10) Ian Rivers

I probably told her more than she needed to know. But then again I really didn’t expect Favour McHenry to ask to see me one morning in the summer of 2006. She had been at the bank for about three months and was doing quite well, from what I understood. I would see her on occasion, mostly when passing by the teller line on my way to see Stephen Mason in Commercial Banking.
       “Thank you for seeing me,” she started, “I’m on my fifteen minute break so I will get right to the point. To be honest with you, I don’t have much money, Mister, I mean, Ian, but I was wondering what it takes theses days for someone like me to get a mortgage.”
       “Oh yes, home ownership,” I said. “You’re a single parent, is that right?”
       “Yes, that’s right. It’s me and Lily and little Henry.”
       “Little Henry?” I repeated. “Is that what you call him?”
       Favour laughed. “Oh, sometimes I do, but we mostly call him ‘Junior.’”
       “Well, to be honest with you, Favour, I’m not a mortgage banker, I’m just a number cruncher. I’m the guy who keeps an eye on the mortgage people to make sure they make us money. One thing for certain, though, getting a mortgage today is so much easier than it was just a few years ago. I believe we have a program here at the bank for first-time homebuyers but we sell those loans to Fannie Mae. I’m not certain what the qualifications are though for that particular program.
       “I’m really not in a position to say whether or not you qualify for a mortgage here at Silver, that all depends upon your credit score and other underwriting criteria, such as debt coverage ratio, and things like that. The one thing about community banks, though, is that we tend to grade harder than some other places. There are finance companies, for instance, that have easier lending standards but their interest rates are also usually much higher than ours.”
       “So, what you’re saying is I won’t know if I qualify until I see my credit score?”
       “In a nutshell, yes. If you’re interested in getting started just go visit with Sally down in mortgage.”
       “Well I’m not sure I’m ready quite yet, but yes, I will at least talk to her.”
       “Is there anything else?” I asked.
       “I was wondering. What’s this business about selling loans to Fannie Mae? What does that mean?”
       “That’s a very good question,” I answered. “When we sell a loan to Fannie Mae it’s usually because the term is too long for us to keep on our own books. We don’t mind making a loan for five years, but to fix a rate longer than that is a little too risky for us. When we sell the loan we usually make a small profit, around $1,000 on average. Now here comes the complicated part. Fannie Mae will group together anywhere between 20 to 100 of these loans—this is called a ‘pool’—and the United States Government guarantees them as a “Security” or a “bond,” if you will. They are now considered to be one of the safest investments in the world, and banks like us buy them.“
       “It’s like my loan just took a round trip.”
       “Yes,” I laughed, “exactly.”
       “Well, I’ve taken up enough of your time, Ian. But before I go may I ask you a personal question? Who is that boxer hanging there on your wall?”
       Favour was pointing at the three pictures I had framed and hanging between the two windows of my office. One was former Chicago Cub and pitcher Ferguson Jenkins, one was the great Gayle Sayers of the Chicago Bears, and the third one, the one she asked about, was Michael Wonder, Olympic Boxing Champion and former Welter Weight Champion of the World.
       “That is Michael Wonder,” I said. “We attended the same high school.”
       “You know, I thought it was him, but I just wasn’t sure.”
       Favour stood up and walked a couple steps to get a closer look. “He looks so young in this picture. You know, I saw him lose his title in Davenport.”
       “You did?” I said, somewhat stunned. “So did I.”
       For whatever reason it suddenly dawned on me who Favour McHenry was.
       “You were married to Hammerin’ Hank McHenry, weren’t you?” I asked her, wondering why I hadn’t made the connection until now.
       Favour turned and looked me in the eye. She smiled ever so slightly.
       “Yes, I am his widow,” she said.
       After a brief pause she took a breath. “Well, I really should be going. Thank you so much for meeting me.”
       “You’re welcome,” I said, and she walked away.