Derek McGowan shows how his team turns mortgage denials into approvals by understanding lender algorithms, working with nearly 300 banks and investors, and processing volume: they helped almost 50 families close in a single month.
Nearly 50 families.
Nearly 300 different banks, lenders, and investors.
Or we'd be able to take other lenders denials and turn them into approvals. So if you've been told no by a lender before, you might think every lender is going to have the same answer, and that is certainly not always the case. The first piece is just knowing the system and the algorithm. So Fannie mae, Freddie Mac, FHA, VA and so on, they all have different computer algorithms that grant approvals. Well, most lenders don't really fully understand the changes as they change over time. We have a little special intel that gives us the inside of exactly what the computer is asking for, so we know how to navigate the system. Second of all, it's sheer sample size. The average loan officer helps one family close every month, or we helped nearly 50 families just last month close their home loans. That's hundreds of closing examples every single year. So we can learn and test those algorithms at a lot faster pace and then sprinkle that in with. The third piece is we have nearly 300 different banks and lenders and investors that we can run our loans through, all with different parameters on what they'll accept. That's a perfect breeding ground for finding every nook and cranny to grant approvals. When you sprinkle all that together, that's how we've been able to take denials and turn them into clear to closes.
