Here are some of our tougher deals that fell out at other lenders:
1) A purchase involving comingled gift funds that cannot be sourced. The entire down payment of “gift funds” is sprinkled among a myriad of accounts.
2) A purchase involving a huge employment gap that cannot be explained.
3) A purchase involving a buyer who just had a short sale, but who is now buying a “FLIP” (property that was purchased by the seller less than 90 days ago).
We closed all of the above transactions because we are adept at dancing around such issues, but this leads to my broader point.
While attending various Mortgage Bankers Association Conventions throughout the years, I have realized that all of the leaders of the big banks and mortgage lenders have been out of the trenches for way too long to understand what is going on in today’s environment.
All of them talked about gaining more market share and funding more loans, but none of them talked about the higher caliber of people (smarter) required to close loans in today’s arena. Some of the large banks are utterly clueless. As a result, they continue to hire loan officers and staff who can close the easy deals, but they will never be able to close the tough deals.
We still want the easy deals too (because we are faster and our rates our lower), but we want ALL of your deals because we are the only company that knows what it takes to close the tough deals.
Founder/Broker | JVM Lending
(855) 855-4491 | DRE# 01524255, NMLS# 335646