Choosing Your Loan Officer: Don't Short-Change Yourself

By
Mortgage and Lending with NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656 IL Lic 031.0006220/WI
https://activerain.com/droplet/5bcq

 

 

Choosing Your Loan Officer:

Don't Short-Change Yourself

 

The act of obtaining a mortgage has become a deeply personal and individualized pursuit. In its present form, it has little in common with mortgage applications of the past.

Because of that fact, the act of choosing a Mortgage Originator/Lender is far more important now than ever before.  There's far more riding on your choice.


Yet, statistics show that all too often little time or effort is expended on studying and making that choice:

  • According to a Report, almost half of consumers who borrow to finance a home only seriously consider a single lender or broker before obtaining a loan 
  • An article by PR Newswire states that more time is spent researching a car purchase (11 hours) and an equal amount of time researching a vacation (8 hours), despite the fact that these items cost just a small fraction of the average cost of a home 


Stop.  Think about it ...  

  • Do you really want to navigate such an important and deeply personal experience with someone you have no real knowledge of?  
  • Do you want to work with someone that can provide you no proof of their business experience?  
  • Can you rely on someone that has no documented or proven track record?  
  • Are you willing to gamble on the outcome of your mortgage process with someone that past clients (and professionals) have not expressed trust in? 


Why is this search so important?

During today's modern mortgage process, the answers provided to your Originator go well beyond the simple basics of "Where do you presently live?" or "What year were you born?" 

The Mortgage Originator you choose will learn much more about you.  During your Pre-Approval, Application and mortgage processing, you'll divulge and discuss the most sensitive details of your financial life with the Originator you work with.  Sometimes that can mean sharing info of a more delicate personal nature as well.  (Divorce, child support, collections, etc.)

 

 

A couple of years ago, I wrote an article about Credit Reports being the storybook of your life.  Via someone's Credit Report, you can learn almost every aspect of their life ... and life path.  


It's well known that the Credit Report documents credit, debt, and financial histories.  But Credit Reports also reveal life experiences, successes, and failures.  It displays choices made, both good and bad.  Life's ups and downs are laid bare and can read much like a novel.

Is your personal info something you want to share with someone you've taken no or very little time in seeking, researching, or vetting?  

The answer should obviously be "NO" ...  so to safeguard yourself and your mortgage process, what should you do?  

What are some of the attributes your chosen Mortgage Originator should possess?  

 

They should be a professional that:

  • Finds YOU important 
  • You're comfortable with.  (A rapport between you and your Originator vastly improves the financing experience)
  • Listens well 
  • Has a great reputation  
  • They should be highly recommended by multiple people, including real estate-related professionals
  • Is experienced, knowledgeable, and trustworthy
  • Is a good communicator 
  • Asks you questions & gains facts 
  • Has a proven track record of successful Closings.  They can offer you references and testimonials 
  • Upon your first contact/inquiry, responds to your inquiries and questions in a timely fashion
  • Provides you thorough information addressing all your questions, mortgage options, and the services they provide
  • Provides you guidance based on facts regarding your  personal finances, not just generalities
  • Will work with you on improving your credit standing, if necessary
  • More ...

 

There's a lot on the line during the financing of your home.  The home you LOVE.  Your money, privacy, and security.  Your time.  Your emotions. 

All these things make it imperative that you take the time and make the effort to find a reputable Mortgage Originator.  To establish a relationship with a quality experiencedOriginator possessing the characteristics listed above.  

You'll know then that you'll be able to trust and rely on them and their services throughout your entire mortgage process.  And that you are establishing and growing a sound relationship that will continue working on your behalf beyond the Closing table and into the future ... 

 

 * Are you hoping to buy or refinance a home in New Lenox, Will County, or elsewhere in the Chicagoland, IL/Wisconsin area? 

Let's talk! I'll put my 40+ years of mortgage experience and expertise to work answeringyour questions and fulfilling your financing needs.
I'm easily found at:

Gene Mundt
Mortgage Originator - NMLS #217987 - IL Lic. #031.0006220 - WI Licensed
 
American Portfolio Mortgage Corp.
NMLS #175656
 
Direct: 815.524.2280
Cell/Text: 708.921.6331
eFax: 815.524.2281

www.genemundt.com

 

 

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Gene Mundt

 Mortgage Originator  -  NMLS #216987    

                                 IL Lic. #031.0006220  -  WI License #216987                                                                                                    

NMLS #175656

 

Gene Mundt, Mortgage Originator,  40+ years of #mortgage experience, will offer you exemplary mortgage service and advice when seeking:  #Conventional, #FHA, #VA, #Jumbo, #USDA, and Portfolio Loans in #Chicago and the greater Chicagoland region, including:  The #Lincoln-Way Area, #Will County, (#New Lenox, #Frankfort, #Mokena, #Manhattan, #Joliet, #Shorewood, #Crest Hill, #Plainfield, #Bolingbrook, #Romeoville, #Naperville, #Wilmington, #Peotone, etc.), #DuPage County, the City of Chicago, #Cook County, and elsewhere within IL and Wisconsin. 

 

Your Referrals & Testimonials are Always Greatly Appreciated! 

 

 

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Re-Blogged 4 times:

Re-Blogged By Re-Blogged At
  1. Nick Vandekar, 610-203-4543 03/07/2018 02:26 PM
  2. Gabe Sanders 03/22/2018 11:00 PM
  3. Roy Kelley 05/24/2018 01:00 AM
  4. Lise Howe 05/22/2020 08:39 PM
Topic:
Lending / Financial
Location:
Illinois Will County New Lenox
Groups:
Mortgages
1st Time Buyers
Consumer Mortgage Tips
Bananatude
WillCounty
Tags:
buying a home
choosing a lender
background checks
choosing your loan officer
mortgage advice and tips
mortgage process advice

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Show All Comments
Ambassador
4,167,416
Kathy Streib
Room Service Home Staging - Delray Beach, FL
Home Stager - Palm Beach County,FL -561-914-6224

Gene- this is so important and not just for first time home buyers. Things have changed over the years and it's important to find a loan officer who can address your own needs. 

                                               

                              congratulations, you've been featured in the Group Bananatude.

Mar 07, 2018 08:50 AM #1
Rainmaker
914,372
Nick Vandekar, 610-203-4543
Long & Foster Real Estate Inc 610-225-7400 - Devon, PA
Tredyffrin Easttown Realtor, Philly Main Line

It is amazing how people today will trust themselves to an online site rather than reaching out to some local lenders and finding the best match before they start looking seriously for a home.

Mar 07, 2018 02:21 PM #2
Ambassador
3,979,925
George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Gene good advice on how to narrow the choices.  Like in most other professions, not all Loan Originators are created equal. 

Mar 07, 2018 02:24 PM #3
Ambassador
1,935,943
Hannah Williams
Re/Max Eastern inc. - Philadelphia, PA
Expertise NE Philadelphia & Bucks 215-953-8818

Have to agree with george on this one Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi  can be a wonderful agreement if you do not have a great loan officer  well I think you said it all . 

Mar 07, 2018 07:09 PM #4
Ambassador
2,947,057
Tammy Lankford,
Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 - Eatonton, GA
Broker GA Lake Sinclair/Eatonton/Milledgeville

I agree with your list.  And I recently had to cross someone off my preferred list because they stopped being the loan officer they used to be.  I put a LOT of research into who gets on the list and then it's up to our mutal satisfied clients for them to stay there.

Mar 07, 2018 09:24 PM #5
Rainmaker
3,825,561
Sheila Anderson
Referral Group Incorporated - East Brunswick, NJ
The Real Estate Whisperer Who Listens 732-715-1133

Good morning Gene. This is an excellent post and could be handout of what to look for in a lender.

Mar 08, 2018 05:46 AM #6
Rainmaker
322,015
Jack Tenold
Jack Tenold LLC - Spokane, WA
Specializing in Reverse Mortgages

"There's a lot on the line during the financing of your home.  The home you LOVE.  Your money, privacy, and security.  Your time.  Your emotions. "

I enjoy working with seniors and your messsage targets the customers I serve.  Good blog.  

Mar 08, 2018 11:50 AM #7
Ambassador
4,208,355
Jeff Dowler, CRS
eXp Realty of California - Carlsbad, CA
The Southern California Relocation Dude

Gene

This is excellent reading for anyone anticipating getting a loan. The loan officer can make such a huge difference AND they are far from being all the same or equally competent. I have worked with many, through buyers but also through dozens of my own loans...it makes a tremendous difference to work with someone who not only know what they are doing but is a great communicator, among other things.

Jeff

Mar 12, 2018 08:48 PM #8
Rainmaker
4,798,469
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

So true, Gene.  I see many borrowers go to their big box bank thinking they will get better treatment since they have an account with them.  Often, with very poor results.

Mar 13, 2018 05:27 AM #9
Rainmaker
2,174,194
Sharon Tara
Sharon Tara Transformations - Portsmouth, NH
New Hampshire Home Stager

Stop think about it....

no thinking necessary for me, the answer is NO.

Well done Gene!

Mar 13, 2018 01:11 PM #10
Rainmaker
5,774,749
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

This is excellent advice to share with prospective mortgage borrowers.

Mar 23, 2018 06:40 AM #11
Rainmaker
3,330,223
Sally K. & David L. Hanson
EXP Realty 414-525-0563 - Brookfield, WI
WI Real Estate Agents - Luxury - Divorce

Choosing a loan officer shoulld not be confused with choosing a lender....not the same thing...or success...or consequences...as the case may be..

Mar 23, 2018 04:02 PM #12
Rainmaker
1,824,542
Lise Howe
Keller Williams Capital Properties - Washington, DC
Assoc. Broker in DC, MD, VA and attorney in DC

This is a perfect post to share with first time home buyers - thanks for giving us such a great bit of information 

May 24, 2018 04:38 AM #13
Rainmaker
189,307
Raymond Henson, SRES, GRI
eXp Realty of California, Inc. (lic. #01878277) - Elk Grove, CA
Realtor

I appreciate your thoughts.  Thank you for the thoughtful information.  I feel the most important choice a prospective buyer makes is the right lender.

May 22, 2020 10:07 PM #14
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Rainmaker
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Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi

708.921.6331 - 40+ yrs experience
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