“Know What You are Good At”

“Know What You are Good At”


I referred a client recently to a bank for a construction loan, a 2.5 million dollar construction loan. Could we have done it, maybe. We currently have one construction lender that we started using, but most lenders have been out of this part of the market.


stuart miles (20)I have worked with this client many times over the last 20 years he and his wife have sent me many referrals, so do I take a shot at a big fee and possibly have the lender mess it up. No chance! I have referred many construction loans to this bank and know they do a really good job with construction lending. They have a division that does only this loan product.


I have sent clients to the bank for many years and they continue referring clients to me, as they only do vanilla loans. They send me loans on a regular basis that they can’t do, so why not send them a huge loan, they will more than make it up many times over.


I meet with at least one loan officer from the bank each month, I want them to always know what new products that I have. The bottom line, we both know what we are good at and can both prosper and be competitors, friendly competitors that is.



image courtesy of stuart miles/freedigitalphotos.net

10 Years After Being Fired

10 Years After Being Fired


Life is often strange with many twists and turns. 10 Years ago a Realtor notified me by email that even though I had done a preapproval for a client, that the client was going somewhere else for the mortgage.


I told her that is fine, but will need to follow up with the client, as my preapproval was still out there. I never got to speak to the client, but did get an email from them, telling me that the Realtor only wanted to work with the loan officer in her office. I wished them well.


What is crazy I had refinanced them a couple of years later and did a new mortgage for them two years ago.


A couple of weeks ago, I got a call from the same Realtor asking for some advice. Her broker suggested that she contact me, according to what she said. I told her sure, what can I do to help. She told me that her daughter was buying a home and the loan offer in that office was having difficulty getting the transaction completed and would I be willing to do the mortgage application? She also told me that there was a time of the essence written into the purchase agreement and they were supposed to close within two weeks. Starting a new application wasn’t going to be the answer.


I listened to the story and asked her to have the daughter call me. I spent some time listening to the issues and asked which lender was doing the loan. I asked her if it would be OK for me to contact the LO, which surprised her. I called the LO, explained who I was and why I was calling, but told him, I’d like to see the transaction completed through him, but wanted to understand what the issue or issues where. Also want to know what lender they were brokering the loan through.


As luck would have it, they are one of my lenders as well. I called my account rep, explained the story and he told me he would look into it for me. He called me back in few minutes and explained the main issue. I then called the LO back and recommended two possible solutions. This guy must of thought I was a bit crazy, but thanked me.


I then set up a conference call with the Realtor and her daughter. Explained the main issue and the suggestions for fixing the problem. I explained that starting a new application would take too long and that the existing issues were all solvable. Again, they thought I was a bit crazy. With a little help, the transaction closed almost on time.




How would you have handled this situation? 


image courtesy of stock images/freedigitalphotos.net

“The Tattoos Kept Distracting Me”

“The Tattoos Kept Distracting Me”


I was doing a mortgage application the other day, the gal sitting across from me was ONE BIG Tattoo. I kept getting distracted, as my mind was immediately attempting to figure out what some of the tattoos were. I was truly struggling and had to stop.


Master isolated images2I apologized to her for not being totally focused on the application, that I keep getting distracted by her tattoos. So, I asked her what a couple of the tattoos were, which she told me and you could absolutely tell how proud she was of the art work. She spent about a half hour telling me the history and meaning of what I asked about.


I was actually getting an appreciation of what she was saying. She was very proud of all that was done, as she had been adding tattoos for nearly 15 years. I did laugh when she said she still had some room for more tattoos, but I wasn’t going there.



Once all the conversation about tattoos was over, I quickly finished up the application. 


image courtesy of master isolated images/freedigitalphotos.net

“Article Says, Refi Boom is Officially Over”

“Article Says, Refi Boom is Officially Over”


The author must be on a different planet. The so called refi boom has been over for at least two years, if not longer in many parts of the country. That doesn’t mean that we are not doing refinance transactions every day.


There are still many homes that are upside down, that once we get to the point of having some equity, I can refinance them into a lower rate. I’m not talking about folks that had mortgages that were owned by Fannie Mae and Freddie Mac, that we were able to do a HARP mortgage. There are still lots of homeowners that have mortgages that are not owned by Fannie or Freddie and all of them have been stuck.


I am in the process of refinancing a client that has an 8.25% mortgage and even though their existing loan is relatively low, we’ll be able to save them over $600 per month. Yes, there are lots of folks out there that have existing mortgages that are 6%-7%-8% and higher.


Some areas of the country have seen very little appreciation in values, but over time between paying down their mortgages and some increases in values, a refinance has been possible, but there are still many more that haven’t been able to accomplish the goal. 


image courtesy digitalart/freedigitalphotos.net

“Bait and Switch is Alive and Well”

“Bait and Switch is Alive and Well”


I was reading an article about a fine that was assessed by the CFPB against Amerisave Mortgage Corporation and its affiliate Novo Appraisal Management Company. The fine was 19.3 million big ones.


This bait and switch stuff has been going on in the mortgage business for a long time and quite frankly the companies that play these games should be put out of business.

 Stuart Miles19

I get calls from clients that are constantly calling me, asking about mailers that talk about just crazy interest rates. A couple of different times, while they were here, I had them call to find out for themselves. I would give a list of questions that were asked and it was quickly obvious it was another bait and switch game.


We have all heard the saying, when it is too good to be true, it usually is, the problem however is some will respond. Normally it is the elderly, the overextended and folks that just don’t know better.


image courtesy of  stuart miles/freedigitalphotos.net

“Video, a Whole New World for Me”

“Video, a Whole New World for Me”


I have been working with Video guru Kyle Reyes. Kyle is an active blogger and does some outstanding video work. Kyle worked with me doing videos on two entry level homes that we just completed and are now putting on the market.


During the course of doing these two videos, we did two additional videos, one was a recent experience doing a mortgage application with a rather unique human being and an impromptu commercial for both of our business.


I can tell you I was pretty nervous, as this was my first time delving into the video world, but for sure not my last. Let me know what you think.


“Poor Listening Skills Can be Very Costly”

“Poor Listening Skills Can be Very Costly”


OK, so here is the question, does your spouse or significant other make this statement to you? “You just don’t listen”. I am guilty, fortunately I don’t make it a habit.

I am doing a mortgage application the other day and the wife kept saying “You just don’t listen” and it got to a point it got annoying. The wife wanted to put $50,000 down on the property they were buying and he said we are putting 20% down which was $47,000. Are you kidding me, if you have the money why make a big deal out of the extra $3,000?

stuart2milesAt one point, the wife excused herself to go to the bathroom. I just couldn’t help it, so I asked why he made such a big deal out the additional $3,000 down payment. He looked at me a little strange and said, “Kind of dumb wasn’t it”. Yes, it was pretty silly, I suggested he be a hero and tell her that he thought about it and that the $50,000 was probably a good idea.

Sure enough, he made the suggestion and you would have thought she had just won the lottery, she just smiled from ear to ear. I couldn’t help but think what it costs us to be right. How much does it cost all of us to be so right?

If we don’t listen within our families and extend that to workplace. How does anything get accomplished throughout this country, in Government and across the world? 


image courtesy of stuart miles/freedigitalphotos.net


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