With the many changes in the mortgage industry over the past 18 months, I have been pondering the necessary adjustments needed to stay up-to-date with the many underwriting and program guidelines a loan professional needs to be aware of to effectively serve their clients. I have been exploring working for national and community banks, obtaining FHA approval for my mortgage company, becoming an affiliate branch for a mortgage banker, or just simplifying things in my work life and becoming a loan officer for someone else's company while letting someone else deal with the nuts and bolts of operating a mortgage company so I may focus on what I do best - consult with homeowners, buyers and investors on how they may best meet their financing objectives and working with them to smoothly close their loans.
Although each option has many positives associated with it, simplifying has won out. Working for a national bank does not seem to be the right fit for me, as I have been able to offer a variety of loan programs to my clients, not being limited to one particular bank's program selection, plus the "big machine" way of operating - central processing and underwriting and the communication breakdowns that come with files being moved around large organizations - would not be a method of doing business I could accept after so many years of being able to work directly with the source to get answers for my clients, developers and Realtor Partners. Some banks participate in the Oregon Bond Loan, FHA and USDA Guaranteed Rural Housing Loan programs that are such wonderful tools for the many first time home buyers I work with, but some banks do not, and these program selections seem to come and go with the banks. My clients need as much consistency as possible in this mercurial lending environment we are in. HUD's process of becoming an approved FHA lender/originator is cumbersome and expensive for a "one man shop" operating in two states, and with the small number of clients I had whose transactions were best met by an FHA loan, I've steered clear of this avenue. I've discovered recently, though, that the needs of my clients are changing just as the mortgage industry has changed, and the FHA loan has become a more viable option for my clients. Establishing an affiliate branch or net branch is still an option I've been considering, but with so many of these mortgage companies struggling to stay in business with the mortgage industry upheaval, I've decided to join an established mortgage bank instead.
I have accepted a position as mortgage consultant with American Pacific Mortgage in Medford Oregon. American Pacific Mortgage Corporation is a well-established, reputable, solid company with a proven track record, and is financially strong and stable in this mercurial mortgage industry and economy we are all in. They offer all the programs my clients have needed to meet their mortgage objectives, and because of the size of American Pacific Mortgage Corporation and the volume of business being done, the pricing I may offer will still be very competitive. American Pacific Mortgage Corporation has set the same high professional and ethical standards I've always abided by, making this a good match.
Starting April 1st, I'll be providing the same high-quality service I've been providing since 1983, but under the shingle of American Pacific Mortgage. You may still contact me via the same phone numbers, website and e-mail address and I will still provide Quality service to my California clientele and their referrals, as well as cover the Rogue Valley and Northern-most California region along the I-5 Corridor (Yreka/Weed/Siskiyou County). I look forward to continued business success and growth, while providing buyers, homeowners and investors with the loan products they need and the service they deserve.
Karen Cooper - OR/CA Mortgage Consultant - www.Quality4Loans.com