When I first started in the mortgage business, somewhere before electricity I believe, I went to work for a mortgage company, and it was thought that we had a diverse product line because, well we had more than one product.
Consumers just didn't have many choices back then.
The clients pretty much needed to conform to the product.
Today it is evident that buyers are all different, with many different and unique needs.
While there may be many similarities, buyers in Cape Coral and Fort Myers may have different needs from those in Melbourne, and Palm Bay.
Today, once again I work for a mortgage company, and in essence here's why we are different, and better equiped to serve or clients needs, I believe.
As a mortgage company we originate, process, underwrite, and fund our own loans with the intention of selling these loans to investors, either at the closing table, or sometime after the closing.
Here's a key;
We have both a diversity of products, I'll match our product line with anyone in the industry, but also, in most cases, multiple investors offering these products.
Why is that important? you may ask.
It's important because in today's markets investors impose what are referred to as overlays on the established guidelines. Overlays are guidelines that impose rules above and beyond what might be required for a particular program, such as VA, FHA, etc.
Having multiple investors means that we can place the client into the program (investor) which most suits their needs, whether that is because they need to be able to meet a particular guideline. or need a specialized product.
In comparison, if you're dealing with your local, or national banking institution you need to meet their guidelines, and if you don't, oh well, game over, because they have no alternatives.
And as you have probably reached the same conclusion that I have this is problematic because
One size does not fit all