We have been providing 203k consultations since 1994 throughout Northern CA and in 1995 trained a large group of consultants in the Los Angeles CA area. There were 33 in that class. At the end of the class I got everyone's attention with "only 10% of you will actually take this knowledge and move forward with it and actually become a 203k consultant". Three people came up to me at that meeting and said "I'm part of the 10%". They all became consultants and to this day I have them among a group I call my close friends. I'm very proud of the relationships we have made in that area and the on going communications we have with these consultants. I typically talk to them about once each month or two and have since 1995.
The other day I received a call from a lender who was in a bind to get a 203k consultant in a hurry in the Los Angeles area who told me he had called all of the consultants in the area and many had fallen off the chart, the phone numbers were no longer good, and they needed to nail down an appointment. This was about 6 pm by the way and most working people had already gone home for the day... I was able to get one of these guys on the phone after 6 pm and set that appointment up, then call my lender friend back all within ten minutes of the request with the appointment set and when I told him the name of that consultant, he indicated he used that guy as an appraiser for many years and didn't know he was also a 203k consultant and had taken, his 203k training from our company back in 1995. Small world sometimes. In any case they were set up with their emergency handles and that is what "teamwork" is all about.
This particular lender wants their 203k consultant's using our 203k software for consultants as well as a few other lenders now, because it puts out everything they need so when it is added to the 203b paperwork they have a complete package ready to go underwriting. This is also very important when it gets to the underwriting department they know they have all the components and instead of spending that first few minutes verifying the parts are all there they can get right into the underwriting and look at the content. This is a big advantage to lenders who do allot of 203k to know in advance they will have all their forms needed to underwrite this loan. We call it our "Lender Advantage Program".
If you have a favorite home inspector or contractor that says work is slow, then they need to learn about the 203k loan program as it can be YOUR biggest source of sales for the next few years and YOU should be working with someone you already know and trust to get your work out the door. Of course if you are in our service areas we'll see that happens for you but this past week we have had calls that caused me to drive six hours each way to get the job done for one of my clients... there is no way I can make money at that but we get them done while we train a local person in that area for future. Your client is our biggest asset so we take care to get help you get your first and your next 203k closed fast so you have a great experience to share with others. I saw one of them on Monday and we sent out the first draft on Thursday, and the final report went to the lender on Friday. This is pretty typical. We suggest you let us work and expect the report back to the lender in about one week normally. That way we can send it in a couple days earlier in many cases but it keeps the inquiry calls down to a minimum which is really a big help. If everyone is calling to see "how is my project coming along" then they are actually delaying the project as if everyone did that there won't be any time left to actually write the report. Be kind to your 203k consultant... it will pay off.
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