Episode 191: Nicole Johnson
On this episode of The Brad and Taylor Show, we have Nicole Johnson!
To watch the full episode, check it out on YouTube below. In the meantime, here’s a transcript of the conversation…
Here’s what you missed from Nicole Johnson…
00:00:00:21 –> 00:00:16:00
Taylor: Welcome to The Brad and Taylor Show. Today we have Nicole Johnson.
Brad: You’re listening to The Brad and Taylor Show, a podcast that inspires entrepreneurs to pursue their passions. We’re sitting down with some of the best to learn how they got started and some lessons they learned along the way.
Taylor: Hi Nicole.
00:00:16:23 –> 00:00:21:24
Nicole: Hi. Good morning. Good morning. How are you doing? I’m good. How are you? We’re good.
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Brad: Good, good. We’re doing good. Well, let’s get this started. Tell us a little bit about you, what do you do?
00:00:26:25 –> 00:00:53:13
Nicole: I work for a mortgage one here in Jackson. I’m the Director of Business Innovation. So I do our business development, marketing, social media, and organize our events. And then I do just like a multitude of other stuff. I have my hands in a lot of different paths. So I would say a little bit of this and a little bit of that. I also am a licensed loan officer and I have over 20 years of lending experience.
00:00:53:23 –> 00:00:56:22
Brad: Wow, that’s awesome. So how’d you got into it?
00:00:58:07 –> 00:01:17:28
Nicole: Well, I was graduating from college and I’m really dating myself over 20 years ago and my friend’s aunt worked for a bank here in town and they were hiring for a management training program and she thought I wouldn’t be a good fit. And that was my first exposure to lending and I’ve just grown right off of that.
00:01:18:16 –> 00:01:27:18
Brad: Awesome. I like that. So tell us about the first deal you got, Where you’re like, I know how to do all this. I know how to fill out this paperwork.
00:01:28:09 –> 00:02:45:08
Nicole: I’m laughing because I literally learned mortgages on the fly because after 9/11, we all know things got crazy and there was a refi boom, not like three, five boom that, you know, just has been going on right now. But back then it was a big deal. People were still in the nine and 10% ranges and we were refinancing them down to five and six, which now we’d say those rates and you’d be like, oh my gosh, that’s not good. Well, back then it was. And I really lucked out because I had some great mentors at my first job when I worked at the Standard Federal Bank and I would run back and forth, back and forth to ask questions and to get help. I literally learned it on the fly. Our platform had black screens with commands. So you had to do a backward slash type in a command to take the application. All we had was an Oki data printer, everything was triplicates, you know, it was just completely now you’d be like, oh my goodness, it’s archaic back then. That’s how you did business. So my first deal was a cash out refinance. It took a lot of heart and soul to put into that, but I did get through it with a lot of help from other people. And I learned a lot along the way.
00:02:45:27 –> 00:02:52:00
Brad: Awesome. I like it. So over the last 20 years, what’s your favorite way to market now?
00:02:53:15 –> 00:03:19:23
Nicole: Well, I would say that I love that personal interaction, that one-on-one relationship peace, by Vasile seeing the power of social media over the years too. So I do social media for our office here. I’m in Jackson for the mortgage. And then I also do a lot of business development and marketing in person too. So I think both are very powerful but I still love that one-on-one piece.
00:03:20:02 –> 00:03:42:24
Taylor: That’s awesome. Yeah, I know. So kind of going back to the technology side of things, when you first started black and white, probably a long drawn out process, a lot of paperwork to sign, right? Yeah. When we went with you just a couple of weeks ago, there was a very fast process. Why did that speed up so fast from beginning technology to what we have now? What’s the major difference?
00:03:43:14 –> 00:05:08:05
Nicole: I think it’s evolved over the years. We went from when I was at Senior Federal to the Oki data with the black screen and the triplicate papers to now the docs are going to print off on a laser printer. Now we’re going to actually not just use the fax and now we can use scanners. Oh, now really nobody’s faxing. Now we’re using scanners and emails for more than just doing it to internal people. Like I’ve kind of seen the evolution of all of this and where we’re at today at mortgage one is awesome. This is probably the highest technology company I’ve ever worked for. One of our biggest things and we’re actually getting ready to roll out a hundred percent electronic closings is that we do these fast pass closings. We are able to have our borrowers sign 75% of their docs before they get to the closing table. That way everything is streamlined down quite a bit. Everybody’s not sitting there. People don’t have to take as much time off work, or if people have kids, it’s a little bit easier and stuff. So it’s just crazy. And that you can make an application on an app now. Over 75% of our borrowers don’t even set foot into the office. You know, the app became very powerful during COVID when that all started. And now that’s how people are kind of demanding to make applications with us here in Pittsburgh.
00:05:09:13 –> 00:05:22:04
Taylor: Crazy. Yeah. And I feel like it gives people a little more time to actually read the documents because they’re not just like quick signs here. They’re like full-length papers. Right. You have to read everything. Oh, absolutely. We have more time.
00:05:22:23 –> 00:06:00:29
Nicole: Yeah. And I think that’s what’s so awesome with those FastPass electronic closings is if you have questions, we want you to have questions and get those to us before we get to the closing table, that way you’re comfortable with what you’re signing and you’re right. I think some people at the closing table are just like, I just want to sign. I don’t want to save very much. There’s like 20 people in there looking at me you know, and if this is your first mortgage, there’s a lot of moving pieces going on. So that is nice. It’s been awesome in that fast pass closing, just has evolved here. We’ve had three updates to that in the last year, as well as the app. So that’s constantly growing.
00:06:01:27 –> 00:06:14:13
Taylor: I know for new home buyers or maybe someone who has had a mortgage before, can you kind of go through the process behind the scenes of what you see the correct steps would be to take, to get that mortgage? How did people go about that?
00:06:15:14 –> 00:07:05:09
Nicole: So right now, the biggest key piece is having that pre-approval and we do free pre-approvals at mortgage one here in Jackson. A lot of times people will say, especially if they’re first-time home buyers, they just want to go out and look at houses with how this market is right now. Realtors are not as apt to do that as maybe they were two or three years ago. So getting that pre-approval is just the key element here because it gives everybody reassurance. It gives the buyer the reassurance that they know their price point. It helps the realtor. So they’re not running around showing properties that may be the borrower couldn’t even qualify for. So like I said, most of our borrowers are making applications right on our pro snap app that we have set up, it guides you right through it.
00:07:05:09 –> 00:07:55:17
It literally takes like 10 minutes. Our app actually lets our borrowers upload their pay stubs, W2’s bank statements, any of that kind of stuff right into the app, which is awesome. If we have a borrower that’s not comfortable with the technology, we’ll definitely take apps over the phone or in-person too. But that first piece is us getting the pre-approval and we do a really good job of actually looking at the documentation and not just doing what’s called a pre-qual, you know, typically with a pre-qual, people just pull credit and they just say, oh, okay, based on your 720, you look good to go. You say you make 3000 a month. Okay. Here’s a pre-approval then you actually get their documentation. You’re looking at. And it’s like, well, you don’t really make 3000 a month. You have a job. And you know, the gap here in the last 24 months.
00:07:55:26 –> 00:08:36:01
Your bank statement says we have $5. You said you had 5,000. You know, all of us are very seasoned loan officers. We all have over 20 years of experience, which is awesome. And we actually look at the documentation. Nine out of 10 times we’ll do a pre-approval over a pre-qual for somebody. Our realtors know that in our partners. So when they get something from us, they know that it’s valid, especially right now with what’s going on. Some people have been out of work for bits and pieces in the last two years. Some people are having their income be derived from different sources than before. So it’s super, super important to start with that.
00:08:36:17 –> 00:08:47:11
Taylor: At the closing table, or maybe even before you get to the closing table, when people are at home, maybe signing those docs and reading over that paperwork, what’s the most common question that you get from new home buyers?
00:08:48:21 –> 00:09:48:21
Nicole: I would say that one of the biggest questions that we get as a team is probably what happens now, what’s the next steps because they’re just, you know, kind of worrying to get ahead and move forward with the process. The other key piece is when we are needing documentation and additional information is getting back to us as soon as possible. A lot of times they’re just excited and we’ll go over things but they’re not fully engaging on what we’re saying and then we’re coming back saying, okay, well we asked for this last week, you know, we didn’t get, oh, you did. It’s you know, and the third thing I want to hit on because we’ve just been seeing a lot of this lately. And I think this is industry-wide. When the credit piece doesn’t have your credit pulled when you’re trying to get a mortgage, don’t go buy a new vehicle.
00:09:48:21 –> 00:10:22:20
When you’re trying to get a mortgage, don’t go get the 0% down at best buy for the microwave. I know that looks enticing and you want it for the new house, all of these things can really have an effect on your underwriting process and can actually delay your closing and young homebuyers, especially, don’t think about that. Right? So you know, we always tell people, even changing jobs. If you have to, something happens in the loan process and you have to change a job, talk to your loan officer, that open communication because they’re your partner, they’re in your corner is super important.
00:10:23:11 –> 00:10:47:20
Taylor: I know you mentioned not going out to get that short loan. Are there other ways that people can maybe build credit without doing that without dinging their credit? Maybe they don’t realize it when they’re doing it, but when you go to pull a mortgage, they’re gonna run your credit. And if you have anything pending on there, that’s a red flag. Right. So what are other ways do you think that people can go about raising their credit without maybe buying a new car or getting a new washer and dryer?
00:10:48:16 –> 00:11:55:11
Nicole: So during the loan process, let’s say you have written an offer and it’s accepted, we’re moving forward with the application. At that point, we start monitoring your credit, for any credit inquiries or things like that. And then we have to address those prior to making pre-approval for people that need to rebuild credit. One of the things that I always recommend is maybe a secured credit card. You know, you could start with a very small credit limit. I know a couple of local financial institutions that do those, maybe it’s $500, maybe it’s $700 and you do the secured credit card, they hold your money. So you do have an investment into the transaction kind of tight piece, which is super important but then you do that for a year or so, and you start having a credit history, and then maybe that secure credit card could turn into something else. And then maybe you’re able to get a small holiday loan and then maybe you’re able to get a small car loan. All of those pieces definitely contribute to having that credit history that’s needed for a mortgage. Okay.
00:11:55:22 –> 00:12:06:25
Taylor: Do you recommend people who got that credit card that has the 500 or $700 limit, do you recommend that they spend that whole 500 or $700 that month?
00:12:08:08 –> 00:12:53:24
Nicole: Great point. I’m glad that you’re bringing that up. So typically I tell people we like 30 to 33% credit utilization. So let’s say, for example, it’s a $300 credit limit. I told people do not really go over a hundred dollars. Especially if your credit’s fragile, you know, either you’re starting with no credit or your credit could be what I call fragile because you’ve had some dings. I mean, you’ve had some issues in the past. Anyone little thing could trigger your credit at that point. And it could make it a worse situation than what it is. And then I always tell people, pay it in full, you know, like maybe you just use that card for gas every month and then you pay it off that way. You’re constantly revolving it. And you’re showing that the capacity on it is low.
00:12:54:18 –> 00:13:02:03
Taylor: Okay. Awesome. Well, thank you for sharing that. I know a lot of people may see that, oh, I’ve got 500 bucks to spend. Let’s just go Christmas shopping.
00:13:03:10 –> 00:13:13:05
Nicole: And then before, you know, if you’re over the limit because you’re over the limit and then you don’t understand why, ’cause you’re like, why pay my bill on time every month? Why isn’t my credit score high?
00:13:14:05 –> 00:13:28:18
Taylor: Exactly. I just wanted to bring that up. Cause I know a lot of people aren’t aware of how that actually works when you’re trying to pull your credit past. If you can start over today, Nicole, with all the knowledge that you’ve learned over the last 20 years, is there anything that you would do differently?
00:13:29:29 –> 00:13:54:08
Nicole: I would probably say that I would have been maybe a little bit more intentional with some of the job moves that I made in the past. I look at the younger Nicole and sometimes the career moves I made were maybe not for the best reasons. But when you’re a younger person, you think that they are valid and that they make sense and everything. So that is probably something I would change.
00:13:54:21 –> 00:14:02:24
Taylor: And before we go today, how can people get ahold of you? Maybe they want to join your guys’ team over at mortgage one. How can they do that or reach out to get a mortgage?
00:14:03:10 –> 00:14:46:14
Nicole: Oh yes, absolutely. Definitely. We’re always looking for great loan officers to join our team here at mortgage one in Jackson. We always love helping our buyers too as well. Or somebody looking to refinance. We have a lot of people that have decided to, you know, maybe not sell their home, stay in their home, maybe do some remodeling. So we’re doing some cash-out refinances too. So to get a hold of me, our number 5 1 7 3 1 5 4 6 7 0 and then also to my email is [email protected]. It’s a little tricky.
00:14:48:08 –> 00:15:15:02
Yep. I like it. Well, awesome. Hey, thanks for coming and sharing your story with us today. Thank you.
00:15:15:05
Hello. Hello. Are you there? Are there, are there, Hey guys, we just wanted to thank you for listening on either a podcast or on the YouTube video here. If you guys wanted to subscribe, that would be awesome. That would mean a lot to us. If you guys could give us a five-star review as well, that would be amazing. And we’ll see you on the next one.
Check out Nicole Johnson:
Facebook: @Mortgage1Jackson
www.linkedin.com/in/nicole-johnson-6422a032/
517-315-4626
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