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.
I seriously debated writing this article because it’s not something you would typically hear from a business professional. From a young age, most of us are taught the importance of working hard, making money, and hustling as much as we can to be prosperous. Don’t get me wrong, I do work hard and try to be successful at everything I do. My guiding-light, however, is undoubtedly different than most other real estate and mortgage professionals. Here is a glimpse into my perspective on “bad outcomes.”
The application moved quickly, and my client was very diligent in getting us most of what was requested to get the process started. There were many inconsistencies with his income documentation, and it was hard to decipher from what was provided exactly what his employment situation was. It remained hard to reach him from that point on, and most of the communication was with his wife, who didn’t have much to provide. The $250 monthly savings would mean a lot to them, so we did the best we could with what we had. We took it upon ourselves to string together the remaining documentation to get them approved for their refinance before the lock-in expired. It was even a challenge to get the final basic documentation we needed to get the loan cleared for closing, but we finally did. I received an email from him asking me to call. When we finally connected, he told me that he was relocating for work and no longer wanted to refinance. My immediate reaction was, “This, too, is for the very best.”
It was after 10 pm when I got a text from a Realtor asking me if I was able to speak. He wanted to know how long it would take me to close on a new home purchase in this environment. It wasn’t just a quick turnaround that they needed, but there was also an issue with the appraisal. The other mortgage company they were working with had a problem getting the value to support the purchase price. They were scrambling because they needed to close in less than two weeks. They also wanted me to match – but preferably “beat” – the offer they were getting at the other mortgage company, which I did. I had to drop everything and prioritize this deal. A week later, we had a satisfactory appraisal with the proper value in hand, and the mortgage commitment was issued. Mission accomplished, or so I thought. After celebrating the quick approval, there is radio silence for the next few days. One day I received an apologetic text from him saying that the other mortgage company “was now able to do the deal,” and they felt obligated to use the original company. I asked if they were using my appraisal, but I never received a reply. This, too, is for the very best.
These are but two recent stories that happen almost daily. As funny as it sounds, I frequently have in-depth conversations with my employees to reinforce the principle that “nothing is for naught.” I take the burden of responsibility upon myself that I am a messenger and advocate for my client. Sometimes that ends favorably for me, and sometimes it does not. Regardless, I never miss an opportunity to remind myself that this, too, is for the very best, regardless of my circumstance. It is the driving force that makes me work hard for my client’s benefit, regardless of the outcome.
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