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Meet Fariba Karbasi of RMS Mortgage in Hopkinton

Today we’d like to introduce you to Fariba Karbasi.

Fariba, can you briefly walk us through your story – how you started and how you got to where you are today.
I was working as a Sr. Manager of Customer Financial Relations for Time Warner while pursuing my degree in Finance at Suffolk University. During that time, I sold my house in West Roxbury and bought a new one in Millis, MA. I became intrigued with the real estate business and took a real estate finance course at Suffolk. My professor, Sean Riley, was the VP of Washington Mutual Bank; he recognized my passion for the business and pursued me to work for him. He said that he has many loan offices who can sell mortgages but not many posses my passion for client services. He said I could go far in this industry and clients I help will stay with me for life. This is how it all started.

I left my job at Time Warner, where I was in a position to make a business decision for our commercial clients to join the sales force. Finance is my background and credit approval is my expertise. I put it all together to assist clients to purchase residential properties that made financial sense without breaking the bank. I know about the commitment to invest in real estate and the cost involved. I help my clients understand what they are committing to and help them find a way to make it work and the right time to do it. My commitment is to my clients while selling good loans for the company I work for. I view it as a win, win situation.

It doesn’t matter what company I work for or where my office is. I provide residential home mortgages anywhere in MA, ME, RI and NH. Most of the time, I work with clients over the phone or email and never come to see them face to face. Nothing stands in my way to have a clear and precise communication with individuals who need my help. I make myself available to them any time of the day and every day of the week. Sometimes I work with people for a couple of years till they are in a position to finally qualified to purchase their home; I never give up or turn anyone down. I work with many clients on their personal finances and credit to improve their buying power. I have highest regards for honesty and trust. I practice what I preach and treat people the way I want to be treated regardless of their financial or family status. Helping people achieve their goals make me happy. I take comfort in knowing I helped one new person today.

We’re always bombarded by how great it is to pursue your passion, etc – but we’ve spoken with enough people to know that it’s not always easy. Overall, would you say things have been easy for you?
Real estate business is never a smooth road. I joined this business in 2006, the start of the mortgage crisis caused by subprime loans and inflated housing value. As a result of the crash, the government took a close look at the mortgage industry and what could be done to protect the consumers against mortgage giants. The strict guidelines limited mainly self-employed consumers to qualify for mortgages. The goal was to unify the loan approval across the country. This is not a black and white business and one doesn’t fit all. It has been 10 years since the crash of 2007; every time you turn around, there are new rules and regulations set by Fannie Mae and Freddie Mac for QM (qualified mortgages). QM is concerned with “ability to pay back the mortgage” not just being qualified to get a mortgage.

Most of my challenge is to qualify clients to purchase and to guide them through the process. I don’t want to discourage them from buying a home; I want to educate them about the process and what it takes to qualify. Sometimes people don’t want to hear that they are not qualified to buy a home based on what they believe their income is. Qualifying income is different than money you are currently making.

In this business, you should always be thinking and come up with creative ideas outside the box to put a clean application through for underwriting approval. Clients who don’t provide accurate information upfront or hold back prudent information at the start of the process, make it very difficult to close loans in a timely manner.

I try to build a trust relationship upfront with my clients to avoid unnecessary waste of time and money at the end.

We’d love to hear more about your business.
I work as a mortgage broker for RMS Mortgage. RMS is an independent, privately held mortgage bank and direct lender of residential mortgage products. Unlike retail bank and credit unions, RMS offers a full spectrum of integrated loan processing, underwriting, and direct lending services all under one roof.

Since 1991, RMS has provided expert advise, broad product selection and high level of personal attention to thousands of homeowners across New England, and the Mid-Atlantic.

Mortgages are our core business. We believe house hunting is hard work, home financing doesn’t need to be.

What were you like growing up?
I was a challenging kid growing up. I didn’t just take an answer at the face value, I had to be convinced. If something didn’t make sense to me, I would challenge it. If you weren’t a person of integrity, you wouldn’t want to deal with me.

I was raised to help others in need and believe in good karma. I was always willing to help others and love children, the innocents. I grew up opening my heart to people in need of help and animals. I find comfort in company of an animal and believe we can learn a whole lot by them. I see true trust and honesty in children and animals, the pure, untamed soles. The look in a child’s or animal’s eye after you do something for them is priceless and all the thank I need. I believe I successfully passed on my vision to my daughters. I believe in family values and kind heart.

I like to knit in my spare time; I never made a business out of it for it is my passion and I only make stuff for people I truly care for and animals. Every night after work, I go to the barn, a/k/a my second home and spend a couple of hours with my 2 beautiful horses. Surrounding myself with animals is very therapeutic to me and helps me feel good deep down.

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