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Tulsa Mortgage : Podcast 143 – Part 2

Tulsa Mortgage He was getting divorced and or had recently been divorced. And then they still had a joint bank account right. And so he was moving stuff over which we knew about the divorce but he just kind of like open a new bank account the day before and one of the requirements is we verified funds of like in his case what 30 or 40 thousand dollars nothing from our rent bank. And then we have to verify at closing that he brought a check from there. That’s what the phones came from that came from a totally different bank teller just happened to be sitting at closing. We got all our closings right.

So you’re sitting at closing and looked in the folder that you had in front of him and I saw a check and I was like that bank doesn’t look familiar but I want to point something out.

Tyler knows his customer and he knows the file right. He knows he knows what. There’s a lot of loan officers that wouldn’t know who their bank is with. Because they don’t pay that much attention. And so I’m not saying that you need to like know the account number of all your client’s bank accounts but you might want to know your client know the file because he was able to head that off right at the beginning of the closing instead of them faxing off all or e-mailing off all the funding documents and then finding out oh we have a problem so we’ve worked it out and it worked. Yeah. But Tyler look fortunately not luckily but fortunately was not afraid to say hey bro I noticed that checks from some different account was going on right. Yeah. So Tulsa Mortgage.

So the magic question is you guys had to send that stuff off for funding. Why do you think you said enough the funding now. Right. You guys we’ve had this problem before where the check is not from or not sourced from the deposit.

Be verified during the underwriting process right Tulsa Mortgage.

And you’re going to. You’re going to run into problems like this it’s going to happen regardless of how much you prepare it regardless of how many conversations you have with a customer. Things like this come up they just do. There’s not really a heck of a whole lot you can do about it except just continue to be diligent in having those hard conversations with Clint because where I see loan officers that are making those mistakes is because they’re afraid to have a hard conversation with the client when the client says something they they cringe right when you cringe when somebody says something. That’s the time to speak up and say something you’re professional. You carry license for a reason. It’s like your doctor if you’re in it with your doctor and you said something that was like life threatening your but your doctor be like Bro don’t do that. You know I’m a doctor. Let me save you from killing yourself right. So we talked about that yesterday Tulsa Mortgage.

I mean it’s it’s about managing expectations. You know. Just like you said Steve if I go to the doctor and the doctor says hey you’ve got this messed up and you need to get it medically repaired. Then he’s a doctor he knows. OK.

If you’re borrowers or your borrower you know the situation you need to educate them on the situation is that I educate my borrowers on the whole process. That’s why the borrower called the other day saying frantic about the credit card because I tell them hey if you throw up. And you think I need to know about it you better pick up the phone and call me don’t change jobs. Don’t go out and buy anything. I don’t care if it’s a $3 piece of bubble gum. Don’t go buy anything we deal on once we do your loan and everything’s done. You can go spend all the money you want but until then I own you you do it my way. Right. And that way when you get to that eleventh hour and you’re going to have the borrowers there’s that percentage that you just can’t educate because you’re not intelligent enough to be educated. And they’re going to go out and they’re going to do stupid like buy $10000 with furniture on 90 days same as cash. Well I don’t have the payment. We now have a new account so that ratio that was 53 54 right on the margin that we we got the loan done is now blown because you did that and then and then they’re going to be upset with you. Right. And then you look at them say Steve. I told you don’t sneeze until it’s lowest that I had to you at the beginning did not give you this long sheet and go over each line by line by line by line Tulsa Mortgage.

And had you initial it and say this which you’ve got to do. So you paid attention to all that right.

Well and by the way brings up a good point in our document package there is a do’s and don’ts for a very good reason. So if you aren’t familiar with it get in there and do it. And then if you if you have to for a reminder to just go through that with the client it’s a great document to go through because it talks about increasing credit card balances it talks about opening up new credit. It talks about making large deposits in your checking account. And guess what. What did they get to get.

A gift to pay off debt Tulsa Mortgage.

Right. Then they need to get not just your down payment but to pay off debt. We’ve got somebody like that right now. Right. Because they don’t have a reserve requirement that their debt ratios are too high and they’re getting a gift and now their gift is going to encompass a lot of stuff.

Well not just the down payment though. Listen real quick because not a lot of people know this but this is how I bought my house and this is how those people directly are actually buying their house. But you can get a gift if your relative is the realtor on your transaction. You can use their commission for you don’t pay.

Yeah. Yup yup that’s right.

And there’s also don’t forget there’s also different state funding gifts to grants grant programs grant programs and we can talk about those in a in a later podcast. That’s all we got today about gifts and if you need more information about gifts go to get qualified dotcom and check us out and we can answer more specific questions.

Broadcasting live from the koala’s studios in Tulsa Oklahoma. You’re listening to the Steven Tyler show