In the residential mortgage lending business in Mexico the famous joke by Abbott and Costello of “Who’s on First? What’s on Second?” takes on a special and important role and meaning.
Considering that the residential mortgage business in Mexico is not regulated, it is important to know, who’s on first and what’s on second. And unless you want to go through the nightmare of choosing the wrong residential mortgage loan broker or loan officer, you must make sure you know who is sitting where, and on which side of the plate they are on.
So, Who’s on First?
On First should be a reputable company or mortgage broker individual that can provide you with all the information required for the mortgage. The loan officer must have the expertise and know what is required to put the mortgage together. The man on first is your LEAD OFF man. He works for you. He must know the market and market trend requirements to walk you to a successful closing.
What’s on Second?
On second should be a reputable Mexico residential mortgage lender. A lender with a proven track record. A lender that can promise a successful closing, and who will work with you to make the deal happen.
Although, at the end of the day, Who’s on First, matters as much, if not more, than What’s on Second. Who’s on First, will be your eyes and ears. Residential lending in Mexico is not an easy task. So you should put on your thinking hat and ask yourself, “is this person going to provide me with what I need to get my Mexico mortgage deal closed?
Do this, with a level head, and then go on and look for your man on first. And remember, just like in baseball, you must first reach first base, and then you move onto second to set yourself in a position to score. If your man on first is capable, experienced, and most importantly honest, you can count on reaching home with a good “ground ball”, without the need of “hitting a home run”. More runs get scored on single hits than home runs, unless you are in the World Series of course.
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