**** INTERESTING PHONE CALL ****
I just got off the phone with David Wechsler of the company with the awesome web site that we mistakenly has thought was ours. No, I did not call him, he called me. Earlier today I had emailed him at the email adress on the site to ask some questions, and I had included my phone number. He had replied to me, but since someone else had already posted that info, I was not going to repeat post it. He was curious so he called me back and we had a very involved conversation about a lot of things. From going to school late in life to Mortgage Banking and so on. I learned a lot about mortgage banking that I had no idea of before.
As we finished our conversation, I asked him if I could have leave to quote some of his comments on the thread. He agreed, and so, here we go:
Q: What sort of a business does "My" company run?
A: Dave Williams and I are great friends. His business is larger than mine. I only have three locations. He runs a class operation. Me, I sell the loan, package it, and out the door into the secondary market. He is a bit different, he does a lot of loan servicing.
Q: What does that mean?
A: Well, once I send the loan to the secondary market, I am done with it. I make my money off of setting it up and getting rid of it. He actually takes the payments and sends the money along to whoever bought it. There is a lot of money in the servicing business. If you buy a house, he writes the mortgage and you keep making the payments to him. You never really know who owns the loan because your coupons all say to send him the money.
Q: Does he have a storefront where folks can go in and make application, payment and so on?
A: Oh yeah, his locations are top class. Very nice, comfortable, plush, professional. Definately the sort of place a person feels comfortable doing business with.
Q: I think that one of our shareholders is planning a trip this weekend, he will be pleased?
A: Oh yeah. I think you should, Don't take my word for it, by all means check it out. And give Dave a call at 702-227-5626. I know he will be very happy to chat with you.
The conversation went on to issues such as the colleges we went to, the admissions policies of various places, etc ... even threw in Elvira, but that is Off Topic, so I guess I'll have to keep that story for my own scrapbook.
I guess the pertinant thing here is that we now have a totally disinterested party who is knowledgable of the workings of his competitor, has the utmost respect for his competitor, and is even (I think) considering becoming a shareholder. I really don't know how we could have a better reference. At his suggestion, I am going to be calling Dave tomorrow. I will let you know what I learn, but I am sure it will be more of the same, just most likely in greater detail! |
