How long have you been in the mortgage business and what inspired you to get into it?
I\'ve been the mortgage business for over 33 years. After graduating from the University of Wisconsin Milwaukee with a degree in real estate and urban development, I found a job as a loan officer at a finance company. After about a year and a half I applied for a job as a mortgage loan officer at the nation\'s largest mortgage banker and was hired. I enjoyed helping people get into the homes of their dreams.
How has the mortgage industry changed since you started, and what would you expect in the future?
The mortgage industry has changed completely since I started over 33 years ago. There was a fair amount of documentation required from borrowers when I started but it evolved to the point that very little was asked for in terms of income and assets. After floundering for a few years, the Federal government swung the pendulum too far the other way and looked more for documentation and fraud rather than if the loan was good quality. I hope to see it swing more to the middle where common sense dictates whether or not a loan application should be approved.
What can borrowers do to insure a smooth mortgage underwriting process?
Borrowers are intimidated many times by the amount of initial paperwork (disclosures) and the documentation that is asked for. To ensure that the underwriting and closing go smoothly, borrowers need to return all documentation as soon as possible. Be sure that you sign and initial all forms where required and send back income and asset statements that the processor asks for. It is imperative that these statements be complete and legible. If additional documents are asked for, the borrower again must return those as soon as possible. The more times that an underwriter needs to look at a file due to additional documentation being submitted the longer it will take to get a loan approval and a \"clear to close\" from the underwriter.
Summary of where you grew up: family, affiliations, college, high school, etc.
I grew up in the Milwaukee metro area, went to high school at James Madison and graduated in 1972. After high school I attended the University of Wisconsin Milwaukee where I majored in real estate and urban development and finance. During my time there I was on the tennis and swim teams and was a state ranked tennis player in the men\'s open division. After graduating in 1978 I married my wife Gretel and we had 2 children, Eric and Krista. Both are married and Krista is expecting our second grandchild any day. My wife and I have traveled the world extensively and enjoy Italy the most. I also fly sailplanes during the summer months and like the challenge of cross country flying without an engine.
Tell us something that makes you unique or something wacky, yet interesting about you?
During my free time I enjoy flying sailplanes, i.e. gliders. I find it challenging to fly cross country without an engine, relying on my ability to find lift and stay up and return to my home base after 3-4 hours in the air and flying 100-150 miles. I own a high performance single place glider called a Genesis 2. My wife and I also love to travel the world. We have been to Europe quite a number of times as well as to Ecuador and the Galapagos Islands, Tahiti and Russia. Asia and Africa are on our bucket list.