MortgagesUndressed

Is your lender product agile? To me, this is mandatory as you pick out a lender!

My first lending job, after years as a real estate agent, was with a large bank. This one was not product agile, at least in our office. Some loan officer’s aren’t product agile, they work in a tunnel.

Product agile is having the ability to do a wide variety of loans. My first bank, was trying to only take the cream of the crop loans, they tried to persuade us to pass on the difficult, or non standard loans. That was nice in theory, but was one of the reasons I left them. They were not product agile.

A real life example: I will call him Brick. Brick had a very high credit score, near 800. Brick had a good job. Brick was getting married. This was to be an easy loan. It needed to be easy, brick was marrying a lady from out of the area. The sellers were excited to sell to these soon to be newlyweds. They let the future Mrs Brick rent the home prior to closing. The weddding reception was to be at the new house. This loan had to close. This could be a pressure situation I was in, but Bricks loan was a slam dunk.

What could go wrong here I ask you? Why did I need to be product agile?

I couldn’t think of a reason, but I did.

Brick was in the Army Reserves. Desert Storm was happening. Just before the loan was to close, Brick was called to active duty. His activation date, a week after the marriage.

So what did I have to do? First I had to disclose these material facts, as did Brick. Fraud issue. Next I had to listen to Mrs. Brick vent: what a way to start a marriage - and you better close this dang loan buddy, I am living in this house come heck or high water.

So, being product agile, and thanks to Bricks high credit score, the loan closed.

Brick had income from the reserves. It had been for more than 2 years. He was an officer. I found a nitch mortgage bank, that liked Bricks file. They used a NIQ; No Income Qualifier loan and gave Brick a pretty good rate. WHEW.

Product Agile, Great credit score, two year plus history in the reserves, and a sorta happy Brick and soon to be Mrs. Brick.

By the way, I was invited and did attend the wedding reception. It was a nice event for me, for obvious reasons.

Larry Cragun