I’ve got a great story about a Real Estate Broker whose bread and butter Loan Officer let’s him down at the 11th hour, and by 11th hour I mean on the 6th week of a 30 day escrow. No, I’m not kidding… Unfortunately things happen, I have learned from many of my own mistakes but you have to hear this story.
A couple weeks back I get a phone call while I am sitting in the Westin Bellevue in downtown Bellevue Washington. The phone call was from a Real Estate broker who was referred to me by a Real Estate agent that knew me from a few years back. Apparently a few years back I took a lender turndown and closed it for her client, and she remembered.
This Real Estate Broker was in a predicament, his loan officer from “X Mortgage” (sorry I can’t put the name here otherwise some may consider it “slander”) declined his own personal mortgage loan at the 11th hour. He had heard that I was able to work some magic for the agent that referred him to me years ago and he wanted to see if I could help. My reply was “you know, I can do some things others cannot but I can’t make you any promises”. I politely asked him to send me everything he had sent to his other loan officer and that I would be back on Monday and would review it and give him a decision.
Once back in town I took a look at the package, cross referenced it with agency guidelines to ensure that we wouldn’t have any problems and everything checked out great. I picked up the phone and let the borrower/agent know that I could do his deal, he was astonished but didn’t really believe anything until we had docs out. My team transferred the case number and we had his docs to title in about 10 days and that’s all she wrote. Another deal saved, I look like a hero, I love my job.
So why the heck is it that I can do deals others cannot? I mean seriously, it’s a very valid question. In this case it had to do with being Fannie, Freddie and Ginnie direct. We do not fund these loans and sell them to an investor like Wells, or GMAC or Flagstar who slap on a bunch of overlays! We fund these loans, sell them direct to agency (FNMA, FHLMC, GNMA) and retain the servicing rights on about 90%. This means that 90% of the loans we fund the borrowers will make their payments to us, because we have the financial capacity (currently servicing $2.7b) to do this we do NOT have to fit into someone elses box. Plain and simple, we make our own box. I was not used to this at Nova, I was used to every lender we sold to having their overlays and trying to figure out where to place a loan. Now, I dont have to deal with that, I can spend my time finding people who need my help and this has proven to be truly rewarding.
So after we get this deal closed, the agent who referred this borrower/agent to me calls and says, “hey listen, you always seem to prevail where our other lenders fail and quite frankly we don’t want to have to put our clients through the ringer, we want to start sending them to you first”. I politely and professionally accepted the compliment and the business, within the next week we had two more clients under contract. This to me is success.
-Mr. Electric Himself
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