“Understanding that this is the first time they’re hearing it, I try not to confuse them with too much jargon,” he explained.
It’s this mix of awareness and misconceptions, thanks to industry myths, that Babcock’s seeing a lot of lately. Especially where deposits are concerned.
“People have a very basic understanding, but there are still common myths,” Babcock explained. “Even though there’s so much media out there and so many programs for first-time homebuyers, people still think they need 20% down. And there’s really no regulation when it comes to credit scoring, and there are multiple different models. People will now tell me what their credit score is before we even get into the conversation. Now I find myself having to explain how credit works on almost every call.”
Staying on top of trends
Specializing in conventional, FHA, and jumbo loans, as well as other lending products like bank statement programs and ITIN loans, Babcock finds himself fielding lots of queries from lots of different types of clients.
“As a company, we’re an independent direct lender, but we also have a broker outlet for non-QM and jumbo products,” he explained.
Source: mpamag.com