How to swim with the mortgage sharks (and not get eaten alive).
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- Getting a mortgage today is a lot like swimming in a pool filled with sharks. My role is to help you navigate these dangerous waters and get you to the other side safely. Here’s the biggest shark we’ll need to watch out for: Government Regulator sharks.
The US government has basically recruited the entire financial services industry in it’s fight against terrorism through a law known as the Bank Secrecy Act. The Anti-Money Laundering provisions of the Act went into effect across the mortgage industry in 2012. These rules are commonly referred to as the institutions to analyze each and every document received from you to ensure authenticity. It will seem like you’re disclosing and documenting every minute detail of your financial life when you apply for a loan. Furthermore, an avalanche of 14 new or amended regulations have hit the mortgage industry in the last 3 years. These include Regulations B, C, D, E, F, H, N, O, V, X and Z. (And no, I’m not joking!)
The way that these sharks bite is by imposing huge fines and/or criminal charges on banks or financial institutions who fail to comply. Therefore, the number one question that bank and financial executives are asking themselves is, “How can we make money without going to jail?” This paranoid way of thinking on the part of the bank executives and underwriters often leads to bizarre requests when it comes to documenting your loan file. It may seem like they’re trying to make your life (and mine) very difficult…but the truth is they’re just trying to do their jobs without getting thrown into jail.
What does this mean for you? Many mortgage borrowers are reporting that the mortgage process today is one of the worst experiences they’ve ever had in their lives. Borrowers often feel pushed around, bullied, misinformed and just plain annoyed by all the communication they are asked to provide during the loan process.
This is where I can help. I don’t make the rules. I don’t have any power to change or go around the rules. I can’t make the sharks go away or tell them not to bite. What I can do however, is jump into the water with you and help you get to the other side safely.
This includes: 1) Giving you a list of documents needed in the beginning of the loan process so that we’re not asking you for a bunch of paperwork at the last minute. 2) Conducting my affairs in such a way that my whole team works together in harmony on your behalf. 3) Maintaining a high level of communication with you during the loan process so that we remove uncertainty and create a more pleasant mortgage and home buying experience for you.
This is probably one of the most important financial transactions of your life. My commitment is to make this a pleasant and rewarding experience…in spite of all the sharks out there!
Office 503-375-8643 Cell 503-851-6172 EFax 971-230-5834
201 Ferry Street Suite 200, Salem, OR NMLS ID#482182
Licensed Broker in The State of Oregon
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