Mortgage Planning: what should you really expect?

An increasing number of loan officers are putting the title of "Mortgage Planner" on their business card.  These loan officers are hoping to differentiate themselves from the people in the industry who merely fill in the blanks on a loan application and ask the client what flavor of mortgage they want.  However, if you are a Realtor or client and the loan officer you are dealing with professes to be a mortgage planner, what should you expect from that person?

As a veteran of the mortgage industry for over 12 years, I developed the leading financial analysis software in the mortgage industry - The Wealthbuilder Financial Analysis System, and I also am the author of the book Think BIG, Succeed BIG.  I studied accounting in college and have a 4-year degree from a major university; I was also Series 7 licensed for Fidelity Investments.  Furthermore, I study the financial markets throughout the day and I attend seminars and take other continuing education courses to try to be the best I can be for my clients and referral sources.  I say this so that you can understand where I am coming from relative to the elements I think a mortgage planner should have.

First of all, I think a Mortgage Planner should have a solid financial background either from a formal education or from working in related industries.  I believe it is important for a true Mortgage Planner to understand a wide variety of financial concepts and to be able to analyze various outside-the-box investment opportunities.

Secondly, I believe a Mortgage Planner should have a very good understanding of the various mortgages available that are designed to assist clients with their investment strategies such as the wide variety of Pay Option ARM mortgages.  You would be surprised how few loan officers truly understand this loan.

I also believe a Mortgage Planner should have a solid understanding of all the tax-related issues relative to mortgages and real estate such as acquisition indebtedness, 1031 exchanges, and the 2-in-5 rule for instance.

In addition to have this background and knowledge, a good Mortgage Planner should also have tools to help clients understand concepts, strategies and analyize their specific financial situation.  We have a PowerPoint presentation that we developed to help people understand a wide variety of concepts and strategies and, of course, we use The Wealthbuilder Financial Analysis System to help our clients gain a solid understanding of various types of mortgages including the Pay Option ARM and all of its variants as well as the client's financial picture as it relates to their retirement goals.

Finally, a good Mortgage Planner should have a team of financial professionals to help with the various aspects of a complete financial plan to give the client the best chance for success.  This team should consist of top people in their respective fields such as CPAs who have a strong understanding of real estate investing, estate planning attorneys who can assist with living trusts and LLCs, life insurance agents, financial planners (not necessarily those who sell stocks and mutual funds), and Realtors who understand real estate investment strategies and what makes a good investment property.

If you are dealing with a loan officer who professes to be a Mortgage Planner and they don't meet the criteria set forth above, I would question the integrity of their title and look for a true Mortgage Planner who does meet the above criteria.  We are licensed in 38 states and are working toward becoming 50-state licensed in the near future.  For more information and resources, feel free to check out www.TheWunderliTeam.com.  If you are a loan officer and are interested in learning more about The Wealthbuilder Financial Analysis System, go to www.mortgageloantools.com.

Comments

[Morris Young]

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[real estate portal]

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[Marsha]

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