How long have you been in the mortgage business and what inspired you to get into it?
I have been in the mortgage business for 25 years and entered the industry after having a challenging experience purchasing my first home. I also had a friend in the business that encouraged me.
Who is your typical customer and what questions do they typically have?
I don't really have a typical customer and work extensively with both first time home buyers and seasoned Real Estate professionals. The question I hear most often has to do with the costs associated with the transaction and if we can meet the closing deadline.
What specific steps do you use to help your customers find the best home loan for them?
I listen to what clients have to say before making any recommendations on loan products. Surprisingly, many clients use adjustable rate mortgages for a variety of reasons but most often when they know they will be moving in 5-10 years.
How long have you been in the mortgage business? What awards have you won?
I've been in the mortgage business for 25 years and have consistently been ranked in the top 1% nationally.
What are the pros and cons of a fixed rate mortgage versus an adjustable rate mortgage (ARM)?
Chasing the lowest payment with an adjustable rate mortgage can really be a poor choice when a fixed rate is not too much higher. Being steadfast against using adjustable rate mortgages can also be a short sighted approach when your moving within 5-10 years is highly probable.
Tell us about a specific challenging borrowing situation and how you got the mortgage closed and funded.
A past client didn't qualify for the mortgage he was pursuing because of heavy losses on his tax returns from rental properties. After reviewing the tax returns I noticed errors that I had him point out to his accountant and once he filed an amended return, qualifying wasn't an issue and we closed shortly after that.
What advice would you give new or first time home buyers?
Stay away from lenders that don't come as a referral. A lender that has been referred by a Realtor, friend, or accountant has a track record of success. Reaching out to someone online claiming to have the best terms can be a mistake because there aren't any referral sources on the line and a high level of performance and customer service are required.
Tell us about a mortgage product that consumers may not be aware of?
Interest only ARMs
How has the mortgage industry changed since you started, and what would you expect in the future?
Over the past 25 years, the changes have been incredibly drastic and for the most part changes have been for the better. The paper is all gone, personal visits to apply are also gone. I would expect the streamlining of the business to be the biggest changes we'll see in the near future.
What part of the home loan process do customers find most difficult and how do you help them through it?
Customers hate the documentation process. If you explain exactly why the items are needed they have a better understanding and don't resist the requests.
What are the top 3 misconceptions people have about the home loan process?
That you need 20% down to purchase a home, that you need to lower your rate a full percentage point to make sense, and loan decisions are an arbitrary decision made by an underwriter
What resources could you recommend that borrowers use to learn more about the mortgage process and how to ensure a successful home closing?
I like to consider myself as the only resource they need to consult with to have their questions answered. It is not rocket science and 25 years of experience makes me an excellent resource that is easily reached for any questions.
What can borrowers do to insure a smooth mortgage underwriting process?
Provide the documentation that is requested of them
Summary of where you grew up: family, affiliations, college, high school, etc.
I grew up in Quincy, IL and my immediate family all still live there. I played golf at Illinois State University and graduated in 1988.
What provides you with the most satisfaction in your job as a Loan Officer?
The most satisfaction I get is a referral from a past client. That means they were happy and the word spreading. This is how I've built my business.
What do you enjoy doing most in your spare time when you are not helping people with their home loans?
I spend most of my spare time with my two children watching their sports and helping them with school. I also play golf with any left over spare time.
Tell us something that makes you unique or something wacky, yet interesting about you?
I'm unique in this business from other top originators because I don't take the grind of our business as serious as most. I try to inject humor in most all my communications with clients..........whether they like it or not:)