Shmuel Shayowitz (NMLS#19871) is President and Chief Lending Officer at Approved Funding, a privately held local mortgage banker and direct lender. Shmuel has over two decades of industry experience, including licenses and certifications as a certified mortgage underwriter, residential review appraiser, licensed real estate agent, and direct FHA specialized underwriter. Shmuel provides a uniquely holistic approach to comprehensive real estate and financial matters that goes well beyond any single transaction. Shmuel is an award-winning financier recognized for maximizing the short-term and long-term objectives of his client. As a contributing writer to many local and regional newspapers and publications, his insights have been featured in the media for many topics, including mortgages, personal finance, appraisals, and real estate trends.
Behind the scenes at a mortgage banking operation.
They say, “It takes a village” – to which I wonder…. who is the “They” exactly?! I think it means the people behind the scenes who do all the little things, and big things to make things happen! I thought there is no better time than the last publication of the year to thank all of my teammates and support staff for a truly amazing year!! I also thought it would be a good idea to explain some of the known and unknown positions of a mortgage company that helps make sure buyers, sellers, realtors, attorneys, inspectors, appraisers, homeowners, home insurers, accountants, financial planners, and on and on – are all coordinated, synchronized, managed and updated in a timely and efficient manner to help make a timely mortgage loan.
In truth, I doubt there are any children sitting in school (or beyond, for that matter) dreaming about becoming a mortgage professional “when they grow up.” Perhaps they should. I have found the mortgage business to be extremely lucrative and rewarding – well beyond financial gains. To be able to help someone buy their dream home, or to personally assist in helping improve someone’s financial circumstances and wellbeing, is truly something that adds meaning and value to me on a daily basis. One of my goals for the upcoming year is to continue to expand our “reach” and to duplicate our successful strategies and efforts to other communities and specialists. There are many key characters, but the two core roles, and those whom we are most proud of within our organization – and whom we are looking to add to our team – are Loan Officers and Loan Processors.
Consultants: Known by many different titles, a mortgage consultant, loan officer, or mortgage originator, is someone whose primary responsibility is to nurture and manage relationships with clients. Depending on the set-up of a mortgage entity, these loan officers will either hand-off new clients once the loan is submitted, and or assist along the way in various roles to help ensure the application gets pushed forward. At Approved Funding, our loan officers are unique in that they are trained, mentored, and aided to be the primary liaison with the client from application through closing. With our amazing support staff, they are directly responsible for not only sourcing new relationships, but also properly structuring the loan to best suit the client’s needs – and to ensure that it gets to the closing table in a timely manner. By being front-and-center throughout the entire transaction, we are able to safeguard that our customers are getting straightforward answers, guidance and assistance every step of the way. Being the scenes are a team of assistants, analysts, processors, underwriters, compliance, due-diligence and closing coordinators, who each contribute on a loan-by-loan basis to help ensure things progress properly and proactively, addressing all common hurdles and requests. A successful loan officer is someone who can excel in either the analysis of a loan helping ensure that our clients are getting the best rates and terms, or perhaps shines in being a rainmaker by networking to bring in new business opportunities for review and consideration. Our loan officers are guided to successfully achieve both facets of this endeavor. Their efforts are immensely rewarded and recognized to help achieve further achievements and life balances together.
Loan Processors: Of the many positions in a mortgage company, I believe the loan processor is the most underrated and under-utilized in loan application process. A good loan processor can make or break the loan experience for all interested parties. Of course, our loan processors are exceptional, and we pride ourselves on their efficiency, accuracy and competence when dealing with our clients. A processors primary responsibility is to ensure that all the necessary loan documentation is obtained, verified and complies with company policy – in a timely and accurate manner. A good loan processor eventually becomes a loan underwriter who signs-off on loans or often moves into senior roles or management positions. This is a great starting point to learning full-circle about all the facets of the mortgage process.
As we look to grow our company and services, we welcome any referrals of friends or acquaintances that you might know who would be suitable for positions within our company. We are certainly willing to train those who are capable of learning and excelling in this extremely lucrative industry. We thank all of you for an exceptional year, and look forward to continuing our successful endeavors in 2018!
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