Alternative lending options
In the mortgage industry, understanding the unique features and uses of agricultural and rural properties is crucial for successful loan origination. Speakers discussed the importance of evaluating property purpose, condition, and eligibility criteria for investment properties, as well as the challenges of dealing with clients who want to split their property and put solar farms on it. Effective communication and relationship-building strategies are also essential for success in the industry, as highlighted by Stacy Chevalier and Speaker 4. Speakers also shared their experiences and perspectives on the difficulties and opportunities in agricultural recruitment, including the importance of building a strong team and overcoming uncomfortable situations.Transcripthttps://otter.ai/u/obTOjguJQzeJeH6746Jbj1bxZqE?view=transcriptAction Items[ ] Send email templates to Stacy for contacting farm/ranch realtors.[ ] Set up daily goals team chat in Teams.[ ] Send agricultural property info to Kent for review.[ ] Follow up on getting HELOC seconds with assumable first mortgages.[ ] Ask about getting interest rate buydowns on Chase jumbos.[ ] Look into doing renovation loans.[ ] Set up training on new construction loan program.OutlineAlternative lending options for rural properties.Speaker 1 discusses two types of loans offered by their company: a trade loan and a commercial loan.The trade loan requires the income to come from outside the property, while the commercial loan can have income from both inside and outside the property.Speaker 1 highlights the unique features of their products, including off-grid properties and executive homes with equestrian sides.Real estate financing for barndominiums and vineyards.Speaker 1 discusses their experience with rural property loans, mentioning they've closed deals on properties with multiple dwellings and acreage.Speaker 1 highlights the flexibility of their underwriting team, including the ability to consider unpermitted manufactured homes and tiny homes.Speaker 1 notes that they've seen vineyards and orchards get closed on rural properties, and their products have two different channels for loan underwriting.Speaker 1 emphasizes the importance of proper floor plans and closets in barndominiums, as appraisers consider these features when determining eligibility.Speaker 1 and Unknown Speaker discuss the importance of avoiding commercial signs and operations in barndominiums to ensure eligibility for certain programs.Speaker 5 shares a personal experience with a unique barndominium property in Hawaii, highlighting the importance of understanding local bylaws and regulations.Mortgage cash-out options and limits.Speaker 1 discusses HOA bylaws and appraisals, while Speaker 2 mentions loan amounts and DTIs.Speaker 1 discusses various ways to provide cash out to homeowners, including selling their property or using it as collateral for a loan.Agricultural lending and service.Speakers discuss challenges with appraisals for rural properties, including lack of comps and strict lender requirements.Speaker 1 emphasizes the importance of service in differentiating Farm Credit from competitors, citing examples of successful deals and satisfied realtors.Speaker 8 highlights the potential for Farm Credit to tap into the real estate market by offering good service and competitive rates, despite the presence of banks with prepaid short-term loans.Real estate investing in California.California has diverse agricultural properties, including avocado farms near cities for $5 million.Speaker discusses challenges in financing rural properties, including lack of trust and communication with clients.Real estate and farming strategies.Stacy Chevalier shares insights on expanding business through networking and specialization.Speaker 1 expresses hesitation towards a family's proposal to split their property into pieces and install a solar farm, citing county regulations.Agricultural loans and financing options.Speaker 1 discusses the process of buying and selling land, including the importance of having assets and a good debt-to-income ratio.Speaker 2 explains that the servicer's job is to help clients navigate the loan process and provide valuable insights.Speaker 1 highlights the importance of having multiple sources of income and assets to qualify for a loan.Commercial farm loans and underwriting requirements.Speaker explains different loan options for commercial real estate deals, including trade loans and scorecards.Speaker 1 highlights the company's fast and efficient loan closing process, taking over documentation and communication to ensure deals are closed quickly and successfully.Speaker 1 mentions using income from leased properties to qualify for a loan, while Speaker 2 clarifies that only certain types of income, such as almonds or pistachios, can be used to strengthen the file.Agricultural lending and loan options.Speaker 4 mentions that the key to success in agricultural lending is finding properties with habitable dwellings and being flexible with loan terms.Speaker 1 highlights the importance of understanding the specific needs and circumstances of each case, as there is no one-size-fits-all approach to agricultural lending.Speaker 1 mentions that their partners are harder to work with, but they have a good team that can help with recruitment.The group discusses the challenges of finding the right products and recruiting for agricultural jobs, with Speaker 2 expressing frustration with recruiters and Kimberly seeking more products.Real estate goals and team collaboration.Stacy Chevalier is excited about the team's progress and hopes to reach 7 million in sales by the end of the year.Speaker 2 is enthusiastic about a new product and appreciates Stacy's willingness to help.Stacy Chevalier suggests using Microsoft Teams for group chats and goal setting, with separate channels for different topics to avoid clutter.The team discusses the best way to present information to the government, with a focus on sharing success stories and learning from each other.Mortgage industry challenges and solutions.Stacy Chevalier discusses the company's new solution for employees who want to work part-time while still being employed full-time in the mortgage industry.Trevor, Angela, and Heidi are reminded to pay their license renewals.Speakers discuss various methods for staying in touch with past clients and agents, including email, voicemail drops, and in-person meetings.They emphasize the importance of continuing to have conversations with these individuals to generate new business.Real estate and mortgage industry topics.Speaker 4 discusses a vendor that provides loan officers with contact information for prior closings, but the name of the vendor is unknown.Speaker 4 and Unknown Speaker discuss how to obtain contact information for prior closings, with Speaker 4 suggesting asking a title rep and Unknown Speaker mentioning a backroom process.Stacy Chevalier and Speaker 2 discuss reverse mortgages, with Stacy mentioning a new loan officer starting Monday.Real estate and agricultural loans.Stacy Chevalier and Speaker 4 discuss elderly people struggling to pay HOA dues and the potential for reverse mortgages to help them retire.They also talk about land deals and agricultural deals, with Speaker 4 sharing a list of land consultants in California.Speaker 4 mentions agricultural timber and farm properties in Oregon, with a focus on ranch and vineyards.Stacy Chevalier seeks feedback on what types of loans agents are interested in, with a preference for jumbo FHA DSCR and renovation loans.Speaker 2 mentions a new product coming out with a HELOC second that will allow an assumable first mortgage, but Stacy Chevalier is unsure if it will happen in 25 years of experience.The group discusses the chase jumbo buy down and the disclosure process, with Speaker 4 explaining that the calculation is already approved but the disclosure is not yet finalized.Speaker 8 mentions options for payment and the need for Chase to push a button for a pending transaction.Speaker 4 discusses a super jumbo Chase product with astronomically large loan amounts, but notes that exposure is a concern and Chase will not allow delegated or non-delegated lending for this product.Stacy Chevalier and others discuss ice skating, escape rooms, and holiday activities.Speaker 2 shares their frustration with people who claim they're not good at something or don't like it, encouraging them to overcome discomfort and improve.Real estate pricing and affordability.Corvi korphe discusses mortgage debt and tracks real estate listings in Tacoma.Speaker 5 offers to provide insights on reducing the property price or interest rate, hoping to avoid a price reduction conversation.Speaker 5 explains how an interest rate reduction can benefit both the seller and buyer, and is willing to provide more information if requested.Speaker 2 discusses property listings and price reductions with potential buyer.