I was at the NAMB conference for Mortgage Professionals this past weekend in Las Vegas and in between sessions, I stopped in for a quick bite at The Burger Bar at Mandalay Place (great sweet potato fries!). I sat at the bar and had an interesting conversation with the gentleman who sat to my right. We quickly identified that we were both in town for professional conferences. He lives in Maryland and is a consultant for government affairs. Part of his duties include auditing banks, and as such he is limited to where he can choose to make mortgage loan application as there can be no appearance of influence.
He began sharing with me his current saga in dealing with one of the big three. I of course, was fascinated to hear about the challenges he is facing. He selected this particular lender because he is cost driven. He had initially approached his former mortgage banker with whom his prior transactions had gone smoothly – including construction financing – but decided not to proceed with him on this new loan because he was able to “secure” financing at a .125% reduction with one of the big three. He quickly told me how his credit score is over 780, its a jumbo loan, both he and his wife are employed and how he expected the process to go smoothly.