What is a strategic mortgage partner? Why every investor & Real Estate Agent need one

[AJ Wong]

As primarily a luxury STR buyer's broker and 20 year mortgage broker I can testify the importance of a reliable and experienced strategic mortgage partner.

So what is an integrated mortgage partner? 

- A licensed NMLS mortgage broker that is highly responsive to texts, calls and emails.

- Often, a conventional, FHA. VA, Non-QM, Portfolio, HELOC and multi-family and/or commercial mortgage banker under one roof.

- Optimally, a national lender able to offer financing in multiple markets or States. 

- Seasoned with proven track record and positive reviews of performance.

- Dependable, trustworthy and professional. 

- Weekends are workdays. 

These might sound like standard Mortgage Broker qualities, but I can assure you they are not. The mortgage business is notoriously difficult, investor and lender guidelines (bank rules) are complex and vary among investors, generally speaking, brokers are not lending their own capital and the liaison on concierge gate keeper. There are typically a dozen hands that touch a loan before it closes. The LO (loan officer) needs to be in constant and cohesive contact with the borrower(s), listing and buyer brokers, processor(s), underwriter, title agent and generally in the driver's seat once the contract or refinance is executed. 

In summary, seek a captain of the ship and leader at the helm. Mortgage brokers are probably the most critical and least celebrated component to any RE transaction utilizing third party financing. A healthy RE investment team includes an efficient and excellent mortgage loan originator.

Being dual licensed as a mortgage broker since 2003 has enabled me to identify, align and collaborate with lenders that make a meaningful difference in the investment results of clients and their portfolios. 

Do you work with a lender that bends over backwards to get loans CTC (cleared to close)? 

[Joseph Chiofalo]

Hi AJ, 

Its so important for realtors to work with an experienced lender partner. 

We see it all the time when saving deals at the last minute.  In these instances, usually the transaction isnt structured properly from the start. 

Lenders that have flexibility to originate in multiple states and have a wide range of programs available provide more value.