Challenges emerged almost immediately. Given that the woman was paid primarily in cash or checks throughout her 10-year career as a housekeeper, she lacked good record-keeping. “I helped her establish a business account, and made sure she had good banking statements coming in. It took a year to plan out, so on paper she could qualify.”
And then there was the matter of unpaid taxes as a result of negligence of an ex-husband of some 20 years before. “It was a matter of Murphy’s Law in that whatever could happen did,” he said in recalling the various obstacles that emerged.
Gradually, things started to look more promising. “With the equity proceeds from the difference between the home value and what she needed, we even financed paying off her car,” he said of working on the woman’s debt ratio. “We actually paid her car off within the transaction on a purchase to get $500 off her debt sheet so she could get approval for the loan. That made a big difference.”
It was a case of delayed, rather than instant, gratification: “It took almost a year, but we helped her get through and organize her taxes to get to a place to get the home.”
Headed for Wall Street to help ring the closing bell
Saylor invoked the story after being asked by United Wholesale Mortgage to submit a compelling narrative toward winning a chance to help the lender ring the closing bell on the floor of the New York Stock Exchange. Ultimately, 100 brokers tied to UWM were selected based on the compelling nature of their narratives.
Comments are closed, but trackbacks and pingbacks are open.