Courting borrowers with past bankruptcies might not cross most loan officers' minds as the best strategy for building business, but Danielle Young doesn't let borrowers' past blemishes intimidate her.
Young, a vice president of mortgage lending with Guaranteed Rate in Midvale, Utah, serves some clients who lack the preferred savings cushion for a borrower, but believes everyone who can afford a home should be able to own one, and works to make that goal attainable for those who might need a second chance or a little extra elbow grease. Loan officers and other mortgage professionals are typically good at solving the puzzles that arise when loans are abandoned by other lenders and Young is no exception. She eagerly accepts challenging loan scenarios as an extension of professional growth encouraged by her regional manager.
This is Young's second appearance on the Top Producers list. Last year, she originated 214 loans for a combined dollar volume of approximately $59 million, ranking her No. 164 on the
Tell us about your most creative or successful marketing strategy. How did you come up with the idea? What were the results?
We started reaching out to buyers who had filed bankruptcy more than two years ago to let them know they could now qualify for a home loan. That idea came about when talking about buyers who may not realize they can buy a home after bankruptcy. I had a great response and have been able to help homebuyers into homeownership when they did not think they could buy a home. Each and every one of them were very grateful that I was willing to help them even though they had a problem in their past.
What's unique about the local market that you serve and what do you do to address those needs?
We have a lot of first-time buyers in our market who are short on savings. Educating buyers about available grant programs, or Fannie Mae's Home Ready program, has allowed me to help a lot of first-time buyers into homeownership.
Tell us about an unusual or difficult loan scenario and what you did to ensure a successful closing.
One buyer found out his lender could not help him with a loan only days before he was supposed to close on his new home. I had him send me all of his documentation immediately. I was able to run a credit simulation to help his credit score increase a few points and qualify for a loan program for which he would not have otherwise qualified. He was able to pay down a credit card and we immediately rescored his credit to the score that was needed. He was able to close on his home two weeks later and get his family moved in before Christmas.
What do you know about the mortgage business now that you wished you knew when you started out?
Twenty-five years ago, I did not realize how important it was to maintain relationships with my clients. Years later, I found that staying in front of clients was the best way to be their lender for life. Many people buy anywhere from two to five homes in their lifetime, and they will also refinance a couple of times. I did not have the forward thinking early on to stay in touch with the clients that I did loans for at the beginning. I have since learned how important each and every client is and more importantly, to stay in front of them, so they will also refer their friends and family.
Who is someone in your life, either personally or professionally, who helps contribute to your success?
Julia Borst, my regional manager, always challenges and motivates me to do more both professionally and personally. She has helped me find balance in my career as well as in my personal life. Julia has inspired me to grow my business over the last few years and continues to motivate me to set goals, challenge myself and increase my production levels year after year.
