Who is your typical customer and what questions do they typically have?
Wow, my typical customer is someone who is introduced to me with a head full of questions. Not uncommon that someone may be either intimidated or at the least reserved at the prospect of walking through the home buying or refinancing waters. They may have already had a bad experiences or know someone who has. Or just simply don't know what to ask. Does not matter if the buyer is a first timer or seasoned investor. My customer is one with many questions. That is where we take the time to address each concern one at a time. Knowledge is power. I really try to be the person who listens more, helps more.
How has the mortgage industry changed since you started, and what would you expect in the future?
The industry has changed so much since I started. Mostly on the government regulation and application of technology side. But, I must say that the core elements in qualifying for a home loan started simply- went nuts and is now back to basics. In the 80s when I started, there were four elements in qualifying for a home loan: Property type, credit (scoring was not a normal practice at the time), Income&debts, assets to close. Meet all four, go get a house. Well the pendulum swung into insanity during the 2000s. The post 2008 meltdown era that we enjoy now has new TRID Federal oversight and guess what, the 4 elements are back. VA and FHA are the same, first time buyer loans are the same. Fixed rates are fixed rates. 30 years to 10 year terms are the same.
No longer crazy stupid ARMS or 40 year loans. So we are a better industry.
What can borrowers do to insure a smooth mortgage underwriting process?
Be flexible. Just remain flexible and work with your lender. Don't fight them on needed paperwork. We really try to ask for all that we need for the home loan.
And the data requested is all part of the Federal Government's requirements.
Then with any financial process, the data received may create follow up questions. A lender does not want to build up a file based on the weight of data.
But home loans are Qualified and therefore, financial data must validate the application. Just know that we don't want to ask for and collect any more information than what is absolutely necessary. AND the consumer can do their part by understanding that if and when there are requests for additional information during the loan process, get the data to us as soon as possible.
We seek to complete your loan application as fast as we can. We can only do this with your help. Just call me and I will help explain this further.
What do you enjoy doing most in your spare time when you are not helping people with their home loans?
My personal time is packed and fulfilling. My wife is a 29+ year flight attendant with American Airlines. So I am "Dad on Duty" typically three days each week. So I am neck deep in high school class work, Boy Scout Eagle Projects, Sports- and keeping up the house. So I get it. When Debbie is home I work a later shift where I can help people after they get home from work. I have to tell you there is this fraternity of Flight Crew spouses where we have a kinship. My wife is a riot. Every good story starts with, "I was on the airplane and . . . " Her nick name is Our Lady of Perpetual exhaustion. I would not have it any other way.
Tell us something that makes you unique or something wacky, yet interesting about you?
Listen, I know you have a choice in working with lenders. Look at my testimonials. Read what others say about me. Great thing is that I am a home owner AND a lender. My perspective is that how I help people is how I want to be treated myself. I am at your service.