Bank Trains Officers to Give VA Loans
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UPDATED: Oct 9, 2012
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One of the largest mortgage bankers in the country, Fairway Independent Mortgage Corporation, has undertaken a “boot camp” training program for its loan officers. The program, which began in late September, instructed loan officers in how to serve military clients by becoming Military Mortgage Specialists.
Because many active duty military members are young, financially inexperienced and transient, they are a “targeted population” for lenders.
“The men and women who have served or who are currently serving in the U.S. military deserve our very best. Our military and their families sacrifice so much for our freedom, so the very least we can do as mortgage professionals is to go the extra mile with additional training,” said Louise Thaxton, branch manager and director of Fairway’s Military Mortgage Specialist division, in an interview with the Herald Online.
Fairway has set out to train Military Mortgage Specialists into becoming thoroughly equipped to handle the home financing needs of both active duty and veteran clients. Loan officers obtain certification as Military Mortgage Specialists following their educational “boot camp” and a 90-day training period.
Thaxton, in partnership with the Boot Campaign and Military Warriors Support Foundation, recently gave a renovated mortgage-free home to a wounded veteran in late September. Her aim was to gain veterans’ attention and encourage both active and retired service members to consider seeking assistance from loan officers—such as Military Mortgage Specialists—who have experience working with current and former military service members.
She also advises military members to use their VA loan eligibility when purchasing a home. VA loans are mortgages that are government backed rather than government lent. This allows lenders, such as Fairway, to offer VA loans to veterans knowing that there is less risk attached to the financing. Thaxton explained that VA loans are incredibly beneficial for a number of reasons, including their competitive interest rates, easier financing, and lower requirements.
“It’s important for mortgage professionals to not only learn about the VA home loan product, but also learn the culture of active duty military and the unique challenges they face. We should give 110 percent to these heroes,” said Thaxton.