Who is your typical customer and what questions do they typically have?
I enjoy working with first time buyers, helping them answer the weighty question of "How much house can we qualify for?" and perhaps more importantly, flushing out the difference between the qualifying payment amount verses their comfort level payment.
Typical questions include a discussion on low down payment options and how a person's credit score affects interest rates.
I also enjoy working with my repeat clients, their children, and friends. Are you my Loan officer for life? Yes!
How has the mortgage industry changed since you started, and what would you expect in the future?
When I started in the mid 1980s, the mortgage industry was under-regulated. Closings happened very quickly -- sometime in as little as 10 days. The typical routine of just sign here and sign here was all that many borrowers understood and needed to know.
The new regulations have added many more safeguards. Repeat clients can be astonished at the amount of verification and compliance required. While these new rules can be intensive and time consuming, they do protect the consumer. When making one of the largest purchases in a client's lifetime, they should have the time to understand and ability to address any concern. It is my honor and my responsibility to make sure every question is answered, and concern addressed. Had the" Ability To Repay" the loan regulation with sustainable income rule been in force in early 2000s, it is my opinion that the housing crash of 2008 and the devastating affect on our economy would have been avoided.
What are the top 3 misconceptions people have about the home loan process?
(1) When borrowers do not use a realtor, they often do not know that the seller pays for the buyers' agent.
(2) Not being preapproved before shopping for a home.
(3) Sourcing funds to purchase the home, many clients do not realize that a paper trail for large deposits is important. Many feel that if the money makes it into their bank, then it is good money.
Summary of where you grew up: family, affiliations, college, high school, etc.
I grew up in Boston, attended Boston Latin, followed by the University of Arizona, and then graduate studies at Bentley University.
My wife and daughter are both CPAs and my son is a Doctor, doing research at Boston Children's Hospital.
Tell us something that makes you unique or something wacky, yet interesting about you?
My boss, my boss' boss, and my boss' boss' boss are all individuals that I have mentored in the mortgage industry.
I still wake up in the middle of the night when I have an issue with a loan. In my 30 year career, it is with pride that I can say I have closed every loan for which I've taken an application.