Florida Mortgage : Learning Center

In today’s Mortgage Market most lenders, bankers, brokers, etc are facing hard times.  On the other hand, some of us are enjoying increased production especially new home purchases.  I am concerned about the mortgage industry fall-out but I remain focused on why we are doing so well. 

Consumers often ask us why we keep getting new referrals year after year.  I finally have had time to reflect and found a specific yet unique approach.  We have enjoyed sharing our mortgage knowledge with each and every borrower or homeowner.  After 11 years I realize that most other mortgage competitors are focused on getting the “deal”.  Once they get the “Deal” then their focus is to close, close, close.  So they can get paid; I guess.  Very little attention is placed on the consumer and the mortgage program choice or choices presented. 

The Federal Government recently posed this question.  “Who should be responsible for educating consumers on the many mortgage program choices available”?  Imagine that! 

This is like asking: who should be responsible for educating consumers on medical choices to fight a sickness.  How about their licensed Doctor or health care provider? 

Or, who should be responsible for educating consumers on electrical wiring upgrades for their home?  How about an experienced, licensed, electrician?

I know the answer to the government’s question.  The responsibility is on every licensed mortgage loan officer/consultant/banker.  We are the ones who spend our daily lives delving into new mortgage products as well as keeping current with mortgage program updates.  As long as we share our knowledge of mortgage loan product availabilities, consumers can effectively choose the right program. 

Nearly every day we hear from consumers who apparently didn’t know what mortgage program they were getting into.  Especially those infamous Option ARM’s (with negative amortization and shocking recasting features).  After 12 years of business here in Florida, I have found 2 clients that fit perfectly into that type of program.  It is definitely for the savvy investor only. 

Educating consumers in the mortgage arena is the most important service we can provide new home buyers and current homeowners.  We are busier than we ever have been and we owe it all to the satisfied consumers we have educated along the way in the ever-changing mortgage industry.

Stephen Thaggard
http://www.beechtreemortgage.com

Trackback URI | Comments RSS