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Rick Richter, Branch Manager, MI - Ann Arbor

Rick Richter

Branch Manager
NMLS ID # 46372

Phone: 734.368.9252

Cell: 734.645.5430

Fax: 773.357.4874

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Loan Officer Interview Q&A's

How long have you been in the mortgage business and what inspired you to get into it?
I have been in the lending environment since college. I have over 12 years’ experience and have loved every day of it. When I first became a loan officer I was ranked as the National Rookie of the Year in 2004 by Mortgage Originator Magazine. I always try to work my hardest for my clients and I think that my work ethic and commitment to customer service has shown awarding me with being the #2 Loan Officer in Michigan 7 out of the last 10 years by the Scotsman’s Guide (our main trade magazine).

What advice would you give new or first time home buyers?
The pointer I would weigh heaviest for a first time home buyer is to plan ahead. Buying a house is a big deal and is a momentous achievement you will remember forever. I try to make these experiences as positive as humanly possible for my clients. The first challenge is to make sure there are no surprises for them. First time homebuyers that have been speaking to lenders and realtors for a few months seem to have a better understanding of what they are getting into, and typically have a better experience. It is like studying for a final exam, you definitely want to do your homework. As a lender I like to think I take a lot of the work out of the transaction for my client, but at the end of the day there are always aspects of homeownership that come as a complete surprise to the buyer. I have helped hundreds of people get into their first home, and it is truly one of the most gratifying aspects of my job.

What can borrowers do to insure a smooth mortgage underwriting process?
As their lender I try to make the process as smooth as possible. I always say spending a half hour organizing documents in the beginning of the transaction can save a lot of time worrying towards the end. Government regulations and Underwriting Guidelines are universal for all loans now, but there are some pretty easy steps to save time and stress. Unless you are very organized, most people do not keep all of their documents in one place. We will always require income verification paperwork that they can either sift through boxes for or just simply requests digital copies from either their HR department or their CPA. A fully finished application package and supporting docs should be able to be reviewed one time by the underwriter and be approved. Granted this does not happen every time but that is what we as loan officers shoot for. It makes it easier on the client and is just a much better experience for everyone.

What do you enjoy doing most in your spare time when you are not helping people with their home loans?
When I have free time there is nothing I enjoy more than being with my family. I have 3 young children that are everything to me. If I could snap my fingers and be anywhere in the world it would be on my boat on Devils Lake fishing with my children. It does not matter if the fish is only a blue gill, it is always a trophy fish to them. Their pure enjoyment of life and family is really a special thing to see.

Tell us something that makes you unique or something wacky, yet interesting about you?
In the summer time my wife and I take our children to a family camp in Northern Michigan. I have been going there since I was a kid. While my children are off riding horses, sailing, going on nature walks and using bows and arrows, I will spend every day working on ceramics. There is something very peaceful about painting and designing coffee cups, plates and decorative pieces. If you have been to my house you will notice that almost every cup or platter is a Rick Richter original all the way down to the dog bowl. I’d like to say they are all beautiful works of art but it is safer to say I need to keep my day job.

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