MH: There are unique challenges when dealing with foreign nationals and that is why we decided to focus on investment properties and second homes. Our program only requires the borrower have the legal ability to enter the US, there is no length of stay requirement. We also created a list of overseas banking institutions that if a borrower has a relationship with a bank on that list they are not required to move their funds to the US. There is always the issue of credit and credit scores when you deal with foreign nationals. We decided not to evaluate any credit history so long as the borrower does not have a US social security number or US credit. If they do then we will analyze the US data, but no foreign credit information is required.
MPA: What about the enhancements/new products makes them unique to Luxury Mortgage/your organization’s approach?
MH: The enhancements we recently instituted expand on our theme of always moving forward and creating the best possible customer experience. When restrictions are removed and guidelines are enhanced to allow more borrowers to qualify and close, we help our clients better service their referral partners. Making the process easier for the borrower creates a potential new referral source for our broker. This industry is about service, options, ease of use and customer retention. If you provide your client with options and a clear way forward that is easy to navigate, they will become repeat users.