Best mortgage loan process I've experienced. Troy Key
Sam Rosenblatt is an award-winning mortgage planner who has been providing clients with superior mortgage service since 1995. The Rosenblatt Group of Academy Mortgage offers Conventional, Reverse, Renovation, FHA, USDA, and non-conforming Jumbo mortgages. Sam is licensed to originate loans in seven states - Maryland, Virginia, Delaware, Pennsylvania, New Jersey, North Carolina, and Florida - as well as the District of Columbia.
In his 23 years of experience as a mortgage planner, Sam has helped thousands of clients finance properties of all sizes. He is consistently recognized as a top-producing loan originator in the country and is included in several national trade publications' Top Producers lists year after year.
• Top 50 Producer Nationwide (#39, National Mortgage News)
• Top 100 Originator Nationwide (#89 Most Loans Closed, #94 Top Dollar Volume, Scotsman Guide Magazine)
• Top 100 Loan Officer Nationwide (#64, Mortgage Executive Magazine)
• Top Producing Loan Officer of the Year at Academy for purchase business and total loans closed
*All of the information above is for 2017 production totals.
Sam and his team work diligently to offer their clients the best possible loan solutions and ensure that each client obtains a carefully tailored loan program that fits his or her short and long term financial plans. Sam's goal is to provide services that demonstrate his team is not an impersonal commodity but rather a group of educated, proactive individuals dedicated to finding the best loan programs available.
Sam and his wife Michelle live in Homeland with their son Bennett and their two dogs Gigi and Pippa.
Read these articles to educate yourself on the mortgage process and industry.
When purchasing a home, buyers may receive two property-related reports to consider—a home inspection and a home appraisal. These reports serve completely different purposes, and one is optional and one is required by Academy Mortgage.
DETERMINES PROPERTY CONDITION
This report is ordered by and completed solely for the individual(s) purchasing the home. It helps determine the condition of the property and its systems in great detail. It is not required by Academy and is, therefore, optional.
HOW MUCH DOES IT COST?
Home inspection costs vary depending on the complexity of the inspection and the size of the home being inspected.
HOW AND WHEN IS IT ORDERED?
A home inspection is ordered by the buyer and his/her agent with an inspector of their choosing shortly after the buyer’s offer is accepted. Most states’ real estate contracts stipulate that the buyer has 10 days from the date of contract acceptance to complete the inspection and communicate any issues to the seller.
WHEN IS THE REPORT DELIVERED?
The home inspection report is generally delivered to the buyer within 24 hours from the time the inspection was completed.
DETERMINES PROPERTY VALUE
This report is required by Academy when a home purchase is being financed. The appraisal is used to determine the fair market value and the general physical condition of the property being purchased.
HOW MUCH DOES IT COST?
Home appraisal costs vary slightly depending on the size of the home and whether the home will be an investment property or a primary residence.
HOW AND WHEN IS IT ORDERED?
Academy typically waits to order the appraisal until after the home inspection is completed (if the buyer decides to do a home inspection). Per government-regulated guidelines, Academy is required to randomly assign an appraiser to an appraisal order.
WHEN IS THE REPORT DELIVERED?
Typically, a home appraisal report is delivered to Academy within 5–7 business days from the time it is ordered.
From pre-qualification to closing, Academy Mortgage will help you along the road to home ownership. You can count on us for responsible, honest, and ethical service in every step of the process.
1. Loan pre-qualification. Pre-qualification allows you to search for a home that you can afford based on your credit, income, and assets.
2. Home search. Once pre-qualified, start shopping with your real estate agent! When you decide on the right home for you, the terms of sale are negotiated and your agent presents your offer to the seller.
3. Formal loan application and product selection. After the seller accepts your offer, formally apply for home financing and select the ideal loan product to meet your needs.
4. Appraisal and home inspection. As your loan application is being processed, an appraisal is ordered to identify any discrepancies between the sale price and appraised value. An inspection of the property is also conducted if you request it. A home inspection is optional, while an appraisal is required by Academy Mortgage.
5. Processor’s and underwriter’s review. A loan processor reviews the entire loan file and sends all pertinent information to an underwriter who makes the final decision to approve the loan.
6. Final loan approval. Keep in mind that there may be financial conditions or property conditions that need to be met before final loan approval.
7. Closing. Final loan and escrow documents are prepared and signed by you (the buyer) and the seller.
8. Funding. A wire or check for the amount of the loan is sent to the settlement agent.
9. Close of escrow. The loan funds are disbursed to the entitles parties and escrow is "closed."
10. Confirmation of recording. Documents that transfer titles are recorded with the county to legalize you as the new property owner.
Ultimately the final step . . . MOVE INTO YOUR NEW HOME!
Do you know what questions to ask when you are shopping for a mortgage?
When shopping for a mortgage, you will find that most lenders’ loan products will be pretty close to each other in rates and fees. But rates mean nothing if your loan is not approved or can’t close on time! Today, with new strict lending guidelines, you really need to work with a lender who can get your loan approved and closed quickly and efficiently. How do you find such a lender? Here are some questions to ask:
1. Are you lending your own money? As a direct lender, Academy Mortgage controls the process from application through closing and funding. We lend our own money, so we make the decision to lend.
2. How many people will be involved in the loan process? At Academy, it’s the loan officer, processor, and underwriter. That’s it. You will always know what is happening with your loan.
3. Who will do the appraisal and how will it be assigned? Academy uses experienced, local appraisers whom we assign on a rotational basis. Many other lenders use third-party appraisal management companies that put the appraisal out to bid; in such cases, the appraiser with the lowest bid, regardless of experience or local knowledge, often gets the assignment.
4. How fast can you close? Because we are a direct lender, Academy can adjust priorities if necessary. This is particularly important when purchasing short sales where the time frame to close is short after the servicer of the existing loan agrees to the short sale.
5. Can your loan officers work directly with the underwriters? Academy’s loan officers work with in-house underwriters who answer questions, resolve issues, and understand that every loan has individual characteristics that DESERVE PERSONAL ATTENTION.
6. Who prepares the closing package and arranges funding? Academy has closers in our branches who make sure your loan closes on time and without surprises. Many other lenders have centralized closing departments that are unfamiliar with the file and have multiple conflicting priorities with getting packages out.
7. How many days in advance do you typically have the package to the settlement attorney? Academy strives to get packages out at least 48 hours prior to closing. Many other lenders end up sending packages at the last minute, which leads to a lot of stress. Settlement attorneys LOVE Academy because we make their jobs easy. They have a single point of contact (the closer) to get the package and resolve any last minute issues.
Today, it’s all about execution and accountability. Purchasing a home will likely be the largest financial decision you will ever make, so you need to work with a lender who will put your needs first and get things done fast!