This month we are proud to feature Sam Cotton of The Mortgage House who truly is the best mortgage banker we know!
How did you become interested in your profession?
It was a chance meeting with the Area Manager of The Mortgage House, Roxanne Carr. I had known her through a social group but never considered doing mortgages. She changed my mind after hearing I was retiring from Pacific Bell.
When did you start working in your profession?
I started in 1996.
When I started I would read from a book Roxanne had written for The Mortgage House about lending. I would go to a little coffee shop on Garden Street every morning and have coffee and a Danish and read a chapter in the book. Then I would return to the office and discuss it with Roxanne and pay attention when she took a mortgage application. Learn by doing just like Cal Poly.
How has your profession changed over time?
We have progressed from a 100% handwritten application to Computer-based. The client can complete the entire application if they desire via the internet. We have gone from 3 pages to 12 pages in application length. Plus, much more income and credit documentation is required. Also, Loan Officers now must be licensed with the required 8-16 hours of training and yearly renewals.
What services do you offer?
All types of residential mortgage products….. 1-4 units….Fannie, Freddie, FHA, USDA, VA. Down payment assistance loans. Manufactured Home loans, even in Parks. Plus construction and rehab loans and Reverse Mortgages.
Do you work with other professionals in your career?
Yes, I work with Realtors, financial planners, and Bankers.
What have you found most challenging in your career?
I want to do my very best for my clients so I strive to stay informed on all the different programs, different investors and their overlays.
What have you found most rewarding?
Assisting new buyers with their first home purchase and also learning new products.
What changes would you like to see in your profession?
I would like to see lower rates…LOL. And improvement in Manufactured housing loan guidelines.
Who inspires you in your work?
I really like what I do and I enjoy meeting new clients from different professions and backgrounds. My conversations during the loan qualifying process are quite invigorating.
Who would be your ideal client?
Someone who is organized and communicates well. And responsive to my requests for information. And fun to engage with.
What sets you apart from your competitors?
I have been accused of out-researching my underwriter to get a loan approved. I am not afraid of trying difficult loans and I hate to lose. So the harder the loan is, the harder I work.
What is one of your favorite or most memorable projects?
Doing loans that I was told are impossible. Such as a log home in Atascadero and a Manufactured primary and a manufactured ADU on the same property in Solvang. On the Manufactured loan, it was so "outside the box" it took quite a bit of extra effort researching handrail specifications and understanding modular home design and classification. But it worked!
About Sam Cotton
Sam Cotton has been a premier mortgage advisor at The Mortgage House for over 27 years. Sam has won The Mortgage House's “Circle of Excellence” award 14 times since his first award in 2003. He has the experience and the attention to detail that makes every client know they are dealing with the best!
Contact Sam:
Phone: (805) 782-6999
Cell: (805) 550-5000
The Mortgage House