I DO do this for the money...but not mine

As a mortgage loan originator, there is money to be made. Sure, we make a commission on each transaction, but what we earn is nothing compared to the money at stake for the other parties. The real money on the line is by the buyer, seller, and the agents who worked hard to put the two parties together. 

Real Actions = Real $$$$$

From the moment the offer is accepted and escrow opened money is being budgeted and spent by the buyer and seller. Buyers are paying for an appraisal, inspections, depositing thousands of dollars into escrow, and preparing their final funds by liquidating investment accounts, obtaining gift funds, or consolidating money from various accounts. Sellers are ordering HOA documents, making repairs, completing termite work, placing a deposit on their next property, ordering movers and packing materials with each party upending their current life to start anew. 

Time Is Money

Then there are the agents who have often worked for months preparing their client for the transaction spending countless hours researching, prospecting, networking, previewing, counseling, negotiating, holding broker preview and open houses, spending money on catering and advertising materials, and using their knowledge and skill to put their client in the best possible position with the ultimate goal of closing the deal for them.

The Loan Originator Role

All real estate transactions with a loan or mortgage depend on the "lender" to put the final piece of the puzzle together, and it is most often the one piece that will lead to a successful close or be responsible for its demise. For the loan originator (LO), we have worked with the buyer and their agent preparing them for a impending purchase often well before the buyer makes an offer. The mortgage loan originator creates a very intimate relationship with the buyer establishing trust through actions and our words. We request and review every financial document, credit profile, job history, and look at life changes such as separation or divorce, bankruptcy, or other event which can impact the loan. With this information a loan originator then must determine how to "put the loan together" because it is a puzzle, and everyone has a different life. 

From the initial consultation, the buyer is hanging on the loan originator's every word and recommendation and then deciding if the information provided is reasonable and trustworthy. A seasoned LO will provide the client with budgetary monthly payments and closing cost estimates which should be reasonably accurate. The LO confirms, to the best of our ability, the property meets minimum guidelines and sometimes informs the buyer about properties or locations that will not fit their scenario (and why) so they can narrow their property search. A professional LO will understand how to increase credit scores which can help a buyer qualify or reduce their rate, and they are adept at identifying potential issues which need to be addressed early on in the process then develop a plan to overcome the issue using the underwriting guidelines as the roadmap.

The Pressure Is Real

Yes....the LO feels pressure. All of the legwork leading up to the offer and acceptance better have been accurate because now everyone is looking to the lender to perform what has been promised in a prepapproval letter. Immediately upon acceptance all parties are expecting the LO to make sure the buyer meets the terms of the contract. Everyone is looking to the Contingency Removal date and expecting the buyer to sign off stating they have loan approval and a satisfactory value on the appraisal. It is basically the buyer's commitment to the deal, and the lender can only get them to that point. All of the work leading up to the buyer's offer and ultimate acceptance relies solely on the lenders ability to perform, and if they have done their job correctly everything will go as planned. If not, the buyer, seller, and agents have put a tremendous amount of effort, money, and faith on a commitment written on a short 1-2 page letter which simply says this buyer is fully capable of purchasing a home. 

I take my role and responsibility in each and every transaction seriously, but not for the money. The money earned by a LO on a loan is minimal compared to the funds on the line for the other parties. The truth is I could not sleep at night if I was responsible for a transaction falling out of escrow, or worse having to tell a buyer that unfortunately I made a mistake and they cannot purchase a home. Relationships I have built and friendships made would be destroyed if I didn't make sure my attention to detail was spot on. This is the wrong profession to be mediocre. There are more successful LO's than me. But, I measure my success by delivering on results based on my recommendation, closing every transaction I say will be closed, and ensuring that every opportunity I have to help someone buy, sell, or refinance a property is done with professionalism, attention to detail, and standing by my promise to deliver on a commitment. 

It would be my sincere privilege to assist you, and I promise to do my very best to deliver the results you expect. 

Todd Burns

JMJ Financial Group

949-547-3557

tburns@jmj.me

NMLS 254981