Peter Thompson has been a loan originator since 1992. I originated my first loan at about the same time. To give you some perspective. Calyx Point was a Dos program. You could refinance the average FHA customer DOWN to 9% and save them a bundle. The most important technology tool a loan officer owned was an HP12C. We did Good Faith Estimates by hand. We even walked to school 4 miles in the snow, uphill, both ways.
My favorite loan officers are the ones that have been doing it at least since the early nineties. Often, they understand the mechanics of loan qualification better. They appreciate how much easier technology has made their job. They don’t get overly excited when rates move up a quarter percent. They’re in it for life. It’s not a job to them. It’s who they are.
Peter is one of those guys. I’ve been following his Chicago Mortgage blog for quite some time now, and Peter really knows his stuff. The longer Peter consistanly posted great information on his own blog, the more I knew his voice was one that his fellow colleagues whould appreciate it. He’s going to make a great addition to lenderama, please welcome him!
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Todd,
I had to laugh when you said, “They’re in it for life. ”
I’ve been doing the lending thing since 1991 (sold real estate before that) and you are absolutely correct, we’re pretty much lifers by now….
Tom
“The most important technology tool a loan officer owned was an HP12C.”
I don’t know if this is good or bad, but I’ve got the same HP19B calculator that I bought in 1988. I’m thinking it’s older than some of the originators that visit this blog.
And welcome to Lenderama, Peter Thompson!
Welcome to Lenderama, Peter. Hope to se some great posts from you which can clear up the air on all the bad publicity LO’s have recived as of late.
Thank you all for the welcome. Paul, my calculator isn’t quite as old as yours, but it’s old enough that its scratched up like it was thrown in a dryer with a bunch of rocks. Still works though.