From the time I graduated from college until at least five years after completing graduate school, I was a banker. In fact, I drifted into being a real estate loan officer.
Carey Mayfield was an attorney as well as the president of the first bank I worked in. Within twenty minutes he taught me how to underwrite a real estate loan.
"Take the application, accumulate the stuff the bank examiners are going to insist on, then sit back, look the guy in the eye and ask him, 'Are you going to pay us back?' Watch his face carefully and listen to how he responds. If you believe him, make the loan. You don't need a loan committee's help."
I used that method for all of the years I made loans. And my delinquency ratio was a teeny bit on the positive side of zero.
Isn't it odd that had the lending industries insisted on the loan officers following the Mayfield Principal, chances are most of the bad stuff wouldn't have happened?
BILL CHERRY, REALTORS
DALLAS - HIGHLAND PARK
Our 45th Year!
214 503-8563
Yup!
Bill
Sounds like the loans I got in high school when I bought a car.
You knew the banker.... You saw him every Sunday morning at church. LOL
Tom that was definitely the good old days, and those ways of doing bidniz were much more honorable and credible, weren't they.
Thanks for chiming in your experience.
How are things going for you these days, Mr. William Archambault?