Ingredients for SUCCESS - A Puppy, Documentation, and a Mortgage

Mortgage and Lending with NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656 IL Lic 031.0006220/WI


Ingredients for SUCCESS -

A Puppy, Documentation, and a Mortgage 


Mortgage financing is a "people business" ...


Because of that, human emotions, reactions, and life itself are on full and glorious display throughout the life of a mortgage transaction. 


And surprises ... especially when young, first-time home buyers are involved ... sometimes occur.


An Originator's life is never dull ...


Experience has taught me:  No matter how long I've been in the mortgage business (and I have 40 years under my belt),  I can still encounter "firsts", "never befores" and outright surprises while assisting my clients and referral partners.  

A transaction I had this last spring proved that point by containing ALL of the elements mentioned above ... plus a few more.  

My eager client:

  • Was a young home buyer
  • A first-time home buyer
  • Had credit deficiencies
  • Had a limited down payment
  • Possibly needed Gift Monies 
  • Faced a few other "challenges"


From our first conversation together, I'd fully understood:  There were going to be some unique elements at play in this borrower's transaction.  One by one we addressed the unique issues at hand.


We started with their credit deficiencies and then moved on to their down payment challenges.  Upon conquering both, we tackled Pre-Approval, then actual Mortgage Application, after a Contract for purchase was obtained.  


During the processing of the mortgage, we had to verify that the client's Earnest Money Check had cleared their bank checking account.  To successfully accomplish that, I needed a print-out of their account statements.


Proof of the Earnest Money Check having cleared the account was verified in the statement I received.  But that statement revealed something else too.


A deposit had recently been made to the account in the amount of $3,000.  I knew that the size of that deposit was going to raise questions in Mortgage  Underwriting so we'd have to explain and document it.


The client and I had discussed the possibility of their utilizing Gift Monies as a portion of their borrower's funds during earlier conversations.  So I asked if the deposit in question represented a deposit of a Gift?  The borrower answered ...


"Nope!  It's from the sale of a puppy".  I can only imagine the look on my face. 


Now, as I learned, English Bulldog puppies are quite valuable (as are other purebreds).  My borrower stated that he could produce a "Dog Bill of Sale" and documentation to prove that important fact. 


That documentation would be in the form of a "Certified Pedigree Form", stating the puppies' parents' names and their sires and dames.  The borrower would also provide 4 online "comparables" relating to sales of similar English Bulldog puppies via a legitimate breeding business.


Now as a Mortgage Originator that was also a real estate appraiser for many years, I've got to tell you, I appreciated and respected the offer of "comparables".  Especially those with all sales having taken place within the prior 6 months and showing a price variance of less than 10% (up or down).


Pretty darn impressive!


All the info and supporting documentation proved crucial to my borrower.  Because of it, they erased any need for Gift Monies to complete their transaction and financing.


The documentation they presented to Mortgage Underwriting was so complete and convincing that the Underwriter was fully-satisfied with the "DDD".  (During the processing of this loan, the comparables became known in our office as the "DDD", the "Dog Deposit Documentation".  An attempt at a little mortgage humor, I guess.


But seriously, producing that documentation?  It had a very positive effect on this borrower's transaction.  A puppy + documentation + a mortgage truly can equal success!  This borrower's mortgage received Approval and their transaction successfully Closed.


Remember my mentioning "surprises", "firsts", and "never befores" above?  This borrower and transaction fulfilled them all.


Plus, I learned a whole lot about English Bulldogs ...

In New Lenox, the greater Chicagoland area, Illinois, or Wisconsin, contact me with your questions ...

I'll put my 40 years of Mortgage experience and expertise hard to work on your behalf.  I'm easily found at:
Gene Mundt
Mortgage Originator - NMLS #216987 - IL Lic. #031.0006220 - WI License 216987
American Portfolio Mortgage Corp.
NMLS #175656
Direct: 815.524.2280
Cell or Text: 708.921.6331
eFax: 815.524.2281
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Gene Mundt

 Mortgage Originator  -  NMLS #216987    

                                 IL Lic. #031.0006220  -  WI License #216987                                                                                                    

NMLS #175656


Gene Mundt, Mortgage Originator,  40+ years of #mortgage experience, will offer you exemplary mortgage service and advice when seeking:  #Conventional, #FHA, #VA, #Jumbo, #USDA, and Portfolio Loans in #Chicago and the greater Chicagoland region, including:  The #Lincoln-Way Area, #Will County, (#New Lenox, #Frankfort, #Mokena, #Manhattan, #Joliet, #Shorewood, #Crest Hill, #Plainfield, #Bolingbrook, #Romeoville, #Naperville, #Wilmington, #Peotone, etc.), #DuPage County, the City of Chicago, #Cook County, and elsewhere within IL and Wisconsin. 


Your Referrals & Testimonials are Always Greatly Appreciated! 


Email Me .. to be added to my Mortgage & Real Estate Newsletter


Re-Blogged 2 times:

Re-Blogged By Re-Blogged At
  1. Debbie Reynolds 11/03/2017 02:00 PM
  2. Roy Kelley 01/16/2018 01:00 AM
Lending / Financial
Illinois Will County New Lenox
Home & Credit Savvy
First Time Homebuyer
buying a home
mortgage advice
mortgage processing
mortgage underwriting
underwriting rules and regulations

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Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of Manchester NH's Leading Agents

I have not had proceeds from the sale of a puppy, but did have sale of "rare art work" which they used. Dont ask who they sold it to as i learned after they closed Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi 

Oct 28, 2017 02:21 PM #20
Kathleen Daniels
KD Realty - 408.972.1822 - San Jose, CA
San Jose Homes for Sale-Probate & Trust Specialist

Gene, This is such a fun story.  And it certainly illustrates what it takes to get a mortgage approved and the documentation needed when one sells a puppy.

Oct 28, 2017 03:34 PM #21
Marney Kirk
Cummings & Co. Realtors - Towson, MD
Towson, Maryland Real Estate

Too funny, Gene, I just learned about how expensive English Bulldogs are today. I was well educated by someone in the locally-owned hardware store -  I had NO idea how much their pedigree mattered and factored into the cost! Amazing! Glad they had all that documentation for the loan.

Oct 28, 2017 05:35 PM #22
Marte Cliff
Marte Cliff Copywriting - Priest River, ID
your real estate writer

Wow - $3,000 for a puppy. I guess pedigree does matter to some people, but I still think the very best dogs are mutts.

That said, we'd like another Airdale (or Airdale mix), and I'm finding that they're priced at about $1,000 - and so far we haven't found one for sale within a day's drive of home.

Oct 28, 2017 10:22 PM #23
Corey Martin
Martin Presence Group - Ruston, LA
Real Estate and Management Solutions

Such an interesting recountment! I had no idea English Bulldogs were so valuable! Thanks for sharing!

Oct 29, 2017 11:56 AM #24
Dörte Engel
RE/MAX Leading Edge - Bowie, MD
ABC - Annapolis, Bowie, Crofton & rest of Maryland

Dear Gene,

Could not say, I have had this situation before. Always something new in this business, no?

Oct 29, 2017 06:15 PM #25
M.C. Dwyer
Century 21 Showcase REALTORs - Felton, CA
Santa Cruz Mountains Property Specialist

You had me at "puppy."    Adorable story.    Thanks for taking the time to share it.    

Oct 30, 2017 07:42 AM #26
Mike Carlier
Lakeville, MN
More opinions than you want to hear about.

Regarding price of English Bulldog pups, I think it has something to do with the difficulty in producing healthy pups of that breed. There is higher than average risk to the mother, and caesarean section births are almost always necessary.  That translates to pretty high cost to produce a litter.

Oct 30, 2017 10:28 AM #27
Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi
NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656 - New Lenox, IL
708.921.6331 - 40+ yrs experience

And the education regarding Bulldog pups continues, Mike Carlier .. thank you for sharing your knowledge with us.  And yes, I can see where that would drive the price up on these pups. 

The things you can learn on ActiveRain!


Oct 30, 2017 12:02 PM #28
Lou Ludwig
Ludwig & Associates - Boca Raton, FL
Designations Earned CRB, CRS, CIPS, GRI, SRES, TRC


A creative title for your post . . . .  a real attention getter.

Good luck and success.

Lou Ludwig

Oct 30, 2017 08:03 PM #29
Lou Ludwig
Ludwig & Associates - Boca Raton, FL
Designations Earned CRB, CRS, CIPS, GRI, SRES, TRC


Congratulations on the gold star feature for an outstanding post.

Good luck and success.

Lou Ludwig

Oct 30, 2017 08:05 PM #30
Grant Schneider
Performance Development Strategies - Armonk, NY
Your Coach Helping You Create Successful Outcomes

Good Morning George -OMG, you really can not make up something like this!  But you got solid proof and alls well that ends well.


Oct 31, 2017 05:03 AM #31
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

That's quite the tale (no pun intended), Gene.  This would have been a new one for me as well.

Oct 31, 2017 07:39 AM #32
Yolanda Cordova-Gilbert
Sitterle Homes - Richmond, TX
Sitterle Homes


 COngrats on the feature and I love the story of the puppy! Great blog! Have a Happy Halloween!

Oct 31, 2017 02:48 PM #33
Debbie Reynolds
Platinum Properties - Clarksville, TN
Your Dedicated Clarksville TN Real Estate Agent

Oh, what a story, Gene and though I have seen a lot of things, I have not seen or heard of that one.

Nov 02, 2017 09:16 PM #34
Silvia Dukes PA, Broker Associate, CRS, CIPS, SRES
Tropic Shores Realty - Ich spreche Deutsch! - Spring Hill, FL
Florida Waterfront and Country Club Living

Gene, anything that involves puppies has to end well and your  story is proof!

Nov 03, 2017 05:43 PM #35
Roy Kelley
Realty Group Referrals - Gaithersburg, MD
Roy and Dolores Kelley Photographs

Thank you very much for sharing this story.

Congratulations on your feature recognition.

Nov 04, 2017 07:46 AM #36
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

I love the story. I had no idea any breed of dog can beso expensive. If I  were to get a puppy I would get a rescued one from a shelter. 

Nov 08, 2017 01:09 PM #37
Sally K. & David L. Hanson
EXP Realty 414-525-0563 - Brookfield, WI
WI Realtors - Luxury - Divorce

Doggy deposits can cause suspicion...Detective Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi  knows how best to navigate them thru underwriting !

Jan 16, 2018 02:27 AM #38
Faye Y. Taylor
StepStone Realty, LLC - Floresville, TX
Homes for Sale Floresville, La Vernia & San Antoni

Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi 

Love it.  DDD what a name.  Had no idea English bulldogs were so expensive.  You never know what a deposit is going to bring to light.  I had a loan officer tell that a young couple on a tight budget lost a loan because they deposited $300 they got from a yard sale and couldn't prove where they got the funds.  Go figure.  My worst was a young 23 year old couple whose grandfather gave them $50 for a housewarming gift before they closed and they had to get a letter from GP to proof those funds.  I couldn't believe it when it happened.  Some mortgage company made my buyer proof $10k from a boat sale.  He said to me at closing "guess I should have waited to deposit that money."   Yep I agreed.

Feb 14, 2018 06:39 PM #39
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Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi

708.921.6331 - 40+ yrs experience
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