Let Me Be Clear

As we go through life, I’d bet most of us come to a point where we realize we must be comfortable in our own skin.  Warts, blemishes, imperfections and all.  So as my career has progressed, I have had less difficulty ditching the pretense of needing to conceal the fact that I never attended college and accept that, in matters of business discourse, I was raised mostly with a blue collar approach of getting to the point. 

Yeah, I know I have been accused of possessing a certain facility with language that belies the high school diploma I struggled to achieve, so it won’t surprise you to know I make a consistent effort to build my vocabulary, my catalog of quotes and my storehouse of witticisms.  Still, I harbor a broad disdain for “corporate jargon.”  I bring this up because, working in the San Francisco Bay Area, with its proximity to Silicon Valley, most of my clientele has exposure to the sprawling tech campuses that employ the nation’s best and brightest.  So while the purpose of this post is not to make fun of anyone — especially not those whose intelligence far exceeds mine — if you’re going to work with me, I want you to know a few things:

  • I work in the mortgage industry, not the mortgage space.  This was an industry nearly 20 years ago when I took the leap of faith to become a full-time salesperson.  It’s still a vibrant industry today.  Let’s leave the space exploration to NASA.
  • I try not to leave any loops to close.  I do have a bias to action in order to get things done efficiently out of the gate.  Don’t put off to tomorrow that which you can finish today, right?
  • I’m not going to open my kimono and be fully transparent.  There, I said it.  I’m sorry, but I work for my buyers or homeowners.  I don’t reveal their information to other parties in the transaction in any feigned virtue of being completely transparent.  I will be honest 100% the time, but I will not be “transparent” to that degree.  This is business.
  • I never go “out of pocket.”  I don’t even know what that means.  Yes, sometimes I cannot be reached for good reasons, but when that is a possibility, I will try to provide instruction for my next in command.  Outside of those few occasions, I am probably one of the most responsive and accessible professionals in the mortgage space…I mean, industry.
  • I am not rate or program agnostic.  I have strong opinions and I will share them with you.  I will respect you if you agree or disagree with reason and tact.  The way I see it, you should expect a professional to share his/her experiences and perspective because that’s valuable insight built over a career.  And it’s exactly the kind if information from which a client — someone who may only transact a few real estate deals in his/her life — can benefit.
  • “Deep dives” are often bested by keeping things simple.  Even with a myriad of loan options, 95% of our clients end up with our Top 5 solutions.  That doesn’t mean that mortgage financing is simple, but it often means that wide and shallow works better for most.
  • I always have the bandwidth to provide great customer service.  You will never see me more aggravated than if a member of my team tells a client or prospect that “we are slammed.”  I have worked hard my whole career in order to be busy for the remainder of it.  If I have too much business, I have enough revenue to hire additional staff to assure you timely and competent service.

So that’s my rap.  As they say, it’s easy to make a simple thing complex and hard to make a complex thing simple, so in an effort to achieve greater clarity, I’m cool with ditching the Silicon Valley lingo when we work together.  Clear communication polls way high up on the customer satisfaction surveys all the time, and my career would look very different without the effort I make to deliver it to the street.  What about you?

Time to log off,

Rob Spinosa
Senior Vice President of Mortgage Lending

Guaranteed Rate
NMLS: 22343 
Cell/Text: 415-367-5959 
rob.spinosa@rate.com

Marin Office:  324 Sir Francis Drake Blvd., San Anselmo, CA  94960

Berkeley Office:  1400 Shattuck Ave., Suite 1, Berkeley, CA  94709
 

*The views and opinions expressed on this site about work-related matters are my own, have not been reviewed or approved by Guaranteed Rate and do not necessarily represent the views and opinions of Guaranteed Rate.  In no way do I commit Guaranteed Rate to any position on any matter or issue without the express prior written consent of Guaranteed Rate’s Human Resources Department.

Guaranteed Rate. Illinois Residential Mortgage Licensee NMLS License #2611 3940 N. Ravenswood Chicago, IL 60613 – (866) 934-7283

Are You a Lender or a Banker or a Broker?

“So are you a broker or a lender?” “Or a banker or a lender?” “Or a broker/banker?” Yes, yes, and yes!

We get this question all the time, but I think it comes from a good place. Naturally, everybody shopping for a home loan wants to get the best rates and terms and some confusion swirls around how the type of mortgage originator one uses has a bearing on the outcome. So when they work with me, who is really behind the curtain?

[Too lazy to read the rest? Watch the video below instead.]

Banker / Broker / Lender

In the post-downturn lending industry, there are really only three primary channels for obtaining a residential home loan; mortgage banker, mortgage broker and mortgage lender. It’s important to know that no matter which you choose there is ALWAYS a “middleman” and that person is called the mortgage loan originator or “MLO.” Now don’t confuse an MLO with a single individual — it could well be a call center with a series of “clerks” that work to get your loan from start to finish. Regardless, there are some distinct characteristics of each channel:

  • Lender: This is usually a single-entity banking institution that will fund your mortgage with their own money (most of the time…). Maybe you have a checking or savings account with this bank already. A lender will have its own specific set of guidelines for a jumbo loan and it may have its own “overlays” for conforming and government loans, like FHA and VA. Overlays are defining characteristics — let’s say a minimum FICO score, for example — that are technically not a guideline of the government-sponsored entities (Fannie Mae and Freddie Mac), but that are adhered to by this individual institution on top of the standard guidelines. So, if you’re going to be a customer of a direct lender, you have to meet their guidelines. If you don’t you won’t qualify with them.
  • Broker: A broker can be seen as the opposite of a lender. A broker has none of its own money to lend, but instead works with many lenders to offer a variety of options to its clients. A broker just may have more flexibility to get some scenarios approved, though when they are in the process of doing so, they turn the control and authority of the file over to the lender.
  • Banker: An independent mortgage banker fits between the lender and the broker and can often offer the services of both. Instead of lending its own money, an “inde” will have warehouse “lines of credit” from lenders and will have authority to fund loans with that money. Thus, an independent mortgage bank has a combination of in-house control over your application and the ability to match a specific profile to a specific lender. Many indes can also broker loans when brokered options prove to be the best fit. Guaranteed Rate is one of the nation’s largest independent mortgage banks, for example.

Who Has the Best Rates?

Great question! But you won’t find the answer here. And you won’t find the answer anywhere but in your own research. As mentioned above, there are many complex factors that go into a consumer’s rate and the entity type alone does not exclusively determine the outcome. Can a broker beat a lender? Yes. Can the opposite be true too? Absolutely. It’s very important to note that many originators advertise exclusively based on rate, but for consumers it’s practically impossible to shop exclusively on rate — there are often too many variables for the scenario, let alone the fact that rates can change every day.

What a Roundabout!

Not really. The purpose of this blog is not to get you to resign to the fact there’s no one option better than another. In fact, by understanding the differences, it may help you get best positioned to optimize your research. For 10+ years, I have worked for an independent and the reason I really enjoy doing so is because we can say “Yes!” to more clients. We have a great variety of choices when it comes to programs, rates and terms and this power, when understood and effectively communicated gives, I feel, our customers the edge in today’s market.

I’m happy to discuss the mortgage industry and what we can do for you today. Get in touch any time and I look forward to being of service!  And of course, you can always begin the pre-approval process, free of cost or obligation, by clicking HERE.

So much better than a, 

 

Robert J. Spinosa
Vice President of Mortgage Lending
Guaranteed Rate
NMLS: 22343
Cell/Text: 415-367-5959
rob.spinosa@rate.com

Marin Office: 324 Sir Francis Drake Blvd., San Anselmo, CA 94960
Berkeley Office: 1400 Shattuck Ave., Suite 1, Berkeley, CA 94709

*The views and opinions expressed on this site about work-related matters are my own, have not been reviewed or approved by Guaranteed Rate and do not necessarily represent the views and opinions of Guaranteed Rate. In no way do I commit Guaranteed Rate to any position on any matter or issue without the express prior written consent of Guaranteed Rate’s Human Resources Department.

Guaranteed Rate. Illinois Residential Mortgage Licensee NMLS License #2611 3940 N. Ravenswood Chicago, IL 60613 – (866) 934-7283