Hear From Our Experts - Mortgage - Lainey Hamrick

I have been a loan officer for Englewood Mortgage Company since 1997, and in the banking industry since 1995. My Sister and Brother in Law started this company approximately 20 years ago, so it has been a locally owned business since its inception.  I have been with Tom Martino’s referral list since 1997 when I began at Englewood Mortgage Company.  Since the beginning of my mortgage career, it struck me how car salesman like the industry was and still is.  That is why I partnered with Tom Martino, because in Colorado, since there is no requirement for mortgage brokers to be licensed, and so there is a great deal of mortgage abuse.  Fraud and closing costs rip offs are rampant in the marketplace, and I wanted to separate myself from the unethical, and immoral mortgage lenders.  I know there is a way to make a good living in this business being fair and honest and going above and beyond for the client. 

I offer the most competitive rates, with a good explanation of the programs and closing costs that are REAL COSTS, and I don’t charge fees that are not associated with the loan.  I do my best to insure that the client is in a better situation after they come to me and will continue to improve financially after they leave.  I AM NOT IN THIS BUSINESS JUST TO MAKE A COMMISSION!  I want a relationship with the client for a long time after I have qualified them for a loan on a new home or a refinance. 

I am an associate with Fair Isaac Credit Organization, and they are the company (FICO) that developed the credit scoring system that companies use now to determine the credit worthiness of the borrower.  I have an expertise in credit and what makes credit scores higher and lower.  This is particularly helpful when working with clients that are trying to get themselves into a better situation after a bankruptcy, or divorce.

Divorced clients are badly in need of credit advice.  Even though the divorce decree stipulates which party is responsible for which debts, the entities themselves do not honor the decree when collecting those debts.  If the responsible party is late on a payment and the other party is on the original note for the indebtedness, both parties will show a late payment and it will damage both parties credit and most of the time the clients do not have an understanding of this. 

I have been instrumental in reporting unethical mortgage brokers and realtors to the authorities.   I have reported brokers to HUD, the Attorneys General office, and the District Attorney’s office.  Colorado is currently 6th in the nation for mortgage fraud.  Recently there have been several people arrested and charged in Colorado for fraud and other unscrupulous and illegal activities.  I do my best to inform the media of the most flagrant stories to get it reported to the public. 

I am proud to be associated with the Better Business Bureau and doing my best to spend time educating the public on mortgage abuse, and the need to CONSUMERS TO BEWARE!!!!  The RESPA, (Real Estate Settlement Procedures Act) does not protect the borrowers from the abuse in this community, and it is imperative that we reach out and inform our community about what can happen if they are not careful.