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Eric Wassmann

VP of Mortgage Lending
636 Fourth St, San Francisco, CA 94107
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NMLS: 379373
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Eric interview Q&A

How long have you been in the mortgage business and what inspired you to get into it?
I have been in the Mortgage business since 1991. I came out of the title and escrow field and followed my passion for finance into mortgage banking.
Who is your typical customer and what questions do they typically have?
Since I do live in the Silicon Valley, My customers tend to be tech savy and very informed consumers. They expect high levels of service, the latest technology tools and extremely competitive pricing.
What specific steps do you use to help your customers find the best home loan for them?
I use a combination of the latest technology and old fashioned customer service to make my customers experience as positive as possible. These days, most of the loan process can be done with secure advanced technology, but many items and questions can only be answered with a real person or voice on the phone or in person.
How long have you been in the mortgage business? What awards have you won?
I the past 25 years as a loan officer and Principal in two national mortgage banking firms, I have supervised the closing of a lot of loans and personally originated and closed over 2500 loans.
What are the pros and cons of a fixed rate mortgage versus an adjustable rate mortgage (ARM)?
All loan decisions are a combination or a business and emotional decision. Get all the facts early from a trusted adviser and reach that business/emotional decision based on that info.
What advice would you give new or first time home buyers?
Start early, work with an experienced real estate agent and a loan officer that has at least 200 purchase transactions under their belt, no less! Have a solid pre-approval ready to go and don’t buy over what you are really qualified for.
How has the mortgage industry changed since you started, and what would you expect in the future?
The mortgage qualifying process has become more detailed than ever. Every aspect of the transaction and qualifying process is examined thoroughly. Loan product and underwriting knowledge and accumulated experience is needed more now than ever. That is why it is so important to work with a National accountable company and a seasoned loan Officer.
What part of the home loan process do customers find most difficult and how do you help them through it?
Most people only do one to three mortgages in a lifetime, that is why it is so important to explain the entire process to the customer in the beginning and what they can expect. Talk about the some of the idiosyncrasies with each step of the way.
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? seems to be the most accurate without all the advertising pop-ups.
What resources could you recommend that borrowers use to learn more about the mortgage process and how to ensure a successful home closing?
The Guaranteed Rate website and the tools that are available online and through the loan officer are really all you need.
What can borrowers do to insure a smooth mortgage underwriting process?
Supply current and accurate information. Some of the document requests may seem a little intrusive, but this is what we are mandated to provide the big mortgage investors. There is a rhyme and reason for all the documentation that is requested. Get it in early or as quickly as possible when requested. Don’t finance or lease anything or spend any part of your down payment money during the escrow process!
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 a co-chair on the Menlo Charity Horse Show in Menlo Park, Ca.. We raise and donate over a half million dollars every year for the Vista Center for the Blind in Palo Alto, Ca.
Summary of where you grew up: family, affiliations, college, high school, etc.
I grew up in the North East (New York and Connecticut). High School in CT. and College in New York City. I have two teenage daughters and we current live in the Silicon Valley San Francisco Bay Area.
What provides you with the most satisfaction in your job as a Loan Officer?
I do like helping people get into homes with the best possible financing and competitive packages in the market today!
What do you enjoy doing most in your spare time when you are not helping people with their home loans?
I do like helping people get into homes with the best possible financing and competitive packages in the market today!
Tell us something that makes you unique or something wacky, yet interesting about you?
I am a licensed Coast Guard Captain, FAA Instrument Rated Pilot, and motorcycle enthusiast. I am also crazy about dogs, all dogs!

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