We are delighted to welcome back a familiar face in the mortgage servicing industry. Our very good friend, County Armagh native Alan Dillon, is back working in the Massachusetts market after taking time off to deal with a serious illness and has most recently been working out of state.
After being diagnosed with kidney cancer, Alan faced a long slow recovery and speaks openly of the barrage of complications and related challenges. Several years ago, Alan moved from the Boston area to the suburbs of Washington DC with his wife and daughter to be closer to family.
Things for Alan are now looking better now. His health in on the mend, his wife and daughter are very settled in Virginia and now, Alan can once again, do mortgage financing in Massachusetts. “I work for First Home Mortgage which is a private equity and employee owned Mortgage Company. We ONLY do mortgages and this is great as we are licensed from Maine to Florida. I have had my fill of working for banks which have a mortgage division that is treated as the ugly duckling; being tied to a bank is so restrictive in terms of products that one can offer to their clients. I can offer products from many different banks and get loans closed easier than going directly to the banks”.
The one thing that has really changed in the mortgage loan industry is that nowadays, there is no such thing as no or reduced documentation loans—it is all full documentation loans. “As a result of the financial meltdown there has been a huge tightening of lending standards, so when you apply now for a mortgage, be prepared to be asked, repeatedly, for more submittal of documentation. It’s the way it is and it is not going to change. In fact, the guidelines will get tougher with the re-election of President Obama, as it means more implantation of Dodd- Frank Wall Street Reform and Consumer Protection Act”.
“The days of showing minimum income to reduce your tax bill, and expecting to get a mortgage, are gone. Borrowers cannot have their piece of cake and eat it too” says Alan.
With that bad news, here is the good news. Mortgage rates have never been so low and are expected to stay low for some time. Also, the backlog of short sales, foreclosures is significantly reducing and the economy is picking up, so now is a good time to buy, especially as values seemed to have stabilized.
Although Alan is physically located in Virginia, he is licensed to do mortgages in Massachusetts (as well as VA, MD, and DC). “I am still in contact with my realtors and closing attorneys that I have previously worked with; it’s easy for me to do loans because of my past, in depth, local experience. We process, underwrite and fund all of our own loans. Because this is done in my own office, I am able to speak with my processor and underwriter directly. There is no need to send it off, too far of fields, and get no reply. This is a huge competitive advantage for me as I can control stages in the process, which in return, gives the best service to my clients.
So, when you want to refinance or buy a home call Alan Dillon at 703 946 8988, today. Alan Dillon Loan Officer First Home Mortgage NMLS 83838