As of Mid July, 2o23… I am now a Branch Manager for West Capital Lending. Visit my personal page HERE.
Based out of Irvine, CA, the mission is to serve our customers with honesty, integrity and competence. Our end goal is to provide home loans to our clients while providing them with the lowest interest rates and closing costs possible.
As I officially venture into the world and life of a mortgage broker, I’m thrilled to share my experiences and insights gained along this new path. The transition from being a retail mortgage lender to a broker involves several key differences, and the most significant among them is the variety of lenders I’ll be collaborating with.
My main focus in my previous position was to help clients perform a cash out refinance, but now I can help on so many levels both residential and commercial. I always heard, Ray I want to buy my first home or I want to purchase an investment property. Now I can help make that dream happen!
In my former role as a retail lender, I was bound by the narrow offerings of my employer. Each retail lender has its own range of products and, quite often, they implement what are known as ‘overlays’ to their guidelines. These overlays, or additional criteria, can place more constraints on potential borrowers, often making the loan acquisition process more challenging.
Take, for instance, the minimum credit score requirement set by the Federal Housing Administration (FHA) for their loans. FHA is generally willing to work with borrowers who have credit scores as low as 500. However, many retail lenders, in an effort to mitigate risk, set their own higher threshold – often around 580 or above. These ‘overlays’ can create additional hurdles for borrowers who might otherwise be eligible for a loan.
As a mortgage broker, I am not confined to the products of a single lender. I now have the opportunity to work with a multitude of lenders, each offering a diverse set of loan products. This wider scope allows me to match borrowers with the lender and mortgage product that best suits their financial circumstances and goals. Also being able to assist people in over eleven states, when you think of searching mortgage lender near me, chances are, I maybe able to help. (My states are below 🇺🇸)
In essence, my move to mortgage brokering expands the possibilities for my clients and referral partners. It allows me to offer a broader spectrum of mortgage loan solutions without the limitation of overlays, thereby making the path to homeownership or refinancing more accessible.
One of the additional benefits of working with a mortgage broker versus a retail lender lies in the cost-effectiveness, essentially a loan with less fees and costs. As a mortgage broker, I operate on a wholesale basis, which means we typically have significantly lower overhead costs compared to retail lenders. This lack of overhead translates into savings for you, the borrower. Whether you’re looking to purchase a new home or refinance your home, this cost efficiency can equate to more favorable loan terms and interest rates. My aim is to pass these benefits on to my clients, offering not just a wider range of mortgage products, but also a more affordable route to securing your dream home or achieving your refinancing goals. In essence, lower costs for me can mean lower rates for you, making the choice to work with a mortgage broker an even more appealing option.
As I navigate this new terrain, I am eager to leverage my two decades of industry experience to help clients find optimal mortgage solutions, whether they’re purchasing their first home, investing in property, or seeking a refinance.
I can also help with the following types of loans*:
iTin Loan – This is a distinct type of loan designed for individuals who lack a SSN & the conventional paperwork required to secure mortgage loans.
DSCR Loan – This is a loan that allows you to qualify using future investment property rental income.
This journey is not just about a career transition, but also about empowering you, my clients, with more options, better suited solutions, and a more personalized mortgage experience. I’m excited to guide you through this process, and I look forward to providing updates and sharing valuable insights along the way. Stay tuned!
I am currently licensed in the following states: Arizona, Colorado, Florida, Maryland, Michigan, Pennsylvania, South Carolina, Tennessee, Texas and Washington. California is pending my DRE being completed.
APPLY HERE to get started!
*Not everyone will qualify. Details are high level overviews. Consult myself or your mortgage professional for more details.
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