dan Deppen: Of the financial crisis, but… Sometimes investors come at these,
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Dan Deppen: with somewhat the same attitude that they carry when they’re making deals with other investors, right? So the investor on investor world is kind of dog-eat-dog, and, you know, a lot of people take the approach, hey, if the other person’s willing to do something stupid.
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Dan Deppen: I’m gonna take advantage, right?
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Dan Deppen: But you really don’t want to do that in the owner-occupied world, one, you can get yourself in a heck of a lot of trouble. Number two is that even if your borrower is willing to do something really stupid.
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Dan Deppen: and you’re willing to take advantage of them, you know, if they realize down the line that, hey, I paid too much for this property, I signed up for an interest rate that doesn’t make sense.
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Dan Deppen: They charged me a bunch of garbage fees that probably weren’t even legal. They’re gonna get very resentful, and it becomes a recipe for default.
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Dan Deppen: Right? When they kind of figure that out.
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Dan Deppen: Later on. So borrowers that feel taken advantage of are more likely to default. Also, if your borrower agrees to something that’s dumb and not in their own best interest.
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Dan Deppen: you know, it means they probably have very low levels of financial literacy, right? And so, borrowers with low levels of financial literacy are much higher.
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Dan Deppen: default, risks. So, it’s really not something that… it’s not an approach.
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Dan Deppen: That you want to take anyway. So, the pros in seller finance, so they’re going to set up loans and terms that are in the best interest of both parties. They’re going to make
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Dan Deppen: win-win deals. They’re gonna have really solid borrowers that understand what’s in their best interest. They’re financially literate. These borrowers can afford to make payments on the loan. They also keep things simple.
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Dan Deppen: Right? So, you generally want to keep your loan terms as simple as possible, so I just recommend fixed interest rates.
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Dan Deppen: You know, amortized over some term.
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Dan Deppen: Avoid getting too fancy and too complicated.
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Dan Deppen: Or adding high-risk features like prepayment penalties, balloons, that kind of thing. It’s setting your borrower up to fail. It’s going to create confusion, potentially, on your own part for the borrower, also for the loan servicer.
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Dan Deppen: Later on.
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Dan Deppen: But when seller finance pros do this, they’re gonna have really solid paying loans, they’re gonna have low…
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Dan Deppen: default rates, right? Whereas the amateurs will…
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Dan Deppen: rape and pillage and take advantage of everything they can. They’re gonna get borrowers that are…
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Dan Deppen: Not very smart, financially illiterate, high risk, you know, complicated features that confuse everybody, and they’re potentially going to be in violation of consumer laws, which opens up a whole other host of risks that you don’t.
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Dan Deppen: want.
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Dan Deppen: Okay, so… Common mistake number two, and this is…
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Dan Deppen: thinking that just because you got a large down payment means that you don’t need to vet your borrower. So, one of the important things in setting up a seller finance deal is getting your deal terms right. Deal terms meaning
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Dan Deppen: Price, down payment, interest rate of the loan, terms.
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Dan Deppen: all of those good things. And obviously.
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Dan Deppen: all things being equal, large down payments are better, right? If you have too low of a down payment, that can create
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Dan Deppen: a very high risk. So we do want…
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Dan Deppen: Large down payments, that helps de-risk our loan, but the thing is.
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Dan Deppen: A large down payment in and of itself doesn’t alleviate you from some of the other things you’re going to want to do.
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Dan Deppen: When you’re underwriting this loan.
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Dan Deppen: So, something, you know, I’ve heard…
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Dan Deppen: before is people say, hey, listen, if I get a large enough down payment, I get 30%,
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Dan Deppen: I don’t care if the borrower pays or not.
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Dan Deppen: Because, you know, I’m in Texas, it’s a fast foreclosure state, it’s cheap.
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Dan Deppen: If I get my 30%, I’ll just rent some out in a foreclosure, and then I’ll find a new borrower, and I’ll collect another 30%.
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Dan Deppen: And move along. This is, like, the template for predatory lending.
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Dan Deppen: And the specific thing that all these consumer laws are designed
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Dan Deppen: To prevent. So, case in point, one that’s relatively recent, about 2 years ago.
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Dan Deppen: the Texas Attorney General sued a company called Colony Ridge. You can go online if you Google this, you can… I’ve actually read the complaint. It’s kind of fascinating, because one of the things I do as someone who helps investors originate loans is I do a lot of nerding out on
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Dan Deppen: Cases where investors got in trouble for improperly, originating.
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Dan Deppen: loans, because if you look at the host of rules that are out there, they’re…
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Dan Deppen: There are a lot of them.
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Dan Deppen: They’re not black and white, they’re very gray, so there’s understanding the rules, but then there’s all these gray zones, so I also like to understand
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Dan Deppen: how the enforcement side tends to work as well. But what Colony Ridge was doing was, you know, they were going out, they were offering seller financing, they were not assessing the borrower’s ability to repay, they were typically getting
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Dan Deppen: 30% down payments, and then they were doing some other stuff, they were kind of misrepresenting the deals, they were selling lots, and
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Dan Deppen: not necessarily being truthful about the level of infrastructure that was in there as well, and so they were getting these really high foreclosure rates, and the complaint that the Attorney General filed cited that, their foreclosure rate was 50 times.
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Dan Deppen: the national average, right? So with these gray…
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Dan Deppen: origination laws, one of the things that attorney generals will look at if they’re deciding whether you’re a good lender or a bad lender is, you know, what’s your default rate? So these folks had a default rate that was through the roof.
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Dan Deppen: But they were collecting big down payments, so they figured they didn’t care, they’re doing this in Texas, they’ll just rent some until…
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Dan Deppen: They got into gigantic.
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Dan Deppen: troubles. So, attorney generals definitely look.
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Dan Deppen: At this kind of thing.
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Dan Deppen: So, you know, whether… while a good down payment is good, and I’m never going to turn down a 30% down payment.
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Dan Deppen: you always need to vet your borrower, right? So, Dodd-Frank, which you’ve probably heard of.
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Dan Deppen: Requires you to confirm that your borrower can make payments on the loan.
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Dan Deppen: And there are 8 elements of ability to repay in Dodd-Frank. I’m not really going to go down that rabbit hole too much.
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Dan Deppen: In this presentation, but…
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Dan Deppen: You need to do that. Plus, it’s in your own best interest as a lender to understand that your borrower has the ability.
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Dan Deppen: to make payments.
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Dan Deppen: There’s also, TRID, the TILA RESPA integrated disclosure rule, which applies to consumer loans. I’m going to talk about that a little bit more later. This defines requirements to send disclosures to customers on certain timelines, right?
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Dan Deppen: So, the consumer laws in general, right, like, they’re designed specifically to prevent lenders from just collecting large down payments and not caring whether the borrower can pay or not, so…
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Dan Deppen: Whether you get a big down payment or a small one, hopefully it’s a big one. You always want to vet your borrower, partially for compliance reasons, but actually, number one.
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Dan Deppen: Because, as a lender, you want to know that you have a good borrower, and you’re gonna get…
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Dan Deppen: cash flow. I would say one thing that I’ve really taken away from a lot of study
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Dan Deppen: And these consumer rules, because these consumer rules scare people sometimes, but…
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Dan Deppen: honestly, if you use the right vendors, they’re easy to comply with, and the consumer rules don’t tell me to do anything that I don’t want to do anyways.
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Dan Deppen: As a lender.
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Dan Deppen: Okay, so common mistake number 3, and this is…
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Dan Deppen: Pretty wide out there, and there are actually people… a lot of people who teach this.
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Dan Deppen: But I happen to disagree with it, and that is only making sure that your borrower has enough income to make payments on the loan.
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Dan Deppen: So, there are a lot of people who say, listen, I don’t care.
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Dan Deppen: what the borrower’s credit is, I don’t care what their track record is, I don’t even care what their other debts are. If they’ve just got an income amount that’s, like, a certain level relative to the loan.
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Dan Deppen: I’m good to roll.
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Dan Deppen: And I think that’s…
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Dan Deppen: a big mistake, right? So that’s, you know, basically the theory here. Hey, if you show the borrower has a certain income, then they don’t care about any of the other variables. And I think that’s pretty short-sighted, right? Because there are some key variables that we care about when we’re looking at a borrower.
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Dan Deppen: credit score, credit history, debt-to-income ratio, what much was their down payment, what’s the loan to value. The income is a…
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Dan Deppen: extraordinarily important piece, but I think it’s a mistake to treat that as the only piece.
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Dan Deppen: to be concerned about. And so, there’s a lot of reasons why that’s not sufficient, right? So, one is…
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Dan Deppen: While Dodd-Frank talks about ability to repay.
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Dan Deppen: There’s also what I call the willingness to repay, right? Just because a borrower
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Dan Deppen: Has enough money to make payments on your loan.
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Dan Deppen: doesn’t always mean they’re gonna make payments on the loan. Now.
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Dan Deppen: for me, and hopefully for you, right? Like, if I owe a debt to someone, I have the ability to pay, I’m gonna pay the debt, but…
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Dan Deppen: not everyone sees the world that way, right? That’s why…
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Dan Deppen: Credit scores and credit reports and credit histories.
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Dan Deppen: exist. So, just because someone has the ability to repay doesn’t necessarily mean
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Dan Deppen: that they’re going to. And then, from a compliance standpoint.
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Dan Deppen: You still have to comply with TRID.
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Dan Deppen: and send disclosures out on time, and do those other things. Plus.
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Dan Deppen: You know, it’s important to keep in mind that, you know, credit and that willingness to repay is actually one of the eight elements of ability to repay to find.
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Dan Deppen: and Dodd-Frank. So, what that means is… Per Dodd-Frank.
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Dan Deppen: you can have a borrower that has enough income to make payments on the loan, so you would… so, you know, I would look at that and say they have
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Dan Deppen: the ability.
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Dan Deppen: But the Dodd-Frank actually includes credit in that, which I would personally put under the category of
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Dan Deppen: Willingness to repay.
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Dan Deppen: But what this means is, if you make a loan to someone.
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Dan Deppen: even if they have enough income to afford the loan, but let’s say their credit score is 480, which I’ve seen credit reports like that, and they’ve got…
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Dan Deppen: you know, 18 accounts that are in collections. I’ve seen credit reports like that.
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Dan Deppen: As well, and you make that loan to the borrower, and they default, and then they fight you and say you didn’t follow the consumer rules.
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Dan Deppen: You can potentially get in trouble.
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Dan Deppen: As a lender, because you lent to a deadbeat that had a history of not paying their bills.
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Dan Deppen: Even if they had the income available.
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Dan Deppen: So, what the pros do, right, is yes, they absolutely check the income, it’s super important, but they do a lot
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Dan Deppen: Of other things as well.
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Dan Deppen: So, number one is pulling credit. So, what’s the credit score? It’s an important consideration, although I tell you, looking at lots of credit reports.
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Dan Deppen: every day, over time, I get increasingly confused about how they come up.
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Dan Deppen: with some of these scores, because sometimes I look at credit reports.
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Dan Deppen: And they’re kind of a nightmare from the standpoint of derogatory marks, accounts and collections, charge-offs.
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Dan Deppen: And the credit score is actually not that bad.
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Dan Deppen: I see other borrowers that have actually a pretty reasonable credit history, and then somehow they end up with a low score. So we combine the score, but with the actual history itself, and, you know, what are the plus and minus marks?
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Dan Deppen: On that credit report.
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Dan Deppen: And then the debt-to-income ratio, this is huge, right? So the income-only folks tend to look at just…
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Dan Deppen: The income, but we actually have to consider, okay, if they’re income versus
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Dan Deppen: the PITI on the new loan.
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Dan Deppen: Plus, there are other monthly payments. That’s one of the things we get when we pull the credit report, right? So…
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Dan Deppen: Do they have payments on cars, credit cards, installment loans?
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Dan Deppen: student debt, how much are those monthly payments, and so we want to include that along with the PITI.
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Dan Deppen: On the new loan, to understand their total
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Dan Deppen: monthly debt payments required to get their total back-end debt-to-income ratio. And then we also take a look at not just the income level now, but what’s the income history and the stability.
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Dan Deppen: Have they been working in the same field for a long time? They’re the same employer for a long time? If they’re self-employed and were underwriting using bank statements, which is very common in seller finance loans.
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Dan Deppen: How steady is that business income?
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Dan Deppen: over time, is it very lumpy? Like, you know, you see some businesses where the level of income is fairly steady month to month. You see others where they have, like, this windfall month, and then they suck wind for a while. And the debt-to-income ratio
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Dan Deppen: That you would calculate, let’s say, on borrower 1 with steady income, borrower 2 with extremely lumpy income.
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Dan Deppen: Those could be the same, but the risk profiles of the two are not. So we really have to look at this with a close lens to get the complete picture of the risk level.
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Dan Deppen: Of the borrower. And then, of course, the pros are also, you know, complying with trade and doing…
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Dan Deppen: everything else. And there’s some really powerful benefits when you do it right. I mean, yeah, you’re gonna get steady cash flow, you’re gonna know that you have a better borrower.
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Dan Deppen: But then there’s some other things that people don’t consider as well. One, if you have a fully compliant loan and a good borrower with good credit.
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Dan Deppen: And a good loan-to-value.
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Dan Deppen: you can now sell that loan to a bank, if you choose, right? So you don’t… if you do decide to sell a loan, you don’t necessarily have to sell it to, you know, an individual like… like myself and a lot of the other people attending Cash Flow Expo that… that like to buy loans. Because if you can sell a loan to a bank.
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Dan Deppen: That’s really your best option, because…
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Dan Deppen: They’ll pay top dollar. If they will buy your loan, they’ll pay way more than any individual will. They’ll pay more than I will.
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Dan Deppen: And, they’re also gonna be the easiest to work with, right? Like, I’ve had…
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Dan Deppen: Things in the past, right, where I’ve put a loan out for sale, I accept an offer from an individual, they mess around for a month, and then they flake out. That’s terrible.
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Dan Deppen: Okay, so… and I’m going to talk a little bit more about selling loans and getting liquid.
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Dan Deppen: later on, but if you have a good borrower and you’ve done all the compliance work, it really gives you a lot of flexibility. And then, obviously, you’re going to have fewer defaults, right? Your financially literate, credit-worthy borrowers with enough income are going to have way fewer defaults than your financially illiterate
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Dan Deppen: People who signed up for deals that weren’t in their own best interests and got taken advantage of.
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Dan Deppen: And have poor credit, right? So, lots of benefits.
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Dan Deppen: To going beyond income and doing it right.
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Dan Deppen: Okay, so common mistake number four, and this is one that comes into play a lot of times with folks who have
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Dan Deppen: Who do not have any prior experience with notes, either creating seller finance notes.
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Dan Deppen: or buying notes. For me, I came into creating notes
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Dan Deppen: From the standpoint of buying notes and buying a lot of non-performing notes.
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Dan Deppen: So, I’ve got a all-too-good understanding of what’s involved if you do have to foreclose on a loan. I’ve done
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Dan Deppen: A lot of them. Over the years. I think I got 3 or 4 of them in process right now.
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Dan Deppen: as I’m recording this, these were non-performing loans that I bought, like existing loans, not ones
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Dan Deppen: That I originated, but when people come at this fresh, a lot of times their experience is with
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Dan Deppen: rental properties and evictions, right? And so there’s a natural tendency to equate
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Dan Deppen: The foreclosure process with an eviction process, and they can be radically different
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Dan Deppen: beasts. And it’s common, too, for people to kind of look at the advertised typical…
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Dan Deppen: foreclosure timelines, foreclosure costs for a given state, and assume that’s what they’re gonna get. And that’s really not always the case. Foreclosures can get… they can be very smooth.
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Dan Deppen: And they can get super weird if the borrower decides to make it that way. So, you know, one of the things I’ve heard more than once is, hey, no biggie.
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Dan Deppen: you know, my borrower’s a little sketch, or I didn’t vet them. I’ll just foreclose if I need to, right? I’ll just… just… they don’t pay, I take the property back.
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Dan Deppen: And, you know, I’m doing this in Texas, so that’s a fast foreclosure state, or sometimes people say, hey, I’m doing a land contract, so I can do that really easy. Land contract… I don’t have a slide on this, but land contracts these days are not necessarily
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Dan Deppen: any picnic either, right? So, a year or two ago, the CFPB put out a bulletin saying that whether you’re doing a land contract.
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Dan Deppen: Or a traditional mortgage deed of trust, All the same consumer rules.
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Dan Deppen: apply So…
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Dan Deppen: Don’t confuse a foreclosure with an eviction. Sometimes they are kind of similar to an eviction, right? I mean, I’ve had ones that were fast.
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Dan Deppen: and inexpensive. I did one…
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Dan Deppen: a while back in Tennessee, you know, non-judicial state, it was just smooth as silk, right? My attorney kind of laid out, here’s what it’s going to cost, here’s the schedule, here’s the timeline.
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Dan Deppen: And that’s how it went. However… and most of the time.
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Dan Deppen: More often than not, borrowers don’t try to fight you.
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Dan Deppen: on a foreclosure. But if they do it all, they can really easily drag it out, right? Because judges, courts.
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Dan Deppen: Are really sensitive.
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Dan Deppen: to kicking borrowers out of their homes, right? So if they raise any objection at all, the objection’s not necessarily gonna…
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Dan Deppen: win the day, but it can be enough to create delays, and those delays stretch out your timeline and cause you to incur additional costs. And this can happen in whatever state you’re in, so I don’t care if you’re in Texas, Tennessee, which are super fast.
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Dan Deppen: if you’re in a slow state, like California, Ohio, New Jersey, within, yeah, they can make it.
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Dan Deppen: even longer. And the other thing to keep in mind, right, is a foreclosure is one step in the process. Let’s say you do a foreclosure.
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Dan Deppen: And the property doesn’t sell at auction.
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Dan Deppen: What happens if the borrower doesn’t move out?
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Dan Deppen: I mean, they’re supposed to move out, but what if they don’t? Well… Now you’re doing an eviction.
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Dan Deppen: After the foreclosure, and then how long the eviction takes is just gonna depend on that particular county, what mood they’re in, sometimes the time of year, like a lot of people, a lot of jurisdictions don’t like to process evictions.
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Dan Deppen: During the holidays, it can get…
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Dan Deppen: super ugly sometimes, and there are a million things borrowers can do to drag things out, and I have had borrowers do all of these
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Dan Deppen: more than once, right? So… If you’re a borrower, you want to drag out a foreclosure, step one.
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Dan Deppen: get yourself some additional court dates. So show up and say, oh, hey, I just hired an attorney, I have to go talk to them. Judge is gonna say, okay, no problem, we’ll reconvene in a month, bring your attorney. Great, you just got a delay. Oh, and now you’ve got more court costs as a lender because there’s another date.
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Dan Deppen: The classic one I’ve had 5 or 6 borrowers say is.
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Dan Deppen: Oh, I sent in all the payments, but the lender lost them.
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Dan Deppen: Okay, that doesn’t make any sense, but they’ll say, hey, let’s, double check the servicing records and get more things, we’ll reconvene in 6 weeks, 8 weeks, and go over it then. Borrower just bought themselves more time in the house that you’re basically paying for. And then the big one is
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Dan Deppen: You go all the way through the foreclosure process.
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Dan Deppen: And then the day before the foreclosure sale, they file bankruptcy.
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Dan Deppen: Which stops the foreclosure sale. And now you’re in the bankruptcy process, which unleashes
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Dan Deppen: Typically, another several thousand dollars in legal bills, and… maybe 6 months to a year.
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Dan Deppen: to your overall timeline, right? So they’ll take months.
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Dan Deppen: putting together the… if it’s a BK13, putting together the BK plan with the trustee, that all has to get approved. Sometimes they put nonsense in the plan.
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Dan Deppen: And you have to, now I’m drawing a blank on what that’s called, but you basically contest
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Dan Deppen: the plan, then once the plan gets finalized, the borrower’s supposed to start making payments on the BK plan. Maybe they make one or two, but then they stop.
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Dan Deppen: Now you have to file a motion for relief of stay, which is additional legal fees.
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Dan Deppen: That takes some time. Another court date.
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Dan Deppen: Okay, if you get your relief of stay, now you’ve got to pick up the foreclosure again.
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Dan Deppen: more legal fees.
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Dan Deppen: more time.
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Dan Deppen: Now, you finally get yourself back.
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Dan Deppen: To the sheriff auction or sheriff sale.
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Dan Deppen: And, you know, sometimes properties sell at auction, sometimes they don’t. If they don’t sell at auction and the borrower doesn’t leave.
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Dan Deppen: Now you’re in this eviction process I was just talking about. And then…
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Dan Deppen: The kind of borrower who drags it out and rides the ship down.
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Dan Deppen: A lot of these folks live a rough lifestyle. It’s not that they’re necessarily…
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Dan Deppen: deliberately damaging your property, but, you know, they’re not doing defer… they’re not doing maintenance, they’re not taking care of things. So often, you’ve got a property back in pretty rough condition that’s now devalued. And while this whole thing was going on, right, which this can easily be one or two years, and I don’t care what state it’s in, I had one
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Dan Deppen: in Mississippi, which is a non-judicial state. It actually took over 3 years to get all through the whole process, although we did have COVID in the mix.
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Dan Deppen: On that one.
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Dan Deppen: If the borrower’s not making payments on your loan, they’re typically not paying property taxes.
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Dan Deppen: Well, you know, you might have a first position lien. Property taxes is, like, position zero, right?
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Dan Deppen: So you gotta check out for those. They’re probably not paying insurance. If the house burns down, you don’t want to be SOL.
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Dan Deppen: So now you’re doing forced place insurance, plus you’re paying all these legal fees, plus you’re not collecting the payments.
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Dan Deppen: that you expected to be paying. So, this isn’t always the case. I don’t mean to paint it like if there’s a foreclosure, it always goes like this, but just understand that it can, because I hear this so often, especially from people, like.
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00:34:05.530 –> 00:34:10.879
Dan Deppen: Doing sub-2s and wraps that… that are coming at it without a lot of experience in loans.
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00:34:11.070 –> 00:34:12.610
Dan Deppen: They kind of slough off.
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Dan Deppen: the potential for foreclosure. Oh, I gotta, you know, they don’t pay, I just… I just get the property back. No biggie. Could work out that way.
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Dan Deppen: Could not, depending.
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Dan Deppen: As far as cost, you know, it’s all over the map, but it’s not cheap, right? Even in a smooth scenario, where the borrower doesn’t fight you, everything kind of goes along, it’s a permissive state, you’re still usually looking at a couple thousand bucks, it’s gonna take at least a few months.
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Dan Deppen: to get that done. You know, if the borrower puts up a fuss, they start filing bankruptcy, you can get into the $10,000 range pretty quickly, drag it out.
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Dan Deppen: You know, 12 to 24 months.
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Dan Deppen: And then if you’re in a tough state, like, New York or, Cook County.
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Dan Deppen: Illinois or New Jersey, you know, what I would call almost like a no-go zone for these. If the borrower wants to drag it out, just, you know, I don’t know what to tell you. You could be in for a ride in those states.
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Dan Deppen: And if you’re doing a wrap loan, it’s even worse, right? So I talked about all the…
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Dan Deppen: you know, you’re not collecting cash flow, expenses are racking up, you’re paying for legal. If you need a wrap and you have to make a payment on an underlying loan, well, the price of poker is up.
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Dan Deppen: even higher, so… so don’t…
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Dan Deppen: take lightly the potential for a foreclosure. So, what the pros are doing to minimize this, right, number one.
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Dan Deppen: They’re pre-screening their borrower well before they even go into the RMLO process, so they’re talking to them, they’re looking for red flags, they’re making sure the borrower’s highly engaged.
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Dan Deppen: Then we go through the underwriting process, we get a good understanding of their credit, debt to income, the other factors. They’re getting a solid down payment, so the borrower has skin in the game. And then, this is a big one, right, is…
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Dan Deppen: Note people, whether they’re creating seller finance notes or buying notes.
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Dan Deppen: you really gotta either have reserve funds on hand in case you need them, or the ability to tap into them, right? Like, I’m pretty conservative, I usually keep funds on hand.
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Dan Deppen: I’ll also use a home equity line of credit that I can tap into if I need more funds, because especially with some of these creative structures, right, one of the attractions to them is that, you know, you can architect some of these seller finance deals where you end up without money in the deal.
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Dan Deppen: And that’s awesome, but it’s not okay to do these without money in your pocket, right? Because if you get into a default scenario, especially on a RAP loan.
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Dan Deppen: You’ve got to be able to afford to work things out.
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Dan Deppen: Okay, so, number 5, and this is an interesting one for me, it is,
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Dan Deppen: assuming that these compliance rules mean that you have to have the same standards as a bank. I’ve had conversations with people before. I say, hey, I’m creating this… this is seller finance, so I can do whatever I want. I’m like, well…
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Dan Deppen: no, there’s compliance rules that come into play, and they’re like, well, that doesn’t make any sense, because if I got to follow compliance rules, why don’t they just go to a bank?
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Dan Deppen: And there’s quite a big difference between these two things. And, you know, I have this chart that I use
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Dan Deppen: To help try to illustrate this.
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Dan Deppen: Okay, I’m gonna pause here.
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Dan Deppen: Okay, so I use this to illustrate the difference between seller finance and bank lending. So this is kind of my mental model for it, right? So, if we think of the lending standards we’re gonna have, right, so at the bottom, these would be, like, extremely loose standards at the top.
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Dan Deppen: super tight.
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Dan Deppen: Dodd-Frank, etc, you know, set kind of a bar for compliance. Now, granted, this is like a fuzzy bar. Dodd-Frank doesn’t actually specify hard limits on
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Dan Deppen: credit debt to income, it’s another story. But there’s a compliance bar that says, hey, we need to be at least the standard, you gotta make sure your borrower can make payments.
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Dan Deppen: to make the loan. If you’re below that bar, you’re not doing that, you know, you’re like Colony Ridge.
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Dan Deppen: well, now you’re kind of in predatory lending land if you’re below that bar. But what’s interesting these days, and this is why seller finance has been growing so much.
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Dan Deppen: You know, if you look at the bank lending standards, or the standards for, like, government loan programs, they’re very high, like.
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Dan Deppen: Way above.
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Dan Deppen: What the compli- the actual compliance standards R.
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Dan Deppen: And so, this middle ground
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Dan Deppen: is where seller finance lives, right? So for seller finance, yeah, you absolutely need to be above the compliance standards.
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Dan Deppen: you don’t have to be up where the bank is. Now, you could choose to be.
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Dan Deppen: If you want, you can set your standards wherever you want, as long as they’re above the line, but I call this the seller finance gap, and this is really the opportunity for us real estate investors. The other thing I’ll call out here is these compliance standards, in my view, are actually pretty low. So, for me as a lender.
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Dan Deppen: If a particular loan file is gonna, like, just barely be compliant.
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Dan Deppen: I personally don’t want to make that loan. I want to be up somewhere higher. I don’t need to be all the way to bank standards, but I want to be, you know, decently above.
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Dan Deppen: where the compliance standards are, anyways. Again, you know, back to my earlier point of… a lot of these compliance rules are just saying I should do things that I’m already going to do, because they’re in my own best interests.
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Dan Deppen: Okay, common mistake number 6, this is another one that’s common amongst people who are kind of new to notes and loans, and that is not using a loan servicer. Some people I talk to, have never even heard of a loan servicer, or know
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Dan Deppen: what they are. So, loan servicers, if you’re not familiar with them, they do a lot of work.
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Dan Deppen: for you. Namely.
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Dan Deppen: They’re gonna send statements to your borrower, they’re gonna collect payments from them when those payments come in, they’re gonna keep track of the loan balance and the amortization table, so they’re gonna know
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Dan Deppen: How much to apply to principal, how much to apply to interest? If the borrower starts sending in
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Dan Deppen: random payment amounts, or they make extra payments or short payments. Your loan servicer will know how to handle that.
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Dan Deppen: They’ll collect their fees, and then they’ll also send the payments on to you. If you do find yourself in a default scenario.
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Dan Deppen: A lot of advantages to having a loan with a loan servicer. If you do have to start making advances for
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Dan Deppen: legal fees, property taxes, insurance, they can keep track of that and help you recover those. They can also help coordinate
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Dan Deppen: with legal. And then on the compliance side, I’m not really going to get too much into loan servicing compliance, but, you know, I’ve talked a lot throughout this about compliance on the origination of the loan, but compliance on the ongoing servicing is actually
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Dan Deppen: more intense and more rigorous than on the compliance, so a lot of people want to self-service their loans to save money. But I’m here to tell you, you will…
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Dan Deppen: Never in your life comply with all the requirements of a licensed loan servicer.
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Dan Deppen: On your own, like, just… Good luck.
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Dan Deppen: with that.
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Dan Deppen: And…
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Dan Deppen: The counter… the second part of this gets into common mistake number 7, which is not passing a lot of these costs on to your borrowers.
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Dan Deppen: So… what some people don’t realize is that all this compliance is free, right? So…
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Dan Deppen: You, as a bank, when you create a loan, you’re basically functioning as a bank, and just like a bank.
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Dan Deppen: you have the right to charge fees to the borrower within certain limits, right? So we talked about there’s rules on those, and…
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Dan Deppen: Your borrower has to agree.
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Dan Deppen: But for example, the RMLO underwriting fees that you might pay to call the underwriter are somewhere else.
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Dan Deppen: You can pass those on to the borrower and get reimbursed when you close.
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Dan Deppen: the ongoing monthly servicing fees. These are typically $25, $45, depending on the service you’re using.
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Dan Deppen: Whether you’re collecting escrows,
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Dan Deppen: you can write that into your deal, and have the borrower pay that on an ongoing basis as well. I’ve actually never seen a borrower push back
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Dan Deppen: on these fees. So there’s compliance requirements in the origination.
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Dan Deppen: Compliance requirements and the ongoing servicing.
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Dan Deppen: Which are, you know, important to keep you out of trouble, also important, because they free you up to sell the loan for a bank, and they don’t cost you anything.
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Dan Deppen: as the investor, and so that’s why I’m amazed that, like, 90%
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Dan Deppen: of the loans that get created don’t bother with a lot of this stuff, and I think it’s just because they don’t.
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Dan Deppen: understand this.
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Dan Deppen: But then, of course, because you are functioning as a bank, you do have the right to charge other fees as well, too, right? These are a little less common.
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Dan Deppen: But some of our seller finance clients, charge their own loan origination fees. There’s no reason why you can’t do that.
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Dan Deppen: like a bank. Now, obviously, the…
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Dan Deppen: Total fees as a percentage of the loan amount can exceed certain limits, and, you know, sometimes mileage varies on that, depending on the type of loan it is in the state, and that’s where your RMLO can help you out, in your specific circumstance. But, you know, generally you want to keep your total fees less than 3-5%,
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Dan Deppen: Oh, the loan balance.
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Dan Deppen: And then number 8 is having unrealistic, closing
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Dan Deppen: Timelines. This is one area that, you know, can differ widely from hard money loans or other kinds of investor loans.
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Dan Deppen: So I hear this all the time, I have a lot of clients, they’ll come to me, they’ll say, hey, Dan.
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Dan Deppen: I have this deal, I need you to work, we’re submitting the term sheet. Today, it’s…
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Dan Deppen: Tuesday, and we’re closing on Friday.
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Dan Deppen: If it’s an owner-occupied loan, you’re not going to be able to do that.
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Dan Deppen: Compliantly.
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Dan Deppen: So, the CFPB sets requirements for the timing of the TRID disclosures. The TRID disclosures are the loan estimate and closing disclosures, and if we look at the intent of these rules.
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Dan Deppen: They want to get disclosures.
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Dan Deppen: To the borrowers early in the process, so they have the opportunity to read all the fine print.
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Dan Deppen: Should they choose, right? They don’t want borrowers showing up at a closing table.
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Dan Deppen: And then a lender’s given them paperwork to sign, and there’s stuff in there that’s brand new to the borrower, and they’re, you know, they don’t even understand
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Dan Deppen: How these things work, and then they’re trying to figure it out right on the spot.
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Dan Deppen: So your loan estimate, that’s the first disclosure that goes out, that needs to be sent 7 business days before you close.
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Dan Deppen: And then there’s a closing disclosure that you follow up with that needs to be sent 3 business days before you close.
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Dan Deppen: These disclosures were created by the CFPB after the financial crisis, and they replaced some of the other,
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Dan Deppen: Disclosures that used to exist.
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Dan Deppen: Prior to that. Now, figuring out your closing timeline, this is another area that creates
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Dan Deppen: a lot of confusion, I’ll try to give you, like, the 2-minute version of it, right? So let’s say I’m sending out a loan estimate today, and I want to know
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Dan Deppen: okay, 7 business days, when can I actually close? How do I count?
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Dan Deppen: those days. And here’s the… you know, high-level summary of the rules, so…
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Dan Deppen: The day you send the disclosure doesn’t count.
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Dan Deppen: Saturdays count as a business day.
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Dan Deppen: Basically, you’re not counting Sunday’s federal holidays.
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Dan Deppen: But the day that you actually close the loan, counts.
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Dan Deppen: So, if today’s… Friday.
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Dan Deppen: That’s day zero.
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Dan Deppen: Saturday, day one.
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Dan Deppen: Sunday doesn’t count, Monday’s day 2, so on and so forth, and then I can close.
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Dan Deppen: on day 7. So, that’s the way we do these, and your RMLO can help with this, too. We actually use software that just tells us this.
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Dan Deppen: Automatically. It makes life a lot easier. But if you’re gonna sell your loan later on to a bank.
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Dan Deppen: They care a lot that the loans that they hold in their books comply.
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Dan Deppen: with all of these rules. Now, your borrower does not technically have to sign the TRID disclosures, they have to be delivered to them, but what we like to do is send them to the borrower via e-sign, because if the borrower e-signs, you’ve got this, you know.
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Dan Deppen: Kind of ironclad proof.
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Dan Deppen: Right?
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Dan Deppen: in the loan estimate of when they signed it, so if, you know, your buyer, institutional buyer of the loan down the road is looking at it, it’s, like, clear cut that, hey, I know the borrower had it on this date, I know the borrower had the closing disclosure on that date, and this is when they closed, we know we’re good.
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Dan Deppen: So, planning out your timelines for your deal overall, right? Because that 7 business day.
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Dan Deppen: Timeline is kind of a chunk of time, and what I recommend is, before you engage with us.
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Dan Deppen: To start underwriting the loan, you want to do that about 2 weeks.
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Dan Deppen: Before you plan to close. So the way the process works for us is we have a term sheet form, and they call the underwriter website. You send that to us, that gives us all the information in the deal that allows us to get started.
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Dan Deppen: We’ll immediately reach out to the borrower to collect all the info we need from them, so that’s gonna be their actual loan application, authorization for us to pull credit, and their income documentation. And mileage varies a lot depending on the borrower, on how interested they are.
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Dan Deppen: The complexity of the income docs they gotta gather. Usually it takes about 1 or 3 days.
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Dan Deppen: to get that in. One of the things that we’ve learned over time, if a borrower’s dragging their feet, and it’s taken longer than that to get their information in, it’s usually a red flag. Either the borrower’s not interested, or sometimes the borrower has income or credit problems, and they’re kind of slow rolling, hoping you as a lender just sort of give up.
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Dan Deppen: And close the lung.
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Dan Deppen: Once we get everything from the borrower, then we can go through our underwriting process. It’s typically one to two business days, depending on how busy we are and the complexity of the file. So, if it’s…
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Dan Deppen: Borrowers with W-2 income, it’s pretty straightforward, pretty simple. If they’re self-employed, which is a lot of files, we’re going off of bank statements, it can be more complex. If they are combining their business transactions with their personal ones in the same checking account.
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Dan Deppen: That can make it harder, still. And then once we get through our underwriting, produce the draft loan estimate, we send it to the lender to review, so it might take a day or so for you to review that and get back to us and give us the thumbs up. Then we send the loan estimate to the borrower, and that starts the 7 business day trade.
440
00:48:36.340 –> 00:48:41.129
Dan Deppen: timeline. So if we kind of add up all these days, you can see where two weeks goes by.
441
00:48:41.330 –> 00:48:48.629
Dan Deppen: Pretty quick, and if you get an undue delay in here anywhere, well then, you know, the timeline’s that much longer.
442
00:48:49.930 –> 00:48:54.630
Dan Deppen: Okay, now, common mistake number 9, and this one is, like, super common, and it’s…
443
00:48:54.800 –> 00:49:00.700
Dan Deppen: Not leaving yourself the option to get liquid on the loan later.
444
00:49:00.800 –> 00:49:15.420
Dan Deppen: And a lot of people I talk to say, well, what if you have to sell the loan? You know, you got a pretty sketch borrower here, right? Like, you know, you go to sell this loan, like, you know, a buyer’s not gonna be thrilled with this. They go, oh, that’s okay, I don’t plan to sell the loan.
445
00:49:16.280 –> 00:49:22.450
Dan Deppen: Okay, that’s fine. And that’s probably… majority overall.
446
00:49:22.650 –> 00:49:28.379
Dan Deppen: Of people creating loans, but whether you plan to sell the loan or not, it really behooves yourself.
447
00:49:28.620 –> 00:49:30.549
Dan Deppen: To… to have the option.
448
00:49:30.860 –> 00:49:38.339
Dan Deppen: to do it. And there’s a lot of reasons for that, right? So, typically, investors doing seller finance, creative finance deals, sub-Qs, wraps.
449
00:49:38.830 –> 00:49:44.500
Dan Deppen: they’re into all kinds of stuff, right? So they’re usually not just into seller finance, they might be…
450
00:49:44.650 –> 00:49:58.639
Dan Deppen: Doing fixing flips, buying loans, a lot of these folks have large cash-buying enterprises that can be into multifamily deals, and, you know, they may need to free up capital for some hot investment opportunity.
451
00:49:59.020 –> 00:50:00.049
Dan Deppen: That they have.
452
00:50:00.200 –> 00:50:12.379
Dan Deppen: The other thing that happens is, usually when people have seen this pattern a lot, when people get started in seller finance, they do one or two deals, they get comfortable with it, they kind of crack the code on their model and their area.
453
00:50:12.530 –> 00:50:20.140
Dan Deppen: now they want to spool up and do more, and at some point, no matter who you are, you run out of funds, you need to recapitalize, right? So selling loans, selling pieces of loans.
454
00:50:20.450 –> 00:50:23.709
Dan Deppen: Can be a mechanism to recapitalize, to then go out and do more.
455
00:50:23.910 –> 00:50:25.640
Dan Deppen: Seller finance deals.
456
00:50:25.760 –> 00:50:35.200
Dan Deppen: Sometimes people are at, you know, retirement, and they want to free up funds for different things. The other thing to consider, too, right, if you’re creating a 30-year, 20-year loan.
457
00:50:35.500 –> 00:50:44.919
Dan Deppen: yeah, I know that the average loan, you know, rolls over every 7 years or so, but some of these will go a long time, and you know, if you’re creating a 30-year loan, that’s a really, really, really
458
00:50:45.590 –> 00:50:51.029
Dan Deppen: Long time that you could be collecting payments, and if you don’t have any ability to do anything else with that.
459
00:50:51.180 –> 00:50:57.020
Dan Deppen: you know, that could be tough. The other thing to consider over that timeline, right? Maybe your heirs end up with this loan, maybe they don’t.
460
00:50:57.680 –> 00:51:04.390
Dan Deppen: I understand how these things work, or want the cash flow, so setting them up to make it easy to
461
00:51:05.220 –> 00:51:14.140
Dan Deppen: You know, get liquid on the loan so that maybe they put the money into something that they’re personally more familiar with and more comfortable with can be really advantageous.
462
00:51:14.270 –> 00:51:21.219
Dan Deppen: And the other thing, too, I want to call out that a lot of people don’t realize, even people who are very experienced in seller finance or loans, is that
463
00:51:22.490 –> 00:51:26.890
Dan Deppen: High-quality seller finance loans are extremely valuable assets.
464
00:51:27.290 –> 00:51:30.630
Dan Deppen: And… and they’re extremely flexible, especially right now.
465
00:51:30.800 –> 00:51:33.689
Dan Deppen: In this market. So, when we talk about getting liquid.
466
00:51:34.050 –> 00:51:36.790
Dan Deppen: generally, I kind of talk… means selling the loan.
467
00:51:37.120 –> 00:51:41.940
Dan Deppen: But that’s not the only thing, right? So, we talked earlier about
468
00:51:42.640 –> 00:51:51.300
Dan Deppen: balloon features and loans and why you don’t want them, right? If you create a really high quality loan, you can sell that loan anytime you want. Like, you can sell it for a high price.
469
00:51:51.630 –> 00:52:05.770
Dan Deppen: immediately after it’s originated, if you want. Now, if you hold it and season it for a little bit, you might be able to do a little bit better, but a good loan can be sold whenever you want, so I refer to this as the anytime balloon. So rather than put a balloon feature in…
470
00:52:05.980 –> 00:52:09.729
Dan Deppen: the loan that’s restrictive and has a specific time. Create a good loan.
471
00:52:10.150 –> 00:52:13.070
Dan Deppen: You can effectively pull the trigger on that balloon.
472
00:52:13.360 –> 00:52:18.199
Dan Deppen: Whenever you want, except the balloon being, instead of the borrower paying you off, it’s you selling the loan.
473
00:52:18.540 –> 00:52:23.219
Dan Deppen: The other thing you can do is sell a partial, right? So just because you want to… if you need cash for something.
474
00:52:23.550 –> 00:52:34.210
Dan Deppen: You don’t have to sell your entire loan, you can sell a couple years of payments to someone. And then the other thing you can do that I personally do a lot with loans in my portfolio is hypothecate.
475
00:52:34.910 –> 00:52:43.560
Dan Deppen: Hypothecate’s a confusing, ugly word, that I don’t like. It just means taking a loan against another loan. So basically, you create a high-quality loan.
476
00:52:43.770 –> 00:52:56.130
Dan Deppen: that’s an asset you can use as collateral to borrow against, right? So if you create a loan at some higher interest rate and borrow at a lower interest rate, create a spread, it’s a good way to get liquid on that loan while still
477
00:52:56.240 –> 00:52:57.450
Dan Deppen: Retaining it.
478
00:52:58.680 –> 00:53:15.610
Dan Deppen: And today, in this market, there’s a lot of institutional demand for these assets. There are a number of banks now that will buy seller finance loans. One of my clients recently got an offer from a bank of 98 cents on the dollar, and this was a newly originated loan. It’s not a seasoned
479
00:53:15.750 –> 00:53:20.559
Dan Deppen: Loan, but it was originated correctly. Got a good borrower, good down payment.
480
00:53:21.360 –> 00:53:24.160
Dan Deppen: All the compliance was done, tight paperwork.
481
00:53:24.330 –> 00:53:27.390
Dan Deppen: And they got that. And then if you look at the broader…
482
00:53:28.150 –> 00:53:39.010
Dan Deppen: mortgage market, the non-QM loan industry has been exploding. If you’re not familiar with that, these are basically loans, instead of being funded by the government, they’re funded by other
483
00:53:39.280 –> 00:53:43.509
Dan Deppen: Institutions, and, you know, they have a lot of programs now.
484
00:53:43.750 –> 00:53:50.559
Dan Deppen: amongst wholesale lenders for self-employed borrowers, ITIN borrowers, non-QM loans are basically institutionally created
485
00:53:50.800 –> 00:54:05.020
Dan Deppen: seller finance loans, in my view, and I’ve done some monitoring of where they’re trading at in the secondary market, and there are a lot of wholesale lenders creating non-QM loans, which are basically equivalent to good seller finance loans, and they’re selling for over 100 cents.
486
00:54:05.200 –> 00:54:09.460
Dan Deppen: on the dollar. Now, what a lot of these institutions will look at
487
00:54:09.910 –> 00:54:23.639
Dan Deppen: they’ll look at a lot of things, but, like, borrower credit and loan-to-value are two of the biggest things that they wheel on, so those are good things to keep in mind. So, to kind of wrap this up, right, what do the pros do when they create really top-tier notes? Well, one.
488
00:54:24.590 –> 00:54:30.579
Dan Deppen: They vet their borrowers, and then they use an RMLO for all the underwriting and upfront origination compliance.
489
00:54:30.700 –> 00:54:35.539
Dan Deppen: They follow all the consumer rules, they don’t cut corners, because they know that following the consumer rules
490
00:54:35.720 –> 00:54:40.870
Dan Deppen: It’s gonna allow them to sell the loan for top dollar, it’s gonna give them the best borrower, and…
491
00:54:41.040 –> 00:54:45.129
Dan Deppen: It doesn’t cost them anything to comply with all that, because they’re going to pass all the costs on.
492
00:54:45.430 –> 00:55:04.950
Dan Deppen: to their borrower. And then they’re creating… they’re finding good borrowers and creating good deals for them as well, right? So, they don’t have resentful borrowers. The borrowers have a lot of skin in the game. Borrowers are financially literate, solid, credit-worthy folks. And then, the other thing I didn’t talk about as much in this, but they keep their loan terms simple, right? So, we’re talking…
493
00:55:05.890 –> 00:55:10.799
Dan Deppen: Fixed interest rate, You know, fully amortized loans.
494
00:55:10.950 –> 00:55:16.379
Dan Deppen: For the most part, try to stay away from Complex or high-risk features, like…
495
00:55:16.590 –> 00:55:27.550
Dan Deppen: balloon payments, prepayment penalties, adjusting interest rates over time. Sometimes people come to me with these really complicated schemes, and it’s usually not a good idea.
496
00:55:27.710 –> 00:55:36.060
Dan Deppen: Use a loan servicer, keep reserve funds on hand, or at least have the ability to access additional funds should you need it to handle a default scenario.
497
00:55:36.230 –> 00:55:42.350
Dan Deppen: And then know all your options to recapitalize, so that when the time comes, you can use your high-quality asset.
498
00:55:42.740 –> 00:55:44.850
Dan Deppen: As efficiently as possible.
499
00:55:45.130 –> 00:55:53.719
Dan Deppen: So, that’s, what I’ve got for you today. I hope you enjoyed that. If you want to reach out to me later, you can always reach me at dan at calltheunderwriter.
500
00:55:53.820 –> 00:55:59.050
Dan Deppen: dot com, if you have more follow-up questions. So, thanks for watching, I appreciate it.
========================================
FILE: CTU_Training___Underwriting_Workflow__File_Review_Process__and_Condition_Clearing_02-09-2026.txt
CTU Training – Underwriting Workflow, File Review Process, and Condition Clearing_02-09-2026.txt
CTU TRAINING TRANSCRIPT
Topic: Underwriting Workflow, File Review Process, and Condition Clearing
Stage of Loan Process:
Processing → Underwriting → Conditions → Loan Approval
Systems Discussed:
Zoho CRM
Byte (LOS)
Google Drive
Summary:
This training covers the step-by-step underwriting workflow, including how to review loan files, identify missing information, and issue and clear conditions. It emphasizes a structured approach to analyzing income, credit, and documentation to determine borrower qualification. The session highlights the importance of documenting findings, maintaining organized files, and ensuring all conditions are satisfied before moving toward approval. The goal is to produce complete, compliant loan files that are ready for closing without delays.
Key Concepts:
- Underwriting follows a structured file review process
- Evaluate income, credit, and liabilities together for full risk assessment
- Identify missing or incomplete documentation early
- Issue clear, specific conditions for any gaps
- Track and clear all conditions before approval
- Maintain detailed underwriting notes and documentation
- Organized files improve efficiency and reduce errors
- Complete files support smoother closing and compliance
Process Notes:
- Review all borrower documentation at start of underwriting
- Identify and list all required conditions
- Communicate conditions clearly to borrower/lender
- Track progress of outstanding items
- Confirm all conditions are cleared before final approval
Common Issues:
- Missing or incomplete documentation
- Vague or unclear conditions
- Delays in borrower response
- Incomplete condition tracking
- Files moving forward without all conditions cleared
Source:
Internal CTU Training – Underwriting Workflow and Condition Management (02-09-2026)
WEBVTT
1
00:00:00.010 –> 00:00:03.270
Dan Deppen: Yeah, just… Hit me with them.
2
00:00:03.270 –> 00:00:05.889
Wendy Zollner: Okay, so let me go to my questions.
3
00:00:06.580 –> 00:00:07.970
Wendy Zollner: Okay, so…
4
00:00:07.970 –> 00:00:10.270
Dan Deppen: I knew he got a hard stop, so we can…
5
00:00:10.270 –> 00:00:11.190
Wendy Zollner: Yeah.
6
00:00:11.490 –> 00:00:18.550
Wendy Zollner: On the email, in… the unread one, Lancaster,
7
00:00:19.110 –> 00:00:22.670
Wendy Zollner: about… I heard it’s… came in at 9.15.
8
00:00:23.690 –> 00:00:25.300
Wendy Zollner: Do you see it in there?
9
00:00:25.660 –> 00:00:26.560
Dan Deppen: Yeah…
10
00:00:28.030 –> 00:00:28.970
Wendy Zollner: Okay, so the…
11
00:00:28.970 –> 00:00:30.750
Dan Deppen: Oh, the final file, okay.
12
00:00:30.750 –> 00:00:35.070
Wendy Zollner: Yeah, do we need to have them execute the disclosure package at closing?
13
00:00:35.180 –> 00:00:46.140
Wendy Zollner: Or how… have they already signed those? But what I’m… my question is, they signed the e-sign, like they’ve acknowledged receipt of it, but that’s not really the same thing, is it?
14
00:00:47.770 –> 00:00:48.570
Wendy Zollner: They still need.
15
00:00:48.570 –> 00:00:56.199
Dan Deppen: When he says the disclosure package, I assume he’s talking about the closing disclosure, although he doesn’t spell that…
16
00:00:56.200 –> 00:00:58.130
Wendy Zollner: That’s what I was assuming, too, but…
17
00:00:58.130 –> 00:01:00.340
Dan Deppen: So, the answer is…
18
00:01:01.740 –> 00:01:03.050
Wendy Zollner: I just wasn’t sure if…
19
00:01:03.050 –> 00:01:08.290
Dan Deppen: They don’t need to sign the closing disclosure, they just need to have it delivered to them.
20
00:01:08.620 –> 00:01:12.799
Dan Deppen: And then I’ll give them, like, the status of, oh, but they e-signed it.
21
00:01:12.960 –> 00:01:16.009
Dan Deppen: Or, this was sent to them on this date.
22
00:01:17.370 –> 00:01:19.459
Dan Deppen: Yeah, so they did sign that.
23
00:01:19.650 –> 00:01:21.070
Dan Deppen: On the 30th.
24
00:01:21.070 –> 00:01:26.380
Wendy Zollner: So, okay, so that’s what I… I looked it up, I saw they got the e-signed, and I wasn’t…
25
00:01:27.070 –> 00:01:35.530
Wendy Zollner: sure what the, yeah, what the process was, if that was considered acknowledged and received, or signed, or they still need to sign it
26
00:01:35.700 –> 00:01:37.330
Wendy Zollner: During the closing, anyway.
27
00:01:37.330 –> 00:01:39.839
Dan Deppen: Well, so in this case, they already signed it.
28
00:01:40.200 –> 00:01:43.229
Wendy Zollner: Okay. You do not need to sign it at closing.
29
00:01:43.450 –> 00:01:44.190
Wendy Zollner: Okay.
30
00:01:44.620 –> 00:01:53.829
Dan Deppen: Although… it’s weird, like, it’s often included in closing packages. They also often include
31
00:01:54.640 –> 00:01:58.730
Dan Deppen: A copy of the loan application in the closing package.
32
00:01:58.730 –> 00:01:59.150
Wendy Zollner: Okay.
33
00:01:59.150 –> 00:02:00.900
Dan Deppen: Which was already done.
34
00:02:00.900 –> 00:02:01.680
Wendy Zollner: Yeah.
35
00:02:02.760 –> 00:02:03.690
Wendy Zollner: Okay.
36
00:02:35.270 –> 00:02:37.629
Dan Deppen: I say, and other things, it’s not real.
37
00:02:37.790 –> 00:02:44.550
Dan Deppen: Yeah, and this… As we’ll go through tomorrow, like, there’s a ton of stuff that gets spit out in a closing package.
38
00:02:44.550 –> 00:02:45.360
Wendy Zollner: Okay.
39
00:02:45.360 –> 00:02:48.680
Dan Deppen: Bottom line, they don’t need to sign the disclosures, they’ve already signed them.
40
00:02:48.890 –> 00:02:56.710
Wendy Zollner: Okay, okay, cool, that’s… that was… The first one, okay.
41
00:02:56.710 –> 00:02:59.039
Dan Deppen: Brian, I actually tried to call back.
42
00:02:59.050 –> 00:03:02.910
Wendy Zollner: When I was in the car, but I didn’t get him, so… Oh, okay.
43
00:03:04.150 –> 00:03:14.490
Wendy Zollner: Okay, so… I… then I got, credit authorizations… from…
44
00:03:15.190 –> 00:03:23.420
Wendy Zollner: this Brill… Haley Brill and Darren McCrae, which they do have an address, and they have listed a lender, but there’s no term sheet.
45
00:03:23.550 –> 00:03:28.260
Wendy Zollner: for it, so I didn’t respond yet, but then it came in again, it looks like.
46
00:03:28.860 –> 00:03:31.769
Dan Deppen: This might be somebody that…
47
00:03:31.770 –> 00:03:33.190
Wendy Zollner: the loan application.
48
00:03:33.190 –> 00:03:36.330
Dan Deppen: This might be somebody that pinged me directly.
49
00:03:38.310 –> 00:03:39.270
Wendy Zollner: Okay.
50
00:03:39.270 –> 00:03:46.290
Dan Deppen: And… was trying to decide between two borrowers. Yeah, so this is Modish.
51
00:03:47.950 –> 00:03:48.900
Wendy Zollner: Okay, yeah.
52
00:03:48.900 –> 00:03:52.039
Dan Deppen: I should have forwarded this stuff to you guys, I didn’t do that.
53
00:03:52.690 –> 00:03:55.550
Dan Deppen: So they’ve got 2 borrowers.
54
00:03:56.940 –> 00:04:00.200
Wendy Zollner: Different, two different borrowers, not, like, co-borrowers.
55
00:04:00.200 –> 00:04:06.499
Dan Deppen: No, and they’re trying to pick between them. Now, this is, like, a $675K property.
56
00:04:07.000 –> 00:04:07.610
Wendy Zollner: Okay.
57
00:04:07.610 –> 00:04:12.300
Dan Deppen: In Las Vegas, and so they kind of want to know which one to go with before they…
58
00:04:12.960 –> 00:04:16.449
Wendy Zollner: jump into it, and I said, if you want, we could pull…
59
00:04:16.529 –> 00:04:18.750
Dan Deppen: Credit. Soft credit.
60
00:04:19.240 –> 00:04:25.590
Dan Deppen: For you, so they… sent those… in…
61
00:04:26.360 –> 00:04:27.409
Wendy Zollner: Yeah, we got the.
62
00:04:27.410 –> 00:04:30.059
Dan Deppen: But they send us… wait, they send us income also?
63
00:04:30.060 –> 00:04:36.789
Wendy Zollner: Yeah, they, yeah, they sent, loan apps, Income and credit authorizations.
64
00:04:37.630 –> 00:04:39.010
Wendy Zollner: And I was thinking it was.
65
00:04:39.010 –> 00:04:44.700
Dan Deppen: I think I sent him the auth form, but, like, where would they have even gotten the links?
66
00:04:46.000 –> 00:04:48.500
Wendy Zollner: They create… yeah, I don’t know.
67
00:04:49.990 –> 00:04:53.640
Wendy Zollner: I don’t think there’s actually folders created for him, though.
68
00:04:53.820 –> 00:04:57.860
Wendy Zollner: Because there was no deal created.
69
00:05:00.500 –> 00:05:04.520
Dan Deppen: So, I’m going to the forms, they all entry, so we can see where they came in.
70
00:05:04.870 –> 00:05:06.070
Wendy Zollner: Okay, I’ll…
71
00:05:06.070 –> 00:05:07.869
Dan Deppen: I believe this shows…
72
00:05:10.940 –> 00:05:15.190
Dan Deppen: the deal ID somewhere, maybe. Yeah, see, deal ID?
73
00:05:15.370 –> 00:05:16.250
Wendy Zollner: Okay.
74
00:05:16.250 –> 00:05:19.089
Dan Deppen: There’s no deal ID, so that didn’t come from…
75
00:05:20.630 –> 00:05:22.430
Dan Deppen: See how these have deal IDs?
76
00:05:22.430 –> 00:05:23.810
Wendy Zollner: Yeah, yeah.
77
00:05:25.670 –> 00:05:26.420
Wendy Zollner: Where the fuck?
78
00:05:26.420 –> 00:05:28.539
Dan Deppen: What did they get those links from?
79
00:05:30.050 –> 00:05:34.590
Dan Deppen: Because, I mean, at one point, I had them out there, right? So, at one point, before we had everything tied.
80
00:05:34.890 –> 00:05:40.910
Dan Deppen: We would manually email them and say, here’s the links to send their stuff, blah blah blah blah blah.
81
00:05:43.650 –> 00:05:47.140
Dan Deppen: So some of those are still, like, floating around, but holy hell!
82
00:05:47.400 –> 00:05:48.310
Wendy Zollner: Yeah.
83
00:05:48.570 –> 00:05:55.960
Dan Deppen: And I told them how the process… works…
84
00:05:58.900 –> 00:06:03.199
Dan Deppen: Let me just double check, like, a term sheet didn’t come in, and something didn’t goof up.
85
00:06:03.200 –> 00:06:03.790
Wendy Zollner: Hi.
86
00:06:13.010 –> 00:06:14.470
Dan Deppen: Oh, I can delete that one.
87
00:06:14.730 –> 00:06:16.210
Dan Deppen: That was my testing.
88
00:06:17.450 –> 00:06:22.140
Wendy Zollner: So this… okay, so this is a custom, like, income-only pre-quality.
89
00:06:22.140 –> 00:06:27.410
Dan Deppen: No, no, no, no, no, no, no, no, no. They, they’re… this is… this is custom, but…
90
00:06:28.180 –> 00:06:30.050
Dan Deppen: They wanted to pull credit.
91
00:06:32.060 –> 00:06:34.930
Wendy Zollner: On each borrower before they went forward.
92
00:06:35.630 –> 00:06:40.370
Wendy Zollner: So… They only need to look at the credit. They don’t need the whole…
93
00:06:41.510 –> 00:06:45.790
Wendy Zollner: All this other stuff that they’re… They’ve submitted, basically.
94
00:06:46.670 –> 00:06:47.410
Dan Deppen: Yeah…
95
00:06:47.760 –> 00:06:49.130
Wendy Zollner: Okay, so…
96
00:06:53.900 –> 00:06:58.529
Dan Deppen: I wonder if I have those links out there somewhere. Are they, like, on the website, maybe?
97
00:06:59.140 –> 00:07:01.959
Dan Deppen: Maybe I put them out there at one point? Like…
98
00:07:02.400 –> 00:07:05.830
Wendy Zollner: I mean, you’ve done business with that lender before? Did he…
99
00:07:05.830 –> 00:07:06.750
Dan Deppen: No.
100
00:07:06.750 –> 00:07:07.389
Wendy Zollner: Oh, you haven’t?
101
00:07:07.390 –> 00:07:08.270
Dan Deppen: I think so.
102
00:07:08.270 –> 00:07:09.060
Wendy Zollner: Okay.
103
00:07:10.260 –> 00:07:11.190
Dan Deppen: Resources…
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Wendy Zollner: He copied it from another deal, but then that would have gone to the other deal, right?
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Dan Deppen: Yeah, I…
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Dan Deppen: Well, I’ll ask them.
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Wendy Zollner: Okay.
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Dan Deppen: That’s so strange.
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Dan Deppen: And it’s weird, because in the conversation with them, I told them, like, so just…
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Dan Deppen: Don’t worry about this for right now, plus I know you’re going offline. Anyways…
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Wendy Zollner: Okay. I’ll do the soft credit pulls manually.
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Dan Deppen: Later.
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Wendy Zollner: Bye.
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Dan Deppen: And then… We’ll go through the thing. You know what, I wonder if it will let me…
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Dan Deppen: Can I edit an entry?
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Dan Deppen: I can edit that, but…
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Dan Deppen: Well, anyways, I’ll have to figure that out. That’s… Annoying.
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Dan Deppen: Okay, so I’ll take care of those.
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Wendy Zollner: Okay.
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Wendy Zollner: Okay, so then… Oh, okay, so for lamb,
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Wendy Zollner: Invoice 1 and 2… so land, that’s 309 Walnut. Invoice 1 and 2 are unpaid.
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Wendy Zollner: The CD was sent and signed.
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Wendy Zollner: Status says is send final file pending invoice. So my question is, do you want us to send, like, just click reminder on the invoice, or just let you handle all the invoice reminders?
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Wendy Zollner: Or, how do you want to handle that?
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Dan Deppen: No, you can send reminders on the invoices.
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Wendy Zollner: Okay, okay.
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Wendy Zollner: So, send.
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Dan Deppen: And Chodi, we’ve worked with before.
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Dan Deppen: So, I’m not worried so much about them, like, not paying.
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Dan Deppen: But no, you can send invoice reminders.
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Wendy Zollner: Okay, so if it hung out there for a while, and…
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Wendy Zollner: We’re just waiting to send the final file. We haven’t received that
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Wendy Zollner: payment, we’ll just send an invoice reminder through.
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Dan Deppen: What they could be doing, and it’s okay if they’re doing it, because we’ve done stuff with them.
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Dan Deppen: They might be sending payment from Tidal when they close.
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Wendy Zollner: Okay.
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Dan Deppen: Which is okay, but they just need to reply and say that’s what they’re doing.
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Wendy Zollner: Right.
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Wendy Zollner: And if, if, that was the case, would you…
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Wendy Zollner: Change their due date on their invoice or anything, and the…
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Wendy Zollner: System, or just keep it as.
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Dan Deppen: I wouldn’t necessarily change the due date on the invoice, but, like, I would put some notes in that…
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Dan Deppen: you know, if they say, hey, we’re sending a check from title, then I’d say, okay, hey, when are you closing? When should we expect that?
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Wendy Zollner: And then we can update our notes and the next actions on, like, when…
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Dan Deppen: To try.
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Wendy Zollner: That makes sense.
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Dan Deppen: But if we’re pinging them, and we’re not getting a response, and that’s what we’re doing, well, then we’re just gonna ping them every day.
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Wendy Zollner: Right, okay.
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Dan Deppen: Tell us what’s going on, like…
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Wendy Zollner: Yeah.
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Wendy Zollner: Yeah, like, keep us in the loop, and then we won’t bug you as much.
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Wendy Zollner: Alright, cool. Then… I did… I put borrower follow-up templates in the Gmail templates.
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Dan Deppen: Oh, good.
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Wendy Zollner: They’re… so they’re easy, you just click on borrow or follow-up 1 or 2, and it populates the whole email for you.
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Dan Deppen: Okay, I’ll check that out.
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Wendy Zollner: Okay, last question…
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Wendy Zollner: for… oh, for the… okay, for invitees.
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Dan Deppen: For the temp… the CTU template.
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Wendy Zollner: When I’m… and I’m entering one right now that’s called Date… Davis.
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Wendy Zollner: The new one, Davis. So, my question is, what…
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Wendy Zollner: things default by the template. For example, escrow or no escrow, because I noticed
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Wendy Zollner: a couple of them I did… maybe I had the escrow wrong, and I said… it said yes, but it looks like I have to change it
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Wendy Zollner: in multiple places.
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Wendy Zollner: when I change it, like, when it’s no, it’s… the answer’s no, but I didn’t know if it was defaulting from the template.
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Wendy Zollner: Or else, clicking the wrong thing.
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Dan Deppen: Okay.
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Dan Deppen: So, things will show up. There’s one pic somewhere that says whether escrows are waived or not, but then there’s other stuff on loan estimate page 2.
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Dan Deppen: So, in the template.
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Wendy Zollner: Yeah, because there was one I did that Davies today, and I’m like, I don’t think I picked…
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Dan Deppen: So…
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Wendy Zollner: Not to it right here.
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Dan Deppen: So, in the template, by default, on the homepage at the bottom.
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Dan Deppen: Escrow waiver, it defaults to not waived.
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Dan Deppen: Okay. If it’s not waived, that means…
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Dan Deppen: Taxes and insurance should be escrowed.
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Dan Deppen: Now…
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Wendy Zollner: Not like we’re…
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Dan Deppen: What I’m not sure of is how this behaves with loan estimate page 2.
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Wendy Zollner: Can you define that again? Because not waived means we’re collecting escrow.
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Dan Deppen: Correct.
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Wendy Zollner: The waived means they don’t want to collect any escrow.
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Wendy Zollner: So when I… on that page, I switched it to WAVE, because I don’t want to deal with escrow. Then I clicked that little update button, and then it made me go to two other places.
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Wendy Zollner: To update the escrow Notes in some other linked fields.
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Dan Deppen: Did it send you… Let me go back to the Davis file, let’s see…
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Wendy Zollner: Yeah, so maybe if you go back to that.
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Dan Deppen: Waiver of escrow screen.
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Dan Deppen: Okay.
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Wendy Zollner: fix the problem, and I did that, and then.
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Dan Deppen: not really a problem, it’s like they’re just not collecting escrows. Yeah, so this is… okay, it looks like what this screen is…
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Dan Deppen: is, A subset of loan estimate page 2?
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Wendy Zollner: Okay.
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Dan Deppen: And see how disbursement is blank?
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Wendy Zollner: Yeah. What I would do is, if they’re not… I would just hardwire it to not escrowed.
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Dan Deppen: Not escrow.
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Wendy Zollner: Okay, so, okay, so in the SOP, it kind of says both. It says not escrowed, and then it says if there’s nothing escrowed, it would be blank.
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Dan Deppen: Yeah, I think that might be wrong, because there was that one file last week where it was blank, and I think, like, one of them was showing up.
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Dan Deppen: So if you want to change that, just say, like, it’s either escrowed or not escrowed, like, we don’t want anything blank unless, like, the line is blank.
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Dan Deppen: Like, there’s no flood insurance, so that’s blank, but if we have numbers in here, we should say escrowed or not escrowed.
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Wendy Zollner: Okay.
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Dan Deppen: And then it can’t.
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Dan Deppen: go wrong.
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Wendy Zollner: Okay.
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Dan Deppen: So now, if I go back to the homepage, I’m guessing that orange arrow Orange light went away.
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Dan Deppen: Which it did.
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Wendy Zollner: Oh, so that… Okay, that’s what…
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Dan Deppen: Now, the other place you can do it, you could have done it the way I just did, where it said go to that waiver escrow screen thingy.
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Dan Deppen: Or loan estimate, page 2.
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Dan Deppen: This should’ve worked as well.
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Dan Deppen: Okay.
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Wendy Zollner: It did, because I had put those as blank right there.
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Dan Deppen: Okay.
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Wendy Zollner: Okay. Okay, cool.
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Dan Deppen: So you should be able to do that, like, either way.
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Wendy Zollner: Okay, and then, does the template automatically add the loan doc fee and the underwriting fee, or that’s…
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Dan Deppen: So, it automatically adds the underwriting fee.
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Wendy Zollner: Mine didn’t this time. I didn’t.
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Dan Deppen: Let’s go to the template file, maybe I goofed something.
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Wendy Zollner: Okay. Mine added the loan back fee, but not the… underwriting fee, which I…
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Wendy Zollner: they wanted… they didn’t want to charge the borrower anyway, but I was like, wow, I thought that populated.
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Dan Deppen: Oh, wow.
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Dan Deppen: So somewhere along the line, I jacked up the templates.
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Wendy Zollner: Okay, in the SOP, it’s… you see the PPFC? It says uncheck all those.
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Wendy Zollner: And so I thought, I’m like, all these are supposed to be unchecked, like the blue ones? No, I don’t know what the check mark does, if it drives them…
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Wendy Zollner: formula.
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Wendy Zollner: That little blue checkmark?
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Wendy Zollner: I don’t know if you see what I’m talking about.
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Dan Deppen: Yeah, yeah, yeah, paid… I think…
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Dan Deppen: Let me double check, come on, let me check sometime.
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Wendy Zollner: Because if it’s always unchecked, we would just keep it in our template like that, right?
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Dan Deppen: Yeah, hold on, let me look something up.
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Wendy Zollner: Okay.
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Dan Deppen: Whatever the SOP says as far as checkmarks should be good, because I remember going through all that a while back.
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Wendy Zollner: Okay, okay, so it said uncheck PPFC.
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Dan Deppen: Yeah. I did, I unchecked all those. And now the template’s fixed, so next time it should come in as $7.99 underwriting fee, but no loan doc fee.
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Wendy Zollner: Okay.
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Wendy Zollner: Okay, cool.
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Wendy Zollner: So if we always have to uncheck PPFC, would it just be… do you want it just in the template like that, or is there a reason it’s checked in the first place?
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Dan Deppen: I’m not sure, that’s what it originally was by default, but now that I’ve updated the template, like, this autosaves, they’ll be unchecked.
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Wendy Zollner: Oh, okay, okay.
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Dan Deppen: So I think, so, PPFC usually classifies it.
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Dan Deppen: as a, so, a lender-related fee…
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Dan Deppen: Anyways, just leave it unchecked. I know that’s what it’s supposed to be.
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Wendy Zollner: Alright, okay.
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Dan Deppen: I forget what that one does. POC means paid outside of closing.
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Wendy Zollner: Okay.
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Dan Deppen: So, if you were to check POC,
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Dan Deppen: That means that, like, the borrower already paid it.
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Dan Deppen: And so you don’t need to calculate it in the cash to close.
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Wendy Zollner: Yeah, that, that…
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Dan Deppen: This is it.
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Wendy Zollner: Interesting, because I’m checking things, and unchecking, but I don’t really know what they do, or what they are, and what they drive, so I’m like, well, I’ll just uncheck it, but…
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Dan Deppen: Yeah…
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Dan Deppen: I’m struggling to see what it means in byte. I can’t find it right now, but I did look that up before, so whatever’s in the S&P we should just use.
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Wendy Zollner: Okay, cool.
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Wendy Zollner: That you signed…
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Dan Deppen: Yeah, the only other…
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Wendy Zollner: Nice.
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Wendy Zollner: Yeah, I was… I looked at…
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Wendy Zollner: whether I could, like, share a chat GPT project, but, I could definitely just create a custom chat GPT if you wanted, like, an underwriting SOP chat GPT. I have all your transcripts saved in a folder, I could just upload them all into the.
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Dan Deppen: How does that work exactly? Like, how do you share that amongst other ChatGPT accounts? You have to…
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Wendy Zollner: I think I would share… I have to share it with you, and then maybe transfer ownership over to you.
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Wendy Zollner: For it to be on your, like.
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Dan Deppen: Okay, well, if you can figure out how to do that, go ahead and do it.
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Wendy Zollner: Okay.
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Dan Deppen: Yeah.
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Wendy Zollner: Yeah.
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Dan Deppen: I mean, so ideally, I’d want that one to be…
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Dan Deppen: like, shared internally amongst, like, whoever’s working files. Yeah. And whatnot. And then, this other one I’m gonna build, that will be, like, the external facing.
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Wendy Zollner: Right, yeah, one…
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Dan Deppen: Because the other thing that I have, the coach box actually has, like, widgets and stuff, like, to embed it on a website, and this and that, so… so what we can do is make yours the internal.
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Wendy Zollner: Yeah, yeah, the… just our SOP… operation… GPT, basically.
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Dan Deppen: Yeah.
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Wendy Zollner: I did… I do notice that I can ask my chat project questions about Byte, and it knows a lot about the software. It’s not always right, but it knows
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Wendy Zollner: It has some answers for me.
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Dan Deppen: Yeah, I’ve used Chat, but, like, it’s hit or miss. Like, sometimes it knows, sometimes it doesn’t.
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Wendy Zollner: Yeah, yeah. When it doesn’t, it kind of makes it up, but… .
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Dan Deppen: Yeah, that’s one thing I don’t like about ChatGPT, like, it’s useful if you already, like, half know the answer.
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Wendy Zollner: Yeah.
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Dan Deppen: So you can keep it honest, like, it scares me a little bit, because, like, if I’m totally flying blind, it could send me off in the weeds and I won’t know, right?
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Wendy Zollner: Yeah, it said for… to do, like, an SOP, tell it not to make up any answers, just use what’s in the documentation, and… or say, escalate it to Dan or something if it doesn’t know, not making stuff up.
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Dan Deppen: Yeah, I mean, we’ll continue to use ChatGPT, because that’s kind of the standard right now, but when… what I’ve been doing lately, when I want something and ChatGPT’s making stuff up, or just won’t tell me, I’ve started using Grok increasingly. That’s a lot more, like, straightforward, but…
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Wendy Zollner: Okay.
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Dan Deppen: I don’t want to get into, like, a thousand AI tools, you know what I mean?
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Wendy Zollner: Yeah.
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Dan Deppen: We’ll just build a custom one within ChatGPT.
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Wendy Zollner: I know you have Google Workspace, and that has, like, the Notebook LM, but I don’t think it’s as good as ChatGPT. I don’t know what.
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Dan Deppen: I don’t think it is yet.
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Wendy Zollner: Yeah.
289
00:21:42.810 –> 00:21:46.129
Dan Deppen: As far as I know, I mean, I haven’t really dug into it too much, like…
290
00:21:47.000 –> 00:21:51.849
Dan Deppen: it would be kind of cool if it let us just, like, have, like, a folder in Google Workspace and be like.
291
00:21:52.590 –> 00:21:57.840
Dan Deppen: this is our internal database of stuff, so we’re gonna have our internal Gemini thing to…
292
00:21:58.140 –> 00:21:59.120
Wendy Zollner: Right.
293
00:21:59.360 –> 00:22:04.399
Dan Deppen: But I don’t know how well all that worked. All this AI stuff is kind of Wild West.
294
00:22:04.780 –> 00:22:10.919
Dan Deppen: Yeah, yeah. Maybe, like… A year from now, hopefully things have, like, kind of settled out.
295
00:22:11.130 –> 00:22:11.760
Wendy Zollner: Yeah.
296
00:22:11.760 –> 00:22:15.580
Dan Deppen: A bit more, but right now, it’s like, stuff changes, like, every day, and like…
297
00:22:15.950 –> 00:22:19.590
Dan Deppen: I’ve noticed, depending on what I’m asking, like, a lot of times a glass, like.
298
00:22:20.050 –> 00:22:29.899
Dan Deppen: ChatGPT, Grok, Gemini, and, like, one will give you an amazing answer, and one will give… and one will give you, like, a garbage answer, and then you’ll ask, like, something else.
299
00:22:30.100 –> 00:22:37.390
Dan Deppen: And then it, like, reverses, like, the one that was terrible is now awesome, and then the one that was good, it gives you the crappy answer, so…
300
00:22:37.390 –> 00:22:46.330
Wendy Zollner: Yeah, yeah, hit or miss, like you said. It’s like, yeah. The only other question I had was in the…
301
00:22:46.450 –> 00:22:52.359
Wendy Zollner: Zoho invoices, because I was just looking at the ones that got paid, and that Genesee Creek.
302
00:22:53.130 –> 00:22:58.469
Wendy Zollner: It has $149 in unused credit. Does that… I don’t know if that matters or not, but…
303
00:22:59.770 –> 00:23:06.940
Dan Deppen: Not for right now. Don’t worry about it, because that means it was from last year, too, so we’ll just…
304
00:23:07.340 –> 00:23:08.080
Wendy Zollner: Okay.
305
00:23:09.030 –> 00:23:13.120
Dan Deppen: Let me see if it… Gave us a.
306
00:23:33.810 –> 00:23:37.020
Wendy Zollner: I just clicked on their, name.
307
00:23:37.020 –> 00:23:38.200
Dan Deppen: Where were you seeing the credit?
308
00:23:38.200 –> 00:23:45.460
Wendy Zollner: So, go back to the invoice, and I clicked on their… the… their name, Genesee Creek, in blue.
309
00:23:45.460 –> 00:23:46.050
Dan Deppen: Oh.
310
00:23:46.050 –> 00:23:49.190
Wendy Zollner: Yeah, it clicked on that, and then it took me to, like, this screen.
311
00:23:50.290 –> 00:23:50.880
Dan Deppen: Oh.
312
00:23:55.710 –> 00:23:57.420
Dan Deppen: That was from back in May.
313
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Wendy Zollner: Huh.
314
00:24:01.560 –> 00:24:06.799
Dan Deppen: No open… invoices, so yeah, let’s just… Okay, okay.
315
00:24:06.810 –> 00:24:07.640
Wendy Zollner: Cool.
316
00:24:07.830 –> 00:24:12.590
Wendy Zollner: Yeah, alright, that was everything, and I… I…
317
00:24:12.710 –> 00:24:15.890
Wendy Zollner: Sent some borrower updates out, or, like.
318
00:24:15.890 –> 00:24:16.280
Dan Deppen: Okay.
319
00:24:16.280 –> 00:24:23.050
Wendy Zollner: And then I started populating the byte file for Davis, and I think I’m almost done with that.
320
00:24:23.720 –> 00:24:24.620
Dan Deppen: Okay, cool.
321
00:24:25.280 –> 00:24:32.650
Wendy Zollner: But then I haven’t… I didn’t get to, like, run credit or income or anything like that. I just started putting all the data into it.
322
00:24:35.010 –> 00:24:39.430
Wendy Zollner: So, should I tell, like, Christine that I got part of that?
323
00:24:39.620 –> 00:24:42.479
Wendy Zollner: Data entered, and not all of it, so if she wants to.
324
00:24:42.480 –> 00:24:47.500
Dan Deppen: Yeah, just throw something in the comments, so that when she comes in, like, she can…
325
00:24:47.610 –> 00:24:52.539
Dan Deppen: Because I think she’s gonna be on later than normal today, too, because they had, like, a field trip or something.
326
00:24:52.800 –> 00:24:57.419
Wendy Zollner: Okay, the outseller, I got… It started, but it’s not completed.
327
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Dan Deppen: Yep.
328
00:24:58.370 –> 00:25:02.809
Wendy Zollner: Okay, cool. Anything else you needed to tell me that…
329
00:25:02.810 –> 00:25:07.680
Dan Deppen: I took up all our time, but… No, no, that’s good. No, I didn’t… I didn’t have anything, like, super…
330
00:25:08.080 –> 00:25:13.640
Dan Deppen: Outstanding, but yeah, so tomorrow we’ll go through the loan doc stuff, and get going on that,
331
00:25:15.140 –> 00:25:25.919
Dan Deppen: if there’s time in the morning, you could try to install the Doc Magic app ahead of time. You don’t have to, though, but tomorrow morning, I know we’re gonna meet at 8, but then, like, files take priority over the app right now.
332
00:25:25.920 –> 00:25:26.870
Wendy Zollner: So, yeah.
333
00:25:26.870 –> 00:25:31.060
Dan Deppen: But yeah, we’ll get going on the loan docs, and then maybe…
334
00:25:31.600 –> 00:25:38.320
Dan Deppen: later this week, or early next week, we’ll do another session on the CD rebalancing, because it’s funny, like.
335
00:25:38.770 –> 00:25:40.609
Dan Deppen: These things come in waves, like…
336
00:25:41.270 –> 00:25:45.750
Dan Deppen: Now, all of a sudden, there’s, like, no CDs to rebalance, but I can smell that, like, next wave.
337
00:25:46.180 –> 00:25:46.790
Wendy Zollner: Yeah.
338
00:25:46.790 –> 00:25:51.750
Dan Deppen: Coming, so… but I’ll get you guys up to speed on those, and that’s another thing, like, the loan… it’s just…
339
00:25:52.000 –> 00:25:55.790
Dan Deppen: It’s not hard, it’s just a lot of little… Details.
340
00:25:55.790 –> 00:25:57.080
Wendy Zollner: Yeah, all the variables.
341
00:25:57.080 –> 00:25:57.540
Dan Deppen: Nothing.
342
00:25:57.540 –> 00:25:58.330
Wendy Zollner: pieces.
343
00:25:58.470 –> 00:26:08.989
Wendy Zollner: Well, the thing, like, what I was getting stuck on last week is, I was following the SOP to do the CDs, but if there was one thing wrong with it, or different.
344
00:26:08.990 –> 00:26:22.949
Wendy Zollner: then I didn’t know how to fix it, and I was like, ugh, the, like, the… any variable in there, the SOP followed the exact way it’s supposed to be, but not, like, if you have to change something. That was where I got stuck.
345
00:26:23.210 –> 00:26:29.959
Dan Deppen: Okay, well, whenever it gets stuck like that, just, like, send me an email or text or whatever, and then we’ll get it figured out.
346
00:26:29.960 –> 00:26:33.270
Wendy Zollner: Yeah, I talked to… she helped me last week on Friday to figure those.
347
00:26:33.270 –> 00:26:34.049
Dan Deppen: Oh, good.
348
00:26:34.050 –> 00:26:34.770
Wendy Zollner: Yeah.
349
00:26:35.110 –> 00:26:35.960
Dan Deppen: Cool.
350
00:26:35.960 –> 00:26:37.570
Wendy Zollner: Alright, thanks, Dan.
351
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Dan Deppen: Alright, well, have a good one.
352
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Wendy Zollner: Thanks, you too. Alright, bye.
========================================
FILE: CTU_Training___Zoho_Pipeline_Management__Task_Workflow__and_File_Prioritization_02-04-2026.txt
CTU Training – Zoho Pipeline Management, Task Workflow, and File Prioritization_02-04-2026.txt
CTU TRAINING TRANSCRIPT
Topic: Zoho Pipeline Management, Task Workflow, and File Prioritization
Stage of Loan Process:
Intake → Processing → Underwriting → Closing
Systems Discussed:
Zoho CRM
Byte (LOS)
Google Drive
Summary:
This training focuses on how to manage the Zoho CRM pipeline, organize daily tasks, and prioritize loan files efficiently. It explains how deals move through each stage of the pipeline, how tasks are assigned and tracked, and how to maintain visibility across multiple files. The session emphasizes staying organized, working files in priority order, and ensuring no deals fall through the cracks. Proper pipeline management supports faster turn times, better communication, and a more consistent underwriting process.
Key Concepts:
- Zoho CRM is the central system for tracking all loan files
- Each deal moves through defined pipeline stages
- Tasks should be created, assigned, and completed within Zoho
- Prioritize files based on urgency, closing timelines, and dependencies
- Maintain clear and consistent status updates on each deal
- Avoid working outside the system to ensure visibility for the team
- Keep communication and notes logged within Zoho
- Organized workflow reduces missed steps and delays
Process Notes:
- Review pipeline daily to identify priorities
- Focus on highest-impact or time-sensitive files first
- Update deal stages as progress is made
- Complete and close tasks to maintain clean workflow
- Ensure all documents are properly stored and accessible
Common Issues:
- Files not updated in Zoho causing confusion
- Tasks not created or tracked properly
- Working deals out of order or without prioritization
- Missing notes or communication history
- Losing visibility across multiple active files
Source:
Internal CTU Training – Zoho Pipeline and Workflow Management (02-04-2026)
WEBVTT
1
00:00:00.000 –> 00:00:02.450
Wendy Zollner: I guess I’ve not been,
2
00:00:02.580 –> 00:00:04.680
Wendy Zollner: I’ve not been looking back there.
3
00:00:04.830 –> 00:00:07.010
Dan Deppen: Yeah… Alright.
4
00:00:07.130 –> 00:00:10.830
Dan Deppen: Let’s see… I should share…
5
00:00:12.540 –> 00:00:18.040
Dan Deppen: Yeah, and I think this is the best way to do… to learn the emails. Like, I know I have, like.
6
00:00:18.420 –> 00:00:22.130
Dan Deppen: stuff in the SOPs, but a lot of these are just sort of situational.
7
00:00:22.730 –> 00:00:23.180
Wendy Zollner: Yeah.
8
00:00:23.180 –> 00:00:25.579
Dan Deppen: Probably going through these too, like, hopefully you like it.
9
00:00:26.660 –> 00:00:29.470
Dan Deppen: you know, you just get a read on kind of how I tend to think.
10
00:00:29.710 –> 00:00:33.810
Wendy Zollner: Yeah, it really helps to go through it. And then, I’ve been…
11
00:00:34.340 –> 00:00:45.530
Wendy Zollner: taking all the transcripts and uploading it into my, project, my ChatGPT project, and then I upload the SOP in there, and I can just ask it questions, like my little…
12
00:00:46.020 –> 00:00:46.590
Dan Deppen: Yeah.
13
00:00:46.590 –> 00:00:49.549
Wendy Zollner: query. It’s been… it’s been working really well.
14
00:00:49.720 –> 00:00:50.919
Dan Deppen: Oh, that’s good.
15
00:00:50.920 –> 00:00:51.410
Wendy Zollner: Yeah.
16
00:00:51.410 –> 00:00:57.850
Dan Deppen: We might, I might borrow those from you later, because I’m gonna set up, like, like a…
17
00:00:59.260 –> 00:01:02.779
Dan Deppen: Public-facing one for seller finance on the website.
18
00:01:03.380 –> 00:01:06.940
Dan Deppen: But what I was thinking was I could also use it as, like, an internal.
19
00:01:07.520 –> 00:01:08.020
Wendy Zollner: Yep.
20
00:01:08.020 –> 00:01:13.359
Dan Deppen: Because if somebody asks questions, that’s internally, like, it doesn’t… I don’t think it matters, but…
21
00:01:13.360 –> 00:01:13.870
Wendy Zollner: Right.
22
00:01:13.870 –> 00:01:14.680
Dan Deppen: No.
23
00:01:15.330 –> 00:01:16.260
Dan Deppen: Alright.
24
00:01:16.420 –> 00:01:18.950
Dan Deppen: So… let’s see what we got.
25
00:01:19.650 –> 00:01:27.350
Dan Deppen: Oh, so this one… This was, like, completely unrelated. This was for Call the Mortgage Guy.
26
00:01:27.880 –> 00:01:29.990
Dan Deppen: We had the guy fill out a pre-screen.
27
00:01:29.990 –> 00:01:30.750
Wendy Zollner: Okay.
28
00:01:31.180 –> 00:01:36.630
Dan Deppen: or do an auth, but it’s not a call the underwriter deal, so I’m just gonna archive that.
29
00:01:36.630 –> 00:01:41.030
Wendy Zollner: Where did that… I didn’t… okay, so you’re… yeah, when you’re looking in your queue.
30
00:01:41.030 –> 00:01:44.230
Dan Deppen: Oh, do I have a different view? Does some of this not show up in Google?
31
00:01:46.160 –> 00:01:47.150
Wendy Zollner: Let me find it.
32
00:01:48.880 –> 00:01:51.069
Wendy Zollner: Maybe that one’s just in your own?
33
00:01:51.510 –> 00:01:55.700
Wendy Zollner: I don’t see it, but I saw… 9-1.
34
00:01:56.550 –> 00:01:58.229
Dan Deppen: What’s the first one that you see?
35
00:01:58.230 –> 00:02:00.370
Wendy Zollner: Are you going from top or bottom?
36
00:02:00.560 –> 00:02:01.660
Wendy Zollner: up top.
37
00:02:01.660 –> 00:02:06.400
Dan Deppen: I’ve done both. Since there’s more, I was gonna, like, start from the bottom.
38
00:02:06.400 –> 00:02:10.309
Wendy Zollner: Okay, the first one I see is W-9 form. Yeah, Ryan.
39
00:02:10.520 –> 00:02:12.280
Dan Deppen: Yeah,
40
00:02:18.060 –> 00:02:21.140
Dan Deppen: He was asking about insurance or something.
41
00:02:21.800 –> 00:02:24.899
Dan Deppen: And this was a few days ago. He’s also a huge knucklehead.
42
00:02:25.140 –> 00:02:25.810
Wendy Zollner: Okay.
43
00:02:25.810 –> 00:02:30.780
Dan Deppen: I don’t need to get down in the weeds about, okay, what’s… yeah, I’m short…
44
00:02:45.090 –> 00:02:50.239
Dan Deppen: Basically, he’s asking about how to set up insurance with his borrower, which has nothing to do.
45
00:02:52.370 –> 00:02:55.420
Wendy Zollner: Did we, interesting.
46
00:03:04.390 –> 00:03:05.289
Dan Deppen: I’ll just…
47
00:03:05.290 –> 00:03:06.060
Wendy Zollner: Okay.
48
00:03:07.960 –> 00:03:12.390
Dan Deppen: That’s another guy I’ve had to chase around for bills, so I don’t really want to get, like, off on tangents.
49
00:03:12.390 –> 00:03:13.690
Wendy Zollner: Yeah, okay.
50
00:03:13.930 –> 00:03:21.240
Dan Deppen: Oh, follow-up of the original loan docs are to be returned.
51
00:03:22.890 –> 00:03:26.550
Dan Deppen: For Lynch. Okay, so that was a question to the lender.
52
00:03:27.400 –> 00:03:28.420
Wendy Zollner: Oh, okay.
53
00:03:28.420 –> 00:03:33.229
Dan Deppen: This is the title company asking the lender, like, when the docs are signed, where do we ship the hard copies?
54
00:03:33.230 –> 00:03:35.690
Wendy Zollner: Oh, okay. And we just got copied on it.
55
00:03:35.690 –> 00:03:37.490
Dan Deppen: Yeah, we’re just copied on that.
56
00:03:37.490 –> 00:03:38.390
Wendy Zollner: Very cool.
57
00:03:38.390 –> 00:03:40.080
Dan Deppen: So I’ll archive that.
58
00:03:41.910 –> 00:03:44.820
Dan Deppen: Darius. Oh, I remember this name. I think…
59
00:03:46.030 –> 00:03:50.959
Wendy Zollner: Oh, I gave… I actually… he sent an email as well, and I answered him.
60
00:03:51.120 –> 00:03:56.330
Wendy Zollner: I gave them all the documents in the investor guide that.
61
00:03:56.330 –> 00:03:56.759
Dan Deppen: Yeah, you bet.
62
00:03:56.760 –> 00:04:01.909
Wendy Zollner: And, the three different, servicers.
63
00:04:02.470 –> 00:04:05.010
Wendy Zollner: I gave him that information. I didn’t see that he had it.
64
00:04:05.630 –> 00:04:07.460
Wendy Zollner: Vo- voicemail, too.
65
00:04:10.860 –> 00:04:12.919
Dan Deppen: Oh, this is the guy over in Boulder.
66
00:04:13.570 –> 00:04:14.280
Wendy Zollner: Okay.
67
00:04:14.280 –> 00:04:16.690
Dan Deppen: This was, like, a million dollar house in Boulder.
68
00:04:17.170 –> 00:04:18.220
Wendy Zollner: Wow.
69
00:04:22.810 –> 00:04:28.389
Dan Deppen: But I was kind of annoyed, because we did a bunch of work, and then it came back and went, oh, it didn’t close, and then, like, he didn’t pay.
70
00:04:28.600 –> 00:04:30.280
Wendy Zollner: Oh, that’s lame.
71
00:04:31.820 –> 00:04:33.359
Dan Deppen: Yeah, where’s the…
72
00:04:34.390 –> 00:04:38.239
Wendy Zollner: Yeah, 4624 Southampton Circle, Boulder.
73
00:04:38.240 –> 00:04:38.810
Dan Deppen: Buzz.
74
00:04:38.810 –> 00:04:39.980
Wendy Zollner: 3 million.
75
00:04:39.980 –> 00:04:40.600
Dan Deppen: Yeah.
76
00:04:42.150 –> 00:04:46.279
Dan Deppen: This should be in the CRM, so I just want to see where it…
77
00:04:52.600 –> 00:04:53.709
Wendy Zollner: Dead deal?
78
00:04:53.810 –> 00:04:55.970
Dan Deppen: Yeah, because you said it wasn’t…
79
00:04:56.680 –> 00:04:58.790
Dan Deppen: He said the borrower walked away.
80
00:04:59.690 –> 00:05:02.410
Wendy Zollner: Then, I wonder why he needs a servicer.
81
00:05:04.550 –> 00:05:06.949
Dan Deppen: 602, I don’t think you ever paid the invoice.
82
00:05:06.950 –> 00:05:11.579
Wendy Zollner: I didn’t realize that, I just gave them the… I told them what was on our website and gave them the…
83
00:05:11.670 –> 00:05:13.400
Dan Deppen: No, that’s fine, I don’t…
84
00:05:14.330 –> 00:05:15.929
Wendy Zollner: Yeah, he did not pay it.
85
00:05:15.930 –> 00:05:17.989
Dan Deppen: Yeah, so we never paid the invoice.
86
00:05:19.120 –> 00:05:22.110
Wendy Zollner: Oh, we should have withheld that information from him.
87
00:05:22.340 –> 00:05:26.699
Dan Deppen: That’s okay. I mean, I mean, some of this stuff, like, you’re not gonna…
88
00:05:26.700 –> 00:05:27.560
Wendy Zollner: Yeah.
89
00:05:27.950 –> 00:05:29.780
Dan Deppen: Hold on.
90
00:05:34.510 –> 00:05:36.240
Dan Deppen: The Better Business Bureau?
91
00:05:36.450 –> 00:05:38.500
Wendy Zollner: He sent you an email, too.
92
00:05:39.240 –> 00:05:39.990
Dan Deppen: Okay.
93
00:05:43.550 –> 00:05:48.480
Dan Deppen: I wonder if that’s related to the one in California, where I had to chase that later around.
94
00:05:50.610 –> 00:05:51.340
Wendy Zollner: No, I think.
95
00:05:51.340 –> 00:05:54.319
Dan Deppen: Oh, no, they may just want money, they just might want.
96
00:05:54.320 –> 00:06:01.249
Wendy Zollner: Yeah, I think they want to offer you… you to put you on the… Liz? Yeah, I mean…
97
00:06:01.270 –> 00:06:06.310
Dan Deppen: There’s actually some potential benefit from that, because some people look, but it’s not, like…
98
00:06:06.310 –> 00:06:06.990
Wendy Zollner: Yeah.
99
00:06:09.070 –> 00:06:11.960
Dan Deppen: Okay, so what was the.
100
00:06:22.240 –> 00:06:24.990
Wendy Zollner: That was, yeah, that was the email I wrote back to him.
101
00:06:27.100 –> 00:06:30.060
Dan Deppen: Okay, where was the… I wonder if they,
102
00:06:34.650 –> 00:06:36.649
Dan Deppen: I wanna see if they close this.
103
00:06:36.800 –> 00:06:40.749
Wendy Zollner: I guess, did you see what he said on the first part of that? He said the deal might come back?
104
00:06:41.030 –> 00:06:42.420
Dan Deppen: Yeah, I saw that.
105
00:06:42.420 –> 00:06:43.050
Wendy Zollner: Okay.
106
00:06:43.920 –> 00:06:48.020
Dan Deppen: But I wonder if he closed it, and now needs a loan servicer.
107
00:06:48.020 –> 00:06:49.990
Wendy Zollner: Right. And didn’t pay.
108
00:06:50.780 –> 00:06:51.580
Dan Deppen: Yeah.
109
00:06:54.240 –> 00:06:59.660
Dan Deppen: Because this was just a one-off thing, like, this was a house that he sold, he’s not really, like, an investor guy.
110
00:06:59.840 –> 00:07:00.540
Wendy Zollner: Okay.
111
00:07:01.260 –> 00:07:07.250
Dan Deppen: And those are the people that… More often an issue.
112
00:07:07.250 –> 00:07:09.509
Wendy Zollner: Yeah, they’re not really in the business.
113
00:07:10.060 –> 00:07:14.679
Dan Deppen: No. It’s like that Julie lady in California I had to chase around, like…
114
00:07:17.240 –> 00:07:22.869
Dan Deppen: I hate PropStream, because, like, if you don’t put the address in, like, exactly like they do, it won’t, like…
115
00:07:23.170 –> 00:07:24.910
Wendy Zollner: Won’t lick… look it up.
116
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Wendy Zollner: Minute.
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Dan Deppen: Oh, there it is.
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Dan Deppen: That’s still owned by Darius, nothing’s been recorded.
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Wendy Zollner: Cool.
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Wendy Zollner: But he still technically owes for the invoice, right? Like, he’s still got the service.
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Dan Deppen: So, part of what… part of the thing was, last year, I didn’t have it spelled out anywhere.
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Wendy Zollner: Okay.
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Dan Deppen: So one of the things I decided this year was I put it… I cover it in the Thursday calls, and someone’s new, they get an acknowledgement that says.
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Wendy Zollner: Yeah.
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Dan Deppen: approve an LE and we send it, then you owe the second invoice.
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Wendy Zollner: That was never really spelled out.
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Wendy Zollner: Yeah.
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Dan Deppen: So it was a little hard to, like, stand on the table and be like, hey, you know.
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Wendy Zollner: Right.
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Dan Deppen: So now… that’s changed. So, I think for this one.
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Dan Deppen: I’ll just tell them, like.
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Dan Deppen: So I kind of…
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Dan Deppen: Just let him know, like, he’s not really clear to close, because he’s actually not.
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Wendy Zollner: Yeah, okay.
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Dan Deppen: You know what I mean? Like, I don’t want them to think, like, oh, I got everything, the borrower’s good, I’ll just close.
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Wendy Zollner: I mean, he could do that, probably nothing would happen, but that’ll be the trigger to… Okay.
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Dan Deppen: And we’ll let that there.
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Wendy Zollner: Okay.
139
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Dan Deppen: Some stuff out of the way… That was Darius… Oh, William Tingle.
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Dan Deppen: I’ll get back to him later. He… I met him at a conference.
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Dan Deppen: He also teaches sub-2 stuff, similar to Pace.
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Wendy Zollner: Okay.
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Dan Deppen: Seems like a good guy.
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Dan Deppen: So I’ll follow up with him later so we can get through.
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Wendy Zollner: Okay.
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Dan Deppen: So this was just Rushin sending us the executed closing docs. I actually talked to her.
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Wendy Zollner: Okay. When I was in Arizona.
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Dan Deppen: And I said, well, just send us the final stuff so we can put it in the files so we have it on record.
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Wendy Zollner: Okay.
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Dan Deppen: That’s what that was.
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Wendy Zollner: So we didn’t really need to do anything with it, just save it.
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Dan Deppen: No, yeah, just save it.
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Wendy Zollner: Oh, they got a lot of stuff in there.
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Dan Deppen: That’s a file that’s really drug out, so this is where… this is David Cole’s stuff.
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Dan Deppen: And I guess they had, like, two people working for them, and, like, they left, and the new people came in, and so they’ve been kind of disorganized.
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Wendy Zollner: Okay.
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Dan Deppen: Ever since then. Previously, they were, like, super organized. So David’s a good guy, but I, you know, he’s the kind of person, like, I don’t know what all he’s got on his plate.
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Wendy Zollner: Right.
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Dan Deppen: He’s got people helping, and then he had turnover, and so then things have gotten a little weird.
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Dan Deppen: For them, and Rushin’s still kind of learning it.
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Dan Deppen: Okay, so they just want us to know if… so, the other thing we talked about was…
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Dan Deppen: their attorney was creating the final CD.
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Wendy Zollner: Okay.
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Dan Deppen: We send a CD, right? When we do the CDs, we send it to the lender.
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Dan Deppen: And the reason we just send it to the lender is they often get the CD from their title company, or I guess in this case, from their attorney.
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Dan Deppen: Other times, they want to use ours. Other times…
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Dan Deppen: They have their title company generate
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Dan Deppen: the final numbers, but then they want us to produce the CD to match.
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Wendy Zollner: Okay.
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Dan Deppen: And so that’s why we don’t send it directly to the borrower, because then they’ll get confused, because if we send it to the borrower, then they might get a different one from the title company, and they’re like, what’s going on here?
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Wendy Zollner: Yeah.
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Dan Deppen: So in this case, she just wanted to know that there wasn’t anything, like, super wonky with what their attorney generated.
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Dan Deppen: And she also says something about the NMLS info, right?
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Dan Deppen: So… Unless we’re doing something specifically in…
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Dan Deppen: Texas or Colorado, and originating it, and our company’s name, and assigning it over, like, our… even though I have NLS numbers, they don’t go on there, right? Because we’re not… because if we put our NLS number on there, it implies, like, a more traditional
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Dan Deppen: Origination, which it’s not, versus a third party.
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Dan Deppen: service.
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Dan Deppen: So, I think I’m just gonna try to, like…
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Dan Deppen: Oh, how is it 15 pages? Closing disclosures are 5 pages.
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Wendy Zollner: Oh, no.
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Dan Deppen: Well, they might have other documentation.
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Dan Deppen: But I’ll throw this in the file as well.
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Wendy Zollner: Oh, see, they’ve got, like…
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Dan Deppen: Oh, copy of the bond for title.
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Dan Deppen: So, bond for title is like the South Carolina version of a land contract.
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Wendy Zollner: Okay.
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Dan Deppen: So it’s gonna basically say…
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Dan Deppen: To this, exactly.
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Dan Deppen: And here’s where I could give the explanation of…
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Dan Deppen: This is actually an important thing, and I’m just kind of, like, leaving it here.
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Dan Deppen: like, an MLS number. What I’m tempted to say in that case is…
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Dan Deppen: our NMLS number is not on there, because we’re not licensed in South Carolina, and we’re not using an NMLS license.
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Dan Deppen: Because as you say that, then I go, oh, wait a minute, not licensed, bad. Right, right. I’m scared. Oh my goodness, what… no, no, no, no, no. See, if you’re only doing so many, you don’t need… and then they just get lost.
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Wendy Zollner: Yeah.
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Dan Deppen: I just sidestepped the whole…
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Wendy Zollner: Yeah.
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Dan Deppen: Conversation.
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Wendy Zollner: to alarm them about any…
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Dan Deppen: It just… I mean, any discussion of licensing just sends people sideways.
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Wendy Zollner: Okay.
201
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Dan Deppen: The other thing I’ve started to do, too.
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Dan Deppen: Somebody’s say, hey, Dan, are you… Licensed in Idaho.
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Dan Deppen: I’ll say, well, how many are you doing?
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Dan Deppen: I’m doing one.
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Dan Deppen: Oh yeah, we’re licensed for that.
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Wendy Zollner: Yeah. Oh, there you go, yeah, yeah.
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Dan Deppen: I need a license, but if you go…
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Dan Deppen: No, we don’t have… what I’ve said in the past is, no, we don’t have a license.
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Dan Deppen: and you don’t need one to do one, it’d be like…
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Wendy Zollner: Yeah.
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Dan Deppen: As soon as they hear not licensed, they’re out, like…
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Wendy Zollner: Right.
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Dan Deppen: Oh my god, oh my god, oh my god. Like, they can’t.
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Wendy Zollner: Yeah.
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Dan Deppen: And it’s fair, because the licensing is convoluted. Like, I spent, like, 4 months deep diving on this stuff, because I was spinning up a competitor to call the underwriter prior to buying it.
216
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Dan Deppen: And, and… I was going down all kinds of rabbit holes, and like…
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Dan Deppen: making dedicated effort, like, it was hard for me to understand, so I can understand somebody doing a one-off, like.
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Wendy Zollner: Right.
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Dan Deppen: I’m confused that… That makes sense.
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Dan Deppen: But yeah, sometimes you gotta just sort of, like, try to keep them simple.
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Wendy Zollner: Yeah.
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Dan Deppen: And so this, I’m gonna take care of later. These are the legal descriptions for the loan docs.
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Wendy Zollner: Okay.
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Dan Deppen: Oh, they’re closing Thursday.
225
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Dan Deppen: Okay. Well, that means I… I thought they were doing it Friday, it’s still fine, but it’s just all the more reason I need to get those to them today.
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Wendy Zollner: Okay.
227
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Dan Deppen: See the updated Balanced and final.
228
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Dan Deppen: This is the stuff that drives me nuts.
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Dan Deppen: So… the other morning, I think it was Monday morning, I rebalanced to their CD.
230
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Dan Deppen: And then Tidal came back later and said, here’s an update.
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Wendy Zollner: Yeah. So it’s gotta go in to bite…
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Dan Deppen: And… re-update it, so… I’ll take care of that as well. What we’ll do is, next time.
233
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Dan Deppen: We get, like, a ground-up rebalance.
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Dan Deppen: I’ll go through that with you, but in this case, like, I want to go through the other emails.
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Wendy Zollner: Yeah.
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Dan Deppen: I’ve got a hard stop at the top of the hour, so I don’t wanna…
237
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Wendy Zollner: Yeah, we got a little backed up on emails, so…
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Dan Deppen: And that’s to be expected, right? Especially in the mouth, like, that’s totally fine, but I think…
239
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Dan Deppen: Anything that was, like, hot.
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Dan Deppen: Like, like you guys let me know about and stuff, so that’s fine, you know, I’m not…
241
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Wendy Zollner: Cool.
242
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Dan Deppen: Concerned about that.
243
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Dan Deppen: So, this one… You can handle this one.
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Wendy Zollner: Okay.
245
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Dan Deppen: just… reprint the CD with… A closing date of Friday.
246
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Wendy Zollner: And… but… does…
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Wendy Zollner: the buyer have to do an e-sign, or, I print… just print the CD and then send it…
248
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Dan Deppen: Just print it and send it to Sabine.
249
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Wendy Zollner: Because the thing is, they don’t really need another CD.
250
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Wendy Zollner: Okay.
251
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Dan Deppen: But sometimes people want it with the right dates, so in that case, we just give it to them. And I’m pretty sure this one, too, they already paid everything.
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Wendy Zollner: Oh, I have that one, let me see.
253
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Dan Deppen: They had paid… I think they had paid everything when it…
254
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Dan Deppen: And I did reactivate it this morning.
255
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Dan Deppen: But yeah, like, they’re all paid ops. Yeah, okay.
256
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Dan Deppen: No issues there. So, I’ll let you handle that one.
257
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Wendy Zollner: Okay.
258
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Wendy Zollner: One thing I noticed over this… when I’m working the same, like, hours, like, overlapping hours as Christine, we did, like, actually pick up the same deal, we were working on it, and didn’t know.
259
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Dan Deppen: Excellent.
260
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Wendy Zollner: I came back, and I was like, oh, I’ll work on that, and I started doing the income thing, and then I went back into Byte, and I’m like, oh wow, the underwriting comments have been magically updated.
261
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Dan Deppen: So my… so my method for… for handling that, and I don’t know that Christine
262
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Dan Deppen: Is locked into this yet, too, would be…
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Dan Deppen: We can either, like, just let people know when we’re digging in, but I would say, like, next action owner.
264
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Wendy Zollner: Hmm.
265
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Dan Deppen: Like, if you’re gonna send the CD, then just put your name on it.
266
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Wendy Zollner: Okay.
267
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Wendy Zollner: Yeah, I like that idea.
268
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Dan Deppen: And that’s the way, so then that way, like…
269
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Dan Deppen: if you’re like, oh, hey, I can start this file, I’m gonna go start it, but it says Christine.
270
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Dan Deppen: you could just ping Christine and go.
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Dan Deppen: Are you working this file? Because I can start it.
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Wendy Zollner: Okay.
273
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Dan Deppen: and do it that way. The other thing we could do is,
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Dan Deppen: Zoho also has, like, their version of Slack.
275
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Wendy Zollner: Oh, I saw that click.
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Dan Deppen: Like, a chat thing, like.
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Wendy Zollner: Yeah.
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Dan Deppen: I’m open to doing that as well. I hesitate to, like, open new channels, because then you’ve got, like, text, and email, and Slack. Like, when I was at Ibotta, and then with Amazon, like, Slack became a full-time job, like, it was crazy.
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Wendy Zollner: Yeah, yeah.
280
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Dan Deppen: It was just another channel, it was like…
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Wendy Zollner: Nope.
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Dan Deppen: Oh, email… 25 years ago, it was, like, this small thing, it was kind of helpful.
283
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Dan Deppen: And then email became overwhelming.
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Dan Deppen: And then it was like, oh, we’ll just have Slack, we can send chats, and then that became its own… and now there’s, like, so…
285
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Wendy Zollner: Yeah.
286
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Dan Deppen: I don’t want to turn it into where there’s more stuff, but if that’s, like, an easy way just to be able to…
287
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Dan Deppen: see who’s online and who’s not, because that way, like, if you’re like, hey, I want to do this file, Dan or Christine’s name was on it.
288
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Dan Deppen: They’re not online, so I know they’re not doing it now.
289
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Dan Deppen: I’m just gonna go do it. Or they are online, I can just ping them.
290
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Dan Deppen: Yeah. Hey, I can go do this, were you already doing it?
291
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Wendy Zollner: Yeah, yeah. I mean, yeah, either way, like, I saw that it had that, that,
292
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Wendy Zollner: Slack-type internal, like, communication, but I know what you mean when…
293
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Wendy Zollner: my last job, too, I was like, it was… I couldn’t stand Slack. It was constantly…
294
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Dan Deppen: Carl, when I was at Ibotta, I worked for a guy that…
295
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Dan Deppen: I didn’t like. I’ve most always gotten along really well with people I’ve worked for, but this particular dude, like, we just couldn’t see eye to eye, but, like…
296
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Dan Deppen: there were so many Slack channels.
297
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Dan Deppen: and somebody were to ask something in Slack.
298
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Dan Deppen: That was related to my stuff in one of, like, the 40 channels, and, like, he would see it.
299
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Dan Deppen: And be like, hey, this guy asked us 45 minutes ago, what’s going on? And I’m like.
300
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Wendy Zollner: Yeah.
301
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Dan Deppen: Dude, like… even if I stay glued to all of this, I can’t, and then, like, you know…
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Dan Deppen: Yeah, it was just…
303
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Wendy Zollner: Yeah.
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Dan Deppen: I’m a little scarred from Slack, because it just became this way to, like.
305
00:21:27.680 –> 00:21:35.810
Dan Deppen: get into trouble. Yeah, same thing. Something would come in, and there wasn’t, like, a… like, you almost had to, like, watch it continuously, so it just was terrible.
306
00:21:35.810 –> 00:21:45.179
Wendy Zollner: That’s how ours was, too, and I was like, so my measured performance, is it how fast I answer Slack? Like, that’s how we’re measuring productivity? I’m like, okay.
307
00:21:45.480 –> 00:21:51.180
Dan Deppen: Yeah, and, and… And then they had so many meetings, like, it was…
308
00:21:51.560 –> 00:21:54.289
Dan Deppen: I mean, if you wanted to do actual work.
309
00:21:54.590 –> 00:21:59.100
Dan Deppen: You either had to blow something off, or, like, do it After hours.
310
00:21:59.100 –> 00:22:00.080
Wendy Zollner: Wow, yeah.
311
00:22:00.080 –> 00:22:03.440
Dan Deppen: It just got so… like, it became impossible, so…
312
00:22:03.770 –> 00:22:06.929
Dan Deppen: That’s an extreme, I don’t want to get there, but, like…
313
00:22:07.340 –> 00:22:12.510
Dan Deppen: if turning that on just makes it easy in the moment as things get busy, like, I’m open to doing that at some point.
314
00:22:12.710 –> 00:22:13.340
Wendy Zollner: Okay.
315
00:22:16.440 –> 00:22:18.840
Dan Deppen: Is each buyer, or is it…
316
00:22:19.250 –> 00:22:22.050
Dan Deppen: file, this billing just has one buyer’s.
317
00:22:24.480 –> 00:22:26.580
Dan Deppen: Okay, so this one…
318
00:22:42.390 –> 00:22:43.370
Dan Deppen: In our…
319
00:22:58.420 –> 00:22:59.200
Wendy Zollner: Okay.
320
00:23:00.010 –> 00:23:00.800
Dan Deppen: So…
321
00:23:00.800 –> 00:23:01.520
Wendy Zollner: Easy.
322
00:23:01.960 –> 00:23:05.920
Dan Deppen: this billing… I’ve never had anybody ask that before.
323
00:23:07.310 –> 00:23:08.040
Wendy Zollner: Yeah.
324
00:23:17.770 –> 00:23:23.969
Dan Deppen: Okay, but then she says, we usually only get the final billing until all buyers are approved. Did they recently add one?
325
00:23:24.860 –> 00:23:28.840
Wendy Zollner: These… Yeah, I don’t… let me…
326
00:23:28.840 –> 00:23:30.080
Dan Deppen: I shouldn’t have gone out.
327
00:23:30.460 –> 00:23:33.869
Dan Deppen: When the… after the loan estimate was approved, maybe it…
328
00:23:35.710 –> 00:23:37.380
Wendy Zollner: This one…
329
00:23:39.880 –> 00:23:46.509
Dan Deppen: Okay, so stuff came in… Hold pending lender review, then send a lead to borrower.
330
00:23:47.600 –> 00:23:52.270
Wendy Zollner: So I don’t know why they got their second invoice, because we had to manually send that, don’t we?
331
00:23:52.270 –> 00:23:57.399
Dan Deppen: We do. So, I think… Christine jumped the gun.
332
00:23:58.020 –> 00:24:03.619
Wendy Zollner: Oh, okay. Ellie sent to Lender for review, that’s what it was. And that’s what triggered her to send it.
333
00:24:05.630 –> 00:24:06.900
Dan Deppen: But it shouldn’t have.
334
00:24:08.740 –> 00:24:11.780
Dan Deppen: So what she sh… what should have happened…
335
00:24:12.730 –> 00:24:16.879
Dan Deppen: was the LE goes to the lender to review. When the lender approves.
336
00:24:17.850 –> 00:24:20.700
Dan Deppen: Then you send to the borrower and send the invoice.
337
00:24:20.700 –> 00:24:23.589
Wendy Zollner: Okay, after they approve it, okay.
338
00:24:23.590 –> 00:24:27.130
Dan Deppen: So, let me check and see…
339
00:24:29.210 –> 00:24:33.439
Dan Deppen: what all went to Jan? That’s the beauty of having everything in the team email.
340
00:24:33.440 –> 00:24:34.310
Wendy Zollner: Yeah.
341
00:24:34.560 –> 00:24:36.260
Dan Deppen: Oops, I don’t know what that is.
342
00:24:38.760 –> 00:24:40.190
Dan Deppen: Auto Reminder…
343
00:24:44.110 –> 00:24:46.150
Dan Deppen: That doesn’t have any attachments.
344
00:24:49.330 –> 00:24:54.169
Dan Deppen: Oh, this was where… We were looking for the other info.
345
00:25:05.670 –> 00:25:12.010
Dan Deppen: I’m wondering if Christine updated the wrong file.
346
00:25:13.110 –> 00:25:14.439
Dan Deppen: You know what I mean? Like, she could’ve.
347
00:25:15.180 –> 00:25:17.999
Wendy Zollner: Yeah, it’s easy to get them mixed up, I think.
348
00:25:48.110 –> 00:25:49.130
Dan Deppen: A normal…
349
00:25:54.170 –> 00:25:54.980
Dan Deppen: Complete.
350
00:26:06.500 –> 00:26:12.820
Dan Deppen: View, then, after… Just on the alley.
351
00:26:23.550 –> 00:26:24.700
Dan Deppen: Looks like…
352
00:26:32.360 –> 00:26:33.760
Dan Deppen: And with,
353
00:26:37.180 –> 00:26:38.790
Dan Deppen: Let’s that out.
354
00:26:45.380 –> 00:26:46.210
Wendy Zollner: Okay.
355
00:27:01.590 –> 00:27:04.649
Dan Deppen: So, okay, so explain the naming thing.
356
00:27:05.140 –> 00:27:07.570
Dan Deppen: Yeah, and the normal process, so…
357
00:27:07.920 –> 00:27:10.420
Dan Deppen: what I might do is just…
358
00:27:11.090 –> 00:27:13.870
Dan Deppen: BCC Christine, so she can check it.
359
00:27:14.180 –> 00:27:14.890
Wendy Zollner: Okay.
360
00:27:19.230 –> 00:27:27.080
Dan Deppen: Yeah, and sometimes I copy you guys directly on these. I try to avoid that, just because then people… then they’ll, like, ping people directly, and people don’t see it, like…
361
00:27:27.080 –> 00:27:29.290
Wendy Zollner: A lot of times, people.
362
00:27:30.020 –> 00:27:35.419
Dan Deppen: In fact, I’m gonna drop myself from this. A lot of times, people just ping me directly, and then…
363
00:27:36.230 –> 00:27:40.789
Wendy Zollner: I don’t get to it, so I tell them, like, if you want the fastest response… Right.
364
00:27:40.790 –> 00:27:43.910
Dan Deppen: Send it to the team, because maybe I get to it first, but…
365
00:27:45.660 –> 00:27:52.170
Dan Deppen: you know, it’s never going to get done any faster going to me, and it might get faster if you or Christine get to it ahead of.
366
00:27:52.170 –> 00:27:54.530
Wendy Zollner: Right, yeah, yeah.
367
00:27:54.880 –> 00:27:56.719
Dan Deppen: Okay, so I think that’s right.
368
00:28:00.100 –> 00:28:01.000
Dan Deppen: Alright.
369
00:28:02.920 –> 00:28:07.690
Dan Deppen: And that’s the thing, too, right? Like, if we misfired or something or something, I just tell them, like, oh yeah, we goofed there, like…
370
00:28:07.690 –> 00:28:08.630
Wendy Zollner: Yeah, okay.
371
00:28:14.200 –> 00:28:19.610
Dan Deppen: Yeah, because I thought I saw a lot of invoices come through yesterday, and I was like, wow, that’s a lot of… at least that improved.
372
00:28:23.260 –> 00:28:24.170
Dan Deppen: A flame.
373
00:28:28.120 –> 00:28:33.480
Wendy Zollner: Oh, the… did you see the… see the one above? Do you… you realize you’re sending these to the borrower, right?
374
00:28:34.420 –> 00:28:37.309
Wendy Zollner: I think it was… the borrower wasn’t supposed to be copied, maybe?
375
00:28:52.800 –> 00:28:56.890
Dan Deppen: Why did she send a loan estimate and a closing disclosure together?
376
00:29:00.200 –> 00:29:02.069
Wendy Zollner: amended loan estimate.
377
00:29:02.820 –> 00:29:07.360
Wendy Zollner: to the… to the… I think it was just supposed to go to the lender, maybe?
378
00:29:13.390 –> 00:29:16.530
Dan Deppen: Oh, shit, and that’s Jamie. Goddammit.
379
00:29:17.360 –> 00:29:18.319
Dan Deppen: God damn it.
380
00:29:20.360 –> 00:29:23.460
Wendy Zollner: What, is there a history with this person?
381
00:29:24.430 –> 00:29:27.539
Dan Deppen: No, I’m friends with him, I’m in a mastermind with him.
382
00:29:27.850 –> 00:29:28.860
Dan Deppen: And now…
383
00:29:40.510 –> 00:29:41.940
Dan Deppen: Send Final File…
384
00:29:43.580 –> 00:29:50.000
Dan Deppen: See, the other thing that’s worth here is she says, send final file, which implies that the invoice is paid, but I don’t see an invoice paid.
385
00:29:50.660 –> 00:29:51.460
Wendy Zollner: Yeah.
386
00:29:51.590 –> 00:29:54.439
Dan Deppen: Status… I’ll have to meet with Christine.
387
00:29:54.440 –> 00:29:54.900
Wendy Zollner: Okay.
388
00:29:55.220 –> 00:29:55.620
Dan Deppen: Stuff.
389
00:30:03.620 –> 00:30:05.310
Dan Deppen: Okay, it’s not paid.
390
00:30:11.870 –> 00:30:15.770
Wendy Zollner: Oh, she updated that today, it looks like. Oh, so she’s working on something right now.
391
00:30:15.770 –> 00:30:20.669
Dan Deppen: Well, no, but a lot of times what I do in the actions for today, like, I’ll put the date that it needs to be done.
392
00:30:20.670 –> 00:30:21.680
Wendy Zollner: Oh, okay.
393
00:30:21.680 –> 00:30:25.619
Dan Deppen: So, like, if something, like, hey, send this tomorrow, then I’ll put tomorrow’s date.
394
00:30:25.620 –> 00:30:26.380
Wendy Zollner: Okay.
395
00:30:47.000 –> 00:30:50.649
Dan Deppen: Do they have… Okay, and they ordered loan docs.
396
00:30:50.930 –> 00:30:52.580
Wendy Zollner: Mmm, okay.
397
00:31:09.270 –> 00:31:14.130
Wendy Zollner: Do you wanna… do you wanna meet again later, or…
398
00:31:14.470 –> 00:31:19.209
Wendy Zollner: just… yeah, because I know you gotta go pretty soon, and we have… still have quite a few.
399
00:31:19.540 –> 00:31:23.310
Dan Deppen: Yeah, let me… I’ll respond to Jamie after this.
400
00:31:23.310 –> 00:31:24.050
Wendy Zollner: Okay.
401
00:31:29.090 –> 00:31:29.890
Dan Deppen: Oh.
402
00:31:31.540 –> 00:31:36.560
Dan Deppen: Please proceed. So this one… He approved the LE, so this can go out.
403
00:31:36.660 –> 00:31:38.869
Dan Deppen: To the borrower, if it hasn’t already.
404
00:31:39.690 –> 00:31:40.440
Wendy Zollner: Okay.
405
00:31:42.530 –> 00:31:45.609
Wendy Zollner: CD sent, is that right? I won’t get turned along, okay.
406
00:31:58.070 –> 00:32:03.500
Wendy Zollner: Oh, I looked, yeah, look, look, that one today. Oh, that one’s just one of the invoices that got paid today.
407
00:32:03.960 –> 00:32:04.810
Dan Deppen: Okay.
408
00:32:05.670 –> 00:32:06.530
Dan Deppen: So…
409
00:32:09.910 –> 00:32:13.980
Dan Deppen: Where I’m confused, though, is, like, we have a status of hold pending lender review.
410
00:32:15.520 –> 00:32:18.269
Dan Deppen: But the invoice got paid, which implies…
411
00:32:18.610 –> 00:32:20.549
Dan Deppen: It was sent to the borrower.
412
00:32:21.270 –> 00:32:22.160
Wendy Zollner: So…
413
00:32:22.160 –> 00:32:24.689
Dan Deppen: So, can you just go through and, like, update this?
414
00:32:24.890 –> 00:32:25.700
Wendy Zollner: Yeah…
415
00:32:25.700 –> 00:32:29.649
Dan Deppen: like… Send it to the borrower if needed.
416
00:32:30.490 –> 00:32:31.279
Dan Deppen: You know what I think?
417
00:32:31.280 –> 00:32:32.970
Wendy Zollner: Oh, so there might be a…
418
00:32:33.740 –> 00:32:34.390
Dan Deppen: I think…
419
00:32:34.390 –> 00:32:35.100
Wendy Zollner: Timing you.
420
00:32:37.310 –> 00:32:40.970
Dan Deppen: Is sending the invoices.
421
00:32:42.250 –> 00:32:44.219
Dan Deppen: when the LE goes to the lender.
422
00:32:45.080 –> 00:32:48.040
Wendy Zollner: Instead, when it’s approved and goes to the borrower.
423
00:32:48.250 –> 00:32:49.370
Dan Deppen: Yeah…
424
00:32:49.370 –> 00:32:51.970
Wendy Zollner: Okay, so this is… bread neck.
425
00:32:52.820 –> 00:32:56.260
Wendy Zollner: So I have to update the status on that.
426
00:32:56.430 –> 00:32:57.800
Wendy Zollner: Deal status.
427
00:32:59.870 –> 00:33:00.500
Dan Deppen: Literally.
428
00:33:00.500 –> 00:33:00.930
Wendy Zollner: screwed up.
429
00:33:00.930 –> 00:33:05.200
Dan Deppen: like, verify whether or not it went to the borrower. If it didn’t go to the borrower.
430
00:33:05.750 –> 00:33:07.100
Dan Deppen: Send it to them.
431
00:33:07.550 –> 00:33:08.270
Wendy Zollner: Okay.
432
00:33:09.940 –> 00:33:14.970
Dan Deppen: But, yeah, just update the statuses, make sure the LE went to the borrower.
433
00:33:14.970 –> 00:33:15.730
Wendy Zollner: Okay.
434
00:33:15.950 –> 00:33:20.220
Dan Deppen: And then schedule the next action to send the CD to the lender.
435
00:33:32.470 –> 00:33:36.600
Wendy Zollner: So the… assuming, because it’s not noted here, assuming that
436
00:33:36.820 –> 00:33:41.309
Wendy Zollner: Ellie did not go to the borrower, because the lender just approved it.
437
00:33:41.420 –> 00:33:45.890
Wendy Zollner: Send the LE to the borrower, they sign it as well.
438
00:33:46.210 –> 00:33:48.209
Dan Deppen: Yeah, but double check, right? So if we search…
439
00:33:48.210 –> 00:33:48.750
Wendy Zollner: Yeah.
440
00:33:48.750 –> 00:33:54.669
Dan Deppen: This email, it should tell us, like, he should have been copied, there’s a possibility without getting.
441
00:33:55.430 –> 00:33:56.540
Dan Deppen: Copied.
442
00:33:58.080 –> 00:34:01.229
Dan Deppen: No, so this is where it went to him for review.
443
00:34:01.980 –> 00:34:02.680
Wendy Zollner: Okay.
444
00:34:03.640 –> 00:34:06.490
Dan Deppen: Now… I’m gonna double check.
445
00:34:07.100 –> 00:34:10.170
Dan Deppen: The borrowers, just in case,
446
00:34:12.889 –> 00:34:16.650
Dan Deppen: It went to them, and the lender didn’t get copied.
447
00:34:19.760 –> 00:34:22.009
Dan Deppen: Okay, it… it did not.
448
00:34:22.010 –> 00:34:22.750
Wendy Zollner: Okay.
449
00:34:23.000 –> 00:34:27.020
Dan Deppen: So, I think what Christine’s been doing is just jumping the gun on the invoices.
450
00:34:27.020 –> 00:34:27.699
Wendy Zollner: Okay.
451
00:34:27.840 –> 00:34:29.900
Dan Deppen: So, I’ll… I’ll send her a note.
452
00:34:30.290 –> 00:34:31.359
Dan Deppen: about that.
453
00:34:31.360 –> 00:34:32.030
Wendy Zollner: Okay.
454
00:34:37.480 –> 00:34:40.789
Dan Deppen: I’ve been getting… There’s a lot of pre-screen forums lately, like.
455
00:34:40.790 –> 00:34:41.460
Wendy Zollner: Yeah.
456
00:34:42.380 –> 00:34:45.099
Dan Deppen: I mean, basically, we don’t need to do anything with these.
457
00:34:45.320 –> 00:34:46.189
Wendy Zollner: That’s what I thought.
458
00:34:46.190 –> 00:34:49.879
Dan Deppen: Oh, this guy has sent a few, this lender.
459
00:34:49.889 –> 00:34:50.579
Wendy Zollner: Yeah.
460
00:34:50.940 –> 00:34:54.100
Dan Deppen: And this guy, Dennis, he’s the guy that was on the call the other day.
461
00:34:54.190 –> 00:34:55.190
Wendy Zollner: Oh, okay, yeah.
462
00:34:55.190 –> 00:35:00.120
Dan Deppen: It’s kind of a knucklehead, like, they… they keep, like, exercising, but not actually doing much.
463
00:35:00.120 –> 00:35:01.390
Wendy Zollner: Yeah, okay.
464
00:35:01.390 –> 00:35:03.339
Dan Deppen: So, whatever, they’re… they’re trying.
465
00:35:03.530 –> 00:35:08.449
Wendy Zollner: Yeah, but that… that’s cool. So, really, those come through, we just archive them right away.
466
00:35:08.610 –> 00:35:12.409
Dan Deppen: Yeah, a lot of times I’ll take a look at them, see if it’s anybody I recognize.
467
00:35:13.000 –> 00:35:18.899
Wendy Zollner: But if I’m looking at the email, do you care if it’s… if you see it, or you just want it archived?
468
00:35:19.100 –> 00:35:22.370
Dan Deppen: You can just archive it, that’s fine, if you beat me to it.
469
00:35:23.000 –> 00:35:24.759
Wendy Zollner: This, this one got…
470
00:35:25.000 –> 00:35:27.339
Dan Deppen: Oh, this is for LumDocs.
471
00:35:29.120 –> 00:35:30.829
Wendy Zollner: Oh, that’s for something else, okay.
472
00:35:30.830 –> 00:35:35.210
Dan Deppen: So one of the things we need on loan docs is,
473
00:35:37.720 –> 00:35:40.560
Dan Deppen: a bunch of company info, let me see if I can…
474
00:35:42.470 –> 00:35:44.779
Dan Deppen: No, I can’t… I don’t have the password handy.
475
00:35:44.780 –> 00:35:45.290
Wendy Zollner: Okay.
476
00:35:45.290 –> 00:35:46.749
Dan Deppen: I’ll show you that.
477
00:35:46.910 –> 00:35:47.570
Wendy Zollner: Okay.
478
00:35:47.720 –> 00:35:50.580
Dan Deppen: Later, but that’s part of what we need for that.
479
00:35:52.740 –> 00:35:55.790
Dan Deppen: These were reminders…
480
00:35:56.140 –> 00:35:56.930
Wendy Zollner: Okay.
481
00:35:57.280 –> 00:36:01.129
Dan Deppen: We’re back on… Do you have rescission forms?
482
00:36:01.910 –> 00:36:06.259
Dan Deppen: I don’t even know what he’s talking about. And then he’s talking about precision forms.
483
00:36:14.800 –> 00:36:18.210
Dan Deppen: I’m gonna ask him how he’s closing it, I’ll ask him that later.
484
00:36:20.380 –> 00:36:21.550
Wendy Zollner: Oh, yeah.
485
00:36:21.760 –> 00:36:27.030
Wendy Zollner: I thought that was funny, because I told him she might… she’s questioning it.
486
00:36:27.310 –> 00:36:29.310
Wendy Zollner: Possibly backing out or whatever, and…
487
00:36:29.930 –> 00:36:33.509
Wendy Zollner: I said, I told her to talk to him directly if that was the case.
488
00:36:33.990 –> 00:36:36.690
Dan Deppen: So, okay, so, so this is, this is…
489
00:36:37.460 –> 00:36:39.939
Dan Deppen: really stupid on many levels. Number one.
490
00:36:40.060 –> 00:36:45.109
Dan Deppen: Don’t tell her that. That’s not… That’s between her and Sherman.
491
00:36:45.110 –> 00:36:46.399
Wendy Zollner: Yeah, right? Yeah.
492
00:36:46.400 –> 00:36:47.300
Dan Deppen: We’re not…
493
00:36:47.500 –> 00:36:48.290
Wendy Zollner: Yeah.
494
00:36:48.290 –> 00:36:49.310
Dan Deppen: Number two…
495
00:36:49.630 –> 00:36:53.939
Dan Deppen: Now, I don’t know if this is different, because it’s a mobile home and technically a chital loan.
496
00:36:55.010 –> 00:36:59.680
Dan Deppen: But generally speaking, as a lender, if you collect some kind of, like, fee for a loan.
497
00:37:00.010 –> 00:37:05.820
Dan Deppen: from a consumer, and you do not extend credit, that is, like, no bueno. Like, you can really get…
498
00:37:06.380 –> 00:37:11.549
Dan Deppen: and deep, dark trouble for doing that, because there are… and that’s not what Sherman’s doing, but…
499
00:37:12.550 –> 00:37:17.419
Dan Deppen: you know, there are scammers out there who go, oh, you can’t afford… oh, I can get you a loan. Oh, you know what?
500
00:37:17.640 –> 00:37:25.900
Dan Deppen: crappy credit and no down payment, it’s fine. In fact, I can even give you a good interest rate. There’s a $500 application fee, and you collect the $500 and go.
501
00:37:26.780 –> 00:37:29.430
Dan Deppen: Oh, sorry, you didn’t qualify, and then…
502
00:37:30.760 –> 00:37:31.280
Dan Deppen: That’s…
503
00:37:31.280 –> 00:37:31.900
Wendy Zollner: Jammy.
504
00:37:31.900 –> 00:37:33.940
Dan Deppen: We’re not touching that with a 10-foot pole.
505
00:37:34.400 –> 00:37:37.970
Wendy Zollner: Yeah, and we’re not his, like, admin, we’re… I told her to talk.
506
00:37:37.970 –> 00:37:47.209
Dan Deppen: No, and this is part of, like, Sherman’s a chiseler, you know what I mean? Like, he’ll always, like, try to get more, and… and…
507
00:37:47.390 –> 00:37:50.789
Dan Deppen: I’ve seen him do this in the past, like, I think that’s part of why…
508
00:37:51.420 –> 00:37:57.789
Dan Deppen: Shantae gets so sick of them, like, he’ll… he used to have this person, Danny, who did all this stuff, and she was fantastic.
509
00:37:59.250 –> 00:38:02.849
Dan Deppen: And he lost her some months ago. That was the other thing, too, when things fell apart.
510
00:38:03.500 –> 00:38:05.770
Dan Deppen: So he’s kind of doing everything himself.
511
00:38:05.770 –> 00:38:06.650
Wendy Zollner: Okay.
512
00:38:06.650 –> 00:38:08.440
Dan Deppen: So he’s kind of looking for free help.
513
00:38:08.590 –> 00:38:09.230
Wendy Zollner: Yeah.
514
00:38:09.230 –> 00:38:10.200
Dan Deppen: as well.
515
00:38:10.730 –> 00:38:13.180
Dan Deppen: And… we’re just not gonna get…
516
00:38:13.690 –> 00:38:14.340
Wendy Zollner: –
517
00:38:14.990 –> 00:38:15.950
Dan Deppen: into that.
518
00:38:16.780 –> 00:38:19.960
Dan Deppen: So I’m not… I’m just gonna archive that. I’m not even gonna respond to that.
519
00:38:19.960 –> 00:38:20.690
Wendy Zollner: Okay.
520
00:38:21.840 –> 00:38:24.189
Dan Deppen: Okay, that was the rescission thing…
521
00:38:35.150 –> 00:38:39.480
Dan Deppen: Okay, I’ll respond to her on that, too. She’s just asking about names on the disclosures.
522
00:38:39.480 –> 00:38:40.050
Wendy Zollner: Okay.
523
00:38:40.860 –> 00:38:43.310
Wendy Zollner: And then that… the one that from Ellie.
524
00:38:50.560 –> 00:38:52.880
Wendy Zollner: Friday closing date. Oh, so this…
525
00:38:53.310 –> 00:39:05.879
Wendy Zollner: Okay, this is, okay, I know you gotta go, but this is the guy that’s… was partly self-employed, and then switched to W-2, and then I said, well, we needed your,
526
00:39:07.200 –> 00:39:16.300
Wendy Zollner: like, bank statements, so he just, this last night, sent the bank statement, 12 bank statements, but then you said, well, we really just need the 1099, so I didn’t go back and do anything.
527
00:39:16.300 –> 00:39:18.439
Dan Deppen: Well, if you already sent the bank statements, then we’re good.
528
00:39:18.440 –> 00:39:21.219
Wendy Zollner: Yeah. Okay, so I still would have to do that.
529
00:39:21.510 –> 00:39:26.740
Wendy Zollner: but then Ellie said, we’re just putting this through as business purpose, But…
530
00:39:27.110 –> 00:39:38.810
Wendy Zollner: wanted to have the borrower underwritten to strengthen the note. Based on that, I don’t think we need the 7 business days per TRID, can you confirm? Because they asked me what… when can they close? And I said, well, 7 days from the…
531
00:39:39.260 –> 00:39:41.790
Wendy Zollner: Loan estimate.
532
00:39:44.330 –> 00:39:48.930
Dan Deppen: Yeah, so if it is business… Purpose than the…
533
00:39:54.160 –> 00:39:54.700
Wendy Zollner: Okay.
534
00:39:54.890 –> 00:39:56.350
Dan Deppen: Apply, but…
535
00:40:18.820 –> 00:40:21.840
Wendy Zollner: I think he stated it’s an investment property.
536
00:40:22.170 –> 00:40:22.850
Wendy Zollner: But…
537
00:40:22.850 –> 00:40:23.540
Dan Deppen: Damn.
538
00:40:23.850 –> 00:40:26.719
Dan Deppen: And that’s fine, as long as it is.
539
00:40:26.720 –> 00:40:27.890
Wendy Zollner: Truly, yeah.
540
00:40:29.040 –> 00:40:35.399
Dan Deppen: Okay, so I’m just gonna leave that one there. Alright, well, I’m gonna run. Thank you. Okay, thanks, Dan. Alright, I’ll talk to you later. Bye.
========================================
FILE: CTU_Training___Zoho_Pipeline__Daily_Workflow__and_Task_Prioritization_02-18-2026.txt
CTU Training – Zoho Pipeline, Daily Workflow, and Task Prioritization (Feb 18 2026)
TITLE:
CTU Training – Managing the Pipeline, Daily Priorities, and Workflow Execution
SUMMARY:
This training session focuses on how CTU team members should manage their daily workload using the Zoho CRM pipeline. The discussion emphasizes identifying priorities, determining next actions for each deal, and maintaining momentum across multiple files.
Dan explains how to work through the pipeline strategically—reviewing active deals, deciding what needs to happen next, and avoiding getting stuck or overwhelmed. The key principle is that underwriting is not just about completing tasks, but about consistently moving deals forward in a structured and organized way.
KEY TOPICS:
Daily workflow management
Task prioritization across multiple files
Zoho CRM pipeline usage
Identifying next steps
Avoiding stalled deals
Maintaining workflow momentum
WORKFLOW (DAILY PROCESS):
Open Zoho CRM and review Active Deals
Identify all files in progress
Determine the next action for each file
Prioritize based on urgency and stage
Complete tasks that move deals forward
Update pipeline comments and status
Repeat throughout the day
SYSTEMS / TOOLS:
Zoho CRM
CTU Active Deals pipeline
Pipeline comments
KEY TAKEAWAYS:
Always work from the pipeline, not your inbox
Every file must have a clear next step
Focus on progress, not perfection
Prioritization is critical
Consistent updates keep the team aligned
INDEX (FOR SEARCH):
pipeline management, daily workflow, Zoho CRM, CTU process, deal tracking, task prioritization, underwriting workflow, active deals, next steps, loan processing
WEBVTT
1
00:00:02.790 –> 00:00:05.950
Dan Deppen: Extract…
2
00:00:11.860 –> 00:00:16.240
Dan Deppen: Okay, I think that’s just an automation that needs to be fixed, but everything’s in there now.
3
00:00:16.850 –> 00:00:17.730
Wendy Zollner: Okay.
4
00:00:18.190 –> 00:00:26.240
Dan Deppen: But what other questions did you have? And then we could… if we have… Do we have the…
5
00:00:28.080 –> 00:00:31.470
Dan Deppen: Application and auth from them, maybe?
6
00:00:33.660 –> 00:00:39.690
Wendy Zollner: Hmm, let’s see… No, it doesn’t look… not in the Google Drive, let me see if we got it.
7
00:00:39.690 –> 00:00:43.440
Dan Deppen: Okay, so this was one where… let me share screen.
8
00:00:46.890 –> 00:00:53.199
Dan Deppen: I did email these guys, The other day, and said, hey, like.
9
00:00:54.460 –> 00:00:57.159
Dan Deppen: You don’t need to pre-collect the stuff, like…
10
00:00:57.540 –> 00:01:02.499
Dan Deppen: Oh, yeah, okay. And they said they understood, like, we’ve actually had that conversation a few times.
11
00:01:02.900 –> 00:01:07.449
Dan Deppen: This is Daniel Biltman, who works for Michael. He sends this drive folder.
12
00:01:09.130 –> 00:01:10.440
Dan Deppen: He is what?
13
00:01:11.300 –> 00:01:13.420
Dan Deppen: He emailed us this drive folder.
14
00:01:13.420 –> 00:01:14.200
Wendy Zollner: Okay.
15
00:01:14.710 –> 00:01:15.900
Wendy Zollner: was all done.
16
00:01:16.040 –> 00:01:19.440
Dan Deppen: all their stuff, so application IDs, proof of income…
17
00:01:19.440 –> 00:01:20.850
Wendy Zollner: Oh, okay.
18
00:01:21.200 –> 00:01:24.190
Dan Deppen: Now, they don’t really care about the credit report.
19
00:01:25.060 –> 00:01:25.590
Wendy Zollner: Okay.
20
00:01:25.590 –> 00:01:26.280
Dan Deppen: enroll me.
21
00:01:26.280 –> 00:01:26.850
Wendy Zollner: Oh, interesting.
22
00:01:26.850 –> 00:01:32.359
Dan Deppen: As part of the process, I’ve been pulling it, because I feel like… It’s kind of critical info.
23
00:01:33.380 –> 00:01:34.670
Dan Deppen: But sometimes…
24
00:01:34.670 –> 00:01:38.520
Wendy Zollner: Did they give us the authorization to pull it?
25
00:01:40.160 –> 00:01:41.080
Dan Deppen: No.
26
00:01:41.080 –> 00:01:41.550
Wendy Zollner: Okay.
27
00:01:41.550 –> 00:01:45.640
Dan Deppen: So what I’ve done in these, right, so the borrower got emailed.
28
00:01:45.930 –> 00:01:48.250
Dan Deppen: Asking for it. They sent the income.
29
00:01:50.010 –> 00:01:52.669
Dan Deppen: This is just the Cures thing for income only.
30
00:01:52.670 –> 00:01:53.100
Wendy Zollner: Yeah.
31
00:01:53.100 –> 00:01:57.810
Dan Deppen: We’ve had one or two of these where the borrower didn’t fill out the credit off, they didn’t send it to us.
32
00:01:58.860 –> 00:02:00.769
Dan Deppen: But they sent us everything else.
33
00:02:01.400 –> 00:02:08.380
Dan Deppen: I go, okay, fine. We just do the income review without it, and then when we sent in the income review, I said, hey, we never got a credit on it, so we didn’t pull credit.
34
00:02:09.979 –> 00:02:13.499
Dan Deppen: If you want to see that, have them fill it out, and we’ll update it.
35
00:02:14.080 –> 00:02:14.440
Wendy Zollner: Okay.
36
00:02:14.440 –> 00:02:18.600
Dan Deppen: But then they never come back and ask for it, because they just don’t.
37
00:02:18.930 –> 00:02:19.719
Wendy Zollner: Interesting.
38
00:02:19.720 –> 00:02:26.419
Dan Deppen: It’s gonna be this end of the drive folder… Oh, there’s all that income.
39
00:02:29.440 –> 00:02:31.959
Dan Deppen: We don’t really need IDs, but they’re good.
40
00:02:32.350 –> 00:02:33.080
Wendy Zollner: Okay.
41
00:02:33.350 –> 00:02:40.109
Dan Deppen: to have… So, we’ve kind of got everything here, we’re ready to start these.
42
00:02:40.110 –> 00:02:41.010
Wendy Zollner: Okay.
43
00:02:42.640 –> 00:02:47.799
Dan Deppen: Time permitting, we could take a swing at starting this. I could start to show you the process if you want.
44
00:02:48.100 –> 00:02:49.330
Wendy Zollner: Okay, sure.
45
00:02:49.370 –> 00:02:50.760
Dan Deppen: I have other questions, I just wanted to make sure.
46
00:02:50.760 –> 00:02:57.199
Wendy Zollner: There was… let’s see… I think the only thing on,
47
00:02:58.500 –> 00:03:07.280
Wendy Zollner: Sherman’s deal. I went to start making the invoice. I know it’s already done now, but on that pool.
48
00:03:07.440 –> 00:03:08.350
Dan Deppen: Yeah.
49
00:03:08.350 –> 00:03:12.870
Wendy Zollner: I didn’t know which account you used in Zoho.
50
00:03:12.870 –> 00:03:16.109
Dan Deppen: Yeah, there’s two of them. It really doesn’t matter, they go.
51
00:03:16.110 –> 00:03:16.540
Wendy Zollner: Okay.
52
00:03:16.540 –> 00:03:21.479
Dan Deppen: place. Okay. But if you are gonna make a Sherman invoice.
53
00:03:24.580 –> 00:03:26.710
Dan Deppen: How do we do this? Oh yeah, new.
54
00:03:28.190 –> 00:03:34.829
Dan Deppen: I just use the Keyhole Connect. I think the Keyhole Funds is an older one.
55
00:03:35.100 –> 00:03:36.530
Wendy Zollner: Just use the top one, okay?
56
00:03:36.530 –> 00:03:39.269
Dan Deppen: And then, when you add, like, the actual product.
57
00:03:40.010 –> 00:03:43.350
Dan Deppen: there are separate ones for him. Like, there’s ones for…
58
00:03:43.350 –> 00:03:44.780
Wendy Zollner: Oh, okay.
59
00:03:45.050 –> 00:03:46.360
Wendy Zollner: Oh, okay, cool.
60
00:03:46.360 –> 00:03:48.779
Dan Deppen: I don’t suspect he’ll be making a lot of keyhole.
61
00:03:49.130 –> 00:03:50.380
Dan Deppen: Invoices? Yeah.
62
00:03:50.600 –> 00:03:51.380
Wendy Zollner: Okay.
63
00:03:51.740 –> 00:03:59.819
Dan Deppen: I emailed him everything yesterday, I don’t know if he’s responded yet, doesn’t look like it.
64
00:04:00.090 –> 00:04:00.840
Wendy Zollner: Okay.
65
00:04:01.560 –> 00:04:08.960
Dan Deppen: Basically that file’s not gonna work. You know, and it’s… it’s funny, like, as I think about…
66
00:04:09.750 –> 00:04:15.060
Dan Deppen: the history with him, and when we were doing more… actually, he gets a lot of borrowers that don’t work out.
67
00:04:15.950 –> 00:04:16.720
Wendy Zollner: Okay.
68
00:04:16.810 –> 00:04:17.790
Dan Deppen: Yeah.
69
00:04:18.110 –> 00:04:18.760
Dan Deppen: So…
70
00:04:19.019 –> 00:04:25.779
Dan Deppen: I think after this one, maybe later this week or early next week, I’m just gonna ping him and say, hey, I’m happy to get on the phone and talk to you, but, like…
71
00:04:27.190 –> 00:04:29.800
Dan Deppen: Unless you’re doing 5 a month, no more discounts.
72
00:04:30.180 –> 00:04:31.080
Wendy Zollner: Yeah.
73
00:04:31.080 –> 00:04:31.720
Dan Deppen: You know, just…
74
00:04:31.720 –> 00:04:32.080
Wendy Zollner: Damn.
75
00:04:32.080 –> 00:04:34.000
Dan Deppen: Like, it’s actually more work.
76
00:04:34.200 –> 00:04:39.270
Dan Deppen: Because of the process, you know, your borrowers have a higher fallout rate, like…
77
00:04:39.270 –> 00:04:40.020
Wendy Zollner: Hmm.
78
00:04:40.020 –> 00:04:41.000
Dan Deppen: Not good.
79
00:04:41.790 –> 00:04:48.160
Dan Deppen: And he’s just kind of a dick. Like, like, the way that he, like, follows up and stuff, like, I don’t, you know…
80
00:04:48.160 –> 00:04:57.569
Wendy Zollner: Yeah. Yeah, and I was thinking, too, I’m like, if he did charge him full price, would that… would he change his behavior? Like, would he actually go somewhere else, or just continue to…
81
00:04:57.810 –> 00:04:59.669
Dan Deppen: I don’t think he has anywhere else to go.
82
00:04:59.670 –> 00:05:00.510
Wendy Zollner: Yeah.
83
00:05:00.840 –> 00:05:03.090
Wendy Zollner: Yeah, so I think he would still go with you.
84
00:05:03.360 –> 00:05:07.719
Dan Deppen: I mean, he is working… he was working with a company called Pet Funding.
85
00:05:08.550 –> 00:05:14.809
Dan Deppen: That has, like, a bunch of licenses, and they were supposed to be doing a lot of volume, and I kind of figured he was just doing everything through them.
86
00:05:15.410 –> 00:05:17.800
Dan Deppen: Cause they went quiet, maybe they are?
87
00:05:19.160 –> 00:05:22.050
Dan Deppen: And honestly, if that’s his alternative, like, that’s fine.
88
00:05:22.440 –> 00:05:22.960
Wendy Zollner: Yeah.
89
00:05:22.960 –> 00:05:34.239
Dan Deppen: I kind of don’t care if he’s already gone that way, like… but to do, like, onesies, twosies for him, like, once a month, like, doesn’t really make any sense. He’s more of a hassle. I’d rather… That does.
90
00:05:34.240 –> 00:05:39.250
Wendy Zollner: Yeah, like, the last two borrowers were no good, so… for him.
91
00:05:39.250 –> 00:05:43.160
Dan Deppen: Yeah, when I think about it historically, like, a lot of his crapped out.
92
00:05:43.550 –> 00:05:44.260
Wendy Zollner: Okay.
93
00:05:44.910 –> 00:05:45.730
Wendy Zollner: Yeah.
94
00:05:45.960 –> 00:05:48.680
Dan Deppen: Where’s the…
95
00:05:52.430 –> 00:05:57.530
Dan Deppen: If I go to the old pipeline spreadsheet, this was the pre-Zoho…
96
00:05:57.720 –> 00:05:58.430
Wendy Zollner: Okay.
97
00:05:58.430 –> 00:06:01.070
Dan Deppen: They had a special tab with Sherman for a while.
98
00:06:01.920 –> 00:06:02.690
Wendy Zollner: Okay.
99
00:06:03.840 –> 00:06:06.050
Dan Deppen: These red ones are ones that didn’t work.
100
00:06:06.510 –> 00:06:07.280
Wendy Zollner: Okay.
101
00:06:07.420 –> 00:06:08.440
Wendy Zollner: Wow.
102
00:06:08.980 –> 00:06:10.030
Dan Deppen: You know, so it’s…
103
00:06:10.030 –> 00:06:11.090
Wendy Zollner: Yeah.
104
00:06:11.090 –> 00:06:12.290
Dan Deppen: It’s a big chunk.
105
00:06:12.530 –> 00:06:13.440
Dan Deppen: you know.
106
00:06:14.410 –> 00:06:21.270
Dan Deppen: But, you know, over the course of, like, That was maybe 23…
107
00:06:28.680 –> 00:06:34.239
Dan Deppen: Over the course of about a year and three quarters or so.
108
00:06:35.410 –> 00:06:37.729
Dan Deppen: I mean, he submitted, like, 250.
109
00:06:38.370 –> 00:06:39.909
Wendy Zollner: Yeah, that’s pretty cool.
110
00:06:39.910 –> 00:06:44.660
Dan Deppen: You know, so over that… 18 months-ish?
111
00:06:46.560 –> 00:06:49.399
Wendy Zollner: He probably doesn’t pre-screen anybody.
112
00:06:49.400 –> 00:06:53.709
Dan Deppen: No, he was submitting, like, 13 a month, but probably…
113
00:06:54.690 –> 00:06:56.860
Dan Deppen: Maybe 5 or 6 were going through?
114
00:06:57.830 –> 00:07:04.080
Dan Deppen: Yeah, so we were basically his… Which isn’t bad, like, that’s, like, 60 deals a year, and then they were charging him, like.
115
00:07:04.320 –> 00:07:07.460
Dan Deppen: Right, six… hundred…
116
00:07:08.570 –> 00:07:16.209
Wendy Zollner: But, like, does he still have to pay the $199 if we do all the work and they’re not a good borrower, or they don’t pay… have to pay that?
117
00:07:16.210 –> 00:07:22.760
Dan Deppen: Yeah, the deal with him was 119 and 476, but honestly, that was from, like, a year and a half ago.
118
00:07:22.970 –> 00:07:24.220
Wendy Zollner: Yeah, okay.
119
00:07:24.220 –> 00:07:30.219
Dan Deppen: And, I mean, I’m honoring it on this one, because I haven’t told them otherwise, but after this one, that’s just changing.
120
00:07:30.220 –> 00:07:32.700
Wendy Zollner: Yeah. And the other thing with Sherman was…
121
00:07:33.290 –> 00:07:38.580
Dan Deppen: The invoicing was manual, and he was the kind of guy, he would not pay the invoice unless you asked him, like, 5 times.
122
00:07:39.050 –> 00:07:39.540
Wendy Zollner: Yeah.
123
00:07:39.540 –> 00:07:44.209
Dan Deppen: So I deeply resent, like, I’ve kind of realized, like, you just don’t… Need that.
124
00:07:44.210 –> 00:07:46.399
Wendy Zollner: No. That extra work for.
125
00:07:46.400 –> 00:07:47.420
Dan Deppen: It’s a lot of work.
126
00:07:47.420 –> 00:07:47.869
Wendy Zollner: Yeah, it is.
127
00:07:47.870 –> 00:07:50.519
Dan Deppen: It’s a lot of work, and it just, like…
128
00:07:52.380 –> 00:07:56.299
Dan Deppen: Doesn’t feel good, like, you know, I don’t like that.
129
00:07:56.300 –> 00:08:09.680
Wendy Zollner: It’s like, if you can’t… I’m gonna charge… pre-add the finance charge into the price, if you can’t pay, unless I ask you 5 times to pay, then his… his is actually $1,000 to do a deal, with all the extra money.
130
00:08:10.060 –> 00:08:14.960
Dan Deppen: Yeah, totally. Or, you know, you can do the training wheels thing, like, but…
131
00:08:15.280 –> 00:08:23.850
Wendy Zollner: Yeah, there’s this… there’s not enough business there that it makes sense, and it’s just sort of this, like, distraction thing. I’d rather spend my time.
132
00:08:24.120 –> 00:08:27.970
Dan Deppen: Instead of dorking around with Sherman to try to get a couple hundred bucks here and there.
133
00:08:29.310 –> 00:08:36.059
Dan Deppen: build my pipeline and my funnel, let’s get the leads in, let’s get them in through the funnel, like, that’s gonna be infinitely more.
134
00:08:36.320 –> 00:08:37.070
Wendy Zollner: Yeah.
135
00:08:37.070 –> 00:08:38.020
Dan Deppen: More profitable.
136
00:08:38.020 –> 00:08:41.509
Wendy Zollner: Getting the good, good, clients. Yeah.
137
00:08:41.510 –> 00:08:43.969
Dan Deppen: Yeah, it looks like somebody’s been…
138
00:08:44.250 –> 00:08:48.770
Dan Deppen: like, submitting, like, blank term sheets or something, so I’ll have to look at that. I don’t know if somebody’s…
139
00:08:49.670 –> 00:08:50.470
Wendy Zollner: Okay.
140
00:08:55.690 –> 00:09:02.329
Dan Deppen: Okay… Oh, this was where… oh, the new buyer documents. Okay, so I downloaded all of those.
141
00:09:03.500 –> 00:09:08.030
Dan Deppen: In that file, so we can do the income. Let me just…
142
00:09:39.150 –> 00:09:42.250
Dan Deppen: Closing push one last time to 227.
143
00:09:42.850 –> 00:09:45.929
Dan Deppen: Okay, I’m just gonna rest, I’m just gonna snooze this one.
144
00:09:46.280 –> 00:09:46.830
Wendy Zollner: Okay.
145
00:09:47.680 –> 00:09:48.839
Dan Deppen: For, like, a week.
146
00:09:48.840 –> 00:09:53.509
Wendy Zollner: Does it snooze in our… And ours, too, if you snooze it on your…
147
00:09:53.980 –> 00:09:55.440
Dan Deppen: I think so, it should.
148
00:09:55.600 –> 00:09:56.260
Wendy Zollner: Okay.
149
00:09:56.620 –> 00:09:58.340
Dan Deppen: Because it’s the same inbox.
150
00:09:58.340 –> 00:09:59.160
Wendy Zollner: Okay.
151
00:10:01.370 –> 00:10:02.410
Wendy Zollner: Parish.
152
00:10:02.410 –> 00:10:04.919
Dan Deppen: South Fork, here’s the loan estimate.
153
00:10:05.590 –> 00:10:08.650
Dan Deppen: File was clean, no loan conditions…
154
00:10:11.650 –> 00:10:14.380
Dan Deppen: Okay, I just want to double check that this is…
155
00:10:21.260 –> 00:10:23.359
Dan Deppen: Oh yeah, 688 credit.
156
00:10:26.230 –> 00:10:30.220
Dan Deppen: 44% DTI. Okay, so that’s all good, and no conditions.
157
00:11:00.340 –> 00:11:04.640
Dan Deppen: So this one… So it’s 346 South 4…
158
00:11:06.440 –> 00:11:09.809
Dan Deppen: You can go back to the pipeline, or just do the search thing.
159
00:11:10.000 –> 00:11:14.760
Dan Deppen: I find the search thing is, like, so fast, because, like, when you go back, like, it sits for a minute, like…
160
00:11:15.840 –> 00:11:17.449
Wendy Zollner: I like the search thing, too.
161
00:11:17.450 –> 00:11:20.100
Dan Deppen: Zoho can be a little bit… Slow…
162
00:11:28.260 –> 00:11:29.720
Dan Deppen: Let’s capitalize those.
163
00:11:37.160 –> 00:11:38.070
Wendy Zollner: Okay.
164
00:11:38.070 –> 00:11:40.679
Dan Deppen: So that one’s ready to go, I’ll update this…
165
00:11:43.490 –> 00:11:45.780
Dan Deppen: So that one can be Word.
166
00:12:00.770 –> 00:12:03.639
Dan Deppen: I’m not quite under… oops, what just happened?
167
00:12:04.830 –> 00:12:05.510
Dan Deppen: Like, my…
168
00:12:14.360 –> 00:12:17.030
Wendy Zollner: I forwarded a CD that was sent to me by mistake.
169
00:12:19.500 –> 00:12:23.079
Dan Deppen: I don’t know what any of that means. I thought this one closed.
170
00:12:23.370 –> 00:12:27.269
Wendy Zollner: It’s hard, because sometimes they’re not really talking to us, they’re just… they’re…
171
00:12:27.620 –> 00:12:28.260
Dan Deppen: Yeah.
172
00:12:28.260 –> 00:12:29.460
Wendy Zollner: copying us.
173
00:12:42.250 –> 00:12:48.989
Dan Deppen: It closed with a CD from the lender. The seller’s title claim, the listing agent’s commission is 3%, so I added.
174
00:12:51.360 –> 00:12:53.870
Dan Deppen: I don’t think they need us here. If it looked like…
175
00:12:53.980 –> 00:12:58.319
Dan Deppen: there was more of a chance they wanted us to do something, I’d email back to clarify.
176
00:12:58.800 –> 00:13:03.119
Wendy Zollner: Okay. I don’t think they do, like, we sent them our thing back on, like, the 13th.
177
00:13:03.760 –> 00:13:04.150
Wendy Zollner: Yeah.
178
00:13:04.150 –> 00:13:06.450
Dan Deppen: To do something, like, they need to tell us.
179
00:13:06.450 –> 00:13:09.139
Wendy Zollner: Yeah, dress us… yeah, okay, that’s.
180
00:13:09.140 –> 00:13:13.930
Dan Deppen: Yeah, no, I mean, they won’t always do that. Like, a lot of these people are not good at communication.
181
00:13:14.730 –> 00:13:21.229
Dan Deppen: But reading between the lines, like, I don’t think they need… they don’t need an updated CD from us, so I’m just letting it go.
182
00:13:21.230 –> 00:13:22.020
Wendy Zollner: Yeah, cool.
183
00:13:22.020 –> 00:13:27.210
Dan Deppen: This was some term sheet thing, so it looked like we got these, like, blank term sheets. They put South Carolina.
184
00:13:27.660 –> 00:13:31.420
Dan Deppen: Somebody might have just been, like, testing out the form to see what it does.
185
00:13:31.620 –> 00:13:32.610
Wendy Zollner: Yeah.
186
00:13:35.770 –> 00:13:42.129
Dan Deppen: Payment 742… So I just wanted to make sure that…
187
00:13:43.110 –> 00:13:46.389
Dan Deppen: credited. What I’ll do a lot here is just do a Ctrl-F.
188
00:13:46.730 –> 00:13:47.500
Wendy Zollner: Okay.
189
00:13:47.720 –> 00:13:48.810
Dan Deppen: For the number?
190
00:13:49.800 –> 00:13:50.989
Wendy Zollner: Oh, okay, cool.
191
00:13:51.770 –> 00:13:52.889
Wendy Zollner: That’s easy.
192
00:14:00.240 –> 00:14:04.770
Dan Deppen: Didn’t show us paid. I gotta… so it’s weird, so the,
193
00:14:06.190 –> 00:14:09.469
Dan Deppen: So, the Zapier automation to update the payment status?
194
00:14:10.880 –> 00:14:16.199
Dan Deppen: When it fires, it works. But a lot of times, invoices get paid, and it just doesn’t fire.
195
00:14:17.280 –> 00:14:22.120
Dan Deppen: And I gotta… I gotta find, like, a different trigger, and I just haven’t had time.
196
00:14:22.250 –> 00:14:27.539
Dan Deppen: to troubleshoot that, but I just want to kind of go into invoices and verify that 742 came in.
197
00:14:27.830 –> 00:14:30.850
Wendy Zollner: Is that one of your ones that you’re, developing?
198
00:14:30.850 –> 00:14:31.360
Dan Deppen: No.
199
00:14:31.360 –> 00:14:32.650
Wendy Zollner: Can you do? No.
200
00:14:32.650 –> 00:14:37.500
Dan Deppen: No, it’s not really a collections one, it’s one that’s in… Flight.
201
00:14:38.730 –> 00:14:40.920
Dan Deppen: And I’ve been… and that guy communicates a lot.
202
00:14:41.230 –> 00:14:43.360
Dan Deppen: Okay, so $7.42 is paid.
203
00:14:44.800 –> 00:14:46.730
Dan Deppen: So I’m just gonna mark that as paid.
204
00:14:50.610 –> 00:14:59.089
Dan Deppen: And then, what was the status of 743? I’m not sure if… Okay, so we sent it.
205
00:15:05.530 –> 00:15:08.809
Dan Deppen: Well, we’re holding the file… final file until the invoices are paid.
206
00:15:09.240 –> 00:15:09.980
Wendy Zollner: Okay.
207
00:15:10.550 –> 00:15:14.720
Dan Deppen: But it was done relatively recently, and this guy put another… this guy keeps putting, like.
208
00:15:14.820 –> 00:15:20.399
Wendy Zollner: Calendly calls on my calendar, like, we’ve had, like, two of them, and scheduled another one for today.
209
00:15:20.580 –> 00:15:25.660
Dan Deppen: He keeps having questions, so… this isn’t like a, I’m not gonna pay guy, this is just that they’re…
210
00:15:26.150 –> 00:15:26.510
Wendy Zollner: Yeah.
211
00:15:26.510 –> 00:15:30.459
Dan Deppen: The other thing, too, you’ll find, right, like, I think… I’m pretty sure this is his first one.
212
00:15:31.160 –> 00:15:35.790
Dan Deppen: When someone’s doing their first one, they often just have a lot of questions.
213
00:15:35.790 –> 00:15:37.520
Wendy Zollner: Okay, yeah, yeah.
214
00:15:37.520 –> 00:15:40.739
Dan Deppen: So… so kind of the pattern is they… the first one.
215
00:15:42.200 –> 00:15:45.049
Dan Deppen: They’re kind of struggling, they’re asking a lot of questions.
216
00:15:45.280 –> 00:15:48.700
Dan Deppen: The second one’s pretty smooth, and then, like…
217
00:15:48.910 –> 00:15:52.750
Dan Deppen: If they’re, like, cash buyer type people, then they go off to the races, they want to do more.
218
00:15:53.190 –> 00:15:53.850
Wendy Zollner: Nice.
219
00:15:53.850 –> 00:15:57.929
Dan Deppen: And then they run out of money, and… You know, then it’s like.
220
00:15:58.220 –> 00:16:08.579
Dan Deppen: can I… now, how do I recapitalize? Can I get outside funding? Can I sell the notes? Can I… you know, that’s sort of like the progression of a… somebody who does this stuff.
221
00:16:08.580 –> 00:16:09.490
Wendy Zollner: That’s cool.
222
00:16:10.160 –> 00:16:15.510
Dan Deppen: So that’s good… Oh.
223
00:16:16.000 –> 00:16:17.769
Dan Deppen: So you know what this means, right?
224
00:16:18.280 –> 00:16:22.660
Dan Deppen: That it didn’t get attached to the invoice, so we had to go link it.
225
00:16:22.810 –> 00:16:25.629
Dan Deppen: Yep, so we’ll go to Payments Received.
226
00:16:28.110 –> 00:16:30.020
Dan Deppen: There’s our one that didn’t link.
227
00:16:32.040 –> 00:16:32.990
Dan Deppen: Edit.
228
00:16:33.160 –> 00:16:35.130
Dan Deppen: And it should just show the invoice.
229
00:16:35.440 –> 00:16:36.170
Dan Deppen: Yep.
230
00:16:36.840 –> 00:16:38.290
Dan Deppen: 770.
231
00:16:40.220 –> 00:16:41.919
Dan Deppen: Apply the 199.
232
00:16:46.740 –> 00:16:49.170
Dan Deppen: Now, in theory, this should fire the automation.
233
00:16:49.480 –> 00:16:50.860
Wendy Zollner: Okay.
234
00:16:52.170 –> 00:17:02.279
Dan Deppen: But like I said, I don’t understand why it’s firing sometimes, and sometimes not. For a minute, it looked like if they used a debit card, it wouldn’t, and a credit card they would, but then that’s not true, because we’ve had… Right.
235
00:17:04.069 –> 00:17:06.010
Dan Deppen: invoice paid…
236
00:17:09.839 –> 00:17:12.040
Dan Deppen: So when it gets an invoice.
237
00:17:13.099 –> 00:17:17.480
Dan Deppen: Status change that… and the status is paid.
238
00:17:17.920 –> 00:17:19.310
Dan Deppen: And it’s supposed to fire.
239
00:17:19.740 –> 00:17:20.500
Wendy Zollner: Okay.
240
00:17:22.839 –> 00:17:26.829
Dan Deppen: This looks like it. And sometimes there are status changes that…
241
00:17:27.480 –> 00:17:30.979
Dan Deppen: we’re not paid, right? So, like, if you send invoice to…
242
00:17:31.360 –> 00:17:37.659
Dan Deppen: And the status goes from draft to sent, That actually fires this automation.
243
00:17:38.460 –> 00:17:42.300
Dan Deppen: But then it looks and goes, oh, well, the status isn’t paid, so it filters it.
244
00:17:42.620 –> 00:17:44.100
Wendy Zollner: Okay, yeah.
245
00:17:44.100 –> 00:17:49.440
Dan Deppen: So this actually hasn’t fired all the way since the… if it gets all the way, then it calls it success.
246
00:17:49.440 –> 00:17:49.940
Wendy Zollner: Okay.
247
00:17:49.940 –> 00:17:53.020
Dan Deppen: It hasn’t actually gone all the way since… for a couple days.
248
00:17:54.660 –> 00:17:58.680
Dan Deppen: So I just want to refresh and see if it… oh, okay, so that one’s actually running.
249
00:17:59.010 –> 00:17:59.950
Wendy Zollner: Okay, cool.
250
00:17:59.950 –> 00:18:01.700
Dan Deppen: So there’s a delay built in.
251
00:18:02.830 –> 00:18:08.150
Dan Deppen: Because sometimes in Zoho, like, the payment comes in, the invoice, you know, like, there’s stuff that happens.
252
00:18:08.150 –> 00:18:08.770
Wendy Zollner: Right.
253
00:18:08.770 –> 00:18:15.730
Dan Deppen: And if everything is simultaneous, then sometimes they come out of order, so some of these have, like, Delays.
254
00:18:15.730 –> 00:18:16.280
Wendy Zollner: Okay.
255
00:18:16.280 –> 00:18:19.089
Dan Deppen: The plan is to let everything settle, and then it…
256
00:18:19.480 –> 00:18:22.879
Dan Deppen: works right, so it actually looks like that one is… is going.
257
00:18:23.640 –> 00:18:26.470
Dan Deppen: But I want to see what deal it’s tied to.
258
00:18:33.200 –> 00:18:35.840
Dan Deppen: Oh, the Kierce one. Good. Okay, perfect.
259
00:18:36.410 –> 00:18:37.260
Wendy Zollner: Cool.
260
00:18:37.260 –> 00:18:39.089
Dan Deppen: So this one’s really ready to work.
261
00:18:39.580 –> 00:18:40.790
Wendy Zollner: Okay, that’s good.
262
00:18:41.060 –> 00:18:46.070
Dan Deppen: And so, the invoice paid status has not updated yet, because Zapier’s on that delay.
263
00:18:46.280 –> 00:18:47.080
Wendy Zollner: Okay.
264
00:18:48.200 –> 00:18:50.490
Dan Deppen: Romney’s gonna update the comments.
265
00:18:52.320 –> 00:18:54.050
Dan Deppen: But the invoice is paid.
266
00:18:57.270 –> 00:19:00.320
Wendy Zollner: So, with the income file, do you…
267
00:19:00.610 –> 00:19:03.360
Wendy Zollner: put it in byte and everything then, still.
268
00:19:03.360 –> 00:19:04.189
Dan Deppen: Go and bite.
269
00:19:13.510 –> 00:19:17.939
Dan Deppen: I need to make that delay shorter. Two minutes is a really long time when, like, you’re waiting for it to go.
270
00:19:17.940 –> 00:19:19.600
Wendy Zollner: Right?
271
00:19:24.300 –> 00:19:28.569
Dan Deppen: Come on, come on, come on, I wanna see the… the,
272
00:19:32.910 –> 00:19:34.849
Dan Deppen: I want to see the CRM update.
273
00:19:35.190 –> 00:19:46.149
Wendy Zollner: Yeah. Part of this is just fun for me, to see them run, I guess. I know, right, to make sure it’s working. Well, while I wait for that, let me ask you a question on a deal, if you…
274
00:19:46.150 –> 00:19:48.419
Dan Deppen: Yeah. Look at, Davis.
275
00:19:48.540 –> 00:19:53.459
Wendy Zollner: The Davis deal… That one I saw, we haven’t…
276
00:19:54.580 –> 00:19:57.220
Wendy Zollner: So, I was working on that one.
277
00:19:58.380 –> 00:20:03.160
Wendy Zollner: And, looks like the invoice 1 hasn’t been paid yet, but my… my…
278
00:20:03.280 –> 00:20:09.720
Wendy Zollner: Question is, they had a really bad credit score, And… I don’t…
279
00:20:10.220 –> 00:20:18.670
Wendy Zollner: think they qualify, but I don’t really know when they’re not… when they get rejected or declined, what do you do? Like, I don’t…
280
00:20:18.670 –> 00:20:21.609
Dan Deppen: Whoa, this is one that they haven’t paid the first invoice yet.
281
00:20:21.610 –> 00:20:22.420
Wendy Zollner: Yeah.
282
00:20:23.810 –> 00:20:26.470
Dan Deppen: Okay, what were the last comms with the lender?
283
00:20:27.000 –> 00:20:28.059
Dan Deppen: Do we know?
284
00:20:28.310 –> 00:20:33.600
Wendy Zollner: the la- I… No, I don’t.
285
00:20:33.810 –> 00:20:36.260
Dan Deppen: I just wanna… .
286
00:20:40.960 –> 00:20:46.500
Wendy Zollner: I think it was asking for payment on the… on the invoice.
287
00:20:53.570 –> 00:20:54.300
Dan Deppen: Yeah.
288
00:20:56.330 –> 00:20:58.589
Dan Deppen: Oh, yeah, and I pinged him…
289
00:20:59.650 –> 00:21:02.060
Dan Deppen: Yesterday, because he made a comment
290
00:21:03.500 –> 00:21:07.270
Dan Deppen: He referred to it as an initial income verification.
291
00:21:08.040 –> 00:21:11.300
Dan Deppen: Which is the language that Michael Kierce’s students use.
292
00:21:11.640 –> 00:21:13.700
Wendy Zollner: Oh…
293
00:21:13.700 –> 00:21:18.340
Dan Deppen: Because sometimes CURS refers people, and they want income only, but they don’t tell us.
294
00:21:18.340 –> 00:21:19.160
Wendy Zollner: Okay.
295
00:21:19.160 –> 00:21:22.349
Dan Deppen: And we start going through stuff, and we’re like, no, I just want the income only, it’s like…
296
00:21:22.530 –> 00:21:26.979
Dan Deppen: Okay, fine. So that’s why I told him, like, hey, we need the invoice, and…
297
00:21:27.180 –> 00:21:31.160
Dan Deppen: Are you just looking for… now, if he’s not with Kiris, he’s gonna be like, what are you talking about?
298
00:21:31.730 –> 00:21:32.780
Wendy Zollner: Right, yeah.
299
00:21:32.780 –> 00:21:37.259
Dan Deppen: I think he’s with Kierce. The other thing, too, is a lot of Kierce’s people are boneheads.
300
00:21:37.590 –> 00:21:38.160
Wendy Zollner: Okay.
301
00:21:38.160 –> 00:21:40.670
Dan Deppen: It’s funny, like, one of my other strategies…
302
00:21:42.990 –> 00:21:45.799
Dan Deppen: is to get in with gurus.
303
00:21:47.810 –> 00:21:49.790
Dan Deppen: But man, they have a lot of dumb students.
304
00:21:50.510 –> 00:21:51.090
Dan Deppen: Like…
305
00:21:51.090 –> 00:21:51.410
Wendy Zollner: Yeah.
306
00:21:51.410 –> 00:21:54.790
Dan Deppen: There’s a guy from, like, Nick Legamaro that was just a frickin’ knucklehead.
307
00:21:55.190 –> 00:22:00.699
Dan Deppen: And… I’m starting the William Tingle stuff tomorrow.
308
00:22:02.470 –> 00:22:08.869
Dan Deppen: That’ll be interesting, but sometimes these people, like, just don’t know what they’re doing, so… and Kirsten’s had some bad ones.
309
00:22:09.130 –> 00:22:09.920
Wendy Zollner: Okay.
310
00:22:10.370 –> 00:22:12.790
Dan Deppen: So, he opened the email, he didn’t respond.
311
00:22:14.530 –> 00:22:18.189
Dan Deppen: So, we’ll just wait and follow up with him tomorrow.
312
00:22:18.650 –> 00:22:19.490
Wendy Zollner: Okay.
313
00:22:19.880 –> 00:22:28.040
Dan Deppen: But if, and I will answer your question, but, but just as far as, like.
314
00:22:35.100 –> 00:22:42.749
Wendy Zollner: Yeah, I didn’t realize it was an income… perhaps an income-only one, so I entered it into Byte and started
315
00:22:43.020 –> 00:22:50.669
Wendy Zollner: looking at it, because we had all the borrower information, and it was a returning customer, but I… it says it’s a returning customer.
316
00:22:50.670 –> 00:22:51.640
Dan Deppen: Oh, okay.
317
00:22:51.640 –> 00:22:53.330
Wendy Zollner: I don’t know if that’s true or not.
318
00:22:55.170 –> 00:23:01.020
Dan Deppen: Yeah, I’m not sure, but anyways, but what we’ll do tomorrow, if you didn’t get back to us after you opened the email, we’ll just close it.
319
00:23:01.260 –> 00:23:02.090
Wendy Zollner: Okay.
320
00:23:02.090 –> 00:23:08.220
Dan Deppen: Cause… like… If he had a deal, like, he was working towards closing and he was doing stuff.
321
00:23:09.010 –> 00:23:11.030
Dan Deppen: He’d be all over us to get us going.
322
00:23:11.330 –> 00:23:12.070
Wendy Zollner: Okay.
323
00:23:12.090 –> 00:23:17.940
Dan Deppen: So, kind of no answer. He can always come back online. Like, like, in this particular one, I don’t think that…
324
00:23:18.110 –> 00:23:20.129
Dan Deppen: Especially with a shit borrower, like…
325
00:23:20.990 –> 00:23:24.309
Dan Deppen: Following up with him is, like, gonna get a deal over the finish line.
326
00:23:24.570 –> 00:23:26.040
Wendy Zollner: Okay, yeah.
327
00:23:26.040 –> 00:23:33.020
Dan Deppen: But we’ll just do that. But anyways, the actual file… So 316…
328
00:23:33.270 –> 00:23:36.160
Dan Deppen: Oh, let me look at my, so…
329
00:23:40.920 –> 00:23:42.340
Dan Deppen: So it ran.
330
00:23:42.340 –> 00:23:43.450
Wendy Zollner: Okay, cool.
331
00:23:46.180 –> 00:23:49.710
Dan Deppen: Invoice 1 paid, which we always need to refresh, because this is Zoho.
332
00:23:51.710 –> 00:23:53.040
Dan Deppen: Yep, and it ran.
333
00:23:53.720 –> 00:23:54.200
Wendy Zollner: Oh, God.
334
00:23:54.200 –> 00:23:56.809
Dan Deppen: If the Zap fires, it runs.
335
00:23:57.630 –> 00:24:05.590
Dan Deppen: The problem is, sometimes the Zap doesn’t fire, and I don’t know why that is. And it’s brutal, because there’s not, like… like, in here, like, if something fails…
336
00:24:07.080 –> 00:24:11.290
Wendy Zollner: Like, if we go back, like, to when I was getting it, we’re… okay, like, this one… Oh, yeah.
337
00:24:12.360 –> 00:24:12.890
Wendy Zollner: Right.
338
00:24:12.890 –> 00:24:19.650
Dan Deppen: You know, you can go in to the run details, and you can try to figure out, like, what happened, exactly when it broke.
339
00:24:20.140 –> 00:24:20.580
Wendy Zollner: Yeah.
340
00:24:20.580 –> 00:24:23.430
Dan Deppen: When it didn’t trigger, there’s nothing to triage.
341
00:24:23.950 –> 00:24:25.450
Wendy Zollner: Yeah, you’re like, ugh…
342
00:24:25.450 –> 00:24:32.309
Dan Deppen: Like… It’s like, why didn’t the dog bark? I… I don’t know. It’s like, why… I don’t know.
343
00:24:33.130 –> 00:24:37.430
Dan Deppen: But okay, but this other one, so 316…
344
00:24:38.910 –> 00:24:41.750
Dan Deppen: I’ll give you my quick and dirty, like…
345
00:24:41.750 –> 00:24:42.490
Wendy Zollner: Okay.
346
00:24:45.210 –> 00:24:46.770
Dan Deppen: View of this.
347
00:24:52.270 –> 00:24:59.110
Dan Deppen: Okay, he’s got an auto loan past due, so without having looked at this, I’ll just, like, go down and kind of give you my, like, thoughts.
348
00:24:59.110 –> 00:24:59.820
Wendy Zollner: Yeah.
349
00:25:00.310 –> 00:25:06.479
Dan Deppen: So there’s two auto loans, he’s got one, looks like active for $17K, one past due. A lot of times, those are, like, charged off.
350
00:25:09.530 –> 00:25:13.499
Dan Deppen: past due, other, 12 past due, it could be medical debt.
351
00:25:18.840 –> 00:25:24.680
Dan Deppen: 4 charge-offs, Not good. 3.30 days late.
352
00:25:25.140 –> 00:25:27.649
Dan Deppen: 6 inquiries, that’s really weird.
353
00:25:29.600 –> 00:25:30.250
Wendy Zollner: Yeah.
354
00:25:30.250 –> 00:25:31.450
Dan Deppen: It’s really weird.
355
00:25:32.270 –> 00:25:33.719
Dan Deppen: two disputes.
356
00:25:34.260 –> 00:25:38.100
Dan Deppen: Also, that guy that was from Boulder that I was talking to yesterday.
357
00:25:39.110 –> 00:25:42.650
Dan Deppen: He used to help a company that did, like, credit repair-type stuff.
358
00:25:42.900 –> 00:25:43.510
Wendy Zollner: Yeah.
359
00:25:43.510 –> 00:25:48.499
Dan Deppen: And that’s what you do with credit repair. You… I guess the way to do credit repair is you…
360
00:25:49.610 –> 00:25:51.420
Dan Deppen: dispute everything.
361
00:25:52.200 –> 00:26:01.729
Dan Deppen: You make them show you the pay history, which usually people don’t have, and there’s all these letters back and forth, so over the course of months, like, you get all these things cleared, and then your credit heals.
362
00:26:01.850 –> 00:26:05.619
Dan Deppen: Over time, but the borrower has to be, like, very active in doing that.
363
00:26:05.620 –> 00:26:06.640
Wendy Zollner: Yeah.
364
00:26:06.640 –> 00:26:10.710
Dan Deppen: So, 498, like, if you’re sub 500, To me, it’s.
365
00:26:10.710 –> 00:26:11.760
Wendy Zollner: Yeah.
366
00:26:11.910 –> 00:26:16.159
Dan Deppen: Yeah? There’s no… 5 in collections, which is not…
367
00:26:16.840 –> 00:26:18.769
Dan Deppen: The most obscene thing in the world.
368
00:26:20.940 –> 00:26:24.269
Wendy Zollner: It was to me, because I was like, wow, that’s insane.
369
00:26:24.270 –> 00:26:26.720
Dan Deppen: No, it is insane, but I’ve seen ones…
370
00:26:28.000 –> 00:26:32.999
Dan Deppen: There was one one time they had, like, 17 or 18, and it wouldn’t fit in the loan conditions, and by…
371
00:26:33.420 –> 00:26:34.609
Wendy Zollner: Oh my gosh, okay.
372
00:26:34.780 –> 00:26:37.839
Dan Deppen: really crazy ones, and the bizarre thing is, it’s like, okay.
373
00:26:38.860 –> 00:26:41.890
Dan Deppen: After you had the 15th account in collections.
374
00:26:42.230 –> 00:26:44.609
Dan Deppen: Who was the person who extended credit?
375
00:26:44.610 –> 00:26:45.250
Wendy Zollner: No, right?
376
00:26:45.250 –> 00:26:45.650
Dan Deppen: was that…
377
00:26:45.650 –> 00:26:46.330
Wendy Zollner: Yeah.
378
00:26:46.330 –> 00:26:51.110
Dan Deppen: And then when the 16th one went into collections, who was the 17th person?
379
00:26:51.230 –> 00:26:53.859
Dan Deppen: That said, okay, now I’ll extend credit, like, I don’.
380
00:26:53.860 –> 00:26:54.400
Wendy Zollner: Right?
381
00:26:54.400 –> 00:26:54.830
Dan Deppen: Understand.
382
00:26:54.830 –> 00:26:55.490
Wendy Zollner: Yeah.
383
00:26:57.980 –> 00:27:00.770
Dan Deppen: Late date secured credit card…
384
00:27:06.550 –> 00:27:08.169
Dan Deppen: Check off LEND.
385
00:27:09.610 –> 00:27:12.370
Dan Deppen: Those are paid off. Collection…
386
00:27:13.660 –> 00:27:17.470
Dan Deppen: Home rentals, okay, so they’re renting, like, furniture or something?
387
00:27:18.120 –> 00:27:25.130
Wendy Zollner: Yeah, I could… I didn’t know if it was furniture or if it was… that was the name of a, you know, rental agency or something.
388
00:27:25.130 –> 00:27:25.710
Dan Deppen: Could be.
389
00:27:25.710 –> 00:27:28.440
Wendy Zollner: Like a, like a home… Actual…
390
00:27:28.720 –> 00:27:29.669
Dan Deppen: Yeah, I don’t know.
391
00:27:29.670 –> 00:27:30.400
Wendy Zollner: But then…
392
00:27:31.100 –> 00:27:34.490
Dan Deppen: It looks like they borrowed $86.60 and never made a payment on it.
393
00:27:34.700 –> 00:27:35.420
Wendy Zollner: Oh, okay.
394
00:27:35.420 –> 00:27:37.810
Dan Deppen: Is the amount they borrowed is the amount past due.
395
00:27:38.340 –> 00:27:40.700
Dan Deppen: Yeah. They had a car get repossessed.
396
00:27:43.770 –> 00:27:45.910
Dan Deppen: Auto loan write-off.
397
00:27:47.190 –> 00:27:52.270
Dan Deppen: Oh, that’s interesting. So they had one auto loan where the car got repossessed, they had another one where
398
00:27:52.530 –> 00:27:53.800
Dan Deppen: They wrote it off.
399
00:27:54.030 –> 00:27:54.690
Wendy Zollner: Hmm.
400
00:27:57.030 –> 00:28:05.409
Dan Deppen: There’s gotta be a cell phone bill in here. Like, usually when there’s collections, there’s always a cell phone bill. I’ll be really surprised to get below 500 credit and not have an overdue cell phone.
401
00:28:05.410 –> 00:28:05.780
Wendy Zollner: Yeah.
402
00:28:05.920 –> 00:28:10.400
Dan Deppen: Maybe this is the… Well, that’s right off.
403
00:28:10.920 –> 00:28:12.650
Dan Deppen: Progressive Insurance.
404
00:28:14.360 –> 00:28:19.210
Dan Deppen: Sun Loan… Smart Pay Leasing.
405
00:28:19.400 –> 00:28:25.799
Dan Deppen: I’ll be damned. That’s insane to have sub-500, because usually if there’s one collection account, it’s a credit… it’s a cell phone.
406
00:28:25.800 –> 00:28:26.540
Wendy Zollner: Yeah.
407
00:28:26.540 –> 00:28:31.150
Dan Deppen: You know, so that’s… that’s interesting, to not do the cell phone.
408
00:28:35.330 –> 00:28:36.409
Dan Deppen: I mean…
409
00:28:40.960 –> 00:28:46.650
Dan Deppen: Yeah, I mean, that stuff is hard to fix. Like, these people, this is where, like, if you wanted to salvage it.
410
00:28:47.170 –> 00:28:50.330
Dan Deppen: You would say, okay, clean up at least a couple of these.
411
00:28:51.100 –> 00:28:53.439
Wendy Zollner: And we better have, like, a bulletproof…
412
00:28:53.570 –> 00:28:58.630
Dan Deppen: 12-month verification of rent, like, okay. Because there are borrowers who will pay
413
00:28:58.770 –> 00:29:01.229
Dan Deppen: Their housing payment, but not pay other stuff.
414
00:29:01.810 –> 00:29:02.589
Wendy Zollner: Yeah, okay.
415
00:29:02.590 –> 00:29:05.250
Dan Deppen: So if we can validate that they’re one of those.
416
00:29:05.900 –> 00:29:09.970
Dan Deppen: And, like, they’ve got some skin in the game. They made a decent down payment.
417
00:29:10.900 –> 00:29:15.420
Dan Deppen: Otherwise, they’re gonna default. Like, what was… what did the term sheet say? I bet their down payment’s really tiny.
418
00:29:16.820 –> 00:29:19.460
Dan Deppen: Tiny down payments attract shit borrowers.
419
00:29:19.460 –> 00:29:21.090
Wendy Zollner: Okay, interesting.
420
00:29:22.190 –> 00:29:23.660
Dan Deppen: I bet it’s small.
421
00:29:25.750 –> 00:29:26.850
Dan Deppen: It’s zero.
422
00:29:29.320 –> 00:29:31.309
Dan Deppen: If what he’s telling me here is correct.
423
00:29:31.450 –> 00:29:34.000
Dan Deppen: That the sale price and the loan amount are the same.
424
00:29:36.780 –> 00:29:37.900
Wendy Zollner: No, 5,000.
425
00:29:38.230 –> 00:29:40.020
Wendy Zollner: They typed it in wrong, yeah.
426
00:29:41.340 –> 00:29:45.280
Dan Deppen: Okay, well, but, but… So that’s, like, 5%. That’s not…
427
00:29:46.560 –> 00:29:49.720
Dan Deppen: It’s not the 8 to 10 that you want, it’s not the worst thing in the world.
428
00:29:52.990 –> 00:29:55.200
Dan Deppen: What’s his income look like?
429
00:29:56.350 –> 00:29:58.460
Dan Deppen: Oh, good, it’s W2, so that’s easy.
430
00:30:03.850 –> 00:30:07.269
Wendy Zollner: Oh, I think this one might have been the one that had overtime.
431
00:30:07.460 –> 00:30:12.050
Dan Deppen: 57,000, so if you just look at it based on 2025, like, let’s just assume…
432
00:30:13.230 –> 00:30:16.140
Dan Deppen: They’re gonna do the same, like, super simple, back of the envelope.
433
00:30:18.830 –> 00:30:21.749
Dan Deppen: So he’s got $4,700 in monthly income.
434
00:30:29.960 –> 00:30:32.290
Dan Deppen: He doesn’t really have other debt payments.
435
00:30:33.250 –> 00:30:34.230
Wendy Zollner: Interesting.
436
00:30:36.890 –> 00:30:39.430
Dan Deppen: And what’s the payment on the loan?
437
00:30:41.990 –> 00:30:45.450
Dan Deppen: It’s probably not that much, because it’s a Kierce house, it’s 100K.
438
00:30:46.030 –> 00:30:46.930
Dan Deppen: Deal.
439
00:30:49.970 –> 00:30:51.310
Dan Deppen: Okay, so…
440
00:30:55.040 –> 00:31:00.929
Dan Deppen: So he can afford… oh, this is my other tip-off, that it’s income-only. He was referred by Michael Keir, so…
441
00:31:00.930 –> 00:31:02.980
Wendy Zollner: Oh, okay, okay.
442
00:31:02.980 –> 00:31:07.800
Dan Deppen: So, okay, so… So, since this is income only, okay.
443
00:31:09.630 –> 00:31:13.760
Dan Deppen: On the income-only report, which is just a doc, we’ll say, basically.
444
00:31:13.930 –> 00:31:16.559
Dan Deppen: This guy has enough income to afford the loan.
445
00:31:19.790 –> 00:31:22.130
Dan Deppen: However, his credit is exceedingly poor.
446
00:31:22.260 –> 00:31:31.659
Dan Deppen: The loan would not be Dodd-Frank compliant, because credit is one of the eight elements to repay, even though, in my head, I call that, like, willingness to repay more than ability, but whatever.
447
00:31:31.660 –> 00:31:32.870
Wendy Zollner: Right, yeah.
448
00:31:34.400 –> 00:31:39.360
Dan Deppen: So, it would not be compliant. To make it compliant, they would have to clean up all this credit stuff.
449
00:31:40.290 –> 00:31:41.000
Wendy Zollner: Okay.
450
00:31:41.000 –> 00:31:44.660
Dan Deppen: We leave it there, but they can afford it, and then this guy will go make the loan.
451
00:31:46.110 –> 00:31:48.020
Dan Deppen: And it probably won’t go well.
452
00:31:48.800 –> 00:31:49.610
Wendy Zollner: Yeah, okay.
453
00:31:49.610 –> 00:31:51.399
Dan Deppen: This one shakes out, so…
454
00:31:51.960 –> 00:31:53.670
Wendy Zollner: Okay, interesting.
455
00:31:54.390 –> 00:31:55.740
Wendy Zollner: Yeah. Cool, thanks.
456
00:31:56.320 –> 00:31:58.839
Dan Deppen: So I think I’m pretty much through the emails…
457
00:31:58.840 –> 00:31:59.270
Wendy Zollner: Yeah.
458
00:31:59.270 –> 00:32:00.490
Dan Deppen: Mmm…
459
00:32:05.850 –> 00:32:09.370
Dan Deppen: The cash roots, payment, some other stuff, so yeah, so…
460
00:32:09.590 –> 00:32:10.610
Wendy Zollner: Kathy Myers.
461
00:32:12.990 –> 00:32:14.300
Dan Deppen: So, probably good.
462
00:32:15.490 –> 00:32:22.019
Dan Deppen: for now, if that gets you going for a bit. And then I saw, I put stuff on the calendar for Friday to do the rebalance stuff.
463
00:32:23.220 –> 00:32:29.370
Wendy Zollner: Yeah, I… I probably will… yeah, I think I’ll be able to go to that. I was just, checking my…
464
00:32:29.680 –> 00:32:33.600
Wendy Zollner: calendar, because I originally had an appointment for my mom in the morning that day.
465
00:32:33.600 –> 00:32:35.629
Dan Deppen: Oh, shoot, well then do that, or, you know.
466
00:32:35.630 –> 00:32:36.420
Wendy Zollner: Yeah, but I think…
467
00:32:36.420 –> 00:32:40.699
Dan Deppen: Like, we can do it separately, like, I could, let me look at my counter.
468
00:32:40.700 –> 00:32:47.719
Wendy Zollner: Well, I think it’s gonna be canceled, because if they’re sending her to a rehab hospital, I don’t think she’s going anywhere for 2 weeks, so…
469
00:32:48.090 –> 00:32:53.919
Dan Deppen: Okay, so tomorrow morning, I’ve got calls, I got the William Tingle thing from 9 to 10.
470
00:32:54.600 –> 00:32:57.580
Dan Deppen: And then my onboarding call from 10 to 11.
471
00:32:58.430 –> 00:32:58.760
Wendy Zollner: Okay.
472
00:32:58.760 –> 00:33:03.749
Dan Deppen: But if you want to do… to do the rebalance stuff outside of that, I can, because I’m wide open.
473
00:33:04.160 –> 00:33:05.390
Dan Deppen: beyond that.
474
00:33:07.090 –> 00:33:14.290
Wendy Zollner: Okay, I think… I think I should be able to go, so I would just keep it as you have it now, and then…
475
00:33:14.290 –> 00:33:27.159
Dan Deppen: Okay, and like I said, like, if something’s going on, like, it doesn’t work out, like, that’s fine. I’ll record it, and then we can just go through it, like, next week. Not a big deal. So, I’m pretty flexible on all that stuff, but I feel like the,
476
00:33:28.110 –> 00:33:34.869
Dan Deppen: And then once we get another loan doc order, it’s funny, the term sheets have kind of dried up. It’s weird, like, it goes through these, like, flows.
477
00:33:35.730 –> 00:33:38.889
Dan Deppen: For a while, there were, like, a bunch of term sheets came in, a bunch of them had loan docs.
478
00:33:39.210 –> 00:33:39.690
Wendy Zollner: Yeah.
479
00:33:39.690 –> 00:33:43.790
Dan Deppen: I feel like I’ve kind of brushed up the loan doc process. Now I need the next wave.
480
00:33:44.230 –> 00:33:47.039
Dan Deppen: Because I want to have you and Christine start taking a swing.
481
00:33:47.690 –> 00:33:58.929
Dan Deppen: at the loan docs, and then we’ll do the training and have you start taking a swing at the rebalancing, because once… you guys can both do loan docs and rebalancing, we should be, like, really jamming.
482
00:33:59.220 –> 00:34:01.890
Wendy Zollner: Okay. But my assumption is…
483
00:34:03.940 –> 00:34:13.990
Dan Deppen: the first couple times each of you try loan docs or rebalancing, there’s gonna be, like, some back and forth, like, hey, what about this? Oh, wait, I got stuck here. What about that? And so it’ll be a little bit of a…
484
00:34:14.710 –> 00:34:15.100
Wendy Zollner: Yeah.
485
00:34:15.100 –> 00:34:19.189
Dan Deppen: We’ll have to go through a couple of them, but then once we get through that, we should be jamming.
486
00:34:19.340 –> 00:34:21.040
Wendy Zollner: Okay, sounds good.
487
00:34:21.040 –> 00:34:26.799
Dan Deppen: Because really, the rebalances and the loan docs are the things that, like, I have to do.
488
00:34:28.080 –> 00:34:32.450
Dan Deppen: I’m kind of, like, kind of trying to go through and identify the things that I have to do, and then, like.
489
00:34:33.070 –> 00:34:34.840
Dan Deppen: Get you guys up to speed.
490
00:34:35.040 –> 00:34:35.800
Wendy Zollner: Yeah.
491
00:34:35.800 –> 00:34:46.579
Dan Deppen: Yeah. And then, it’ll be a little bit more down the road, but I think… but at some point, I may have help with just, like, the QuickBooks Online stuff. Yeah. It’s not hard. It doesn’t… I don’t really spend much time on it.
492
00:34:47.580 –> 00:34:51.870
Dan Deppen: But… It’s just one of those things right now, I’m the only one in there.
493
00:34:52.219 –> 00:34:59.369
Wendy Zollner: Right, yeah, yeah, right. Yeah, no problem. Yeah, I don’t need that stuff.
494
00:34:59.730 –> 00:35:05.989
Dan Deppen: Yeah, and that stuff’s pretty simple, and then it also gives you more, like, visibility into the financial model, which is really… it’s pretty basic.
495
00:35:05.990 –> 00:35:06.360
Wendy Zollner: Yeah.
496
00:35:06.770 –> 00:35:08.280
Dan Deppen: Going on in there, but…
497
00:35:08.750 –> 00:35:09.330
Wendy Zollner: Cool.
498
00:35:10.070 –> 00:35:10.950
Wendy Zollner: Cool.
499
00:35:10.950 –> 00:35:19.000
Dan Deppen: Alright, awesome. Well, hey, well, yeah, good luck with everything, you know, and as things go on with your mom, like, your stuff comes up, like, I totally understand, like, that’s, you know, prioritize things.
500
00:35:19.590 –> 00:35:25.610
Wendy Zollner: Okay, yeah, I’ll definitely, like, let you know whenever happens I get called away or something, yeah.
501
00:35:25.610 –> 00:35:30.689
Dan Deppen: Yeah, that’s totally fine, because I can… yeah, like I said, I can cover that, we don’t have any burning…
502
00:35:31.030 –> 00:35:33.360
Dan Deppen: Crisis.
503
00:35:33.400 –> 00:35:33.940
Wendy Zollner: Yeah.
504
00:35:33.940 –> 00:35:34.589
Dan Deppen: This should be good.
505
00:35:35.370 –> 00:35:37.590
Wendy Zollner: Okay, thank you, Dan.
506
00:35:37.590 –> 00:35:39.040
Dan Deppen: Alright, no problem, have a good one.
507
00:35:39.040 –> 00:35:40.049
Wendy Zollner: You too. Bye-bye.
508
00:35:40.050 –> 00:35:40.410
Dan Deppen: –
========================================
FILE: CTU_value_email_-borrower_prescreening__paragraphs.txt
Dan Deppen: Screening your borrowers before committing to a deal with them is critical.
Dan Deppen: The problem many seller financiers run into
Dan Deppen: is that they don’t really know exactly what kind of a borrower they have until it’s too late in the process.
Dan Deppen: What typically happens is someone finds a borrower.
Dan Deppen: They put the property under contract.
Dan Deppen: Then they begin the underwriting process.
Dan Deppen: Maybe it takes the borrower some time
Dan Deppen: to get the contract signed. Maybe it takes the borrower some more time
Dan Deppen: to get their loan application and all of their income documentation to underwriting.
Dan Deppen: Then there’s some more time, another business day or 2 to go through the underwriting process.
Dan Deppen: and then you get to the end and find out that maybe your borrower’s marginal
Dan Deppen: not necessarily not compliant, but not the borrower you would like.
Dan Deppen: Then the lender gets stuck with the tough choice of starting all over and finding a new borrower.
Dan Deppen: or just moving ahead with the more marginal one.
Dan Deppen: The way to avoid getting painted in this corner
Dan Deppen: is to thoroughly prescreen your borrower.
Dan Deppen: I have a 1 page guide on the Calling underwriter website for how to do this.
Dan Deppen: Here’s the link.
Dan Deppen: If you have a short couple minute conversation with the borrower.
Dan Deppen: 90 plus percent of the time you can determine if there are any red flag issues that are going to keep you from going forward.
Dan Deppen: We’re looking for things like understanding how much income they have.
Dan Deppen: whether they have any red flag issues like
Dan Deppen: late housing payments, bankruptcies, foreclosures, and other things.
Dan Deppen: So always prescreen your borrowers ahead of time, and if you can try to find multiple borrowers.
Dan Deppen: this will keep you from losing time and getting stuck without
Dan Deppen: with having to make a tough choice between starting over
Dan Deppen: or going with a borrower. You’re not really excited about.
========================================
FILE: Dan__Karen_241101__paragraphs_.txt
Dan Deppen: And then the other thing.
Dan Deppen: Oh, I didn’t start sharing yet. Okay.
Karen Shelton: Oh, m!
Dan Deppen: Right? 3, 1.
Dan Deppen: Okay. So you should be able to see the windows explorer
Dan Deppen: and the bite in the background.
Karen Shelton: Cool.
Dan Deppen: I in the call, the Underwriter Dropbox section. I put this folder for training.
Karen Shelton: Okay.
Dan Deppen: And then
Dan Deppen: I started putting
Dan Deppen: recordings in here.
Karen Shelton: Perfect. Thank you.
Dan Deppen: Yeah. And then I need to add it in here. But I did record
Dan Deppen: a walkthrough of one of the things I’m going to go through here.
Karen Shelton: Okay.
Dan Deppen: So
Dan Deppen: well, we always kind of do basically, what I do is I kind of work through
Dan Deppen: my email and my list.
Dan Deppen: And then go to the applicable sop
Dan Deppen: and then open it up and then work it. That’s kind of the the process.
Dan Deppen: And so I was gonna do one today on like when a term sheet comes in.
Karen Shelton: Okay.
Dan Deppen: So
Dan Deppen: how many
Dan Deppen: call the underwriter email. So there was this term sheet that came in yesterday.
Dan Deppen: This is what they look like, and I haven’t responded to this person yet.
Dan Deppen: So we’ll see how this works on the single screen. This is really easier with like 2 monitors.
Dan Deppen: But this one is basically when the lender submits a term sheet, it’s like step one in that flow.
Karen Shelton: Okay.
Dan Deppen: And I’ll just kind of like walk through the sop and just show you an example of doing it. And then
Dan Deppen: when another one comes in I can send it
Dan Deppen: to you, or
Dan Deppen: we could even like go through it. Go through one together when I get like the next one.
Karen Shelton: Okay.
Dan Deppen: Back to the pipeline. And this is the step that’s gonna go away
Dan Deppen: at some point. But for right now
Dan Deppen: Michelle also uses this. So I’m
Dan Deppen: kind of leaving it as is.
Dan Deppen: and then you should be able just to follow down the steps.
Dan Deppen: It kind of tells you like how to create the name, how to and add it in.
Dan Deppen: And then we’re gonna create a drive folder
Dan Deppen: and then create the project in Zoho.
Dan Deppen: and then
Dan Deppen: and then also send an email to the investor.
Karen Shelton: Okay.
Dan Deppen: And then I’m gonna send them an invoice.
Dan Deppen: So a lot of these steps like I’ll just walk through cause I know just how to do it without going through the sop, but like when you do it the 1st time, you’ll just kind of walk through
Dan Deppen: the sop.
Dan Deppen: so we call it, and I might move
Dan Deppen: the term sheet email here, let me.
Dan Deppen: I don’t know if the term sheets are going to you yet.
Dan Deppen: I’m gonna.
Karen Shelton: In the email.
Dan Deppen: Yeah.
Dan Deppen: do they go into the office email.
Karen Shelton: What’s what’s the name of what you’re looking at right now?
Karen Shelton: Think so.
Dan Deppen: Are you getting these term sheet emails in the office that call the underwriter box.
Karen Shelton: I think so.
Dan Deppen: Okay? Well, then, I don’t need to forward it to you.
Karen Shelton: Yeah, can you go back to the email? So I could see.
Dan Deppen: This is the email.
Karen Shelton: Oh, the okay.
Karen Shelton: New form.
Karen Shelton: The subject is new form.
Dan Deppen: Yeah, new form entry, and then it’ll have a number
Dan Deppen: can actually go in to.
Dan Deppen: Well, yeah, I don’t have it
Dan Deppen: here. They’re not going to you. So let me fix that.
Karen Shelton: No. Yeah. Last one. Here is 1120, 23.
Dan Deppen: Okay.
Dan Deppen: So one of them does. But
Dan Deppen: the others don’t. Okay. So that so going forward, you’ll get these. But in the meantime I will just send this to you. So you have it.
Dan Deppen: Then I’m gonna open this on my, I’m gonna move this to my other screen. Just so as I fill this stuff in, it’s a little easier to look at
Dan Deppen: both. What I’ll explain
Dan Deppen: what’s what.
Dan Deppen: So like the label for every file.
Dan Deppen: It’ll be the term sheet number in this case, 1541
Dan Deppen: borrower.
Dan Deppen: last and 1st name.
Dan Deppen: So in this case it’ll be
Dan Deppen: Cole.
Dan Deppen: and then it’s David and Tanya
Dan Deppen: dash, and I put the street address of the subject property.
Dan Deppen: and then I like to put the lender
Dan Deppen: name in there as well.
Dan Deppen: So with all of that like I can track it down one way or another, right?
Dan Deppen: And then some of this stuff is gonna change. But I put in the term sheet number.
Dan Deppen: And then I like to look in the
Dan Deppen: thing and see if they indicated whether they wanted to sell the note or do docs. This funding thing I’m gonna get rid of.
Karen Shelton: Okay.
Dan Deppen: So they said.
Dan Deppen: Are you interested? Like Number 32 and 33?
Dan Deppen: Are you interested in selling this? No, no
Dan Deppen: closing docs now. So these are just all Nos.
Dan Deppen: And again, this stuff is this part’s gonna kind of go away.
Dan Deppen: And that’s
Dan Deppen: it’s weird that the person’s name is Seth. But they their email is Jan.
Dan Deppen: This was actually submitted yesterday, and I’ve not sent the 1st invoice yet.
Karen Shelton: Okay.
Dan Deppen: So now it’s in the pipeline, and then what I like to do is just copy the name, because I’ll use it in some other spots.
Dan Deppen: And I’ll create the Google drive folder. So I need to go to that.
Dan Deppen: Admin one.
Dan Deppen: A folder.
Dan Deppen: and then you don’t have what what I’ve started doing. I don’t think I have this in the sop, but I like to create little sub folders
Dan Deppen: for the income docs.
Karen Shelton: Okay.
Dan Deppen: And then for the disclosures that’ll get created later.
Dan Deppen: Did you end up with a sprawl of files?
Dan Deppen: And it just makes it a little bit easier to manage.
Dan Deppen: Now I want to put a copy of the term sheet in here.
Dan Deppen: So what I do is I just print it
Dan Deppen: from my email like the way it works in superhuman. It’ll be a little different in yours.
Dan Deppen: We’ll just print the Pdf.
Dan Deppen: And I just label it term sheet.
Karen Shelton: Okay.
Dan Deppen: You know, so I’ll just like overwrite the last one.
Dan Deppen: and then
Dan Deppen: you know, and then just drag it over.
Dan Deppen: Get going
Dan Deppen: that goes.
Dan Deppen: Oh, and then the other thing I like to do, too.
Dan Deppen: is see? A lot of times lenders can attach things to the term sheet. Submission.
Karen Shelton: Okay.
Karen Shelton: Good.
Dan Deppen: Like. So on this one.
Dan Deppen: I’m not sure what this file is.
Dan Deppen: Oh, that’s cool. So this was the.
Karen Shelton: Like their account.
Dan Deppen: Information on what they thought.
Karen Shelton: All right.
Dan Deppen: What’s gonna be.
Dan Deppen: Sometimes they’ll provide like insurance information.
Dan Deppen: Or, Oh.
Dan Deppen: here’s a link to copy of the purchase contract.
Dan Deppen: No, but that’s not really a copy of the purchase contract.
Dan Deppen: That’s weird.
Dan Deppen: but that’s what we got.
Dan Deppen: So then I will
Dan Deppen: throw that stuff in the folder, too. And for some reason, when people submit files through the form it puts this gobbledygook on the front of it.
Karen Shelton: Hmm.
Dan Deppen: So I like to just delete it, although you don’t have to.
Karen Shelton: Okay.
Dan Deppen: It just can make it easier to figure out what’s what.
Karen Shelton: Yes.
Dan Deppen: And I gotta figure out how to stop it from doing that because it’s really annoying.
Dan Deppen: Okay, so that stuff is in drive.
Dan Deppen: and then we’ll go to project and create the project
Dan Deppen: in Soho.
Dan Deppen: And then, like, once you’re in the Projects area.
Dan Deppen: you go new project.
Karen Shelton: Hmm.
Dan Deppen: Here’s being pokey. And then there’s the standard underwriting template.
Dan Deppen: So there’s like a blank project. They have these predefined templates. So this is the template that I created for doing these.
Dan Deppen: and I’ve been updating them on a regular basis, too.
Dan Deppen: Well, you just go to the standard underwriting, template and go use template.
Dan Deppen: and then I will
Dan Deppen: paste in that same name.
Dan Deppen: and then you go add, and then it takes like
Dan Deppen: minute or 2. My computer’s being slow. I don’t know if it’s because I’m sharing on Zoom or or what.
Dan Deppen: Wow! That actually created it fast.
Dan Deppen: So now it’s created the project with like all the little step by steps.
Karen Shelton: Nice.
Karen Shelton: Okay.
Dan Deppen: So I can kind of start working down. So it’s a little backwards, because some of these were already done. So we got the term sheet.
Dan Deppen: So that’s closed.
Dan Deppen: My folder created. I should probably like reverse these, but we created the drive folder.
Dan Deppen: and then this one
Dan Deppen: acknowledgement sent to investor that the term sheet was received in next steps.
Dan Deppen: This is something else. I’m gonna work on trying to automate this weekend, but for now
Dan Deppen: this is what we do.
Karen Shelton: Okay.
Dan Deppen: So we’re saying
Dan Deppen: a reply
Dan Deppen: in the
Dan Deppen: what I do is I just reply to the email.
Dan Deppen: and then it comes up with this like. Do not reply thing. So you delete that
Dan Deppen: like to paste this plain text.
Dan Deppen: and then I’ll go up here and grab the bar. The lender’s email. So this is going to the lender.
Dan Deppen: They said their name was Seth. So even that, says Jan, I’m gonna
Dan Deppen: because there are some things in here. You have to fix that. I tried to put in brackets.
Dan Deppen: so we received your term sheet, for, like borrower, name, street address.
Dan Deppen: So what I’ll do sometimes is grab.
Dan Deppen: Oh, man.
Dan Deppen: how do I?
Dan Deppen: Okay?
Dan Deppen: Go rename and just grab like a subset of this
Dan Deppen: cause. They don’t need their name, and they don’t need the term sheet number
Dan Deppen: to be served. Your
Dan Deppen: team sheet for coal.
Dan Deppen: Please have your borrower felt the attached application and authorization form and provide income documentation. So we need to attach those.
Dan Deppen: So under the call, the underwriter section.
Dan Deppen: there’s this 1st thing, key files for the borrower.
Karen Shelton: Okay.
Dan Deppen: To fill out. And that’s where I have these oops.
Dan Deppen: these 3 things.
Dan Deppen: So I’ll just copy them over to the email to attach it.
Dan Deppen: I might have to drag it.
Dan Deppen: Where are these things not attaching so weird?
Dan Deppen: We’ll do it this way.
Dan Deppen: Oh, now it cop! Now it went twice
Dan Deppen: oops.
Dan Deppen: And then
Dan Deppen: I just added this yesterday there’s an online version of the authorization form.
Dan Deppen: And you just kind of told him, hey, the online application isn’t available yet.
Dan Deppen: and then a heads up that they’re gonna get billed for the 1 19 processing fee.
Dan Deppen: And then when we’re done, we’ll build them for the second 6, 25.
Karen Shelton: Got it.
Dan Deppen: So now we’ve sent
Dan Deppen: oops. It’s gonna go to the project.
Dan Deppen: Okay. So we’ve sent the acknowledgment.
Dan Deppen: Now we gotta send the invoice
Dan Deppen: and I gotta figure out if there’s a way I can add you as a user in quickbooks. This invoicing thing is another thing that I need to automate
Dan Deppen: for. Now don’t worry about the invoices. I’ll send them
Dan Deppen: but but I’ll do this one just to show you what it looks like.
Karen Shelton: Okay.
Dan Deppen: alright, I
Dan Deppen: oh, I don’t have it open.
Dan Deppen: Go to finance services.
Dan Deppen: It’s a little weird, because I have all of the call the underwriter stuff and the online quickbooks and all the fusion note stuff is on the desktop quickbooks.
Dan Deppen: But I have this bookmark set for invoices.
Dan Deppen: And so basically, you go down here and create an invoice.
Dan Deppen: And this person I’ve not billed before. So I have to add a customer over time. These are getting added, like I’ve already added all of these.
Karen Shelton: Okay.
Dan Deppen: But then you pull the investor info off of
Dan Deppen: the term sheet. So this was
Dan Deppen: Seth
Dan Deppen: turning
Dan Deppen: email
Dan Deppen: phone.
Dan Deppen: And then I gotta fix this default. But I make it like net 15, even though
Dan Deppen: we’re not really gonna start until we pay.
Dan Deppen: Got some different tags. So there’s like one for the pro. This is the processing fee.
Dan Deppen: It’s done at the end. There will be the final underwriting.
Dan Deppen: and then there’s some miscellaneous ones we’ll talk about down the road.
Dan Deppen: Why is
Dan Deppen: this product or service? I’ve got these products set up.
Karen Shelton: Hmm.
Dan Deppen: When I change pricing, I can just change pricing on the product, and then the pricing will automatically fill
Dan Deppen: so initial processing fee. And then what I like to do in the description is copy in that
Dan Deppen: oops name and
Karen Shelton: Okay.
Dan Deppen: So that they know what it is. Cause what I realized is the way like it sends by default.
Dan Deppen: It doesn’t really tell them what it’s for. And I’ve had like out the gate. I got questions like, what is this for?
Dan Deppen: Because some of these people also have multiple files. And then I gotta figure out if they paid for something for a file.
Karen Shelton: Particular? Yeah.
Dan Deppen: And so I add all that stuff in. So I can like figure out what’s what later again, like that can be
Dan Deppen: automated.
Dan Deppen: But for now I put that in, and then we go review and send.
Dan Deppen: And then they give you this generic email. And again, this is where people have questions, what it’s for.
Dan Deppen: because it doesn’t like. Tell them.
Dan Deppen: Let me just copy that in here
Dan Deppen: here for the
Dan Deppen: initial processing
Dan Deppen: for
Dan Deppen: paste.
Dan Deppen: And so that way, when they get the email, they know what it is, so they don’t have to like. Go into it
Dan Deppen: to see all that stuff.
Dan Deppen: So that’s it.
Dan Deppen: And then I
Dan Deppen: go in here and say, Okay, I sent the invoice.
Dan Deppen: and then also on the pipeline I noted, just because we’re still kind of using this.
Dan Deppen: and then when it gets paid, I’ll note it over here.
Karen Shelton: Okay.
Dan Deppen: yeah.
Dan Deppen: So at that point.
Dan Deppen: So basically, that’s what happens when a term sheet comes in.
Dan Deppen: And so at this point, we’re waiting to get.
Dan Deppen: You know, the authorization form the application and then the income docs.
Dan Deppen: and that they’ve actually paid the invoice.
Dan Deppen: And then, once they’ve done all that, then we get into actually working the file.
Karen Shelton: Okay.
Dan Deppen: And then, after the file’s been worked.
Dan Deppen: then you start sending stuff
Dan Deppen: to the lender.
Dan Deppen: like, if there’s conditions, if the conditions are good, we send the loan estimate.
Dan Deppen: and then if they paid the second invoice.
Dan Deppen: you know, then we’ll
Dan Deppen: send the closing disclosure in the whole file.
Dan Deppen: Okay.
Dan Deppen: so I don’t know if that’s clear as mud like you. You probably have to go through it a couple of times.
Karen Shelton: Yeah, no, it’s it’s I I like how you set up, because it’s that simple to follow the steps that you have here.
Dan Deppen: Yeah, hopefully, it is that simple like, I’m sure as you get into it, like there will be like little things that are missing.
Karen Shelton: Yeah, no, you’ve made it. You’ve simplified it to follow in an order chronological order. So that’s helpful.
Dan Deppen: So that’s like the step one. And when you get, you know, after you’ve done like a few of these, you’ll start doing them in like 5 min, you know.
Karen Shelton: Yeah. And then just getting familiar with the entries, you know.
Karen Shelton: Okay.
Dan Deppen: Britney.
Dan Deppen: see what else I’m doing here.
Dan Deppen: Okay, so there’s the
Dan Deppen: term feed. So we sent that out. I think she sent another email or he. And then it tells me when I I don’t know why it Ccs me when it says an invoice went out.
Dan Deppen: It’s kind of annoying.
Dan Deppen: Oh, this is where she had emailed Michelle. So I still have this problem where a lot of people are emailing Michelle.
Dan Deppen: Oh, and see, she emailed some additional info.
Karen Shelton: Okay.
Dan Deppen: Just wanna see what this is.
Dan Deppen: This is probably
Dan Deppen: well, that’s an interesting purchase contract.
Dan Deppen: same organization schedule, so that one we’ve got.
Dan Deppen: Oh.
Dan Deppen: this has all the closing costs that’s kinda cool.
Dan Deppen: So I am going to throw
Dan Deppen: those files in the
Dan Deppen: drive.
Karen Shelton: Hmm.
Dan Deppen: So I was thinking, what I could do is just kind of like
Dan Deppen: work through some of these to get you like the overview.
Dan Deppen: If someone, and then and then I’ll start like sending you like. Hey, here’s a term sheet. Do you want to try putting this in.
Karen Shelton: Yeah, yeah, let’s yeah, let’s do that.
Dan Deppen: And then, you know.
Dan Deppen: there will be issues, and you’ll get stuck, cause there’s something missing, and then we’ll just
Dan Deppen: that’s fine.
Dan Deppen: So I put those files in there
Dan Deppen: and then
Dan Deppen: she wants to do it online.
Dan Deppen: Do I want to sign up for that?
Dan Deppen: So a lot of times, too, these people have it like
Dan Deppen: helpers.
Dan Deppen: Is the assistant.
Karen Shelton: Yeah.
Dan Deppen: Jan is the person. So a lot of times there’s like an assistant, and then the person.
Karen Shelton: That was helpful.
Dan Deppen: So.
Dan Deppen: okay, that’s fine. So remember that when we enter the file.
Dan Deppen: the link.
Dan Deppen: I don’t
Dan Deppen: going out and
Dan Deppen: reserve
Dan Deppen: one.
Dan Deppen: Bring in this
Dan Deppen: weekends.
Dan Deppen: Yeah, that online application is something I need.
Karen Shelton: Yeah, I appreciate it after.
Dan Deppen: Online
Dan Deppen: version 4,
Dan Deppen: you ask anything else.
Dan Deppen: Okay.
Dan Deppen: the other thing I’ve started doing
Dan Deppen: that I didn’t think to do here is in the like. If you go to this view, it gives you like the overall thing for the project.
Dan Deppen: Just because a lot of times you get like different people on the email threads. There’s like the lender, the borrower.
Dan Deppen: the lender’s assistant, the realtor, the title person blah blah blah.
Dan Deppen: So I like to just like
Dan Deppen: copy over
Dan Deppen: some of the
Dan Deppen: Open this my other window
Dan Deppen: so that down the road. I can keep track, because sometimes, like you get an email from the investor, you get the borrowers
Dan Deppen: somewhere else.
Dan Deppen: and it just makes it a little bit easier to
Dan Deppen: keep all of them straight.
Dan Deppen: I don’t think I have his email.
Dan Deppen: And then a lot of times, like some of the abbreviations and byte.
Dan Deppen: Okay.
Dan Deppen: it’s b, 1 b, 2,
Dan Deppen: like, if there’s 2 borrowers. But in this case they only gave us one email.
Dan Deppen: why is it pasting in like that.
Dan Deppen: So they just like to throw that stuff in.
Dan Deppen: That’s cool.
Dan Deppen: Okay.
Dan Deppen: so let’s maybe do like one more thing, and then we’ll call it good for now, like maybe I’ll try to keep these like a little more bite size.
Karen Shelton: I’m fine. Okay.
Dan Deppen: Cause. I know what happened to me
Dan Deppen: when I was doing those 3 h sessions.
Dan Deppen: My my head would just glaze over like after a while
Dan Deppen: later on. Well, I showed you this, and I’m like.
Dan Deppen: Yeah, it was an hour, 2 and a half of a marathon where we went around like, you know.
Dan Deppen: okay.
Karen Shelton: Well, you’re not losing me, so that might help. You were going 3 h in all different directions.
Dan Deppen: It was going like 3 h in circles. And it was like.
Dan Deppen: Oh, my God, I’m gonna shoot myself.
Dan Deppen: Okay, so that one I responded to. So I can archive that
Dan Deppen: I talked to that guy
Dan Deppen: tamarisk, that one’s a little different. I’m gonna deal with that
Dan Deppen: later.
Dan Deppen: No.
Dan Deppen: I know what I want to do
Dan Deppen: so for
Dan Deppen: This is just my little personal working file.
Dan Deppen: I’ve started.
Karen Shelton: Like, keep it.
Dan Deppen: On things.
Dan Deppen: But there are a couple where we need to send out the CD today.
Dan Deppen: So I should do those.
Dan Deppen: And then this one like create the Atr certain. Send the file so we can work on some of this stuff.
Dan Deppen: Okay? So Munoz, I need to send the CD,
Dan Deppen: so I’m gonna put this on my other screen. So it’s easier to
Dan Deppen: see.
Dan Deppen: Okay.
Dan Deppen: so what I like to do
Dan Deppen: when I’m doing something for a file. So I’m gonna do the send the CD. For Munoz.
Dan Deppen: I like to open the.
Dan Deppen: So this one’s like at the end.
Dan Deppen: It’s like to open the sop.
Dan Deppen: And then I like to find it on the pipeline and just see if I had any notes in there.
Dan Deppen: Yeah. So on the 29th I sent them the draft. And so today I’m gonna send them the CD,
Dan Deppen: they’ve also not paid yet. This guy’s gonna have a closing company pay, which is kind of a pain.
Dan Deppen: It’s interesting, some of these people. It takes a little prodding to get them to pay
Dan Deppen: and then open the project
Dan Deppen: oops or the drive
Dan Deppen: open the project.
Dan Deppen: And this is like just my little Rick re-sync, that I’ve been doing when I shift gears. You don’t necessarily have to do it like this
Dan Deppen: pretty.
Dan Deppen: Just keep me honest, because I made the mistake of like going back and forth between files, and then I start doing something on the wrong file.
Dan Deppen: So in the steps. Closing, docs ordered, like, I’ll often go back.
Dan Deppen: It’s really in the term sheet
Dan Deppen: to see if they ordered closing docs. Most people don’t.
Dan Deppen: but it’s worth just a double check in case we need to do that.
Karen Shelton: Okay.
Dan Deppen: Would you like us to create the closing documents? No, so we don’t need that.
Dan Deppen: So here I can actually just call it I call it like cancelled.
Karen Shelton: Okay.
Dan Deppen: Because we didn’t need to do it.
Karen Shelton: Okay.
Dan Deppen: Invoice. 2 is not paid because we emailed yesterday, and they’re gonna have the
Dan Deppen: title company send it to me.
Karen Shelton: Okay.
Dan Deppen: And then. Now we’re gonna do the CD like this is the step we’re actually doing. And I don’t have that
Dan Deppen: in here. I’ve actually got
Dan Deppen: invoice paid is a dependency which I need to fix.
Dan Deppen: So don’t
Dan Deppen: worry about that step.
Dan Deppen: I’m actually gonna
Dan Deppen: detour quick. And I’m going to fix it in the template. So what happens is when you create a new project, right? It takes whatever the temp state the template was in. Then.
Karen Shelton: Yeah.
Dan Deppen: As I find these little things like little things to add to the template or dependencies to fix.
Dan Deppen: I like to go in and just fix the template
Dan Deppen: so.
Dan Deppen: or
Dan Deppen: CD said, I don’t need this dependency.
Dan Deppen: So now that I’ve taken it out of the template, the next time we create one it’ll be fixed.
Karen Shelton: Be there. Okay.
Dan Deppen: Yep so. And then the other thing I like to do is open my byte file.
Karen Shelton: Okay.
Dan Deppen: And you can have multiple byte files open like they’ll open here at the top.
Karen Shelton: Okay.
Dan Deppen: What I’ve been doing is just closing them all and keeping one open at a time, because I’ve also made a mistake where I started doing stuff invite, and then realized I had the wrong file, and I just jacked up another file that I have to now go and fix. And then.
Dan Deppen: So just for my own.
Dan Deppen: So I’ve been that. That’s how I’ve been doing it.
Karen Shelton: So just playing it safe and make sure other files are closed before I start.
Dan Deppen: That’s what I like to do, unless you can keep it straight and make sure you’re in the right funnel. And you know that’s.
Karen Shelton: No.
Dan Deppen: But I’ve
Dan Deppen: I’ve had problems, and I find it easier just to
Dan Deppen: do it like this.
Karen Shelton: 3.
Dan Deppen: And this stuff is slow, but it sounds like you were able to get into bite yesterday right.
Karen Shelton: Yes.
Dan Deppen: Cool.
Karen Shelton: Down.
Dan Deppen: And then when I open a file in byte. Oh, you probably don’t have these favorites.
Karen Shelton: Okay.
Dan Deppen: and forget how we did that. I don’t wanna mess with it right now.
Dan Deppen: but we’ll need to configure your your byte to.
Dan Deppen: I have these screens added to favorites. I don’t know if you want to screenshot that.
Karen Shelton: In your oh, you know what? My phone’s not here.
Karen Shelton: Okay, I’ll go back on this recording.
Dan Deppen: On the video later. But you’ll want to set these to favorites. These are the ones we use a lot.
Karen Shelton: Okay.
Dan Deppen: Actually some of these I’m probably gonna take out because I noticed this is where Michelle’s told me to set them. But a lot of these I never use.
Karen Shelton: Okay.
Dan Deppen: Now, when I open a file the 1st thing I like to do so, you know, there’s like 2 pages. There’s like the page I’m on
Dan Deppen: here.
Dan Deppen: And then there’s this overview.
Dan Deppen: So basically you can look at 2 screens at once.
Karen Shelton: Got it.
Dan Deppen: What I like to do is go to 10 0, 8 transmittal, because there’s a lot of key info on here.
Dan Deppen: Then you hit this tab, and I view that in a review pane
Dan Deppen: so pretty much every time I go into a file I set the 10 0. 8 in the overview pane.
Karen Shelton: Okay.
Dan Deppen: That just makes it a little bit
Dan Deppen: easier.
Dan Deppen: And then
Dan Deppen: so in here it talks about.
Dan Deppen: And there’s another video in there.
Dan Deppen: what to go through and look for
Dan Deppen: the part I’m actually gonna delete because we don’t really need it.
Dan Deppen: And I’ll probably be adding more detail to this.
Karen Shelton: Okay.
Dan Deppen: What we’re basically is we’re going through and like double checking some stuff.
Dan Deppen: So what I might do is
Dan Deppen: so I’m sharing the one screen. Do you have the sop open?
Karen Shelton: Now.
Dan Deppen: Is that a no.
Karen Shelton: That was a no.
Dan Deppen: Maybe if you open it, then you could just like follow along so that.
Karen Shelton: Okay.
Dan Deppen: Might make a
Dan Deppen: easier.
Dan Deppen: Let me know when you have it open, and I’ll.
Karen Shelton: Let me go to the emails.
Dan Deppen: I can put the link in the chat, too. Fence.
Dan Deppen: I just threw the link in the chat. If you just want to click that and open it.
Karen Shelton: And now I need to get access.
Dan Deppen: Really.
Karen Shelton: Yeah. Well, I’m in the I’m in the drive.
Dan Deppen: It’s in the fusion notes drive. You should.
Karen Shelton: Oh, I went to office.
Dan Deppen: Oh, no! Just.
Karen Shelton: Go on. Go back to okay. Now then.
Dan Deppen: Yeah.
Dan Deppen: were you able to get it open.
Karen Shelton: Yeah.
Karen Shelton: okay, so number 8.
Dan Deppen: Yes.
Karen Shelton: Sending the CD,
Karen Shelton: yeah. Got it
Karen Shelton: cool.
Dan Deppen: So some of these
Dan Deppen: don’t like, I said. I’m still. This is still like work in progress. So some of these are kind of rough
Dan Deppen: the number 4. So go to loan. Estimate page one.
Dan Deppen: So you’re over here.
Dan Deppen: And so we wanna make sure the closing date is 3 days, for when the CD gets sent.
Dan Deppen: Now, this day, counting is kind of interesting, right? So basically, you count
Dan Deppen: you count Saturdays.
Dan Deppen: and then you don’t count Sundays and you don’t count holidays.
Karen Shelton: Okay.
Dan Deppen: So
Dan Deppen: today’s the first.st
Dan Deppen: So day one would be Saturday, the second
Dan Deppen: day 2 would be
Dan Deppen: Monday, the 4, th and then day 3 would be Tuesday, the 5.th
Karen Shelton: Got it.
Dan Deppen: That’s like the earliest they could close.
Dan Deppen: And so
Dan Deppen: it’s down. Where is it?
Dan Deppen: Oh, so it’s a little weird. See how they have these sections.
Dan Deppen: On the page for loan estimate. Page one. I gotta scroll down to get to loan. Estimate. Page one.
Karen Shelton: Okay.
Dan Deppen: And so they have it scheduled for the 6, th which is the 5th or later. So that’s okay.
Karen Shelton: Okay.
Karen Shelton: so long as it’s not before the 4.th
Dan Deppen: That, said the 4.th That would be an issue.
Dan Deppen: Anything, the 5th or later is okay.
Dan Deppen: and then schedule closing and scheduled funding are always the same.
Dan Deppen: and then the 1st payment date. The software just calculates.
Karen Shelton: Okay.
Dan Deppen: Based on when it is.
Dan Deppen: So that’s good. And then we go to loan. Estimate page 2,
Dan Deppen: and they’re supposed to verify that the fees are correct.
Dan Deppen: We normally have a process for doing that.
Dan Deppen: Basically.
Dan Deppen: if the fees were not correct.
Dan Deppen: the lender should have told us when we sent out the loan estimate which went out earlier.
Dan Deppen: So for the purposes of this, you can assume the fees are correct.
Dan Deppen: That’s something I’ll update
Dan Deppen: one thing to always sort of keep an eye on, and it doesn’t apply here, because all I have is the underwriting fee
Dan Deppen: a 7, 44.
Dan Deppen: But somewhere, I think it rolls up.
Dan Deppen: Well, that’s what’s rolling up all the fees. But basically your total fees
Dan Deppen: can’t be more than 3% of the total loan amount.
Dan Deppen: There are some lenders who
Dan Deppen: try to exceed that.
Karen Shelton: Oh, okay.
Dan Deppen: Basically that violates rules. If you’re doing that, you can’t just charge the borrower like a Bajillion fees.
Karen Shelton: Yeah, yeah.
Dan Deppen: You have limits, and then sometimes there are borrowers who say, Well, what’s the Max I can charge?
Dan Deppen: I know it makes me cringe, because I’m like.
Dan Deppen: really like, that’s how we’re like, really.
Dan Deppen: So you definitely don’t want to exceed 3. That becomes illegal.
Dan Deppen: you know, best process. Best practice is not really to go above 2.
Dan Deppen: But if there’s something to check.
Dan Deppen: And okay, so closing disclosure page one
Dan Deppen: down here
Dan Deppen: again, I don’t know why this is in there twice. I can probably take that out. This is actually referencing the same closing and funding date.
Dan Deppen: Everything invited is like tied together, right? So like, if you change it like a lot of these numbers or dates, or whatever’s.
Dan Deppen: are referenced on all the, on many different pages. And so, if you change one like, it just updates everything.
Dan Deppen: So we know that our schedule closing date is good.
Dan Deppen: and then the prepayment penalty
Dan Deppen: and a lot of the stuff. I try to throw screenshots in the docs so you can find it.
Dan Deppen: because there’s a lot of like the 1st time you go through this trying to find stuff.
Dan Deppen: You always wanna make sure prepayment penalty is always. No.
Dan Deppen: you know, if a lender wants to add that in that’s what they consider like a high risk feature, and
Dan Deppen: theoretically there are ways like you can add them. But, generally speaking, you don’t want to do that.
Dan Deppen: Closing disclosure. Page 3.
Dan Deppen: Maybe that’s the earliest closing. 1011,
Dan Deppen: 7.
Dan Deppen: Well, I’m gonna ignore that for the time being
Dan Deppen: but generally that
Dan Deppen: oh, I think it was cause we may have had to re. We may have, like reprinted
Dan Deppen: the Ellie.
Dan Deppen: but generally this earliest closing date
Dan Deppen: should be the one you use. We’re actually closing on the 6.th But that’s okay. Cause the le went out earlier.
Dan Deppen: Cash to close. So with this section is telling you is, if anything changed
Dan Deppen: between when
Dan Deppen: The loan estimate went out, and then where it is now
Dan Deppen: so like if there were fees that increased, you might have to resend the loan. Estimate.
Karen Shelton: Makes sense.
Dan Deppen: Yeah.
Dan Deppen: And then closing disclosure page 4 and 5.
Dan Deppen: So partial, you
Dan Deppen: oh, we gotta set this. And for some reason I need to fix the process so this gets set earlier.
Dan Deppen: But you want to set partial payments to not accepted.
Karen Shelton: Hi.
Dan Deppen: They’re basically just saying the borrower has to make full payments.
Dan Deppen: Why, that’s in the sending the CD face. I I can’t tell you.
Dan Deppen: But you go in sooner.
Dan Deppen: Actually, I’m gonna make a note on that.
Dan Deppen: Sometimes I make little notes for myself and the sops and highlight them yellow. So as I’m going through them, I know there’s something like to do.
Dan Deppen: Does the loan have the escrow account checked?
Dan Deppen: So it does, and we are set up
Dan Deppen: to collect escrows.
Dan Deppen: A lot of times. I will just like double check that against what’s in the term sheet.
Dan Deppen: And then.
Dan Deppen: if for some reason they don’t have escrows.
Dan Deppen: then the reason would be not offered.
Dan Deppen: And then there’s this liability after foreclosure.
Dan Deppen: This loan is in Arizona. So for every loan that is not
Dan Deppen: in Arizona.
Dan Deppen: Then you would say, State law does not protect you.
Dan Deppen: If it is in Arizona, then you, which this one is cause you can tell from the that’s why having the 10 open is handy, because there’s just lots of stuff there. You end up. Referencing
Dan Deppen: state law may protect you.
Dan Deppen: and I can’t tell you like the nuances of what that means, or the
Dan Deppen: but you guys are special, just like they like.
Karen Shelton: Us. We’re good here
Karen Shelton: throughout time.
Karen Shelton: Ugh!
Dan Deppen: One
Dan Deppen: origination channel is blank.
Dan Deppen: and then we’re gonna print it. And so here’s another nuance, and I’ll get into this another time.
Dan Deppen: There are certain things that are only done for Sherman Arnowitz’s notes.
Karen Shelton: Yeah, I noticed that.
Dan Deppen: Anything else like. So, for example, there’s there’s an E sign feature in here.
Dan Deppen: and
Dan Deppen: only Sherman stuff gets e-signed and the other stuff gets printed.
Karen Shelton: Okay?
Karen Shelton: Bye.
Dan Deppen: I’m probably gonna change that. I need to dig into it a little bit more. They charge you a couple of bucks to do e-sign, and so they don’t like to do e-sign, because it costs money. But Sherman insisted on it. So that’s
Dan Deppen: why it’s set up that way.
Dan Deppen: I’m leaving it that way for right now. But I’ll probably change that at some point.
Dan Deppen: So now we’re ready to actually print it.
Dan Deppen: And so here’s what’s a little weird in Byte. If you want to print the closing disclosure.
Dan Deppen: you just need to be on any of the closing disclosure pages.
Karen Shelton: Okay.
Dan Deppen: If we were printing the loan estimate, then we would just need to be on any of the loan estimate pages.
Karen Shelton: Okay.
Dan Deppen: Find that kind of wonky, but that’s how they do it.
Dan Deppen: And of course it’s like really slow, too
Dan Deppen: toggle between the pages.
Dan Deppen: I think when I’m on zoom, bike gets really not happy.
Dan Deppen: This is like super slow.
Dan Deppen: I’m gonna
Dan Deppen: unplug my other side monitor and see if this
Dan Deppen: if this helped
Dan Deppen: man. This thing is like, really jammed up.
Dan Deppen: Okay.
Dan Deppen: So now we’re ready to actually print the CD,
Dan Deppen: so you go to the printer icon.
Dan Deppen: And so what it’s doing is it’s printing like everything that’s kind of open. So all the closing disclosure stuff.
Dan Deppen: And then it’s also has the 10 0, 8, because we have it in the overview.
Karen Shelton: Okay.
Dan Deppen: We don’t generally print and send the 10 0, 8. So you always want to uncheck that.
Karen Shelton: Okay.
Dan Deppen: Now we hit print again. So we’ve now hit the print icon twice after doing things, which again is is a little weird. But that’s how it works.
Dan Deppen: It’s a Pdf.
Dan Deppen: And we are disclosing. So if you’re sending this to the to the lender.
Karen Shelton: Okay.
Dan Deppen: You know. Then we say print and disclosing, because it’ll update the flags and bite to say that it’s been sent.
Dan Deppen: Sometimes you could be printing it, just to send it to the lender, just to like have them give it a once over.
Dan Deppen: in which case you could say, just print it I’m not disclosing. But in this case, like
Dan Deppen: we’re disclosing it.
Dan Deppen: And then this is kind of pokey.
Dan Deppen: And then in the sop, I put my little naming convention.
Dan Deppen: Yeah, just that borrower name street address. And then CD,
Dan Deppen: this was
Dan Deppen: Munoz. I’m going to.
Karen Shelton: Let’s not seeing.
Dan Deppen: My other screen, and.
Karen Shelton: Okay.
Dan Deppen: Ding.
Dan Deppen: And you notice this like CD box, I forgot. I should have pointed that out before
Dan Deppen: that flipped to green because we disclosed it.
Karen Shelton: Okay.
Dan Deppen: So this means we’ve done print and disclose.
Karen Shelton: Got it. I see your
Karen Shelton: on your sop, too. You said.
Dan Deppen: So I will
Dan Deppen: throw this in the I got the
Dan Deppen: drive folder open the other side.
Dan Deppen: so I throw it in that disclosure subfolder.
Dan Deppen: You know, you don’t have to. But to me it just makes it a little bit easier. Because if you ever want to get out like, okay, what did those disclosures look like?
Karen Shelton: Yes.
Dan Deppen: All there. Same thing with the income docs, because they’ll send like
Dan Deppen: pay stubs, and if they’re self employed there might be like 12 bank statements, and
Dan Deppen: they previously they kept it all jumbled in one folder, and just it can become hard to find stuff.
Karen Shelton: Yeah.
Dan Deppen: Okay? So it’s in the drive folder.
Karen Shelton: Try.
Dan Deppen: And then
Dan Deppen: so we can close it. So when we close the the the byte file.
Dan Deppen: You can update the status. I I don’t use these a ton, but it’s good
Dan Deppen: practice, and it’ll want you to update it.
Dan Deppen: So since we’ve sent the CD, that’s like the final step.
Dan Deppen: Then we’ll go clear to close
Dan Deppen: and it, yeah. And then it should. It just auto fills the date.
Karen Shelton: Okay.
Dan Deppen: So now, when we close it.
Dan Deppen: it’ll have it updated.
Karen Shelton: Okay.
Dan Deppen: So if you’re in this pipeline view that you get to hear, that shows everything.
Dan Deppen: It shows the file. We just modified it at 1210,
Dan Deppen: and the loan status is clear to close.
Karen Shelton: Got it.
Dan Deppen: Like, I said in in here like I don’t use the loan status a lot like to find where stuff is, but it’s good.
Karen Shelton: It’s nice to have it.
Dan Deppen: To do that, and then we need to
Dan Deppen: send it to the lender
Dan Deppen: and the CD. We just send to the investor.
Dan Deppen: We don’t we? We let the investor send it to the borrower.
Karen Shelton: Yeah.
Dan Deppen: Because it’s not necessarily final, and the borrower already signed a loan estimate a lot of times. They don’t know how it works, so it can like, create confusion.
Dan Deppen: So we send it to them. And then I happen to know that this is Kurt.
Dan Deppen: So sometimes, and this is where it’s nice to have all the
Dan Deppen: folks involved on the
Dan Deppen: yeah. So we had this one
Dan Deppen: and the title company. So here’s the thread. I’m just gonna send it to everybody.
Karen Shelton: Okay.
Dan Deppen: Dave is like the realtor, Kurt’s the investor. And then this is like the title company.
Dan Deppen: I’ll just rename that.
Dan Deppen: Oh.
Dan Deppen: oh, yeah, that was Estes. Yeah.
Dan Deppen: And then I just like to go through and like.
Dan Deppen: update all my little statuses which I’ll consolidate at some point. But I just like to go into here.
Dan Deppen: Say, okay, I sent the CD
Dan Deppen: and then I’ll update the
Dan Deppen: pipeline
Dan Deppen: should be
Dan Deppen: rows.
Dan Deppen: And
Dan Deppen: and I’m just gonna Update my little daily sheet.
Dan Deppen: Have
Dan Deppen: one second
Dan Deppen: cool.
Dan Deppen: all right.
Dan Deppen: and then I’ve got another one.
Karen Shelton: Quick!
Karen Shelton: real quick on your sop. What you just did all your little notes.
Dan Deppen: That not in there.
Karen Shelton: Can you add it to the sop? Is it? Do you have a good? Oh, yeah, you do have the pipeline. Never mind. Got it. Number 19.
Dan Deppen: Okay.
Karen Shelton: Yeah.
Dan Deppen: And you know, as always.
Dan Deppen: just like with the other fusion note stuff like
Dan Deppen: 0. If there are little things that it makes sense to add, like.
Dan Deppen: feel free to take liberties, to make little things, or
Dan Deppen: or send me little notes, or whatever, or make comments, or go, hey? I think this should be like that, cause you’ll you’re gonna find stuff throughout.
Dan Deppen: Alright.
Dan Deppen: So that’s that one.
Karen Shelton: Okay.
Dan Deppen: And then the last one
Dan Deppen: you wanna do
Dan Deppen: is
Dan Deppen: engage my sops
Dan Deppen: number 9.
Dan Deppen: So we’re kind of bookending. This we’re doing like the very beginning and the very end
Dan Deppen: all the meets in the middle. But
Dan Deppen: they send the final file in Atr. Cert.
Dan Deppen: if you want to get into that one.
Dan Deppen: and this is we are going to do
Dan Deppen: 15 0 3. Colin Rodriguez, Hartford.
Dan Deppen: So I like to
Dan Deppen: open everything for that.
Dan Deppen: Oh, wow!
Dan Deppen: Wait! Did I not send the CD. I thought I did.
Dan Deppen: Nope, I sent it yesterday. I forgot to check this off.
Dan Deppen: I’m just gonna double check that I did that.
Dan Deppen: hey?
Dan Deppen: These multiple tracking systems are wildly inefficient. But like I said, some of this is just kind of like legacy, and it’ll get
Dan Deppen: well. Yeah, there’s the closing disclosure. I sent it over to him yesterday.
Dan Deppen: Click close that step
Dan Deppen: and then on the pipeline.
Dan Deppen: It’s this one
Dan Deppen: closing scheduled for 11, 4.
Dan Deppen: Yep.
Dan Deppen: and that’s all good. I also like to see if they paid because
Dan Deppen: yep, they paid it.
Dan Deppen: We don’t do this last step unless they paid.
Karen Shelton: Okay.
Dan Deppen: Actually what I should do.
Dan Deppen: File in Hr.
Dan Deppen: Where?
Dan Deppen: So?
Dan Deppen: Oh, and then I need my file in byte.
Dan Deppen: So I’ve already closed my other one. This is.
Dan Deppen: or Jennifer Collin.
Dan Deppen: So I always like to open up, even though I don’t really need to for this. I always like to open up the 10 0, 8 in the overview.
Dan Deppen: So now we’re gonna print the 10 0, 8, and add it to the file.
Dan Deppen: because this is something that the lender is gonna want. This is like the overview for the lender.
Karen Shelton: Okay.
Dan Deppen: And so basically, when you’re printing anything in here, you know, you go to the page
Dan Deppen: print icon.
Dan Deppen: In this case we’re trying to print the 10 0, 8, so we don’t need to print anything else.
Dan Deppen: Hit the print icon again.
Dan Deppen: and then
Dan Deppen: I like to call it just 10. 0, 8 final.
Dan Deppen: That’s where the final file ended
Dan Deppen: of
Dan Deppen: Oh.
Dan Deppen: and then I’ll copy that whoops.
Dan Deppen: copy that into drive.
Dan Deppen: and then we’re gonna create the Atr certificate.
Karen Shelton: Okay.
Dan Deppen: This is another thing. I’m going to change at some point
Dan Deppen: the hugest fan of this.
Dan Deppen: but the templates in dropbox.
Dan Deppen: I have some that are open in my download. So I’m just gonna go to like the last one that I
Dan Deppen: did, and start with that.
Dan Deppen: There we go
Dan Deppen: and rename it. I’ll put the borrowers
Dan Deppen: names on it.
Dan Deppen: I was talking like, Oh, I like the Ampersand.
Dan Deppen: so this is a Powerpoint template.
Karen Shelton: Hi.
Dan Deppen: And so basically, we’re gonna go in here.
Dan Deppen: put the borrower’s name
Dan Deppen: copy as text.
Dan Deppen: And then here, this is the byte file.
Karen Shelton: Okay.
Dan Deppen: Notice all the byte files. They have an MB. And then a
Dan Deppen: 2, 3. So in this case it’s 2, 3, and then it’s oh, 2, 5,
Dan Deppen: 4, 3.
Dan Deppen: Then today’s date.
Dan Deppen: And again, I’m gonna turn this into more of like a form that says, here’s why, like, it’s gonna have more of the data.
Dan Deppen: because their Dti is this, because this was that their credit was that, you know.
Dan Deppen: does. This
Dan Deppen: isn’t a real thing, that’s not, you know.
Dan Deppen: but that’s what people. It’s what the people want, and it’s what they’ve been doing for like years and years. So
Dan Deppen: I’m rolling with it.
Dan Deppen: And then you just save it as a Pt, pdf.
Dan Deppen: actually, I’m just gonna save the
Dan Deppen: this file first.st Just so I have it. And then
Dan Deppen: yeah.
Dan Deppen: And then I’m gonna throw that in there
Dan Deppen: right folder.
Karen Shelton: I’m sure.
Dan Deppen: Oh, did it go?
Dan Deppen: It’s been so wonky today. There it goes.
Karen Shelton: Yeah.
Dan Deppen: Yup!
Karen Shelton: Cool.
Dan Deppen: Oh, sending the file. Oh, that’s kind of funny. I don’t have the
Karen Shelton: Oh!
Dan Deppen: I’ll just build this out.
Dan Deppen: download and retire.
Dan Deppen: Drive folder
Dan Deppen: save as a
Dan Deppen: Zip file
Dan Deppen: man. Let’s go on.
Dan Deppen: and this takes a little bit, and it creates a big file.
Dan Deppen: What we should be giving them is just an online link instead of emailing it. But.
Dan Deppen: Where we are.
Dan Deppen: So it’s like an 11.9 MB.
Karen Shelton: Yeah.
Dan Deppen: So.
Dan Deppen: Oh.
Dan Deppen: for this one!
Dan Deppen: The lender is Nate Tanner. He’s been doing a lot of these.
Karen Shelton: Okay.
Dan Deppen: Where did my email go?
Dan Deppen: Can we look up? Here?
Dan Deppen: Is this address again? My brain always gets scrambled.
Dan Deppen: No. 55,
Dan Deppen: 53. Hartford.
Dan Deppen: No, this is where he sent me the signed
Dan Deppen: CD,
Dan Deppen: so I’m just gonna send it to you.
Dan Deppen: She did it directly.
Dan Deppen: and then this should be noted in there, but Nate has an assistant named Adrian.
Karen Shelton: Okay.
Dan Deppen: And so
Dan Deppen: I’m just gonna give him the
Dan Deppen: name and address and the subject.
Dan Deppen: Let’s go on.
Dan Deppen: And it’s a big file, so it’s slow as hell.
Dan Deppen: I’m gonna close everything down. So this one since that’s the final step in the project.
Dan Deppen: We’ll close that.
Dan Deppen: And then I can. Actually, if I go up to the project there should be a pick to archive it.
Dan Deppen: Don’t trash it.
Dan Deppen: but I’ll move it to archive, so it doesn’t
Dan Deppen: show up there
Dan Deppen: and then in the pipeline.
Dan Deppen: Oh.
Dan Deppen: file!
Dan Deppen: And then they color code stuff green when it
Dan Deppen: and that’s that.
Karen Shelton: Cool.
Dan Deppen: So that’s probably enough for today, plus I’m like, super starved.
Dan Deppen: 1, 2.
Karen Shelton: That’s good, though, a lot of little steps, but I like your setup so.
Dan Deppen: Yeah. So so what I’ll start doing is
Dan Deppen: like sending you emails, go, hey, run, step one for this, run, step 8 for this.
Karen Shelton: Okay.
Dan Deppen: And then run stuff by me. We’ll like kind of ring out
Dan Deppen: the details and
Dan Deppen: go from there and then.
Dan Deppen: Next week
Dan Deppen: you start going through like
Dan Deppen: inputting data into byte.
Karen Shelton: Which is.
Dan Deppen: Too bad, but actually michelle’s daughter’s been doing this for me.
Karen Shelton: Okay.
Dan Deppen: So I might let her keep doing some of those, because she’s pretty good at certain steps, like just to
Dan Deppen: get stuff through. I just wanna make sure I’m also like getting stuff through the pipe, right? Cause like it’s like.
Karen Shelton: Absolutely.
Dan Deppen: They don’t wanna spend too much time training, because then I can’t get stuff out.
Dan Deppen: But if I’m just worried about getting stuff out.
Dan Deppen: then I never have help, and then I’m perpetually stuck, and that’s no good, and I don’t like, so I’m trying to.
Dan Deppen: I’m trying to do like a little bit of both.
Karen Shelton: Alright! No! No, I feel good about it. Between.
========================================
FILE: Dan__Karen_CTU_training_241113__paragraphs_.txt
Dan Deppen: Okay, so just to like Orient a little bit.
Dan Deppen: So this file.
Dan Deppen: we’ve got all this stuff.
Dan Deppen: Christine, Michelle’s daughter, like uploaded everything into byte that she had at the time.
Dan Deppen: So now we’re into this like underwriting and conditioning section.
Dan Deppen: although what I’ve kind of realized is, there’s actually a lot of different things in 3.2.
Dan Deppen: And so I should probably
Dan Deppen: like break that up at some point.
Dan Deppen: But the thing that we are specifically doing
Dan Deppen: on this one. You know they’re my 2. 1 is
Dan Deppen: under
Dan Deppen: reviewing income or reviewing bank statements.
Karen Shelton: Okay.
Dan Deppen: So
Dan Deppen: let me go to something else
Dan Deppen: real quick, make it easier to.
Dan Deppen: So if you look at the income documentation requirements so like this gets sent like to every borrower.
Dan Deppen: My level step is, we need to get documentation to verify, like what their income is.
Dan Deppen: And then the type of
Dan Deppen: document we need depends on their type of income. So so like on the on the application, it’ll say whether they’re, you know, they work a W. 2, or they’re self employed, or they’re collecting, like.
Dan Deppen: you know, some kind of government
Dan Deppen: benefits.
Dan Deppen: And so the w 2 wage earners are like the easiest.
Karen Shelton: Hmm.
Dan Deppen: You know. So you get the pay stubs and W. 2, and it’s like kind of straightforward.
Dan Deppen: This one is self-employed.
Karen Shelton: Okay.
Dan Deppen: And so self employed, they can do last year’s tax return, or the 12 most recent bank statements.
Dan Deppen: now, usually with self employed.
Dan Deppen: you end up doing the bank statements?
Dan Deppen: Because if they’re self employed like, they’ll have like deductions and things. And so
Dan Deppen: the tax return income
Dan Deppen: tends to kind of understate
Dan Deppen: what what their income actually is.
Dan Deppen: And then, if it’s like, you know, Va benefits social security, then you need, like the
Dan Deppen: award letters. But but the one I’m going through now follows under this self employed.
Karen Shelton: Okay.
Dan Deppen: And so the way you
Dan Deppen: know that is one. In this case Christine would have already put it in byte.
Dan Deppen: So under borrowers on home. She checked like the self employed thing.
Dan Deppen: Or if you go to Erlo, borrower info
Dan Deppen: could be in here as well.
Dan Deppen: I don’t know if they have a self employed check.
Dan Deppen: That’s kind of weird. But basically she entered
Dan Deppen: the job here but didn’t put the income in yet, because we didn’t have the the information.
Karen Shelton: Okay.
Dan Deppen: And so to kind of
Dan Deppen: where is that?
Dan Deppen: Stop for a second
Dan Deppen: kind of try like where this originates from before it gets into bite.
Dan Deppen: It’s from the application.
Dan Deppen: Now.
Dan Deppen: the reason this application looks a little different.
Dan Deppen: It’s cause. This is one of the Sherman Arnowitz ones.
Dan Deppen: I’m Sherman has his own application, that he sends to us.
Karen Shelton: Okay.
Dan Deppen: And actually, I’m gonna replicate something like
Dan Deppen: very similar
Dan Deppen: in in Zoho.
Dan Deppen: cause he uses Zoho for that. But if you scroll down it’s like down in the middle. I’ll just like skip all this other stuff
Dan Deppen: yeah, the section for like employment.
Dan Deppen: like they’ll tell you on there whether it is, and if it’s the 10 0 3 form, there’s also a thing to say whether it’s
Dan Deppen: self employed, or W. 2,
Dan Deppen: or whatever.
Dan Deppen: So in this case.
Dan Deppen: Whoever just this morning sent us 10 bank statements.
Dan Deppen: And so what we’re gonna do
Dan Deppen: just go through and look at them.
Dan Deppen: One thing we wanna look at is
Dan Deppen: who’s on the account.
Karen Shelton: Okay.
Dan Deppen: In this case she’s got the business on the account creative business solutions.
Dan Deppen: which is actually good. And so that should map with
Dan Deppen: just check byte, real, quick.
Dan Deppen: Yeah, creative business solution. So that’s that actually makes it easy, because
Dan Deppen: it’s a company
Dan Deppen: account.
Dan Deppen: You know, a lot of times. It’s personal bank accounts.
Dan Deppen: And so one of the things you need to ask about or check on sometimes is like, let’s say.
Dan Deppen: this is the let’s say there’s like one borrower.
Dan Deppen: Then they send you bank statements for like a joint account. Well, then, you have to like figure out.
Dan Deppen: Is this theirs? Or is this the other person on the joint account. So you gotta kind of look at the
Dan Deppen: account names. In this case. It’s it’s pretty easy
Dan Deppen: and straightforward, because the income is through a business.
Dan Deppen: and they gave us a business
Dan Deppen: bank account.
Dan Deppen: So what we’re gonna ultimately do
Dan Deppen: is look through these
Dan Deppen: and keep it
Dan Deppen: like super simple unless you’re seeing like
Dan Deppen: deposits come from somewhere else
Dan Deppen: like these are like transfers in like a lot of times. 2 people have another account. They transfer in like even for call the underwriter like, I’m using quickbooks for invoices.
Dan Deppen: and there’s like a quick books checking account.
Dan Deppen: And then, as that builds up, I periodically make transfers like to my chase account.
Karen Shelton: Okay.
Dan Deppen: So if somebody wanted to review
Dan Deppen: my income for
Dan Deppen: call the underwriter.
Dan Deppen: you know, they would be able to go in there and
Dan Deppen: and look at all the deposits, and they would see the revenue
Dan Deppen: that was coming in.
Dan Deppen: Now, in this case, though, because it’s business, let’s go to think out loud for a minute.
Dan Deppen: Phone transfer
Dan Deppen: right?
Dan Deppen: Usually what we do when it’s an individual, because all the deposits are coming from the business.
Dan Deppen: Then when we’re adding up the income for each month, we can just look at like the deposits.
Karen Shelton: Okay.
Dan Deppen: And what I’m thinking here is this might not be
Dan Deppen: wasn’t as simple, because
Dan Deppen: they’re also paying business expenses
Dan Deppen: through here.
Dan Deppen: Shoot. So this is not. This is maybe not as straightforward as I was originally thinking.
Dan Deppen: because they have these withdrawals by check that should just be like owner
Dan Deppen: transfers to check.
Dan Deppen: Damn it.
Dan Deppen: hash out.
Dan Deppen: Typically, what we do on these
Dan Deppen: is, just look at the total deposits and add those up.
Dan Deppen: And that’s the income.
Karen Shelton: Each month.
Dan Deppen: From each month.
Karen Shelton: Okay.
Dan Deppen: So what I’m gonna do like for the sake of showing you. I’m gonna do it that way for right now
Dan Deppen: and then I might have to go back
Dan Deppen: and look at like what
Dan Deppen: she paid herself.
Dan Deppen: It might be a little bit tricky.
Dan Deppen: so there’s a little worksheet
Dan Deppen: you can use.
Dan Deppen: It’s under this key files for desktop. So in here are some files that
Dan Deppen: that Max used a lot.
Karen Shelton: Okay.
Dan Deppen: There’s this self employed bank statements, income worksheet.
Dan Deppen: So I’ll just make like a copy of that usually like in my downloads.
Karen Shelton: Okay.
Dan Deppen: But you can do it
Dan Deppen: wherever
Dan Deppen: and so what we’ll do here is just put
Dan Deppen: the total deposits for, like each of the 12 months.
Dan Deppen: And then what it’s gonna do is it’s gonna add them up.
Dan Deppen: And then it deducts 25%,
Dan Deppen: because, unlike W, 2, right? Like, they’re making income. But then they’re gonna have to pay taxes and whatnot on that. So to get the actual usable income, use 25%, just as like a general.
Dan Deppen: give me a line.
Dan Deppen: So
Dan Deppen: we do
Dan Deppen: see if you let me do this.
Dan Deppen: it was not what I wanted. That’s not what I want.
Dan Deppen: Boom! Boom! Boom!
Dan Deppen: So creative business solutions. That’s the
Dan Deppen: company name.
Dan Deppen: and then.
Dan Deppen: like a lot of times, these statements are in
Dan Deppen: the drive folder, but they tend to go into like random orders.
Karen Shelton: Okay. Oh, okay.
Dan Deppen: What what I like to do. I mean, I mean, you could just like hunt and poke and like do them in order.
Dan Deppen: I just kinda take what I got. It’s like this one is March.
Dan Deppen: and we got 311,000 in
Dan Deppen: deposits.
Dan Deppen: Gracious like that doesn’t
Dan Deppen: what are these big ones. So 15,000
Dan Deppen: deposit paid from intuit. So that looks like
Dan Deppen: that’s 60. That’s just something they put in.
Dan Deppen: So I’m gonna net that out
Dan Deppen: transfer out of 60
Dan Deppen: the way they
Dan Deppen: report these as
Dan Deppen: super annoying
Dan Deppen: pace. Does my chase bank. Does it differently like it?
Dan Deppen: Groups them.
Dan Deppen: Oh, so see what they had going on is there’s like money wired in and money wired out because this person’s doing mobile home investing.
Karen Shelton: Oh, okay.
Dan Deppen: So there was the 60, the 65
Dan Deppen: holy cow. This one’s like.
Dan Deppen: it’s hard to figure out like, what’s income.
Dan Deppen: Well, we kinda know
Dan Deppen: previous balance ending balance.
Dan Deppen: They moved a bunch of money to
Dan Deppen: savings. Let me like wheel on the savings. Quick!
Dan Deppen: Right! That’s checking
Dan Deppen: those 2 deposits and the savings. Those were just transfers over.
Dan Deppen: So in both cases they had money
Dan Deppen: that one was a transfer to checking.
Dan Deppen: Sorry, I’m getting like.
Karen Shelton: No, I wanna see what you’re doing.
Dan Deppen: Well, I haven’t run into one quite like this
Dan Deppen: before
Dan Deppen: bedrooms paid.
Dan Deppen: Ach’s
Dan Deppen: point of sale.
Dan Deppen: Why doesn’t it? Total? The items paid? Because then I could
Dan Deppen: deduct that out. And
Dan Deppen: so in that went out that went in that went out.
Dan Deppen: So I think what I’m gonna do is I can disregard the
Dan Deppen: savings, and then I can subtract the 60 and the and the 65 from these 2.
Dan Deppen: They also have 2 checking accounts, which makes it a little.
Dan Deppen: So this may not be exact, and and we’ll see how the other ones pan out.
Dan Deppen: Really, they’re much more straightforward.
Dan Deppen: Gonna roll with that, just for the time being. So we can.
Dan Deppen: Okay, so this is February
Dan Deppen: made 18 k. In deposits.
Dan Deppen: So these are probably like rent payments or collecting on mobile homes.
Karen Shelton: Oh!
Dan Deppen: 4 K is a transfer. So I think I can
Dan Deppen: deduct that
Dan Deppen: transfer from shares 7,200,
Dan Deppen: the deposit.
Dan Deppen: So I’m gonna subtract 7,200 from that one
Dan Deppen: like
Dan Deppen: anything I can do to get like a smell test
Dan Deppen: on if we’re if this is like sort of
Dan Deppen: in line with what their business is making.
Dan Deppen: As I can go back to the application.
Dan Deppen: You know, and they stated.
Dan Deppen: gotta get back down to the employment part.
Dan Deppen: Say, they make 8,000.
Dan Deppen: So.
Karen Shelton: Okay.
Dan Deppen: Go back to income part.
Dan Deppen: Okay? So this one was from August.
Dan Deppen: We got 35,000 in deposits.
Dan Deppen: But what I’m gonna do is I’m gonna take the total deposits. And I’m gonna net out the transfers that were just like between accounts.
Karen Shelton: Okay.
Dan Deppen: So 55,000,
Dan Deppen: 507,000 7,500.
Dan Deppen: That’s a negative
Dan Deppen: hold on
Dan Deppen: new paid
Dan Deppen: transfer made a payment
Dan Deppen: to keyhole.
Dan Deppen: God! I just can’t tell. Like what’s income and what’s.
Karen Shelton: Hmm.
Dan Deppen: Not.
Dan Deppen: Yeah. I guess I’m just gonna do the thing where I net out the transfers. So I’m gonna net out
Dan Deppen: 7,500.
Dan Deppen: I’m gonna do it out of that 1st checking account.
Dan Deppen: And what was it for? The second checking account
Dan Deppen: deposited? 14,000.
Dan Deppen: Where did that 14,000 come from.
Dan Deppen: Well, sorry, Karen, this is like a rough one. I should have.
Karen Shelton: That’s okay. It’s a good. It’s good to have one of these.
Dan Deppen: Hey? This, though they’re moving a lot of money around.
Dan Deppen: Oh, shit.
Karen Shelton: Hmm.
Dan Deppen: I mean, I’m curious where these deposits are coming from.
Dan Deppen: Others withdrawals.
Dan Deppen: deposits, withdrawals
Dan Deppen: all this withdrawals.
Dan Deppen: it says playbook
Dan Deppen: doesn’t say anything. Well, you’re seeing it as I’m seeing it
Dan Deppen: so
Dan Deppen: off the list, and then
Dan Deppen: wonder if I can figure out like where the withdrawals going, where they’re paying themselves.
Dan Deppen: I don’t know if this is like investor money.
Dan Deppen: Okay.
Dan Deppen: I think I know.
Dan Deppen: So here’s the deal.
Dan Deppen: The account balances.
Dan Deppen: They’re never going below 0, right?
Dan Deppen: Just maintaining some
Dan Deppen: balance there.
Dan Deppen: that’s fluctuating.
Dan Deppen: And so I think the question in regard to income is, What is she paying herself?
Dan Deppen: And so that’s these transfers to
Dan Deppen: whom’s checking.
Dan Deppen: I don’t see any there
Dan Deppen: like this one.
Dan Deppen: So what I’m gonna do is I’m gonna search on her name. And I think that like that’s ultimately what she’s
Dan Deppen: paying herself.
Dan Deppen: So super non standard. I’m probably not gonna use this recording because it’s like, just not
Dan Deppen: okay. So we’re in March.
Dan Deppen: Sorry
Dan Deppen: there’s 1 to her.
Karen Shelton: Okay.
Dan Deppen: This is 2256.
Dan Deppen: We’ll get into.
Dan Deppen: Okay. Thanks, Fernanda.
Dan Deppen: not seeing it in there. Well, maybe this won’t work.
Karen Shelton: There! Oh.
Dan Deppen: And there, there’s 2.
Karen Shelton: Hmm.
Dan Deppen: 3,000
Dan Deppen: way.
Dan Deppen: Yeah, so that’s 8,000.
Dan Deppen: This is August.
Dan Deppen: 900
Dan Deppen: January.
Dan Deppen: Oh, now there’s like, Oh, wait
Dan Deppen: pos adjustment, Kim.
Dan Deppen: Transfer to checking 3, 30,
Dan Deppen: 1320,
Dan Deppen: 6, 60,
Dan Deppen: 2, 2, 9, 5, 5,000 5,000,
Dan Deppen: September
Dan Deppen: 3,500,
Dan Deppen: 500,
Dan Deppen: and then 15. Wait
Dan Deppen: transfer from
Dan Deppen: shares
Dan Deppen: so 1,000
Dan Deppen: smart, may
Dan Deppen: 5,000 3,600
Dan Deppen: there.
Dan Deppen: 4,000
Dan Deppen: set up.
Dan Deppen: And then that was that cash app thing
Dan Deppen: 2185, 49,
Dan Deppen: December
Dan Deppen: 15, 0, 9,
Dan Deppen: 300
Dan Deppen: scan.
Dan Deppen: 864, 88,
Dan Deppen: 5,000.
Dan Deppen: Let’s
Dan Deppen: credit card bill, 6,000
Dan Deppen: 1,800.
Dan Deppen: Those look like she just like paid her credit card directly out of the business bank account instead of putting it in her checking. And then
Dan Deppen: you’re really not supposed to do that.
Dan Deppen: And then there’s another 2,000,
Dan Deppen: Uber.
Dan Deppen: 4,000. 505,000. So we got 9,500.
Dan Deppen: So we got
Dan Deppen: 1388.
Dan Deppen: I just need the February one.
Dan Deppen: Oh, where’d the February one go?
Dan Deppen: Oh, and there were none.
Dan Deppen: Okay, so this is funny, Karen. I think I did this right, and I’ll tell you why.
Karen Shelton: Boom.
Dan Deppen: When she sent over her bank statements. Initially she sent 10,
Dan Deppen: and she was missing. January and February.
Karen Shelton: Okay.
Dan Deppen: And I emailed her this morning and said, Hey, can you send January and February? And she did.
Dan Deppen: and those are the ones where there wasn’t really any income to show.
Dan Deppen: Left those out.
Karen Shelton: Yes.
Dan Deppen: That it would throw the.
Karen Shelton: Yeah.
Dan Deppen: Because
Dan Deppen: she stated 8,000.
Dan Deppen: If you just took the 10 she sent and you average them.
Dan Deppen: You know you’re like in the 7,000 and change category. So it all adds up.
Dan Deppen: When you throw in January, February, it drags the average down.
Karen Shelton: Yeah.
Dan Deppen: So
Dan Deppen: that took me some doing, but I’m pretty sure I did that correctly.
Karen Shelton: Okay.
Dan Deppen: So that’s kind of a good thing to note. Just take a note on. That is like.
Dan Deppen: if they’re
Dan Deppen: it’s self employed, and they’re sending bank statements for the business itself.
Dan Deppen: Then what you want to look at is what they paid themselves, meaning
Dan Deppen: transfers out of the bank account into a personal account.
Karen Shelton: Okay.
Dan Deppen: So.
Karen Shelton: Awesome job.
Dan Deppen: So this is the income.
Dan Deppen: Now, what I like to do is I’ll just take a screen, grab.
Dan Deppen: This. I mean, you could put the spreadsheet in. But a lot of times I like just taking the screen grab.
Dan Deppen: Yeah.
Dan Deppen: Master Links.
Dan Deppen: Let’s call it income
Dan Deppen: calculations.
Dan Deppen: I will.
Dan Deppen: Nope.
Dan Deppen: So a lot of times I make this income sub folder because they might give you all kinds of docs.
Karen Shelton: Okay.
Dan Deppen: They could put it in there. But there’s a lot of bank statements. I think it will be a little bit easier to find
Dan Deppen: down the road. If I just
Dan Deppen: put it in the main one.
Dan Deppen: Oops. I did. Okay, cool. That’s where I wanted it.
Dan Deppen: Okay? So now we figured out the income
Dan Deppen: which was
Dan Deppen: down on my notepad, so I don’t forget. So our usable income is 47.
Dan Deppen: 13 point O. 4.
Dan Deppen: Now, what I want to do is I want to update that invite.
Dan Deppen: So under the erla borrower info.
Karen Shelton: Okay.
Dan Deppen: You know, you can scroll down to income the other thing you can do. You notice how there’s all these like header sections, personal info employment
Dan Deppen: assets, liabilities. They’ve got these little things up here.
Karen Shelton: Okay.
Dan Deppen: You can click those to skip, to jump. So it’s like, Oh, I want to go to assets.
Karen Shelton: Oh, nice. Okay.
Dan Deppen: In this case I want to go to employment, or I want to go up to the top.
Dan Deppen: So it’s often a little bit easier than scrolling around.
Karen Shelton: Nice.
Dan Deppen: So I’m gonna edit the income.
Dan Deppen: And so there’s this itemized incomes, because sometimes it’s like multiple things like, let’s say, it’s like a
Dan Deppen: You know, a person who has a job, and there’s like
Dan Deppen: the W 2 income or there, there’s like the base income, and then bonus income, or you know other.
Dan Deppen: you could have other income light items, for, like the same job
Dan Deppen: moving in this little plus thing.
Dan Deppen: And so
Dan Deppen: what I tend to do for self employed. I just tend to put base income.
Karen Shelton: Okay.
Dan Deppen: You can see where like, you can break it up like somebody might have a base income, and then they might have bonuses, and they might have commissions, and then they might have
Dan Deppen: overtime
Dan Deppen: the military ones I haven’t really gotten into yet.
Karen Shelton: Okay.
Dan Deppen: And I’m gonna tag that it’s self employment income. And then this amount, I’m gonna put the 47, 1, 3,
Dan Deppen: oh, 4. So I’m putting the adjusted amount.
Karen Shelton: Okay.
Dan Deppen: In there
Dan Deppen: frequency Monthly.
Dan Deppen: We do
Dan Deppen: everything, and
Dan Deppen: oh.
Dan Deppen: for the sake of calculating the debt to income ratios, that’s all monthly.
Dan Deppen: Sometimes, when you’re entering in an income source like if it’s W. 2, it might be like, Oh, their hourly pay rate is X, and then it, you know.
Dan Deppen: whatever. But in this case we’re like it’s self employed. We’re taking this average to come up with a monthly income.
Dan Deppen: I just say the pay rate is per month.
Karen Shelton: Okay.
Dan Deppen: And then you don’t have to. But a lot of times I like to add notes for my own sake, in case you come back later. And you’re like, how did I get this number?
Dan Deppen: calculated, based on
Dan Deppen: transfers to
Dan Deppen: personal
Dan Deppen: checking account
Dan Deppen: over the last 12 bank statements?
Dan Deppen: No, it’s never hurt you.
Dan Deppen: They can only help you if you make little comments.
Dan Deppen: No
Dan Deppen: wanna pull up my 10 0 8 transmittal in the overview, like we did last time.
Karen Shelton: Okay.
Dan Deppen: And so here we will see
Dan Deppen: the income, so that 47, 13, we put here
Dan Deppen: under total income, like, so sometimes right, you might have like
Dan Deppen: 2 borrowers with different jobs. People can have 2 jobs. They could have rental income.
Dan Deppen: Blah blah.
Dan Deppen: But it’ll roll up the total income. Okay.
Karen Shelton: Okay.
Dan Deppen: And now, when the loan got, whenever all the information got entered by Christine.
Dan Deppen: it also put in the pni payment of the loan. Now this one’s a mobile home. So there’s like other stuff. So there’s the P. And I
Dan Deppen: the insurance, this other. That’s lot fees.
Dan Deppen: So with mobile homes, there’s often the loan they’re taking on the mobile home itself.
Dan Deppen: But then there’s a lot fee they’re paying as well.
Dan Deppen: So right now, their total piti is 1793, which actually, that sounds like a lot for a mobile home.
Karen Shelton: No kidding.
Dan Deppen: So
Dan Deppen: calculates, you look at these qualifying ratios, total obligations to income. That’s the debt to income ratio.
Dan Deppen: And we want that to be 57% or under.
Dan Deppen: So right now they meet that
Dan Deppen: which is good.
Karen Shelton: Okay.
Dan Deppen: However.
Dan Deppen: we have not put in their
Dan Deppen: liabilities
Dan Deppen: that we have to put in like what their monthly payments are.
Dan Deppen: and so when then, when it calculates this.
Dan Deppen: you can see down here, it’s got this total of all monthly payments.
Karen Shelton: Hmm.
Dan Deppen: And it’s saying debts and other expenses are 0 because we haven’t entered them in.
Karen Shelton: Got it.
Dan Deppen: So, depending on what other debts they have.
Dan Deppen: this number will go up.
Dan Deppen: and then that’s going to increase the debt to income.
Karen Shelton: Got it.
Dan Deppen: Ratio.
Dan Deppen: So the way that we get
Dan Deppen: the liabilities and expenses are we pull a credit report
Dan Deppen: now, right now, I don’t have you set up to pull a credit report. So what you need to do for the time being.
Dan Deppen: I kind of just want to get things stabilized with Crs.
Dan Deppen: They finally got my account turned on to pull them like the other day.
Dan Deppen: and
Dan Deppen: I’m working on lining up a second vendor.
Dan Deppen: So, depending on how it goes. I’m gonna set you up with the credit pulling account. But
Dan Deppen: I kinda wanna see who I’m gonna stick with
Dan Deppen: 1st
Dan Deppen: and then let me just double check that the credit report wasn’t pulled. It shouldn’t have been
Dan Deppen: when to look at a credit report. When it’s in, you go to the overview and you go to that little like storage box thing
Dan Deppen: and it’ll show stored documents. Now, in this case it’s blank because we haven’t
Dan Deppen: created a hold a credit report
Dan Deppen: and imported it.
Dan Deppen: So, even though I gotta do this for a little bit, I’ll I’ll just show you how it works.
Dan Deppen: So we go to credit.
Dan Deppen: Hey, Ruby Allison’s over here. We got. Come here.
Karen Shelton: Well.
Dan Deppen: No, she’s good.
Karen Shelton: Hi, yeah.
Dan Deppen: Just say Hi!
Karen Shelton: Oh, you’re so sweet!
Dan Deppen: Alright.
Dan Deppen: So these are like all the credit companies that are integrated with byte. But you gotta have an account with them to pull credit through them.
Dan Deppen: And we use crs.
Dan Deppen: so this one credit reporting services.
Dan Deppen: So I double click that.
Dan Deppen: And then what it’s doing is it’s automatically pulling in
Dan Deppen: all the information we entered for the borrower.
Dan Deppen: you know. Name, address, social date of birth.
Dan Deppen: Yada Yada. Yada. Okay, Ruby.
Dan Deppen: It’s a great place.
Karen Shelton: Like. Give me some love.
Dan Deppen: I know
Dan Deppen: and then it just go submit.
Karen Shelton: Nice.
Dan Deppen: Report downloaded. Would you like to view it now? Yes.
Karen Shelton: I’ll.
Dan Deppen: There it is!
Karen Shelton: Very nice.
Dan Deppen: So can start looking at this
Dan Deppen: alright.
Dan Deppen: So these things are like eye charts. It’s funny. When I 1st started looking at these, I was like.
Dan Deppen: what in the heck is going on like I couldn’t interpret them
Dan Deppen: when once you’ve gone through a bunch, and you kind of like it, take a little bit of time, but
Dan Deppen: and still
Dan Deppen: understanding them as fast as I could. But it’s it gets better as you go.
Dan Deppen: So up here this trade summary. This is showing, like all the liabilities that show up on their credit report.
Dan Deppen: So mortgage auto student loans
Dan Deppen: open installment.
Dan Deppen: I don’t know if that’s like personal loans. Revolving is credit cards.
Dan Deppen: So she’s got 38 k. In credit card balances.
Dan Deppen: other total.
Dan Deppen: And so if you look at these totals.
Dan Deppen: so there’s like a total in 53 k. In debt.
Dan Deppen: This high credit means it was like the high point of what the account was.
Dan Deppen: which was 74. So like this auto loan.
Dan Deppen: the balance is 64, 81.
Dan Deppen: But when she took it out the starting balance was 24, 8, 80, so she’s paid it like 3 quarters of the way down.
Karen Shelton: Whoa!
Dan Deppen: But she’s got a car payment of $483 a month.
Dan Deppen: and then there’s basically a hundred I’m not sure what this open installment is. We’ll have to look.
Karen Shelton: Okay.
Dan Deppen: And then revolving. So this is like 9 credit cards with balances
Dan Deppen: and the minimum pay. The total minimum payments are a thousand, 43.
Karen Shelton: Okay.
Dan Deppen: So her total monthly liabilities are 1544.
Dan Deppen: So that’s what we’ll end up getting added
Dan Deppen: to the other one.
Dan Deppen: derogatory summary.
Dan Deppen: So credit increase to.
Dan Deppen: So we’ll have to ask him about that.
Dan Deppen: And then 1 30 day late.
Dan Deppen: That’s not the end of the world.
Dan Deppen: and 2 accounts in collections.
Dan Deppen: So
Dan Deppen: we’re not gonna do it today. But maybe we’ll do it tomorrow.
Karen Shelton: Okay.
Dan Deppen: One of the next steps in. This is, once we get this stuff is, we do what’s called conditioning the loan.
Dan Deppen: So we’ll create this set of conditions that the borrower has to fulfill like to be qualified.
Dan Deppen: So, for example, since there’s open inquiries in the last 120 days.
Dan Deppen: Borrower just needs to state. Hey? Have
Dan Deppen: you need to tell us? Have you opened it up? Any new lines of credit that may not have shown up here
Dan Deppen: right? So if, like, somebody did an inquiry because
Dan Deppen: she was buying a new car. And there’s like this, $60,000 loan coming that hasn’t hit the thing yet.
Dan Deppen: They have to tell us so we just ask
Dan Deppen: not the end of the world.
Dan Deppen: The collection accounts. Those are kind of bad
Dan Deppen: right? So that means it’s like a late account that’s in collections.
Dan Deppen: They need to square that up and either bring it current
Dan Deppen: or show that they have some like payment plan in place.
Karen Shelton: Okay.
Dan Deppen: So right now we would have 2 loan conditions, one for the inquiry, one for that.
Dan Deppen: Now super important, the credit score 6, 26.
Dan Deppen: That’s actually good. The magic number we’re looking for is 6, 20.
Karen Shelton: Okay.
Dan Deppen: If it’s 6, 20, and up we’re good as far as credit score goes.
Karen Shelton: Okay.
Dan Deppen: If we’re if they’re below 6, 20,
Dan Deppen: and and I’ve been filling out the the some of the nuance on this and the sop.
Dan Deppen: I need to add more detail, like as I’ve been learning and make it like flow a little better. But a lot of this information is in there.
Dan Deppen: If it’s below 620, that can be okay. What we need to do is send a condition for a verification of rent.
Dan Deppen: So like generally like people are renting. And you would say, Okay, I need a letter from your landlord saying that
Dan Deppen: you made all your rent payments on time in the last 12 months.
Dan Deppen: I feel like all this stuff is
Dan Deppen: fixable.
Karen Shelton: Okay.
Dan Deppen: Now, let’s get into.
Dan Deppen: Oh, cured was 30.
Dan Deppen: So this looks like they had like a late payment on a credit card. This Navy, Federal Credit Union. Okay.
Karen Shelton: Okay.
Dan Deppen: As agreed. That means like, everything is
Dan Deppen: chip shape.
Dan Deppen: Boom, boom, boom, yeah. But and then these are the credit cards.
Dan Deppen: So minimum payment. 2 0, 9, capital, one, minimum, 97, minimum 92, minimum, 49.
Dan Deppen: I don’t know what this destination. See you, is this $18 installment loan thing.
Dan Deppen: then it will also show
Dan Deppen: credit lines that are closed.
Dan Deppen: So these are like old auto loans. Right? So it’s like an auto loan from 2,01716,
Dan Deppen: some different things.
Dan Deppen: So this is the collection account.
Dan Deppen: I don’t think it lets me.
Dan Deppen: Yeah, I can’t order.
Dan Deppen: I can’t get into that.
Dan Deppen: So I’m not sure what that is, but this is kind of saying that
Dan Deppen: she would need to like pay this off.
Dan Deppen: It’s a little weird, too, because it’s not an installment loan, so I’m not sure what this is exactly.
Karen Shelton: Okay.
Dan Deppen: And this is the one that’s disputed by consumer.
Dan Deppen: It’s not uncommon when someone has like a collection account or a derogatory one.
Dan Deppen: and then notes, saying, the consumer dispute like, Hey, I didn’t have that right, and that, you know.
Dan Deppen: they would need to resolve that
Dan Deppen: somehow.
Dan Deppen: And then there’s this Baltimore gas and electric bill
Dan Deppen: that was sent to some collection agency.
Dan Deppen: So they would really need to like pay that off.
Dan Deppen: And then these are the 2 credit inquiries.
Dan Deppen: And then down here, they actually give you phone numbers for the creditors.
Dan Deppen: make more sense to give emails because but.
Karen Shelton: Yeah.
Dan Deppen: Whatever I’m guessing. This is like old school.
Dan Deppen: Stuff. But if you had questions like, Hey, what the heck is this? And I really don’t know what I need to know.
Dan Deppen: You could call them.
Karen Shelton: Oh, God!
Dan Deppen: So that’s the credit report.
Dan Deppen: I’m gonna close this. And it should.
Dan Deppen: Yeah. And now it shows up there. So now, if I go here in the store documents. The credit report shows up.
Dan Deppen: And then, if I want to look at it in the normal Pdf. Viewer, like outside of Byte.
Karen Shelton: Okay.
Dan Deppen: You use this little icon, open a native application.
Karen Shelton: Okay.
Dan Deppen: And then it opens up.
Dan Deppen: Where did it go? Another screen.
Dan Deppen: and then it opens up this Pdf, and so you can.
Dan Deppen: Now the other thing I like to do
Dan Deppen: did it save is
Dan Deppen: should have saved a copy in my downloads.
Dan Deppen: It didn’t
Dan Deppen: you? Wanna save a copy of it and put it in the drive. Folder.
Karen Shelton: Okay.
Dan Deppen: It’s call it credit report.
Dan Deppen: Oh, and then I gotta call a guy at the top of the hour.
Karen Shelton: Okay.
Dan Deppen: Now the other thing that I want to look at before we wrap up.
Dan Deppen: Oh, we gotta pull in.
Dan Deppen: do this
Dan Deppen: to pull them in. So I had to go back into credit and double click this.
Dan Deppen: And they want to go import debts.
Dan Deppen: And there are some other rules where we can sometimes disregard debts.
Karen Shelton: Okay.
Dan Deppen: If they’re close to being paid off like, if there’s a couple of payments left, you don’t have to include it
Dan Deppen: a lot of times. I like to just move. Oh.
Dan Deppen: so I like to hide items with 0 balance.
Karen Shelton: Okay.
Dan Deppen: Because those don’t matter.
Karen Shelton: Hmm.
Dan Deppen: And then move all.
Karen Shelton: Okay, we couldn’t do liabilities.
Dan Deppen: Close
Dan Deppen: close.
Dan Deppen: Now
Dan Deppen: when I go back to the Spurla borrower info.
Dan Deppen: I go to assets.
Dan Deppen: Now this will show up under the liabilities. So there’s my 1544.
Karen Shelton: Oh!
Dan Deppen: And monthly payments which was
Dan Deppen: down here
Dan Deppen: now, when I go back to my 10 0, 8.
Dan Deppen: I think my debt to income is gonna have a problem.
Dan Deppen: Nope.
Dan Deppen: so now, total of other payments. Oh, wait a minute.
Dan Deppen: This did something screwy.
Dan Deppen: P. And I all other monthly payments.
Dan Deppen: Oh, okay, yeah. So it’s taking the 1793 for the Mobile home
Dan Deppen: and the other 1544. And it’s saying, Okay, is, there’s 33, 37.
Karen Shelton: Like.
Dan Deppen: But when you divide that into the total income of 47, 13,
Dan Deppen: their Dti is now 70, which is way over the
Dan Deppen: 58. So I think.
Dan Deppen: and I gotta run here. But
Dan Deppen: what? What I think I’m gonna do
Dan Deppen: to the borrower and say, hey! Going through the bank statements like.
Dan Deppen: how do I know what the income is that you
Dan Deppen: claimed?
Dan Deppen: You know I think it’s this. Can you
Dan Deppen: help me out.
Karen Shelton: Okay.
Dan Deppen: Right, and then I’ll get that figured out.
Dan Deppen: and then I’ll send over the conditions, and I can show you tomorrow how to set up conditions.
Karen Shelton: Okay.
Dan Deppen: But there’s actually a conditions tab
Dan Deppen: in
Dan Deppen: invite that we go in to set those up.
Karen Shelton: Okay.
Karen Shelton: that was good.
Dan Deppen: That’s clear as my! That was like a lot of stuff.
Karen Shelton: Yeah, that was good, though.
Dan Deppen: Yeah. And I learned some stuff, too, because I haven’t had one yet where I was going through bank statements
Dan Deppen: of the account for the business, like all the ones I’ve seen to date so far, have been for
Dan Deppen: you know, been through like a personal checking account, and then usually the challenge becomes.
Dan Deppen: it’s
Dan Deppen: Bob’s income.
Dan Deppen: But then the account has Bob and
Dan Deppen: Jill.
Dan Deppen: And so then you’re like, Yeah.
Karen Shelton: Okay.
Karen Shelton: so another
Karen Shelton: another variation.
Dan Deppen: Yeah, the self employment stuff is where it can get tricky.
Dan Deppen: you know, when they’re w 2 wagers, and they’re like, here’s my last 2 pay stubs. Here’s my W. 2.
Dan Deppen: It’s pretty simple.
Dan Deppen: assuming they’ve been in the job for a little bit, and they didn’t like just started or.
Karen Shelton: Hmm.
Dan Deppen: That kind of stuff so
Dan Deppen: alright cool! So, till next time.
Karen Shelton: Thank you. Thank you. That was good.
Dan Deppen: Nice, alright talk to you.
Karen Shelton: Everyone take care!
Dan Deppen: Bye.
========================================
FILE: Dan__Karen_CTU_training_241114__paragraphs_.txt
Karen Shelton: And I think.
Dan Deppen: Yeah.
Karen Shelton: The direction I went was just the date, you know. The the most recent.
Dan Deppen: Yeah, what I like to do. And that’s kind of how I have it. Here is I like to sort by date modified, and then I can kind of scan and find it.
Dan Deppen: Other than that. You’re kind of going by borrower name. You have this ability to search over here, but it’s a little clunky.
Karen Shelton: Okay.
Dan Deppen: It’s a little tricky, too, because the street address
Dan Deppen: is not in there. We don’t enter the street address until the end, because
Dan Deppen: problem is, if you
Dan Deppen: and and this is something I need to suss out how necessary this is.
Dan Deppen: But like, if you’re collecting
Dan Deppen: a certain number of pieces of information from the borrower like for compliance reasons, or dean, they’ve had an application, and you’re supposed to get them a loan estimate within 3 business days.
Dan Deppen: which doesn’t always happen. So they do this thing where they don’t enter the street address until the end.
Karen Shelton: Got it.
Dan Deppen: But then that makes it hard to search, because it’s not.
Karen Shelton: Okay.
Dan Deppen: No, but anyways, this one is Klein.
Dan Deppen: and then sometimes I’ll like I’ll like alphabetize it by name and find it
Dan Deppen: that way.
Dan Deppen: and then I always put the 10 0, 8 and overview.
Dan Deppen: We’re just gonna kind of scan through
Dan Deppen: and look at it.
Dan Deppen: go to the
Dan Deppen: loan estimate and just make sure this stuff is in
Dan Deppen: Terry. Yeah. So that stuff looks good. And then the main thing like when you’re figuring out like, if the file is ready to roll would be the early borrower info.
Dan Deppen: and so do they have
Dan Deppen: the employment, the income, and then the liabilities
Dan Deppen: in there, and I’m guessing the liabilities are not because
Dan Deppen: from the notes I don’t think credit was pulled.
Dan Deppen: So we got the marital status dependents, the residence
Dan Deppen: employment.
Dan Deppen: and she did put a base income
Dan Deppen: in here.
Dan Deppen: and then I kind of want to know, like
Dan Deppen: I sometimes, what I often do when I’m entering a file
Dan Deppen: is, I’ll take the income, and I’ll the way I like to do it
Dan Deppen: is, I’ll take the income that they stated on the application.
Dan Deppen: and I’ll put it in just for starters.
Dan Deppen: and then I’ll add in the notes, borrowers, stated income
Dan Deppen: need to verify, you know, something like that. So I kinda know, or
Dan Deppen: if I verify the income. I’ll put that in these notes as well. So if I open it, it’s easy to see
Dan Deppen: now
Dan Deppen: where the income verification also gets noted is in the 10 0 8
Dan Deppen: in the underwriting notes.
Dan Deppen: So you can see where she actually put all this stuff in there already. So she actually already did the income verification.
Dan Deppen: So it had A. W. 2 of a hundred 3 k. Which is 85, 88 a month.
Dan Deppen: and then she also checked it
Dan Deppen: against the stubs.
Dan Deppen: So that’s
Dan Deppen: so, if you see what she did here. So this is A. W. 2 worker.
Dan Deppen: so based on the W. 2 annually. It was 85 88, but then, based on the stub, it was less. It was 2045, 83
Dan Deppen: then the year to date, so she actually took the lowest of the 3.
Dan Deppen: So we’ve got the W. 2, the most recent stub, and then the year to date total on the stub.
Dan Deppen: so we can take a look at that.
Dan Deppen: she went ultra conservative like, I don’t know that you have to do that like if the borrower showing like, especially if they’re in
Dan Deppen: the same job as last year, like, if they’re in the same job as last year.
Dan Deppen: and they made 8,500 a month.
Dan Deppen: and this year they’re tracking towards 6,200 a month.
Dan Deppen: But for whatever reason, their most recent stub mapped out to 45 83, maybe they didn’t work in as many hours or something.
Dan Deppen: I don’t feel like you necessarily always have to track to the lowest right? If there’s if there’s a track record of well, they really make this
Dan Deppen: over time.
Dan Deppen: But then it’s nice to have that in. So that’s what’s in there. The 45 83.
Dan Deppen: We like to see how the debt to income ratio is looking.
Dan Deppen: So even if we take, like the worst case, 4,500,
Dan Deppen: their total
Dan Deppen: principal interest taxes and insurance payment is a thousand, 26.
Dan Deppen: So our debt to income is tracking at 22%, which is really good.
Dan Deppen: Now notice
Dan Deppen: it.
Dan Deppen: I.
Dan Deppen: This hasn’t pulled in
Dan Deppen: other payments, right? So the total debt it’s got is the Piti. So it’s telling me the liabilities haven’t been brought in.
Dan Deppen: So maybe this number changes when we do that next. But, like
Dan Deppen: so far, we’re tracking well.
Dan Deppen: secondary other employment.
Dan Deppen: Then we get down to the assets. The other thing, too, in the early borrower, and this is where I need to
Dan Deppen: change the process to add this in earlier. I think this is really wonky within byte.
Dan Deppen: But if the borrower put down earnest money on the deal that shows up under their
Dan Deppen: the borrower info under assets buried down.
Dan Deppen: So he’s gotta make sure you add that in, because otherwise it doesn’t show up.
Dan Deppen: I feel like they should have that like upfront like on the home page
Dan Deppen: when you’re entering stuff in. But
Dan Deppen: they don’t. So that’s just another thing to check like if you happen to be looking at one of these, and you don’t see anything under earnest. Money.
Dan Deppen: It’s it’s worth checking the term sheet to see if there was earnest money in there.
Dan Deppen: Okay? And then we get to the liabilities that aren’t added.
Dan Deppen: And so we need to add in
Dan Deppen: the liabilities.
Dan Deppen: So I wanna check 1st and just in store documents to see if a credit report had been pulled because it’s possible a credit report got pulled and the liabilities weren’t pulled over.
Dan Deppen: It’s unlikely, but I just want to take a look at it cause I do get charged when a credit report gets pulled. So I try to. Just
Dan Deppen: yeah, and there’s nothing in there.
Dan Deppen: So I I think we did this at the end of the day yesterday, didn’t we? But I’ll I’ll do it again.
Dan Deppen: So to pull the credit report we go to credit
Dan Deppen: consumer
Dan Deppen: porting services.
Dan Deppen: and I just like to give this a once over
Dan Deppen: borrower.
Dan Deppen: There is no co-borer.
Dan Deppen: Let me just. I’m just gonna double check the term sheet for grins to make sure there’s not a Co borrower, cause it’s
Dan Deppen: it seems like in most cases there tends to be a Co borrower
Dan Deppen: line.
Dan Deppen: No, we got one. It’s okay.
Dan Deppen: So I’ll submit.
Dan Deppen: This is like spinning the roulette wheel like, what are we gonna get?
Dan Deppen: Because if
Dan Deppen: the credit comes in real clean, then more than likely like this is gonna sail through, and they’re gonna close, and the lender is gonna pay the invoice.
Karen Shelton: Okay.
Dan Deppen: Where they tend to get stuck is like, oh, this borrower doesn’t qualify. But I did the underwriting, and then they just kind of go and do it anyway.
Dan Deppen: and drift off.
Karen Shelton: So that if there’s a co-borrower you’ll run both of their credits.
Dan Deppen: And it will do that automatically.
Karen Shelton: Oh, okay.
Dan Deppen: So if under the Burla borrower info, there’s 2 borrowers.
Dan Deppen: is
Dan Deppen: when you’re 1st submitting it in the home screen.
Dan Deppen: you can tell it. If there’s 2 borrowers.
Dan Deppen: and then, under the early borrower info, there will be like a tab for the borrower and the Co. Borrower, and you put everything in.
Karen Shelton: Okay.
Dan Deppen: And then if you got both in, if you pull credit, it’ll do like this report type. See where it says like merged credit report.
Dan Deppen: They’ll pull credit for both.
Karen Shelton: Okay.
Dan Deppen: And put it in the same report. That’s why I just wanted to double check. I wasn’t like missing a borrower before I pulled it, because then I was gonna have to pull it again.
Dan Deppen: This showed up on my other screen.
Dan Deppen: and so I generally like to save a copy of this
Dan Deppen: and the downloads.
Dan Deppen: and then
Dan Deppen: put that in the drive folder.
Dan Deppen: and I’ve got my drive folder over the other screen. I’m just gonna like
Dan Deppen: trying to get over there.
Dan Deppen: Okay.
Dan Deppen: but let’s see what we got.
Dan Deppen: So 2,400 in monthly payments.
Dan Deppen: there’s some past due balances.
Dan Deppen: These get easier to read when you’ve done a bunch like. At 1st I was like where this it was like hieroglyphics.
Dan Deppen: and we got a bunch of derogatory stuff. 7 days
Dan Deppen: it is. Oh, shit
Dan Deppen: production! Score 5, 40.
Karen Shelton: That’s bad.
Dan Deppen: Add the the magic number we’re looking for is 6, 20.
Karen Shelton: Okay.
Dan Deppen: So if it’s below 6, 20, that can be okay.
Dan Deppen: But they need to provide like a verification of rent.
Karen Shelton: Okay.
Dan Deppen: For that. And and the reason it’s a verification of rent specifically is to show that.
Dan Deppen: hey, this borrower has demonstrated the ability to make payments on their housing.
Karen Shelton: Okay.
Dan Deppen: Regardless. If they’re above 6, 20, or below 6, 20, they need to clean up the derogatory accounts.
Karen Shelton: Okay.
Dan Deppen: In any event.
Dan Deppen: But this really stinks like this is bad.
Dan Deppen: I’ve had somewhere. It comes back, and it’s like 7 50. Nothing’s wrong like, you know.
Dan Deppen: those are easy.
Dan Deppen: Boom! Boom, boom, boom!
Dan Deppen: Boom!
Dan Deppen: Okay.
Dan Deppen: delinquent 60. You’ll notice, too, in these notes, that it like
Dan Deppen: when there are missed payments, or like late payments.
Dan Deppen: It tells you the late notes and the dates.
Dan Deppen: like I had a customer ask me a question yesterday. Well.
Dan Deppen: are these like recent lates. Or was this a long time ago? And I was like, it’s in the notes.
Karen Shelton: Hmm, okay.
Dan Deppen: And this is bad
Dan Deppen: because it’s a mortgage.
Karen Shelton: Oh!
Dan Deppen: So if it’s there’s a special rule.
Dan Deppen: if it’s a mortgage.
Dan Deppen: and they’ve been 60 days or more late on a payment in the last year.
Dan Deppen: There’s nothing you can do.
Dan Deppen: though.
Dan Deppen: what I’m gonna do in this case before doing a bunch of work on the income.
Dan Deppen: And say, Okay, we’re stopping here. I’m gonna send the report to the lender and let them know. This is what we found.
Dan Deppen: It’s no go.
Karen Shelton: Hmm.
Dan Deppen: Now they can still decide to go.
Karen Shelton: Okay.
Dan Deppen: And we can underwrite it.
Dan Deppen: But it ain’t Dodd-frank compliant, and that means we’re not giving them that ability to repay certification.
Dan Deppen: We can tell the lender like
Dan Deppen: this is what we found in the file. This is what we’ve got.
Dan Deppen: you know, and and this is where a lot of times they make the call like
Dan Deppen: I’m just gonna forge ahead.
Dan Deppen: and that’s on them. And I don’t.
Dan Deppen: We recommend that?
Dan Deppen: But you know you you can’t stop them
Dan Deppen: pay pay delinquent accounts.
Dan Deppen: So we’re gonna do that. But just for
Dan Deppen: because we should.
Dan Deppen: I’m going to, there’s this button for import debts.
Karen Shelton: Hmm.
Dan Deppen: This is how we get it into the early borrower liabilities
Dan Deppen: so like you don’t have to do it like in phase like we are but like, let’s say, like I close the file out, I came back in.
Dan Deppen: I would go to credit.
Dan Deppen: Actually, I’ll just do that just for giggles.
Dan Deppen: But, like, let’s say, like, I had gone out of the file. And I came back in and said, Okay, now I’m gonna pull the the liabilities in.
Dan Deppen: We go to credit
Dan Deppen: credit reporting services.
Dan Deppen: It knows that we’ve already pulled it. So we go import debts.
Dan Deppen: and then I want to hide the items with a 0 balance, because some of that’s like close stuff. We don’t care.
Dan Deppen: Then we’ll just say, move all
Dan Deppen: these that have like an unpaid balance, but no payment, they could be deferred.
Karen Shelton: Okay.
Dan Deppen: That on student loans a lot. And there’s another way that we handle student loans. I’ll talk about another time.
Karen Shelton: Okay.
Dan Deppen: Student loans have some other special stuff
Dan Deppen: to go through
Dan Deppen: close.
Dan Deppen: And so now, when we go to Erla, borrower info.
Dan Deppen: and we go to liabilities, and again they have these like
Dan Deppen: quick tabs at the top, so I can scroll down, or I can go to liabilities, and it’ll jump me down
Dan Deppen: now it shows them all pulled in.
Dan Deppen: Then the other thing I do a lot of times is clear out ones that have a couple of payments left.
Dan Deppen: and I need to go back through my notes and double check. I can’t remember the exact number, like if there’s less than 6 payments left or less than 12.
Dan Deppen: There’s a number threshold where you don’t have to count it.
Karen Shelton: Okay.
Dan Deppen: In this.
Dan Deppen: But so we got these total monthly payments of 2, 85.
Dan Deppen: So now, if we go back
Dan Deppen: to the 10 0, 8.
Dan Deppen: Well, I’ve included those in that right? So we have the 1020.
Karen Shelton: Please.
Dan Deppen: For the
Dan Deppen: the mortgage payment with all the escrows.
Dan Deppen: And then it added, in that 2,000 and some, so now are some of all the other payments is
Dan Deppen: 31, 11.
Dan Deppen: And their income is 40. Well, we had down 45 83, so that put their total Dti. To 60.
Dan Deppen: But
Dan Deppen: what I would do if the credit report was clean, like, the next step I would have taken
Dan Deppen: would be to go through the income information and see like what’s really validated, because I think 45,
Dan Deppen: 83 is overly conservative.
Dan Deppen: We should probably using something and based on the year to date.
Dan Deppen: or even higher, depending on how
Dan Deppen: whether it’s the same job.
Dan Deppen: Or not, and then I would guess that that debt to income would fall into line.
Karen Shelton: Okay.
Dan Deppen: But because they’ve been 60 days late on a mortgage payment.
Dan Deppen: Most of the problems you run into
Dan Deppen: can be mitigated
Dan Deppen: by the borrower right like they can do
Dan Deppen: a verification of rent to mitigate a low credit score.
Dan Deppen: They can bring a derogatory account or a collection account current.
Dan Deppen: They can get
Dan Deppen: payment plan set up
Dan Deppen: for a derogatory account.
Dan Deppen: If their debt to income is over the line.
Dan Deppen: they might have other side income that they didn’t provide documentation for.
Dan Deppen: or if they have cash like, they could pay off
Dan Deppen: a couple of debts to bring the liability load down and bring it like.
Karen Shelton: Hmm.
Dan Deppen: There’s usually ways you can fix it.
Dan Deppen: Assuming the borrower is willing.
Dan Deppen: But then, what happens is we
Dan Deppen: well, for one that this late on the mortgage payment thing that’s like death
Dan Deppen: right? Because think about it right? Like
Dan Deppen: the borrower has been 60 days late on a mortgage payment within the last year.
Dan Deppen: and you’re gonna create for them a new mortgage.
Karen Shelton: Hmm.
Dan Deppen: You know, so that doesn’t look great. If you then they stop paying, and you have to foreclose. And it’s like
Dan Deppen: there’s like, Did you validate they could pay this. Yeah. Well, they just didn’t pay this one.
Karen Shelton: Yeah.
Karen Shelton: got it?
Dan Deppen: You know. And so it’s like, Yeah, they’ve got.
Dan Deppen: She’s got the income to pay. But, boy, the track records pretty. God! Awful.
Dan Deppen: You know. So
Dan Deppen: yeah, this one is rough. So
Dan Deppen: well, let me
Dan Deppen: do this. I will.
Dan Deppen: I’ll just do this real time.
Dan Deppen: Let me find the.
Dan Deppen: This is where I like to use the pipeline spreadsheet to remember who the
Dan Deppen: borrower was. Oh, yeah, this was Casey
Dan Deppen: instead.
Dan Deppen: What the heck.
Dan Deppen: Oh, he hasn’t actually.
Dan Deppen: Oh, it’s because I’ve got the Fusion notes email. That’s why it’s not in America.
Dan Deppen: One.
Dan Deppen: I’ve got 2 different email boxes. Now that the different.
Karen Shelton: Yeah.
Dan Deppen: Things.
Dan Deppen: and and this guy’s got a couple of deals going with us.
Karen Shelton: Okay.
Dan Deppen: So you also get to get the right one. There’s this Lopez trulio, one.
Karen Shelton: Hmm! Got it.
Dan Deppen: Jennifer Klein. Okay, yeah. So this is the thread.
Dan Deppen: And then, oh, I need to get you set up with 6.
Dan Deppen: Remind me to do that for the encrypted email.
Karen Shelton: Okay.
Dan Deppen: I’m gonna change the
Dan Deppen: with the Zix integration. Actually, yours should automatically be set up with that. It’s really weird. And and Max Michelle couldn’t explain to me how it worked.
Dan Deppen: There are certain trigger words or certain attachments in an email. It will automatically encrypt it. So if you send a loan estimate or closing disclosure. It’ll encrypt it.
Dan Deppen: or if you throw the word confidential in there somewhere, it’ll encrypt it.
Karen Shelton: Okay.
Dan Deppen: Boom! Boom!
Dan Deppen: I need my other
Dan Deppen: PC.
Dan Deppen: Oh, let me
Dan Deppen: attached.
Dan Deppen: There’s a
Dan Deppen: it was late, and then
Dan Deppen: here.
Dan Deppen: Hello for the borrower.
Dan Deppen: accounts separate
Dan Deppen: need to be
Dan Deppen: between the
Dan Deppen: 20.
Dan Deppen: Oh, boy.
Dan Deppen: credit score could be
Dan Deppen: where they should look
Dan Deppen: rent
Dan Deppen: to
Dan Deppen: fine leather
Dan Deppen: right package. But I
Dan Deppen: we’ll do
Dan Deppen: bye?
Dan Deppen: This is another reason why I’m gonna
Dan Deppen: adjust. So so right now, the the fee is broken up like they pay the 1 19 at first, st
Dan Deppen: and then the 6 25 and part of those mitigate, I guess, like originally the way Russ did it back in the day he didn’t bill until the end. So like they would go through this stuff all the time, and borrowers would crap out.
Dan Deppen: And so they added in the initial fee.
Dan Deppen: for the reason of a 1. It kind of like recoups a little bit, and then it gets
Dan Deppen: lender an incentive to kind of pre screen the borrower and vet them out a little bit, because a lot of times, if you do a little bit of prescreening.
Dan Deppen: you can suss a lot of this stuff out.
Karen Shelton: Yeah, that’s a good idea.
Dan Deppen: But I’m gonna change that from 1 19 to 1 99
Dan Deppen: cause I paid Christine 50 bucks
Dan Deppen: enter it in, and I pulled a credit report. That was a couple of bucks, and I had to fee. You know, it’s like
Dan Deppen: there’s not a lot.
Karen Shelton: Yeah. No.
Dan Deppen: It kind of stinks when this happens. Now and and then.
Dan Deppen: you, you know in theory the bar, the the lender, would find another borrower and do it again.
Dan Deppen: In reality, what happens is they tend to just kind of run off and do it anyways, and then don’t pay the filing.
Dan Deppen: So let me just proof. Read this a little bit first, st but what I’m trying to do is explain to him like.
Dan Deppen: Hey, here’s the info. Here’s the credit report. We got a showstopper
Dan Deppen: beyond the showstopper like, here’s what else is going on.
Dan Deppen: And then let me know.
Dan Deppen: Okay.
Dan Deppen: And then I’m going to
Dan Deppen: just update.
Dan Deppen: And this
Dan Deppen: oh.
Dan Deppen: oh, I guess I could have drug this over here.
Dan Deppen: So that’s that. I just made notes on this.
Dan Deppen: And then, like, I said at some point the pipeline is gonna go away. But a lot of times when something stopped.
Karen Shelton: Try.
Dan Deppen: Just kind of do like a red highlight.
Dan Deppen: So you know.
Karen Shelton: Okay.
Dan Deppen: On here like, don’t worry about that one
Dan Deppen: until something changes.
Dan Deppen: But
Dan Deppen: moving on. There was another one. We got a few more minutes. I think we can.
Karen Shelton: Yes.
Dan Deppen: Look at this one. So this guy had. I didn’t take good notes yesterday.
Dan Deppen: Oh, this one was kind of funny.
Dan Deppen: so
Dan Deppen: the information is entered into byte.
Karen Shelton: Okay.
Dan Deppen: And I started to look like a week ago at the income.
Dan Deppen: and it looked like it wasn’t gonna make it from a debt to income standpoint.
Karen Shelton: Hmm.
Dan Deppen: And so I emailed
Dan Deppen: the borrower and said, Hey, like.
Dan Deppen: can I get more info on the income like, can you send me like a tax return. Maybe that, you know, tax returns usually don’t help
Dan Deppen: because there’s deductions, and it understates it. But it could. At least it’s like good documentation, right like like, if you can use an income level from a tax return.
Dan Deppen: and the borrower meets debt to income. That’s like really solid.
Karen Shelton: Yeah.
Dan Deppen: You know, that’s that’s kinda nice. But usually with the deductions like
Dan Deppen: the tax return income kind of understates it. And
Dan Deppen: whatever.
Dan Deppen: So the borrower came back and said.
Dan Deppen: I haven’t filed my taxes yet. I feel like an idiot. I’ll file them tomorrow.
Dan Deppen: And then he filed them, and he sent them to me like last night.
Karen Shelton: Okay.
Dan Deppen: So we’re gonna go in and see what we got.
Dan Deppen: because they haven’t really
Dan Deppen: looked at it.
Dan Deppen: So there’s a 1040.
Dan Deppen: And then what I like to do
Dan Deppen: when I’m working a file
Dan Deppen: like.
Karen Shelton: Right now, are you in the in? You’re in the email.
Dan Deppen: Yeah, I’m in it.
Dan Deppen: Email, you’re you’re seeing my email. I guess.
Karen Shelton: No.
Dan Deppen: No, I’m not. Oh, wait. Which file was it? Okay? So this is 1545,
Dan Deppen: hey?
Dan Deppen: So generally I kinda I didn’t do this on the last one, but I kinda like to open up
Dan Deppen: that
Dan Deppen: trying to find it here
Dan Deppen: I don’t need, and then I like to open the
Dan Deppen: dropbox. This is like
Dan Deppen: a little bit of guardrails on me like throwing files in the wrong drive folder or updating the wrong
Dan Deppen: thing. You know. It’s like my
Dan Deppen: I don’t know if I threw this in there last night his income documentation. So I wanna take
Dan Deppen: this tax return and throw it in here.
Dan Deppen: But I’m gonna open it from here.
Dan Deppen: So
Dan Deppen: no. W. 2,
Dan Deppen: total income 21, 5, 76. So that’s gonna be not great
Dan Deppen: self prepared, God knows, if you even like, did this right?
Dan Deppen: So let me open the byte file and like, see where we left this.
Dan Deppen: So this is Charles Lyon.
Dan Deppen: So I’m gonna close this guy out, so I don’t mess it up.
Dan Deppen: Sometimes there’s a Co. Borrower 2, and it gets entered in as like the Co. Borrower. First.st
Karen Shelton: Oh!
Dan Deppen: And it becomes hard to find.
Dan Deppen: I have to fix this
Dan Deppen: guy’s name was Lion, so you can also like, do a search over here.
Dan Deppen: But I find the search like
Dan Deppen: I’ve often struggled to find things.
Dan Deppen: even though, like I knew they were there. You know, I’m like.
Karen Shelton: Agree.
Dan Deppen: And then I eventually find it so. I
Dan Deppen: good gravy.
Dan Deppen: There must be a Co. Borrower
Dan Deppen: on this one.
Karen Shelton: With a different last name.
Dan Deppen: Oh, Charles, Lord Lion!
Dan Deppen: 2,
Dan Deppen: if I searching for I don’t know how this got put in.
Dan Deppen: Really, nobody named Charles.
Karen Shelton: Okay.
Dan Deppen: Unless it didn’t get started. But let me look at my notes.
Dan Deppen: This is super annoying.
Dan Deppen: The other thing, too, is, if you do a search, and it doesn’t find it
Dan Deppen: clear, and then search with nothing, and then it brings everything up.
Karen Shelton: Okay.
Dan Deppen: Maybe I didn’t enter this in the byte yet.
Dan Deppen: I have Christine enter it if I did. No, I didn’t, so maybe I haven’t stuck this into byte.
Dan Deppen: They did not take great notes on this one.
Dan Deppen: What I had done before is, I started this income analysis.
Karen Shelton: Of.
Dan Deppen: That’s showing 28,
Dan Deppen: 19 per month.
Dan Deppen: But his income taxes are only showing 21. So that’s gonna be less.
Karen Shelton: Yeah.
Dan Deppen: So that doesn’t help. And maybe what I did was
Dan Deppen: wait, principal and interest.
Dan Deppen: 1,500,
Dan Deppen: 200 a month in taxes a hundred a month. So it’s like an $1,800 payment.
Dan Deppen: So he’s got like an $1,800
Dan Deppen: housing payment. It’s gonna be like 1850,
Dan Deppen: you know, he’s at 65% Dti without any other liabilities.
Dan Deppen: So it doesn’t make it.
Dan Deppen: So. This is another one where
Dan Deppen: they gotta email the borrower and say.
Dan Deppen: he can’t afford this. What do you want to do? Do you want me to? I can proceed with underwriting. The file.
Karen Shelton: Hmm.
Dan Deppen: I can pull credit and do all that other stuff. Put it in a byte.
Dan Deppen: But is this gonna work? The other thing, too, is this?
Dan Deppen: here’s a slender hartman.
Dan Deppen: So we made the initial payment.
Dan Deppen: Blah blah
Dan Deppen: miles is the buyer. So you need to get that information from him.
Dan Deppen: There’s him asking the bar, do you have your 1040
Dan Deppen: for what I’m gathering like?
Dan Deppen: The lender slash seller hasn’t been like pushing real hard like you can tell when people are in a hurry and when they’re not.
Dan Deppen: The sellers kind of like lack it a little bit, not lackadaisical, but like they’re not like super like.
Dan Deppen: where are we at? Where are we at? We get this through. Let’s go. Let’s go.
Dan Deppen: A lot of times. It’s not gonna go or they’re not gonna pay the bill, or they’re gonna kinda you know.
Dan Deppen: So I’m gonna handle this one.
Dan Deppen: So we’re probably at a good stopping point. I’m gonna handle this one with
Dan Deppen: an email to the borrower or to the lender.
Karen Shelton: Okay.
Dan Deppen: And say
Dan Deppen: he doesn’t have the income.
Karen Shelton: Yeah.
Dan Deppen: Haven’t pulled credit yet.
Dan Deppen: Actually, you know what since since you paid the 119.
Karen Shelton: Pull, the credit.
Dan Deppen: Probably just pull credit because there might be additional problems.
Dan Deppen: And I’ll say I won’t. I won’t go through the pain of putting it into byte, because that’s
Dan Deppen: take some time. It’s just annoying.
Dan Deppen: see if there’s anything else on that cause. I can pull credit manually through the website.
Karen Shelton: Okay.
Dan Deppen: And get the report and put it in a drive.
Dan Deppen: Then see what he says.
Dan Deppen: and hopefully he finds a new new borrower. The the other problem. A lot of these people have like I had one yesterday I was going through is
Dan Deppen: they do everything on a cash basis. Right? It’s like they get paid under the table. They pay everything in cash.
Dan Deppen: They may or may not have enough income to afford it, but
Dan Deppen: there’s no documentation of it.
Karen Shelton: And that’s another checkpoint.
Dan Deppen: What’s that?
Karen Shelton: Well, and then there’s nothing for it to show that they can make the mark, the new mortgage
Karen Shelton: right to qualify.
Dan Deppen: Yeah, I mean, I mean and it. And it’s funny. Because, yeah, then then, when you want to do something like this like.
Karen Shelton: Yeah, I have nothing.
Dan Deppen: That also bites people when they sell businesses that’s like pretty common, especially mom and pop businesses like they do a lot under the table stuff. They don’t quite like pay taxes on everything.
Dan Deppen: But then when you go to sell the business, it’s like.
Dan Deppen: this is what’s documented.
Dan Deppen: They’re like, Yeah, yeah. But I made all this other money. It’s like.
Dan Deppen: so like, what is that? Yeah, I don’t see that I don’t see that.
Karen Shelton: Get it?
Karen Shelton: Well, it’s definitely interesting.
Dan Deppen: Yeah, there’s lots of little nuances like I said. And like, I’ll start
Dan Deppen: like, actually beyond this, like.
Dan Deppen: the backlog is pretty under control. Now, which is nice, but it it feels like
Dan Deppen: it’s like being at the beach.
Dan Deppen: we’re like.
Dan Deppen: you know, like the things go out like it’s calm for a little bit. And it’s like, Okay, we’re good. And then all of a sudden, like, you’re getting smashed. And it’s like
Dan Deppen: what’s happening. And then.
Karen Shelton: I like it. Cause each case is gonna vary right? So.
Dan Deppen: They do. I mean, it’s very much like
Dan Deppen: doing the other note stuff we’re like.
Dan Deppen: Every case is its own special butterfly to some degree, but the framework is the same. So like once you get like the
Dan Deppen: their routine down, you can kind of just.
Karen Shelton: Yeah.
Dan Deppen: Go through. If this, then that boom, boom, boom!
Karen Shelton: Yeah, I that’s what I find interesting, because each case is going to be different.
Karen Shelton: Oh.
Karen Shelton: but.
Dan Deppen: Yeah, but I’m understanding the importance of the pre screening. And so I need to. I already changed the pre screening guide to simplify it.
Dan Deppen: I think I need to make some content, like to message to people like.
Dan Deppen: here’s why this is actually important.
Dan Deppen: like for call the underwriter. It’s important, because then we end up like spending time on these files, and then they crap out.
Karen Shelton: Hmm.
Dan Deppen: And to the lender. It’s even more important, right? Because they go under contract to sell a property.
Dan Deppen: You go through this process. It takes some time
Dan Deppen: they get a week into it, and then they find out. Oh, no, I either need to go find another borrower and start over.
Karen Shelton: Yep.
Dan Deppen: Or have this kind of not really super compliant loan.
Dan Deppen: And it’s a it’s a shitty spot.
Dan Deppen: And and you know, a lot of times people decide just to roll with it.
Dan Deppen: And
Dan Deppen: you know, I think there’s ways like to vet. You know you can pretty
Dan Deppen: usually, unless they lie to you, you know, you can usually suss out like pretty quick like, is this gonna be okay? Is this not gonna be okay?
Karen Shelton: Yeah.
Karen Shelton: I don’t know. I think I’d want to spend more time finding the right one more if it was me.
Dan Deppen: Yeah.
Karen Shelton: Then suddenly.
Dan Deppen: Yeah. But you know, I agree, I totally agree. Right?
Dan Deppen: Es, especially like the one I was working on a guy yesterday with.
Dan Deppen: there’s like a
Dan Deppen: 6 or $700,000 house selling in Oregon.
Dan Deppen: So he was, let me.
Dan Deppen: I’m gonna hit. Pause just not to get into.
========================================
FILE: Dan__Karen_CTU_training_241115__paragraphs_.txt
Karen Shelton: It was really just
Karen Shelton: the back at the very end of
Karen Shelton: page 2.
Karen Shelton: Beginning of it. I got.
Dan Deppen: Yeah. So I actually oh, let me get in the right file first.st
Karen Shelton: Yeah. Let me see.
Dan Deppen: I actually went in last night, and I and I started. I was working it.
Karen Shelton: Okay.
Dan Deppen: So what I’ll do is I’ll kind of show you what I did, and then I want to send out the loan estimate mainly because.
Karen Shelton: Okay.
Dan Deppen: I knew I had to go to the doctor today, and I wanted just to like get this one out
Dan Deppen: because it’s
Dan Deppen: Was this Hadley.
Karen Shelton: Yes.
Dan Deppen: Okay.
Dan Deppen: So you said, loan estimate page 2.
Karen Shelton: Yes.
Dan Deppen: Okay.
Dan Deppen: What I’ll do is I’ll kind of run through here, and I’ll show you what I did, and then we’ll do the printing. The loan estimate. So I just want to kind of double check myself. But I think I got through everything. This one was like super clean.
Dan Deppen: like pretty easy.
Karen Shelton: Yeah, I felt that way. The only thing that took me while I was going back and forth reading the sop and then watching the the recording
Karen Shelton: so
Karen Shelton: but I felt pretty good entering.
Dan Deppen: The 1st one’s always gonna take like a long time.
Dan Deppen: And then you know, as you do more like
Dan Deppen: after a while you kind of stop needing the sop.
Dan Deppen: yeah, I just.
Karen Shelton: Yeah.
Dan Deppen: But it’s good to have.
Dan Deppen: Okay. So there’s the homepage to go on a loan. Estimate page 2, and everything in here look good lately, cause I did go through the whole thing, and kind of looked at what you put in.
Karen Shelton: Okay. Good.
Dan Deppen: Okay.
Dan Deppen: so the fees.
Dan Deppen: So for this.
Dan Deppen: We go to. And this is another thing to
Dan Deppen: take a note.
Dan Deppen: I need to restructure the term sheet so that this is easier
Dan Deppen: basically in the term sheet. Don’t make notes.
Dan Deppen: The the way it works now is kind of not great.
Dan Deppen: So we’ll always have the underwriting fee. So the 7 44.
Karen Shelton: Okay.
Dan Deppen: And then
Dan Deppen: there’s a monthly servicing fee. But in this case they’re not doing escrows right.
Karen Shelton: So is that like cause? I don’t. Oh.
Dan Deppen: Wait! No, they already.
Karen Shelton: We are doing. Escrow. Yeah.
Dan Deppen: Okay.
Dan Deppen: so we’ll put that in
Dan Deppen: level of service will have the underwriting fee.
Dan Deppen: And then basically the special notes for us.
Dan Deppen: That’s where people put
Dan Deppen: fees in. But like, if you’re new, it doesn’t even say to put other fees there like, are you charging an alert origination fee, or some other kind of fee.
Dan Deppen: So I need to update
Dan Deppen: this form.
Dan Deppen: But right now, from what I they told us, the only fee they have is the 7 44.
Karen Shelton: Okay.
Dan Deppen: And then.
Dan Deppen: okay, I did put this stuff in.
Dan Deppen: So yeah, so.
Karen Shelton: That was the information. I wasn’t sure
Karen Shelton: where to get it, and and how where it well.
Dan Deppen: Yep.
Karen Shelton: Yeah.
Dan Deppen: So the one thing that’s a little confusing. There’s the prepaid section F, and the initial payment at closing G.
Karen Shelton: Okay.
Dan Deppen: Enter. Every. You only have to enter stuff in in G, and then it updates F.
Karen Shelton: Okay.
Dan Deppen: And the sop should say, to put it
Dan Deppen: ng.
Karen Shelton: Okay.
Dan Deppen: But working down. So the hazard insurance and and for the escrows at closing. If there is one, it’s always 2 months.
Karen Shelton: Yes.
Dan Deppen: You know, unless they
Dan Deppen: specify something else. It’s always 2 months the insurance
Dan Deppen: we get from the lender on the term sheet. They give us an estimate.
Dan Deppen: So in this case, they said 1,300
Dan Deppen: for insurance, and then property tax estimate of 8,500.
Karen Shelton: Okay.
Dan Deppen: Sometimes, if they don’t give a property tax number, then you can go on, Zillow, and get like last year’s.
Karen Shelton: Okay.
Dan Deppen: And use that.
Karen Shelton: Okay.
Dan Deppen: Now, what’s a little lame about Byte is you can’t do calculations in here right like you can’t just go
Dan Deppen: in the cell like excel like 1,300 divided by 12.
Dan Deppen: You’ve got to like offline and the calculator tool, or in excel, do it.
Dan Deppen: but it’s 1 0, 8, 83. So that’s the 1,300 divided by 12.
Dan Deppen: There’s property taxes. That’s the 8,500 divided by 12.
Dan Deppen: And this is in Oregon. That’s like a very unusual level of
Dan Deppen: property taxes.
Dan Deppen: and then the other one. And then there’s you. There’s never mortgage insurance.
Dan Deppen: and there generally isn’t flood insurance unless
Dan Deppen: you know they tell you something special.
Dan Deppen: Okay.
Dan Deppen: association dues that could be an hoa.
Dan Deppen: and it’s also often lot rent. If it’s a mobile home.
Karen Shelton: Okay.
Dan Deppen: For Sherman’s.
Dan Deppen: you know, a lot of times there’s like a loan on the Mobile home itself. And then there’s like the $600 lot rent
Dan Deppen: that happens
Dan Deppen: that would go in there
Dan Deppen: servicing fee. I had to type in manually.
Dan Deppen: and that was from the term sheet
Dan Deppen: as well. This monthly service fee. Sometimes people have it, sometimes they don’t.
Karen Shelton: Okay.
Dan Deppen: Best practice
Dan Deppen: for the lender is to pass it on to the borrower
Dan Deppen: and then escrow not waived
Dan Deppen: the other thing to note. I’m I’m jumping around a little bit here.
Dan Deppen: but up here sometimes there are other costs.
Dan Deppen: If you do put one in, you have to. You want to uncheck this Ppfc.
Karen Shelton: Okay.
Dan Deppen: And I have no earthly clue. What Ppfc is.
Dan Deppen: or what it does.
Dan Deppen: or what happens if you don’t check it, they said. That’s just how they do it. Like, okay.
Karen Shelton: It.
Dan Deppen: I’ll figure that out at some point.
Dan Deppen: And then, usually, too, right, like people are closing like through a title company. So they’ll actually do like the final stuff. This is more of like the loan
Dan Deppen: estimate. So
Dan Deppen: I haven’t seen any where they asked us to capture like recording fees and stuff like that.
Karen Shelton: Okay.
Dan Deppen: Oh, wow!
Dan Deppen: Boom! Boom!
Dan Deppen: And then there’s really nothing else you have to put in here. This is just like a recap
Dan Deppen: of the 10 0. 3.
Dan Deppen: We’ll just kind of run through the screens.
Karen Shelton: Okay.
Dan Deppen: So consumer direct was put in there before
Dan Deppen: assumption is always not allowed.
Dan Deppen: and then you put in the standard late payment. So standard wording more than 5 days late. 5% of your payment.
Dan Deppen: The one wrinkle on this is, if it’s a Sherman deal, he always has
Dan Deppen: 4% of your payment.
Karen Shelton: Okay.
Dan Deppen: And then servicing is always released.
Dan Deppen: meaning that
Dan Deppen: the lender isn’t gonna self
Dan Deppen: service it? Or that’s a little more from the banking world.
Dan Deppen: We’re like. Sometimes a bank will originate a loan, and they’re gonna service. It.
Karen Shelton: Oh!
Dan Deppen: In which case it’s not. But but for us it’s always service released
Dan Deppen: in new construction. You can either put that blank or have no?
Dan Deppen: Then just leave it blank.
Dan Deppen: Who’s in lending
Dan Deppen: Regsy status preliminary
Dan Deppen: property insurance
Dan Deppen: check for the full replacement value.
Dan Deppen: Hazard insurance is always not available through the lender.
Dan Deppen: and then it copies in the late charges.
Dan Deppen: and then, if you pay off the loan early, you will
Dan Deppen: not have a penalty and not be entitled to part of.
Dan Deppen: We don’t even know what that is. Refund part of the finance charge.
Dan Deppen: Okay. Now, the borrower info. I think this was the other area. And then, and this is where the the sop kind of trails off.
Karen Shelton: Yeah. Well, I was able to put some of the information in.
Dan Deppen: So in this case, okay, one borrower.
Dan Deppen: Nathan Hadley. Did he give a middle name on the.
Karen Shelton: There was a initial on
Karen Shelton: somewhere. I see nothing on the application. No, was no sorry. I don’t wanna assume it was his email. So I didn’t want to assume that was his middle initial.
Karen Shelton: It was the way his email was addressed.
Dan Deppen: No, they would, if he gave that, it would be on his application.
Karen Shelton: Yeah, I didn’t see it on there. It was just his email, said Nw. Hadley.
Dan Deppen: Okay.
Karen Shelton: Yeah. So I didn’t want to assume.
Dan Deppen: These old guys with suit jackets and books out front my door. I don’t know if I got Jehovah’s witnesses or what, but I’m not.
Dan Deppen: Don’t wanna call there.
Dan Deppen: They were like rubbing on the door. I think they stuck something in the door.
Dan Deppen: There they go.
Karen Shelton: One of your free.
Karen Shelton: They’re available.
Dan Deppen: Yeah, I’m not. I’m
Dan Deppen: I’m not interested in talking to those guys.
Karen Shelton: Okay.
Dan Deppen: Oh, yeah, just put William. Oh, Nathan William Hadley! No, he’s got it on here.
Karen Shelton: Oh, it’s there! Sorry I missed that.
Dan Deppen: Dependence da da current residents.
Dan Deppen: Well, and I guess that actually just pulls from the other stuff that we put in.
Karen Shelton: So.
Dan Deppen: Hmm.
Karen Shelton: I was a little confused on that, because here it says former residents.
Karen Shelton: and that’s where I entered it. But then, on the application. It says, current address.
Dan Deppen: Oh.
Dan Deppen: the subject property that he’s buying.
Karen Shelton: Is gonna be the current residence.
Dan Deppen: No.
Karen Shelton: Okay.
Dan Deppen: Well, now in here, like his current one is that 7,
Dan Deppen: 7, 9, 7. Waldo.
Karen Shelton: Yes.
Karen Shelton: so.
Dan Deppen: Lee, they don’t. And okay, here’s the other thing, too.
Dan Deppen: You could look in to show 2 years of residence somewhere.
Dan Deppen: So with the
Dan Deppen: if they’re current residents like this one. The guy’s been there for 4 years.
Karen Shelton: Hmm.
Dan Deppen: If it’s been over 2 years, you don’t need to list the former residents.
Karen Shelton: Okay.
Dan Deppen: Even if they happen to put it in the
Dan Deppen: Okay.
Karen Shelton: Cause
Karen Shelton: on the current residence. The Michael Court popped up automatically. It was already there when I went into Erla.
Dan Deppen: I don’t know. Maybe I input something
Dan Deppen: wrong.
Dan Deppen: and then
Dan Deppen: the application should tell you this stuff, too.
Dan Deppen: Yep.
Dan Deppen: own.
Karen Shelton: Yeah.
Dan Deppen: It’s Salem, Oregon, 9, 7, 3, 0, 2.
Dan Deppen: And then this one I can delete.
Dan Deppen: Okay.
Dan Deppen: okay.
Karen Shelton: Okay.
Dan Deppen: Employment and income.
Dan Deppen: This was actually fairly straightforward, because he’s A. W. 2. Guy.
Karen Shelton: Hmm.
Dan Deppen: And so here.
Dan Deppen: I don’t have notes in there. I think I put it in the 10 0, 8.
Karen Shelton: And then, yeah, I wrote, I thought I wrote, see, it didn’t stay in there. I thought I put in.
Karen Shelton: He had a bonus.
Karen Shelton: Think it’s a.
Dan Deppen: Remove that cause. I didn’t see this on the one thing, and so I’ll I’ll show you what I did.
Karen Shelton: Okay.
Dan Deppen: So his. So he had 2023 W. 2.
Dan Deppen: That was 84, 9, 48, so divided by 12, so that supports 70, 79.
Dan Deppen: But then he had also mentioned that he was on paternity leave.
Dan Deppen: which actually, I thought I mentioned
Dan Deppen: a note on that. Let’s put
Dan Deppen: back in 2022. It was
Dan Deppen: higher.
Dan Deppen: And the 1st pay stub
Dan Deppen: year to date, you know, it shows, like his earnings, his hourly.
Dan Deppen: and that works out to like 82, 97
Dan Deppen: and then, I think his actual year to date was a little higher.
Dan Deppen: But in this case, like his Dti, is at 36.
Dan Deppen: You know, if I’m not worried about Max and the Dti. I just I I rolled with this one because I’m like this is the current what he’s making now.
Karen Shelton: Okay, so.
Dan Deppen: I just took that. And it’s sort of conservative. And yeah,
Dan Deppen: he may get bonuses on top of that. That just de-risks it a little bit.
Dan Deppen: you know. Sometimes when it’s close.
Dan Deppen: then I’ll like, try to throw in every little thing, and I’ll kind of sharpen it a little more.
Karen Shelton: Okay.
Dan Deppen: But I kind of keep it
Dan Deppen: a little more simple if it’s making it by a mile.
Dan Deppen: So yeah, there’s that. And then
Dan Deppen: the other big thing to look at. And this is this trip me up at first, st too, and I think the way this is done is really silly. I don’t know. There’s got to be a better way earlier in the process to put this in.
Dan Deppen: But under assets, if there’s earnest money it goes here.
Dan Deppen: sure.
Dan Deppen: So to me that feel. And you get that from the term sheet
Dan Deppen: 7,500 to me it feels really random, right cause, like all the other info from the term sheet, like you’re putting in at the beginning.
Dan Deppen: and then you get all the way down here, and then you come back, and oh, there’s earnest money.
Karen Shelton: I didn’t even look for that.
Dan Deppen: No, it it’s not
Dan Deppen: obvious. But then, when you put down that earnest money, it’ll like, update
Dan Deppen: other terms in the
Dan Deppen: or it’ll update cash to close
Dan Deppen: is what it’ll do.
Karen Shelton: Okay.
Dan Deppen: And then I went through
Dan Deppen: and pulled credit.
Dan Deppen: This guy is super unique
Dan Deppen: compared to most of the borrowers. This is like a
Dan Deppen: I’m not. This is not your typical seller finance, borrower.
Karen Shelton: Why is that?
Dan Deppen: He’s got such a high credit score and so much income.
Dan Deppen: and he’s got a bunch of rental properties.
Karen Shelton: Hmm.
Dan Deppen: So
Dan Deppen: when I looked at this like you look at the mortgage. It’s showing like 15 mortgages.
Karen Shelton: Oh! Oh!
Dan Deppen: And current payments of 85, 75
Dan Deppen: not really much in the way of credit cards that’s revolving.
Dan Deppen: you know.
Dan Deppen: no derogatories, no inquiries, no disputes.
Dan Deppen: 7, 96 credit scores. So this is the highest one I’ve pulled besides mine.
Karen Shelton: Yeah.
Dan Deppen: And I was like Whoa! All these mortgages.
Karen Shelton: Yeah.
Dan Deppen: So he’s got these. So through Mr. Cooper, Penny Mac
Dan Deppen: uwm.
Dan Deppen: So there’s like this mortgage for 2564. There’s like this, you know. 430 k. Mortgage 337-33-2261 that are open.
Dan Deppen: One credit card
Dan Deppen: whatever.
Dan Deppen: And then all these that are closed like these other mortgages, one through caliber, Penny, Mac Penny Mac. So this guy’s a pretty
Dan Deppen: active
Dan Deppen: real estate investor.
Dan Deppen: Now, when I brought over the liabilities, I did not bring over those mortgages. In fact, I think by default, it tends to not bring over mortgages because it assumes
Dan Deppen: like, you’re either selling that property and it’s gonna get paid off.
Dan Deppen: Or in this case it’s rental properties right?
Dan Deppen: And so the other thing that this dude did that was super unique.
Dan Deppen: was he?
Dan Deppen: And somebody really wants to get a hold of me.
Karen Shelton: So does that make sense? Then, where his earnest money is coming from
Karen Shelton: is from.
Dan Deppen: I really don’t look at where it comes from.
Karen Shelton: Oh, okay.
Dan Deppen: It’s more just accounting for the cash to close.
Dan Deppen: He sent in all this income. Info.
Karen Shelton: Okay.
Dan Deppen: Like, he said, his whole freaking life story.
Dan Deppen: We don’t have, like all the data on
Dan Deppen: the rentals and what they make, and all this stuff like it was intense.
Dan Deppen: So if for some reason like it was closer to qualifying, I could tease through this, and I could also add, in rental income which pushes the Dti further down
Dan Deppen: mean in this case
Dan Deppen: he already makes by a month.
Karen Shelton: Yeah.
Dan Deppen: So there’s no need.
Dan Deppen: In fact, I should put a note in the 10 0, 8,
Dan Deppen: the dial.
Dan Deppen: Yeah. So the only real monthly liability had were like these credit cards. And that’s just like running money through a credit card.
Dan Deppen: So
Dan Deppen: that’s really about
Dan Deppen: yeah. Now, there’s another step that I skipped.
Dan Deppen: cause it’s not necessary. But there’s running residual income. We’ll do that another time.
Karen Shelton: Okay.
Dan Deppen: And then the other thing that often happens is adding loan conditions, which is another one we’ll have to do with a different oops. We’ll have to do with a different file
Dan Deppen: and does not have any conditions.
Dan Deppen: We’ll we’ll go through this on a better example. But there are some templates. We go add conditions from the templates and then credit.
Dan Deppen: So if there’s like deferred student loans, there’ll be some stuff they have to do for that.
Dan Deppen: If there’s delinquencies. If there’s like derogatory accounts or collection accounts on the credit report, then there’s conditions to clean that up.
Dan Deppen: Sometimes borrowers don’t have any open credit lines.
Dan Deppen: And so then you need to get copies of 24 months of payments on something could be
Dan Deppen: utility bills. Netflix Bill, whatever.
Karen Shelton: Okay.
Dan Deppen: If it’s what they call the high cost mortgage like. If the interest rate is over a certain amount.
Dan Deppen: then they have to go and take this like
Dan Deppen: home buyer, education course.
Dan Deppen: Usually sherman’s fall under that. We usually always have that condition.
Karen Shelton: Okay.
Dan Deppen: And then, if there are recent credit inquiries on the report, then we send a condition where they have to tell us like.
Dan Deppen: did they recently open credit. Right? That’s the check. If, like, you bought a car
Dan Deppen: or bought a different house like.
Karen Shelton: Yeah.
Dan Deppen: In in timing, so that didn’t show up on the credit report.
Dan Deppen: And then, if the credit score is below 6, 20.
Dan Deppen: And you need a verification of rent letter from a landlord saying, Hey! They made the last 12 rent payments
Dan Deppen: on time.
Dan Deppen: but
Dan Deppen: since we don’t have that we can proceed to sending the loan estimate.
Dan Deppen: So this will be the sop. Was it 6? I think
Dan Deppen: so. If you want to open it up, I’ll just kind of run.
Karen Shelton: Yeah.
Dan Deppen: Through it.
Dan Deppen: So the 1st thing we want to do is make sure that the
Dan Deppen: everything on the homepage matches what was in the term sheet.
Karen Shelton: Okay.
Dan Deppen: So basically, the way what we’re gonna do here.
Dan Deppen: it’s kind of
Dan Deppen: let’s go through and sort of double check everything.
Karen Shelton: Okay.
Dan Deppen: Before we print it out.
Dan Deppen: Now in this one, since we’ve just done it within the last day we shouldn’t. I kind of did just double check everything a minute ago.
Dan Deppen: you know, but but sometimes there’s lag times between when you put it in.
Dan Deppen: You’re waiting for other information from the borrower, because maybe you need more income stuff, and then you get that. And then you send out conditions. And then you’re kind of waiting for them to respond on conditions. And you know, stuff like that.
Dan Deppen: So sometimes, like time goes by. And so it’s worthwhile just going back and giving it another
Dan Deppen: once over.
Karen Shelton: Okay.
Dan Deppen: And then kind of the main things I’m looking for in the home screen are just the loan terms. So property sales. Price
Dan Deppen: 7, 20.
Dan Deppen: I think the I don’t. I guess the earnest money doesn’t show up there, but
Dan Deppen: down payment 200,000 just there, but interest rate 4%.
Dan Deppen: Which is there? Nope term 3 12, which is really weird. I don’t. I don’t look.
Karen Shelton: I had to look at that twice. Make sure I entered the right numbers.
Dan Deppen: I’m almost wondering cause
Dan Deppen: he’s keeping his existing 2% loan in place. I wonder if he was matching the terms.
Karen Shelton: Hmm.
Dan Deppen: P. And I desired, you know. Often they just get it in the ballpark, or sometimes it’s wrong. But they were saying
Dan Deppen: to 2683
Dan Deppen: oh.
Karen Shelton: Think was higher than
Karen Shelton: yeah.
Dan Deppen: Let me double check that I got everything in right.
Dan Deppen: Oh, what’s the base loan? Amount
Dan Deppen: 4, 15.
Karen Shelton: 13.
Dan Deppen: So that’s right.
Dan Deppen: 4% 3, 12.
Dan Deppen: That’s what it is.
Dan Deppen: The other thing we’re gonna do. When we send out the loan, estimate.
Dan Deppen: you send it to the borrower and the lender, and that’s their chance to like double check. It.
Karen Shelton: Okay.
Dan Deppen: And so sometimes what happens? A lot is they come back and go.
Dan Deppen: No?
Dan Deppen: Well, wait a minute.
Dan Deppen: There are these other fees that should be in there, or there’s this, or Oh, well, actually.
Dan Deppen: we change the sale price. It’s gonna be lower. Sometimes the borrower like gets them down a little more after they submit the term sheet.
Karen Shelton: I’m not.
Dan Deppen: But that part looks okay.
Dan Deppen: No.
Dan Deppen: Ellie. Page one.
Dan Deppen: Now, when we entered it.
Dan Deppen: you know a lot of times we just kind of pick a closing date. That’s like 2 weeks out.
Karen Shelton: Hello!
Dan Deppen: We just wanna make sure whatever closing date we have in here as a placeholder is at least 7 business days away, which that is.
Karen Shelton: Okay.
Dan Deppen: Because once the loan estimate goes out.
Dan Deppen: assuming there are no changes, you can’t close for 7 business days.
Dan Deppen: and that’s part of the Cfpb rules. The idea is, the borrower has 7 business days to like.
Dan Deppen: review it and understand it before they actually sign and close.
Dan Deppen: And then, if something changes. If the borrower, if the lender comes back and goes. Oh, wait a minute.
Dan Deppen: There are these other fees that weren’t in there. We need to add those in. Then you need to redisclose, and the clock starts over. If the fees go up.
Karen Shelton: Okay.
Dan Deppen: If the fees go, don’t go up or they go down.
Dan Deppen: It’s not costing the borrower more than you don’t necessarily have to redisclose.
Karen Shelton: Okay.
Dan Deppen: Good morning bye.
Dan Deppen: Loan, estimate. Page 2. The fees we are kind of already. Did that.
Dan Deppen: Borrowers paying service fees. It goes under other. Oh, actually, I think that’s something I didn’t do. I think I had it blank.
Dan Deppen: Let me try to get through this quick, and then I gotta run
Dan Deppen: that, far as you know, this other
Dan Deppen: loan estimate. Page 3, we already reviewed Taylor. We reviewed just for the sake of time, since we already went through a lot of these.
Dan Deppen: Oh, I’m not surely gonna do them again.
Dan Deppen: Parties.
Dan Deppen: This isn’t like super crucial.
Dan Deppen: We’ll just fill in the ones that we have.
Dan Deppen: So builder, seller, lender processor us.
Dan Deppen: He hasn’t given me info like. Sometimes there’s title company contacts or
Dan Deppen: realtor contacts, things like that.
Karen Shelton: Okay.
Dan Deppen: Early borrower info. We went through all of that. Oh, the other thing we didn’t check on early borrower. Info
Dan Deppen: is the the declarations.
Dan Deppen: and you get the declarations info from the application.
Karen Shelton: Okay.
Dan Deppen: So I can skip to that section. And I did this yesterday.
Dan Deppen: So this is the part of the
Dan Deppen: It’s what is it? Section 5, I think.
Dan Deppen: Yep.
Dan Deppen: and that’s this stuff.
Dan Deppen: and this is where, if they do tell you. Oh, hey! I’ve had a bankruptcy. I’ve had a foreclosure you can get into no go. Territory.
Karen Shelton: Okay.
Dan Deppen: make sure residual income spreadsheet is in the drive for like I said, I’m skipping that for this one, because I know it’s gonna be okay. We’ll we’ll talk about that one another time.
Dan Deppen: Depending weight transmittal. You just wanna make sure we’ve got the com underwriting comments
Dan Deppen: in here.
Dan Deppen: And actually, I need to change this because they were saying like, clear the conditions and then send the le.
Dan Deppen: I was doing some research on this. You actually don’t need to do that.
Dan Deppen: The normal way to do it is to send the conditions with the loan estimate.
Karen Shelton: Okay.
Dan Deppen: Clear them before they close, or are you they? You want them to clear them before you send the closing disclosure.
Dan Deppen: So I gotta make some more updates.
Dan Deppen: Okay.
Dan Deppen: you’re dealing with a rough set of sops right now, but I’ll get it cleaned up.
Dan Deppen: Okay, and then go back to home and set it today. So this is where
Dan Deppen: cause there’s like a legal like 3 day clock starts when you take an application.
Dan Deppen: This is another thing. I think I’m gonna change as well
Dan Deppen: because
Dan Deppen: you don’t like this way of doing it. I don’t think it makes sense, but I will.
Dan Deppen: But we’ll make this today’s date
Dan Deppen: and then fill in the subject property address.
Dan Deppen: And then sometimes you click a box and like bite jumps.
Karen Shelton: To the top.
Dan Deppen: There we go!
Karen Shelton: Try.
Dan Deppen: So now we can print it.
Dan Deppen: And so what you gotta do. It’s a little weird. If you want to print something, you go to the page over here.
Dan Deppen: so you’ll try to print whatever’s here and then in the overview.
Dan Deppen: So if we want to print a loan estimate, we just go to any of these 3 for loan estimate.
Karen Shelton: Okay.
Dan Deppen: Which this is really weird. I don’t know why they don’t just have a print. What do you want to print? They want to print this instead of like you go to this page. You do that. You know, it’s whatever
Dan Deppen: this is, 19 eighties technology.
Dan Deppen: icon.
Dan Deppen: And and the whole printing is very wonky in this.
Karen Shelton: Okay.
Dan Deppen: It pulls up this. So by default, it’s pulling up. We’re on a loan estimate. So the loan estimate and the 10 0, 8, because it’s in the overview.
Dan Deppen: We don’t want to print the 10 0. 8.
Dan Deppen: We’re going to uncheck that.
Dan Deppen: And then we got to do print sets. The only time we use print sets, sets is for the loan estimate.
Karen Shelton: Okay.
Dan Deppen: During the loan estimate. We do this and go initial disclosures.
Dan Deppen: This is pulling in all of this other legal stuff.
Dan Deppen: Notice of intent to proceed. The patriots act, stuff the credit counseling agencies. List all that other stuff, Yada Yada! Yada! Yada!
Dan Deppen: When we hit the print Icon again. I don’t know why you would have a printing workflow where you hit the print icon twice, but that’s what we have.
Dan Deppen: Isn’t
Dan Deppen: another classmate.
Dan Deppen: Do I want to print these documents that are not applicable.
Dan Deppen: No, don’t print the non applicable documents.
Dan Deppen: and then print and flag is disclosed. So once we say, print and flag is disclosed
Dan Deppen: it. It’s like starting that clock where you can then close within 7 business days. Now, if for some reason, maybe like
Dan Deppen: really unsure with the lender, and you just want to send it to the lender and say, Hey, you know, let let’s firm this up. Then you could just print.
Dan Deppen: But in this case I want to disclose.
Karen Shelton: Okay.
Dan Deppen: This can send 18 pages of stuff
Dan Deppen: and grab.
Dan Deppen: I’m just gonna do a copy paste of the
Dan Deppen: there’s not really a Co bar. So I’m gonna change that name.
Dan Deppen: Next, I’m just gonna put the borrower name make it simple.
Dan Deppen: This is super slow
Dan Deppen: fight is pretty slow in general, but it’s funny talking to people at Node expo.
Dan Deppen: they’ve had other issues with los different los, including like just getting amortization schedules wrong. So
Dan Deppen: okay.
Dan Deppen: so you’ve probably seen stuff like this before.
Dan Deppen: And so this is all the disclosures and all the stuff. Blah! Blah! Blah! Blah!
Karen Shelton: Yeah, but.
Dan Deppen: So I will email that
Dan Deppen: to the lender. I’ll do that a little bit later. Just I gotta get going here.
Dan Deppen: But until you do that. The other thing to call out, too, is there is an E sign functionality in this
Dan Deppen: that they don’t use
Dan Deppen: because it cost charges you a couple of dollars. I’m having a hard time getting them to tell me like what it costs.
Dan Deppen: We do e-sign for Sherman’s, but not for anybody else’s. That’s another thing, I’m probably gonna change, but not yet.
Dan Deppen: Okay.
Dan Deppen: And why is it sending e-sign just to the lender?
Dan Deppen: I’m not sure I understand that
Dan Deppen: or not to the borrower. Just send it to the okay. That makes sense. Never mind.
Dan Deppen: So anyways, that’s how that part works.
Karen Shelton: Awesome.
Dan Deppen: And then, later on, we’ll send the closing disclosure, which is
Dan Deppen: similar process, but actually a little more simple.
Karen Shelton: Okay.
Dan Deppen: The loan estimates the big one so.
Karen Shelton: Alright, cool. Thank you.
Dan Deppen: Yeah, no problem. But thanks for doing thanks for helping. With that. I mean, that was good. And then
Dan Deppen: I’ll send you
Dan Deppen: more stuff when I can.
Dan Deppen: and I’m running in like I’ll probably be offline for most of the day today with my.
Karen Shelton: Yeah, take it easy. I hope all goes well.
Dan Deppen: I will. It’s pretty simple, like, I said. It’s weird, all of their disclosures, and they’re like, fast and do this, and they want me there like super, early and.
Karen Shelton: Are they putting you under right.
Dan Deppen: Oh!
Karen Shelton: Nope.
Dan Deppen: No, it’s a local.
Karen Shelton: Oh then.
Dan Deppen: But what I think.
Karen Shelton: Fasting.
Dan Deppen: I think they’re doing is. And they were like, Oh, is there somebody we can call in case there’s a problem, and we have to put you under. I think so. I think what they’re doing is like, just in case there’s some weird problem.
Karen Shelton: Oh!
Dan Deppen: It’s like they have to put me under. Then they’re set up.
Karen Shelton: Got it? Yeah.
Dan Deppen: I know it’s literally like you, just
Dan Deppen: because I did it before. A couple years ago.
Dan Deppen: You lay on your stomach.
Dan Deppen: They numb around it.
Karen Shelton: Hmm.
Dan Deppen: They shave a patch of hair, out which kind of numb. But whatever.
Karen Shelton: If it was me, I would I, if it was me, and you can see I would shave off.
Dan Deppen: For like a heart. Yeah.
Karen Shelton: But you walk around with it.
Dan Deppen: I’ll be looking at it in the mirror like I would notice.
Karen Shelton: So he goes. What did you let them do to you?
Dan Deppen: Yeah.
Dan Deppen: it’s funny.
Dan Deppen: hey? Chilla.
Karen Shelton: Oh, yeah.
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FILE: Doing_due_diligence_on_counterparties.txt
So one of the things that’s critical with any real estate investing, whether it’s notes or other forms of investing, is that you really do due diligence on your counterparties. You understand who you’re dealing with, particularly if you’re providing funding to someone. But even in the loan world, uh, a lot of the transactions are closed.
Not necessarily through escrow, right? So it’s good to know the people that you are dealing with and AI provides some good tools for doing that. So it’s a great way to check and see if somebody has criminal activity lawsuits, um, or just also negative information on forums and things like that. So, uh, one of, one of the common prompts I like to use are.
Are there any known scandals associated with, and then let’s do myself first.
Uh, not finding anything, which is good. Um, but let’s take someone that might or might not have some associated with them.
And we want this person. It’s also a good idea to put, um,
the name of their company or some other, um, descriptions so that you can kind of zero in.
Then this one we kind of get the world, so, so this is someone that you know, you would not want to invest money with ’cause they’ve had a number of issues. Right? So several investors have accused this person of breaching joint venture agreements failing to pay. One investor lose at least a hundred thousand dollars, no communication.
And then this person actually has a website that someone put together several years ago detailing some of those things. Um,
are there any criminal or arrest records?
Same person. Now, this isn’t as good as like an actual background check, but it will often find things. And so here we’ve got an arrest record, legal disputes, different things, and then saying. Gimme the link to the arrest record. Sometimes you kind of have to ask it multiple times and kind of drill in to get to what you want.
This is Williamson County, 2019 released on bond and now it’s giving us, this looks like a kind of a generic. Judicial record search for that county. Go criminal case records.
Oh, sorry.
Uh, I don’t know his date of birth. And there could be multiple people with this name, but there’s only this one.
So we got theft of property 20 to $500 by check, and I don’t know his middle name, so I can’t be a hundred percent sure. So this was actually filed in 2011 and then he was arrested in 2019, which is kind of interesting. But there’s the mugshot and that’s our guy. So it’s really important when you’re working with people to check this stuff.
Um. Let’s do another one.
Or, um, plants.
So no publicly documented scams or formal complaints. There was a legal case
due diligence.
The other thing to check on is lawsuits.
Oh, there’s a recent one, sort of recent defendant, a civil matter.
Never registered in a secured investment high yield fund. Filed a complaint alleging breach of a personal guarantee complaint states he personally guaranteed a loan which was allegedly breached. Lemme get that. Um.
And then sometimes, you know, you, you’re not always gonna find things when they’re there, so you gotta kind of poke around a little bit. This looks like this isn’t gonna give me like the whole thing. Complaint of breach loan agreement money lent. Blah, blah, blah. So this would be another one to watch out for.
And then the other thing you can do, and this is a little less, um, useful, but you can also use this to check out vendors. Um, I was gonna say like, what are common customer complaints?
Complaints about, and then fill in the blank of your company. So I’m just gonna say FCI loan servicing. ’cause I use them and I like them.
Delayed or accurate payoff processing. Poor communication and customer service. Um. Actually a lot of negative stuff, which is interesting. My, my experience with them has, has been pretty positive. Um,
what are positive things customers tend to say about, and then we can insert our company.
Reviews are predominantly critical with few positive remarks. That seems a little harsh overall. Um, but okay, let’s do another one. Uh, pro Title USA. This is who I use for all of my o and e reports. Run by Alex Kowski, like again. They’ve been really good,
fast turnaround times, accuracy and thoroughness. Responsive customer service, trusted by professionals. So, you know, these are some things you can do again, that, um, so when we’re doing counterparty due diligence, when searches are definitely not foolproof, um, sometimes you almost have to know what you’re looking for.
To find the right thing, but if there’s obvious stuff, you know, we’re looking for scams, complaints, lawsuits, criminal stuff. Okay? And then if you do get a hit, kind of poke into it. Ask follow up questions, follow the links to get an idea who you’re dealing with. And then likewise, not necessarily as critical, but if you are looking at using a new vendor.
If this can be kind of a quick way to get an idea of at least what like other customers are saying and what the vibe is, um, doesn’t really replace though talking to people in your network and doing your own offline homework about different people that you might be working with.
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FILE: Due_Diligence_54.txt
Now we’re gonna start to get into some nitty gritty, and that’s the due diligence phase of the note buying process. So there’s really, due diligence is kind of split into two parts. There’s the part that we do before we make an offer that I’ve already discussed. What I’m talking about in this section is the due diligence that we do after an offer is accepted to find out whether it’s not it’s okay or not to proceed with closing on this loan.
So after you get an offer accepted, the borrower’s gonna send you called the soft collateral file. So they’re gonna send you PDF files of the pay history on the loan, all of the loan documents, um, transfer documents, assignments, launches, things like that. Um, any other relevant documents to the loan. It’s also a good idea to ask them for the call notes from the loan servicers.
Sometimes you can learn some really interesting things by seeing the notes that the loan servicers made in their communications. With the borrowers, that’s the first thing they’re gonna give you, and you’re gonna go through that information. Now, you’re also very critical to get eyes on the property. Now, pre-bid, you know, we may have just used like Google Maps or some other tools, but before you can close on a note, you have to get eyes on the property.
I’ve not had this happen, but I’ve heard crazy stories of people who have had offers accepted on notes, and they sent someone out to look at the property and they found out it had been demolished. And there’s just a lot. There was actually no house. Even there, that’s an extreme example, but you always want to get current eyes on the property.
I mean, often those online photos can be several years old and things may have changed radically for the good, for the better or for the worse. Since then, so we’re running order A BPO or get some estimate of the value. Um, sometimes the realtor can do that. Sometimes they’ll order a BPO from like Dickie Baldwin.
And I’ll also have a realtor drive by to get multiple data points. I don’t always do that. It kind of depends on the property. You can also order what’s called a property condition report, which isn’t necessarily a full BPO with the value, but they give you, um, a professional’s assessment of the condition of the property that you can use to derive your own value.
Now you’re gonna get your photos back and you’re gonna start making some assessment right now again. We can’t see the inside of the property, so we gotta look at the outside and extrapolate what’s on the inside. And as I’ve mentioned earlier, whatever problems you see on the outside, they’re gonna be worse on the inside.
This photo on the upper left is one I had of a legit hoarder house that I bumped into several years ago. Um, that’s actually not the house that was shown here. At the bottom. That was another one deal that turned out very well. But one of the things to look for too, some of the positive signs are pride of ownership, right?
Do they have American flags out there? They’re flowers, or they’re what I call flare, like little decorations, right? Like this one, if they’ve got pride of ownership, they probably wanna stay in that property. So even if it’s a non-performing loan, there’s a good chance they’re gonna work things out and wanna stay or continue to pay.
So those pride of ownership is a very positive sign. It’s also a good idea to take note of like what cars are out there. Are they driving like old clunky beaters or do they have nice cars? I’ve seen delinquent loans where people are driving like really nice cars. What’s good about that is it means, you know, they probably have the means to pay if they should so choose.
So as you’re looking through the photos, you’re looking for little clues. You’re never gonna know definitively what a borrower’s gonna do or how things are gonna turn out, but these little clues add up, right? We’re piecing together this, this larger puzzle. Now, very important. I mentioned, we’re gonna get the soft collateral files from the seller and you should review those yourself.
Um, but you also want to order an OE report that’s called an ownership and encumbrance report. It’s like, it’s like a title report. It doesn’t quite necessarily go back as far as a full title report. It’s also a little bit cheaper now going deep down the rabbit hole on. How title works is way outside the scope of this course.
But if you do wanna nerd out on that, I highly recommend a book that I have read called Bulletproof Title Due Diligence. This is by Alex Kowski, who runs pro title, and it’s his company that I use to do my e reports. And I often come back to them with title questions where the things that I’m unsure about.
So I highly recommend taking a look at the title yourself. Now, granted. You’re probably not a real estate attorney or any attorney of any kind, which I am not as well, and that’s why even though I’ve gone through enough loan documents that these days, I can find most title issues. I always have an attorney review the title work.
Typically, you know, this costs around $150, might cost a little more depending on the attorney you’re using, but it’s always good to have attorney review the title work and verify that that title is clear. The loan is enforceable, so that if you need to, God forbid, proceed with the foreclosure, you’re able to do that very critical piece of the due diligence process, one of the most critical next to assessing the value.
Some other odds and ends. I like to do, I like to get on the phone and make a lot of calls. I like to talk to local realtors, not just to do a drive by and get photos, but to understand the neighborhood and what’s going on. You can really learn some interesting nuggets. I also like calling the code enforcement people.
You know, I’ve had code enforcement calls where you find out that, hey, this property you’re looking at, it’s like their problem property in the neighborhood. Or maybe there aren’t any liens, code enforcement liens that are showing up on the OE report, but there could be some fines pending or some other things that are about to hit.
You can find out. I also like to call the utilities. So one of the things we’re doing when we get eyes on the property is determining that, that it’s occupied well. Sometimes it’s hard to tell. Calling the utilities is giving you another check on if the property’s occupied or not. If the water’s been shut off for six months, it’s probably not occupied.
Um, most of the time this doesn’t apply, but if there, if the property is an area that has an HOA especially fits a condo, it’s good to call them as well see if they’re in good standing. Are there any fines or liens or anything outstanding there now? You also want to check the bankruptcy status of the borrower.
So there’s a website called Pacer you can get to here. Um, and it’s very cheap to use, but you can use the borrower’s information. You can look this up and see if they’re in an active bankruptcy or if they’ve had one in the past. If they’ve had one in the past. Pretty much their whole life story is in that paperwork, and you can pay a few cents and download it.
And read through it so it can give you a lot of infor interesting information about the borrower. Now, whether the borrower’s in an active bankruptcy or whether they’ve had one in the past, when you have your attorney do your title review, it’s good to have them review that as well to see if the borrower is eligible to file bankruptcy again to delay a foreclosure.
Or you also wanna make sure that the proof of claim and everything was filed properly with the previous bk because if the borrower had a previous bankruptcy, it’s possible that that loan could have been stripped. And isn’t enforceable, so it’s a very important thing to follow up on. So this post offer due diligence process is really the most critical part in the entire no buying process.
This is where you’re gonna make sure that what you’re buying is, is what you think it is in the value Is there?
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FILE: Due_on_Sale__paragraphs_.txt
Dan Deppen: You may have heard of the term due on sale.
Dan Deppen: When you’re creating the rap loan you’re leaving the underlying lien in place.
Dan Deppen: If that underlying lien was originated from a bank, which is typically the case.
Dan Deppen: it usually contains a due on sale clause.
Dan Deppen: The due on sale clause means
Dan Deppen: that if the property sold, it has the right to call in that loan, and if you have a wrap loan in place.
Dan Deppen: then you need to somehow figure out how to pay the bank.
Dan Deppen: This is a scary thing, because if it happens
Dan Deppen: that could be challenging to deal with.
Dan Deppen: If you look up this topic in some of the online forums or Facebook groups, or talk to people on in-person conferences.
Dan Deppen: There’s a lot of differing opinions and confusing information about it.
Dan Deppen: There are 2 types of people
Dan Deppen: you’ll typically talk to you about this
Dan Deppen: number one are scaremongers who will fill you with fear, uncertainty, and doubt.
Dan Deppen: Most of these people have never actually done a rap loan and have no intention of doing them.
Dan Deppen: and they might understand them at a high level, but don’t necessarily understand all the nuances you have to capture. If you’re going to execute them
Dan Deppen: correctly.
Dan Deppen: The second type of person you might talk to are the ones who say they’ve done millions of these
Dan Deppen: over decades and decades, and they’ve never had an issue. So it’s a risk you can ignore.
Dan Deppen: Both of these approaches are not very helpful.
Dan Deppen: The reality is the risk of due on sale is certainly real, and rap loans have certain complexities
Dan Deppen: that can be handled if you know what you’re doing. But wrap loans definitely are not for everyone.
Dan Deppen: However, there are ways to do. Rep loans and manage and mitigate the risk
Dan Deppen: of getting hit with due on sale
Dan Deppen: next week. I’m doing a special webinar with Caleb Christopher
Dan Deppen: Caleb is a transaction coordinator who specializes in handling due on sale, both in mitigating the risk
Dan Deppen: before the deal and then remediating the risk.
Dan Deppen: If due on sale hits, he’s gonna share some of his learnings
Dan Deppen: on what the real risks are and how to mitigate them. And he’s also going to share some things that have recently changed.
Dan Deppen: and what you can do to protect yourself against this happening
Dan Deppen: or deal with the situation. If it does.
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FILE: Seller_Finance_Misconceptions__paragraphs_.txt
Dan Deppen: What are the credit requirements for seller finance?
Dan Deppen: There are a number of misconceptions about how to originate seller finance loans.
Dan Deppen: and what the rules are around which borrowers can qualify.
Dan Deppen: One of the biggest misconceptions is that if you’re doing seller finance and you’re doing less than 3,
Dan Deppen: then no rules apply. Then it’s the Wild West that’s obviously wrong.
Dan Deppen: While there is a rule that you don’t need an Rmlo license. If you’re originating 3 or fewer loans a year.
Dan Deppen: they still expect you to comply with Dodd-frank, trid respa, and other regulations. So you still need to validate that the borrower has the ability to repay.
Dan Deppen: based on the aid ability to repay elements which include things like the borrower’s income, their debt to income ratio, and their overall credit worthiness.
Dan Deppen: The second misconception is actually the opposite.
Dan Deppen: So sometimes people feel that since you need to follow Dodd-frank, that that means you need to have the same required standards as a bank, and that’s not true at all.
Dan Deppen: What that Frank does is. It sets a bar
Dan Deppen: for a borrower’s ability to repay. It’s a minimum threshold.
Dan Deppen: You, as the lender have the liberty of deciding what your underwriting standards are
Dan Deppen: as long as there’s somewhere above that bar or at the bar.
Dan Deppen: Now, what’s interesting is that that Dodd-frank bar was set
Dan Deppen: because Banks were lending with almost no standards at all, and obviously that created a lot of chaos during the financial crisis.
Dan Deppen: But what’s interesting to me is that in the time since then, for a number of different reasons.
Dan Deppen: banks have tightened their lending standards substantially. So now there’s a gap between the minimum borrow that Dodd-frank sets for what you need to do to qualify a borrower.
Dan Deppen: and what a borrower would need to do to qualify for bank financing.
Dan Deppen: and that gap is is pretty substantial and growing, and that’s where seller financing lives.
Dan Deppen: Next week I’ll get into some more detail
Dan Deppen: on that seller finance gap and provide some more data to help everyone understand it better.