Shmuel Shayowitz (NMLS#19871) is President and Chief Lending Officer at Approved Funding, a privately held local mortgage banker and direct lender. Shmuel has over two decades of industry experience, including licenses and certifications as a certified mortgage underwriter, residential review appraiser, licensed real estate agent, and direct FHA specialized underwriter. Shmuel provides a uniquely holistic approach to comprehensive real estate and financial matters that goes well beyond any single transaction. Shmuel is an award-winning financier recognized for maximizing the short-term and long-term objectives of his client. As a contributing writer to many local and regional newspapers and publications, his insights have been featured in the media for many topics, including mortgages, personal finance, appraisals, and real estate trends.
In a competitive real estate and mortgage marketplace such as the one we are in, agents are clamoring over one another to attract clients. When one gets a ready, willing and able candidate – you jump through hoops to make sure they don’t slip away. A few weeks ago, my experience led me in the exact opposite direction that one would expect.
When going through my emails late Saturday night, I found an email from someone asking if they can set up a time to speak with me on Monday morning about an urgent mortgage matter. Apparently, they got my name from a relative (in Israel) who had a friend (in New Jersey and an avid Jewish Link reader) that I did a “miracle mortgage” for, a few weeks back. I quickly responded that I would make myself available anytime Monday at their convenience, but could also speak on Sunday, “or even now” if need be. I immediately got a reply back saying, “wow, I didn’t expect a response so soon, and certainly not on a weeknight!”
By the time we finished our 90 minute conversation on Sunday, I was completely caught up on their delicate situation. They needed to close on a home purchase in Connecticut in less than two weeks, or else! Mind you, their purchase was contingent upon the sale of their current home, and upon the start of employment in Connecticut which would not be taking place until after they moved from New York. They were working with a mortgage broker that placed the loan with a bank that was now requiring a laundry-list of documentation that they could not produce. Certainly not in the timely manner that would be required to close without consequences.
Aside from their challenges of accommodating buyers, sellers, schools, camps, working, packing, etc – they were at risk of losing their contract deposit, and at risk of losing a house that they desperately wanted – that took over 6 months to fi nd. We spoke again two times on Sunday, with emails throughout the day, and agreed to talk again after 9:00pm. I spent hours analyzing their documents, and I went through the entire file one paper at a time, underwriting the loan as if I was doing the funding. In the end, I gave them a few key suggestions on how they can restructure the loan without unraveling the simultaneous transactions. They were grateful and very appreciative of my efforts and ideas. If nothing else, it calmed them down and gave them the optimism to move forward.
On Monday I emailed them a few times, but did not hear back from them. On Tuesday I tried again, but to no avail. On Wednesday I called the husband and left a voice mail, then reached out to the wife. In a faint chocked-up voice she fi nally
told me they satisfied all but two items, but could not get past these final two requirements. She explained that they didn’t want to “bother me” knowing that I wasn’t doing the loan or being compensated for my time. They spent the last 24 hours unsuccessfully trying to raise money from wealthy friends and relatives so they could close “all cash”. I explained that as part of my services, I will always bend over backwards helping anyone with or without pay, and without any
obligations. Of course she offered to pay me as a “consultant”, to which I refused, and said I would reject anything that she would mail to me regardless.
As to her issues, I detailed exactly how she can satisfy the employment concerns, and told her to have her Attorney call me about the deposit verifi cations. By Friday morning, their loan was cleared to close! They didn’t get the best rates that
they could have had they come to me, but they got the house they wanted, in the time they needed it. I thought my interactions with them were over until I saw another email from them the following week. They wanted to know if they can refer a neighbor to me for a mortgage, who needed a competent person to handle his $599,000 refinance. Last week, their attorney referred a client to me looking for a $405,000 mortgage on a purchase. I guess at the end of the day, no good deed goes unrewarded. Sometimes.
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