What to Ask Your Loan Officer

All right, welcome to Beyond the Rate Podcast. (0:02) Charlie and Will here going beyond the rate (0:04) to discuss news and market factors (0:06) that affect real estate and mortgage. (0:09) Will, we had, man, we haven’t done a actual market (0:16) mortgage rates update in about a week, I think, right? (0:19) Definitely haven’t done one, (0:20) like a full one since the election, so.(0:23) Yeah. (0:25) God, it’s been a weird, been a… (0:28) Yeah, so we’ve got the month-over-month core CPI (0:32) and year-over-year core CPI that came out. (0:35) Right, yeah.(0:36) Back in the day. (0:37) So it’s a little hotter. (0:38) The inflation’s a little hotter.(0:42) Yeah, because we had a nice steady trend downward (0:45) over really the last month. (0:48) Yeah. (0:49) Which was great for our clients, (0:53) just knowing that the rates are starting to come down.(0:59) And then this CPI report that was a little bit hotter (1:02) than expected today, so. (1:07) I think positive factors, positive things to note, right? (1:16) Oil prices are working their way down. (1:18) They came down a lot last week, (1:21) miraculously after the election.(1:26) So there’s, is there inside info there? (1:31) I don’t know, it was kind of immediately (1:33) after the election, so. (1:37) Right, it’s pretty quick. (1:40) Yeah.(1:41) But yeah, we got the two years up quite a bit today, (1:46) which is obviously the inflation part. (1:48) Right. (1:49) And then the 10 years up, almost, (1:51) it’s flirting with 5% on the yield, so.(1:54) Yeah, yeah. (1:55) And what scares me about the two year going up (2:01) is the Federal Reserve always follows, (2:04) like their decisions follow the two year yield (2:07) by clockwork, so. (2:10) And I don’t think that, and they’ve even said (2:13) that they really can’t control oil prices (2:15) and that this inflation that we’ve seen (2:17) is due to oil prices.(2:20) But they’re still, you know, expecting or pricing in (2:26) another hike in December, which again, (2:31) I don’t think they need. (2:32) I think they need to let all this play out, (2:34) let the oil prices come back down. (2:36) But if the yield, if the two year yield is going up, (2:39) then we can pretty safely forecast that they might hike.(2:44) Which again, has nothing to do with mortgage rates. (2:46) It does suck for lines of credit. (2:48) Yeah.(2:50) Which that is, that’s, you know, (2:53) and of course the amazing jobs numbers (2:55) doesn’t also help our case for them holding the funds, (2:59) right? (2:59) Yep, exactly. (3:01) Jobs numbers, what, last week was it? (3:03) Were amazing. (3:05) Yeah.(3:06) So I think that over the last month, (3:10) we’ve seen oil price expectations come down (3:15) because obviously a couple of things happen, right? (3:19) The traders were believing Trump when he was saying (3:24) that things won’t happen until after the election. (3:29) So then as we get closer to the election, (3:32) believing if that’s true, (3:34) then oil prices will start coming down, (3:36) which means inflation comes down and we can, (3:38) and this trend line is, makes sense, right? (3:44) And then, yeah, obviously Wednesday and Thursday (3:47) of last week, the two days after the election, (3:50) oil prices dropped, inflation expectations, (3:55) obviously dropped because all of the yields went down a lot. (4:01) And so now we’re kind of, (4:04) today’s move kind of puts us back right around election day.(4:08) Yes. (4:08) So it’s still in a good spot. (4:10) We had, we had 10 reprices today.(4:13) Yes. (4:14) At least what, you know, from what we can see. (4:16) Mm-hmm.(4:17) And all 10 were repriced worse, which actually, (4:23) that means that the lenders (4:25) did a pretty good job pricing today. (4:27) If there was only 10 reprices. (4:31) That’s true.(4:32) There were only 10 reprices in the 10 years (4:34) of 10 basis points. (4:36) Right, right. (4:38) It should have been 50, should have been 50 reprices.(4:41) Right. (4:42) They did a good job of right off the bat. (4:44) You’re right.(4:44) Yeah. (4:45) That’s a good call. (4:46) Usually we do, we do see a ton of reprices.(4:48) That means that they knew it. (4:51) Yeah. (4:52) They knew it.(4:52) They saw, you know, the, (4:55) Oh, they did see it, nevermind. (4:57) What? (4:58) You see, but they adjusted, (5:00) they adjusted their rates right away. (5:03) Yeah.(5:04) And so the reprices are probably lenders (5:07) that released their rate sheets earlier, you know, (5:14) because some of the ones that, I mean, even, (5:16) even a couple of ours that don’t usually release (5:19) their rates until like 10 o’clock central time, (5:24) those were a little later than normal, (5:26) which makes sense, right? (5:28) Makes sense for them to hold (5:30) is really kind of like the death sentence a little bit (5:32) on how the market’s looking. (5:35) But I’m going to tell, (5:39) I’m taking this inflation number (5:41) with a grain of salt. (5:44) I was expecting it, you know, (5:50) because we’re talking about October numbers, (5:52) not just recently.(5:56) And the oil prices had come up. (6:01) See, the thing is too, is like all of those oil prices (6:03) from October were already built into anything (6:06) that the consumer is going to see. (6:09) Because the oil prices themselves (6:11) that were coming down in October, (6:12) those were for future contracts anyway.(6:15) It wasn’t what was actually delivered to the customers. (6:18) So all the oil prices from August and September (6:20) that were higher, that’s what we’re seeing (6:22) from in the October numbers, you know? (6:25) So I’m just, I’m optimistic about it (6:29) just because I think that the trend line (6:31) should work its way back down again. (6:34) Yeah.(6:35) So now, (6:39) there was an article that we saw a couple of days ago (6:44) that cross-country mortgage is suing, (6:49) like I think 25 previous loan officers (6:52) for commissions that they have earned off of, (6:58) I think, past clients. (7:01) So it’s, I’m assuming, this is what I’m assuming. (7:03) It’s either, I can’t imagine seeing (7:06) CCM bought the leads, (7:09) because most lenders don’t do that, (7:11) unless you’re Rocket, right? (7:13) You don’t have internal leads a lot, (7:15) unless you’re Rocket or something like that, right? (7:16) So I’m assuming that the loan officers did loans (7:21) for a client, for client A, (7:24) at cross-country mortgage a couple of years ago.(7:27) Now they’ve left, gone to a different lender, (7:30) and that same client has now bought again (7:33) with that loan officer. (7:34) And cross-country mortgage is saying (7:36) that those clients belong to them, to the cross-country, (7:41) because there’s a two-year non-solicitation. (7:45) So, I would- (7:49) So basically, this just proves that (7:54) people aren’t working with the companies (7:56) because of the company.(7:58) Right, right. (8:01) Correct. (8:03) Nobody is, and that’s where we kind of, (8:07) we’re, I didn’t think this story was really that great, (8:11) or that mattered too much, (8:12) until I really kind of thought about it, (8:14) and it really does say that exact thing that you just said.(8:18) Yeah. (8:20) It’s just like, and it’s just like realtors. (8:22) Right.(8:23) Excuse me, real estate agents. (8:26) Yeah, yeah. (8:26) We are no longer using the NAR trademark term anymore.(8:33) Real estate agents. (8:35) Nobody’s calling 1-800-KELLER-WILLIAMS (8:39) so that they can work with Keller Williams. (8:42) They’re calling a specific agent.(8:43) Right. (8:44) Well, actually, if they don’t know anybody at all, (8:47) then they probably are doing that. (8:49) But when you refer your neighbor, (8:57) you’re not saying, oh, yeah, yeah, (9:00) I work with Keller Williams agents.(9:03) Just call the Keller Williams office, right? (9:07) Or Coldwell Banker, Real, REMAX, whatever, right? (9:11) You’re not doing that. (9:12) You’re saying, oh, I got a guy. (9:16) That is amazing.(9:17) He helped me, whatever. (9:19) Oh, you know what? (9:20) My mom, she bought, whatever, right? (9:24) Let me get a referral for you. (9:26) Right, you’re right.(9:26) They refer a person. (9:29) Yeah. (9:30) And so it’s the same in, on our industry too, (9:37) is you’re 99% of referrals, (9:41) those warm referrals are to the person, (9:44) not to the company, right? (9:47) Because that’s where the real working relationship is, (9:51) is the realtor and the loan officer, (9:54) the financial advisor, the insurance guy, (9:56) they all have those good working relationships (9:59) and you’re trusting that that person’s (10:01) gonna provide good service, right? (10:03) Yeah.(10:04) The lender themselves, and I’ll be honest, (10:07) like I kind of, when we were setting up the company, (10:10) that’s how we were kind of thinking about it (10:12) is it’s just a conduit to get money (10:15) from the market to the end consumer. (10:18) That’s all it is. (10:19) So how can we be the best structured conduit for that, right? (10:25) Make it as smooth as possible, whatever it is.(10:28) And so that’s all that it is. (10:29) And if a loan officer is leaving a company (10:31) and you go to another one, (10:34) maybe there is a better option for that loan officer, right? (10:39) So, but yeah, so I thought it was a really good point (10:43) to make that, like you said, (10:45) you’re working with people, not the company. (10:49) And hopefully that person knows the company well (10:52) in order to get the job done (10:53) and provide good service, right? (10:58) So it kind of loops us around to, (11:01) if I’m a buyer, right? (11:04) And I’m shopping for a mortgage.(11:07) Okay. (11:09) So there’s a couple of things that didn’t pertain (11:11) to like the loan officer and their team (11:13) and stuff themselves. (11:14) And a couple of things that actually pertain (11:15) to the company, right? (11:17) So it’s kind of like a joint effort, if you will.(11:20) Hopefully the loan officer you get referred to (11:22) is working with a company that is structured well (11:26) to deliver the funds, right? (11:27) So if you are advising a buyer (11:32) as who’s shopping for loan officers, right? (11:35) And not saying, hey, I’m the loan officer, right? (11:38) Like if you’re telling them. (11:39) Yeah. (11:39) Let’s just say, here we go, hypothetically.(11:42) Oh, it’s in a different state. (11:43) How about that? (11:44) There you go. (11:44) You’re not licensed in Wyoming (11:47) and you don’t know anybody in Wyoming.(11:49) Hey, you’re shopping for a loan officer, for a lender. (11:52) What is one thing that you would suggest (11:54) that that buyer ask the people he’s interviewing, basically? (12:01) Yeah, so I would suggest getting… (12:08) Here, this is what they need to do. (12:10) Okay.(12:10) You gotta get exact pricing for a certain rate (12:16) from two or three different lenders (12:20) and different structured lenders. (12:22) So if you wanna give retail a chance (12:27) and see how high their rates are, then sure. (12:31) But go to a couple of brokers (12:35) and get a specific rate sheet.(12:40) Get the rate sheet for a specific rate. (12:43) Right, oh yeah, yeah. (12:44) Like a loan officer fee sheet.(12:45) Yeah, exactly. (12:46) Yeah. (12:46) Right, right.(12:47) And do it at the exact same time. (12:49) Right, right. (12:52) That’s a good point.(12:53) So that you can see all their fees. (12:56) Yep, yep. (12:57) If they’re building them into the rate (12:59) or if they’re, you know, whatever.(13:03) Right. (13:04) That way you get everything out in the open. (13:07) Right, that’s a good point, the actual rate.(13:10) Because what if broker A, (13:14) the rate, that that rate’s at par. (13:17) And par means you’re not buying the rate. (13:20) Paying for a rate.(13:21) And broker B, maybe there’s a little bit of a credit. (13:24) Yeah. (13:25) At that same exact rate, right? (13:26) Yeah.(13:27) So maybe that broker is a little more lean. (13:29) And then the third option is retail lender, right? (13:33) The C option maybe is a retail lender. (13:35) And at that rate, it’s actually a fee (13:37) to pay for that rate, right? (13:39) Yeah.(13:40) Maybe, that’s a good point. (13:42) Probably be a sizable fee. (13:43) Let’s see.(13:45) Ha, ha, ha. (13:46) Yes. (13:47) A very sizable fee at the retail shop.(13:53) That’s a good point. (13:54) But yeah, I think like the getting all the fees laid out. (13:59) Yeah.(13:59) Including what’s called a processing fee. (14:02) Right. (14:03) So.(14:05) Because we are seeing that. (14:06) We’re starting to see that more now. (14:08) And it’s, they’re not small fees.(14:10) No. (14:11) It’s $1,000 to $1,500 for a processing fee. (14:15) Or $1,000 for the processing fee (14:18) and another $500 for the processing admin fee.(14:22) Right, right. (14:22) And what that is, essentially is the loan officer (14:28) or the company hiring a third party (14:33) to do all the work during the loan, essentially. (14:36) Right, yeah.(14:38) So, and a lot of times that’s put in the services (14:41) you cannot shop for. (14:43) Because the third party, by law, (14:45) the third party processor, (14:48) that company has to receive all of those funds. (14:51) Correct.(14:51) So, the lender can’t profit on that. (14:55) Right. (14:55) And in this case, and what we’re seeing is the broker.(14:58) The broker cannot profit on it. (14:59) Yeah, the broker can’t profit on it. (15:01) But it’s still a fee.(15:03) Yeah. (15:04) That the buyer has to pay. (15:04) And some direct lenders too.(15:06) Yeah. (15:07) Some direct lenders also have that fee too. (15:09) They’ll have.(15:10) Yeah. (15:10) I’ve seen it recently where there’s an admin fee (15:13) and then a processing fee. (15:16) Or there’s admin fee and underwriting fee.(15:18) There’s like multiple fees that are called different things. (15:22) That all total, all add up at the end of the day, (15:25) all add up to two grand or $2,500. (15:27) Yeah.(15:29) Which I’m not saying is wrong, (15:35) but you need to be aware that it’s there (15:39) and what you’re paying for. (15:40) Correct. (15:41) And if that’s the right model that you want to work with, (15:44) then that’s fine, (15:45) but you still need to understand how it’s all structured.(15:48) Yeah. (15:48) Because that all adds into the same. (15:52) So if lender A has par rate, no fees, no buy down, (16:01) no processing fee, (16:03) and then lender B has a credit of $1,500 (16:10) for the same rate.(16:12) Right. (16:13) But has $3,500 in other fees. (16:15) Yeah.(16:17) Then it’s, you gotta weigh apples to apples. (16:21) So the way to get apples to apples is a formal fee sheet (16:24) with everything listed for a specific rate. (16:27) Right.(16:28) And then you see what your cash to close (16:29) is at the bottom of the table. (16:30) Yeah. (16:30) And make sure that the cash to close amounts, (16:33) all the variables are the same.(16:35) You know, the number of days for prepaid interest, (16:39) the homeowner’s insurance, the property tax, (16:42) make sure all those are the same between lenders. (16:45) Right, exactly right. (16:46) So that kind of leads me to the second point (16:50) I was wanting to make was what is the actual par rate? (16:53) Well, it’s kind of the same along those same lines.(16:56) Then again, when we say par rate, (16:58) meaning the rate the market will give you as a client, (17:02) your credit score, your risk assessment, if you will, (17:05) loan type and all that without buying it down, right? (17:10) Or getting a credit because you can’t get credit. (17:13) So my par rate, let’s just say my par rate is 7%. (17:19) That means I could buy it down and pay for a rate lower (17:23) if I wanted to for an upfront fee.(17:27) So yeah, so that kind of leads us into the actual, (17:31) but I like the way you put it better (17:32) because then that makes it easier to compare apples to (17:35) apples, which I’ve done. (17:37) I did this recently. (17:39) I want to deal over a big online lender (17:43) because it was a cash out refi and the clients were wanting (17:46) to get as much cash out as possible.(17:47) But you know, in Texas we’re limited to 80% of the value (17:50) of the home. (17:51) So we’re capped at that. (17:53) And so the other lender was offering a rate, (17:57) I think like half a point higher than what I was offering.(18:04) And I was like, hold on. (18:05) So I matched the lender’s rate, the other lender’s rate. (18:11) I think we did like seven and a half or something like that.(18:14) And at that rate, when I matched that lender’s rate, (18:16) it actually gave a credit of four grand back to the buyer. (18:21) Now, the good thing is four grand basically covered (18:25) the closing costs. (18:27) So now they’re refi and I got $4,000 cash out more (18:32) than with the other lender at the same rate.(18:34) Cause the cash out was the goal, not the rate itself. (18:38) Right? (18:38) So those are the things that definitely need to look for. (18:46) So my next.(18:49) So Charlie, here’s another thing to think about. (18:53) Yep. (18:53) Is the business structure of the lender.(18:57) So are they a broker? (18:59) Are they direct lender? (19:00) Uh-huh. (19:01) Is that something that you would want to know and why? (19:07) Absolutely. (19:08) So, yeah.(19:10) So, and again, not saying that as the buyer themselves, (19:16) obviously we’re biased here, we’re brokers. (19:18) So we like that model, but as a buyer, it’s good to know (19:23) is it a broker or a direct lender, right? (19:26) Broker means I’m set up with many lenders (19:28) and I shop for you, if you will, (19:31) try to find you the best rate, but also too, (19:34) maybe the lender that would be the best fit (19:38) for your situation, right? (19:40) The loan type, whatever it is. (19:43) So that’s good to know because are you, (19:47) I would ask, I would say, ask the loan officer, (19:50) are you a broker or a direct lender, right? (19:52) And if they say broker, then maybe even go deeper, (19:57) like, so you’re actually a true like wholesale broker, (20:00) you only broker loans out, (20:01) you don’t fund anything in-house, right? (20:04) And they may be what is called correspondent, (20:07) which means they do fund loans in-house, (20:09) but it’s really a line of credit (20:11) through another one of their wholesale lenders.(20:13) So they’re still technically a broker, right? (20:16) And then the direct lender part, (20:20) yeah, we’re a direct lender. (20:21) And the direct lender could literally be a big bank, (20:24) like those are direct lenders too, right? (20:25) So it could be Wells Fargo or Bank of America, (20:28) something like that, right? (20:29) Yeah, okay. (20:31) So that’s where I would ask that because there are, (20:37) we think they’re all advantages on our side.(20:41) You know, we have the flexibility to send loans (20:47) to many different lenders that we want to, (20:50) but Will, one of the things that we’ve heard recently (20:55) that direct lenders say is that they have total control (21:00) over the process, right? (21:02) Which you might hear as a buyer shopping around, (21:05) you might hear, well, we have total control (21:08) over the process as a direct lender and brokers don’t. (21:12) So is there something that you would say in that case? (21:17) I mean, yeah, and it’s such a vague statement. (21:23) You know, and when it comes to underwriting, (21:28) there are guidelines and then that’s it.(21:32) You know, it’s not like a retail shop has a specific, (21:36) like looser guidelines. (21:38) Right. (21:38) It’s not the case, you know? (21:40) It doesn’t, the guidelines are what they are.(21:42) It’s, so that’s not something (21:45) that can be a variable. (21:49) What was it, like control of the process? (21:52) Yeah. (21:53) Yeah, I mean.(21:54) I’ve been thinking about that, I don’t know what, (21:56) how much control you need, unless you just know, (22:00) I have total control over the process (22:02) in which my company operates under. (22:05) Yeah, so just being familiar with how the lender works. (22:09) I guess, yeah.(22:11) Which is why, I mean, (22:14) it’s why we work with six lenders. (22:17) Right, so that’s what I would say too. (22:19) Like, let’s say your client is up in Wyoming, right? (22:21) And we don’t know anybody there.(22:23) And they come across a broker. (22:26) And the broker says, yeah, we’re set up with 200 lenders. (22:34) I think that’s a little bit of a red flag.(22:36) Not necessarily a red flag. (22:37) It’s not a bragging point, I don’t think, as a broker. (22:41) So, and that’s the argument that retail shops (22:45) have against brokers.(22:46) We can’t possibly know how all 200 lenders operate. (22:49) That’s true. (22:50) And we don’t have control over their process, right? (22:54) Which retail lenders don’t have control (22:56) over their process either, I’m sorry.(22:57) But if you need to have a rush done, (23:01) you still have to find another file to swap out. (23:04) Because the underwriter has to not work (23:05) on a different file now, if you need a rush. (23:08) So now it’s a capacity issue.(23:10) And every lender has that, right? (23:12) You can’t just not, you can’t just go out of order. (23:15) Oh, the CD didn’t go out, let’s fudge it. (23:18) You cannot do that.(23:20) Everything is timestamped. (23:21) And if you get audited for doing something (23:23) you’re not supposed to do (23:24) because you have total control of the process, (23:26) then the lenders can’t do that. (23:28) But going back to the 200 lender thing, (23:34) it’s all fine and good if you’re set up with 200 lenders.(23:37) What I would wanna know as a buyer is (23:39) how many lenders do you actually work with? (23:44) Like, and then the loan officer, (23:48) if hopefully they confidently say three. (23:52) Right? (23:53) Like, I don’t wanna be the one client you send over (23:59) to the 200th lender. (24:02) Like, I don’t wanna be that guinea pig.(24:06) And so if you’re a buyer and the loan officer says, (24:10) we are set up with 100 lenders and 200 lenders, (24:13) literally the next question you should ask is (24:15) how many lenders do you actually use? (24:18) The answer is three. (24:19) Okay, I want you to send my loan to one of those three. (24:23) Yeah.(24:25) Heck, you can even ask them. (24:26) Right, which lenders are they? (24:28) Which lenders are they? (24:29) If I don’t get disclosures from one of those three lenders, (24:33) then we’re not doing business, right? (24:35) Unless it’s a really, really unique file. (24:38) Yeah, that’s true.(24:39) And the loan officer says, (24:40) look, I’ve only done a couple of deals with this lender. (24:42) It’s because of this, X, Y, and Z. (24:44) Okay? (24:46) But that’s what I would say. (24:50) Now, the next one, I think, Will, (24:53) the final one that we kind of came up with (24:54) that we think is important, right? (24:57) But Will, I’m here in Wyoming interviewing you.(25:05) Who is actually gonna work my loan? (25:08) Yeah, I think that is, I mean, (25:10) we’re seeing that with the whole processor point (25:13) that I made earlier, right? (25:15) But also, we’re seeing situations, (25:20) we had one recently where the contract date was, (25:25) I think, October 2nd, and it was October 22nd. (25:32) About the 22nd. (25:34) Yeah, it was October 22nd (25:35) because they were supposed to close on the 30th.(25:37) Right, right. (25:38) When they finally heard back from the broker, (25:41) and it’s a broker, (25:42) it’s a pretty well-known broker in the area, (25:46) they basically sat on the loan for like three weeks. (25:50) And the client said that they tried reaching out to them, (25:55) couldn’t get in touch with them, (25:57) and then everything started to fall apart.(26:00) And so, yeah. (26:00) Right, right. (26:01) And I could tell by the timeline of that one (26:03) that they didn’t know what to do, (26:07) they couldn’t figure out what to do with the loan, (26:09) they had to pivot, (26:10) but then also just kick the can down the road.(26:13) Yeah, they sat on it for a while, (26:15) and then realized, (26:16) oh wait, this isn’t a conventional loan. (26:18) Right, right, exactly right. (26:20) Yeah, I would wanna know (26:21) who’s actually gonna be working on the loan.(26:23) Is it going to be that loan officer? (26:26) Is it going to be a team with an assistant? (26:29) Or is it gonna be a third-party processing company (26:33) that’s gonna do everything? (26:34) And when do they expect, (26:36) I would set timelines. (26:38) Right. (26:38) When do we expect, (26:40) you know, when do you expect all the documents from me? (26:43) When do you expect, you know, (26:45) to get them submitted, resubmitted, this and that? (26:48) Yeah, that’s a good point.(26:49) Work backwards. (26:50) Work backwards from that, yeah. (26:51) Yeah.(26:51) And I think that’s important to know. (26:53) And again, it’s not right or wrong either way, (27:00) but you should expect a certain organization structure. (27:09) When you’re dealing with what most people, (27:13) with most people, (27:14) this is the biggest purchase of their life.(27:16) Yeah. (27:16) The biggest financial move that they will ever make. (27:18) So you should know who the heck is in charge (27:21) of getting you through that process.(27:26) And if it’s one, (27:28) if it’s a loan officer assistant, (27:30) that’s the main point of contact, right? (27:32) Or if it’s a processor that is in-house, (27:35) or if it’s a broker who passes it off to a third party, (27:40) third party means a different company that is doing it, (27:44) I need to know who that is, right? (27:46) And do I feel comfortable in that type of setup? (27:51) Yeah. (27:51) Do I want it to be just the loan officer (27:54) is my main point of contact. (27:56) Especially depending on the type of loan.(27:58) Yeah. (27:59) Yeah. (28:01) So yeah, if it’s something a little more complex, (28:04) if it’s like a bank statement loan or something like that, (28:08) to where it’s a little, (28:09) and especially too, as a broker, (28:12) if it’s a bank statement loan (28:13) that’s going to our fourth, fifth, sixth lender that we use, (28:16) so it’s not the lender we use all the time, (28:18) but of course we’ve done enough loans with that lender, (28:21) personally us, to know that lender’s process (28:23) and be confident in them.(28:24) But let’s say it is a broker and it’s like, (28:26) I’ve never used this lender before, (28:29) but they have a product for you. (28:33) I would want to know that my loan officer (28:35) is the one doing most of the stuff and informing me. (28:39) Yeah.(28:40) Because I don’t want it to be passed off to an assistant (28:43) that gets nervous about delivering bad news to me. (28:46) Yeah. (28:46) Yep.(28:47) Cause your people, your people, (28:49) the ultimate thing that hurt your people (28:52) was they were not told that the loan couldn’t get done (28:55) until after the financing period had passed. (29:01) So they were at risk of losing their earnest money deposit, (29:05) and that’s on the loan officer. (29:07) Oh yeah.(29:07) 100%. (29:08) Yeah. (29:08) Our job, number one is to get the loan to the closing table, (29:12) number two, as smoothly as possible, (29:15) and number three, if it cannot be done, (29:17) we figure it out before you’re not allowed (29:19) to back out anymore.(29:20) Yeah. (29:21) Yeah. (29:21) Right? (29:22) And hopefully we figure out you can’t get it done (29:24) before you own a contract.(29:25) Yeah, exactly. (29:26) Well, that absolutely should have been done, but. (29:29) Right.(29:30) Right. (29:30) Yeah. (29:32) But I think, yeah, that was good.(29:34) That cross-country mortgage article really hit home for me. (29:39) The more I thought about it is you’re doing business (29:44) with the people, not the company, right? (29:46) Yeah. (29:47) So you want to ask, (29:50) and that’s where these questions are important, (29:52) is you want to feel confident (29:54) in the loan officer you’re working with, (29:55) that they know the answers to the questions (29:57) and or they find out the answers very quickly.