What is a Mortgage Planner?
By Dave Savage
We get this question a lot from loan officers who are either new or are focused on processing transactions. Here’s our response:
“A Mortgage Planner is a financial professional dedicated to helping homeowners make informed mortgage decisions that integrate with their personal financial plan. Mortgage Planners don’t sell loans, they change lives.”
But I often like to ask leading industry MPs for their definition too. While there is a common thread among everyone’s thoughts, it’s interesting to see each person’s interpretation.
Jim McMahan says:
“Today, I see a mortgage, more than ever, not as a mortgage loan once was, but instead as a financial planning instrument that must be integrated into your long and short-term personal financial plan. My goal is to help you create a mortgage strategy that builds wealth for your family.”
Steven Marshall says:
“We help our clients successfully manage their home equity to increase liquidity, safety, rate of return, and tax deductions. Unlike a traditional loan officer, our role is to help our clients integrate the loan they select into their overall long- and short-term financial and investment plan to help minimize taxes, improve cash flow and minimize interest expense.”
Okay, that’s a lot of industry speak. But what does it all mean? The takeaway from all these comes down to this single point: that mortgage planning is not just about selling loans—it’s about changing lives. Mortgage Planners look at the big picture and get to know the client and their needs before even presenting mortgage options. And they don’t just clock in to a 9-to-5 job every day—they live, breathe and really feel their clients’ needs on an ongoing basis.
What do you think a mortgage planner is or ought to be? I’d love to hear your thoughts. Feel free to email me at dsavage@mortgagecoach.com.