Do What You Say Your Going To Do

I was listening to a podcast with “Ryan Serhant”- they asked him what a mortgage professional could do to win his business.  The answer was simple, “Do what you say you’re going to do. This sounds simple enough right??  I want to add to the this statement, honesty and integrity have to supersede false promises based on no research.

The mortgage industry has become very “popular”, again.  But there is a glaring statistic that I would like to state, the top earners in the mortgage industry fall within  the 40-50 year old range.  That’s my bracket!!!   ( shout out to my guys like Johnny V at Citizens bank and Brian Leibowitz at Affordable financial services, as friends in this industry that are in the top bracket)  This statistic impresses on me, when I started my career in mortgages, it was 2008 (the height of the mortgage meltdown.)  People told me, Wow that’s a tough industry to be in right now.  I nodded and said yes it is, but this is all cyclical and if I master it now at it’s most challenging, when it stabilizes I will easily adapt. ( that was my mindset then, and it remains the same now)  “Chaos creates opportunity” is a quote that someone told me when I was very young, and it stuck with me.

When I meet with clients, I tell them all the options that are available, I tell them what options they qualify for and which one I think is best for them.  I also talk about the programs that are out there, that they don’t qualify for and why they don’t. I give them the information for free and give  them a rough estimate as to what their timeline is and what obstacles we may see in the road to closing.

But I always set expectations, I work relentlessly for them and always keep them informed.  Let me illustrate –

I have a very successful client who owns a coffee chain, Jack’s Stir Brew Coffee, in NYC, he was looking to restructure some mortgage debt.  He went to his banker at Wells Fargo, the banker told him  that it was no problem, that he can do it and then Jack proceeded to wait.  Jack waited for 3 months before the banker came back and told him he can’s do it.

Jack told the story to his CFO,  who happens to know me, they set a meeting with me and I went down to Jacks Stir Brew located at the  Roxy Hotel in Tribeca.

They explained the goal of the transaction and  showed me his portfolio of real estate holdings. They asked me which is the lowest rate and easiest loan for him to close on.  I reviewed and identified the property which would be the smoothest and easiest transaction.  I told him we needed to appraise the property, show lease from his tenant and prove that he was getting rental payments.  No tax returns, no DNA 😊just cashflow and asset valuation.

Yesterday I had the pleasure of going down to his Café in the Roxy Hotel in Tribeca, 21 days after the first meeting. We met there to close his transaction.

Do what you say your going to do.” 

 

All the possibilities!!

I have been lending in the “non-qualified“ mortgage sector for about a decade – these are mortgages where we don’t verify your personal income. (non QM). I’m educated and familiar in the “agency” loans as well ( Fannie- Freddie-FHA) But I believe Non-QM and “unconventional” or Commercial lending has especially resonated with me, due to the need for “creativity”- the need to sometimes think outside of the box, or look at a scenario with a different perspective. I think this happened with me due to a few reasons.

1. I never looked at a client as a transaction it was  always as a relationship 

2. When I got into the business in 2008 the “sky” was falling due to the meltdown- so Creativity and quick thinking was a necessity or loans would die.

3. Persistence and education – I am one of the few originators that is always reading and educating themselves with all the new guidelines. I never tell a client no- I always say – not today- but this is what we can do to get you qualified 

4. Being Latino – the culture is very secular, they are very private and once they meet with you, and believe in you, they’re not bargain shopping you to save 2 dollars on a transactionLoyalty is tremendous in this culture.

Lately my 1-4 family stated income product  has been a tremendous success in the market– we have been funding so many of these, I’m glad to be able to help so many people. The ability to identify the client who is qualified for that product has been the factor that has led to so many transactions.

Let’s talk about opportunity for a minute – opportunity presents itself to those that are prepared.

Let me Illustrate –

This week I met with a National Savings and Loan institution – They are looking to pierce the 1-4 family investment property market. This was arranged by my Account Executive- the deal was they wanted to the top 4 commercial brokers in NYC – they wanted to sit with them and evaluate the potential synergy of working with 1 of them as a beta test- 

All 4 of us had to confirm to the meeting and send our gross pipeline loan amounts to be considered. 

We all did the vetting- and the day of the meeting- I drove to Manhattan, and when I arrived I was informed that the other three candidates all called in and gave various reasons why the couldn’t make it-  at this time I was sitting with the President of the company.  (All this was going on by way of text message)

We are sitting in the boardroom, myself,  the President of mortgage operations, Chief operating officer, my Account AE. The other three candidates were on a conference call, on hold. We never conferenced them in, at that point I knew they were no longer in the running. We went over intake, products, credit criteria, and closing procedures. Our meeting took 2 hours – and at the end of the meeting. He informed the other candidates ( by text message) that they didn’t qualify. I would be the only one rolling this product out.

The moral of the story is- show up– if you say your going to do something, then you do it. You don’t  only do it when it’s convenient. Integrity Matters.