“Thank you for choosing me for this honor. I am humbled, but a bit uneasy with the term hero. I am just a mortgage banker trying to do the right thing for my clients, protect those who serve and keep a roof over my family. It is the least that I can do for those serving our wonderful nation.”
—Richard Booth, CMB, America’s First Lending Group, Neptune N.J.
A typically modest “mortgage hero,” Richard Booth is reluctant to talk about holding the highest professional designation in the real estate finance industry—the Certified Mortgage Banker (CMB)—that he was invited to join their Future Leaders Class program for 2008, that he serves on the faculty of Campus MBA, or of his 13 years of experience as a mortgage company owner and licensed mortgage originator. But he’s eager to talk about being a Certified Military Housing Specialist and helping military clients improve their lives or achieve their dreams.
“As an independent mortgage lender, I have a deep admiration and respect for those who are protecting my family,” said Booth. “Unfortunately, I am well past the expiration date of being able to put on a uniform and raise my right hand. So, I have decided to join the fight to assist and protect our service members.
“I enlisted with USA Cares, a national non-profit organization that provides financial and advocacy assistance to active duty military service personnel, veterans and their families. I offer my residential mortgage lending experience to any service member who needs help in navigating the maze of lending rules, and I call on all of my colleagues in the residential lending community to help educate our service members about their mortgage rights.”
As a lender, sometimes the best assistance he offers is advising a client where to find help.
“I never look at a transaction in terms of what is in it for me,” said Richard. “As part of a community, I have an obligation to help others out. Time and again, doing what is right always pays off. I once wrote a purchase mortgage for a returning Gulf War veteran who confided in me at closing that he didn’t have enough funds to close the transaction. I advised the closing attorney to use the money the bank was paying me to cover the shortfall. Can you imagine a large bank doing this? I was repaid by my client. Today, the Dodd-Frank bill would make this act of kindness illegal.”
Recently, Richard had the opportunity to help a World War III veteran and his wife apply for a much-needed reverse mortgage. After learning their development was not approved by the Federal Housing Administration (FHA), he petitioned the Homeowners Board to seek FHA approval. When they refused, he took it a step further and found a different lender that did not require FHA approval. He did this even though he would not make a dime.
“It was the proper thing to do,” he explained. “Credit for my success goes to my mother for instilling in me, at an early age, that the world does not owe you a living, and my father who encouraged my entrepreneurial spirit. My sense of duty comes from having been taught in the USMC JROTC by Lieutenant Colonel Jacque Saul, Warrant Officer Frank Toomey and Gunnery Sergeant Jeremiah Purdie. Despite the passage of time, their lesions and boot in my rear are remembered.”
Are you a “Mortgage Hero” or know of anyone who might be? This monthly spotlight is FREE to anyone who has made the commitment to provide skilled mortgage services to our military servicemen and women. We want to hear from you if you’ve completed the FREE Military Housing Specialist Course, as “Mortgage Heroes” deserve to be recognized for their outstanding service to our military personnel. Please send a short bio to MHE Program Manager Beverly Frase at
[email protected].
