Here is an article I wrote for MortgageLoan.com :
Finding a Good Mortgage Loan Officer
Here is an article I wrote for MortgageLoan.com :
Finding a Good Mortgage Loan Officer
Shopping for a new mortgage loan? Looking for the best mortgage lenders? Looking for the best Loan Officers? Search for the best in your State. Ask a Lender brings you the best mortgage lenders near you. Before you buy or refinance a home, shop around to pick the best mortgage lender, broker or loan officer: https://www.askalender.com/best-mortgage-lenders/
After 28 years in the mortgage industry, I have learned many aspects of mortgage shopping, and have worked with thousands of consumers & mortgage professionals over the years. I am very familiar with all the online sources out there for mortgage shopping.
In my opinion, using an Industry source that has direct experience with lenders and loan officers, would be at the top of my list. I have known about Scotsman Guide since I began as a loan officer in 1990. For over 30 years, they have been the go to for mortgage professionals across the country. In my opinion, they know who are the best lenders to work with. I say this because, they work closely with lenders and loan officers on a regular basis, compiling data on production numbers that are verified through them. Only the top lenders and loan officers make their list each year. They know the industry better than most anyone.
To me, there referrals carry much more weight then most referral sources. Why? Because they know more about their lenders and loan officers than most other sources.
Professionals Please Contact Scotsman Guide here: http://www.scotsmanguide.com/AboutUs/Contact/
About Ask a Lender:
Ask a Lender is your online platform to search for loans, connect with lenders and get financial information. With Ask a Lender, you keep your personal data safe and your lending options open. Ask a Lender is fast, easy and powerful — it’s the way to Borrow Wisely® www.AskaLender.com
Ask a Lender allows you to view lenders and their contact information without disclosing any of your personal information or registering for an account. You’ll never get unsolicited calls or emails — you’ll hear only from lenders you’ve selected.
Ask a Lender also empowers borrowers to Borrow Wisely® through a vast catalog of editorial content, including carefully researched articles written by our team of staff writers, and blog posts written by industry experts.
Ask a Lender is a unique online platform that helps borrowers connect with lenders directly while protecting their personal information. Ask a Lender provides unprecedented lender searches and educational resources required to Borrow Wisely®.
Scotsman Guide, the leading resource for mortgage originators, is published nationally every month in separate residential and commercial editions. Our magazines are available in print, as digital editions (www.scotsmanguide.com/digitalmag) and at www.scotsmanguide.com. We offer one free, ongoing subscription to every mortgage loan-origination office that brokers loans in the United States.
Ask a Lender: www.askalender.com Scotsman Guide: www.scotsmanguide.com
Scotsman Guide Top Originators: http://www.scotsmanguide.com/Rankings/
Scotsman Guide News: http://www.scotsmanguide.com/News/
Scotsman Guide Digital Magazines: www.scotsmanguide.com/digitalmag
Scotsman Guide Loan Post: www.scotsmanguide.com/loanpost
Scotsman Guide Wholesale lender search: www.scotsmanguide.com/rlsearch
Scotsman Guide Commercial lender search: www.scotsmanguide.com/clsearch
Just in: Best Mortgage Lenders 2018
Ask a Lender brings you the best mortgage lenders near you. Before you buy or refinance a home, shop around to pick the best mortgage broker or loan officer: https://www.askalender.com/best-mortgage-lenders/
What is Scotsman Guide’s Top Originators list?
Scotsman Guide’s Top Originators is the industry’s most-comprehensive, verified rankings of the nation’s top-producing residential mortgage brokers, originators, loan officers, bankers, etc. To ensure that we publish the most-accurate data possible, all submitted data undergoes an extensive verification and auditing process prior to the publication of the Top Originators rankings.
April’s 2018 residential edition of Scotsman Guide will include Top Originators 2017 rankings by dollar volume, most loans closed and more. It will appear in our print edition as well as online and in our digital magazine. Note: Names and volume information of ranked originators may be accessible via Web searches.
Below are the most frequently asked questions we field about Scotsman Guide’s Top Originators rankings and process. If you have a question that is not sufficiently answered here, please contact us.
New: Best Mortgage Lenders 2017
For the first time, entrants for Top Originators also will be considered for state-based rankings, Best Mortgage Lenders. The state rankings will appear on www.askalender.com , the unique online platform created by Scotsman Guide’s team to connect lenders and borrowers directly.
Ask a Lender https://www.askalender.com/ is created by the team of Scotsman Guide Media Inc., an award-winning media company with more than 30 years of experience in connecting mortgage professionals with lenders nationwide.
Building on Scotsman Guide Media’s vast network of residential and commercial mortgage lenders, Ask a Lender introduces a powerful lender-matching technology that helps borrowers fund any loan scenario. It also offers financial information that helps people make informed borrowing decisions.
Contact Scotsman Guide here: http://www.scotsmanguide.com/AboutUs/Contact/
Description: Weekly Real Estate and Mortgage Radio show every Saturday morning at 9:00 am EST. Weekly guest appear along with Capital Mortgage Funding’s own Harry Glanz, Harvey Freed and Alex Nefouse. Michigan based, the show answers questions from callers and discusses various real estate and home mortgage topics.
Watch new shows every Saturday @ 9:00 am EST. before they are posted on YouTube. To watch Live, please Visit and FOLLOW / LIKE our Facebook Show page: https://www.facebook.com/Hardcore-Mortgage-Show-162371320478068/
Hardcore Mortgage Show 07-22-2017
Click the link below to watch this show:
Call or Text 1-800-LOW-RATE (1-800-569-7283) to connect with one of Capital Mortgage Funding’s experienced Loan Officers or visit us online @: www.LowRateOnline.com , https://www.facebook.com/CapitalMortgageFunding/ , https://twitter.com/LowRateOnline , https://www.youtube.com/channel/UCFbLdaYkmYyUfbal2uCpZ4Q , https://www.facebook.com/Hardcore-Mortgage-Show-162371320478068/
Please see below for this show’s various segment topics.
Dan Dubensky, of Skyward Realty in Royal Oak, says #HomeListings have increased the last few months. Should #HomeSellers test the market? Dan on is the Seller motivated? Go to min. 2:00 to watch this segment.
Harry Glanz shares a conversation he had with a client wanting to offer more than the #ListingPrice because of #MultipleOffers on the house. Offering #Incentives is discussed. See min. 3:30 to watch this segment.
Caller Walter in #LakeOrion asks about selling his #Rental with current market conditions. The group dissects his situation. See min. 10:30. Caller Michelle asks about a home in #Hamtramck her Father and her own. See min. 18:45 for this segment.
#DoddFrank prohibits Lenders from talking to Appraisers, #Realtors can. Dan Dubensky of Skyward Realty, talks about meeting #Appraisers at the home as an added resource (if needed). See min. 9:20 for this segment.
Harvey Freed on #HomePurchases doing dynamite and getting #Approval first. The importance of getting a True Approval and getting your documentation together gives you a lot more confidence in #MakingOffer. See min. 23:55
Harry Glanz on #Michigan #PropertyValues have come back. Harry and Harvey Freed on #Arm vs. #FixedMortgage and shortening the term when possible. Also, #NewConstruction and 6 month Lock Program is discussed. See Min. 49:10
Caller Brian from #Waterford on #Rent with Option to Buy. Harvey Freed talks about the advantages and disadvantages. Dan and Harry explain how they work. Usually for people who may not qualify for a #mortgage . See Min. 32:50
Caller Jim in #Adrian has a house on 3.2 acres and wants to #Refinance. #Parcels are split but he wants to make them one Parcel. The group shares their views on pros and cons of merging or keeping them separate. See Min. 36:20
Caller Ed from #SterlingHeights wants to #PurchaseHome and the gang advises an #FHAloan based on his situation. He has been #Renting buts wants to be a #HomeOwner See Min. 38:20 .
Caller Mike from #Detroit wants to sell his #Home and the gang talks about #Comps for value. See Min. 40:10
Harvey Freed and Dan Dubensky of #SkywardRealty, discuss should you pay more for a house that does not need repairs Or #BuyHome for less that needs many renovations? Also, the effect of #MortgagePayments with $20k to $30k higher mortgage amount. See Min. 52:40
Call 1-800-LOW-RATE to speak with one of Capital Mortgage Fundings experienced Loan Officers or visit them online @: www.LowRateOnline.com
Interesting update on Appraisals and Home values in Michigan 2017. Listened to a real estate/mortgage related radio show last Saturday morning and wanted to share some of the updates, and a link to the show if you want to listen to it. Mortgage Loan officers, Realtors and Appraiser’s shared their professional updates.
List of 5 things that were discussed on the show:
1). Are current home values up or down in 2017.
2). What can a Homebuyer do if the appraisal falls short of the purchase agreement sales price.
3.) Understanding what comps an appraiser uses in establishing value.
4.) How the Realtor can help in value disagreements.
5.) The importance of a Mortgage Pre-approval before you shop for a home.
The Hardcore Mortgage Real Estate Business Show is LIVE! Call 248-539-9797.
Posted by Capital Mortgage Funding on Saturday, April 22, 2017
This radio show airs every Sat morning at 9am EST.. Capital Mortgage Funding’s President Harry Glanz, heads up the cast of mortgage and real estate related professionals each week. www.lowrateonline.com/hardcore-mortgage-show/
This is the 2nd part in a series of articles on this topic. The series and other mortgage related articles can be accessed on Dave’s blog located on his website: www.lenderinsider.com
What type of home mortgage are you looking for? The answer to this question should determine which mortgage loan officer you shop for and ultimately select. Finding a good mortgage loan officer that is skilled in the mortgage program you are seeking, should be your top priority.
Most consumers shop for “low mortgage rates” and a lender. But they usually don’t consider which loan officer they will end up working with when selecting a lender. Especially when shopping online.
For example, you do a search for “mortgage rates”. And hundreds of lenders pop up vying for your business. Sifting through this list can be overwhelming in determining who you decide to contact. And once you select a few lenders, you really have no idea who the loan officer will be on the other end that contacts you back.
And if you drill your search down further and search for “FHA mortgage rates”, many FHA lenders pop up. But you still don’t know who the loan officer will be with these lenders. The same is true with any mortgage program search you conduct. It could be for a conventional mortgage, jumbo mortgage, VA mortgage, 30 yr. fixed mortgage, first time home buyer mortgages, refinance mortgage, HARP mortgage, reverse mortgage etc..
The average consumer focuses on shopping for a mortgage lender. But most times does not consider if the lender is proficient at originating, processing and ultimately closing the type of mortgage they are seeking.
My point is this, if you are looking for a jumbo mortgage (Minimum $417k in most states) and just focus on finding a jumbo lender, who’s the loan officer you will be working with? There are many different type lenders who do jumbo mortgages. Banks, Mortgage Brokers, Credit Unions etc. Find a loan officer who understands the jumbo guideline requirements.
A lender who offers low jumbo mortgage rates may not be good at actually processing this type of mortgage. Yes that’s right, lenders all the time offer mortgage programs that their loan officers may not be good at handling.
It takes a certain skill set by a loan officer to originate and process certain type mortgage programs. The last thing you want to do is shop for a lender based on mortgage rates. The interest rate is useless if you can’t get the loan processed and closed in a timely manner.
So if you know what type of mortgage you are seeking, find a loan officer that has experience in that type of mortgage. Mind you, it is not strictly the loan officer that you should base your decision on, but a combination of the lender and the loan officer together.
For example, if you are looking for an FHA mortgage, you do need a lender that is good at FHA mortgages first and foremost. But don’t stop there. Once you find a good FHA lender you then need to interview the loan officer on what experience they have with FHA mortgages.
Trust me, there is a lot of skill and experience required in today’s mortgage lending environment to be good at originating and processing any mortgage program.
A loan officer’s experience with certain type mortgage programs is very important. For example, if you are self-employed and a business owner, you will have tax returns that need to be evaluated. If the loan officer is not skilled at evaluating tax returns you could be in for a long frustrating process.
In summary, shop for a good loan officer that understands and has experience with the type of mortgage program you are seeking. Don’t be afraid to interview them and learn about their background. Finding a good mortgage loan officer will help make your mortgage experience a good one.
David Mully has been in the mortgage industry for 26 yrs. He writes for a national mortgage website: www.mortgageloan.com/contributors . He is the President and CEO of Lender Insider. He has formerly worked as a mortgage loan officer for several years as well as in the B2B sector of the mortgage industry. He formerly wrote a column in several newspapers and online for 6 yrs. titled “Mortgage Search”. His Blog can be accessed on his website: lenderInsider.com
This is the 1st part in a series of articles on this topic. The series and other mortgage related articles can be accessed on Dave’s blog located on his website: www.lenderinsider.com
When shopping for a mortgage, many people overlook the role of the loan officer. But a good loan officer is essential. He or she is the “stick that stirs the drink,” so to speak. The quarterback, the one that controls the entire process.
A good loan officer knows how to make things happen, how to meet deadlines, how to get you the best rate and lowest possible closing cost. They know how to utilize their resources in every step of the process including, processing, underwriting, closing, appraisal and title. A good loan officer knows the value of having a good working relationship with everyone that touches the process.
Mortgage shopping is not as easy these days. The internet has given consumers a vast amount of choices to say the least. Obtaining a referral from realtors or friends, or searching online for the best mortgage rate, is not what it once was. With so many choices, do you feel overwhelmed?
In my opinion, it is smarter to shop for a mortgage if one focuses on finding a good loan officer. Most consumers focus on finding a lender with the lowest rate. But what kind of loan officer will you end up with?
A good lender with a good rate is nothing without a good loan officer to work with (and a good loan processor, more on that later). What good is the best rate and closing cost if you can’t close on time? And it does happen, where you get to the closing, and the rate and cost you were promised are now higher.
Ask the loan officer how long they have been with the company? How long have they been a loan officer? Depending on the type of mortgage you are seeking, ask them if they have experience with that type mortgage?
This is very important as many loan officers may be good at originating Conventional mortgages but might have limited experience originating FHA mortgages. There are many examples I could sight here, but I will expand on this in future articles.
Mortgage shopping can be difficult enough, make it easier by focusing on shopping for a good loan officer. A good loan officer would not work for a lender that does not offer competitive rates and closing cost. A good loan officer will increase your chances of having a hassle free experience, and get you to the closing table in a timely manner.
The credentials of a loan officer are important, so you need to learn what those are. Are they skilled at evaluating tax returns? Are they Tech savvy? Today’s loan officer needs to be well adept at the technical requirements of originating a mortgage. The software systems (LOS) that lenders use are more complex today than they ever have been. If they’re not good at managing this aspect and being good at multitasking, you will not get the service you deserve. Again, there is much to write about on this area and I will expand on this in future articles.
A good loan processor is also very important. Most likely you will be working directly with the processor in completing the process and satisfying any and all conditions prior to closing. So ask the loan officer about his or hers processor. How long have they been working with that processor? A good working relationship between the loan officer and processor can make everything go more smoothly. Remember time is money and your mortgage rate lock is only good if you close your mortgage within the rate lock period.
In summary, finding a good loan officer can make your mortgage experience a much better one. Interview potential loan officers and make this your focus. Everything else will fall into place if you do this. I’ll drill down more into the various aspects of a good loan officer in future articles.
David Mully has been in the mortgage industry for 26 yrs. He writes for a social media company and a national consumer mortgage website: www.mortgageloan.com/contributors . He is the President and CEO of Lender Insider, a consulting firm. He has formerly worked as a mortgage loan officer for several years as well as in the B2B sector of the mortgage industry. He formerly wrote a column in several newspapers and online for 6 yrs. titled “Mortgage Search”. His Blog can be accessed on his website: lenderInsider.com. David’s direct ph: 248.767.1950 or email: firstname.lastname@example.org