That represents a “fast, cheap, simple” loan for borrowers who qualify, allowing them to refinance into a lower interest rate as long as they meet specific criteria, Gade said.
How can the issue be rectified?
Still, the sphere is marked by low levels of expertise among the loan officer community, a gap Gade and UMortgage are attempting to bridge through a new program aimed at improving standards in the sector.
“I still see way too many borrowers that are going, ‘Hey, I got denied by this company or that company,’ and I look at their denial or reason for it, and I’m like, ‘That doesn’t make any sense. The loan officer didn’t know what he was talking about,’” Gade said.
“You’ve got a very small percentage of loan officers that are truly competent when it comes to VA loans. And so I think that’s probably the biggest issue in my mind… You have to seek out good training. There are a number of places out there, a number of training platforms where people can go to pay to learn VA loans. I would say if you want to truly serve this customer, you need to go get schooled on it, or be around people like that.”
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