Sometimes, things just go perfectly.
Today, a Realtor I hadn’t seen in quite a while stopped by the office right at noon. He told me he was in contract representing a buyer—and that his client had already been turned down by both a bank and a mortgage broker.
I glanced at the paperwork and, in about 30 seconds, said, “We can get this approved right away.”
By 2:30, we had uploaded the loan to the lender and received a DU approval (Fannie Mae Desktop Underwriter)—and no appraisal was required.
The reason this moved so fast? The Realtor had requested the full file from the previous broker, so he had everything: the application, W-2s, tax returns, pay stubs, and proof of down payment. He handed us the ratified purchase contract, and the title company quickly sent over the closing costs.
When you hang around lending long enough, this kind of thing happens.
It reminds me of a woman who was relocating to San Jose from Dallas years ago. She had gone to Wells Fargo for her mortgage and was turned down. Someone referred her to me. She had perfect credit and no debt. Her income was Social Security—but not enough to qualify.
Then she showed me her retirement account: over $3,000,000 in a 401(k).
Holy Moses—and Wells Fargo had turned her down.
We qualified her using asset depletion, converting those assets into qualifying income. That was eight years ago, and she still thanks me to this day.
Sometimes, things just go perfect. BTW Conforming Loan rate 6.125% and no loan points in case you are wondering.
