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Behind The Scenes: Sumeet Saxena, Mortgage loan originator at Huron Valley Financial

Buying a home can be a trying and confusing process to someone who has never undergone the process of getting a mortgage. However, for homebuyers in the Greater Lansing area, Su…

Buying a home can be a trying and confusing process to someone who has never undergone the process of getting a mortgage. However, for homebuyers in the Greater Lansing area, Sumeet Saxena makes that process a little less stressful and a whole lot easier.

Saxena is a mortgage loan originator at Huron Valley Financial, which has branches in Ann Arbor, Brighton, Lansing, Southgate, Clarkston, Sterling Heights and Birmingham. In simple terms, a mortgage loan originator is someone who works with borrowers to help them to get a mortgage and remains their point of contact through the entire mortgage process.

What is the background on how you started off in this industry and your experience to date?

Before entering the mortgage industry, I was a personal banker specializing in helping people with their banking needs and goals. After three years I decided I wanted to expand my experience in helping people achieve their financial goals, and the way I wanted to do that was breaking into the mortgage industry. I started out as a loan processor, which means I was the liaison between the mortgage loan officer, client or clients and the underwriter in getting the loan closed.

After being a processor for four years, I decided that I was ready to expand my mortgage experience even further and become a mortgage loan officer. I felt being a mortgage loan officer best fit my personality and my passion for helping people with their homeownership needs. I have been a loan officer now for two years.

As a mortgage loan originator, my goal is to help people accomplish their homeownership goals and needs. I have a conversation with my clients so I know what their homeownership needs and goals are. After the initial conversation, I educate them in the mortgage process, which mortgage program best fits their needs and why it fits their needs. Finally, I work with the Realtors, processor, underwriter, and my closing department to get my clients to the closing table and help them become homeowners. 

What do you do on a typical day as a mortgage loan originator?

My typical day consists of meeting with Realtors and other industry leaders in my “sphere of influence” group to generate mortgage leads. I’m also meeting and talking to prospects that I’ve been connected with through my referral partners who are looking to get pre-approved for a mortgage.

What do you like best about your job? Why did you decide to get into this field?

I feel the best part about my job that I like is getting my clients to the closing table. I get to witness the happiness and joy in my clients’ faces once they have signed the last document and are officially homeowners. I decided to get into the mortgage industry because I wanted to help people accomplish their homeownership goals.

Does one need to have a particular type of degree to be a mortgage loan originator?

You don’t need any type of degree to become a mortgage loan originator. Typically, in order to become a mortgage loan originator, a person needs to have a financial services background, mortgage loan originator experience, and pass the mortgage loan officer state and federal tests that are required to become licensed.

What are the first steps someone trying to get a mortgage should do and how would you advise them to proceed?

The first steps to take when interested in getting a mortgage is to know how much money you’re looking to put down, what source are the funds for the down payment and closing costs coming from, how much do you want your total monthly payment to be including principle and interest, homeowners insurance, property taxes and mortgage insurance. Also, another step to take is to make sure your credit score qualifies for a mortgage and the credit report has no derogatory tradelines.

What changes, if any, do you see coming for mortgage loans in 2019?

All indicators project interest rates will be increasing, with more consolidation of smaller mortgage companies in the market.

What are typical reasons why someone might not be approved for a mortgage loan?

The typical reasons someone would not be pre-approved for a loan is because of their credit scores not qualifying, along with derogatory tradelines on their credit report and/or not enough income that can be used to qualify them for a mortgage. 

What major changes in technology have you seen in your time as a mortgage loan originator?

The major changes in technology that I’ve seen is the ability for mortgage loan officers to electronically send the application and loan disclosures to the client for them to electronically sign the application and loan disclosures. The ability to market/promote myself and other referral sources via social media is another major change I’ve seen in technology. The ability to track the progress of each loan from beginning to end using the loan origination software. Lastly, the availability of software to keep track of an existing database of prospects and clients.   

What sets you apart from other mortgage loan originators and makes it a good deal for a customer to choose you to help them get a mortgage?

I feel that I have an awesome support team and processing systems in place with Huron Valley Financial that help the mortgage process go smoothly. Also, I feel that my commitment to finding the right program for my clients’ needs, communicating with my clients and Realtors on a consist basis from beginning to end, definitely sets me apart from different mortgage loan originators. 

Do you see any major changes coming in the housing market in 2019 that will cause changes in the strategy of getting a mortgage loan?

We’ve seen in the last couple of years that it was a seller’s market, but now I predict it will swing back toward a buyer’s market.

What are the steps a customer has to go through to get a mortgage loan?

Have a conversation with me first, complete an application, have credit pulled, send me initial income documentation to receive a pre-approval, put an offer on a house and have it accepted. Have an appraisal completed, submit the loan through underwriting to receive conditional approval, gather remaining documentation requested by underwriting, resubmit it back to underwriting for a clear to close and finally receive the clear to close from the underwriter.

How else do you help customers get their mortgage loan?

If a client doesn’t immediate qualify for a mortgage because of their credit score or anything derogatory on their credit report, I will work with them as far as guiding them into what they need to do to increase their credit score. I will also guide them in what they need to do with any derogatory items that are on their credit report, and how that will affect them in qualifying for a mortgage. I will also educate clients on the mortgage programs available and the process as well. 

The bottom line is that the American dream has always been owning a home, and the mortgage process can seem scary to new homebuyers. It is always a good thing to have someone on your side to guide you through the process and to answer any questions or concerns that you may have in your journey to buy a house. That’s where people like Sumeet Saxena of Huron Valley Financial are standing by, ready and eager to help those who need a mortgage to buy their dream house and make that journey to secure a mortgage go smoothly. So, if you are in need of a mortgage, and are unsure about the process or just want an experienced person to guide you, a mortgage loan originator like Saxena is the right place to start the process.

 

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