__________________________________

This material is provided as a courtesy and for educational purposes only from Olde Raleigh Financial Group, A member of Advisory Services Network and should not be construed as investment advice. All information contained in this video is derived from sources deemed to be reliable but cannot be guaranteed. All economic and performance data is historical and not indicative of future results. All views/opinions expressed in this video are solely those of the presenter and do not reflect the views/opinions held by Advisory Services Network, LLC. Advisory Services Network, LLC does not provide tax advice. The tax information contained herein is general and is not exhaustive by nature. Federal and state laws are complex and constantly changing. Please consult your investment professional, legal or tax advisor for specific information pertaining to your situation.

Meet the Masters – A conversation with Cary, North Carolina based mortgage broker Sherry Riano

In a world flush with cash, 30-year fixed mortgages below 3% are the norm and home prices are elevated. It is certainly a sellers’ market in Raleigh, Cary, Durham and Chapel Hill but the challenge is finding a place to move to. Housing inventory is tight while labor and materials are in short supply. The likes of Apple and Bandwidth.com are setting up research centers stocked with well paid workers who will all need places to live. With all that going on at once we decided to talk to a mortgage broker and get their perspective on the real estate market.   

With over 20 years of experience in the mortgage industry, Sherry Riano exudes a deep passion for helping families in the Triangle financially obtain their dream home. The energy of this interview was great. Sherry has seen the ups and downs of the business cycles over the years and is no doubt a leader in her industry.  If you are thinking about buying a home please listen. Lots of insights into the RDU real estate market.  Here are some of the topics we discussed. 

Key Points

  • Mortgage industry landscape
  • Local market update – what are you seeing, hearing, etc
  • Any thoughts on the Fed’s eventual tightening?
  • What are you most optimistic about and what do you see as challenges for our market?
  • What advice do you give first time homeowners?
  • Differences and impacts of a 15yr vs a 30yr mortgage? In your view, what role does a home play in someone’s personal balance sheet? VA Loans and the pleasure of serving our military families.

Hey everybody.  It’s Trevor Chambers from Olde Raleigh Financial Group.  We are putting one more stack, one more piece to the stack on The Soundtrack to an Advisors Life and we call this – that’s the name of our podcast here.  And, you know, I like to say that we’re building the soundtracks.  So, one more album and what album are we going to talk about today.  We’re going to talk about the broad topic of mortgages which is a pretty huge part of our – when we talk about people and their net worth, we talk about mortgages and let me tell you something.  It’s a process.  It’s a big deal for our finances and it’s a dynamic market you’re dealing with with homes and, you know, Raleigh, Durham and Chapel, there are not enough homes.  We’re going to talk to somebody about that today.  And so, and we’re going to talk about mortgage rates which are just – I just find to be in the history of mortgage rates I think are just interesting we’re in a period now where they’re very, very low.  And what happens is, in the low interest rate environments, risk assets, defined as real estate and equities go up in value.  Riskless assets, i.e., treasury bonds, go down.  So, we’re in that period right now where we’ve had this long run, three years, and at some point, you know, that might change.  And so, I think that’s an interesting world.  But what happens is, your home values go up and now I’m going to segway into Sherry Riano.  Sherry, please – who are you?  What do you do?  And who do you love?

RIANO:   Well –

CHAMBERS:   Was that pretty good?  How’d I do?

RIANO:   You did really good.  That was smooth.

CHAMBERS:   I mean, was that smooth?

RIANO:   That was very smooth.

CHAMBERS:   I bobbled it a little bit on the transition but we’re going to get it.

RIANO:   But I love it.

CHAMBERS:   Okay, cool.

RIANO:   Love it.  Love it.  Love it.  So real.  So, Sherry Riano.  I’m a mortgage lender.  Been one for a little over 22 years in this area.  I love my family and I also love the ability to get other families into homes, so.

CHAMBERS:   Yeah, that’s fun.

RIANO:   Yeah, it’s great to see somebody get their piece.  From a first-time homebuyer from, you know, people that are moving up because it’s their second, third home or, you know, people that are downsizing.  It’s still a great day.

CHAMBERS:   It’s transitions.

RIANO:   Yes.  And we all have transitions.

CHAMBERS:   What about renters?  Do you get into that?  Like do you sell to renters?  No, no, no.

RIANO:   No.  No rental.  I’m always happy to help people that are renting.

CHAMBERS:   Yeah.

RIANO:   — to qualify for the mortgage.

CHAMBERS:   Okay.

RIANO:   But the rental piece is not something that I deal with.

CHAMBERS:   Yeah, okay.  Cool.

RIANO:   Strictly mortgage lending.

CHAMBERS:   Yeah, got it.  Okay, cool.  So, 20 years’ experience.  Twenty-two years of experience.  So, you know we like google, right.  And so, we’re going to talk about some very specific things like google.  Because this is what our potential clients are talking about.

RIANO:   Right.  Exactly.  Google –

CHAMBERS:   Okay, so I want to talk about – well, let me open it up.  What’s the – what’s your big message right now in the market when it comes to consumer?  What should the consumer, first and foremost be looking for when it comes to looking for a partner in –

RIANO:   In the mortgage?

CHAMBERS:   Yeah.

RIANO:   Local.  Use the word local.  And the reason I say that is that we have partners that we’ve worked with for 22 years, you know.  Whether that is somebody in your seat, someone in the insurance seat, someone in an appraisal seat.  There’s a lot of pieces that you have to think about.  Realtor side.  I mean, there are so many potentials so you want somebody that you can depend on.  Not somebody that sits eight states over and has no idea what’s going on in our market.  

CHAMBERS:   Yeah.  Yeah.

RIANO:   It’s not – I know some people think oh my gosh it’s a – you’re getting – you’re costing me a 1/8th more in rate.  Maybe I am but the amount of service that will be delivered and getting an appraisal that may not come in short because I have local appraisals on a local panel versus having somebody again a state away that comes into our market and goes I don’t understand.  I don’t know how to justify these – this appraisal.  It could cost you a lot of money.

CHAMBERS:   Yeah.

RIANO:   All of a sudden that 1/8th saved you a lot of money.

CHAMBERS:   Yeah.

RIANO:   And we’ve been doing that a lot lately.  I have been saving deals from online lenders left and right and that – and I mean some of the appraisals will come in a 100,000 short.  My appraisers go out and somehow, we make the number.  Well, the appraisers have to report to the appraisal board so it’s not like it’s some magical thing we can do but they understand the trends and the dynamic of our market.  

CHAMBERS:   Yeah, and take us through the problem when it doesn’t appraise.  What’s – what kind of horror stories –

RIANO:   Well, sometimes people don’t have money to gap the difference and if they’ve signed an appraisal gap in the contract, that’s a problem. They’ve lost their due diligence.  The seller’s not willing – I mean the sellers sitting here thinking well, I had 17 offers so I can just go back on the market.  Right, so they don’t have to reduce the price of the house.  So, we lend off one of two things.  The lesser of the two.  The purchase price or the appraised value. Okay, so if you want to put 80 percent down, that’s what we agreed, on the contract but then the appraisal comes in $20,000 less.  You’ve gotta (sic) gap that difference.

CHAMBERS:   Yeah, that’s a problem.

RIANO:   Now, there’s ways to do that.

CHAMBERS:   Yeah.

RIANO:   I can do it.  You may have a little bit of mortgage insurance and I was having a conversation with somebody, I think it was yesterday, it could cost you $37 dollars more a month but you wouldn’t have to give up the additional $20,000 dollars.

CHAMBERS:   Is that for the – is that for the life of the mortgage?  The $27 –

RIANO:   No, it’s the PMI and based off that —

CHAMBERS:   So, it wears off? 

RIANO:   — dynamic, you’re looking at it would probably be on there for five years.

CHAMBERS:   Yeah, okay.  But it wears off, okay.

RIANO:   It does. It comes off.

CHAMBERS:   Yeah.

RIANO:   So, you know that makes sense.

CHAMBERS:   Yeah.

RIANO:   Especially when you’ve got – maybe that $20,000 dollars you’ve got sitting extra in an investment with you, maybe that’s making five to eight percent.

CHAMBERS:   I like that idea.

RIANO:   I talk about that with clients all the time.  It makes sense, right?

CHAMBERS:   Why does it make sense?  Oh, Sherry Riano, tell me why?  I like this.

RIANO:   Oh, it’s so easy.  If I – if the mortgage you have is three percent but the money, you’re investing is making five to eight or whatever it may make as I – that’s not my wheelhouse, right?

CHAMBERS:   Right.

RIANO:   I just know how lucky I am to have people like yourself making me this kind of money with my money.

CHAMBERS:   Yeah, okay.

RIANO:   IS why would you want to invest it in a property where you can make more money?  Let your money work –

CHAMBERS:   Elsewhere.  And not necessarily in equities but something —

RIANO:   Something else, yeah.  There’s – and that’s where we need a specialist as much as yourself.

CHAMBERS:   Thank you.

RIANO:   But it just makes sense.

CHAMBERS:   Yeah.  So that kind of leads me to this and they we’re – I have some more specific questions about the mechanics –

RIANO:   Sure.

CHAMBERS:   — on different types of loans.  I do want to talk about that.  Like VA loans and all that stuff but what role then, when you net it all out do you think a home plays in someone’s wealth plan?  And maybe I’m getting a little outside by asking you – what –

RIANO:   I talk to people about it all the time.

CHAMBERS:   Yeah, and what value does it actually bring?  The home you live in?  I’m talking about the home you live in other than, of course, the warmth and all that.

RIANO:   Yeah, and the family love.  We all get that.  But let’s just talk about dollar, cents and financial security is first and foremost, right?  Secondly, while you’re paying down your mortgage so you’re constantly building equity.  Never mind the equity that is going around in our market escalated by the income of all these new companies coming in, right?

CHAMBERS:   Yeah.

RIANO:   Our values are escalating at such a high rate.  It used to be in North Carolina, we are about three percent depreciation, you could count on it.  I mean right now we’re just way over.  I mean, I’m getting contracts that people are offering on homes for 100,000 dollars more.  It’s crazy.

CHAMBERS:   Yeah, so let me ask you something about that three percent and now, so what’s it eight?  What did you just say?  It’s now – it usually is three and we are –

RIANO:   We are roughly about; I think we are at 25 percent right now.  

CHAMBERS:   No.  Twenty five percent?

RIANO:   We are.

CHAMBERS:   Wait our national average is three – did you say growth?

RIANO:   Our national average for us is three percent.

CHAMBERS:   But we’re 25?

RIANO:   Uh-huh (yes).  Think about that.

CHAMBERS:   That’s insane.

RIANO:   Yes.

CHAMBERS:   Annualized?

RIANO:   Annualized, yes.

CHAMBERS:   So that’s not going to continue forever.

RIANO:   It won’t continue forever, you’re right.  But I was having this discussion –

CHAMBERS:   Because over time, you have –

RIANO:   It’s going to do that.  Up and down.

CHAMBERS:   Yeah, and then it nets out and then they put – that’s the other questions I wanted – so finish that statement, then I have another thing.  I interrupted.

RIANO:   That’s okay. My point being –

CHAMBERS:   And I haven’t even had wine yet.

RIANO:   I know, right.

CHAMBERS:   We’re getting rowdy over here, I mean.

RIANO:   And we haven’t even had a glass of wine.

CHAMBERS:   I mean we will, okay.  It’s the prize at the end.

RIANO:   I know.  I love the prize at the end.  Anybody who knows me, knows I love that prize.  Anyway, you know –

CHAMBERS:   We gotta (sic) talk about that –

RIANO:   — I know my point being though, if you go back and look at where we were in 2008, okay, in this market and appreciation.  Just in general, okay.  When the rest of the country was really, really hurting, all right, we had pockets that felt the loss, right, of when everything melted down.  Values went down but we were still having some appreciation of anywhere between one to two and a half percent.

CHAMBERS:   Yeah.

RIANO:   — in this market.  Right, so this little gem never quits shining.

CHAMBERS:   Yeah.

RIANO:   Right?  Because we had not been so overheated.  Now people perceive right now that we’re overheated but then you have to step back and look, are we really?  With driving forces of Apple and Amazon and Google and all the other companies that are coming to make us the new little mini silicon valley.  Is that –

CHAMBERS:   I mean –

RIANO:   That’s what I’m hearing. 

CHAMBERS:   Yeah, yeah that’s good.

RIANO:   And so there’s no reason to believe that – will they flatten out?  They simply have to, right?  It’s like anything.  When people talk about the stock market, they have to.

CHAMBERS:   Yeah.

RIANO:   And I apologize that was my phone, but –

CHAMBERS:   No, no, it’s all good.

RIANO:   Speaking of an appraisal issue.

CHAMBERS:   Let me tell you something about this person right here.  She is responsive.  She is on it.

RIANO:   I try to be.

CHAMBERS:   Yeah.

RIANO:   I like to be there for my clients.

CHAMBERS:   Yep.  Man, it’s huge.

RIANO:   You know, I –

CHAMBERS:   And you – yeah –

RIANO:   — want to be there when they need me.

CHAMBERS:   No, no.  That’s important, so.  Anyway.

RIANO:   Ten minutes later, won’t be good, but, you know, it will.  It will even out.

CHAMBERS:   Yeah.

RIANO:   You know what I’m saying?  Because going back to stock market, right, everybody’s oh, you know, we’re due for correction.  I think everybody believes we’re due.  Now what does that correction look like?  I don’t know.  I think we all wish we had that magical crystal ball we could rub and go boom; this is when it’s going to happen and this is how much it’s going to be.  We don’t.  But we know it will happen.

CHAMBERS:   Yeah.

RIANO:   And so, just like with the stock market, the appraised values are going to do a little correction.  We’ll get back to a normal three and five percent.

CHAMBERS:   Yeah.

RIANO:   I don’t know exactly, what day that will be but it’s coming.

CHAMBERS:   Yeah.  And 25 is probably – yeah, but –

RIANO:   I mean, yeah, that’s hot, right?

CHAMBERS:   But it’s still – I mean, I could see it being – I could see it being the steady – on average maybe six, seven over the loan.  Now, that’s net of paying for the roof and paying for –

RIANO:   Right.  

CHAMBERS:   So, there’s that.  And so, you know, to me, I think the home represents, to your kind of point, it’s the nest egg because the growth at the end when you net it all out on the expenses, you gotta (sic) take that out.  You gotta (sic) take the taxes out.  You gotta (sic) take the mortgage and –

RIANO:   Yeah, and all that stuff has to come out.

CHAMBERS:   Funding the mortgage and all that stuff piles up so then what do you net?  You know.  But it’s a storer of wealth.

RIANO:   It is.

CHAMBERS:   And you need that as a componentry of your plan – of your wealth plan.

RIANO:   Right.  I agree with you totally.

CHAMBERS:  (Inaudible).

RIANO:   We’re on the same plane.

CHAMBERS:   Did we – we say it’s all about the conversation here in Raleigh, Durham and Chapel Hill.  That’s more SEO awards right there. 

RIANO:   There you go.

CHAMBERS:   I like that.  Okay, good.  Okay, so where do you, a couple things here, well let’s talk about VA loans.  I know that’s something that you guys wanted to talk about and then you’re licensed in a couple more states including Florida.

RIANO:   I am.

CHAMBERS:   Nice.  So, and then jumbos.  

RIANO:   Okay.

CHAMBERS:   So whatever order you want to talk –

RIANO:   Well, let’s get on VA.

CHAMBERS:   Okay.

RIANO:   Okay.

CHAMBERS:   Let’s get it done.  Because we love our veterans.

RIANO:   I love my veterans.  

CHAMBERS:   Yeah.  That’s so cool.

RIANO:   I mean, you know, people say this all the time and I don’t know if they say and they hear it and they really understand it but freedom is not free.  Okay.  I can’t speak for you.  I don’t know if you’ve served.  I’ve not, okay.  But I will tell you is I don’t know I have what it takes to pick up a gun and go to Iraq, go to all these places that people go to protect our freedom.  Hands down.  Whatever they need, and for me I’m very passionate about it.  

CHAMBERS:   Good.

RIANO:   My father served, my grandfather served, my uncle served, my grandfather – one of my grandfathers was in Pearl Harbor so I mean it’s very important, you know.  And I appreciate what they do for me.  I mean, if I see somebody that is in uniform, I always just walk up and just say – now I don’t care what uniform.  Police, emergency, naval, I don’t care who you are.  If you’re wearing a uniform, I always walk up to you and say thank you.  I don’t want anything; I just want to say thank you because I could not do those things.

CHAMBERS:   Yeah, no, no, no.  I – number one I barely can tie my shoes and I’m sort of scared of, you know, things so I definitely have not – yeah, those people that do that stuff, we all – yeah.  

RIANO:   Yeah.

CHAMBERS:   So, opening that up, like what special things should we be — so those people in those positions, tell me about VA loans and what –

RIANO:   Yeah, well VA loans allows a veteran buy a home at 100 percent financing which we go back to the money and having the – because they don’t have as much money.

CHAMBERS:   No.  And they’re –

RIANO:   They’re well undercompensated.

CHAMBERS:   That is one area that – I’m glad – I don’t mean to interject but they don’t get access to this really good, I think, they’re underserved.

RIANO:   Yep.  Yep.  I agree.  They are well underserved.

CHAMBERS:   On all — and it’s sad.

RIANO:   And in this market, you know, a lot of times realtors because they don’t, and not all realtors, there’s a lot of great realtors but there are some realtors that are brand new don’t understand and they think, well I don’t want to take a VA loan because you know, the appraisal might do this or the – but then, what are you saying?  What are you saying?  I mean, if the veterans made a strong offer and the only reason, you’re turning it down is because it’s a VA loan.  Think about that.  Go home tonight and think about that.

CHAMBERS:   Yeah, I got you.

RIANO:   It’s not right.  But you need to educate yourself if you’re going to be in real estate on the realtor side is to understand the variables and the difference between a conventional and a VA loan and FHA loan and by the way if you don’t know, please call me.  My office number is 919-234-7415.

CHAMBERS:   There you go.

RIANO:   I am – I’m happy to spend that time with you because it’s something you need to understand, right.

CHAMBERS:   Yeah.  Education does not stop.

RIANO:   Oh gosh no.  When you stop learning you just die.

CHAMBERS:   Yeah, and it doesn’t.  In our business and obviously there’s just continuing education that goes on that we have to do in our businesses but, you know, if you – I don’t think you can ever stop learning and you know, in running a business.  It’s a crazy time running a business right now.  Talent, right?  Finding talent is –

RIANO:   Very difficult.  To find the right talent, the right – and talent is also the right drive.  The right desire.  The right ability to sit at this table and connect.  Like I could bring my team in here and we are seamless.  And though I am the name of the team, we talk about it all the time, without them, there is no team, there – that name is just another name in a book.  And every person on my team is invaluable to what they do.  And I have worked for years to find this right team, so blessed to have them all.

CHAMBERS:   Yeah.  That’s twenty years of work right there.  That’s twenty years of like blood, sweat and tears and like, you know, there’s great days and then –

RIANO:   There’s not so great days.

CHAMBERS:   — there’s bad days.  And bad days –

RIANO:   Can be bad.

CHAMBERS:   Yeah, they’re bad.  You know what I mean?  Cash flow and stuff like that.  Just little stuff.

RIANO:   Yeah, just little stuff.  Are we meeting payroll?

CHAMBERS:   Honey, you know what –

RIANO:   Oh boy.

CHAMBERS:   We’re going to meet payroll but guess what, tuna is on the menu.

RIANO:   Yeah.  Exactly.

CHAMBERS:   I understand.  I have – yeah, I’ve cried in my soup many times.  So, recently licensed in a few new states.

RIANO:   Yeah, let’s talk about that.

CHAMBERS:   What’s shaking with that?

RIANO:   So, we’re growing exponentially.  It’s something I’m very passionate about is to grow my team in other states.  I want other people in other states to enjoy the Sherry Riano experience.

CHAMBERS:   I mean, why not?

RIANO:   So, we have been licensed in Florida, Tennessee, South Carolina.  I have applied for my license in Alabama.  I will be applying –

CHAMBERS:   Wow.

RIANO:   — for two other states here that I have to keep under wraps.

CHAMBERS:   I understand.

RIANO:   — because of my social media person.

CHAMBERS:   Nice.  Nice.

RIANO:   She – she holds me back but we’re going to continue.

CHAMBERS:   Your handler.

RIANO:   Yeah. She – she’s going to keep me straight.  But yeah, we are going to continue to grow.  I mean it’s important to us.

CHAMBERS:   There’s enough business out there to take, yeah. 

RIANO:   Absolutely. Yeah.  

CHAMBERS:   So why Alabama?

RIANO:   It’s another state that –

CHAMBERS:   Is it just investment, I mean, what do they have —

RIANO:   Yeah, people are investing in Alabama.

CHAMBERS:   Yeah.  And, I mean, South Carolina obviously it’s near.   

RIANO:   Yeah.  It’s right here.

CHAMBERS:   Florida, obviously investments down there.

RIANO:   A lot and I have a lot of contacts down there so it’s good.

CHAMBERS:   And Tennessee?

RIANO:   And then Tennessee.

CHAMBERS:   so these are just hot markets you gotta (sic) be in and whatnot.

RIANO:   Yeah.  I mean Nashville’s one of the hottest.

CHAMBERS:   Right.

RIANO:   Then you look at our Asheville and you look here where we are, so there, you know, it only makes sense to invest time there.

CHAMBERS:   Are you – and it’s going to be Sherry – it is the Sherry Riano —

RIANO:   It will be the Sherry Riano Team at First Heritage.

CHAMBERS:   Yeah, okay.

RIANO:   Yep.

CHAMBERS:   Yeah, that’s super cool.  Jumbos.

RIANO:   I love Jumbos.

CHAMBERS:   Now I’m taking – I think I’m directing – I asked you to go ahead, I’m sorry.  The pace of this thing.  The Jumbos.  What are we talking about next?  We gotta (sic) stay on point.  I’m just like taking over is ridiculous.  Go ahead.

RIANO:   Jumbo loans.  Love them but they are complex.  

CHAMBERS:   Okay.

RIANO:   You know, they get a good rate on a jumbo loan.  You gotta (sic) be looking at every bit of –

CHAMBERS:   Now what is a jumbo loan?  What’s the definition?

RIANO:   Anything that’s over $548,250, which is a conforming loan limit set by Fannie and Freddie.

CHAMBERS:   Okay.

RIANO:   Okay, so if you go over one dollar, you’re in a jumbo loan.

CHAMBERS:   Okay.

RIANO:   And those just require a lot more of documentation.  They want to look into your bank statements more.  They’re going to analyze your income more than they will on Fannie and Freddie, so, you know, sometimes it makes sense to really kinda (sic) look at – you’ll see me set up loan programs differently to get people out of jumbos.  Maybe, you know have a conventional first and maybe a second on a home equity line or a fixed second, depending on what they’re dynamic is.  I have one local bank that does phenomenal business in jumbo.  Their rates today on a 7/1, we’d be looking at probably 2.625.  And they’re common – and they’re common sense.

CHAMBERS:   Yeah.

RIANO:   If you’re a strong client, you’ve got a good portfolio behind you, they will buy you all day long and they’re really buying you as a client so that they do a good job.

CHAMBERS:   (Inaudible). 

RIANO:   They service it.

CHAMBERS:   Oh cool.  Is it a local bank?

RIANO:   It is.  

CHAMBERS:   Okay.

RIANO:   I’m not going to – I don’t want to give them up but –

CHAMBERS:   No, that’s fine.

RIANO:   — they’re local out of Greensboro.

CHAMBERS:   After we stop, I want their name and number.

RIANO:   Okay.  We can do that.

CHAMBERS:   Thank you.  So, that kind of leads me into a couple things like if you’re a new home buyer or if you – actually back up.  If you’re going through the jumbo for the first time.  Actually, let’s start there.  If you’re going through the jumbo for the first time, how far like – we’re in a – we’re recording this thing at the Carolina Exotic Car Club.

RIANO:   Yes.

CHAMBERS:   How – which is a beautiful space.  It’s basically a space dedicated to transportation, all things transportation it seems.  But they have a lot of nice cars here, so how far under the hood, like how – like is it – does the jumbo – can the jumbo just be a pretty intrusive?  You just said that, right?

RIANO:   Yes, so I think –

CHAMBERS:   So, get ready.

RIANO:   — it’s a great example.  

CHAMBERS:   Yeah.

RIANO:   Let’s lift up the hood and lets break the engine down.

CHAMBERS:   Did you see that transition we just did.

RIANO:   I did.  I love that.  We did a good job.  Yeah, we’re going to break it down.  I mean, just – we’re going to lift the engine up with the – we’re pulling that baby out.

CHAMBERS:   Get out.

RIANO:   Yes.

CHAMBERS:   Are you kidding me?  We’re taking pipes off.

RIANO:   That’s it.

CHAMBERS:   I have no idea what I’m talking about.

RIANO:   Yeah, but you’re – but that is how it feels.

CHAMBERS:   Carburetors.

RIANO:   Yeah.

CHAMBERS:   I guess, I don’t know.

RIANO:   you know, I’ll have somebody say, hey I’ve got this credit score.  I’ve got – and I hear you.

CHAMBERS:   Right.

RIANO:   But you also are asking someone for a million dollars.

CHAMBERS:   Yeah.

RIANO:   Which, let me go back.  You should so you keep your money in investments.  There’s a two prong – but you’ve got to be calm and you’ve got to be cool and collected and say okay, I can provide you this information.

CHAMBERS:   Yeah, because guess what?  It’s a pain in the ass.

RIANO:   It is.

CHAMBERS:   We can say it like it is, right?  I mean, it’s like so, you know, just – just get it together people.  Because it – I can only imagine that in your business your herding cats.

RIANO:   That’s what it’s like somedays. 

CHAMBERS:   A lot.  It’s a lot of herding of cats.

RIANO:   It is.

CHAMBERS:   And the other thing is when you – you hand select the attorneys you work with typically, yeah.  Because that’s a huge part of it and all that stuff is – makes a difference and shows up in the 22 years.

RIANO:   Yeah.

CHAMBERS:   — that you’ve been doing it.

RIANO:   Having some good —

CHAMBERS:   And that’s why —

RIANO:   — relationships.

CHAMBERS:   — go with experience.

RIANO:   Yeah.

CHAMBERS:   Because I think in this – so that leads me to the market today and what you’re seeing and like because in this market you gotta (sic) do some dancing and you gotta (sic) and you gotta (sic) come up with some cash.  And if you’re lucky enough to get a private sale –

RIANO:   Yeah.

CHAMBERS:   — which happens. 

RIANO:   It does happen.

CHAMBERS:   Yeah, and so we are in Raleigh North Carolina people and we’re in the triangle.  It’s banana pants.  She just announced it.  Twenty five percent of (inaudible), not net but (inaudible) —

RIANO:   Yeah.

CHAMBERS:   — of course, so whatever that nets out to be.  But have you ever – could you ever –

RIANO:   I would have – no.

CHAMBERS:   I gotta (sic) tell you, it’s nuts.

RIANO:   If I’d of thought about – if I’d have known five years ago this was going to be happening, I’d have made some different moves.

CHAMBERS:   Well, now by the way, we are in the risk asset business.

RIANO:   We are.

CHAMBERS:   And things can go sideways as we have seen with said pandemic.  Who knows, Apple, I’m sure is committed but you just don’t know, right.

RIANO:   Right.

CHAMBERS:   But it does seem to be — Bandwidth.com, did you hear this?

RIANO:   Uh huh (yes).

CHAMBERS:   Yeah.  For those of you that don’t know, Bandwidth.com setting up, just down the street from our office on Edwards Mill, and a thousand, like eleven hundred people –

RIANO:   Uh huh (yes).

CHAMBERS:   Okay, I don’t – that’s going to make – Sherry, let me ask you.  That’s going to mess up my commute.  That’s – I hate to be that –

RIANO:   Guy.

CHAMBERS:   — but –

RIANO:   It’s going to happen.

CHAMBERS:   I’m going to be that guy but and that’s fine and I mean, whatever.  It’s kind of a sport but the point is that we’re – it’s just – you’ve gotta (sic) be like, I am so glad I’m in this business.

RIANO:   Yes.  Oh, I was happy to be in this business prior to this and now I’m even more happier.

CHAMBERS:   Yeah.

RIANO:   Right?

CHAMBERS:   Yeah, because it’s just like –

RIANO:   Yeah.

CHAMBERS:   — yeah.

RIANO:   Yeah, I mean it’s, again it comes back to helping people get into their homes.  You know, when people call and talk to me, I don’t talk to them about just ok, here’s your vanilla product, walk with me and go down the road.  Let me just give you the best road.  The best road I have.  I don’t do that.

CHAMBERS:   Yeah.

RIANO:   I want it to be a long-term relationship.  I work with some of my clients for easily 20 years.  I have seen their kids grow up.  I’ve helped them buy beach houses, retirements, I’ve done it all, right.  And they still come back to me.

CHAMBERS:   Yes.  You’re sticky.  It’s sticky.

RIANO:   Right.  You know –

CHAMBERS:   The process is sticky.

RIANO:   — we give them the love.  We give them the attention they deserve.  We answer the questions.

CHAMBERS:   Yep.

RIANO:   We just do the right thing at the end of the day.  

CHAMBERS:   Yeah.

RIANO:   And so, when I talk to anybody, I want them to know, this is not a one and done transaction.  I am not a transaction person.  There are plenty of people in town that are and I wish you the best with them.  It’s just not my style.  You know, I want to talk to you about, well where do you think you’re going to be in three years.  Well, what about five years?  Is this going to be a hey, I’m flipping this over.  Maybe this will be an investment property after we buy a new house.  And so, I dig in, much like you guys, right?  You go in and you ask a billion questions just so you can advise us in the right way to go.  And I do that just a little bit differently than most.

CHAMBERS:   You’re trying to build – you’re laying tract for it.  Because if it’s like a new home owner – I’m thinking in your mind from somebody that’s been in the business for 22 years is going to be in the business for a while more, right?

RIANO:   Uh huh (yes).

CHAMBERS:   If you’ve got a new home buyer, in particular, you’re like, I want this person on the next house and then next house and the –

RIANO:   And the next house.

CHAMBERS:   — and whatever and the rental property or whatever.  You know what I mean?

RIANO:   Yeah, absolutely.

CHAMBERS:   Like you want, this is a relationship.  Yeah.  And that’s – and I – and that’s it.  You know, at the end of the day when – because especially when you’re trying to close on properties in the really hot market like this.  Because you’re hearing things.

RIANO:   Right.

CHAMBERS:   You’re tapped in.  So, it’s not just folks.  It’s like when you get in – when you get into a relationship with, in a tight market like Raleigh and the Durham area, and you get into a relationship with someone like Sherry, you’re getting a lot more than just, I’m just running your numbers.  I’m on the lookout.  I’m on a hunt.  We’re going to – you know what I mean?

RIANO:   Uh huh (yes).  Oh absolutely.  Yeah, it makes a huge world of difference.

CHAMBERS:   Because –

RIANO:   — of who I know and who I can connect you with.

CHAMBERS:   Yeah.  Exactly.

RIANO:   Right?  On many levels.

CHAMBERS:   Just another set of ears.

RIANO:   Right.  Right.

CHAMBERS:   And you’re not – and you’re point is a 1-800 number in God knows where (inaudible) or whatever –

RIANO:   Wherever they are.

CHAMBERS:   (Inaudible). 

RIANO:   Yeah.

CHAMBERS:   Do they – no they don’t.  They don’t.

RIANO:   They’re transaction based.

CHAMBERS:   And that’s their challenge so that leads me to this.  Like, on the landscape of brokers, kinda (sic) where, you know, can – is there any other anecdotes you might be able to offer on a local level.  Like, how are you a little different on a local level and nuance?

RIANO:   Sure.  So, on a local level, I –

CHAMBERS:   Because (inaudible).

RIANO:   Yeah.

CHAMBERS:   There’s a lot of competition.  You know what I mean?

RIANO:   And there’s a lot of great loan officers –

CHAMBERS:   Sure.

RIANO:   — in this business, in our area.  But I will tell you what I’ve done different that I’m proud of.  Is I’ve taken the last 22 years and built a team out.  Last night I was having dinner with one of the top realtors in our area and we were just talking about it and she agreed, one of the things I’ve done differently is I’ve built a team.  

CHAMBERS:   Yeah.

RIANO:   I can’t be everywhere.  I’d love to be and I am pretty dogon good –

CHAMBERS:   You are.

RIANO:   — and like you have noticed –

CHAMBERS:   You cover – you cover.

RIANO:   — I will pick up a phone in a minute.  But at the same time, I need support.   I have three loan officer assistants.  I have one gentleman that’s been with me for almost ten years.  He is my right hand.  I trust him explicitly with everything I have and he’s probably a better loan officer most days than me.  Just because of how he thinks and I think a little bit different.

CHAMBERS:   Exactly.  As it should be, by the way.  So, you can go on and do more other things –

RIANO:   Yes, exactly.

CHAMBERS:   — which you’re – exactly.  That’s running a business.

RIANO:   So, then I also have an inside sales person.  I have a social media person.  I have an executive assistant, another person who keeps me straight.  You know, so we continue to grow.  I have my own processor.  So, I mean a lot of this matters.  Build your own team.  Some people are shortsighted and we were – this is what we were talking about last night.  The realtor I was sitting with, she was like, you know, for a while I would do it all.  I did it all.  And then she went out and built her mega team but she’s like I wasn’t trying to be greedy but I just felt like I could do it all.  I wanted to be that power house.

CHAMBERS:   And that’s good experience.

RIANO:   Yeah.

CHAMBERS:   You gotta (sic) kinda (sic) know everybody’s role a little bit.  I got it.  But if you really want to scale –

RIANO:   There’s a point where –

CHAMBERS:   Yeah.

RIANO:   — how much money do you need?  Because that’s really what it – I want freedom and time.  And I want my team to have that but I want us to continue to be a force in this area.  So, when you ask me, you know, what’s different than somebody who is in a local big bank behind a chair?  I got seven other people behind me.  You know, we – we pick up the phone on the weekends.  We pick up the phone at night.  You know, you need a (inaudible), your realtor can reach me anytime on the weekends.

CHAMBERS:   Yeah.  Well, the other thing that you know, and I can say this for our firm as well, you know, when you – when you own the firm, right, you make all the decisions and including tech pack.  Like what is your – what is your technology, you know.  Stuff like that.  Like, just I’m in charge – I’m in charge of the licensing, I am in charge of, you know, the nuts and bolts and –

RIANO:   Yep.

CHAMBERS:   — do you want to – do you – and I continuously work on my business so do you want to be in business with somebody like that or do you want to be in business – and if you want to be in business with the alternative, that’s fine.  

RIANO:   Yeah.

CHAMBERS:   But that’s who I am so if we resonate –

RIANO:   Yeah, absolutely, right?

CHAMBERS:   Right, you know.

RIANO:   And so, and I just want to be very clear that I work for First Heritage Mortgage out of Fairfax, Virginia.  

CHAMBERS:   Okay.

RIANO:   I – they let me build a team.

CHAMBERS:   Yes.

RIANO:   They trust me.

CHAMBERS:   That’s what I mean.

RIANO:   And they, you know, they have – and I want to tell you that I’ve got to say that they have and they are a wonderful company.  They get it.

CHAMBERS:   Okay.

RIANO:   And they love supporting their loan officers which I have been at other companies and not felt that same kind —

CHAMBERS:   Good.

RIANO:   — of support.  So, I just want to – I want to give a shout out to First Heritage Mortgage, always.

CHAMBERS:   Good, that’s cool.

RIANO:   And by the way if you are a loan officer out there and you’re not happy maybe where you are —

CHAMBERS:   Yeah, yeah.

RIANO:   — you should hit me up and maybe we go have coffee.

CHAMBERS:   Yeah.  Check it out.

RIANO:   Love – you know, I’m still growing my team as well as First Heritage is growing theirs so I’d love to sit down and have a conversation about it.

CHAMBERS:   Cool.  Yeah, you know, one of the things you do when you’re in – when you’re in businesses like a wealth management or mortgage, anything like that, you know, this type of a service is that we see the entirety of the market and we can hand pick like what we want.

RIANO:   Yeah.

CHAMBERS:   Like our partners.

RIANO:   Right.

CHAMBERS:   To get back to your point including that, you know, the undercarers (sic).  They take care of the plumbing.

RIANO:   Yes.

CHAMBERS:   They take care of — so, by the way figure out which partner to choose to do the plumbing.

RIANO:   Uh huh (yes).

CHAMBERS:   Huge.  And it takes 22 years to get there, you know, right?

RIANO:   It does.

CHAMBERS:   Because like, you know, you think about your lives, guys.  Like, you know, you have to make – there’s you know, choice selection sometimes is overwhelming.  That’s why you come to a Sherry because she’s made those choices and got it down to this is the best of the best, guys.  Right?

RIANO:   Correct.

CHAMBERS:   Exactly and that’s – that’s really our role, I think in the –

RIANO:   Advisor scene.

CHAMBERS:   — local economy.

RIANO:   Yes.  In our –

CHAMBERS:   In the local economy.

RIANO:   — advisor seat as well.

CHAMBERS:   Yeah.  It’s huge.

RIANO:   Right?  

CHAMBERS:   Yeah exactly.  All right, I’m going to just a couple more things.

RIANO:   Yeah.

CHAMBERS:   And then we’re just going to blast out of here and –

RIANO:   Go have that wine you promised me?

CHAMBERS:   We’re going to have – what’s your favorite – what do you –

RIANO:   Actually, I’m going to tell you right now.  We’re not going for wine.

CHAMBERS:   What are you doing?

RIANO:   Well –

CHAMBERS:   Are you going bourbon on me?

RIANO:   I’m going bourbon.

CHAMBERS:   That’s fine so, all right.  Wait, wait.  We have an an all-kids member.  He’s getting a little unruly.  Hey listen, settle down okay.  No, no, no.  hold on.  So, we might be going somewhere – well, that’s great because we have bourbon.

RIANO:   Good.

CHAMBERS:   So, I mean it’s not a problem.

RIANO:   Bourbon and fun cars.  That’s all I need.

CHAMBERS:   Yeah, exactly.  I love it.  So, real quick, fifteen or thirty.  What do you like more for —

RIANO:   Depends on the various position in life.

CHAMBERS:   Okay.

RIANO:   Where are they going?  It goes – dwells down again into looking at the whole piece of the pie.

CHAMBERS:   Right. I got it.

RIANO:   From Liberty Direct.

CHAMBERS:   What if they’re high net worth, i.e., they’re in Raleigh and they’ve got, you know, maybe they’ve got maybe they don’t know this but maybe they got three, four million dollars.  They’re fine.

RIANO:   Yeah.

CHAMBERS:   What would you choose for them?  What makes more sense?

RIANO:   I mean obviously, what mathematically always makes the most sense is fifteen years.

CHAMBERS:   Fifteen?

RIANO:   I’d do the fifteen.

CHAMBERS:   so, you think fifteen?

RIANO:   I do.

CHAMBERS:   So, get it done earlier?  Knock it out earlier.

RIANO:   Knock it out.  Now, it depends on what you want to do with your money.

CHAMBERS:   Yeah.

RIANO:   Like, if you want more money to play with –

CHAMBERS:   Yeah.

RIANO:   — even though, I mean look, I don’t care if you have three, four, five, ten million dollars.  It’s always wise to invest your money in the right way.  And again, when the rates go back up –

CHAMBERS:   Yeah.

RIANO:   — then okay, then let’s get into the fifteen year.  

CHAMBERS:   Right.

RIANO:   Right now, it would get like – I have my stuff on thirties.

CHAMBERS:   Okay, yeah me too.

RIANO:   Just because I’m dumping everything, you know.

CHAMBERS:   Yeah, yeah.

RIANO:   Everywhere else.

CHAMBERS:   So, it depends.

RIANO:   Yeah.

CHAMBERS:   It just depends on – yeah, okay.

RIANO:   Snap of the market.  Where are we today?

CHAMBERS:   Yeah.

RIANO:   Where are we going?  Where do you think we’re going?

CHAMBERS:   Right.  Okay.  New home owner.  First time home owner.

RIANO:   Thirty years.

CHAMBERS:   Thirty years.   All day long, yeah.

RIANO:   And never, do not put yourself in an arm product.  You do not know enough.  What you don’t know can hurt you.

CHAMBERS:   Oh my god.  2008, 2009 people.

RIANO:   Don’t ever want to go back.

CHAMBERS:   Okay.  I’m going to wrap it all up.

RIANO:   Allrighty (sic).

CHAMBERS:   And just to – we kinda (sic) covered the mortgage things – the mortgage rate things, so that’s cool.  What are you most optimistic about and what do you see as some of the biggest challenges in the Raleigh, Durham, Chapel Hill markets?

RIANO:   I’m most optimistic about our growth and that we’re going to continue to grow.  I believe that in Raleigh, Durham, Chapel Hill, Cary, Holly Springs, you name it, you definitely want – I mean these guys are thinking long term and they’re looking in development.  They’re trying to develop our cities in the right way.  They’ve seen other cities grow and blow up.  And so, I think that, you know, the heads of these particular cities, they’re developing and thinking that long term and I’m very optimistic that we’re still going to have the same beautiful state that we have.  We’re just going to be able to let more people enjoy it.

CHAMBERS:   Yeah, totally.

RIANO:   We live here, you know.  So, for me, I’m very optimistic about that.

CHAMBERS:   Good.  What do you think the biggest challenges are, though?

RIANO:   The biggest challenge is for us –

CHAMBERS:   Inventory?

RIANO:   — is going to be and for a long time, inventory.  It really is.

CHAMBERS:   A really long time.

RIANO:   Yeah.

CHAMBERS:   Yeah.

RIANO:   You know when you look at the scenario that right now, we’ve kind of – we’re landlocked, I mean we just don’t have a lot of land right now, right?  I mean, you’ve got one off spaces, but you don’t have a lot of land until you come out to Harnett.  Until you come out to Johnston.  Until you, you know, you go out to Lee.  I mean, that’s where the land is right now.  And so, that’s my only concern and my one other true concern about all of this is our first-time homebuyers.  And I’m going to say this, is that they don’t have the money right now to compete with someone like us that at our age, if we want to go after a property, whether we want to do an investment or primary or however you want to set it up.  You know, we’ve got the ability to write a due diligence check of, you know, 20 to, some people are writing $100,000 and yes people, I said $100,000.  

CHAMBERS:   Yeah.

RIANO:   They don’t have that and so they lose out.  And I’m seeing a lot of first-time home buyers kinda (sic) get broken because they don’t have the ability –

CHAMBERS:   Yeah, so what – what does that mean?  Like, what – I mean, like what do you think—

RIANO:   They’re under —

CHAMBERS:   — they’re delaying and – think about that.  The ramifications of this because –

RIANO:   Well, they’re delaying because they haven’t had the money.

CHAMBERS:   There’s that –

RIANO:   And part of them, you know again, that whole millennial – they’ve done things totally different.

CHAMBERS:   Yeah.

RIANO:   You know, and –

CHAMBERS:   A lot of student debt.

RIANO:   Ton of it, right?  Still have it.

CHAMBERS:   Yeah.

RIANO:   Promises made, not delivered.  I’m going to let that be, I’m just saying that –

CHAMBERS:   Yeah.

RIANO:   — that’s out there, you know.  And, you know, we grew up, we raised our kids to say hey, what do you do?  You go to college.

CHAMBERS:   Yeah.

RIANO:   No one knew they were going to come out with $100,000 worth of student debt –

CHAMBERS:   Yes.

RIANO:   — and then go over to, no offense, because I love teachers but they go and they make $30,000 and have $100,000 student debt.  You’re a financial person.  How do you come out of that?

CHAMBERS:   Yeah, it’s tough but –

RIANO:   Yeah, and that’s hard.  So those are the people that I think for, pray for and want to find a solution for.  Because everybody deserves a home.  Everybody. 

CHAMBERS:   Yeah.

RIANO:   You know.  So that’s the one thing I think is our bigger challenge here.  If we can get that done along with the inventory and figure out how to service that market.  

CHAMBERS:   Yeah.

RIANO:   I think we’ll have the perfect scenario for a great place to live.

CHAMBERS:   Yeah.  I mean, and also you gotta (sic) be patient.

RIANO:   Uh huh (yes).

CHAMBERS:   I mean, you know, you’re on your own.  Everybody’s got their timeline is, you know, and also, you know, for the new – new home – you know, young people in general like, you know, it takes so much to do to get even – we were challenged when we were coming up, right?  I mean, we faced tons of challenges.

RIANO:   Yeah, we did.  We did.

CHAMBERS:   Okay, ’08, ’09.  Hello.  Not great.

RIANO:   I know.

CHAMBERS:   So these things don’t happen overnight but have the faith.  You guys are a lot smarter than we are.  They are just –

RIANO:   They have –

CHAMBERS:   — the technology and all that.

RIANO:   Yeah.  They’ve got a lot of things different.

CHAMBERS:   Yeah.

RIANO:   Than we had and I think they’re going to be just fine.

CHAMBERS:   Oh, yeah.

RIANO:   I just think we have to keep an eye on it.  It’s like anything, right?

CHAMBERS:   Yeah.

RIANO:   Just keep an eye.  But otherwise, yeah, I think we’re doing well.

CHAMBERS:   And I do think that these interest rates – I don’t know, I think that –

RIANO:   I believe we’re going to see them and I’m going to say this and let’s see.  I’ll come back to you in 2022, 2023.  Okay?

CHAMBERS:   Here we go.

RIANO:   Here we go.  We know we’re going into a recession.  We know we are.

CHAMBERS:   Okay.

RIANO:   And so that drives interest rates down so I see (inaudible) —

CHAMBERS:   You’re calling the R word.  Okay.

RIANO:   And I see once we get into there –

CHAMBERS:   Okay.

RIANO:   — with the inflation, guess what’s going to happen?

CHAMBERS:   Okay.

RIANO:   Rates are going to drop.  We’ll see.  I’ll come back – if rates drop, we’ll have an emergency podcast.

CHAMBERS:   Okay.  Okay.  I think they’re going to be very accommodating.  The fed – I think the fed’s going to be very accommodating for a while.

RIANO:   I do too.

CHAMBERS:   Okay.

RIANO:   I think they have to find a way to unwind what they’ve done too.

CHAMBERS:   Yeah, I just – here’s what I think and this is, you know, now we’re getting deep.  I’m going to have to —

RIANO:   We’re going to have to jump out of here.

CHAMBERS:   — save this for another –

RIANO:   Another podcast.

CHAMBERS:   — but, you know, you and I have assets.  And we talked about this earlier so now in this lower interest rate environment they’re going — but if you don’t have assets, i.e., the people you’re talking about, that can’t get into homes.

RIANO:   Right.

CHAMBERS:   That’s not great.  And that’s a lot of people and that’s a political — and so I don’t know – sometimes I think, are they going to have to raise them, just politically.  It’s just becomes politically unattainable that has to have – I don’t know.

RIANO:   Yeah.  I wish I could tell you.

CHAMBERS:   It could be a driving point but we will revisit this in at least a year.  I’m sure you and I will talk.

RIANO:   Talk again.

CHAMBERS:   At least.  I had a really good question for you but that’s going to have to wait.  I had something but I’ll – I’ll – we’ll do it again.  It’ll be (inaudible), but listen, I really enjoyed it.

RIANO:   Thank you.  I did too.

CHAMBERS:   I really appreciate you coming in and doing these things.  I love doing them and I love to talk to business owners.

RIANO:   Yeah.

CHAMBERS:   And you run a great business.

RIANO:   Thank you.

CHAMBERS:   And you really do.

RIANO:   Well, you guys do too. 

CHAMBERS:   You’ve got a great website, by the way.

RIANO:   Thank you.

CHAMBERS:   Yeah, I really – it’s simple and yeah, the technology’s good.  It flows.  It’s good, so that’s important.

RIANO:   Thank you.

CHAMBERS:   All right people.  Anything else you want to say?  You want to try to push the website?

RIANO:   Yeah.  If you guys are –

CHAMBERS:   Phone number?

RIANO:   — in the business of looking for a mortgage or wanting somebody just to analyze your current mortgage.  When you reach out to us you can call us at 919-234-7415 or you can email us @thesherryrianoteam.com.  

CHAMBERS:   Awesome.  All right.

RIANO:   Thank you.

CHAMBERS:   Well, guys listen, you know, in summary and I really appreciate you coming in to talk.  I have not interviewed anybody in your position and what you do and, you know, it’s – the mortgage process is super important. I promise you, get a relationship going with somebody when you’re thinking about doing – get teed up, especially in a tight market.  Get your acts together.  Get her the statements.  Get a relationship going.  Go have coffees.  And also, meet them, you know.  Another thing, by the way, when you’re looking at somebody like a wealth advisor or – you gotta (sic) – and you’re looking to make – you gotta (sic) meet with a couple of them. 

RIANO:   Yep.

CHAMBERS:   And figure out the one you want to work with.

RIANO:   Because we are all not the same.

CHAMBERS:   Because you’re not all the same.

RIANO:   Everybody doesn’t work well.  I believe that totally.  You may come in and love me –

CHAMBERS:   Yeah.

RIANO:   — or you may come in and go that lady is just not for me.  And look, no hard feelings.  I want you to be comfortable, happy, doing this transaction because it is complicated.

CHAMBERS:   Yes, it is.

RIANO:   Go with somebody –

CHAMBERS:   Yes, it is.

RIANO:   — you know and trust.

CHAMBERS:   Yes, exactly.  All right, on to wine.  Oh, that’s what I was going to ask you.  What’s your favorite grape?  What do you like to drink?  When you drink wine, what do you –

RIANO:   Let’s see.  What about –

CHAMBERS:   Are you a chardonnay girl, are you a merlot girl, are you a cabernet.  California cabernets?

RIANO:   I love a lot of Spanish wines.

CHAMBERS:  Brisas and (inaudible), really?

RIANO:   Yes.

CHAMBERS:   Nice

RIANO:   Riano is Spanish.

CHAMBERS:   Oh, that’s right.  What does that mean?  What does Riano – does it mean – do you know?

RIANO:   I do not know exactly what it means.  I’ve become – I’ve been a Riano for 22 years, I don’t know what it means.

CHAMBERS:   Wait a second.  Maybe – here’s what I’m picturing.

RIANO:   Yes.

CHAMBERS:   Think of this, you know, is that you own like a country – like a part of a valley with a nice small river and like just the grapes growing up the side.

RIANO:   That’s nice.

CHAMBERS:   I think that’s what you own now.  Really.  Is that your maiden name?

RIANO:   No, no.  Nope.

CHAMBERS:   I don’t care but is that your maiden –

RIANO:   No, it is my married name.

CHAMBERS:   It’s your married name.

RIANO:   Yes, my husband –

CHAMBERS:   So, I made that all up.

RIANO:   — was originally from Columbia.

CHAMBERS:   Oh, I see.

RIANO:   Locatel.

CHAMBERS:   It’s a beautiful name.

RIANO:   Yeah and –

CHAMBERS:   Sherry Riano, by the way, just runs off the – it’s just beautiful.

RIANO:   Thank you.  Nice.

CHAMBERS:   I’m telling you.

RIANO:   We haven’t even had a bourbon yet.

CHAMBERS:   No, I’m serious.

RIANO:   Or a wine.  It’s going to be a great day for Sherry Riano.

CHAMBERS:   I’m telling – it does.  It rolls off and it’s rememberable.  It really – and –

RIANO:   Thank you.

CHAMBERS:   — that stuffs important.  I mean, you know.  But anyway.  So, he’s a nice guy.

RIANO:   Yeah, he’s a great guy.

CHAMBERS:   How long have you guys been married?

RIANO:   We’ve been married a little over seventeen years.

CHAMBERS:   That’s a lot of husband —

RIANO:   We’ve been together – yeah, he’s a good man.

CHAMBERS:   — that’s a lot of husband training. 

RIANO:   You know, I think sometimes it’s more him training me, than me training him.

CHAMBERS:   Okay, is that what the situation is?  Yeah.

RIANO:   Yeah.  He’s so – he’s so good.  He’s so good to our kids and our grandkids and –

CHAMBERS:   Okay.  Good.

RIANO:   I’m lucky.  

CHAMBERS:   Grandchildren?

RIANO:   Yeah, we have three.

CHAMBERS:   Oh, nice.

RIANO:   Yeah, yeah, we have an eight-year-old, a six-year-old and the other one will be two in October.

CHAMBERS:   Oh, that’s so much fun.

RIANO:   Yeah.  We are so blessed.  And we have a grand puppy.  We have it all.  We have it all.

CHAMBERS:   Yes.  Well, that’s good.

RIANO:   Can’t ask for —

CHAMBERS:   (Inaudible) like how much more do you need?  Like when once you get to this point it’s like –

RIANO:   It just – yeah.

CHAMBERS:   It just rolls, right.

RIANO:   Yes, and to me, what I’m doing it for now is more to really help my clients.

CHAMBERS:   Exactly.

RIANO:   You know, the side bar is yes, I have a nice income.  But it’s more important to help my clients.

CHAMBERS:   Yeah, and that’s the truth, actually.

RIANO:   Yes.

CHAMBERS:   That is actually the truth.

RIANO:   That’s it.

CHAMBERS:   It’s true because there is a lot of nonsense out there and people can get jacked up.

RIANO:   Real easy.

CHAMBERS:   Easy.

RIANO:   Easy.

CHAMBERS:   Oh, that’s what I was going to –

RIANO:   Go, go on.  We got one more.

CHAMBERS:   One more second before the – this is such good content.  Fraud.  Fraud.

RIANO:   It exists.

CHAMBERS:   Okay, so like can you tell –

RIANO:   Wire fraud.

CHAMBERS:   Yeah.  Like give me – give me – give everybody the one bad like tip that like –

RIANO:   Okay, very easy.

CHAMBERS:   Because I have one but maybe you’re going to cover it, I don’t know.  This is –

RIANO:   This is what I want you to do.

CHAMBERS:   Drumroll.

RIANO:   Yeah right.  If you are purchasing a house, okay.

CHAMBERS:   Yeah.

RIANO:   You must typically wire your money to the attorney.

CHAMBERS:   Yes.

RIANO:   First and foremost, your lender is not going to give you wiring instructions and quite frankly don’t take them from them, right?

CHAMBERS:   Yeah.  Big. Big.  Got it.

RIANO:   Another legal liability.  I don’t want to be involved.

CHAMBERS:   Yep.

RIANO:   But you should always contact by phone the paralegal or the attorney you’re going to wire and have them send you the information.  Then once you’re at the bank, you call them again and verify the account numbers because people are smart.  They know how to get in these emails.  Alter, it makes you think it’s from the attorney, but it’s not and I’ve seen people lose thousands of dollars and I’ve –

CHAMBERS:   So, —

RIANO:   We have not had that problem.

CHAMBERS:   — morning of the closing, let’s say you got an 11:00 –

RIANO:   Yeah.

CHAMBERS:   — closing.

RIANO:   Yeah.

CHAMBERS:   Call the bank and have them –

RIANO:   You go to the bank.  Usually, they make you go or even if you call, okay.

CHAMBERS:   Go to the bank.

RIANO:   You still call the attorney.  Speak to the paralegal and say, hey, you emailed me these wiring instructions –

CHAMBERS:   Yeah, I’m at the bank.

RIANO:   — I want to make sure this is your routing number.

CHAMBERS:   Yeah.  Got it.

RIANO:   Is this your account number?

CHAMBERS:   Okay.

RIANO:   And as long as they say yes, rock and roll.

CHAMBERS:   Good.  Okay.

RIANO:   But you’ll be amazed – you really would be amazed how many people have lost their money and there’s no way to get it back.

CHAMBERS:   Okay.

RIANO:   So, if you lose your down payment, it’s just a devastating day.

CHAMBERS:   Yeah.  Guys, I don’t mean to press a point or anything but this is not joking around anymore.  Like they shut a pipeline down.

RIANO:   Yeah.

CHAMBERS:   Okay, it’s like –

RIANO:   They know what they’re doing.

CHAMBERS:   Okay, this is, you know, okay.  So, and they like being paid in cryptocurrencies.  Which is probably, you know, it’s not good.

RIANO:   It’s not good.

CHAMBERS:   No.  So, it’s like, you know, —

RIANO:   So be wise and pay attention.

CHAMBERS:   Be wise and just be – you know, I thought go to the lawyer’s office.  I could be insane for thinking this but go to the lawyer’s office and just be like this is what you sent me.  Is this what you sent me?  

RIANO:   And you could do that.

CHAMBERS:   And then call the bank –

RIANO:   Absolutely.

CHAMBERS:   — and then, you know, do that.

RIANO:   That’s an option.

CHAMBERS:   Yeah.

RIANO:   You can absolutely do that if you want to but –

CHAMBERS:   But the bank – maybe doing it the banks way, okay.  All right.

RIANO:   Yeah.  Because you usually need to get it there 24 hours before so when you’ve got to have wire time and you want to make sure you get your keys so you want –

CHAMBERS:   Yeah.

RIANO:   — to make sure you’re a little bit ahead of the game.

CHAMBERS:   An ID.  You gotta (sic) have an ID.

RIANO:   Oh, absolutely, you need your ID.

CHAMBERS:   Yeah of course.  But I mean do they require a couple different forms?

RIANO:   They do at the bank and I don’t – every bank is different.  They all have their –

CHAMBERS:   But at the closing?

RIANO:   The closing, you’re always going to want to see your driver’s license and it needs to be –

CHAMBERS:   Current.

RIANO:   — current.

CHAMBERS:   So just the driver’s license or driver’s license and anything else.  Okay.

RIANO:   They just have to have their driver’s license.

CHAMBERS:   Okay, cool.

RIANO:   Because at that point, they’re vetting me too because I’ve come through and been through the transaction with you so it’s –

CHAMBERS:   It’s good stuff.  Because if people don’t know, I mean –

RIANO:   They don’t know because they don’t do it every day.

CHAMBERS:   They don’t do it every day.  You know what I mean, so.  Some people – I talked to another guy actually, and he’s like I got seventeen houses over the course of my life and I’m like seventeen houses?  What are you talking about?

RIANO:   Right.

CHAMBERS:   And he’s like I just moved a lot.  You know.

RIANO:   But I don’t want to move that much.  Oh god.

CHAMBERS:   We like – yeah.  Can you imagine?

RIANO:   No.  I would not be a happy camper

CHAMBERS:   No.  Again, I can barely tie my shoes.  Okay.  We gotta (sic) go.  Thank you.  

RIANO:   Thank you.

CHAMBERS:   That was really fun.  Guys –

RIANO:   It was a pleasure.

CHAMBERS:   Yeah.  That was a lot of fun.

RIANO:   I appreciate you having us.

CHAMBERS:   Yes, of course I appreciate it.  And guys be wise in your financial choices especially when it comes to mortgages.  All right.  Peace out everybody.  Bye.

Background Information:

Sherry Riano – Full Bio
With over 20 years of experience in the mortgage industry, Sherry Riano exudes a deep passion for helping families in the Triangle financially obtain their dream home. With a burning desire to ensure her clients and business partners are top priority, Sherry always takes into consideration each customer’s needs and goals in order to build a lifelong relationship. With a specialized approach to self-employed borrowers, first time homebuyers, jumbo loans, and VA loans, Sherry is a knowledgeable advocate for any customer she partners with. Noted as a top producer in the country, including being nationally published, Sherry is the rockstar every future homeowner needs on their side!

Trevor Chambers – Full Bio
Trevor joined Olde Raleigh Financial Services in January of 2015 and his primary role is new business development and marketing.  Prior to joining the firm, Trevor spent 12 years working at his family’s restaurant, Raleigh’s Bella Monica Cucina & Vino. “Exceptional service, no matter the industry, is paramount and we attract clients who value and take comfort in being taken care of.”