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• LTVs as High as 85% for Purchases
and Rate/Term Refinances; as High
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• 1.0 Debt Service Coverage Ratio
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• New and Inexperienced Investors
• 1 x 30 Mortgage History in last
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• Cash-Out Proceeds May Be Used
to Meet Reserve Requirements
(Generally 3 Months PITIA)
your questions. When you find someone, customer service is the last thing
on their minds because they have no
No one knows if their price is good
now because there is nothing to compare it to, and ultimately the consumer
and those in the job market lose. So,
what did we learn from this? It would
appear very little as we continue to see
automation take over. Now comes the
news in Dallas of discount warehouse
Sam’s Club replacing human cashiers
with a mobile app.
Value of know-how
Originators have a job to do. Mortgage
originators need to educate their referral partners on the process and remind
them of what has transpired in the
retail industry in America.
This should be done not to instill
fear, but rather to remind everyone
that quality of service and sound business practices based on the client’s
best interest do matter. Originators
need to consider margin compression
and develop compensation plans that
are commensurate with rates that allow
the originator to compete with the
Once that is in place, then comes
the heavy lifting. How does the originator get to the borrower before the
borrower gets online? It is going to
take doubling down on efforts to get
in front of as many Realtors, financial
planners, tax preparers, CPAs and attorneys as you can.
It is going to require using customer-relationship management software to
reach out to clients on a regular basis
to stay top of mind, and it is going to
require that the originator be educated
on how every American can obtain the
dream of homeownership through
programs designed to responsibly lend
money for residential home loans.
So, put your phones down, get off
social media, and go shake some hands,
smile, and reassure borrowers that you
are their key to financial security and
the guide to their family home. The
age of automation may be here, but it
doesn’t have to replace you.
You can take control of that automation. And you can use it to work smarter
and deliver a high-quality customer-service experience that cannot be
So how do you get to the client first?
Will automated loan originations take
over completely? Will the mortgage
originator be extinct in five years? All
great questions. No simple answer.
Let’s digress for a moment to the late
1990s, when big-box chains were taking over the market and eliminating
your local hardware store, grocer and
small retail shops. They came into communities and took over market share
faster than mom-and-pop operators
could measure their decline in business.
These big chains provided an equally
good customer-service experience by
having associates located all over the
stores and delivered it at prices that
couldn’t be beat. Fast forward 10 years
and those same stores have 80 percent fewer associates roaming their
100,000-square-feet stores to answer
<< Automation continued from Page 68
“Put your phones down, get off social media, and go
shake some hands, smile and reassure borrowers
that you are their key to financial security.”