Home » Joe Caltabiano
NMLS ID # 14006
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Loan Officer Interview Q&A's
I began in the mortgage business in May of 2001. I joined Guaranteed Rate in 2003. My business has grown every year. I have closed over $100M in loans every year since 2004. I have been the top producer at Guaranteed Rate on numerous occasions and have been in the top 200 loan officers in the country every year since 2005. In 2011 I was number 7 in the country as well as the top loan officer for purchase business in the state of Illinois.
How has the mortgage industry changed since you started, and what would you expect in the future?
The mortgage industry has had significant changes since I began in the business. The biggest changes are regarding documentation. Limited documentation mortgage loans such as stated income are no longer available. To qualify for the best rates banks require paystubs, bank statements and tax returns. Banks will loosen up on this in the next few years, but the rates for low documentation loans will be significantly higher.
What are the top 3 misconceptions people have about the home loan process?
A common misconception is that you need 20% down to get a loan. This is not true. There are loan programs that require as little as 3% down. Banks want to lend money and they want to create programs that meet homebuyers' needs. These programs will provide lower down payment options, relaxed credit guidelines, but will still have strict standards regarding documentation.
Are you active in any fundraising organizations? What goals and/or success have you helped them achieve?
Being a Leukemia survivor, I am very involved with the Leukemia society. I also am involved with the newly formed Guaranteed Rate foundation that looks to help our community in a variety of different ways
Tell us something that makes you unique or something wacky, yet interesting about you?
I never pictured myself in the banking industry. I always expected to be a professional tennis player, or ski bum...
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