This episode is sponsored by RCN Capital

On this episode of Broker to Broker, host Marc Summers is exhilarated by the infectious energy and down-to-earth wisdom of  Maddux Mortgage Broker Owner, Mike Maddux!

Mike’s hunger for success in the wholesale industry is an inspiration that mortgage professionals can learn from. Mike’s energy, pragmatism, and ability to get to the heart of a topic are all as refreshing as it is educational. With a diverse background in the Marine Corps, the fitness industry, and in the retail channel all before starting his own brokerage, Mike brings a lot of no-nonsense wisdom to the table, and it leads to significant takeaways in short order. In just this episode alone, Mike provides substantiated and immediately applicable advice for peer and client relationship building, social media and advertising, VA and DPA Programs, and so much more.

Mike does 50% of his business in VA Loans. His experience with VA and DPA programs leads to some invaluable insight: “VA doesn’t have really strict set guidelines on debt to income or credit, and that’s why it is one of the best loan programs out there, because if you get an AUS approved eligible, then it works. And if you don’t get approved eligible and you have to have it manually under it and you find an underwriter that doesn’t have any overlays, that goes off the VA handbook and you can get almost anything approved. I couldn’t be more thankful for the fact that 50% of my business is VA Loans because it introduces me to more Veterans, and they’re super easy to get close with. So I’m like a kid in a candy store. Oh, you’re in the army? I’d love to help you buy a house!” 

Mike doesn’t take no for an answer in fighting for his clients, and takes it a step further for clients that need access to DPA programs: “A lot of Down Payment Assistance programs specific to a state or a municipality are restricted to banks and credit unions. The biggest piece of advice I can give is to do your due diligence, find out if there is a way you can offer it, or what steps would be required for you to partner with said bank or credit union so that you can offer it. And, as a broker, provide a higher level of service than they’re going to get from the loan officer at the bank.”