The Key To Longevity, Knowing Niche Guidelines, & Non-QM (with Melinda Payan) – Episode 61

Posted March 30, 2021

A true mortgage advisor with over 20 years of experience, Florida Mortgage Broker Melinda Payan never says no to a potential client. In the most extreme scenarios, Melinda helps potential borrowers create gameplans that will eventually lead to a new home, but in most cases, borrowers were just given the wrong advice and fell victim to those that didn’t know enough about the process. By taking her time and using an extensive knowledge of mortgage guidelines, Melinda has been able to save many deals that were denied by other lenders. And when you’re able to save people in situations where their backs were against the wall, that’s when, as Melinda puts it, you turn referral partners into cheerleaders. 

Melinda works with many borrowers who were previously denied a mortgage or are under the belief that they just don’t qualify for a loan. 80-90% of those borrowers end up in A+ loans. At the end of the day, it just comes down to knowing your guidelines. It takes time, but do the research and take advantage of the many resources at your disposal. Many people don’t know you can call the FHA, HUD, or VA directly with specific loan scenario questions. There are also many training opportunities as well. 

Melinda sends all of her green Loan Officers through many different training courses, both internally and externally. Utilizing lender training like UWM’s Success Track or the various mortgage insurance companies training (Melinda specifically uses MGIC’s) helps her LO’s become more independent over time. Onboarding staff also buddy up with more experienced LO’s and get a script with questions to ask. With six operations personnel, including three Processors, an Opener, a Production Manager, and A Sales Manager for 20 LO’s, Melinda’s brokerage is overstaffed by design. She knows that when rates go back up, that’s when the Wholesale Channel truly shines, and she wants to be ready when that happens. 

Melinda ends the podcast by sharing that now is the best time to be a broker. With AIME, the Women’s Mortgage Network, and the various products and training at a Broker’s disposal, Broker’s aren’t just better, they’re best. So take advantage of all the Wholesale Channel has to offer and always do right by the consumer. 

Show Notes: 

  • Niche (Denied for mortgage) 4:00
  • Guidelines (13:58)
  • Admin Staff & LO Support (20:27)
  • Facebook Questions (27:06)
  • Advice For All Brokers (35:30)

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