Teresa had a big dream to become a homeowner. Unfortunately, a bankruptcy in her past made this dream almost unachievable. She began the mortgage process and was denied. Losing hope, she found another lender, and they also denied her telling her she wouldn’t be able to purchase a home for several more years until her credit history cleared up. After two denials, Teresa had given up on her dream of homeownership.
Lucky for Teresa, she has a great friend who wouldn’t allow her to give up on her dream. Having used Tory Tarsitano in the past, this friend called Tory to explain Teresa’s situation and ask for his help. Tory said he would love to help and set up a time to talk to Teresa directly.
Through conversation, Tory earned Teresa’s trust and she decided to give her dream one more chance. Tory collected all the required documentation from Teresa which she was able to quickly provide. The next step was underwriting, the same phase where she had gotten denied at the first two lenders. This was a nerve-wracking moment for Teresa and Tory – could they pull it off this time?
The automated underwriting system denied Teresa due to her recent bankruptcy. But Tory wasn’t ready to give up on Teresa’s dream. He called the Underwriting Manager and asked what he can do to help Teresa’s loan become approved. Instead of using the automated underwriting system, he learned there was an option to manually underwrite a loan. However, this required a lot of additional work for Tory’s team and Teresa. They decided it was worth the extra work and the risk for Teresa to achieve her dream, regardless of what the automated underwriting system said.
The manual underwriting worked in Teresa’s favor! She is now a homeowner and is grateful to her friend for referring her to Tory. She said, “If I hadn’t found Tory, I wouldn’t be in my house. Work with Tory if you have the chance. I trust him immensely and plan to be a forever customer!”