Good Morning, Tom! Hey, thanks for the vote of confidence! All of the experienced Loan Officers that I regularly work with really appreciate the "pre-screening" that I do for my clients. Yes, I really DO have the time when it comes to giving my clients the best service. Any real estate agent in town can give them a phone number to call to speak with a knowlegable loan officer such as yourself. But very few have the skills or take the time to show them how to raise their credit scores to a level so they won't be rejected by your process. Many of the people I get to speak with have a marginal FICO score, and we both know they don't need another inquiry on their record. And many of them as well don't have all the cash that an Underwriter will require for the down payment and reserves. There are some creative ways to package that sort of borrower, and if YOU did it, it would be called mortgage fraud. So we both know you can't offer that kind of advice.
I even had one couple who came to me with all the above problems, AND lack of income required to qualify for an appropriate loan amount. The wife figured out the lending guidelines immediately, (with a little coaching), and got a temporary job just to get the loan approved. She used one of my tricks to produce a bank statement showing enough cash in reserve, and got the loan to buy the house that she wanted for her family!! ..And after they moved in, she was promoted to manager on her job, and kept it, too!
Some couples are ready to call a loan officer and get pre-qualified for the underwriting process. But many are not, and they appreciate the assistance of a knowledgable Realtor. I get some good referrals that way! Do you ever reject any applicants, or do you approve them all? What percentage of the people who first apply to you get turned down? Maybe your office is different than all the other FNMA-guideline lenders out there. But, hey, send me your contact info, and maybe I can send some borrowers your way. I'm sure you wouldn't mind having them pre-screened, would you?
Have a nice weekend!
ULTRA Real Estate Services