Loan officers in New York City must love a challenge.
The urban center's real estate market is notorious for its competition for luxury properties and buyers with complex financial profiles. In addition, buildings housing open units tend to come with their own income requirements and occupancy quirks. One of the ways Debra Shultz meets these challenges head-on is by researching the buildings in which condominiums and co-ops are for sale to make sure they are approved by the lenders her company partners with.
Shultz, a senior vice president of mortgage lending for Guaranteed Rate, spins the need for pre-approvals from two sides into a value-add provided by her team to make the process run with as few hiccups as possible — arguably a feat in the realm of NYC real estate.
She credits her steady business with quieting her Virgo and learning to allow others to help with the details. The zodiac sign is most commonly associated with high attention to detail and a tendency toward perfectionist habits.
This is Shultz's third appearance on the Top Producers list. Last year, she originated 90 loans for a combined dollar volume of approximately $65 million, ranking her No. 129 on the
Tell us about your most creative or successful marketing strategy. How did you come up with the idea? What were the results?
My team reviews open house listings for my top 100 agents every Monday and Thursday and proactively researches the building to see if it is approved with our lenders. Then we offer to create enhanced open house fliers and rate sheets for each one. They really appreciate the upfront building research and the effort we take to make their sale as easy as possible on the potential buyer, regardless of whether we finance the buyer in the end.
What's unique about the local market that you serve and what do you do to address those needs?
I work in NYC, which is an urban luxury market. About 90% of my loans involve financing co-ops and condos for clients with sophisticated income and asset profiles. Not only do I have to pre-approve the borrower, but I have to make sure I get the building pre-approved by the lender, as well. Many of my clients are self-employed or receive large bonus income; are wealthy and in need of asset depletion in lieu of traditional income; are foreigners living and working outside of the U.S., etc.
Tell us about an unusual or difficult loan scenario and what you did to ensure a successful closing.
I had a loan for a client who wanted to purchase a $6.7 million condo with 10% down to avoid liquidating his investments. He was not selling his current primary residence prior to closing on the new one, which is why his down payment options are limited at the moment. I used a private bank, which allowed me to cross-collateralize with his primary residence to temporarily achieve a lower loan-to-value ratio across the two. Once he sells his primary, he will pay down the balance of the new one first and be left with a more traditional LTV.
What do you know about the mortgage business now that you wished you knew when you started out?
How to delegate. For years, I did everything myself. I'm a Virgo so that is my nature. But I wasn't able to increase my volume since I was focusing on loan-level issues all day long. I've now let go and am letting my team handle the administrative and loan-level tasks while I focus on bringing in new business and managing the big picture.
Who is someone in your life, either personally or professionally, who helps contribute to your success?
There isn't one person. There are many. Guaranteed Rate is such a tight-knit family. Every team member is ready and willing to jump in to help regardless of what their job description technically is. You never hear "that's not my job." You only see proactive action. I can reach out to anyone for anything at any time, from the top right down to my sales assistant. The teamwork at Guaranteed Rate is phenomenal.
