Meet The Pippin Team- Engineer Loans & Debt Ratios

On this weeks episode we are switching it up a little. We are taking you behind the scenes of The Pippin Team at Cardinal Financial. 

Taylor Archibald and Bruce Warburton join Ron to discuss new loan programs that could help your clients get into the home of their dreams. 

The Pippin Team shares all their secrets on how they have been able to help so many, and with new loans types they will be able to help so many more get the loan that is right for them. With years of experience between the three of them this episode is loaded with important an useful information to help your clients. 

- Engineer loans
- New debt ratios
- Tailored loans

You can listen to all episodes of Agent Vs Lender on Spotify, Apple Podcasts, Stitcher, and Google Play. If you love Agent Vs Lender follow us on YouTube, Facebook, and Instagram for all bonus content.

Transcript

Ron Pippin: 0:00

Welcome to another episode of agent versus lender. And today we have with us Bruce Warburton and Taylor Archibald Taylor is actually we all work together, we all work together at Pippin team at Cardinal financial. And Taylor is our operations manager. He really, in all reality kind of runs the show for us. And Bruce is our senior loan officer. And with with him bringing us a wealth of information, and he's got, he's got a really particular loan program that that he does. And so we want to we want to introduce that today. But first, before we get to that, Bruce, tell us a little bit about yourself and how you got into the business and tell us about love. Tell us about Bruce.

Unknown: 0:50

Well, what can I say about Bruce when I was a young dumb kid back in the early 90s, I was trying to figure out what I wanted to do when I grow up and I stumbled into real estate and I started as an appraiser. So I did appraising for about 10 years. And, you know, as the appraisers were under more and more scrutiny, and it was real tough on appraisers, I decided to jump pants and move over to the mortgage side of the business. So I've been in lending for the last 1819 years and I've been a broker several different broker shops and been in a few lender shops. And, you know, I really like the side of the fence better. I get to have more hands on with people and be involved longer. That's my professional career. But you know, I'm a dad of three and grandpa five, and I just love it. It's fantastic. It's a great time to be alive and an amazing time to be in business right now.

Ron Pippin: 1:38

Yeah, it is. So what Bruce doesn't tell you is like we were happened to be out on the lake today. And he's, he's quite the wakeboarder it's really fun to watch him do flips off of a off of the wakeboard. So it's true. trips are flat, you know. So,

Taylor Archibald: 2:02

this is, this is kinda like Batman. I mean, he's, he seems that I think that I know him. And then all of a sudden, he drops a bomb on me. And I realize he's got like, the secret identity, or he's doing, you know, flips and driving fast cars. And yeah, he's a he's a pretty cool, dude.

Ron Pippin: 2:22

He's a fun one to know, he is. Well, thank you. I'll be honest, flattery will take you a long ways with every time. Awesome. So Oh, well, the reason why I have Bruce on here today is he's got a really intriguing program that, that I just don't know, that I've heard of before. And he worked with engineers, is that right? Yes, sir. So he worked with engineers. And so you know, what, I'm gonna just, I'm not gonna pretend like I know this program, because you're the man. So start, let tell us about this program and who it helps and how it can help them. And so tell us a little bit about that.

Unknown: 3:05

You betcha. You know, the mortgage industry is the most challenging, unique, frustrating, rewarding business that I've ever come across. And it is, makes people the happiest and the most angry and satisfied and unsatisfied. And, and they there's so many options, and so many lack of options. And over the years of being in the business, you know, they have programs for first time homebuyers. You know, they have VA loans, they have rural loans. They have, you know, repeat buyer loans, they even have a doctor loans. And so, I I've often thought about that. It's like, why not have loans for engineers, engineers are amazing people. I mean, they, so many things that we have in this life that benefit us are because of engineers. We drive cars because of engineers, we fly planes because of engineers, the buildings that we work out of them play out of and go to take pictures of are all based off of what engineers do. I mean, engineers are amazing people. And so you know, my family are mostly engineers. Everybody's an engineer, my family but me my father in law was a mechanical engineer. My brother's a both of my brothers were mechanic ones, mechanical ones, electrical engineer, my one brother, every kid nice families, engineers. I mean, I'm surrounded by engineers. So I've learned to think like them I've learned to cohabitate with them and live with them and be a part of their lives and, and I've learned to know what they want and what they don't want. And as I've evolved in the mortgage business and seeing all these other people get their special treatment if you want, like why not? Why not engineers, engineers, how they deserve it as much as anybody else. I mean, they have loans for school teachers and firefighters and first responders and, and so we have come up with some Pretty fancy stuff for engineers that cater to them. You know, the engineers are not that anybody else is less of a thinker, but engineers are. Sometimes they overthink things. And I don't mean that in a negative way. But they have to, that's what they do. They overthink it as they're developing their their products and learning how to build their stuff, they really have to go above and beyond and they take that home, they take it personally. And so when they do their finances when they do their grocery shopping, if you ever looked inside an engineer's drawers and cabinets to see how they've put it all together. I mean, these guys are, to some people, they'd say, they're crazy. And other people are like, holy cow, I wish I could be that methodical, and that organized. So we put together some loans for engineers that cater to them, and make more sense for them and on the finances so that they can then have better payments and have more control of their interest rates and all kinds of fun stuff.

Ron Pippin: 6:00

You had mentioned that engineers are really methodical and and calculated, they're calculated, yeah. So what a lot of people don't know is that I worked on the spatial rocket booster program in the engineering in the engineering department, I was not an engineer, I was an engineering scheduler, but I worked with them day in and day out. So when you say that they're very methodical and calculating, and they overthink. I don't know that overthinking is the right word, just because you know, when you have people's lives in your hands, I want somebody to really overthink it. I want somebody that think it think it through because that's not something that I do. But, but on the other hand, it's this like, Don't overthink, don't overthink a mortgage. Just go to somebody like Bruce that understands the the, the, the ins and outs of the mortgages and understands the engineers and how they think and just ask, ask you the questions. And then that way, they don't have to overthink it, because you're going to have the answer for them.

Unknown: 7:18

I've already got it done. And I didn't mean overthinking is a negative way. It's just that's just how the brain works. They just they think things backwards and forwards and up and down. And they really think about it. I mean, that's what they do they have to, and that's where these loans for engineers comes from. I'm around them, I understand them, we put it together. I've got it down for them. They just got to have the conversation with me, Bruce, what do you got? How does this work? How does it help me as an engineer, as opposed to what the doctor does for the doctor or the first responder for the first responder, or your VA guy? What, you know, what's the benefit for me?

Ron Pippin: 7:53

So that's a good question. How does it help them? What is it? What is it that what is it different about the engineer program that maybe isn't that that is different? And how does that help them?

Unknown: 8:07

You know, the The best thing about the engineer loan that I can come up with in all my putting this together and making it right, is that this program will allow the engineer to pick his interest rate because to have whatever he wants, we will help him set his loan up for him or her personally. Some people are really sensitive with interest rates, some people are sensitive with the term of the loan, or the cost of the loan, or the timeframe. And but everybody's got a different point of interest or sensitive point. And so with this, we will show the engineer how to structure this for their particular needs, whether they're a first time buyer engineer, or they're a moving up engineer, or they're looking for a tax benefit, or they're looking to spend minimal, will actually show them how it works and the engineer gets to choose.

Ron Pippin: 9:10

I think that's a Go ahead, dealer.

Taylor Archibald: 9:12

Yeah, that's so you said that it's it'll work for like the first time buyer type engineer, or someone that's even established, because I know, a lot of programs so like Doctor programs, for example, they really target people that are fresh out of school. And then that's kind of when you use your doctor loan program, but then normally on your transactions after that, you're just gonna be like standard, conventional, you know, whatever, or jumbo or, you know, whatever it may be, but so this one, this one will work for, regardless of the phase really, right?

Unknown: 9:49

That's correct. It's funny you say that because I was just structuring a VA loan for a buyer. And actually, excuse me, a guy wants to refinance, and he's Got more than 50% equity, he's got fantastic credit scores. And he was wanted a new new do another VA loan and I had to go through and show him the pros and the cons of a VA and a conventional loan. And at the end of the day, he's like, I want to do a VA loan, it doesn't make sense to do the VA loan and do the fees. And it's better to do conventional. And so you're right, a lot of those programs are only geared towards the initial loan, or somewhere in between. But you get a seasoned buyer or person who has been in their home for a while they're refinancing, the programs just don't make any sense. But this program for the engineer, this is a first timer and the last timer and everything in between.

Ron Pippin: 10:38

So I'm assuming you just shows the different options that that they can see the difference between each of those options, though, because as an engineer, what I know about engineers and accountants and those kinds of people is like they want they want to see data, they want to see numbers. So I'm assuming you're given some some information so they can make those comparisons.

Unknown: 10:59

Yes, I give them all of the data that they need to know to have the comparisons. And I teach them how it works so that they can understand, you know, like when you're driving down the road, and you see a billboard that says, hey, if you do a loan here, you get the appraisal free, but you get this interest rate, and you go down the street, another two miles. And it's like, well, wait a minute, the interest rates are this because you have to pay for your appraisal fee. It's like, how do you know, who's giving you a better deal, the guy with a higher rate and lower fees or lower fees? I mean, there's so many caveats or integral moving parts to a loan and the solicitations of the different lenders and banks and credit unions out there, because they have you know, who's given you the better deal? Or how do you know, it's even a deal at all. But if I go in there, and I structure the loan, and I show the engineers, how it works, the people that really think about numbers, how it all goes together. Make sense? Cool.

Taylor Archibald: 11:55

So I know, let's say for someone that's college age, they're you know, getting their degree in engineering, a lot of times they're getting job offers, while they're still in school, they may still have a semester left, and they're getting job offers for once they graduate. So at what point? Are you able to start using the engineering? Or like getting them qualified getting that process going? What should they kind of be able to anticipate being able to use that?

Unknown: 12:26

That's a great question. You know what I've never had anybody asked that. But with the program, the way of we've got to put together is that if they're in school to become an engineer, and they've got some time under them, and to be honest with you, I mean, we've, we've been doing it for people who are in school and out of school, they don't even have to have the official degree. But you know, once you've started down that road, you're you're kind of, I guess, you could say you're kind of there. So I've been given it to them. And you know, and if they end up changing their, their path down the road, Well, okay, so we give them you get to give me right but down the road, they wouldn't be the engineer, they wouldn't get the program. But if they're in school, and they're working on it, we're happy to do that for them. You know, I've got the first time homebuyer one. So if there's some, like I did a loan for an engineer, guys brand new out of school, newly wedded guy didn't have any money because he just got his new job offer and end school debt. He didn't have anything saved. So we did a downpayment assistance engineer loan for him to get him in house. And yet I've had other engineers as a sold their home about $300,000 to drop down on the house, had some guys, somewhere in between there. And we've got a program that fits every one of them. That's a hybrid of the program. How's that?

Ron Pippin: 13:38

Yeah, that's, that's cool. So I think we had talked about another, just to switch gears a little bit. There was another program that I just saw come out, that was talking about so we're switching gears, we're gonna go away from engineer programs for a minute. And we talked about another program that that's brand new on the market that has higher debt ratios. And if people don't know what a debt ratio is, it's your your ratio of your income compared to what you're playing paying. But most, most of the time, you're at a between a 4045. If you're if you're into some government loans, you might be able to get a 55% percent debt ratio, but it seems like I just saw one come out that was that was higher than that. Did you know about that program, Bruce?

Unknown: 14:35

Yeah, as a matter of fact, this new program is a conventional program sponsored by Fannie Mae. If you're doing a refinance, a rate and term refinance, you can go as high as 65%. Wow, absolutely blows my mind. This is brand new. So some of these people who may be strapped for COVID I don't know whatever put them behind the word. they've accumulated more And their ratios are pretty tight, and they can't qualify for a loan, there's a brand new program, you go to 65 debt ratio, it's incredible. There's just a couple of weird caveats to that your mortgage has to be a current Fannie Mae own mortgage. So you give us the address, we look it up and determine whether or not Fannie Mae owns your loan. If it does, we can go to 65 and refinance. amazing opportunity

Taylor Archibald: 15:23

that could, that could actually work pretty well for some of our clients that, you know, maybe have gone through a divorce or something. And so all of a sudden their income isn't what it was. And, you know, maybe now they have child support, something like that that's driving some of those ratios. But they want to stay in their house, they don't want to sell their house. Right. And so that, yeah, maybe that could be, you know, a good option there. to actually do something like that.

Unknown: 15:51

Yeah, if you think about it, it's actually really brilliant. You've got a guy or a lady, a family person. They're making their payments now, but they're struggling. Why would we want them to fail in their financial responsibilities? I mean, when you go into debt, the people, the debtors, they want your payment. That's what it's all about. So if someone's making their payment, why don't we lighten the load a little bit and make that easier for them to continue making their payments? Let's lower their their their debt ratios. Let's lower their payment, let them keep their house. It's a fantastic opportunity. Everybody wins. Love it about talking about like, on that one?

Taylor Archibald: 16:28

Yeah. Yeah. What about like credit score on on that? Have you looked up? What are seeing? Well, that needs to be? Is it like you can go down to 620 years, something go a little bit lower on some of that?

Unknown: 16:44

I haven't seen her I don't know, I would make an assumption that it's a typical Fannie Mae type of program that we have to have an automated approval. And depending on the layers, if you would, the risks of the loan, we can get automated approvals down as low as 620. So I make an assumption that we can get that low. Okay, not guaranteed, obviously.

Taylor Archibald: 17:07

Yeah, yeah. Obviously, any anything that is quoted is not a guarantee of, you know, being able to get get a loan. Right. But

Ron Pippin: 17:16

that's just like any mortgage, though. I mean, I mean, there isn't, there's no I don't care if you have an 800 score, you don't have a guarantee of anything until you have automated underwriting Hey, I have an underwriter Look, I mean, that's this, like, mortgage is a funny world, man. It's not there's no guarantees everywhere ever, you know? So well, Bruce, that's, that's good stuff. So I love I love hearing about brand new programs that are out that that a lot of people don't know about. And actually, most loan officers don't know about these programs. So it's, I love that, that you bring that out for us and share it with with our realtor friends and and those that are that looking for those kinds of loans. I appreciate you bring that. bring that up. So how if people wanted to get hold of you, how what's the best way for them to reach you?

Unknown: 18:13

My cell phone was always the best. I know, the thing never leaves me. I mean, even at nighttime, it's right there on the nightstand.

Ron Pippin: 18:19

But don't don't call you at one o'clock in the morning, though. Yeah,

Unknown: 18:22

though, I'm not gonna be happy if you call me that early. My wife will be even less happy if you call it early. But no, no, call me on my cell phone, it's 801-564-0569 I always call back. If you leave me a message, I will call you if you don't leave me a message. I don't know you want me so I probably will call you back. So make sure you leave a message.

Ron Pippin: 18:45

Say that number again. 815640569 go. Alright,

Taylor Archibald: 18:53

and I'm just going to add another really quick plug. So on this engineering program, so Bruce is I mean, this is something that he's he's put a lot of work in, it's not like someone presented him this program. And now he's, he's done it. He's He's pulled a lot of strings and done a lot of stuff to be able to make it happen. But like he said, it's because he knows, kinda knows what makes engineers tick. And so, even if you aren't an engineer in engineering, if you need somebody that then you know, go through some more of those details, and be more analytical with your loan, instead of just saying, hey, jump in the backseat, I'll drive you wherever you want to go, you know, he's, he's gonna, he's gonna actually give you the experience that you need. So he's, he's a great one to reach out to. You know, obviously I'm a little bit better but he's just joking but serious if you know he, he's really great at it. Being able to cater to that and making sure that you're having the experience that you want to have during that loan process. So Yeah, he's he's a good guy.

Ron Pippin: 20:05

Yeah, seriously, if anybody if you know of engineers, or you don't have any time, just just reach out to Bruce and he'll hook you up with with the right loan program. So yeah, Bruce, I appreciate you taking some time and being with us today. Thank you. It was my pleasure. I enjoyed this this a lot of fun. We'll have to do again. Yeah. Awesome. And Taylor, we appreciate you used to be on this podcast like almost every day, but he's gotten busy. He's like, he's like running the show for me. So I get to get out and and do this kind of stuff. And he makes sure that everything's going forward. So I actually really appreciate him doing that because I get out get I get to get out and do the fun stuff. And he does the hard stuff for me. So

Taylor Archibald: 20:47

yeah, where were you guys at today? While I was working, I forgot your your mark. You were market.

Ron Pippin: 20:54

We were marketing on the boat. Hey, thanks for thanks you too, for being with us today. And for all those that have joined us. Whether you're watching us on YouTube, or whether you're listening to us on wherever you podcasts are being wherever you listen to podcast where we're probably their agent versus lender. And if you need to get hold of our team for whatever reason, our main number is 801-628-7667. You can reach us there and that will wrap up