Who is your typical customer and what questions do they typically have?
The first thing customers usually want to know is what is the lowest interest rate they can get. A better question is: What is it going to cost me in fees to get a good loan at a certain interest rate? Nearly every Lender can offer the same interest rate. For example: I can today offer rates from 3.25% all the way to 4.75%, each with a varying cost of entry. The difference between Lender's is what the cost to secure a specified interest will be. Lender costs come in the form of origination fees, discount points, and other Lender charge expenses. Study closely the costs.
How has the mortgage industry changed since you started, and what would you expect in the future?
I’m a veteran of the business, so the biggest change I’ve seen is the use of computers in originating loans. In the not-so-good-old days, we had to hand-write applications and wait several days for a credit report to be completed. Automation has revolutionized the process by making it so much faster. On the other hand, today there are so many additional steps required to originate a loan than there were years ago. Everything has to be documented and validated.
Some day in the not-too-distant future, loan origination will be entirely computerized, and all of the steps we take today will be automated and the results nearly instantaneous. This will eliminate the need to send out verification forms, request appraisals, etc.; it will all be handled by computers.
What resources could you recommend that borrowers use to learn more about the mortgage process and how to ensure a successful home closing?
Hands down, the best source is a professional and experienced loan originator. He or she can spell out all the options available to a borrower. While rates and fees are important, the proper structuring of the loan is essential.
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?
My favorite charity is the Boys and Girls Clubs of Greater Scottsdale, where I am on the Board of Governors. For the last several years, I have had the honor of being a judge for the clubs’ Youth of the Year event. The clubs make a huge difference in the lives of so many children, and I am thrilled to contribute to such a great organization. I am also involved in the Scottsdale Chamber of Commerce, Trailblazers Advisory Board, Scottsdale Leadership, and Scottsdale Association.
Tell us something that makes you unique or something wacky, yet interesting about you?
My alarm goes off at 4:52 (I don't remember why that time ) every morning and has for several years. I love my mornings. I start with either Weight Training, a spin class or a hot yoga session.