Allyson Kreycik is a senior loan officer with Guaranteed Rate working in Boston.
Every week, we ask an Boston real estate professional for their thoughts on the top trends in Boston real estate.
This week, we talked with Allyson Kreycik, a senior loan officer with Guaranteed Rate.
Boston Agent (BA): According to numbers from the Bureau of Labor Statistics, more adults are living single than ever before. Have you noticed this trend, and if so, how has it affected your business? Is it more difficult for a potential buyer to secure financing if they’re single?
Allyson Kreycik (AK): I can’t say that I have noticed this specific trend in applications. I have a very diverse customer base from urban condominiums being purchased by parents for their children (Kiddie condos) to active adult (over age 55) communities. One of the major factors for loan qualification is debt-to-income calculation, so if you just look at that component – yes – there is generally an advantage to households with multiple borrowers and additional income used to qualify. In the greater Boston market, where I work, the median home price is over $400,000; it is much easier to qualify with two incomes vs. one.
BA: New mortgage rules that recently went into affect will require that lenders “document a borrower’s ability to repay a loan and ensure their debt is below a certain threshold.” Do you think in the long run this will help to significantly decrease overall mortgage debt, why or why not?
AK: I think ability to repay is an important calculation to evaluate when lending. If a borrower can’t show that they make the money each month to pay the loan, then why would anyone want to lend their own money to them? So, yes, new regulation certainly keeps many borrowers from taking on debt outside their means. However, there are cases that borrowers might not check one or two boxes but have liquid funds that could pay the balance off multiple times over. These buyers now are struggling to obtain financing. There is a common sense lending piece that went out the window with QRM. And, in my opinion, it’s not helping our economy grow. For example, if someone has $10 million in the bank, wants a $600,000 loan on an $800,000 primary residence purchase, has perfect credit but doesn’t have the multiple year history of receiving the interest/dividend income from the investment, the loan doesn’t fit QRM and the loan is denied. That won’t help buyers make moves and won’t help builders and developers sell homes.
A recent example of QRM happened this month as it was reported widely in many major newspapers that former Fed Chairman Ben Bernanke can’t obtain conventional financing for a refinance – our most prominent former central banker can’t get a Fannie/ reddie loan due to his change in employment going from the public sector to the private one! I think that maybe standards may have tightened a little too much.
BA: Customer service is important in any industry, and especially mortgage lending, considering the gravity of the borrowers investment. How do you maintain excellent customer service?
AK: My business is 100 percent referral based and I am 100 percent commission based. I need my customers and referral partners to be raving fans. If they are not, then I don’t get a paycheck and I do not get referred the next deal. I chose the mortgage industry 12 years ago because I wanted to help people and I love finance. I have learned from my tenure in this industry that life is expensive – and so I know that every eighth of a point helps. Every $100 in closing costs matter. I care about that. I sincerely want to get people the lowest rate, at the lowest cost and deliver the highest levels of service possible. They deserve it. So providing excellent customer service to me is not an option, it is my job. Helping people finance the largest purchase of their lives requires the highest service levels – anything less is unacceptable to both me and my employer, Guaranteed Rate.
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