Zach Mani is a branch manager with Paramount Residential Mortgage Group working in Miami.

Every week, we ask a Miami real estate professional for their thoughts on the top three stories from the week before. This week, we spoke with Zach Mani, a branch manager with Paramount Residential Mortgage Group. 

Miami Agent (MA): How, if at all, do you think Fannie and Freddie’s decision to provide 3.0 percent down payment loans will affect lending in 2015?

Zach Mani (ZM): In terms of loan origination volume, I don’t think it will have a huge impact, but it will certainly be a better option than the current FHA option for lower down payment loans for borrowers with better credit and lower debt ratios.

MA: How important is it for lenders to forge relationships with Realtors, and how do you make sure those relationships stay strong?

ZM: Whenever I meet a new Realtor partner, I ask myself a question: How do I add value to this person’s business? A good lender who can pre approve a client becomes a huge asset to any Realtor partner. Having said that, there are pre-approvals and then there are pre-approvals. Often times when an inexperienced loan officer pre-qualifies a client, they miss a critical aspect of income or credit or prior credit history, which dooms the application from day one. Think of all the time that Realtor wasted in showing homes, writing contracts, perhaps even doing the inspection and the appraisal, only to find out that the file got denied in underwriting. It happens all the time and especially some well known banks – all you have to look at is their ratios to applications vs. closings.

So yes, it should be an important relationship between the lender and the Realtor community. How do we make sure that the relationship stays strong? Create the trust factor by delivering what you promised, or under promise and over deliver. Educate and be the source for industry changes and communicate it timely on how these changes might affect the Realtor’s business. I have done focus groups with Realtors and you would be surprised what a little thing like answering their calls or being available to them on off hours or on the weekends can do to build trust. Real estate industry is a 24/7 business, those of us who accept that will have plenty of business to write in 2015.

MA: For new real estate agents coming into the industry, what basics about mortgages do you think it’s important they understand?

ZM: Great question! A new agent who makes this a career must, in my opinion, get in front of a reputable lender and find out the process from start to finish in the lending process. There are so many YouTube videos to get yourself familiar with the process, as well. If a client calls them to show a home because they saw an ad on Zillow or realtor.com, a few fact finding questions can quickly tell them if these are just tire kickers or are serious buyers. How long have you been employed? What do they know about their credit; how much money is available for down payment and closing costs? All these can be taught to a Realtor by a lender within a matter of hours. I suggest any new comer to this business consider meeting a lender who is willing to be part of their success story.