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Champions Know the "Rules" of the "Game"

Reblogger
Industry Observer with No Longer Processing Mortgages. MLO #293441 expired

Gene has done an excellent job of clarifying some of the issues found in getting people successfully to the closing table with a successful funding -- including their "mis-information".

 

Champions Know the "Rules" of the "Game"

 

       I can't tell you how many times, as a mortgage lender, I hear rumors or misconceptions expressed to me regarding the mortgage process.

 
      So much of my time is focused on promoting the "un-learning" of what a client thinks they know as they enter the act of obtaining mortgage financing. So much time is used addressing frustrations with the process itself.
 
      No one needs to think too hard or long as to WHY there are so many misconceptions or frustrations.   If the process of mortgage financing was viewed as a "game" of some sort ... you'd definitely have needed a scorecard and notepad to have kept up with all the changes made in the "game" during the last few years.   It's been mind-boggling, for sure.
 
      Last Sunday's Broncos vs Steelers game seems to have brought-up many of the same emotional issues I hear people address within the current mortgage process.   It certainly highlighted alot of attention on the rules of football itself.   How rules, playing by them, or ignoring them, can affect the outcome of a game.
 
      It made me think that by using an analogy of mortgage financing as a "game", I could perhaps make it easier for clients to understand the mortgage process.   That I could address some of the most frequent misconceptions and rumors I hear from home buyers (and those refinancing) in a context that would be more easily followed and understood.
 
      Maybe I could utilize the analogy to explain and clarify the misconceptions that typically surround credit, and use of credit scores ... and the act of complying to underwriters' requests for information?  So, I'm going to give it a try ...
 
      The first "rule" of the "game" of mortgage financing concerns how your credit scores are utilized in the decision of WHICH financing options and programs are available to you and WHAT interest rates you'll reap through those programs.
 
      Pretty much everyone I talk to knows that there are 3 major credit reporting bureaus and those are Experian, Trans-Union, and Equifax. But what many clients do not understand is that the "rules" of the mortgage financing "game" stipulate that:
 
      A mortgage lender must use the middle score rating from those three bureaus as the "qualifying" credit score ... and it is THAT credit score that really counts most heavily moving forward.
 
      You do not add-up the credit scores and then divide the score total by 3.
 
      The second misconception most often rests upon compliance during the mortgage pre-qualification and mortgage processing itself.   And this for me, is where the analogy of mortgage financing and processing most closely imitates a "game".
 
      Admittedly, the "game" rules may seem a bit nonsensical at times. And also they may seem a bit strict and rigid.   But the underwriters, Lenders, and government regulators have written the "game" rules as they now stand.
 
      The "rules" are written in stone and not up for discussion. And both "player" and "coach" must adhere to the rules in the "playbook" and "game" ... should they hope to avoid forfeiture ... or hope to be successful.
 
      Want to "win" your personal "game" of home buying or refinancing?
 
      Know, Follow, and Play by the rules. Work with an experienced "coach" (mortgage lender) that knows the rules well.   Work with your "coach" to draw-up and execute a successful and winning "game" that will follow the rules quickly and efficiently.   Be capable to "play" and execute your game.
 
      Certainly by viewing the home buying and mortgage experience through this "game" analogy, it becomes much easier for most to understand and navigate the homebuying and mortgage processes.   And maybe a bit less frustrating ...
 
 
 
 
      * Should you be in need of an experienced mortgage "coach" to assist you during your home buying or refinancing ... contact me.   The experience and expertise I have gained during my 35 years within the mortgage business will assist you towards a successful mortgage completion.
      I can be contacted through any of the following:
Direct: 815.277.4036   Cell/Text: 708.921.6331 
Skype: 630.219.1316
 
 

 

 

 

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Gene Mundt, Sr. Vice President - Chicago Bancorp mortgage lender      Gene Mundt, Sr. Vice President

Personal NMLS #216987

Chicago Bancorp NMLS # 63483

1823 Centre Point Circle, Naperville, IL  60563      

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Now on Skype!   630-219-1316

www.genemundt.com

 gene@chicagobancorp.com

Posted by

 

Steven CookSteven T Cook
Loan Officer, MLO-293441      

Cascade Pacific Home Loans  NMLS ID 76988
720 S 333rd St  Federal Way  WA  98003
Office 253-874-1111 | Cell 253-677-1064
Toll Free 1-800-874-8760 | fax 253-295-3901
scook@cphloans.com | www.bayeq.com

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