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Should I try this niche market?
March 18th, 2016 9:02 PM
A few days ago, I got a request from a realtor, and he asked me whether I can do any of the following loans:

Borrower #1 -  had short sale 2 1/2 years ago.   Do you have program for those clients?

Borrower #2 -  had 1 1/2 year 1099 income.  He had w2 income prior to that.

Borrower #3 & #4 - both borrower #3 & #4 had same situation.  Get 1099 income.  Average income reported is only about $20,000.  

Borrower #5 - only has 1/2 year work experience.  

And I answered that: 1)The rate would be higher 2)No way to do it now. 3)&4). Could not do it.  5) Found out that the borrower was a student. Then it was ok.

So the agent was very disappointed that I can only do the loans by the Fannie Mae or Freddie Max guidelines. 

That's true. My philosophy was to use 80/20 rule. I use 20% of my time to complete 80% of the business. And I spent the rest of 80% of the time on my running, taking care of my family, and helping my clients with complicated loans etc. Or at least tried to help my clients, like to find a loan agent in another states for my client, find some good insurance companies, or find commercial lenders for my clients, though I do not do those kind of business.
But only focus on the markets I am familiar, and my clientele is. But I do refer to the right resource of those kind of prospects need help.

I can still get good rates for my clients even though the rate went up for the last three weeks. I floated those loans, and lock the rate for 15 days. And I locked two more loans today. I expect to lock one more loan next week, and two more loans in the week of March 28th.

One client did ask my opinion of the interest rates for the next a few years, and I told him that I expect the rate will stay at the current level or slightly higher. I made some investment on the tax-exempt bonds, so far the return is still pretty good(around 4% for 10 months).

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Posted by Eric Fang on March 18th, 2016 9:02 PMPost a Comment

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