Two-time Emmy and Three-time NAACP Image Award-winning, television Executive Producer Rushion McDonald interviewed Latrease Price Gistard.
I began my finance career in 1999, working in investment operations and accounting for 14 years. In 2013, I transitioned into retail auto finance as an independent Texas auto dealer and Finance Manager. Shortly thereafter, I earned my Residential Mortgage Loan Originator license in 2018. I worked as a Mortgage Loan Originator until December 2022. In February 2023, I took the next step in my career by opening my independent mortgage brokerage, ACI Mortgage, LLC, where I serve as an Independent Mortgage Broker.
Company Description *
ACI Mortgage, LLC is an independent mortgage broker committed to delivering exceptional service through a focus on accountability, consistency, and innovative tools and resources. Understanding that the home purchase process involves not only finding the perfect home but also securing the right mortgage, ACI Mortgage, LLC strives to make the mortgage process personalized, efficient, and timely. By building strong relationships and keeping clients' needs at the forefront, ACI Mortgage, LLC ensures a smooth and seamless experience every step of the way.
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Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:05):
Welcome to the show.
Speaker 2 (00:06):
I'm Rashaan McDonald, the host of Money Making Conversations Masterclass,
where we encourage people to stop reading other people's success
stories and.
Speaker 1 (00:14):
Start planning their own. Listen up as.
Speaker 2 (00:17):
I interview entrepreneurs from around the country, talk to celebrities
and ask them how they are running their companies, and
speak with dog profits who are making a difference in
their local communities. Now, sit back and listen as we
unlock the secrets to their success on Money Making Conversations Masterclass. Hi,
I'm Rashaan McDonald, a host this weekly Money Making Conversations
(00:38):
Masterclass show. The interviews and information that this show provides
offer everyone. It's time to stop reading other people's success
stories and start living your own. If you want to
be a guesst on my show, please visit my website,
Moneymakingconversation dot com and click the b a guest button.
My guest is an independent mortgage broker. She's committed to
(00:58):
delivering exceptionals service. Do a focus on accountability and securing
the right mortgage for your home. They'll ensure a smooth
and seamless home buying process. Please work with the Money
Making Conversations Masterclass Latree's price get stalled. You know French
that gestalled. You got to got to put that gets stared.
(01:19):
From Houston, Texas the tree, So you know down there
y'all do all the San Antonio people listalled.
Speaker 1 (01:26):
How you doing, my friend Letree, How you doing?
Speaker 3 (01:28):
I'm doing great? How are you doing?
Speaker 2 (01:31):
Finance? What's your what's your background? When you start talking
about you know, mortgage brokering and brokery and accountability and finance.
Give us a little history on you before we get
started and get deep into this interview.
Speaker 4 (01:42):
Well, I am originally from San Antonio, Texas, and I
have a bachelor's degree in finance, and I've been in
finance since nineteen ninety nine. Where I originally started out
working in investment operations, which consists of like settlements operations
and and investment accounting. And then like around twenty twelve
(02:04):
or so, I moved over to doing auto of financing.
My husband and I we opened up a car dealership
and I was part owner and also our finance manager,
where I helped customers get financing for their cars. We
focused a lot on first time buyers and just pretty
(02:26):
much took care of them to make sure that they
were not being taken advantage of and getting good interest
rates and good payments that they could maintain because a
lot of the customers were like your college students and
first time buyers who had just who had just actually
just graduated from college.
Speaker 3 (02:41):
And then right in the middle of all that, you know, well.
Speaker 4 (02:46):
At the time, there was a lot of favor with
auto lending and so forth, and so a lot of
that changed, unfortunately, And so then I started looking into
mortgage financing just to kind of like compliment what I
was already doing. And that's pretty much how I ended
up in mortgages. I started well, I obtained my license
in twenty eighteen, and then in twenty twenty two I
(03:09):
decided to go ahead and take the leap and become
an independent mortgage broker where I.
Speaker 1 (03:13):
Have my Well, I don't think you just took a leap.
You're a planner.
Speaker 2 (03:17):
You're a planner now because you're dealing with numbers, so
you already know about taxes, you already know about understanding
the you know that profit margin that you have to
achieve now. As in the car industry, first of all,
are rarely meet a person of color who said they
(03:37):
went in the car dealership. You know, you re meet
car sellers, of car mechanics, of people of color. How
did y'all get into the auto industry from a dealership standpoint?
Speaker 4 (03:51):
Well, actually, my husband he had his first car dealership
in San Antonio in the early nineties and it went
fairly well for him. He ventured off into doing some
other things, into like promotions and so forth, and then
around that time he decided to just go ahead and
start to do the car dealership again. But he didn't
(04:11):
want to do it the same way he did it before.
He decided to do it differently this time. And it
went very well for a while because it was around
the time when Obama was, you know, issuing out all
of the rescue money, and so the lending guidelines were
very helpful for those who were having a difficult time,
you know, at that particular time. And unfortunately they had
(04:34):
to go back and tighten up those lending guidelines again
and that changed the industry. And then COVID came right
behind that and made it even more tighter.
Speaker 2 (04:44):
So cool now you could have asked this one car,
what about car dealerships? You know, you know, I've had
a lot of used cars in my life and I've
traded them in. Now should I have haggle to get
the price down the trees? Because I always trade it
in my used car, which would have been a better
(05:05):
right that you way that you would have recommended, and
just listening and people listening may follow your advice or
they might do their own thing.
Speaker 1 (05:12):
What would you suggest haggling a trade in and used car?
Speaker 4 (05:16):
I think that you should do definitely negotiate and make
sure that you get in the right deal. And you know,
a lot of people they go to Kelly Bluebook to
reference the value for their car, but I personally recommend
you going to Nada dot com their powered by Geni
Powers and associates now and they tend to give a
(05:37):
better explanation of what the value is of your car
because it gives it whether or not if it's in
good condition or a bad condition, or if it's even
in a syllable condition, and so you can kind of
you can negotiate off of those numbers. A lot of
times of dealerships they don't. They just assume that you
don't really know what the value of your car is.
(05:58):
And if you come in and you and you're educated
and you can you know, discuss on those particular parameters.
You could say, well, no, you know my car. You know,
I just did this, this, and this to my car,
so it's actually valued at this particular number, and this
is what I would like to have because they're going
to pay you what they're going to pay you and
turn back around and sell it and make sure that
(06:19):
they get.
Speaker 1 (06:22):
Yeah, like anything, do your homework.
Speaker 2 (06:26):
Yes, going there and have a stand a value stand
on your vehicle before you start trying to ask somebody
what they think is going to call yes them.
Speaker 3 (06:37):
Because they're going to make sure they make their money.
Speaker 5 (06:40):
Right.
Speaker 1 (06:40):
Yeah, we're good.
Speaker 2 (06:41):
Well, I brought you on the show to talk about
being an independent mortgage broker. The word independent is powerful. Yes,
you know, how are you an independent mortgage broker? First question? Secondly,
why are you an independent mortgage broker?
Speaker 4 (06:57):
Okay, I am an independent mortgage broker because I basically
hold my own license as a broker. So I go
out and I establish relationships with various lenders to provide
different loan options to my borrowers. You know, I have
lenders that will cater to individuals who may be self employed,
(07:19):
who may have a difficult time getting approved. I also
have lenders who cater to first time buyers. I have
lenders that cater to those who may need help, you know,
due to citizenship, you know issues and so forth.
Speaker 3 (07:35):
I mean, there's all types of lenders out there.
Speaker 4 (07:37):
And so as a broker, you serve as that advocate
for your borrower to make sure that they're getting the
right loan product and not necessarily just getting approved, but
you know, do they have the right product that fits
their particular needs and so forth.
Speaker 1 (07:53):
Okay, so, but why.
Speaker 4 (07:59):
Well, what made me become well decide to become a
mortgage broker was I had actually been laid off at
a company.
Speaker 3 (08:07):
It was a builder.
Speaker 4 (08:08):
It was like in late twenty twenty two, the interest
rates has started to really go up, and so they
had lost like sixty eight percent of their contracts due
to borrowers falling out because they could no longer fit
the home because they were in the middle of construction
and so forth. And so I was faced with having
(08:29):
to go and find something, find new employment and so forth.
And so I just noticed that, you know, the commission
negotiations just did not fit my needs. And so I'll
just figure I might as well just go ahead and
advocate for people like I do, and also keep my
commissions at the same time.
Speaker 2 (08:50):
There are certain things as you gain equity. That's the
big thing. That's the goal in any house is to
gain equity. Explain to us the value of mortgages when
you hit a certain age and you have a certain
equity in your house.
Speaker 4 (09:04):
Okay, Well, I will say this due to the fact
that a lot of people do not really have very
much knowledge in reversed mortgages. The usage of them are
only like about two to three percent of senior citizens,
and it's typically in the age range like around seventy
five and older. And that's typically when people will you know,
(09:25):
will have enough equity in their home and or have
exhausted their retirement funds and have high medical costs and
so forth, and so it's just a way for them
to be able to have tax free cash coming into
their home. They can either take a lump sum amount,
or they can get they could receive a monthly payment,
(09:46):
or they can open up a line of credit where
they just withdraw the money out every month. I feel
like it is a good option for those, you know,
for individuals that are in that particular age range who
have a exhausted their retirement funds or have limited retirement funds.
And you know, it's just unfortunate that people typically do
(10:10):
not have enough education, you know, about them because what
happens sometimes is is that you know, they'll take out
the reverse mortgage and the family is unaware and when
they passed away, they don't know that the debt is there.
And so but what the family can do is if
they want to keep the keep the home in the family,
they can refinance it, you know, if they want to
(10:31):
keep it, or they can just sell it to pay
off the debt. Flowers while they're here. You know, they
paid all the equity into the house, so.
Speaker 5 (10:43):
You know.
Speaker 1 (10:44):
Okay, let me ask you this question. Write quickly tree.
Speaker 2 (10:46):
I'm talking to the Tree's Price Get Started and independent mortgage
broker based in Houston, Texas. Okay, you take out a
lump sum? How does that work? How are you paying
it back? If you have no money and you having
financial issues and you do a lump sum or how
exactly walk me through how a reverse mortgage works and
(11:09):
how exactly.
Speaker 1 (11:10):
Does it benefit?
Speaker 2 (11:11):
Because if you if you take some money, they're going
to want it back. So how are they making those
payments back of the lump sum. Are the monthly songs
that they're requesting.
Speaker 4 (11:21):
Well, the beauty of it is there are no monthly
payments going back to the institution. The data is paid
off when the home is paid off, you know, like
when the person passes away. The family can either refinance
it into their name or they can sell the home.
Speaker 3 (11:39):
Yeah.
Speaker 1 (11:39):
I see what you're saying. So so let's use some numbers.
Speaker 2 (11:42):
So if the house is two hundred and fifty thousand dollars, yes,
then you can do a reverse mortgage own the equity
or the value of the home.
Speaker 3 (11:51):
The equity, that's what you're saying.
Speaker 4 (11:53):
Yes, yes, and you would need fifty percent of equity
in the home to be able to do it.
Speaker 2 (12:00):
Okay, cool, So that means that you can do a
reverse mortgage on one hundred and twenty five thousand dollars. Yes,
if it's two hundred and fifty thousand dollars house, and
then they receiving payments, they don't have to make any
payments back.
Speaker 1 (12:14):
But that's why you were saying, Rashan.
Speaker 2 (12:16):
Generally people who do these reverse mortgages are in their seventies.
Speaker 1 (12:20):
Yes, because it's not something you want to do in
your fifties?
Speaker 2 (12:23):
No, no, okay, cool, Now that I.
Speaker 3 (12:29):
Have to be at least sixty two years old.
Speaker 4 (12:32):
I'm just saying that typically most of the barbers in
that range are around the seventy five ish range.
Speaker 2 (12:40):
Right, so it has to be sixty two years old.
So do you handle those type of situations there?
Speaker 3 (12:46):
Do?
Speaker 1 (12:48):
Okay?
Speaker 2 (12:49):
How does one contact you? Or how does one do?
You have a website? Let's start there. Let's start breaking
down the lines of communication. If somebody wanted to are
considering it, wanted to be educated about reverse mortgages, how
did they reach out to you?
Speaker 4 (13:03):
They can reach me by phone at three four six
four seven six nine five five nine, or they can
go to my website ACI Mortgage LLC dot com.
Speaker 2 (13:14):
Okay, cool, Now on to the next point, zero down
payment programs. Okay, I'm speaking to Lutreces Price gets started.
What exactly is that zero down payment program?
Speaker 4 (13:28):
Well, I have a I have a lender that is
that that has that promotion at the at the present time.
And what they do is they loan the amount that's
needed for the down payment. It's it's up to like
three percent of the loan. And what they do is
they put the loan, they attach it to the actual
(13:48):
mortgage itself, and then it is it is paid. It
is paid off once the loan is either sold or
either refinance, but up until then it is it is
part of the part of the mortgage. But I also
do have other down payment assistance programs that will give
up to five percent of the value of the loan.
(14:08):
So what happens is with some people they use like
the three to three and a half percent that's required
for the down payment and then the remaining of the
five percent to pay off to help with the closing cost.
And so that's pretty much where that assistant comes into play.
Speaker 5 (14:24):
Please don't go anywhere. We'll be right back with more
money Making Conversations Masterclass. Welcome back to the Money Making
Conversations Masterclass, hosted by Rashan McDonald. Money Making Conversations Masterclass
continues online at Moneymakingconversations dot com and follow money Making
(14:48):
Conversations Masterclass on Facebook, Twitter, and Instagram.
Speaker 2 (14:52):
You know, being an independent mortgage BROKERAM the big thing
that scares people off is big numbers, percentages, fifteen thirty
years mortgages would ever own it. Let's walk through the
process of how you handle clients LaTrece when they come
to you, the educational process. How does your business model
(15:14):
for you work and how does it benefit the customers
that come to you.
Speaker 4 (15:18):
Well, the first thing that I ask each person when
they called is if they've purchased a home before and
how soon do they need to buy.
Speaker 3 (15:30):
A home. And then I'll ask like key points like
how long they've.
Speaker 4 (15:34):
Been on their job, what their credit score is like,
and what you know, do they have any money for
down payment, you know, anything in savings And I just
kind of like gauge off of what they tell me
and just kind of like take it from there. But
I do when I do offer the different type of
loan products, I do explain like the difference between the
(15:57):
you know, between each kind because you know, you you
have fah A v A conventional and U S d
A and and each one caters to a particular you
know customer, you know, whereas you I have like f
ah A you know, that's that's that's really more for
like the customer who may need a lower down payment
(16:17):
but also may have like a lower credit score than
than the average, or have like a lot of open
debt because that particular program allows for a higher dt
I versus someone who could go conventional who may have
like a higher credit score, but their down payment will
(16:38):
start like around three percent and go up to like
about five percent.
Speaker 3 (16:42):
And so I guess to answer your.
Speaker 2 (16:44):
Question, is score it permits their interest rate.
Speaker 4 (16:49):
It is a very it's a very key component, you know,
because we do have programs that will go as low
as five five hundred credit score, but a course quite
naturally those who are like I would say, like around
seven to twenty and above will have your more favorable
you know, interest rates.
Speaker 2 (17:10):
Okay, let's talk to it, because there's a lot of
people out there in that five hundred ranges probably listening
to my show now. But you can still help people.
Now that's a pretty low score. Now, that's a pretty
low score out there trying to buy a home. How
do you help somebody in that five hundred to six
hundred credit score range get in the house, Because right
(17:31):
now I think that's I think this be nearly impossible.
Speaker 1 (17:34):
But you're saying you can make that happen.
Speaker 4 (17:36):
Yes, The main thing with that particular group is that
they're going to have to have a higher down payment.
They're going to be the ones who's going to need
that ten to twenty percent down in most cases, because
those programs are not going to allow down payment assistance,
and the interest rate is going to raise the payment,
(17:58):
which is going to make the DTI heart to fit.
So that particular group of people is going to really
need that big down payment in order for that to work.
Speaker 1 (18:08):
Okay, cool.
Speaker 2 (18:09):
So that means that again, do you work with individuals
latrees over a six month period or do you coach
them along?
Speaker 1 (18:19):
Somebody comes to.
Speaker 2 (18:20):
You, say in January and they said, look this is
where I stand them at five hundred, and you said, well,
come back to me, do your homework. You get your
credits trade by making consistent monthly payment. Let's see we
can get that credit score up. Because right now, if
you roll into a plan right now, your interest rate
(18:42):
is going to be higher and your down.
Speaker 1 (18:43):
Payment is going to be higher. Do you work with
individuals like that.
Speaker 3 (18:47):
Latre, Yes, I do.
Speaker 4 (18:49):
I do offer the opportunity to consult while they get
ready and so forth, and I do offer suggestions and
so forth. Out to be very careful about, you know,
credit counseling per se. But I do offer suggestions, and
you know, go over there file and just give them
what's called a what if scenario, and it is it
(19:10):
is provided by the credit bureau, and not not the
credit bureau, but but the credit reporting agencies that I use.
They have a report called what if scenario and I
go in and I'll put you know, like say that
they paid these particular credit cards down or what have you,
this is what it could possibly look like if they
did this and so forth. And I would give that
to them, and you know, we'll work over, you know,
(19:32):
their plan over those months and so forth, and I
will say about sixty percent of the people actually follow through,
and really, do you know come back and say, okay, listen, it's.
Speaker 1 (19:45):
All about follow through.
Speaker 2 (19:46):
It's all about your dream, all about whether you want
to make it happen. Yes, And that's really what we're
talking about right now. Yes, making up, putting it, putting
forth one hundred percent. Now in this world as being
an independent mortgage broker, frustrates you about it? And what
benefits do you feel you bring to the table?
Speaker 4 (20:05):
Okay, I will say what frustrates me is, you know,
basically what we just talk about just now is the
customer that does not follow through or the customer that
is not honest and forthcoming.
Speaker 1 (20:18):
Do you ever get mad in the little tree?
Speaker 2 (20:19):
Do you ever get mad if some of your customers
come on that this is money making conversations?
Speaker 1 (20:24):
Okay, somebody wasted your time for three or four months.
Speaker 4 (20:27):
Now.
Speaker 2 (20:28):
Yes, Basically, the reason she's an independent because a lot
of traditional outlets won't even look at you, They won't.
Speaker 1 (20:36):
Even walk in the front door.
Speaker 2 (20:39):
She is giving you an opportunity because early in our
conversation she spoke about she sets up relationships. She's kind
of like, it's a lot of people out there, like
independent insurance people. Well, you can come there and they
can do insurance with anybody out there.
Speaker 1 (20:53):
And that's what you're saying that you can do as
an independent.
Speaker 2 (20:56):
You not limited to one particular financial out correct.
Speaker 1 (21:01):
Yes.
Speaker 2 (21:04):
And now with that being said, do you have a
place you'll go to outlet? You don't have to say
the name, and why is that outlet that you go
to you feel works for you the most in your
independent platform and the type of customers that you bring
to the table.
Speaker 4 (21:19):
I'll be more than happy to say that my outlet
would be you. Not at Wholesale Mortgage u w M.
They are the number one wholesale lender in the you know,
in the States, and they have a very.
Speaker 3 (21:33):
Quick turnaround time.
Speaker 4 (21:36):
My executive there is top notche The process is just
it's just it's impeccable, you know, every time.
Speaker 3 (21:46):
And what.
Speaker 4 (21:49):
The customer that that I would take there is actually
well I can't say the majority of them, but I
would just say the customers that they cater to you
are more of like, you know, your well your experienced
buyers is where's your first time buyers. But a particular
product that I like that they have there is there
(22:10):
one time construction loan, Like say you want to buy
land and build a house at the same time. Well,
you know, traditionally you would have to finance both separately,
but they will do the loan all in one, you know,
And that's what That's one of the main things that
I really like about them.
Speaker 3 (22:30):
And so just as a process and the loan products
that they offer.
Speaker 1 (22:36):
Cool.
Speaker 2 (22:36):
As we close out the interview, I want to talk
about the benefits of utilizing f h A two thousand
and three is it two thousand and three K program
two or three.
Speaker 4 (22:45):
K that is that is a home innovation yes, and
what people don't know is you can buy a fixer
upper at the you know, and and finance the renovations
as well as as the home within the the within
that that one transaction, and that's that's where the f
(23:06):
h A two or three K comes into play.
Speaker 3 (23:08):
And it just it could be something as.
Speaker 4 (23:10):
Low as as you know, replacing windows all the way
up to remediating mold. It just depends on what the
needs are for it, you know, for your project and
so forth.
Speaker 3 (23:22):
And so.
Speaker 2 (23:24):
That particular problem when you stay that when you stay
in the f h A and f stands for what.
Speaker 3 (23:30):
Federal Housing.
Speaker 4 (23:32):
That's I'm sorry, Federal Housing Association and that that's that's
basically the the the government agency that monitors those particular
types of loans and there and that's it's it's basically
there to protect the lenders against the the you know,
in case the bar defaults.
Speaker 3 (23:54):
On the loan.
Speaker 1 (23:57):
Okay, cool, okay cool.
Speaker 2 (23:58):
And this particular program you telling me, a lot of
people are not aware of it. And I always get
mad when I hear that, and I said, mad, mad,
but I guess frustrated mad because there's so many programs
out there that are to benefit the buyer. But nobody
knows because guess what, they're not promoted. So how does
one find out by programs like this that can benefit
them that somehow don't make it trickle down to the
(24:20):
people that need them.
Speaker 4 (24:22):
Well, I mean you would have to consult a mortgage broker,
you know, because it's not you know, just everyday knowledge
that is out there.
Speaker 3 (24:32):
Now. Most people know about.
Speaker 4 (24:33):
FACH loans, but they're not as well aware of the
of the FAHA two or three K program that is there.
A lot of times people think that they have to
buy the house first and then finance the renovations and
so forth.
Speaker 3 (24:45):
But if this particular product, you can do both at
the same time.
Speaker 1 (24:51):
Wow, I knew nothing about it.
Speaker 2 (24:52):
Again, Please give us a contact number, and if you
have a website, please get a website number so we
can reach out to you. Because being an independent broker,
first of all, fearlessness. You seem to be a person.
If someone wanted to do this for a living, if
somebody wanted to step out on faith or just go
for a leap, what steps would you tell people to
make sure that you did that you will not do
(25:14):
that would help them be successful as independent as an
independent mortgage.
Speaker 3 (25:19):
Broke things I would do.
Speaker 2 (25:23):
You would not do because you made the mistakes to
resond that was I can tell you right now. There
were some things I did when I started my company
and I hired people who were not qualified for the job.
They were family, they were old friends, and I paid
them checks. They were overpaid because I knew they needed to,
you know, paid a certain amount of expenses for their family.
Speaker 1 (25:45):
I didn't. I just had the bad business model.
Speaker 2 (25:47):
Yes, and I would never do that again and so
and it was a hard decision because it eventually it
led to me laying these same people off that I
was trying to support.
Speaker 1 (25:57):
So those are bad business decision.
Speaker 2 (26:00):
Now you became an independent mortgage broker, what did you
do or would recommend so people would make the same
mistakes that you did, because we all make mistakes when
we start businesses.
Speaker 3 (26:11):
I would say that I would have had more capital.
Speaker 4 (26:16):
Before deciding to not move forward with with with other employment.
And that's because what I had to do was, since
I did not have as much capital, I had to
kind of like do a lot of side gigs and
so forth that took me away from my business and
so forth, and so and then also to have a
(26:36):
stronger pipeline. You know, even though I had been had
been originating loans for as long as I had been,
I don't feel like I had a full enough pipeline
to really take off. So not having a capital and
not having a full pipeline, that that kind of stagnated me.
And it made a little bit more difficult to really
you know, get going and so.
Speaker 3 (26:56):
Forth and so. And then also the time frame.
Speaker 4 (26:59):
It was during a time when interest rates were just
out of control, and it made it really hard to
get people, you know, approved and so forth. And so
I would say to definitely look at the economic you
know market at that particular time, make sure you have
that strong, solid pipeline, and then have that capital so
(27:21):
that you can focus more on the business versus you know,
just just.
Speaker 3 (27:26):
Going for it.
Speaker 1 (27:29):
Cool.
Speaker 2 (27:29):
Let's get that number out there one more time. The
litree's price.
Speaker 4 (27:32):
Okay is three four six four seven six nine five
five nine. Website is ACI Mortgage LLC dot com.
Speaker 2 (27:41):
For coming on Money Making Conversations Masterclass.
Speaker 3 (27:44):
Thank you, thank you. I have a good one, Roshan.
Speaker 2 (27:48):
This has been another edition of Money Making Conversation Masterclass
posted by me Rashaun McDonald. Thank you to our guests
on the show today and thank you. I was listening
to your audience now. If you were to listen to
any episode I want to be a guest on the show,
Visit Moneymakingconversations dot com. Our social media handle is Moneymaking Conversation.
Join us next week and remember to always leave with
(28:09):
your gifts.
Speaker 1 (28:10):
Keep winning.
Welcome to the show.
Speaker 2 (00:06):
I'm Rashaan McDonald, the host of Money Making Conversations Masterclass,
where we encourage people to stop reading other people's success
stories and.
Speaker 1 (00:14):
Start planning their own. Listen up as.
Speaker 2 (00:17):
I interview entrepreneurs from around the country, talk to celebrities
and ask them how they are running their companies, and
speak with dog profits who are making a difference in
their local communities. Now, sit back and listen as we
unlock the secrets to their success on Money Making Conversations Masterclass. Hi,
I'm Rashaan McDonald, a host this weekly Money Making Conversations
(00:38):
Masterclass show. The interviews and information that this show provides
offer everyone. It's time to stop reading other people's success
stories and start living your own. If you want to
be a guesst on my show, please visit my website,
Moneymakingconversation dot com and click the b a guest button.
My guest is an independent mortgage broker. She's committed to
(00:58):
delivering exceptionals service. Do a focus on accountability and securing
the right mortgage for your home. They'll ensure a smooth
and seamless home buying process. Please work with the Money
Making Conversations Masterclass Latree's price get stalled. You know French
that gestalled. You got to got to put that gets stared.
(01:19):
From Houston, Texas the tree, So you know down there
y'all do all the San Antonio people listalled.
Speaker 1 (01:26):
How you doing, my friend Letree, How you doing?
Speaker 3 (01:28):
I'm doing great? How are you doing?
Speaker 2 (01:31):
Finance? What's your what's your background? When you start talking
about you know, mortgage brokering and brokery and accountability and finance.
Give us a little history on you before we get
started and get deep into this interview.
Speaker 4 (01:42):
Well, I am originally from San Antonio, Texas, and I
have a bachelor's degree in finance, and I've been in
finance since nineteen ninety nine. Where I originally started out
working in investment operations, which consists of like settlements operations
and and investment accounting. And then like around twenty twelve
(02:04):
or so, I moved over to doing auto of financing.
My husband and I we opened up a car dealership
and I was part owner and also our finance manager,
where I helped customers get financing for their cars. We
focused a lot on first time buyers and just pretty
(02:26):
much took care of them to make sure that they
were not being taken advantage of and getting good interest
rates and good payments that they could maintain because a
lot of the customers were like your college students and
first time buyers who had just who had just actually
just graduated from college.
Speaker 3 (02:41):
And then right in the middle of all that, you know, well.
Speaker 4 (02:46):
At the time, there was a lot of favor with
auto lending and so forth, and so a lot of
that changed, unfortunately, And so then I started looking into
mortgage financing just to kind of like compliment what I
was already doing. And that's pretty much how I ended
up in mortgages. I started well, I obtained my license
in twenty eighteen, and then in twenty twenty two I
(03:09):
decided to go ahead and take the leap and become
an independent mortgage broker where I.
Speaker 1 (03:13):
Have my Well, I don't think you just took a leap.
You're a planner.
Speaker 2 (03:17):
You're a planner now because you're dealing with numbers, so
you already know about taxes, you already know about understanding
the you know that profit margin that you have to
achieve now. As in the car industry, first of all,
are rarely meet a person of color who said they
(03:37):
went in the car dealership. You know, you re meet
car sellers, of car mechanics, of people of color. How
did y'all get into the auto industry from a dealership standpoint?
Speaker 4 (03:51):
Well, actually, my husband he had his first car dealership
in San Antonio in the early nineties and it went
fairly well for him. He ventured off into doing some
other things, into like promotions and so forth, and then
around that time he decided to just go ahead and
start to do the car dealership again. But he didn't
(04:11):
want to do it the same way he did it before.
He decided to do it differently this time. And it
went very well for a while because it was around
the time when Obama was, you know, issuing out all
of the rescue money, and so the lending guidelines were
very helpful for those who were having a difficult time,
you know, at that particular time. And unfortunately they had
(04:34):
to go back and tighten up those lending guidelines again
and that changed the industry. And then COVID came right
behind that and made it even more tighter.
Speaker 2 (04:44):
So cool now you could have asked this one car,
what about car dealerships? You know, you know, I've had
a lot of used cars in my life and I've
traded them in. Now should I have haggle to get
the price down the trees? Because I always trade it
in my used car, which would have been a better
(05:05):
right that you way that you would have recommended, and
just listening and people listening may follow your advice or
they might do their own thing.
Speaker 1 (05:12):
What would you suggest haggling a trade in and used car?
Speaker 4 (05:16):
I think that you should do definitely negotiate and make
sure that you get in the right deal. And you know,
a lot of people they go to Kelly Bluebook to
reference the value for their car, but I personally recommend
you going to Nada dot com their powered by Geni
Powers and associates now and they tend to give a
(05:37):
better explanation of what the value is of your car
because it gives it whether or not if it's in
good condition or a bad condition, or if it's even
in a syllable condition, and so you can kind of
you can negotiate off of those numbers. A lot of
times of dealerships they don't. They just assume that you
don't really know what the value of your car is.
(05:58):
And if you come in and you and you're educated
and you can you know, discuss on those particular parameters.
You could say, well, no, you know my car. You know,
I just did this, this, and this to my car,
so it's actually valued at this particular number, and this
is what I would like to have because they're going
to pay you what they're going to pay you and
turn back around and sell it and make sure that
(06:19):
they get.
Speaker 1 (06:22):
Yeah, like anything, do your homework.
Speaker 2 (06:26):
Yes, going there and have a stand a value stand
on your vehicle before you start trying to ask somebody
what they think is going to call yes them.
Speaker 3 (06:37):
Because they're going to make sure they make their money.
Speaker 5 (06:40):
Right.
Speaker 1 (06:40):
Yeah, we're good.
Speaker 2 (06:41):
Well, I brought you on the show to talk about
being an independent mortgage broker. The word independent is powerful. Yes,
you know, how are you an independent mortgage broker? First question? Secondly,
why are you an independent mortgage broker?
Speaker 4 (06:57):
Okay, I am an independent mortgage broker because I basically
hold my own license as a broker. So I go
out and I establish relationships with various lenders to provide
different loan options to my borrowers. You know, I have
lenders that will cater to individuals who may be self employed,
(07:19):
who may have a difficult time getting approved. I also
have lenders who cater to first time buyers. I have
lenders that cater to those who may need help, you know,
due to citizenship, you know issues and so forth.
Speaker 3 (07:35):
I mean, there's all types of lenders out there.
Speaker 4 (07:37):
And so as a broker, you serve as that advocate
for your borrower to make sure that they're getting the
right loan product and not necessarily just getting approved, but
you know, do they have the right product that fits
their particular needs and so forth.
Speaker 1 (07:53):
Okay, so, but why.
Speaker 4 (07:59):
Well, what made me become well decide to become a
mortgage broker was I had actually been laid off at
a company.
Speaker 3 (08:07):
It was a builder.
Speaker 4 (08:08):
It was like in late twenty twenty two, the interest
rates has started to really go up, and so they
had lost like sixty eight percent of their contracts due
to borrowers falling out because they could no longer fit
the home because they were in the middle of construction
and so forth. And so I was faced with having
(08:29):
to go and find something, find new employment and so forth.
And so I just noticed that, you know, the commission
negotiations just did not fit my needs. And so I'll
just figure I might as well just go ahead and
advocate for people like I do, and also keep my
commissions at the same time.
Speaker 2 (08:50):
There are certain things as you gain equity. That's the
big thing. That's the goal in any house is to
gain equity. Explain to us the value of mortgages when
you hit a certain age and you have a certain
equity in your house.
Speaker 4 (09:04):
Okay, Well, I will say this due to the fact
that a lot of people do not really have very
much knowledge in reversed mortgages. The usage of them are
only like about two to three percent of senior citizens,
and it's typically in the age range like around seventy
five and older. And that's typically when people will you know,
(09:25):
will have enough equity in their home and or have
exhausted their retirement funds and have high medical costs and
so forth, and so it's just a way for them
to be able to have tax free cash coming into
their home. They can either take a lump sum amount,
or they can get they could receive a monthly payment,
(09:46):
or they can open up a line of credit where
they just withdraw the money out every month. I feel
like it is a good option for those, you know,
for individuals that are in that particular age range who
have a exhausted their retirement funds or have limited retirement funds.
And you know, it's just unfortunate that people typically do
(10:10):
not have enough education, you know, about them because what
happens sometimes is is that you know, they'll take out
the reverse mortgage and the family is unaware and when
they passed away, they don't know that the debt is there.
And so but what the family can do is if
they want to keep the keep the home in the family,
they can refinance it, you know, if they want to
(10:31):
keep it, or they can just sell it to pay
off the debt. Flowers while they're here. You know, they
paid all the equity into the house, so.
Speaker 5 (10:43):
You know.
Speaker 1 (10:44):
Okay, let me ask you this question. Write quickly tree.
Speaker 2 (10:46):
I'm talking to the Tree's Price Get Started and independent mortgage
broker based in Houston, Texas. Okay, you take out a
lump sum? How does that work? How are you paying
it back? If you have no money and you having
financial issues and you do a lump sum or how
exactly walk me through how a reverse mortgage works and
(11:09):
how exactly.
Speaker 1 (11:10):
Does it benefit?
Speaker 2 (11:11):
Because if you if you take some money, they're going
to want it back. So how are they making those
payments back of the lump sum. Are the monthly songs
that they're requesting.
Speaker 4 (11:21):
Well, the beauty of it is there are no monthly
payments going back to the institution. The data is paid
off when the home is paid off, you know, like
when the person passes away. The family can either refinance
it into their name or they can sell the home.
Speaker 3 (11:39):
Yeah.
Speaker 1 (11:39):
I see what you're saying. So so let's use some numbers.
Speaker 2 (11:42):
So if the house is two hundred and fifty thousand dollars, yes,
then you can do a reverse mortgage own the equity
or the value of the home.
Speaker 3 (11:51):
The equity, that's what you're saying.
Speaker 4 (11:53):
Yes, yes, and you would need fifty percent of equity
in the home to be able to do it.
Speaker 2 (12:00):
Okay, cool, So that means that you can do a
reverse mortgage on one hundred and twenty five thousand dollars. Yes,
if it's two hundred and fifty thousand dollars house, and
then they receiving payments, they don't have to make any
payments back.
Speaker 1 (12:14):
But that's why you were saying, Rashan.
Speaker 2 (12:16):
Generally people who do these reverse mortgages are in their seventies.
Speaker 1 (12:20):
Yes, because it's not something you want to do in
your fifties?
Speaker 2 (12:23):
No, no, okay, cool, Now that I.
Speaker 3 (12:29):
Have to be at least sixty two years old.
Speaker 4 (12:32):
I'm just saying that typically most of the barbers in
that range are around the seventy five ish range.
Speaker 2 (12:40):
Right, so it has to be sixty two years old.
So do you handle those type of situations there?
Speaker 3 (12:46):
Do?
Speaker 1 (12:48):
Okay?
Speaker 2 (12:49):
How does one contact you? Or how does one do?
You have a website? Let's start there. Let's start breaking
down the lines of communication. If somebody wanted to are
considering it, wanted to be educated about reverse mortgages, how
did they reach out to you?
Speaker 4 (13:03):
They can reach me by phone at three four six
four seven six nine five five nine, or they can
go to my website ACI Mortgage LLC dot com.
Speaker 2 (13:14):
Okay, cool, Now on to the next point, zero down
payment programs. Okay, I'm speaking to Lutreces Price gets started.
What exactly is that zero down payment program?
Speaker 4 (13:28):
Well, I have a I have a lender that is
that that has that promotion at the at the present time.
And what they do is they loan the amount that's
needed for the down payment. It's it's up to like
three percent of the loan. And what they do is
they put the loan, they attach it to the actual
(13:48):
mortgage itself, and then it is it is paid. It
is paid off once the loan is either sold or
either refinance, but up until then it is it is
part of the part of the mortgage. But I also
do have other down payment assistance programs that will give
up to five percent of the value of the loan.
(14:08):
So what happens is with some people they use like
the three to three and a half percent that's required
for the down payment and then the remaining of the
five percent to pay off to help with the closing cost.
And so that's pretty much where that assistant comes into play.
Speaker 5 (14:24):
Please don't go anywhere. We'll be right back with more
money Making Conversations Masterclass. Welcome back to the Money Making
Conversations Masterclass, hosted by Rashan McDonald. Money Making Conversations Masterclass
continues online at Moneymakingconversations dot com and follow money Making
(14:48):
Conversations Masterclass on Facebook, Twitter, and Instagram.
Speaker 2 (14:52):
You know, being an independent mortgage BROKERAM the big thing
that scares people off is big numbers, percentages, fifteen thirty
years mortgages would ever own it. Let's walk through the
process of how you handle clients LaTrece when they come
to you, the educational process. How does your business model
(15:14):
for you work and how does it benefit the customers
that come to you.
Speaker 4 (15:18):
Well, the first thing that I ask each person when
they called is if they've purchased a home before and
how soon do they need to buy.
Speaker 3 (15:30):
A home. And then I'll ask like key points like
how long they've.
Speaker 4 (15:34):
Been on their job, what their credit score is like,
and what you know, do they have any money for
down payment, you know, anything in savings And I just
kind of like gauge off of what they tell me
and just kind of like take it from there. But
I do when I do offer the different type of
loan products, I do explain like the difference between the
(15:57):
you know, between each kind because you know, you you
have fah A v A conventional and U S d
A and and each one caters to a particular you
know customer, you know, whereas you I have like f
ah A you know, that's that's that's really more for
like the customer who may need a lower down payment
(16:17):
but also may have like a lower credit score than
than the average, or have like a lot of open
debt because that particular program allows for a higher dt
I versus someone who could go conventional who may have
like a higher credit score, but their down payment will
(16:38):
start like around three percent and go up to like
about five percent.
Speaker 3 (16:42):
And so I guess to answer your.
Speaker 2 (16:44):
Question, is score it permits their interest rate.
Speaker 4 (16:49):
It is a very it's a very key component, you know,
because we do have programs that will go as low
as five five hundred credit score, but a course quite
naturally those who are like I would say, like around
seven to twenty and above will have your more favorable
you know, interest rates.
Speaker 2 (17:10):
Okay, let's talk to it, because there's a lot of
people out there in that five hundred ranges probably listening
to my show now. But you can still help people.
Now that's a pretty low score. Now, that's a pretty
low score out there trying to buy a home. How
do you help somebody in that five hundred to six
hundred credit score range get in the house, Because right
(17:31):
now I think that's I think this be nearly impossible.
Speaker 1 (17:34):
But you're saying you can make that happen.
Speaker 4 (17:36):
Yes, The main thing with that particular group is that
they're going to have to have a higher down payment.
They're going to be the ones who's going to need
that ten to twenty percent down in most cases, because
those programs are not going to allow down payment assistance,
and the interest rate is going to raise the payment,
(17:58):
which is going to make the DTI heart to fit.
So that particular group of people is going to really
need that big down payment in order for that to work.
Speaker 1 (18:08):
Okay, cool.
Speaker 2 (18:09):
So that means that again, do you work with individuals
latrees over a six month period or do you coach
them along?
Speaker 1 (18:19):
Somebody comes to.
Speaker 2 (18:20):
You, say in January and they said, look this is
where I stand them at five hundred, and you said, well,
come back to me, do your homework. You get your
credits trade by making consistent monthly payment. Let's see we
can get that credit score up. Because right now, if
you roll into a plan right now, your interest rate
(18:42):
is going to be higher and your down.
Speaker 1 (18:43):
Payment is going to be higher. Do you work with
individuals like that.
Speaker 3 (18:47):
Latre, Yes, I do.
Speaker 4 (18:49):
I do offer the opportunity to consult while they get
ready and so forth, and I do offer suggestions and
so forth. Out to be very careful about, you know,
credit counseling per se. But I do offer suggestions, and
you know, go over there file and just give them
what's called a what if scenario, and it is it
(19:10):
is provided by the credit bureau, and not not the
credit bureau, but but the credit reporting agencies that I use.
They have a report called what if scenario and I
go in and I'll put you know, like say that
they paid these particular credit cards down or what have you,
this is what it could possibly look like if they
did this and so forth. And I would give that
to them, and you know, we'll work over, you know,
(19:32):
their plan over those months and so forth, and I
will say about sixty percent of the people actually follow through,
and really, do you know come back and say, okay, listen, it's.
Speaker 1 (19:45):
All about follow through.
Speaker 2 (19:46):
It's all about your dream, all about whether you want
to make it happen. Yes, And that's really what we're
talking about right now. Yes, making up, putting it, putting
forth one hundred percent. Now in this world as being
an independent mortgage broker, frustrates you about it? And what
benefits do you feel you bring to the table?
Speaker 4 (20:05):
Okay, I will say what frustrates me is, you know,
basically what we just talk about just now is the
customer that does not follow through or the customer that
is not honest and forthcoming.
Speaker 1 (20:18):
Do you ever get mad in the little tree?
Speaker 2 (20:19):
Do you ever get mad if some of your customers
come on that this is money making conversations?
Speaker 1 (20:24):
Okay, somebody wasted your time for three or four months.
Speaker 4 (20:27):
Now.
Speaker 2 (20:28):
Yes, Basically, the reason she's an independent because a lot
of traditional outlets won't even look at you, They won't.
Speaker 1 (20:36):
Even walk in the front door.
Speaker 2 (20:39):
She is giving you an opportunity because early in our
conversation she spoke about she sets up relationships. She's kind
of like, it's a lot of people out there, like
independent insurance people. Well, you can come there and they
can do insurance with anybody out there.
Speaker 1 (20:53):
And that's what you're saying that you can do as
an independent.
Speaker 2 (20:56):
You not limited to one particular financial out correct.
Speaker 1 (21:01):
Yes.
Speaker 2 (21:04):
And now with that being said, do you have a
place you'll go to outlet? You don't have to say
the name, and why is that outlet that you go
to you feel works for you the most in your
independent platform and the type of customers that you bring
to the table.
Speaker 4 (21:19):
I'll be more than happy to say that my outlet
would be you. Not at Wholesale Mortgage u w M.
They are the number one wholesale lender in the you know,
in the States, and they have a very.
Speaker 3 (21:33):
Quick turnaround time.
Speaker 4 (21:36):
My executive there is top notche The process is just
it's just it's impeccable, you know, every time.
Speaker 3 (21:46):
And what.
Speaker 4 (21:49):
The customer that that I would take there is actually
well I can't say the majority of them, but I
would just say the customers that they cater to you
are more of like, you know, your well your experienced
buyers is where's your first time buyers. But a particular
product that I like that they have there is there
(22:10):
one time construction loan, Like say you want to buy
land and build a house at the same time. Well,
you know, traditionally you would have to finance both separately,
but they will do the loan all in one, you know,
And that's what That's one of the main things that
I really like about them.
Speaker 3 (22:30):
And so just as a process and the loan products
that they offer.
Speaker 1 (22:36):
Cool.
Speaker 2 (22:36):
As we close out the interview, I want to talk
about the benefits of utilizing f h A two thousand
and three is it two thousand and three K program
two or three.
Speaker 4 (22:45):
K that is that is a home innovation yes, and
what people don't know is you can buy a fixer
upper at the you know, and and finance the renovations
as well as as the home within the the within
that that one transaction, and that's that's where the f
(23:06):
h A two or three K comes into play.
Speaker 3 (23:08):
And it just it could be something as.
Speaker 4 (23:10):
Low as as you know, replacing windows all the way
up to remediating mold. It just depends on what the
needs are for it, you know, for your project and
so forth.
Speaker 3 (23:22):
And so.
Speaker 2 (23:24):
That particular problem when you stay that when you stay
in the f h A and f stands for what.
Speaker 3 (23:30):
Federal Housing.
Speaker 4 (23:32):
That's I'm sorry, Federal Housing Association and that that's that's
basically the the the government agency that monitors those particular
types of loans and there and that's it's it's basically
there to protect the lenders against the the you know,
in case the bar defaults.
Speaker 3 (23:54):
On the loan.
Speaker 1 (23:57):
Okay, cool, okay cool.
Speaker 2 (23:58):
And this particular program you telling me, a lot of
people are not aware of it. And I always get
mad when I hear that, and I said, mad, mad,
but I guess frustrated mad because there's so many programs
out there that are to benefit the buyer. But nobody
knows because guess what, they're not promoted. So how does
one find out by programs like this that can benefit
them that somehow don't make it trickle down to the
(24:20):
people that need them.
Speaker 4 (24:22):
Well, I mean you would have to consult a mortgage broker,
you know, because it's not you know, just everyday knowledge
that is out there.
Speaker 3 (24:32):
Now. Most people know about.
Speaker 4 (24:33):
FACH loans, but they're not as well aware of the
of the FAHA two or three K program that is there.
A lot of times people think that they have to
buy the house first and then finance the renovations and
so forth.
Speaker 3 (24:45):
But if this particular product, you can do both at
the same time.
Speaker 1 (24:51):
Wow, I knew nothing about it.
Speaker 2 (24:52):
Again, Please give us a contact number, and if you
have a website, please get a website number so we
can reach out to you. Because being an independent broker,
first of all, fearlessness. You seem to be a person.
If someone wanted to do this for a living, if
somebody wanted to step out on faith or just go
for a leap, what steps would you tell people to
make sure that you did that you will not do
(25:14):
that would help them be successful as independent as an
independent mortgage.
Speaker 3 (25:19):
Broke things I would do.
Speaker 2 (25:23):
You would not do because you made the mistakes to
resond that was I can tell you right now. There
were some things I did when I started my company
and I hired people who were not qualified for the job.
They were family, they were old friends, and I paid
them checks. They were overpaid because I knew they needed to,
you know, paid a certain amount of expenses for their family.
Speaker 1 (25:45):
I didn't. I just had the bad business model.
Speaker 2 (25:47):
Yes, and I would never do that again and so
and it was a hard decision because it eventually it
led to me laying these same people off that I
was trying to support.
Speaker 1 (25:57):
So those are bad business decision.
Speaker 2 (26:00):
Now you became an independent mortgage broker, what did you
do or would recommend so people would make the same
mistakes that you did, because we all make mistakes when
we start businesses.
Speaker 3 (26:11):
I would say that I would have had more capital.
Speaker 4 (26:16):
Before deciding to not move forward with with with other employment.
And that's because what I had to do was, since
I did not have as much capital, I had to
kind of like do a lot of side gigs and
so forth that took me away from my business and
so forth, and so and then also to have a
(26:36):
stronger pipeline. You know, even though I had been had
been originating loans for as long as I had been,
I don't feel like I had a full enough pipeline
to really take off. So not having a capital and
not having a full pipeline, that that kind of stagnated me.
And it made a little bit more difficult to really
you know, get going and so.
Speaker 3 (26:56):
Forth and so. And then also the time frame.
Speaker 4 (26:59):
It was during a time when interest rates were just
out of control, and it made it really hard to
get people, you know, approved and so forth. And so
I would say to definitely look at the economic you
know market at that particular time, make sure you have
that strong, solid pipeline, and then have that capital so
(27:21):
that you can focus more on the business versus you know,
just just.
Speaker 3 (27:26):
Going for it.
Speaker 1 (27:29):
Cool.
Speaker 2 (27:29):
Let's get that number out there one more time. The
litree's price.
Speaker 4 (27:32):
Okay is three four six four seven six nine five
five nine. Website is ACI Mortgage LLC dot com.
Speaker 2 (27:41):
For coming on Money Making Conversations Masterclass.
Speaker 3 (27:44):
Thank you, thank you. I have a good one, Roshan.
Speaker 2 (27:48):
This has been another edition of Money Making Conversation Masterclass
posted by me Rashaun McDonald. Thank you to our guests
on the show today and thank you. I was listening
to your audience now. If you were to listen to
any episode I want to be a guest on the show,
Visit Moneymakingconversations dot com. Our social media handle is Moneymaking Conversation.
Join us next week and remember to always leave with
(28:09):
your gifts.
Speaker 1 (28:10):
Keep winning.
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