These are changing times and many people in the mortgage industry are just discovering products like FHA now that the sub prime market has faltered. These same people had not a clue about FHA before they were faced with unemployment.

In the mortgage business there are two typical types of loan officers: Prime and Sub-Prime.

The Prime Loan Officer who is considered a professional should be well schooled in most all prime mortgage products including FHA and VA Loans, there may be some that have dabbled in sub prime here and there but for the most part a Prime Loan Officer would be an expert in Prime Mortgage as well as FHA and VA Loans and an occasional Alt A Loan.

As for the Sub-prime Loan Officer they have been schooled in just that Sub-prime mortgages, very few ever have dabbled in the prime business and most who could have saved their customers money because that customer qualified for prime mortgage products never even told that customer they could qualify for a prime mortgage , it was a home run type of customer for them, easy deal BIG commission which by the way is totally wrong in my book.

Now that the sub-prime industry has pretty much died we are finding that loan officers are now pushing FHA, they think this is the save all, this will be the new sub-prime they think, well folks FHA has been around for many moons,providing the same products and doing the same type of deals, this is not a new diamond, those of us who know our business have been using this product for years. So nothing new to me here.

I see plenty of Loan Officers looking to stay out of the unemployment line by trying to sell themselves NOW as a "FHA EXPERT". 8 months ago they would not have even looked at FHA. I compare this to a Great Ford Auto Mechanic who thinks because he is the best at his Ford Mechanic Job that Ferrari would hire him in a minute. Sorry two different animals there.The same thing applies here, as a Loan Officer you should know your business inside and out. Just because you were a great Sub-Prime Loan Officer doe snot mean you are a great Prime Loan Officer and visa-versa. I did very little sub prime loans and really never wanted to do them since that was a whole different ball of wax, I always thought that I can'tr know  everything thing about everything and someone well trained in sub prime would do a much better job for that type of customer than I could since they should know their products inside out and upside down as I know my prime products.

The point of my blog is that when you are doing business with a Loan Officer choose a professional who knows their job, someone who can get your deals done and make your customers happy, I think that someone who has been through the cycle before of highs and lows and understands the business is a safe bet. There are so many untrained under schooled loan officers on the street now that choosing the wrong business partner can by dangerous to your future. After-all the referral partner you choose is a reflection on you.

You always want to do whats best for your customer.

Leo Namiot

http://www.benchmarkct.com/

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