In his new role, Smith will also continue to advance loanDepot’s extensive outreach to both the military community and industry professionals – both originators and realtors – to help them better understand and utilize VA mortgage products, he said. Over the last several years, Smith has trained more than 28,000 real estate agents and consumers on the nuances and benefits of the VA’s powerful home loan program, according to his bio.
Aside from his intimate knowledge of the military, Smith has had a long career in the housing industry – spanning more than 20 years, with roles in mortgage, real estate and sales/training roles with companies such as Prudential Real Estate, USAA, Wells Fargo and Mutual of Omaha. Smith joined loanDepot in 2022.
That training background will aid in his new role as he helps enlighten others on the benefits of a VA loan. “We’re going to continue to increase knowledge with our partners,” he said. “It’s something I’ve been passionate about for a long time. For 12 years, I’ve been in the training mode, teaching real estate agents all about the VA program and just how amazing it truly is.”
What makes the VA loan so great?
“One of the greatest things about it is some of the features that it offers and some of the features that it does not have,” he said. “The ability to get 100% financed with a VA loan makes it extraordinary in the mortgage world. But the fact it doesn’t have all of these extra fees such as PMI [private mortgage insurance] MIP [mortgage insurance premium] means that every single time I make a mortgage payment, more of my money is going toward equity – which means I’m building more wealth for me and my family. From a mortgage perspective, that’s what we’re really doing this for.”
He extolled the benefits of the VA loan in summary: “So 100% financing, incredible terms that are out there, backed by the US government, not having to worry about mortgage insurance. All of these things make a VA loan pretty extraordinary.”
Source: mpamag.com