How to prepare for the mortgage loan process

mortgage loan process

How to prepare for a mortgage loan process in 2014 with Don Henig of Mortgage Master.

Dave:  Hi everybody Dave Sullivan here with the Credit Guy TV with….

Don:  Don Henig the head of national sales for Mortgage Master

Dave:  Don how long have you been in the mortgage business

Don:  Way too long,  almost thirty years.

Dave:  You got out of the mortgage business for a little bit came back in

Don:   I did some things like; building a Entertainment Company, a foreclosure business and a whole bunch of things. I just love building businesses, and then was asked to come back into the Mortgage Business.

Dave:  Just when you get out …we pulled you back in.

Don:  Yes, I can’t get out.

Dave:  You were part of the Rock of Ages musical.

Don:  I founded the company.

Dave:  That is great, what a great diverse background, I am sure that it helped you now coming back into the business. What one piece of advice would you give other loan officers? Given all the different legislation that is out there and the way the mortgage business is going, what you would tell them how to attract more realtor partners. What advice would you give them?

Don:  If you think you need ten Realtors you really need twenty or thirty, you need to be reaching out and figuring out which ones are doing business, which ones are just selling one loan a year. Don’t waste too much time with those find the high producers, take then to happy hours every week, you should have breakfast with at least one, lunch for the least one, happy hour at least every other week. Things like that, just step up the amount of phone calls you make every Monday so you target a slightly larger group.

Dave:  Then try to go deeper with those relationships.

Don:  Absolutely, it is a weeding out process you know. It is always constantly weeding out of the ones that don’t do business from the ones that do. You learn and work hard at the relationships to at least establish yourself as the number two option and pretty soon you’ll be the number one

Dave:  Awesome, now many buyers don’t realize all the changes in the mortgage business and they’re really not prepared for what the experience is like now going through the mortgage process now. As part of Mortgage Master, is there anything that you would like to tell people who are going to apply for a mortgage over the next year? Please give them some advice, tell them what they should be prepared for.

Don:  I wish I could say it’s easy; it’s not easy you know.  The reality is you have to be prepared to give everything if I was a consumer looking for a loan today, I would be very concerned applying with the big banks.  Just because you have no control, the loan officer has no control, the processor has no control, nobody talks the underwriter. I would stay local whether be was mortgage master another local firm. Somebody that is local that can call an underwriter if there’s a problem.

Dave:  Right

Don:  You know, there is nothing more frustrating when you apply for a loan and they tell you they that they need something that makes no sense at all and the loan officer says you’re right it makes no sense, but there’s nothing I can do about it at least with firms like ours the loan officer can call the underwriter, can call a senior underwriter, can call the Operations Manager. Then you can get a legitimate answer “we need it and here’s a reason why” if you give me a reason then I’m OK.

Dave:  Yes it makes more sense, so you deferentially need to get your documentation and be really prepared to provide any kind of documentation.

Don:  I just did a refinance on my house that I own in Florida.  I left it with the same investors that it was with just for the sake of simplicity and you know I was able to give them everything that they ask for in one day, the tax returns… everything.

Dave:  Right

Don:  Very simple and that is with one of the big banks. It still over 60 days, yeah it’s crazy.

Dave:  Don anyway that people can reach out to you either as a loan officer or a borrower how can they get a hold of you?

Don:  My email is dhenig@mortgagemaster.com or my cell is 516 991 9504

Dave:  Thanks Don

Don: Thanks Dave

If you’re looking for other ways to improve your credit score please go to GetLoanReady.com you can get free videos and worksheets to increase your credit score from a more holistic perspective. Never Pay Collections

If you want to see more videos about credit and credit scoring check these out at www.thecreditguy.tv. If  you are a mortgage lender please share this on your Facebook or LinkedIn page.   If you have any questions, leave them down below I’d be happy to answer them.

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