I've been originating residential mortgage loans in California for 6 years. I've brokered a few commercial loans as well. Currently working for a residential mortgage banker. I'm here to answer your mortgage and real estate questions.

If I apply for a mortgage through you, how much can you influence the success of my application? What can I do to maximize my chances of being approved? Let's say I'm a professional gambler. And then let's also say I'm a foreigner who wants to buy a vacation property in the US.

I can influence the success of your transaction but not the application. The app is the truth and best we can do is present it in the best light to the underwriters.

You can maximize your chances of being approved by making sure you apply for the right loan for you as an individual as well as property type; as well as earning and showing a good income with the IRS and having money in the bank.

Vacation property loans for foreign nationals exist. Rates range based on the source of income and residency status of the borrower. For someone living in a foreign country and receiving income in that country, the process is easy. For someone undocumented, almost impossible.

Gambling winnings are fine but if you want to maximize your chances with your loan app I suggest registering a business and taking income as a self employed business owner rather than professional gambler.


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Are you the one that checks the actual details for accuracy or are you just like a clerk/transcriber who writes down what people say, and someone else does the checking?

I'm the one that finds new borrowers for my lender, structures loans for borrowers, and quotes rates/fees/payments. My processor does the paperwork and checks details for accuracy.

It isn't an environment you might be envisioning that's a call center or a branch that people walk into. I'm in a private office on one of the top floors. We don't do mass advertising.

How's business for you guys these days? Imagine a successful B2B sales guy... should he try to get your job?

Business is plentiful. Yes, he should try to get my job... but only if he can get a successful mentor.

What are your prospects for keeping your job in the next recession?
What percentage of people who come in end up getting a loan?
What do you think of the property market in California?

My prospects for keeping my job in the next recession are 100%. Basically, when another recession happens, rates will drop again. That means I can contact everyone I did a purchase loan for and refinance them into lower rate loans.

Once someone comes in, they're very serious about it, so I would say 80% of the people end up getting a loan within various time-frames.

Property market in California is tough for buyers. There's a shortage of inventory and costs of construction are high. Property values will continue to climb.

I just came to a signed agreement on a place. The price is on the high end of the comps. It is in a pretty hot market. I am curious what percentage of loans fail because the appraisal is too low in your experience.

Congrats!

I haven’t had that happen too often. My market is high in activity so it’s easy for real estate agents to price a home right. Maybe once in my career, but can’t remember to be honest.


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What's the lowest mortgage amount that is financially viable to loan given Dodd Frank and other regulations?

I don’t know, banks write mortgages for small amounts and still make money. My lowest loan amount was $150K.


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Would making a lateral job change to another state affect my chance of getting approved for a mortgage?

In general, lenders need their borrowers to have two or more years of experience in the industry (same or similar position) and be with the same employer for 6 or more months. Moving from one state to another doesn’t affect that.


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How accurate are online pre-qualification calculators?

The output of those calculators is as good as the input. So the person entering data has to enter accurate numbers. In addition, what those calculators don't do is run a check against mortgage guidelines. Given those things, I would say online calculators are 50% accurate for most people.

Are you a homeowner or a renter? And why.

Do you ever deal with illegals or undesirables?
Can illegals get a loan?
What's the weirdest profession you've ever had ask for a loan?
Ever had falsified documents?

I own a condo. Would rather have a house but at the time I didn't have a big enough down-payment for a house. Prices are high around my area. Equity gain is my reason to own.

I do get real estate agents ask me about loans for illegals every once in a while and have to turn them down. How do you define "undesirables"?

Not from me. There are illegal ways I can imagine they can get loans, but I won't be discussing them here.

Uber driver probably. Haven't had weird applicants.

Yes, a third-party notary, that my old employer hired, faked a signature of a borrower's father on a trust deed, to speed things up (father lives in another state). Little did she know that the borrower's wife and father are both attorneys, and that pissed them off really badly. They filed charges. I'm not sure what happened to that notary.

What state are you based in? CA?

lol, this reads like the big short scene

hint, take a look what happened to rates in the late 70s and early 80s

CA


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