2013 was an exceptional year for Transparent Mortgage and myself as a mortgage broker here in San Diego. We closed 97% of the loans we originated in 2013. This figure is something I am very proud of because credit is still tight and many loans continue to get rejected by banks and lenders. It’s a testament to the high standards of performance we hold ourselves to. In comparison, I would put the industry standard at around 70-80%.
There is nothing worse than going through the entire loan process and all the work that comes with it, only to see the lender or bank deny the loan. Adding insult to injury, the homeowner/applicant is usually out the appraisal fee. Not the case when working with me, I pay for all appraisals myself personally.
Looking back on this achievement, I believe that focusing on 3 things enabled us to have such a high success rate.
1. Only work with clients you trust. Just as it is important for me to be up-front and honest with my clients, the same is critical in return. The application itself is dependent upon the information the client provides, which given inaccurate, incomplete or misleading information, will surely lead to problems down the line.
2. Early Identifications of loans that may not be able to close. This may seem simple, but it isn’t. Many times an applicant’s profile may seem like an easy loan, but once you get into it real issues surface. The main idea here is to be able to look at a scenario from an underwriting perspective.
3. Anticipation and Details. Assuming you have a good loan to begin with, the key is to properly present it to the lender and then anticipate potential roadblocks. This requires diligence and a commitment to the details.
*This figure doesn’t include a few loans that didn’t fund due to appraisals coming in low or a buyer cancelling escrow on his/her own accord. Both of those are completely out of my control and not indicative of any failed effort on our part.
About the Author ~ Since 2003, Beau has been a mortgage professional and has successfully closed over $100 Million in mortgages. He is the Founder and Senior Mortgage Advisor at Transparent Mortgage and has worked for Luxury Mortgage, Bank of America and Impac Funding. Beau is truly committed to serving the needs of his clients and raising the industry standards for integrity and transparency.
Questions, Comments, or Personalized Rate Quote? Contact Beau today: 949.230.9358 or email@example.com