Home » Bob Faust
Vice President of Mortgage Lending
NMLS ID # 9380
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- Over 20 years of mortgage experience specializing in financing for primary purchases, vacation homes and investment properties.
- I am proficient in Conventional, FHA, VA, and many "niche" products.
- My phenomenal success is attributed to consistent availability via cell phone in the evenings and during weekends. My motto is: "If you are working, I'm working."
- During my tenure, every pre-approval provided has been turned into "an approved mortgage."
- Because I guide my customers from the beginning of the mortgage process, selecting the best program to meet their needs, most all of my clients continue to come back when they decide to refinance or purchase a new home or second property.
- I live in Little Egg Harbor with my wife, Mary Ann, and daughter, Amanda.
Loan Officer Interview Q&A's
I've been in the mortgage industry since 1992 specializing in financing for primary, vacation homes and investment properties. I am proficient in Conventional, Jumbo, FHA and VA and many 'niche' products available from Guaranteed Rate. Before I joined the fast paced mortgage market, I dealt with financial professionals in the area and was impressed with their commitment to the business. I jumped at the opportunity when I was recruited to be a Loan Officer and continually strive to meet the varying needs of clients looking for the best mortgage program available.
What advice would you give new or first time home buyers?
A pre-approval for purchase is key in establishing rapport with real estate agents. Relators want to make a sale and definitely will pay more attention to a pre-qualified purchaser. The first step in the pre-approval process is reviewing my client's credit report with them. If the credit scores must be bolstered to meet investor requirements, I advise them exactly what they have to do to straighten our discrepancies on their credit report. This process may take several reporting cycles in the credit bureaus. Home buyers want to get settled into a new home and they listen to my guidance which leads to success in obtaining the credit scores necessary to qualify for a mortgage. I review First Time Home Buyer programs available and assist my clients in selecting the best mortgage to meet their situation. As the mortgage industry has gone through tightening guidelines, I prepare a list of documents required (bank statements, paystubs, W-2s) before their loan application can be submitted for underwriting approval. More importantly, I am in constant contact with my clients through the mortgage process. I am proud to say, 'my First Time Home Buyers turn into repeat clients when they refinance or purchase another home'. Since I've been a Mortgage Banker for twenty years, clients are now referring their children to me.
What part of the home loan process do customers find most difficult and how do you help them through it?
Repeat clients are often shocked with the latest requirements for mortgage approval. A few years ago, there was a need for minimum paperwork compared to the documents to be reviewed presently. Taking the time in the beginning with each mortgage seeker and explaining what will be expected assures a faster approval and saves time later on in the process. Clients are asked to explain credit inquiries on their report and provide a paper trail for any large deposits into their bank accounts. Quick turnaround of the necessary financial statements is paramount.
What do you enjoy doing most in your spare time when you are not helping people with their home loans?
I am a boating enthusiast and enjoy most water related activities. During good weather, I am usually on the water with my wife and two dogs. While I am an avid football fan, I enjoy watching basketball, hockey and baseball and I subscribe to all the cable sports channels. As time permits, I participate in 'friendly' golf games with clients and friends. There are several golf courses in Southern New Jersey and I play at them all.
Tell us something that makes you unique or something wacky, yet interesting about you?
Traveling to wine vineyards around the country is definitely an interest of mine. I've been learning all about special wines and the best places to purchase them as gifts for family and friends. As your local real estate agents know my motto is "If you are working, I'm working". Realtors know they can reach me on my cell outside of normal business hours.
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