Loan Lessons From My 3-Month Old Daughter

Mortgage and Lending with Guaranteed Rate NMLS# 2611 NMLS #208860

Chloe If mortgage truth can be found in the sprawling vastness of Internet and tucked away in the blurbs of the Bradenton Herald, then surely it can be discovered in the life of my little daughter, Chloe Sky.  I suppose the "experts" would tell you that you need to be intimately acquainted with mortgage backed security trading to know which way rates are going to go, you must study the new MDIA and HVCC guidelines to predict turn times, and you have to be familiar with your 19 different lenders to understand whether or not you can write a loan on a manufactured home in the middle of a giant iceberg.  But the truth is, all that matters is sleep, milk, and attention.

Follow me for a second.  Abraham Maslow, in his 1943 paper entitled, A Theory of Human Motivation, basically ranked our needs as a human.  We will always revert back to curing deficiencies in our lives at the most basic level, starting with physiological needs.  If the needs of the body aren't met, then we can't pursue more intangible needs like love, truth, security, and self-esteem.  My little girl needs food, and if she doesn't get it, the alarm goes off and she responds (usually about 3 AM).  Once she gets those needs met, a peaceful bliss settles throughout our household.  Smiles galore.

So how do we make our clients smile?  Meet their needs.  They could care less about the 50-day moving average and how long their appraisal is going to take.  They are looking for shelter.  4000 square feet of it in some cases, but shelter none the less.  And if we can create a way for them to get this or stay in this home, we are going be successful.  We are the ultimate pacifier in how we handle the process and the information we provide our clients.  Our words and e-mails are binkies and blankies.

So despite the Taylor, Bean, and Whitaker disaster, slow turn times, narrow-minded underwriters, teaser rates on every Internet pop-up ad, chameleon guidelines, whacked appraisals, and the rest of the chaos we are in the midst of, we can create peace and treat people with respect and attention.  I'm drifting off to sleep just thinking about it.  Time for some coffee.

Comments (8)

Home Loan Search.Online
Home Loan Search Online - Newnan, GA

Your daughter is precious. Mine is now almost seven months old. I can definately see your point that we need to treat everyone with respect in dealing with the process. 

Aug 11, 2009 02:40 AM
Mike Tullio
Guaranteed Rate NMLS# 2611 - Sarasota, FL
VP of Mortgage Lending

Thanks for the comment Darrell!  Sometimes we knuckleheaded, get-it-done, men need a reminder to be more empathetic.  Wives help with that area as well, but I can tell my daughter is going to be a true adventure.  Congrats on your little one as well!

Aug 11, 2009 02:53 AM
Jackie -
770.498.7333 - Atlanta, GA
Learn to leverage technology to get more done.

Mike - Wow, it's been a long time since I've read one of your posts. Congratulations, your daughter is precious! I agree with everything in your article except for the phrase "narrow minded underwriters." Some of my best friends are underwriters - LOL!

Aug 11, 2009 07:33 AM
Mike Tullio
Guaranteed Rate NMLS# 2611 - Sarasota, FL
VP of Mortgage Lending

Hey Jackie!  Great to hear from you and hope all is well!  Hey, my Ops Manager is an underwriter as well, so I am right there with you.  With so much turnover in the industry though, I am dealing with a lot of "new" U/W who are afraid to put their name on anything that even seems risky, even if it makes sense and is within guidelines.  They are scared and confused as they say in the TV ads for 1-800-ASK-GARY.  Wish they would dial 1-800-DO-A-LOAN instead!

Aug 11, 2009 01:09 PM
Tom Champion
New York, NY

Mike you hit the nail on the head.  Buyers need simple, truthful and accurate information as well as the same to their questions.    

Real Estate professionals forget buyers only go through the home purchasing process maybe 3 times in their adult life. The process becomes less fearful each time they purchase however they still live with the fear until closing/escrow.  On the other hand a Realtor, Originator or Escrow Agent will handle three transactions a week or in some cases a day. It's a process for the Real Estate professional verse an emotional roll coaster for the buyer.

Your daughter is teaching you well, stop and listen to my needs then provide me with the solution.  Your clients are just like your daughter, different needs.   

As an Originator for 20 years the best advice I got from a trainer was to listen twice as long to my clients than I talked.  My first question to a client purchasing or refinance was, "If we look at this transaction 30 days after closing what do you want to see".  The answer will define their needs.

Nice post, tell your daughter to keep up the good work in your education.           

Aug 17, 2009 02:23 AM
Mike Tullio
Guaranteed Rate NMLS# 2611 - Sarasota, FL
VP of Mortgage Lending

Good morning Tom!  Such a value-added response; I truly appreciate the feedback and I really like the last point about listening and asking the right questions.  Especially the post-30 days idea.  I can implement that right away.  Keep telling the truth and thanks again for the post.

Aug 17, 2009 02:33 AM
Tom Champion
New York, NY

Mike thank you for the kind comments, if you have interest in using the first question there are several after to get all the information you need to have a client for life while calming the fear factor. 

I left mortgage lending at the end of 2007 and now work for Rate Link, MBS data provider since 1994.  My toll free number is 866 653-9831 if you want my addtional comments.    

Aug 17, 2009 03:55 AM
Jim Skal
Victorian Finance, LLC - Pittsburgh, PA

Hey Pal,

Congrats on your daughter!  Glad to see you are still spinning a phrase or two...turning a know what I mean?  Frankly, I am in awe of those who can keep producing relevant stuff to read!  Good job mate!

Sep 18, 2009 06:22 AM