RANDOLPH, NJ- Last week, a realtor that I work with called me in a panic. Her client, who was supposed to close on a house in two days, was just informed that his mortgage was in peril of being denied. She asked me how quickly we could close if the borrower sent me all of his paperwork. I am a firm believer in the old adage, under promise and over deliver. I let her know that three weeks was realistic, however we would aim for two.
People outside of the mortgage industry cannot fathom how this could happen. How could a loan be denied a few days before the closing? I often tell people that the mortgage industry is an imperfect science. There are so many variables that go into each transaction. Those of us who have been in the mortgage business for many years know how to properly structure a mortgage application, which is the key to a successful outcome.
In my 30 years in the mortgage industry, I have seen countless scenarios. I have woken up at 3:00 A.M. on many occasions trying to figure out how to get a tricky loan approved. Each time you clear a hurdle, you store away that knowledge for the next time.
In this particular situation, the realtor’s client decided to use the son of a family friend to get his mortgage. It was a noble thought; after all, how is someone to gain experience without opportunities? He just didn’t have the knowledge to help a borrower who had a complex situation.
When it comes to something as important as getting a mortgage, it can be risky to place trust in someone who is still learning the ropes, or worse, someone who doesn’t want to learn them. I am all for the rookies who want to learn the mortgage business, especially those who want to be true professionals and operate with knowledge and integrity. They should have mentors who can help them navigate through the process.
When it comes to getting a mortgage, whether you are a consumer who is buying or refinancing, or you are a realtor who is referring one of your clients, it is important to remember, experience matters.
Leigh Bodnar is a lifelong resident of Randolph, and an RHS graduate. He is available day and evening, and throughout the weekend too. Cell phone number (201) 715-2251, email address Lbodnar@plsmtg.com. My NMLS ID is 192707.