It's back to the basics for me the past few months. I am out calling on agents again and I am lovin it. You see, times have changed. The very same agents who wouldn't give me the time of day in the past now inviting me to have a seat and chat. And that is just what I am doing. You see, I am finding out the agents with staying power, the ones that are "lifers", appear to be like a sponge just longing to learn about the products available in today's market and truly understand the mortgage lending business. This is a wonderful thing for me because these agents will always be on the same page as me and it will ensure we work together instead of against each other.
I called on a particular office today and met with an agent who seemed like a seasoned vet. I asked how business was and he seemed a bit bitter, which is totally understandable.... I suppose..... I went on to tell him my mortgage shop was actually having a really good month and purchase business was heating up. Then I asked him if he understood the USDA loans. He quickly told me he doesn't do those bad loans. He said they were the loans that got us into this mess.....
I tried another approach. I asked if he did Veterans loans. He told me he would not put a client in a car if they didn't have any money to put down. He said that is what caused this whole mortgage mess.
I suppose in some convoluted way I guess he had a point. But explain this - If I can take someone who is renting and turn them into a homeowner with no money out of their pocket AND a monthly payment the same as rent - well, to me that is a BENEFIT to the borrower. Sure the whacky 100% No Doc loans went way overboard, but those traditional 100%'ers have been around forever.
I am interested to see everyones comments on this topic.......
Maryland Mortgage Expert
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MORTGAGE ADVICE - PROBLEM SOLVER
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"I am not in the mortgage business - I am a highly skilled mortgage banker who is in the customer service business."