A "Plan B"

By
Mortgage and Lending with ClearPath Mortgage Solutions, Inc. NMLS #1394615 NMLS # 423279

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.

Posted by

    -Mortgage Consultant for Life

 

Mike Rankin, NMLS #423279
ClearPath Mortgage Solutions, Inc. NMLS #1394615
950 New Loudon Rd. Suite 231

Latham, NY 12110
Cell:  518-380-4726
Email: mike@clearpathmortgages.com

CONNECT WITH ME!

Mike Rankin does not guarantee nor is in any way responsible for the accuracy of the information provided herein, and provides said information without warranties of any kind, either expressed or implied.

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Comments (4)

Debbie Gartner
The Flooring Girl - White Plains, NY
The Flooring Girl & Blog Stylist -Dynamo Marketers

Mike - Nice save. So glad you were able to problem solve this one.

Aug 13, 2014 09:27 PM
Mike Rankin
ClearPath Mortgage Solutions, Inc. NMLS #1394615 - Albany, NY
Mortgage Consultant

Thanks, Debbie Gartner!

Aug 13, 2014 10:35 PM
Joe Petrowsky
Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709 - Manchester, CT
Your Mortgage Consultant for Life

Good morning Mike. Isn't fun to be a mortgage broker. The options that you can offer your clients cannot be matched by any bank or credit union. Your client was right, they should have started with you in the first place.

Aug 14, 2014 08:49 PM
Whitney Watson
First Heritage Mortgage - Henrico, VA

Mike Rankin, nice post again.  I call these Superman loans because I feel like I'm saving the day!

Aug 18, 2014 09:39 AM