My phone rang while I was discussing what to get for dinner with my husband at our local butcher shop in Carpinteria (shout out to Zookers if you’ve not been there!). The number looked familiar, yet it wasn’t programmed as a contact. I tend to keep my phone on silent, lest the spam calls interrupt the airwaves around me. Hmmm…. “Hello?”
On the other end, one of my clients was frantic: They were leaving the country, and their bank just told them they cannot wire the funds for closing while abroad. We weren’t fully balanced with the closing company yet, so what could we do? By a stroke of chance, they were literally two doors down from me, so I walked over to help. I was able to pull wiring instructions, review the last estimates and prorations with them, and outline a figure to send in that should cover any adjustments we couldn’t yet determine at 11:15 a.m. on a Saturday. The client was overjoyed and introduced me to his banker as his competition. This isn’t a story about being the hero; it is one to outline what a lender actually does.
As a loan officer, our job is to take every decision you’ve ever made and blend it with property conditions; supply and demand; local, state, and federal regulations; investor guidelines; and financial and insurance markets, with the sprinkling of personalities, capacity, abilities, and a bit of education, guidance, and grace. All loans are made of four building blocks: income, assets, credit, and property. Each of those has a myriad of what-ifs, individualism, and TBDs. The job is to make sure these are all blended together to give you options, close on time, communicate anything that pops up or is expected to pop up, and be there when it does.
Your home is literally where you lay your head at night, where you build dreams, create memories, and are meant to feel safe. Real estate remains the best way to build wealth in America. No one wants to feel like either of these are a burden, out of reach, or in jeopardy. Most of us trade our lives, our time, for our paychecks — which means that the soul of money carries a lot of weight and possibility.
When you are looking for a lender, there’s a difference between looking for a partner and a transaction. I like to use the doctor analogy: This person sees a lot of folks to be experienced, yet when they are with you, they should only be with you. No one is perfect, and we all know only what we know, without the clairvoyance to know what you know, or perfectly predict the future.
This is why I say that what we do is a balance between math and emotion. This specific client chose us versus their bank because when they got in contract, the bank told them they couldn’t guarantee to close in the 21 days the seller demanded for them to win the bid. And that is okay! Everyone is able to do only what they can, and what you have to determine is what you can do, realize there will always be something unexpected to arise, and outline what you feel you need for success.
This month’s column is meant to give understanding to the profession. It is to give you insight so that you can determine what, and who, YOU need for success. Numbers will change all the time — change really is the only constant in this world, and the world is changing pretty fast right now. Vince Lombardi is attributed with the phrase, “In the pursuit of perfection, we achieve excellence.” Most lives and most deals aren’t perfect, yet with the right partnership, they can be excellent. Some clients can do everything online and it’s super successful. Some have private banking relationships that give a nuanced sort of leverage. Some have more multifaceted lives than others.
I want you to excel in all parts of your life. As we head into July, America’s birth month, and with our country in such a tumultuous state, I give you this certainty that you too can build YOUR own path to homeownership. Lean in: Be scared, be open, be curious, and remember that the final decision of what is good for you and your family is only between you and your family. Your lender’s job is to understand that and deliver as best and honorable as possible. Go be great, friends.
Austin Lampson is a licensed mortgage professional and branch manager of Origin Point Mortgage. She has spent the last quarter-century helping her clients balanzce math and emotion to achieve their financial goals. Reach Austin at (805) 869-7100, austin@austinlampson.com, or visit austinlampson.com.
