How important are Plan B's to you?
In the last week I was referred 4 borrower’s that were turned down by their local bank, credit union, or mortgage banker. One specifically was Carl. Carl was turned down the day before closing because he missed a late payment on his credit card and his credit score dropped below 640, which was their minimum required credit score. He was in a panic. He had already paid for appraisal and inspections and his lease was not renewed on his apartment where his family lived.
His Realtor gave me a call and explained the situation. Thankfully, as a broker, we had just the right bank for his loan. Believe it or not, he got the same exact rate and a credit of $200 off his closing costs that the first lender wasn’t providing. In addition, there were judgment/tax liens reporting on his credit report that were not his, but his father’s whom was the senior and himself the Jr. The first lender had documentation about these, but failed to help the borrower remove them from his credit report. Had these errors been corrected 3 months ago when the borrower first started the process, his credit score wouldn’t have decreased enough to make the loan get declined. I have already submitted the documentation to the credit bureaus and expect an updated credit report with the next few business days. The client stated that he wished he had started with me from the beginning.
Take care of your clients.
Go above and beyond.
In the restaurant world we called it “Wow’ing” your guest. Sometimes that looked like going down the street and buying a 2 liter of Pepsi because your restaurant only served Coke and your guest wanted Pepsi.
Make sure you have a back-up lender so that when a deal falls apart, it isn’t dead, just needs to get mended back together.
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