Mortgage Loan Process Experience With The Gustan Cho Team
This BLOG On My Mortgage Loan Process Experience With The Gustan Cho Team At CrossCountry Mortgage Was Written By Bob Vogel NMLS 1446953 of CrossCountry Mortgage
I would like to introduce Bob Vogel NMLS 1446953 of The Gustan Cho Team at CrossCountry Mortgage and the author of this BLOG On My Mortgage Loan Experience with The Gustan Cho Team at CrossCountry Mortgage Inc. NMLS 3029.
Bob Loan NMLS 1446953 is the Editor in Chief of Loan Consultants as well as a guest writer for Gustan Cho Associates Mortgage & Real Estate Information Resource Center. Bob Vogel has helped write many articles on passing the federal NMLS examination published on both Gustan Cho Associates and Loan Consultants. Bob Vogel is officially a licensed mortgage loan originator and has been hired at The Gustan Cho Team at CrossCountry Mortgage and is part of the team at Gustan Cho Associates Marketing Team.
Bob Vogel Mortgage Loan Experience
Bob Vogel and I met back in 2013 when he went through a mortgage loan experience as my borrower. Here is the chain of events:
- I first met Bob Vogel back in early 2013 when he found me online after reading one of my many blogs on the FHA Back to Work Extenuating Circumstances due to an Economic Event .
- Bob Vogel, like many of us, has been affected by the Great Recession of 2008 and has lost his job he had for many years which affected his income and the ability to maintain his monthly bill payments.
- The loss of his job has affected Bob Vogel’s ability not just to pay his minimum monthly debt obligations but also Bob could no longer afford to make his mortgage payments.
- Bombarded with countless of phone calls by bill collectors and creditors and overwhelmed with the mounting debts and being behind in his mortgage payments,
- Bob Vogel had no other choice but to file a Chapter 7 Bankruptcy and also had to foreclose on his home.
- The bankruptcy and foreclosure did not stop from being successful and trying to achieve his goal of becoming a homeowner again.
- There was nothing in this world that will hinder Bob Vogel in getting another home for his family.
- Bob, an accountant by trade and education and armed with an accounting degree, found another accounting job in no time but the time it took Bob Vogel to get another job was too late to save his home.
Bob Vogel Of Loan Consultants: The Come Back After Bankruptcy
Most people who just went through a Chapter 7 Bankruptcy and Foreclosure want nothing to do with re-establishing credit and buying another home is the last agenda they have.
- However, a Bankruptcy and Foreclosure was not going to set Bob back.
- With a 480 FICO credit score, Bob Vogel went immediately to work to re-establish his credit because he promised his wife and family that they will not be renters for long.
- Bob got himself several secured credit cards and started researching on the fastest and easiest way of rebuilding his credit and spent countless of hours, weeks, and months in ways of getting a mortgage after bankruptcy and foreclosure .
- One year after Bob Vogel’s Chapter 7 Bankruptcy and Foreclosure, Bob saved enough money for the down payment for a home purchase and has increased his credit score from 480 FICO to a 670 credit score.
- Bob Vogel was ready to purchase a home for his family.
- However, there was a major hiccup. Bob Vogel has recovered way too fast than what FHA and Fannie Mae or Freddie Mac allowed.
- There is a two year mandatory waiting period to qualify for a FHA Loan after a Chapter 7 Bankruptcy discharge date and there is a three year waiting period to qualify for a FHA Loan after the recorded date of a foreclosure, deed in lieu of foreclosure, and short sale.
- There is a four year mandatory waiting period to qualify for a Conventional Loan after a Chapter 7 Bankruptcy discharge date and there is a 7 year waiting period to qualify for a Conventional Loan after a foreclosure.
- There is a four year waiting period to qualify for a Conventional Loan after a short sale and/or deed in lieu of foreclosure.
- This was a major stumbling block Bob Vogel ran into and he needed to rethink things through.
- He had a solid job as a senior accountant making over $100,000 per year, he had re-established his credit scores, and he had saved enough money for the down payment and reserves for the home purchase but he did not meet any of the mandatory waiting period requirements.
- Nothing was going to stop Bob Vogel.
- He went to work and hit the computer and went on searches for mortgage lenders who can help him.
FHA Back To Work Mortgage Mortgage Loan Process Experience
After weeks and countless hours of research, Bob Vogel stumbled upon a new FHA Loan program called FHA Back To Work Mortgage which just came out in late summer of 2013.
- Bob Vogel Mortgage Loan Process Experience was to going through multiple mortgage lenders and was surprised on how easy it was to get a pre-approval with the FHA Back To Work Extenuating Circumstances Due To An Economic Event mortgage loan program.
- Bob Vogel then went through his Mortgage Loan Process Experience armed with a pre-approval letter by a mortgage loan officer and signed a real estate purchase contract.
- He then proceeded with Mortgage Loan Process Experience with the first mortgage lender he choose.
- To his surprise, Bob Vogel ended up getting denied and after he went through Mortgage Loan Process Experience with the original lender he went to.
- He then choose a different lender and went through Mortgage Loan Process Experience and then got denied again.
- He eventually found me online from one of the blogs I wrote and published on the FHA Back to Work program and called me and we spoke extensively.
- After careful analysis of his mortgage application and the reason why he got denied by multiple mortgage lenders, I have decided to take on the Bob Vogel’s FHA Back to Work Mortgage loan application.
- Within over a week, I got Bob Vogel a mortgage loan approval and we were off to the races.
- Unfortunately, the appraisal came back and it came in lower than the purchase price.
- Bob Vogel tried renegotiating with the home sellers but the sellers would not budge on the purchase price.
- The deal fell through, not because of Bob Vogel, but because of the home not appraising out.
- Bob Vogel now felt comfortable that he is secured a mortgage with the FHA Back To Work Mortgage program.
Bob Vogel Of Loan Consultants: Being Steered By A Home Builder
Bob Vogel now felt confident that he can get a FHA Back To Work mortgage loan with me so he confidently went shopping for a home.
- Luckily, Bob Vogel and his wife found a new construction development in Hampshire, Illinois offered by Ryland Homes.
- Bob showed the sales team his pre-approval letter to the sales person of Ryland Homes and decided on a new construction home.
- However, the salesperson at Ryland Homes pushed Bob Vogel to use their preferred mortgage lender in order to get a $10,000 builder’s incentive and if Bob used me, they could not get the $10,000 builder’s incentive. $10,000 is a lot of money and Bob decided to use the lender that Ryland Homes recommended which was Platinum Home Mortgage which turned out to be one of the most incompetent lenders in the country.
- Everything went smoothly initially with Bob.
- Platinum Home Mortgage gave him a pre-approval letter and the new construction started.
- Right towards completion of the home,
- Platinum Mortgage ended up denying Bob Vogel his FHA Back To Work mortgage loan.
- Bob was frantic and could not believe what just had happened.
- Bob Vogel called me back and told me that he just got denied by Platinum Mortgage and he needed my help in getting his FHA Loan approved.
- I took over his mortgage loan application and got him a mortgage loan approval.
- We shortly closed on his new home.
Bob Vogel Of Loan Consultants: Career Change After Mortgage Process
According to Bob Vogel, going through the mortgage process was a grueling experience.
- Not only did Bob Vogel go through the mortgage application process with one mortgage lender, but he had mortgage than a dozen mortgage lenders deny him a mortgage and a few mortgage lenders who told him that his mortgage loan would be a cakewalk to find out later that he got rewarded with a mortgage loan denial especially by the preferred mortgage lender of Ryland Homes, Platinum Home Mortgage Corporation which turned out to be one of the most incompetent lenders in the country.
- Bob told me that he must have aged over ten years due to the mortgage process he went through.
- Being a gentleman and scholar and a natural born leader Bob Vogel is, Bob took this learning experience in stride and realized the importance of being a mortgage loan officer and called me about what I do and how I do it.
- By how I do it, Bob wanted to know exactly what is it that I do to have gotten him approved and closed while dozens of other mortgage lenders could not.
- I told Bob that it is no rocket science in doing what I do.
- You just have to get hooked up with a national mortgage banking firm that has little to no lender overlays and told him that the pre-approval stage of the mortgage process is the most important part of the whole mortgage application and mortgage approval process.
- The main reason for last minute mortgage loan denials is because the loan officer did not properly pre-approve a mortgage loan borrower.
- Bob Vogel realized the importance role a mortgage loan officer has and the lives he can affect and help families.
Bob Vogel Of Loan Consultants: Getting Ready For New Career As A Loan Officer
Bob Vogel who has a bachelor’s degree in accounting and has many years of accounting experience decided to change careers and decide help families make their dream of home ownership become a reality.
- While working his full time time as a manager of the accounting department of a large company, Bob Vogel committed himself in studying for the rigorous federal NMLS Exam and passing it the first time .
- Bob Vogel aced the NMLS Test and got a score of 91%, that is the highest test score I have ever seen anyone get on the NMLS test.
- I then hired Bob Vogel as a licensed mortgage loan originator for CrossCountry Mortgage and is my assistant manager and deputy chief of marketing and senior writer for Gustan Cho Associates.
- Bob Vogel is also the proud owner and managing director of Loan Consultants USA , a one stop shop mortgage and real estate informational center website.
- Bob Vogel is the Chief Moderator of Lending Network USA , America’s fastest growing real estate and lending online community.
- Bob Vogel is a natural born leader and already has the responsibilities to help newer licensed mortgage loan originators in setting up their websites and help in marketing and training.
- Bob Vogel’s dream is to one day open up his own branch office at The Gustan Cho Team at CrossCountry Mortgage and manage his own team of licensed loan originators under his leadership.
- Gustan Cho Associates is beyond proud to have such a promising young man be part of their team and need leaders like Mr. Bob Vogel, III to take our team and staff to the next level where Bob went through a pleasant Mortgage Loan Process Experience with The Gustan Cho Team at CrossCountry Mortgage. Because Bob went through a positive Mortgage Loan Process Experience with The Gustan Cho at CrossCountry Mortgage, Bob decided to become a licensed loan officer with CrossCountry Mortgage and join The Gustan Cho Team at CrossCountry Mortgage. Welcome on Board Bob Vogel.