Is the Mortgage Industry “Fucking” the Veterans?

Sharon’s business is about 65% VA loans. The broker / owner of Home Loans Inc. in Charleston, SC believes that this industry has sometimes preyed on veterans, taking advantage of the confidence in authority that they were taught during their service. He lamented the marketing strategy of sending a retired Rear Admiral in a mailout, making veterans believe a company will do the right thing when they are really rocked by complex pricing structures. Sharon told the MPA that the industry needs to do a better job of serving veterans, a process that begins with education.

“It’s about educating one person at a time,” said Sharon. “In a Facebook group called Vetted VA, we strive to educate loan officers, veterans and spouses. We have over 20,000 people in this group now and the amount of good information that is out there every day is just enormous… We are in the process of training the loan officers for VA loans, to try to improve their knowledge as well. basic. . “

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Sharon explained that in order for loan officers to better serve VA borrowers, they must overcome some misconceptions about the program. On the one hand, while the VA issues an insurance policy for about 25% of the loan, the VA does not lend money. Instead, the money will come from bondholders Ginnie Mae. Sharon also explained that while many VA loans come with no down payment and, in fact, no minimum credit rating, they are among the top performing loans, with some of the highest foreclosure rates. low. With this performance, brokers working with VA programs have no trouble selling these loans.

Her biggest piece of advice to creators looking to better serve veterans is to read the guidelines. Despite building her business around VA loans and even writing a book on the subject of VA loans, Sharon still takes at least 15 minutes a day to review loan guidelines.

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