Tired of extending Sales Contracts?
Disgruntled because of bait and switch interest rate and fees?
Trepid because of the surprises that pop up like a flaring zit in your teenage years?
Fed up with never getting a phone call or email back in a timely manner?
We hear you here at Sardi Mortgage, Inc. Now, while Sardi Mortgage, Inc isn't an actual operation... it is an actual human being. I breathe air. I breathe smoke (I know should quit, Mom). And I breathe what's best for anyone who takes a chance on a guy like me.
Let me tell a story and I'll try to make it brief. I read too many posts bloviating about this and that and never really saying anything. I don't desire this to be one of them.
About two months ago I had a return customer come to me with a two-fold question. The first one dealt with wanting to refinance his loan into a shorter term and lower interest rate. The second was an inquiry about his friend who wanted to buy a home but wasn't quite prepared to do it in the there and now. I'd like to concentrate on the latter, since the former is now in the books.
His friend has great credit, solid & stable income, and a rental history (with copies of canceled checks - take note renters) that is pure gold. However, they are paycheck to paycheck kind of people right now. Now, I know nobody out there reading this can identify with such, but this was their stumbling block. Because of the area they wanted to buy in, they didn't qualify for the 100% USDA Loan. Because they never served in the Armed Forces, they didn't qualify for the 100% VA Loan. So they had to come up with a down payment.
Outside of the two products mentioned in the paragraph above, 3.5% is the lowest downpayment on the streets right now. It can even be gifted from a relative. But this guy doesn't have a relative with the capacity to help him with such matters. So, he had to save it up along his way. And along his way, he was surrounded by many people who were also dealing with buying a home, refinancing a home, and inquiring about everything between. He got scared of the process and rightfully so.
I was asked a question that I'd never been asked in eight years of doing this gig. He asked me, "How can I be sure that my loan will really close? There seems to be so many horror stories out there, even if the loan does close. Can you promise me that I won't have to deal with that when I'm dealing with you?"
I had to pause at that point. Let's face it, I'm only as good as the company I work for and with. While I can do everything right on the front end, I DO have to rely on others to do the same on the back end... ensuring a smooth sail to the table where ink dries.
I answered his question. Do you want to take a guess as to how I answered it? Well, I told him I couldn't promise such things. I told him I can only promise ME and My Committment to anybody I deal with. It's a war out there. And I'm a soldier you can either hire or fire in these battles. Like a good car salesman, I should mention that I look dapper in fatigues. Like a bad car salesman, I rarely wear boots or underwear.
And it's reason #142 why I want to obtain the capital to start Sardi Mortgage, Inc. Common Sense Lending is an oxymoron these days. Oh, did I mention that the 'Inc.' doesn't stand for Incorporation, but Inclusion into the strange world of Common Sense Lending? Well, I just did.
- I loathe the HVCC - some prick from New York wanted to throw around his power and make this the rule of law. I'd take him to Judge Judy, but I'm way too busy watching Jerry Springer.
- 45 days to Settlement? Okay, that's fine. But two weeks in Underwriting is not. Especially if you are a small firm in the big picture. You either need more Underwriters or a better one.
- Regulate us all you want as to how much money we can make on a loan, just be prepared to do so consistently... and that includes your compensation, at whatever position you hold wielding such legislative powers.
- If you really want to look out for the consumer, protect them by teaching credit and home lending in their early years in High School.
- Well, there goes short and brief because I could go on for hours. Who knew??
I haven't yet been compensated by this blog. If you would like to provide such honors, email me and I will be sure to let you know where to send the eventual bounced check.
On that day that they question to hire me, watch out! Because if they don't, I will.
for the credits, click here:)
Hello Gorgeous!
The first use of the term "bloviate" on a blog, to the best of my knowledge. I'd hire you for the feat alone.
Dude....home run or grand slam?
SardiMan - You're singing to the choir and don't even get me started on the crap that REO bank sellers are putting buyers through. Buyers are getting it from both sides now.
MJ - Hola!
Slaybaugh - Apparently you haven't been watching FOX NEWS? Shame, shame, mister!!! Gosh, I hate explanation marks. I vow to someday never use them again!!!!
Bettag - Ground rule double.
Donne - So what about the crap that REO bank sellers are putting buyers through;)
Great writing Sardi! So right not to make promises that can't be kept, especially when people's dreams are on the line. We know we can count on you Jason.
I remember when my husband and I first bought a home. We were scard to death...so afraid we would not get it.
Then I think I felt that way on the 2nd, we went with a big TV company.
Then I went into real estate and learned all about the rules etc...and realized I had no reason to be afraid....banks wanted to loan us money.
Now I am back at holding my breath almost every transaction.
My journey from 1979 to 2009.
Jason...we all work hard on the hope and expectation of eventual compensation...but not the guarantee of income. I'm sure there isn't a politician out there that could survive if they had to rely on their compensation for success. These guys/ gals get paid whether they pass a bill, or even atend the vote, they are being rewarded for not doing what they were hired for.
Just popping in Mr. Jason to say I like the sound of Sardi Mortgage. Has a nice ring to it. Have yourself a fantabulous day!!
Another great point made in Sardi style with complete honesty.
I see your still going Commando on a daily basis. It's good for the environment as it cuts down on the laundry and saves water.
What a guy.
Sardi - wise response, while we may be held accountable for that which we cannot control, we can only promise for ourselves. I am with you on teaching kids in high school. Personal finance should be a mandatory class, minimum of a semester, required for graduation.
Jason: Thanks! I think we'll see the return to common sense lending although it might be a couple more years. Part of common sense lending will probably include for quite a while the idea of skin in the game. We had to have it when we bought our first house; whether it makes a difference or not I'm not sure. Again, thanks for the post. Take care.
Jason, I just popped in to AR to catch up. I'm glad to see you are still keeping everyone in line. Honestly, I hope Sardi Mortgage is a great idea. Starting my own company was so liberating. I hope you and Jennifer are doing well!
" If you really want to look out for the consumer, protect them by teaching credit and home lending in their early years in High School. "
Genius!
Dang it Jason you stole my blog! Ok not really, I could never write with the talent you do. Great customer centric blog and a great answer to that guys question. Keep it up!
Dang mang! You cut through our market conditions like the Miracle Blade III does a pineapple dirty. Like the slap in the face writing and when the dust eventually settles on this legislation frenzy, Sardi Mortgage will reign supreme.
Mike- Grazie and let's hope so:) Love the Miracle Blade II analogy!
Nevin - Thanks man. Hey, I read your stuff and you have a damn good handle on customer centric stuff. I good take some pointers from you.
Poretz - Sometimes the simple stuff is.
Diane- It's a pipe dream at this juncture, but you never know. If it ever becomes closer to reality than just a vision, I'm going to re-visit that wonderful series of posts you did.
Paul - Sadly, I think it will be a couple of years before common sense rears its head as well.
Saunders - Agreed across the board.
Cameron - I'm something aren't I;)
Back at you, Woltal!
Steve - I hear ya. It would be an interesting social exercise if everyone was compensated purely on production, at least for a hot minute.
Missy - With 30 years in this biz and your writing acumen, a book is surely an appropriate endeavor eventually.
Susan - Thank you. Now send some business my way;)
Jason, tag line at Sardi Mortgage:
No boots, no undies... just Jason Sardi
Kate - Just perfect. You're hired as my Marketing Rep!
Do I have to wear fatigues?
Using your post as my official entry in the Scavenger Hunt for Current Market Conditions! Rock On!
I think you've found the fundamental problem with current government. Instead of educating people to make appropriate decisions for their futures, we protect them. The government wasn't created to protect people from their own ignorance. Fear is a factor that keeps people in line. We've removed fear and accountability from the system, and as a by product have put peoples integrity on the fence. I don't know the solution but I'd love to put some reponsibility on the shoulders of the consumer. Another great post and well written as always.
Kate - Not required but always advocated:)
Christianne - Very cool. I'll have to check that out since I haven't heard of it before now.
David - Education can certainly help avoid mental masturbation. Thanks man.