loanDepot Inc., a non-bank mortgage lender, has appointed David Smith as the vice president of National VA Lending. Smith, a former sergeant in the US Army, will lead the lender’s VA Council, a group of loanDepot originators who will focus on serving the often-neglected segment of borrowers. With a focus on education, Smith and his team will inform consumers and raise the level of knowledge among veterans and active service members about the VA loan, one of the most impressive mortgage vehicles out there.
Smith’s new position at loanDepot involves not only advancing their outreach to the military community and industry professionals, but also educating them on the advantages of VA mortgage products. He has already trained over 28,000 real estate agents and consumers on the intricacies and benefits of the VA’s home loan program. With over 20 years of experience in the housing industry, including roles in mortgage, real estate, and sales/training, Smith brings a wealth of knowledge to his new role. His passion for educating others about the benefits of VA loans is evident, as he has spent the past 12 years teaching real estate agents about the program. In his own words, Smith expressed his commitment to increasing knowledge and partnering with others to promote the VA loan program.
The VA loan is truly exceptional for a number of reasons. It stands out because of the remarkable features it offers and the absence of certain features that burden other loans. With a VA loan, you have the incredible advantage of being able to finance 100% of your home purchase. This is a rarity in the mortgage world and sets it apart from other loans. Additionally, unlike many other loans, a VA loan does not come with extra fees such as PMI or MIP. This means that every mortgage payment you make contributes directly to building equity, allowing you to accumulate more wealth for yourself and your family. Ultimately, the goal of a mortgage is to secure a better future, and the VA loan helps you achieve exactly that.
In summary, the benefits of a VA loan are truly remarkable. Not only do you have the opportunity for 100% financing, but you also enjoy incredible terms that are backed by the US government. Furthermore, the absence of mortgage insurance is a significant advantage that sets the VA loan apart from others. When you consider all of these factors, it becomes clear that the VA loan is truly extraordinary.
The head of LDI Mortgage commended Smith in an official statement, stating that loanDepot takes pride in being a purpose-driven lender that helps thousands of military families achieve their dream of homeownership every year. With David’s leadership and expertise, they are now in a position to further expand their positive impact. It’s clear that helping military members is a cause that resonates powerfully with loanDepot. This sentiment is reminiscent of the US Navy’s famous slogan, “It’s not just a job, it’s an adventure,” which has inspired countless individuals to join the service over the years.Smith expressed that serving his fellow veterans and helping them purchase homes and build generational wealth is a deeply meaningful and personal endeavor for him. He highlighted the unfortunate lack of understanding among both veterans and real estate professionals when it comes to effectively utilizing VA loans. Smith’s mission is to inform and empower individuals so that more servicemembers, who have made significant sacrifices for their country, can take advantage of the valuable benefits offered by the VA mortgage program.
According to Smith, a significant part of the challenge lies in dispelling the myths surrounding VA loans. He shared his own experience of being deceived when he initially purchased a home and was offered an FHA loan instead of a VA loan.
The negative perception surrounding VA loans is a reality, he explained. “I have witnessed it firsthand and personally experienced it. When I bought my first home, I was convinced that going with an FHA loan was the easier option because the VA loan seemed too daunting. However, that decision ended up costing me a substantial amount of money. I paid unnecessary fees and mortgage insurance for years. I should never have been subjected to that. This experience was the catalyst that motivated me to do what I do now.
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