This Lender with Over 30 Years of Experience Shares His Secrets on How to Fund More Loans

John Horton has been in lending for over 30 years now. Right now, John is the Branch Manager at PrimeLending Illinois. He’s experienced a lot of ups and downs throughout his career but is still staying positive and happy.

In this episode, John shares his experiences throughout the years, how he keeps his positive attitude and his opinions on how the current market compares to back in the day.

Don’t Forget To Reach Out To John Horton:
Phone number: (63) 915 5277
Email: john.horton@primelending.com

Quotes
“I literally ended up getting a job in a bank on accident. I live in a small town and just got back from Cleveland and in the bank, I said ‘I need a job’ and the guy said ‘Be here Monday, you’re a personal banker.”

“I think the expectations really are making goals achievable. Don’t be crazy because you’re gonna get down on yourself. Little baby steps and just keeping it positive and making those expectations.”

“Households increase by 18% every single year for the last 2 years. People are sitting on a ton of equity, and they’re expecting it (interest rates) may be to average out at about 9%, but still 18% a year in equity on a house.”

“When it comes back, it’s gonna come back strong. You wanna have the right attitude to stay in it and keep doing your job every day so people remember you. ”

“Banks lose money on mortgages until you start paying it back. The cost to put a mortgage on the books, and do the whole process, I wanna say is like 12 grand. I could be way off, but I know I’m not that far off.”

“You’re gonna get this buyer’s edge. This letter says this is not a pre-approval, this is a fully underwritten loan commitment. All we need is the appraisal and the title, they can close because it’s already been fully underwritten.”

“Even guys that are retired, 70, 80. They say every day’s a Saturday but I’ll tell you, after so many Saturdays, what am I doing?”

Concepts
Setting goals and striving to achieve those for the day helps in keeping a positive outlook in your life.
The reason why there is a smaller number of transactions in the current market is that there is an issue with the supply in the market.
The market won’t always be terrible, keep working hard and when the market bounces back, you will reap the benefits of being consistent in your work and expanding your network.
You can find ways and strategies by studying. Reading through the vast resources you can find on the internet like podcasts, books, and communities can help you find creative ways to get through tough markets.
When looking for lenders, don’t look for them by yourself. Ask for recommendations from someone you can trust that has knowledge on this subject. That way you can ask them how their experience was and you can have a clearer look at how things will go for you.
Treat your lender as if they work for you. Interview them to see if their work ethic and values align with yours.
Pre-Underwriting is when a mortgage company has already vetted your financials and agreed to give you a mortgage up to a specified price. It is better than a pre-approval because pre-underwriting is a guarantee whilst pre-approval is just a reassurance of your ability to get a loan.
Doing pre-underwriting as an agent can provide you with a slight advantage over the rest. You are representing your client better and you can also build relationships with loan officers, realtors, and clients.
Strengthening your relationships with your clients can be as simple as making a phone call.

Time Stamps
0:00 Introduction
3:20 Why did you become a lender?
4:30 Expectations vs Reality as a lender
6:40 What do you do to stay positive and happy in your life?
8:00 Top challenges a new lender faces in today’s market
9:50 Navigating through challenges in market shifts
12:05 Comparing the current market with the 80’s market
14:15 Have you ever been in a market with low demand and low supply?
15:55 How does the market shift affect the general population
17:45 As a lender, what kind of shifts in marketing strategies?
20:30 Recommendations for Loan Originators
23:00 Recommendations for Consumers in looking for lenders
25:20 Balancing your needs with the client’s
27:50 The Value of a Pre-Underwritten Product
31:50 Side benefits of being fully underwritten
34:25 What can lenders do to help their clients
37:05 Changing criteria for clients as the market shifts
39:00 Changing rates in short-term rentals, vacation homes, and second homes
44:20 Experiences in raising 6 kids
47:10 Vision for the next 12 months
48:35 What does financial freedom mean to you?

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This Lender with Over 30 Years of Experience Shares His Secrets on How to Fund More Loans, housing market, jeremy lefebvre