Save The Deal Desk

Did you know about our “save the deal desk”??A few years ago, I established a “save the deal desk”. This a specific fast track, to help someone who was denied by another institution or who is in process at another institution and there seems to be no progress.?What we do is analyze and review the specifics and decide if we can help or not.?Last year, we closed 82% of the loans that were presented to us after they were denied by another institution.

Here are 4 real life stories of loans that we closed just last month.

George.?George had a mortgage balloon payment due in August. A balloon payment is unusual and today not allowed on most residential mortgages. This is when one pays a payment amortized over a long period, in this case 30 years, but the loan is due in full in a shorter time frame, in this case, 15 years; all remaining principal is due to be paid in a lump sum at this time. ?He contacted his lender and requested an extension or modification of the loan.?After 6 months it was denied.?He went to his investment banker and applied for a loan with the bank where he had his retirement funds.?After 6 weeks they said that they could not help him because his appraisal came in low and he was going to be forced to liquidate his retirement at a stiff penalty to pay off the loan.?If it was not paid off by Aug 30, he would be in default. ?He called us. We took his loan and obtained an appraisal waiver.?Based on this we were able to close the loan in record time.

Israel.?Israel is a past client who went to another lender in June for his refinance.?Israel call us right after Yom Kippur. ?He said, I was not loyal and went to another lender. The reason is, he said, because an employee of mine told me how wonderful his mortgage lender was, a young man who needed the income, so I decided to give him a shot.?What a disaster.?Its already September and I still have not closed, he has not communicated with me in over 5 weeks and I have no idea if I am closing or not.?Now, Israel, is a stellar client; excellent credit, stable income and multiple holdings and assets.?He said just get this done for me.?We took the application.?He said that he was going away for Succos, and if we can give him a complete list, which we did.?By the next morning all of Israel’s paperwork was in, his loan received our internal approval and did not require an appraisal.?Our clear to close came right after Succos, and Israel has already closed.?His application to closing was 15 days.

Ava. Ava was in contract to purchase a house.?She went on maternity leave and was told by her lender that she could not close.?What her lender did NOT know was, that you can close during maternity leave, using the full regular salary if the applicant can meet 3 specific criteria to satisfy underwriting guidelines regarding temporary loss of income, which Ava was able to.?Ava closed, while still on maternity leave.?Her realtor was so impressed that she referred us another client!

Bruce: Bruce was the non-occupying cosigner on his daughter’s mortgage loan. He was self-employed with declining income over the years.?His main source of income had not yet recovered from COVID. Although his income was enough, the decline made it ineligible.?Another lender turned them down. We used a relatively unknown guideline, using his assets as a qualification factor and Bruce now qualified. They closed on the mortgage loan, with the most competitive rates.

Why were we able to close these loans and other lenders not??The reason is simple.?We are?a mortgage bank, and all we do is mortgages.?We know our guidelines well and we don’t have any lender overlays making it more difficult for a borrower to qualify for a loan.