How long have you been in the mortgage business and what inspired you to get into it?
I have been in the mortgage banking industry since 1988. Upon graduating college I had bills to pay like so many others and a friend asked if I wanted a job "processing" mortgages. At that time I didn't know two important things... A) I had no idea what a mortgage was. And B) I didn't even know there was a "T" in Mortgage. Little did I know at the time that accepting this job of processing loans would lead me down a career path that I absolutely love.
Who is your typical customer and what questions do they typically have?
My clients are everything from seasoned homeowners looking for their second or third home, to the first time buyers who have no idea what is involved in buying a home. And there is no such thing as typical questions that I am asked as each individual has their own knowledge, or limited knowledge of buying a home.
What specific steps do you use to help your customers find the best home loan for them?
In order to help clients find the best home loan I need to find out about their current financial situation as well as their short and long term financial goals. Once we identify these items then figuring out the best home loan is a matter of educating my clients on which loans are available and together, we decide the best route to go.
How long have you been in the mortgage business? What awards have you won?
I have been in residential lending beginning in 1988 and since that time I am generally recognized by industry affiliates as being in the top 200 loan officers nationwide as well as in the top 1% of loan officers throughout the country.
What are the pros and cons of a fixed rate mortgage versus an adjustable rate mortgage (ARM)?
Fixed Rate Loans= security and stability as a fixed rate loan payment will never change. The downside to a fixed rate loan is that the rate is higher than most other loan options available. Adjustable Rate Loans= lower interest rates and, therefore, lower monthly payments. However, the ARM's have a risk that at some point the rate can change and go higher, therefore, increasing the monthly payment. With that said, as someone diversifies their investments portfolio with some higher risk investments, an ARM loan should be viewed the same way as this is an opportunity to better manage your monthly debt.
Tell us about a specific challenging borrowing situation and how you got the mortgage closed and funded.
There are many challenging situations where I have been very successful in helping a client obtain a home loan but the one that stands out the most is a single, working mother taking care of her child, her sister who was still in high school, and her grandfather. The home they were living in was being sold and they had nowhere to go. She made a decent income as a nurse but taking care of everyone didn't leave her with much savings and her credit was not the best. Her closing was one of the most emotional closings I have ever had.
What advice would you give new or first time home buyers?
Get EDUCATED! If your loan officer does not explain everything to you along with all of your options then you are likely not working with the right person.
Tell us about a mortgage product that consumers may not be aware of?
I like a 10 year adjustable rate mortgage. This gives a client 10 years of a secure payment and is slightly lower in rate than a 30 year fixed rate loan. It's a great way to be secure with your payments and take advantage of a lower rate with little risk at the same time.
How has the mortgage industry changed since you started, and what would you expect in the future?
I went from an IBM Selectric typewriter on my desk and waiting four days to receive a credit report, to a 10 minute loan approval complete with rate and terms available. In the future I expect a little more common sense will come back to the mortgage industry regarding documentation requirements from clients.
What part of the home loan process do customers find most difficult and how do you help them through it?
The financial paperwork necessary from the borrowers is the most cumbersome to many but what we do to alleviate this frustration is provide a very complete up-front list of items needed and clients find that very helpful as we are not going back and forth asking for more and more documentation.
What are the top 3 misconceptions people have about the home loan process?
1) It's as painful as a root canal. 2) It's frustrating. 3) See 1 and 2
What 2 or 3 mobile apps would you recommend for home buyers or house hunters, and why? What Smart Apps do you recommend your customers use for the house hunting process?
None. There are great mobile apps out there to look at but nothing takes the place of speaking with a loan officer to make sure you are qualified to purchase in the price range you are looking in.
What resources could you recommend that borrowers use to learn more about the mortgage process and how to ensure a successful home closing?
It's always a good idea to take a first time buyer class. These are often presented by local non-profit groups and are very helpful in going over the homebuying process.
What can borrowers do to insure a smooth mortgage underwriting process?
The number one thing a borrower can do to ensure a smooth transaction is to provide the requested documentation immediately. This will help ensure a smooth transaction.
Are you active in any local associations or community groups, and at what level? What goals and/or success have you helped these groups achieve?
I am active with my temple as past assistant treasurer as well as currently sitting on the finance committee.
Are you active in any fundraising organizations? What goals and/or success have you helped them achieve?
I am involved in our local Franklin Downtown Partnership organization as well as a strong supporter of the Make A Wish Foundation, RESPOND, INC (a local organization that provides assistance to victims of domestic violence), and a regular donor to the local food pantries.
Summary of where you grew up: family, affiliations, college, high school, etc.
I grew up in a suburb of Boston with a brother and sister and graduated in 1988 from Antioch College, Yellow Springs, OH.
What provides you with the most satisfaction in your job as a Loan Officer?
The number one most satisfying aspect of my job is that I get to help people get what they want. I view myself as an educator and facilitator and get the most satisfaction of helping my clients through one of the most exciting times of their lives.
What do you enjoy doing most in your spare time when you are not helping people with their home loans?
Well, I love golf but don't golf as much as I would like. I love fishing... all types- lakes, rivers, ocean, but don't fish as much as I would like. However, the most enjoyment I have in my spare time is spending it with my wife and children. Holding hands with my wife while we attend their school and extracurricular events, receive awards, enjoying their plays, performances, and sports, and just watching them grow up.
Tell us something that makes you unique or something wacky, yet interesting about you?
I have hobbies and interests like others and there is really nothing too wacky or zany about me. What\'s most important to me is family - my wife, my children, my parents, siblings. There are very few things in life that are more important than family.