That's me, or it could be.
Because after over 30 years in this industry
I still LOVE what I do.
I've got to admit though I've heard a lot of whining lately, a real lot. Here's a couple of my favorite isuues.
I've started to see some postings about "LO compensation." That would be how I get paid. The uneducated legislators, particuarly Mr. Dodd, and Mr. Frank, have created new laws regulating my compensation based on being fair to the customer. Let me make this perfectly clear that while I disagree with Mr. Dodd, and Mr. Frank, I do believe that fairness is important, and so is the right to choose. In my opinion the new rules
Severely limits the consumers choices, and I don't think that's fair.
competition is healthy
Oh ya, on how it effects me personally...No worries mate. I've always been fairly compensated and feel I will continue to be in the future. I'm okay, and will continue to be even if I'm
the last loan officer standing
Next, what do you think about how difficult it is to acquire a mortgae today? Is it, or isn't it?
the Mortgage Process
It's changed, hasn't it. It's my job to help my clients anderstand and provide the necessary documentation. My clients basically consist of two groups, the actual applicant, and the referral source. In my case the primary referral sources of my business are REALTORS.
Now this statement may not be real popular.
I'm not sure that the applicants and their Realtors don't know what's needed as much as they don't want to provide it.
I do believe, however, that Loan Officers do not spend enough time educating the clients as to why certain documents are required and how the mortgage process works. Who does what is not covered well.
loan officer (to) processor (to) underwriter ....(eventually to) closing
A lot happens as the documentations flows through, and bounces around the process, with multiple activities occurring simultaneously.
a good loan officer needs to establish expectations upfront and assume nothing.
We need to be aware and concerned about the impact we're having on our customers.
Did you know and/or do you agree?
Mortgage money is actually plentiful.
Many people in the industry can still remember scheduling a closing and wondering, hoping, and praying that funding would occur. I haven't seen any problems like that for quite awhile.
We have more programs available today than we've had in quite awhile. There are low/no downpayments available for primary residences and reasonable downpayment requirements for second homes and investment properties.
Lenders and the FHA are lightening up a bit on credit scores. That's good news.
last but not least I have heard this comment lately from loan officers.
It's tooooo hard.
I will learn what I need to learn, and do the best I can to explain the process to my clients, and be there for them when I'm needed to answer any questions, whatever that takes. Even if I'm
the Last Loan Officer standing
ps; did I mention I LOVE what I do? I think I did, yes I did.