This month’s guest – Mitch Kaminer
We’ve just proved that the financial system can take the country down. Everyone [no matter which financial industry you're in] needs to work at a certain level to ensure that doesn’t happen again.
In today’s episode, the Thought Leaders express their feeling on certifications in the real estate and mortgage industries.
“We have to hold a code of ethics. We have to go to quadrennial ethics training every four years. We have arbitration law that we have to deal with. A licensee who is not a member of a local Board has nothing, none of those… that’s a big misnomer. The consumer thinks that a Realtor is a Realtor, is a Realtor. That is not the case.”- Mitch Kaminer
The average consumer may feel the same way about mortgage providers, however a mortgage provider is not a mortgage provider, is not a mortgage provider. There are a lot of difference between companies and individuals: experience, licensing, professional membership.
“Certifications are there for a reason, and the government sets minimum standards for the protection of the consumer.” – Cal Haupt
In today’s episode, the three Thought Leaders discuss underwriters, taxes and more.
In this episode of Roundtable Discussions, Cal, J.D. and Mitch discuss how the mortgage industry has changed over the past 5 years.
“Over the past year or so, when I work with a buyer, I pretty much brief them. I won’t take them out looking for houses until they have talked to a lender. And if they’ve bought and sold houses in the past, I say things have changed… Just because you got a loan 5 years ago no problem, doesn’t mean you’re going to get one again this time.” -Mitch
Cal Haupt, president and CEO of Southeast Mortgage of Georgia and J.D. Crowe, Senior Vice President of Southeast Mortgage of Georgia recently sat down with Mitch Kaminer, associate broker with RE/MAX Paramount Properties and President of the Atlanta Board of REALTORS to discuss the current state of Georgia’s real estate industry.
View the Roundtable Discussion below, or on YouTube.
The purpose of these Roundtable Discussions is to engender a deeper understanding of the mortgage industry. In today’s episode, Cal and J.D. speak with Mitch about his impression of mortgage companies:
“I’ve been selling real estate for about 17 years now, and in my mind there were two types of companies: there was either the lender or the broker, and there was no in the middle or deviation from that. So, it was interesting to hear that [Southeast Mortgage] was not either or both.”
It is a common misperception that the only options for a mortgage are banks and brokers. In reality, there are companies that are similar to banks, with their own funding sources or using warehouse lines, but they have higher certifications from the aspects of the seller servicer with Fannie and Freddie, a HUD Title II DE.
“Southeast Mortgage is a licensed lender in Georgia and across the Southeast, but not chartered as a bank. I think we’re the best of both worlds, because we fall somewhere in between a bank and a broker. We have more certifications than the banks, but we’re able to access the wholesale market, and we have the ability to go directly to Fannie & Freddie. So, we have multiple investors, yet we’re able to maintain control the process of the underwriting.”- J.D. Crowe