The mortgage business has been radically changed since the meltdown in late 2007.
Once the banks realized that mortgages designed for liars was a bad idea, and their competition was wiped out; they decided to ask for as much information as possible. In many cases much more than even FNMA, FHLMC, or FHA required. And believe it or not, in many cases that extra information was just deleted and not even seen by an underwriter. This documentation process put the onus on the borrower to jump through many hoops (that could have been verified by a third party) because it was “easier for the borrower to get it.” “Easier” for whom is the real question?!
Make the mortgage process as simple and painless as possible for you! This means hiring the best people to understand how to properly structure the transaction to get it approved the first time. We would have to expand our availability to accommodate your schedule, not ours. We would need to create a network of lenders that allows for the maximum flexibility in product options and underwriting guidelines. We would have to build the best technology and systems to make the process flow in the fastest amount of time, and allow us to shop the loan scenario against the maximum number of potential funding sources.
Once we decided what was required then we needed to figure out what the X-factor was, the special sauce. So a different kind of company was created with a whole new concept in lending. It’s called FUN! While the goal of an easy and painless process is important and we strive to achieve that every day, we could never promise that it will be that way every time due to the nature of mortgage lending so what we could promise is that it would be fun! Welcome to the Next Big Thing in Lending, BlueBolt Funding.