hey what’s going on guys thanks for tuning in to today’s acm insider episode featuring our very own atlanta coast mortgage charleston loan officer gabby heymans gabby how’s it going today great how’s it going with you it’s going great here in arlington so gabby you’ve been in the mortgage business for around five years and in many ways you’re what i would call a modern day or as we say atlantic coast mortgage next generation lender um you know you use social media to engage and educate your audience you connect with many of your buyers on social media and that’s really just calling out a couple of of ways that you’ve been able to grow and scale your business throughout the charleston market so let’s kind of kick this off with the first question of what do you feel like it means to be a modern day loan officer um or as we would say a next generation lender how do you differentiate that between a more traditional outdated old way of doing things and why should that be important to clients it’s a great question um i definitely think being a modern day loan officer just takes on a different role than what it used to be or used to mean to be a loan officer um definitely for sure one of the biggest advantages and changes in the mortgage industry is the technology that we use and atlantic coast mortgage provides so many amazing technology outlets for us to use to communicate with clients especially when the covid epidemic hit and we lost a lot of um in facing meetings with clients which is typically the old school way of doing it we found ways around you know that challenge and we already had those systems in place which made it awesome so we can look at loan options together we can do virtual meetings we can do all of our applications online and really just make the process super streamlined for the client rather than them feeling like they have to come in and meet and you know we have all these amazing ways that they can feel um a part of the process without that aspect of it which is definitely more old school another really important thing that i think is important with being a next generation loan officer is the ability to communicate with your client and have that ultimate transparency with that client because unfortunately you know an old school lending way would be to get the application put the information in get the loan and that’s it there’s no walking you through the process there’s no explaining what’s mortgage insurance what’s an escrow account do you know all of these important things that are in the mortgage process and if you’re a first time home buyer or if you haven’t bought a home in a really long time you know you are completely uneducated about those things so it’s our job as loan officers especially being a modern loan officer to educate our clients communicate with our clients and lead them through the process so they don’t finish it feeling traumatized you know so i those are i think the most important things to me is some great technology the ability to communicate to be transparent and just educate your clients through the whole process yeah one of the things that you’re you do a fantastic job at is what i call edutainment um which you do a lot through through your social media where it’s um you know you’re educating people uh about the loan process or what’s going on you know in the market that you serve but you always do it in a fun and interesting way which isn’t to say that everybody has to do it that way but i do think that the way that you like you talked about um a lot of people think that technology uh removes the personal uh touch to the process when you have fully started using technology to enhance that engagement piece um as well as the educational piece of it which i think is such a great thing and to me is one of the biggest differentiators between sort of an old way of doing things um or a way of of how you’re using technology and the tools at your disposal like social media to uh create a better experience for people and even draw people into you because they see your personality and really who you are so let me absolutely yeah so let me ask you this um what should borrowers expect from uh lenders especially you know if you’re a first-time home buyer i know you work with a lot of first-time home buyers what are some of the things that we should be looking for that borrowers should be looking for um when they are starting to you know to look for a house even if it’s not their first time you know a lot of times people can kind of end up working with the wrong person to first go around get a bad taste in their mouth so give us a couple things whether it’s the first time home buyer or you know even somebody’s buying a second or third home

yeah absolutely so the things that you want to look for in a loan officer i believe that the mortgage process really becomes smooth when you pick a lender you first have to pick a lender that you trust because they are leading you through this financial transaction that’s possibly the largest financial transaction that you’ve made in your life up into that point or in a very long period of time so you want to trust that i would say like head of your team you know they are like your quarterback they’re going to be leading you through the entire process so you want to trust them you want to be able to have full communication with them and one of the red flags that i would say comes up a lot is when i’m hearing clients say i can’t reach out i can’t get in touch with my loan officer i don’t know who my loan officer is or they’re not calling me back or they said i would get qualified for this and now they’re changing their tune you know and there’s right happens when there’s lack of communication um or lack of setting expectations so what you’ll get with with me is definitely you know setting the expectation up front as to what the process is going to be like for you and being very transparent on the specifications that some mortgage processes need or loan terms need so that’s really important is to have communication and trust with your lender that it should be very high on your list of when you’re looking for a lender is trust transparency communication availability so that you know you can reach out to your lender when when you need them and definitely um i know people always talk about interest rates those are also very important um but at the end of the day if you have an amazing interest rate but a terrible experience it puts that bad taste in your mouth again and hopefully the lender that you choose will be able to take off all of those boxes including a great interest rate and loan term and also you know meet all of those other expectations so that that is the most important thing to me i would think yeah and and you touched on a couple of great points which was setting expectations um trust and then somebody’s going to be walking with you throughout the entire process right which you know most people say i’m gonna walk you throughout the the entire process um but i think that that is such a big thing to set those expectations up front uh particularly when you hear kind of what you’re talking about whether it’s interest rates or other factors that kind of play a role in what their final payment may be or challenges that other people have faced they kind of put themselves in that same box and the reality is there’s no there’s no two situations uh or home lending situations that are created equally would you agree with that absolutely yeah no no loan term loan file are created equal i could look through my clients that i have right now and they are all so vastly different and nothing is cookie cutter nothing is you know exactly the same as somebody else um it’s always going to have a little bit of difference here or there so you are absolutely right you can’t take someone else’s experience rather negative or positive or someone’s other own rates terms interest rates and expect those to be applicable to you as well yeah i think something else to uh that people should take into consideration kind of going along lines of education right so there’s to me there’s two forms of education there’s um being educated by the expert which is the loan officer but then there’s sort of like your own uh self-education of doing your due diligence to kind of find out who the person is you know one of the things that i i love about like with you and with with all of our acm loan officers is all you have to do is google them you know we have uh dedicated services that are set up to where our customers no matter what can leave a review so you’re able to actually go and see like all right what is it going to be like working with gabby so they can see you on social media they can see your web page but then you also see other borrowers and clients you’ve worked with what their experience has been like going out throughout that entire process that’s why it’s one of those things where obviously if someone’s uh telling you about themselves they’re gonna say all the great things right but the thing the thing that i love like with you and with others on our team is literally you can say hey um not in a boastful way but literally just google me and you’ll be able to find more information than just me telling you how great i am or what i can give you you’re able to see um what kind of what kind of feedback would you give to people as far as you know when they are researching and looking for a lender to work with what are some of those things that they should should look for i mean again just kind of going back to making sure that you have somebody that you can trust so if you are looking if you’re working with a large bank um you know that is you know a nationwide bank or if you’re working with an lender or some of those um that are definitely i feel like that’s the main competitors that i see in my market are online vendors and big banks

like that that they bank with you know and so when you’re looking at that you always want to automatically assume that they have your best interest at heart because why wouldn’t they you know so when you get into the process and you start you know unfortunately not being able to reach people and a lot of online vendors you know they they kind of get you in with some really good rates and terms and then their customer service falls off and you’re left feeling like you’re in the lurch a little bit so i would say you know research those companies research research those banks and make sure that you’re understanding that um the experience sometimes may be more negative than positive and if you um are in for that kind of transaction then you know all the best but you know if you want something that’s a little bit of an easier process definitely do your due diligence definitely do your research and make sure that whoever you are selecting to lead you through that process is going to leave you with a good taste in your mouth so that you’re going to want to do it again and you know um you know not be afraid to go through that process all over again so definitely research and due diligence is very important yeah and i i would say kind of piggybacking off of that as well that that’s the difference between using technology in a way that uh helps with that engagement and communication and education process um and then the way which like you’re talking about a lot of you know online where it’s you you see it and it’s you know it’s basically a fully automated process that in many ways removes that personal touch from it right so you can kind of get lured in through some flash whether it’s you know the interest rates or some other aspects of it but at the end of the day the actual process of it is not necessarily the smoothest process and you don’t have a dedicated person like a gabby that you can call on top of the technology piece so that’s the thing that i think that you you know you in particular and our our other acm loan officers really bring to the table is the technology and then the actual personal touch would you agree with that it’s a 50 50 partnership it’s a split completely because like i talk about having great technology and that is so important but you also need to have a point person you know we have great all in-house underwriters all in-house assistance closers you know everything that atlantic coast provides that is something that i love talking about is that personal touch where i can speak directly to these people that are vastly important to the mortgage process rather than not having any of that at my disposal so it’s so important having that partnership of technology and personal touch because if you have too much of one or the other you know it kind of goes balance so it’s super important to have both so along those same lines of that uh this is another interesting topic which is why is seeing an advertised rate online uh misleading or it could be misleading right it kind of dovetails yes you’re just talking about you totally just pinpointed i think the number one um you know most thing that we need to talk about but the thing that’s not talked about enough and that’s the fact that seeing an online interest rate advertised um is not always going to be your interest rate so online vendors and banks they do advertise those and they do specify a little bit at the bottom in very tiny writing you know is only applicable blah blah blah but unfortunately you don’t go down that far so you’re seeing this amazing rate that’s advertised and then you immediately assume that that’s going to be your interest rate and that’s not simply the case um there are some important pieces of information that you need to disclose to a lender so that they can more accurately quote you an interest rate and a lot of that has to do with an assumed credit score an assumed purchase price you know how much you’re thinking of putting down as a down payment um what kind of house are you looking for you know a lot of clients don’t know that there might be a different interest rate if you’re purchasing a condo versus a single-family home or a duplex so that’s also important um and also you know what kind of financing are you looking for because you know you could be a veteran and that might be a different loan product and interest rate than somebody who’s looking for a conventional loan so um just always you know take it with a grain of salt and discuss what you viewed with your lender so that they can accurately quote you and then advise you on how you can get accurate um competitor rates so that you can shop that is definitely one of your um you know rights as a consumer um is to shop but you want to make sure that the information that you’re getting while you’re shopping is accurate and not misleading yeah no that’s so good and that actually leads into this uh this next topic which is uh rate chopping right um that’s one that’s one of the things you know people everybody wants the best interest rate but when it comes to that maybe you could talk about a couple of other key factors that they should think about where it’s taking into consideration i mean if there’s a huge difference from one to

another um you know that’s obviously going to make a huge impact but if it’s if it’s a small difference kind of what you talked about a second ago um as far as is this someone that i i’m gonna be able to trust with my financial uh transactions particularly around buying a home forever is this someone that can help me or is gonna reach back out to me with you know refinance opportunities maybe you could talk a little bit about that and things that borrowers should think about as they’re going into that that’s so important yeah any time that i’m meeting with a client you know they obviously will discuss we are shopping which is definitely expected especially in our industry today because there are so many options out there so the number one thing i always say is let’s not lose our communication and if you are seeing a rate out there that is different than what i’m providing to you let’s talk about it and let’s figure out you know is that really a better deal because if it is i will be 100 honest with you and tell you it is but if it isn’t you know sometimes there’s a lot of hidden fees that um you’re not trained to notice as a client so there could be things like discount points or additional lender fees um or they could just be not accurately quoting you especially if they’re an out of state lender a lot of the times don’t always quote exactly the same if you’re local which is also important and they might not know that you need flood insurance all of these other things that might be a factor um so definitely make sure that you’re keeping open lines of communication with your first lender you know and seeing if they can work with you on that and also just putting high on that priority list availability because a lot of these other competitors that you’re looking at are probably not available like a local lender would be available to you on nights and weekends and when it really is important and you definitely want that to be a priority as well because you don’t want to be two weeks into the mortgage process and you’re having a panic attack at eight o’clock at night and you can’t get ahold of your lender yeah but that’s important you know more than people think at the beginning you know they they just see this this interest rate and it could be a such a minimal um difference also if a lender quoted you yesterday and i’m quoting you today it could be very different because rates fluctuate all day every day and especially recently what was that i said especially recently the the the rape has been like a wrong especially oh my gosh all day you know so if someone’s holding you at night in the morning and i’m quoting you at 5 p.m it could be a very different scenario so you want to make sure that you’re comparing apples to apples as best as you can you know if i again the same turn if i’ve quoted you something last week and that lender quoted you today then it could be that my rates are are you know on par with theirs it’s just mine was from a week prior so make sure that those um options are current make sure you’re comparing apples to apples um and make sure that you are also just um just being as as thorough as you can when it comes to reviewing what those options are and also keeping in mind that communication and availability are they don’t seem as important until they’re very yeah no that that makes total sense what would you say or maybe you know two or three or however many you think makes the most sense um questions that probably don’t get asked enough that borrowers when they’re going through this process because at the end of the day you know we know we don’t know what we don’t know and if this isn’t someone isn’t they’re not a loan officer they’re they don’t have the same level of experience knowledge obviously that someone like you does so maybe a couple of questions that as they’re going through that process even if these are the only things you take away from this conversation of like okay next time or as i’m preparing to do this next time to buy a home i’m gonna make sure that i’m asked these two or three questions that i wouldn’t have otherwise thought to ask yeah so number one is definitely discount points so discount points when you’re reviewing that i’m trying to think of the main things that i talk about with all of my buyers and the number one questions that they have so the first one they typically don’t know what it is is a discount point or an origination fee it goes by so many different names that it’s you can’t always catch it but what a discount point is is basically you are paying for an interest rate that’s not available on the markets you’re paying to lower it and it’s a fee that not all buyers know to be aware of so that’s something that you definitely want to be aware of because you could be getting charged thousands of dollars on with fees from a different lender and you’re just seeing the beautiful low interest rate and you’re not seeing the fees associated with it so definitely discount points and origination to be aware of that when you’re looking shopping or just going through the process um another one is definitely knowing that there’s a difference between

um you know people always say you know what’s the maximum i can borrow and that’s correct you don’t always want to know the maximum you yeah because typically something that doesn’t match what you want to pay per month so the best question to ask a lender is you know let’s go through some options you know i am comfortable paying x amount of dollars per month and then we can work with you and let you know what that purchase price might look like um depending on homeowners insurance taxes and hoa fees right um so you don’t always want the top of your price range yeah you just something that’s going to make you comfortable um and i would say number three is definitely when you’re going through the process to know um just to know like who you’re working with in terms of a lender i mean i feel like i’ve stressed this a lot but it is just so important because there’s such a difference between somebody like that’s a local lender leading you through the process where you can talk about what is an escrow account what is mortgage insurance what is a discount point rather than calling another lender and they’re just sending you you know a loan worksheet with no explanation no breakdown no nothing and then you’re left having to research it on your own and just feeling so much more overwhelmed than what you should feel so i cannot stress that enough just to be so aware of who it is that you’re working with yeah no those are three great points and and that actually touches on another aspect of this and something to take into consideration and we briefly uh touched on it earlier but really the importance of working with a local lender versus a non-local lender so i’m just going to open it up to you with that question of you know why is working with a local lender there’s a number of reasons i can think of but why is working with a local lender why should that be important or a concern versus you know potentially not working with a local lender i mean it’s right there in the word local they know your market they know what’s going on in this market i mean i know i can talk to many of my amazing educated real estate agents and they can tell me what the trends are in the market right now you know are we seeing a lot of multiple offers are we seeing a lot a lack of inventory you know if you’re purchasing in this part of town versus another part of town you know what are you looking like in difference of price range and taxes and there’s so much to know about your local market i mean i love new yorkers but i would not ride alone in new york because it was completely different than we do here in south carolina you know and you have to be educated and licensed but being educated and being licensed only takes you so far um unless you really know that local market or have local boots on the ground real estate agents and different partners closing attorneys that can be partnered with you and i think that’s another huge thing you want to have a great local team you know when you’re shopping for a home and you’re being taken around by a real estate agent that person is local and you’re working with them because you know that they’re an expert and you feel confident that they have your best interest at heart and they know what’s going on in their in their markets the same as a loan officer you know that’s a very important partnership is that real estate and lender partnership so that if they’re in a multiple offer situation they’re calling gabby on a saturday at 2 p.m saying hey can you call the seller’s agent because chances are you know them and just put in a good word you know those are things that if you have a great lender in your corner they are available and able to do that for you because most of the time a local lender if they work a lot in that market knows a lot of real estate agents and so many times i can call and have a personal you know conversation with somebody and help give them surety that the buyer is you know the pre-approval is worth what i’m saying it’s worth and you know we’re great candidates and that’s viewed so importantly in that seller and buyers agent’s eyes so that’s definitely a huge positive i’ve won a lot of contracts for my clients just by being that voice of surety and also having a great reputation i work really hard to follow through on what i’m saying so a lot of agents know if gabby’s saying we can do this we can do it you know and a lot of that is through having a great team behind me like atlantic coast where we’ve been able to accommodate rush closings we’ve been able to accommodate you know unique lending and that helps when you have a great mortgage um company but the same time when you are able to say oh we can do this and they know that you can do it you know rather than being freaked out and scared all the way to the closing table so i think those are some of the important things that i could think of local is almost always better when it comes to real estate and mortgage transactions yeah i mean you have at the end of the day you have home field advantage right you know you know all the oh yeah you know you know where the little divots are in the outfield you know

where where everything is basically and you mentioned this and maybe and i remember you telling me a story as i think it was last week actually where you you know you there was competing offers and you literally just rang up the the realtor had a conversation with them and they realized like one they’re gonna get to work with you which they which everybody loves two the offer that you’re submitting is is real you’ve already got everything locked in you’re ready to go and the realtor knows that okay if gabby’s taking care of this then i know everything is going to go smoothly and if something does come up because you do know the field of play you’ll be able to navigate it better than someone else so you’ve actually been able to win deals as soon as you talk to somebody like oh you’re oh you’re handling this all good let’s do it let’s go this route yeah absolutely and i if something crazy happened a couple weeks ago where i actually did the original loan for the home that was being sold and i think there was a little bit of confusion on you know the home was originally an fha loan and somebody was doing a conventional and there was some worry on something to do with the outside of the home and i was like oh no i did this loan like forever ago like you know i i know this house i know what what’s going on with it like we were fine with it on financing so we’re fine here i’ve done my research i know what’s going on they were like oh thank god you know and we’re like put their minds at ease because you know that’s what you want is that surety that a lender is not going to have an issue with something that you think you might be issue and so that definitely was a great experience we just closed on that one last week that’s awesome yeah you definitely embody our our tagline as simple easy stress-free doesn’t mean that there’s not going to be challenges but that’s the beauty of like what you’re talking about where if if i have an issue that comes up as someone who’s buying a home and i come to you i’m like oh my gosh this is happening and you’re able to say hey don’t worry about it i’ve been here a hundred times before i know how to navigate it it immediately de-escalates that level of stress in that person because you do have that hopeful advantage you do have those relationships and connections and you do know the market so well absolutely and i work i mean a lot of buyers that i work with are they’re out of state currently and they’re moving and relocating to charleston because it’s in a beautiful amazing thriving city and i love being able to live and work here and i love working with out-of-state buyers but they even know local is best so they’ll get in touch with their real estate agent the real estate agent will say call my girl gabby and we’re doing a deal you know because they won’t they’ll have bankers and relationships from where they come from but even those bankers will say work with somebody local because it’s just so important yep no that’s such a great point you made so one of the things that you know there’s obviously someone buying uh a home that’s already you know pre-built all that but for individuals let’s switch gears a little bit so for individuals who are looking to build their dream home uh so they’re gonna be doing construction and all that can you talk to us about what we should take into consideration between uh new construction preferred lenders versus outside lenders and maybe part of that conversation we can focus in on what we should know um about in regards to credit incentives and what we should be aware of as far as the difference between the preferred lenders and the outside lenders when it comes to new construction right right no so great question again when it comes to in-house lenders we have a ton of new construction here in charleston in our market specifically because we are thriving and growing so quickly that there isn’t a lot of inventory so i do experience a lot of buyers that are pre-approved with me and then decide that they want to buy something new construction and then all of a sudden it’s you know your current relationship versus um a new lender and and trying to um you know keep that relationship the best that you can so one of the most important things when it comes to in-house lenders is knowing that there are great incentives that come along with new construction um the best thing that you can do is just compare apples to apples the situation that you’re being offered by that in-house uh lender versus an option that your current lender can give you um and the the math i love math because you can’t you can’t make math why you know it’s you can see clear as day you know the credits that you’re being offered and then the fees that are being um associated with that and sometimes um interest rates are different so again it goes back to keeping that communication with your original lender as transparent as you can comparing as best as you can and i will always tell you and i’ve told my clients this time after time if the offer that you’re being offered is genuinely the best offer for you and your family then not only will you see it for

yourself but i’ll also tell you this is a great option you know take it and go with it and that’s that’s about 50 50 sometimes you know the option that’s being offered unfortunately is coming with um you know some different things that you’re not seeing up front and so it’s just important again compare as best as you can apples to apples and um keep that communication with your lender so that they can help walk you through that process so that you can understand what’s being presented to you um in-house lenders are great they’re great people they’re loan officers just like i am and they are you know definitely working with the builder and so the process is normally a smooth one so and typically they are local as well so again it’s just it’s just the numbers making sure that those numbers match up and make sense for you and your family so in regards to those numbers particularly when you’re looking at the incentives um how should people because sometimes like you talk about math doesn’t lie but also being able to fully uh to see the full scope of what the numbers are right and understanding it this goes back to again being able to work with someone who’s experienced um and and is an expert in this area right because you know what to look for so if someone’s going through that process uh from the credit incentive standpoint what are the things that they should look for to be able to compare apples to apples right because again if you don’t know what you don’t know you’re not going to find it right you’re not going to be able to do and it’ll just go like this exactly what you may see you may see partial numbers but maybe not the full scope of it so um from that standpoint is there anything that people should make sure that they are being uh more vigilant or aware as they’re going through absolutely check out your interest rate you know a lot of the times um the incentives that you’re being offered are there but there’s a slightly higher interest rate from that in-house lender versus what an outside lender could provide you and again you might be saving in the short term in terms of the incentives but there’s a higher interest rate it’s costing you more money in the long term because you’re in you’re paying more interest so that is number one for sure because there could be a large difference in what an outside lender is offering you to an inside lender the second thing you want to look for is lender fees so i’ve seen multiple loan estimates from different builders that have origination fee underwriting fee processing fee uh discount point i mean there’s like four or five different line items of additional fees that they’re charging you so it’s taking away from that incentive so if they’re offering you 5 000 but their fees equal 3 000 and an outside lender maybe only has a hundred dollars worth of fees you know that is definitely something you want to look at because what you’re being charged in fees is taking away from that incentive so you’re really walking away with much less than what they’re promising you so just to be aware of those fees be aware of your interest rate and more likely than not depending on the situation you know every buyer is different sometimes an outside lender can also assist with closing incentives it just varies from client to client and situation to situation so it’s never something that i over promise on but if i am able to um match some of those incentives then we will do that you know to to assist in in making sure that you’re not missing out on any incentives that you could be gaining so those are definitely important things to look at when you’re doing those comparisons no that makes total sense and and so we talked about uh a number of different things the last one being with the new construction and i think it would be a miss if we didn’t at least talk about you know kind of wrapping up our conversation um with some of the things that are going on right now particularly around ovid 19 with coronavirus um and how some and how that may be impacting um you know different markets etc so kind of going along those lines what implications uh do furloughed borrowers face because obviously we’re seeing right now i mean unemployment has been crazy through the roof with the pandemics so let’s talk a little bit about that what implications do furloughed borrowers face yeah great great question um so unfortunate everything that’s going on in our nation and in our world right now with unemployment being you know amongst the highest or not even the highest that it’s ever been so rightfully so the mortgage industry is trying to react appropriately and trying to understand and try and the new normal you know hopefully not our new normal for forever but because you know this epidemic has been so unpredictable um obviously the mortgage industry and the mortgage investors have erred on the side of caution when it comes to furloughed borrowers um you know every investor

differs on what their verbiage is um but it kind of boils down to um you know if you’ve lost your job and it’s sad and unfortunate as it is they do want you to return to work um and and kind of pick up on where you left off before the the panic so if you are a salaried borrower who was receiving a certain salary you know we definitely want you to return to that salary and keep the same hours and position and have um 30 days worth of being back to that normal before you know we can really use that income again and it looks stable um because you know unfortunately with different cases coming up and all of these things if you’re receiving a temporary income you know let’s say for example you were not um you know you kept working but you had a decreased income or decreased hours you know that that seen as unstable and again because everything is so just unknown right now it doesn’t appear that that would ever continue in the long term so definitely returning back to your your normalcy if you are um a salaried borrower or hourly or tipped you know there might be longer time periods that you need to be back at work right before that could be seen as stable again um and then self-employed borrowers are definitely trickier because some businesses unfortunately are irrelevant now or can’t or can’t keep the same income you know they were a small business and perhaps they were already struggling before the pandemic hit and now have you know completely decreased income um that is definitely seen as a huge concern so we’re reviewing a lot of profit and loss statements to see you know what that income through the pandemic has continued to look like for you and your business um you know we’ve looked at a lot of restaurants that are self-employed some are continuing their same amount of sales you know thank goodness some had shut down and couldn’t afford that so it just depends on you know again situation by situation every everything is different you have to completely evaluate based on um everybody’s individual situation but for the most part the main theme is stability returning back to that employer or if you’re self-employed um having that income and that would be normal in years past have that continue um and and be increasing hopefully as we all like to see in business right we want to increase from year to year so it’s definitely all of that stability is what needs to be seen and you know i’ve been talking a lot to my borrowers um that unfortunately have lost jobs and we’re working i’m working a lot with co-borrowers right now so i’m working a lot with you know son wants to buy a house dad is the co-borrower because he’s stable and has a great income and that’s one way we’ve been able to problem solve um so that parents can assist or not even parents you know spouses or brothers or sisters or you know something along those lines to kind of assist um with that stability so that they can they can still qualify so that’s been a huge loophole um that i’ve been able to kind of work with on through this whole pandemic yeah no i think the the couple things you mentioned where it’s uh consistency stability obviously any kind of financial transaction where there’s going to be an ongoing payment those are kind of staples within that i think it’s really interesting what you talked about the co-borrower and it sounds like in most of those situations it’s where individuals know that if they are uh uh being furloughed right now it’s more of a temporary situation so it’s you know them kind of kind of this them kind of providing a stop gap uh with the co-borrower aspect of it um is there anything else that we should be aware of around that and obviously here’s the other thing too is everything is shifting uh constantly like daily so maybe a better question for me to ask you is what major changes um have you seen or are you seeing to lending guidelines you know maybe two or three uh and also you know everyone’s listening how taking this you know with a grain of salt due to the land a grain of salt yeah with a grain of salt you know at this specific point in time but i think at the very least it can kind of help us understand sort of where we’ve been where we’re at now and maybe where we’re kind of trending towards as we continue to move forward right absolutely so i i would say the main theme and the main trend that we’re seeing from a lot of our investors or from the larger secondary markets is consistency stability and ability to repay so those are your most important things so um a lot of one of the top changes that i’ve seen is you know mortgage secondary markets and investors wanting um reserves so that forbid you lose your

job you do have some savings where you can repay that mortgage for a month maybe two months um you know if that happens because we can’t control what happens after the loan closes but we can at least try and have some surety in place that if something were to happen you know you could continue to make your payments and therefore not lose your home um which is so important especially when you just bought it or something along those lines so ability to repay and and being again airing on the side of caution so reserves are a huge change um i would definitely say again with self-employed borrowers um all of the changes and guidelines there’s much more than what i’m discussing right now that have changed and we want to make sure that you’ve been receiving the same sort of income and it will continue so they are definitely um more scrutinized right now and again self-employed borrowers in general are always um evaluated you know definitely more closely because it’s it’s never guaranteed um because it’s your business or you’re working for you know a self-employed company or you are self-employed working for companies so all of those changes and um try and think um gosh there’s been so many changes with guidelines um definitely i think the first stuff can you think of anything that you’ve heard of no i think i think the most important thing is i mean because we can kind of talk about things that have happened and things are happening now and kind of where we could you know possibly see things going but i think the most important thing that i’m taking away from this conversation uh is to really have that one-on-one conversation with somebody that you trust that you know is an expert that is preferably local in the market that you’re trying to purchase a home in because you know it whether you’re if it’s somebody who is from out of state there’s probably going to be different guidelines for you know say the new yorker versus what it is in charleston and for a number of different reasons so to me that’s really the most that’s the biggest thing that i’m hearing is have that those one-on-one conversations um up front do your due diligence on on who you’re working i mean to me that really kind of sums it up right there would you agree with that absolutely yeah that’s that’s the most important thing that i try and get through with my clients all the time that i’m working with is whether you are shopping whether you know that you want to work with me you know there’s certain things that you need to expect you know be educated have trust with your lender communicate with them think of them as your number one quarterback and cheerleader through this whole process because that’s what we’re there to do and we’re there to get you into a financial mortgage that’s going to completely give you security for the next foreseeable future we’re not here to to do anything that’s going to cause risk or to cost you more in the long run so trust transparency communication you know all these modern things that were never heard of back in the day with lending you just did the loan and moved on you know it’s just in a totally different world right now completely different and i love it this is i love this industry i love what i get to do every day and it’s totally so much of me is reflected in how i do my job which is i love personal touch i love being able to communicate with people i’m a huge communicator i’m a huge educator and it shows in the way that i choose to to do my job so just i couldn’t like that yeah i couldn’t agree i could not agree with you more so as we wrap this up gabby is there any um lingering thoughts or you know questions that i didn’t ask or things you know if you could leave our audience with maybe one thought what would that be ah there’s so many but i’ll just go with you know do your due diligence do your research and just trust whoever it is that you’re wanting to go with in this in this process and buying a home and at the end of it walk away smiling in a home and that’s going to be our goal you know is to to lead you through that process to lead you through it with surety and trust and that’s the atlantic coast motto that’s my motto and um yeah that’s kind of it awesome gabby thanks so much for taking the time to have this conversation today hope you have a great rest of the day to everybody else thanks for tuning in we look forward to catching you in the next episode of acm insider take care gabby we’ll see you later bye hey really quick before you go if you enjoyed this content be sure to follow us here on social and don’t forget to like and share this content thanks for tuning in and we’ll catch you in the next episode

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