Last month I had a business partner refer me a customer that was denied by a big bank for home financing. This client was not buying the biggest of homes but just wanted to have the dream of homeownership afforded to her. Like every client, her situation was unique. She had her doubts that I would not be able to help and to be honest, so did I; she was turned down by a big bank with lots of options. What I forgot to realize is how much we forget that this business is about the individual and not necessarily about the company. As I met with this new customer, the puzzle started to come together.
In my talks, interviews and initial application with the client, it dawned on me that I had a loan I felt confident in. The client was sincere and just had the wrong person at another bank not work hard enough to make her loan come together. I am sure the other bank collected the same paperwork I did. I am sure they pulled her credit and reviewed the file, but I feel our attitudes of help were very different.
I was confident and knew my perseverance was going to get this loan done for my customer. In the end, I achieved the goal and made a difference to a special person who deserved to be in a home. I did not try to find a reason to not approve her loan, but instead I searched all avenues to make the loan work. Was it a challenge? Absolutely, but this business is exactly that right now.
I love when you can make a difference in someone's life when others did not even want to try.
Cherry Creek Mortgage Company presents:
Todd Duncan as he addresses High Trust Selling in a Low Trust World.
When: Wednesday, October 28th from 8:30 am - 11:30 am (Continental Breakfast at 8:30)
Where: Mesa Hilton; 1011 W. Holmes Ave, Mesa, AZ 85201 (Alma School & US 60)
In today's challenging market, successful realtors must understand 6 governing principles that will drive business in the new economy. While mastery of business planning, prospecting, relationship development, presentation and client retention are still needed, there are new requirements to sustain success.
Todd Duncan will:
The class is FREE, but seating is limited. Call or email me to reserve your seat, 480.214.2818 or gmiljour@ccmclending.com
About Todd Duncan:
Todd has more than 2 decades as a speaker and sales trainer, he is a NY Times best-selling author and has successfully taught thousands of sales professionals to serve their clients with excellence.
Join Cherry Creek Mortgage as we host Tom Ward of Majestic Consulting. Tom has over 25 years of Real Estate Broker and Mortgage Co. Owner experience. Here's what you will learn:
1. How to get the first time home buyer off the sidelines.
2. Learn the 3 step process to get the consumer motivated.
3. How to address the top 2 issues confusing the first time home buyer.
4. Build a strategy together for success in today's challenging market.
And so much more!
Join us October 7th, 2009 from 9:00 am to 2:30 pm at the Hilton Phoenix Mesa/ East, 1022 W. Holmes Avenue, Mesa AZ 85210 in the Kachina AB Meeting Room. Continental breakfast will be at 8:30 am and lunch is served at noon.
The seminar is FREE but space is limited. Call or email me to reserve a seat! gmiljour@ccmclending.com or 480.214.2818
Normally, I would not be so negative about short sales, but I have experienced many problems in the last
30 days with short sales that we do not encounter with bank forclosures.
Situation #1. Buyer,seller and lender all agree to short sale. The file is opened up, appraisal and inspections are ordered, the loan file is processed, underwritten and approved. Then the docs are being drawn and the file does not close. Why?
The bank who agreed to short sale decided to foreclose on the property and does not inform anyone including the sellers and buyer. For all parties involved, valuable time, money and energy was wasted.
Short sales are not guaranteed!
Siuation #2. The buyer, seller and lender on 1st and 2nd all agree to the short sale. Lender #1 agrees to coe of 10/8/2009 and lender #2 agrees to coe of 10/8/2009. The file is opened up, appraisal and inspections are ordered, loan file is processed and ready for underwriting. Lender (myself) gets a call yesterday that lender #2 is going to now sell their 2nd to another lender on 10/1/2009. If the loan does not close by 9/30/2009 then the new lender approval for lender#2 will need to come from the new owner. The new lender usually takes 4 weeks to approve a short sale and now lender #1 will not extend coe further. Now if I cannot get the loan done in 19 days, my buyer will lose this house and seller will be foreclosed upon. Talk about a pressure cooker.
Moral of the (true) story: Short sales are not guaranteed!
Both situations are real war stories from real people put in bad situations. It is making me re-think a buyer's decision to buy a short sale.
What is your feedback?
Arizona Media insider Catherine Reagor at The Arizona Republic recently wrote an article claiming the mortgage industry has been deceiving the average consumer. Blame has been placed on loan officers for being unlicensed, collecting higher fees and forcing consumers into the worst loan products possible. So I guess until our industry is fully licensed next year, no one will be able to get a "fair mortgage." The problem with this information is the mortgage professionals left in our industry today are the ones that played by the rules to begin with. Now we have to face the music for the flaws of others who were looking at the mighty dollar and not what was best for their customers.
When mortgage professionals are required to have a license, I see two types of mortgage originators surviving this market. Type 1 is going to work for a big bank and you will have to call a 1-800 number to get your loan. You will probably talk with 2-5 people throughout the process, but can feel confident that you will get the product you seek based on the company's reputation. Type 2 is a category I feel that I fit well into; a loan officer with a reputation of providing exceptional mortgage advice on a local level. This means being involved personally with the customer and mortgage transaction from the beginning to the very end. I also see a huge gap level surfacing between the folks that know how to do a mortgage loan correctly, and someone who is going to make mistakes.
At the end of the day, consumers will still buy homes and homeowners will need a mortgage. You will need a mortgage lender to provide this service. A piece of paper saying I can pass a test does not make me a reputable loan officer; having a reputation that is backed up from prior clients and business partners does.
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I provide full service mortgage planning and guidance for the Tempe Arizona community. I specialize in helping first-time homebuyers obtain homeownership through FHA, VA and conventional mortgages.
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