Emile Farge – GateOpener nfoMinute

“Will I qualify and actually GET the loan I’m wanting” is a frequent logical question by a buyer, and the answer pivots off the concept of “compliance.” “Will we get the approval in time to fulfill the financial contingency period” is a realtor question, and the response also depends on compliance.  A loan goes so much smoother when all of us work to produce the needed documents at First call, rather than pretending that we can sort of “finesse” a few required documents.  Compliance for credit is a certain score, history and correct explanation of past problems. To say “that Macy’s bill was not mine” works when I shoe the documents to substantiate it.  John had a $4500 deposit NOT from his job and finally admitted it was a gift from his mom (so there are appropriate docs to submit).  Buyers want assurance, realtors want timeliness, and both depend on complying with document requests.  Transparency in matters of credit, income, assets, funds to close are today’s compliance needs.  I’m E.J. Farge, and next time will say how loan officers can hasten and clarify compliance needs.

2 Responses to Emile Farge – GateOpener nfoMinute
  1. Vance Blew
    November 13, 2018 | 6:31 pm

    Need a Purple card to make you unique:
    Red edit:
    John had a $4,500 deposit not from his job, and finally admitted it was a gift from his mother, we helped him get the supporting documents and gift letter, he also had a Store card reporting wrong on the credit report and submitted backup documents and we able to meet the financing contingency period.

    Green – who do you want to be introduced to: Your Realtor friend Sally with XYZ Brokerage, who’s outfits are always pressed and shoes are always in impeccable condition.

    Gold – She wants to have a great date night with her husband after working all weekend.
    Ask her how does she decide which shoes to put with an outfit?

  2. Rodney Shaffer
    November 15, 2018 | 2:30 pm

    Good feedback Vance. I like your suggestions. My initial reaction is that this one infominute tries to go in too many different directions. The first section (not a colored card so I don’t really know where it fits – blue perhaps?) talks about buyer’s questions and then Realtor questions. May want to break into 2 IM’s…one for buyer question and one for Realtor. Since this focus is Realtor gateopeners, I think you should focus on what Realtors want. Also has some technical terms…I’m a lender and I do not know what “first call” is. That term may not be used across the industry. But if I don’t know what it means, I think it safe to assume that your PC team members will not understand. I suggest replacing the term with something else.

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