our service members. There are 23.5 million living veterans and 1.4 million active duty military personnel. This translates into eight percent of Americans, many of whom have fought and served, have special needs and challenges, and some of which are:
Repeated deployments Experience a higher rate of suicide Experience a higher rate of divorce Find themselves in a higher rate of unemployment Higher rate of homelessness Suffer from Post-Traumatic Stress Disorder (PTSD) Have experienced traumatic brain injury Bouts of depression Other invisible wounds of war
Proficiency with VA loans and military culture: Having extensive knowledge and expertise in these areas is absolutely crucial. Regular training should be mandated for individuals and teams. Additional certification: USA Cares (www.USACares.org) provides an excellent training course for anyone who is serious about working with the military. The course is directed by Beverly Frase who works to ensure lenders and housing professionals everywhere know how to provide the skilled services our military personnel expect and deserve. Last, but certainly not least, consider giving of your time, talents and money to projects to honor the military and veterans and become a part of a give-back program. One of the organizations my company supports is the Boot Campaign (www.BootCampaign.com), a grassroots military appreciation and veteran awareness campaign started by five women from Texas, known as the Boot Girls. The Boot Girls launched the Boot Campaign in 2009 to spread awareness about the needs of military personnel returning home from combat and to express gratitude to those currently enlisted. Through the sale of military combat boots, the Boot Campaign donates its proceeds to a group of partner charities that work with soldiers who are healing from a variety of physical and emotional combat wounds. To me, being a watchdog for the warrior is a mission to honor the men and women of the U.S. military and their families for their service to our nation, and to fulfill the obligation we have to each and every one of these heroes for the freedoms we enjoy. The Warrior Ethos has become my personal battle cry on this mission: “I will always place the mission first. I will never accept defeat. I will never quit. I will never leave a fallen comrade.”
SEPTEMBER 2012
Louise Thaxton is a producing branch manager for Fairway Independent Mortgage Corporation, with satellite offices across Louisiana and Florida. She has been in the mortgage business for 15 years and is an ambassador of the Boot Campaign. She can be reached by e-mail at lgthaxton@fairwaymc.com.
25
MASSACHUSETTS MORTGAGE PROFESSIONAL MAGAZINE
Checklists: There is an absolute necessity of checklists for setting standards of excellence in all areas of your mortgage practice, including origination, processing, underwriting, closing and shipping. You will find military clients appreciate the importance of checklists. As one former fighter pilot said “you live and die by the checklist.” Checklists not only detail the loan process, but
Written best practices: This establishes a protocol when the military client is deployed and utilizing a Military Power of Attorney. Written best practices include: • Method of communication with deployed/absent borrower • Method of transmitting and receiving documentation • Delivery and receipt of time sensitive loan documentation • If the client is deployed, a method of contact on the date of closing to verify he or she is alive and well
NationalMortgageProfessional.com
But there’s more. Service members are often young and not equipped with the financial education to protect themselves. As a result, many become susceptible to and vulnerable to scammers. According to Debt.org, about 27 percent of military families owe more than $10,000 in credit card debt, compared to 16 percent of all Americans. One-third of enlisted personnel and junior non-commissioned officers admit patronizing “pay day” or other high-cost, easy-credit lenders. In fact, indebtedness is the top reason why service members get their security clearances revoked. While fighting in battles abroad, a soldier’s focus may be on staying alive and not on their financial condition back home. As a result, many are face foreclosure or financial problems while they are serving overseas. According to ABC News, approximately 185,000 service members face a Permanent Change of Station of order each year. If they have underwater loans, this could lead to challenges as they are forced to leave that home and move to a new base. Recently, my company determined that there was a need to provide a platform whereby loan professionals could be thoroughly trained, equipped and certified to handle with excellence the mortgage home loan needs of active duty military and veteran clients. A standard of practice and operation guide was created for loan professionals who work with military clients to ensure that all service members and veterans would receive a positive home loan experience. If you are considering working with the military, below are some of the standards of practice you may want to incorporate into your operation:
also serve as a reference and establish standards and accountability.