Difficult Loan Situations
One of the most gratifying experiences I have, doing the work I do, is to help people in need purchase property despite the many obstacles that arise during a real estate transaction. Throughout my 25 years in the mortgage industry, I have cultivated the ability to navigate difficult situations to see purchase transactions close using the loans that I broker for my clients. In any real estate transaction where the buyer requires a mortgage to close on the purchase of a property, the mortgage loan is the lynch pin in the transaction.
Navigating Arbitrary Lending Guidelines
As many of you who have worked with me have heard me say, mortgage lending makes zero common sense as it is a series of seemingly arbitrary rules and guidelines that risk managers publish that the bank’s underwriter has to meet to allow the loan to fund. The underwriter’s job is to kill the loan. Banks are in the business of killing loans, not making them. My expertise is in understanding the lending guidelines, that are changing constantly, and to underwrite the loan before it goes to the bank’s underwriter. My goal is to have the underwriter do as little work as possible and to have mapped out the loan for the underwriter so all that is needed is checking my work against the supporting documents provided with the loan application.
Work With Me *Before* House Shopping!
An ideal situation for the borrower and myself is to have the borrower work with me before looking at properties and working with a realtor. By working with the borrower early in the process and completing the pre-approval underwriting process before connecting with a realtor, the borrower can know exactly how much they can offer and at what maximum price they can afford the monthly payments.
Unfortunately, with easy access to the internet, most potential home buyers start the process by looking at real estate online and connecting with a realtor.
Realistically, in the fast-paced world of purchasing real estate in highly competitive markets, I may not be presented with the borrowers’ information well ahead of the deadline to submit offers on a piece of real estate.
Fast Loan Approvals
It is common for borrowers, or their realtors, to come t