How long have you been in the mortgage business and what inspired you to get into it?
I started in the mortgage industry in 2010. I knew I wanted a Finance degree from an early age and was originally planning to be a financial adviser. When I was interviewing for that role it seemed that companies were much more interested in how many high net worth individuals I knew than in my education or potential.
The mortgage industry gives me the opportunity to advise clients on how to best achieve their financial goals, but without pressure to sell them anything that doesn't truly benefit them.
Tell us about a specific challenging borrowing situation and how you got the mortgage closed and funded.
In May 2016 I helped a buyer close on his first home with an FHA loan after he was denied by underwriting, then an underwriting manager. He was just barely two years out of a Chapter 7 Bankruptcy, had late payments after the BK, and had recently changed to a job with a much higher salary. I knew he was a solid buyer and that his financial situation was much different than it was a year before. We worked together to provide numerous letters of explanation about his past credit history, and had his company provide documentation that justified his large increase in income. Underwriting initially disagreed with my interpretation of some of the FHA guidelines, but I eventually got the denial decision overturned and he closed on his new home.
What can borrowers do to ensure a smooth mortgage underwriting process?
Working with a loan originator who is an expert on guidelines is an absolute must. The best loan originators know guidelines even better than their underwriters. Clear copies of all the paperwork needed for an approval should be provided and reviewed in advance so that there are no surprises in underwriting. If letters of explanation will help an underwriting decision, they should be provided in up front. However, many loan originators actually create more work or even get loans denied because they submit too much documentation. With few exceptions, only the documents actually required based on the program and investor should be submitted. An underwriter must make a credit decision off the documents provided and they cannot remove something from a file once they see it, even if it should never have been submitted to them. I have closed loans that were denied by other companies just due to small mistakes like this.
What provides you with the most satisfaction in your job as a Loan Officer?
The most satisfying part of my job is saying yes to someone that has been told no elsewhere. I often think outside the box and find a way to get a deal closed, and being able to give someone hope when they felt there was none is extremely rewarding.
Tell us something that makes you unique or something wacky, yet interesting about you?
My senior year of high school I actually played a different instrument in each of our three orchestras, and was 1st chair in two of them (trumpet and violin).