December has been a tough month. are any of you feeling the crunch? I have not focused on my web presence as much as I like to this month. I have not as actively marketed. I have had plenty of business to keep me busy and have not had as much time. The business that I have done this month has been very hard. I have had a couple of borrowers who used to be prime who are no longer. Not because their qualifications have changed but rather the system that we use to rate our borrowers qualifications has changed.
I personally think that a couple of the lenders that I work with are making excuses not to do loans. If they do not like the scenario they pile on the stips. For a long time my bread and butter was the loans that no-one else could do or no-one else wanted to do.
I am willing to do a lot but I think that I am going to start restricting some of the stuff that I do. I hate to kick a dead horse. I do not like to work on iffy deals. Many deals that I could've done all day long a year ago are almost impossible to get done now. The problem is when I get a qualified borrower who's qualifications are right on the borderline.
If the parameters are tight the slightest little detail can cause an upset. I think that it is better to work with firmly qualified borrowers. The niche' of doing difficult deals is dying quickly and I think that I will take heed.
It's rough putting a lot of work into something, then get all of the conditions cleared and then get hit with a new even more difficult to clear stip. It is very frustrating!
So for now I am going to have to stay with the times and restrict my lending criteria based on what I know realistically is acceptable to each individual lender and not on my Fannie/Freddie findings which seem to be less and less relevant.
I may be able to get an approval all day long, but if the lender doesn't like it the lender doesn't like it.
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(845) 243-5293 (Office)
(518) 565-0799 (Cell)