When first-time homebuyers begin exploring their options, they often realize they actually know very little about getting a mortgage. They have to rely on the expertise of others, such as family and friends who have already gone through the process, to make the most educated choices possible. However, finding a home and going through the mortgage process is not a one-size-fits-all solution. One person’s advice may not be suitable for another’s situation.
For example, some homebuyers might not qualify for conventional mortgages. But if their realtor isn’t knowledgeable about alternative non-prime lending products, the consumer might be misinformed and believe that they’re not qualified for a mortgage. That’s why it is of the utmost importance for homebuyers to work with a well-educated realtor with access to the resources needed to stay informed on the entire market of products available to borrowers in every financial situation.
Realtors should aim to work with loan originators who are well-versed on the variety of products and solutions available in the market today. The more knowledgeable the originator is on various mortgage products, the more tools he or she has at their disposal for providing appropriate lending solutions to the consumer.
Ultimately, it’s up to the originator to work with a wholesaler that offers updated information on the products currently available on the market.
At Angel Oak Mortgage Solutions, we make it a top priority to educate our loan originators on available products and programs they can offer to their realtors and borrowers. Our sales team holds regular training sessions and seminars with clients to keep them up to date on our sub-prime and alt-doc programs. In addition to the individual training, we also offer approved originators customizable marketing flyers that they can pass on to relators as a detailed refresher on each type of product we offer.
Angel Oak also provides educational tips on a weekly basis in our “Quick to Close” Newsletter. This e-mail newsletter includes information specific to the non-prime industry, highlighting the differences between the requirements of closing a loan with non-QM lenders vs. agency lenders.
It’s important to remember that the burden of education does not fall squarely upon any one party in the mortgage supply chain. Instead, it is up to every party involved to make sure that both they and their constituents remain up to date on the most recent developments within the industry.
Tom Hutchens is senior vice president of sales and marketing at Angel Oak Mortgage Solutions, an Atlanta-based wholesale lender currently licensed in 24 states. Tom has been in the real estate lending business for nearly 20 years. He may be reached by phone at (855) 539-4910 or e-mail [email protected].
This article originally appeared in the September 2015 print edition of National Mortgage Professional Magazine.
