As a Wells Fargo Alumni, I have fond affection for my alma mater. I had spent my first 7 years of my career working for the big boys and loving every minute of it. I worked for Norwest Mortgage. Norwest bought Wells Fargo when Wells was going through bankruptcy and I stayed through the change from Norwest to Wells.
Wells was fun, but it was a big box. Their products, their rates and their way of doing business.
To this date, Wells and all of the other big boxes still provide a lot of income to me. You see, loan officers don't need to be licensed in order to originate loans. As a result, the big boxes have a lot of inexperienced loan officers working there. Because of that, I get a lot of their turn down business. The business comes from all of the loan officers at the big boxes who don't have a clue as to how to get a deal done.
We're not talking about getting the tough deal done. We're talking about how to do a basic conventional loan, a basic FHA loan. I love it when I can put a puzzle together and get a great solution for a realtor referral partner. But we're talking about basic deals that anyone can put together if they just know mortgage 101.
Recently, I had a deal that a big box couldn't get together and all they needed was to pay down a liability so that they could qualify. The other bank said that the debt to income was too high. Really?
Education! Education! Education is all that it takes. Where there's a will there's a way. They must be getting so many leads that they don't want to work except with the gravy deals. The problem is that most realtors want to have someone working hard on behalf of their client.
Get a licensed loan officer to work with you
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