The Advantages of Working with Absolute Mortgage

Purchasing a home is a major financial decision and choosing the right lender is pertinent to a smooth and hassle-free process. When evaluating the lenders out there, one should take into account each lender’s product offering, flexibility, dedication, and ability to close. Being a direct lender, especially a mortgage bank like Absolute Mortgage Banking (AMB), has some very distinct and necessary advantages to help home buyers get the ideal financing that they deserve in the most efficient manner.

Here are just a few advantages of choosing AMB as your partner in this critical and exciting move!

  • As a direct lender focused solely on mortgage, we execute fast while maintaining great flexibility with the many types of loan programs that we offer
  • We have comprehensive access to every major lender and many niche portfolio lenders
  • We sell directly to Fannie, Freddie and HUD
  • We take a financial-planning approach to lending, with proprietary tools that better qualify buyers and give them the confidence to act
  • With local control over the entire process, efficiency and communication are frictionless
  • With our added ability to broker transactions, we have the most complete product suite in the market
  • Committed deal team to ensure better coverage, communication and execution
  • A Mortgage Advisor, a Transaction Manager and a Processing Specialist are assigned on every transaction
  • Dedicated individuals focused on key areas like programs, pricing, guidelines, marketing, customer service, customer retention, etc.
  • Weekend availability/coverage

We make sure that each and every client of ours not only gets the right financing for their situation, but that they also feel comfortable throughout the entire process and confident in their decision.

Let us help you find the financing solution that works best for you or your clients, please contact your favorite Absolute Mortgage Advisor or visit us at http://www.absolutemortgage.com for more information.

Equal Housing Lender Icon©2014 Opes Advisors, Inc., doing business as Absolute Mortgage Banking. Licensed by the CA Bureau of Real Estate, 01458652 and NMLS 235584. Equal Opportunity Lender. All rights reserved.

Rising Interest Rates: Reason to Expand or Contract?

Over the past five years, there have been many changes to the mortgage industry. An increase in regulations in 2008 led to changes in compensation, licensing, and a multitude of other challenges. This disruption in the market created a sense of uncertainty for lenders, originators, and the industry as a whole. With additional alterations to regulations in 2010 reinforcing the state of unpredictability in the market, Absolute Mortgage Banking (and every other mortgage provider) had a choice: expand or contract. Knowing that we had built a strong foundation in our support-driven business model, we decided the former and sought to expand our Palo Alto office and open a branch in Los Gatos. In such an unpredictable market, many other institutions sought contraction, so it worked out very well for us on the recruiting front.  With the addition of partner, Scott Chase, and branch manager, Teri Saldivar, we grew from 12 employees to now 40.

And here we are again today, faced with a shift in the market resulting in rising interest rates and adding to uncertainty – so what should we do? With a proven track record and our focus on supporting our Mortgage Advisors through dialed operational processes, an expansive product suite, and a dedicated marketing team, the only acceptable answer is to Expand! So, San Ramon, here we come! 

San Ramon

After establishing a foothold with our newest branch manager and seasoned mortgage veteran, Jason Kenney, Absolute Mortgage Banking is officially expanding to San Ramon this week.  Our branch address is 2400 Camino Ramon, Building K, Suite 265, San Ramon.   Please come visit us any time!

We have a very aggressive marketing campaign built around this branch expansion, and we are making great progress on the recruiting front.  If you know of anyone who may be interested in working with a dynamic, support-oriented mortgage bank with the following characteristics, please send her/him our way:

  • ›  Exceptional Support System
  • ›  Expansive Product Suite
  • ›  Aggressive Marketing Effort Backed by Dedicated Individuals
  • ›  Comprehensive Benefits Package, including matching 401k
  • ›  A Company that has Delivered at the Highest level for over 20 years – Built by Originators
  • ›  Resourceful Website Offering Loan Applications, Calculators and Secure Document Uploading
  • Dedicated individuals focused on key areas like programs, pricing, guidelines, marketing, customer service, customer retention, etc.

Don’t Get Stuck Inside the Box

Have you ever had a client who wanted to purchase a home but their credentials made it impossible for them to find financing? You tried commercial banks, credit unions, and mortgage brokers but kept coming up with the same result – “I’m sorry, but you just don’t qualify.” In these cases, you need to find a lender who isn’t afraid to think outside of the box. Here at Absolute Mortgage Banking, we have found creative ways to get your client the financing they need to make that important purchase. Let’s take a look at two recent examples of how Absolute Mortgage Banking has found the right investors to close what most would say are impossible deals.

In early July we were approached by Stefan Walker, a broker at Alain Pinel Realtors, whose client had just moved to California. The client was looking to purchase a home in Los Altos Hills but – and here’s where it gets tricky – having recently relocated from The Netherlands, had no work visa, no social security number AND no US credit. So how did we turn this seemingly hopeless situation into a happy ending? We reached into our extensive product suite and pulled out a No Social Security and No US Credit Program. Not only were we able to provide Walker’s client with the necessary financing, but we did so in 21 days!

“Wow. A big thanks to all of you for pulling this off – nothing short of miraculous! I am amazed that you were able to get this loan done at all. Getting it done in less than three weeks with a borrower who basically doesn’t really exist as far as most US lenders are concerned [is] mind boggling. Thank you!”
– Stefan Walker, Alain Pinel Realtors

This second example is a true illustration of our ability to creatively serve our client, even if it seems there may not be a way for them to finance their home. We had a borrower who wanted to move within Palo Alto with his family, looking to upgrade from his current $2M residence, on which he had two mortgages totaling $800K, to a new $2.6M home. The borrower was self-employed and according to the traditional banks, did not have enough personal income or liquid assets to qualify for financing without first proving the sale or rental of his current residence. How could he be expected to move his family out of their house and prepare it to sell or rent BEFORE having another place to call home? We were able to help this family to receive financing for their new purchase by thinking outside the box and using our resources. By having a “rental survey” done that showed how much the current residence would rent for, using that as personal income, and finding the right private investor, we were able to provide the buyer with a $350K bridge loan (a 3rd mortgage on his current home!) for the down payment. This allowed the borrower to qualify for a new $1.9 Million loan on their new home, without having to first move out of their current residence and we were able to do all of this in less than 30 days!

As you can see, here at Absolute Mortgage Banking, we thrive where other lenders may not even try. Your client may have a situation that seems nearly impossible, but we work hard to bring to the table creative options, utilizing all of our resources and providing you and your client with exceptional service.

photo credit: I LIKE IT SIMPLE via photo pin cc

How a Property Purchase is Like Crew

Every lender on the planet has been asked the question of, “When can you close?” at least once.  Is it just me, or is it somewhat interesting that somehow the lender, who is only one component of a complex transaction like real estate, is the one responsible for when a transaction closes?   After all, the parties include: buyer, seller, listing agent, selling agent, escrow officer, title officer, various inspectors, appraiser and lender.  Like a well-trained crew, if all parties cooperate and row at the same time, the vessel moves fastest.  And when any one party is having difficulty, it affects everyone, as well as the pace and direction of the vessel.

“No, really, when can you close;?)”.  OK fine, put a gun to my head.  The answer is, in all truth here, that it depends.

John Cannon recently closed a $2mm transaction across two properties in ONE week.  Jason Beecham and Scott Chase recently closed deals in 21 days or less.  One transaction that had every chance of closing in 21 days had a nagging 2nd mortgage on the property, and the lender of that 2nd mortgage was very uncooperative about issuing the proper forms to release the lien.  As such, the transaction didn’t close until day 35.

No doubt, the lender is a critical member of the transaction and certainly has much influence over the timing of a transaction.  And like any member of a crewing team, the one with the most experience, solid control, greatest communication skills and strength will certainly help the team cross the finish line first.

Help, I Applied for a Mortgage and Can’t Get Up!

Why is it that some lenders are closing real estate transactions  in less than 21 days, yet some refinances are still in the works from last year?  Why is it that an expense check that was deposited in my bank account last month is being sccruitinized by the underwriter and requires explanation?  Why does my lender hate me?

While the process of obtaining a mortgage has tripled in complexity, if we all do a better job of setting the proper expectations, we can all endure the process better.  Some things to keep in mind include:

1. your lender doesn’t hate you– she/he is in the service business and genuinely wants to serve you best

2. the more complex your financial situation, the longer it takes to get through the review process– think of the time it takes to read through the latest, best-selling novel versus War and Peace

3. A “Jumbo” loan is manually underwritten whereas a conforming loan has automated underwriting, which is the difference between an almost instantaneous decision and a decision that takes at least a day

4. large “Jumbo” loans may require up to two appraisals, which can be a two-week process

5. make certain that you disclose literally everything that may impact your application, i.e. change in job or career, source of funds for down payment and reserves, divorce, any new credit or any concerns with credit profile

6. both borrower AND property are being evaluated, so it’s just as important that the property meets minimum guidelines as well as the borrower– this can be especially tricky on condominiums since the complex must be approved as well!

For tidbits on how best to prepare for the mortgage process, consult with your favorite mortgage professional or stay tuned for future articles.