Layton Utah Mortgage Broker offers FHA VA and Conventional Home Loan answers
66Here’s a list of questions you should be asking the Loan Officer that you are considering to have help you with your mortgage needs. My answers to these questions are included which is why you should be having me, Casey Persinger, “The Low Price Lender” helping you with your mortgage needs.
1) How long have I been in lending?
I have been in lending for over 10 years. I’ve been around long enough to remember when loans required everything a client had to offer other than blood and urine in order to qualify. Then later loans went to the other end of the spectrum where all they had to have was a pulse to qualify. Now lenders are back to the basics, “make sense” loans with full documentation.
2) Am I a Mortgage Broker or a Mortgage Banker?
I am a Mortgage Broker, the reason I have chosen to be a Mortgage Broker is simple…..more choices for my clients. I have access to over 30 lenders as opposed to a Mortgage Banker who his hamstringed by one set of guidelines. If a Mortgage Banker is told NO by his underwriter the deal is dead, with him I still have 29 other lenders with which to try to originate your loan.
3) Am I available on nights and weekends?
Yes, unlike many in my industry who work 9-5, I can be reached nights and weekends. Depending on where I am at the time I can, have, and will be able to have an approval (credit and income permitting) within hours of first contact.
4) Can I handle loans for people with less than perfect credit?
Yes, I have a few lenders who will lend to borrowers with Middle FICO Credit Scores below 620. Most lenders, banks, and credit unions will not lend to borrowers with FICO scores that are below a 620. If you as a borrower have been told NO or you as an agent have had clients who have been told No by other Loan Officers please let me know so I can see if I can help them. If I can’t help them now I can give them the right advice to do the things needed to in order to repair their/your credit to qualify faster.
5) What percentage of the loans I originate close on time?
Wow, what a tough question. I know I’m supposed to say 100%. The truth is I’m not there. I don’t know anyone who is. That, however, is my goal. In today’s market, with the ever changing guidelines, and appraisal issues, it is very difficult to close a loan on time. I will say that I do close more loans on time then I don’t.
6) What is my strategy to keep the Real Estate Agent/s and the Borrowers informed during the mortgage process?
I e-mail all parties involved every step of the way. I feel that communication and keeping everyone in the loop will keep the Buyers Agents, the Buyers themselves, and the Listing Agent all in the know, that way if there is something that comes up we can all make a collective decisions best for all parties involved. I also call all parties involved every Tuesday with a weekly update. *Listing Agents* I will, if need be, keep your clients in the loop if you want me to, however, I trust that you are capable enough to keep them aware of what is going on or they wouldn’t have chose you to list their home.
7) How long will it take for me to return a phone call?
Unless I’m in a meeting, an appointment, or out of cell service I will try my best to return your phone calls within one hour of you leaving a message. If you e-mail me at casey@thelowpricelender.com my response time is typically faster.
8) How quickly can I get a loan approved?
Barring any “glitches” on a borrower’s credit/income and assuming that the borrowers give me accurate information over the phone, I can have an Automated Underwritten System or (AUS) approval within an hour of application.
9) What is the average time after AUS approval that it takes me to complete the loan process from?
When I can meet with a borrower who has all of their required documents, has a property address, signs disclosures, has waited the 3 business days that are now mandated by the HERA and MDIA acts, and has an appraiser who is able to quickly inspect the property (which is tough with the new HVCC guidelines) then I should be able to have my end of the loan process done with in a three week period. Having said that it typically takes a month with the “change in circumstance” clauses now having to be submitted and resubmitted, values issues, and Underwriters throwing last minute conditions into the equation.
10) What is my most popular loan program? And why?
I would have to say that the most used program I have to offer is an FHA loan; the reason for this is that it is the most liberal loan program available. It offers great rates, with nominal money down (3.5% of the sales price), and allows for approvals with lower credit scores (typically with a Mid Fico Score of 620).
11) Do I guarantee my closing costs and level of service to my clients?
Yes, if I quote a borrower a certain amount in closing costs then I guarantee my closing costs. There have been times that things happen which are out of my control and after I have explained why the closing costs have changed the borrowers have typically understood. I hope that by keeping my word clients and agents will in return send me their referrals.
12) Do I specialize in any certain type of program?
Yes, I am well versed in FHA, VA, and Conventional loans. I have originated several VA loans from enlisted to officers. I’ve originated tons of FHA loans. I know my way around Utah Housing loans, Construction loans, Bridge loans, HUD loans, and USDA rural loans as well. I will have to say that what sets me apart from most loan officers is my willingness to help borrowers with damaged credit more so than most.
13) Who are some key agents that I am doing business with?
I am currently doing business with the following agents on a regular basis but am more than happy to increase the number of good quality agents that I work with and that work with me.
Kevin Ivins of Keller Williams in South Ogden, Utah
Colton Lindsey of Keller Williams in South, Ogden Utah
Jonathan Toone of Utah Select Realty in Salt Lake City, Utah
Rawlee Wilson of Titan Real Estate in Layton, Utah
Brett Butler of Linda Secrist and Associates in Salt Lake City, Utah
Chad Holmes of Keller Williams in South, Ogden, Utah
Evie Wilson of Utah Select Realty in Salt Lake City, Utah
