A Wilmington mortgage broker helped ring the closing bell at the New York Stock Exchange on July 21 as part of an industry celebration.
Patrick Stoy, founder and president of MC Mortgage Group in Wilmington, was one of numerous independent brokers honored on National Mortgage Brokers Day by United Wholesale Mortgage, a prominent wholesale and purchase lender. He was recognized by UWM, which is MC Mortgage Group’s lender, because of his success in helping a family of 10 secure a USDA mortgage during the pandemic.
The family was struggling with the high cost of housing in California, Stoy said. When the COVID-19 pandemic allowed the father to work remotely for the first time, they decided to move to the Wilmington area because they have relatives here.
“They got an RV and drove it across the country: the father, the mother and eight kids – two of whom are special needs – and a cat,” Stoy said. “Their RV broke down in Colorado, and they had to replace the RV’s water pipes, which had burst.”
Once they reached Wilmington, the family lived in their RV in a local campground searching for a home they could afford. They found one on a couple of acres in Burgaw and, according to Stoy, the family’s income qualified them for a USDA 100% mortgage. But there were complications in explaining to the lender how that income was calculated.
“There was also a problem in finding an appraiser who wanted to go out to Burgaw in the middle of COVID,” Stoy said, adding that time was of the essence so the family could avoid having to pay another month’s rent in the campground.
The USDA came through, and the family is now settled in their new home.
“This was one of the most enjoyable transactions I’ve ever been involved with, and I’ve been doing this for 21 years,” Stoy said.