He first called me in August when Novation Mortgage was still around. He found my name on the internet by search Google for "fha home loans" and called me for one reason: I was the first link on the list.
After reviewing the story I understood why he was searching. He is an H1B Visa holder with a high ranking, high paying position with a very well known company. He had been pre-approved for an FHA loan as non-occupant co-borrower on a home for his daughter who is on an H4 Visa which has been amended and she now has her EAB and her I485 is completed. In other words they are supposed to be here and the Department of Homeland Security has approved them.
Since his daughter is a full time student and has little to no part-time income but a good credit score I knew the deal would meet FHA guidelines so I told him I would be happy to take the deal. He indicated he was only contacting me as a "back-up" because he didn't have good feelings about the builder insisted mortgage company - which happened to be a local mortgage broker and not a direct lender.
The builder, it seemed, had said he would only contribute to closing costs if that particular mortgage company was used. (Forcing a home buyer to use a specific real estate service by paying for one and not paying for the other? Wake up builders, it's a new day.)
In the meanwhile we decided to refinance the caller's primary residence and lower his payment to help offset costs while his children go through a very expensive University. That, however, is another story for another day that also involves a great amount of persistence.
In December, just before the end of the year, he called me again and said the builder's mortgage company wasn't getting the job done and he needed to switch to me. So I took the application on the daughter and a new one on him, scrambled like nuts to get him and the transaction approved before the Christmas break, and succeeded. All we needed was the FHA casefile number transferred to my new company, AmericaHomeKey, so we could finish the loan.
The other mortgage company dodged us and played games about not receiving our request for the transfer. When we finally looked at it again we saw it had been transferred to a completely different mortgage company. Obviously I was not pleased and the customer had no idea what was going on. It turns out instead of releasing the casefile ID number to us as is required by law they had submitted to yet another lender without the customer's knowledge.
The builder and the mortgage broker begged and promised and pleaded to convince the customer to stay with them and, since they were a full 1/4% cheaper on rate (no idea about closing costs but I know they were making money somewhere - maybe a builder kickback?) the customer decided to go with them.
The weekend before New Years I suspended his application.
On January 23rd, just before his application "came off the books" he called me back. They couldn't get it done. He asked if there was any way I could get it closed by the end of the month. Sure! Which month? Not this one :)
In the end it was a very difficult loan to process and close. Multiple visas, multiple borrowers, multiple properties, multiple streams of income. Here is what helped it close: The borrower.
He had everything in order and got it to me within an hour every time I asked. We asked him for things that would have had the average loan applicant whining and complaining about why we ask for so much stuff. One difference? Because of his job he understands when you are loaning money there is a mitigation of risk on the front end which must be satisfied.
Relentless persistence with focused drive.
That was the motto of Novation Mortgage when we were in business and we brought it with us to the new company. We do not give up when we know the loan fits guidelines and we do what it takes to get all the evidence from the applicant to prove it. Had we not proven it in this case there would have been a home built for him with a builder holding a mortgage on it still sitting vacant today. Instead two agents were paid, the builder was paid, the daughter has her home for the next six years while she finishes her programs and everyone is happy.
It's very much a great big thank you to the AmericaHomeKey team but most of all to the home buyer.
Thank you sir for also demonstrating relentless persistence with focused drive.