NAMB President on the occasion of a memorable month
This year’s conference also reflected the changes currently taking place in the housing market, including the shift from refinancing to buying loans. There has also been a new development with the “Worker Blueprint”, a program put in place by NAMB exclusively to educate borrowers on how to start their own business.
Desantis focused on his own role as a broker, pointing out that he worked with 25 different wholesale lenders because, he said, “one size doesn’t fit all.”
He said having such a large pool of wholesale lenders gave him much more flexibility. He cited the case of a client who had not been able to get a loan before because he had filed for bankruptcy but was able to close a deal with him in three weeks thanks to his “so many different lenders on board”.
He continued, “I just got audited by the Division of Banks (DOB), and they came back to me and said ‘you are a real broker Mike, because what we see is that brokers now only have relationships with two or three wholesale lenders ”.
Desantis recalled that he had been described as an “old fashioned broker” because of his ability to rely on a wide selection of wholesale lenders. He added, “Some lenders are great some weeks on price, while others are great on 2k or 3k loans, or great on jumbos. Sometimes one lender is not for all.