Curt: If you're looking for a mortgage, I'll bet your first thought is some big box bank. Well, there are alternatives. Let's talk to one. You're Jeannine Henrion of Group One Mortgage. What's the difference if you are shopping for a mortgage between going to a big box bank, and you know who they are, and you, who's a mortgage broker?
Jeannine Henrion: Well, I think Curt, you know, it's very easy to walk into your local branch where you have your checking account. You see the tellers every week when you make your deposit and there are some good loan officers there. But the standard in which a mortgage banker or a mortgage broker is held to, those loan officers not only have to be registered, but they also have to go through a licensing process, continuing education, passing exams. We're held to a higher standard, which is a nice thing for the consumer to know. Also, when you work with a mortgage banker or a mortgage broker you have more options in loan programs and rates or pricing scenarios. If I walk into the local branch where I have my checking and savings account, they might have the best rate compared to all the other financial institutions on the other three corners that day, but by the time I'm actually ready to lock my loan, the person on the other side of the intersection might have the best rate. When you're shopping with a mortgage banker like Group One, with the click of a mouse, I can shop you between probably 15 different investors on the day that it's time to lock you.
Curt: So, you're saying that a mortgage isn't necessarily a mortgage? There are several different programs that a consumer can come in and talk to you about.
Jeannine: Every different lending investor may have a different set of overlays for the—
Curt: An overlay is?
Jeannine: Is where they're not gonna do exactly the same things that Fannie Mae or Freddie Mac are willing to do. They may have a lower risk tolerance.
Jeannine: And everybody has their different risk tolerances and overlays in different places. So, it's nice to have those options with one-stop shopping.
Curt: Mm-hmm, so I, coming in with a certain set of criteria and a certain income might find a very favorable mortgage and someone else might find another mortgage more favorable?
Jeannine: Correct! It's nice to have more than one tool in my box.
Curt: So, once again a mortgage banker broker as you are, you're licensed. And it's not that the bank, big box banks are doing anything wrong. It's just they're under a different criteria?
Jeannine: A different criteria and less options to choose from.
Curt: Thanks, Jeannine Henrion of Group One Mortgage. Thanks for being here today.
Jeannine: It's my pleasure.
Learn more about Jeannine Henrion, Family Mortgage
Click here to go back to video library
Click here to go back to full show episodes