March 20, 2013

Why I am in this business … and as a mortgage broker and not constrained working for a mortgage bank or banker…  And why an iron is a necessary tool!

IronOur iron went crazy at 3 o’clock this morning sounding like an alarm clock.  Stumbling around in the dark and yanking the plug from the wall to get it to stop – oddly enough it made me think of an analogy to what we do to get loan files done for clients … Got to smooth out the wrinkles!

Jimmy wants to buy a house … he has less than perfect credit; had some changes in his family situation over the past few years; is self-employed; is not as careful about separating business and his personal affairs any more. That being said, he is a genuinely nice guy and wants to buy a house. A major bank with a red white and blue logo turned down his loan because the loan officer did not understand his self-employment and that he could use C-Corporation income to qualify.   Being a CPA it was straightforward for me to outline the income properly. Gathering the documentation to help explain all of the other wrinkles simply took patience. Did I mention he had a late payment on his mortgage in July? Another wrinkle that I was able to solve because as a mortgage broker I have access to 15 – 20 lenders! I found one (and only 1) that would follow Fannie Mae guidelines and not have investor overlays – they will allow this oversight that occurred while his family was moving. There is a way to go still and I am just submitting his loan – but I am excited it is a possibility now that we have the wrinkles straightened out …  Signet Mortgage has remained independent as a mortgage broker to maintain the flexibility to work with many lenders that benefit clients in pricing and simply in getting their deal done. Finding solutions for clients is why I am in this business! It is a great deal of fun! I need a new iron.

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